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Convention Number
THE COMMERCIAL and
For Banks, Brokers,
Thursday, November 26, 1959
FINANCIAL CHRONICLE
Dealers only
If it's Over-the-Counter..
Traders
.
Say "Call HANSEATIC"
than 400 unlisted securities.
1.
Primary markets in
2.
39 years
3.
Nationwide private
4.
Broader coverage.
5.
Fast, dependable executions.
more
O-T-C experience.
wire system.
The next time you need
OVER-THE-COUNTER service,
maximum
Call "HANSEATIC"
New York Hanseatic Corporation
ESTABLISHED
1920
Associate Member American Stock
Exchange
NEW YORK 5, N.
120 BROADWAY
Telephone: WOrth 4-2300
BOSTON
•
Y.
Teletype: NY. 1-40-1-2
SAN
PHILADELPHIA
CHICAGO
Direct Private
Wires
FRANCISCO
to:
Boston, Chicago, Cleveland, Houston, Los Angeles, Philadelphia, Pittsburgh, Providence, San Antonio, San Francisco
Over-the-Counter
Quotation Services
for 46 Years
National Quotation Bureau
Incorporated
Established 1913
46 Front Street
New York 4, N. Y.
CHICAGO
SAN FRANCISCO
J
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
19 6 0
19 5 9
FIRST
PRESIDENT
Edward J.
Kelly
Carl M. Loeb,
Rhoades & Co.,
New York
VICE-PRESIDENT
FIRST
SECRETARY
PRESIDENT
Joseph E. Smith
Earl Hagensieker
Lester J. Thorsen
Newburger & Co.,
Philadelphia
Reinholdt & Gardner,
St. Louis
Glore, Forgan & Co.,
Chicago
City
VICE-PRESIDENT
Edward J.
Kelly
Carl M. Loeb,
Rhoades & Co.,
New York
SECRETARY
Earl Hagensieker
Reinholdt & Gardner,
St. Louis
City
SECOND
VICE-PRESIDENT
SECOND
TREASURER
VICE-PRESIDENT
TREASURER
N. S. T. A.
Officers
and
Executive
Charles A. Bodie, Jr.
Homer J. Bateman
Stein Bros. & Boyce,
Baltimore
Pacific Northwest
Joseph E. Smith
Newburger <ft Co.,
Philadelphia
Company, Seattle
Charles A. Bodie, Jr.
Stein Bros. <fi Boyce,
Baltimore
Robert D. Diehl
John N. Fuerbacher
Don W. Miller
Edward R. Adams
Homer J. Bateman
Paine, Webber,
Walter, Woody &
H eimerdinger.
Cincinnati, Onto
Don W. Miller & Co.
The Robinson-
Pacific Northwest
May & Gannon, Inc.,
Humphrey Com¬
Inc., Atlanta
Company, Seattle,
Washington
Boston, Mass.
Jackson & Curtis,
Los Angeles, Calif.
Allen L. Oliver, Jr.
Sanders & Company,
Dallas
Ludwell A. Strader
Strader &
Company,
Inc., Lynchburg, Va.
Detroit
pany,
Wm. J. Burke,
Jr.
Lester J. Thorsen
Robert D. Diehl
Bernard F.Kennedy
Edward D. Muir
Glore, Forgan <£ Co.,
Chicago
Paine, Webber,
Bosworth, Sullivan <fi
Muir Investment
Jackson & Curtis,
Company, Inc.,
Denver, Colo.
Corp., San Antonio
Los Angeles, Calif.
Thursday, November 20, 1959
CHRONICLE
THE COMMERCIAL and FINANCIAL
Past Presidents of the N. S. T. A.
1955-1956
1959-1960
1958-1959
1957-1958
1956-1957
Lester J. Thorsen
Robert D. Diehl
William J. Burke, Jr.
Lex Jolley
Glore, Forgan A Co.,
Paine, Webber,
May A Gannon, Inc.
The RobinsonBoston, Mass.
Humphrey Company,
Inc., Atlanta, Ga.
Jackson A Curtis,
Chicago
Los
Angeles, Calif.
1954-1955
1952-1953
1953-1954
H. Russell Hastings
John W. Bunn
Phillip J. Clark
Harry L. Arnold
Stifel, Nicolaus &
Phillip J. Clark,
Goldman, Sachs &
Company, Incorpo-
Investments, Denver
Co., New York
Hammill
Detroit
Shear son,
A Co.,
rated, St. Louis
1951-1952
John F. Egan
First California Company, Incorporated,
San Francisco
1950-1951
H. Frank Burkholder
Equitable Securities
Corporation,
Nashville
1945-1946
1949-1950
Contents of Tins Issue
Index
Articles and News
to
Affiliates
Page
■
NSTA
Past
Council
Executive
Presidents of NSTA.
«
♦
N.
7
—Martin
—
R. Gainsbrugh
Bank
Capital Trends-—Jesse P. Wolcott
How
Canada
8
Time
for
Critical
and
♦
and
...
...
Report of "Traders Bulletin"
Report of Municipal Committee
14
Louisville, Bond Club of
18
...
14
16
City
__
Report of Membership Committee
the
Nashville
Convention.
R. Victor
Convention to
Sun
Mosley
20
21
1944-1945
76
York, Security Traders Association of— 21
Philadelphia, Investment Traders Assn. of— 38
Pittsburgh Securities Traders Association
(Oregon), Security Traders
St.
of
i
(Minneapolis-St.
Securities
65
60
'
60
46
Traders Association
Paul)
...
Dealers
—
Association. 61
Traders Association
Twin City Security
30
L
of
(Fla.) Stock & Bond Club
Security
37
/
:
Louis, Security Traders Club
St. Peterburg
Seattle
62
Association
Washington, D. C* Security Dealers
Association
Members of the NSTA Unaffiliated with
be Held at
Valley, Idaho
Security Traders Association..
Orleans
New
Utah
...
Co., Inc., Louisvillo
New
San Francisco Security Traders
19
The Bankers Bond
54
40
64
70
74
59
Security Traders Association
Syracuse, N. Y., Bond Club of
...
44
63
of
Security Traders Assn. of.^.
17
19
_
NSTA Affiliates and Members
1960
—
(Missouri), Security Traders
16
Report of Corporate and Legislative
Attended
Dealers Association.
Los Angeles,
Portland
Nominating Committee for 1960
...
Thomas Graham
of
13
«
Report of Publicity Committee
Committee
of
Michigan, Securities Traders
Association
Association
NSTA
50
52
47
Dealers Association
Club
Kansas
18
*
Security
Memphis Security Dealers Club
Investor—Henry J. Arnold—
•
69
Association
Georgia Security Dealers Association
15
Thorsen
the
66
Club
12
Looking Toward the Future
NSTA
Traders
10
Decisions
—Herbert V. Prochnow
—Lester J.
Dallas
Association
Inflation Can Be Licked—James J. O'Leary—
A
Security
Florida Security
From U. S. Capital
Inflow—Henry Kearns
1946-1948
Stock
Cleveland
Detroit
Morse
Benefits
Bond
and
Cincinnati
Denver, Bond
Prosperity Period Ahead With Stable Prices
Chicago
71
34
of the—
The Security Dealers
Chicago, Security Traders Association of_I
Connecticut, Security Traders Assn. of
Looks at the Oils
Investor
—Edmond
Sincere and Com¬
pany,
6
Dealers Association-—
*
♦
Sullivan
C.
-—William
An
Baltimore, Security Traders Association of— 73
Boston Securities Traders Association.
31
Commerce and Commitment
Communism,
Edward H. Welch
4
Security
Carolinas,
Committee)—
behalf of NSTA Advertising
Alabama
(On
Tisch
Item—Alfred F.
Collector's
74
3
5
Greetings—Edward J. Kelly
Presidential
A
and
Officers
—
19
Local
Organizations
.
Edw. E. Parsons,
Suplee, Yeatman,
Parsons A Co.,
Mosley Co., Incorpo¬
Cleveland
rated, Philadelphia
1941-1942
1942-1944
Wm. Perry
Brown
Newman, Brown
Co., Inc., New
&
Jr.
Inc.
Joseph W. Sener
1941-1942
Herbert H. Blizzard
JohnC.LeggA
Col.U.S~A.FR.(Ret.)
Company, Baltimore
Philadelphia
Orleans
1939-1940
1938-1939
Thomas A. Akin
Edward D. Jones
Willis M. Summers
Arthur E. Farreil
Deceased
Edward D. Jones A
Deceased
James J. McNulty
A Company,
1940-1941
Co., St. Louis
1936-1938
Chicago
1936-1937
J. Gentry
Daggy
Deceased
1935-1936
1934-1935
Henry J. Arnold
W. W. Cruttenden
Geo. Eustis A Co.,
Cruttenden, Podesta
Cincinnati
A Co*
Chicago
Convention Number
THE COMMERCIAL and FINANCIAL
CHip^ICLE
You have
Presidential
given
wonderful staff of officers
me a
and executive councilmen to work with. I've worked
with all of them before. I know how
they operate
"modus operandi." It is
job to continue this emergence from our shell
into the full bloom of
public acceptance, apprecia¬
tion, and respect for an honored and honorable
profession.
and I think
they know
my
our
Greetings
FELLOW MEMBERS:
We have
the
I thank
you very
much for the compliment you pay
me; for the confidence you place in me in
electing
me
your President for the year 1960. I am not at all
that I thank you for the
job you have given
Having worked under four of
sure
your
tion intends
each
to
day of the
drifting with
have given this
contrary, your 1960 administra¬
pull the oars with increasing vigor
year.
We have various
prove
the opportunity of observ¬
ing the ded'cated effort that
they have given their office.
After 25 years of
building I can
the
ethics,
new
the
prospects in mind to im¬
methods of operation, the
solidity, and the respect for
its
emerging from its
shell. It is beginning to take its
rightful place as an important
segment of the securities indus¬
try, of the entire free enterprise,
capitalistic system of our won¬
derful country. Through the
work of my predecessors it is
Edward J.Kelly
beginning to be recognized by
the public that the Over-The-Counter-Market is not
comprised of a few boiler room operations. Rather
it is beginning to be appreciated that it is
actually
the largest securities market in the world; that the
highest grade issues, government, municipal, cor¬
porate bond, preferred stock, yes and many of the
highest grade common stocks are dealt in, in the
great Over-The-Counter-Market.
DEPENDABILITY
a
organization and
our
members.
I
NSTA
-
predecessors
our
me.
former Presidents I have
SPEED
intention whatsoever in
movement. On the
had
see
no
momentum
hope
record
we
can
come
to you in Sun Valley with
of achievement
that
will
make
You know, in the
garden dining area of a very
large chain of restaurants a guest once complained
that there was a
twig in his soup. To which the
waiter promptly asked,
"But, Sir, didn't you know
that we have branches all over the
country?"
Gentlemen, I hope all you branches will start
dropping twigs of awareness of our industry in your
various communities. Thank
you.
EDWARD J. KELLY
-
NATIONWIDE COVERAGE
Charlottesville
Wm. H. Tegtmeyer & Co.
Cleveland:
_J. N. Russell & Co., Inc.
Dallas
Dallas Union Securities
Company
Baker, Simonds & Co., Inc.
Detroit
Grand
Over the Counter
Rapids
King and Company
Hartford
Cohurn & Middlehrook, Inc.
Houston
Los
Securities
Underwood, Neuhaus & Co., Inc.
Angeles
Louisville
Woolrych, Currier & Carlsen
.
Berwyn T. Moore & Co., Inc.
Lynchburg
Philadelphia
Pittsburgh
Portland
Banks, Brokers & Dealers
Mason & Lee, Inc.
Martinsville
to
(Ore.)
St. Louis
John
Seattle
Spartanburg
Arthurs, Lestrange & Co.
Fusz-Schmelzle & Co., Inc.
Walter C. Gorey Co.
Zilka, Smither & Co., Inc.
A. M. Law & Company, Inc.
Members: New York Security Dealers Association
PLACE, NEW YORK 6, N. Y.
Telephone HAnover 2-2400
Yeaman
Zilka, Smither & Co., Inc.
Troster, Singer & Co.
74 TRINITY
W.
H. A. Riecke & Co., Inc.
San Francisco
Inquiries Invited
,
Wyllie and Thornhill
Chicago
in
say
We can't do it alone—we need
help. We need
help from each and everyone of you. We need help
especially from each of our 31 affiliates.
Private Wires to:
We Make Markets
you
"well done."
Teletype NY 1-376; 377; 378
Thursday, November 26,
THE COMMERCIAL and
6
1959
FINANCIAL CHRONICLE
Inc. Florida Security
Dealers
Association—Mr. Henry M. Ufford,
Ltd. Georgia Security Dealers Association—Mr.
Clement A. Evans, Clement A. Evans & Company, Inc. Invest¬
ment Traders Association of Philadelphia—Mr. John C. Caroth-
Calvin Bullock,
A Collector's Item
ers,
& Battles, Inc. Kansas
Jr., Janney, Dulles
Thomas P. O'Sullivan,
Traders Association—Mr.
activities in their own business
MEMBERS:
FELLOW
time to
found
am certain you will agree that the 1959 Year
Book and Convention Issue of the Commercial and
I
Financial Chronicle is
truly
a
"Collector's Item."
the pages of this Twenty-Fifth Anni¬
Issue and realize that
the biggest and best is¬
Peruse
versary
here is
sue
Realize
ever.
that
is
this
the result of the efforts of the
best
team
both
the
Traders
ever
assembled
by
Association and
to
a
satisfaction to know that when one
self useful to others he also
willing to go to work for the Asso¬
who will find
that the motto of the National Association,
"Dictum Meum Pactum" are not just Latin words
but a code of the Traders: When we promise full
times and
This Silver
working together as
a common goal.
privilege it has been
lector's
What
issue
a
team.
Advertising, when we promise
for
team for
be the
are
ciation's benefit—the Advertisers
conti¬
nuity of Advertising—we mean it.
"The
Chronicle"
a
makes him¬
makes himself useful
to himself)—the National Officers and Executive
Committee who stand beside a Chairman at all
a
value
National Security
and social world
contribute to the National (what
Anniversary Issue is truly a
"Col¬
Item"—years from now you'll find this
on
Trading desks around the country.
quarterback of such
How
wonderful
My
and
copy
how
grateful to be able to get
Alfred F.Tisch
up
off one's back and with
God's help and the prayers of
so many to regain enough strength to be in the
position to be on the team.
be grateful for . . . like . . .
Higginson who as Vice-Chair¬
man kept the continuity of the Committee flow¬
ing so smoothly while I was out of commission
—Claude Seibert, Vice-President of the new and
So very much to
Jack Barker of Lee
improved Chronicle, who worked so very closely
with the National Committee and co-operated so
excellently —■' the original impetus given to the
by Edward Muir and Allen Oliver of
Texas—the co-operation of the entire Advertising
project
Committee
who
in
addition
to
their
numerous
is not for sale.
F.
ALFRED
It is my
1959
TISCH, Chairman
privilege to present the members of the
Co.
Memphis Security
Security Traders Association—Mr. Donald M. Willem, E. F.
Hutton & Company. Pittsburgh Securities Traders Association—
Mr. Robert G. Deakins, Reed, Lear & Co. St. Petersburg Stock
and Bond Club—Mr. Philip C. Barnes, Merrill Lynch, Pierce,
Fenner & Smith. San Francisco Security Traders Association —
Mr.
William
Blylh & Co., Inc. Seattle Security
J. Bateman, Pacific Northwest
L. McLoughlin,
Traders Association—Mr. Homer
Company. Security Traders
Association of Chicago, Inc.—Mr.
Dempsey-Tegeler & Co. Security Traders
Association
of Connecticut, Inc. — Mr. George H. Angelos,
Charles W. Scranton & Co. Securities Traders Association of
Detroit and Michigan, Inc.—Mr. Eugene P. Albers, Charles A.
Par cells & Co. Security Traders Association of Los AngelesMr. Robert M. Green, Pledger & Company, Inc. Security Trad¬
ers
Association of New York, Inc.—Mr. John S. Barker, Lee
Higginson Corporation. Security Traders Association of Port¬
land, Ore—Mr. Derele H. Swails, George Patten Investment Co.
Security Traders Club of St. Louis—Mr. John F. Matye, Demp¬
sey-Tegeler & Company. The Securities Dealers of The CaroUnas—Mr. J. Sturgis May, J. Sturgis May & Co. Twin City
Howard
S.
Levine,
Security Traders Association—Mr. Oscar M. Bergman, AllisonWilliams Company. Utah Securities Dealers Association—Mr.
Lincoln R. Ure, Jr., Ure, Davis & Co. Washington, D. C., Se¬
curity Dealers Association—Mr.
Mitchell, Jr., Co.
George Mitchell, Jr., G. J.
Advertising Committee.
Vice-Chairman
Dealers Association—Mr. Alonzo H. Lee,
Sterne, Agee & Leach. Arizona Association of Security Dealers—
Mr. Maurice 0. O'Neill, Walston & Company, Inc. Baltimore
Alabama
Security
Bodie, Jr., Stein
Robert Doering,
Boettcher & Company. Bond Club of Louisville—Mr. Jack A.
Moss, The Kentucky Company. Bond Club of Syracuse, N. Y.—
Mr. Everett W. Snyder, E. W. Snyder & Co. Boston Securities
for
Security Traders Association—Mr. Charles A.
Bros. & Boyce. Bond Club of Denver—Mr.
Co.
D. Gradison, Jr.,
Traders Association—
Mr. Robert Weaver, Hornblower & Weeks. Dallas Security Deal¬
ers Association—Mr. John W. Turner, Eppler, Guerin & Turner,
Traders
Association■—Mr.
James
R.
Duffy, Reynolds &
Cincinnati Stock and Bond Club—Mr. Willis
W. D. Gradison & Co. Cleveland Security
Canada—Mr. James A. Traviss, Davidson
Company, Toronto; for Members at Large—Mr. Garnett
Lee, Jr., Francis I. DuPont & Co., Richmond, Virginia.
&
Sectional—Mr.
Robert
D. Diehl, Paine,
son
Corporation.
NEW YORK
BROOKLYN
ROCHESTER
SYRACUSE
PHILADELPHIA
ALLENTOWN
LANCASTER
SCRANTON
YORK
CHICAGO
CHICAGO HEIGHTS
MINNEAPOLIS
:yholds k Co.
BOSTON
WINSTON-SALEM
CHARLOTTE
DURHAM
RALEIGH
main
office:
120
Broadway,
WOrth
New York 5, N. Y.
4-6700
ATLANTIC CITY
EAST ORANGE
MORRISTOWN
RIDGEWOOD
VINELAND
SAN FRANCISCO
BERKELEY
Underwriters and Distributors of Corporate
Securities
CARMEL
OAKLAND
SACRAMENTO
SALINAS
Underwriters and Distributors of State,
Municipal
SAN MATEO
SANTA CRUZ
and Revenue Bonds
SANTA ROSA
STOCKTON
Correspondents in:
Primary Markets in Many Unlisted Securities
ALEXANDRIA
BUFFALO
CHICAGO
Brokers in Securities and Commodities
CLEVELAND
DENVER
I
DES MOINES
DETROIT
Investment Advisory Service
GREAT NECK
INDIANAPOLIS
KANSAS CITY
LINCOLN
and other
York Stock Exchange, American Stock Exchange,
Principal Exchanges
0.
Webber, Jackson &
Mr. Edward D. Muir, Muir Investment
Corp., San Antonio; Mr. Bernard F. Kennedy, Bosworth, Sulli¬
van
& Co., Inc., Denver; Mr. William J. Burke, Jr., May &
Gannon, Inc., Boston; Mr. Homer J. Bateman, Pacific North¬
west Company, Seattle; Mr. Edward R. Adams, The RobinsonHumphrey Co., Inc., Atlanta; Mr. John S. Barker, Lee Higgin¬
Curtis, Los Angeles;
Offices in:
© Members New
City Security
Harris, Upham
Dealers Association—Mr. R. Bruce
Rader, Rader, Wilder & Co. Nashville Security Traders Associa¬
tion—Mr. David W. Wiley, Jr., Wiley Bros., Inc. New Orleans
&
MIAMI
OMAHA
PEEKSKILL
PITTSBURGH
ST. LOUIS
SAN ANTONIO
SIOUX CITY
WASHINGTON
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
rationally as does a scientist
laboratory.
Finally, we must strive
Communism, Commerce
And Commitment
By William C. Sullivan,* Inspector, FBI
enterprise system and to win
Mr.
and
abroad.
investigator dissects
Sullivan
details
communism's
the
security; stresses that our
fundamental principle underlying
democracy stands in militant oppo¬
sition to communism; and calls
upon businessmen to study and
analyze communism's deceitful tactics to provide the
this
perceptive
in
exposure
enlightened and decisive way.
Also stressed is the need for
positive, original and fearless thinking,
intellectual pioneering in a daring
way without hysteria or violence
to our freedom under the law.
Prior
to
the
time
that
I
an
left
globe.
Washington, D. C., Mr, J. Edgar
years,
Hoover, Director
of
to
me
extend
sincere
best
wishes
for
of the FBI, asked
all of you his
to
a
^j
He
Flux
is
the order of the day.
And, com¬
munist leaders are quick to take
re-
We
live
in
has
many
of
vance
to the
ciation
and
is
period
we
William C. Sullivan
subject
Commitment."
and
Most certainly communists every¬
where
being
what
ous"
regard you gentlemen as
committed
to
promoting
they believe to be "nefari¬
American
capitalist
com¬
merce,
which they are committed
to destroy. Here we have the eco¬
nomic basis for the social tensions
and the "cold war" which
prevail
secure
reality."
become
smaller, but
security
larger.
problems
addition
point of departure for our
discussion, I will take a penetrat¬
ing observation set forth in "Spe¬
cial Studies Report II on National
Security."
It is this:
a
"The recurrent shock of our age
is the discovery that concepts and
patterns of action of a more secure
past no longer fit present reality."
provocative thought be
point of departure.
less
war
and fall.
a
set
up
his espionage
headquarters
at
a
studio
in
New
extrac¬ Brooklyn,
York,
where
American
tion.
left
In
naturalized
a
Lithuanian
of
Security
related
.
.
Communism challenges our in¬
ternal security in five major
ways:
"Mark" pretended he
September, 1957, Kayotis
the
United
States
ness
visit
to
However, in 1948,
a man
citizen Andrew Ka¬
the
Canada, "Mark" crossed
border
open
to
carry
into
the
out his
United
espionage
assignment
against the
security of this Nation.
internal
conceal his trail. He then assumed
a
new
identity. Following
a
well-
a
was
quarters
consisted
tools
in
agent.
of
trade
of
These
tools
three
short
which
"Mark"
-
an
espionage
included
radios
wave
received
our
national
become
for the minds of
rise
Governments
men.
nels
with
It
a
aspect
presents
and
new
of
which,
when
taken
this
Nation
unique
It
in which
men
is
a
war
we
be defeated utterly without
a shot or
losing a life. It is
has
its weapons
as
remarkable,
far
varied means of
ual
cealing
and
messages
carrying
coded
"Mark" created some truly in¬
genious methods for communicat¬
ing with other members of the es¬
tested
communist
technique,
conspiratorial, (2) economic, "Mark" secured the
pionage network. These hollowedbirth certifi¬
military, (4)
out and related items
psychological, cate
containing
of
Emil
R.
Goldfus,
an
and
(5) philosophical.
We will
messages were placed clandestine¬
American, born Aug. 2, 1902, in
consider each one briefly.
ly
in
what
is
called
in
the par¬
New York. Goldfus had died as
(1)
(3)
By
tion
conspiratorial
directed
is
toward
a
meant
evil
or
ac¬
baby.
lawful ends. Two examples affect¬
with
ing
He
our
internal
security
"Mark"
was
not
satisfied
un¬
are
commu¬
one
false
secured
Martin
one
birth
in
certificate.
the
name
of
lance
of
"Dead
Drops"
picked
up
the
on
problem
solve
of
this
more
terances
firing
and
a
must
we
and
social
magnitude.
some
problem,
for
can
mankind
face
we
To
do
than to react to the ut¬
and movements of com¬
munist
leaders.
Negations
are
grossly insufficient. To solve this
national
new
problem,
internal
security
need positive, orig¬
inal, and fearless thinking; intel¬
lectual pioneering; social vision;
and creative activity. We need to
see
the
we
problem
of
in the
adventure,
spirit
and
Economic systems come
hysteria,
and
the
and go.
tions.
ing
problem
Social upheavals are tak¬
place regularly around the
we
need
to
excitement,
avoid
of
of
need
to
all
alarmism,
hurling of false
We
accusa¬
approach the
Bfowne
calmly, objectively, and
F. S. MOSELEY & CO.
ESTABLISHED 1879
MEMBERS
New York Stock
Boston Stock
Exchange
American Stock Exchange
Exchange
Midwest Stock Exchange
NBW
yoftK.
BOSTON
'<
Underwriters and Distributors
of
Corporate
and
municipal
BOSTON
•
NEW YORK
PHILADELPHIA
•
•
CHICAGO
SPRINGFIELD
INDIANAPOLIS
WORCESTER
Ntfdwest and Boston Stock exchanges
American $tock
In vestment
securities
.^\
;. CHICAGO
MEMBERS
New York.
Banking 6ervl<*e Since 111*6
to
be
com¬
directing the oper-
Continued
the most
that
agent
"Banks"
and relayed to the
munist nation
Collins, born in New York
espionage
or
and individ¬
mass
con¬
espionage
otherwise.
or
a war
reaching,
indoctrination
Obviously,
far
-
con¬
lowed-out personal items for
security
responsibilities.
the minds of
com¬
apart,
It
wholly
internal
our
his
tained 18 frames of soft microfilm
with various messages;
(5) hol-
on
molded.
(1)
with
munications from Russia; (2) one
tape recorder; (3) a Leica camera;
(4) a small yellow wooden pencil
has
have
genuine
plus the
materials
longer fit
Our world
in busi¬
legitimate photographer.
photographic
known
yotis, and he used it to enter Can¬
as
The equipment in "Mark's" head¬
relatives behind the Iron Curtain.
He never returned.
daring.
world that is rapid¬
-
Kayotis,
"Mark," on entering the United
States, destroyed the passport of
Andrew Kayotis to obliterate or
Challenges to Our Internal
"Mark"
daily in all major chan¬
where
public
opinion
is
goes
Further,
changing.
drew
second birth
complete forgery.
Headquarters in Brooklyn
United
a
was a
this physical as¬
security, there is
equally important psycho¬
logical aspect.
This is the cease¬
challenge,
Rapidly Changing World
ly
1957,
July 2, 1897. This
certificate
pect of internal
has yet known.
We live in
se¬
on
es¬
to
is being placed with increasing
importance
upon
the
economic
sector of the "cold war."
Let this
past no
present
that
our
is
ad¬
It is indeed true: ".
As businessmen you are
coming to have more and more of
important part to play in this
conflict of viewpoints.
Emphasis
today.
an
As
be
must
typical
the follow¬
also the
will consider is "Communism,
Commerce,
and
new.
more
In
of years.
The
the
concepts and patterns of action of communist espionage and
a
long
which
With the
technology, time and dis¬
tance lessen
a
world
a
rapidly shrinking.
he
July,
States
and we have the basis
present communist chal¬
lenge to the national internal
curity of the United States.
status in
nations of the world.
During
conquest,
for
advantage of it.
tion.
fundamental is communism.
billion persons have achieved
a
A
is
States passport was issued to An¬
ada. From
the
past
dozen
than three-quarters
more
organization.
pionage operation
ing:
Combine this disregard for law
with the communist goal of world
During
independence of colonial
21
the
nist
prosperity, se¬ to
other
communist
espionage
curity, and general well-being of agents
as
"Mark"
left
Soviet
every American citizen.
Today, Russia.
He had the passport of
standing in militant opposition to the American
ways
communism employs against our internal
strength for their
is
sition to it stands in opposition to
the
development,
over
five
It
fundamental prin¬
ciple underlying American democ¬
racy.
Whatever stands in oppo¬
the economic
on
men's
here
internal security is concerned.
It
is freedom in the full sense of the
word—mental, spiritual, and phys¬
sector of the "cold war,"
expert
commitment to destroy our free
minds
for
freedom under the law.
This is
the supreme value with which our
ical.
Keeping in mind the increasing importance placed
in
his
Exchange (Associate)
page
77
THE COMMERCIAL
8
An Investor Looks at the
By Edmond N. Morse,* Smith, Barney
& Co., New York City
the near future than in the
present. Though holding that the present prudent policy is not to
purchase or hold oils for capital gains, the investor is reminded of
superior high yields and favorable dividend policy. Thus, oils consti¬
tuting 5 to 10% of total common stock holdings is recommended
for most investment portfolios. The author singles out for considera¬
tion certain producers, domestic integrated companies and interna¬
tional companies. He states present oil problems are "slowly but
surely leading to the emergence of corrective forces" which he postu¬
lates will culminate by 1963, and opines domestic oil earnings pros¬
pects are "not as dark as one might surmise."
depicts brighter prospects in
Oil analysis
correct
Standard &
since
of
action
Market
the most recent bull market began
in 1958 compares poorly
formance of
the
in
ing, which will occur only when
the
cash - flow
working - capital
able
A
important
general
one,
for
deterioration
market is the in¬
equity market.
example,
creasing
number of companies
participating in the surge in for¬
eign exploration which began in
the 1958
lows
1959
the
the
to
Standard
&
in
ap-
cutting.
rose
of
only 30%. The
domestic
economy
very
a
new
many
tablished
preciated
51%.
The oil
index
Exploration has,
to the foreign field,
instances, possess no es¬
outlets for their newly
found crude oil and resort to price
panies
Poor's 425 In¬
dustrials
mid-1950's.
fortunately or unfortunately, been
extraordinarily fruitful. Oil com¬
highs,
Edmond
had
sharp
N.
Morse
the
At the same time, many
new
crude-oil-producing
countries apply pressure upon the
concessionaires to increase pro¬
duction
as
rapidly as possible to
generate income for local coffers.
cyclical expansion from 126 in the The net result is a further unbal¬
Spring of 1958 to 155 last Summer
ancing of the sensitive supply-de¬
as measured by the FRB index, a
mand relationship necessary for
gain of 23%. The question is firm
prices.
unfavorable past re¬
whether this
lationship adequately
reflected the
restore
to
far
So
reasonable
volume 'is
oil earnings to
pointing increase in earnings dur¬
ing the first half of 1959 compared
to 1958 will probably change to a
decline compared with a year ago
as we progress through the present
quarter.
Picture Is Not So
no
earnings
conclude that
dark
as
as
one
Among the constructive factors
the ultimately restrictive effect
mandatory
the
Corrective Forces
of the oil
for the
son
poor
postwar rehabilita¬
completed and the
consumption has been
because
has
offset the
been
is
gins
the oil group.
composite of other
For the first
broad list of petro¬
leum companies reported an in¬
crease in earnings
over the first
half of 1958 of 24%.
This is a
respectable gain, but compares
poorly with the 81% increase in
earnings recorded by composite of
other industrial groups. It is evi¬
dent that in the past two years
the oil industry suffered not only
decline
for
industrial
Carl M.
Loeb, Rhoades & Co.
relatively larger earnings de¬
cline,
and subsequently also a
smaller
earnings improvement
than general
principal Commodity Exchanges
and
42
YORK 5,
NEW
WALL STREET
SYSTEM
WIRE
PRIVATE
N. Y.
Providing immediate access to Primary Markets through Branch Offices, Correspondents
in over 100 Cities throughout the United States and Canada
and their connections
industry.
of
Problems
Oversupply
LONDON,
of the oil industry,
domestic or foreign, can
The problem
whether
Exchange, American Stock Exchange
Members J^ew Yor\ Stock
a
groups.
half of 1959, a
a
summarized in one word,
"oversupply," as revealed by price
instability and weakness resulting,
consequently, in unsatisfactory
be
ST.
NEW
Middletown
Auburn
Syracuse
•
HOTEL,
REGIS
STATE:
YORK
•
NEW YORK CITY
Elmira
Utica
•
ENGLAND
•
.
Geneva
Hornell
•
Watertown
,
Ithaca
Stroudsburg, Pa.
•
profit margins. The world supply
of crude oil substantially exceeds
the
current and
anticipated level
forecast for the
In addition to free
world consumption of about 17
million barrels per day there are
of
correspondents
consumption
next few years.
probably 5 to 6 million barrels per
day of shut-in production. Over
2 million barrels per day of this
surplus capacity is believed to be
located in the United States, with
the balance located elsewhere in
the free world.
Practically none
of this current surplus is credited
to North Africa. In the next three
or four years, this area could de¬
velop production of at least 1 mil¬
lion barrels per day and possibly
Anderson
8C
Strudwick.
Betts, Borland Si Co..
condition of the
world oil market is a natural re¬
certain
sponse
to
such
as
a
Chicago, III.
E.
W.
McGuiness
Clark
&
Co.
t
8i
.
capital expended. Oil company
managements have been proved
Co
&,
...
...
Si
Si
Edwards
Sons
Si
Si
Co. Limited.......
.
Kr.
.Baltimore,
Co
...
Sao Paulo, Brazil
,\
Ian
Potter
Si
Co
Md.
-j Rochester, Minn.; Billings,
[Great Falls, Mont.
Prescott
[Cleveland, Shaker Square, Canton,
Co...
8C
(Columbus,
Sanders
Si
Toledo, Ohio
Company
& Co.
Dallas, Tex.
Francisco, Los Angeles, Beverly Hills,
[Hayward, San Jose, Calif.
CORRESPONDENT S
Montreal, Canada
.Toronto, Canada
T. A. Richardson Si Co
Paulo A« Bromberg
8i
Piper, Jaffray Si Hopwood
Tenn.
FOREIGN
Greenshields
Miller
[Minneapolis, St. Paul,
Sutro
Chattanooga,
Co
Wauwatosa,
Lyon. « Co.
Louis, Clayton,
Ariz.
Elder
w. L.
Mead,
_
Mo.; Springfield.
Jacksonville, III.; Houston,
Tex.;
Little Rock,' Jonesboro, Ark.;
Keokuk, Ames, Iowa; Shreveport, Lake
Charles, La.; Laurel, Miss.; Phoenix
Wausau,
Waukesha,
[Wisconsin Rapids, Wise.
Pittsburgh, Pa.
Belleville,
A. G.
Chippewa Falls, Eau Claire, Green
Inc. "i Bay, Janesville, Madison, Racine,
Co.,
!
Company, Inc... .San Antonio, Dallas, Tex.
St.
8i
Hartford, Conn.
Cooley 8i Company,
Dittmar
Ohio
[Milwaukee, Appleton, Beaver Dam,
Lancaster,
(Germantown, York, Pa.
'
.Cincinnati.
{^AUxandria'Va C"
8C Co
Lemon
I
Loewi
fPhiladelphia,
Co..
past economic
attractive
to
Hill
Johnston,
Memphis, Clarksville, Tenn.;
Atlanta, Ga.; Jackson, Miss.
J. C. Bradford Si Co.
Chaplin,
Chicago. 111.
Farwell, Chapman 8i Co
Chicago, III.
very
growth rate in free foreign world
consumption and the prospect that
tremendous amounts of oil might
be found abroad not only in the
absolute sense but also in relation
Colorado Springs,
Nashville, Knoxville, Jackson,
current
stimuli
Richmond, Charlottesville, Va.
Grand Junction, Pueblo, Colo.;
8C Company
twice this much.
The
.
.. .
Denver,
Boettcher
program.
ity of crude oil to refiners. To
date, this has had little effect upon
performance of
To cite some figures,
the oil industry showed a 25%
decline in earnings in 1957-58 re¬
cession compared with only a 16%
import
is
of
Another is the strong action taken
by the Texas Railroad Commission
since May to reduce the availabil¬
industry com¬
Present problems are slowly but
pared to that of the economy as a
surely leading to the emergence
whole, and whether this past re¬
of corrective forces. For example,
lationship is likely to continue in
the foreseeable future.
drilling activity and exploratory
If it is assumed that stock prices
CW/M/////MWW»//////////////^^^
are largely a function of earnings
and dividends, there is good rea¬
outlook
Dark
is not quite
might surmise.
The domestic picture
in
immediate
as
improvement in
product prices. The disap¬
refiners; but
if continued long
squeeze on profit mar¬
enough (which the Texas Railroad
difficult to say. In our
Commission currently gives every
level
of
opinion, Eastern Hemisphere earn¬
evidence of doing), crude oil in¬
built up to a very high number of ings will not change substantially
ventories ultimately will be re¬
units, the annual growth rate in from 1958 levels when refiningduced, forcing refiners to reduce
the future is more likely to ap¬ marketing
operations apparently
refinery runs.
proximate 7 to 9%. By compari¬ earned little or nothing.
Another factor working in favor
son
domestic consumption, which
In Venezuela, the increase
in of eventually better refined prod¬
until recently grew at about 5% the maximum corporate tax rate
uct prices and profit margins is
annual rate, is more likely to in¬ from 26% to 46% in 1958 seriously
the small amount of planned re¬
crease at only 3 to ZV2% annually.
reduced earning power of oil com¬
finery expansion in the next few
Our estimate of the time re¬
panies operating in that country. years. The refining division of the
quired to regain a balance between In addition, profit margins from
oil industry is now operating at
supply and demand indicates 1963 Venezuelan Oil are also under
about 82% of capacity. The effec¬
as
probably the earliest year to pressure. Volume may be some¬
tive maximum rate of operation is
expect demand and supply to be what higher this year, but earn¬
slightly over 90%.
Assuming a
in reasonable accord. This assumes
ings are likely to show little 3 to 4% annual gain in consump¬
continued expanding economic ac¬
change from 1958 levels, which tion, the industry should be op¬
tivity through the free world and, were well below 1957.
erating in the low 90's in three or
hopefully, no further substantial
Turning now to the domestic four years. Based upon past cor¬
increase
in
crude-oil-producing
industry, petroleum demand dur¬ relation between refinery capacity
Many probably have
capacity.
ing 1959 has been reasonably good, and the trend is refined product
their
own
ideas as to whether
aided by a cyclical economic re¬ prices, profit margins should be¬
economic activity can continue to
covery.
However, refiners have gin to widen at this point, con¬
expand for such an extended pe¬
shown little willingness to reduce tinuing until refinery capacity is
riod
of
time without
readjust
refinery runs to reasonable levels. again expanded beyond immedi¬
ments.
Current refinery runs in excess of ate needs and product prices again
8 million barrels per day are 300,- deteriorate. The industry is prob¬
Earnings Improving Earlier
000 to 400,000 barrels per day more
ably in the very early stages of
Profit margin per unit is more
than warranted
by the current
absorbing its excess capacity, and
important than physical volume levels of inventories and consump¬
the basic trend is probably toward
in determining oil industry earn¬ tion. Therefore, there is little pros¬
also an
in the world oil
from
likely
refined
In the years
tent
industrial
For
reasonable levels.
tion
-?r.-
cost.
aspect of the foreign petroleum
industry is the evidence of a
pect of immediate
in consump¬ are concerned, we
1953-58, foreign foreign oil production will be
consumption increased at an aver¬ somewhat higher in 1959, but a
age rate of about 13% annually. further decline in profit margins
Although the rate of growth in per barrel will occur. Whether or
demand is declining to some ex¬ not the increase in volume will
this latter assumption
by the tremendous;
subsidiary reason, but
improve,
gain
foreseeable
strong rate of growth
amount of oil found at a reason¬
with per¬
margins
pinch becomes more apparent.
The most favorable immediate
tion.
witnessed
as
Poor's Index of oil securities
ings. The trend of volume is of
greatest significance when it can
tighten supply-demand and there¬
by strengthen prices and expand
margins. This phenomenon, there¬
fore, may permit earnings to im¬
prove before supply and demand
actually achieve a reasonable bal¬
ance.
On the other hand, until
expenditures at home and abroad
are
beginning to decline slightly.
Projected expenditures for new
refining capacity are also declin¬
ing. Surplus tankers will continue
to be a problem for many years.
The most successful and painful
cure will be a reduction in spend¬
Oils
Thursday, November 26, 1959
CHRONICLE
and FINANCIAL
Roldos
Montevideo,
S. A..
Mercantil De Inversiones S.
Yamaichi
Securities
.Melbourne, Australia
Co.,
Urugauy
A...... Caracas, Venezuela
Ltd..
........
.Tokyo, Japan
Convention Number
THE COMMERCIAL and
FINANCIAL CHRONICLE
better product
prices.
to
at the
see
ures
This is hard
the past two years.
moment, but the fig-
indicate this to be the
case.
The lack of effective
regulation
favorable level
ings this
some
of
increase in
earn-
due to their domes-
year
tic
operations, and we hope foreign earnings will at least
equal
pet-oleum
growth
that
cf
permit
rate
the
a
abroad
roughly
United
and
three
States
in
resurgence
be
these
should
ment?
We
constitute
believe
5
to
10%
oils
of
times
States.
should
substantially
be
taken
at
in
oil
securities
With
yielding
dividend
the
slightly
Out
have
possessing
Six
listed
Producers.
six
requirements.
In
quality and cent.
marketability to qualify as pos¬ ratio
sible institutional
holdings: twice
Amerada, Honolulu, Louisiana
Land, Superior, Texas Gulf Pro¬
ducing, and Texas Pacific Coal &
Oil.
There is little likelihood that
the
domestic
price of crude oil
will be increased in the
next few
and
years,
the next
over
increase
any
is
likely
10 years
to
be
of
modest
proportions.
Therefore,
companies do not offer an
effective inflation hedge. Sell-out
these
prospects
in
fair,
this
but
four
is
a
should
be
the
determinant
in
tion.
show
a
rising
1957-58
ern
despite
average
-
the
in
located
this
Its
period.
Louisiana
one
properties
almost
Louisiana,
oil
are
entirely in south¬
undoubtedly
the
too
concerned
problems
keting Lake Maracaibo
preciate
this
in
the
growth
with
of
oil
rate
mar¬
to ap¬
evident
High price and
company.
pany's properties.
interested
Louisiana Land
oil search activities of
many com¬
panies and as a joint operator has
in its own right built
up substan¬
income. Divi¬
and
reserves
have
been
continuously
paid for 23 years. The consistently
growing dividend distribution
parallels
garded
has
a
that
of
growth
the
highly
electric
re¬
utilities.
comparative basis, the issue
outperformed most
ties, and
we
tinue to do
believe
it
oil
equi¬
will
con¬
so.
Superior exhibits
a
an even
depressed 1955.
Superior is
growth
earnings
one
better
a
capital
growth
Integrated Firms
category, the domes¬
integrated oil companies, shows
generally unattractive five-year
earnings pattern.
which
three
have
we
show
an
ings between
Of 12 companies
tabulated,
increase
1955
and
in
only
earn¬
estimated
1959.
The percentage gain for the
three
in
this
10% to 23%.
and Shell
The
period ranges from
Continental, Phillips,
the three companies
are
a
rising earnings trend.
earnings
maining
nine
decline
of
the
companies
Over
from
half
sale
of
of
fore it is obvious that
has
to
be
an
investor
extremely selective to
Continued
gas,
on
page 82
earnings
suffered by this industry,
mu
,
.
group can be conveniently divided into three segments:
producers, domestic integrated
during
Net Income
(million dollars)
Amerada
Honolulu
Louisiana
Texas
Texas
Petroleum
Oil
Land
Gulf
Pacific
Oil
1959f
22.0
11.5
18.5
4.6
6.6
1958
28.0
22.5
11.9
17.4
4.0
1957
-
1956
1955
...
Change, 1955-1959f
% Change..
Superior
6.2
16.6
29.9
14.5
19.3
6.8
7.2
18.9
26.5
13.8
14.7
5.7
7.2
5.0
25.4
13.7
13.6
6.3
7.9
3.4
—3.4
—2.2
+4.9
—1.7
—1.3
+24.6
—13
—16
+ 37
—27
—16
+ 720
tEstimated.
Roggenburg
Members New
York
Co.
&
Security Dealers Association
Securities Markets
National Association of Securities
Dealers, Inc.
Brokers and Dealers
to
CORPORATE SECURITIES
SPECIALIZING IN
Foreign Dollar Bonds & Scrip
29
BROADWAY
-
Telephone: WHitehall 3-3840
1924
-
NEW YORK
Bell
Our 35th
Teletype: NY 1-1928
Anniversary
-
suit every
need
of Institutional
6
Investors
1959
Adams & Peck
■
».
%
Members Hew Tor\ Stock
and American
Securities of the United States
.
Exchange
Government and its Agencies
Stock Exchange
The
State, Municipal, Revenue and Housing
FIRST BOSTON
Securities
Brokers and Dealers in
Bonds, Preferred and Common Stocks
of
INDUSTRIAL St RAILROAD SECURITIES
UNLISTED INVESTMENT STOCKS
Industrial, Public Utility and
Railroad
CORPORATION
Corporations
Bank Stocks
'
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Boston
•
NEW YORK 5
Pittsburgh
Company Stocks
120 BROADWAY
NEW YORK 5, N. Y-
•
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'
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•
wire to
DIgby 4-1515
Philadelphia
Cleveland
Development
ilnderwriter
Qjidtrikutw
Qjealer
Canadian Securities
-4
Private
•
Chicago
Securities of the International Bank for
Telephone REctor 2-4949
•
San Francisco
Bankers' Acceptances
Philadelphia
,
External Dollar Securities
re¬
varies
Nevertheless, between—7% and—37%. There¬
of the outstanding
companies.
comes
tic
in
attention to Superior.
The second
exhibiting
growth trend, but this is due partly
to
pay
Domestic
as
a
land holding
company and
royalty company benefits from the
earnings
industry.
trend
is almost
the national aver¬
southeastern
Louisiana
as
perhaps
near-term
should
On
Superior
Gulf Coast
are
the
has been almost 35%. In
fact, the
ratio has been 41% on the com¬
dends
selec¬
high
source likely to continue
grow¬
ing.
As an oil and gas finder,
Superior has few peers. Investors
low
yield limit the interest in
this stock, but investors
primarily
ap¬
individual
the
as
the
company's lands are
concentrated,
the
success
ratio
tiresome
selection.
on
In
tial
earnings
record
most
important
during the re¬
The
discovery
a
where
are
proach
to
investment
The
strongest
area
recession.
age.
companies
dividend reductions were
made by oil companies
during the
-
decline in this
sufficient
few
recession,
demonstrated, we feel, by the
that drilling
activity did not
fact
producers
Land has for many years been
of our favorite choices in the
decline
this time? The problems of the industry are well known by investors. There has been little or no
interest
Singles
We
prime oil and gas finding area in
the United States. This contention
is
some particularly high grade cornpanies, cash earnings are 6 or
more times dividends. Extremely
higher percentage invested in oils,,
greater-than
action
r
Of the six companies
mentioned,
dividends are exceedingly well four have a five-year down trend
In
covered by cash earnings, which
earnings varying from 13% to
in almost every instance are 3 to 4 27%.
Only Louisiana Land and
company derives about one-third
of its earnings from the United
what
quality.
market
com¬
trasted to most industrial groups,
fact, most of the funds will be
invested in the domestic
industry
since the
average international oil
a
you
than 3%, certain good qual-
more
tic companies and the
remaining
50% toward the internationals. In
portfolio has
t Yields
% oils provide yields of 4V2% to
more than 5%. Furthermore, con-
total
stock portfolio. Approximately 50%
of
the
oil
section
should be directed toward
domes-
a
comparable
equity
common
If
in-
know,
many better grade oil equities sell
at
attractive
yields difficult to
duplicate elsewhere in securities
should
the
other
relatively high yield. As
foreign
manage-
of
in
—
conclusions
applied to investment
companies, and international
panies.
average
v;n\A~
Hard to B
Amount of Oils in One's Portfolio
should
below
In the meantime, selected oil
equities possess a basic attraction
to the institutional mve^tor
a
a
times
earnings.
How
considered
attractive securities
dustries.
the 1958 level. Over the
long term,
the
availability of much lower
cost
is
owners of oil stocks will
probably not enjoy much in the
way of capital gains. A prudent
policy would be to consider an
excessively high oil portfolio as a
source of capital to tap from time
to time to finance purchase of
earnings. Most
international oil companies
of the
will show
rea-
the downside risk of owning
oils
although
abroad may require more time for
free foreign oil
industry to regain
a
For this
son,
9
*9n/mitme<nt
^ftciirUieJ
Thursday, November 26, 1959
FINANCIAL CHRONICLE
THE COMMERCIAL and
10
The
forces
thus
of demand
re¬
output taken off the market place
main strong and lend little support
for final demand was at an allto the thesis that we have already
■
time high of $480 billion, some $0 reached a
point of no return
Consumer and Business Demand biiik>n more than in the second
Remain Strong
quarter. Total consumption ex- cyclically, or that this recovery
died aborning as of mid-1959. The
Underlying this conclusion is penditures by individuals (includeconomic dislocations are severe.
the strength of end-product de- ing
services), total government
mand by consumers, industry, and spending, and total business in- They have hurt but the fractures
By Martin R. Gainsbrugh,* Chief Economist, National Industrial
should heal.
The healing process
government alike. Primary weak- vestment, excluding only investConference Board, New York City
nesses in recent weeks stem from
ment
in
inventories,
were
all may alter the timing of the fur¬
ther
cyclical expansion in 1960
Mr. Gainsbrugh sets forth reasons for viewing 1960 business prosinadequacies of production rather higher than in any previous quarrather
than
kill
off
further
than from any sudden reversal in ter of this or any past year,
pects favorably, despite steel strike's greater seriousness than that
growth.
The inadequacies of the
individual or business demands.
END-PRODUCT DEMAND
generally discounted, and for his prediction of a long and sustained
production side of the supplyIn the metal-fabricating areas, for
(Billions of Dollars; Seasonally Adjusted;
period of prosperity and over-all stable prices. The industrial econo¬
demand situation can and will be
Annual Rate)
example, production has been cut
mist specifies the short-run and the long-run forces spelling a victory
removed when steel becomes more
EndAdditions to
back in the face of strong and ris¬
Product
Business
is at hand in the fight against deterioration of the dollar's purchas¬
readily available.
Viewed retro¬
ing demand by consumers for cars,
Demand
Inventories
1959—
GNP
spectively we may find that the
electric appliances
ing power. He finds it paradoxically unfortunate that the saver-con¬
of all types,
464.8
5.4
1st Qtr
470.2
production restraints of the strike
sumer who took no protective measures during the inflationary period
and other big-tag items. Similar¬
474.7
9.8
2nd Qtr— 484.5
served
to
prolong
rather than
480.8
0.2
481.0
is now erroneously attempting to protect erosion of his savings
ly, the declines in new construc¬ *3rd Qtr
foreshorten the prosperity phase
tion
expenditures
increasingly
which serves to threaten the gratifying degree of price stability only
of this present business cycle.
stem
from shortages of
critical,
'Preliminary,
recently achieved. Mr. Gainsbrugh calls for publicized progess report
structural components on projects mprs?u^f®:1,tlv Sp
on our price progress performance.
Winning the Inflation Fight
awaiting completion. Even in the merce' Counc" of EMnomlc Advlsers'
Still another reason for view¬
Business Capital Spending
third
quarter, industry saw no
in 1960.
In fact, to some
The economic dislocations of the sion
ing 1960 business prospects favor¬
Continues
fundamental reason to cut back
steel strike are proving to be more observers it already appears that
ably is the substantial progress
on its expansion program
Those ;
Not
onl
js
business
ital
serious than was anticipated in the recovery which began in April
we
have made in slowing down,
programs are built on expectations spending stin rising in the current
most midyear analyses.
That the of 1958 "topped out" or faded in
if not bringing to a halt, the rush
Jea"
quarter,
but
it
is
slated
to
rise
the
third
quarter of 1959. They
nation's
out¬
ahead rather than
centered on furtber well through next year. of postwar inflation which began
ascribe cyclical significance to the
put
of goods
about 15 years ago. We have been
52 In the first half of this year, winning more ground on the in¬
economic disturbances which have ?
and services
tion
resumed
is
and
Prosperity Period Ahead
carry
over
beyond.
well into 1960, if not
,
„
With Stable Prices
would
dip
the
third
such
early
was
ders in
off
M.
unlikely
- tril-
Gainsbrugh
R.
anticipated
achieved.
be
downward
jslightly downward
Interest rates
highs, a tradi¬
July.
new
phenomenon at or close to
cyclical turning point. And early
by year-e^d, reports of profit performance in
Many of the the third quarter of 1959. They
tional
output,
a
as they were for the first half,
first particularly for metals and related
continuing ing
sensitive indicators are
the
since
risen to
have
/
half
earlier
and
equipment
they
course
began to take in midsummer.
Cut¬
industries.
widespread in
Admittedly, in the face of the
industries,
mounting bill that continues to
particularly automotive and elec¬
backs
the
grow
more
metal-fabricating
confront the
tric appliances.
unexpected
This
in
the
expansion pattern
the
earlier
downturn
major
business
produced
a
this
of
of the
barometers,
ter
a
are
because of
earlier
expec¬
booming fourth
must now
there
for
economy
impasse,
quar¬
be tempered.
But
still compelling reasons
believing that whatever fur¬
ther hesitancy may
develop in the
for the weeks immediately ahead, the re¬
prospects
year
has
uneasiness
growing
business
balance
of some
steel
of the tations of
quarter, coupled with the
fourth
about
deterioration
and
a
ten¬
dency to discount further expan¬
covery
again
-
prosperity trend should
prevail
once
has
withhold
steel produc-
later
been
a
tendency
re-
£?letn?Sit
«t«nrpf tn
or¬
particu¬
Further sup¬
contention is also
this
for
ever
lion-dollar rate of annual
will
heavy
which has been
fourth quarter
the
New
found in the trend of retail sales,
strike into the
is
in total construc¬
months,
several
for
port
ex¬
tension of the
it
as
other durable goods.
Now
the
with
well
manufacturing have fallen
for
larly
not unex¬
pected.
as
tion contracts awarded.
£
1958,
o
there
this connection
in
the recent declines in housing
starts
de¬
cline since the
recovery
cited
quently
are
the
quarter,
first
accompanied the steel strike. Fre¬
in
shipment
tiftii
cnip
until
spme
aate.
manufacturers' capital appropria-
tlons were more than 40 % higher
than a year earlier. Third-quarter
returns from over half of the com-
panjes rep0rting in The Conference Board's survey of capital
flation front than is recognized by
the
public in general.
tinue
to
believe
that
They con¬
prices
are
rising sharply, that the dollar
>uys steadily less—and are alter¬
ing
their saving and spending
habits accordingly.
Much can be
done to build greater price stabil¬
still
which has appropriations,
financed
by
far "Newsweek," point to a continued
rjse jn new appropriations in most
ity into the Sixties by correcting
come because of direct or indirect
major industries except the struck
this false impression.
unemployment
created
by the steel companies. The steel strike
The current and continuing re¬
steel strike than it is of consumer bas jed
p0stponed appropriaapathy or disappointment with tions in the steel industry itself, covery which began 18 months
current products or prices.
To but it has had little if any effect ago was not bought at the price of
repeat, these weaknesses are pro- 0n appropriations elsewhere.
If further infl'ation—as were its post¬
predecessors.
In
instance
duction - oriented
rather
than continued, it may delay actual war
weaknesses in demand that would deliveries of equipment and fac- after instance, key price measures
spiral downward even after steel tory construction. Even so, busi- are no higher today than they
were prior to the recession. Even
production was resumed.
ness decisions today already foremore in point, the monetary pres¬
It is noteworthy in this connec- shadow a rise in capital outlays
sures arising from the recessiontion
that
end-product
demand through most, if not all, of next
engendered Federal deficit of $13
actually rose in the strike-ridden year.
billion
are
now
largely behind
third quarter.
A substantial porThe Conference Board's continrather than before us.
, As
we
tion of the net increase in national uing survey of consumer buying
enter the Sixties we have an un¬
output in the opening half of this
tinanced by "Newsparalleled opportunity to consoli¬
year went into inventory rather week," yields foreshadowing news
date the gains already made in
than to end uses. Unquestionably, that is likewise favorable.
Intertotal output rose at a more rapid views conducted as late as mid- stabilizing the purchasing power
of the dollar.
rate in the first half than would October continue to reveal a high
The same measures that were so
have been true without the strike degree
of consumer confidence,
threat.
It rose faster than did pians
to
purchase automobiles, frequently cited to demonstrate
consumption
and fixed
invest- both new and used> Were signifi- our lack of success now clearly
reveal
the
emergence
of price
ment.
In the third quarter, outcantly higher than a year ago,
The general wholesale
put taken off the market place for confirming and amplifying early stability.
inventory purposes was cut by reports of the successful launching price index is no higher now than
nearly $9 billion.
In contrast, 0f Detroit's new models. Plans to it was in April of 1958. True, the
index of prices paid by consumers
purchase many household appli¬
for goods and services has been
ances were still pointing upwards,
while purchase plans for homes featured in the headlines of late
as hitting new highs.
What needs
were holding firm.
The limited softening
occurred in total retail trade is
more
a
reflection of a loss of in-
pla*s> alsoy
White, Weld & Co.
UNDERWRITERS, BROKERS and
DEALERS
20 BROAD STREET
NEW YORK
distributing
5, N. Y.
CORPORATE and MUNICIPAL
Members New York Stock Exchange
and other
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Convention Number
also to
in
be
said
to
THE COMMERCIAL and
FINANCIAL CHRONICLE
keep this rise
proper perspective is that such
prices
they
are
barely 1% higher than
were a year ago
This
achievement
rant
any
tion's
But
ing
does
slackening
struggle
it
last
mention
since
we
na¬
pass¬
so
many
stress
the
danger in
ourselves, with
emphasis on the bat¬
find
we
little if any
tles
war¬
this
inflation.
than
more
speeches on
inflation
clear
and
imminent
which
not
in
against
is worth
summer.
are
winning.
There is room, it would seem to
for a progress report on our
war
against
inflation
without
me,
—
necessarily
inviting an
complacency.
In fact,
tive
excess
a
of
produc¬
service
Not only have we won some
battles recently in the war against
inflation, but the tide of the war
may
be slowly turning in our
.
of recent months.
Despite
the initial postwar
bulge in prices,
the general public
lagged in its
awareness of this rise and of its
Were that more
widely
recognized it would lead to more
careful
weighing of decisions
and
actions founded upon the thesis—
unwarranted—that
inflation has been
unbridled in recent years
course
just
as
it
as
of
in
was
part
of
his
accumulated
com¬
the
first
taken
are
WESTERN UNION
message
b indicated
proper
by the
NLnNighc Letter
TELEGRAM
symbol.
LT=
W. P. MARSHALL, phuioikt
The filing time shown in the date line
on
domestic telegrams Is STANDARD TIME
st
point of origin. Time of receipt is STANDARD TIME
are some of the
major fac¬
contributing toward greater
stability of prices recently:
Factors Creating Price
Stability
1. Emergence of Balanced
Budg¬
ets: Part of the price
of
the
Federal
continued
to
Government.
pump
more
LESTER J.
THORSEN, PRESIDENT,
NATIONAL SECURITY TRADERS
BOCA
RATON, FLORIDA
It
billions
into the economy than it
siphoned
in taxes.
Now the improve¬
with
expenditures.
early 1960 it is likely that
will
In
TO THOSE ATTENDING
to
TRADERS
"
•
r'
THE 25TK ANNIVERSARY CONVENTION
OF THE NATIONAL SECURITY
ASSOCIATION, I SEND
GREETINGS.
:
'
J, f'
V
.
.
>f
YOU WHO DEAL IN STOCKS AND
BONDS HAVE HELPED BROADEN THE
BASE OF INVESTMENT
more
be
taken out of the income
than is put in it
by Fed¬
demand for goods and serv¬
stream
2.
29, 1959
C/0 D. RABDND KENNET
CHAIRMAN, PUBLICITY COMMITTEE,
CONVENTION
HEADQUARTERS,
off
balance
OCTOBER
IN AMERICAN ENTERPRISE AND
HAVE PROVIDED ADDITIONAL
INCENTIVES FOR INDIVIDUAL
THRIFT.
Excess
produce
which
I AM DELIGHTED TO ADD-BEST
WISHES FOR A FINE CONVENTION
DWIGHT D.
characterized
THE
company will
appreciate suocestions
from
its
EISENHOWER
patrons concerning its
service
Coast to coast retail
distributing facilities
through 24 offices
Distribution
located in
principal
financial and business
centers.
JVhat is Your
Trading Problem ?
Our large and experienced
Trading Departments
be helpful to you. Why not let us know your
trading requirements?
may
^
Through
•
We
primary markets in
types of corporate securities.
an
Industrials
Primary Markets
With
•
Public Utilities
Complete
Bank and Insurance
extended Ust of all
Trading Facilities
Municipals
nation-wide wire system, we provide
broad institutional and dealer
coverage—and cost
you less.
a
provide facilities for skillful handling of large
disturbing existing street markets.
blocks without
Bonds
Address: Mr. David D. Lynch,
Dealer Relations
&
Co.
JMembers ~H.ew York, (American, 'Boston, 'Philadelphia-Baltimore,
Midwest and Tacific Coast Stock
Exchanges
'W
New York 5,
PHILADELPHIA
LOS ANGELES
•
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Department.
New Yoke
Boston
«
FOUNDED 1865
BOSTON
Preferred Stocks
•
Manager,
Kidder, Peabody
17 Wall Street
point of destination
ASSOCIATION, INC.
Blyth & Co., Inc.
We make
at
International
Letter Telegram
Here
already exacted from his savings the first 15 postwar years finds
—particularly in contractual form, many industries here and abroad
e.g., savings bonds, time deposits, with more capacity than market
life insurance. In his rush to pre¬ demand.
This overhang of idle
vent further erosion he may ac¬ capacity
militates against price
tually threaten the gratifying de¬ increases even in the face of ris¬
gree of price stability we have ing orders.
It also contributes
only recently achieved.
Continued on page 80
•
SYMBOLS
DL»Day Letter
tors
be¬
conscious of the toll inflation has
Service
fast
portwar
Capacity Overhangs
ginning
to
demonstrate
their Market:
Barring
the
shortages
salutary effect, the average indi¬ currently surrounding steel, the
vidual has suddenly become more rush to expand physical
capacity
measures
of
•
unless its deferred ^char¬
decade.
petence. Somewhat paradoxically, eral
ices.
at
the
very
time
when
the
various
Class
This b
acter
demonstrably
the
implications so far as individual ment in corporate profits and the
rise
in
personal
incomes
have
savings were concerned.
It
is
Federal
revenues
into
only in recent months that the brought
average saver-consumer began to
feel that he had in one
way or
another lost via inflation some
Greetings to the NSTA From President Eisenhower
favor.
would be performed
by the Public Relations
tag of the
Society of late
America fraternity in
1957-early 1958 recession was
highlight¬
the
ing some of the solid achieve¬
counter-recessionary activities
ments
11
N. Y.
CHICAGO
SAN FRANCISCO
Detroit
Pasadena
*
San Francisco
Philadelphia
<
•
•
*
Chicaoo
Pittsburgh
Minneapolis
*
San Diboo
•
•
Spokane
San
Jose
*
Los Anoblbs
Cleveland
Oakland
•
•
Fresno
*
Seattle
Louisville
•
•
•
Eureka
Portland
*
*
Indianapolis
•
Sacramento
Palo Alto
«
Oxnard
that
tional capital
Capital Trends
Bank
said to be an unsat¬
isfactory and self-defeating device. Mr. Wolcott explains why he
deplores this practice in urging bankers to improve their capitalization
by taking advantage of the propitious economic climate for stock flo¬
tations. The former Congressional banking expert avers capital ratios
have only partially recovered from their record lows; depicts the future
growth of new capital needs; outlines reasons capitalization cannot
be neglected; and lectures bankers that FDIC is no substitute for
safe margin of
ments on the broad
insured
fying
f
re¬
aggregate
is
pro¬
I shall not
in
nounced
subdivi¬
and
sions
the
of
banking busi¬
ness
than
in
others.
dimensions
Wolcott
P.
Jssse
our
keynote of
Expanding
life.
characterize
every
deposits of our banks today re¬
tremendous growth
flect this
Also, other financial insti¬
tutions competitive with banking
force.
are
rapidly. Though some
these
vigorous
relatively small as yet,
competitors
and
display
resourceful
a
that com¬
spirit
mands attention.
place in the
complex procession of enterprise
that
serves
the
needs of our
nation. But it is obliged to keep
pace with the rest of the proces¬
sion or yield its place to others.
This task is not easy for the pace
Banking has a vital
is swift.
The effort to keep pace
imposes
especially heavy demands in
the
capital. Bank cus¬
tomers are more numerous and
their needs are greater than ever
area
of
these
in the
as
grow,
bank
tary balance between
accumulated
during
the
1930s,
dividends
mained
low
and
portion of the
tractive
to
earning
investors.
Restricted
and
prospects
power
serious limitation on
dividend payments. And, in addi¬
tion, wartime demands had the
top priority for investment funds.
Retention
of
earnings in the
placed
a
accounts
then
cases,
suspension
tal
avail
yourself of
time banks
the RFC at
ing to restore their
capital structures.
Stock
Propitious
the
endeavor¬
were
permanent
Flotation
Climate
vantage point of to¬
the
From
trends persisted, both bankers and source of bank capital over the
authorities
became postwar years. This oversight is
since supervisory
reflected in the continued heavy
establishment of the Federal seriously concerned about the de¬
the
Deposit Insurance
years
ago.
careless
Some
banking. In
effect,
they
the contamination of
the loan and securities portfolios
with
a
large
volume
of poor
anticipated
quality assets. However, actual
experience with deposit insurance
soon
showed
the
fears to
be
groundless. Bankers worked
tire¬
lessly to rehabilitate week situa¬
tions and to maintain high quali¬
tative standards for their loan and
investment
portfolios.
cline
in
the
relative
size
of
reliance
the
augment capital ac¬
after a major change
for the better has taken place in
the economic climate. Conditions
earnings
that
suggest
for
bettering
capital
margins. In 1943 banks materially
increased
the
amount of profit
banks
may
once
again be able to raise new capital
by issuing shares of stock.
In
continued to make sub¬
retentions in succeeding
fact, some banks have used share
flotations to augment capital ac¬
counts
but they have been the
Whether it is appropriate
to place major em¬
exceptions rather than the rule.
Why
has
progress
in taking
retained in
their capital accounts
and they
stantial
to
to
counts long
program
years.
authori¬
supervisory
by
ties and bankers alike on retained
capital margins.
Improvement in the aggregate
of bank earnings after 1940 con¬
tributed significantly to the suc¬
cess
of
the
earnings retention
continue
phasis on this method for aug¬ advantage of this opportunity to
augment bank capital by appeal¬
Further¬ menting capital is a matter that
ing to
investors been so disnow deserves consideration.
couragingly slow? The answer to
question has several parts. In
first place, realization of a
fundamental change in an eco¬
nomic setting taxes time. But that
can only
be a small part of the
answer, because for many years
evidence that we were experienc¬
this
the
a vigorous phase of economic
growth has been abundant. Sec¬
ing
ondly, there has been perhaps too
little emphasis placed upon the
need for a satisfactory dividend
policy
on
bank capital
make
to
tractive
bank
shares at¬
investments.
as
To
rely
earnings to in¬
capital accounts obviously
contradicts a policy of increasing
bank capital by issuing shares on
terms attractive to investors. It is
almost entirely on
crease
for us to recognize and
contradiction as best
in each case that presents
necessary
this
resolve
we
can
capitalization problem.
objective in any instance is
bank
a
The
reasonable
a
of alternative
Better
balance
in
the
use
capital sources.
yielding loans have once
resumed their importance
in
bank
portfolios and interest
rates have soared upward. Banks
again
least
part of the necessary
capitalization.
Certainly this is
not a happy solution of the bank
capital problem.
The reduction in dividend re¬
STOCKS
our
re¬
improving
bank
Here
again
the
turns
to
a
by
provided
same
at
to your
many
dividends.
of
earnings was made available for
rebuilding bank capital accounts.
Funds from operations also were
needed to retire emergency capi¬
for
available
and,
Though earnings recovered slowly
only
the
was
reductions
that
be
1930s,
II,
this method for bolstering
capital accounts was impractical
for the simple reason that bank
shares were not sufficiently at¬
forced
interested in
it may
early
in
the
evidenced by developments
inflationary
PREFERRED
the
during
for an
bank capitalization,
and that a stock flotation is the
obvious way to obtain funds. In
the 1930s and during World War
is the best remedy
money
inadequate
red
in
slump
capitalization. day, it is easy to see clearcut
poor
earning evidence of a neglected opportu¬
nity with respect to the avail¬
to power of bank assets limited the
ability of investment funds as a
amount
of
increase.
As
these
the
deflationary
If
un¬
bank
earnings, which carried the in¬
JJrges Stock Flotation
come accounts of many banks into
Common sense tells us that new
economy.
estimate
war
opinion,
my
The
avoidable.
forces in our? more, bankers were encouraged in
There is a practical limit to the
Accordingly, we can these efforts by the examination
rate of capital growth from the
by the end of the activities of Federal and State
retention of bank earnings. Most
second quarter-century of deposit supervisory authorities.
banks have been operating close
Notwithstanding the success of
insurance
banks
will
have
a
to
this limit
since the
end of
deposit volume of approximately these efforts to better the condi¬
World War II. While the dollar
$600 billion, and a corresponding tion of assets, the Federal Deposit
amount of
retentions has been
asset
growth. In that event, it Insurance Corporation was con¬
substantial, the portion of earn¬
will require about $30 billion of fronted almost from its very be¬
ings paid to stockholders in the
new capital if the banking system
ginning with the quite different
form of dividends has tended to
is to
merely retain the present but equally important problem of
be
quite modest.
Nevertheless,
bank
capitalization. During the
ratio of capital to total assets.
the recovery in capital ratios from
Let us consider these figures for first decade of deposit insurance,
the
record
lows
can
only
be
a moment. From
1934 to the end
capital
margins declined very characterized as partial.
of 1958 total capital accounts in
Generally speaking, any attempt
all banks in the United States rapidly. Recovery from the de¬
to squeeze additional capital out
increased by approximately $14 pression
lows followed by the
of bank earnings entails a reduc¬
billion. During the next 25 years, financing
of huge war deficits tion in dividend
payments
to
we
shall
require
additions to
accounted for a rapid expansion shareholders. This does not affect
capital of more than twice this
investors'
funds
already
com¬
of bank assets. Capital accounts,
amount. And I should emphasize
mitted to the, capital structure of
banks, but surely it would dis¬
courage
new
investment as a
source
of
bank capital.
If the
private
sources
of
investment
funds dry up because shares are
unattractive to investors, banks
may
be obliged to turn to the
Government for help in securing
you are
and
in
was,
years
the
and
Depression
Great
capitalization, let me hasten
point out that the bank capital
problem is ever changing. This is
the aver¬
on
hand,
moderate pace.
a
alternative
trend may be
direction of adequate bank
Salutary
pretend that I can give
economy
only
commercial banks.
testifies to capital
progress.
at a rate of three to four
percent a year, we may expect
bank deposits to grow at about
the same rate. A faster or slower
rate of deposit growth would be
disturbing to the delicate mone¬
phase of activity—and banking is
no
exception.
The assets and
have grown
of
at
other
the
on
record since then
The
age,
Growth is the
economic
our
comparison
a
with
for all insured
precise answers to these questions,
but let me at least suggest some
reasonable expectations.
Should
States
some
is
grati¬
Corporation 25
objectors to
deposit
insurance
originally
feared
anticipate with respect to bank
deposits and bank capital needs? that it would be conducive to
in
figures
more
them,
opinion it is important to reiterate
the magnitudes that pertain to the
banking industry. Looking into
the
future, then, what can we
able
r
a v o
trend
serve
Especially
States.
the all-time lows in
1945 which stood at less than 6%
ratios
substan¬
Adequate bank capitalization is
a
never-ending
problem
to tial aggregations of capital are
essential.
If
responsibility
for
bankers and supervisory authori¬
ties alike. This problem persists making the effort to accumulate
the necessary capital is shirked,
despite
the
bankers cannot expect to enjoy
improvement
the full benefits
of the growth
in
capital
that is in prospect for them.
margins over
Though
much
has
been said
the
past
about
economic growth, in my
decade.
The
flected
capital margin at mid-year
of total assets for all
commercial banks in the
8.1%
was
United
To
Present Capital Trends
Describes
The
capital trends
present situation.
the
and
capital.
before.
with the
anticipated growth in banking:
the present situation will not have
been
improved. It is with this
background in mind that I should
like to turn now to some com¬
used to bolster capital margins is
a
this tread¬
mill effort to keep pace
Washington, D. C.
Bank earnings
is obtained we shall
only have succeeded in
Federal Deposit Insurance Corp.
By Jesse P. Wolcott,* Chairman,
if this amount of addi¬
even
Thursday, November 26, 1959
and FINANCIAL CHRONICLE
THE COMMERCIAL
12
generally
relatively free of
large, times are
business activity conContinued on page 101
are
and
By
losses.
prosperous,
during the
advantage
long experience
Underwriters, Brokers and Dealers
and
knowledge in this field
in
RAILROAD
INDUSTRIAL,
PUBLIC
UTILITY
/
AND
FOREIGN
SECURITIES
Spencer Trask & Co.
Founded 1868
25 BROAD
STREET, NEW YORK 4
Burnham and Company
Members New York Stock
Exchange
•
American Stock Exchange
MEMBERS
15 BROAD
ALBANY
•
BOSTON
•
CHICAGO
•
SCHENECTADY
GLENS FALLS
WORCESTER
•
NASHVILLE
•
NEWARK
CABLE:
NEW
YORK
AND
AMERICAN STOCK
STREET, NEW YORK 5, N. Y.
COBURNHAM
EXCHANGES
•
Dl 4-1400
TELETYPE NY Mill
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
are
How Canada Benefits
the
increasingly voiced Canadian fears
cerning the impact of American
capital
invested
briefly reviews current and prospective trade "as
the
border'."
that
our
nomic
con¬
Canada,
seen
Canadian
as
capital
to
once
Canadian
competitiveness,
and observes that its assist to Canadian
growth will
bring about
an
$1,826
our
total
would
liberalize trade before calling attention to some of our
export prob¬
All in all, he sees trade of both countries
growing
with
economic growth.
During
my
recent
visit
in
bec I had occasion to read
Que¬
a
transportation facilities so neces¬
sary to our western development.
Foreign capital today is welcome
and fairly large amounts, includ¬
ing investments by Canadians, are I
front
page article in the Financial Post
anything but Canadian in its
participation in the national life.
This capital has
$2,596
of
us
rein¬
twice
much
as
in
income
the
United
other
are
which
and
have
dian
to
be
on
con¬
alone
here
that
derives
on
the
to
some
exports.
taxes
in
Canada
with
Just
an
as
provide
additional
allustration, the book
It
would
seem
portions
as
their
profits,
there
no
real
support
is
dice the national future.
As Canada
grows, it is
able to expect the
of native
your
income.
migration
to
be
a
so
that
for the
opinion that the servicing of the
foreign-owned equity will preju¬
mil¬
annually.
Too, the exports of goods pro¬
duced by United States invest¬
country
the
truism that production
operations
financed by foreign
capital must
grow, at least in the same pro¬
lion
ment
also that
industry year by year is con¬
tinually affecting the structure of
revenue
$450
pressing competitive posi¬
see
sult in
capital
an
in particular,
integrated
approach
in
new
modern
Protectionism Is Not the
Despite
complaints
I
am
increasing ratio of
Ca¬
nadian equity
convinced
of
the
necessity for continued efforts to
safeguard and enhance world trade
the basis upon which
welfare
experience
in
well
in
as
our future
believe that
the United
States,
other parts of the
depends.
as
I
world has shown
the cost of a
in
terms
tion,
conclusively that
protectionist policy
deteriora¬
of
economic
is
just too high a price to
Truly, protectionism has
pay.
priced
and
itself
out
expanding
not
the
States
resource will re¬
some
possible
hazards.
to
the
is
question
any
either
market,
barriers
the
United
Canada.
or
In the
of
trade
answer
confronting
reason¬
Answer
of
about competition, I am
convinced
that the opportunities for
achieve¬
ment far
outweigh the
increasing pool
an
Community,
quite
experience.
as
We
United States investment
amounts
post
of
more
income
on
operations as
possible with the Cana¬
scene.
tions.
us
nomic
presents
which is
laws
identifying
as
in
ous
our
estimated
Canadian
in
in
Commerce, in
fact, we are impressed that Cana¬
dian branch plants are
very zeal¬
our
Canada
under
interested
From our observation
the Department of
as
re¬
made
in
much
States.
economic
always seemed to
predominantly
operating
capital. For ex¬
ample, while we do not have ac¬
curate
figures on this, experts
Canada
lems.
value
million
receptive to
have
steps to
to
—as
to
1953
private investments
lead
protectionism would negate this and refers to
recent
capital
States
from
investments in Can¬
ada, and there are those economic
considerations which we thought
increasing ratio of Canadian equity. As for the latter, he details the
challenge and opportunity ahead for expansive trade prospects, avers
our
the
over
siderations
the capital is invested it is
improve
the
proud of
,;
period
earnings amounted to
million, which, combined,
$4,226 million.
Obviously,
There
from 'below
net
United
amounted
and
turned to
and
regard to the former he denies the implication
private capital outflow is a tool of either political or eco¬
the
this is well
With
imperialism, points out that
viewed
in
vested
total
Washington 25, D. C.
official answers
in
million
The
the
through 1958
$1,630
By Hon. Henry Kearns,* Assistant Secretary of Commerce
for
International Affairs, U. S. Department
of Commerce,
S.
from
Canada
From U. S. Capital Inflow
U.
follows:
as
flow
13
meantime,
our
own
eco¬
nomic growth in the United States
can
be expected to
furnish our
customers increasingly with the
participation. If the
development of exports is the income derived from
exports to
problem, as it seems to be in to the United States.
The
spirit in
flowing into our economy annu¬
part, we hold to the view that
You are well aware
which this ar¬
ally. But this hardly answers the nearly $600 million
that the
dollars
or
"production cost" has been the United States
ticle was writ¬
more
serious
contention
that about 40% of the
population, now ap¬
estimated total long-term
regulator
of
world
bus¬ proaching 180 million, is
ten, I feel cer¬
United States private investment
expected
investment in that
industry—the iness.
We
are
perhaps coming to grow to 215 million by
is a tool of either political or eco¬
tain, was the
1970,
industry exports almost a billion only now into the real
and our gross national
result of gen¬
testing
nomic imperialism.
pe¬
dollars worth of
product,
goods to the riod of postwar
uine
experience in this now approaching $500 billion
concern,
United States almost
per
Shocked Surprise
annually, field. The test is: Can our two year, likely will reach
.for in my dis¬
$650 bil¬
thereby increasing your national countries,
It must be reported that such a
by determination and lion or more in 1970. It is esti¬
cussions
with
income substantially.
action, maintain a favorable com¬ mated that this projected
contention comes as a shock below
.some
of your
gross na¬
petitive position in world trade?
tional product would
the border where we have been,
p eople,
I
Counterpart Agreement in U.S.A.
require
around
a
perhaps
somewhat
30%
found 'that
increase over to¬
naively, proud
These economic considerations
Trends in World Trade
of our efforts to increase the avail¬
day's quantity of supply of raw
.others shared
have
been
so
This dawning of a
over-riding that
this
doubt.
ability of U. S. capital to foreign there is
testing period materials, even though improve¬
a small, but
growing, con¬ is another subject I should like to ment in
countries. We have made much of
But
I cannot
technology is expected to
tingent in the United States which examine in this
the importance of the capital flow
discussion. Busi¬ enable us to make more effective
escape
my
Henry Kearns
would
like
to
prevent further nessmen of Toronto have
use
to
of
base
own conclu¬
materials.
Canada,and of its role in facili¬ flows of
seen, as
American investment have
our
It is
businessmen
in
the
sion that this concern cannot be tating Canada's phenomenal ex¬
expected, for example, that
abroad. They argue,
why should United States, the recent advent there will be an
pansion
in
the
increase in U. S.
postwar
period. We we allow
justified on the basis of facts and
American capital, which of an era of
find that there seems to be no
increasing competi¬ iron ore imports to the annual
past experience.
otherwise would provide
tion
and
employ¬
lack of agreement in Canada that
increasing strain in world rate of 65 million tons or
In the first place, the question,
ment for
more,
Americans, to create jobs trade. With the full
there will be for some time a need
recovery of mostly from Canada and Latin
"Can We Survive U. S. Invest¬
abroad and then produce
goods
Europe
and
of Japan, and the ris¬ America, and on the
for foreign capital.
Thus,
it
is
a
basis of an
for
ment?," is predicated erroneously
shipment back to the United ing economic
strength of the So¬ output of 150 million tons of steel
surprise to find that there are States which
on
the
assumption that United
might put Americans viet Bloc, we find in the
some
United per year, a minimal
people here who question out of work?
States private investment is a tool
estimate, the
This is not the place States that
we can no
the desirability of capital from the
longer take need for steel additive metals
of either political or economic im¬
to
answer
that
entitled,
"Can
Survive U.
we
S.
Investment?"
value of United States direct
pri¬
vate investment in Canada's
pulp
and
paper
industry amounts to
—
-
question—we've
United States.
There is another
perialism.
-
ques¬
answered
The
politics of the matter, for
us, have been submerged, if not
drowned, in the economics of our
system. American investors have
tion
propounded by that article in
the Post, "What would the Ameri¬
cans
do if British,
German, or
Japanese capital has similar pene¬
it
in
speeches:—but
many
I
think
previous
it
is
one
which might be pondered
by those
commentators
who
charge that
U. S. investment is
choking the
capital in Canada solely Canadian
economy.
with the expectation of some fi¬
which I
We have never
should like to answer
regarded capital
nancial
gain through participa¬ invested in
very
simply — we'd welcome it.
Canadian enterprises
tion in the most rapidly expand¬
—the so-called direct investment
Competition in the capital market,
frontier on
the
Continent.
in our experience, produces devel¬ ing
Their financial return has been
opment and growth that is truly
rewarding, and their confidence
beneficial.
tration, into
their
placed
economy?"
in
Investment capital provides the
the
future
of
the
foundation
for
economic
growth.
Any
forward
looking from the United States and of
country which desires constant reinvested earnings, combined,
economic improvement welcomes which has been added to the Ca¬
investment capital. It was within nadian economy
during the past
this framework that
our
forefath¬
six
exceeds the value of
ers in the United States welcomed
profits remitted back to the United
the
investment
capital from States during this period by a
abroad which gave us the begin¬ margin of 2% to 1.
ning of our industrial complex,
For the statistically minded, the
and then provided us with the rail figures I use for this
computation
Active
Public Service
years,
j XX /
Coastal
•
are
in
with
and capital,
they have had
"trade to live," and
they have
learned how. The
European Eco¬
/
ILLINOIS:
Kalamazoo
(Cotton)
FRANCE:
•
Chicago, Dixon
•
•
WISCONSIN: Madison
•
HONG
Bethlehem,
•
KONG
ARGENTINA:
•
VENEZUELA:
Philadelphia
•
Oklahoma-Mississippi River
Beirut
Caracas,
Maracaibo
•
•
Texas Eastern Transmission
-
Company
Volunteer Natural Gas
Corporation
Company
Westcoast Transmission
Supply Company
"Western Natural Gas
Company Limited
Company
•
•
PINES
CHICAGO
CLEVELAND
LOS
•
•
STOCK
ANGELES
READING
LAS VEGAS
•
YORK
&
Co.
EXCHANGE
BROAD STREET, NEW YORK
5, N. Y.
•
SAN
•
•
BALTIMORE
EASTON
MARINO
•
Waterbury
VENTURA
•
•
•
BOSTON
CARLISLE
SAN
DIEGO
•
•
•
HARTFORD
PATERSON
ESCONDIDO
LA JOLLA
Memphis
Correspondents
ENGLAND: London
MONACO:
Products Line., Inc.
Transcontinental Gas Pipe Line Corp.
PHILADELPHIA
Buenos Aires
LEBANON:
course,
Suntide Refining Company
Company
Monte Carlo
ST.
LOUIS
•
ITHACA
RICHMOND
•
♦
SHAMOKIN
NORFOLK
•
in
•
KANSAS CITY
of
page 104
Southern Nevada Power
Company
Industries, Inc.
NEW HAVEN
TENNESSEE:
of
on
Suburban Propane Gas
Corporation
Oil
15
Torrington,
tons
Southern Union Gas
Company
MICHIGAN: Battle Creek, Bay City, Flint, Grand Rapids,
PENNSYLVANIA:
Paris
New Haven,
demands,
Continued
L-O-F Glass Fibers
SOUTHERN
Meriden,
110,000
Republic Natural Gas Company
Company
^/.
,
Hartford,
These
ore.
Eastman Dillon, Union Securities
P/Lee/, jVew Wort 13, jV. $/.
Danbury,
over
North Penn Gas Co.
Properties, Inc.
Mountain Fuel
+
CONNECTICUT:
ore,
Northwest Nitro-Chemicals, Ltd.
Mineapolis Gas Co.
&ocJc*/e//er kPP/aga, ^Aert> ^P/ord; 20,
J90A
f
raw mate¬
rials
Ship Corp.
De¬
nickel, about 27,000 tons of mo¬
lybdenum, nearly 7,000 tons of
cobalt, and 6,500 tons of tungsten
as
Texas Gas Transmission
Corporation
Commodities
^/orP 6,
rcac/way*,
foodstuffs,
chrome
foreign
well endowed
tremendously.
for high
grade steels by
1970 is expected to
generate a de¬
mand for
2,000,000 short tons of
to
MEMBERS NEW
30
as
increase
mand
LeCuno Oil Corporation
<r*o
65
cultivating
Not
Delhi-Taylor Oil Corporation
McLean
TTaceAcvngr# aiul ot/t&x /eadivitjf,
Bonds
markets.
Colorado Interstate Gas
Company
Colorado Oil and Gas Corporation
International Refineries, Inc.
PPa/neAcc/c
•
perience
we
Company
C. G. Glasscock-Tidelands
Stocks
foreign competitors who
again achieving full capacity
to produce have had
years of ex¬
American-Marietta Company
Arizona
Food Fair
S/fcoc/r,
will
Some
our
Trading Markets in
The Gas Service
Aem
of
are
Canadian
economy is borne out by the fact
that the total of new investment
very
export markets for granted.
PITTSBURGH
•
•
GREENVILLE
TORONTO
THE COMMERCIAL and
14
Thursday, November 26, 1656
FINANCIAL CHRONICLE
the exponents
inflation" thesis
that the pursuit of maximum em¬
ployment and maximum economic
growth inherently breeds an up¬
ward general price movement for
a
variety of reasons. For one, it
provides extra encouragement for
huge Federal and state and local
government
spending
and
en¬
It is contended by
Inflation Can Be Licked
By Dr. James J. O'Leary,* Director of Economic Research,
Insurance Association of America, New York City
Economist presents an
optimistic view that inflation "can be
of
Life
licked"
guard against it
in outlining steps to take to defeat further inflation.
Noticing that
"creeping inflation" is becoming passe as a subject by economists,
Dr. O'Leary nevertheless questions whether inflation has already
been licked in view of the ingredients, which he lists, making for a
rising price level in the next several months.
Momtary policy and
independent Federal Reserve are particularly stressed in a battery
of recommended anti-inflation measures which also takes in fiscal
budgetary and debt-management policy, labor policy and improved
and, at the same time, warns we cannot relax our
lags"
"cultural
in
such a cultural
general
pub¬
in
lag
important, however, the "creeping
inflation"
thesis
hinges
on
the
idea that under conditions of full
Several
tion.
years
ago
the
economic
be¬
theorists
came
quite
impressed—
perhaps
even
obsessed —
thesis
"creeping
flation"
is
There
some
an
is
during the past year.
merit in Senator
some
toward bringing in¬
progress
flationary
forces under control
and the future looks more hope¬
James J. O'Leary
in our
economy
ful.
un¬
Much
of
this
is
due
to
an
aroused public opinion.
At the
conditions. It took
same
time, I do not believe the
quite a time for the general public
economic
conditions
which
lie
to become "educated" about the
ahead justify that we relax our
dangers of inflation.
However,
the impact of the "creeping infla¬ guard against inflation.
tion" thesis with the general pub¬
The "Creeping Inflation" Thesis
lic was quite clear in particular
Before tackling the question of
during the general business reces¬
the
basic steps which must be
sion of late 1957
and the first
taken to defeat further inflation,
several months of 1958. The fail¬
ure of the general price level
to it will be useful to examine the
The
decline in the recession, the dra¬ "creeping inflation" thesis.
basic argument is that under con¬
matic and sustained rise of com¬
ditions of "cold war" with the
mon
stock and real estate prices
Communist bloc, the primary and
in the recession, and the declining
all-important economic goals of
acceptance of fixed income obli¬
der
existing
gations as
able
are
in
obtain wage
of improve¬
to
excess
Summer,
Douglas' argument. Tjhrough wise
government policy we have made
in¬
inevitable
process
unions
labor
powerful
employment,
increases
Price Inaex
the
that
with
opinion that the danger
inflation has already
the Joint Economic
of
infla¬
toward
deficit
of
during hearings ments in productivity—and hence
Committee the wage-price spiral.
Rising
of
the
Congress,
Senator Paul wages in excess of productivity
Douglas suggested that there has set in motion a general cost-push
been too much public discussion involving unorganized labor, the
of
inflation
and that this only services, and so forth.
served
to perpetuate a problem
Thus, the "creeping inflation"
which was already beginning to
argument has been that, given the
disappear. In support of this con¬ over-riding objectives of maxi¬
tention, he cited the high degree mum
employment and
growth,
of
stability
of the
Consumers and with existing labor union
This
investments except at
this
prices were bound to move
upward. It is recognized that the
Federal
Reserve
authorities,
restricting the country's
supply, have it
within
to hold back inflation
via the wage-price spiral.
How¬
ever,
the
"creeping
inflation"
through
money
their power
thesis
held
has
restrictive
would
be
that
the
monetary
effective
the
wage-price
one
that would
sort
policy
of
that
in preventing
spiral would be
precipitate a sig¬
nificant volume of unemployment
and less than maximum growth.
Thus, the
argument
is that,
given the acceptance of maximum
employment and maximum eco¬
nomic growth as the primary na¬
tional economic objectives, a ris¬
price
ing
because
of
level
is
inevitable
the cost-push
type
of
inflation, and monetary action to
restrain
inflation
cannot
and
must be maximum
should not be relied
of our resources of
country
be
can
halted—and a growing
because
upon
Continued
number veloped countries.
on
page
Clearance Facilities
for
New York and Out
of Town
OVER-THE-COUNTER
brokers and dealers
Inquiries
use
are
of
invited regarding
our
facilities.
Commercial Bank of North America
Securities
I
115
Clearance Division
.
i
.
BArclay 7-1300
Broadway, New York 15
Complete Domestic and Foreign Banking Facilities
12 Offices in
Metropolitan New York
Member Federal Deposit Insurance
Joe E. Hutton
Bernard J. Conlon
Walter L. Burns
power,
significantly
higher yields, all employment
it
would
run
in
conflict with
suggest the deep impact with the labor, capital equipment, and pro¬ maximum employment and
ductive materials, and maximum
general public of the idea that
growth.
The idea that the ex¬
economic growth of the country
"creeping inflation" is inevitable.
pected inflation would be gradual
This is ironic in that many eco¬ to permit higher living standards, and "creeping" in nature is based
nomic analysts have now come full military security, and an ade¬ on the belief that there are cer¬
around to the view that further
tain counter-weights to inflation
quate program of aid to under-de¬
inevitable and
inflation is not
For 1960
ployment and growth provides a
high pressure economy in which
demands for goods and services
tend to run ahead of supply. Most
passed.
the
attitude
lic's
further
of
Perhaps we have been experienc¬
ing
of the
are
talk about
society.
our
likelihood
the
hances
Nominating Committee
financing. For another, pursuit of
the objectives of maximum em¬
public understanding.
The sociologists like to
NSTA
the "creeping
Corporation
'
96
James F.
James G.
Moriarty
Walter L. Burns,
E. Hutton,
G. Mundy,
Baltimore, Md.
Fox & Co., Inc., New York City.
Equitable Securities Corporation,
James F. Moriarty, W.
James
Sidney J. Sanders
Baumgartner, Downing & Co.,
Bernard J. Conlon, P. F.
Joe
Mundy
Nashville.
E. Hutton & Co., Cincinnati,
Suplee, Yeatman, Mosley Co.
Ohio.
Incorporated,
Philadelphia.
Sidney J. Sanders, Foster & Marshall,
Seattle, Wash.
Convention Number
THE COMMERCIAL and
FINANCIAL CHRONICLE
A Time for Critical Decisions
By Herbert V.
To remain
Vice-President, The First National
of Chicago, Chicago, III.
mass
production system.
In the
boom year of
1929, 58.5% of the
families in the United States had
personal incomes of over
a
strong nation, to maintain our world leadership and to
example of the superiority of free private enterprise
requires
certain exacting determination. In what
could well be entitled the
set
$2,000;
an
by 1957 the number had increased
to
"Prochnow Paper on American
and former State
to
withstand the
Policy," the Chicago banker, author
Department executive probes three areas of action
at
this
tion
growth of any
of the families
depends
to
large
a
degree
the amount of its gross na¬
tional product which is invested
upon
each
in
year
One
time.
goods
and
that
nation
save
12
1
a
t i
to
to
In
economy.
1946 to
a
H. V. Prochnow
the
13
years
from
in the United States for
plant
new
amounted
of
the
in
1955, the latest figure available,
the gross investment of the Soviet
Union was 26.9% of its gross na¬
tional production in comparison to
18.7%
for the United States.
viet investment.has been
So¬
high for
of years. Present esti¬
mates indicate that it would today
a
number
take
the
$95 billion merely to replace
obsolete
ment
facilities
American
of
and
equip¬
industry,
and
this equals the total of all we in¬
vested
in
1955, 1956 and 1957,
which were years of large invest¬
ment. In addition, we shall need
enormous
mediately
savings in the
ahead
years
because
of
im¬
the
present rapid technological prog¬
ress
and
our
en¬
expanding
popula¬
tion.
to expand
goes
the
capacity for producing con¬
goods, and 90% goes to ex¬
pand basic industry.
equipment
$336 billion.
How¬
ever, the Joint Economic Com¬
mittee of the Congress reports that
industry
Economic Imperatives
In
free
a
choose
to
economic
mented
the
rate
acter
and
free
to
growth.
men
invest for
In
a
regi¬
society the state dictates
of saving and the char¬
Of
society,
society,
save
the
investment.
investment
must
In
be
any
for
productive purposes if the stand¬
ards of
living of the people are to
be improved.
Building pyramids
did not make a
thriving, vigor¬
ous Egyptian
economy.
There is
no
easy route to economic growth.
Saving means not consuming. To
achieve economic progress, every
society must save and every soci¬
ety must invest. These are eco¬
nomic
imperatives, and the nation
that neglects them does so at the
risk of its economic survival.
With
heavy
equipment and
plant,
capitalism
by its
must
investments
in
American
very
society
na¬
basic
incomes
would
was
was
$6,220.
a
of
capitalistic
destroy itself
would
ingly concentrated
the
convictions
that
was
wealth
cause
be
be¬
increas¬
and the masses
would find themselves in
greater
and greater misery. The
record
of
American capitalism constitutes a
massive
contradiction
of
these
conclusions
of
Karl
Marx.
Iron¬
ically, communism came to Rus¬
sia, an agrarian nation, which did
not
have
with
a
were
sumer
and
to
prog¬
prizes
goods, and
savings, both compulsory and
are being directed into
capital investment by the state.
Only 10% of the Russian invest¬
ment in
growing
dynamic,
1958, inclusive, outlays by
business
economic
Princely
voluntary,
dormant
economy
their
and invest and
her
ely
v
save
By the route of dictatorship,
Russia is today restricting the
pro¬
duction of consumer
na¬
change from
an
inactive,
r e
by
long
for
genius,
terprise, work and thrift.
income
order
hard
awarded for inventive
to
15% of its
in
ress.
must
from
tional
accelerate
a
invest
or
they could
;o
esti-
mated
worked
hours and endured economic want
omists
have
who
men
services. Some
e c o n
ization, capital investment, tech¬
nology, research and science were
great mainsprings which gave the
American economy a
driving mo¬
mentum.
The
foundations
of
American
society were laid
expanding its
output of
than
more
had
$2,340, but by 1958 it
The combined forces of mechan¬
na¬
1957,
$5,000 or more.
In 1929,
personal income per family
Karl Marx
The economic
In
of
challenge of great magnitude threatening
He then submits a 10-point economic program
calling for resolute decisions
85%.
over
50%
U.S.S.R.
entire way of life.
our
system of mass produc¬
masses must have the
income to buy the endless flow of
products
from
a
a
The
power-driven,
Procknow,*
Bank
ture be
tion.
The
economic
United
by
a
industrial
an
economy
thriving capitalism.
States
nation
is
leadership of the
now
challenged
whose
leaders
pub¬
15
ever, we ought not to be compla¬
cent.
Satisfaction with past ac¬
ity of society in a single arm; the
principal instrument of the former
is freedom; of the
latter, servitude.
1835, Alexis de Tocqueville, Their starting point is
different,
complishment is
not
of
nation.
greatness in
In
a
the Russian centers all the
author¬
a
an
French author wrote
"There
are
at
the
as
earmark
follows:
present
time
two
and their
yet
courses are
each
of
them
great nations in the world
which seem to tend toward the
marked out
same
started
I allude to
globe."
Americans.
hundred and twenty
later
each
of
these
from
the
end,
although
they
different points;
Russians
and
the
Both of them have
grown up un¬
noticed; and while the attention
of mankind
was
directed
else¬
where,
sumed
the
they
have
suddenly
prominent
a
nations; and the
as¬
place among
world learned
their existence and their
greatness
at almost the same time. All
other
nations
seem
to
have
nearly
reached
but
their
these
natural
still
are
growth; all others
limits
in
are
the
.
.
these
with
and
ease
are
sway
This
by the will of Heaven
the destinies of half the
was
striking foresight. One
he
could not have
munism.
He
great natural resources, vast land
and
large populations,
stopped,
or
that these two nations should
day confront each other in
proceeding
along a
was
nations of the world.
countries
and
creeps to the
this is giving the
capitalist chieftains."
Advises Against
Complacency
The Soviet economic
goals have
been clearly outlined.
By the end
of the present seven-year
plan in
1965, the Soviet Union is to attain
first place in Europe in per
capita
industrial
output.
By
1970,
or
earlier, the Soviet Union is to take
first place in the world in the
UNDERWRITERS
absolute volume of industrial
pro¬
duction and in per capita
output.
These projections
sense.
They
are
solemn
reflect
non¬
DISTRIBUTORS
starry-eyed
and
wishful thinking rather than
hard economic realism.
Certainly
they indicate
of
a
DEALERS
serious deficiency
knowledge regarding the record
and
capacity of the United States
for economic achievement.
How¬
&
Company
ESTABUSHED
1922
n.
J
PRIVATE and INTERIM FINANCING
ASIEL & CO.
MUNICIPALITIES
Members New York Stock Exchange
one
eco¬
nomic and political conflict in
the
arena of the world.
In this
strug¬
gle it was also perhaps inevitable
that each nation should seek
to
attract to its support the other
VENTURE CAPITAL
Telephone HAnover 2-5000
per¬
historically inevitable
licly state that a communist so¬
ciety with state ownership will the former combats the wilderness
Contrasts U.S.S.R and U.S.A.
demonstrate
to
the
world
its and savage life; the latter, civili¬
There are fundamental differ¬
superiority over a free society in zation with all its weapons and its ences
in
the
historical
back¬
every field of human endeavor. arts;
the conquests of the one grounds of
Russia and the United
This was the central theme of the are therefore
gained by the plow¬ States which have
persisted
Soviet Premier as he spoke to the share; those of the
other by the through the
years. Russia has had
American people on his tour of sword.
The Anglo-American re¬ a
long record of oppression of its
this country.
A few days later in lies upon personal interest to ac¬
people over decades, together with
Communist China, the press re¬ complish his
ends, and gives free violent
changes and tyrannical
ports his comments as follows: scope to the unguided exertions
governments.
Her
economy
has
"There is no
stopping the swift and common sense of the citizens;
Continued on page 88
development
of
the
Socialist
SINCE 1878
BROAD STREET
com¬
see
haps it
celerity
is
only the
fundamentals which were to
shape
the destiny of these nations.
With
BROKERS AND DEALERS
20
foreseen
could
NEW YORK 4, NEW YORK
Stock
five years
nations
of
path to which the human eye can
assign no term.
The
American
struggles against the natural ob¬
stacles which oppose
him; the ad¬
versaries of the Russian are
men;
SERVICING
American
-
swaying the destinies of half the
globe. Alexis de Tocqueville knew
Russia only under the
czars, and
areas
.
continue to advance with extreme
difficulty;
to
act
cAllen
Members
not the same;
to be
seems
Exchange
NEW
PUBLIC
YORK 5, N. Y.
Teletype NY 1-1110 & NY 1-1111
REVENUE
AUTHORITIES
■J-v-
Publicity Committee Report
"Report to membership reviews
successful results of increased tempo
Over-the-Counter Market, It finds, however, a
tremendous educational job still lies ahead and calls upon the mem¬
bers to concentrate on their newspapers persistently even to the
in
publicizing the
extent of enclosing
NSTA Publicity Committee as Sub¬
by its Chairman, D. Raymond
Kenney of the company bearing his name, located in New
The
mitted
York
report oj the
to
the Convention
City, follows:
Publicity print such items as the formation
Committee for the National Secu¬ of the Municipal Committee and
rity Traders Association, we knew a lengthy article on our Booklet
from the very beginning that we in a widely syndicated piece writ¬
ten by Elmer C. Walzer of United
.had our work
Press International.
In addition,
cut out for us
TJ. S. News and World Report re¬
.since the pro¬
As
Chairman
of
the
posals
made
quested
the
Execu-
have
at
t i
,'Meetings held
the first requests
m
Chicago in
^January
called
for
have
tion
wide range of
releases to be
with
very
special
emphasis
will
and
may
Forbes
it.
come
more
and
coverage
regarding
the
Rubin
ever,
the
Philadelphia, advised
Convention as follows:
It is difficult to
realize that The
Traders Bulletin is
fifth
into
completing its
It seems only "yester¬
year.
day"
that this
being.
publication
came
Bulletin
the
have
we
espe¬
Convention
additional two-page
the
I would be
remiss
did not acknowledge,
the
Chairman
as
en¬
with thanks,
D* Raymond Kenney spread
Trader
The
Over-the-Counter Mar¬
on
Just
the Booklet.
Member of the Executive
Convention time
prior to
for their
at
Council
.
<■
and newsy
My sincere thanks to the many
of
Primary Markets
you
person
have commented in
who
or
acknowledgments
work
Institutional Securities
It is such
letter.
by
that make
our
National
in behalf of the
Denver,
edition
June
Uo S. Governments
D.
Agency Issues
Kenney,
Raymond
D.
York
news.
Bulletin
article from
an
was
letter
a
an
requesting
bill providing for reduc¬
tax rate
in the
Bond
this
on
long-term
We
to
Club
of
Denver
completed
issue.
been
hope that The Bulletin has
of interest
and informative
the membership
wish
more
and
at large.
tid¬
and
material with
of
Investment
The
Digest and
Chronicle
Financial
and
also assistance.
Railroads
Goldman. Sachs &
Finance
Co.
ESTABLISHED 1869
NEW
Paper
YORK
WHITEHALL 4-2300
BROAD STREET
20
Canadian Issues
Preferred Stocks
-V.:.
Salomon Bros.
&
Members New York Stock
SIXTY
-
Hutzler
Philadelphia
San Francisco
Dallas
PHILADELPHIA NATL. BANK BUILDING
LOCUST
6-3800
7-2062
Exchange
Cleveland
ALBANY
ST. LOUIS
r
_
314
NORTH
-
100
BROADWAY
STATE STREET
.
CHESTNUT
Boston
SALLE STREET
FINANCIAL
2-5430
WALL STREET
NEW YORK 5, N.Yr
■
LIBERTY
208 SOUTH LA
STREET
FEDERAL
PHILADELPHIA
CHICAGO
BOSTON
75
4-3151
1-9070
Chicago
West Palm Beach
DETROIT
BUFFALO
RAND' BUILDING
MADISON
4514
1420
Dealers'
all who
contributed for their interest and
Industrials
Acceptances
news
The Commercial and
Public Utilities
Bankers
issues
Again we say thanks to the Edi¬
tors
Municipals
Equipment Trusts
take a
active part in future
furnish
We
the Presidents and
to urge
from the local level.
of in¬
(I'd like to mention
correspondent
to
Congressman
from
editor
tion
Chairman that Ray did double-duty this year
in
that he
served as STANY's
City
final Con¬
pictures of the
capital gains. This edition enclosed
a reprint of a Barrons article re¬
garding this legislation. Municipal
News
and
an
article from The
Raymond Kenney & Co.,
New
A message
urging at¬
convention was
NSTA's cooperation in his attempts
That," in
he described points
bits of
the
at
to pass a
entitled "A
terest at Boca Raton and other
PUBLICITY COMMITTEE
news
Secretaries of affiliates to
featured
article by Ray Kenny,
which
,
Perry
by
headed
featured
Also
your
Seattle and
a
truly satisfying undertaking.
Municipal
the
James Utt of California
Syracuse affiliates.
The
from
Ray Kenny covering both STANY
and NSTA, and an article from A1
Tisch on advertising.
items from the Boston,
Lil of This and a Lil O
Respectfully submitted,
Federal
Portland,
Chair¬
Committee
and
news
vention speakers,
Hardy
Rubin
mem¬
complete support of our
whole.
of
list
officer slate for 1960 and our con¬
Legislative Committee, reporting
on
a
trip to Washington to visit
the SEC, NASD, and IBA, in order
ket."
we held a press luncheon in New
to keep our contacts there alive
every movement.
And
especially
We are pleased to report that
York hosted by Ed Kelly which to those
two Philadelphia stal¬ and to discuss generalities in con¬
our
efforts were rewarded early
nection with our business. An ar¬
and we were fortunate to see in was attended by some dozen warts, Joe Smith and Bud Hardy,
ticle requesting the further dis¬
for permitting us to use the pages
tribution of our booklet "The
of their masterful piece of work
Trader and the Over-The-Counter
"The
Traders Bulletin" without
Market" was also included. Also
which
we
could
never
have
featured was the 1958 Treasurer's
reached
the
Membership as a
Report, an article from STANY,
"The
and
etc.,
itinerary,
pictures of our con¬
included was
Affiliate Advertising
vention Program,
large.. The March edition high¬
lighted an article by Ed Christian,
Chairman of The Corporate and
cooperation of each and every
convention in¬
featured along with the
to
bership
Committee if I
Publicity
the
of
as
vention setting. Also
tendance
present news¬
worthy arti¬
to
such
formation
from President Thorsen
in other years,
deavored
a
nominations for 1960.
as
year,
the
items from the
Georgia, Seattle and Syracuse
Traders rounded out the edition.
The October issue was devoted
to convention coverage and officer
in
of
During
to
article "The
World,"
little of the his¬
Western
and also some
Brown, and
1955.
past
which included
Committee
Chicago
January
devoted
was
the
tory of Boca, other
man,
was
meetings
space
Paradise of
the
conceived at
the
Some
Convention with the
Chairman
However, The
hint will be picked
our
Hardy, of First Boston
Corp.,
the
National's Pub¬
of the
Chairman
as Editor of
licity Committee. We could always
"Traders
Bulletin
count on him for a contribution.)
capacity
cles of interest
National
finest
quickly
his
NSTA's
up.
Magazine for giving the
cially
Booklet
And
STANY
indebted
are
In
about this phase of
our business.
In my opinion it is
not a one man, or one Committee
undertaking, but rather a joint
effort that all of us, each affiliate,
should concentrate on constantly.
Not just at convention time, but
day in and day out, and at this
point I believe our only weapon
is the Booklet. If we continue to
make every effort to get this into
the hands of the papers in our
own area you may be sure that a
time will come when, for want of
something more newsworthy, or
perhaps just as a fill-in, a good
percentage of the papers covered
will write us up. Persistence will
pay.
If, as individual firms, ad¬
vertising in our local papers, we
are subtle and enclose a Booklet
from this source
with our advertising copy, it may
in totalling 515
from every sec¬ surprise all of us to learn how
country!
the
of
and
to
the
on
names
in a
undoubtedly follow.
We
publicizing
our
just
individual
a
issued
on
Magazine listed the Booklet
column covering such items
Council
v e
Booklet
our
commented
of us to try
means of edu¬
them
cating
Enlighten and Inform
To
ahead
job
Seeks
The "Traders Bulletin"
some
formulate some
to
and The Over-the-Coupter
the booklet "The Trader
would
it did me,
as
you,
of them know
about the Over-the-Counter busi¬
ness.
This is forcing us to the
conclusion that we have a tre¬
little
how
mendous
Market" with their advertising copy.
of
all
amaze
it
and
newspapermen,
1959
Thursday, November 26,
FINANCIAL CHRONICLE
THE COMMERCIAL and
16
FORD BUILDING
WOODWARD
2-6175
Convention Number
THE COMMERCIAL and
FINANCIAL CHRONICLE
Municipal Committee Report
the
in the public interest. Mr. Brown
recommends that
relationship be evolved
publicity
may be
article
Chairman
within the NSTA in order that much
greater
given to problems of municipal traders.
of
the
NSTA
Municipal Committee, Wm.
Perry Brown of Newman,
Brown & Co.. Inc., New
Or¬
leans, La., presented the fol¬
lowing report to the Conven¬
tion:
have
been
detrimental
which
State
on
if
S.
such
legislation had passed in its orig¬
inal form, etc.
We thank those
who
and
many years.
tinue.
NSTA
were
views
to
worked
very
closely with the Publicity
Committee and others to keep tne
Local
Buyer"
tributor for all of
This
is
an
activity that future
Municipal Committees should con¬
committee
in
Taylor B. Almon
the
Rauscher, Pierce & Co., Inc.
Dallas, Texas
Bonds
Frederick C. Beil, Jr.
Beil
Seen
Jeopardy." We thank Mr. Wm.
Shanks, Vice-President of the
"Daily Bond
diligently kept abreast of
legislation in the various States.
Your
appeared
for
and
us
in
J.
permis¬
the
mation
the
to
Municipal fra¬
ternity. Dur¬
ing 1959 your
present
lems
un-
dertaken
a
number of im¬
portant
lems
prob¬
that
confronting
their Representatives
Congress.
Stroud & Co., Inc.
Philadelphia, Pa.
asked to express their
Excellent response
)
in
concerning thjs matter.
Wilbur
D.
Mills
Committee
on
tee requested
emptions
to
study and
express
their
views promptly to their
Represen¬
tatives in Congress to the pro¬
of
the
House
Ways
and
Means
and
all
for
asking.
Tax
a
and,
we
are
that
the
Wm. Perry
the
into
and
benefit
over-all
these
rate
of
interest
in the Act
committee
should
Brown
the
members
if
the
under
(at 2%% at that time)
loan
cannot
be
considerably from elsewhere on equally
and effort put terms with maturities
work
various
problems.
years,
formula
a
for the
purpose
Respectfully submitted,
MUNICIPAL
Wm.
obtained
to
40
fect
On April 16. 1959 the
our
cellent
were
members
Parks B.
of
the
commit¬
proved beneficial to
those in the States where legisla¬
tion was in. progress that could
ous
the
firms went
mailing list.
far
so
information
to
as
their
to
njpm
KJJjj
1
Boettcher & Co.
send
of their organizations to tell them
New Yoflc
Alphonse J. Grun
__.
_
_
_.
Mrs.
,.
First National
Bank
of
.
.
Edward
Minne-
„
J.
„
Kelly,
The
„
New
__
,
York
■
City,
First Lady
apolis, Minneapolis, Minn.
Earl
W.
Godbold
Dempsey-Tegeler
St.
Louis, Mo.
&
Co.
■
Vice-Chairman
Denver, Colo.
entire
Others had meetings
Phelps, Fenn & Co.
City
:
Pedrick, Jr.,
of financing
mem¬
advised concerning legis¬
lation which
James Musson
..
COMMITTEE
industry during 1959. Ex¬ their shoulders to the wheel and
Montgomery, Ala.
cooperation was had and much has been accomplished. Vari¬ Elmer G. Longwell
various
tee
John Nuveen & Co.
/Chicago, 111.
.
Perry Brown, Chairman
improvements for public hospitals,
Howard, Weil, Labouisse, Friedrichs & Co., New
bers of the Municipal Committee nursing homes, water, sewer, etc.
Orleans, La.
This committee is pleased that so George M.
were
Wood, Jr.
requested to advise of any
State legislation which would af¬ many members of the NSTA put
George M. Wood & Co.
(1)
.
Newman, Brown & Co., Inc.
New Orleans, La.
favorable
up
Francisco, Calif.
be
available
not
exceeding
$1,000,000,000
to
municipalities,
public agencies and others, at a
level
confident
San
Ed Vallely
ex¬
bonds issued by State
and local Governments is about to
on
make
on
State and Na¬
tional
Corp.
Blyth & Co., Inc.
available to any
are
the
business
in¬
^
Milton E. Reiner
Chairman
challenged. It is recommended
by this committee that the 1960
posed Community Facilities Act of Municipal Committee continue this
1959
(H. R. 5944) which would work to the fullest extent.
the
.
H. Frank Burkholder
was
dustry and
Municipal
fect
v
,
■
above article
NSTA
af¬
\
.
received from the members of the \ Equitable
Securities
Association
and
this
committee V Nashville, Tenn.
membership of the NSTA.
(3) On May 7, 1959 the commit¬
the members of the
*
State
The members of the
expects to commence hearings in
Washington during the month of
November,
1959.
Municipal
Copies of the
the
Southeastern Co.
Municipal bond business for Russell M. Ergood, Jr.
brought about in the future to
give more publicity to the prob¬
com¬
mittee has
is appreciated.
It is recom¬
mended by this committee that a
better and closer
relationship be
Means
Atlanta, Ga.
efforts
tees
W.
First
Your
Municipal
Committee
in
membership advised on important
1958, so ably headed by Mr. Byron undertakings of the committee and again asks all members
of the As¬
J. Sayre, submitted an excellent the
cooperation of other commit¬ sociation to continue their
report with much valuable infor¬
& Hough, Inc.
Petersburg, Fla.
St.
sion to reprint and use this
article
and who has been a
great con¬
so
(2)
Walter, Woody & Heimerdinger
Cincinnati, O.
"Daily Bond Buyer" on June 29,
1959 by Mr.
Harry L. Severson,
with the heading, "Tax
Exemption
in
As
complete John M. Heimerdinger, Jr.
On July 2, 1959 the commit¬
was
furnished a reprint of
tee
better and closer
a
and
(4)
played in com¬
legislative proposals deemed not
State
story
coverage went to their branch of¬
fices.
Chairman Wm. Perry Brown reviews the
committee's activities dur¬
ing the past year and calls attention to the role it
batting proposed Federal and
entire
17
David A. Haley
Harkness & Hill,
Boston, Mass.
rpUTT
1 LIlj
Inc.
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CFFFCTIVC
ACCISS TO THt
Bit MA RKCTS...
BOSTON
NEW
AKRON
LATEST FACTS
GRAND
ASHLAND,
BEVERLY
WIS.
DES
O.
N.
LONG
H.
LOS
MOINES
DETROIT
CITY,
N.
Y.
INDIANA
CAL.
MASS.
MARQUETTE,
ERIE
GARY,
ST.
ANGELES
MERCED,
GARDEN
MICH.
BEACH,
LYNN,
DULUTH
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HOUGHTON,
INDIANAPOLIS
COLUMBUS,
CONCORD,
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PHILADELPHIA
HARTFORD
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CLEVELAND
about
YORK
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DIEGO
SAN
FRANCISCO
SANTA
BARBARA
SANTA
MONICA
SPRINGFIELD,
CAL.
VENTURA,
MILWAUKEE
VIRGINIA,
MINNEAPOLIS
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MUSKEGON,
WORCESTER
MICH.
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CAL.
MINN.
WIS.
i
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'
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MEMBERS NEW YORK STOCK EXCHANGE
PRINCIPAL STOCK AND COMMODITY EXCHANGES
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IN
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CITIES
and FINANCIAL
THE COMMERCIAL
18
There are three
Looking Toward the Future
'
>._ '
.
By Lester J. Thorsen,* Glore,
.
(2) Hearing top notch
Reviewing his tenure as President off
the National Security Traders
business with
and making
new acquaintances which is very
important in our profession.
I would be remiss indeed if, on
growth and of the greater bene¬
fits for its affiliates and members, this festive occasion, I didn't ex¬
for the importance of NSTA to press my grateful appreciation for
the excellent help that I have had
the security business.
As affiliates go, so goes the na¬ in the last year from the national
tional Association. It is from these officers and the chairmen of the
regional Associations that excel¬ various committees. I know that
lent material comes
for officer you all will give united support to
material of the national Associa¬ the new administration.
tion. For this reason, the officers
There is one way that all of
of NSTA like to see affiliates and
you,
right now, can cooperate
their members take an active in¬
with our new President, Ed Kelly,
terest in the affairs of the national
From
small and somewhat un¬
a
certain beginning in
Security
tional
has
tion
come
31
have
now
1933, the Na¬
Traders Associa¬
a long way.
We
affiliates
have
which
4,700
mem¬
Not
bers.
only have we
in size,
grown
in
and
also
but
stature
continue to accrue—to the
members of the affiliated organi¬
probLester
with
lems
which
J. Thorsen
zations
make up our Asso¬
With increased active
that
ciation.
we
adminis¬ participation by the affiliates in
the service our national organization, we can
and prestige of NSTA. When you help stimulate and accelerate the
continued growth
of NSTA to
consider
that the officers and
which we of the trading profession
various committee chairmen are
are rightfully proud to be mem¬
spread from coast to coast and
bers.
meet only twice a year, their ac¬
We have concluded a very suc¬
complishments are even
more
cessful conclave of members from
remarkable. There is no paid staff
all parts of the country and some
through which they can operate.
These
officers
and committees from Canada. The growing popu¬
have had
to deal. Each
has advanced
tration
operate
compensation
without
larity of our
serve as
on
^
last
the
new
year.
and
future of the National
of
to
benefit from
at that time
tinue to benefit
prove markets.
the fact that
ship has a much better knowledge of
primary markets each succeeding year.
On this assumption, let ma suggest
Henry J. Arnold
days
tomer
saves
Delegates at Large
conventions can be
net worth of at
a
over
cities instantly linked
100,000 miles of private
by
Philip M. Young
D. Muir, Muir
ment Corp.,
• • •
to help any dealer who
put over 1,800 account
from coast-to-coast TT
.
am
a
proud of any small contribution that
Invest¬
t
that
can
•
as
I
receiving
cherished possession.
you
gift which will always be
a
My thanks to each and every one
of
your
and may God bless you.
Phoenix, Ariz.
'Talk
Ely,
Raton,
given
by Mr. Arnold
at
NSTA's Past Presidents' Breakfast,
Fla., Nov. 2, 1959.
INDUSTRIAL, RAILROAD, PUBLIC
MUNICIPAL AND FOREIGN
we
think, to find
any
be found. Able anyway, to
UTILITY
SECURITIES
market
give it
a
UNLISTED TRADING
DEPARTMENT
better-than-average try. Like to see for your¬
self? Just call
our
neareit office.
Wertheim
Marketing Department
Merrill Lynch,
Pierce, Fenner & Smith Inc.
Underwriters and Distributors
of Investment Securities
Brokers in Securities and
Commodities
NEW YORK 5, N. Y.
70 PINE STREET
Offices in 112 Cities
mm
I have made
am
looking
want.
•
of
just
executives to work
through thousands of contacts for the buyers
you
valuable
asks. To
to start them
believe that we,
individuals, offer the service
corporation to the investing public.
San Antonio.
Philip M. Young, Refsnes,
Beck & Co.,
Willing
least $100 million. I do
voluntary organization of
honor
Edward D. Muir
Edward
wire.
of tha personal
proud of each and every officer
and committeeman through the years for the contribution
he has made. It is due to their efforts that I have the
with a nation-wide network of
127 offices in 112
and assume that the cus¬
that has been
tha tidy sum
of $20 million per year. Capitalized at a nominal five
times this savings, I would like to think that the public is
receiving the benefits of a corporation with an intangible
I
•
year
promoted by NSTA. This would amount to
to NSTA
•
a
25 cents per share because
acquaintanceship and knowledge of markets
of such
•
hypothetical which I ear¬
nestly believe to be the truth. Assume
that 4,000 of our members trade 100
shares of stock per day for 200 working
something
NSTA
their own time.
Ready
much more
liquid than it was 25 years ago and no
one can deny the fact that our member¬
Security Traders for all time.
Boca Raton, Florida.
from our efforts to im¬
There is no doubt about
through our efforts the
Over-the-Counter Market is
the
men,
Able
Traders Association, Inc.,
"The public will
our organization." That was my sincere belief
just as it is my sincere belief today that the
public has benefited, does, and will con¬
Angeles on Aug. 4, 1936,
I said in Los
Thank you.
Convention,
of the professional competence of
Referring to National Security
Association
'Remarks of Mr. Thorsen at the
the
the extent of
its members.
Good luck to the
administration
that investors benefit to
$20 million annually as a result
President of the NSTA in
Certainly, determined by this year's attend¬
devoted to the aims
ance, one of the largest in the
and ambitions of our Association,
history of NSTA.
can
be proud of the continued
and
these
NSTA, Mr. Arnold estimates
coast
can
will
been
many
to
"
the public would benefit from
Recalling his 1936 prediction that
been doing
coast
who have di¬ in the coming year. That is to
attest, with plan now to attend the conven¬
modest pride, to the work done by
tion in 1960 at Sun Valley, Idaho.
the national Association and the
It has been my privilege to
benefits that have accrued—and
NSTA,
rected
there
period,
from
We,
Association.
importance to
the
financial
fraternity.
Over this
have
has
he
Geo. Eustis & Co^
Cincinnati, Ohio
meeting people that
of
chance
a
giant strides made by the organi¬
zation during its relatively young life and recommends proposals
designed to stimulate and accelerate its continued growth.
Association, Mr. Thorsen stresses
By Henry J. Arnold,* Vice-President,
speakers.
(3) The last but not the least,
the social side where a trader has
the NSTA
1959
NSTA and the Investor
various busi¬
ness
Forgan & Co., Chicago, III.; Retiring
President of
things that are
important to a convention:
(1) Attending the
meetings.
Thursday, November 26,
CHRONICLE
Members Z^Ceu)
& Co.
York Stock
NEW YORK 5
Boca
Convention Number
THE COMMERCIAL and
FINANCIAL CHRONICLE
Report of Corporate and
Legislative Committee
Chairman
Edgar
A.
In
his
role
the NSTA
Chairman
as
of
ous
Corporate and Leg¬
islative Committee,
Edgar A.
Christian, of Suplee, Yeatman,
Mosley Co., Philadelphia, in¬
formed
the
Convention
as
department heads.
all
I
was
(First
upon
riving met
dent,
T h
s
e
n
by John
of
the
E.
McClellan, President
Georgia Security Dealer
in¬
the
Examiners
and
was
of
Jersey requiring the
and
broker-dealers,
investment
advisors
prohibiting fraudulent
tices.
On June
held
in
Deputy
of
16,
meeting
a
Newark
prac¬
was
between
the
Attorney General of the
New Jersey and various
the
The
industry
NSTA
to
was
meeting by
Allyn & Co.,
rnc.,' New York City). The other
Presi¬
r
was
represented at this
John French (A. C.
Lester
o
day
Association, in the June
organizations in
discusss the bill.
ar-
situation which you
may recall
having been discussed in an article
the Traders Bulletin.
State
Philadelphia)
exploring
On April 13,
1959, a bill
troduced
in
the
Senate
of
organizations represented
(Glore,Forgan
The
&
Co., Ch icago). We
Investment
were:
Bankers
Asso¬
ciation
issue
of
A Board of
examinations
to
the
By the
same
business
quired
to
post
the
State
bond
a
is
re¬
with
the
Securities
Commissioner
$10,000 and each indi¬
of
in
Edgar A. Christian
business.
our
We next called
There
were
of
license
a
in
the
amount
the bill which
on
Murray Han¬
suggestions
we
were
'
were
proposed.
either in the mill Or
He called
attention
our
to
the
proposed amendment of
Rule No. 434-A of the Securities
Act
of
1933.
Under
this
Rule, it
would be permitted under certain
circumstances to circulate
a
which
was
with
The
re¬
one sec¬
objected
to
of
surety
a
bond
which amount
orbitant.
A
was
up
to
copy
of
the
ex¬
letter
sum¬
a
bene¬
ficial,
con¬
structive
complete
to
our
study
some
industry
is
During the past
had
one
casualty
year
we
in
that
Association
of
non-affiliated membership is
approximately 4,750.
At
this
thank
time
the
I
would
various
gation of
Again,
new
at
length in
the
presented
was
March
issue
of
the Traders Bulletin.
We
next visited
fices, where
we
the NASD
spent quite
of¬
some
While
the
Committee
not
in
the
sense
word,
have
Adolph C. Egner, Jr.
is
active
an
one
of
we
had
a
goodly
inquiries, both by in¬
dividuals and groups. Not
only in
the
United
our
friends
Canada.
being quiries
States
across
Along
we
new
but
also
the
border
from
sister
1960 Convention to
Be at Sun Valley
The 1960 Convention of the
National
Security Traders
Association, Inc. will be
held at Sun
Valley, Idaho,
September 11-14.
in
with
these
in¬
have also heard from
state, Alaska, and
Committee
COMMITTEE
AVAILABLE
Suplee,Yeatman, Mosley Co., Inc.
Philadelphia, Pa.
Committee
has
been
following Fred T. Rahn
closely is the proposal by the New
Illinois Co.,
Chicago, 111.
York Mercantile
Exchange to re¬ Hugh R.
Schlicting
vise their original charter to
per¬
Wm. P. Harper & Son &
Co.,
mit the Exchange to create a
stock
Seattle, Wash.
THE TRADER
AND
THE MARKET
OVER-THE-COUNTER
Listed and Unlisted Securities
This
and
Convertible Bonds
educational
Booklet
conceived, sponsored
compiled by the National Securities Traders
Association, fills
Convertible Preferreds
a
long felt need.
Rights
RATES
Reorganization and "When Issued" Securities
1
to
25
Inquiries from Banks, Brokers and Dealers
are
■
25* each
to 199.
Over
1
24
20* each
invited
/
200
15* each
C'
'
LEVIEN, GREENWALD
&
CO.
Members New York Stock
Exchange
American Stock Exchange (Assoc.)
CHARLES A. BODIE,
Broadway
WHitehall 3-4924
Treas.
National Security Traders Association
i
6
50
South
Calvert
Street
New York 4
Baltimore
Teletype NY 1-3733
most
and
Membership
Edgar A. Christian, Chairman
We maintain markets in
a
successful convention.
in conjunction
Brokers and Dealers in
to
incoming members.
best wishes for
my
a
tion statement. This
like
members
throughout the country who have
ably assisted me in the investi¬
outlining our objections and sug¬
prospectus
in
connection
William Burke, Jr.
gested corrections is available.
proposed new offering of
Another situation which
May & Gannon, Boston, Mass.
securities pursuant to a registra¬
your
mary
with
the
Security
and
Respectfully submitted,
LEGISLATIVE
have
most pleasant.
our
upon which your
from
disbanded, but some of
the members from this
organiza¬
tion have since rejoined as mem¬
bers at large.
The total affiliate
CORPORATE AND
$50,000,
felt to be
is
group
with your officers.
by
require the posting
and
convention
that
membership
a
there.
This concludes the
principal is¬
most all present was that section
which would
a
sues
tion
legislation
and
is beneficial
has been working
spect to these parts.
of
ters
objected to and
the
which
Your Committee feels that
made
counsel for the Investment
Bankers Association, and discussed
pieces
of
Raton
number of
made.
certain portions
sen,
various
Associa¬
tion of New York
generalities
in connection
with
Traders
one
of you a most
the
$10,000.
time
every
enjoyable
stay at Boca
bond prior to the issu¬
a
this
and
true
post
and
Security
and at
each
vidual selling securities is
required
The
discussed
wish
to
regulation in regard to these mat¬
Exchange
I
the
The New Jersey Association of
Mutual Fund Dealers
&
personally,
may
act, each firm do¬
in
amount
ance
Jersey
Securities
you
Se¬
Commission
Chairman of
the
Co., Chicago:
curities Commissioner of the State.
ing
welcome
Dealers
It is with extreme
regret that I
am unable to make
this report to
the whole
sure
Arizona
individuals seeking licenses as se¬
curity salesmen in the State of
Georgia and to certify the results
such
am
would
mill &
to determine the
qualifications of
of
I
behalf of Chairman Adolph
Egner, Jr., of Shear son, Ham-
created by an act
of legislature to hold
examinations
of
the
on
was
The National Association of Se¬
curities Dealers
The Bond Club of New
visited
Report
be
on trading and on the
securities markets in general.
We have been further
Washington.
agents
routine trip to Washington.
accompanied by Joe Smith
Boston
Corp.,
the
beneficial and that we had
further renewed our contacts in
registration
On Feb. 26,
your Chairman opened
the year's activities
by making a
your
that
would
company
a
very
State of New
follows:
and
felt
each
have both
talking with each of the vari¬
We
solicit unlisted companies to have
their stock listed on this
Exchange
charged a fee upon inauguration
The following statement was
of trading. We are
studying care¬
fully the effects which this might submitted to the Convention
regarding proposed legislation.
time
Membership Committee
ficial
and
Christian
concisely describes the manifold
activities of the Committee
during the past year, which included dis¬
cussions with the SEC Chairman and
consultation with other
groups
in the investment business on
matters
trading subsidiary and to file an
application with the SEC for of¬
registration as a stock ex¬
change. If approved they would
19
2,
Maryland
•Y
November 26, 1959
Thursday,
COMMERCIAL and FINANCIAL
THE
20
Sellers, Doe & Bonham
Montgomery, Ala.
BOURBEAU, EDW*
Daniel Reeves & Co.
ADAMS, EDW. M*
The
Robinson-Humphrey
Conn.
New Haven,
Leason &
BREARLEY, ROBT. D*
BAILEY, DAN V.
Foster & Marshall
Wood, Gundy & Co., Inc.
York City
Portland, Ore.
BAMBENEK, J. RIES
Dallas Union Securities Co.,
BROCHU, PETER
New York
Dallas, Texas
BARKER, JOHN
BRONEMEIER, JOSEPH
S*
St. Louis,
New York
New York
New York
L*
City
BATEMAN, HOMER J*
Pacific Northwest Company
Seattle, Wash.
City
New
BUNN, JOHN W*
Stifel, Nicolaus
Peters,
Philadelphia, Pa.
Chicago, 111.
Quinn & Co.
Albuquerque, N. M.
B
Cruttenden, Podesta &
Boston, Mass.
Chicago, 111.
BUTT, LEONARD J.
Mead, Miller & Co.
Baltimore, Md.
BEEBE, JAMES L.
William R. Staats Co.
CABBLE, JOSEPH
Burns Bros. & Denton, Inc.
Angeles, Calif.
BETZ, HERMAN
California Bank
Los
Los
New York
Angeles, Calif.
New York
Baltimore, Md.
Denotes Mr.
and Mrs.
v.
M.
H.
Byllesby
Shields & Company
New York City
Angeles, Calif.
GORDON, MYRON L.
Hincks Bros. & Co.
Bridgeport, Conn.
Incorporated
GOWEN, VINCENT M*
Goldman, Sachs & Co.
New York City
Milwaukee, Wise.
ERB, ROBERT*
Green, Erb & Co.
Cleveland, Ohio
GREEN, SAM*
Pledger & Co., Inc.
Los Angeles, Calif.
GREENBERG, THOMAS*
C. E. Unterberg Towbin Co.
New York City
Piper, Jaffray & Hop wood
Minneapolis
&
Company,
Cruttenden, Podesta & Co.
New York
Chicago, 111. i
Levien, Greenwald & Co.
New York City
GREGORY, WM. H, III*
Gregory & Sons
New York City
FITZGERALD, JOHN M*
W. C. Pitfield & Co., Inc.
Louis, Mo.
FORBES RAYMOND C.
;
Lowell, Murphy & Co., Inc.
Denver, Colo.
HALL, DONALD J.
Wm. E. Pollock & Co.
FRAZIER, LAURENCE
Laurence Frazier & Co.
over-the-counter securities
v
HAGGERTY, JOHN P.*
Cleveland, Ohio
New York
.
St. Louis, Mo.
Shearson, Hammill & Co.
New York City
J. N. Russell & Co.
insurance stocks
,
HAGENSIEKER, EARL L*
Reinholdt & Gardner
FOSTER, L. WARREN*
bank &
/
GUITON, JOS. F*
Craigmyle, Pinney & Co.
New York City
City
FLOTRON, FRANK E.
E. L. Zoernig & Co.
St.
Carlsen, DENNY, WM. B*
Dempsey-Tegeler & Co.
GREENWALD, LESTER S.
FILKINS, WALTER L*
Troster, Singer & Co.
New York City
New York
!■;
GOODMAN, RICHARD H*
FELDMAN, GRANT A*
DAWSON-SMITH, STANLEY*
Angeles, Calif.
GOLKIN, SAUL*
Golkin, Bomback & Co.
New York City
Detroit, Mich.
Incorporated
Chicago, 111.
City'
City
ELDER, GEORGE J*
Straus, Blosser & McDowell
Detroit, Mich.
ELLIOTT, WM. H*
EXLEY, CHAS. E*
Charles A. Parcells & Co.
DARFLER, GLEN A*
Inc.
Los
*
City
CARLSEN, TED D *
Woodrych, Currier &
■
& Co.
Chicago, 111.
DAHL, DR. RALPH
Los Angeles-
Candee & Co.
City
New York
Bear, Stearns
CURRIE, TREVOR*
Denver, Colo.
CANDEE, WM. J*
BODIE, CHAS. A*
Stein Bros. & Boyce
CUMMINGS, FRANK*
CUfLRAN, VINCENT
CAHILL, THOMAS
A. M. Kidder & Co.
New York City
BILLINGS, JOSEPH H.
Cowen & Co.
Co, /
:
Kerngood & Co.
New York City
Rollins
New York
City
GOLDSTEIN, M. E.
Charlotte, N. C.
Loewi & Co.
May & Gannon, Inc.
BECKER, GEO M*
Kidder, Peabody & Co.
New York City
New York
GIBBS, LOUIS A.
Laird, Bissell & Meeds
New York City
DUNN, GAMBOL*
Dunn &
Inc.
George, O'Neill & Co.,
GHEGAN, A. KINGSTON*
Edwin L. Tatro & Co.
ELWELL, WM. C*
CRUTTENDEN, JAMES R*
;
GEORGE, GEORGE E*
DULIN, WALTER L*
R. S. Dickson & Co., Inc.
Los
Portland, Me.
BURNS, WALTER L*
Baumgartner, Downing & Co.
Baltimore, Md.
Chronicle, New York City
BECK, CAROLYN
New York City
Merrill, Turben & Co.
Cleveland, Ohio
J. Barth & Co.
CROWLEY, MARK J*
H. M. Payson & Co.
BURKE, WM. J., Jr.*
BECK, EDWIN L*
Commercial and Financial
&
Writer
Jr.*
Christensen,
Atlanta, Ga.
BURKE, HERBERT*
Cruttenden, Podesta & Co.
Boston, Mass.
GAWNE, HARRY J*
R*
Boston, Mass.
CRAWFORD, ALLEN Jr.*
French & Crawford
Incorporated
St. Louis, Mo.
May & Gannon, Inc.
,
Reynolds & Co.
Denver, Colo.
Company,
City
DUFFY, JAMES*
Inc.
&
Cleveland, Ohio
GANNON, JOSEPH
DOYLE, LESTER T*
Hardy & Co.
New York City
Hartford, Conn.
Corporation
York City
GALDUN, GARY A.
Wm. J. Mericka & Co., Inc.
New York City
COONEY, WALTER E*
Kidder, Peabody & Co.
Chicago, 111.
COUGHENOUR, JOHN F.,
Louis, Mo.
St.
GAHAN, JAMES T.
E. F. Hutton & Company
New York City
Bache & Co.
BRUNNER, GEO*
New York City
Heimerdinger
FUSZ, FIRMIN D*
Fusz-Schmelzle & Co., Inc.
City
DORSEY, JOSEPH
COOK, AARON*
Putnam & Co.
Fla.
BEAL, VERNE C.
New York
BROWN, RALPH
Stone & Youngberg
San Francisco
First Boston
BAYNE, JOHN M.
Rotan, Mosle & Co.
Houston, Texas
BEATTIE, HERBERT*
H. A. Riecke & Co., Inc.
City
Providence, R. I.
BULKLEY, LEWIS R*
BATEMAN, WILLIAM M.
Frank B. Bateman, Ltd.
New York
CONLON, BERNARD J*
P. F. Fox & Co., Inc.
New York City
Asiel & Co.
City
Palm Beach,
Mo.
BROWN, LEO. E*
BARNES, RICHARD M.
A. M. Kidder & Co., Inc.
Angeles, Calif.
DONADIO, JOSEPH*
Wm. V. Frankel & Co., Inc.
CONARY, WILFRED G*
G. H. Walker & Co.
Scherck, Richter Co.
Higginson Corporation
New York City
Lee
BARYSH, MURRAY
Ernst & Co.
City
& Curtis
Bridgeport, Conn.
COLWELL, SAMUEL F.
W. E. Hutton & Co.
New York City
Allen & Company
Inc.
Los
Allen & Company
New York
Walter, Woody &
Cincinnati, O.
DOHERTY, WM*
Fahnestock & Co.
COLEMAN, C. MERRITT
New
Chicago, 111.
FUERBACHER, JOHN N*
DOCKHAM, GEORGE*
Hincks Bros. & Co., Inc.
CLEAVER, JAMES P.
Goodbody & Co.
New York City
Co.
Chicago, 111.
Cincinnati, Ohio
Paine, Webber, Jackson
Co.,
Philadelphia, Pa.
BRADY, EDMOND*
ARNOLD, HENRY J*
Geo. Eustis & Co.
Boettcher & Company
D1EHL, ROBERT D*
Mosley
Inc.
Fla.
St. Petersburg,
Yateman,
FRIEDMAN, LEONARD J*
DeYOUNG, NEIL*
DeYoung & Company
Grand Rapids, Mich.
CHRISTIAN, EDGAR A*
Suplee,
Mo.
Dallas, Texas
Cleveland, Ohio
BOYD, WALLACE
Bache & Co.
Co.
DeSHONG, HAROLD E.
Dallas Rupe & Son, Inc.
CAYNE, MORTON A*
J. N. Russell & Co.
Beverly Hills, Calif.
Company, Inc., Atlanta, Ga.
ANGELOS, GEO. H*
Chas. W. Scranton Co.
St. Louis,
FRENKEL, LESTER*
Gersten & Frenkel
New York City
.
Edward D. Jones &
CASEY, FRED. J.
Doyle, O'Connor Co.
Chicago, 111.
BONHAM, JOHN A.
Goodbody & Co.
St. Petersburg, Fla.
DEPPE, RALPH C*
CARUCCI, JOS. P.*
J. K. Rice, Jr. & Co.
New York
City
Attended the Convention
ADAMS, CHAS. A.
CHRONICLE
•
,
Miami, Fla.
Continued
City
on page
83
☆-
Specialists in
United States Government
christiana securities co.
Preferred
Common
and Municipal
State
Securities
Laird, Bissell & Meeds
Members
NEW
YORK STOCK
AMERICAN
STOCK
EXCHANGE
EXCHANGE
☆
120
BROADWAY, NEW YORK 5, N. Y.
Bell Teletype NY 1-1248-49
Telephone BArclay 7-3500
DuPont Building
WILMINGTON, DEL.
Philadelphia Nat'l Bank Building
PHILADELPHIA, PA.
44
NEW
10 Waldmannstrasse
Whitney Ave.
C. J. DEVINE &
ZURICH, SWITZERLAND
HAYEN, CONN.
WHITE & CO.
St. Louis,
Mo.
J. S. STRAUSS & CO.
f
Los
San Francisco, Calif.
f~
SCHIRMER,
MITCHUM, JONES &
ATHERTON & CO.
Boston, Mass.
TEMPLETON
Chicago
Angeles, Calif.
•
Boston
Cleveland
COOLEY
&
HAnover 2-2727
New York 5
48 Wall Street,
CORRESPONDENTS
•
•
Philadelphia
Cincinnati
•
CO.
•
Washington
St. Louis
•
•
Pittsburgh
San Francisco
COMPANY
^
Hartford, Conn.
☆-
Direct
Wires
to all
Offices
-☆
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
21-
NSTA Affiliates and Members
Security Traders Association
Unterberg Towbin Co.; Robert M. Topol, Greene and Company;
Stanley M. Waldron, Merrill Lynch, Pierce, Fenner & Smith
of
BAUMER,
HERMAN
Incorporated.
Lebenthal
New York, Inc.
D.
Siegel & Co.
Elected: December 5, 1958; Took
Expires: December 31, 1959.
Office: January
&
OF
BEAN, JULES
1, 1959; Term
Singer, Bean & Mackie, Inc.
Blair
MEMBERS
&
Co.,
BEERMAN,
AAL, C. JEROME
&
ARONSON,
Co.
Bernard
ABBE, RICHARD F.
Co.
Securities Trading
Corp.,
&
HERBERT
&
(Associate)
&
G.
Company
Barney Nieman
John S. Barker
Company
A.
&
&
ALBERTS,
C.
A.
H.
(Associate)
Kidder
Co.,
&
C.
A.
Alberts
H.
Co.
&
&
Co.,
&
J.
H.
Hentz
&
Co.
D.
Sherman
BERNIIEIMER,
D.
Co.
F.
&
Co.
(Associate)
KERMIT
Bernheimer
Alkow
Inc.
&
BERTSCH,
G.
A.
Inc.
C.
F.
Co.
Bradford
Eastman
&
Laird,
Co.
ARTHUR W.
&
.<
Einsfc
Dillon,
&
BARYSH,
(Associate)
Ernst
Sutro
-
Union
Bissell & Meeds
Securities
&
Bros.
Co.
;
Co.
..
Ladin
Co.
BILLINGS, JOSEPH II.
Cowen & Co..
Co.
BIRD, JAMES F.
Winmill
&
Co.
SOL
Bear, Stearns & Co.
,
.
BIRNBAUM, NAIIUM
Birnbaum & Co.
B
\STIAN,
Blair
&
WILLARD
;
Co., Incorporated
Continued
Wilbur Krisam
Barney Nieman, Carl Marks & Co., Inc.
Barker, Lee Higginson Corp.
Secretary: Salvatore J. Rappa, Mergott, Rappa & Co., Inc.
Treasurer: Wilbur Krisam, John C.
Legg & Company.
Directors:
Joseph H. Billings, Cowen & Co.; Walter L. Filkins,
Troster, Singer & Co.; William J. McGovern, Blyth &
Co., Inc.;
F.
McLaughlin, McLaughlin, Kaufman & Co.; John D.
Ohlandt, Jr., New York Hanseatic Corporation; Frank J. Or¬
lando, Goodbody & Co.; Elbridge H. Smith, Stryker & Brown;
Arthur J. Wechsler, Ogden, Wechsler &
Krumholz; Bernard
Weissman, Gold, Weissman & Co.
"
John
National Committeemen: Bernard J.
Conlon, P. F. Fox & Co., Inc.;
John F. McLaughlin,
McLaughlin, Kaufman & Co.; Samuel F.
Colwell, W. E. Hutton & Co.; Stanley L. Roggenburg, Roggenburg & Co.; Alfred F. Tisch, Fitzgerald & Company.
Stanley E. Dawson-Smith, Cruttenden, Podesta & Co.;
Dorsey, Bache & Co.; Thomas Greenberg, C. E.
Dominick
Joseph R.
Dominick
&
Members New York, American and Toronto Stock
14
150 East 42nd
WALL
IlVavfdson
•
& company
TORONTO
Exchanges
STREET, NEW YORK
Street, New York 17
Direct private
in
•
1
5
1122 Marine Trust
Building, Buffalo 3
wires to correspondents
principal cities through the United States and Canada,
Robert Garrett & Sons
Baltimore
Townsend, Dabney and Tyson
•
Butcher & Sherrerd
•
Moore, Leonard & Lynch
Boston
Philadelphia
Pittsburgh
•
William Blair &
Company
Chicago
•
McCormick & Co.
•
Ball, Burge & Kraus
Chicago
•
Davis & Davis
•
George D. B. Bonbright & Co. "
Providence
Rochester
Cleveland
•
Quail & Co.
•
Baker, Simonds & Co.
•
Smith, Moore & Co.
•
Schwabacher
Detroit
U.
S.
DEPT.
Jacksonville
•
& Co.
San Francisco
fr
Foster & Marshall
Seattle
Pierce, Carrison, Wulbern, Inc.
JAMES A. TRAVISS
MGR
St. Louis
Davenport
•
•
'J
(Associate)
.
Co.
MURRAY L.
&
&
President: Bernard J. Conlon, P. F. Fox &
Co., Inc.
Alternates:
'
BIES, SYLVESTER J.
Gude,
BASS,
ARNOLD, HARRY L.
Goldman, Sachs & Co.
S.
,.
Co., Inc.
BEZER, CHARLES A.
BARYSH, BURTON A.
S.
Bache & Co.
Second Vice-President: John
(Associate)
BERWALD, OTTO A.
Grady, Berwald & Co., Inc.
BARTOLD, HENRY S.
AMENDOLA, EDWARD A.
First Vice-President:
(Associate)
L.
& Co.,
Co., Inc. (Associate)
Saxton
Edward S.
K.
Distributors, Inc.
BERNSTEIN, JACK J.
•
Company
MOSES
Fund
BENJAMIN
BESWICK, SAMUEL F.
Co.
ALLEN, HERBERT
Allen
EUGENE
Hentz &
Line
BERNEBURG, RANSOM A.
Wood, Gundy & Co., Inc.
BARTH, PETER L.
ALEXANDER, DOUGLAS C.
Joseph J. Lann Securities, Inc. (Associate)
ALTMAN,
L.
Inc.
Corporation
C, Wainwright & Co.
BARRY,
CHESTER A.
Hanseatic Corporation
(Associate)
BARRETT, FRANK D.
Co., Inc.
Alberts
Value
S.
Higginson
M.
York
BERGER,
Spencer Trask & Co.
ALBERTS, GERARD H.
Salvatore J. Rappa
Saxton
Keister & Company
BENZING, WAYNE R.
j
(Associate)
BARNES, RICHARD M.
ALBERTI, JOSEPH S.
Walston
Corporation
BAFMONDE, PHILIP T.
Barmonde, Gilliland &
AIELLO, MARK T.
Barnard J. Conlon
A.
Lee
ACKERT, PHILIP II.
Freeman &
Securities
BARKER, JOHN
ABELOW, IRVING
Mitchell
New
BAItBIER, LESLIE
B.
Company
H.
BEN, HANS E.
BARBASSO, JACK J.
Co.
C.
I.
Incorporated
PAUL
BENTLEY, HAROLD W.
Abbott, Proctor & Paine
Goldman, Sachs & Co.
D. Sherman
Mitchell
Co.
JOHN W.
Carolina
Jersey City, N. J.
ABELOW,
H.
R.
&
Bache & Co
BAIR,
ABELL, NATHAN
L.
GERALD
Aronson
AVERELL, ALFRED B.
Shearson, Hammill &
ABELE, EDWIN A.
.
Co.
BECKER, EDWARD
ROSTER
Bache
"i
BEAHAN, WILLIAM J.
J. M. Dain & Co., Inc.
Canadian
•
Correspondent
James Richardson & Sons
Minneapolis
Canadian
Affiliate—Dominick Corporation of Canada
Winnipeg
on
page
22
Weir, Vice-President of Arvida Corporation, Boca Raton, Florida; Edward N. Gadsby, chair¬
Securities & Exchange Commission, Washington, D. C.; Edward J. Kelly, Carl M. Loeb, Rhoades
& Co., New York; Milton N. Weir, President, Arvida Corporation, Boca Raton, Florida
John H.
man,
Lester J. Thorsen, Glare, Forgan & Co.,
A
Zuckerman, Smith & Co.
McLaughlin, Kaufman its Co.
Continued from page
Candee & Co.
BOUCHER, JOHN B.
J. B. Boucher & Co.
Allen & Company
BLANK, ANDREW
P.
&
Fox
BLAUNER, SEYMOUR
Co. (Associate)
BLOOM, SOL M.
United Continental
BRADLEY, WALTER V.
B. W. Plzzinl & Co., Inc.
Corp.
(Associate)
The First Boston
T.
(Associate)
Gordon Graves & Co. (Associate)
ERADY, JOHN A.
BOLOGNINL RINALDO A.
Bros.
|
Spencer Trask & Co.
Lafayette National
National, Southampton
Union National, Troy
Burke
& Co.
CANTER,
WILLLAM J.
(Associate)
JOEL
A.
(Associate)
Sartorius & Co
& Co.
MARVIN N.
CANTOR,
BRYSON, JAMES F.
Hay den, Stone & Co. (Associate)
CAPPER, MILTON
BURLAN, ARTHUR J.
Charles
Henry Krleger & Co.
Capper & Co., Jersey City, N. J.
CAREY, WILLIAM G.
w L. Canady & Co., Inc.
GERARD L.
King & Co.
Duniel F.
Rice
CARRINGTON, Jr., WILLIAM G.
Ira Haupt & Co.
and Company
CARRINGTON, in, WILLIAM G.
BROWN, D. HOWARD
Ingalls & Snyder
BURKE, EDWARD F.
BROWN, HAROLD L.
WinsJow, Cohu & Stetson, Inc.
BUBKE, HAROLD J.
Auchincloss, Parker & Redpath
CARUCCI, JOSEPH P.
BROWN, JULIUS D.
Oppenheimer & Co.
BUSCHMAN, HERBERT
Newborg & Co.
CASPER, HARRY D.
Dominion Securities
Dime Bank, Akron
Valley Stream National
Bensonhurst National
Solvay Bank
Bank of Nutley
Wheeling Dollar Savings
Vilas
Corporation
J.
Hempstead Bank
K.
&
Hickey
Rice,
Jr.
Co.
&
(Associate)
Sidney Jacobs Co.
Sullivan
Black Rock Bank & Trust
Catskill National
South Branch Valley
Gramatan National, Bronxville
Corporation
Jr., DAVID H.
Michigan Corporation
Candee & Co
Corporation
BROWN, ALVIN C.
First National, Somerset County
First National, Lewiston
change National, Olean
tional
of
CANDEE,
J.
BURCHARD,
First National, Callicoon
First National, Mercer
County Trust
Watson
Denton, Inc.
BRYAN, CHARLES F.
Spencer Trask & Co.
Tweedy, Browne & Reilly (Associate)
BRADY, FRANK J.
McLaughlin, Kaufman & Co.
BOLAND, WILLIAM H.
Boland, Baffin & Co.
& Company
L.
Corporation
CANAVAN, JOHN j.
Witter & Co.
BROOKS, Jr., GEORGE F.
Paine, Webber, Jackson & Curtis
BRADY, EUGENE J.
BOAS, ROBERT
Carl Marks & Co., Inc.
First
Allen
(Associate)
First
BRUNS, HENRY G.
Hammill & Co.
Shearson,
BOYCE, FRANK
Carl M. Loeb, Rhoades & Co.
BLOCKLEY, JOHN C.
Harris, Upham & Co.
Lasser
BRUGGEMAN, CHARLES
GEORGE
&
Bros.
CALLAWAY,
BRUNJES,
Dean
Boston
JOSEPH C.
The Dominion Securities
Tweedy, Browne & Reilly
BROCHU, PETER W.
(Associate)
CAI.EF, JOHN C.
First
Burns
E. Hutton & Co.
BRILL, DAVID E.
D. H. Ellis & Co.
.
& Hutzler
Bros.
BROWN, THOMAS J.
The
BROWNE, HOWARD S.
BRITTAIN, MILTON C.
BLOCH, LEO
Salomon
CABBLE.
Arnold Malkan & Co., Inc.
BOUTON, HOWARD R.
Seymour Blauner Co. (Associate)
BUTLER.
BREWER, m, JAMES R.
John C. Legg & Company
David Morris &
JOHN
BROWN, LEO E.
Aslel & Co. (Associate)
W.
BRILLSON, MICHAEL j.
BOUTELLE, GREGORY W.
C. E. Judson & Co. (Associate)
Inc.
Co.,
R. D.
BRENNAN, JAMES I.
Eisele & King, Libalre, Stout & Co.
BOND, JOSEPH Y.
21
FRANK H.
& Co., Philadelphia
BROWN, in, THOMAS C.
Arnold Malkan & Co., Inc.
Wood, Gundy & Co., Inc.
ROSTER OF MEMBERS
BLAIR,
(Associate)
BREAKSTONE, JACK
BREARLEY.
Chicago; Mr. & Mrs. Edward J. Kelly, Carl M. Loeb, Rhoades
Co., New York; Mrs. Mary Smith; Joseph E. Smith, Newburger
BRAND, HARRY L.
Security Traders Association of
New York, Inc.
P.
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
22
Ex
New Brunswick Trust
Allenhurst Na
Union County, Elizabeth
National Ban
%
k of Far
Rockaway
nk, Morristown
Long Island National
National, Smithtown
enhurst Bank
First
National, Greenport
Belfast National
rn
ville
Bank of Huntington
First Stroudsburg Natic
erick County National, Maryland
ond
National, Orange
Broadway Bs
First 1
National, Jacksonville
Community, Rutherford
Hadley Falls
Nassau Trust
(Vt.)
Queens National
Specializing in "inactive99 Bank Stocks
for
own
our
among
a
every
^ refa£|
of
our
account
•
•.
for distribution
select Clientele... located in
lk> Locust Valley
who seek the ulti-
highly specialized field•
a
First National, Highland Falls
Chester National
First National, Allendale
Washington Trust, Westerly
First National Bank
& Trust,
Corning
ational
.
st
Fallkill National, Foughkeepsie
Northeastern Penna. Nation
Wilkinsburg Real Estate & Trust
D. RAYMOND KENNEY
Tin
Na
al Bank of La
8c CO.
murray Hill 2-4093
NY 1-2918
One East 42nd Street
t National, Ea
_
,
Peoples Tru
New York 17, N. Y.
„
st, Dunellen
irst Columbia National
Shore
Central
National
Bellport N
TT'_
Islip
Ly)
_
Sec
Wayne County Savings,
Miners National, Shenandoah
tional Bank, C
ke Ronkonkon
Fred
National Bank & Trust, Port Jervis
Commercial National, Little Rock
Peapack-Gladstone Bank
York Haven (Pa.) State
National Bank of Westchester
United Bank of Star Lake
County National, Middletown
First National, Mifflintown
Farmers & Merchants, Lines
Bank of Westbury Trust
ational, Liberty
ill
Second National, Hagerstown
Rockland National, Suffe
oples, Clinton, Tenn.
ank & Trust
Got
National Bank of Jackson
Hazleton National
distributing outlet for the elite
•..
Peoples National, Patch
Suffolk County National* Riverhead
ational, Cooperstown
Industry
Eas
Lind
Glens Falls National
Bank of Long Beach
al
First National Iron Ba
Citizens Savings, St. Johnsbury
section of the United States.
mate in experience, and service, in
Superior National, Hancock, Mich.
Trust, Holyoke
Chatham Trust
First National, Glens Falls
Ridgway (Pa.) Nationa
Delaware National, Delhi
South Shore, Staten Island
Savings Bank & Trust
f Suffolk County
Second Natii
Cinnaminson Bank & Trust
Honesdale
al
Dutchess B
Highland National, Newburgh
Elizabethport Banking
Mech
Somerville T:
Kingston (Pa.) National
Bank
First National, Carbondale
Hillsdale National
Perth Amboy National
Little Falls National
ham Bank
Ludlow
Central National, Ce
First National, Yonkers
ogue
Central Industrial, Brooklyn
Oysterman's Bank & Trust, Sayville
Woodbury Trust
tern
Bergen County National
Bank of Brodhead
tty Trust
/
Glen Ridge Trust
Union National, Mahanoy
Princeton Bank & Trust
Wilmington Trust
Bridgehampton National
Nanuet National
First National
National Bank of Palisades Park
F
Bank & Trust, Bay
National Bank of Pawling
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
At
Past Presidents' Breakfast:
Henry J. Arnold, Geo. Eustic & Co.,
Cincinnati; Edward H. Welch,
Sincere and Company,
Chicago; Edward E. Parsons, Parsons & Co., Inc.,
Cleveland; Lester J. Thorsen,
Glore, Forgan & Co., Chicago; John W. Bunn,
Lex
CERRUTO, SALVATORE
Walston & Co., Inc.
R.
CONCAGH, JAMES C.
Nesbitt, Thomson and
CERU, CARLO
Vanderhoef & Robinson (Associate)
CONLON, BERNARD
P.
:
CHANNELL, CLIFFORD K.
The
First Boston
Corp.
Eastern Securities, Inc.
CORBY,
Allen
Weeks
Lynch,
E.
H.
Pressprich & Co.
F.
New
CIRENZA, JOHN J.
Gregory & Sons
&
Hutton
Van
&
Smith
CLEAVER, JAMES P.
Goodbody & Co.
&
GEORGE
W.
E.
SAMUEL
&
Hirsch
&
Corporation
Dunn
Co.
&
Frankel
&
&
8c
DUNNE,
Co., Incorporated
Rollins
&
(Honorary)
Co.
DURNIN, JAMES B.
Ogden, Wechsler & Krumholz
EAGAN, JOSEPH C.
Frank
B.
Goldman, Sachs & Co.
& Smith
J.
FRANK
Dunne
Co.
LEON
GAMBOL
C.
Masterson
(Associate)
&
Co.
Continued
MAYE, JOHN E.
Cowen
De
on
page
& Co.
(Associate)
&
Co.
since 1888...
(Associate)
SOCIO, SAMUEL F.
H. Ingraham & Co.
L.
Underwriters
J. R. Williston & Beane
(Honorary)
Securities
Corporation
FONZO, Jr., JOSEPH P.
Capper & Co., Jersey City, N.
•
Distributors
•
Dealers
Brokers
•
J.
DIMPEL, ALBERT H.
P.
C.
(Associate)
D.
Robbins
&
Co., Newark,
N.
J.
Corporate and Tax-Exempt Securities
(Associate)
DIMPEL, RALPH T.
Incorporated
Mutual Funds
Lubetkin, Regan & Kennedy
DIMPEL,
Jr.,
RALPH
T.
Eastman Dillon, Union Securities & Co.
CALVIN D.
Adams
V.
DORFMAN,
DENOBLE, THEODORE
CURRIE, Jr., JAMES
DALE,
Wm
PHILIP 0.
Harris, Upham & Co.
Hayden, Stone & Co. (Associate)
F.
Lynch, Pierce, Fenner
Incorporated
DUNN,
DONNELLY, Jr., JAMES A.
Reynolds
DEMET, LOUIS R.
Bruns, Nordeman & Co.
DAINES, FRANCIS M.
Co.
Boucher
T.
Co.
Merrill
DONADIO, JOSEPH F.
DEVINE, JOSEPH P.
CUSACK, JOHN T.
Amott, Baker & Co.
B.
&
DEMPSEY,
Co.
Webster
J.
E.
Co.
LESTER
DUGA, J. S.
DOLAN, LAWRENCE P.
(Associate)
&
Hardy
Fahnestock & Co.
Co.
Sutro Bros.
Hayden, Stone & Co.
Company
Hutton
Bros.
Bache
DOYLE,
Dixon
DOHERTY, WILLIAM M.
Co., Inc.
DeFINE, ROBERT E.
DE
DI
COLTHUP, JAMES F.
COLWELL,
Corporation
Lear & Co.
CHARLES
&
Gregory & Sons
Sutro Bros. & Co.
L.
Securities
Allyn
Cruttendeu, Podesta & Co.
J.
CURTI,
DORSEY, JOSEPH R.
G.
DOHERTY, JOHN J.
A. C. Allyn and
Company, Inc.
DEDRICK, GEORGE E.
M.
O'Kane, Jr. & Co.
COLEMAN, C. MERRITT
COLLINS,
C.
Lasser
Hanseatic
Dean Witter &
&
Cutter &
DAVIS, WILLIAM J.
CRONE, EDWARD A.
Stone
(Associate)
DAWSON-SMITH, STANLEY
Company
CURRY, THOMAS L.
Company
Co.
S. D. Fuller & Co.
A.
J.
COLANDRO, JOSEPH N.
White, Weld & Co.
&
&
DIXON, WILLIAM
DAVIS, THOMAS JOSEPH
CROWLEY, Jr., JOHN P.
Inc.
EUGENE M.
Schweickart & Co., Hempstead, N. Y.
Freeman &
Smith
Alstyne, Noel & Co.
Reed,
CLEMENCE, EDWIN G.
American
&
CROWLEY, JOHN B.
COHEN,
Allen
Fenner
CRANE, JAMES M.
CLANCY, Jr., BERNARD J.
Merrill Lynch, Pierce, Fenner
Incorporated
LEONARD
Dreyfus & Co.
.
Goodbody & Co.
ANTHONY
Walston & Co., Inc.
DITTELL,
Incorporated
DAVIS, MARTIN
EDWARD
York
Co.,
3
CRAIG, JOSEPH
CIULLA,
Eastern Securities,
&
Sutro Bros.
Pierce,
JOSEPH
John J.
Co., Inc.
Blair
Inc.
COSENTINO, JOSEPH H.
CITO, MICHAEL J.
DANEMEYER, JOHN J.
& Company
CORLEY,
Company, Seattle
DAVIS, JOHN HENRY
CORKEY, DONALD B.
CHRISTOPHER, WILLIAM
Dickson
Inc.
CONLON, Jr., JOSEPH F.
J. H. Crang & Company
CHAVE, WILLIAM F.
S.
Company,
J^
Incorporated
Spencer Trask & Co.
R. W.
Fox & Co.,
Merrill
CHAPMAN, HAROLD S.
Hornblower &
F.
CONLON, JOHN A.
CHAPMAN, EDWARD L.
R.
(front) Lester Thorsen, Glore, Forgan & Co., Chicago; Mrs. & Mr. Edward J.
Kelly, Carl M. Loeb
Rhoades & Co., New York; Mrs. & Mr. Joseph E. Smith, Newburger &
Co., Philadelphia; (back)
Mr. & Mrs. Charles A. Bodie, Stein Bros. & Boyce, Baltimore; Mrs. & Mr. Earl
Hagensieker,
Reinholdt
Gardner, St. Louis; Mrs. & Mr. Homer J. Bateman, Pacific Northwest
Stifel, Nicolaus & Company,
Incorporated, St. Louis;
Jolley, The Robinson-Humphrey Company, Inc.,
Atlanta; William J. Burke, Jr., May &
Gannon,
Inc., Boston; Robert C. Diehl, Paine, Webber, Jackson &
Curtis, Los Angeles
DISS, Jr., WILLIAM B.
Abbott, Proctor & Paine
& Peck
Hornblower
40 Wall
*M!dtown:
Weeks
&
Street, New York 5, N. Y.
400 Madison
DI 4-6600
Ave., at 47th St. (17)
PL 1-1900
♦Open Thursdays until 9 PM
Members New York Stock
BOSTON
NEW
PHILADELPHIA
YORK
PROVIDENCE
ROCKFORD
INVESTMENT
Exchange and other Principal Stock Exchanges
CHICAGO
CHARLOTTE
A Network
DETROIT
PORTLAND
CLEVELAND
BANGOR
WORCESTER
PEORIA
MEMPHIS
of Service
by private wire
SECURITIES
Glore, Forgan & Co.
CHICAGO
BOSTON
LOS
NEW
ANGELES
YORK
SAN
FRANCISCO
Members New York and American Stock
Midwest Stock
Exchanges
BBOTT,
Exchange
P
ROCTOR
&
p
rAINE
Members, New York Stock Exchange and Other Leading
Exchanges
Investment Securities
•
Municipal Bonds
91! E. Main Street, Richmond 14, Ya.
2
•
*
Mutual Funds
•
Commodities
Phone Milton 8*4774
Broadway, New York 4, N. Y.
♦
*
•
Underwriters
Teletype RH-851
Phone WHitehall 3-8300
24
Thursday, November 26,
Breakfast for Presidents
Security Traders Association
New York, Inc.
MEMBERS
ERICKSON,
Shields
FEUER, ABRAM J.
Gartraan,
WILLIAM T.
it Company
ERLICH,
PETER daBOIS
McLaughlin, Kaufman & Co.
EWEN, RAYMOND J.
Dominick it Dominick
FRANCIS
Securities Corporation
ECKSTEIN, J.
Interstate
BERGER
Merrill Lynch, Pierce, Fenner it
M.
Watt, Inc. (Associate)
ALFRED
Watt &
ECKLER,
Inc.
EISELE,
John C.
FLECKNER, WILLIAM L.
Merrill Lynch, Pierce, Fenner
Legg it Company
FOOTE,
A.
& Smith
GIBBS,
LESTER A.
Gersten & Frenkel
Shearson, Hammlll it Co.
FOX,
P.
P.
FOX,
VERNON
GANSER, EDWARD N.
Ladenburg,
nip
; I
FRANK,
,
BANK
j!iH!i |
FRANK,
Frank
,A~:;-A.
^ ^
w,
I
|r;i!k;
^
•
liil&hii-—M—j
STATE AND MUNICHAL BONDS
Y. 15, N. Y. • 81 Branches in Greater
Municipal Bond Department • Teletype NY 1-708
Head Office: 55 Wall St., N.
Member Federal Deposit Insurance
Corporation
New York
-
STOCK (r BOND
BROKERAGE SERVICE
for Banks, Brokers and Dealers
Hardy & Co.
Members New York Stock Exchange
Members American Stock
Exchange
New York 4
30 Broad Street
/
Telephone DIgby 4-7800
MEETINGHOUSE
MADISON
Teletype NY 1-733
LANE, SOUTHAMPTON, L.
AVENUE,
NEW YORK
22, N. Y.
HARRY
Frank Investors Corp.
lljli III
Illli
JM tJ Sj, [
543
(Associate)
I., N. Y.
ISADORE
&
Company
(Associate)
GOLD, SAMUEL
New York Hanseatic
Corporation
GOLD, SAMUEL L
(Associate)
GOLDEN, JULIUS
Greene and Company
(Associate)
GOLDEN, MARTIN P.
Dean Witter & Co. (Associate)
,
GASSOUN,
John E.
JOSEPH H.
Samuel & Co. (Associate)
Merrill Lynch,
(Associate)
(Associate)
DAVID
Lapham & Co.
Corporation
GAREISS, HERBERT
Carl Marks it Co., Inc.
GOLDMAN,
GAVIN, JAMES E. C.
111 1 ftllfelBSlr-t
y/mrntMUtW*
&
Thalmann St Co.
FRANK, HAROLD W.
American Securities Corporation
NATIONAL CITY
GOLD,
LESTER F.
Randolph & Co., Inc.
Andersen,
First of Michigan
K.
and Company
GOLD, BENJAMIN
Gold, Welssman Co.
Lapham it Co.
S. B. BARTON
Garvin, Bantel & Co.
111
GEORGE
FOX,
FRANK, ALBERT F.
P.
Ginsberg & Co., Inc. (Associate)
CARL
Boettcher
Schoellkopf, Hutton & Pomeroy, Inc.
GANNON,
isti
& Meeds
GILL, THOMAS
Gill & Co.
Strauss,
GAHAN, JOHN P.
FRED
A.
LOUIS
laird, Bissell
GISH,
GAHAN, JAMES T.
E. F. Hutton & Company
F. Fox & Co., Inc.
Incorporated
GINBERG, FRANK
Sterling, Grace & Co.
FORMAN, MURRAY
Arnold Malkan & Co., Inc.
,jtM
J.
FRINGS,
HERBERT R.
Harrlman Ripley & Co.
Henry Fricke Co.
CLEMENT
& Co.
GHEGAN, A. KINGSTON
Edwin L. Tatro Co.
C. Allyn
FRENKEL,
JOHN H.
Bros.
GESELL,
O.
FRICKE, A. HENRY
GORDON R.
Francis I. du Pont St Co.
FORBES, RAYMOND
ST.
Barr
Incorporated
FELDMAN, ARNOLD
Arnold Feldman Company
R.
FREDERICK
Freeman it Company
MAIN
GERTLER,
JOHN 8.
and Company, Inc.
FRENCH,
Co.
Abraham &
LAURENCE S.
FREDERICKS, Jr., PAUL C.
Warren W. York & Co.. Inc.
(Associate)
Loeb, Rhoades & Co.
.
GERSTENZANG, DONALD
(Associate)
Grimm & Co.
JOSEPH E.
John J. O'Kane, Jr., it Co.
FARRELL, MICHAEL J.
WILLIAM
Goodbody it Co.
EIGER,
_
Wien & Company
FREDERICK, PAUL
Fahnestock & Co.
FRANCIS J.
Carl P
GERSTEN, HENRY B.
Oscar Gruss & Son
FREDA, CHARLES J.
DOMINICK A.
Gregory & Sons
_
Laurence Frazier & Co.
FLANAGAN,
JOSEPH Y.
Gregory St Sons
S.
FRAZIER,
Alstyne, Noel 8s Co.
FITZPATRICK,
FARRELL,
Smith
Van
ROBERT
Jersey City, N. J.
FitzGERALD, JOHN M.
W. C. Pitfield & Co., Inc.
FITZPATRICK,
(Associate)
FARRELL, JOHN J.
Farrell Securities Co.
EGENES,
M.
Rose it Fever
WALTER L.
Troster, Singer & Co.
FILKINS,
Incorporated
V. Frankel & Co.,
Wm.
FRANKLIN,
JOHN P.
GERMAIN,
V.
WILLIAM
FRANKEL,
>•'.
Allen & Company
Singer, Bean it Piackie, Inc.
Goodbody & Co.
D.
AARON ALTER
GELLER,
HERMAN
FRANKEL,
S.
ROY
FELTMAN,
Jr., FREDERICK
Otis, Inc.
Gearhart &
Reinholdt & Gardner
Hay, Fales St Co.
FENNEKOHL, OLAF B.
B. Fennekohl it Co.
—
KENNETH COOPER
Shelby Cullom Davis it Co.
EBBITT,
of
GEARHART,
FRANK,ROBERT R.
FELTMAN, IRVING LOUIS
Continued from page 23
of the Affiliates
of the Affiliates
Breakfast for Presidents
ROSTER OF
1959
FINANCIAL CHRONICLE
THE COMMERCIAL and
24
Pierce, Fenner & Smith
Incorporated
GAVLIN,
A.
C.
ROBERT J.
Allyn and Company,
Alfred L.
EDWARD PRINCE
Vanden Broeck & Co.
(Associate)
GOLDSTEIN,
Incorporated
Newburger,
DAVID
Loeb it Co.
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
Breakfast for
Presidents
of
the Affiliates
Mr.
GOLDSTEIN, MORRIS E.
Kerngood & Co. (Associate)
GROWNEY, E. MICHAEL
Gregory & Sons
HECHT, JOSEPH T.
GOLKIN, GEORGE
Golkin, Bomback & Co.
GUITON, JOSEPH F.
Craigmyle, Pinney & Co.
HECK, JOHN
(Associate)
GOLKIN, SAUL
Golkin, Bomback & Co.
GUNKEL, MARTIN M.
GOODEVE, CHARLES
GUMM, HARRY R.
P.
B.
W.
Ashplant & Co.
G.
GOODMAN, RICHARD H.
Shields
&
Company
GOURSE, WILLARD S.
Benjamin, Hill & Co.
GRAFF, JOSEPH
Purcell
FRANK
&
HALSEY,
(Associate)
B. W.
C.
W.
GREENBERG, ALAN C.
GREENBERG, THOMAS
C. E. Unterberg, Towbin Co.
GREENE,
IRVING
Greene and
Andrews,
Posner &
GREENFIELD,
Greenfield
HARDY,
Co.,
HARTIGAN,
(Associate)
W.
E.
HARVEY,
GREGORY, Jr., WM.
Gregory & Sons
HATZ,
GREGORY,
Gregory
m,
R.
L.
A.
RAYMOND
WILLIAM H.
HOLIAN,
Lee
A.
Mathey & Co.
FREDERICK M.
Bleichroeder, Inc.
HONIG,
SAMUEL
Gerstley, Sunstein & Co.
GROSSMAN,
JEROME
S. Weinberg,
JOHN
G.
Co.
WALTER
A. Saxton
JAMES
As
R.
Co., Inc.
E.
Gregory As Sons
Company
Continued
(Associate)
HAROLD
on
page
in
Corporate and Municipal Securities
D.
New York Hanseatic
Corporation
(Associate)
Jr., IRVIN
Higginson Corporation
HEANEY, MICHAEL J.
HORN, BERNARD
Greene and Company
J.
As
V.
HOOD,
Michael
Hlrsch
Underwriters, Distributors and Dealers
F.
HAYES, JOSEPH J.
Eastman Dillon, Union Securities & Co.
Grossman & Co.
B.
Company, Inc.
HENRY
JOHNSON, FRITZ K.
Golkin, Bomback As Co.
JACOBS, EDWIN A.
and
FRANK
Co.
STANLEY
Gairdner As
JERET,
JONES,
HONIG, JACK
Murphy & Durieu (Associate)
GRONICK,
As
JOHNSON,
Stern, Lauer As Co. (Associate)
Company
HAYES, JAMES J.
Williston & Beane
Bache
JEFFREY,
HOLTZMAN, SYDNEY
Singer, Bean As Mackie, Inc.
ARTHUR
P. Hutton &
JOHN
Barr Brothers As Co.
HAWKEY, ROBERT D.
E.
JANNETTE,
King As Co.
H.
Langley As Co.
ITTLEMAN, IRVING
Strauss, Glnberg As Co., Inc.
Greene
Inc. (Associate)
(Associate)
CHARLES
C.
ISAAC, IRVING H.
Stryker As Brown
Higginson Corporation
HOLLAN,
EDWARD A.
Arnhold & S.
& Sons
GRIMSHAW,
J.
H.
Co.
Dean Witter As Co.
Burnet & Co.
GREENWALD, LESTER S.
Levien, Greenwald & Co. (Associate)
W.
As
HOBLITZELL, BRUCE C.
Pyne, Kendall As Hollister
New York Hanseatic Corporation
K.
Inc.
(Associate)
J.
HINES, JOHN D.
HARRY J.
HART, MAURICE
Rothschild
HARRY
&
JANN,
HUNTER, WELLINGTON
Wellington Hunter Associates
Jersey City, N. J.
HINCHMAN, ROBERT M.
Ira Haupt As Co.
Hardy & Hardy
8.
Asiel
HUNT, E. JANSEN
White, Weld As Co.
Charles
HANS
Becker As Co.,
G.
JACOBY, D. PAUL
IRIARTE, RALPH
HETTLEMAN, PHILLIP
Hettleman & Co. (Associate)
Company
Allen & Company
ALLEN
D.
Herzog As Co.
WILLIAM B.
A
F.
GEORGE B.
D'Assern As Co.
IRVING
Schrijver Ac Co.
JACOBSON,
(Associate)
GERARD
HUNT,
HERZOG, ROBERT I.
T.
HARDER, F. WILLIAM
Company
GREENE, NATHANIEL
HERZENBERG,
GURDEN
ARTHUR
Peter Morgan &
(Associate)
G.
Helbig & Co.
HENRY, GEORGE J.
(Associate)
JACOBS, SIDNEY
Sidney Jacobs Co.
Godnlck As Son
Carl Marks & Co., Inc.
Co.
E. Hutton & Co.
HANSON,
Bear, Stearns & Co.
BARON
G.
HENDERSON, Jr., ROBERT
Harris, Upham & Co.
Pizzini & Co., Inc.
HAMILL,
Co.
W.
&
HUL8EBOSCH.
Kuhn, Loeb & Co. (Associate)
HALL, FRANK L.
Sutro Bros.
J.
HELFGOTT, LAWRENCE
IRWIN
Tucker, Anthony & R. L. Day
P.
L. D. Sherman & Co.
Baron
HALK, JOHN L.
Grace Canadian Securities, Inc.
GRAHAM,
HELBIG,
Kaufmann, Alsberg & Co.
VINCENT M.
Goldman, Sachs & Co.
IRVING
Ira Haupt & Co.
Inc.
Beck, Commercial & Financial Chronicle, New York; Carolyn M. Beck
HUFF, Jr., ASA C.
Georgeson As Co.
HEIDINGSFELD, JESSE
A. Saxton & Co.,
GUTTAG,
GOWAN,
GRACE,
HEFFERNAN, THOMAS
Hardy & Co.
GUTBERLET, EDWIN S.
Paine, Webber, Jackson & Curtis
L.
HORN, EDWARD A.
Kuhn, Loeb As Co.
Mabon Ac Co.
P. P. Pox & Co., Inc.
& Mrs. Edwin
25
Lee
Heaney & Co.
HIRSCH
Members New
25 BROAD
WASHINGTON
UNLISTED DEPARTMENT
and
CO.
Other Exchanges
STREET, NEW YORK 4, N. Y.
Telephone: HAnover 2-0600
BALTIMORE
FORT PIERCE
8c
York Stock Exchange
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NEWARK
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important
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country.
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for
is
developing
dealers
throughout
For complete details write to
Mr. William P. Green
or
Mr. Lewis E. Stone.
ESTABLISHED 1856
'
tku.
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————
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26
Mr.
Mrs.
&
Arthur
&
Baker
Villere
Dennis J.
St.
Keenan,
J.
Thayer,
Hudson,
Co.,
Co., New
&
Mr.
Philadelphia;
Straus, Blosser &
&
Orleans;
Mrs.
Mr.
George J.
&
Mrs. John
Mr. & Mrs. William B. Denny, Dempsey-Tegeler & Co., Chicago; Ralph G. Randall, Taylor, Rogers &
M.
Tracy, Chicago; Raymond C. Forbes, Shearson, Hammill & Co., New York; Kevin Reilly, J. F. Reilly
& Co., Inc., New York; Fred Casey, Doyle, O'Connor & Co., Chicago
Elder,
McDowell, Detroit
Eastman
JOSSEM,
JACK
Mitchell
JOST,
&
KAEPPEL,
CHARLES M.
Eastman Dillon, Union Securities & Co.
A.
Mergott, Rappa & Co., Inc.
JOYCE,
Ernst & Co.
KAIDY,
WILLIAM H.
KALES,
C.
D.
Pulls
&
Co.
(Associate)
KELLY,
Shearson,
Allen
JOSEPH
M.
M.
Gregory &
J. J.
Oscar
(Associate)
Co.
LANZA, P. PAUL
New York Hanseatic
..
JAMES F.
Blosser & McDowell
(Associate)
LARKIN, EDWARD J.
White, Weld & Co.
H.
Reiter Co.
LARKIN,
(Associate)
Gruss & Son
F.
Rlstine
& Co.
KRUGE, WALTER C.
Walter C. Kruge & Co. Inc.
LEONE,
KRUMHOLZ, NATHAN A.
LERNER,
William H.
Leone
Adler,
Joyce Company
V.
GEORGE
Pollack
&
MURRAY
Coleman
& Co.
KUEHNER, HANNS E.
Laird, Bissell & Meeds
LEVIN,
KUIPERS,
LEVY, GUSTAVE L.
Goldman, Sachs & Co.
LEVY, JOHN A.
STANLEY CASIMER
Lynch,
Incorporated
(Associate)
MURRAY
Singer, Bean & Mackie, Inc.
HENRY G.
Merrill
members
P.
LEIBERT, KENNETH V.
KULAKOWSKI,
CHARLES
Charles King & Co.
KING,
A.
ROY R.
KRISAM, WILBUR
John C. Legg & Company
Lord, Abbett & Co.
OLIVER A.
THOMAS
Gcodbody & Co.
LARSON,
D.
Ogden, Wechsler & Krumholz
IRVIN W.
Corporation
(Associate)
FRANK
Gregory <Sc Sons
,
D. RAYMOND
Raymond Kenney & Co.
KIMBERLY,
&
KRASOWICH, JOSEPH
Sons
KENNEY,
KENNEY,
J.
Joseph J. Lann Securities, Inc.
Hammill
Jr.,
V.
(Associate)
LANN, JOSEPH J.
Dominion Securities Corporation
KILMER, HUGH
Hardy & Co.
1900
Co., Inc.
KORN, WILLIAM J.
Vanderhoef & Robinson
ESTABLISHED
&
& Company
ROLLER,
Greene and Company
KERR,
CO.
Knox
LANG, JAMES
KOCH, GEORGE J.
Lasser Bros. .Associate)
KOERNER, IRVING
Straus,
G. H. WALKER 8c
D.
PAUL J.
Kidder, Peabody & Co.
HERBERT D.
KOELLE, ROBERT
JAMES FRANCIS
Kidder, Peabody & Co.
LANE,
& Co.
Haas
KELLEY, EUGENE F.
Shelby Cullom Davis & Co.
D.
GERALD F. X.
Gerald F. X. Kane & Co.
Allan Kadell & Co.
H.
Co.
&
KENNEDY, WALTER V.
H. Hentz & Co.
DAVIS
Wood, Gundy & Co., Inc.
KANE,
ALLAN
C.
KELLY, EDWARD J.
Carl M. Loeb, Rhoades & Co.
KELLY, ROBERT
ALBERT
Winslow, Cohu & Stetson, Inc.
William H. Joyce Co.
JUDGE, WILLIAM E.
KADELL,
HENRY
(Associate)
KAHN,
JACK H.
Carl Marks & Co., Inc.
C.
Union Securities
KELLY,
CHARLES A.
KAHL,
(Associate)
Co.
LAURENCE
Dillon,
*
KNAPP, REGINALD J.
G.
Hayden, Stone & Co.
(Associate)
Dean Witter & Co.
Co.
WALTER
Shearson, Hammill & Co.
KEATING,
ROSTER OF MEMBERS
25
&
KANE,
KNOX,
New York, Inc.
Continued from page
Ernst
LALLY, ELMER
KLING, HOWARD M.
KANE, THOMAS FRANCIS
Security Traders Association of
Thursday, November 26, 1959
CHRONICLE
THE COMMERCIAL and FINANCIAL
26
Pierce,
Fenner
Smith
&
Neu & Co.
Oppenheimer,
LEVY, JOHN M.
KING, MARTIN L
..
Sutro Bros. & Co. (Associate)
KULLMAN,
KING, ROBERT H.
Charles King & Co.
KUMM, J. WILLIAM
Singer, Bean & Mackie, Inc.
ROBERT N.
.
new
york
stock
midwest stock
exchange
exchange
stock
american
exchange
(assoc.)
John
King & King Securities Corp.
BROKERS
-
-
DEALERS
KIRK, JOSEPH J.
Delafield & Delafield
.
.
FINANCE COMPANIES
UTILITIES
PUBLIC
.•
direct
louis.
private
clayton,
bridgeport,
providence,
white
and
wires to
hartford.
plains
■
LEVY, MARTIN L.
Lee Co.
FREDERICK
Harris, Upham
Alfred
.
LEWIS, MILTON F.
A.
W.
& Co.
L.
B.
Vanden
Broeck
G.
Becker
&
Co., Incorporated
LICHTENSTEIN, BENJAMIN S.
&
S.
Lichtenstein &
Co.
Co.
LIEBENFROST, CONRAD H.
LACY, HERBERT J.
Walston & Co., Inc.
Fllor, Bullard & Smyth
KLEIN, CHARLES E.
Granbery, Marache & Co.
LADD, 3rd, EDWARD H.
The First Boston Corporation
KLEIN, LEROY
LADIN, EDWIN S.
Lebenthal & Co.
st.
& Co.
KUX, LACY
KIRTLAND, GEORGE W.
MUNICIPALS
INDUSTRIALS
O'Kane, Jr.
KUNZINGER,
KING, SAMUEL H.
UNDERWRITERS
J.
Hill, Darlington & Co.
Fdward
S.
Ladin
Stern, Lauer & Co.
(Associate)
LIENHARD, ERNEST
^
Troster,
Singer & Co.
LIPSKY, CORNELIUS
Burnham
Company
and
Company
our
waterbury.
pawtucket
offices
NEW YORK 5, N. Y.
45 WALL STREET
BELL TELETYPE-NY 1-2852
TELEPHONE-HAnover 2-4000
CABLE ADDRESS
"WALKERIAN"
UNDERWRITERS AND DISTRIBUTORS
CORPORATE
Hill, Darlington & Co.
FINANCING
Members New
•
York Stock
Exchange
MUNICIPAL AND CORPORATE
TRADING DEPARTMENT
SECURITIES
J.William Kumm 9
•
PRIVATE
NEW YORK
Van Alstyne, Noel & Co.
Members:
New York Stock
Exchange
52 WALL
/
American Stock Exchange
STREET, NEW YORK 5, N. Y.
371 Seventh Avenue
New York 1,
1431
N.Y.
Broadway
New York 18, N.Y.
Philadelphia Office
Room 831,
Western Saving Fund Building, Broad & Chestnut Sts.
Manager
PLACEMENTS
BOSTON
SEATTLE
Convention Numbet
THE COMMERCIAL and FINANCIAL
CHRONICLE
Soren D. Nielsen, Beil &
St. Petersburg,
Hough, Inc., St. Petersburg, Fla.; Ralph E. Stevens,
Jr., Beit & Hough, Inc.,
Gary A. Galdun, Wm. J. Mericka & Co., Inc.,
Cleveland; William J. Mericka,
Wm. J. Mericka & Co., Inc., Cleveland
Fla.;
LITZEL,
CHARLES M.
White, Weld & Co.
■MAGAZINE,
SAM
Investment Dealers Digest
Carl
Marks &
Co., Inc.
LOEWER, BURTON
Neuberger & Berman
LOPEZ,
(Associate)
MAHER,
J. F.
Co.
(Associate)
CHARLES
Incorporated
JOHN VINCENT
Shields & Company
MacKAIN, FRANK J.
E.
F.
FRANK
MADER,
Mackie,
Co.
Jr.,
Burns Bros.
WILLIAM T.
&
HENRY
White, Weld &
McPHEE,
McCABE,
Company
(Associate)
J.
McCALL,
Merrill Lynch,
J.
Continued
on
page 28
J.
...!
A. L STAMM & CO,
.
120
^
Broadway, New York 5, N. Y.
MEMBERS
New York
THOMAS
American
(Associate)
New
Lehman Brothers
Ira Haupt
H. C.
Pierce, Fenner & Smith
Peter
t.
Wainwright' & Co.
*'
'
New
METZGER,
RICHARD
Exchange
York Mercantile
York Coffee
New
McDermott & Co.
ANTHONY
Laidlaw & Co.
R.
Exchange
New York Produce
New
MERCOVICH,
& Denton,
Exchange
Exchange
Cotton
Commodity Exchange, Inc.
& Co.
william
P.
York
Stock
Stock
Chicago Board of Trade
MEISENBERG, SHELDON
mellin,
THOMAS
Corporation
Pierce, Fenner & Smith
Incorporated
First of Michigan Corporation
MENDEL, EDWIN JEFFERSON
York
&
Exchange
Sugar Exchange, Inc.
Cocoa
Exchange, Inc.
Chicago Mercantile Exchange
S.
Tel.: EEcior 2-6800
J.
Cables "STAMAL"
Courts i& Co.
Inc.
MEWING,
MATTHEW J.
FRANK
New York Hanseatic
MITCHELL, JOSEPH A.
McVEY, GEORGE M.
H.
'*
WALTER
D'Assern & Co.
Singer, Bean & Mackie, Inc.
Co.
MILLER, RICHARD V.
Goodbody & Co.
Company
MIGLIORISI, VINCENT
.
(Associate)
Drexel & Co.
MAYER, JOHN M.
McAULIFFE,
G.
j.
MEYER, HERMAN D.
Schweickart & Co.
Hayden, Stone & Co.
t
STERLING, GRACE & CO.
PRIME MARKETS MAINTAINED
Members New York Stock
SECONDARY MARKET SPECIALISTS
.
Unlisted
r
.
•
•
•
'
:
1
•
Tax Exempt
BROAD STREET
Telephone HAnover 2-2800
SECURITIES
MUNICIPAL and REVENUE BONDS
*
1
.
Exchange
(Associate) Members American Stock Exchange
50
NEW YORK 4, N. Y.
Teletype NY 1-2216
*
Ira Haupt & Co.
Members New York Stock
111
Exchange and other principal exchanges
ZUCKERMAN, SMITH & CO.
Broadway, New York 6, N. Y.
Member New York Stock Exchange
WOrth 4-6000
Associate Members American Stock Exchange
/
CHICAGO
141 West Jackson Blvd.
HArrison 7-2942
SAN
315
61 BROADWAY
FRANCISCO
Montgomery Street
YUkon 1-0333
DALLAS
First National Bank
Riverside 7-7708
Bldg.
Co.
MILT, SAMUEL b.
—
&
&
HARRY D.
Nugent & Igoe, East Orange, N. J.
MILLER, JOHN
Amott, Baker & Co. Incorporated
T.
Mclaughlin, john s.
MAYR, JOSEPH
Joseph Mayr & Co. (Associate)
Inc.
WILLIAM W.
WILLIAM
Mclaughlin, john f.
McLaughlin, Kaufman & Co.
MAYNES, JAMES B.
Josephthal & Co.
ROBERT A.
Hutton
J.
Incorporated
Abbott, Proctor & Paine
MILLER,
Webber, Jackson & Curtis
(Associate)
MICHELS, HARRY A.
McKinnon
Grimm & Co.
MAXFIELD, N. IRVING
Winslow, Cohu & Stetson, Inc.
Merrill Lynch,
Ingalls & Snyder
MADDOX,
Co.
•
McKEEVER, WILLIAM DONALD
Reynolds & Co. (Associate)
•
-
Ira Haupt & Co.
The Dominion Securities Corporation
&
-
MATHES, JOSEPH
MACDONALD, JOHN M.
&
Kook &
Paine,
Allen
McKENNA, FRANK V.
in, WILLIAM
Hayden, Stone & Co.
H.
MacCULLEY, IRA B.
Equitable Securities Corporation
Freoman
Inc.
MARTINELLI, VINCENT
LYTLE,
MACKESSY, T.
& Co.,
Josephthal & Co.
Company
MILLER, Jr., CHARLES H.
Eastman Dillon, Union Securities
(Associate)
RANDOLPH
Gordon Graves & Co.'
b.
McGOVERN, WILLIAM
Blyth & Co., Inc.
MARTINELLI, ANGELO
LYONS, LAURENCE H.
PHILIP
MEYERS,
(Associate)
FRANK
&
MEYER,
S.
Co.
Hornblower & Weeks
MARTIN,
Pierce, Fenner & Smith
r.
m.
Peck
Thomson
MEYER, MILTON
Shufro, Rose &
Gordon Graves & Co.
Co.
Whitehead
&
Co.
MEYERS, Jr., JOHN J.
McGIVNEY, JAMES T.
Bear, Stearns & Co.
J.
Merrill Lynch,
&
&
harold
McGIVNEY,
.
MARTIN, RALPH
Birnbaun. & Co.
Burnet
Adams
MARTENS, GEORGE
Winslow, Cohu & Stetson, Inc.
LUTTERMAN, MORRIS J.
Bean
Nye
EDWIN J.
Wood, Gundy
E.
Mcdowell, robert
.
MARSLAND, ALLISON W.
Amott, Baker & Co., Incorporated
(Associate)
Singer,
W.
Mcdowell,
Wertheira & Co.
&
LUND, ANTHON
MACKIE,
(Associate)
Reilly & Co., Inc., Jersey City, N. J.
MARKHAM,
&
Pierce, Fenner & Smith
Mcdonald, Stephen
(Associate)
Securities
F.
McCORMACK, EDWARD J.
White, Weld & Co. (Associate)
MICHAEL
MANSON, JOHN N.
Hardy & Co.
LUKOW, NAT
MADDEN,
JOSEPH
& Co.
d.
Union
Incorporated
MALONE, THOMAS MICHAEL
Gill
Dillon,
Merrill Lynch,
.
R.
Maher Association
MALA VET,
LUDWIG, Jr., FREDERICK W.
Roggenburg & Co.
&
JOHN
John R.
FELIX M.
LUBETKIN, LLOYD E.
Li-betkin, Regan & Kennedy
Allen
■
Hill, Thompson & Co., Inc.
LOUGHLIN, JOHN P.
Ungerleider & Company (Associate)
LYE,
H.
MAGID, SAMUEL E.
Thomson & McKinnon
Birnbaum
Eastman
Hill, Thompson & Co., Inc.
Allen & Company
Bateman, Pacific Northwest Company, Seattle; Mrs. & Mr.
Bernard F. Kennedy,
Bosworth, Sullivan & Company, Inc., Denver; Mrs. & Mr.
Edward R. Adams,
The
Robinson-Humphrey Company, Inc., Atlanta
McCLUSKEY, JAMES
MAGID, DAVID
LOPATO, ALLAN
Mrs. & Mr. Homer J.
McCarthy, daniel
(Honorary)
LOELIGER, FRED V.
27
Branch:
NEW YORK 6, N. Y.
Beverly Rills, California
THE
28
COMMERCIAL and FINANCIAL
Association of
Security Traders
;
Nye
Paine.
Whitehead
A
Bartow, Leeds A Co.
New York, Inc.
Blair
A
Incorporated
Blair
ROSTER
A Co.
Shelby Cullom Davis
OF MEMBERS
Continued, from page
MOESCHKN,
& Sons
oregory
PETER
MOLLOY,
Weld
White,
E.
■■■■'■'•"
;
A Co.
Laldlaw
FRANCIS X.
MORAN,
Vilas
Hickey
&
•
MUSSON, JAMES F.
Newburger, Loeb A
MORRISSEY, JOSEPH P.
Richard J. Buck & Co.
McDermott & Co.
P.
Peter
Company
NELSON,
M.
Blyth A Co., Inc.
WILLIAM C.
Struthers A Co.
MULHOLLAND, WILLIAM
(Associate)
R.
FRANK E.
A
,
NOKE,
Co.
G.
PATTERSON, HOWARD
Freeman A Company
PATTERSON, JAMES C.
Merrill Lynch, Pierce,
HAROLD
MULLIN, DANIEL GORDON
Tucker/ Anthony A R. L. Day
NORRIS, EDMOND J.
Van Alstyne, Noel A Co.
MULLINS, THOMAS J.
Dean Witter A Co.
NORTH,
Fenner
& Smith
Incorporated
Francis I. du Pont & Co.
(Associate)
Troster, Singer A Co.
Witter A
(Associate)
Co.
PEET, EDWIN F.
Burns Bros. A Denton,
Ira
Founded 1851
Pflugfelder A Rust
DISTRIBUTORS - DEALERS
-
Securities
Municipal Bonds
W.
JOHN
Jr. A Co.
Rice,
K.
J.
SEARIGHT, GEORGE A.
Searight, Ahalt A O'Connor
Henry Edelmann A Co.
SEAVER, CHARLES H.
De Haven A Townsend,
Crouter
A Bodine
SEIBERT, CLAUDE D.
The Commercial A Financial Chronicle
Inc. (Associate)
(Honorary)
HERBERT L.
Lynch, Pierce,
SELIAS,
Merrill
Fenner
A
Smith
Incorporated
Phelps, Fenn A Co.
We maintain
PIKE, BERl'RAND F.
Troster, Singer A Co.
a
continuing interest in
Struthers Wells
PISTELL, JOHN C.
J. A.
State and
CHARLES
Stone A Co.
Hayden,
SCRIMGEOUR,
PHELPS, ROGER S.
PICON, ANTHONY J.
John C. Legg A Company
Industrial, Public Utility and Railroad
Burke A Co.
S CIAS CIA,
SACHTLEBEN, ARTHUR B.
American Securities Corporation
PFLUGFELDER, WILLIAM H.
UNDERWRITERS
SCHWADRON, J. JAY
SARAH, WILLIAM J.
Winslow, Cohu A Stetson
Garvin, Bantel A Co.
JOSEPH F.
Incorporated
Coffin A Burr,
RUBIEN, EVERETT R.
Dean Witter A Co.
Rutberg A Co.,
Haupt A Co.
PETKE, RUDOLPH J.
(Associate)
and Company
Burnham
SCHNEIDECKER,
FREDERICK B.
Securities Corporation
RUTBERG, SAM J.
PEISER, HARRY J.
T.
Laird, Bissell A Meeds
SCHNEIDER, MICHAEL
RUSSO, FRANK A.
F. Eberstadt A Co.
Inc.
Inc.
Co.,
A
SCHMIDT, WILLIAM
G.
Co.
RUSSELL, EDWARD WILLIAM
PEENE, EDWARD HOWARD
Dean
(Associate)
Thalmann A Co.
(Associate)
IRWIN
Schloss
Irwin
Singer, Beane A Mackie, Inc.
Bache A Co.
Dreyfus A Co.
WILLIAM
A Co., Inc.
Knox
D.
SCHLOSS,
RUSKIN, EDWARD
PAYNE, ROBERT W.
(Associate)
Saxe
&
SCHANKE, JENS KROGER
W. C. Pitficla A Co., Inc.
RUBIN, BURT N.
Simmons A Co.
PAULEY, MILTON
JOSEPH E.
II.
Kaufman, Alsberg A Co.
ROUGHAN,
SIGMUND
Russell
ROTH, JAMES A.
G.
American
NIEMAN, BARNEY
Carl' Marks A Co. Inc.
McLaughlin, Kaufman A Co.
Ladenburg,
G.
(Associate)
Co.
A
SCHAE7ER, EDWARD
NORRIS J.
ROSSNER, ALBERT
Company
PARSONS, HOWARD C.
White, Weld A Co.
Corporation
York Hanseatic
SAXE,
ROSENZWEIG, EDWARD A.
Weeden A
NETBURN, AARON
New
and
Greene
Inc.
Corporation
Securities
Dominion
Asiel
ROSENBAUM, ROBERT L.
Lehman Brothers
L.
LIBORIO
PALERMO,
C.
Schapiro A Co.,
A.
The
SAUTER, MORTON
Englander & Co., Inc.
OSBORNE, C. MILTON
C. M. Osborne A Co.
GEORGE E.
NESTER, WALTER
MUELLER, Jr.,
Goodbody
O'ROURKE, Jr., EDWARD JOSEPH
Gregory A Sons
HERCULES JOHN
Upham A Co.
MULLIGAN
Inc.
Inc.
WALTER F.
SAUNDFRS,
A.
N. J.
ROSENBAUM,
Singer, Bean A Mackie, Inc.
GAGE
D.
Securities Corporation
Dominion
ROSENBAUM, HARRY
A. L. Stamm A Co.
ORNSTIL, SIDNEY
Frenkel
A
Gersten
SAUNDERS,
Corporation
Hardy & Co.
Newark,
Co.
(Associate)
ROOS, J. WILLIAM
W. A. Gardner A Company,
HARRY
Singer A Co.
T
ANTHONY
Jr.,
Hanseatic Corporation
York
(Associate)
ROOME, KENNETH
A Co.
Goodbody
ORLOFF,
Securities A Co.
SASSA, FRANK H.
Co. Inc.
FRANK J.
York Hanseatic
(Associate)
dy, Roberts & Co.
Troster,
Thomas A Co.,
Barth
(Honorary)
Wood,
A Smith
F.
VINCENT
NADDEO,
MOTTINO,
Harris,
Fenner
ELMER E.
John R. Boland A Co.,
MORTON, ROALD A.
The Blue List Publishing
New
ORLANDO, FRANK J.
MYERS,
PAUL S.
MORTON,
C;
New
MILTON R.
George, O'Neill A
OPITZ, FRED W.
WALTER J.
Merrill Lynch, Pierce,
Incorporated
MURPHY,
Gersten
SANSVERIE,
RONAN,
A Co.
Goodbody
& Durieu
Murphy
MOORE, MELVILLE L.
ROHDIK,
Corporation
York Hanseatic
O'MARA. JOHN J.
WALTER A.
MURPHY,
Newborg
New
CASPER A.
FRANK
& Frenkel
FILIPPO,
SAN
Rcggenburg A Co.
McKinnon
&
Thomson
JAMES A.
Dillon, Union
Eastman
A Co.
Casper Rogers Co.
ROGGENBURG, STANLEY L.
OHI.ANDT, Jr., JOHN D.
& Co. •
MURPHY, Jr., WALTER
Estabrook A Co.
Co.
EDWARD
A Co.
MONTE,
B.
RICHARD
Witter &
ROGERS,
WALTER T.
O'HARA,
F.
John J. O'Kane. Jr., & Co.
SAMMON, JOHN
SANDBACH,
HENRY E.
Dillon, Union Securities
Eastman
Krumholz
Ogden, Wechsler A
RICHARD J.
Burton
L.
Wm.
8.
OGDEN, CHARLES D.
Sons
KENNETH P.
Blyth & Co., Inc.
MURPHY,
KOBSON,
CHARLES
Singer <fe Co.
Troster,
HAROLD I.
A
Co.
Southern Railway
&
I
Torpie A Saltzman
ROBS ON,
(Honorary)
OFFERMAN,
MURPHY,
GILES
Rhoades A Co.
MONTANYE,
C.
Gregory
F.
Norfolk
CYRIL M.
Legg A Company
MURPHY,
(Associate)
Co.
Loeb,
M
Dean
John
Co.
A
MONTANYE,
Carl
Pearson,
MURPHY,
Associate)
GERALD
MONAHAN,
Eurcell
&
(
III, CHARLES O'BRIEN
Murphy A Co., Inc.
MURPHY,
27
ERNEST
ROY
DAVID
SALTZMAN,
FREMONT W.
McLeod, Young, Weir, Incorporated
OETJEN, HENRY
Bean A Mackie, Inc.
Singer,
(Associate)
P. DONALD
Burns Bros. A Denton, Inc.
Securities & Co.
BERNARD
SALMAN,
Incorporated
Co.,
A
H.
Union
Dillon,
Eastman
KOBITAILLE,
O'CONNOR, WILLIAM D.
Saxe
SALISBURY, WILLIAM
ROBINSON, 8. CHARLES
HOMER J.
Co.,
Russell &
Curtis
ROBERTS, RICHARD C.
R. C. Roberts A Co.
O'CONNELL, EDWARD J.
O'CONNELL,
SAFFERSON, RUSSELL
N.
Webber, Jackson A
ROBB. ERNEST
NYE, J08EPH g.
26, 1959
Thursday, November
CHRONICLE
Hogle A Co.
Corp.
Common
PIZZINI, B. WINTHROP
B. W. Pizzini A Co., Inc.
Valley Mould & Iron Corp.
PIZZINI, ROBERT M.
B. W. Pizzini A Co.. Inc.
Common
PLOTKIN, EDWARD A.
ESTABROOK
&
Stern, Lauer A Co.
CO.
Eastern Securities,
MEMBERS
YORK
NEW
Associate
AND
BOSTON
Member
Inc.
Leone
A
Established
HAROLD J.
POLLACK,
Stock Exchange
L. WATSON
T.
POLITI8, CHARLES P.
Kuhn, Loeb A Co. (Associate)
STOCK EXCHANGES
American
Inquiries invited
PLUMRIDGE, THEODORE B.
Pollack
New York Stock
40
Wall St., NEW
YORK 5
-
IS State St., BOSTON 9,
MASS.
POOLE, HORACE I.
Elsele A King,
CO.
&
1832
MEMBERS
Llbalre, Stout A Cc.
Exchange
BROAD
25
American Stock Exchange
*
ST., NEW YORK 4, N. Y.
PORTER, WILLIAM K.
HARTFORD
POUGHKEEPSIE
•
PROVIDENCE
•
SPRINGFIELD
•
Hemphill, Noyes A Co.
Teletype NY 1-1843
Telephone WHitehall 4-6500
PORTMORE, RICHARD E.
Schwabacher A Co. (Associate)
POWELL, ALFRED L.
Alfred L. Powell Company
POWELL, VINCENT A.
Eastern Securities, Inc.
POWER, RALPH
Montgomery, Scott A Co.
(Associate)
PRELLER, CHARLES F.
Eastman
PRELLER,
Eastman
Dillon, Union Securities A Co.
FRED W.
Dillon,
Bache a Co.
Union Securities A Co.
hmmird IH7't
PRINCE, MILTON A.
Stanley Heller A Co. (Associate)
UNDERWRITERS—DISTRIBUTORS
PRGSNITZ, WILLIAM D.
Halle A
DEALERS
PULIS,
C.
D.
Stieglitz
(Associate)
CHARLES D.
Pulis A Co. (Associate)
PUPDY, EARL
Hardy A Co. (Associate)
Industrial, Public Utility
PYLE, RAYMOND WILLIAM
TRADERS TALK
Schoellkopf, Hutton A Pomeroy, Inc.
Railroad
and
Municipal
QUINN, KEVIN
Qulnn, Neu A Co. (Associate)
Securities
Brokers
RAPPA, SALVATORE J.
Mergott, Rappa A Co., Inc.
SOLOMON
Goldman, Sachs A Co.
and "dealers
to
newsletter
RASCHKIND,
can
use
our
over-the-counter
keep abreast of developments in the
stock
and
bond
markets.
It
prices
and
weekly range
of
unlisted
includes
the
REARDON, WARREN V.
Smith, Barney A Co.
Friday
REDMOND, HERBERT T.
Frederick S. Robinson A Co., Inc.
in
which
Bache
&
Co.
makes
a
many
primary
issues
market.
REICH, JAY
Hemphill, Noyes £&> Co.
Members New York Stock Exchange
Reich
Allen town
Albany
Lowell
Altoona
Beverly Hills
Harrisburg Indianapolis
N. Y.
Newark
Philadelphia
Pittsburgh
Brockton
Boston
Ithaca Lancaster
Write or call Joe Dorsey
to arrange for your
Los Angeles
Providence
Taunton Trenton Tucson Washington
our
Unlisted Department
Reading
Walker A Co.
(Associate)
REILLY, JOHN F.
Reilly A Co., Inc.
REILLY, THOMAS J.
Eastern Securities, Inc.
Bache & Co.
FovntM It79
REISMAN, IRVING
Newborg A Co.
MEMBERS
RETALLICK, ARTHUR R.
Syracuse
in
weekly copy.
REILLY, JOHN C.
J. P.
Chicago
Company
REILLY, JOHN A.
Cruttenden, Podesta A Co.
G. H.
15 BROAD STREET, NEW YORK 5,
A
Worcester York
Vilas
A
Hickey
REUTER, WILLIAM C.
Mabon A Co. (Associate)
RICHARDSON, GEORGE A.
Carl Marks A Co., Inc. (Associate)
RIGGIO, ANDREW F.
Walston A Co., Inc
OTHER
LEADING
NEW
YORK
STOCK
EXCHANGE
STOCK AND COMMODITY
EXCHANGES
36 WALL STREET, NEW YORK 5,
DIOBY 4-36OO
N.Y.
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
Ladies'
Coffee
29
Party
Ladies'
SELIGMAN, BERTRAM
SHIELDS, GARVIN H..
SLEDGE, CHARLES ROBERT
Gregory & Sons
SHIPMAN, C. E.
Halsey, Stuart & Co. Inc.
TORPIE, JAMES V.
Torpie & Saltzmann
SMITH, CLIFTON
TORPIE, ROBERT A.
SHIPMAN,
SMITH, EDWARD
Straus, Blosser & McDowell
G.
K.
Shields & Co.
(Associate)
.
SERLEN, LEWIS H.
Josephthal & Co.
SHANKMAN, BENJAMIN
Carl Marks & Co., Inc.
(Associate)
SHORE,
SHARP, ELIOT H.
SIEGEL, SIDNEY A.
"The
Investment
Dealers'
Harold
Digest"
Shaskan
Wood, Gundy & Co., Inc.
du
(Associate)
W.
Pont &
Co.
SHERIDAN, CORNELIUS B.
Mitchell &
Company
,
.
L.
D.
(Associate)
TOWBIN,
H.
C.
Co., Inc.
Corona del
Mar, Calif.
SMITH, SIDNEY H.
Spingarn, Heine <fe
SMYTH,
SORENSON, WILLIAM
Singer,
Hart Smith
Towbin
Co.
Cutter
&
Dixon
Co.
Continued
on
gage 30
Co.
of
Dealers Are Invited
Investment
Suitable
to
Offer Lfi
Quality Securities
Retail Distribution
for
E.
Merrill
Lynch,
Incorporated
(Associate)
P.
Pierce,
Fenner
&
Smith
Amott, Baker & Co.
Incorporated
SOUKUP, MILTON EMIL
Smith, Barney & Co.
HERBERT
Bean & Mackie,
JOSEPH
and
Salomon Bros. & Hutzler
MEMBERS
SOZEK, GEORGE E.
George E. Sozek Co.-
Inc.
Carl
Marks
&
F.
ROSS, LYON & CO., INC.
S.
Inc.
(Associate)
•
NEW YORK 38,
Telephone BArclay 7-4880
N. Y.
Teletype NY 1-588
BRANCH
OFFICES
Detroit: 1064 Penobscot
Building
Philadelphia: 1420 Walnut Street
& Co.
Washington: 925 15th St. N. W.
Waterbury: 186 Grand Street
Rome, N. Y.: 108 East Dominick
Altoona: Central Trust BIdg.
Mabon & Co.
Exchange
EXCHANGE
C.
STATTER, EUGENE G.
Exchange
STOCK
Smithers & Co.
STARK, EUGENE
Bruns, Nordeman
Members
YORK
150 BROADWAY
P.
Co.,
NEW
ASSOCIATE MEMBER AMERICAN STOCK
EXCHANGE
.
STANFORD, KENNETH
American Stock
Towbin
ROBERT
Blocks
..
& Co.
SPRINGER, WILLIAM
New York Stock
A.
Unterberg,
Brokers
(Honorary)
...
SILVERMAN, WALTER
P. F. Fox & Co., Inc. (Associate)
SINGER,
E.
Incorporated
TRAPANI, RALPH T.
Goodbody & Co.
TREFCER, GEORGE D.
Co.
(Associate)
Co.
SILVERSTEIN, SHELDON
Reynolds & Co.
&
&
TRAGER, THOMAS J.
Merrill Lynch,
Pierce, Fenner & Smith
SMITH, HAROLD B.
Co.
SMITH, WILLIAM HART
Simmons
LEE D.
Sherman & Co.
Co.
Bradford
TOWBIN, BELMONT
C.
E.
Unterberg,
Brown
SILVERHERZ, IEVINO J.
Hay, Fales & Co.
.
SHERMAN,
&
Ernest Smith &
SIMMONS, HARRY
...
Smith
C.
Party
SMITH, ERNEST
Gartman, Rose & Fever
SHEA, VINCENT P.
Glore, Forgan & Co.
JOHN
&
E.
Stryker
J.
E.
SMITH, ELBRIDGE
(Associate)
SILLS, LOUIS
SHEA, JAMES F.
L
E.
C.
Shore & Co.
C.
SIEPSER, JAMES
SHAW, STANLEY R.
Josephthal & Co.
Francis
HAROLD
Siegel & Co.
(Honorary)
SHERGER,
Francis I. du Pont & Co.
RICHARD
L. D. Sherman & Co.
SHANLEY, RICHARD T.
Equitable Securities Corporation
B.
Coffee
STEIN, H. RICHARD
Asiel & Co.
41 E. 42nd Street
(Associate)
STEIN, IRVING S.
M. S. Wien &
NEW YORK 17, N. Y.
Co., Jersey City, N. J.
STEIN, JOHN R.
Wm. V. Frankel &
Co., Incorporated
"
STERN, FREDERICK M.
Gruntal & Co.
STEVEN, Jr., ANDREW R.
A. C. Allyn & Co., Infc.
Underwriters
Ingalls
STEVENSON, JOHN H.
Singer, Bean & Mackie, Inc.
&
Snyder
Members New York Stock
Exchange
(Associate)
STILLMAN, HARRY A.
Members
American
Stock
Greene and Company
STILLMAN, MURRAY W.
Abraham
&
Co.
(Associate)
Over-the-Counter Trading Dept.
STOLLE, CARL
ZACHARY S. ROSS
G.
Mgr. Trading Dept.
A.
Saxton
&
Co.,
STOLTZ, CHARLES
C.
E.
Stoltz
Inc.
D. Howard Brown
E.
Frank MacKain
Co.
STONEBRIDGE, CHARLES L.
Merrill Lynch,
Pierce, Fenner
&
Smith
Incorporated
100 BROADWAY
STRATTON, GEORGE W.
YUkon 6-6700
Cowen
&
STRAUSS,
Exchange
Co.
COrtlandt 7-6800
—
NEW YORK 5, N. Y.
Bell System
Teletype NY 1-1459
ABRAHAM
Strauss, Ginberg & Co., Inc.
STROTHMANN, NELSON
A.
M.
Kidder & Co.,
A.
Inc.
STRYKER, EDWARD V.
Moore, Leonard & Lynch
SULLIVAN, WALTER E.
Hayden, Stone & Co.
Underwriters and Distributors
Active Markets in Unlisted Securities
SWENSON, CARL
G.
Corporate
and
Municipal Securities
♦
..
,
H.
Walker
&
Co.
TARPEY, DONALD V.
Goodbody & Co.
.
TATRO,
Edwin
Specialists in
EDWIN
L.
Tatro
CHRISTIANA SECURITIES
L.
*
,
Company
TETMEYER,
Domlnick
WILLIAM
&
J.
Dominick
THISTLETON, JOHN
Newburger, Loeb &
♦
F.
Co.
THOMPSON, EDWARD
Mc T)onnell &
INCORPORATED
^
Co.
THOMPSON,
The
TINI,
(Honorary)
Broadway, New York 5, N. Y.
TITUS,
Jr.,
Wertheim
Teletype: NY 1-3489
WILLIAM
&
Detroit
—
Chicaco
—
San Francisco
—
Los Anceles
Greene and
Exchange
American Stock Exchange
Stock Exchange
Chicago Board of Trade
Commodity Exchange, Inc.
Nemours Building
Delaware Trust Building
(Honorary)
TOPOL, ROBERT M.
i
COMPANY
Members
Midwest
A.
Co.
Tompkins & Lauren
—
&
CORPORATION
New York Stock
TITOLO, JOAQUIN
Harris, Upham & Co.
TOMPKINS, BERNARD
New York
LAIRD
R.
TISCH, ALFRED F.
Fitzgerald & Company
Exchange—American Stock Exchange
Telephone: REctor 2-7800
WILLIAM F.
Foundation Company
HENRY
Tucker, Anthony & R. L. Day
Members
120
(Associate)
I.
Smith, Barney & Co.
Established 1905
New York Stock
DELAWARE BANK STOCKS
TENENBAUM, L. JAY
Goldman, Sachs & Co.
Rights and "When Issued" Securities
^
including
SWORDS, WILLIAM J.
Zuckerman,». Smith Ss Co.
Company
WILMINGTON, DELAWARE
WEINBERG, SAMUEL
Security Traders Association
New York, Inc.
of
8.
Weinberg,
26, 1959
Security Traders Association
Of Portland
Inc.
Grossman & Co.,
WE IN GARTEN,
Thursday, November
FINANCIAL CHRONICLE
THE COMMERCIAL and
30
LOUIS
Herzog & Co.
WEINSTEIN, ALEX
(Associate)
Casper Rogers & Co.
WEISS, MALCOLM H.
ROSTER
RAYMOND
WALDRON, D.
Dealers' Digest"
Investment
(Honorary)
Singer
& Co.
TUZO, LAMAR K.
F. S. Moseley & Co
WALKER, LOUIS
National Quotation Bureau
ALBERT
Trask & Co.
Spencer
Co.
WALSH,
Dean
MICHAEL F.
Saxton & Co., Inc.
VALENTINO,
G
VAN
A.
BLARCUM,
Webber,
Paine,
VANDER
Pell
VAN
&
TUYL, E. EVERETT
Tuyl & George
WEBSTER, W.
R.
Fenner &
WECHSLER,
VISCOUNT,
J.
B.
G.
WECHSLER,
ROBERT D.
Co.
G.
Secretary-Treasurer: Ray J. Zora,
Elected:
WnXIAMS, CARROLL W.
Eaton &
Krumholz
DONALD
January,
E.
ROSTER
and Company
RICHARD H.
Hagen & Co. Investment
E.
I.
Mabon
&
Black
WITKOWSKI, JOHN
John Witkowski & Co.
(Associate)
Balfour
NORMAN
National Bank of Portland
S.
U.
& Co.
E.
WEILAND,
H.
C.
CAMPBELL,
WREN, LAWRENCE
Allen & Company
CAMPBELL RICHARD
YAEGER, LEON M.
COLE, VERGIL R.
National
Daugherty,
(Associate)
Siegel & Co.
Rust
YUNKER, ROSWELL J.
A. M. Kidder & Co., Inc.
,
•
and Company
(Associate)
HARRIS,
SOMERS,
Witter
Dean
&
Co.
as
Inc.
U.
VIRGIL
S.
National Bank of Portland
E.
F.
E. F. Hinkle &
Co., Inc.
H.
Investment Company
CHARLES N.
Chas. N. Tripp Company
TRIPP,
Jr.,
ZORA, RAY
First National Bank
of Portland
UNDERWRITERS
for
specialists in:
Collins Radio Co.
PRIMARY MARKETS
DISTRIBUTORS
Dictaphone Corporation
Electronic
D.
Gould & Blakely,
George Patten
CHARLES M.
Smith, Barney & Co.
identity with the following stocks
us
DONALD
SWAILS, DERELE
& McFaul
Hess
HINKLE,
qualifies
STRAND,
Blankenship,
Dean Witter & Co.
years
HOWARD B.
Camp & Co.
DAVID
HESS, JOHN J.
ZINNA, EDWARD
many
SLOAN, DONALD C.
Donald C. Sloan & Co.
DETLOFSEN, LLOYD
-
HILL,
BOwling Green 9-4900
C. Sloan & Co.
Jr., J. GILBERT
Campbell & Robbins, Inc.
COVEY, CHARLES N.
ZEEMAN, JR., HARRY L.
Carl Marks & Co., Inc. (Associate)
ZINGRAF,
Telephone
Donald
ROBBINS,
ZEBERTOVICH, ALEXANDER C.
New York Hanseatic Corporation
N. Y.
Blyth & Co., Inc.
RICKLI, JACK
ZACK, ALBERT
Carl Marks & Co., Inc.
BROADWAY, NEW YORK 6,
Butchart & Cole Inc.
May & Co.
York Stock Exchange
Jones & Co.
PITT, ROBERT
William J. Collins & Co.
.Atkinson
New
June S.
Bank of Portland
Co.
PRESTON
PHIPPS,
COLLINS, WILLIAM J.
PAUL R.
YOUNG, THEODORE R.
New York Hanseatic Corporation
Pflugfelder &
George Patten Investment
Walston & Co., Inc.
First
Smith
PATTEN, Jr., GEORGE F.
GIL C.
WORTHINGTON, THOMAS F.
Berk & Company
Company
Incorporated
Co.
Adams &
M.
NEWMAN, PAUL
Pacific Northwest
PADDEN, DAVE
Merrill Lynch, Pierce, Fenner &
WILLIAM
BROWN,
WITTMAN, DAVID
Schrijver & Co.
WILLIAM ANTHONY
Wainv/right & Co. (Associate)
A.
Inc.
MURCH, ROGER
Pacific Northwest Company
BRADLEY,
WITTICH, WILBUR R.
Co.,
Lundborg & Co.
Handel,
BALFOUR, DAVID A.
Russell, Hoppe, Stewart &
Dorp, S. I., N. Y.
&
LUNDBORG, HUGO
Marshall
ARTHUR
Stern, Lauer & Co.
of the
Inc.
DAN V.
BAILEY,
Co.
Foster &
(Associate)
HUTCHINS, J. STUART
Bank of California, N.
KOSTERMAN, PIERRE A.
WIRTH, HOMER
YEDNAK,
Members
Securities
BADER, JACK
Frank & Company
Joseph Walker & Sons
SCHAUMBERG, GERALD
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
OF MEMBERS
ADAMS,
Inc. (Associate)
Company,
January, 1959; Term Ex¬
-
M. CHARLES
WEIL,
(Associate)
1959; Took Office:
WINSTON, LOUIS
THEODORE
Grimm
VON
Oar
First National Bank of Oregon.
pires: January, 1960.
Laird, Bissell & Meeds
Now
Securities Corporation
Co.
Swails, George Patten Investment
Vice-President: Derele H.
WINFIELD, WALTER R.
Lehman Brothers
61
Harris, Dean Witter & Co.
President: David V.
Wien & Company
WILLIAMS,
Weld & Co.
WEIGNER,
LOUIS
Webster
S.
Burnham
WEIGEL, CHARLES A.
W. E. Hutton & Co.
WILLIAM
&
FOSTER
ARNOLD J.
Haas & Co.
C.
White,
Hemphill, Noyes & Co.
Stone
M.
WEHMANN, GILBERT H.
|
Benjamin, Hill & Co.
VOLKOMER,
Co.
Ray J. Zora
Derele H. Swails
David V. Harris
Zilka, Smither & Co.,
Boucher &
VOGRIN, JOHN J.
VOLK,
CLARENCE B.
B. Whitaker & Co. (Associate)
WIEN, PERCY J.
(Associate)
Ogden, Wechsler &
LATHROP
Brothers
Vermilye
II.
Company
Gregory & Sons
Hardy & Co.
Smith
Incorporated
VERMILYE,
&
WIELAR, JACK B.
WASSERVOGEL, F. DANIEL
Dean Witter & Co. (Associate)
ARTHUR
Kalb, Voorhis & Co.
Merrill Lynch, Pierce,
O.
Jersey City, N. J. (Associate)
Van
FRANK
C.
Witter & Co.
Asiel & Co.
JOHN
WHITING, EDMUND A.
Carl M. Loeb, Rhoades &
WASSERMAN, JOHN
Co.
Lomasney &
VARE,
VERIAN,
FRANK W.
HERBERT R.
Reich & Company
MILTON
RIPER,
Frank
WASSERMAN, IRVING
•>
JR.,
Vilas & Hickey
WHITAKER,
Saxton & Co., Inc.
A.
Dean
NOOT, HARRY
Myron A.
VAN
G.
WASHER,
Company
WESEMAN, RALPH
JOHN F.
Witter & Co.
(Associate)
EVERETT F.
&
WERKMEISTER,
(Associate)
Company
&
WARNER,
HERBERT E.
Jackson & Curtis
Co.
Mitchell
EDWARD A.
WALSH,
Elliott
VACCARO, FRANK
Cruttenden, Podesta &
FRANK H.
& Co., Inc.
S. Dickson
WENDLER,
(Honorary)
E.
Co.
UNTERBERG, CLARENCE
C. E. Unterberg, Towbin
R.
WELLS, HORACE W.
WELSH, JOHN JOSEPH
J. & W. Seligman & Co.
Dempsey-Tegeler & Co.
Jr.,
TYSON,
Gold, Weissman Co.
John C. Legg & Company
GRAHAM
WALKER.
(Associate)
N.
BERNARD
WEISSMAN,
WELCH,
& Smith
Incorporated
Inc.
Co.,
Bean & Mackie, Inc.
Singer,
KINGSLEY
Townsend, Crouter & Bodine
WALDRON, STANLEY M.
Merrill Lynch, Pierce, Fenner
TROSTER, OLIVER J.
Troster,
&
DeHaven
Benkert &
W.
WEISS, MORTON
LAWRENCE F.
Hill, Darlington & Co.
WAHL,
29
Continued from page
TRIGGER,
"The
OF MEMBERS
A.
MAINTAINED IN
Specialty Co.
OVER 400 ISSUES
DEALERS
Giannini Controls
Interstate Bakeries Corp.
Kaiser Steel
Direct wires to:
Corp.
Washington,
Los
ERNST
CO.
&
York Stock Exchange
American Stock Exchange
other leading Security and Commodity Exchanges
New
ATembers
and
120 Broadway,
231 So.
Private
UNDERWRITERS
to
Francisco,
San
INDUSTRIALS
Denver
Lake City,
and Albuquerque
ELECTRONICS
New York 5, N. Y.
LaSalle St., Chicago 4, 111.
Wires
Angeles,
Salt
Specializing in
D. C., Philadelphia,
Los Angeles
Orders Executed on
and Chicago
DISTRIBUTORS
Salt Lake Stock
MINING & OILS
Exchange
DEALERS
Corporate and Municipal
CAPPER & CO.
Securities
1
Established
R. S. Dickson & Company
Columbia
Raleigh
Direct Wire t\j All Offices
Teletype: JCY 119
City, DIghy 9-3424
CHICAGO
NEW YORK
Greenville
Telephone: HEnderson 2-8570
Open-end phone to New York
Member Midwest Stock Exchange
Atlanta
N. J.
I
INCORPORATED
CHARLOTTE
Exchange Place, Jersey City 2,
1919
Richmond
FAST AND
ACCURATE SERVICE
Convention Number
THE COMMERCIAL
Boston Securities Traders Association
and FINANCIAL
CHRONICLE
31
Elected:
December 4, 1958: Took Office:
January
Expires: December 31, 1959.
1, 1959; Term
DALEY,
J.
B.
JOHN
L.
Maguire tr Co.,
D'AMBROSIO,
ROSTER
(All
members
located
are
otherwise
Adams,
ADAMS,
C.
Boston
unless
ARTHUR
&
Co.
W.
E.
(special)
&
Laidlaw
Stone
F.
C.
Atherton
&
ATKINSON, Sr., JAMES
C.
Frederick V.
Wilfred G. Conary
McVey
J.
Devine & Co.
BAILEY, WALTER
Josephthal & Co.
J. Russell Potter
BAKER,
ALBERT
Co.
(special)
(special)
Joseph
bates,
A.
W.
C.
R.
I.
&
Co.,
Inc.
Co.
Street
(special)
David H. May
Joseph A. Buonomo
President: Wilfred G. Conary, G. B.
R. I.
York
Hanseatic
Corporation
Dayton
R.
I.
D.
V.
McVey, Childs, Jeffries & Thorn-
dike, Inc.
L.
&
Treasurer: J. Russell Potter, Arthur W. Wood
Company.
BURKE,
BURNETT, PETER
Jr., WILLIAM J.
May & Gannon, Inc.
Second
Corresponding Secretary: Joseph A. Buonomo, F. L. Putnam
Company, Inc. \ ■'
Governors:
Clement
&
Bank-State
Inc.
(special)
Barron & Co., Portland, Me.
G.
New
Thompson, Carr & Thomp¬
Inc.; Wilfred G. Conary, G. H. Walker & Co.,
Providence,
R. I.; James B. Maguire, J. B.
Maguire & Co., Inc.; John A. Put¬
nam, W. E. Button & Co.; William J. Burke, Jr.,
May & Gan¬
non, Inc.
John
Cannell
CANTELLA,
CAREW,
E. Homsey, du
Pont, Bomsey & Company;
Murphy, A. C. Allyn and Company, Incorporated.
&
V.
T.
HARRY
W.
J.
&
W.
Pressprich
ELWELL,
&
F.
Co.
REGINALD
B
Co.
EMERY, FORREST S.
F. S. Emery & Co., Inc.
J.
ENGDAHL, ARTHUR E.
>
Payson & Co.,
Portland,
Goldman,
Me.
Sachs
&
Co,
FAZIOLI, CLIVE B.
White, Weld & Co.
T.
Incorporated
(special)
FERGUSON, WILLIAM
Moors
&
Cabot
D.
H. Goddard & Co., Inc.
(special)
Continued
on
M.
&
You
J.
Bask in the Sun and Still Build
can
Weeks
Anthony &
Business for Yourself in Florida
a
CARR, FREDERICK B.
Tucker,
page
E.
R.
L.
Day
CARR, JOHN F.
Hayden, Stone & Co.
CARR,
Carr
RALPH F.
&
Thompson, Inc.
If the South
tive
in
For
E.
A.
Co., Worcester
MARTIN
Hornblower
appeals
to you,
why
not
ask about the
openings for registered representatives
our
Florida offices listed below?
Call
now
Bill
attrac¬
available
Wittich
at
Banks, Brokers and Dealers
GRIMM
CANADIAN SECURITIES
Bought
Tel.
—
Sold
TWX N.
Y.
1-142
2
BROADWAY
ORLANDO, FLA.
CHARLES KING & CO.
Montreal Stock Exchange
NEW YORK
ST.
NEW
4, N. Y.
PETERSBURG, FLA.
SARASOTA, FLA.
BROOKLYN, N. Y.
CARLISLE, PA.
CLEARWATER, FLA.
Members
American Stock Exchange
CO.
Quoted
WHitehall 4-8980
,
&
Members New York Stock
Exchange
—
HAVEN, CONN.
ROCHESTER, N. Y.
Toronto Stock Exchange
Canadian Stock Exchange
"
61 BROADWAY
NEW YORK 6, N. Y.
For
Banks, Brokers and Dealers
FOREIGN
SECURITIES
Christiana Securities Co.
COMMON
Bought
PREFERRED
Sold
Quoted
MODEL,
ROLAND
&
STONE
Members
New York Stock
Francis I. duPont & Co.
Members New York Stock
commodity exchanges
ONE WALL
120
Exchange and principal security and
Exchange
73
•
STREET, NEW YORK
5
offices coast to
coast
DIgby 4-2000
American Stock Exchange
Broadway
WOrth 4-5300
New York 5, N. Y.
London:
-
■
S.
ELDRACHER, THEODORE
C.
Co.,
,
EAGAN, WALTER F.
Harris, Upham & Co.
Co.
Providence, R. I.
..
Curtis
duPont, Homsey & Company
Co.
Cross
Curran
.
&
S.
Co.
VINCENT
JOSEPH
CAREW,
Anton
C.
EARL
CANNELL, JOHN
son,
Arthur
Jr.,
Goodbody & Co.
CURRIER, RICHARD
England Trust Co.
Hanrahan
National Committeemen: William S.
M.
Inc.
Hutzler
DUNCKLEE, WILLIAM
E.
&
CURRAN, VINCENT
Co.,
Brown Brothers Harriman &
Co.
Atherton
Kimball &
H.
BURNS, WALTER T.
Burns.
&
Dudley Co., Inc., Manchester, N. II.
(special)
CREAMER, WILLIAM
CROWLEY, MARK
Street Trust Company
CANFIELD, LLOYD
Diamond, Townsend, Dabney & Tyson;
Clive B. Fazioli, White, Weld &
Co.; Alexander W. Moore, New
York Hanseatic Corporation; Edward J.
Opper, J. B. Maguire &
Co., Inc.; John A. Putnam, W. E. Button & Co.; Daniel L. Quinn,
Schirmer, Atherton & Co.
Alternates:
A.
Company, Inc.
Recording Secretary: David H. May, May & Gannon, Inc.
&
LESTER
Bros.
Richard J. Buck &
JOSEPH
Putnam
J.
Sullivan
DYKES, ALVIN
CROSS, EVERETT
F.
I
WARRFN
DURDLE, WARREN
BUONOMO,
R.
E. S.
R.
CROSBY, ALBERT
F. S.
Moseley & Co.
Providence,
Hutzler
DUFFY, JAMES R.
Reynolds & Co.
R.
Vice-President: Frederick
JOHN
&
Co.,
P.
&
Haigney
DUDLEY,
J.
BROWNE, JAMES D.
Lee Higginson Corporation
Corp.
G.
DRISCOLL, CHARLES D.
Paine, Webster, Jackson
J.
&
&
Bros.
Salomon
Co.
ALFRED
Draper, Sears
Co.
D.
Securities
RICHARD
Walker
DOUCET, T.
Providence,
Co.
CROCKETT,
&
H.
DONOVAN,
G.
Day & Co.,
Schirmer,
BREEN, FRANK S.
Schirmer, Atherton
R.
Co.,
&
S.
CLEMENT
Salomon
Cabot
Weeden &
BRAGDON, J. ROGER
Goldman, Sachs & Co.
Walker & Co., Providence,
G.
Co.
IRVING
Hutton
CRAMPTON,
Webster
DOLIBER,
Inc.
&
Inc.
R.
(special)
Townsend, Dabney & Tyson
Blyth & Co., Inc.
Corp.
Co.
DONNELLY, JOHN
WILFRED
A.
&
Donohue
&
Co.
Day & Co.,
DO> OHUE,
CONWAY, JAMES
Chas.
Sales
Inc.
CONNELL, LAWRENCE
Wellington Fund (special)
E.
A.
Stone
W.
FRANCIS
Walker
&
DEXTER, Jr., WALLACE
Seaver,
CORBIN, RICHARD
B.
BRADLEY, WILLIAM C.
New
Inc.
Co.,
Inc.
M.
LEON E.
Day & Co., Inc.
Dc-nton &
COPELAND, RICHARD
Upham & Co.
BOSS, CHARLES A.
Chas.
LLOYD
Weld
Davis
A.
DIAMOND,
&
Co.,
DENTON, GEORGE
(special)
&
&
Homsey & Company
DAY, WILFRED N.
F.
Inc.
Co.
Mcors &
ROBERT
Broad
H.
W.
Allyn and Company, Incorporated
Harris,
&
CONNELLY,
K.
BERNARD, Jr., HUBERT N.
Schirmer, Atherton & Co.
BLAIR,
Inc.
JEROME
CONARY,
G.
s.
&
Chas.
E.
V.
Co.,
Ames
White,
B.
Providence,
M.
Batchelder
Sears
Donald
RAYMOND
J.
Inc.
J.
Putnam
DAY, Jr.,
F.
Hobbs
Lerner
BENNETT, DONALDSON
A.
E.
COE,
Company,
M.
&
Me.
COGGIIILL,
curtis
Draper,
Chapman
L.
Inc.
DAVIS, DONALD
(special)
Clayton Securities Corp.
CLIFFORD
&
Parkinson
& Co.,
Portland,
CLEARIHUE,
Long & Nash
Jr.,
Emery
&
CLAYTON, CALVIN
R.
barrett, joseph
Barrett
S.
Wise,
V.
BATCIIELDER, JOSEPH
Gannon,
du Pont,
J.
Co.
CLARK, ASA
Smith, Barney & Co.
BARRUS,
&
DARLING, RODNEY
E.
CHAPMAN, JOHN
Co.
ATHERTON, ii. HALE
Schirmer,
&
F.
F.
Co.
CHAMBERLAIN, RICHARD
Nesbitt, Thomson & Co.,
Co.
&
&
CHAMBERLAIN,
ALTMEYER,JOHN W.
Hayden,
Hutton
Hutchins, Mixter
(special)
L.
ARTHUR
Hutton
E.
CASEY, WALTER
Co.
Hayden, Stone & Co.
ALEXANDER,
CARTER, HERBERT
CASEY, FRANCIS
ROBERT H.
Goldman, Sachs &
ALBEE,
MEMBERS
W.
c.
Adams
May
D'ARCY, JOHN
indicated)
Frederick
Frederick
in
OF
GERALD
20-24
Teletype NY 1-2525
Norlhgate House,
Mooregate, London, E. C. 2
Paris: 370 Rue St. Honore
Private
Teletype
to
London, England
.
.
.
32
Mr.
A
THE
»
32
&
Mrs. James
Association
Boston Securities Traders
ROSTER
OF MEMBERS
FITCH, EDWARD P.
Nashua,
FOSTER,
Lee
N.
H.
J.
(special)
Higginson Corporation
FOSTER, Jr.,
HATHERLY
Vance, Sanders & Company,
Inc.
FRANK, WALTER
C. J. De/ine & Co.
Dayton Haigney & Co.,
DAVID
Inc.
Incorporated
Gleason & Co., Inc.
Traveler
Herald
Boston
Lerner
(Honorary)
HILTON, KENNETH C.
G. H. Walker & Co.. Providence,
Winslow, Inc.
Baird & Co.
Inc.
Milwaukee,
Incorporated,
B.
(Honorary)
Wis.
Maguire & Co., Inc.
MAGUIRE, JOHN E.
May & Gannon,
(special)
MANN, Jr.,
JOSEPH P.
Bros. & Hutzler
Mann &
Inc.
GEO. P.
Gould, Salem, Mass.
(special)
& Co.
E.
Pont, Homsey & Company
ANTON
EDWARD F.
HOBMEL,
Smith, Barney & Co.
GRACE NATIONAL BANK
HUGHES, FRANCIS J.
Shields & company
W.
JESSE H.
E. Sibley
HOMSEY,
du
& Company,
Putnam
MAGUIRE, JAMES B.
Co.
J.
Salomon
L.
Robert
& Co.
Goodbody
W.
&
Weeden
LOMBARD,
HOHMANN, LAWRENCE F.
HOLT,
F.
'*■
.
LOCKE, WILLARD R.
Boston Safe Deposit & Trust Co.
F.
EDWARD
Chace, Whiteside &
Co.
LEWIS, WARREN A.
R. I.
Curtis
MADARY, HAROLD
LOUIS C.
&
Webber, Jackson &
Paine,
MacDONALD, VERNON S.
C.
Coffin & Burr, Incorporated
Hooper-Kimball, Inc.
Goldman, Sachs & Co.
MacDONALD, J. RENWTCK
LELAND, ALAN
HIXON, REGINALD T.
HALLETT, LEAMAN F.
(Honorary)
LeBEAU, IRVING C.
LERNER,
Middlebroog, Incorporated
Sheeline & Co.
Paul D.
May & Gannon, Inc.
JOSEPH
HINES,
A.
Harkness & Hill,
Inc.
SHERMAN
Sherman
IIAVEY,
&
Ccburn
LYNCH, JAME8 J.
CRANDON
National Quotation Bureau
HENRY G.
Schirmer, Atherton & Co.
HASTINGS, FRANCIS
Worcester
EDWARD W.
Hemphill, Noyes & Co.
R. I.
Worcester
Inc.,
(Special)
LYNCH, JAMES E.
HART,
GUTHRIE, ELWIN A.
HALEY,
GANNON, JOSEPH
GLEASON,
Incorporated
LUBIN, BERNARD W.
H. L. Robbins & Co.,
Investment Corp.
LAWRENCE,
LEAHY,
Co., Providence,
GUNN, IRVING E.
Townsend, Dabney & Tyson
Hcrnblower & Weeks,
Eastern
Co., Inc.
&
(special)
Manchester, N. H. (special)
FREDERICK L.
Harson
L.
F.
LOTHROP, GILBERT M.
W. E. Hutton & Co.
J.
RAYMOND
Goodbody & Co.
LAWRENCE, CHARLES P.
FRANK T.
Knox &
D.
HARSON,
HAIGNEY, DAYTON P.
FRENCH, KENNETH G.
Salomon Bros. & Hutzler
May & Gannon,
JAMES
GRIFFIN, HENRY F.
A. C. Allyn and Company,
FREDERICK H.
H.
H., Jr.
H. Goddard & Co., Inc.
GODDARD,
LAUDE,
S.
HANRAHAN, PAUL B.
Hanrahan & Co., Worcester
HARRINGTON,
Goddard & Co., Inc.
J. H.
E. Brown, Asiel A Co., New York; Mr. & Mrs. Ludwell A. Strader, Strader
Incorporated, Lynchburg, Va.; Mr. & Mrs. Jack C. Morris, Johnson, Lane,
Space A Co., Atlanta
HARKNESS, ROBERT
Harkness & Hill, Incorporated
GODDARD, JAMES H.
HERBERT L.
Hornblower & Weeks
Leo
Moseley & Co.
S.
F.
Mrs.
&
Company,
BIRNEY
HALLIWILL.
FERRARI,
Mr.
Co., Inc., Boston; Mr. & Mrs. F. E. Maguire, Stroud
& Mrs. William J. Burke, Jr., May A Gannon, Inc.,
United Securities Company, Greensboro, N. C.
B. Maguire, J. B. Maguire A
Company, Incorporated, Philadelphia; Mr.
Boston; Mr. & Mrs. N. Clayton Lee,
26, 1959
Thursday, November
FINANCIAL CHRONICLE
COMMERCIAL and
Clayton Securities Corp.
HUNT, WILLIAM P.
W.
OF NEW YORK
(special)
& Co.
Sibley
E.
HURLEY, EDMUND J.
Wise, Hobbs & Seaver, Inc.
HURLEY, HERBERT E.
Hornblower & Weeks
Underwriters
Distributors
HUSSEY, EUGENE
The
First
COMPLETE CLEARANCE
R.
Boston
HUTCHINSON, Jr., JAMES A.
Hutchinson
Coffin
FOR
Company
JEROME M.
INGALLS,
of
&
&
Burr,
Incorporated
LOCAL AND
INGALLS, ROBERT U.
Anthony & R. L. Day
Tucker,
Industrial and
Brokers
JOHN L.
Jr.,
INGHAM,
Municipal
FACILITIES
Corp.
OUT-OF-TOWN
and Dealers
Blyth & Co., Inc.
STANLEY L.
JACKSON,
Estabrook
Co.
&
Clearance
Securities
Halsey, Stuart & Co. Inc.
HANOVER SQUARE,
WILLIAM E.
JONES,
Jr., GEORGE C.
Pressprich & Co.
JORDON,
R.
W.
NEW YORK 15v N. T.
(Honorary)
Globe
Boston
Department
L.
BERT
JACOBS,
Member
Federal Deposit
Insurance Corporation
JULIAN, JAMES
National Shawmut
Bank (special)
J. FRANK
KEANE,
Tucker, Anthony & R. L. Day
KELLER, HARVEY L.
Keller Brothers Securities Co.
———\
KELLER, HERMAN J.
Keller Brothers Securities Co.
FOUNDED
>r—
1885
KELLER, JOSEPH P.
Keller
& Co.
(special)
KELLER, NORTON N.
KeUer Brothers Securities Co.
F.
UNDERWRITERS
of
Natural Resource
and
Industrial Securities
DISTRIBUTORS
Brittain
Hayden, Stone & Co.
R.
the
W.
PHILIP
KIIOURI,
United States and Canada
Philip Khouri & Co. (special)
F.
listed, unlisted securities
and commodities in
RODNEY P.
Pressprich & Co.
KENT,
KING
GEORGE M.
Lisle & Marshall, Providence, R.
(ALBERT H.)
S.
THOMSON & MSKINNON
Moseley & Co. (special)
F.IRWAN,
THOMAS A.
Thomas A.
Unlisted Securities
in
PHILIP F.
KENNEY,
Brown,
of
Kennedy & Co.
KENNEY, DONALD J.
Spencer Trask & Co.
KILNER,
Secondary Distribution
BROKERS
BRITTAIN
KENNEDY, F.
Kirwan
& Co.
2
KUMIN, EMIL
Estabrook
&
Broadway, New York 4
Co.
LAHTI, W. HENRY
CHICAGO
TORONTO
INDIANAPOLIS
Matthew Lahfci & Co., Inc.
Peter Morgan
&
Company
149 BROADWAY,
NEW YORK 6, N. Y. • DIgby 9-3430
Bell Telelype N. Y. 1-2078
42
LANG, HAROLD F.
Lang
&
LAPHAM,
Inc.
Dadmun,
McDowell, Dimond & Company
Providence, R. I.
LARSON, N. HENRY
The
v
offices in the United States
and Canada
ALLEN H.
First
Boston
Corporation
..
MEMBERS HEW YORK STOCK
y
&
EXCHANGE AND OTHER PRINCIPAL
SECURITY AND COMMODITY EXCHANGES
5=
r
A
Convention Number
ppp
Mr.
&
THE COMMERCIAL and
Mrs.
Willard
F. Rice, Eastman Dillon, Union Securities
& Co., Philadelphia;
Mr. & Mrs.
Beattie, H. A. Riecke & Co., Inc., Philadelphia; Mr. & Mrs. Walter L.
Filkins,
T roster, Singer &
Co., New York
E.
MARTENS, GERALD D.
C.
Allyn
&
O'LEARY, PAUL J.
Company,
Incorporated
E. Hutton & Co.
C.
J.
Wainwright & Co.
MAY, DAVID H.
^
•May & Gannon,
Allyn &
Company,
(G.
&
'
*
Incorporated
Co., Providence, R.
•
-
;
■
Putnam &
J.
H.
Goddard &
MITCHELL,
Arthur W.
G.
Inc.
'
W.
Co., Inc.
W.
Hanseatic
York
Hanseatic
MOORE, GEORGE
East
Orleans,
Corporation
Co.
W.
F.
P.
Pressprich & Co.
(special)
P.
Wood
Company,
/
Inc.
MOSSOP, WALLACE
Barrett
&
Co.
MOYNIHAN,
J.
M.
JAMES
E.
-
A. C.
Taylor &
MURPHY,
TIMOTHY D.
SILVA,
Shceline
&
Moors
SMITH,
GEORGE
M.
Josephthal & Co.
Lynch,
&
Smith
ERNEST w.
American
Harvard
Trust Co.
& Hutzler
Co.
Inc.
Active Markets Maintained
in
FOREIGN
WILLIAM S.
&
SECURITIES
(special)
CURTICE
Inc.
(special)
N.
Co.
J.
Devine
Alfred L. Vanden Broeck & Co.
A.
&
Co.
HAROLD
&
Co.
Members: New York Stock Exchange
f.
American Stock
(special)
55
White, Weld & Co.
WALSH, FRANCIS
A.
G.
WARD,
HERBERT C.
Providence, R. I.
H.
Walsh &
C.
Tel.:
ROBERT
W.
BE 3-8880
Townsend,
Dabney & Tyson
Teletype NY 1-4686
P.
Son
Private W ire
System
Canada
to
Wainwright & Co.
LLOYD
B.
Kidder, Peabody & Co.
WARREN,
Jr., LOWELL A.
Securities
B.
FREDERICK
Exchange
Liberty St., New York 5
FRANCIS V.
WARING,
Inc.,
(special)
Brown, Lisle & Marshall,
Providence, R. L.
SPENCE,
ZUCCHELLI, LOUIS V.
J. B. Maguire <te Co.,
PHILIP D.
Bros.
&
First Boston Corporation
Corporation
Middlebrook,
TOWNSEND,
Dominion
Securities Corporation
WINN,
Cabot
SORTERUP,
NEWTON, DEXTER
Mass.
D.
Corporation
Incorporated
NEWMAN, LEO F.
(special)
W.
Harriman
CARROLL W.
&
Doremus
Michael Investment Co.,
Fenner
Co.
Brothers
ZUCCARO, ALFRED G.
Salomon
Printing Co.
Coburn
Blyth & Co., Inc.
Pierce,
Wittemore &
HERBERT
Brown
Thompson, Inc.
TOOHEY,
C.
SOFORENKO, MYER M.
Merrill
YOUNG,
WILLIAMS, T. EDMUND
Hooper-Kimball. Inc.
WALKER, HARRY R.
&
Co.
F.
TUCKER, LESLIE
(special/
NEEDHAM, CARLETON
H.
Inc.
May & Gannon, Inc.
MYERS,
&
VAUGHAN,
American Securities
E.
D.
Co.
SMITH, CHARLES H.
RICHARD
Carr
Weeden
Anthony & R. L. Day
MURRAY,
&
Jr., JOHN R.
Leavitt, Spooner <fe Company
MURRAY, RAYMOND M.
Coburrn
WIIITTEMORE, DONALD H.
Taylor <fc Co., Inc.
Star
Chace, Whiteside & Winslow, Inc.
Tucker,
TAYLOR,
Corporation
GILMAN F.
SLIFER,
H.
Co., Inc.
THOMPSON,
Hanseatic
Sides, Morse & Co.,
Allyn and Company, Incorporated
(special)
Sullivan
&
WORRALL, JOHN
F. S. Moseley & Co.
WHITE, EDWIN B.
William
Co.
WOLLEY, SUMNER R.
Chas. A. Day & Co., Inc.
TIRRELL, JOHN II.
York
Paul D.
&
TAYLOR, JOHN R.
SIDES, W. RANDOLPH
C.
Hutton
Incorporated
WHITCOMB, REGINALD M.
Spencer Trask & Co.
Co., Inc.
New York Hanseatic
Moseley & Co.
White, Weld & Co.
MURPHY, ARTHUR
E.
Ripley & Co.,
TARANTINO, JAMES W.
SHEELINE, PAUL D.
J.
Harriman
Tripp & Taber, New Bedford, Mass.
SCHUERHOFF, ROLAND H.
Smith, Barney & Co.
Maguire & Co., Inc.
&
TABFR, RICHARD
Romanoff Co., Inc.,
Mass. (special)
New
Putnam
WOLL, ALBERT J. T.
Hayden, Stone & Co.
WHITCOMB, BURTON F.
Townsend, Dabney & Tyson
RYAN, VINCENT P.
I.
(special)
Co.
TABER, ELLIOT C.
Tripp & Taber, New Bedford,
(special)
L.
F. Li.
(special)
TABB, Jr., HENRY E.
Second Bank State Street Trust Company
Company, Providence, R.
MULLIN, FRANCIS
S.
&
Reed, Inc.
Second Bank State Street Trust Company
Draper, Sears & Co.
&
RYAN, FREDERICK J.
MORRISON, JAMES A.
Townsend, Dabney & Tyson
WOGLOM, ALBERT G.
Clayton Securities Corporation
WOLFSON, RICHARD
McDowell, Dimond & Company
Providence, R. I.
Kidder, Peabody & Co.
Worcester,
(special)
Hutton
SWIFT, WILLIAM
ROMANOFF, SAUL i.
MORRISON, CARLISLE F.
H.
S.
E.
&
SWIFT, WALTER T.
ROBBINS, JOSEPH F.
R.
W.
Donohue
H. D. Knox & Co., Inc.
Mass.
MOREY, GEORGE
(special)
Cummings & Co.,
Providence, R. I.
RINALDI, JOSEPH M.
E.
Co.
SWENSON, CARL J.
Co.
RICHARDSON, JOSEPH A.
F. S. Moseley & Co.
MOORE, FREDERICK S.
New
Moss
Hutton &
WINSLOW, Jr., A. N.
Chace, Whiteside & Winslow, Inc.
WELLS, RAYMOND E.
Bishop-Wells Co.
Waddell
SULLIVAN, ROBERT W.
REILLY, ARTHUR II.
Josephthal & Co.
Corporation
(special)
SULLIVAN, JOHN P.
Smith, Barney & Co. (special)
Prescott &
&
E.
W.
Wood Company
E. Hutton
Preston,
Pressprich & Co.
York
Co.
REED, LESTER F.
moore, alexander w.
Inc.
SULLIVAN, JOHN J.
&
QUINN, DANIEL L.
Schirmer, Atherton & Co
MONROE, PAUL B.
New
Buck
PUTNAM, JOHN A.
Jr., EMLYN
Co.,
SULLIVAN, JOHN E.
PRESCOTT, WILLIAM S.
Goodbody & Co.
R.
J.
William S.
Childs, Jeffries & Thorndike,
GEORGE
Tyson
B.
Josephthal & Co.
Inc.
&
SULLIVAN, JAMES E.
H. C. Wainwright & Co.
POLLEYS, ROBERT L.
McVEY, FREDERICK V.
MIRAGEAS,
WILFRED
Corporation
POITER, J. RUSSELL
Company,
Goddard
STUMPP, DAVID W.
Securities
PIERCE, RALPH W.
"
•
H.
W.
Townsend, Dabney & Tyson (special)
Mcdonough, john l.
H. C. Wainwright & Co.
L.
J.
Corporation
Webster
Richard
Mcdowell, lewis d.
F.
&
PERHAM,
I.
WELLS, CARL V.
Paine, Webber, Jackson & Curtis
WERNER W.
WESSLING, EDWARD A.
Higginson
PATNODE, WESLEY P.
Townsend, Dabney &
1 ;
STANLEY
STEMBRIDGE, ALFRED R.
McCUE, john a.
May & Gannon, Inc.
Inc.
Edward J.
Bourbeau, Darnel Reeves & Co., Beverly Hills, Calif.; Mr. & Mrs. William
Elliott, J. Barth & Co., Los Angeles; Mr. & Mrs. Walter L.
Burns, Baumgartner,
Downing & Co., Baltimore
PARENT, FREDERICK W.
•
H.)
Co.,
H.
WERTZ, F. DENTON
Stone
McCUE, GERARD
Walker
&
Mrs.
Burgess & Leith
STAAF,
PARSLOE, GEORGE S.
?
F.
Maguire
&
STANLEY, Jr., GEORGE A.
Schirmer, Atherton & Co.
Lee
McCORMICK, Jr., JAMES
C.
B.
Mr.
PARDEE, MILTON L
Tripp & Taber, New Bedford, Mass.
Inc.
McAllister, jr., henry p.
J. Clayton Flax & Co.,
Springfield, Mass. '■
A.
(special)
OPPER, EDWARD J.
MAX, RICHARD L.
H.
SPORRONG,
R. W. Pressprich & Co.
MARTIN, WAYNE d.
W.
83
-< /■ .$
Herbert
A.
FINANCIAL CHRONICLE
Corporation
SPECIALIZING IN
—
WASSERMAN, FRANK L.
First Securities Company
WEEKS, Jr., ROBERT S.
F.
S.
Moseley &
RIGHTS-WHEN ISSUED
Co.
AND
REORGANIZATION
PRIVATE
WIRES
Glore, Forgan & Co.
Chicago—San Francisco
Schneider, Bernet
G. A. SAXTON
&
Josephthal & Co.
Co., INC
FOUNDED
members
and
Teletype NY I -1605-1606-1607
Crowell, Weedon & Co.
Los
y
SECURITIES
TO
Angeles
Hess, Grant & Remington Inc.
Philadelphia
new york
other
leading
exchange
exchanges
120 BROADWAY* NEW YORK 5, N. Y.
Bell System Teletype NY
WOrth 4-5000
52 Wall St., New York 5, N. Y.
WHitehall 4-4970
i9io
stock
direct telephone to
19
1-319
boston
CONGRESS ST., BOSTON
9. MASS.
lafayette 3-4620
Reinholdt & Gardner
St.
Louis
Trading Markets in Public Utility, Natural Gat and Industrial' Securities
PRIVATE
WIRE
brooklyn.
nf
SYSTEM
y.
TO
CORRESPONDENTS
lock
haven.
pa.
IN
PRINCIPAL CITIES
hanover,
pa.
Thursday, November 26,
FINANCIAL CHRONICLE
THE COMMERCIAL and
34
Security Traders Association
Fenner &
Merrill Lynch, Pierce,
ROBERT
Lee Higginson Corporation
Smith
Of Chicago, Inc.
ADAMS, Jr., FRED E.
Eastman Dillon, Union
ALDWORTH,
Salomon
Shearson,
CARLTON, FRANK A.
F. A. Carlton & Co.
Hallgarten & Co.
Securities & Co.
RICHARD J.
& Hutzler,
ALLYN, JOHN W.
A. C. Allyn and Company,
ALM, WALTER C.
David A. Noyes &
Loewi
FRED J.
Doyle, O'Connor & Co.
CASEY,
Incorporated
(Associate)
HOKIN, JERRY
A. G. Becker & Co.,
ETS
RALPH
Reynolds & Co.
Walston & Co., Inc.
Higginson Corporation
A.
Noyes & Co.
Walter E. Cooney
John D. Kipp
Frank X. Cummings
CLINE, THOMAS J.
BALLISCH, JOSEPH G.
A. C. Allyn and Company, Incorporated
COCHRAN, LOREN A.
William Blair & Company
HAROLD
Webber, Jackson & Curtis
Eastman
Vice-President: John D. Kipp, A.
G. Becker & Co.,
Incorporated.
Treasurer: Frank X.
Dillon, Union Securities & Co.
BARROWCLOUGH, GEORGE L.
First of Michigan Corporation
Adolph C. Egner, Jr., Shearson,
1
Tegtmeyer & Co.
pany;
Peabody & Co.; Charles G.
Sincere
Walter E. Cooney, Kidder,
& Co.; Edward H. Welch,
Scheuer, Wm. H. Tegtmeyer
and Company.
Alternates:
Hammill & Co.; Elmer
First Securities Company of Chicago; Orville H.
W. Hammell,
Cruttenden,
Hunter,
Co.; David J. Burke, Blunt Ellis &
National Bank of Chicago; William S.
Strong, The First
Podesta
&
BAX,
First
GEORGE B.
Swift, Henke & Co.
BLECHSCHMIDT, EDWARD
Roe
&
Cruttenden,
CARMAN
CUMMINGS,
and Dealers
BUHLE,
Bache
in General Market and
DAVY,
26 BROADWAY,
NEW YORK, N. Y.
PHILADELPHIA
ROCHESTER
•
NEWARK
•
TROY
•
HARRISBURG
•
PUNXSUTAWNEY
ELMIRA
•
•
DE
•
JOHNSTOWN
Bache
Bank
Company
&
CANN, MAURICE J.
DOYLE, LEO J.
Doyle, O'Connor & Co.
Becker
&
A.
Incorporated
NEW
C.
HAACK,
GORDON
Henke &
D.
Co.
Allyn and Company, Inc.
ROBERT W.
Robert W. Baird & Co.,
Wisconsin
Milwaukee,
(Associate)
HACK, Jr., JOHN J.
F.
Doyle, O'Connor & Co.
Co.
Co.
GUILD, DONALD J.
DONOVAN, JOHN P.
Boettcher and Company
DOYLE, JOHN ROBERT
G.
Swift,
Rapids (Associate)
CANN, JULES F.
Lehman Brothers
A.
&
Co.
GREGORY,
Young & Company
Grand
&
Co.
YOUNG, NEIL
De
Louisville, Ky.
GREEN, LEONARD
DIXON, WILLIAM R.
Goldman, Sachs & Co.
BUTLER, RAYMOND
Continental Illinois National
BOSTON
GREEN, ARTHUR A.
Shearson, Hammill
L.
JOHN
Hemphill,
G.
Byllesby and Company, Inc.
F.
Noyes &
Co.,
(Associate)
Roe & Farnham
DETMER,
Blunt Ellis & Simmons
Trust
ANTHONY
National Bank &
Company
GRATZA, WILLIAM J.
Westheimer and Company
H.
BURKE, DAVID J.
Telephone: BOwling Green 9-4800
Trust
GRAHAM, THOMAS
The Bankers Bond
THOMA8 M.
Kegley, Inc.
dePERSIO,
FRANK
Inc.
L.
WILLIAM D.
Dempsey-Tegeler & Co.
Hickey & Co., Inc.
M.
Company,
and
HOWARD
DENNY,
Stein
H.
Goodbody & Co.
GRAHAM, DAVID E.
Continental Illinois
Scott &
C.
Corporation
GOTT, EARLE C.
J.
McDougal & Condon, Inc.
S-
Municipal Issues
BURCH,
J.
BERNARD
Byllesby
M.
DAVIDSON,
Co.
BULLER, FRANK
PATRICK
Blunt Ellis & Simmons
H.
E.
JAMES
Bache & Co.
GORDER, HENRY A.
,
Stone & Webster Securities
DARFLER, GLEN A.
Jr., PHILIP
&
Freehling, Meyerhoff & Co.
X.
Stearns & Co.
Bear,
BROWN, HARRY M.
Salomon Bros. & Hutzler
Underwriters, Participating Distributors
FRANK
CUNNINGHAM,
Co.
&
Podesta & Co.
Stearns & Co.
Bear,
Co.
& Co., Inc.
Brown
(New York)
(Associate)
GOODMAN, EDWARD
Bache <fe Co.
GOODWIN,
CUMMINGS,
G. FABIAN
William Blair & Company
S.
GOLDEN, GEORGE T.
American Securities Corp.
Co.
GOODMAN, WILLIAM D.
F.
BREWER,
C.
&
CHARLES J.
Langill & Co.
WALLACE J.
Glore, Forgan & Co.
BROWN,
Podesta
CULLEN,
BOYLE,
American Stock Exchange
•
R.
EARL C.
Thomson & McKinnon
GLOSSER,
CRUTTENDEN, Jr., WALTER W.
JOHN L.
BRADY, EDMUND G.
Stock Exchange
W.
HARVEY
Devlne & Co.
Cruttenden,
BOWKER, HERBERT H.
Members: New York
GLICKSON, ARNOLD
CRUTTENDEN, WALTER W.
Cruttenden, Podesta & Co.
Shearson, Hammill & Co.
Leason
GALLAGHER, JAMES F.
CRUTTENDEN, JAMES R.
HENRY T.
& Hutzler
&
J.
C.
McKinnon
Witter
FRED O.
Halsey, Stuart & Co. Inc.
GALE,
Reynolds & Co.
CORNELIUS,
Swift, Henke & Co.
Dean
Co.
Co.
&
Reynolds & Co.
BLUMENTHAL, HAROLD
BOEDEKER, ROBERT
Dean Witter & Co.
FULLER, WM. A.
William A. Fuller
CORBUS, JOSEPH R.
Brown Brothers Harriman & Co.
BLOMBERG, CARL X.
Thomson
Management Co.
(Associate)
A.
Farnham
&
MILTON R.
Glore, Forgan & Co.
BLOHM,
Company
FULLER, JOSEPH T.
William A. Fuller &
COOPER, PETER
Loewi & Co., Milwaukee, Wis.
Co.
LEONARD
and
Boettcher
COONEY, WALTER E.
Kidder, Peabody & Co.
BERG, RODNEY iyf.
&
Irving Weis & Co.
FRIEDMAN,
McKinnon
COOLEY, WM. H.
Television Shares
BENSON,
Borland
&
Co.
Nuveen &
FREEMAN, SIDNEY
FREDERICK J.
Thomson
BECKER, WILLIAM J.
Betts,
John
FOLLMER, FRED J.
COOLEY, RICHARD R.
Corporation
Boston
ROBERT M.
FLYNN,
Cook Investment Co.
PAUL J.
BODEN,
Incorporated
Peck & Co,
RAYMOND V.
& Co., Inc.
COOK,
& Co.
FLYNN, CORNELIUS E.
The Northern Trust Company
Van Ingen
NORMAN B.
Cruttenden, Podesta
BAUM,
Salomon Bros
Winslow, Cohu & Stetson
J.
B.
William
O.
Link, Gorman,
DONALD T.
Blair & Company
FLETCHER,
Fuller & Co.
A.
CECIL
CUSHING
J.
Farwell, Chapman & Co.
Harris, Upham & Co.
BOBLETER,
Simmons.
FITZGERALD,
T.
CONLAN, PETER J.
Hornblower & Weeks
Stein
Adolph C. Egner, Jr., Shearson,
William
CONDON,
Fahnestock & Co.
Leonard Friedman, Boettcher and Com¬
National Committeemen:
JOHN J.
Harmet & Co.
COMBITHS, WALLACE
CONDIT,
BARTHELL, J. GARY
Hammill & Co.; Paul
J. Bax, The First Boston Corporation; Joseph G. Ballisch, A. C.
Allyn and Company Incorporated; Charles G. Scheuer, Wm. H.
Directors:
A.
A.
Dempsey-Tegeler & Co.
Cummings, Bear, Stearns & Co.
FITZGERALD, GERALD E.
The First National Bank of Chicago
COLNITIS,
BARTH, EDWARD N.
Kidder, Peabody & Co.
Secretary: Walter E. Cooney,
FENTON, ARTHUR W.
Rodman
&
Renshaw
Dempsey-Tegeler & Co.
BARCLAY,
& Co.
Chapman
Farwell,
BACHAR,
Paine,
Boettcher and Company.
FELLEGI, JULES
Brothers
Lehman
BARNHART, WILLIAM S.
President: Leonard Friedman,
Langill & Co.
GEORGE E-
CLEAVER,
STEPHAN A.
Setts, Borland & Co.
Leonard Friedman
FEIL, PETER V.
Incorporated
ARTHUR, JOHN
David
FARRELL, ARTHUR E.
James J. McNulty & Company
JOHN W.
John W. Clarke & Co.
CLARKE,
ANDERSON, WILLIAM A.
Lee
Weld & Co.
White,
Upbam & Co.
Harris,
Incorporated
EUSTICE, JOHN W.
CHERRY, MICHAEL P.
ANDERSON, JOHN A.
W.
ELMER
Smith, Burris & Co.
ERZBERGER,
FLOYD D.
Floyd D. Cerf, Jr. Company,
Incorporated
CERF, Jr.,
CHAPIN,
E.
Francis I. du Pont & Co.
&
ENYART, CHARLES E.
Francis I. du Pont & Co.
Co.
ALFRED
ANDERSON,
Hammill & Co.
WILLIAM C.
Co., Milwaukee, Wis.
ELWELL,
CAVANAUGH, AUDRAN J.
William A. Fuller & Co.
Bros.
ADOLPH C.
EGNER
Incorporated
J.
ABE, WILLIAM
Incorporated *
Blair & Co.,
EFT,
MICHAEL
CARIOSCIA,
in Chicago unless
otherwise indicated)
(Members located
DONALD R.
DWYER,
ROSTER OF MEMBERS
1959
S.
Moseley & Co.
IIALLFORD, J. L.
Farwell, Chapman & Co.
YORK
CHICAGO
MONTREAL
DYNAC0L0R CORPORATION
LOS ANGELES
WESTWOOD
BROCKPORT,
NEW
YORK
BEVERLY
HILLS
underwriters and distributors
PASADENA
SANTA
Traded:
Over-the-Counter
BARBARA
LA
NEWPORT
SAN
JOLLA
BEACH
of investment securities
FRANCISCO
PALM SPRINGS
World's
largest independent
Kodachrome
film
processor
of
RANCHO SANTA
FE
PHOENIX
(and compatible films).
BOSTON
HARTFORD
research and
advisory service
MANCHESTER
Manufacturer of:
MIDDLETOWN
NEW
Dynachrome film
P1TTSFI ELD
Sensitized papers
BUFFALO
ROCHESTER
Photographic chemicals for
the
BRITAIN
SPRINGFIELD
GENEVA
photofinisher trade
DALLAS
HOUSTON
SAN
ANTONIO
DETROIT
Processing plants coast to coast:
MINNEAPOLIS
Bayonne,
New
Jersey
Aurora,
Philadelphia, Pennsylvania
Illinois
Texas
Los Angeles, California
Brockport, New York
Dallas,
SHEARSON, HAMMILL § CO.
"the
firm that research built"
Founded In 1902
LA CROSSE
DUNEDIN
BASLE (Switzerland)
Members New York Stock Exchange and other
leading Stock and Commodity Exchanges
Convention Number
THE COMMERCIAL
and FINANCIAL CHRONICLE
Myron L. Gordon, Hincks Bros. A Co.,
Bridgeport, Conn.; Mr. & Mrs. George Dockham, Hincks Bros.
A Co., Bridgeport,
Conn.; Mr. & Mrs. H. Sheldon Parker, Kay, Richards A
Co., Pittsburgh;
Rudy Knablein, Hincks Bros. A Co., Bridgeport, Conn.
HAMMELL, ELMER
W.
First Securities
Company of Chicago
HARMET, ALFRED A.
A.
A.
Reynolds & Co.
A.
Tegtmeyer & Co.
HUNTER,
Peck
&
GEORGE
Co.
F.
S.
KING,
Cruttenden, Podesta & Co.
HUTCHINSON, HERBERT
HEALY, WILLIAM B.
ISAACS,
McMaster
Webber-Simpson & Company
National
Bank of
MILTON
Chicago
J.
HICKEY, III, MATTHEW J.
Hickey & Co., Inc.
JANSHOFF, ROBERT W.
HICKEY
JANUS, ERNEST A.
RICHARD
First Securities
Company of Chicago
HILLSTROM, RAYMOND
Stein Roe 8c Farnham
HIRSCHBERG,
Greenebaum
Dean
J.
EDWARD
*
Investment Co.
Creston
San
H.
Funk, Hobbs 8c Co.
KANE,
(Associate)
Ernst
H.
VINCENT
Leason 8c Co.,
8c
Jr.,
F.
S.
F.
Company
LEONARD
V.
Lamson Bros. & Co.
& Co.
Continued
on
Co., Incorporated
Company, Milwaukee, Wis.
F.
and
STAR
Company
Pershing
C.
Moseley & Co.
Go.
&
MEMBERS
NEW YORK STOCK EXCHANGE
M.
AMERICAN
STOCK
EXCHANGE
Allyn and Company, Incorporated
LANGILL, BANFORD B.
Langill 8c Co.
LANNAN, J.
H.
M.
PATRICK
Byllesby and Company, Inc.
and
Stern Brothers
ROCCO, LAWRENCE C.
Lamson
Company
&
RAYMOND F.
Blunt Ellis 8c Simmons
LA
Bros.
8c
120
BROADWAY, NEW YORK 5, N. Y.
Teletype NY 1-749-51
WOrth 4-4300
Co.
LAWLOR, Jr., WILLIAM J.
Hornblower 8c Weeks
Dempsey-Tegeler 8c Co.
Co.
LOCKHART,
Investment Co.
KEHOE, JOHN F.
Union Securities 8c
Inc.
Harris Trust 8c
Savings Bank
T.
KEGLEY, WILLIAM C.
HOLT, LESTER H.
Co.
A.
Harrison & Co.
OTTO J.
Childs
LEASON, GEARY
Leason & Co., Inc.
Co.
Private Wires
Atlanta
Beverly Hills
Houston
Buffalo
Los Angeles
San Antonio
Chicago
Minneapolis
San Francisco
Dallas
Detroit
New Orleans
St. Louis
Wheeling
Hartford
Pittsburgh
Youngstown
SERVICING
Albert Frank -Guenther
Law, Inc.
BROKERS AND DEALERS IN
LISTED AND UNLISTED SECURITIES
131
Cedar Street
New York
Philadelphia
San Francisco
6, N. Y.
Boston
COWEN & COMPANY
Members
New
Members
American
York
Stock
Exchange
Chicago
Los Angeles
Co.,
LINDER, EVAR L.
Paine, Webber, Jackson & Curtis
Company
LEVINE, HOWARD S.
Co.
H.
A
H.
LANE, WILLIAM H.
Allyn and Company, Incorporated
Childs
Carter
Hentz & Co.
A. C.
KEATING, JOHN JAY
C.
LILLIG, EDWARD
Inc.
Dempsey-Tegeler
EDWARD
Tallman &
LANE, ROBERT W.
B.
and
Miller,
LEASON, Jr., HARVEY GLEN
LaPAK,
A. C.
Co.
Dillon,
Becker &
KRENSKY, Jr., ARTHUR
KAPPA, HARVEY H.
Co.
HOLMES, LOUIS A.
Hornblower & Weeks
Eastman
Childs
LIENING,
KRELL, ROBERT B.
Bacon, Whipple 8c Co.
First Boston Corporation
Greenebaum
RAYMOND
8c
F.
KANT, HERBERT H.
HOFER, CHARLES
HOFER,
C.
Smith, Burris 8c Co.
HOELCK, THEODORE M.
McCormick 8c Co.
&
F.
The
G.
KOENIG, PHILIP
JOHNSON, TOGE V.
Antonio, Tex.
Ernst
A.
KOERNER,
Hickey & Co.
C.
HOBBS, WILLIAM G.
G.
Inc.
(Associate)
Co.
JOHNSON, JOHN
A.
Peabody & Co.
The Marshall
JOHNSON, FREDERICK F.
Barcus, Kindred & Co.
W.
Co.
Witter &
Co.,
Daniel F. Rice and
THOMAS E.
KOCH,
JACOBSON, R. DONALD
Smith, Burris 8c Co.
JAMES, WILLIAM E.
William Blair 8c Company
HARVEY
&
KIPP, JOHN D.
Co.
HICKEY, Jr., MATTHEW J.
Hickey 8c Co., Inc.
Leason
LEE, JOSEPH M.
F.
Dempsey-Tegeler
A.
&
Straus, Blosser & McDowell
HERMAN, FRANK
First
Hutchinson
Company Incorporated
GEORGE
Kidder,
LEASON,
C.
KERR, WILLIAM D.
Bacon, Whipple & Co.
Co.
WILLIAM
HERBERT
Illinois
KING,
HAWXHURST, Jr., RALPH R.
Bacon, Whipple 8c Co.
The
The
Becker & Co., Incorporated
Reynolds &
A.
Gorman,
G.
HUMMEL,
Howard, Jr., J. S. Strauss A Co., San
Francisco; Richard A. Hennig, Brush, Slocumb
Francisco; Ralph E. Brown, Stone A
Youngberg, San Francisco; James L. Beebe,
William R. Stoats A
Co., Los Angeles
San
KEITH, CLYDE H.
Taylor, Rogers & Tracy, Inc.
KELLER,
HORMAN, BERNARD J.
HART, JOSEPH E.
HARTWIG, CARL
Chicago
Halsey, Stuart & Co. Inc.
HARRELL, WILLIAM R.
Link,
First Securities Company of
HORDER, EARL R.
Harmet 8c Co.
Wm. H.
HORACEK, JEAN A.
Leslie J.
35
54 Pine Street
•
Telepjj^g^ WHitehall 3-9151
Stock
Exchange
New York 5, N. Y.
Teletype NY 1-2863
page 36
Mr.
&
Mrs.
Lee
Staib,
Geo. Eustis & Co., Cincinnati; Mr. & Mrs. William
Bingham, Walter & Hurry, Inc., Los Angeles
Mr.
J. Zimmerman,
Mrs.
&
Richard
Roberts, R. C. Roberts & Co., New York; Mr.
Singer, Bean & Mackie, Inc., New York
C.
^
Security Traders Association
Of Chicago, Inc.
ROSTER
ERNEST A.
Cruttenden, Podesta & Co.
RICE, ROBERT
R.
MADDEN, ROBERT
35
Continued jrom "page
Hentz &
H
WILLIAM T.
Blair & Co., Incorporated
F.
Loewi
MARTIN L.
MAGEE,
RILEY,
Moseley & Co.
S.
M. Byllesby and Company,
Incorporated
S.
MAHER, RAYMOND A.
LOSING, FRANK E.
C.
A.
Aubrey G. Lanston & Co., Inc.
LYNCH, PHILIP A.
Francis I. du Pont & Co.
MacLEAN, JAMES H.
The Northern Trust Company
MARR,
G.
A.
Fuller
&
Co.
LAWRENCE N.
Becker & Co., Incorporated
MADARY, HAROLD A.
Robert
W.
Balrd
Milwaukee, Wise.
&
James
J.
JOHN D.
McNulty
&
Salomon
Bros.
MICHLS, DON
William
Mullaney,
Wells &
on
MOSHER,
The
AMERICAN
&
EXCHANGE
STOCK
Ira Haupt
SCHEUER,
Wm. H.
(Associate)
Upham
&
JAMES
NORMAN
Sincere
and
New
Established
1923
NEW YORK 5, N. Y.
64 WALL STREET
Teletype NY 1-1140
Telephone HAnover 2-9470
NEWPART,
Co.
H.
—
Company
CHRIS
Merrill
Lynch,
Incorporated
J.
Pierce,
Fenner
&
NEETZEL, DONALD F.
Glore, Forgan & Co.
NORTON, LAWRENCE H.
La
Salle Securities
Co.
O'BRIEN, EDWIN P.
Sincere and Company
O'CONNOR,
HUGH J.
Betts, Borland & Co.
OLDERSHAW, HALLOCK B.
Blyth & Co., Inc.
ORIGINATORS
*
UNDERWRITERS
O'ROURKE, Jr., JOHN P.
j
J.
DISTRIBUTORS
P.
O'Rourke
&
Co.
OSTRANDER, WILLIAM L.
First
Boston
Ccrporation
OWEN, JOHN H.
NEW JERSEY MUNICIPAL
Bacon, Whipple & Co.
PAMPEL, HOWARD L.
Aubrey, G. Lanston & Co., Inc.
and j
PARISE,
GEORGE
D.
Shearson, Hammill & Co.
PARKER, ARTHUR W.
David A. Noyes & Co.
AUTHORITY REVENUE
OBLIGATIONS
'Wm
PEARSON, DONALD C.
Wm.
H.
Tegtmeyer & Co.
PEKRIGO,
CHARLES R.
Hornblower
PETRIE,
Brown
&
Weeks
GEORGE
Brothers
PODESTA,
VV.
Harriman
ROBERT
&
A.
Cruttenden, Podesta & Co.
POLLICK, JOHN P.
Boland, Saf fin o Co.
Established 1920
Cook
Investment
TELEPHONE
Co.
PRUSIN, ROBERT S.
Doyle, O'Connor & Co.
PULVER,
35 WALL STREET
HENRI
P.
McMaster Hutchinson
&
Co.
RAHN, FRED T.
NEW YORK 5, N. Y.
Be// System
WHITEHALL 3-3414
Teletype—NY 1-535
The Illinois
Tegtmeyer & Co.
York
Hanseatic Corporation
Daniel F. Rice end Company
Langill & Co.
Exchange
& Co.
CHARLES G.
SCHMITZ, JOHN F.
NEWELL, EDWARD F.
Members American Stock
.
SCHLIPPER, JOHN L.
MURPHY, JOSEPH P.
Shearson, Hammill &
NAGEL,
v
Julien Collins & Company
Co.
H.
Dempsey-Tegeler Co.
Frank €. Masterson & Co.
McDowell
Company
RAMING, H. PHILIP
Glore, Forgan & Co.
RANDALL, RALPH G.
Taylor, Rogers & Tracy, Inc.
Co.
Smith
&
Simmons
:
Weld & Co.
SJOSTROM, ROBERT A.
Shearson, Hammill & Co.
.
,
Taylor, Rogers & Tracy, Inc.
Vj},
,
SCHEUER, RONALD C.
MULLER, DONALD R.
Harris,
Co.
Chesley & Co.
Company,
Wise.
;
,
SAYRE, BYRON J.
& Co.
THOMAS L.
Milwaukee
MURPHY,
&
SKEPNEK, Jr., PAUL J.
SAWERS, ARTHUR R.
Corporation
Hutchinson
Milwaukee,
&
Norris & Kenly
Boston
White,
SANDBERG, LAWRENCE
Co.
ORION
McMaster
Blosser
Straus,
SIMMONS, RICHARD W.
Blunt Ellis
SADLER, FRED D.
Inc.
MORTON, HOWARD C.
the
DONALD B.
SINCLAIR, RICHARD M.
Investment Co.
Sadler
First
,
...
The First National Bank of Chicago
MOON, RUSSELL F.
Shearson, Hammill
The
•
>
SACHNOFF, SAMUEL
moffat, donald l.
MORRIS,
'
Webster, Marsh & Co.
Aubrey G. Lanston & Co.,
Serving Brokers and Dealers
Co.
Reynolds & Co.
SACHNOFF, MOREY D.
Company
MILLER, SAUL R.
Miller, Tallman & Co., Inc.
36th Year
&
SILBERMAN, NATHAN M.
SACCO, ARTHUR C.
Company
Cook
Our
SHFRWOOD,
Byllesby and Company,
Incorporated
Harrison
Swift, Henke & Co.
G.
Blair &
CHARLES M.
MILLER,
H.
Carter
SHAW, BRADFORD W.
RYAN, Jr., GERALD M.
H. M.
Co.
SHALES, GLENN S.
Salomon Bros. & Hutzjer
Hutzler
&
WILLIAM J.
Cook Investment
& Co., Inc.
RUSSELL, MERTON A.
Halsey, Stuart & Co. Inc.
MEYERS, HENRY P.
Goldman, Sachs & Co.
1959
The Illinois Company
SENNOTT,
Smith, Barney & Co.
Reynolds & Co.
1923
Hallgarten & Co.
SELLERS, PAUL A.
ROOB, EDWARD A.
MELL, HERMAN G.
MEYER, JULIEN L.
MATHEWS, HENRY T.
Co., Incorporated,
(Associate)
SEARLE, RICHARD M.
CLARKE J.
ROGERS, JOHN C.
Hickey
*
Co., Inc.
Scott &
Dempsey-Tegeler & Co.
Company
.
DAVID
MORTIMER W.
Kegley, Incorporated
SCOTT,
*...
ROBINSON, ELDRIDGE
MEEHAN, WILLIS JOSEPH
Stewart, Miller & Co.
MARQUARDT, JEROME F.
A.
Blyth &
Co.
Blair & Company
William
F.
SCOTT, JAMES H.
M.
WILLIAM T.
Milwaukee, Wise.
ROBERTSON,
MCGREGOR, WILLIAM J.
Wm. H. Tegtmeyer & Co.
McllUGH,
Allyn & Company, Incorporated
William
&
& Co.,
(Associate)
McGHIE, Jr., GEORGE W.
F. S. Yantis & Co., Incorporated
H.
RALPH
Taylor, Rogers & Tracy, Inc.
Rice
M.
GIRARD
Taylor, Rogers & Tracy, Inc.
Aurora, Illinois (Associate)
McFARLANE, LAURENCE B.
T.
Co.
LONG,
LONGSTAFF,
SCHWANZ,
White, Weld & Co.
joseph m.
h
Dempsey-Tegeler & Co.
Co.
REVELL, RAYMOND F.
Kidder, Peabody & Co.
Morton Weiss,
>
DONALD D.
SCHUBERT,
P.
La Salle Securities
Mrs.
Wayne Hummer & Co.
Company,
EDWARD
RENIER.
C.
Higginson Corporation
Mcdonough,
Marshall
Milwaukee, Wise. (Associate)
MAYER,
McCOTTER, DONALD
OF MEMBERS
The
&
SCHOETTLER, F.
REED, ROY S.
MATZ, CHARLES T.
R. W. Pressprlch <fe Co.
Lee
Thursday, November 26, 1959
FINANCIAL CHRONICLE
THE COMMERCIAL and
36
;
GEORGE W.
Link, Gorman, Peck & Co.
SMITH,
SMITH, LLOYD H.
The First National Bank of Chicago
SMOLE, JOSEPH A.
The First National Bank of Chicago
SORENSON, OLAF A.
<
tFahnestock & Co.
SPANIER,
WILLIAM A.
Leason & Co.,
Inc.
SPARKS, ALLEN K.
F.
A.
STEAD,
C. F.
Carlton &
Jr.,
Co.
JAMES
J.
Childs and Company
.
Convention Number
STEFFE8, JAMES
Swift, Henke &
W.
STEWART,
W.
The
Co.
JOHN
First
H.
STRAIT, WALTER
L.
Swift, Henke
Co.
Daniel
&
Rice
Blair
and
C.
&
Co.
H.
Company,
THOMA, GLEN J.
Harris, Upham & Co.
J.
Devine
Norman B. Ward, Jr.
Robert C. Wetmore
Roy M. Hamsher
S.
H.
Directors:
Samuel
RYAN,
H.
Teresi, Reed, Lear & Co.; John C. Loos,
Cunningham, Schmertz
& Co., Inc.; Robert J.
Cunningham, Singer, Deane & Scribner;
A. J. Metzmaier, Jr., Mellon National Bank & Trust Co.
Walston & Co., Inc.; Joseph H.
bullivan,
Childs and Company
VALLEAU, HARRY O.
4, 1958; Took Office: January
Expires: December 31, 1959.
1,
1959; Term
(Associate)
WAHLQUIST, GEORGE R.
Weeden & Co.
OF MEMBERS
WAKELEY, THOMPSON M.
A. C. Allyn and Company, Inc.
ACKERMAN, WM. J.
Reed, Lear & Co.
CREHAN, JAMES E.
Moore, Leonard &
CRIST, JAMES D.
Kay, Richards & Co.
Schmertz
&i
Co.,
Inc.
APPLEGATE, A. LOWRIE
Hulme, Applegate & Humphrey, Inc.
ARTHURS, ADDISON W.
Arthurs, Lestrange & Co.
AUSTIN, JAMES
Henke & Co.
Parrish
&
SHIRLEY
BABBITT,
Doyle, O'Connor & Co.
Co.
Merrill
Lynch,
Incorporated
Burton J. Vincent & Co.
Singer,
J. Vincent & Co.
BATZ,
First
Smith
Deane
& Scribner
Becker & Co.
Washington Corporation
BUFFINGTON,
Arthurs,
BURGWIN,
WOOLARD, FRVNCIS C.
H. M. Byllesby and Company,
Incorporated
Howard
CARTER,
Elmer
Stifel, Nicolaus & Company, Incorporated
YOUNG, RAYMOND W.
Burgwin
&
CRAIG, JAMES
Co.
C. S.
McKee
NORMAN
Norman
Ward
B.
&
Inc.
Norman
Ward
Co.
& Co.
WETMORE, ROBERT
C.
McJunkin, Patton & Co.
WILLEY,
Co.
FRED
Stroud
&
W.
Company,
Incorporated
WOEBER, ROBERT A.
Singer, Deane & Scribner
P.
WOLFERS, PHILIP
Company
Walston
&
Co.,
Inc.
WOODS, JOHN P.
Mellen
Co.
National Bank &
Trust Co.
WOOLFOLK, THOMAS
A.
Company, Incorporated
E.
Masten
&
Company
ZINGERMAN, ROGER J.
Merrill Lynch, Pierce, Fenner
SIMPSON, WILLIAM G.
Simpson, Emery & Co., Inc.
Co.
&
Humphrey,
mm®
Co.
Underwriters and
ERNEST
'
Distributors
State, Municipal |
.
Corporate Securrtffc&j
O.
8.
ROBERT
McKee
&
R.
Company
FITZGERALD, JOHN L.
Singer, Deane & Scribner
Reed,
WILLIAM
R.
Lear & Co.
GENKINGER, JACK M.
J. M. Genkinger & Co., New
Castle,
Company
GLEESON,
Jr.,
Bernstein
GEORGE
P.i
H.
Co.
&
GURCAK, FRANK J.
Thomas
&
Company
HAMSHER, ROY M.
Cunningham,
HEFREN,
ALL
MARKETS
ON
ONE
CALL
HOWLEY,
Schmertz
ARTHUR
&
Co.,
Inc.
R.
WALTER
L.
Chaplin, McGuiness & Co.
HOY,
JOHN
Parrish «te Co.
HULME, MILTON G.
Complete Brokerage Service
U. S.
Hulme, Applegate & Humphrey, Inc.
Government—Municipal, State and Revenue Bonds
HUMPHREY, Jr., ARTHUR F.
Hulme, Applegate & Humphrey,
Inc.
HUNTER, DAVID
McKelvey & Company
HUNTER, FRANK H.
All Corporate & Foreign Bonds
McKelvy & Company
INGRAM, PAUL H.
Chaplin
Preferred and Common Stocks
and
Company
JAMISON,
Jr., THOMAS S.
Moore, Leonard & Lynch
JOHNSON,
WILBUR
BANK
E.
Johnson & Johnson
*
★
STOCKS
JOHNSON, Jr., WILBUR E.
*
Johnson
KEIR,
&
Johnson
HAROLD
M.
Francis L du Pont & Co.
KIRKPATRICK,
i
Members
American Stock
KOST,
A.
Exchange
Exchange
E.
KROW,
EDWARD
Masten
NEW YORK 6, N. Y.
RE 2-2820
Company,
Inc.
Company
M. A. SCHAPIRO &
HARVEY
Walston & Co.,
LEAR,
Inc.
EUGENE
JAMES
H.
Reed,
Telephone:
Lear & Co.
Lear
&
Co.
LEECH, FREDERICK C.
Moore, Leonard & Lynch
LESTRANGE,
Arthurs,
GEORGE
WALL
E.
Lestrange & Co.
WHITEHALL
CO., INC.
STREET
NEW YORK 5,
C.
LEATHERBURY, GEORGE P.
Teletype 1-2152
ONE
Company
Reed, Lear & Co.
LEAR,
Reed,
Bell System
&
C.
&
LAMBING, Jr., MALCOMB
Thomas &
115 BROADWAY
W.
KNOCH, CYRIL
Simpson, Emery
Established 1892
New York Stock
T.
KLIMA, JOHN R.
Reed, Le$r & Co.
MABON & CO.
Smith
Inc.
Childs and Company
FOLEY,
Co.
&
Incorporated
DOYLE, ROBERT C.
C.
W.
&
S.
FISHER, CHARLES N.
Singer, Deane & Scribner
SAMUEL C.
&
Applegate
FERRERO,
Co.
J.
E. Powell
&
Company
Simpson, Emery & Co., Inc.
Sr., JOSEPH
Preston, Watt & Schoyer
E.
Steele
Inc.
Company
EMERY, JOHN L.
CARTER, ALBERT R.
The First National Bank of Chicago
WRIGHT, CHAPIN N.
Securities
Inc.
HI
HOWARD
J.
&
&
E. Masten &
Moore, Leonard & Lynch
Co.,
C. F.
Lestrange &
J.
Stroud &
DONALDSON, JOHN P.
Kay, Richards & Co.
Arthurs, Lestrange & Co.
J.
Incorporated
ROBERT
McKee
Co.,
DEAKINS, ROBERT G.
Reed, Lear & Co.
DORBRITZ,
BUFFINGTON, JOSEPH,
Chicago
Dean Witter & Co.
THEODORE
Scott &
&
ARTHUR
Masten
WARD,
SHUTTLEWORTH, WILLIAM 8.
DODWORTH, W. STANLEY
Hare's, Ltd.
EDWARD L.
S.
Schmertz
Company
WARD, Jr., NORMAN B.
Walston & Co., Inc.
H.
E.
&
VOORSANGER, WILLIAM S.
St. Petersburg, Fla.
(Honorary)
SCHMERTZ, FRANCIS L. M.
H.
DeCOURSEY, JOHN A.
Chaplin, McGuiness &
Cunningham, Schmertz &
WOLTER, ARNOLD P.
8alle
&
BROWER, W. BRUCE
WINTERHALTER, LEROY F.
La
Fenner
BODELL, G. CLIFFORD
Co.
Harry J. Wilson & Co.
WOUK,
G.
Pierce,
BEAR, S. LEE
Kay, Richards & Co.
WILSON, HARRY J.
O.
Company
SCHMERTZ, ROBERT C.
Cunningham, Schmertz & Co.,
B.
Schoyer
UMSTEAD, AUSTIN
A.
&
&
J.
PAUL A.
Hulme,
BARR, THOMAS L.
WIERENGA, RICHARD H.
WILKIN, JOHN N.
Baker, Walsh & Co.
WILLIAMS, GEORGE P.
Langill & Co.
WILLIAMS, ROBERT C.
WOLF, Jr., LEONARD
A.
Co.
SATLER, Jr., FRANK L.
Moore, Leonard & Lynch
C.
CULLINAN, DANIEL J.
Chaplin, McGuiness & Co.
DAY,
Co., Incorporated
BARBOUR, DUANE
Company
WERNECKE, RICHARD A.
A.
WALTER H.
W. H. Babbitt &
WELCH, EDWARD H.
of
"TRESCH,
JACK
SHEPPARD, JOHN S.
DAVIES, Jr., THOMAS J.
McKelvy & Company
WAUCHOP, RAYMOND C.
Bank
Thomas
Company
Masten
SHAFFER,
Lynch
CUNNINGHAM, ROBERT J.
Singer, Deane & Scribner
.
WALSH, THOMAS D.
First National
E.
Watt
TOMASIC, ANTHONY E.
S.
SCRIBNER, JOSEPH M.
ANFANG, JAMES J.
Cunningham,
WALLACE, RICHARD J.
The
Company
Singer, Deane & Scribner
Ver Meulen & Co., Racine, Wis.
Weeden &
TIERNAN, WILSON
TITUS, SILAS
THOMAS
James
ROSTER
MEULEN, JOHN W.
Cruttenden, Podesta & Co.
&
M.
Preston, Watt & Schoyer
Preston,
RALPH
Inc.
TIERNAN, Jr., FRANK M.
Preston, Watt & Schoyer
SCOTT, JAMES H.
John Nuveen & Co.
Burton
A.
&
Jr.,
Co.
TIERNAN, FRANK M.
Co.
&
& Trust
Reed, Lear & Co.
SCHUGAR, MAX N.
Elected: December
Cartwright, Valleau & Co.
VALLELY, EDWARD V.
Hentz
RAYMOND
Cunningham,
McKee
ROSENBERG,
VACHA, JAMES C.
Doyle, O'Connor & Co.
and
S.
Vice-President: Norman B. Ward, Jr., Norman Ward & Co.
UHLARIK, THOMA8 8.
Bank
Schmertz & Co.,
TERESI, SAMUEL H.
ELMER E.
Powell
Co.
J.
E. E. Sweitzer Co., Inc.
CHARLES
RICHARDS,
Secretary: Roy M. Hamsher, Cunningham, Schmertz &
Co., Inc.
TRAINOR, WESTCOTT
Straus, Blosser & McDowell
Sincere
Cunnnigham,
TAYLOR,
President: Robert G. Deakins, Reed, Lear & Co.
Treasurer: Robert C. Wetmore, McJunkin, Patton & Co.
McCormick & Co.
Swift,
Co.
PARKER, H. SHELDON
Kay, Richards & Co.
Richards &
FRANK
TORREY, GEORGE R.
Ver
Trust
SWEITZER, EARL E.
Elmer E.
&
T.
National
MOIR, KENNETH
Arthurs, Lestrange & Co.
C.
Link, Gorman, Peck & Co.
Pont
Co.
FRANK
Mellon
&
du
SULLIVAN, JOSEPH H.
REED, PAUL
& Co.
Glore, Forgan & Co.
C. F.
Bank
J.
Co.
CHRISTIAN
&
STUREK,
Company
National
POWELL,
Robert G. Oeakins
TIIORSEN, LESTER J.
TORGERSON,
S.
&
PONICALL, Jr., FRANK M.
Singer, Deane & Scribner
Incorporated
I.
Stubner
&
SYDNEY
STUBNER,
Arthurs, Lestrange & Co.
and
Steele
Francis
J.
McGuiness & Co.
McKee
PEELOR,
J.
THOMPSON, RALPH W.
C.
Incorporated
FRANCIS
J.
HARRY
STOLACK,
PARRY, HERBERT B.
Moore, Leonard & Lynch
Tegtmeyer 3i Co.
Allyn
Co.,
CARL
8.
Mellon
G.
H. Harrison
C.
H.
P.
Edward Tague Co.
STEELE,
J
B.
TEGTMEYER, WILLIAM
A.
W.
S.
METZMAIER, Jr., ALBERT J.
Chicago
SWIECH, STANLEY I.
Stanley fewiech and Company, Inc.
H.
&
McKEE,
Company
Reynolds & Co.
Wm.
Inc.
H.
SWANSON, KNUTE
TERO, ROBERT
Co.,
McGUINESS,
unapnn,
The First National Bank of
Carter
&
W.
McDowell
ORVILLE
SUNDELL, ROY
SINGER, G. HARTON, ILL
Singer, Deane & Scribner
SMITH, JOHN
MARONEY, FRANKLIN
ROBERT
F.
LONSINGER, EUGENE W.
Reed, Lear & Co.
MacDONALD, LINFORD
Kay, Richards & Co.
& Co.
Straus, Blosser
37
LOOS, JOHN C.
Walston
Association
Inc.
STRAUS, FREDERICK
STRONG,
Pittsburgh Securities Traders
Boston Corporation
STONER, HARLEY
Halsey, Stuart &
STRAUSS,
THE COMMERCIAL and FINANCIAL CHRONICLE
N. Y.
Teletype:
3-1900
N. Y. 1-2788
THE COMMERCIAL and FINANCIAL
38
&
Investment Traders Association
Thursday, November 26,
CHRONICLE
Co.; Thomas J. Love, Geo. E. Snyder & Co.; James J. McAtee,
McFarland, Stroud & Company,
Butcher & Sherrerd; James B.
Inc.; Wallace H. Runyan, Hemphill, Noyes & Co.; Joseph E.
Smith, Newhurger & Company; Charles L. Wallingford, Janney,
Dulles & Battles, Inc.; John D. Wallingford, Hecker & Co.; E.
Coit Williamson, Schmidt, Roberts & Parke.
Committeemen:
National
WILLIAM B.
Eastman Dillon, Union Securities & Co.
G. Remington, Hess,
Grant & Remington, Inc.; Charles L. Wal¬
lingford, Janney, Dulles & Battles, Inc.
Alternates: John M. Hudson,
Drexel &
Elair
Co.; Wiilard F. Rice, Eastman Dillon, Union Securi¬
Elected: September 23,
1959; Took Office: October 1, 1959; Term
Expires: September 30, 1960.
CRAIG
Lewis,C. Dick Co.
WILLIAM
DOERR.
ROSTER
LEO
Dclphin & Co.
LEE
Salomon
Bioren
Close
&
Swain
Walston
LEWIS
J.
EUGENE
Harriman
AYRES,
E.
T.
A.
Lynch,
Pierce,
Fenner
Smith
&
Inc.
BAILEY, Jr.,
GEORGE
BARNES,
Radetzky
F.
President: Rubin Hardy,
The First Boston
Corporation.
BEATTIE,
H.
Vice-President:
Securities & Co.
First
Wiilard
Second Vice-President:
Treasurer:
Union
Riecke
A.
BELL,
John E. Knob, Drexel &
Radetzky, New York Hanseatic
Corpora¬
BODINE,
Drexel
BOOTHBY,
CHRISTIAN,
Riecke & Co., Inc.', Edgar
A. Christian, Suplee, Yeatman, Mosley & Co., Incorporated;
Spencer L. Corson, Elkins, Morris, Stokes & Co.; Joseph J. Cummings, Brooke & Co.; Robert F. Donovan, Blyth & Co., Inc.,
Harry F. Green, Jr., Merrill Lynch, Pierce, Fenner & Smith
Incorporated; Robert N. Greene, Stroud & Company, Incorpo¬
rated; John M. Hudson, Thayer, Baker & Co.; Stanley W. Jef¬
fries, Newhurger & Co.; Samuel M. Kennedy, Yurnall, Biddle
Herbert E. Beattie, Jr., H. A.
COLFER,
WILLARD
Union
Dillon,
BORTNER,
SAMUEL
Hornblower
S.
Securities
& Co.
E.
W.
COMPTON,
CORSON,
Brooke &
Blyth & Co., Inc.
Stroud
&
Company,
BROOKS, G.
Schmidt,
TORPIE & SALTZMAN
BROWN,
H.
Roberts &
N.
Nash
&
GEMENDEN,
WALTER
Butcher
Sherrerd
DAFFRON,
B.
Harrison
DARBY,
Jr.,
&
CAMPBELL,
IN
Janney,
DAVIS,
GRANT
H.
Sherrerd
C.
ROBERT
GORMAN,
H.
G.
CHARLES
Dulles
&
J.
Battles,
DAVIS,
&
EDMUND
and
Inc.
Company
F.
Lynch, Pierce, Fenner & Smith
Incorporated
GREENE, ROBERT N.
Stroud
J.
Co.,
Inc.
&
Company,
De
&
Haven
Incorporated
LAWRENCE
W.
GRIFFITHS,
J.
Townsend,
Crouter
Bodine
UNLISTED SECURITIES
39
BROADWAY
New
York
6,
1959
1930
N. Y.
TRADING MARKETS
m
We maintain
a
continuing interest in—
OVER-THE-COUNTER
Casco Chemical Corp.
SECURITIES
Dixon Chemical & Research
•
"I
.
High Point Chemical
Northeast Telecommunications
&reeTve««ACamp(m\^
Northeast Metals, Inc.
Members New York Security
Inquiries invited
37 Wall
ffearsnn; iMurplig & (En., 3nr.
50 BROAD
STREET
NEW YORK 4,
Telephone WHitehal! 4-7361
Street, New York 5, N. Y.
Telephone
NY 1-1126 & 1127
HAnover 24850
wires to MAR ACHE, DOFFLEMYRE & CO., Los Angeles, California
Members Pacific Coast Stock Exchange
LOWELL, MURPHY & COMPANY, Denver, Colorado
Teletype NY 1-2402
PARKER, FORD
BRANCH OFFICE: STAMFORD HOUSE,
Dealers Association
Teletype
Direct private
N. Y.
STAMFORD, CONN.
/
and
Co.
J.
GREEN, Jr., HARRY
Rambo, Close & Kerner, Inc.
Inc.
&
WM.
FRANK
Kuch
E.
DONALD W.
Riecke
Securities
(Honorary)
GOODMAN, M.
Co.
ALBERT
A.
E.
CHARLES
Dillon, Union
B.
Co.
White, Weld & Co.
Woodcock, Hess, Moyer & Co., Inc.
Butcher &
&
Eastman
Morrill
A.
PHILIP P.
& Townsend, Crouter &
GILLERAN, EDWARD P.
National Association of Securities
HAROLD
HARRY
F.
Incorporated
Co.,
GAUGHAN,
Inc.
Harry C. Dackerman & Co.
CALL, THOMAS D.
CAMPBELL,
JOSEPH
GALLAGHER,
Blair
Co.
Harper & Turner,
Parke
Claymont, Del.
G.
&
Bodine
L.
& Battles,
&
DACKERMAN,
Bioren & Co.
TRADING MARKETS
Dana
DeHaven
Co.
CUNNINGHAM,
B.
Incorporated
ROBERT
LLOYD
ALBERT
Dealers, Inc.
BROCK,ALEXANDER
C.
JAMES
Burton,
CUMMINGS, JOSEPH
J.
Wood, Jr. & Co.
GABLE,
S.
•/
HOLSTEIN DeHAVEN
C.
GESSING,
Janney, Dulles
Incorporated
Co.
Wellington Fund, Inc.,
CRAM, JAMES
C.
& Co.
BRENNAN, CHARLES
SPENCER
B.
Company,
&
FRENCH
J.
Elkins, Morris, Stokes & Co.
Co.
CHARLES
A.
Inc.
GEORGE
ALLAN
Stroud
FOX,
PATRICK
Co.,
2nd, JOHN M.
Clark & Co.
W.
FOGARTY, FRANK J.
Frank J. Fogarty &
Winslow, Cohu & Stetson
JOHN L.
Clark
Mosley Co.,
CHAUNCEY P.
Lynch, Pierce, Fenner & Smith
Incorporated
Yarnall, Biddle & Co.
BRA.DLY,
&
Sparks & Co.
W.
FOARD,
Merrill
BRACHER, Jr., ALFRED F.
Jones, Miller & Company
Dolphin &
A.
COLWELL,
BOWERS, THOMAS A.
BRADBURY,
E.
& Co.
JOHN
Walston
WALTER D.
J.
LAWRENCE
COLLINS,
H.
J.
FLYNN,
JACK
Rufus Waples
Weeks
&
Crouter & Bodine
S.
FREDERICK
Nash & Co.
FIXTER,
Dulles & Battles, Inc.
Janney,
W.
Jr.,
P.
Incorporated
II.
N.
H.
Co.
Peabody &
Kidder,
Securities Corporation
EDGAR
& Co.,
Freeman
M.
M.
FISCHER,
Townsend,
ROBERT
ALBERT H.
Inc.
FENSTERMACHER,
FISIIER, Jr., DANIEL H.
& Co.
Suplee, Yeatman,
Co.
Co.
Eastman
tion.
Governors:
Scott <fc
PAUL
Inc.
Caugnlin & Co.
CHRISTIAN,
HERBERT
&
&
Equitable
Co., Inc.
(Honorary)
Dulles & Battles, Inc.
C.
FREDERIC
CAULFIELD,
E.
WILLIAM
BLIZZARD,
Co.
FITZSIMONS
Penington, Colket & Co.
CAUGHLIN, EDWARD J.
Edward J,
H.
HARRY
Jr.,
JOHN
FANT,
R.
Noyes
Jr.,
DeHaven
Inc.
Co.
&
JOSEPH
CARTER,
O.
HERBERT
Jr.,
L.
WILLIAM J.
Hemphill,
Hart
&
Reynolds & Co.
Kidder, Peabody & Co.
Co.
G.
&
Montgomery,
Jack Christian, Janney,
Secretary: William R.
Eastman Dillon,
F. Rice,
JOHN
P. Ristine
Euler
FAHRIG,
JOHN
Jr.,
&
CHARLES J.
EULER,
J.
RUSSELL M.
Company, Incorporated
Jr.,
Stroud
L.
Co.
ALBERT
CARSON,
&
Dulles & Battles,
Janney,
BARTON,
Incorporated
Caplan & Co.
CARROLL,
Son
JOSEPH
J.
Inc.
Fenner & Smith
Pierce,
Merrill Lynch,
Inc.
JOHN
&
H.
CHARLES
Distributors,
Wilmington, Del.
ERGOOD,
Janney, Dulles & Battles,
NEWTON
B.
Newbold's
H.
Co.,
Jr.,
CAROTHERS,
A.
BAILEY, LEONARD
White, Weld & Co.
W.
R.
CARDAMONE, PETER
Albert Teller & Co.
George A. Bailey & Co.
BARBER,
&
Clark
W.
CAPLAN,
Incorporated
Ripley & Co.,
PERCY
Merrill
William R.
Co.
&
DURANG, GEORGE R.
JOHN
CANTWELL,
Inc.
Company,
FORREST H.
DUBLE,
Incorporated
RICHARD
CANTWELL,
Inc.
Kerner,
&
DOWNS, CHARLES E.
J.
ROBERT
Company,
M.
RUSSELL
Rambo,
Thayer, Baker & Company
C.
Lewis Armstrong & Co.
ARNOLD,
&
CAMPION,
Hutzler
&
TOWNSEND
ARMSTRONG,
J.
Stroud
Co.
&
Jr.,
CAMPBELL,
Phila.
J.
Bros.
ANDERSON,
of
Ass'n
F.
Weld & Co.
White,
DOTTS,
Delaware
ALFGREN,
Jack Christian
ROBERT
C. A.
DORSEY,
DUDICHUM,
Traders
Invest
M.
Blyth & Co., Inc.
MEMBERS
OF
John E. Knob
Wiilard F. Rice
Corp.
Securities
American
DOLPHIN,
Parrish
Rubin Hardy
Co.
&
DICK, Jr., L.
Thayer, Baker & Co.; John F. Knob,
Co.; Wallace H. Runyan, Hemphill, Noyes & Co.; Joseph
Smith, Newhurger & Company.
FREDERICK V.
Jr.,
DEVOLL,
Bache
JOHN H.
Incorporated
Jr.,
Co.,
&
DONOVAN,
ties &
E.
DERICKSON,
Svplec, Yeatman,
Christian,
Edgar A.
Mosley Co., Inc.; Rubin Hardy, The First Boston Corporation;
James B. McFarland, Stroud & Company, Incorporated: Clifford
Peabody & Co.
Kidder,
DENNEY,
Incorporated; James G. Mundy, Suplee, Yeatman, Mosley Co.,
Of Philadelphia
P.
JOHN
DExMPSEY,
1959
COMPANY, Dallas, Texas
'
&
Convention Number
Mr.
&
Mrs.
THE COMMERCIAL and FINANCIAL
CHRONICLE
Casper A. Rogers, Casper Rogers & Co., New
York;
Golkin, Bomback & Co., New York
HAGER, MALVIN B.
W.
H.
FRANCIS
J.
JEFFRIES.
Newbold's Son A Co.
JOHNSON.
F. P.
HARDY, RUBIN
Corp.
Eastman Dillon,
JOYCE,
Union Securities A Co.
GEORGE
Bissell
A
R.
Samuel K.
HEN 8 HAW,
Meeds
L.
Phillips 4s Co.
Sheridan Bogan Paul A
Co.,
Phila.-Baltimore
Stock
Exchange
A Remington
HEWARD, JAMES
Butcher
A
KINSELLA,
Sherrerd
Robinson
HEWARD, RICHARD W.
HOERGER, CHARLES E.
Merrill Lynch, Pierce, Fenner A Smith
Incorporated
Hornblower
A
ROBERT
JOSEPH
H.
Geo.
m.
Lynch
McGARVEY, Jr., JOHN N.
stroud & ComP»ny. Incorporated
Continued,
on
ST.
C.
N.
Co., Inc.
JANES ANTHONY SECURITIES CORP.
Newbold's Sons A Co.
E.
Snyder A Co.
Stroud A Company, Incorporated
MANEELY, HARRY 8.
Montgomery, Scott A Co.
D.
.
Inc.
MANN, NEVIN
Halsey, Stuart A Co., Inc.
MARKMAN, JOSEPH
Newburger A Co.
37 WALL STREET
MARTIN, RICHARD A.
BOwling Green 9-4290
NEW YORK 5, N. Y.
White, Weld A Co.
Inc.
Teletype: NY 1-4541
McATFE, JAMES J.
Butcher
KNOB, FRED R.
A
Sherrerd
McBRIDE, ALFRED R.
Wright, Wood A Co.
Eastman Dillon, Union Securities A Co.
KNOB, JOHN E.
McCANN,
Drexel A Co.
THOMAS
J.
Gerstley, Sunstein A Co.
HUDSON, JOHN M.
Thayer, Baker A Co.
KRAEMER, Jr., F. RAYMOND
Delaware Distributors, Inc.
Wilmington, Del.
McCAULLY, ARMOUR W.
Hallowell, Sulzberger, Jenks, Klrkland
HUTCHINSON, ALMON L.
Kidder, Peabody A Co.
KRUG,
McCOOK, ROBERT
A
B.
CO.
Hecker A
UNLISTED SECURITIES
Co.
SPECIALISTS SINCE
1922
INQUIRIES INVITED
oils
V1
JOHN J. O'KANE, JR. & CO.
—
PHILIP C.
KULLMAN, JR. (1922-1951)
ROBERT N.
mining
KULLMAN
—
JOHN J.
O'KANE, JR. (1922-1956)
MANAGING PARTNER
Members New York
Security Dealers Association
-
42
Broadway, New York 4, N. Y.
Phone—DIgby 4-6320
industrials
Teletype—NY 1-1525
-
natural gas
COMPLIMENTS:
AS
TRADERS WE MAINTAIN MARKETS
IN SUCH ISSUES
J. F. Reilly & Co., Inc.
39
Broadway
1
New York 4, N. Y.
john f. Mclaughlin
Exchange Place
Jersey City 2, N. J.
DIgby 4-4970
DIgby 4-4970
HEnderson 4-8S04
Teletype—NY 1-610
page
MAGUIRE, FELIX E.
Weeks
THOMAS
Bloren A Co.
A
Mm?^dA&DComMnvA1l!??ni5nrat.H
Hess, Grant A Remington, Inc.
LOVE, THOMAS J.
Winslow, Cohu A Stetson
HOLMAN, ROBERT O.
Smith, Barney A Co.
Paul
Co.
W.
KNAUPP, WILLIAM C.
M.
Mcdonald, william
J.
Co.
Sheridan Bogan Paul &
KNAPP, ALFRED 8.
Janney, Dulles A Battles,
Boenning & Co.
A
WILLIAM
McCULLOUGH, JOHN J.
Wellington Fund, inc.
LESCUBE, JAMES H.
Goldman, Sachs A Co.
HISCOX, ARTHUR G.
McCULLEN,
EDWARD
LAWRIE, WILLIAM
(Honorary)
KLINGLER, JOHN F.
Wright, Wood A Co.
HOLDSWORTH,
Co.,
Summerell, Wagenseller A Durst, Inc., Los
Angeles; Hugh Schllcting, WW. P.
Seattle; Mrs. & Mr. Otto J. Koch, Jr., The Marshall
Company, Milwaukee
Mccoy, john p.
Thayer, Baker A Co.
M.
Ristine
P.
A
B.
MICHAEL
A
Co.,
Hallowell, Sulzberger, Jenks, Klrkland
KIELY, JERRY J.
Baker, Weeks A Co.
Inc.
C.
LAUT,
KETCHAM, WILLIAM S.
Wright, Wood A Co.
HESS, WILLIAM M.
&
RASH, ALLYN R.
Paine, Webber, Jackson A Curtis
KENNEY, ROBERT G.
Janney, Dulles A Battles, Inc.
Inc.
Son
LA
KENNEDY, SAMUEL M.
Yarnall, Blddle A Co.
WILLIAM
Grant
F.
National Quotation Bureau
HARRY
&
Company, Incorporated
JOHN
LAND,
J.
KEARTON, JOHN
HEPPE, JOHN E.
Hess,
R.
Woodcock, Hess, Moyer A Co., Inc.
Hart
Mrs. Donald E.
Penington, Colket & Co.
JUSTICE, FLOYD E.
Kidder. Peabody A Co.
HART, ROBERT F.
HEFFELFINGER,
LAMB,
Ristine A Co.
THOMAS
&
LAIRD, FRANK J.
Stroud &
WILLIAM
Mr.
LACHMAN, Jr., CARL
Laird, Bissell & Meeds
W.
Butcher A Sherrerd
HARRIS, RUSSELL A.
&s
STANLEY
Golkin,
Harper
JORDAN, Jr., ALVIN W.
The First Boston
Laird,
Saul
JENNINGS, JOHN E.
Warner, Jennings, Mandel & Longstreth
HANO, NICHOLAS G.
Newburger & Co.
Euler
Mrs.
Newburger A Co.
HAMMETT, Jr., WILLIAM H.
Boenning A Co.
HARRISON,
&
JACOBY, Jr., LEWIS P.
Thayer, Baker A Co.
Montgomery, Scott A Co.
HAINES,
Mr.
39
Teletype—JCY 1160
52 WALL
Direct Wirea Connecting
Denver
•
Salt Lake City
-
•
STREET, NEW YORK 5, N. Y.
Telephone HAnover 2-3500
Washington, D. C.
5
40
40
Thursday, November
FINANCIAL CHRONICLE
THE COMMERCIAL and
"
26, 1959
1
JOHN T.
Schmidt, Roberts & Parke
Continued from page
HENRY
The
Fund,
Wellington
Inc.
Rambo, Close & Kerner,
Hemphill, Noyes & Co.
STANLEY
MILLER,
Bache
E.
JOSEPH
MORLEY,
RAYMOND
Stroud & Company,
WILLIAM
RAFFEL,
Raffel
FRANK J.
Morrissey & Co.
F.
J.
RANDOLPH, L.
F.
Incorporated
S.
JOSEPH
REILLEY,
Miller & Co.
Jones,
& Remington,
Hess,' Grant
Mosley Co.,
RICE,
Inc.
WILLARD F.
Dillon, Union Securities & Co.
W.
JOHN
Hornblower
NASH,
JOHN B.
Butcher & Sherrerd
RICHTER,
& Co.
Reynolds
MURPHY,
A.
&
HAROLD N.
Blair
H. N. Nash & Co.
MAYLOR,
ROSS,
ROBERT
.; jH. N. Nash & Co.
RUDOLPH,
Stroud
& Co,
NELSON,
WALTER
SANDER,
G.
N0WLAN,
C.
C.
SANFORD,
LAWRENCE J.
& Co., Inc.
Eastern
Collings
&
ROY
THOMAS,
P.
F.
(Members located
Mandel & Longstreth
Co.
Co., Incorporated
& Co.
Boenning
Ass'n
in
HARRY L.
Suplee, Yeatman,
Incorporated
UNLISTED SECURITIES
UNDY,
C.
Securities
Mosley Co.
for Banks and Dealers
E.
W.
Smith Co.
CHARLES L.
Dulles & Battles, Inc.
WALLINGFORD,
Janney,
Exchange Place, New York 5
J. K. Rice, Jr.
DIRECT
& Co.
Hecker
Teletype No. NY 1-2762
Swain &
WELLS, ALFRED D.
Woodcock, Hess, Moyer
LOTS —ROUND LOTS
ODD
Contact
us
for bids
on
& Co.
REctor 2-4506
Lilley & Co.
$1,000 to $100,000
Kidder, Peabody
Teletype:
120 BROADWAY
mcui
VftDlf
u
c
N Y 1-714
V
(Cashiers)NEW Y0,fK 5» N'Y'
N Y 1-2810
& Co.
&
Co.
T.
NORMAN
& Battles, Inc.
Dulles
Janney,
Dealers Association
FRANK L.
WHITLEY,
Bioren
Association of Securities Dealers, Inc.
FRANK
WHITCRAFT,
WILDE,
Telephones:
REctor 2-4500
Jr., HENRY C.
WELSH,
and Denver, Colorado
Members New York Security
Co.
Goldman, Sachs &
TO
WIRES
Angeles, California
Members National
JOHN F.
WELLER,
CORPORATE BONDS
Los
S.
Company, Inc.
ALFRED
WARNER,
& Co
ESTABLISHED 1908
JOHN D.
WALLINGFORD,
WHitehall 3-7830
•
Co.
J. Devine &
W.
'
H.
FRANK
WALLACE, DAVID
Phone:
DEALERS
Incorporated
FREDERICK
J.
UNDERWOOD,
VEITH,
40
(Associate)
Jr., FRANCIS
Lewis C. Dick Co.
brokerage service
Unlisted
(Associate)
TRIMBLE,
Members
all
& Waggoner
Neal
Wyatt,
ASSELIN, U. FRANK
Walls Associates, Inc.
ROY
TREVINE,
& CO. INC.
in
Inc.
LEOPOLD
Chisholm & Co., Inc.
A.
& Co.,
Harriman Ripley &
a
(Associate)
Courts & Co.
ARMSBY, JOHN W. !
Co.
Brothers Harriman &
Harriman Ripley
GROSSMAN
C.''
HAROLD
TORRENS, ROBERT
S. WEINBERG,
Co.,
(Associate)
McKinnon
&
H.
BERNARD
Brown
Render
II,
Varnedoe,
Savannah
TODD,
(Associate)
Robinson-Humphrey
ADLER,
EDWARD
Gerstley, Sunstein &
Y. Security Dealers
The
A.
CLIFFORD
ANDREWS, THOMAS
ADAMS, EDWARD R.
Hutton & Co,
E.
W.
Thomson
Georgia (Associate)
Company of
EDWARD
Neal & Waggoner
Wyatt,
ANDERSON,
ABLE, STEPHEN
Trust
Jr.,
ALBRIGHT,
in Atlanta unless
indicated)
ALLISON
Thomson & McKinnon
H.
TITTERMARY,
ROBERT L.
Securities, Inc.
,
OF MEMBERS
ADAMS,
Noyes & Co.
Hemphill,
Sherrerd
C.
LEWIS
TOBIAS,
N.
otherwise
H.
Ristine & Co.
TILGE,
RUDOLPH
Butcher
Fahnestock & Co.
& Co.
CLAYTON
Corporation.
January 1, 1959; Term
Expires: December 31, 1959.
J.
Incorporated
Noyes & Co.
Hemphill,
Teller
TERRELL,
WALLACE H.
RUNYAN,
CARL T.
Goldman, Sachs
Inc.
First Southeastern
Took Office:
1958;
December,
ROSTER
Warner, Jennings,
MICHAEL
& Company,
Elected:
R.
Edward
ALBERT
TELLER,
Albert
Distributors,
Wilmington, Del.
CARL
NECKER,
J
&
LEWIS J.
Willis,
Company, Inc.; Frank
Alternate: James W. Means,
L.
RAYMOND
Harris, Courts & Co.; Lex Jolley,
Humphrey Company, Inc.; Francis D.
Pierce, Fenner & Smith Incorporated.
Drexel & Co.
LESLIE
Co., Incorporated
Schaffer, Necker & Co.
NECKER,
Charles
J.
Delaware
& Co.
CHARLES A.
A. Taggart & Co., Inc.
TALCOTT,
Clement A. Evans &
Adams,. The RobinsonJ. Myers, J. H. Hilsman &
Co., Inc.; Jack C. Morris, The Johnson, Lane, Space Corporation;
Fred L. Mullikin, Jr., First Southeastern Corporation.
THOMAS
Gerstley, Sunstein
-
Committeemen:
Humphrey
S.
Penington, Colket & Co.
RODGERS,
SUSKI,
:
Robinson
National
Z.
TAGGART,
ELLWOOD
ROBINSON,
Weeks
Co.
Mosley Co.,
Suplee, Yeatman,
Incorporated
•;
Merrill Lynch,
Jr., LEON
SUPLEE, WILLIAM
G.
.
Budd, Inc.
Clarke, Johnson, Lane, Space and
Committee: Clement A. Evans,
Company, Inc.; S. Richard
The
Co.
&
SUNSTEIN,
Eastman
MURPHY, JOHN
GEORGE W.
Jenks, Kirkland
Hallowell, Sulzberger,
Gerstley, Sunstein &
REMINGTON, CLIFFORD
G.
JAMES
Suplee, Yeatman,
Incorporated
Co., Inc.
Executive
Inc.
Budd, McNeel, Rankin and
Secretary-Treasurer; Harrison
STREET, PHILLIPS B.
The First Boston Corporation
SULZBERGER,
WISTER
Company,
WALLACE A.
Schmidt, Roberts & Parke
R.
MUNDY,
S.
F.
REBAR,
\
VICTOR
Suplee, Yeatman, Mosley Co.,
Incorporated
MOSLEY,
&
Stroud
THOMAS
j; Morrissey & Co.
McClelland, J. H. Hilsman & Co.,
Vice-President: Townshend
Co.
&
MORRISSEY,
MORRISSEY,
President: John E.
GEORGE
Moseley & Co.
STADTLER,
WILLIAM R.
York Hanseatic Corporation
New
A.
Incorporated
Yarnall,
Harrison Clarke
Townshend Budd
John E. McClalland
& Co.
HARRY B.
Biddle & Co.
SNYDER,
Co.,
Smith
SMITH, JOSEPH E.
Newburger
RADETZKY,
Co.
&
MORRIS,
Inc.
Longstreth
G.
Inc.
QUINTARD, ROMEYN B.
Suplee, Yeatman, Mosley
Incorporated
F.
Taggart & Co.,
A.
Charles
CHARLES
PRIGGEMEIER,
M.
CHARLES P.
Merrill Lynch, Pierce, Fenner &
Incorporated
SHAW,
JAMES G.
Jennings, Mandel &
Warner,
Paul & Co., Inc.
Bogan
Sheridan
F.
Corporation
ANDREW
PORTER,
WILLIAM
Jr.,
Co.
&
SI£LIIEIMER, PERRY N.
Co.
&
Boston
First
C.
C.
WILLIAM
Brooke
C.
FRED
PIMLEY,
J.
A.
RUSSELL
The First Boston Corp.
EDWARD J.
PHILLIS,
JOSEPH A.
Hopper, Holiday & Co.
MELLET,
& R.
P.
R.
SCHULER,
SCOTT,
McNAMEE,
WILLIAM McE.
Miller & Co., Inc.
SCHREINER,
Co.
K. Phillips & Co.
Fahnestock
THOMAS
Schaffer, Necker <fe Co.
Co.
&
A.
CHARLES
SCHAUFLER,
W.
GORDON
Samuel
Reynolds & Co.
MEANEY,
STANLEY A.
PHILLIPS,
Inc.
Co.,
&
DONALD
McMULLIN,
PESZKA,
Bache
B.
Moyer
Hess,
L.
PFAU,
Corporation
WALTER
Woodcock,
PARSLY,
Montgomery, Scott &
M.
Eoston
First
McLEAR,
39
L.
.DONALD
McLEAN,
Jr.,
FULLER
Parsly Bros. & Co., Inc.
Dackerman & Co.
C.
Harry
Schaffer, Necker & Co.
NEWTON
Gerstley, Sunstein & Co.
Philadelphia
F.
RUSSELL W.
SCHAFFER,
Riecke & Co., Inc.
A.
H.
PARKES,
Association
Georgia Security Dealers
Corporation
HAROLD
Co.
Boenning &
E.
JOHN
PARKER,
J.
GERALD
York Hanseatic
New
SCATTERGOOD,
FAIRMAN,
Traders Assn. of
McKAY,
C.
Harry
SANTUCCI,
F.
Dackerman & Co.
JOSEPH
O'BRIEN,
Investment
PUT &
CALL OPTIONS
COIT
E.
WILLIAMSON,
Schmidt, Roberts
& Parke
WILLIS, ALFRED J.
SPECIAL SITUATIONS
Thayer, Baker & Co.
GEORGE C.
WILLIS,
& Co., Inc.
C. C. Collings
JOHN J.
WITTENWILER,
Barney &
Smith,
2nd,
WOOD,
Co.
Henry Blair & Co.
RICHARD D.
Wright, Wood & Co.
WILLARD M.
Jr.,
WRIGHT,
Member Put Sc. Call Brokers Sc
Kidder, Peabody & Co.
WURTS, JOHN
W.
Dealer's Association, Inc.
,
•
,
-f,/
.
White, Weld <fe Co.
CANDEE
Members National Association
CO.
&
of Security Dealers, Inc.
Amdtt,
44
WALL
STREET
YORK
5, N. Y.
Baker & Co.,
Incorporated
YOUNG, C. HOWLE
The
NEW
ALBERT R.
Jr.,
YEATTS,
Wellington Company
ZELLER,
JOSEPH A.
Bankers
40
NEW
BOwling Green 9-0040
Tele:
NY 1-1862
ZERRINGER,
ZUBER,
WALTER K.
ETHAN
G.
Suplee, Yeatman, Mosley Co.,
Incorporated
WHitehall 4-5563
EXCHANGE PLACE
Securities Corp.
YORK
5,
NEW YORK
WHitehall 4-6443
"vy.'V
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
ATKINSON, CHARLES
Johnson,
Lane,
BREWER, J. ROBERT
Space
and
Co.,
Inc.
AUSTIN, J.
J.
W.
BROCK,
I
HOLLIS
Tindall
&
Company
W.
Dickson & Co., Inc.
S.
BAKER,
The
HORACE
Jr.,
Courts
&
B.
Byron
E.
A.
E.
Evans
Company,
Inc.
Hutton &
First
Southeastern
F.
Macon
Walls
E.
E.
Corporation
COLE,
ALFRED
Co.,
Inc.
WILL
Norris
&
R.
The
Inc.
(Associate),
T.
Evans
&
Company,
BEUTELL, Jr., JOS&
M.
Evans
&
Company,
McNeel,
BERNARD
Rankin
and
BLACKWOOD, Jr.,
W. HUGH
The Citizens and Southern National Bank
BLALOCK, Jr., F.
WELLBORN
Lynch, Pierce, Fenner & Smith
Incorporated
Budd,
Inc.
Southern
National
Court3
The
Inc.
Space
(Associate)
and
Co.,
Inc.
Inc.
(Associate)
BOYD,
&
Lane,
Space
BRAY,
Co.,
Inc.
Trust
(Associate)
JAMES D.
Tindall &
Company
of
Georgia
Johnson,
Abbett &
Inc.
(Associate)
The
Goodbody
HARRIS,
ALLEN
Inc.
C.
Inc..
Inc.
Company,
Inc.
French
&
S.
RICHARD
&
Co.
Crawford,
Lynch, Pierce, Fenner & Smith
Incorporated
Securities
&
Co.,
Inc.
T.
Space &
Co.,
Inc.,
GARNER
&
A.
Crawford, Inc.
HARRY
H.
Lynch, Pierce, Fenner & Smith
JOHNSON, THOMAS M.
S.
Johnson,
Lane,
Space
and
Co.,
Inc.,
Savannah
FRANK J.
Courts & Co.
Clement
A.
JOHNSTONE, RAY W.
Evans
Norris
H.
&
Company, Inc.
&
Hirshbehg,
JOHNSTONE,
Inc.
RICHARD
G.
Wyatt, Neal & Waggoner (Associate)
HILL,
CARL E.
French
HILL,
Corporation
Inc.
Incorporated
&
Crawford,
JOLLEY,
Inc.
The
CRUMPTON, III, TOM U.
Lane,
JOHNSON,
Inc.
(Associate)
1
CARL A.
Co.,
N.
Space
DAVID
JOHNSON,
French
HERNDON, THOMAS
S.
Robinson-Humphrey
Interstate
Company,
T.
HARRIS,
HENRY,
Co.,
&
Savannah
&
Jr., WALTER
Goodbody & Co.
(Associate)
FREEMAN
Lane,
Johnson,
Evans
Rome
Savannah
JOHNSON,
HAY,
Crawford, Inc.
EDWARD
Jr.,
Johnson,
Inc.
Co.
A.
(Associate)
Savannah
LARRY
LEONARD
Courts
Jr.,
Jr.,
&
W.
Co.,
JELKS, FREEMAN N.
Johnson, Lane, Space
JELKS,
RALPH
CLOVIS
JACOBS, ROGER M.
e
Wyatt, Neal & Waggoner
D.
J.
&
Merrill
Company.
Savannah
CROFT,
ROGER
Jr.,
Walls
Lane,
Space
and
Co.,
Inc.,
Associates,
Inc.
(Associate)
LEX
Robinson-Humphrey
E.
JONES,
French
&
DICK,
E.
GUY
& Co.,
Inc.
Company,
Inc.
Co.,
Inc.
JACKSON
&
W.
Space
HOOK,
P.
Company
JOHN
Citizens
Co.,
KEEBLE,
Inc.
E.
Company, Columbus
Bank
HUGER,
WM.
Courts
&
Company,
Investors,
Inc.
Hutton
&
Company
(Associate)
W.
(Associate)
La
CABELL
The
Robinson-Humphrey
(Associate)
DREW,
J.
Ga.
KILLEN, EUGENE H.
,
Clisby & Co., Macon (Associate)
E.
Continued
Co.
on
page
A.
DULANEY,
The
Inc.
OLIN
Clement
are
Company,
Evans
&
LANDON
Company,
Inc.
C.
Robinson-Humphrey Company, Inc.
Specialists in
DUPREE, JAMES H.
BUYERS OF BUSINESSES
Courts
&
Co.
DURRETT,
J.
and
H.
J.
EISENBERG,
of
Clement
F.
&
Inc.
Company,
(Associate)
B.
Co.
&
Foreign Investments
ENGLISH, Jr., JOSEPH E.
Walls
(Associate)
Associates, Inc.
EVANS,
Inquiries Invited from Brokers and/Dealers
Foreign Securities
Inc.
Co.,
Evans
ELLIS, JOHN
Courts
&
MILTON
A.
Savannah
BLOCKS OF STOCKS
(Associate)
FRAZER
Hilsman
CLEMENT
Clement
FELKER,
A.
Evans
&
RICHARD
R.
A.
Consolidated
Inc.
Company,
Investors,
Inc.
FERGUSON, Jr., JOSEPH M.
Courts &
tjtf/mAo/clandSP.
(Associate)
Co.
FIRESTONE, STANFORD
E. F. Hutton & Company (Associate)
FLEMING,
Hill, Thompson & Co., Inc.
70 Wall
Street, New York 5, N. Y.
E.
F.
STROTHER
Jr.,
Hutton
FLEMING,
Courts
&
WILLIAM
&
INVESTMENT
S.
Associate
Albany,
Co.,
tfnc.
C.
Company
JOHN R.
Trust Company of Georgia
FRENCH, J. McCREA
Telephone WHitehall 4454/0
French
FROST,
J.
VUWWWHVWWWVWWWWHWUnWWWWWVWWWHWWW
H.
&
JAY
D.
Hilsman
FULWILER,
Harris,
&
WM.
Upham
FUNSTEN,
30 Broad
(Associate)
SECURITIES
American
Stock
Exchange
Street, New York 4, N. Y.
Telephone
Teletype
WHitehall 3-9200
NY 1-515
Inc.
Crawford,
Members
Ga.
FRANKLIN,
Inc.
Co.,
H.
&
Co.
JAS. C.
Johnson,
Lane,
GERNAZIAN,
Thomson
&
Spaco
HARRY
Co.,
Inc.
L.
Over
(Associate)
McKinnon
&
a
Half Century of Efficient and
Economical Service
GILBERT, GEORGE W.
The Robinson-Humphrey
Company,
Inc.
(Associate)
GODSHALL,
R.
Clement A.
Merrill
AS TRANSFER AGENT
ELLIS
Evans & Company,
Inc.
in
DONALD
GOLDMAN,
Lynch, Pierce, Fenner & Smith
Incorporated
GORDON,
ALBERT
Courts
Courts
&
GORLIN,
We afford
(Associate)
W.
Co.
FRANK
(Associate)
Co;
&
WM.
H.
and their
R.
Kugel, Stone
&
Co.
Telephone,• 'WHitehall 3-2050
The
New York 4, N. Y.
Teletype: N.Y. 1-1822
WILLIAM
Lynch,
advantages to
corporations
stockholders.
State
Stock
F.
Pierce,
Fenner
&
Federal
Original Issue and Transfer Tax Rates.
Smith
Incorporated
GRADY,
Incorporated
30 Broad Street
Merrill
other
Write for our free booklet setting forth the Current
and
Jr.,
and
N. J.
(Associate)
Harris, Upham & Co.
GOW,
economies
underwriters, distributors,
STEVE
Courts
GOULD,
Co.
Jr.,
Incorporated
LEONARD
Jr.,
&
GORDY,
New York, N. Y. and Jersey City,
E.
Distributors Group,
GORDON,
HENRY W.
Robinson-Humphrey Company, Inc.
GRIFFIN,
Wyatt,
RANDOLPH
Neal
&
PAGE
Registrar
and
Transfer Company
15 EXCHANGE PLACE
50 CHURCH STREET
Waggoner
Established
GRIGGS,
Johnson,
JAMES
Lane,
New York 7,
R.
Space
&
Co.,
Johnson,
Lane,
(Associate)
Space
N, Y.
Inc.
BEekman 3-2170
GRIGGS, R. BROOKS
&
Co., Inc.
' !
:
Grange,
Co
&
Inc.
KEY, R. C.
First Southeastern Corporation, Columbus
Georgia
&
B.
Trust Company of Georgia
Southern National
HOPKINS, W.
F.
KERN, JOHN
R.
of
Evans
A.
JOHN
KENNEDY, JOHN LELAND
A.
and
Co.
&
r
&
HOFFMAN, CULLEN J.
ROBERT
Company
Courts
Upham
KABLE, JOHN R.
(Associate)
A.
DORNBUSH, KIRK T.
&
Bank
DOUGHERTY, BENJAMIN T.
We
Inc
R.
Consolidated
DODD, Jr., JERE
Trust
National
HIRSHBERG, JULIAN R.
Norris & Hirshberg, Inc.
Tillman-Whitaker Co., Athens (Associate)
Lane, Space
Jr., D.
Lane,
Hoffman-Walker
Hutton
Jr.,
Harris,
W.
Southern
Clement
Co.
Jr.,
F.
&
HIND SMAN,
Crawford,
&
TRACY
Citizens
Johnson,
RICHARD
Courts
HILL,
(Associate)
DEAN, JAMES B.
DINCE,
CLARKE, HARRISON
Johnson, Lane, Space
Co.
Courts
J.
CRAWFORD, Sr., ALLEN
Johnson, Lane, Space and
DENNY,
Company
CLARKE, HAGOOD
BRAYSHAW, DONALD B.
Co.,
ST.
DEMPSEY, HAROLD G.
Varnedoe, Chisholm & Co., Inc.
M.
Inc.
Hirshberg,
HARRIS,
Harris, Upham & Co.
Savannah
ROBERT
JOHN
Robinson-Humphrey
&
BRYON
Co.
HUNTER, Jr., H. F.
(Associate)
&
DAVIS, LLOYD
Co., Inc.
CHISHOLM, FRANK A.
&
Augusta
(Associate)
Inc.
Sr.,
Clement
Savannah
WARREN
C. Bradford <fe Co.
J. W.
HARRIS
F.
J. W. Tindall & Company
R.
Crawford,
&
STOCKTON
&
DAVIS, DAVID H.
......
Jr., D. HUDSON
Johnson,
J.
CHESTNUT,
Co.
Norris
Pierce, Fenner & Smith
Trust Company of Georgia
HOWARD B.
Associates, Inc.
(Associate)
Walls
E.
Courts
HUNERKOPF,
HOMER
Associates,
HARRIS,
Merrill
(Associate)
Co.
CHEATHAM,
Inc.
Co.
CROWLEY,
H.
(Associate)
Company,
Company,
CARY
Dickson
French
Company
CHAMBLESS, HENRY H.
Johnson, Lane,. Space and
& Co.
Walls
(Associate)
(Associate)
Bank
BOUNDS, JAMES W.
Courts
&
A.
S.
CRAIGEN,
Jr., HARRY M.
Robinson-Humphrey
HUME.
Inc.
HARMON, Jr., HOWARD B.
HARMON,
WILLIAM
Johnson,
BOGGS, Jr., RICHARD L.
Goodbody
&
Company, Inc.
Co.
Inc.
CHALKER, THOMAS F.
Goodbody & Co. (Associate)
FRANK E.
&
Company,
CARSON, ROBERT HOWARD
Tillman-Whitaker Co., Athens (Associate)
Courts
(Associate)
Citizens
&
CARTER, Jr., HUGH D.
CLAYTON
and
LOUIS
Courts & Co.
Merrill
McNeel, Rankin
CAREY,
&
&
GIBSON
Lynch,
Incorporated
Crawford,
Jr.,
J.
Merrill
"
WALDO
HARBOUR, Jr., RICHARD P.
Wyatt, Neal & Waggoner (Associate)
C.
CRAWFORD,
CANDLER, J. C.
Johnson, Lane,
(Associate)
Inc.
Traywick
T.
COOPER,
R.
Crawford,
L.
Budd,
Inc.
Lynch, Pierce, Fenner & Smith
Incorporated
(Associate)
WILLIAM
&
Company,
Merrill
(Associate)
C.
&
&
Robinson-Humphrey
COX,
Brooke
French
C.
&
French
Evans
A.
French
HARDER,
COURTS, RICHARD W.
Associates, Inc.
Byron
(Associate)
BLOCK,
Inc.
FRANK
CAGLE,
BLANCHARD,
McKinnon
Inc.
(Associate)
BLACKWELL,
Company,
TOWNSHEND
Walls
BURT,
(Associate)
DARGAN
Courts
Robinson-Humphrey
JESSE
Inc.
COOLEDGE, NORMAN A.
M.
McNeel, Rankin and Budd, Inc.
Co.
A.
&
HULL,
Groover
C.
(Associate)
(Associate)
BUGG,
BLACKSTONE, LESTER J.
Clement
(Associate)
Robinson-Humphrey
BUDD,
Inc.
Augusta
Courts
The
E.
The
&
HAINES,
HANNER, RICHARD E.
Goodbody & Co.
(Associate)
Newnan
FRED
(Associate)
G.
Associates,
COLLINS,
B.
BUDD, J. COLEMAN
Hirshberg,
A.
& Co.,
BRYANT,
EUGENE
Howard
ARNOLD
Company
Groover
Thomson
of Georgia
JAMES
Clement
NORRIS
&
ALFRED
,
COLEMAN, Jr., JOHN H.
BUCHANAN, C. SHELTON
E.
Company
BEESON,
&
Courts
and
Jr.,
Hutton
G.
(Associate)
Company
BRYANT, EVERETT C.
Savannah
Trust
F.
&
Brown
'
Clement
Hutton
GROOVER, T. DENMARK
(Associate)
Associates, Inc.
CLYATT,
Co.
BRUMBACK,
(Associate)
BASTIN,
F.
Brown
BARROW, Jr., CRAIG
Johnson, Lane, Space
Lord,
Groover,
&
Co.
RAY
CLISBY, JOSEPH R.
Clisby & Co., Macon
Company
JAMES
JOSEPH
BROYLES,
Company (Associate)
BARNETT, JOHN H.
The
BROWN,
E
&
BARNARD, Jr., HARMON LOEB
BOON,
&
&
&
Walls
Co.
CARROLL
Clement
BECK,
Courts
CLEMONS,
BYRON
Jr.,
Courts
(Associate)
Co.
Brooke
Brown
DONALD
&
Inc.
F.
BROYLES, NORRIS ARNOLD
BANKS,
E. F.
Goodbody
BROWN,
Robinson-Humphrey Company, Inc.
BANKS,
HENRY
BROOKE,
BAGGERLY, EARL
R.
CLARKSON, MASSEY
French & Crawford,
(Associate)
41
j
1899
City 2, N. J.
HEnderson 4-8525
42
ROSTER OF MEMBERS
Continued from page
KILPATRICK,
Augusta
KISH,
R.
41
ANDREW J.
Jr.,
CARL
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
KLINE, Jr., A. CUYLER
Johnson, Lane, Space <5c Co.,
KNELLER,
GEORGE
Courts &
John
Lynch, Pierce, Fenner & Smith
W. R.
Robinson-Humphrey
The
LAHMAN, HARRY
J. C. Bradford &
Company,
Inc.
Co.
Incorporated
MARKELES,
Robinson-Humphrey
Company,
Inc.
Varnedoe, Chisholm & Co., Inc.,
JOSEPH E.
Robinson-Humphrey
Savannah
Robinson-Humphrey
Company,
Norris
LEE,
&
Inc.
Jr., CHARLES W.
Hirshberg, Inc. (Associate)
ROBERT
Wyatt,
(Associate)
The
ROBERT I.
Johnson, Lane, Space and Co.,
Trust Company
Inc.
of Georgia (Associate)
Company
Inc.
Courts
Varnedoe,
of Georgia
J.
>
Lane,
&
Inc.
Co.,
BRUCE
and Budd,
H.
Hilsman
W.
Johnson,
Inc.
STEINHAUER,
&
Co.,
CHARLES
(Associate)
J.
SITES,
Inc.
Walls Associates, Inc.
Johnson,
SWIFT,
S.
JOHN H.
Southeastern
Corporation
Jr., FRANK E.
Fulton National Bank
TAYLOR,
Inc.,
Evans & Company,
THOMAS, RICHARD E.
Norris & Hirshberg, Inc.
THOMPSON, PAUL F.
Walls Associates, Inc. (Associate)
THOMAS
TILLMAN,
Co.
M.
Co.,
Athens
JOSEPH
Lane, Space & Co.,
TINDALL, Jr. FRANK C.,
J. W. Tindall & Company
Inc.
Augusta
(Associate)
and
(Associate)
SULLIVAN, Jr., WILLIAM P.
F. Eberstadt & Co., Inc.
Tillman-Whitaker
MILLER, W. GRADY
Co.
&
SLATTERY,
MILLIKAN, TROY W.
Johnson,
Lane, Space
(Associate)
FRANK B.
Courts
MILLER, PHILIP L.
Miller Securities Corp.
Goodbody &
THOMAS W.
& Co., Inc.
STOCKS, FRANK
Trust Company of Georgia
ARTHUR B.
Clement A.
National Bank
Budd,
Inc.
EUGENE
STIPE, STERLING H.
Inc.
J.
SITES, CRAWFORD M.
Courts & Co.
and
R;
Hilsman
H.
First
HARRY
Goodbody & Co.
SHELDON,
SIMKINS,
Inc.
Co.,
F.
MILLER, PHILIP
McNeel, Rankin
(Associate)
Inc.
Co.,
Savannah
B.
JAMES
MILNER,
(Associate)
Byron Brooke & Company
ANDREW
MILSTEAD,
CONVERTIBLE
J.
Lynch, Pierce, Fenner & Smith
Incorporated
Merrill
Underwriters and Distributors
Clement A. Evans & Company,
Industrial Securities
BONDS
GEORGE W.
MONK,
Inc.
THOMAS
MONROE,
Citizens
Southern
&
National
Bank
MORRIS, JACK C.
Johnson, Lane, Space and Co., Inc.
JOSEPH L.
Robinson-Humphrey Company, Inc.
MORRIS,
The
MOSELEY,
111
Broadway
New York 6,
LASSEY O.
Jr.,
E. F. Hutton & Company
MULLIKIN,
(Associate)
Ogden,Wechsler & Krumholz
39
FRED L.
Corporation
Jr.,
First Southeastern
N. Y.
MURPHY,
Broadway
New York
BARNARD
N.
6, N. Y.
Goodbody & Co.
MYERS, FRANK J.
& Co.,
Hilsman
H.
J.
Inc.
Telephone
Teletype
HAnover 2-5865
NY 1-1085
NEAL, J. ROBERT
Neal & Waggoner
Wyatt,
PRIMARY
MARKETS
NEWTON, III,
E.
CHARLES
Clisby & Co., Macon
NICHOLSON,
E.
GEORGE
Jr.,
A.
Hutton & Company
F.
FLEMING
J.
NORVELL,
Clement A. Evans & Company,
We
Inc.,
maintain markets in
(Associate)
Augusta
NUNNALLY, Jr., HUGH P.
&
Courts
Complete Trading Facilities and Experience
Brokerage Service in all
McKEE
Co.
Courts &
For
SENSIBLE
Co.
NUNNALLY,
OBERRY, GEORGE G.
Merrill Lynch, Pierce, Fenner & Smith
OVER-THE-COUNTER
Incorporated
M. LAMAR
Robinson-Humphrey
STOCKS
OGLESBY,
The
O'NEIL, JACK
•
French & Crawford,
Company,
Inc.
Inc.
(Associate)
including:
OWENS, J. ROBERT
UNLISTED SECURITIES
Neal
Wyatt,
Waggoner
&
(Associate)
PATY, III, ARTHUR A.
Clement A. Evans & Company,
Inc.
(Associate)
for
BANKS
—
BROKERS and DEALERS
PEEPLES, FRANK
Clement A. Evans & Co., Inc., Macon
PENDERGRAST,
Courts
&
THOMAS J.
Associated Testing
Vocaline Company
Laboratories, Inc.
Riverside Plastics, Inc.
Florida Palm-Aire Corp.
French
E.
&
For
Crawford, Inc.
Hutton & Company (Associate)
POPLDCCHARLES
Walls
Industro Transistor, Inc.
Southern Nevada
Power Co.
Co.
HUGH GENE
F.
of
America, Inc.
Pepsi Cola United
Bottling, Inc.
Pantasote Co., Inc.
PERKINSON, TOM G.
PIKE,
Associates,
'
C.
Inc.
full trading facilities phone:
Jim Macartney
A1 Haig
Milt Rohdin
Ed Young
Oscar Alexander
C. L. Macurda
(Miami)
(Associate)
POUND, JERE M.
Spencer, Zimmerman, Pound & Co., Inc.
Underwriters
PRESTON, Jr., SAMUEL W.
•
Brokers
•
Dealers
Wyatt, Neal & Waggoner
RADFORD, Jr., ROLAND A.
J. W. Tindall & Company
SIDNEY A. SIEGEL & CO., INC.
39 BROADWAY
NEW YORK 6, N. Y.
DIgby 4-2370
Teletype NY 1-1942
RAGSDALE,
The
IRVIN T.
Robinson-Humphrey Company, Inc.
RANKIN, J. R.
McNeel, Rankin and Budd, Inc.
BREVES,
Courts
H.
Sb
GRADY
Co.
George, O'Neill & Co.
liKorporattd
30 BROAD
STREET, NEW YORK 4, N. Y.
921 duPont Plaza Center
BEES, in, ARTHUR F.
Clement A. Evans &
Inc.
C.
Hirshberg, Inc.
&
STEWART,
Inc.
Savannah
JAMES
Company,
ELLIOTT
Lane, Space & Co.,
Jr.,
SHAVER, DAVID A.
Inc.,
Co.,
and
Robinson-Humphrey
(Associate)
McNeel, Rankin and Budd, Inc.
and
(Associate)
Aetna Securities Corporation
The
Athens
Co.,
JOHN M.
STEADMAN,
SHAVER, C. RALSTON
McNeel, Rankin and Budd, Inc.
(Associate)
Corporation
Space
THOMAS H.
Bradford & Co.
C.
STAFFORD, W. A.
Tillman-Whitaker
STAGG,
Harris, Upham & Co.
MEYER, CHARLES
Johnson, Lane, Space
First
Jr.,
SHAINKER,
Southeastern
MILHOUS,
(Associate)
Georgia
SETTLE, ROYSTON R.
i. H. Hilsman & Co.,
MERRY, n, ARTHUR H.
Augusta
J.
(Associate)
FLEMING
SETTLE, J.
(Associate)
Johnson,
Columbus
Norris
JAMES W.
MEANS,
Inc.
KYLE
J.
Zimmerman, Pound & Co., Inc.
STAFFORD,
Chisholm & Co., Inc.
McNeel,
Rankin
(Associate)
FONVILLE
Co.
&
Inc.
JACK H.
SCHAEFER,
Co.,
CARL L.
Varnedoe, Chisholm
First
MATHEWS, Jr., ROBERT C.
Trust
Inc.
Company,
FINLAY
Incorporated
D.
&
Savannah
& Co., Inc.
Augusta
Waggoner
LESSER, NORMAN
McRAE,
DENNIS
of
Company
SAUNDERS,
MEADOWS,
MASON, JAMES
Lane, Space
&
Trust
P.
Co.
&
W.
Hirshberg,
&
Spencer,
Savannah
MoWHORTER,
Robinson-Humphrey Company,
Johnson,
E.
Neal &
Inc.
Blair
MARTIN,
LEACHMAN,
Courts
MARTIN, Jr., JUSTUS C.
Company,
RUSSELL, ROBERT L.
J. C. Bradford & Co.
S.
HOWARD
Inc.
and Co.,
(Associate)
McNEEL, Jr., EUGENE E.
McNeel, Rankin and Budd, Inc.
MARTIN, Jr., G. W.
The
Evans
A.
Norris
_
SANFORD,
WILLIAM
and Co., Inc.
Savannah
SPEAS, J.
ROSENBERG, RALPH H.
Clement A. Evans & Company,
(Associate)
McNAIR,
Company, Inc.
SPENCER,
PHIL C.
Pierce, Fenner & Smith
Jr.,
Merrill Lynch,
Clement
Co., Inc.
ROBY
Robinson-Humphrey
MARK F.
Hoffman-Walker Co., Columbus
Equitable Securities Corporation
MARTIN, DORRIS A. (Mr.)
Walls Associates, Inc. (Associate)
LATTIMORE, HARRY W.
The
Lane, Space &
Augusta (Associate)
Johnson,
(Associate)
The
(Associate)
McGONAGLE,
MARKWALTER, JOHN S.
F.
JULIAN A.
Johnson, Lane, Space
ROBINSON,
McGAUGHY, PAUL W.
(Associate)
Lane,
(Associate)
Johnson,
Inc.
ROSENBERG,
Incorporated
CHARLES B.
Harris, Upham & Co.
LARKINS, S. JACK
R. S. Dickson & Co., Inc.
LAY,
McDUFFIE,
MANNERS, PAUL E.
First National Bank
LANDER, COY R.
First Southeastern Corporation
JOHN
Lynch, Pierce, Fenner & Smith
Incorporated
(Associate)
Inc.
WILLIS
A.
Space
SPACE,
McDOUGAL, PAUL A.
First Southeastern Corporation
Inc.
Co.,
&
WILLIAM
SMITH,
The Robinson-Humphrey Company,
Incorporated
Crawford,
Augusta
P.
Hilsman
H.
& Co., Inc.
Johnson,
ROBERTSON, Jr., A.
.
McDONOUGGH, JOHN J.
Merrill Lynch, Pierce, Fenner & Smith
FRANK
&
Inc.
Merrill
R.
MALLORY, Jr., WALDO W.
E. F. Hutton & Company
French
RICHARD M.
Merrill Lynch, Pierce, Fenner & Smith
The
Jr., W.
JOSEPH J.
MALOOF,
LAMB,
LANGAN,
V
Courts & Co.
ALFRED D.
J.
e.
Co.,
&
McCORD, Jr., JOSEPH A.
Luttrell & Co., Columbus
MADDOX,
Hilsman
H.
J.
W.
Co.
WILEY J.
Lane, Space
SMITH,
E.
Co.
&
ROBERTS,
McClelland, john
R.
■
LUTTRELL,
Incorporated
Courts
Fulton National Bank
Company
&
Columbus
KRENSON, WILLIAM D.
Johnson, Lane, Space and Co., Inc.
(Associate)
KUHLMAN,
W.
BEN
ROBERTS,
EUGENE A.
McCLELLAN,
SWIFT
Nuveen
LUTTRELL,
KONTZ, JOHN T.
Merrill
H.
LIPSCOMB,
Savannah
KENNETH C.
McKinnon (Associate)
&
Thomson
and Co., Inc.
Space
(Associate)
Courts &
Inc.
& Company,
Evans
A.
Clement
Lane,
SMITH, WALTER
SIDNEY, B.
Jr.,
RIVES,
Inc.
Company,
&
TONY H.
Johnson,
Southeastern
First
Company
&
SMITH, SIDNEY M.
Clement A. Evans
SMITH,
JOHN C.
Corporation
REYNOLDS,
WESLEY
H.
Hutton
F.
McALISTER,
Co.
LINDSEY, EDWARD H.
Clement A. Evans & Company, Inc.
Inc.
C.
Lane, Space & Co;,
Johnson,
E.
(Associate)
Clisby & Co., Macon
ZAHNER
A.
Inc.
H.
SMITH, RAYMOND
Co.
Courts &
Savannah
McADEN,
WILLIAM W.
LEWIS,
REYNOLDS,
Inc.
and Co.,
Space
Lane,
Lane, Space & Co.,
Johnson,
Inc.
REVSON, Jr., ALFRED F.
Courts & Co.
MATTHEWS, WILLIAM M.
First Ntaional Bank of Atlanta
Johnson,
H.
(Associate)
LEWIS, WILLIAM
Goodbody & Co.
McNeel, Rankin and Budd,
(Associate)
Pierce, Fenner & Smith
Incorporated (Associate)
Merrill Lynch,
MAY, Jr., PHILIP S.
LEVINS, WILLIAM A.
Courts & Co.
SMITH, Jr., HERSHEL F.
JACK
RENSHAW,
MATTHEWS, ROBERT L.
Georgia Security Dealers Association
Thursday, November 26, 1959
FINANCIAL CHRONICLE
THE COMMERCIAL and
42
Company,
Inc.
Building,Miami, Fla.
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
TINDALL, JULIAN W.
J.
W.
Tindall
8s
WILLIS,
Company,
Norris
8s
Inc.
E.
F. Hutton 8s
The
Bank
Schwabacher 8s
WAGGONER, T. REUBEN
Wyatt, Neal & Waggoner
WORLEY, W. L.
Courts
&
Inc.
(Associate)
IV, ALEXANDER
Company,
The
Company,
Inc.
(Associate)
Space
and
Co.,
ZIMMERMAN, WILLIAM H.
Spencer, Zimmerman, Pound & Co., Inc
Inc.
Columbus
Company, Columbus
FRANK
Co.,
Albany
WALKER,
J.
SAMUEL G.
Hilsman & Co.,
H.
Merrill
SMITH,
J.
A.
ERNEST
Lynch, Pierce, Fenner & Smith
Edward
J. A.
Walls
WALLS,
JAMES
Walls
Inc.
Burton 8s
J. A. Hogle 8s Co.
Co.
STRAND,
J. A.
Dempsey-Tegeler & Co.
Inc.
Company,
PETT,
WELLBORN,
Courts
&
STUART
Merrill
MARSHALL J.
Lynch,
&
Smith
MerriU
JAMES
Courts &
GEOBGE
Co.,
WILLIAMS,
S.
Evans
D. Richard Moench
Jr., Ure, Davis & Co.
Vice-President: Cloyd Goates, Merrill Lynch, Pierce, Fenner &
Company
Smith
Fenner
&
WHITNEY, FRANK M.
Whitney 8s Company
WHITNEY, RICHARD E.
Co.
Company,
Whitney 8s Company
Treasurer: D. Richard
Corp.
WOLLEY,
REYNOLDS, RUTH L.
Reynolds-Peterson & Co.
WOOLLEY, ROBERT P.
J. A.
Lynch,
Robert
YORK,
Fierce,
Fenner
&
Smith
EASTON C.
Hogle & Co.
P.
WooUey
8s
Company
LEE
Harrison
S. Brothers & Co.
Incorporated
Moench, D. Richard Moench & Co.
Whitney, Whitney & Company; Calvin P.
Gaddis, Edward L. Burton & Company' Edward J. Mawood,
Dempsey-Tegeler & Co.; Richard W. Muir, Schwabacher & Co.
Merrill
Lynch, Pierce, Fenner 8s Smith
Incorporated
EUGENE F.
Took Office: May
J. W. Tindall & Company
1, 1959; Term Expires: May 1, 1960.
ROSTER
Utah
OF MEMBERS
Security
Dealers
Ass'n
(Members located in Salt Lake City unless
otherwise indicated)
J. A. WINSTON & CO., INC.
AITKEN, KENNETH M.
A securities
MerriU
firm serving dealers
Lynch,
ANDERSON,
individual
investors
Pierce,
Fenner
8s
Smith
I
V.
based
E.
VERNON
ORPO
RATED
Anderson
8s
E.
Co.
ASPDEN, WILLIAM H.
J. A. Hogle 8s Co.
research and
NC
Incorporated
v
on
SAM
Schwabacher 8s Co.
Directors: Richard E.
II, JAMES J.
and
WILSON,
Investment Co.
RALEIGH, KATHRYN
J. A. Hogle & Co.
Merrill
Secretary: Phil S. Tunks, J. A. Hogle & Co.
Inc.
Potter
ROCHE, WALTER
Incorporated.
H.
&
Southeastern
WILLIS,
Cloyd Goates
President: Lincoln R. Ure,
WILLIAMS, Jr., RALPH W.
WILLIAMSON,
Phil S. Tunks
FRANK
JOSEPH
A.
Lincoln R. lire, Jr.
Athens
WIGHT, WENDELL B.
Hoffman-Walker-Wight
Albany
First
Smith
Incorporated
Potter Investment
(Associate)
Jr., A.
&
Clement
8s
POTTER, JOHN
Co.
WIEGAND,
Courts
Fenner
POTTER, DAVID B.
Athens
Co.,
Co.
WHITTLESEY,
'*■
Pierce,
Incorporated
Pierce,
J.
Courts &
Lynch,
LEE
Tillman-Whitaker
WHITE, J.
Lynch,
S.
WARD, PARKER L.
PIKE, MALCOLM E.
WHITAKER,
PHIL
Hogle 8s Co.
Jr., LINCOLN R.
Ure, Davis & Co.
Fenner
Co.
Merrill
Company
ARLYN
URE,
B.
Incorporated
WHELCHEL, Jr., WILLIAM PINCKNEY
Courts & Co., Albany
Investment
Hogle & Co.
TUNKS,
J. A.
Pierce,
ELMER
Strand
STYLER,
Dempsey-Tegeler & Co.
Robinson-Humphrey
Co.
STEVENS, HOWARD
D.
PETERSON, DARWIN L.
(Associate)
WAYNE
Stead
J. A. Hogle & Co.
H.
PETT, J. ARTHUR
The
WALTER
STEAD, ROBERT T.
Inc.
WATSON, JOHN L.
Company
Sondrup & Company
&
Guss
R.
(Associate)
WALLACE
Associates,
Investment
Hogle & Co.
Walter
PETEBSON, CHRISTIAN S.
Reynolds, Peterson & Co.
Associates,
WALTER
STEAD, H.
Incorporated
WALLS, JACK L.
Pierce, Fenner 8s Smith
DEAN
SONDRUP,
Co.
KENNETH
L.
MICHAEL
SMOOT, Jr., WENDELL M.
Hogle & Co.
NEWMAN,
W.
Andersen, Randolph & Co., Inc.
Security Bank of Utah, N. A.
(Associate)
MUTH,
Inc.
Hogle 8s Co.
Strand
First
Andersen, Randolph & Co., Inc.
Jr., ROY W.
WALLACE,
MICHELS, J. RICHARD
VICTOR
Co.
A.
Incorporated
SMITH,
MUNZ,
Utah Security Dealers Association
(Associate)
Co., Inc.
A.
HAYDN
MerriU Lynch,
MAWOOD, EDWARD J.
Dempsey-Tegeler & Co.
Schwabacher &
Hilsman &
J.
B.
MUIR, RICHARD W.
WALKER, HAROLD L.
H.
SHIPIONE,
JOHN
D. RICHARD
D. Richard Moench & Co.
(Associate)
J.
LINDQUIST, G. C.
Lindquist Securities
MOENCH,
C.
Hoffman-Walker-Wight
SCHETTLER,
Jr.,
W.
(Associate)
Edward L. Burton & Co.
Robinson-Humphrey
WILFORD
The Continental Bank & Trust
Inc.
YOW, LAWSON
Co.
Johnson, Lane,
(Associate)
CURTIS
Associates,
Robinson-Humphrey
ROMNEY,
Co.
LEONARD, MATTHEW
Dempsey-Tegeler 8s Co.
MATHESON,
Company
WOODWARD, A. J.
WALKER,
KASTELIC, RONALD
National
YEARLEY,
WOOD, ALLEN WEST
DEAN
Hoffman-Walker
Walls
Lynch, Pierce, Fenner 8s Smith
Incorporated
Inc.
VARDAMAN, OWEN C.
Wyntt, Neal & Waggoner
A.
Fulton
YATES, MATTHEW J.
WISE, Jr., LAMAR M.
Hirshberg, Inc. (Associate)
WALKER,
WRAY, CHARLES
Merrill
Howard C. Traywick 8s Company,
L.
D.
Pierce, Fenner & Smith
Incorporated
TEAYWICK, HOWARD C.
UNDERWOOD,
FRANCIS
Merrill Lynch,
Company
TOMPKINS, HENRY B.
The Robinson-Humphrey
43
trading markets
BADGER,
RALPH
Brokers—Underwriters—Dealers
A.
Ralph A. Badger 8s Co.
11
BAGLEY, EDWARD N.
J. A. Hogle 8s Co.
BECK,
RICHARD
Broadway
F.
•
J. A. Hogle 8s Co.
New York 4, N. Y.
WHitehall 4-6600
BERNICK, ROBERT
Salt Lake Tribune
(Associate)
BROTHERS, HARRISON S.
Harrison S.
Strauss, Gtinberg & Co., Inc.
115
BULLEN,
Co.
ROBERT
Schwabacher
8s
Co.
BURBIDGE, KENNETH
New York 6, N. Y.
Broadway
Brothers 8s
Schwabacher
8s
Co.
CONDIE, G. RICHARD
Telephone
Teletype
BArclay 7-7631
N Y 1-3636
Cashier:
J. A.
Hogle 8s Co.
COOMBS, Jr., E. WILLIAM
Market Securities, Inc.
COON, MARILYN
BArclay 7-7630
Schwabacher
8s
SIMMONS & CO.
Co.
CROMER, LYMAN L.
Cromer
Brokerage Co.
DAVIS, GLEN L.
Ure, Davis 8s Co.
Brokers
DENTON, Jr., GEORGE L.
First
Security Bank of Utah, N. A.
(Associate)
DEWITZ, HERBERT
J. A.
EARL,
Thinking of.
Hogle 8s Co.
8s
Harrison
S.
Brothers 8s
Underwritings
Co.
FLANAGAN, JOHN F.
Dempsey-Tegeler 8s Co.
Private Placements
FORSTER, JOHN J.
J. A. Hogle 8s Co.
V
Our proven
GADDIS, CALVIN P.
ability, seasoned
Edward
experience and national
contacts are at your
and
Our
tor
GOATES,
Burton
JAMES
8s
Lynch,
Incorporated
of dealer and inves¬
8s
Special Offerings
Co.
A.
J
Co.
Secondaries
CLOYD
MerriU
interest in sound stocks
Pierce,
Fenner
8s
Smith
GUSS, MAX
suffering from thin markets
and lack of
L.
Schwabacher
specialty is the devel¬
opment
Distributors
GAMBLE,
service.
Guss
sponsorship.
HALL,
.
Co.
FINLINSON, JOSEPH F.
Underwriters
.
GEORGE
Schwabacher
GENERAL INVESTING CORP.
for Banks, Dealers, and Institutions
8s Stead
/
Speak to the SYNDICATE DEPARTMENT at
Co.
NELS
Schwabacher 8s Co.
55 BROADWAY
#
HEALY,
WE CAN BROADEN
J.
MARKETS
NEW YORK 6, N. Y.
A.
I. BERNARD
Hogle 8s Co.
OF
HIGGINS,
SECURITIES
Telephone: BOwling Green. 9-1600
Teletype: NY 1-3390
t
OF
Jr., A.
Associate)
MERIT
\>
INQUIRY IS INVITED
Underwriters & Distributors
HOWELL, FLOYD K.
Schwabacher
YOUR
LAWRENCE
Continental Bank 8s Trust Co.
*
HOYT,
8s
Co.
56 Beaver
GERALD M.
MerrUl
Lynch,
Pierce,
Incorporated
IVERS, THOMA8 H.
J. A. Hogle 8s Co.
Fenner
8s
Street, New York 4, N. Y.
Smith
Telephone WHitehaU 4-7650
Smith
Thursday, November 26,
FINANCIAL CHRONICLE
THE COMMERCIAL and
44
Securities Traders Association of
Detroit and Michigan,
Inc.
Donovan,
Hudson
Delaney,
NELSON R.
Gilbert & Co.,
GILBERT,
Calice, R. C. O'Donnell & Company; Roy F.
White & Company; William B. Hibbard,
Baker, Simonds & Co., Inc.; Edmund F. Kristensen, Moreland
& Co.; Marion J. Stanko, Hudson White & Company.
Alternates: Anthony
First
Michigan Corporation
of
Wm.
OF MEMBERS
Smith.
RUSSEI.L
Wm.
C.
unless
Indicated)
otherwise
JOHN
ACKERMAN,
In Detroit
located
members
WILLIAM
EDWARD
ALASHAIN,
Chas.
E.
ALDINGER,
Co,
&
ALBERT
H.
H.
GEORGE
Blyth
&
EIS,
C.
Wm.
B. Hibbard, Baker,
President: William
Vice-President:
Simonds & Co., Inc.
Secretary: Peter M. MacPherson, Manley,
Treasurer: Eugene P. Albers,
and Edmund F. Kristensen,
Moreland &
Co.; William Rotsted, F. J. Winckler & Co.
National
Committeemen:
George
J.
Elder,
E.
Co.
J.
Straus,
Blosser
&
Co.; Paul I. Moreland, Moreland & Co.
D.
BALLENTINE,
R.
C.
A.
McDowell
A.
Baker,
&
DONALD B.
H.
Wm.
HILL,
Company
&
Vogel
C.
FRUMIN,
E.
Roney
&
WALTER
Winckler
J.
F.
GATZ,
A.
&
Co.
Corporation
GORDON
Lerchen & Co.
HINSHAW,
Co.
JOSEPH
& Co.
Lerchen
Watling,
NORRIS
MacArthur & Company
IIOLL1STER, GEORGE R.
HITCHMAN, T.
Co.
JOSEPH
B.
Simonds
HOWARD
Goodbody & Co.
Kenower,
Baker, Simonds & Co., Inc.
BAYER,
J.
Inc.
Inc.
HINDES,
MURRAY
Moreland
Co.,
&
Watling,
M.
Co.
&
A.
HIGBIE, PETER B.
First of Michigan
Co.
WILLIAM
PIERCE
WM.
HIBBARD,
Co.
FLOYD, Jr., C. A.
K.
WILLIAM
&
E.
Parcells
Fisher
B.
Co.
&
& Curtis
Jackson
RUSSELL
Baker, Simonds & Co.,
EDWIN M.
Hague
I LEISCHMAN,
Goodbody & Co.
BAUBIE,
Parcells
H.
Hammill & Co.
HEBERT, L. C.
A. M. Kidder
CHARLES
FISHER,
WILLIAM
MACKENZIE
BAIRD,
Smith,
Charles
O'Donnell & Company
C.
Straus, Blosser &
McDowell; Charles E. Exley, Charles A. Parcells & Co.; Clary
ence
A. Horn, First of Michigan Corporation; Don W. Miller,
Don W. Miller &
&
AXTELL,
A.
EVERIIAM,
Lawson & White,
EXLEY,
WALTER
Bache
Charles A. Parcells & Co.
Charles
THEODORE E.
Armstrong, Jones,
R.
Directors: The Officers
Roney & Co.
Incorporated
AUCH,
Bennett & Co.
HASTINGS,
McDowell
&
E.
Co.
Webber,
Shearson,
EI.LWOOD, AARON A.
ARMSTRONG,
McFawn & Co.
Donald L. Richardson, Nauman,
C.
Blosser
&
JOSEPH
HASTINGS,
GEORGE J.
Straus,
ALLMAN, N. J.
Paine,
R
Weeks
&
FRANK
Goodbody
Co.
&
Z.
FRANCIS
Hornblower
GRIFFO,
Corporation
Michigan
of
ELDER,
Inc.
Co.,
GREGORY,
Inc.
*
HARTNER,
VALLETTE
NATIIAN
Goodbody <fe Co.
HENRY
First
S.
Rapids
Grand
Corporation
PATRICK H.
Co.
&
GREENHOUSE,
Simonds & Co.,
Baker,
Roney
H. SAMUEL
MacNaughtcn-Greenawalt & Co.
MAURICE
Moreland
ALONZO
ALLEN,
Eugene P. Albers
Michigan
EARLE,
Co.
Hentz &
RICHARD
of
C.
II.
Co.
STERLING
Jr.,
GREENAWALT,
Walling, Lerchen & Co.
Pordon, Aldinger & Co.
ALLARDYCE,
II.
First
DYKFS,
Parcells
A.
Mich.
P.
Curtis
Co.
&
DOKE.
DRUKER.
Smith, Hague & Co., Ann Arbor,
ALBERS,
Wm.
&
E.
JOHN
Jr.,
White
Hudson,
M.
& Co. Incorporated
Bos worth
Braun,
P.
Jackson
Webber.
DOHERTY,
Roney & Co.
ADAMS,
ARTHUR
DISTLEK,
Paine,
C.
&
Hague
GRAHAM,
(All
& Co.
Roney
C.
J.
ALFRED
GIRARDOT,
GOODRICH.
Donald L. Richardson Peter M. MacPherson
Inc.
Baker, Simonds & Co.,
ROSTER
William B. Hibbard
H.
ROBERT
GILIAM,
Took Office: October 1, 1959; Term
Expires: September 30, 1960.
Elected: September 17, 1959;
Lansing
S.
W.
Jr.,
GILBREATH,
F.
McDonald-Moore &
Hudson
Co.
White
&
Co.,
Grand Rapids
Co.
C.
Watling, Lerchen & Co.
CHARLES
BECHTEL,
A.
WILLIAM
BENJAMIN,
Baker, Simonds & Co., Inc.
BERNAR.DI, RAY
BINKLEY, KENNETH D. „
Paine, Webber, Jackson & Curtis
HARRISON
BIRD, Jr.,
F.
Winckler
J.
Bache
&
CO.
Members
Stryker Si Brown
Co.
L.
Carr, Logan & Company
BOLTON, FREDERICK J.
Muir Investment Corp., San Antonio
Texas (Associate)
York Stock Exchange
American Stock
&
KENNETH
BLUE,
Established 1912
Members New
Co.
RUSSELL M.
BLANDO,
FALES
& Company
DUANE
Paine, Webber, Jackson & Curtis
H.
BILLMEYER,
WARRANTS
HAY,
P.
McFawn
Nauman,
Specializing in
Exchange (Assoc.)
BOOS,
WARREN F.
Paine, Webber, Jackson & Curtis
71
New
Broadway
York 6,
N. Y.
BOWYER, MERLE J.
Incorporated
Braun, Bosworth & Co.,
Teletype NY 1-61
Telephone BOwling Green 9-7027
BOYER,
R.
HAROLD
Jr.,
Watling, Lerchen & Co.
JOHN
BRABSON,
Goodbody
C.
Wm.
WILLIAM P.
Simonds & Co.
Baker,
R.
& Co.
Roney
WILLIAM
O'Donnell
C.
A.
&
ESTABLISHED 1936
Company
J.
Watling, Lerchen & Co.
BURROWS,
HAROLD
Goodbody & Co.
BROADWAY, NEWYORK ©IN.Y.
.
BUSSLER,
Smith,
Co.
&
Investment Securities
DAN
Jr.,
CALICE,
Specializing //il
JODD LOT MUNICIPAL BONDS]
Bell
Dealers Association
.
Paine, Webber, Jackson & Curtis
fOldesi House ia America
l/M-ODthlOTS
• :
A.
R.
Hague
BYRNE,
REctOT 2-1737
Member of
N. Y. Security
WALTER J.
BURTON,
135
NY-1-2
Russell & Saxe
K.
ALANSON
C.
Wm.
BRYAN,
LEBENTHAL& CO.
Tele.
Tel. HAnover 2-2084
RALPH J.
Manley, Bennett & Co.
BRUEGGEMAN,
BRUSH,
specializing in odd lots
& Co.
Roney
BROWN,
MUNICIPAL BONDS
Co.
&
HAYDEN
BROWN,
R.
ANTHONY
O'Donnell
C.
*
&
*
*
*
Company
H.
of Michigan Corporation
CAMPBELL, DOUGLAS
First
50 BROAD
NEW YORK 4 N. Y.
STREET
HORATIO
CANNON,
System Teletype NY 1-2272
Amott, Baker & Co., Incorporated
F.
HOWARD
CARR,
F.
W.
Don
&
Logan
Carr,
CAVAN,
Company
L.
Miller
Co.
&
VOSPER
CHADDOCK. J.
Baker, Simonds & Co., Inc.
HAROLD R.
CHAPEL,
& Co.
McDonald-Moore
HAROLD
CHAPEL, Jr.,
DEALERS in UNLISTED SECURITIES
R.
McDonald-Moore & Co.
RODNEY W.
CHUBB,
Jackson & Curtis
Paine, Webber,
ARTHUR
CHURCHMAN,
F.
Campbell, McCarty & Co., Inc.
MINTON
CLUTE,
Straus,
COEN,
COLE,
Blosser
&
50
&
CASPER
ROGERS
CO.
Dealers, Inc.
CRANE,
C.
L.
&
Hornblower
RALF A.
&
ROY
Hudson White
NEW YORK
5, NEW YORK
Co., Incorporated
Manley, Bennett & Co.
DELANEY,
DE
Weeks
F.
& Company
YOUNG, NEIL
De
Young & Company, Grand Rapids
DHOOGE, VICTOR P.
Telephone: BO 9-6244
Teletype: NY 1-4949
Manley, Bennett & Co.
DILLMAN, GEO. C.
Harriman Ripley & Co.,
Incorporated
DILWORTH, LAWRENCE H.
R.
C.
STREET
NEW YORK
S.
Jackson & Curtis
CREECH, DONALD I.
CROOKSTON,
40 EXCHANGE PLACE
Royal Oak
Co.,
Webber,
McDonnell
BROAD
A.
ROBERT
CORDEN, PETER
Members National Association of Securities
Harold C* Shore & Co.
Co.
Goodbody
Paine,
McDowell
&
T.
JOSEPH
Bache
M.
O'Donnell
&
Company
1959
Telephone:
WHitehall 3-8357
4, N. Y.
Teletype: NY
1-512&
Convention Number
Mr.
&
Dallas
Mrs.
Stan
Rupe
THE COMMERCIAL and FINANCIAL CHRONICLE
Dawson-Smith,
Inc., Dallas;
Cruttenden,
Son,
&
Mrs.
&
Podesta
Mr.
&
Joseph
D.
Co.,
New
York; Harold E. De Shong,
Gregory & Sons, New York
Krasowich,
Mr.
&
Mrs.
Walter
L.
45
Dulin, R. S. Dickson & Co., Inc., Charlotte, N. C.;
The Robinson-Humphrey Company, Inc., Atlanta
„
Mr.
&
Mrs.
Lex
Jolley,
o.
i
hoen, clarence a.
KARRO, ROY G,
First of Michigan Corporation
houlihan,
R.
C.
frank
O'Donnell
huber,
fred
Andrew
huber, jack
Andrew
C.
KATZENMEYER, WILLIAM H.
Baker, Simonds & Co., Inc.
Co.
W.
Reid
C.
j.
&
KAUHL,
&
Company
&
huebler, .donald
Company
j"
KEIER,
Inc.
Watling,
Lerchen
hunter,
jack
Manley,
&
Co.
parker
janzig,
r.
leroy
o.
KINGSBURY,
&
;White,
jones,
tv
...
raymond
C.
ii,
kafkalis,
Bache
&
kanney,
Bache
harry
Carr,
A.
PARKER,
Parcells
Weeks
Parcells
&
HOWARD
Wm.
REID,
L.
Reid &
F.
F.
K.
ROBERT
Nephler & Co.,
Straus,
Kenower,
KREIDLER,
Carr,
milton
CHARLES
Logan
KRISTENSEN,
Co.
Moreland &
j.
KUHNLEIN,
'
Goodbody
&
NICHOLAS
Winckler Co.
H.
Hentz
H.
Company
V.
PHIL
&
SANCRANT,
Co.
.
MUREL J.
Sattley & Co., Inc.
SAWYER, ROBERT N.
Hudson
White
&
Company
SCHAFER, HARRY L.
F.
J.
Winckler Co.
Armstrong, Jones, Lawson & White,
Incorporated
&
Continued
on
page
Company
G.
Goldman, Sachs & Co.
Manley, Bennett & Co.
A.
Company
EDMUND
JOHN O.
MacKENZIE, DONALD
E.
Specialists in
Baker, Simonds & Co. Inc.
F.
Co.
MacPHERSON,
PETER
Manley, Bennett & Co.
MANLEY,
Co.
DAVID
T.
BANK and INSURANCE
Manley, Bennett & Co.
««*•••-
J.
REGINALD
MacFARLANE,
RUSSELL A.
&
F.
MacArthur
ROBIN
MACE,
Goodbody & Co.
h.
BERT
WILLIAM
J. Winckler Co.
Manley, Bennett & Co.
Blosser & McDowell
MacARTHUR,
JOSEPH J.
KISSEL, ROBERT G.
"■■■
:
Co.
LUDINGTON,
S.
Pontiac
Roney & Co.
SALVATORE,
Winckler Co.
J.
C.
RUCAREAN,
ANDREW C.
C.
'/
Company
JOHN K.
ROTSTED,
REILLY, RAYMOND W.
J.
&
•
■
•
Jr.,
MILTON
A.
Manley, Bennett & Co.
MANLEY,
Sr.,
MILTON
A.
STOCKS
Manley, Bennett & Co.
GOLD, WEISSMAN CO.
MARTIN,
C.
R.
JAMES
O'Donnell
&
Company
MARTIN, JOHN G.
First
of
Michigan
LAWRENCE
Winckler Co.
J.
F.
Mcdonald,
BROKERS
—
BANKS
jr.,
G.
harry
a.
McDonald-Moore & Co.
DEALERS
—
Corporation
MATESA,
BROKERAGE SERVICE FOR
Mcdowell, jr., george a.
Straus, Blosser & McDowell
IN ALL
EDWIN L. TATRO COMPANY
50
MERCIER, C. EDWIN
Straus, Blosser & McDowell
MEYER,
UNLISTED SECURITIES
First
MILL,
FRANK
P.
of Michigan
R.
Corporation
BROADWAY, NEW YORK i, N. Y.
Telephone: DIgby 4-2420
•
Direct
WHITEHALL 4-1800
TELETYPE
Don
NY
1-3751
BALTIMORE
DON W.
MILLER,
NEW YORK 6, N. Y.
Teletype: NY 1-3430 J
B.
Campbell, McCarty & Co., Inc.
39 BROADWAY
Miller &
Co.
EDWARD
J.
W.
MILLER,
—
BOSTON
—
Telephone
HARTFORD:
Enterprise
7846
Smith, Hague & Co.
miller,
george a.
Ferris, Wagner & Miller
MIOTTEL, RAYMOND W.
Paine, Webber, Jackson & Curtis
ROBERT J.
Manley, Bennett & Co.
MOONS,
MOORE,
UNLISTED
SECURITIES
PAUL
"Market Fluctuation."
2,000,000 Shares
I.
(of well proportioned, superbly prepared food)
MORRIS, HAROLD E.
for
Winckler Co.
F. J.
MORRIS,
Parker
BANKS
—
BROKERS
—
DEALERS
THE
WILLIAM H.
Corporation
Huntington Woods, Mich.
ARTHUR P.
Nauman, McFawn & Company
NAUMAN,
NAUMES,
SPECIALISTS IN RIGHTS
C.
NEIL,
ROY
Reid &
Company
Jr., CLARENCE J.
Nephler Co., Pontiac
NEPHLER,
C. J.
NEWMAN, PERCY P.
Hornblower & Weeks
NOVIKOFF,
GERSTEN 6- FRENKEL
Members N. Y. Security Dealers Association
WALTER
NEW YORK 38, N. Y.
Teletype: NY 1-1932
bar)
LOCATION: The ONLY fine
W.
bankers,
or
subdivided to
small parties.
restaurant
on
Wall Street.
Well below intrinsic value!
members
of
leading
stock
ex¬
changes and associations of Securities Men.
Goodbody & Co.
67 Wall Street
Smith, Hague & Co., Ann
New York 5, N. Y.
Arbor
HAnover 2-4393'
O'DONNELL,
Telephone: DIgby 9-1550
permit serving (with privacy) large
Serving
THADDEUS
oddy, r. K.
150 BROADWAY
our
customers.
Price per share:
Manley, Bennett & Co.
OBUCHOWSKI,
at
FACILITIES: Recently expanded and redecorated;
W.
C.
(and ONLY Preferred Stock used
BUSINESS: Serving the finest food, wines and liquors to
brokers, traders, dealers, salesmen,
JOHN R.
O'Donnell & Co.
Andrew
ANTLERS
PREFERRED STOCK
LESLIE C.
"
First of Michigan Corporation
MUSCHETTE,
R.
worry
THE "NEW" ANTLERS
Co.
«fe
of The Antlers are exempt from mental taxes caused by
"Interpretation"Regulation," "Customer Whim,'*
over
WILLIAM
Moreland
Patrons
;■
McDonald-Moore & Co.
MORELAND,
■
■
ROSASCO, Jr., VICTOR P.
Baker, Simonds & Co., Inc.
Co.
MONTGOMERY
Andrew
Logan & Company
MANLEY,
s
Co.
W.
Paine, Webber, Jackson & Curtis
Grand Rapids
.'V
LOUIS
&
EARLE
Manley, Bennett & Co.
RAUCH,
GEORGE H.
LUCHTMAN,
F.
National Bank of Detroit
Mac Arthur & Co.
charles
&
J.
KISCH,
_n.
a.
Vogel & Co.
Kenower.
F.
LOGAN, PETER S.
Pierce, Fenner & Smith
'
.
Paine, Webber, Jackson & Curtis
H.
&
A.
O'Donnell
C.
RONEY,
PORTER, CLAUDE G.
Baker, Simonds & Co.
Co.
Goodbody & Co.
Incorporated
a.
,
A.
&
Chas.
R.
A.
.1
L.
ROBERTS, TERRY J.
CHARLES
REUTER, GEORGE A.
■
johnson,
W.
Merrill Lynch,
Armstrong, Jones, -Lawson
Incorporated
jarvis,
LEO
Parcells
Hornblower
KING, RICHARD B.
v
MacArthur &<Co.
Kenower,
BERTRAM)
A.
LICHTENSTEIN, H.
Goodbody & Co.
Webber, Jackson & Curtis
g.
Chas.
LIEBER,
KING,
Chas.
PARCELLS,
DONALD
Nauman, McFawn & Co.
Paine, Webber, Jackson & Curtis
PARCELLS, Jr.,
LAWSON, SEWARD N.
Armstrong, Jones, Lawson & White,
Incorporated
LEPPEL,
Nauman, McFawn & Co.
inch, Keith
Paine,
(Associate)
KERSTEN, R. W.
hurley, william l.
Baker, Simonds & Co., Inc.
inman,
E.
Campbell, McCarty & Co. Inc.
?
& Co.
Smith
Goodbody & Co.
KEMP, FRANK H.
l.
Bennett
RUSS
&
LAUDE, RAYMOND J.
Collin, Norton & Co., Toledo
hughes, victor m.
RICHARDSON,
OSBORN, MILO
Lynch, Pierce, Fenner
Incorporated
HERMAN A.
OLSON, LOUIS G.
Smith, Hague & Co.
ELMER
Merrill
KEANE, JOSEPH P.
Baker, Simonds & Co., Inc.
.
l.
Baker, Simonds & Co.,
LARSON,
Goodbody & Co.
c.
Reid
LANTERMAN, LESTER C.
Wayne Management Company
Baker, Simonds & Co., Inc.
RAYMOND
C.
R. C. O'Donnell & Company
O'DONNELL, Jr., RAYMOND C.
R. C. O'Donnell & Company
All statements above guaranteed
by The Antlers
r
46
46
Thursday, November 26, 1956
THE COMMERCIAL and FINANCIAL CHRONICLE
Securities Traders Association of
OF
WATSON,
THOMAS
6c
Continued from
Don
W.
Miller
SCHNEIDER,
STEIN,
45
page
SCHMANSKY, RICHARD
6c Co.
ELWOOD
HERBERT
W.
Miller
&
Manley,
Watling,
H.
CHARLES
STUIT,
SIMONDS,
Carr
M.
Co.
Smith, Hague
SMITH,
III,
Smith,
PHIL
&
Co.
Roney
MILES, JOHN P.
6c Co.
VICTOR
W. C.
Merrill
WOCHHOLZ,
PHILIP J.
CHARLES
Smith,
P.
Fenner
6c
Smith
&
A.
Jackson
Co.,
WARREN A.
Parcells & Co.
F.
J.
HERMAN
Winckler
Charles
Bond Club of
M.
Syracuse, N.Y.
Hague
Lincoln National Bank & Trust Co.
William N.
William N.
SOCALL,
Carr,
RAMAGE,
E.
E.
&
JOSEPH
WILLIAM
Co.
ROLLINS, KARL B.
B.
Rollins &
SARVAY,
SPADE,
Watling,
WAKEMAN,
Lerchen & Co.
Charles
SPAULDING,
H.
V.
GEORGE
R.
Paine, Webber, Jackson &
JOHN
STANDISH,
Wm.
WASS,
MARION
J.
Hudson White & Company
C.
&
J.
Jr.
Donald A. Gray
Russell C. Carlson
Francis Q. Coulter
Co.,
President: Albert C. Bickelhaup, Jr.,
Hemphill, Noyes & Co.
Bache & Co.
Leo V. Smith
Secretary: Russell C. Carlson, Onondaga County Savings Bank.
Treasurer: Francis Q. Coulter, Marine Midland Trust
Company of
Central New York.
J.
Smith, Bishop & Co.
X?
SMITH, LEO V.
Incorporated
Roney & Co.
SMITH, EDWARD J.
SMITH, ELLIOT J.
Vice-President: Donald A. Gray, Hayden, Stone & Co.
ROBERT
CLARENCE
Straus,
A. C. Bickelhaup,
Company
RICHARD
Bosworth
WALLACE,
Trust
Leavitt, Spooner & Co.
F.
Parcells & Co.
O'Donnell &
Braun,
Curtis
D.
Watling, Lerchen & Co.
STANKO,
C.
&
SIMON, LEE K.
LEE D.
WALLACE,
W.
E.
National Bank
SHOVE, Jr., JOHN D.
E.
WYNN
A.
WALKER,
RICHARD C.
Sattley & Co., Inc.
SPLANE,
Vogel & Co.
M.
WAYNE
Co.
MERTON
II.
Goodbody & Co.
& Company
T.
D.
Bennett & Co.
ARMIN
H.
Pope, Inc.
Syracuse Savings Bank
Co.
&
VOORHEIS, FRANK
E.
HERBERT
Logan
A.
Pope, Inc.
POZZI, FRANK
Smith, Bishop & Co.
HENRY
Merchants
VOGEL,
SNOWDAY, H. TERRY
Blair & Co., Incorporated
Co.
POPE, WILLIAM N.
Parcells
A,
Manley,
& Co.
Trust
plume, Walter l.
K.
Smith,
&
POPE, ALBERT E.
CLIFFORD
VETTRAINO,
SMITH, RICHARD D.
National Bank
Hugh Johnson & Company, Inc.
ROBERTS, JAMES
VERBAL,
H.
Pope, Inc.
PIRAINO, JOHN P.
Weeks
JOHN
n.
Merchants
W.
O.
Bennett
(Honorary)
PETERMAN, HARVEY P.
Michigan Corporation
Rapids
Manley,
Post-Standard
F.
Co.
HERMAN
VERNIER,
H.
Mulcock & Co.
William
ZERWICK,
Nauman, McFawn & Co.
& Co.
R.
NEWER, BERNARD
PELLENZ, MARVIN C.
of
Grand
mulcock, ernest, r.
E.
ROBERT
Charles A.
Armstrong, Jones, Lawson & White,
,
Hayden, Stone & Co.
F.
Pierce,
Hague &
■
more, don s.
Jackson 6c Curtis
THOMAS
Lynch,
Langley & Co.
A.
Incorporated
Michigan Corporation
Jr.,
Webber,
WILLMORE,
Incorporated
ROSS
VANDERVOORT,
Bennett & Co.
Manley,
Co.
WOOD,
R.
GEORGE
TORNGA,
Hague & Co.
SMITH,
Parcells
Baker, Simonds & Co., Inc.
WHITE,
GORDON
Hornblower
W.
H.
HAL
H.
J.
Carl M. Loeb,
MacArthur & Co.
TIEDECK,
First
HAL
of
WENGER,
Point, Mich.
^rosse
Company
Jr.,
A.
Paine,
WEED, WILLIAM F.
First
Lerchen
SUTTON,
WADE
&
SMITH,
C.
WILLIAM L.
Rhoades & Co.
MARSH,
Nauman, McFawn & Co.
Baker, Simonds & Co., Inc.
SLOANE,
Inc.
ROBERT
MELVIN
Kenower,
& Company
RALPH
Jr.,
MAX
SUTHERLAND,
SIMMONS, ROBERT
Carr, Logan
Co.,
A.
Hornblower & Weeks
Co.
Bennett &
Wm.
STANLEY
Charles
D.
&
VIRGIL
STRINGER,
SEELBACH, Jr., WILLIAM O.
Baker, Simonds & Co., Inc.
SIMMONDS,
Kidder
STOETZER,
E. H. Schneider & Co., Kalamazoo
Don
H.
Baker, Simonds & Co., Inc.
H.
SCHOLLENBERGER, HERBERT
Campbell, McCarty & Co., Inc.
8CHULTZ,
MYRON
A»«-M.
F.
EDWARD A.
WILLIAMS,
E.
STOCK,
A.
Co.
MEMBERS
WEAVER,
Hugh Johnson 6c Company, Inc.
Goodbody & Co.
WILCOX,
Bache
ROSTER
WIGLE,
PALMER
Watling, Lerchen 6c Co.
G. NORBERT
LeVEILLIE,
KENNETH t.
Kenower, MacArthur 6c Co.
F. J. Winckler Co.
WATLING,
Detroit and Michigan, Inc.
WHITE,
WATERSTONE, BEN B.
6c Co.
snyder, everett W.
E.
W.
Snyder and Co.
STONE, JUNIUS B.
Blosser & McDowell
Hugh Johnson 6c Co.
Governors: Leo V.
Smith, Leo V. Smith & Co.; Harry C. Copeland, Reynolds & Co.; John P. Miles, W. C. Langley & Co.;
STONE, WILLIAM V.
Richard Feldman, Granbery, Marache & Co.; William
Marine Midland Trust Company of Central New York.
THORNE, WILLIAM J.
Thorne,
Lincoln National Bank 6c Trust Co.
Marine
Midland
Trust
Company of
Central New York
Listed &
Unlisted
ROSTER OF MEMBERS
TICKNEB, RULAND L.
Foster 6c Adams
Securities
BICKELHAUP, Jr., ALBERT C.
Hemphill, Noyes & Co.
JOOR, Jr., SAMUEL F.
Hayden, Stone 6c Co.
BILLING8, PEARNE W.
KLIMCZAK, STANLEY F.
TIFFANY, DONALD l.
Donald L. Tiffany, Inc.
TORMEY, Jr., JAMES C.
Bache & Co.
Hugh Johnson 6c Company, Inc.
Hugh Johnson 6c Company, Inc.
BISHOP, WESLEY M.
Smith, Bishop 6c Co.
KULLE, WILLIAM G.
WILLOUGHBY, DON S.
Reynolds & Co.
Bache 6c Co.
BULLOCK, Jr., EDWARD
LAPHAM, BEVERLEY H.
Reld-Bullock Co.
B. H.
WILSON, J. HOLDEN
Lapham & Company
Hemphill, Noyes & Co.
BULLOCK, Sr., EDWARD J.
Michael J.
Heaney & Co.
CANDEE, HORACE F.
Members American Stock Exchange
120
BROADWAY
•
Reld-Bullock Co.
Carl M.
Loeb, Rhoades 6c Co.
CARLSON, RUSSELL C.
NEW YORK 5, N. Y.
Onondaga County Savings Bank
Telephone WOrth 4-4176
Bacon, Stevenson & Co.
CARY, DANIEL W.
Reynolds & Co.
CLOSE, DR. JAMES
A.
Merchants National
Bank
& Trust
Co.
Members New York Stock
Exchange
Members American Stock
Exchange
COPELAND, HARRY C.
Reynolds & Co.
COULTER, FRANCIS
Midland
Marine
Q.
Trust Company
of
MUNICIPAL
Central New York
SPECIAL SITUATIONS
BONDS
CUMMINGS, ERNEST M.
George D. B. Bonbrlght & Co.
DANNER, EDGAR L.
Bache & Co.
39
Broadway, New York 6, N. Y.
DAY, MARSHALL W.
George D. B. Bonbright & Co.
Telephone DIgby 4-4100
DEAN, VICTOR
Foster 6c Adams
DIETZER, DONALD D.
HETTLEMAN & Co.
W. C.
DOWER,
Langley 8c Co.
RICHARD
Reid-Bullock
ONE WALL STREET
NEW YORK
5, N. Y.
Co.
EASTMAN, DREW G.
Eastman & Co.
Telephone: "WHitehall 3-5770
FELDMAN, RICHARD
Granbery, Marache & Co.
Our
GEHM, GEORGE W.
First Trust &
Twenty-Eighth Year
Deposit Co.
GLEAZEN, WILLIAM H.
Marine Midland Trust Company
Central New York
Our unique Trading knd Research facilities
are
devoted
and
■
•
Reynolds 6c Co.
GRABAU, ALVIN J.
*
/
Underwriters of
GLUSHKO, JOHN R.
GOODELLE, CLARENCE A.
helping other dealers
to
'• -
professionals
of
Corporate Securities
Grabau-Buchman, Inc.
GRAY, DONALD A.
Hayden, Stone 6c
Co.
GRIMES, WILLIAM H. C.
Lee
Higglnson Corporation
HAYDEN, LUKE
Syracuse Savings Bank
JOHN R. MflHER ASSOCIATES
HEATON, CHARLES T.
William
32
Broadway
/
New York 4, N. Y.
N. Pope,
Inc.
HIMBERG, HOWARD F.
George D. B. Bonbright & Co.
JOHNSON, ORLIE D.
George D. B. Bonbright & Co.
C. E.
Unterberg, Towbin Co,
Co.
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
BAKER, DUDLEY F.
The Bond Club of Denver
Bosworth,
FLOYD,
Sullivan
&
BAKER,
ROBERT
R.
Don
Chapin
Co.,
A.
Mutual
Fort
A.
Hogle &
Collins
FOX,
Depositors
Corp.
Securities
BARTELS, R.
Denver
A
U.
Merrill
Hogle
&
J.
National
Bank
B!
RMINGHAM,
GERALI,
Robert
Leon A. Lascor
Gerald P.
Peters, Jr.
Charles L. Warren
Richard H. Burkhardt
President: Leon A. Lascor, The J. K. Mullen Investment Co.
Vice-President: Gerald
sen,
P.
Peters, Jr., Peters, Writer & Christen-
Inc.
Smith Incorporated
GOOD,
v
Bosworth, Sullivan &
and
in
Denver
unless
ADAMS, EUGENE
First
National Bank
of
Denver
Denver U.
S.
National
ALFF, JOHN H.
ASMUS,
Stone, Altman & Company,
ALLEN,
Incorporated
C. WALTER
Garrett-Bromfield
&
AL1MAN, EDWARD F.
Stone, Altman & Company,
&
WALTER
Don
Smith
Cruttenden, Podesta & Co.
Denver
Company
U.
Co.,
S.
Inc.
National
R.
Bank
HECOX, HYLAND
Lowell, Murphy & Company, Incorporated
Continued
on
page
Warrants
Company
and
General Over-the-Counter Securities
Company
Convertible Bonds
Division
Chapin Co.
Collins, Colorado
Bosworth,
Sullivan
&
Mitchell i- Compiuj
Company, Inc.
CLARK, PHILLIP J.
Phillip J. Clark Investments
Members
,/
Philadelphia-Baltimore Stock Exchange
'
A
CLARK, WAYNE B.
J.
A.
Hogle & Co.
CLARKE, GEORGE P.
GARALD D.
A. Hogle &
&
HAZELRIGGS, CHARLES
GREENE, RICHARD
J. A. Hogle & Co.
CIIATLAIN, RUSSELL
Merrill
J.
Company
R.
Company
A.
Fort
«*• A. Hogle & Co.
BACHAR,
and
Inc.
CHAPIN, DON A.
Fenner
AYERS, ROSCOE
Incorporated
ARCHIBOLD, III, ROBERT F.
Peters, Writer & Christensen, Inc.
Company,
A.
HASSELGREN, OSCAR G.
Walston
Investment
and
JAMES
Boettcher
Co.
&
&
EDWARD
Active Markets Iti
BUXTON, WILFORD L.
Magic Mountain Investment
Company
ATWOOD, FRANK
Stone, Altman & Company
Co.
Muryhy
Hanifen
HARRIS,
Company
Boettcher and Company
ASHBY, ALLEN
ASHCRAFT, CLARENCE
Merrill Lynch, Pierce,
Incorporated
Bank
A.
T.
Boettcher
and
Company
BURKHARDT, RICHARD H.
ADAMS, FREDERIC A.
ALFF, GEORGE H.
and
ARGALL,
Boettcher
E.
BROWN, DONALD F.
BROWN, R.
WILLIAM W.
Boettcher and Company
Lowell,
HANIFEN,
Company, Inc.
Jr., GEORGE
Company
and
American National Bank
Boettcher
indicated)
and
Smith
HAMMER, LLO YD
LELAND
Boettcher
Russell
BROWN, A. W.
located
Inc.
Company
GREENBERG, GERALD M.
BRERETON, WM. H.
Brereton, Rice & Co., Inc.
otherwise
;
&
HAGGERTY, JOHN P.
Lowell, Murphy & Company, Incorporated
D.
Garrett-Bromfield
F.
F.
(Members
Boettcher
GOODE, J. H.
Cruttenden, Podesta & Co.
Inc. William E.
OF MEMBERS
and
Fenner
HAROLD
Inc.
GORHAM, PAUL
Directors:
ROSTER
H.
Connell,
CHARLES
Smith
HACKSTAFF, RICHARD H.
BOEDEKER, D. H.
Kirchner, Ormsbee & Wiesner, Inc.
BREEDEN, JR., EARNIE K.
Peters, Writer & Christensen, Inc.
M. Kirchner, Kirchner, Ormsbee &
Wiesner,
Troutman, Central Bank & Trust Co.; Nicholas
Truglio, Bosworth, Sullivan & Company, Inc.; Gerald D.
Bachar, J. A. Hogle & Co.
VICTOR
J.
&
Peters, Writer & Christensen, Inc.
Bank
ERNEST S.
Standard & Poor's Corp.
Treasurer: Richard H. Burkhardt, Boettcher and
Company
Robert
HAAG,
BORLAND, EUGENE W.
Peters, Writer & Christensen, Inc.
Loveland, Colo.
Boettcher
GUSTAFSON, CARL
Merrill Lynch, Pierce,
Incorporated
GODFREY,
G.
Company
BRECKENRIDGE,
Smith
Co.
National
Boettcher
Company
BOSWORTH, ARTHUR
Secretary: Charles L. Warren, Merrill Lynch, Pierce, Fenner &
GILL,
B.
Bank
BLICKENSDERFER, J. C.
Boettcher and
&
Coughlin & Company,
F.
M.
GEORGE
and
&
GERWIN, ROBERT F.
National
Boettcher
Fenner
CARL
Hogle
Denver
& Co.
BENWELL, OSWALD
Colorado
A.
Fenner
Incorporated
Pierce,
GARRISON, WILLIAM J.
Company
BERGER, WILLIAM
Company
Lynch,
FREEMAN,
BELL, DONALD M.
Purvis
GUNDERSEN, WILLIAM
Merrill Lynch, Pierce,
Incorporated
Corporation
F.
S.
GRIFFIN, LYNNE
J. A. Hogle & Co.
Bullock, Ltd.
FRALEY, ROGER G.
BEASLEY, ANDREW C.
J.
GREENLEE, LARRY
Peters, Writer & Christensen, Inc.
Bank
JOHN F.
Boettcher and
F.
Co.
BARNES, DONALD E.
Childs
CLAYTON O.
National
Calvin
E.
BARKER, FREDERICK
J.
First
FORSYTH, ALEXANDER
BARGER, FRANKLIN
Founders
Company, Inc.
47
Lynch,
Pierce,
Fenner
&
120
BROADWAY
Tel.:
WOrth 4-3113
•
NEW YORK
CITY
Bell Teletype NY 1-1227
Smith
Incorporated
Co.
CLAYTON, ROBERT F.
Harris, Upham & Co.
CODY, RAYMOND P.
Colorado
National Bank
A COLLECTOR'S
COLE, CYRIL
Garrett-Bromfield &
Co.
ITEM
COLLINS, LOWELL O.
Founders Mutual
Depositor Corp.
COLLINS, TIMOTHY
Peters, Writer & Christensen,
Golkin, Bomback & Co.
CONKLIN,
W.
For
Inc.
A.
Bosworth, Sullivan & Company,
Inc.
Demi-Tasse Spoons-
CONNELL, ROBERT J.
Members New York Stock
Robert
Exchange
J.
Sterling Silver N.S.T.A.
Connell, Inc.
COPELAND, A. B.
Peters, Writers & Christensen, Inc.
JERRY
COUGHENOUR, JR., JOHN F.
Peters, Writer & Christensen, Inc.
COUGHLIN, EDWARD B.
Ccughlin
and
COUGHLIN,
25 BROAD STREET
NEW YORK 4, N. Y.
Coughlin
JAMES
COWSERT,
and
COXHEAD, J.
Bosworth,
Branch Office: Commonwealth
Bldg., Allentown, Pa.
Company,
Company,
BERNARD
Boettcher
Trading Dept. WHitehall 4-4871
Inc.
Inc.
C.
Company
WALLACE
Sullivan
&
Company,
Inc.
COXHEAD, Jr., J. WALLACE
Bosworth, Sullivan & Company,
Inc.
CRAVEN,
Street
36, N. Y.
WALTER J.
Coughlin &
Teletype: NY 1-1658
New York
Company, Inc.
and
COUGHLIN,
Telephone: WHitehall 44567
SAMUELS
8 West 47th
KENNETH
Bosworth,
Member American Stock
Exchange
G.
Kirchner, Ormsbee & Wiesner,
CRAWFORD,
REICH & COMPANY
Inc.
JOHN C.
Sullivan
&
Company,
Inc.
CRAWFORD, MALCOLM D.
Allen
Investment
39
Company
CRILEY, LAURENCE
BROADWAY
NEW
Quinn & Co.
YORK
6,
N.
Y.
CRIST, B. P.
The
J.
K.
Mullen
Investment
Co.
CURRIE, TREVOR
DAVIS,
GEORGE
Phone
Harris, Upham & Co.
DAVIS, NORMAN
E. J.
135
QUINN & CO., INC.
Walston
Co.,
Teletype
NY
DIgby 4-6223
Inc.
1-1219
DAWSON, Jr., CLYDE C.
Dawson, Nagel, Sherman & Howard
DECKER,
Broadway, New York 6, N. Y.
&
Denver
MARTIN
U.
G.
National
S.
Bank
DENNISON, FRANK
Dempsey-Tegeler & Co.
Phone:
WOrth 4-8180
Teletype: NY 1-5030
Representation
DE
VALOIS, JR., JOHN J.
Peters, Writer & Christensen,
DE
Boettcher
and
of
dealer
and
the
Company
and
origination
distribution
of
securities Underwriter and Dealer in
Co.
and
I
I
Lynch,
Pierce,
'.
Retail Distribution
Fenner
&
Smith
Incorporated
over-the-counter securities.
'
■
DOOLITTLE, CHARLES
Maintaining primary markets in
•
Company
;.
Merrill
special
corporate situations
DOERING, ROBERT L.
Boettcher
in
investment
DIEDRICH, JOHN
Central Bank & Trust
accounts
corporate
Inc.
VRIES, DALE
INVESTMENT
SECURITIES SINCE
1921
ELMER, ROBERT
Harris,
Upham & Co.
FAXON, THOMAS B.
Dawson, Nagel, Sherman & Howard
FERRELL, DONALD R.
Denver
U.
S.
National
Searight, Ahalfc Cr O'Connor, Inc.
Members
Bank
New
York
Security
Dealers
Association
FISHER, GEORGE
Bosworth, Sullivan & Company, Inc.
FLOOD, JAMES J.
Lowell, Murphy & Company,
Inc.
NEW
YORK
WASHINGTON
48
48
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
wmwM.
Mr.
&
Mrs.
Richard
T roster,
A.
Wernecke, Burton J.
Mr.
Vincent & Co., Chicago;
&
Continued from page
Boettcher
Bcettcher
B.
Company
CHARLES
and
McLaughlin,
J.
A.
Christensen,
HULLINGER, ROBERT
Merrill Lynch, Pierce, Penner & Smith
Incorporated
Inc.
IIILL, DALE R.
Company, Poeblo,
HUNLEY, CHARLES H.
Lowell, Murphy & Company,
Inc.
LARKIN,
Management Corporation
LASCOR,
The J.
JOHNSON, ROBERT M.
Dawson, Nagel, Sherman & Howard
LEFFERDINK,
Boettcher
Inc.
Co.
Company
ALLEN
JOSEPH,
Peters,
Jr., GEORGE
Writer & Christensen,
Inc.
KENNEDY, BERNARD F.
Bosworth, Sullivan & Company, Inc.
KENZIK,
Russell
JAMES
&
Co.,
Company
Inc.
MAUL,
E.
First
AMERICAN
FUND
BUSINESS SNARES
A Common Stock Investment Fund
A Balanced Investment Fund
Investment
objectives of this
are
possible long-term
capital and income growth for
Company invests in
Fund
balanced
its shareholders.
stability,
preferred
between
stocks
a
CHICAGO
ATLANTA
Bank
ROBERT
F.
& Co.,
Inc.
MAYER, KARL L.
J. A. Hogle & Co.
Quinn & Co.
MELTON, DON
Inc.
Peters, Writer & Christensen, Inc.
LONGWELL,
ELMER
and
G.
MEYER,
Company
Writer
FIF
B.
&
Lowell, Murphy
Incorporated
C. FREDRIC
Management Corp.
MEIERS, J. H.
Christensen,
Inc.
Bosworth.
Sullivan
MICKELBERRY,
&
Company,
ACCUMULATIVE PLAN
investing
in
Prospectus
principal and current in¬
come
and in
selected
stocks
common
for
income
and
may
&
Company,
WILLIAM
Inc.
L.
Lowell,
Murphy & Company,
Incorporated
•
INCOME PLAN
be obtained
from authorized dealers
or
from
selected for conservation of
LOS ANGELES
H.
National
.
bonds and preferred stocks
63 Wall Street, New York
U. 8.
(A Contractual Plan)
A BALANCED
request
Lord, Abbett & Co.
WILLARD
SYSTEMATIC PAYMENT PLAN
for
FUND
on
Inc.
FOUNDERS MUTUAL FUND
portfolio
and,
selected
Co.,
Co.
Established 1938
bonds
and common
stocks
selected for growth possibilities.
Prospectuses
Inc.
&
McCONNELL, FRANK T.
JR.
LOWELL, JOHN H.
KIRCHNER, ROBERT M.
Kirchner, Ormsbee <fe Wlesner
AFFILIATED
LLOYD, KENNETH,
Peters,
National Bank
Scanlan
McCABE, WILLIAM E.
W. E. McCabe & Company, Incorporated
E.
Allen Investment Company
LORENZ, THOMAS
KING, NEIL
Inc.
ROBERT D.
M.
Peters, Writer Si Christensen,
KENNETH
Boettcher
F.
Investment
MANNIX,
Denver
Si Co., Inc.
Walston
Christensen.
&
DAVID J.
The J. K. Mullen Investment Co.
Sanders
O.
Col.
MATTHEWS, WILLIAM
Peters, Writer & Christensen, Inc.
Walston
Writer
Peters,
MARSH,
J.
LEVY, DONALD
LIPSEY,
Pueblo,
H., Ill
Earl
DAVID
JONES, JAMES D.
Peters, Writer & Christensen, Inc.
Co.,
&
MALESOVICH, JOSEPH
Andersen, Randolph &
Investment
LEONARD, J. B.
LINSCOTT,
LEON
Boettcher and Company
Company
and
Thomas
Mr.
Colorado National Bank
Smith
Allen Investment Company
Vance,
WILLARD A.
JOHNSTON, FLOY F.
Peters, Writer & Christensen,
Coughlin and Company, Inc.
&
C.
Mullen
LAWRENCE,
Lynch, Pierce, Fenncr & Smith
Incorporated
IMHOFF, JOSEPH
Fenner
LEON A.
K.
&
Mrs.
MacGUIRE, MICHAEL A.
Pierce,
and
York;
MacDONALD, RANALD
MacKAY,
FRED
Boettcher
Merrill
Founders Mutual Depositor Corp.
HIRTH, FRANK W.
Boettcher and Company
Inc.
JOHNSON, Jr., HERBERT E.
Arvada, Colo.
JOHNSON,
HUNT, HARRY E.
Lynch,
New
Macart-Jones
Incorporated
Christensen,
&
JOHNSON, WALTER K.
Lowell, Murphy & Company, Incorporated
Colo.
HILL, JAMES
Boettcher and Company
Merrill
JACKSON, Jr., WILLIAM S.
Hamilton
HICKERSON, JR., ALLAN R.
Denver
Co.,
Philadelphia
MACART,
Inc.
LANGLEY, DONALD E.
of
&
Co.,
BRUNO
Peters, Writer & Christensen,
& Co.
Writer
HUGES, DONALD
Peters, Writer & Christensen, Inc.
&
A. Hogle
Peters,
Hogle & Co.
Kaufman
Geo. E. Snyder &
KREIDLE, JAMES D.
Kirchner, Ormsbee & Wiesner, Inc.
ISRAEL, HANK
Huey Co.
McLaughlin,
Love,
KONOPKA,
A.
HUFFORD, EUGENE S.
v
HERSHNER, JOHN D.
Denver U. S. National Bank
Boettcher &
F.
INMAN, LARRY C.
IRION, WILBER H.
Management Corporation
LEE
L. A.
E.
Company
Writer
John
J.
First National Bank
Henri Co.
Peters,
HAROLD
Hamilton
HUEY,
HENRI, JAMES B.
J.
HUBER,
47
G.
and
HEMENWAY,
Mrs.
IMHOFF, WALTER
Coughlin and Company, Inc.
J.
CAL
&
Jiinger & Co., New York; James P. Cleaver, Goodbody & Co., New York
The Bond Club of Denver
HEISLER,
Mr.
Mrs. Ernest Lienhard,
FOUNDERS MUTUAL
DEPOSITOR CORPORATION
1st National Bank
Bldg., Denver 2, Colorado
Teletype DN 249
profit possibilities.
You may have
a
FREE
booklet about
\U/
An
Equity
Fund
zji
investing
marily in
common
selected for possible
GROWTH FUND,
term
INI
pri¬
stocks
long-
growth of capital and
future income.
The prospectus
describes this Fund which in¬
vests in
companies doing business in, but not
necessarily domiciled in, Florida and the entire
South, believed to have growth possibilities.
Ask your
investment dealer for
prospectus
or
mite to
Nationally distributed through investment dealers by
The Wellington
Frank B. Bateman Ltd.
Company
Philadelphia 3, Pa.
National Distributor
243 South County Road, Palm Beach, Florida
CF
Delaware Management Co.. Inc
901
Market
Street
Wilmington 1, Delaware
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
49
*
>
v
HM
-
im
iMr
IS&
Mr.
&
Mrs.
William
H.
Gregory,
Dallas
III,
Union
MILLIKEN, SAM
Merrill
and
Sons,
Co.,
New
Inc.,
York;
Pierce,
Penner
&
Smith
J.
A.
ROBB,
Company
MORRISON, WAYNE
PEPPER, ERWIN
Merrill
MURPHY, THOMAS
Lynch,
Incorporated
Pierce,
EUGENE
&
Fenner
&
Smith
&
and
Newman
&
Co., Colorado Springs,
Scanlan
&
Purvis
Colo.
Kirchner,
OSBOURN, JAMES
Co.
&
Information?
on
stock charts of the Traders Graphic
willing
to
mation
on
supply
you
the
over
ready
are
with up-to-the-minute markets
these stocks. Refer
to
the
or
infvy*-
...
Smith
M.
TRADERS GRAPHIC
SEEMAN, GEORGE
Peters, Writer & Christensen, Inc.
Inc.
SHIRLEY, Jr.,
Company
Boettcher
L.
&
&
Co.,
The National
HENRY J.
and
SIPLE, H. W.
Harris, Upham & Co.
Annual
SLADE, RUSSELL
and
Purvis & Company
Wiesner,
Analytical Monthly for Security
Dealers and Financial Institutions
Company
SIMPSON, BRYAN E.
B. E. Simpson & Company
Company
Ormsbee
Brereton, Rice
RICHARD
Fenner
SEEBASS, A. R.
Continued
Inc.
subscription: Monthly Edition, $7; Combined Monthly
Quarterly Editions, $40. For stock sponsorship
requirements,
SMITH, C. EATON
Calvin Bullock, Ltd.
Inc.
RICE, CHARLES J.
Trust
JR.,
Pierce,
WILLIAM F.
Boettcher and Company
RAPP, Jr., JOSEPH M.
Kirchner, Ormsbee & Wiesner
Hagensieker,
Peters, Writer & Christensen, Inc.
JOSEPH
and
Mr. Earl L.
Bank
SCOTT,
Company
Boettcher
ORMSBEE, JACK
&
&
RAICHLE,
Andersen, Randolph & Co., Inc.
Bank
Denver
QUINN, ARTHUR
Quinn & Co., Albuquerque, N. Mex.
Co.
O'NEIL, DONALD
Central
SCOTT,
of
PURVIS, VIRGIL J.
O'HARA, RODERICK L.
M.
Lynch,
Incorporated
Writer & Christensen
Boettcher and
F. W.
American National
Merrill
Bank
counter
Co.
SCHLENZIG, E. G.
POWELL, JAMES
NEWMAN, ROBERT
Earl
Earl M. Scanlan &
Inc.
Junction, Colo.
Peters,
Some
The firms whose
sponsorship notices appear
Boettcher and Company
SCANLAN, EARL M.
Bosworth, Sullivan & Company, Inc.
Company
or
SANDBERG, ROY
POWELL, DANIEL
Company
and
Mrs. &
Coughlin & Company Inc.
First National
Company
Boyce, Baltimore;
Gardner, St. Louis
Quote?
a
SAMFORD, NORBERT J.
POLLOCK, DAVID M.
NEWNAN, BRUCE
Boettcher
Grand
Want
ROSEWARNE, PAUL D.
Smith
PLEASANTS, AARON W.
L.
NEWMAN, ALAN S.
Boettcher
&
PETERS, HARRY W.
Co.
NENRAVA, STEVE
Purvis
Fenner
SCHAEFER,
Merrill
Scanlan
Inc.
PETERS, JR., GERALD P.
Peters, Writer & Christensen, Inc.
Garrett^Bromfield & Co.
NEELY, ORVILLE C.
&
Co.
Peters, Writer & Christensen, Inc.
Pierce,
PETERS, GERALD P.
Peters, Writer & Christensen,
NAYLOR, JACK
Earl
Lynch,
&
G.irrett-Bromfield & Co.
Bosworth, Sullivan & Company, Inc.
Lowell, Murphy & Company,
Incorporated
Bodie, Jr., Stein Bros. &
S.
ROBINSON, RAYMOND L.
PERRY, HENRY A.
H.
A.
Colorado National Bank
Incorporated
MOZER, SAM
Peters, Writer & Christensen, Inc.
Charles
ROBERTS, MELVIN
PAYNE, THOMAS W.
Peters, Writer & Christensen,
F.
Mr.
Lyneh, Pierce, Fenner & Smith
Garrett-Bromfleld
Company
MOORE, RONALD L.
Kirchner, Ormsbee & Wiesner, Inc.
Company
&
ROBERTS, MALCOLM F.
PAUL, ROBERT J.
Peters, Writer & Christensen, Inc.
MOORE, OWEN T.
JAMES
Merrill
Hogle & Co.
Boettcher and
Inc.
Mrs.
Incorporated
PATTERSON, DONALD L.
Company
Bambenek,
Reinholdt
PAGE, ARTHUR
Robert L. Mitton Investments
NEIDIGER,
Ries
Peters, Writer & Christensen, Inc.
MITTON, ROBERT L.
MOORE, III, HUDSON
Bosworth, Sullivan and
Boettcher and
J.
Dallas
OWEN, TOM
Lymh,
Incorporated
Boettcher and
Gregory
Securities
on
page
50
14 ELM
iN
£
contact
the Traders Graphic:
STREET
170
and
rates
broadway
Morristown, New Jersey
New York 38, N. Y.
JEfferson 9-0060
WOrth 2-0423
em
financial
emeze/a, 'uA/eA
A non-dividend
ment
company,
Industrial
fund
paying diversified open-end invest'
redeemable
at net asset
...A
value, seeking
investment in American
long-term appreciation through investments outside
the United States, with not less than
assets
in Canadian
curities
of
companies and
Number of industrial corporations in
which- FIF investors share ownership
50% of its total
up to
50% in
professionally managed
se¬
industry
more
than
Number of different basic industries
represented by these
companies outside of Canada and the
common
stocks
ar«
approx.
100
22
United States.
For free
Traded Over-the-counter
BookletrProspectus about
financial industrial fund
through Investment Dealers
MAIL COUPON
Carl M.
Loeb, Rhoades
Members T^ew
&
Co.
Tor\ Stoc\ Exchange and other
Leading Stoc\ and Commodity Exchanges
|
FIF Management Corporation
950
Broadway
I Denver, Colorado
®
Without cost, I would like to receive a Prospectus and information about
|
42
Wall Street
Private
Wire
New York
System to Branch Offices,
their connections in 100 Cities
5, N. Y.
NOW
|
Correspondents and
the FIF Capital Accumulation P'an.
Q Monthly Investment Plan
Q Lump-sum Cumulative Investment Plan
Name.
throughout the U.S. and Canada.
Address
YzzzzzzzzzzzznzzzzzzzzzzzzzzzzzzzzznzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzznzzzzzzzzzzznzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzA
Gfy_.
I
G9-6
Stare
Thursday,
CHRONICLE
THE COMMERCIAL and FINANCIAL
50
COHAN,
Denton
Security Traders Association
The Bond Club of Denver
HARRY D.
& Co., Inc.
EARL W.
CONNER,
Goldschmidt, South Norwalk
Maples &
OF
ROSTER
Continued from page
FIF
CHARLES
Peters, Writer & Christensen, Inc.
B.
SODEN,
The
J.
J.
W.
J.
Boettcher and
FIF
Management Corporation
J
Walter
WARREN,
Incorporated
Merrill
National Bank
SWEET, CIIANNING F.
Peters,
Peters, Writer &
Christensen^
WESTONTjrp
c.
Amos
TALBOTT, JOHN L.
Boettcher and Company
TETTEMER,
J.
K.
~
Quinn
Laird, Bissell & Meeds, New
The
R. F.
ray,
Laird, Bissell & Meeds, New Haven;
Putnam
William J. Sweeney,
HUNGERFORD, DONALD E.
Robert C. Buell and Company
Britain.
Co., New Haven; Guy R.
H. Angelos, Chas. W. Scranton
Hogarth, Laird, Bissell & Meeds,
E. T. Andrews & Co.,
Conning
Bosworth, Sullivan & Company,
Inc.
Wittow
Co.
&
TOSSBERG,
WOULFE, RICHARD
TOWER, NORMAN
Merrill Lynch, Pierce,
WRITER, GEORGE
Bosworth, Sullivan & Company,
Fenner &
ROSTER OF MEMBERS
The
•
Incorporated
HAROLD D.
Peters, Writer & Christensen, Inc.
E.
TROUTMAN, WILLIAM
(Members
located
in
Hartford
otherwise indicated)
Bank & Trust Co.
TRUGLIO, NICHOLAS F.
G.
GEORGE H.
ANGELOS,
Mutual Depositor Corp,
Founders
Chas. W. Scranton &
Bosworth, Sullivan & Company, Inc.
Co., New Haven
YOUNG, WILLIAM A.
FRANK
Bosworth, Sullivan
TSCIIUDI,
Merrill
Inc.
Company,
&
Lynch,
Pierce,
Fenner
&
KERMIT
Lynch, Pierce, Fenner & Smith
Incorporated
TURLEY,
ZUSCIILAG, E. M.
Merrill
Peters,
Smith
AUSTIN, GEO. L.
G.
Incorporated
Writer & Christensen, Inc.
L.
Austin & Co.
Eddy & Co.
BLIGH,
ROBERT A.
Edward
New
E.
M.
Bridgeport
& Co.,
MATTHEWS,
&
Coburn
Coburn
ROBERT S.
Judd & Co.
Shearson,
Hammill
Incorporated
&
Middlebrook, Incorporated
EDWARD H.
Incorporated
Middlebrook,
McCAUGHEY, W. CRAIG
Co.
&
Bissell & Meeds,
MORGAN,
T.
CLARK, MYRON H.
Estabrook & Co.
Robt.
& Co., New Haven
HOLBROOK
Wood,
Inc.
Struthers
ROBERT
&
S.
New Haven
J.
Bridgeport
S.
Morris &
Co.
MURRAY, FRANK J.
CLEMENCE, ROBERT H.
Laird,
Co.
New
New Haven
Haven
DANIEL
Watson & Co.,
L.
MORRIS,
CLEMENCE, Jr., ROBERT H.
Wood, Struthers
Waterbury
NORMAN
CALVERT. ROBERT B.
Company
Company,
& Middlebrook,
Coburn
MAIGRET,
Laird,
Bradley & Co.,
Griggs
CILENTO, FRANK E.
Fahnestock & Co., Torrington
BRADLEY,
Walker
Brainard,
BEAKEY, EDWARD J.
W.
H.
CARTER,
AVIGNONE, JOHN J.
Cooley & Company
E.
Day
P.
GORDON H. N.
BURNETT, ROLAND L.
Fahnestock & Co., Hartford
Cooley &
BAILEY, THOMAS C.
White, Weld & Co., New Haven
Are
ALBERT
F.
R.
LIBBY,
unless BRESLAV, lyALTER
CHARLES H.
YOUNG,
Bridgeport
Tucker, Anthony & R. L.
KRAIGER,
WRITER,
MAURITS
KEEFE, Jr., HARRY V.
pires: December 31, 1959.
Inc.
A.
G. H. Walker & Co.,
1, 1959; Term Ex¬
October, 1958; Took Office: January
S.
Peters, Writer & Christensen, Inc.
Smith
JOHNSON,
Walker & Co., Bridgeport.
Company
&
Elected:
FREDERICK B.
Colorado National Bank
Maurits Johnson, G. H.
C.
West Hartford
JACOBS, DONALD B.
New Haven.
Alternate: A.
WITTOW, HERBERT L.
TONER, JOHN F.
Central
GORDON
HURLBERT,
&
Haven
Co.
&
Boettcher and Company
& Co.
Bridgeport
WILLIAM D.
HOLMAN,
National Committeemen: George
WARREN
E.
WILLARD,
E. W. Eddy & Co., Hartford; Fred¬
Weld & Co., Hartford; E. Norton Decker,
Griggs Company, Waterbury, Conn.; Frank J. Mur¬
Sweeney & Company, New
Purvis & Company
TICE, JOHN F.
LAWRENCE F.
Smith, Ramsay & Co., Inc.,
erick T. Sutton, White,
ALVIN
WmLARD,
Inc.
•
■■
HINE,
Governors: Edward J. Beakey,
A.
Kirchner, Ormsbee & Wiesner, Inc.
HARRY
King Merrits & Co., Inc.
THOMPSON, JOHN A.
Peters, Writer & Christensen,
Haven
HOGARTH, GUY R.
WIESNER, ALFRED
TIIARP,
E.
GRAHAM, REGINALD
Coburn & Middle-
Edward H. Matthews,
brook, Incorporated, Hartford.
Inc.
and Company,
Coughlin
Co., Hart¬
New
Secretary-Treasurer:
WHITE; HERBERT P.
FRANK L.
Mullen Investment Co.
Kenneth F. Shieber, Putnam &
ford.
Christensen, Inc.
Inc., Bridgeport
GRAHAM, JOHN E.
G. H. Walker & Co.
Second Vice-President:
Inc.
^ — ~rTSr
WHITE, DOUGLAS L.
Founders Mutual Depositor Corp.
C.
ROBERT
GORDON, MYRON L.
Hincks Bros. & Co.,
Chas. W. Scranton &
Co., New Haven.
E.
Peters, Writer &
Tallmadge & Tallmadge
H. Angelos,
Vice-President: George
Sudler & Co.
C.
WHITE, DONALD
TALLMADGE, MYLES P.
Tallmadge & Tallmadge
TALLMADGE,
WILLIAM H.
Britain
GLAZIER, LEONARD
Fahnestock & Co.
Meeds, New Haven.
Hogarth, Laird, Bissell &
President: Guy R.
First
G.
HIRAM D.
Writer & Christensen,
WELLER,
Writer & Christensen, Ine
SWEET, WILLIAM
The
& Smith
Fenner
FRANCIS E.
GIANTONIO,
Eddy & Co., New
Christensen, Inc.
Peters, Writer &
& Co.
Fahnestock
ROGER H.
States National Bank
WEIDMAN, DONALD
NICHOLAS E.
EISEN,
Kenneth Shieber
George H. Angelos
Guy R. Hogarth
CHARLES L.
Lynch, Pierce,
Corporation
Equitable Securites
FON
GEORGE S.
Denver United
HENRY
Co., New Haven
&
FAUST, HAROLD E.
Incorporated
WEED,
Peters,
Company
Sullivan & Company, Inc.
U. S.
Company
DAVID H.
W. Scranton
Charles
■Bosworth, Sullivan <Sr Company, Inc.
SULLIVAN, JOHN J.
Bosworth,
JAMES P.
&
ERMER,
Dempsey-Tegeler & Co.
ERNEST E.
Stone, Altman & Company
STRUTIIERS, JAMES R.
Garrett-Bromfield & Co.
Denver
&
WARNER,
STONE,
SWAN,
Cooley
WARDMAN, WM. E.
CARL E.
Hogle & Co.
A.
HOWARD H.
& Co., New Britain
ENGLISH,
M.
FREDERICK D.
WALTER,
STEPHENS, KENNETH E.
Russell Investment Company
STITT,
Eddy
Harris, Upham & Co.
Jr., ED.
Hogle & Co.
A.
EDDY,
WALSH, JOSEPH
STEINAUER,
J.
& Smith
Fenner
Harris, Upham & Co.
STEELE, E. E.
Peters, Writer & Christensen, Inc.
Waterbury
GEORGE A.
Hincks Bros. & Co., Inc., Bridgeport
DOCKHAN,
H.
VI.N'EY, F.
WILLIAM
STANLEY,
F.
and Company,#. Inc.
Incorporated
Company
E. NORTON
Griggs Company,
DECKER,
R.
VERNER, OGDEN C.
Merrill Lynch, Pierce,
Investment Co.
Mullen
K.
SORENSEN,
.
METER, CHARLES
Coughlin
.
Haven
New
Writer & Christensen, Inc.
Peters,
VAN
FREDERIC R.
COX,
GEORGE C.
VEER, Jr.,
VANDER
K.
& Co.
Putnam
Christensen, Inc.
Peters, Writer &
Management Corporation
SNODGRASS,
COOK, AARON
ULRICH, FRED C.
49
CHARLES F.
SMITH,
Of Connecticut
MEMBERS
November 26, 1959
Bissell & Meeds
Haven
Happening
In Canada
Since 1945 U.S. business and individ¬
uals have increased their investment in
Canada
by
over
$8 billion to
a
total of
crease
STOCKS
BONDS
$13 billion. Over $4 billion of this in¬
represents holdings of Canadian
bonds and securities and the balance
s
in direct investments in
plant and
equipment.
To
service
this
K4aRKETS maintained
growing interest in
Canadian investment, our New York
long established
J
connections in Canada to U. S. institu-
|
Company offers
our
Write
or
telephone today for
of the Canadian
a
Co., Inc.
2-9251
NY
1-1979
or
Canadian external
the Montreal and Toronto
net New York
DIRECT PRIVATE
Stock
markets quoted on request.
WIRES TO TORONTO, MONTREAL,
CALGARY, VANCOUVER, VICTORIA
||
BELL SYSTEM TELETYPE
OTTAWA, WINNIPEG,
AND HALIFAX
NY 1-702-3
Oomimiom Securities Corporation
30 Broad Street, New York 4, New York
HA
Exchanges,
||
Review
Banking Industry;
W. C. Pitfield &
^
Stock orders executed on
j
tions and dealers.
in all classes of
and internal bond issues.
Associate Member American
■
Stock Exchange
Toronto
Boston
An affiliate
of
Philadelphia
W. C. Pitfield &
15 offices
wire
across
Company Limited
Canada and
a
direct
private
system covering all Canadian Markets
London, Eng.
lillll
111®
Ottawa
Calgary
40
EXCHANGE PLACE, NEW
YORK 5
Telephone WHitehall 4-8161
Canadian Affiliate
—
Member Toronto, Montreal
and Canadian Stock
Exchanges
Montreal
Winnipeg
Vancouver
Halifax
Convention Number
Mr.
THE COMMERCIAL and FINANCIAL CHRONICLE
&
Mrs. Frank J. Ronan, New York Hanseatic
Corporation, New York; Mr. & Mrs. Joseph R.
Dorsey, Bache & Co., New York; Mr. & Mrs. Maurice Hart, New York Hanseatic
Corporation, New York
Mr.
&
Mrs.
Arthur
&
Co.,
NOY,
HENRY B.
Hincks Bros. & Co., Inc., Bridgeport
RYBECK,
William
H.
SAMPSON,
Chas.
CANDEE,
Association
JACOBS,
H.
M'utual
Service
Kalb,
Rybeck & Company,
Meriden
JOY,
D.
Scranton
&
Co., New Haven
FRANKLIN
Funds
RUDD,
Inc.
IRVING
Rudd
&
Investment
Corporation
STANFORD,
H.
The
Income
JOHN
VAN
E.
Corporation
Federal
Associates, Inc.
Jr.,
GEORGE
VALKENBURGH, WILLARD
J.
Investment Company
WEEKLEY,
Mitchell, Jr. Co.
H.
F.
HENRY
F.
Weekley & Co.
L.
Funds, Inc., New Haven
SHIEBER,
KENNETH
Putnam
&
Canadian
F.
Co.
Investment Securities
SHURE, JOSEPH
Bache
GEORGE
Stanford
SAMUELSON, ARTHUR O.
George C. Lane & Co. Inc., New Haven
SCHMITT,
G.
Co.
(GEN.)
RAYMOND
Investing
J.
L.
America,
Voorhis & Co.
MITCHELL,
G.
of
ROBERT
DONALD
FIF
HARRY
W.
Washington, D. C. Security Dealers
Inc.
WILLIAM
Hammill, W. E. Hutton & Co., New York; Stanley Roggenburg,
Roggenburg
York City; Samuel F. Colwell, W. E. Hutton &
Co., New York
BATTEN,
PETERSON, Jr. JOHN A.
Kennedy-Peterson,
T.
New
51
&
Co., New Haven
STEINER, S. JACKSON
Jackson
Steiner
SUTTON,
&
Co.,
FREDERICK
Inc.
A. E. Ames & Co.
T.
White, Weld & Co., New Haven
Raymond H.Jacobs
SWAN, LESLIE B.
Chas.
W. Scranton & Co., New
SWEENEY,
WILLIAM
Haven
Charles
J.
Thenebe
&
Securities
A.
M.
Members Toronto and Montreal Stock
pany.
Corporation
Governors: The Officers and Irving G. Rudd, Rudd &
E. Balogh, Balogh & Company, Inc.
OFFICES IN
Co.; Stephen
14
Exchanges
CITIES IN CANADA AND ENGLAND
RICHARD
Kidder
WHEELER,
A. E. Ames & Co.
Treasurer: Williard Van Valkenburgh, Federal Investment Com¬
Associates
Hartford
WEISKE, F.
UNDERWRITERS AND DISTRIBUTORS
Kalb, Voorhis & Co.
Vice-President: George J. Mitchell, Jr., G. J. Mitchell Co.
THOMPSON, HOWARD W.
American
Limited
W. Van Valkenburgh
Secretary: Donald E. Joy, FIF Investing Associates, Inc.
CHARLES E.
E.
Donald E.Joy
President: Raymond H. Jacobs,
Sweeney & Company, New Britain
THENEBE,
G. J. Mitchell, Jr.
&
FRANK
Elected:
January, 1959; Took Office: March, 1959; Term Expires:
March, 1960,
Co., Bridgeport
R.
Charles E. Thenebe & Associates
WILDE, RICHARD
Conning & Co.
ROSTER
W.
A. E. Ames & Co.
OF MEMBERS
ALLEN, LANDRUM S.
Incorporated
BALOGH, STEPHEN E.
Balogh & Company, Inc.
Landrum Allen & Co., Inc.
New York
Boston
iiHiiiiiiimmimimiiiiiiiiiiiiiiiiimiiiiimiiiiiiiiiiimiimiiiiiiiiiimiimiiiiiiiiiimimiiiiimmmimimiiiimimiiimi"
BUSINESS ESTABLISHED
Burns Bros. &
Two
Denton, Inc.
Over Half
a
Century
of Investment;
Broadway, New York 4, N. Y.
With
over
ments,
50 years
1889
Experience
of experience in Canadian Invest¬
organization is well prepared to
our
investors interested in Canadian securities. Our
ices
Underwriters
—
Distributors
—
Dealers
are
readily available
to
investing
serve
serv¬
institutions
and dealers.
Direct private wire connections with affiliated offices
in
fourteen
and
Investment Securities
accurate
able
us
stock
Industrial
to
principal Canadian
cities
service in Canadian
execute
exchanges,
promptly orders
or
at
net
provide fast
securities, and
on
en-
'
all Canadian
prices in United States
funds if desired.
Public
Utility
Wood, Gundy & Co., Inc.
Canadian
40
Wall
Foreign
Street, New York 5, N. Y.
Telephone Dlgby 4-0633
Affiliated with
?
Affiliated with:
Bums Bros. &
Denton, Ltd.
Wood, Gundy & Company
Members of
Burns Bros. & Company, Ltd.
Toronto, Canada,
The Toronto Stock Exchange
Montreal Stock Exchange
Canadian Stock Exchange
Toronto, Canada
and
Sj
'
m*
*
Toronto Stock Exchange
jjjjjj
em erS Canadian Stock
Exchange
5
Wood, Gundy & Company
Limited
~
Head
jjj
Toronto
Montreal
Ottawa
Winnipeg
Hamilton
Vancouver
=
Branches in the
^TillllllllKDklllil^ lillllllllllllllllllllllllllllllllllllllllllllllillllllillilllllllllllllllllllllllllllllllllllllllkllUIIIIIIIIHIINIHIIIIIIr
—
Office—36 King St., West, Toronto 1, Canada
principal cities of Canada and in London,. England
52
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
(
,
_
ROSTER
Dallas Security Dealers
Association
OF
...
MEMBERS
Salomon
EDWARD
Bros.
ALEXANDER,
ALLEN,
ORVILLE
Co.
G.
DENNAR.O,
Inc.
Dallas
Lynch,
Pierce,
Fenner
&
Smith
Incorporated
Dallas
Rupe <fc Son,
ANTHONY,
National
APPEL,
First
J. Ries Bambenek
Harold E.
FRANK
BAMBENEK, J.
Dallas
DUNLAP,
E.
President: J. Ries Bambenek, Dallas Union Securities Co., Inc.
Vice-President: Harold E. DeShong, Dallas Rupe & Son,
Inc.
BARNES,
BEARD,
Ft.
First
W.
SAMUEL
Treasurer: Norval Keith, Schneider, Bernet &
Hickman, Inc.
Governors: Edwin O. Cartwright, Merrill Lynch, Pierce, Fenner
& Smith Incorporated; Lewis F. Lyne, Mercantile National
Bank; C. Rader McCulley, First Southwest Company.
National Committeemen: J. Ries Bambenek, Dallas Union Securi¬
ties Co., Inc.; Harold E. DeShong, Dallas Rupe & Son, Inc.;
Winton A. Jackson, First Southwest Company; C. Rader McCul¬
ley, First Southwest Company.
Jr.,
ALBERT
CHARLES
M.
National
Bank
First
Texas
JOHN
Bank &
The
C.
Irving Man-
Manney & Company.
Trust
Company
18, 1958; Took
Expires: January 1, 1960.
Of^ce: January 1, 1959; Term
HEMMINGSON, GEORGE T.
Central Investment Company of Texas
HENDR1X, PHILIP L.
Dallas Union Securities Co., Ire.
GEORGE W.
HERRING,
Inc.
Sanders
Company
DERRY M.
Rauscher, Pierce & Co., Inc.
HILGER,
K.
HOUSTON,
Pierce, Fenner & Smith
Dallas
edgar
&
A. SCANLAND
Dallas Rupe & Son, Inc.
HILGER,
Columbian Securities Corp. of Texas
franklin
B.
FRANKLIN
Union Securities
Company
HUDSON, JOHN K.
R. S. Hudson & Co., Inc.
w.
Dittmar & Company, Inc.
JULIAN
Rauscher,
Pierce
&
Co.,
freear,
Inc.
O. P.
Mutual Funds & Securities Co.
HUDSON, ROBERT S.
R. S. Hudson & Co., Inc.
landon A.
William n. Edwards
BOHNEY,
Elected: December
First National Bank in Dallas
Inc.
ROBERT
Rippey & Co.
TOM
HAYS,
B.
Incorporated
BINFORD, JOE
BOBO,
Company
PAUL
Merrill Lynch,
Bank in Dallas
MYRON
Hauser, Murdoch,
FEUERBACHER, ALVIN L.
Eppler, Guerin & Turner, Inc.
FOSTER,
National
First
HAUSER,
FICKES, Jr., RALPH l.
BILHEIMER, Jr., WILLIAM E.
Shearson, Hammill & Co.
BINFORD,
HATCHER, M. M.
Guerin & Turner
Dealers,
Inc.
Company,
MERRILL
N.
& Co.
National Association of Securities
E.
Schneider, Bernet & Hickman,
Edwards
R. J. Edwards,
FAGAN,
Securities
Hamilton
Incorporated
ESTES, B. H.
Goodbody & Co.
Alternates: Allen L. Oliver, Jr., Sanders & Company;
ney,
BERNET,
HAMILTON, WILLIAM S.
Goodbody & Co.
WILLIAM
N.
WILLIAM
Eppler,
J.
BEATTIE, MARION A.
Rauscher, Pierce & Co. Inc.
BEST,
Incorporated
Inc.
HARTMAN,
JOE W.
Southwest
EPPLER,
Inc.
Equitable Securities Corporation
Secretary: Derry M. Hilger, Rauscher, Pierce &'Co., Inc.
E.
Company,
Worth, Texas
ELLIS,
Co.
Pierce & Co.,
Jr.,
HAMILTON, JOHN M.
Hamilton Securities Company,
Dallas
Goodbody & Co.
Company
Securities
JOE
Rauscher,
in
HUGH
EDWARDS,
RIES
Union
Bank
JOSEPH
&
Smith
incorporated
DUDLEY, MORRIS A.
Rauscher, Pierce & Co., Inc.
William
Southwest
Merrill Lynch,
Inc.
Corp.
SAUL T.
Norval Keith
Derry M. Hilger
DeShong
National
ROBERT F.
Pierce, Fenner &
HALL,
E.
Rupe & Son,
Dittmar
Research
Walker, Austin & Waggener
BAKER,
HAROLD
DITTMAR,
W.
&
Hauser, Murdoch, Rippey & Co.
Jr.,
MANLEY A.
Municipal Securities Company
HAGBERG,
Inc.
FRANCIS
Securities
WILLIAM
AUSTIN,
DEAN P.
Eppler, Guerin & Turner
GUERIN,
E.
DICKSON, JOHN H.
First
Hutton & Company
F.
E.
& Hutzler
FRANK
GROSECLOSE,
Goodbody & Company
Dallas
W.
A.
R.
Bros.
Salomon
Corporation
stephen
DeSHONG,
ALMON, TAYLOR B.
Rauscher, Pierce & Co., Inc.
ANDERSON,
R.
Rupe & Son, Inc.
denning,
& Company
GRAFF, JOSEPH C.
DEATON, Jr., FRED. R.
Wood, Struthers & Co.
Dallas
A.
R.
Merrill
of
ROBERT R.
Jr.,
Sanders
Inc.
Equitable Securities
R.
Trust
&
Carothers & Company,
ALMON,
DEATON, FRED
& Hutzler
T.
Texas Bank
M.
GILBERT,
DAVISON, OLIVER E.
Dallas Rupe & Son,
4CKERMAN,
& Co.
Ft. Worth, Texas
HUGUENIN, A. B.
Dumas, Huguenin &
galloway,
ransom
Municipal Securities Company
BOND,
JAMES H.
Boston Securities Company
Boothman
(Associate)
BOONE, JOHN P.
First
CANADIAN
SECURITIES
Southwest
Company
BOOTHMAN, CLAUD O.
Dumas, Huguenin & Boothman
(Associate)
Midland
BOSTON, TOM B.
Boston Securities
We specialize in servicing dealers by obtaining
or
placing blocks of Canadian listed
or
over-the-counter
Our
Trading Department maintains firm markets
listed and unlisted issues in U. S. funds and is avail¬
able for ail
EMpire
Carothers
WOrth 4-5280
Company
Affiliated with:
Midland
LIMITED
MEMBERS
The Investment Dealers' Association
EXCHANGE
of Canada
NESOM
N. Burt & Company
The Midland
CALDWELL, R. B.
Harris, Upham & Co.
CARLSON, ROBERT
Company
Member:
CANAVAN, JOHN L.
Rauscher, Pierce & Co., Inc.
MEMBERS
THE TORONTO STOCK
C.
Securities Corpn. Limited
Member:
BUCKNER, U. T.
Rauscher, Pierce & Co., Inc.
C.
ASSOCIATION
Securities
BUCHHOLZ, DON
Eppler, ouerin & Turner, Inc.
6-5831
STREET, NEW YORK 5
Inc.
BUCHANAN, Jr., J. D.
Municipal Securities Company
WISENER, MACKELLAR AND COMPANY
DEALERS'
Company,
BROWN, JACK P.
BURT,
Montreal Stock Exchange
The Toronto Stock Exchange
Canadian Stock Exchange
E.
R. A. Underwood & Co., Inc.
OF CANADA
73
Canadian Securities
2 WALL
BUCHANAN, B. F.
Walker, Austin & Waggener
TELEX 02-2461
INVESTMENT
&
Corporation
Dealers in
.
BROWN, EDMOND L.
Dallas Union
types of dealer transactions.
TRADING DEPARTMENT
THE
_
Canadian
BROWN, E. KELLY
E. Kelly Brown Investment Co.
securities.
on
Company
BOWMAN, BRUCE
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
King Street West, Toronto I, Canada
CAROTHERS, CHARLES B.
Carothers & Company, Inc.
LONDON
MONTREAL
TORONTO
CARROLL, JAMES S.
Rauscher, Pierce & Co., Inc.
CARSWELL, BARLEY
Municipal Securities Company
CARTWRIGHT, EDWIN O.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
CARTWRIGHT, W. E.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
CASE, STEPHEN E.
Shearson, Hammill & Co.
DOHERTY ROADHOUSE & CO.
CLARK, Jr., DICK
Members:
Dallas Union Securities Company
cJeal
CLARK,
JOHN
The
Goodbody & Co.
CLAYTON, m, JOHN B.
First National Bank in Dallas
Exploration dCimited
Toronto
Stock Exchange
The Canadian Stock
Exchange
The Vancouver Stock
Exchange
CLOYD, MARSHALL
First National Bank
in Dallas
COLE, JOHN J.
Dallas Rupe & Son, Inc.
The
Calgary Stock Exchange
The
Winnipeg Stock Exchange
The Investment Dealers' Association of Canada
COOK, ROBERT L.
Merrill Lynch, Pierce, Fenner
& Smith
Incorporated
CORNELL, Jr., JOHN B.
William Street Sales, Inc.
COTTER, W. R.
W. R. Cotter Ss
Company
HEAD OFFICE:
COWDREY, J. H.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
BRANCHES:
CRESON, PAUL
Creson & Co.
Vancouver
•
CROSSLEY, M. E.
Salomon Bros.
TORONTO, ONT.
&
Hutzler
Calgary
Winnipeg
•
Haiheybury
•
•
Timmins
North Bay •
•
Kirkland Lake
Sudbury
CUTTER, FRED C.
Toronto—20 Bloor St. W. & 111 St. Clair Ave. W.
William N. Edwards & Co.
Ft. Worth, Texas
DAVIS,
TORONTO 1, CANADA
BOB
L.
Municipal Securities Company
DAVIS, JACK
Mercantile National Bank
DAVIS, JOHN S.
Republic National Bank of Dallas
DAVIS,
N.
'Direct Wires to All Branches:
R.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
DAVIS, PAUL D.
Rauscher, Pierce & Co., Inc.
Montreal
*
New York
•
Portland
Los Angeles
*
Seattle
*
•
San Francisco
San Diego
DAVIS, R. M.
First National Bank,
Garland, Tex.
S
•
Fresno
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr. & Mrs. John M. Fitzgerald, W. C. Pitfield &
Co., Inc., New York; Mr. & Mrs. Reginald J. Knapp,
G. C. Haas & Co., New York;
Mr. & Mrs. William T. Meyers, Gordon Graves & Co., New York
HUNJDLEY,
FRANK
T.
KEITH, NORVAL A.
Schneider, Bernet St Hickman,
Dlttmar & Company, Inc.
JACKSON,
Jr., WILLIAM C.
KERR, Jr.,
First Southwest Company
JACKSON, WINTON A....
First Southwest
Dallas
■ '■
Company
JACQUES, JAMES F.
First Southwest
JAMES,
JUDSON
Jr.,
Judson S.
JOHNSON,
Company
S.
A.
PAUL
Mercantile
First
National
St
in
Dallas
&
Co.
III,
LEWIS
MALONEY,
Securities
Bank
of
Dallas
MANNEY,
QUENTAN,
Union Securities
Co.,
PEAK, PRESTON A.
Metropolitan- Dallas
Inc.
&
Mrs.
Inc.
GENE
RAIN, TALBOT
Corporation
PERKINS, Jr.,
Midland
(Associate)
F.
RANKIN,
Co.
David
JACK
Securities
DAVID
H.
H. Rankin St
First
National
Bank
Co., Ft. Worth
RAUSCHER, JOHN H.
Rauscher, Pierce St Co.,
PHILLIPS, DAVID M.
in Dallas
Inc.
RAUSCHER, Jr., JOHN H.
Jr., CHARLES C.
Rauscher, Pierce & Co., Inc.
Inc.
POWELL,
DAVID
Rauscher,
RAY,
&
Co.,
Inc.
GERALD
Sanders
J.
Pierce
&
Hugh W. Long and Company, Inc.
Company
Continued
on
page
IRVING
Manney St Co.
MANNING, W. K.
Wood, Struthers & Co.
LEONARD
Republic National Bank of Dallas
MARTIN, J. T.
KEIL, MORRIS J.
Schneider, Bernet & Hickman, Inc.
LASSETER,
Creson
H.
St
DAVID
Mercantile National Bank
Company
MATTHEWS,
First
HENRY
Southwest
P.
Company
MAYES, HARLAND
Rauscher, Pierce St Co., Inc.
McADAMS, V. C.
Dallas Rupe &
Specialists in* Canadian Securities
Son, Inc.
McALISTER, A. J.
Rauscher,
McCLANE,
Barron
Pierce
JOHN
St
Co.,
Inc.
S.
McCulloch
St
Company
as
Ft. Worth, Texas
McCLURE, Jr.,
CANADIAN
SECURITIES
R.
McCLURE,
To
Institutions
offer
and
Dealers
interested
in
Canadian
Securities
we
comprehensive knowledge of Canadian investments. With of¬
throughout Canada connected by our private wire system we
provide you with prompt and reliable service.
a
fices
can
R.
FRED
Sr.,
Inc.
FRED
Hudson
S.
&
S.
Co.,
Dallas
Brokers, Dealers and Financial Institutions
Inc.
McCORMICK, JAMES C.
Eppler, Guerin St Turner,
McCORMICK,
Principal for
L.
Hudson St Co.,
S.
Inc.
LYNN
Rupe St Son, Inc.
McCULLEY, CLAYTON r.
First
McLeod,Young,WeirJhcorporated
15 Broad Street
Telephon^:
New York 5, N. Y.
WHitehall 4-1770
Southwest
McCULLOCH,
Barron
Ft.
Teletype: N.Y. 1-4808
Worth,
,
McLEOD, YOUNG, WEIR & COMPANY LIMITED
KING
STREET
WEST, TORONTO,
St
Frank
B.
Company
FRANK
w.
Lynch,
Sherbrooke
Hamilton
London
Quebec City
Ottawa
Kitchener
Windsor
St
Co., Inc.
Pierce,
Fenner
St
Smith
Incorporated
CANADA
Winnipeg
Calgary
Members: New York Security Dealers Association
B.
perry
MEDANICH, FRANK
Montreal
Securities, Inc.
D.
McMahon
Mcpherson,
Merrill
Grace Canadian
Company
Texas
Hutton St
F.
McMAHON,
An Affiliate Of
50
Company
BARRON
McCulloch
McEWEN, HAROLD
E.
Edmonton
Vancouver
Correspondents in London, England
First
25
J.
Southwest Company
MEER,
JULIAN
Broadway, New York 4, N. Y.
M.
Turner,
White,
Francis
(Associate)
Atwood, McLane St
MERRILL, SAM
Rauscher, Pierce
HAnover 2-0433
«Ss
Co.,
NY 1-4722
Inc.
METCALFE, WALLACE P.
Texas Bank St Trust
Company
(Associate)
MILLER,
LAUREL
Hauser,
L.
Murdoch, Rippey & Co.
MIRSKY, GEORGE
Shearson, Hammill & Co.
MITCHELL, RODGER J.
Republic National Bank of Dallas
MOORE,
Gairdner §
Gompanij Inc.
Underwriters and Distributors of Canadian Securities
Street, New York 5, N
Y.
P.
Brokerage
Co.
MOORE, MURRAY W.
Murray
W.
Moore
&
Company
MORRIS, JACK
R.
60 Wall
ADDISON
Southern
A.
Underwood
St
Co.,
Orders Executed
at
regular commission rates
Inc.
MORROW, ELBERT M.
Dumas, Huguenin St Boothman
WHitehall 4-7380
(Associate)
through and confirmed by
MOSS, JACK G.
The Columbian Securities Corp. of Texas
Inquiries regarding Canadian Securities
are
invited from Dealers and Institutions
Affiliate:
MOUNTS, JACK
Dallas Rupe & Son,
First
Members of
The
R.
P.
National
NAZRO,
Leading Canadian Stock Exchanges
Inc.
MURDOCH, RICHARD
Hauser, Murdoch, Rippey St Co.
MURPHY,
Gairdner & Company Limited
Bank
ARTHUR
Parker
in Dallas
Toronto
Vancouver
Montreal
Hamilton
Kingston
Kitchener
,
Calgary
Winnipeg
London
Edmonton
New York
Private wire system
Dallas
Quebec
Corporation
Union
25
Securities
Company
OBENCHAIN, THOMAS H.
Dallas
OLIVER,
Union
Securities
Jr., ALLEN
Company
L.
Sanders & Company
OWENS,
Dallas
JAMES
Union
Members: Principal Stock Exchanges of Canada
The
P.
NICOUD, ROBERT
Business Established 1921
Grant
Rauscher, Pierce & Co., Inc.
PIERCE,
MANLEY, VINCENT J.
Republic National Bank of Dallas
Company
C.
F.
National
THOMAS E.
Pierce St Co.,
Rauscher,
P.
JACK
Mr.
QUACKENBOS, GORDON
Eppler, Guerin St Turner,
Underwood St Co., Inc.
Dallas
Sanders & Company
L.
RUSSELL
R. A.
PAYNE,
MAHAFFEY, LANDIS
Company
LESLIE
LANDSMAN,
Bank
Pont
Carlsen, Woolrych, Currier & Carlsen, Inc., Los Angeles;
A. Feldman, Piper, Jaffray &
Hop wood, Minneapolis
W.
Mercantile
Parker, Ford and Company, Inc.
THAD
KEENAN,
LYNE,
E.
HAROLD
Municipal
Bank
du
Fort Worth National Bank, Ft. Worth
LACKEY, WILLIAM J.
LAGONI,
National
Inc.
WALTER S.
Sanders
D.
Inc.
LUCAS, B.
KUPFER,
;
v
Co.,
Goodbody St Co.
Dallas Union Securities Co., Inc.
JONES,
Securities
Francis I.
D.
PALM,
Hickman,
KIRK, PAUL
JOE
Ted
A.
St
LOCKE, EUGENE M.
Locke, Locke & Purnell (Associate)
KLINE,
JOHNSON, SAMUEL P.
Parker, Ford and Company, Inc.
JAMES
Bernet
Mrs.
LAWHON, ELBERT L.
Rauscher, Pierce St Co., Inc.
S.
Jr.,
Schneider,
&
KIMMEL, JOE
Rauscher, Pierce & Co., Inc.
KLECKA,
:
Dallas Rupe &t Son, Inc.
JONES, HERBERT M.
Union
LATHIM,
Inc.
G.
First National Bank
,
James & Co.
JOHN
Mr.
53
C.
Securities
Company
National
Association
of Security
Dealers
Broadway, New York 4, N. Y.
54
Thursday, November 26, 1959
FINANCIAL CHRONICLE
THE COMMERCIAL and
54
WimX f. x;::^3'Xfx'm
*
&
Mr.
Saxton
Edward
Walter R; Johnson, G. A.
Denver, Colo.
Black & Cc., Portland, Oreg.; Mr. & Mrs.
New York; Mr. & Mrs. Trevor Currie,
Pete A. Kosterman,
&
Co., Inc.,
Mrs.
Rcob,
New
SCOTT, RALPH E.
Dallas Security
Dealers Association
OF MEMBERS
ROSTER
Continued
READ,
Fiist
REED,
RUFE
from page 53
E.
WILLIAM
SALE,
Company
Southwest
RELYEA, P.
P.
P.
T.
Sanders
&
AMES
Merrill
NICHOLAS
Dallas
JACK
SHOOK,
&
Co.
RICHARD B.
& Son, Inc.
Dallas Rupe
Hickman,
Inc.
GASTON
SHUMATE,
Shumate
SCOTT, CHARLES
Parker, Ford and Company, Inc.
D.
B.
&
Goodbody
SHULTS,
E.
Bernet
GORDON
Rupe & Son, Inc.
Jr.,
Incorporated
>
Lynch, Pierce, Fenner & Smith
Schneider,
Dallas
of
SHIELDS, Jr., EnK
— -TT". : —— -v—
Merrill Lynch, Pierce, Fenner & Smith
CLYDE
SCHNEIDER, JULES
Bank
.
Incorporated
F.
Republic National Bank
RUPE,
.
Company
Co.
Murdoch, Rippey & Co.
Hauser,
ROBERTS,
W.
National
Republic
SANDERS, Jr., JESSE A.
&
SAUNDER,
RIPPEY,
GEORGE
Company
LOCKETT
SHELTON,
& Co.
Goodbody
F.
Relyea
SHEA, JOSEPH
E. F. Hutton &
JIM
SANDBERG,
DON
&
A.
Company
HAROLD J.
Municipal Securities
SILVER,
Company
J.
NORMAN
SITZENSTATTER,
Loomis C.
Metropolitan Dallas Corporation
WILLIAM
SMALLWOOD,
First Southwest
SYRACUSE AND
OF SERVICE TO
25 YEARS
OVER
CENTRAL NEW YORK INVESTORS
INSURANCE
LIFE
HIGH
GRADE
v.;.
Vice-President:
in Dallas
Wheeler & Alleman, Inc.,
"
..
Henry M. Ufford, Calvin Bullock, Ltd., Clear¬
water.
HOWARD
Municipal Securities Company
STOCKS
INDUSTRIALS
UTILITIES
Secretary-Treasurer: William R. Hough, Beil & Hough, Inc., St.
GENE
SPIVEY,
Petersburg.
Municipal Securities Company
STAYART,
LOUIS
Jr.,
W.
Securities
Municipal
FUNDS —PUBLIC
Hough
SPEER,
INCOME PRODUCING
MUTUAL
Orlando.
Co.
ALBERT
SOSSAMAN,
First National Bank
★
★
*
President: Loomis C. Leedy, Jr., Leedy,
B.
Bank & Trust
William R.
Henry M. Ufford
Leedy, Jr.
P.
Company
KENNETH
SMITH,
Texas
"
Association
Goodbody & Co.
D.
Goodbody & Co.
Rauscher, Pierce & Co., Inc.
Florida Security Dealers
WALTER R.
& Co., Inc.
SEITZ, Jr., W. F.
GORDON
Rupe & Son, Inc.
III,
Dallas
L.
Murray
Hudson
S.
R.
in Dallas
National Bank
rust
SCOTT,
Arthur K. Salomon, Salomon Bros. & Hutzler,
Barysh, Ernst & Co., New York
Chicago;
Salomon Bros. & Hutzler,
York City;
Mrs. & Mr.
Company
STEPHENS, JOHN D.
Empire State Bank
E. W. SNYDER & CO.
STEVENSON, O. ROY
Fort Worth National
120 E.
Washington St.
STEWART
Southwest Company
WILLIAM
First
Tel.:
HArrison
W. ALLEN
TAYLOR,
SYRACUSE, N. Y.
E.
Teletype SS-198
2-0401
Bank,
Worth
Fort
STORIE,
Hutton
F.
&
Adler, Coleman & Co
Company
T. D.
Walker, Austin
TEMPLE,
'
.i
Waggener
&
Members New York Stock Exchange
THOMAS, Jr., R. BRUCE
Dallas Rupe & Son, Inc.
RODERICK
THOMAS,
Dallas
American
Members
Stock
Exchange
B.
Rupe & Son, Inc.
THORNTON,
Thornton
JEROME
I.
&
,
Company
^
THWEATT, JEAN E.
Sanders &
TILLEY,
Company
Jr.,
Rauscher,
15 Broad
JOE A.
Pierce &
Co.,
Inc.
Street, New York 5
HAnover 2-9780
TUCKER, ALLAN M.
Pierce &
Co.,
Inc.
TUCKER, R. G.
R. A. Underwood &
Co.,
Inc.
Rauscher,
WELLINGTON HUNTER ASSOCIATES
JOHN W.
TURNER,
15
EXCHANGE
Telephone
PLACE,
JERSEY CITY 2, N. J.
Teletype JCY 698
HEnderson 5-6005
&
Guerin
Eppler,
Turner
UNDERWOOD, Jr., ROBERT A.
R. A. Underwood & Co., Inc.
UTLEY,
PAUL
Goodbody & Co.
Open End Phone to New York City, WOrth 2-4578
VAUGHN,JACK
Hammill
Shearson,
VON
Upham
Harris,
WAGGENER,
Walker,
Securities
Austin
Walker,
WALTON,
R.
Ft.
Worth,
SEND FOR FREE BOOKLET
SHOWING LISTS and RATES.
E.
PHILIPPINE
Texas
&
EST.
Members New York
A.
R.
Lynch, Pierce, Fenner & Smith
WHITLOCK,
1
ROBERT E.
& Co., Inc.
Jr.,
R. A. Underwood
E.
F.
Jr.,
E-Z ADDRESSING SERVICE
83 Washington St.
Dept.F
HAnover
New York 6, N. Y.
2-9492
WILLIAMS,
E.
F.
&
GENE
Hutton
WORTH,
Company
Security Dealers Association
EXCHANGE
PLACE
JERSEY CITY 2,
N. J.
j
&
Y.
Phones
BA
7-0044-0050
E.
Company
CHARLES A.
Goodbody & Co.
WYATT,
1919
ROBERT
Hutton
N.
THE
SECURITIES
M. S. WlEN & Co.
Co.
Incorporated
WIGLEY,
DEALERS
Securities Co., Inc.
WATTS, O'HARA
Goodbody & Co.
Merrill
-
Specialists in
Waggener
LEON
Goodbody
WESTBURY,
Serving Wall Street since 1927
BROKERS
L.
Union
Dallas
-
EDWARD
D.
WASSALL,
Advisers, Funds, etc.
&
BANKS
B.
Corporation
Municipal Securities Company
WARD,
Brokers, Banks, Analysts,
for
Waggener
WILLARD
WALKER,
SPECIALISTS in
Co.
THOMAS
Jr.,
Equitable
FINANCIAL MAILINGS to
&
NELSON
Austin &
WALKER,
SECURITIES
UNLISTED
& Co.
WALTER
GLAHN,
JACKSON
R.
Metropolitan Dallas Corporation
Jersey City Phones HE 5-9400-9402
Teletype JCY 783
s
Convention dumber
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr. & Mrs. Samuel Weinberg, S. Weinberg, Grossman &
Co., New York; Mr. & Mrs. Harold C.
Shore, Harold C. Shore & Co., New York; Mr. & Mrs. Barney Nieman, Carl Marks & Co., Inc., New York
Mr.
G.
&
H.
Mrs.
Cornelius
Walker
&
B.
55
Sheridan, Mitchell & Company, New York; Mr. & Mrs. Carl Swenson,
Mr. & Mrs. L. Warren Foster, J. N. Russell & Co., Inc., Cleveland
Co., New York;
,
Governors: The officers and John M. Chryst, Thomson & McKinnon, Daytona Beach; Zoltan Salkay, Merrill
Fenner &
Smith Incorporated, Jacksonville;
Lynch,
A.
M.
BRUNDAGE, CHARLES F.
A. M.
Pierce,
Seaber,
Kidder & Co.,
Inc., Sarasota
BUCHANAN, FRANCIS C.
Sincere and Company, Lake Wales
Goodbody & Co., Miami; Welles N. Adams, T. Nelson O'Rourke,
Inc., Daytona Beach; Allen C. Ewing, Allen C. Ewing & Co.,
BUCHER, BRUCE
Merrill Lynch,
Jacksonville.
S.
Pierce, Fenner & Smith
Incorporated,
Orlando
Investment Securities
BUSH, DAVID D.
Elected:
October 22, 1959;
Expires: October, 1960.,^
Office:
Took
October,
1959;
;
Term
Vance, Sanders & Co., Inc., Atlanta, Ga
CALDER,
.
HUGH
C.
A. M. Kidder & Co., Inc.,
ROSTER
OF MEMBERS
CAMP,
LINDLEY
Tallahassee
LOCAL
LISTED
—
—
UNLISTED
M.
Merrill
ACKERMAN,
ROBERT
AYERS,
ADAMS,
CHARLES
A.
Sincere
WELLES M.
A.
Inc., Daytona Beach
Bieder
BLACK,
and
Allen
&
BOWEN,
Lakeland
Merrill
Investment Co.,
BOYD,
ARRIES, DON E.
Jr.,
(Member Fhila.-Balt. Stock Exchange)
WILLIAM
Trading Department
—
LOcust 3-8120
CHILDRESS, FRANCIS B.
Childress and Company, Jacksonville
L.
Direct
CHRYST, JOHN M.
Jacksonville
WALLACE
Thomson & McKinnon,
A.
CHURCHILL,
Daytona Beach
TROSTER,
B. J.
Miami, Fla.
Wire
to
CO.,
&
NEW
YORK
St. Petersburg
CLARK, FRED B.
& McKinnon,
Private
SINGER
WALTER
Thomson & McKinnon,
Co., St. Petersburg
BRAYSHAW,
2, PA.
LOcust 3-3440
CERF, Sr., FLOYD D.
Floyd D. Cerf, Jr. Company
Incorporated, Miami
I.
STREET
PHILADELPHIA
Floyd D. Cerf, Jr. Company
Incorporated, Chicago
Lynch, Pierce, Fenner & Smitl»
Thomson
WALNUT
1433
CERF, Jr., FLOYD D.
BRADY, EUGENE P.
Paul A. Davis & Co.
>
Tallahassee
Tampa
ASHLEY, EDWIN F.
Inc.
CATES, W. H.
Ltd., Palm Beach
Company, St. Petersburg
JAMES
B.
Bache &
D. E. Arries & Co.,
Wulbern,
Company, Lakeland
Incorporated,
Palm Beach
Carrison,
Jacksonville
EVERETT
Co.,
Palm Beach
A. C.
Pierce,
WILLIAM M.
Jr.,
H. A. RIECKE & CO., Inc.
CARRISON, H. GEORGE
Co., Inc.
GANSON L.
BIEDER,
M.
Lynch, pierce, Fenner & Smith
Incorporated, Jacksonville
Beil & Hough, Inc., St. Petersburgh
City
ANDERSON, W. T.
AT WILL,
&
HENRY
Merrill
BELL, Jr., FREDERIC C.
Inc., New York
Leedy, Wheeler & Alleman, Inc., Orlando
J.
Kidder
M.
Frank B. Bateman,
ALLEN, GEORGE D.
Leedy, Wheeler & Alleman, Inc., Orlando
&c
CARRERE,
E.
Co., Fort Myers
BATEMAN,
ALLEMAN, F. MONROE
Allen
THOMAS
Bradenton, Fla.
JOHN L.
Distributors Group,
ALLEN,
Bateman, Ltd., Palm Beach
&
BARTON, HARRY B.
T. Nelson O'Rourke,
ADAMS, WILLIAM L.
Adams, Sloan & Co., Inc.
Sarasota, Fla.
AHBE,
B.
BARRETT,
Goodbody & Co., St. Petersburg, Fla.
ADAMS,
IRA C.
Frank
Goodbody & Co., Ft. Lauderdale
Lynch, Pierce, Fenner & Smith
Incorporated, Pensacola
"LUV"
WE'D
Van Ingen & Co., Inc.,
TO
HELP
Miami
COGGESHALL, J. WELLS
Colonial Distributors, Inc., New York City
DONALD B.
Lord, Abbett & Co., Atlanta, Ga.
Allyn & Co., Miami Beach
COLEY, MARION H.
T. Nelson O'Rourke, Inc., Daytona Beach
COLLINS,
V.
ROCKWELL
T. Nelson O'Rourke, Inc., Daytona Beach
COOK, ROBERT H.
B.
Van
J.
Ingen
COOK, THOMAS
Cook &
Thomas M.
J. W. SPARKS & CO.
& Co.,
Inc., Miami
Janney, Dulles
M.
Company
West Palm Beach
&
Battles
INC.
WILLIAM M.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Jacksonville
COURTNEY,
ESTABLISHED 1900
■
:
1401
WALNUT
STREET, PHILADELPHIA 2
MEMBERS
COX,
NEW YORK STOCK EXCHANGE
AMERICAN
PHILA.-BALTIMORE STOCK EXCHANGE
R.
STOCK EXCHANGE
CARY
A.
S. Dickson & Co., Inc., Atlanta,
CRANE,
LISTED
and
Graves
CRANFORD,
Brokers in
Members
Ga.
New York Stock
MYRON J.
Gordon
&
Co.,
Miami
(Associate)
Jacksonville, Jacksonville
CRUMPTON,
HI,
Underwriters
—
Distributors
—
Dealers
THOMAS U.
Corporation,
Interstate Securities
Dealers in
UTILITY
Atlanta, Ga.
STATE, MUNICIPAL and REVENUE BONDS
BANK
DAVIS, PAUL A.
Paul A. Davis & Co., Miami
TO
Exchange
The Atlantic National Bank of
UNLISTED SECURITIES
WIRE
Phila-Baltimore Stock Exchange
Stock
American
JAMES A.
CROUCH, LEO P.
Thomson & McKinnon, Jacksonville
DIRECT
Exchange
NEW
AND
AND
MUNICIPAL
INDUSTRIAL
INSURANCE
AND
SECURITIES
STOCKS
REVENUE
BONDS
DAVIS, DEWITT
YORK
Mullaney, Wells & Co., Chicago, 111.
A.
T.
&
T.
TELETYPE—PH
622
DeLANO,
120
New
210
broadway
York
5,
n.
Y.
Western
Broad
&
Savings
Fund
DE
4-0220
Sts.
Chestnut
Philadelphia
KIngsley
7,
L.
Pa.
St.
M.
Direct
KINGSLEYE
ROSAY, Jr.,
A.
worth
OSCAR
Goodbody & Co., Sarasota
Bldg.
Kidder & Co.,
Trading Wire to A. M, Kidder & Co., New York
Inc.
Phones
Petersburg, Fla.
Philadelphia, LOcust 8-3400
6-4040
DICKSON,
A. M.
WILLIAM
R.
on
are
interested in block offerings
securities
either
for
our
through
own
56
our
Members
SECURITIES
of listed and unlisted
account
or
for
distribution
organization.
BOENNING
Philadelphia-Baltimore Stock Exchange
1520 WALNUT STREET
Teletype PH 30 t
page
Public Utility and Industrial
We
New York, WOrth 6-5646-7
80
Kidder & Co., Inc., Clearwater
Continued
UNLISTED
Bell Teletype PH
.
Telephone LOcust 8-0900
&
Co.
American Stock Exchange
PHILADELPHIA 2, PA.
New York Telephone COrtlandt 7-1200
56
Mr.
THE COMMERCIAL and
&
Lester
Mrs.
J.
J.
Thursday, November 26, 1959
FINANCIAL CHRONICLE
Leonard Friedman, Boettcher and Company, Chicago (president of the
Chicago affiliate);
Thorsen, Glore, Forgan & Co., Chicago (President of N. S. T. A.); Mrs. & Mr. Edward
Kelly, Carl Af. Loeb, Rhoades & Co., New York (President-elect of N. S. T. A.)
Mr. & Mrs.
First
Guy R. Hogarth, Laird, Bissell & Meeds, New Haven, Conn.; Mr. & Mrs. Lewis R. Bulkley,
Corporation, New York City; Mr. & Mrs. A. Kingston Ghegan, Edwin L. Tatro
Company, New York City
Boston
GORDON,
Florida Security Dealers Association
ROSTER
GRADY,
Life
Trust Company
E.
Oscar
Insurance
MARKETS
A. M. Kidder &
DYER,
J.
Stocks
Orlando
JOSEPH
A.
M.
Kidder
&
We specialize in life insurance stocks.
your
offerings
If you
inactive issues, perhaps
to us
for
can't find
we can
a
home
help. Submit
Co.,
1516 LOCUST ST.
and
Gordon
•
Graves &
Axe
J.
Herbert Evans & Co., St. Petersburg
J.
&
FERRIS,
C.
Co., New York City
Ewing &
DAKIN
Merrill Lynch,
Incorporated,
H.
T.
WILLIAM
Y.
WERNER
H.
O'Rourke, Inc., Daytona Beach
EDWARD C.
B. J. Van Ingen & Co. Inc., Miami
HOLDER, O. J.
MerriU
J.
Miami
Lynch, Pierce, Fenner & Smith
Incorporated, St. Petersburg
Lynch, Pierce, Fenner & Smith
HOLLIS, C. ROY
J. Herbert Evans
W.
HOLLO WELL,
West Palm Beach
B.
STEWART
HIGLEY, JOHN P.
Leedy, Wheeler & Alleman, Inc., Miami
HODGE,
L.
Montgomery, Ala.
Salomon Bros. & Hutzler
Pierce, Fenner & Smith
Pensacola
M.
HENANN, HARVEY I.
A. C. Allyn & Co., Miami Beach
Thornton, Mohr & Farish
JOSEPH
Nelson
Inc., Sarasota
Securities Corp., Tarrytown, N.
GLEASON, THOMAS
Co., Jacksonville
DeLand
Leedy, Wheeler & Alleman, Inc.
Orlando, Fla.
HELFRITZ,
T.
GANNAWAY, LEE
T. Nelson O'Rourke, Inc., Daytona Beach
GIVENS,
Co., Inc.,
HATCHER, LLOYD B.
White, Weld & Co., New York City
W.
Co., Ft. Myers
ROBERT
Incorporated,
EWING, ALLEN C.
Allen
&
Kidder & Co.,
Merrill
DAVID
Nuveen
Freeman
GAUNTT,
Inc., Daytona Beach
EVANS, J. HERBERT
John
HARTMAN,
Smith
GAISER, FREDERIC R.
L.
T. Nelson O'Rourke,
EVERARD,
Petersburg
Co., Miami
ERICKSEN, CARLTON 0.
Coble Address: CAPCOBROKR
WILLIAM
A. M.
ENTWISTLE, DWIGHT F.
T. Nelson O'Rourke, Inc.,
Daytona Beach
Klngsley 6-3530
W.
FREEMAN,
ENGLISH, EDWARD
Pittsburgh Stock Exchanges
PHILADELPHIA 2, PA.
•
A.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, St. Petersburg
Philadelphia-Baltimore Stock Exchange
Associates: Boston
W.
St.
Lynch,
FREEMAN, HOWARD
H.
&
Sarasota
Pierce, Fenner &
Incorporated, Delray Beach, Fla.
Pierce, Fenner & Smith
KIRK
JOHN H.
John H. Harrison & Company, Orlando
Pierce, Fenner & Smith
Incorporated,
Incorporated, Palm Beach
D.
Kidder
HARRISON,
L.
Lynch,
Merrill
M.
HARDY, ROBERT CARLISLE
Hardy, Hardy & Associates, Inc.
FOSTER, THOMAS G.
Inc.
Fla.
RAYMOND J.
Merrill Lynch,
EMERSON,
prompt response.
ALBERT J. CAPLAN & CO
Members:
ELLIOTT,
M.
W.
Sarasota
HENRY M.
EMERY
Merrill
HENRY
HARDY, HILDA H.
Hardy, Hardy & Associates, Inc.
Oscar E. Dooly & Co., Miami
FOISY,
Incorporated
EGGLETON, Jr., WILLIAM O.
Pompano Beach,
Hutzler
Dickson & Co., Inc., Miami Beach
FLINN,
E.
Eaton & Howard,
Boston, Mass.
ISSUES
R. S.
Pierce, Fenner & Smith
&
Palm Beach
FISHMAN,
Incorporated,
EATON,
Co., Inc., Hollywood, Fla.
West
A.
MARION J.
Bros.
Jr.,
Robinson-Humphrey Company, Inc.
GUNBY,
(MRS.)
Salomon
B.
Merrill Lynch,
IN INACTIVE
for certain of your
FISHER
Dooly & Co., Miami
DUSARD, JUSTIN R.
New York City
Inc.,
Atlanta
Fla.
Orlando,
OSCAR E.
DOOLY,
The
FINK, R. EARL
Leedy, Wheeler & Alleman, Inc.
of Georgia, Atlanta
E.
Group,
BENJAMIN
Thomson & McKlnnon, Miami Beach
OF MEMBERS
DODD, Jr., JERE
ALBERT
Distributors
GOULD,
A. M.
GOGGIN, ROBERT W.
Thomson & McKlnnon, Miami
&
Co., St. Petersburg
RALPH D..
Kidder & Co., Inc.,
Miami Beach
HOLT, WILSON C.
Goodbody & Co., St. Petersburg
RORER, Inc.
COMMON STOCK
NET EARNINGS
(9 months unaudited)
BROKERS AND DEALERS
IN
KEY
INDUSTRIAL AND MUNICIPAL
SECURITIES
4th Quarter
9 Months
PRIMARY
MARKETS
MAINTAINED
IN
UNLISTED
SECURITIES
WARNER, JENNINGS, MANDEL & LONGSTRETH
121
SOUTH
BROAD
STREET, PHILADELPHIA 7, PA.
Klngsley 5-5567
1954
16c
1955
25c
1956
38c
1957
1958
NEW
1959
YORK, N. Y.
REcor 2-5477
61c
99c
81c
(9mot.)
J!rM,°hnih' N„e'
per
snare
•
Teletype PH 305
NEWARK, N. J.
WX-1460
BALTIMORE,
on
number of shares
now
outstanding
MEMBERS NEW YORK STOCK EXCHANGE
,
We maintain
an
active position in this stock
MEMBERS AMERICAN STOCK EXCHANGE (ASSOC.)
MEMBERS PHILA.-BALTIMORE STOCK EXCHANGE
SCHMIDT, ROBERTS & PARKE
123
SOUTH
BROAD
STREET,
Philadelphia Phone: Klngsley 5-0650
PHILADELPHIA
9,
MEMBERS BOSTON STOCK EXCHANGE (ASSOC.)
PA.
• New York Phone: REctor 2-1695
MD.
ENterprise 9-5567
Convention Number
Mr.
&
Mrs.
THE COMMERCIAL and FINANCIAL CHRONICLE
Harry J. Hudepohl,
Westheimer and Company, Cincinnati;
Dempsey-Tegeler & Co., New York
HOPPER, HARRISON
Goodbody & Co., Clearwater
Hough, Inc., St. Petersburg
JESTER,
A.
Miami
Roman
HUKLE, JOSEPH F.
Merrill Lynch,
Pierce, Fenner & Smith
Incorporated, Miami Beach
HULETT,
Johnson, Ft. Lauderdale
JOHNSON, WILLIAM
Beil
&
R. S. Dickson & Co., Inc.,
St.
Petersburg, Fla.
Co., Inc., Orlando
ISAACSON, OSCAR
Lynch, Pierce, Fenner
Incorporated, Miami Beach
&
Smith
O'BRIEN,
NOWELL, ROBERT E.
Goodbody & Co., Orlando
EDWIN
Sincere St
Robinson-Humphrey
Incorporated, Atlanta
Company, Chicago,
LARKIN, JERRY W.
Goodbody St Co., Miami
ROBINSON 8c CO., INC.
»
Kidder
M.
stock
american
stock
exchange
philadelphia-baltimore
page
Orlando
Inc.
Co.,
a:Art A A
o
Indialantic, Fla.
i'
'■■A
Co., Inc., Miami
-
s
'»
v*
r
1
COMMONWEALTH
-
'// &
t-v>f>
and
OF PENNSYLVANIA
^PoliticalSubdivision \
W'&Z/'S
-
h
'
t,
A.
exchange
,
Obligations of the
'
MADSEN, KARL S.
Roman & Johnson, Ft. Lauderdale
M. Kidder &
DENVER
MANN,
(associate)
/^
lUNbER^RITJRS
UcALtRSA
*
NATHANIEL L.
Thomson & McKinnon, Orlando
A.
exchange,
stock
on
WALTER F.
St
aH
MANDESE, JOSEPH M.
&
Continued
111.
T.
LEWANDOWSKI,
A. M. Kidder &
york
Ga.
Leedy, Wheeler & Alleman, Inc., Orlando
John H. Harrison & Company,
LOMBARDO, JOSEPH P.
Stubbs, Watkins & Lombardo, Inc.
Birmingham
new
LAMAR
The Robinson-Humphrey Company. Inc.
P.
LEWIS,
of
Co., St. Petersburg
Company,
LINK, Jr., HARRY W.
members
OGLESBY,
Atlanta,
O'BRIEN,
Incorporated, Pensacola
E. PATRICK
Bache &
LAY, JOSEPH E.
A.
Merrill
SOREN D.
Hough, Inc., St. Petersburg
LAY, JAMES A.
LEIGH, H.
KENNEDY, RICHARD E.
B. J. Van Ingen St
St
LEEDY, Jr., LOOMIS C.
E.
Hough, Inc.,
WILLIAM B.
Thomson St McKinnon, Ft. Lauderdale
Charlotte, N. C.
The
GORDON A.
&
Beil
Merrill Lynch, Pierce, Fenner St Smith
EDWIN T.
JOHNSON,
NIELSEN,
Goodbody & Co., Coral Gables
LARKINS, SOVERN J.
Thomson & McKinnon, Coral Gables, Fla.
Davis St Co.,
Keenan, John J. Keenan & Co., Inc., Los Angeles ; Ralph M. Dahl, Evans MacCormach & Co.,
Los Angeles;
Mrs. & Mr. Burtin P. Lee, Mason & Lee, Inc., Lynchburg, Va.
LARKIN, Jr., JOHN F.
Beach
JESTER, DeWITT T.
Thomson & McKinnon, Tampa
IIUEY, GRANT S.
John J.
Mrs. Graham Walker,
Thomas Ml Cook «Sc Company
West Palm
HOUSTON, HUBERT T.
Goodbody St Co., Tampa
Paul
&
JACKSON, EDGAR W.
HOUGH, WILLIAM R.
Beil &
Mr.
87
Co., Inc., Tampa
PENNSYLVANIA
$Cllt)Ol. AUTHORITIES:
G.
Kidder & Co.,
M.
CITY OF PHI^ADEiPHIA" BONDS f
;
P thh jA
<
sewer issues;-
Inc., Lakeland
MATHEWS, MURRAY C.
Goodbody St Co., Sarasota
ROBINSON
15TH
&
BUILDING
CHESTNUT
MATHEWS, Jr.,
Philadelphia
8-1ioo
2,
Pa.
Frank D.
MATTICE
MIKE
Manager,
Leedy,
KINSELLA
Trading
i
(
"
tZ "A
"A
*
C.
SCHAFFER, NECKER & CO.
WESLEY
MATTHEWS,
locust
R.
Trust Company of Georgia, Atlanta
STREETS
Newman
Miami
St Co.,
ROYAL
Wheeler & Alleman, Inc.,
Tallahassee
Dept.
Packard Bldg.,
(Dr.),
LOcust 7-3646
from
MAY, J. DENNY
The Parker Corporation, Boston, Mass.
MAY, JR., PHILIP S.
The Johnson,
Lane,
Space
NEW
♦
Philadelphia 2
Teletype PH 864
YORK—phone Enterprise 6289
from PITTSBURGH—phone Zenith 0821
Corporation,
Jacksonville
McCLURE, LOUIS C.
Louis C.
McClure &
Co., Tampa
McCREEDY, CLINTON T.
McCreedy St Company, Inc., Miami
McDONELL, CHARLES O.
Frank D. Newman St Co., Miami
Albert Teller
a
Co.
MEMBERS
PHILADELPHIA-BALTIMORE
A^nriATF
AsaULlA l k.
EXCHANGE
STOCK
PITTSBURGH
MEMBERS
McKAY, HERBERT G.
Goodbody St Co., Tampa
A.
HERBERT
M. Kidder St Co.,
MEANS,
EXCHANGE
HARRY C. DACKERMAN & CO.
Equitable Securities Corporation, Atlanta
McNICHOL,
STOCK
I BOSTON STOCK EXCHANGE
|
McGAUGHY, PAUL W.
JAMES
NEW
T.
Inc., Miami Beach
YORK STOCK EXCHANGE
PHILADELPHIA-BALTIMORE
AMERICAN STOCK
W.
STOCK
EXCHANGE
EXCHANGE
(ASSOCIATE)
First Southeastern Corp., Atlanta, Ga.
MEREDITH, W. J.
The Crammer Company, Inc.,
123
S.
Broad
St.
Telephone
Phila. 9, Pa.
KIngsley 6-2551
Orlando
%
MERRELL, CYRUS
Frank B. Bateman,
Ltd., Palm Beach
MILLER, F. BOICE
B. J. Van Ingen St Co., Inc., Miami
1401
MISCHUCK, T. E.
PETER CARDAMONE
—
Mgr. Trading Dept.
Leedy, Wheeler St Alleman, Inc., Orlando
WALNUT
STREET
PHILADELPHIA
MOHR, Jr., SIDNEY J.
Thornton, Mohr St Farlsh
2, PA.
Montgomery, Ala.
MOORE, BUDD G.
Paul A.
Davis St Co.,
Miami
MOORE, LEE P.
A. M. Kidder & Co.* Inc.,
We Own and Offer
Philadelphia's Most Complete
Duplicating & Mailing Service
Multilith Offset Printing
Varityping
Mailing
Addressing
Multigraphing
Mimeographing
Fast
KNEALE
Merrill Lynch, Pierce, Fenner St Smith
Incorporated, Miami
MORGAN,
J.
Grimm St Co., Orlando
Dealers and Brokers in
Public Utility *
MORLEY, JOHN J.
A. M.
Pickup and Delivery Service
INC
Member
Eqaipment Trust Obligations
Bank and Insurance Stocks
Advertising Service Association, International
214
So.
12th Street
Philadelphia 7, Pa.
PEnnypacker 5-1717
Mutual Finds Skares
Goodbody St Co., Miami
West Palm Beach
FRANK D.
Frank D. Newman St Co., Miami
Charles A. Taggart & Co., Inc.
Member
Philadelphia-Baltimore Stock Exchange
Boston Stock Exchange (Associate)
Pittsburgh Stock Exchange (Associate)
NEWMAN, ROBERT E.
A. M. Kidder St Co., Inc., Coral Gables
NIELSEN, PAUL T.
Pierce, Carrlson, Wulbera, Inc.
Jacksonville
Industrial
Guaranteed and Leased Line Stocks
MORRISON, ARCHIBALD R.
T. Nelson O'Rourke, Inc., Daytona Beach
NEWMAN,
*
New Jersey and General Market Municipal Bonds
Electronic and Television Securities
Kidder & Co., Inc., Jacksonville
NELSON, CARL L.
Sullivan, Nelson St Goss, Inc.
Railroad
SECURITIES
MORIARTY, P.
MULLETT, EDWIN S.
JOHNSON & PRINCE
Mail
Winter Park
MOORE, HI, M. JAMES
White, Weld St Co., New York
Investment Securities
1516 Locust Street,
KIngsley 6-0900
Teletype PH 677
Philadelphia 2, Pa.
New York Phone WOrth 4-7333
58
Nathan
A.
Krumholz, Ogden, Wechsler & Krumholz, New
Barker, Lee Higginson Corporation, New York
York;
Thomson
PETERSEN, HARRY
PARKER, Jr., HOLLIS
O'ROURKE,
Nelson O'Rourke, Inc.,
T.
E.
Daytona Beach
PETERSON, BROR
Floyd
JAMES
Merrill Lynch, Pierce, Fenner & Smith
PEARSON,
FRANCES B.
Nelson O'Rourke, Inc.,
Incorporated, Palm Beach, Fla.
Daytona Beach
VADEN, JERRY B.
Lord, Abbett & Co.,
G.
Incorporated
D. Cerf Jr. Company
Miami
CLYDE
C.
VAN
PIERCE,
RALPH
J.
Birmingham,
BARNARD
Kidder
M.
RAYVIS,
The
&
WATSON,
Tampa
New
A.
Pierce,
Plymouth Bond & Share Corporation
Miami
Bros.
Inc.
Wulbern.
Jr., RALPH W.
Atlanta
A.
Kidder &
M.
Co., Inc.
Pompano Beach
WULBERN,
P.
B.
Pierce, Carrison, Wulbern,
Jacksonville
Hutzler
&
EDWARD
Inc.
D.
Kidder &
A. M.
Carrison,
WRIGHT, GARLAND P.
Distributors, Inc.
West Palm Beach
EDMUND
Lynchburg,
Corporation,
FREDERICK
First Southeastern Company,
H.
JAMES
Salomon
Inc.
S.
WINTERS, JONATHAN H.
Gordon Graves & Co., Miami
Inc.
York, N. Y.
WATSON,
CLINTON
Jacksonville
WILLIAMS,
L.
Ala.
GAVIN
Value Line Fund
Co., Inc.,
JOSEPH
Parker
WILLIAMS,
JOHN
ROBERT
Evans & Company,
WILLIAMS, ERNEST
WATKINS, Jr., MILES A.
Stubbs, Watkins & Lombardo,
Leedy, Wheeler & Alleman, Inc., Orlando
PRESCOTT,
WAGNER,
Wilbur
Merrill Lynch, pierce, Fenner & Smith
Incorporated, Miami
Atlanta
KIMBALL
Leedy, Wheeler & Alleman, Inc., Orlando
Inc.
Jacksonville
READ,
WHITEHEAD,
Pierce, Penner & Smith
Incorporated, Palm Beach
Inc., Orlando
PIERCE, ROBERT J.
Pierce, Carrison, Wulbern,
Industrial, Public Utility, Railroad and Real Estate Securities
Co., N. Y. City
Merrill Lynch,
PAUL L.
POWELSON,
RYN,
Mrs.
&
Orlando
Baltimore, Md.
Incr—
Jacksonville
A.
VALENTINE,
Mr.
H. JAMES
Clement A.
C.
Vance, Sanders & Co., Inc.
PIERCE,
Leedy, Wheeler & Alleman,
UNDERWRITERS AND DEALERS
WHEELER,
ARTHUR J.
Arthur Wiesenberger &
Hutzler
&
HENRY M.
Bullock, Ltd., Clearwater
UNDERHILL,
Pierce, Carrison, Wulbern,
Jacksonville
Calvin
Miami
West Palm Beach
Jr., T. NELSON
T. Nelson O'Rourke, Inc., Daytona Beach
O'ROURKE,
OLDAG, CARL K.
Atlantic National Bank of Jacksonville
Bros.
Greenberg, C. E. Unterberg, Towbin & Co., New York;
Krisam, John C. Legg & Company, New York
UFFOR.D,
& McKinnon,
Salomon
ROSTER OF MEMBERS
Thomas
CECIL B.
PEPPER,
Continued from page 57
Mrs.
&
Mr.
Mrs. & Mr. John S.
Association
Florida Security Dealers
T.
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
58
St. Petersburg
Co., Inc.,
ROBERTS,
Jr., ALBERT
Goodbody & Co., St. Petersburg
ROBERTS, IH, ALBERT
UNLISTED TRADING DEPARTMENT
St. Petersburg
Goodbody & Co.,
St.
DEPARTMENT
TRADING
CORPORATE
ROBERTS, ARCH W.
Petersburg
ROBINSON,
ALEX
M.
JAMES
McATEE,
J.
manager
Grimm & Co., Orlando
Established
ROBINSON, HUGH B.
Merrill Lynch, Pierce, Fenner & Smith
1865
FRED
Incorporated, Orlando
BlOREN
ROMAN, U.
Co.
6-
Roman &
SADLER,
MEMBERS
T.
E.
ALVIN
GEMENDEN
SEVING,
W.
CHRIS G.
JR.
JORDAN, JR.
KELLER
GRANT
Johnson, Ft. Lauderdale
CLIFFORD
DEPARTMENT
MUNICIPAL TRADING
U.
Davidson-Vink-Sadler, Inc.
York Stock Exchange
New
WALTER
St.
American Stock Exchange
Merrill
New York 5, N.
Philadelphia 2, Pa.
W.
HEWARD,
manager
Lynch, pierce, Fenner & Smith
Jacksonville
JOHN
HENRY
RICHTER
B.
P.
GLEN DINNING,
JR.
Incorporated,
120 Broadway
Y.
BArclay 7-9300
PEnnypacker 5-9400
JAMES
ZOLTAN
SALKAY,
Philadelphia-Baltimore Stock Exchange
1424 Walnut Street
f
Petersburg
JOSEPH
SAWYER, RUTH B.
Palm
Beach
Palm
Beach
SAXTON,
Investment
LOUIS
Co.,
E.
WM.
LABRUM
D.
SHERRERD,
111
Inc.,
M.
Established 1910
I
Pierce, Carrison, Wulbern, Inc., Tampa
SCHUNCK,
LOUISE
M.
T. Nelson O'Rourke, Inc.,
Daytona Beach
■jutcher
SCHNEDLER, FERRIS W.
Grimm
SPECIALISTS AT
MARKET
EMPORIUM
Bonds, Equipment Trust
Certificates, and Railroad Securities
Allen B. Foard, Jr.
Frank J. Laird
Industrial Stocks and
1SOO
HERBERT I.
Vance,
Sanders
WILLIAM
Frank
B.
SMITH,
C.
Inc.,
Utility Stocks
Members: New York Slock Exchange
Americon Stock
William F. Feather
&
SMITH,
F.
R.
Co.,
B.
DeHaven
L.
PHILIP
Rudolph
J. Richard Hoffman
Alexander B. Brock
Alfred H. Williams
&
Townsend, Crouter & Bodine
Established
1874
M.
E. Dooly &
Oscar
Members
Co., Miami
New
S.
York
Philadelphia-Baltimore Stock
4k
American
and Company, Ft. Myers
EDWARD
Exchanges and
Stock Exchange
W.
Plymouth Bond & Share Corporation
Sr., EVERETT C.
LAND TITLE BUILDING,
PHILADELPHIA 10
SWANSON,
A.
Michael J.
Boston Slock Exchange (Assoc.)
Orlando
Lynch, Pierce, Fenner & Smith
Ft. Lauderdale, Fla.
STEWART,
Ergood, Jr.—Vice President
•
Palm Beach
Incorporated,
Sincere
Municipal Bonds
Philodelphia-Baltimore Slock Exchange
BURTON
STEVENS, ERNEST
Russell M.
•
Exchonge (Assoc.)
OREN
STEARNS,
Robert N. Greene
2, PA.
J.
Bateman, Ltd.,
DERWIN
SMITH,
SMITH,
Raymond A. Morris, Jr.
PHILADELPHIA
H. W. Freeman & Co., Fort Myers
Merrill
James B. McFarland
Sherrerd
ST.,
New York
Orlando
Public
WALNUT
PEnnypacker 5-2700 •,Teletype PH-4 •-New York BArcloy 7-4641
& Co.,
SHAW, WILLIAM
Goodbody & Co., Miami
SLOAN,
&
M.
Goodbody & Co., Miami
Grimm
Bank Stocks,
Orlando
SEABER, ALFRED
SHAW,
STROUD'S
& Co.,
C.
Allyn & Co., Miami Beach
Telephone L0 4-2900
SWICK, THEODORE P.
White, Weld & Co., New York City
Bell System
TALLENT, JACK
Teletype-PH 518
Thornton, Mohr & Farlsh
•
*•••••
••••
Field
Montgomery, Ala.
THEILING, VICTOR C.
Thomson
Representation
J.
Felix E.
Maguire— Vice President
&
McKinnon, Naples,
Fla.
THOMAS, CLIFFORD B.
Herbert Evans
& Co., St.
Petersburg
THOMPSON, CHARLES M.
Pierce, Carrison, Wulbern, Inc.
Distributors, Dealers, Underwriters
Corporate and Municipal Issues
Steck and Bond Brokers
Jacksonville
STROUD
St
COMPANY,
INCORPORATED
123 So. Broad St., Phlla. 9 • PE
120
Broadway, N. Y. 5
•
5-7330
WO 4-8400
THORNTON, Jr., J. MULLS
Thornton, Mohr & Farlsh
Montgomery, Ala.
TORELLI,
Frank
TRIPP,
NIC.
L.
Edenfield
&
•
ALLENTOWN
•
LANCASTER
Miami
Stamford, Conn.
ONE ATLANTIC STREET
Dlgby 4-0200
Fireside 8-6466
Tripp & Co., Inc., New York City
TURNER, LEO C.
The Keystone Company
PITTSBURGH
Co.,
JEROME C. L.
Hew York
30 BROAD STREET
of Boston
Birmingham, Ala.
TUTTLE,
C.
Thomson &
H.
McKinnon, Palm Beach, Fla.
Upper Darby, Pa.
Wilkes-Barre, Pa.
Jenkintown, Pa.
FLanders 2-0838
VAIley 3-4131
TUrner 7-7660
Va.
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
BREAST, JOHN K.
Nashville
Security Traders Association
Third
National
Mid-South Seouritles Co.
STERN, SOL
Spencer Trask 8c Co.
CHRISTOPHER, SAM E.
Merrill Lynch, Pierce, Fenner 8c Smith
Incorporated
CLARK, HAROLD W.
Clark, Landstreet & Kirkpatrick, Inc.
EVERETT M.
Spencer Trask & Co.
C.
Lynch,
Incorporated
C.
RODNEY
Pierce,
Fenner
&
Smith
DAVIS, FRANK J.
Wiley Bros., Inc.
*
G.
Landstreet 8c Kirkpatrick, Inc.
WEBSTER,
ROBERT C.
1
Webster, Gibson & Hale
TAYLOR, HAROLD W.
8c Company
WELLS,
GILBERT
Spencer Trask 8c Co.
TEMPLETON, W.
Berry,
WILEY, Sr., DAVID W.
Wiley Bros., Inc.
Inc.
David W. Wiley,
Jr.
Louis
Finis Nelson
Todd, Jr.
W.
Douglas 8c Fitzhugh, Inc.
EARLY,
C.
MORRIS
Merrill
.7
WILLIAMS, J. L.
THOMAS,
JAMES
N.
Lynch,
Wiley, Jr., Wiley Bros., Inc.
Fenner
Smith
8c
MARION F.
8c
J. C. Bradford 8c Co.
Inc.
Company,
WOMACK, ROY
Cumberland Securities Corporation
Equitable Securities Corporation
WOOD, Jr., LEWIS F.
TODD, Jr., LOUIS
Jack M. Bass & Company
Mid-South Securities Co.
Secretary-Treasurer: Louis Todd, Jr., Jack M. Bass &
Jr.,
Estes
Clark. Landstreet 8c Kirkpatrick, Inc.
y
EVANS, JESSE H.
Nelson, First American National Bank.
Vice-President: Finis
N.
TIDWELL, R. A.
Pierce,
Incorporated
ELKINS, OVERTON C.
President: David W.
JAMES E.
Clark, Landstreet & Kirkpatrick, Inc.
Wiley Bros., Inc.
DOUGLAS
Cumberland
Company.
Securities
TUCKER,
Corporation
JAMES
J. C. Bradford
W.
ZEIGLER,
8c Co.
Securities
Corporation
TURNER,
Jr.,
WILLIAM E.
Pierce, Fenner & Smith
Inc.
•
ZEITLER, JOHN R.
Merrill Lynch,
FARRAR, RUDOLPH S.
Clark, Landstreet & Kirkpatrick,
■
STEVE
J. C. Bradford 8c Co.
EVANS, N. PEYTON
Cumberland
Equitable Securities Corporation;
Eugene Benedict, Spencer Trask & Co.; Edward L. Kirkpatrick,
Clark, Landstreet & Kirkpatrick, Inc.
Governors: Ewing L. Bradford,
Smith
WARTERFIELD, CHARLES W.
First American National Bank
THOMAS, MARION F.
W. N. Estes & Company,
DIXON, WYNN L.
8c
Third National Bank
Broadford & Co.
Jack M. Bass
EVAN
Merrill
J.
Fenner
WARD, JAMES C.
ALLEN
SULLIVAN,
Clark,
Inc.
WALSON, THOMAS
Merrill Lynch, Pierce,
Incorporated
STORY, JOHN D.
Spencer Trask 8c Co.
SWANN,
CLINE, JOSEPH A.
Clark, Landstreet & Kirkpatrick,
DAVENPORT,
VOSS, Jr., RONALD
Cumberland Securities Corporation
STEPHENSON, ENOCH B.
Bank
BURKHOLDER, H. FRANK
Equitable Securities Corporation
CLAYTON,
59
Third National Bank
Incorporated
FINCH, NORMAN DILLON
Spencer Trask 8c Co.
W, Wiley, Jr., Wiley Bros., Inc.;
National Committeemen: David
William Nelson II, Clark, Landstreet &
Kirkpatrick, Inc.
Equitable Securities Corporation; Louis
Todd, Jr., Jack M. Bass & Company.
Alternates: Joe E. Hutton,
Elected: December 16, 1958; Took
Office: January 2, 1959; Term
Expires: December 31, 1959.
ROSTER
OF MEMBERS
BELL,
CHARLES D.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
ANDERSON,
Jr.,
Merrill
Lynch,
Penner
BARNES,
J.
C.
BARFIELD,
Merrill
&
ISAAC
Lynch,
Jr.,
S.
D.
Penner
Bradford
C.
J.
&
New York Telephone
Teletype
REctor 2-2820
PH 63
Corporate and Municipal Securities
Pierce, Fenner & Smith
Incorporated
Smith
J.
Co.
Vice President in
Co.
&
Assistant
Charge of
Pierce,
Fenner
Smith
&
Manager
Corporate Department
Corporate Department
HILL, HOYT G.
Merrill Lynch,
Incorporated
RUSSELL M. DOTTS
Manager of Municipal Bond Department
PORTER
KEITH,
W.
CHARLES G. PRIGGEMEIER
EDMUND J. DAVIS
Bradford
C.
HUTTON, JOE E.
Equitable Securities Corporation
BRADFORD, Jr., J. C.
JACK M.
Jack M. Bass & Company
Phila. Telephone
PEnnypacker 5-2800
8c Co.
HILL, ALBERT S.
BRADFORD, EWING L,
Equitable Securites Corporation
Smith
&
1518 LOCUST ST., PHILADELPHIA 2, PA.
ROBERT
Merrill Lynch,
MILTON
Lynch, Pierce, Penner &
Incorporated, Milwaukee, Wis.
Incorporated
BASS,
8c Co.
Merrill
Co.
Pierce,
C. Bradford
J.
BERRY, W. IRVIN
Berry, Douglas & Fitzhugh, Inc.
BOYCE
MELVILLE. M.
Bradford
Incorporated
HAGGARD, JOHN H.
Jack M. Bass & Company
HAMEL,
Smith
&
Incorporated
Rambo, Close & Kerner
W.
HALLIBURTON, GUS G.
Equitable Securities Corporation
EUGENE B.
Spencer Trask
Pierce,
GREENWALT, BUFORD
Wiley Bros., Inc.
HALEY, CLARENCE
Equitable Securities Corporation
ARNING, ROBERT
GIBSON, Jr., JO
Webster, Gibson & Hale
HALE, Jr., R. WALTER
Webster, Gibson & Hale
—
WALTER E.
BENEDICT,
FitzHUGH, WILLIAM O.
Berry, Douglas & Fitzhugh, Inc.
Estes
N.
KIN GENS,
&
Company, Inc.
MERVYN J.
Jack M. Bass & Company
Thayer, Baker & Company
KIRKPATRICK, Jr., EDWARD L.
Clark, Landstreet & Kirkpatrick, Inc.
Securities
Mid-South
WALLACE M. McCURDY, PRESIDENT
JOHN M. HUDSON, EXECUTIVE VICE-PRESIDENT
UNDERWRITERS
•
DISTRIBUTORS
•
BROKERS
KIRTLAND, FRED K.
Co.
Effective Distribution in the Nation's
LANDSTREET, HI, BEVERLY W.
Clark, Landstreet & Kirkpatrick, Inc.
MEMBER
PHILADELPHIA-BALTIMORE
STOCK
EXCHANGE
LAUPER, RUDOLPH
ESTABLISHED
1920
Third Largest Trading
First American National Bank
Area
QUITMAN R.
Equitable Securities Corporation
LEDYARD,
LOVE,
DEPARTMENT
TRADING
JOSEPH E, SMITH
GLEAVES M.
First
National
American
LUSKY,
—
Manager Trading Department
Bank
IRA L.
Merrill
Lynch,
Pierce,
Fenner
Smith
&
Inc.
ALFRED
WILLIS
J.
RICHARD
R.
CAMPION
MADDEN, BERT E.
Mid-South Securities
MARTIN,
Newburger
Co.
RAY G.
Jack M. Bass & Company
McDANIEL, EVERETT P.
Jack M. Bass 8c Company
824
PHILADELPHIA
LOCUST
NATIONAL BANK
PHILADELPHIA
BLDG.
6-0254
NEW
YORK
7
TELEPHONE
PH
1026
CORTLANDT
7-6814
Company
Members:
New York Stock Exchange
Mclaughlin, thos. e.
American Stock Exchange
•
Wiley Bros., Inc.
Philadelphia-Baltimore Stock Exchange
MITCHELL, Jr., T. H.
TELETYPE
&
Cumberland Securities
Corporation
MITCHELL, Sr., T. H.
1401
Cumberland Securities Corporation
DOYLESTOWN OFFICE:
16 E.
COURT ST.
NELSON, EDWARD G.
Clark, Landstreet 8c Kirkpatrick, Inc.
FILLMORE 8-5464
Philadelphia 2, Pa.
Walnut Street,
New York City
*
LOcust 8-1500
Atlantic City
Lebanon
Vineland
FINIS L.
NELSON,
American National Bank
First
NELSON, H, WILLIAM
Clark, Landstreet & Kirkpatrick, Inc.
NIELSEN,
J.
EINER
Bradford
C.
&
Co.
OLSON, HOWARD B.
Merrill Lynch, Pierce,
&
Fenner
Smith
Incorporated
82 YEARS
of
...
Landstreet & Kirkpatrick, Inc.
Clark,
experience in
pertinent
and the eastern
to
trading
Philadelphia
Pennsylvania market.
Hopper Soltoay & Co.
CARR
PAYNE,
combined
securities
OWEN, JOHN S.
Cumberland
Securities
Established 1872
Corporation
PETTEY, HERBERT
Members Philadelphia-Baltimore
Equitable Securities Corporation
PILCHER,
MATTHEW
Mid-South
Co.
—
ROBERT L.
REEVES,
Still Eager to
J.
*
*
CALL
*
♦ *
Mosley
Ed Christian
—
CHARLES H.
8c
Bradford
C.
Brokers and Dealers in
Cor
SCHOEN, KENNETH B.
J. C.
Vic
•
;
Wiley Bros., Inc.
Serve You
ROBINSON,
*
Stock Exchange
B.
Securities
Bradford & Co.
LISTED
Jim Mundy
SHARP, ALFRED D.
Alfred D. Sharp 8c Company
Harry Undy
SHILLINGHAM,
—
DONALD
Landstreet & Kirkpatrick, Inc.
Clark,
SHILLINGLAW, RICHARD P.
Mid-South Securities Co.
SUPLEE, YEATMAN, MOSLEY CO.
INCORPORATED
AND UNLISTED
•
—
Trading Department
SIMPKINS, OTTO
Merrill Lynch,
Incorporated
Pierce,
Fenner
SECURITIES
&
Smith
Joseph A. McNamee
John Gibson, Jr.
SMITH, H. LAIRD
1500 Walnut Street
Telephone:
•
KIngsley 5-1343
New York
Telephone:
Philadelphia 2, Pa.
Teletype:
CAnal 6-7207
PH 242
1420 Walnut
Equitable Securities Corporation
A. McDOWELL
Lynch, Pierce, Fenner
Incorporated
SMITH,
Street, Philadelphia 2, Penna.
Jr.,
Merrill
STEMPFEL, ROBERT S.
Spencer
Trask 8c
Co.
&
Smith
Telephone
—
PEnnypacker 5-4075
Teletype —PH 593
60
OF MEMBERS
ROSTER
Seattle Security Dealers Association
BADGLEY, ED
Hill, Darlington & Co.
1950
Thursday, November 26,
THE COMMERCIAL and FINANCIAL CHRONICLE
and Bond Club
St. Petersburg Stock
BAKER, PETER
Merrill
Pierce,
Lynch,
Fenner
&
Smith
Incorporated
BATEMAN, HOMER J.
Pacific Northwest Company
DWIGHT
BEATTIE,
Beattie
D. E.
BERRYMAN,
.
E.
Co.
H.
CLYDE
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
BISSELL,
LAWRENCE
M.
Securities Exchange,
Inc.
COLIN
CAMPBELL,
Southwick-Campbell & Co.,
COUDEZ,
Inc.
LOUIS
Hughbanks, Incorporated
CRITCIIETT,
Frank Granat, Jr.
DOUGLAS,
Donald
.
Blanchett, Hinton & Jones, Inc.
President: Frank Granat, Jr.,
Lewis, Inc.
Vice-President: John I. Rohde, John R.
Secretary:
Bache
National Committeeman:
Homer J.
& Smith
ner
Incorporated
Co.
&
Bateman, Pacific Northwest
CLINTON
P.
E.
Schlicting, Wm. P. Harper & Son & Co.
Treasurer: T. Ray Gaither,
Harper & Son & Co.
Edmund D. Read, A. M. Kidder &
Co., Inc.; Derwin B. Smith, Grimm & Co.
Inc.
JOS.
GRUBBS,
of
National Committeeman: Soren D. Nielsen, Beil &
California,
N.
January, 1960.
Wm.
P.
Alternate: Wallace A. Boyd,
TALBOT
J
Harper & Son & Co.
HEMPHILL,
*
Took Office: January
WALDO
—,
.
Members New York Stock
Exchange
Exchange
Philadelphia-Baltimore Stock Exchange
BARNES,
ROBERT
F.
GLENN
Post
JOHNSON,
Fenner
&
Smith
Beil
HOWARD
W.
National Securities Corp.
JACK
LAURANCE,
The
LEWIS,
City
&
BOYD,
Hough,
Bache
&
Thomson
Securities
R.
EVANS,
J.
J.
A.
EVANS,
Zilka, Smither & Co., Inc.
A.
M.
&
Smith
Pont &
Co.
JOHN F.
Investments
&
McKinnon
ROY
Herbert
Evans &
Co.
HOLT, WILSON C.
Goodbody & Co.
HOUGH,
WILLIAM
Beil & Hough,
McKinnon
R.
Inc.
MASON, GEORGE
Grimm
Pierce,
Fenner
&
&
Co.
Smith
NIELSEN,
Beil
&
SOREN D.
Hough, Inc.
HERBERT
J. Herbert Evans
LEE
Thomson
HOLLIS, C.
Co.
&
Fenner
GOOD, PAUL B.
Investment
Inc.
WALLACE
Lynch,
Incorporated
John R. Lewis, Inc.
LONCOSTY,
Beaton
Merrill
Times
JOHN
Peninsular
EMERSON, WILLIAM A.
ERWIN
Seattle
A.
du
GALLAGHER,
Co.
CHURCHILL, WALTER C.
E.
Blanchett, Hinton & Jones, Inc.
Parkes, Jr.—Thomas E. Suski
Ronald
L.
Pierce,
GAITHER, T. RAY
Francis I.
&
BEIL, Jr., FREDERIC C.
G.
PAUL
Jr.,
JONES,
DEPARTMENT
Direct Wire to New York
Pierce,
BEATON, RONALD A.
Intelligencer
Lynch,
Incorporated
Incorporated
Grimm
Blyth & Co., Inc.
JONES,
H.
Lynch,
MAURICE
Merrill
A.
E.
FERGUS
HOFFMAN,
Telephone KIngsley 6-2600
Newton
FOISY,
C.
BARRETT, JOSEPH R.
HINTON,
STREET, PHILADELPHIA
TRADING
PHILIP
Merrill
HENSHAW,
Seattle
BROAD
12, 1959; Term Expires: January 12, 1960.
ROSTER OF MEMBERS
& Bond Club
St. Petersburg Stk
Pacific Northwest Compay
The Bank of California, N.
American Stock
So.
Bache & Co.
Waldo Hemphill & Co.
HENDRIES, ROBERT
CO.
Hough, Inc.
A.
1959; Took Office: January, 1959; Term Expires:
HARTLEY,
Francis I. du Pont & Co.
Directors: Ronald A. Beaton;
GRANAT, FRANK
Bank
211
Lynch, Pierce, Fen¬
Vice-President: William A. Emerson, Merrill
Secretary: Paul B. Good, Thomson & McKinnon.
Wm.
GERSTLElf? SUNSTEIN
Hough, Inc.
President: Soren D. Nielsen, Beil &
K.
Co.
Blanchett, Hinton & Jones,
Elected: January,
Ray Gaither
C.
KENNETH
FOULDS,
Inc.
Company.
Alternate: Hugh R.
T.
Paul B. Good
William A. Emerson
Soren D. Nielsen
Inc.
Jones,
Douglas & Co.
EDWARD
Witter &
Dean
&
DONA?I)
C.
EASTER.
ELLIOTT.
Roberjt Wight,Bank of California, N. A.
Treasurer: Paul G. Johnson, Blyth & Co.,
TERRY
Hinton
Blanchett,
Paul G. Johnson
Robert Wight
John I. Rohde
O'BRIEN,
& Co.
Bache
JACK H.
Kidder &
E. PATRICK
&
Co.
READ, EDMUND D.
A.
Co., Inc.
M. Kidder & Co.,
Inc.
MACLEOD, EDGAR B.
Hughbanks,
E. W. CLARK & CO.
ESTABLISHED
MARKETS
MAINTAINED
JAMES
H.
Hughbanks, Incorporated
PHILADELPHIA-BALTIMORE STOCK
STOCK
M.
ERWIN
Pacific National Bank of Seattle
MORFORD,
•
YORK
1916
1837
MEMBERS
NEW
MOREHEAD,
The
Incorporated
ROBERT
MacRAE,
EST.
EXCHANGE
Merrill
EXCHANGE
We
are
NATHANE, ROBERT A.
especially interested in
situations for
retail.
Lynch, Pierce, Fenner & Smith
Incorporated
AMERICAN
STOCK
EXCHANGE
(ASSOC.)
NELSON, MARTIN
•
Martin Nelson & Co.,
Inc.
LOCUST AT 16th STREET
PACKO,
PHILADELPHIA
2
Hill,
Telephones:
Philadelphia
New
York
JOHN
New
PERRY,
3-4000
Lancaster
York
STANLEY
Blyth & Co.,
CO.
„
Exchange
Exchange (Associate)
Stock
Exchange
Liberty Trust Bldg., Broad and Arch Sts., Philadelphia 7, Pa.
C.
Phfla. 'Phone LOcust 4-3500
^
Inc.
JOSEF
PHILLIPS,
Stock
Philadelphia-Baltimore
LEONARD
PHELPS,
York
American Stock
Blyth & Co., Inc.
KIngsley 5-4000
WHitehall
&
Members
PATTEN, Jr., WILLIAM T.
Grande & Co., Inc.
Germantown
HECKER
Darlington & Co.
Teletype PH 767
N. Y. 'Phone DIgby 4-6792
C.
Pacific Northwest Company
PIPER,
JOHN
K.
Herrin Company
INDUSTRIAL and UTILITY
Common and Preferred Shares
PITTS,
Dealers in
DALE
Foster
&
ROHDE,
Marshall
JOHN
I.
John R. Lewis,
Corporate Stocks and Bonds
Inc.
SANDERS, SIDNEY J.
&
Marshall
SCHEMBS,
ROBERT
Foster
PENNSYLVANIA and GENERAL MARKEt
SCHLICTING,
Municipal Bonds
Municipal Bonds
Hill, Darlington & Co.
Wm.
P.
HUGH R.
Harper & Son & Co.
TRADING DEPARTMENT
SISSON, LAWRENCE
Pacific Northwest Company
SOHA,
WOODCOCK, HESS
Jr.,
ANDREW M.
Seattle Trust
and
I
SOUTHWICK,
HOVER & CO., INC.
Business Founded 1842
MEMBERS
New York Stock
Exchange
Philadelphia-Baltimore Stock Exchange
American Stock Exchange (Assoc.)
123 SOUTH BROAD
ST., PHILA. 9, PA.
GLENN
Southwick-Campbell & Co., Inc.
STEIN,
WALDEMAB
L.
Hess, Grant
TAYLOR,
C.
ARNOLD
Zilka, Smither & Co., Inc.
U, MAN LAN
Walston <fe Co., Inc.
WIGHT, ROBERT
Philadelphia: KIngsley 5-7200
Teletype: PII-160
WILSON, KENNETH
Bank
of
California, N. A.
Blyth & Co., Inc.
Remington
&
Incorporated
Bramhall & Stein
Telephones—New York: WAlker 5-0312
KIngsley 5-3115
Savings Bank
of
Fidelity-Philadelphia Trust Bldg.
123 South Broad Street,
KIngsley 5-7474
HAnover 2-4120
Philadelphia 9, Pa.
Teletype PH-829
(New York)
Members New York Stock Exchange,
Philadelphia-Baltimore Stock Exchange■, American Stock Exchange (Assoc.)
Convention Number
RITCH, C. O.
Bell
&
SCARBOROUGH, LEMUEL
General American & Canadian
Securities,
ROBERTS, Jr., ALBERT
SCHULTE, E.
Bache
Goodbody & Co.
CLIFFORD
U.
&
H.
(CLEM)
Schwabacher
Francis
Co.
&
•BROWN,
Stune
San Francisco Security Traders
Co.
Walter
BUICK, JOHN E.
CASABONNE,
Company
PIKICH,
Pacific
PRICE,
Canadian
DANIEL
J.
J.
S.
ROBERTS, WAYNE
Irving Lundborg &
JOHN
Company
LEONARD
California Company,
STONE, BARRY
Blyth 3c Co., Inc.
F.
Hutton
&
Elworthy 3c Co.
Company
FARRELL, WILLIAM
SULLIVAN, JOHN F.
First
TARANTO,
A.
Irving Lundborg & Co.
Secretary-Treasurer: Robert F. Loberg, J. Barth & Co.
Directors: William F.
FERRITER,
Belknap, William R. Stoats & Co.; Donald
Stone & Youngberg; Frank Notti, Schwabacher &
Co.; Richard A. Hennig, Brush, Slocumb & Co., Inc.
California
Company
Incorporated
FAULKNER, WILLIAM C.
FEE, THOMAS F.
Shuman, Agnew & Co.
G. Agnew,
...
Agnew & Co.
SPULLER, Jr., LOUIS J.
FAZACKERLEY, KENNETH
Vice-President: Leslie J. Howard, Jr., J. S. Strauss & Co.
Co.
Co.
ENGLISH, GIFFORD M.
Wulff, Hansen & Co.
Incorporated.
&
DOSS, Jr., VIRGIL D.
Elworthy & Co.
E.
Stern
SANFORD, LAURENCE
Sanford & Company
Co.
Irving Lundborg & Co.
President: Albert A. Hewitt, The First
Schwabacher
Shuman,
&
3b
SANDELL, RUDOLPH T.
& Co.
Strauss
Williams
MILTON
RYCIvMAN, JOHN K.
Kidder, Peabody & Co.
Sutro
Levy,
Blyth & Co., Inc.
DONDERO, WILLIAM
Loberg
&
CUNNIE,
California
FRANK
Lawson,
W.
Co., Incorporated
ROBERTSON, Jr., BRYANT
First
Robert F.
WOSSER.
Co.
COTTRELL, RICHARD I.
A. G. Becker & Co., Incorporated
De MARTINI,
Leslie J. Howard, Jr.
WOOD, LEWIS J.
First Boston Corporation
THOMAS
REINER,
A.
American Trust Company
Albert A. Hewitt
Co.
QUINN, JOHN J.
Stone & Youngberg
Inc.
COSTELLO, JOHN
Co.
HUBERT J.
Wilson, Johnson & Higgins
Collins
Holt &
COOK, JOHN
Blyth & Co.,
&
QUINN,
Securities, Inc.
COLLINS,
Gorey
EMIL J.
Coast Securities
McAndrew
FERNAND
American
General
C.
PERENON, HENRY
Henry F. swift & Co.
CAMPBELL, ROBERT D.
Wells Fargo Bank
Association
J. Barth
WILLIAMS, EVERETT D.
Stone & Youngberg
v
PAYNE, ROBERT L.
RALPH
Trust
WEIR, ELMER L.
RICHARD
Gorey Co.
PAYNE,
& Youngberg
American
Co.
&
Walter C.
Securities
Brooks
Pont
du
EDWARD H.
Brush, Slocumb 3c Co. Inc.
BROOKS, IRVING L.
L.
I.
PARKER,
Irving- Lundborg & Co.
I.
WATTS, WILLIAM F.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
PALMER, JACKSON H.
BRADFORD, SIDNEY
Grimm & Co.
Davidfjpn-Vink-Sadler, Inc.
Wells Fargo Bank
Denault & Co.
Inc.
FRANK
BOWYER,
Co.
SMITH, DERWIN B.
WATKIN8, NORMAN
O'REILLY, JOHN J.
BOURNE, ROBERT K.
Thomson & McKinnon
Hough, Inc.
SADLER,
61
THE COMMERCIAL and FINANCIAL CHRONICLE
J.
ANTHONY
Taranto
& Co.,
Sacramento
Robert
Raton
THOMAS, EARL
Dean
Witter
&
B. Leggett,
Hotel—and
host,
genial
Co.
Manager of the Boca
a
big thanks to our
from N. S. T. A.
JOSEPH
Hooker & Fay
FRANCIS
JOHN
FINNEGAN,
Hannaford
Talbot
&
FOLEY, TOM
ROSTER OF MEMBERS
Merrick &
Co., San Mateo
THOMAS & COMPANY
FRASER, HUGH
located
(Members
in
otherwise
unless
Francisco
San
indicated)
California
FRED A.
Jr.,
Walston &
Dean Witter & Co.
Incorporated
Company
California
First
Sutro
Company
Incorporated
BATES, WILLIAM
RICHARD
ABRAHAMSON,
Weeden
&
W.
J.
Strauss
S.
3s
Co.
BAUM, BENJAMIN J.
Stone & Youngberg
Elworthy 3c Co.
(Honorary Member)
BECKER, REGINALD
J. S.
Walter
BELKNAP,
AGNEW, DONALD
William
Stone Si Youngberg
J.
Strauss
&
Co.
Staats
&
Co.
BLUM,
VICTOR
Schwabacher
&
LEE
Brush,
Co.
Slocumb
&
Co.
Gorey
Municipal and Corporate
Co.
Inc.
Securities
Inc.
Company Incorporated
Colifornia
HILL, Jr., HOUSTON
J.
BACIGALUPI,
C.
HEWITT, ALBERT A.
First
BLUM, ERNEST E.
Brush, Slocumb & Co. Inc.
ARTHUR, PAUL LESLIE
Harris, Upham & Co.
PA.
Barth & Co.
HENNIG, RICHARD A.
Brush, Slocumb & Co.,
WILLIAM
R.
19,
PITTSBURGH
GUMBEL, GEORGE G.
BEEBE, H. E.
Dempsey-Tegeler & Co.
BUILDING
PORTER
Co.
GOREY, WALTER C.
G.
Schwabacher 3c Co.
ACKRIDGE, WILLIAM H.
Sc
GAMBARASI, ARTHUR
Shaw, Hooker Sc Co.
GAYNOR, WILLIAM
Smith, Barney & Co.
Co.
ACHARD, ELIZABETH
Inc.
Co.,
FRLAN, ERNEST
BATES, ROBERT F.
ABEITA, ARTHUR
First
BAKER,
Strauss
S.
LESLIE J
HOWARD, Jr.,
J.
s.
Co.
&
& Co.
Strauss
IMHOF, JAMES R.
Merrick &
Co.
ISAACS, PAUL E.
Sutro & Co.
ALL TAX EXEMPT ISSUES
Knowlton & Co.,
Frank
—
STATE
—
MUNICIPAL
—
LAND BANK
Oakland
KANE, CHARLES B.
Walter
TERRITORIAL AND REVENUE BONDS
E.
CHARLES
JANK,
GOVERNMENT
C.
Gorey
Co.
KEHNE, Jr., RICHARD L.
Birr & Co., Inc.
KERINS, PATRICK M.
Waldron &
JOHNSON & JOHNSON
Stock Ex
ociote)
Si^Ex*'ociate)
Exchange (A
^hia-Baltlrnore
philadHTon
Co.
Stock
..
KIRKLAND, FRANK
Hooker & Fay
—
^
Distributor*
Corpovate
uriticR
Municipal
Underwriter*
KOCH, GENE
First
Investment Bankers
Pittsburgh
hers
Crocker-Anglo National Bank
KESSLER, MAURY J.
an
Outlet*
_
Corporation
Boston
LAMFERTI, ANGELO
Lawson, Levy, Williams & Stern
UNION TRUST BUILDING
LARKIN, EMMETT A.
PITTSBURGH
19, PENNSYLVANIA
Teletype PG 289
ATlantic 1-8333
Larkln
&
Company
The
PAUL
Schwabacher
J.
Co.
&
Barth &
Co.
*
v
MACRAE, Jr., COLLINS L.
Wulff, Hansen 8c Co.
NEW YORK CITY
"V
J.
Earle
\
REED, LEAR & CO
Members
McLOUGHLIN, WILLIAM L.
Blyth & Co., Inc.
Active Markets Maintained
McMAHON, J. B.
Merrill Lynch, Pierce, Fenner <fc Smith
Incorporated
Frank
C.
in
All
& Co., Oakland
Knowlton
MORAN, FOREST
Paine, Webber, Jackson
(Assoc.)
MORGAN,
New
WARNER
York
&
MORRILL,
NEW YORK, N. Y.
Walston
BUTLER, PA.
CORRY, PA.
JOHNSTOWN, PA.
MUETZEL,
Walston
Hanseatic
LISTED
2
CLIFTON W.
3s
Co.,
•
UNLISTED
•
•PITTSBURGH
(AT. 1-0880)
Pittsburgh: PG 482
Reynolds & Co. Private Wire System
New York City: NY 1-1420
—
MURPHY,
A.
STOCKS
•
BONDS
Corporation
GATEWAY CENTER, PITTSBURGH 22,
Bell Teletype: PG 694
Telephone: Express 1-3700
FRANCIS
Co., Inc.
&
—
PHILADELPHIA
WILLIAM
G. Becker & Co. Incorporated
NICKELSON,
Private Wire to
JAMES
Dean Witter
&
PA.
Inc.
BRANCH OFFICE
&iAR§EFpEAPA
—
Sponsored Securities
Langley- Howard, Inc.
Curtis
S.
Branches
Teletypes
Underwriters
Distributors
R.
Hanseatic Corporation
MOHR, FRANK J.
Pittsburgh Stock Exchange
American Stock Exchange
Palo Alto, Calif.
May 3c Co.,
METZA, PAUL
William R. Staats & Co.
New York Stock Exchange
Dealers
Brokers
MAYO, DONALD
New York
Wholesale
Retail
MAURICE, RENE
Stewart, Eubanks, Meyerson & Co.
(BArelay T-5969)
MAY, J. EARLE
Bell
GRant 1-1875
ROBERT
LOBERG,
J.
—
Corporation
Boston
First
LIVINGSTON,
DIRECT PRIVATE WIRE
Telephone
Teletype-—PG 469
ANDREW
LEH,
•
PITTSBURGH 19, PA.
PLAZA BUILDING
LAVERTY, HENRY
Davis, Skaggs Sc Co.
Co.
/
NOTTI, FRANK
Schwabacher 8c Co.
s
Philadelphia Office
62
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
Twin City
(SANDER, ROBERT
Juran St Moody, Inc., St. Paul
ROSTER OF MEMBERS
Security Dealers Association
(Members located In Minneapolis
otherwise indicated)
ANDERSON,
First
DONALD
&
McNAGHTEN,
Paul
Inc.
Dain
M.
&
Company, Inc.
SEMPF, WALTER J.
First
S.
Bank of St. Paul-
National
J.
D.
Co.
SIVERSON, LLOYD
Dain
M.
JOSEPH
MILLER,
Paul
PRESTON B.
Shearson, Hammill & Co.
SHUTE,
GEORGE N.
St Company,
MEEKS,
Paine, Webber, Jackson & Curtis
St.
ROBT.
Williams-McNaghten
Company,
KENNETH
J.
EDWARD
N.
National Bank of St.
Kalman
SCRAPS. NICHOLAS V.
Hopwood
Dempsey-Tegeler & Co.
DONALD
AUEL,
Jaffray &
McKENDRICK,
Witter & Co.
Dean
ROBERT A.
McCRANEY,
Piper,
MALCOLM M.
ALDRICH,
AWS,
unless
Kalman
St
Inc.
Kalman
R.
Inc., St. Paul
St Company,
SMITH, JACK P.
Company, Inc.
First
Minneapolis
Bank of
National
AWS, ROBERT
MOBERG,
Dempsey-Tegeler & Co.
Jr.,
BABCOCK,
J.
CHARLES
Allison-Williams
Company
Dean
BORIN, LEIGHTON
National
Vice-President:
Kermit
B.
Sorum,
Allison-Williams
Securities
Research
St
Minneapolis.
RUSHER, HERBERT W.
Harold
Secretary: Robert A. McCraney, Piper, J affray & Hopwood, Min¬
neapolis.
Treasurer: Fred Haw, First National Bank of
Wood
St Co.:
St. Paul
Keenan
Meeks,
J.
Clarey, Inc.
St
Elected: October 22, 1959.
From New
Paine, Webber, Jackson & Curtis
E. W.
WEHNES,
KELLY
RAARUP, JERALD
WICHMAN, E. W.
M. H. Bishop St Co.
Paul
St.
W.
WIKMAN, DALE R.
Kidder, Peabody & Co.
Merrill
Lynch,
WITT, ROBERT M.
Pierce,
Fenner
&
Smith
Jamieson St Company
WITTENBERG, WILBUR W.
Paine,
Webber, Jackson &
Blyth & Co., Inc.
Curtis
EGGEN, GEORGE T.
National
Eank
WOOD, THURSTON
SANDAHL, RICHARD D.
Juran St Moody, Inc., St. Paul
of
Harold E. Wood St Co., St.
Paul
FISK, WALLACE K.
John Nuveen St Co., St. Paul
Teletype 564
Firm Markets In
FULLER, ANDREW
E.
J.
Prescott St Co.
GALLAGHER, JOHN A.
Smith, Barney <& Co.
CONNECTICUT STOCKS & BONDS
Distributors
of
Corporate and Municipal Securities
SECURITIES
Company, Inc.
GEARINO, ERNEST R.
Marquette National Bank
Direct Private Wire to
GIESEN, WILLIS
M. H. Bishop St Co.
Carl M. Loeb, Rhoades & Co.,
GOTEM, ANDREW
our
New York
Correspondent
Midland National Bank St Trust Co.
GOODMAN, DONALD F.
Francis I.
We invite your inquiries.
WASHINGTON
GARCIA, RAY B.
J. M. Dain St
and
A.
FERGUSON, HUGH
Blyth St Co., Inc.
PRIMARY MARKETS IN
Underwriters
FRANK
Higginson Corporation
WEBSTER, HARRY W.
ROWND, CHESTER M.
Minneapolis
York, call CAnal 6-1255
AT&T
Winona
FELDMAN, GRANT A.
Piper, jaffray St Hopwood
NEW LONDON
MIDDLETOWN
NEW BRITAIN
Co.,
Incorporated
DEVINE, OWEN C.
Dempsey-Tegeler St Co.
TEL. JA 5-1421
Minne¬
Kalmun St Company, Inc., St. Paul
Moody, Inc., St. Paul
Jamieson St Company
MOSS, CHARLES
Harris, Upham St Co.
HARTFORD
of
WEBER, ROBERT J.
RIEGER, CHARLES
De
6 CENTRAL ROW
St
Tarras
WARNER,
Lee
American National Bank,
DAYTON, LEONARD V.
Smith, Barney St Co.
Northwestern
Bank
Paine, Webber, Jackson & Curtis
DAVIS, WILLIAM I., Jr.
American Securities Associates, Inc.
PUTNAM & CCi
National
PRICE, WILLIAM T.
DAVIS, ROBERT G.
Piper, Jaffray & Hopwood
Sfocl< Exchange
Incor¬
Company,
(Associate)
Prescott St Co,
E. J.
Company, Inc.
C.
A.
GUYBERT M.
PRESCOTT,
DALE, THOMAS M., Jr.
Members New York
&
and
TARRAS, ARTHUR C.
PREESHL, F. WARREN
Juran
GEORGE H.
Byllesby
apolis
Company, Inc.
Kalman St
Bishop St Co.
M.
Northwestern
Caldwell, Phillips Co., St. Paul
COLLINS, HOMER
Bardon Hlggins St Co., Duluth
(Associate)
Inc.
TALBOT, O. JACK
Piper, Jaffray & Hopwood
PHILLIPS,
St Co..
porated
Elyth & Co., Inc.
M. Dain St Company, Inc.
Kalman
Feldman, Piper, Jaffray & Hopwood, Min¬
-
PECK, ROBERT P.
COLE, Jr., LYMAN
neapolis.
Co.
PAPPAS, GEORGE
COHEN, MERRILL M.
Dain & Co., Inc., Minneapolis; Fred S. Goth, DempseyTegeler & Co., Minneapolis.
Witter St
H.
Marquette National Bank
JOHN M.
&
M. H.
JOHN T., Jr.
PAIN,
Jrmieson & Co.
CLAREY,
Pierce,
J. Steichen
R.
STEWART, DAVID
STILLMAN,
CAMPBELL, SAM W.
J. M.
Alternate: Grant A.
E.
Reynolds & Co.
STEICHEN, ROMAN J.
Co.
O'DONOGHUE, JAMES
Paine, Webber, Jackson & Curtis
Dean
& Co.
STEELE, JOHN F.
Co.
St. Paul
-
Company
P.
Woodard-Elwood
WILLIAM G.
Witter &
WALTER
STARN, HARRY W.
Kalman St Company, Inc.
OSTROM, GEORGE
BUTLER, JAMES
Paine, Webber, Jackson & Curtis
Minneapolis.
National Committeemen: Emil J. Klemond, Merrill Lynch,
Fenner & Smith Incorporated, Minneapolis; George N.
Corp.
BROWN, RICHARD L.
Haisey, Stuart & Co., Inc.
Company,
OBERG, DALE
M. H. Bishop &
O'CONNOR,
M. H. Bishpp & Co.
Co., Inc., Minneapolis.
Allison-Williams
SPACE,
-
BISHOP, MORLAN H.
President: Raymond B. Garcia, J. M. Dain &
Inc.
A.
Northwestern National Bank
First National Bank of Minneapolis
Frederick E. Haw
Company,
NELSON, DALE
BERGMAN, OSCAR M.
Kermit B. Sorum
&
THEODORE
Mannheimer-Egan, Inc., St. Paul
A.
Dempsey-Tegeler St Co.
BERGLUND, ALBERT J.
Raymond B. Garcia
Dain
M.
MYERS,
KERMIT B.
SORUM,
CARROLL H.
Piper, Jaffray & Hopwood
BECKER,
KEITH W.
du
Pont &
ESTABLISHED
Co.
GOTH, FRED S.
Dempsey-Tegeler St Co.
Johnston, Lemon & Co.
GRUN, ALPHONSE
J.
First National Bank
1920
MEMBER
of Minneapolis
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
HAMMEROT, HOWARD
Reynolds St Co.
BOSTON
HAUTMAN, JOHN A.
Harris, Upham & Co.
STOCK
UNDERWRITERS
-
EXCHANGE
(Associate)
DISTRIBUTORS
-
DEALERS
HAW, FRED
First National Bank of
Southern
Minneapolis
HAZEN, DANIEL
Connecticut
Bell
HEIRONIMUS, ROGER L.
Marquette National Bank
Northwestern
our
long and pleasant relationship with brokers
and dealers throughout the country. We solicit your
inquiries
with confidence that
our
Branch Office:
Alexandria, Va.
National Bank
of
Minneapolis
JACKISH, GEORGE V.
Merrill Lynch, Pierce,
the basis of
Municipal Dept. WA 25
Teletype: Trading Dept. WA 28, 95 St 509
HENNINGS, HENRY B.
Securities...
are
Building, Washington 5, D. C.
Telephone: STerling 3-3130
John Nuveen St Co., St. Paul
specialized experience will be helpful.
Fenner
St
Smith
il
Incorporated
JOAS, KENNETH C.
Smith, Barney St Co.
Investment Service for Seventy
KELLER, HENRY
Paine, Webber, Jackson St Curtis
Years
KINNARD, JOHN G.
John
G.
Kinnard St
Company
Arrow-Hart &
KLEMOND, EMIL J.
Merrill
Lynch,
Incorporated
GEORGE A. DOCKHAM, Vice President and Treasurer
in charge of Trading and Sales.
Fenner
St
Smith
Hartford
KROGNESS, CHARLES V.
National
Bank
of
Minneapolis
LEJEHER, GEORGE F.
Francis I.
du Pont &> Co.
LEWIS, WILLIAM
Reynolds St Co.
WARDWELL
'•
•
BRIDGEPORT 3, CONN.
Telephone
Members
BRIDGEPORT EDlson 4-5141
Midwest Stock Exchange
FROM NEW
YORK, CALL WHitehall 4-8211
Minneapolis
MACH, ROBERT F.
Reynolds St Co.
ESTABLISHED 1907
872 MAIN STREET
First National Bank of
Teletype BPT 489
CORPORATE and MUNICIPAL
Marlin
Electric
SECURITIES
Rockwell
So. New Eng. Tel.
Standard Screw
Stanley Works
Torrington Co.
COOLEY
&
CO.
United Aircraft
MacDONALD, GEORGE A.
Hincks Bros. & Co., Inc.
in
American Screw
Conn. Lt. & Power
Emhart Mfg. Co.
Fafnir Bearing
KOOP, Jr., WILLIAM W.
Piper, Jaffray & Hopwood
Midland
Underwriters, Distributors and Dealers
Hegeman
Pierce,
MAHONEY, BRIAN JAMES
C. D. Mahoney St Co.
MAHONEY, CORNELIU8 D.
C. D. Mahoney St Co.
ESTABLISHED 1889
Veeder-Root
Aetna Casualty
Aetna Life
Aetna Fire
Members New York Stock Exchange
American Stock Exchange
100 Pearl
Conn. Bank & Trust
Conn. General
New York
Hartford
Tel.
(Associate)
Street, Hartford 4, Conn.
JAckson
Tel. CAnal 6-1232
7-5171
Hartford Fire
Teletype Hartford 91
Hartford Nat'l Bank
Phone
Phoenix Ins.
Travelers
Ins.
Meriden
Willimantic
•
•
Enterprise 1910 to
Torrington
•
Waterbury
Norwich
•
Winsted
•
Essex
MAHONEY, JOSEPH C.
C. D. Mahoney St Co.
MASEK, JOSEPH E.
M.
H.
Bishop St Co.
Connecticut
Securities
MATSCHE, PAUL E.
Paine, Webber, Jackson St Curtis
St. Paul
il
THE COMMERCIAL and FINANCIAL
Convention Number
Party hosted by New
Mrs.
York Hanseatic Corporation, New York
gasal, james r.
Harris, Upham &
Traders
Kansas City Security
hall,
E.
Association
Douglas Muir, San Antonio; Mr. & Mrs.
Co.
emma m.
F.
&
Hutton
03
CHRONICLE
Company
PAULY, ELMER W.
Prescott, Wright, Snider Co.
SPARKS, RUSSELL K.
PIEDIMONTE, DAN
STEPHENS, JASPER F.
Waddell St Reed, Inc.
A. C.
arthur r.
Seltsam, Hanni & Co., Inc.
hanni,
Edward D. Muir, Muir Investment Corp., San Antonio
Allyn and Company,
Barret, Pitch, North St Co., Incorporated
Incorporated
SYLVESTER, W. CLYDE
PITLUGA, EDWARD F.
Midland
Securities
Company,
W.
Inc.
C.
Sylvester Investment Co.
Topeka, Kans.
PRICE, EARL W.
hanson, william l.
Waddell & Reed, Inc.
harris,
C.
A.
charles m.
Allyn and Company
harvey,
Stern
Incorporated
ralph c.
&
Standard
WAGNER, THEODORE F.
Brothers & Co
FRANK J.
SNYDER,
Beecroft, Cole & Co., Topeka, Kans.
SODEN, JOHN P.
Soden Investment
Poor's
Harris, Upham & Co.
WHITSITT, R. DALE
A. E. Weltner & Co., Inc.
YUKON, WARREN
B. C.
Company
Christopher St Co.
iienry, mark
Mark Henry & Co.,
w.
Waddell & Reed,
HILLMONDi
Atchison, Kan.
a.
Inc.
hunter, hayward h.
George K. Baum
RHODE ISLAND SECURITIES
& Company
jennings, john p.
City, Kans.
Bonds, Incorporated, Kansas
David Kramer
Joseph M. Crowe
James R. Gasal
Invites Your Inquiries
Our Trading Department
keegan, robert e.
Inc.
Hugh W. Long & Company,
President: James R. Gasal,
Secretary: Joseph M. Crowe,
Treasurer: David Kramer,
St. Louis
Harris, Upham & Co.
Vice-President: John F. Fogarty,
Bache & Co.
* v
latshaw, john
E.
,
located
In
Kansas
City unless
otherwise indicated)
AGRON, EUGENE J.
Straus, Blosser & McDowell
COLE, WALTER I.
Bescroft.
P. Hutton &
Cole St Co.,
'
Topeka, Kans.
B. C.
Zahner
JOHN
and
BRACKEN,
CROWE, JOSEPH M.
Company
DYER, WILLIAM J.
Waddell St Reed, Inc.
Demi>s6y-Tegeler
FRANK
Allyn and Company,
^
St
COEN, MIKE
Midland Securities
FOGARTY,
B.
Co.
Stern
H.
Inc.
PROVIDENCE
Tel.
union
Jr.,
JOHN
Brothers
O.
F.
bell
new
york,
st.
louis,
and
43
wires to
bridoeport, hartford, waterbury
white plains offices
George K. Baum &
f
"
Company
^
north, frank w.
v*
Barret, Pitch, North & Co.,
—
Incorporated
t
CONNECTICUT
Primary
Our Sixty-Eighth 1
\ 959
MARKETS for Dealers
DISTRIBUTORS
DEALERS
UNDERWRITERS
teletype pr
direct private
,
,
1891
34 EAST AVENUE
PAWTUCKET. R. 1.
tel. pawtucket 6-2350
mesler, myron
& Co.
Peet & Co.
(ASSOC.)
I.
R.
3.
1.4000
mayfield, harry f.
Commerce Trust Company
Mcdonald, claude m.
McDonald, Evans & Company
FOLEY, CHARLES J.
Co.,
Atchison, Kans.
Inc.
Milburn, Cochran St Company,
CARROLL, LAURENCE
marshall, e. d.
Mark Henry & Co.,
STOCK EXCHANOE
WESTMINSTER ST.
Barret, Pitch, North St Co., Incorporated
FEESE, MASON H.
St Co.
Dempsey-Tegeler
..}
& Co.
Trust Company
MIDWEST STOCK EXCHANOES
•
AMERICAN
15
»
ELLIOTT, LANDIS
Incorporated
BURTON, JOHN T.
Bache
'
:
Luce, Thompson St Crowe, Inc.
DON
BRINKLEY,
A. C.
MIMIIM
NEW YORK
margotta, alex
Inc.
Company,
1000
Established
COMBEST, EARL L.
Midland Securities
CO.
G. H. WALKER &
g.
Christopher & Co.
mader, edward
Commerce
BONDANK,
Company
lincoln, keith d.
E. P. Hutton & Company
ROSTER OF MEMBERS
(Members
3-0610-0611
Open-end Phone to Boston — LAfayette
Luce, Thompson & Crowe, Inc.
...
Island Securities
kramer, david
Jr., Stern Brothers & Co.
Bache & Co.
On All Rhode
We
everywhere
particularly invite.
inquiries in:
'
HEGEMAN
your
Industrial-Utility
Insurance
PRIMARY MARKETS
-
ARROW HART A
SPRING
POWER
ASSOCIATED
CONN.
Bank
LT.
&
CONNECTICUT POWER
EMHART MFG.
State &
IN CONNECTICUT
SECURITIES
Municipal
HARTFORD
LANDERS
F.
&
NEW BRITAIN
Securities
NORTH
CO.
ELECT.
LIGHT
C.
MACHINE
EAST STEEL
SOUTH'N
NEW ENG. TEL.
TORRINGTON CO.
VEEDER-ROOT
COBURN & MlDDLEBROOK, INC.
Chas.. W. Scranton &
Co.
Members New York Stock Exchange
100 Trumbull Street,
Hartford Tel. JAckson 7-3261
Bell
Hartford 1, Conn.
N. Y. Tel. DIgby 4-6713*
Boston Tel. HUbbard 2-3780* i
Teletype HF 464
NEW HAVEN
•Direct
New York REctor 2-9377
Danbury
Bridgeport
• '
Bell Teletype NH 194
New London
Waterbury
NEW YOU
Hartford-New
NEW HAVEN
Dinet Wir. to
York-Boston 'Phones
fROYIDENCE
Tr^t.r, Sing.r Jk C.. Nm
BOSTON
York
ROSTER
of
Security Traders Association
(Members in
Merrill Lynch, Pierce,
indicated)
otherwise
Los Angeles
PAUL H.
Dempsey-Tegeler
LUEKER, CLEMENS
Co.
8c
Hill
HENRY
C. Bowles
BAKER,
t,
Thomas
Richards
MACINTYRE,
Co.
8c
BAKERINK, DEL
Paine, Webber, Jackson &
MANTER,
Curtis
J.
A.
BARSAMIAN, KENNETH O.
JAMES
BEEBE,
William
R.
Walston
R.
Reeves
Frank,
Stern,
McOMBER, A.
& Fox
Meyer
E.
Durst,
Inc.
Alkow
Inc.
Co.,
MILTON
Co., Inc.
&
V
SHANE
Revel Miller &
&
TOBOCO,
Co.
&
JOSEPH
BERRY,
DONALD
&
TORENA, JOSEPH
JOSEPH
McEVERS, MILTON S.
Co.
&
SCOTT
Wagenseller
Dempsey-Tegeler & Co.
L.
Staats
Curtis
&
Hills
Dempsey-Tegeler & Co.
SUMMERELL,
Co.
&
Beverly
Hentz
STOUT,
.
FRED
Hogle
Daniel
BENTO,
Co.
&
Co.
MANWARING,
& Co.
Morgan
H.
Jackson
IRWIN
& Co.,
SPIVEY,
T.
Inc.
Co..
JACK J.
Webber,
Paine,
PATRICK
&
P airman
8c
SILLICK,
CHARLES R.
Marache, Dofflemyre & Co.
LIVINGSTONE,
Dempsey-Tegeler & Co.
ASCHKAR,
Alkow
Fenner 8c Smith
Incorporated
ALEXANDER, JACK H.
& Co.
WAYNE |
SIEPMAN,
DONN R.
LINTON,
Dofflemeyer
Marache,
26, 1956
W.
FOREST
SHIPLEY,
OF MEMBERS
unless
Angeles
Los
Thursday, November
CHRONICLE
THE COMMERCIAL and FINANCIAL
64
TURNER, STEPHEN C.
:
Co.
&
Turner-Poindexter
s;
Co.
EARL
Eastman
Dillon,
Securities
Union
&
Co.
METZINGER,
Evans
TURNER, Jr., STEPHEN C.
Turner-Poindexter
&c
Co.
RAY
MacCormack
8c
Co.
BETZ, HERMAN C.
California
WILLIAM A.
Crowell, Weedon & Co.
MILLER,
Bank
BOURBEAU,
J.
Co., Beverly Hills
EDWARD
Daniel Reeves &
William
Robert M. Green
James W, Zink
Ralph M. Dahl
Patrick H. Sheedy
BROWN,
MAXFIELD
BROWN,
E.
President: Robert M. Green,
Vice-President: Ralph M.
Pledger & Company, Inc.
Dahl, Evans MacCormack &
F.
Treasurer: Patrick H. Sheedy,
Jones & Templeton (San
Thomas J. Euper,
Lueker,
Revel Miller & Co., Inc.; Clemens T.
Miller
Woolrych,
Currier
Evans,
j
8c
Pledger & Company,
Crowell, Weedon 8c Co.
■
1, 1959; Term Expires: December
COLLINS,
I.
William
du
&
Pont
HUbbard 2-4400
Teletype BS S45
H
NEW
YORK
DORMAN,
Teletype NY
1-1095
DORROH,
Founded 1898
PORTLAND
EARNEST,
SPruce 4-1473
Evans,
HARTFORD
JAckson
7-9264
Telephone
2-0346
HARRISBURG
Utility Securities
CEdar
National Distributor
BINGHAMPTON
NEW ENGLAND FUND
BInghampton 3-1919
Teletype BN 188
ALBANY
ALbany 5-2356
Teletype AL 95
AMERICAN
STOCK
Barth &
J.
A.
WRIGHT, WILLIAM L.
Lester, Ryons 8c Co.
(Honorary)
WRITER, JOSEPH
Walston 8c Co., Inc.
ii
ft
YOUNG,
GRAHAM
Weeden & Co.
SHEEDY, PATRICK H.
8c
Templeton
a
Co.
WILLIAM J.
ZIMMERMAN,
Bingham, Walter & Hurry, Inc.
11
Co.
ZINK, JAMES
Hammill & Co.
Mitchum, Jones & Templeton
SHIPLEY, CLIFFORD D.
E.
H.
F.
Hutton
&
San
Company
Francisco
WILLIAM H.
Barth
EUPER,
"r
Co.
&
J.
THOMAS
EUPER, THOMAS K.
Kerr & Bell
BOSTON STOCK EXCHANGE
EXCHANGE (ASSOCIATE)
•
! i
FETTERS, JOHN J.
Jones, Cosgrove & Miller, Pasadena
New
FINE, STUART
MIDWEST STOCK EXCHANGE
;
Fitzgerald & Co.,
Hills
Cantor,
Beverly
FRANKLIN,
Samuel
Franklin
Stern,
Frank,
&
BS- J44
Retype
UNLISTED
Liberty 2-8852
Company
G.
MARKETS
Meyer & Fox
FREEMAN, ALVIN R.
Dempsey-Tegeler 8c
Los
England
Inc.,
SAMUEL B.
B.
JAMES
GENTLE,
•
ij
SHEEDY, CHARLES A.
Fairman 8c Co.
Fairman
&
Hill Richards & Co.
ROBERT
Angeles "Times"
Jones
WHEELER, JOHN E.
i
Co.
&
Mitchum,
*
%'£
MacCormack & Co.
FRASER,
Organized 1931
EXCHANGE
Co.
SHERWOOD, ALLAN P.
Company
2-6244
Teletype HB 361
STOCK
WELLER, JOHN S.
The Weller Company
BANGOR
State, Municipal, Corporation, Railroad
YORK
&
GEORGE
ELLIOTT,
J.
Bateman, Eichler 8c Co.
)g.
Revel Miller 8c Co.
Purchasing and Distributing
NEW
7
Curtis
;:i
WILLIAM
Shearson,
INCORPORATED
WEBSTER, WILLIAM
.
JOHN
Hutton
WHitehall 3-9313
COFFIN & BURR
Los
Barth 8c Co.
F.
Harker
SANDIFER,
DOAN, JAMES C.
E.
.
RICHARDS, JOHN S.
MacCormack 8c Co.
DIEHL, ROBERT D.
Paine, Webber, Jackson 8c
J.
Shearson, Hammill & Co.
E.
Co.
Blyth & Co., Inc.
DAVIES, JR., WILLIAM H.
Dempsey-Tegeler & Co.
BOSTON
Lynch, Pierce, Fenner & Smith
Incorporated
WARNES, ROY C.
REYNOLDS, ED.
RALPH M.
Evans,
&
& Co.
WESSENDORF, Jr., HOMER
Co.
COOK, WILLIAM B.
Lester, Ryons & Co.
DAHL,
Staats
Incorporated
Merrill
CHARLES
R.
Company
SAM
WARD, FRANK J.
REDMOND, ROY
GENE
Francis
31, 1959.
WALLACE,
Meyer 8c Fox
8c
B.
Inc.
California
First
,
Dempsey-Tegeler & Co.
COCKBURN, JAMES D.
Mitchum, Jones & Templeton
Hecht, Sr., Dempsey-Tegeler & Co.
;
ARTHUR
RAMPLEY,
Co.,
NIELAND
Dempsey-Tegeler
CLIFFORD
POINDEXTER,
Co.
Co.
&
VICARY, WILLIAM
\
|
i
Turner-Poindexter
Inc.; William H. Elliott, J. Barth & Co.
and Public
R.
Co.
PLATT, ED.
Stern, Frank,
Inc.
Ryons
ARSDALE,
Blyth 8c
...
PHELAN, RALPH E., JR.
Wagenseller 8c Durst, Inc.
G.
MacCormack
Lester.
VAN
Co.
&
,
Carlsen,
&
VALHOFF, VAL
.
..
OWEN, RICHARD E.
Crowell, Weedon & Co.
Co.
8c
CASS, ROBERT
CLAUDE,
National Committeemen: Robert M. Green,
Took Office: January
Revel
,
RICHARD
&
'•
.
NEVINS, JOHN R.
Lester, Ryons & Co.
O'NEIL,
CARLSEN, THEODORE D.
Mitchum, Jones & Templeton;
Hill Richards & Co.
Alternate: John C.
j,
Co.
Co.
RICHARD
CAMERON, DONALD M.
Lester, Ryons & Co.
Fairman & Co.
Governors: Homer Wessendorf, Jr.,
Company
Weedon
Fairman
J.
8c
JOSEPH
Crowell,
BRUM, JAMES
Shearson, Hammill &c
Co.
CALL,
Secretary: James W. Zink, Mitchum,
Francisco).
&
Staats
R.
MULREIN,
WILLIAM E.
Hutton
•
E.
Hemphill, Noyes 8c Co.
B.
TUTTLE, GORDON
J. Barth & Co.
■
.
THOMAS
MOORE,
Primary Markets in
Co.
ANTHONY
Angeles Herald Express
Textiles
(Honorary)
—
Industrials
GINN, WILLIAM E.
Dean
Witter
&
Banks
Co.
GOODFELLOW, RICHARD
J. A. Hogle 8c Co.
GRAY,
—
Utilities
New York Bank & Insurance Stocks
JACK
Morgan
GREEN,
First
&
Co.
.
NORMAN
H.
California
GREEN,
Company,
Incorporated
Schirmer, Atherton & Co.
ROBERT M.
Members New York and Boston Stock Exchanges
Pledger & Co., Inc.
50
GREEN, SAM
Pledger &
Inc.
Company,
TELEPHONES:
GRIFFIN, KENNETH J.
Mitchum, Jones 8c Templeton
Congress Street, Boston 9
New York—BArclay 7-3542
Connections
HALL, MAX
Dean
& WOrth 4-4300
Portland, Me., Providence, R. I.—Enterprise 4Z80
Portland, Me.,
Witter & Co.
to
Branches
Manchester, N. H.,
Northampton, Mass.
HECHT, JOHN C.
Dempsey-Tegeler
&
Co.
HECHT, Jr., JOHN C.
Dempsey-Tegeler
San
Co.,
&
Francisco
\
HENDERSON, ROBERT J.
Holton, Henderson & Co.
Dealers and Brokers
in
HUDSON, NORMAN
R.
L.
Colburn
IBERS,
&
Co.
General Market Issues
MAX
Ibers Personnel Agency
IMBLER, A. O.
William
IRISH,
R.
Staats
&
Co.
Specializing in
HERBERT C.
Fairman &
Sutro
Co.
WILLIAM A.
JOHNSON,
New
Co.
&
KEENAN, JOHN J.
John
Your Doorway to trading markets in
New England Securities
J.
Keenan
KIRWAN, NICHOLAS
Witter 8c
Dean
MILK
STREET, BOSTON 9, MASS.
KRAFT,
New York—CAnal 6-81001
P.
Co.
Carr <Si Thompson, Inc.
OSCAR P.
Kraft & Co.
F.
Kraft
&
31
,T
Co.
MILK
Kraft 8c Co.
NEW YORK
BOSTON
Members New York and Boston Stock Exchanges
American Stock Exchange (Associate)
Falmouth
•
Fitchburg • Framingham
Springfield • Worcester
.
LANZIT,
STEVE
Dempsey-Tegler
&
HUbbard 2-6442
Co.
LATINOVICH, GEORGE M.
Bateman, Elchler 8c Co.
LINDE,
LINK,
Henderson
Upham
WHitehall 3-7600
Teletype BS 328
Branch: Worcester Massachusetts
&
Co.
F
FRANK
Harris,
*
Bell System
ELWOOD
Holton,
STREET
BOSTON 9, MASS.
KRAFT, VERNER HARRIS
Oscar F.
England Securities
Incorporated
KRAFT, Jr., OSCAR F.
Oscar
Telephone HAncock 6-8200
Co.,
KNOBLOCK, SIDNEY
Crowell, Weedon 8c Co.
Oscar F.
31
&
8c
Co.
^
t
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
65
Treasurer: Kenneth D. Kerr, Fusz-Schmelzle & Co., Inc.
Security Traders'Club of St. Louis
NELSON, CLARENCE
Boatmen's
The
National Committeemen: John F.
Matye, Dempsey-Tegeler &
Co.;
Ralph C. Deppe, Edward D. Jones & Co.; Earl Hagensieker,
Reinholdt & Gardner.
Alternates: Richard H. Walsh,
Newhard, Cook & Co.; Firmin D.
Fusz, Jr., Fusz-Schmelzle & Co., Inc.
White
&
October 20,
1959; Took Office: October 20,
Expires: October, 1960.
1959; Term
St.
Louis
LOWELL
Union Trust
ARNSTEIN,
Stix
&
Trust
FREDERIC
SIDNEY
G.
Reinholdt & Gardner
&
Lynch,
Incorporated
BAYER,
Jack P.
Bayer
A.
A.
A.
Smith
&
G.
Sons
&
Sons
BRAMMAN, EDWARD
&
G.
pany,
Wichmann, Stifel, Nicolaus
White
MATYE,
Incorporated.
Inc.
White
Bayer, A. G. Edwards
Third Vice-President: Edward A.
Co.,
&
&
&
&
JOHN
Co.,
Inc.
PELTASON, PAUL E.
White &
POPPER,
I.
Yates,
J.
Company
ELVIN
Simon
M.
REDDEN,
K.
&
Co.
TARLETON
Heitner
Woods
&
REESE,
EUGENE
Newhard, Cook
Co.
S.
REIMAN,
Company
JOHN
Company
&
POLETTE, JOSEPH
Co.
CLARENCE
Walker
WM.
Edward
F.
REIMER,
G.
Co.
L.
D. Jones &
IRVIN
Walker
H.
&
Co.
E.
&
Co.
RICHTER, HENRY J.
Scherck, Richter Company
Company
ROACH,
HERBERT
M.
Yates, Heitner & Woods
ROBINSON, SPENCER H.
MILLS,
R.
G.
R.
G.
Reinholdt &
Mills & Company
I.
MOBERLY, RALPH
l.
I.
M. Simon
& Co.
M.
Simon
&
Co.
RUEIDEGER, WARREN
Boatmen's
MORFELD, EDWARD H.
National Bank
EUGENE T.
Fusz-Schmelzle & Co.,
of
St.
Louis
RYAN, JAMES
Newhard, Cook & Co.
Morfeld, Moss & Hartnett
W.
Gardner
ROSENTHAL, ROBERT A.
MOSS, MORRIS
Morfeld, Moss & Hartnett
Continued
BURNS,
& Sons.
Inc.
PETERSEN, Jr., JOSEPH
Joseph G. Petersen & Co., Inc.
Inc.
MEYER, ROBERT
Semple, Jacobs & Co.
J.
Stifel, Nicolaus & Company, Incorporated
Second Vice-President: Jack P.
Inc.
McKEE, LOGAN
BROCKMEYER, E. H.
Goldman, Sachs & Co.
.BUNN,
Co.,
Dempsey-Tegeler & Co.
O.
BRONEMEIER, JOSEPH
Scherck, Richter Company
& Com¬
H.
Co.,
Peltason, Tenenbaum Co.
&
&
&
A.
Richter
Fusz-Schmelzle
MATTHEW, DAVID
Inc.
Scherck, Richter Company
First Vice-President: W. Jack
Walker
Petersen
ROBERT
Scherck,
Company
brocksmith, h.
Matye, Dempsey-Tegeler & Co.
H.
MAENDER,
Co.
BRECKENRIDGE, HUNTER
McCourtney-Breckenridge & Co.
BRENNAN, EMMET
Klein
G.
PELTASON, CHARLES M.
Mercantile Trust Company
Bramman-Schmidt-Busch,
President: John F.
PAULI,
Co.
LUDWIG, DONALD
LELAND
Theis
&
LOTTMAN, CHAS. S.
J.
&
BOSCHERT, DANIEL C.
Morfeld, Moss & Hartnett
Kenneth D. Kerr
Co.
KENNETH
Harvey,
Woods
RAYMOND C.
Bankers Bond & Securities
BOOGHER,
H. Walker
Fusz-Schmelzle
BOND,
Charles Goodwin
&
KLEIN, ELMER B.
A.
BLEWER, CLARENCE F.
Blewer, Glynn & Co.
Edward A. White
Joseph
Stifel, Nicolaus & Company, Incorporated
Sons
&
WILLIAM
Brennan
Jones
R.
Woods
THOMAS
Stifel, Nicolaus & Company, Incorporated
JORDAN, ROY W.
KERR,
Edwards
Albert
D.
EDWARD
Heitner &
PATKE, JAMES B.
D.
KELLY, FRED S.
Sons
WALTER
Heitner
G.
&
P.
&
Edwards
Yates,
EDWARD
Edward
Fenner
FLOYD
BECKERS,
BLAKE,
JONES,
G.
Edwards
G.
JARRETT, ELMER E.
Newhard, Cook & Co.
Sons
Pierce,
JACKSON
G.
BEATTY,
Yates,
T.
Merrill
W. Jack Wichmann
MEMBERS
I.
Edwards
AYERS, C.
John F. Matye
A.
Company
O'CONNELL, HARRY
O'NEILL,
Co.
ASHER,
A.
Jr.,
OF
Co.
O'BRIEN, JAMES
OLDENDORPH,
ROSTER
Bank
Company
NEWCOMB,
Mercantile
Elected:
National
Louis
of St.
NEUWOEHNER, HIRAM
on
page
Inc.
BURTCH, BURDICK V.
White, White
&
Company.
Henry,
Franc &
Co.
BURTON, WILLIAM
Secretary: Charles Goodwin, Goldman, Sachs & Co.
St.
Louis
CADLE,
Union Trust
Company
CHESTER J.
Cruttenden, Podesta & Co.
CARLTON,
Harris
JAMES
Trust
&
J.
Savings Bank
CHRISTOPHEL, ARTHUR
SINCE 1929
Reinholdt & Gardner
CLOONEY, LEO R.
Primary Markets in
Reinholdt & Gardner
Primary Marksts
Research
^
in
DEMPSEY, DUMONT G.
Newhard, Cook & Co.
DENYVEN,
RAYMOND
Ferguson, Mo.
New
UTILITIES
J.
DEPPE, RALPH C.
5ecurities
BS
-
902
.
.
HARTFORD
HAVEN
PROVIDENCE
'
-
baltimore
Twod
6-2610
UII,
.
'
Une,
NEW ENGLAND SECURITIES
SAM
Edwards
&
Sons
Stifel, Nicolaus & Company, Incorporated
FLOTRON,
E.
L.
A.
FRANK E.
Zoernig &
FORD,
JAMES
G.
Co.,
Inc.
F.
Edwards
&
Sons
FRANC, TERRY
Henry, Franc & Co.
FRIEDMAN, WILLIAM STIX
erPrise 6643
to
G.
FITES, VERNON
HUbb°rd 2-8360
5Nferprise 9830
cNterpr/se 6643
5nterpnse 983o
.
INDUSTRIALS
Co.
&
FISCHER, JOSEPH S.
Goldman, Sachs & Co.
_
.
.
Jones
ESSERT, EARL H.
Smith, Moore & Co.
A.
N£wvork
w°
D.
Bullock, Ltd.
FELSTEIN,
BOSTON
-
Edward
DRUMMOND, KENNETH
Calvin
Telephone,:
N£W
DARMSTATTER, E. W.
Stifel, Nicolaus & Company, Incorporated
Semple,
ror|[
FUSZ,
Jacobs
FIRMIN
&
Fusz-Schmelzle
GIGER,
Open-end Telephone Wire to New York
Co.
D.
&
HAROLD
CAnal 6-1613
Co., Inc.
H.
Cruttenden, Podesta & Co.
GLASER,
HERBERT
D.
Boston
Morfeld, Moss & Hartnett
GLASER,
SE.* ««**
Telephone HUbbard 2-5500
C.
Bell
Goldman, Sachs & Co.
System Teletype—BS-142, BS-145
GODBOLD, Jr., EARL W.
Dempsey-Tegeler & Co.
"■ Wsr»»<>,
mt
-
WILLIAM
GOODWIN, CHARLES
Goldman, Sachs & Co.
Providence, R. I.
Portland, Maine
GRAF,
Enterprise 2904
Enterprise 2904
G.
RUDOLPH
H. Walker & Co.
GUION, ROBERT H.
Hartford, Conn.
~
Newhard, Cook & Co.
Enterprise 6800
GUMMERSBACH, ALBERT E.
Dempsey-Tegeler & Co.
Some of the New
England companies in which
Metal
we
maintain primary market.
Amoskeag Co.
Bates Manufacturing Co.
Baystate Corp.
Berkshire Fine Spinning Corp.
Nicholson File Co.
Boston Herald Traveler
Perkin Elmer
Corp.
Hampshire Ball Bearings, Inc.
Photon Inc.
Dun & Bradstreet, Inc.
Riley Stoker Corp.
Saeo-Lowell Shops
Foxboro Co.
J. B. Maguire & Co., Inc.
Morfeld, Moss & Hartnett
HEITNER, NORMAN E.
HILLE,
UNLISTED
WILLIAM
M.
31 Milk
Infrared Industries Inc.
Sheraton
Corp. Debentures
England Tel.
Operations
Ionics Inc.
Southern New
Itek Inc.
Technical
Keyes Fibre Company
Keystone Custodian FundsClass'
Laboratory for Electronics Inc.
Tracerlab Inc.
S. D. Warren Co.
Street, Boston 9, Massachusetts
HIPPENMEYER, JERRY
Goldman, Sachs & Co.
HOCH,
Scott & Williams Inc.
Shawmut Association
Gardner
Metropolitan St. Louis Co.
Corp.
High Yoltage Engineering Co.
West Point
&
HARTNETT, WM. H.
Yates, Heitner & Woods
Corp.
Consolidated Investment Trust
Grinned
Reinholdt
Hydrides Inc.
Miniature Precision Bearings, Inc.
New
HAEUSSLER, WALTER C.
Yates, Heitner & Woods
HAGENSIEKER, EARL
HAWORTH
Private Wire To A. M. Kidder &
F.
McCourtney-Breckenridge & Co.
Co., Inc., New York
,
HOLSTEIN, EDWARD J.
..
For
Stifel, Nicolaus & Company, Incorporated
SECURITIES
Bank
HORNING, BERT H.
Dempsey-Tegeler & Co.
HUEBNER, CHARLES
Midwest
Stock
Manufacturing Co.
JANSEN,
Edward
Exchange
KENNETH J.
D.
Jones
&
Co.
.
and
Insurance
Stocks
66
66
Thursday, November 26, 1969
THE COMMERCIAL and FINANCIAL CHRONICLE
Mrs.
Alfred
Tisch, New York; Mrs. M. Glinnen, Pompano Beach, Fla.;
Fitzgerald & Company, New York; Mrs. E. Dahlgren
Alfred
Mr.
Tisch,
&
Mrs.
Bob King, Charles King & Co., New York; "Duke" Hunter, Wellington Hunter Associates,
•Jersey City, N. J.; Mrs. & Mr. Irving Manney, Manney & Co., Dallas, Texas
TAYLOR, MEL M.
Security Traders Club of St. Louis
ROSTER
Edwin
C.
Sanders & Co.
SENTCRIA,
SHAPIRO,
Yates,
&
SUMNER
SCHMELZLE, ALBERT M.
Pusz-Schmelzle & Co., Inc.
MerrlU
Lynch,
Incorporated
Inc.^
Newhard,
WALSH,
ROBERT A.
Dempsey-Tegeler & Co.
Co.
WILLIAM
Sons,
RICHARD H.
Cook & Co.
WALSH,
Heitner & Woods
TAUSSIG,
III
VOGEL, LEONARD
Glaser, Vogel & Co.
SORY, GEORGE
Moody's Investors Service
SCHLUETER, BERNARD L.
SH
Co.
Tenenbaum
ALBERT,
Albert Thels &
EDWARD
Newhard, Cook & Co.
SCHIRP, GREGORY J.
Taussig, Day & Co., Inc.
Cook
THEIS,
JAMES
Fusz-Schmelzle & Co., Inc.
SCHERCK, Jr., GORDON
Scherck, Richter Company
Newhard,
Peltason,
Fusz-Schmelzle & Co., Inc.
SEGASTURE,
F.
TENENBAUM, HARRY
SCHMELZLE, RICHARD A.
SANDERS, DONALD
JEROME
Dempsey-Tegeler & Co.
OF MEMBERS
Continued from page 65
Cincinnati Stock and Bond Club
Semple, Jacobs & Co., Inc.
TEGELER,
H.
Pierce,
Fenner &
Smith
WILLIAM
Dempsey-Tegeler & Co.
WALSH,
C.
Mitchell & Olson,
WEBER,
VINCENT
Weber,
Inc.
WHITE, EDWARD A.
CLAYTON
UNDERWRITERS
SECURITIES
DISTRIBUTORS
White & Company
Taylor Alter
WHITEHEAD, KENNETH
DEALERS
CORPORATION
MEMBERS
BOSTON
AND
PRIMARY TRADING
MIDWEST
MILK
BOSTON
M.
Simon
&
President: Taylor Alter, W. E.
Co.
JACK
Stifel, Nicolaus & Company, Incorporated
WILLER,
The
W.
Boatmen's
National
Bank
of
St.
St.
HAnover
2-7538
and to
Teletype BS-30
Treasurer: Robert
Grace Canadian Securities Inc.
Portland
New York
Trustees: Herbert R. Dittus, Fox, Reusch & Co., Inc.; John Froeh-
Glynn & Co.
lich,
YATES, Jr., JAMES A.
Yates, Heitner & Wood
JOSEPH
ZINGRICH,
HERMAN J.
Dempsey-Tegeler
&
Co.
MUTUAL
Established
SECURITIES
Prospectus
GENERAL
on
1926
a.
d.
request
DISTRIBUTORS
KNOX
ro
KELLER BROTHERS
&
c)
CO., Inc.
MEMBERS
CO., INC.
COURT STREET, BOSTON
(corner of Washington Street)
Telephone Richmond 2-2530
New York Security Dealers Ass'n
DEALERS AND
—BROKERS IN
UNLISTED
TRADING
MARKETS
SECURITIES
AMERICAN CEMENT
INDUSTRIES
INDIAN
HEAD MILLS
MORGAN ENGINEERING
UNITED STATES ENVELOPE
NATIONAL COMPANY
W. L. MAXSON
OFFICIAL FILMS
WASTE KING
LERNER & CO.
Investment
Square
Telephone: HUbbard 2-19D0
N.
Y.
TeL
CAnal
6-3840
•
11
Broadway
NEW YORK 4
Telephone DIgby 4-1388
Bell System Teletype *NY 1-86
27 State Street
BOSTON 9
Securities
Boston 9, Massachusetts
Teletype: BS 69
Telephone CApitol 7-8950
Bell System Teletype
Direct phone between
Walter, Woody
Gradison &
C.
Stifel, Nicolaus & Company, Incorporated
ZINZER,
FUND OF BOSTON
Fogel, Chas. A. Hinsch & Co., Inc.
WUEST, HARRY J.
Blewer,
9, MASS.
10 Post Office
Company,
Inc.
Secretary: Lee Hoefinghoff, L. W. Hoefinghoff & Co., Inc.
Louis
Telephone to New York
HUbbard 2-6065
BOTANY
Company.
Vice-President: William P. Conners, Pohl &
The Boatmen's National Bank of
STREET,
ZERO
Lee Hoefinghoff
Hutton & Co.
First Vice-President: Charles A. Butz, Harrison &
Second
ERNEST D.
WOOD, CHARLES L.
(ASSOCIATE)
Direct
79
William P. Conners
MARKETS
AMERICAN STOCK
EXCHANGE
I.
WICKMANN,
Louis
STOCK EXCHANGES
Charles A. Blitz
WHITE, Jr., JULIAN
White & Company
BS 169
offices
Fenner &
&
Heimerdinger;
George Kaler,
W. D.
Co.; Lawrence S. Fitzgerald, Merrill Lynch, Pierce,
Smith Incorporated; Willis D. Gradison, Jr.,
W. D.
Convention Number
Mr.
&
Mrs.
E.
Gambol
Busch,
J.
Albert
Gradison &
THE COMMERCIAL and FINANCIAL CHRONICLE
Dunn, Dunn &
Franh-Guenther
Rollins, New York; Gilbert
Lau), Inc., New York
Mrs. and Mr. John
BRINK,
Co.; John E. Tobias, Westheimer and Company.
Office:
in
located
otherwise
Cincinnati
unless
W.
ALTER, T.
W.
E.
E.
CARTER,
Hutton
&
W.
Co.
The
WILLIAM
J.
L.
Barth
Company
A.
E.
JOHN L.
Aub &
BECKER,
Co.
E.
Hutton
CLANCEY,
W.
P.
W.
JOHN J.
Pohl & Company, Inc.
BERLAGE,
ARNOLD, HENRY J.
BLANK,
Eustis
Geo.
A.
Jr.,
E.
A.
L.
Pohl
&
Aub
&
&
Pohl
Co.
Co.
W.
&
DAVIS,
&
KEELER, ROBERT B.
Co.
Saunders, Stiver & Co.
and
KEYS, RICHARD H.
Company
The
Company,
GILBERT
Harrison
&
Reserve
KORROS,
Co.
W.
W.
Hutton
E.
&
Investment
Company
FRED
KORTE, ARTHUR W.
Co.
Inc.
C.
H.
Reiter
Co.
&
HUTTON, III, JAMES M.
W.
Inc.
E.
Hutton
&
LENHOFF, MATTHEW
Co.
E.
W.
Hutton
&
Co.
IBOLD, JAMES A.
C.
DAVIES, BRUCE R.
Benj. D. Bartlett & Co.
E. Hutton & Co.
Cincinnati Municipal Bond Corporation
G.
Howes
G.
HUTTON, Jr., JAMES M.
CHARLES
Company,
COULSON, CHARLES G.
L. W. Hoefinghoff & Co., Inc.
RONALD
RICHARD
D. Gradison & Co.
W.
Westheimer and Company
COOPER, STANLEY
Westheimer and Company
KATZ, ARTHUR V.
Westheimer
Stanley Cooper Co., Inc.
BOCKENSTETTE,
KALER, GEORGE
HOOD, PAUL
Seasongood & Mayer
HUGHES, THOMAS J.
Thomas J. Hughes &
CONNERS, WILLIAM P.
THOMAS
JOSEPH, JOHN E.
John E. Joseph & Co.
Co., Inc.
&
Pohl
Diehl, Paine, Webber, Jackson «ft Curtis, Los Angeles; Mrs.
Charles A. Bodie, Stein Bros. & Boyce, Baltimore, Md.
Mr.
HUDEPOHL, HARRY J.
POWER
Clancey & Co.
Co.
H.
WILLIAM T.
Westheimer and Company
EDGAR
Co.
&
&
HOEFINGHOFF, L. W.
L. W. Hoefinghoff & Co., Inc.
Richard
CONNERS, CHARLES F.
Field, Richards & Co.
ARMBRUST,
AUB,
FRED
Robert
HOEFINGHOFF, LEE
L. W. Hoefinghoff & Co., Inc.
HOWES,
DAVID
CONNERS, Jr.,
ALTSHOOL,
E.
Wellington Fund
Chicago, m.
Hutton & Co.
BARTH,
&
CANNING, JOSEPH
Term
1958;
Co., Inc.
CHARLES A.
Harrison
December,
BARNARD, REGINALD
indicated)
A. Hinsch &
BUTZ,
ROSTER OF MEMBERS
(Members
ROBERT
Chas.
Harry J. Hudepohl, Westheimer and Company.
December, 1958; Took
Expires: December 31, 1959.
Barker, Lee Higginson Corporation, New York;
Bodie, Baltimore
Mrs. Charles
National Committeemen: James F. Moriarty, W. E. Hutton & Co.;
Elected:
S.
'
H.
Reiter &
LEPPER, MILTON
A. Lepper & Co.
Co.
ROBERT B.
Isphording, Inc.
ISPHORDING,
Doll
&
LOVELAND, FRANKLIN O.
Harrison & Company
JAMESON, ROBERT A.
Pohl & Company, Inc.
Continued
on
A.
page 68
Company
DEHNER, WALTER J.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
Townsend, Dabney and Tyson
ESTABLISHED
1887
DITTUS, HERBERT R.
Members New York and Boston Stock
Associate Members American
30
STATE
Stock
UNDERWRITERS
—
DEALERS
—
Fox, Reusch & Co.
Exchanges
EINHORN,
Exchange
Einhom &
Co.
ELLIS, Jr., DAVID W.
STREET, BOSTON 5
Ellis
&
DISTRIBUTORS
WILLIAM
CORPORATE SECURITIES
Co.
ENGLER, HERMAN J.
UNLISTED SECURITIES
The
Samuel
Columbus,
EUSTIS,
Geo.
ORDERS EXECUTED ON ANY EXCHANGE OR MARKET
&
Engler Company,
O.
TRADING
GEORGE
Eustis
&
Provident
Bank
Putnam Fund
Merrill
ROBERT
Portland, Me. Lewiston, Me.
Fitchburg, Mass.
Greenfield, Mass.
Augusta, Me.
Lawrence, Mass.
Keene, N.H.
BOSTON:
ADDRESS
LAFAYETTE
A.
Hinsch
&
Co.,
Inc.
FRIEDLANDER, WILLIAM
Benj. D. Bartlett & Co.
Branches:
CABLE
Lynch, Pierce, Fenner As Smith
Incorporated
Chas.
TELEPHONE
Distributors, Inc.,
FITZGERALD, LAWRENCE S.
FOGEL,
Bangor, Me.
MANY
Chicago
Telephone CAnal 6-1540
Teletype BS-346 for Trading Department
BS-430 for Municipal Department
Branches:
IN
INACTIVE NEW ENGLAND STOCKS
FINNEY, H. ROSS
Private Wire System
New York
MARKETS
Co.
FILDER, Jr., HARRY A.
A.
F. L. PUTNAM &
COMPANY, INC.
FRANKLIN
77
FROEHLICH, JOHN E.
STREET
Walter, Woody & Heimerdinger
BOSTON
FUERBACHER, JOHN
Walter.
Woody & Heimerdinger
3-7010
C.
"SENDANTHY"
J.
Devine
GEIGER,
&
Co.
Telephone:
RUSSELL
Waddell
&
10, MASS.
MEMBER BOSTON STOCK EXCHANGE
GARRARD, W. PATRICK
Liberty 2-2340
Teletype: BS 522
Inc.
Reed,
GERHARDT, FRANK E.
J. E. Madigan & Co., Inc.
GERTZMAN, SAM H.
Westheimer
55 YEARS OF SERVICE
☆
GLENN,
W.
and
PAUL
D.
Company
W.
Gradison
&
Co.
GRADISON, Jr., WILLIS D.
W.
Chas. A. Day & Co.
Gardison
Richard
G.
GRAHAM,
Incorporated
F""~"
D.
&
Co.
GRADY, GEORGE T.
Howes
GORDON
Middendorf
&
&
Kidder, Peabody & Co.
Co.
M.
Founded in
Co.
1865
4
GRISCHY, CLIFFORD H.
T
•
.
1
1
IT
1*
1
a
1
T1
J
O
■
1
Listed and Unlisted Bonds and Mocks
particularly of
-
England Corporations
Inquiries invited from Dealers
Maintaining
a
Retail Department
W.
Hoefinghoff & Co.,
—
•
Clair S.
Hall
&
Company
Z HARRISON, E. WEBSTER
—
—
Trading markets in
HARRISON, III, CHARLES L.
Harrison & Company
Harrison
&
New
Company
England Bank, Utility and Industrial Stocks
HAYDOCK, THOMAS C.
W.
E.
Hutton
&
Co.
75 Federal Street,
ZZZ HEAD, Jr., HUGH
*—
Telephone;
Harrison & Company
ZZZ HEIMERDINGER, JOHN G.
Walter, Woody <Sz Heimerdinger
ZZZ HEIMERDINGER, JOHN M.
—'
—
WASHINGTON AT COURT STREET
Walter,
HINSCH,
Chas.
Woody
CHAS.
A.
&
EE:
CHICAGO
LOS ANGELES
FRANCISCO
A.
Hinsch
&
Co.,
New
Inc.
HIRSCHFELD, OSCAR W.
Stranahan, Harris & Company
Exchange
Teletype: BS 338
PHILADELPHIA
NEW YORK
SAN
Boston
Liberty 2-6200
Heimerdinger
Lowell
Member Boston Stock
Midwest, Pacific Coast,
Philadelphia-Baltimore and American Stock Exchanges
Inc.
ZHALL, Jr., CLAIR S.
and Financial Institutions
with Distribution in New England
Field, Richards & Co.
guc^nberger edgar f
L.
—
New
Members New York, Boston,
HITZLER, JOHN G.
Westheimer and Company
•
England Branches:
New Bedford
Springfield
•
•
Newport
Taunton
•
•
Providence
Worcester
/
68
Mr.
&
Mrs. Barney Nieman, Carl
Marks & Co., Inc., New York;
Casper Rogers Co., New York
Mr.
Mr. & Mrs. Casper Rogers,
&
Mrs. Walter
Peabody
MURPHY,
Cincinnati Stock and Bond Club
Chas.
RUFUS
ROSTER
Continued from, page 67
MACK, Jr., J.
MILLARD, CHARLES S.
BenJ. D. Bartlett 8c Co.
EDGAR
Seasongood 8c
MILLER, JACK
8c
Co.,
MANION,
W.
E.
Cleveland
&
McCune
McKIE,
The
Hinsch
W.
Geo.
Co.
W.
E.
Schwarm
Co.
&
&
E.
D.
Co.
The
W.
C.
&
Inc.
Walter,
JOHN
TOBIAS, CHARLES H.
Westheimer and
VIRGIL
TOBIAS, JOHN E.
&
and
Company,
DANIEL
Gradison
Hamilton,
Ohio
Westheimer
D.
&
TRITTEN,
Co.
Seasongood
F.
8c
CLETUS
Harrison
&
JOHN C.
Chas.
PHILLIPS, GEORGE
W.
D.
Gradison
CARL
Woody
&
A.
POGUE,
THOMAS
Westheimer
Mayer
Merrill
Co.
Geo.
R.
Hirsch
A.
SHEEHAN,
&
&
SHAFFER, EARL
H.
Company
Co.
8c
Seasongood
Mayer
VASEY,
Company
& Company
JOSEPH
Eustis
H.
8c
Co.
VONDERHAAR, HARRY C.
&
Inc.
Co.,
Bache 8c
ROBERT
Lynch,
Company
and
THOMAS
Harrison
SCHWINDT, PETER
J,
Isphording Inc.
MUETHING,
Co.,
V.
WESLEY C.
Thornburgh Co.
Co.
SCHWARTZ,
W.
THORNBURGH,
,
CARL
SCHWARM,
HARRY
HARRY C.
Hutton & Co.
OLLIER,
JAMES
Hutton
MUEHLENKAMP,
Doll
C.
Eustis 8c Co.
MORI ARTY,
Dayton, O.
G.
8c
Hutton
Eustis
Geo.
Co.
Hutton
O'HARA,
Weil, Roth & Irving Co.
A.
E.
Jr.,
E.
SCHIRMER,
H.
&
O'BRIEN,
Columbus
MEYER, ROBERT R.
Chas.
Middendorf
W.
MORGAN, GEORGE
& Company,
STANLEY
NEUMARK, J.
W.
Co.
&
PHILIP
SCHNEIDER,
MILLER, LLOYD
Corp.,
McCUNE, CHARLES C.
C.
H.
Corporation
DONALD
Hutton
Hutton
THORNBURGH, ROBERT W.
The W. C. Thornburgh Co.
Bache & Co.
Inc.
Television Shares Management
MAHON, Jr., HOYT B.
First
E.
O'BRIEN,
Mayer
MADIGAN, JAMES E.
J. E. Madigan & Co., Inc.
The
W.
OF MEMBERS
WILLIAM
RUXTON,
W.
Hinsch
A.
Cooney, Kidder, Peabody & Co., Chicago; Mr. & Mrs. George M. Becker, Kidder,
New York; Mr. & Mrs. Joseph Billings, Cowen & Co., New York
Co.,
&
MUSEKAMP, GEORGE
C.
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
Co.,
WANNER,
Pierce,
Fenner
Incorporated
.
8c
Smith
Ft. Lauderdale,
LOUIS
........
WEIL, JOSEPH B.
and
SHEPLER,
Company
Heimerdinger
LLOYD
W.
Westheimer and
Company
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
POOR, HENRY E.
Merrill Lynch,
Pierce, Fenner & Smith
Chas.
SIIOTT,
Ellis
NEIL
Hinsch
A.
8c
WEISS, ROBERT
Geo.
Incorporated
RANSICK,
ROBERT
B.
Eustis
8c
Co.
WELLINGHOFF,
Co.
&
C.
J.
Devine
RICHARD
JACK CL
Westheimer
REED, ROBERT L.
WESTHEIMER, ROBERT
and Company
Westheimer and
Company
Hill & Co.
ROBERT
Merrill Lynch, Pierce, Fenner 8c Smith
Incorporated
SMALLEY,
REIS, Jr.,
GORDON
Seasongood 8c Mayer
WHEELWRIGHT,
Ellis
&
SMITH,
PHILIP
E.
Hutton
REIS, THOMAS
Seasongood 8c Mayer
SMITH, ROBERT E
Distributors Group, Incorporated
REITER,
SNYDER,
W.
J.
&
A.
?■
da
L.
8c
Co.
Benj.
CHAS.
8c
CARL H.
Walter,
STAIB, LEE R.
Fox, Reusch & Co.
.
Geo.
Eustis &
Company
ALBERT
and
C.
Company
H.
Company
Co.
WIDMANN,
REUSCH,
&
ALBERT
Westheimer
H.
Bartlett
D.
Jr.,
ALBERT C.
Woody & Heimerdinger
Co.
WILSON, JOHN D.
REYNOLDS, JOS. B.
BenJ. D. Bartlett & Co.
STEFFENS, Jr., CHAS H.
The Cincinnati Stock Exchange
Vance, Sanders & Co., Cleveland
WOODWARD, WARREN
Thayer, Woodward 8c Co.
MEMBERS
RICHARDS
II, ARTHUR H.
Field, Richards 8c Co.
STEVENSON,
W.
E.
Jr.,
Hutton
8c
JUSTIN
J.
Co.
New York Stock Exchange
RIFE,
Midwest Stock
Jr.,
Westheimer and
WIDMANN,
JACK
Reiter
P.
AUSTIN
White
Co.
WIDMAN,
H.
RICHARD
Co.
WHITE, J.
REIS, ROBERT W.
Seasongood & Mayer
C.
F.
Co.
8c
Inc.
Co.,
SIEGMAN,
n
Fla.
C.
Seasongood 8c Mayer
Exchange
ROY
Bache
8c
E.
Westheimer
and
Company
WORTH, WILLIAM P.
ROBERTS, HAROLD
American Stock Exchange (Associate)
WOODY, MARION H.
Walter, Woody & Heimerdinger
STRUBBE, RICHARD F.
Co.
John
E.
Joseph
8c
Bache
Westheimer and
T.
CHESTER
TERRELL,
Co.
ZIEGLER,
ROSSBACH,
J.
can
A.
KURT
White
8c
THAYER,
Company
Thayer,
Company
Co.
&
Merrill
RICHARD
Woodward 8c Co.
ALLEN
Lynch, Pierce, Fenner & Smith
Incorporated
•
Aggressive retail distribution
for your
and
large block of securities
Company
Working for
you at
the local level will be
organization of 141
our
retail
registered representatives in
key cities and communities coast to coast—with
INCORPORATED
special emphasis on the Central West's great markets.
Investment Bankers Since 1912
Call Joe Burke in
Chicago
in New York. You'll
CHICAGO
NEW YORK
Stan Dawson-Smith
BOSTON
Cruttenden, Podesta
MIAMI
or
get prompt courteous attention.
BEACH
&
Co.
Members. New York Stock Exchange and other principal exchanges
CHICAGO
209 South
SAN
FRANCISCO
DENVER
GRAND
RAPIDS
NEW
INDIANAPOUS
LaSalle Street
Chicago 4, Illinois
DE
T
2-0500
CG-2536
YORK
37 Wall Street
CEDAR
RAPIDS
ST. LOUIS
MADISON
MILWAUKEE
ST. PAUL
LINCOLN
FORT
WAYNE
OMAHA
MUSKEGON
New York 5,
BO
9-2700
New York
NY 1-4563
Convention Number
Mr.
&
Mrs.
&
Mrs.
Mr.
Parks
B.
Lawrence
THE COMMERCIAL and FINANCIAL CHRONICLE
Pedrick, Jr., Howard, Weil, Labouisse, Friedtichs & Company, New Orleans;
Marr, A. G. Becker & Co. Incorporated, Chicago; Mrs. & Mr. Richard H.
Goodman, Shields & Company, New York
Mr.
&
Mrs.
N.
Robert
Refsnes,
M.
Topol,
Ely,
Greene and Company, New York; Mr. & Mrs. Philip M.
& Co., Phoenix, Ariz.;
Mr. & Mrs. John P. Haggerty,
Lowell, Murphy & Company, Inc., Denver
Beck
.
Cleveland Security Dealers Association
Governors:
-
John R. Donahue, Joseph, Mellen &
Miller, Inc.;
George Huberty, Jr., J. N. Russell & Co., Inc.; John P. McGinty,
DONAHUE, JOHN R.
McDonald
DRNEK, JAMES J.
National
Joseph, Mellen & Miller, Inc.
&
Jackson &
Company; Francis J. Patrick, Paine, Webber,
Curtis; Robert E. Weaver, Hornblower & Weeks.
Committeeman:
Michael
C.
Hardony,
Ball,
Burge
Young,
Prescott & Co.
EBLE, HOWARD J.
J. N. Russell & Co.,
&
Inc.
EHRHARDT, EDWIN F.
Kraus.
The First Cleveland
Alternates David L. Baker, Merrill, Turben & Co., Inc.
Hornblower &
ROSTER
OF
Corporation
EILERS, STANLEY M.
MEMBERS
Weeks
ERB, ROBERT L.
Green, Erb & Co., Inc.
(Members
located
in
Cleveland
unless
CARMEL, WILLARD E.
otherwise indicated)
ASBECK,
Wm.
J.
FREDERICK M.
Mericka
& Co.,
Field, Richards & Co.
L.
BAXTER, Jr., CHARLES McGHEE
Arthur W. DeGarmo
Michael C.
Hardony
James J. Drnek
J.
N.
Russell
Co.
J.
St Co.,
,
!
Wm.
COVINGTON, HERBERT C.
President: Ernest Lazin, Blyth & Co., Inc.
J.
Hayden, Miller & Co.
N. Russell
&
Wm. J. Mericka & Co.,
Co., Inc.
L. B. Schwlnn St Co.
Cleveland Plain Dealer
DISBRO,
Treasurer: Michael C. Hardony, Ball, Burge & Kraus.
BUCHANAN, DONALD A.
Secretary: James J. Drnek, Prescott & Co.
CAREY, WALTER J.
Cunningham, Gunn & Carey, Inc.
GUGGENHEIM, HOWARD
Joseph, Mellen & Miller, Inc.
ROBERT M.
Disbro & Co.,
Inc.
GRIFFITH, JAMES l.
GARMO, A. W.
Hayden, Miller St Co.
BRYAN, JOHN E.
Inc.
GREEN, WILLIAM
Green, Erb St Co., Inc.
Corporation
DE
Vice-President: Arthur W. DeGarmo,
Merlcka & Co.,
J.
GRAY, WILLIAM S.
Harriman Ripley & Co. Incorporated
Cleveland
Inc.
Co., Inc.
GAWNE, HARRY J.
Merrill, Turben & Co.
DAVIS, CLARENCE F.
The First
&
GALDUN, GARY
Lawrence Cook & Co.
BOCK, ROY E.
St Hutzler
Russell St Co.,
Gaither
COOK, LAWRENCE
McDonald St Company
N.
GAITHER, PAUL H.
,
Inci
Cleveland News
BELLE, CLAUDE W.
Bros.
FOSTER, L. WARREN
Caunter &
CLEARY, JACK
Company
BEADLING, WILLIAM E.
Beadling & Co., Youngstown
Ernest Lazin
A.
CAYNE, MORTON A.
Merrill, Turben & Co.
Baxter St
Salomon
CAUNTER, LEE
Inc.
BAKER, DAVID
FLEEGLE, CHARLES
Willoughby, Ohio
HANSON, DAVID G.
DOERGE, JACK O.
C. J. Devlne & Co.
Saunders, Stiver & Co.
HARDONY, MICHAEL C.
Ball, Burge St Kraus
if it's
a
matter of
HAWKINS, DANIEL M.
When you have a question involv¬
Hawkins & Co.
ing tax-free Public Bonds you can
profit from Nuveen's specialized
knowledge. Over sixty years of
experience and nation-wide
contacts enable
us
to
■
,
I
HAYS, GEORGE H.
Will S. Halle St Co.
HLIVAK, STEPHEN E.
Wm. J. Merlcka St Co.,
Inc.
HOTALING, A. STEPHEN
The First Boston Corporation
HUBERTY, GEORGE
J.
N. Russell St Co.,
Inc.
HUDSON, CEYLON E.
Wooster, Ohio
provide...
JAFFE, GEORGE E.
Jaffe, Lewis St Co.
^
Close markets and prompt
quotations on all tax-free
Public Bonds.
KEIER, RUSSEL E.
Collin, Norton & Co., Toledo
KING, EVERETT A.
-
J. N.
Russell & Co.,
KOFSER,
Inc.
ORIN E.
Blyth St Co., inc.
★ Underwriting skills that
frequently develop solutions
the most difficult
in
LAFFERTY, ALAN E.
Hornblower & Weeks
LAZIN, ERNEST
Blyth St Co., Inc.
to
LEUSTIG, FRED F.
problems
Murch &
public finance.
★ Up-to-the-minute
linger, marc
Jaffe, Lewis St Co.
research-
LISTON, CORWIN L.
information about tax-free Public
Bonds available
it pays to call
Your inquiries
Co., Inc.
LEWIS, MILTON b.
Jaffe, Lewis St Co.
Prescott St Co.
LONG, MARTIN J.
on
The First Cleveland Corporation
request.
LUCAS, WILLIAM
,
are
invited.
Phelps* Fenn St Co.
LYNCH, DONALD D.
Merrill Lynch, Pierce,
Incorporated
Fenner
St
Smith
•
MARSHALL, FRANK L.
The First Boston Corporation
Chicago
MASISAK, THEODORE
New York
Baxter
St
Company
MASTERS, OLAN B.
Butler, Wick St Co., Youngstown
McPdNOUGH, GERALD C.
Joseph, Mellen St Miller, Inc.
Atlanta
.
Boston
Cincinnati
Detroit
Los
Tax-Free Public Bonds
Exclusively Since 1898
Angeles
McGINTY, JOHN
McDonald St Company
T
MEtZEL, JEROME
Bache
St
Co.
moerow, frank w.
Morrow St Co..
.
MUFDZAK, EDWARD
First Cleveland Corporation
Omaha
NADEAU, CHARLES
J. N. Russeli & Co., Inc.
Seattle
NASH, CHARLES J.
St. Paul
-
Ceylon E. Hudson, Wooster
Continued
on
page
70
70
THE COMMERCIAL and FINANCIAL CHRONICLE
WABDLEY,
Cleveland Security Dealers Association
OF MEMBERS
ROSTER
Continued jrom page 69
RICHARD
LEWIS, LINCOLN
WEAVER, ROBERT
LINCH,
Walston
Weeks
Parsons
&
E.
Walston
J.
PORZ,
The
VICTOR
C.
J.
J.
QUIGLEY, JAY L.
Quigley & Co., Inc.
REID, DAVID F.
Albert C. Brocar, Jr.
RUSSELL, JAMES N.
J. N. Russell & Co., Inc.
William 0. Alden, Jr.
A. J.
Bros.
Si
Boyce
WILLIAM T., Jr.
Lynch, Pierce, Fenner & Smith
Incorporated
WATTS, H. ALLEN
Son
W.
L.
Lyons & Co.
WILSON, HOLMAN R.
The Kentucky Company
& Co., Inc.
SCOTT
WRIGHT, OSCAR
The Bankers Bond Co., Inc.
GEORGE
Jack A. Moss
Russell 81 Co.,
ROBERT E.
W. L. Lyons & Co.
A. J. Warner
REID, JOHN L.
Walston
SCHLEICHER, ROY W.
Vice-President: William O. Alden, Jr., O'Neal, Alden &
SELTZER, ROBERT
Berwyn T. Moore Si Co., Inc.
Goodbody
Directors:
Ben
W.
Cregor, Goodbody & Co.; Craig Culbertson,
Co.; Clarence Jones, Almstedt Brothers; Charles
C. King, The Bankers Bond Co., Inc.; Joseph W. Parks, Berwyn
T. Moore & Co., Inc.; John L. Reid, Walston & Co., Inc.; Joseph
Rodes, Blyth & Co., Inc.
SPARKS, JAMES B.
Ball, Burge & Kraus
STEWART, ROBERT
Merrill Lynch, Pierce, Fenner Si Smith
Incorporated
National Committeeman: Charles C.
STRING, RALPH E.
JOSEPH
Blyth Si Co., Inc.
W. L. Lyons &
Elyria, Ohio
NSTA
The Louisville Trust Co.
RODES,
SMITH, PIERRE R.
Si Co.
ROBERTS, GORMAN
Treasurer: A. J. Warner, Stein Bros. & Boyce.
SIEGLER, EDWARD N. ,
Edward N. Siegler Si Co.
Co., Inc.
BERGE8
RHODES, JOHN
Co., Inc.
Secretary: Jack A. Moss, The Kentucky Company.
Cleveland Press
&
REIMER, J.
President: Albert C. Brocar, Jr., J. J. B. Milliard & Son.
Inc.
SCHULTE, Jr., FRANK J.
Ledogar-Horner Company
Si
G.
WATKINS,
Stein Bros. & Boyce
PURYEAR,
C. J. Devine Si Co.
Bache
W.
Gresham & Diersen
J. J. B. Hilliard & Son
RUNG, EDMUND J.
Smith Si Co.,
H.
Company
B.
WARNER,
Son
&
Inc.
Si Boyce
ROENN,
Merrill
&
Hilliard
B.
PORTLOW,
C. J. Devine Si Co.
R.
J.
Bros.
Eskew,
Inc.
GILBERT L.
PICKENS,
,
P.
Hilliard
B.
G.
Co.,
ERNEST B.
Hilliard & Son
J.
Stein
Berwyn T. Moore
Inc.
RUFFING, JAMES R.
N.
J.
PARKS, JOSEPH W.
.
J.
J.
PAMPLIN,
Kentucky
VOGT,
VON
OESWEIN, HENRY
Suburban Securities Co.
Co.,
Son
Moore & Co., Inc.
& Co.,
Bond
WALTER
TROST, MILTON S.
The Kentucky Company
PROBST, RICHARD A.
Saunders, Stiver & Co.
&
The
MOSS, JACK A.
Corporation
Bankers
The
Stein
Moore
CLARENCE
TRINKLE,
Co., Inc.-
&
JAMES H.
Almstedt Brothers
TAYLOR,
BERWYN T.
Berwyn T.
C.
Cleveland
Reid
STUCKER,
MpORE, Jr., BERWYN T.
POTOKAR, ANTON, Jr.
Fulton
Inc.
Incorporated
Hilliard
B.
Berwyn T.
Co., Incorporated
WILLIAM
Jr.,
First
J.
»i00RE,
Pierce, Fenner & Smith
Merrill Lynch,
MILLER, J. HUGH
Co.
Emerson &
Moore & Co.,
&
*
STONE, REID
McNAIR, WILLARD P.
The Bankers Bond Co., Inc.
Bond Club of Louisville
Hornblower Si Weeks
H. L.
;
McCROCKLIN, JAMES A.
PLASTERER, DON W.
POPORAD,
STITES, Jr., JOHN H.
J. J. B. Hilliard Si Son
jRussell, Long Si Company, Lexington, Ky.
PLACKY, GEORGE
&
Incorporated
Inc.
Co.,
Pierce, Fenner & Smith
Merrill Lynch,
'■*
LONG, EDWIN A.
Paine, Webber, Jackson Si Curtis
Co., Inc.
Schultz
STERNBERG, BERT
w
MARTIN, Jr., M. GEORGE
Walston & Co., Inc.
PATRICK, FRANCIS J.
Paine, Webber, Jackson & Curtis
L. J.
Si
DALE F.
Berwyn T.
WOEHRMANN, HAROLD
Joseph, Mellen Si Miller, Inc.
PARSONS, Jr., EDWARD
1
Incorporated
WARDWELL, McBURNEY
Ball, Burge Si Kraus
Hornblower &
WALTON, JAMES M.
Goodbody & Co.
Ledogar-Horner Company
TALMER,
Fulton Reid & Co.
ULLMAN, RUFUS M.
UUman Si Co., Inc.
OPDYKE, GEORGE F.
LANG, CHARLE8 T.
,
Merrill Lynch, Pierce, Fenner & Smith
G.
RUSSELL
Thursday, November 26, 1959
,
31 Affiliates
RUTLEDGE, Jr., WESLEY?.
Stein
Bros.
Si
Boyce
•
.
SCIIULMAN, SOL
"Courier-Journal"
(Honorary)
SEDLEY, MBS. ELINORE
King, The Bankers Bond Co.,
The Bankers Bond Co.,
Inc.
4750 Members
,
Inc.
Co.
SOMMER, ANTHONY
Alternate: Russell Ebinger, Almstedt Brothers.
8UMMERGRADE, IRVING
Lincoln
Bank &
Trust
Coiftpany
J. N. Russell & Co., Inc.
Elected:
SPIERS, JOHN H.
June, 1958; Took Office: January, 1959; Term Expires:
January, 1960.
TAYLOR, JAMES N.
Ceylon E. Hudson, Wooster
ROSTER
OF MEMBERS
Brothers
Almstedt
'
A ;
f
STANSBURY, BERT
—
Goodbody Si Co.
(Members
located
in
otherwise
Louisville
unless
indicated)
ALDEN, WM. O.
O'Neal-Alden & Co., Inc.
ALDEN, Jr., WM. O.
O'Neal-Alden & Co.,
The Illinois Company
Specialists in
Inc.
ALLEN, HORACE
Goodbody & Co.
INCORPORATED
BAKER, RUSSELL A.
Merrill Lynch,
Pierce, Fenner 8c Smith
Over-The Counter
yt
Incorporated
New York Stock
Exchange
-
BAXTER HI, JAMES
Stein Bros. & Boyce
Members
Midwest Stock Exchange
securities
BOHNERT, HECTOR W.
The
Bankers
Bond Co.,
Inc.
BOOTH, MOREY
Stein
Bros.
Si
Boyco
BROCAR, Jr., ALBERT C.
Underwriters
—
Dealers
—
J.
Brokers
J. B. Hilliard & Son
BURGE, JOHN M.
J.
Corporate and Municipal Securities
J.
B.
Hilliard
& Son
BURKHOLDER, Jr., JAMES R.
Almstedt Brothers
BURKHOLDER, III, JAMES R.
Private
Merrill Lynch,
financing and Bale* negotiated
Pierce.
Fenner Si Smith
INVESTMENT CO.
Incorporated
CHRISTMAN, Jr., HENRY
O'Neal-Alden
&
Co.,
MEMBERS MIDWEST STOCK EXCHANGE
Inc.
COLCORD, EUGENE, Jr.
Teletype
CG 883
231 South La Salle Street
*
Chicago 4, Illinois
Telephone
Financial 6-3400
The
Bankers
Bond
SO. LASALLE
208
Co.,
Inc.
CONCLIFFE, WILLIAM J.
Merrill Lynch, Pierce, Fenner
Si
Teletype CG 2382
Smith
DIRECT
Incorporated
REVEL
CONWAY, POWHATAN M.
The
Bankers
Bond
Co.,
ST., CHICAGO 4, ILL.
FRanklin 2-9700
Inc.
MILLER
&
WIRES
H. S. SHAINE
CO.
GRAND
LOS ANGELES, CALIF.
CO.
&
RAPIDS. MICH.
CREGOR, BEN
Goodbody Si Co.
CULBERTSON, Jr., CRAIG
W.
L.
Lyons Si Co.
DABNEY, WATSON B.
J.
J.
B.
Hilliard &
Son
DESMOND, CHARLES G.
SIXTY-NINE YEARS
Stein
Bros.
Si
DANIEL
Boyce
EBINGER, RUSSELL
F. RICE AND COMPANY
Members
Almstedt Brothers
or
NEW YORK STOCK
FARRA, JOHN B.
The
Kentucky Company
and other
EXCHANGE
principal stock and commodity exchanges
FERGUSON, MRS. ORA M.
INVESTMENT
Merrill Lynch, Pierce,
Fenner Si Smith
141 W. JACKSON BLVD.,
FETTER, JAMES M.
The Bankers
BANKING
Bond
FRANK, ALFRED
Stein
Bros.
&
Boyce
CHICAGO
GRAHAM, THOMAS
The
Stifel, Nicolaus &. Company
Bankers Bond Co.,
UNLISTED TRADING
Inc.
Stein Bros.
& Boyce
HAAS, WILLIAM G.
W.
(Assoc.)
CHICAGO, ILLINOIS
Moline, Illinois
Private Wire Between St. Louis,
Chicago and Moline Offices and
Hayden, Stone A Co. and Singer, Bean A Mackie,
Inc., New York
E.
Hutton
&
Co.
Lexington, Ky.
Schoff
&
Baxter
PRIVATE WIRES TO—
Detroit
Cleveland
Prescott
&
Co.
Wm.
C.
Roney
Se Co.
HILLIARD, HENN1NG
J.
LOUIS, MISSOURI
Burlington, Iowa
HAGIN, HART
MIDWEST STOCK EXCHANGE
ST.
-DIRECT
Stein Bros. 8c Boyce
MEMBERS
NEW YORK STOCK EXCHANGE
DEPARTMENT
BOB STRAUSS, Manager
GREEN, KENNETH
INCORPORATED
AMERICAN 8TOCK EXCHANGE
CHICAGO 4
WEbster 9-4200
Co., Inc.
J. B.
Los
Hilliard & Son
Fairman
HOPKIN, W. HOWARD
JOHNSTON, Jr., ROBERT
San Francisco
Stone
L.
Almstedt Brothers
KING, CHARLES
The
Bankers
York
F.
Rice
Salt Lake City
Anderses, Randolph
Co.
&
Youngberg
St Louis
&
Co.,
Co.
White &
Company-
Toronto
Thomson
&
C.
Bond
Daniel
&
to
JONES, CLARENCE
A Co.
New
H.
W. L. Lyons & Co.
City
Angeles
Inc.
Kernaghan
Co.
Ltd.
Convention Number
Mr.
&
Mrs.
Morton
THE
COMMERCIAL
Weiss, Singer, Bean & Mackie, Inc., New York; Mr.
Suplee, Yeatman, Mosley Co., Inc., Philadelphia
&
Ed
Mrs.
<
Security Dealers of the Carolinas
FINANCIAL CHRONICLE
and
Christian,
BOYLES,
United
Mr.
RICHARD
Securities
♦BREZGER,
& Mrs. James E. Jones, Gregory
du Pont & Co., Richmond, Va.;
F.
Co.,
Greensboro,
N.
C.
♦DARST, Jr., THOMAS
Thomas
Greensboro, N. C.
Statesville, N. C.
James Conner
J.
Sturgis May & Company
High Point, N. C.
♦DICKSON,
and Company,
R.
Inc.
Charleston, S. C.
CURRY,
COMPANY
Jr.,
B.
LLOYD
•DARGAN,
N. C.
STUART
Inc.
ROBERT
W.
S.
United Securities Co.,
•
E.
Selected Investments, Inc.
Raleigh,
R.
Company
C.
Dickson & Co.,
♦DICKSON,
Company
Greenwood, S. C.
CANADY,
S.
and
Pines, N.
Charlotte, N. C.
RAVENEL
Citizens Trust
Spartanburg, S. C.
Darst
Southern
♦CONNER, JAMES
♦BROWN, FRANCES P.
&
<ft Son, New York; Mr. & Mrs. Garnett O. Lee, Jr., Francis I.
Mr. & Mrs. A1 Tisch, Fitzgerald & Company, New York
♦CLANTON, MELVIN
Smith, Clanton & Company
HOWARD
United Securities Co.,
CALHOUN
71
United
L.
Greensboro,
Securities
Co.,
Greensboro,
Continued
Dargan & Co., Spartanburg, S. C.
on
Missiles and
J. Heyward Silcox
Robert B. Dixon
Jet
Parks H. Dalton, Jr.
Aircraft
President: Thomas T. Moore, G. H. Crawford Co., Inc., Columbia,
S. C.
Vice-President: J. Heyward
Silcox, Silcox and Johnson, Charles¬
ton, S. C.
Secretary: Robert B. Dixon, United Securities Company, Greens¬
boro, N. C.
Treasurer: Parks H. Dalton, Jr., Interstate Securities Corporation,
Charlotte, N. C.
ROSTER
♦ABERNETHY,
Jr.,
R.
OF
S.
MEMBERS
•BATTS, WALTER E.
Interstate Securities Corporation
Branch
Charlotte, N. C.
Wilson, N. C.
•BARNES,
Carolina
JAMES
G.
•BARNWELL, Jr.,
Banking & Trust Co.
♦BEMAN, C. E".
Securities Corporation
Laurinburg,
Raleigh, N. C.
N.
♦BLACKFORD,
WILLIAM H.
Huger, Barnwell & Company
Charleston, S. C.
A.
M. Law &
C.
Jr.,
An
HENRY J.
Company, Inc.
outstanding development by the Guardite
Division of American-Marietta
Company, the
Spartanburg, S. C.
Mark 9 Environmental Test Chamber is
of simulating
Methods
struction
ical
of
ageless industry
rendering engineering and
services
advances.
may
for
construction services will
such services
ment
of any
in
consistent earning power are
unbroken
payments since 1939 and
in
and
engineering and construction
our
an
Pioneer Producer of Environmental Test
Man's conquest
rocket
of
space
environmental
test
tered in
in the nation's missile,
and aircraft programs
is advanced through
of
record
of
equipment developed by A-M's
its
testing complete assemblies and components
jet and rocket engines, high altitude aircraft and
armament.
Special environmental equipment, also built by
With
Guardite, is used
nearly three decades of specialized experience,
this division
chambers
to
designs and manufactures
solve the
complex problems
vacuum
reactions
encoun¬
altitude travel.
to
internationally in testing human
supersonic speeds and extreme high
dividend
American-Marietta invites you to send
cash extras
numerous
Equipment
Guardite Division.
indispensable in the develop¬
are
Our worldwide
reflected
engineering
always exist because
country's economic potential.
operations and
capable
of 1,000,000 feet.
con¬
change with technolog¬
Demand
excess
AMERICAN-MARIETTA
CONSTRUCTION
-an
altitudes in
for its
new
64
page
brochure, "Plants,
Products, Processes." It depicts A-M's progress through creative research and
intervening
years.
<
strategic diversification—from the Company's inception.in 1913 to its
nized
Morrison-Knudsen
PAINTS
Company, Inc.
•
position today
PRINTING
CHEMICALS
•
CONSTRUCTION
INKS
SEALANTS
ENVIRONMENTAL
Contractors and Engineers
as one
TEST
DYES
•
ADHESIVES
•
METALLURGICAL
PRODUCTS
EQUIPMENT
MATERIALS
recog¬
of the nation's leading industrial corporations.
•
•
LIME
•
•
•
RESINS
HOUSEHOLD
PRODUCTS
REFRACTORIES
•
CEMENT
American-Marietta
Established
1912
Progress through Research
N.
page
Space Age Research
Thomas T. Moore
N. C.
DIXON, ROBERT B.
Company
Chicago 11, Illinois
C.
72
November 26, 1959
Thursday,
THE COMMERCIAL and
72
Mr
&
H
Wallace
Mrs
Runvan.
Hemphill, Noyes & Co., Philadelphia; Mr.
Grant & Remington, Inc., Philadelphia
& Mrs. Clifford G.
Hess,
Remington,
FINANCIAL CHRONICLE
Mr. & Mrs. James B. McFarland, Stroud & Company, Incorporated, Philadelphia; Mr.
Charles L. Wallingford, Janney, Dulles & Battles, Inc., Philadelphia
♦VAUGHAN, M.
Security Dealers of the
Continued from page
Winston-Salem, N.
—
ERNEST
♦HARDIN,
71
L.
L. Hardin & Co.,
Inc., Salisbury, N. C.
WILLIAM
♦jDOHERTY, Jr., JOHN
S.
Hays & Company, Inc.
♦HAYS, ROBERT
R.
S.
&
♦WILLIS,
P.
Commercial
♦HOBSON,
N. C.
Selected
Jr.,
S.
LAWRENCE
Charlotte,
Wilmington, N. C
Investments,
♦HUNT,
SECURITIES
CORPORATION
Jr.,
Alester G.
Bank
8.
&
Sons
C.
N.
R. 8. Dickson & Co.
Charlotte,
F.
Furman
N.
•Also
members
Traders
COMPLETE UNLISTED
Inc.
C.
Co., Inc.
Greenville, S. C.
Durham, N. C.
Brown
INC.
Ala.
♦WITHERS, Jr., P. T.
N. C.
ROY
BEN
Winston-Salem,
J.
American
♦EVERETT,
FIRST
Alex.
C.
Durham,
N. C.
STREET SALES,
Birmingham,
Durham, N. C.
ERWIN
C.
JOHN T.
Equitable Securities Corporation
♦WARMATH,
Greensboro,
E.
S.
McAlister, Smith & Pate, Inc.
Greenville, S. C.
H.
Vaughan and Company
Wilmington, N. C.
WACHOVIA BANK & TRUST COMPANY
Carolinas
OF MEMBERS
ROSTER
& Mrs.
of the National Security
Association.
CHICAGO
SERVICE FOR
OVER-THE-COUNTER
DEALERS
SPECIALISTS
SINCE
1926
Doyle, O'Connor & Co.
135
S.
La
Salle
St.
CHICAGO 3
•
SWIFT, HENKE & CO
MEMBERS
BROKERS and DEALERS
Angeles, Cal.
Madison, Wis.
-
St. Paul, Minn.
EXCHANGE
DISTRIBUTORS, BROKERS & DEALERS
FOR THE
With Own Private Wires to
Los
MIDWEST STOCK
MIDWESTERN
MARKET
Milwaukee, Wis.
Sheboygan, Wis.
jt\. rulier
w imam
Members of Midwest
C?
Stock Exchange
CHICAGO 4
209 S. LA SALLE ST.
Teletype CG 146-147
Tel. DEarborn 2-5600
Trading
Markets
Central Indiana Gas Co.
PRIMARY MARKETS
ESTATE SECURITIES
REAL
Colorado Central Power Co.
Creamery Package Mfg. Co.
Iowa Public Service Co.
Iowa
Southern Utilities Co.
Southern Colorado Power Co,
SINCERE and COMPANY
HICKEY & CO
MEMBERS OP
New
York
Stock
Exchange
and all
135
SOUTH
LA SALLE STREET
CHICAGO
Principal Stock and
Commodity Exchanges
3
Teletype
RAndolph 6-8800
MEMBERS
CG 656 A 657
MIDWEST
STOCK
EXCHANGE
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
BRUCK,
Baltimore
Security Traders
Stein
MITCHELL
H.
Bros.
&
73
iiiiiiiiiiiiiiiiiiiiii mum iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiuiiiiiiiii!*
Boyce
BURNS, WALTER L.
Baumgartner, Downing & Co.
Association
BUTLER,
J.
WILMER
Baker, Watts & Co.
BUTT,
LEONARD
Mead,
Miller
&
THE
ffl
J.
Co.
MARSHALL
CO.
CHAMBERS, ROBERT P.
John C. Legg 8c
Company
1
CHENOWETH, JOHN G.
Baker, Watts & Co.
=
WE MAINTA.N MARKETS IN
COLEMAN, WILLIAM F.
Mead, Miller & Co.
|
UNLISTED WISCONSIN SECURITIES
CROSS,
E
EBEN
J.
Eaumgartner,
D.
Downing
&
CRUNKLETON, JOHN R.
Mercantile-Safe
Deposit
Trading Dept.
Co.
and
Trust
E
Otto J. Koch, Jr.
—
|
E
Milwaukee 2, Wis.
E
Company
E
DUGENT, CHARLES A.
John C. Legg
Leonard J. Butt
Gilbert A. Lewis
Harry J. Niemeyer
Brown
FRANK, J. CARL
John C. Legg 8c
Company
FREEMAN, EDWARD B.
Lockwood, Peck & Co.
Vice-President: Harry J.
GRAY, E.
Niemeyer, Robert Garrett & Sons.
—
THE
Merrill Lynch,
Dempsey-Tegeler & Co.
Burns, Baumgartner, Downing & Co.; Charles A. Bodie, Jr.,
Stein Bros. & Boyce; Charles Gross, Merrill Lynch, Pierce,
Fenner & Smith Incorporated; Joseph G.
Strohmer, John C.
Legg & Company; John Wallace, Baker, Watts & Co.
National Committeemen: William C. Roberts, Jr., C.
& Company, Inc.; Walter L. Burns, Baumgartner,
T. Williams
Downing &
Co.
Elected: December 6,
1958; Took Office: January 1, 1959; Term
Expires: December 31, 1959.
Merrill
Lynch, Pierce, Fenner 8c Smith
Incorporated
GUNDLACH,
LOUIS
P.
Brooke & Co.
HERR,
WILLIAM J.
Alex.
&
Brown
Sons
Common Stock
c/o Phll.-Balt. Stock Exchange
electronic^organs,
coin-operated phonographs, is
experiencing its greatest boom year. Earnings for the six months
ended September 30th are sharply ahead of the like
period last year.
Estimated earnings for the fiscal year to end March 31, 1960 are over
$2.00 per share, which compares with actual earnings of $1.27
per
share for the year ended March 31, 1959. This stock
selling at six
times estimated earnings is attractive for
price appreciation.
Alex. Brown
& Sons
KIDD, C. NEWTON
Stein
8c
Bros.
LEASON
Boyce
KLEIN, GUSTAV
Mead, Miller & Co.
OF MEMBERS
A report will be furnished upon request
°
KELLERMANN, HOWARD L.
39
8c
BLOCHER, THOMAS S.
BAKER, WARREN S.
KRATZER,
BODIE, Jr., CHARLES A.
Stein Bros.
Baker, Watts & Co.
&
Stein
Boyce
STate 2-6000—TWX 364
DAVID
Bros.
&
Boyce
IiRIEGEL, LEO
BAMBERGER, E. CLINTON
BORIG, MILLARD
Baumgartner, Downing 8c Co.
KRUG, Jr., HENRY J.
Mead, Miller & Co.
Mercantile
ARTHUER L.
Eastman Dillon, Union Securities
BOYCE, Jr., C.
BANEY,
BARNICKOL, FRANK
CO., INC.
South La Salle Street, Chicago 3, Illinois
KOLSCHER, JACK A.
George G. Shriver 8c Co., Inc.
Maryland Trust Company
Boyce
&
&
G.
BRADLEY,
LANAHAN, Jr.,
Stein
R. EMMET
BERRY, ALLISON M.
Robert Garrett & Sons
Bros.
Deposit
&
Trust
Co.
WALLACE W.
8c
Boyce
LEWIS, GILBERT A.
John C. Legg & Company
Equitable Trust Company
Safe
PREVOST
Stein Bros. & Boyce
Co.
George G. Shriver & Co.,
Inc.
For
MACE, FRANK
Kidder, Peabody & Co.
BRADY, JOHN A.
White, Weld & Co.
nearly half
century one
a
of the West's
MARTIN, CHESTER N.
Kidder, Peabody 8c Co.
leading
McCLURE, E. ELWOOD
Stein
Bros.
8c
Boyce
Investment Bankers
MORGAN, Jr., C. GERARD
BLUNT ELLIS & SIMMONS
John C. Legg 8c Company
NIEMEYER, HARRY J.
Robert Garrett
8c Sons
UNDERWRITERS AND DISTRIBUTORS OF CORPORATE
O'BRIEN, RICHARD
Baker, Watts 8c Co.
AND MUNICIPAL SECURITIES
PIET,
Jr.,
John
COMPLETE FACILITIES FOR TRADING AND BLOCK DISTRIBUTION
D.
PINDELL,
HARRY
R.
Howard
8c
DAVID
Lockwood,
American
Stock
Midwest
Exchange
Exchange
Stock
Correspondent
(Associate)
Clark, Dodge
New
Exchange
&
Peck
8c
Co.
York
PLUMMER,
Stein
135
South
Company
and
MEMBERS NEW YORK STOCK EXCHANGE
Co.
PINKERTON, CHARLES H.
Baker, Watts & Co.
Members
New York Stock
Boettcher
Co.
LEE
LaSalle
AMERICAN STOCK EXCHANGE (ASSOC.)
•
Street,
Chicago.
Illinois
DONALD B.
Bros.
&
Boyce
other
offices:
new
york
denver
•
•
colorado
springs
POE, PHILIP L.
Philip L. Poe 8c
208
SOUTH
LA
SALLE
STREET
—
Telephone Financial 6-4774
CHICAGO
4
REIN, HOWARD
Equitable
Teletype No. CG 642
RIEPE,
Alex.
RING,
grand
Co.
junction
•
pueblo
E.
Trust
Co.
CREIGHTON
J.
Brown
8c
GEORGE
Sons
W.
Mead, Miller 8c Co.
ROBERTS.
Jr., WILLIAM C.
C. T. Williams & Company,
Unlisted
Private Wire
to
System
Inc.
SADTLER, C. HERBERT
Mead, Miller 8c Co.
SCHACH, WILLIAM O.
Trading Department
—
Coast
Merrill
Lynch, Pierce, Fenner
Incorporated
v
&
Smith
Underwriters
Listed & Unlisted Securities
SENER, JOSEPH W.
John C. Legg 8c Company
Coast
SHEELY, HARRY M.
Mead, Miller & Co.
•
SNYDER, JACK
Mead, Miller 8c Co.
Straus, Blosser
MEMBERS
DETROIT
SOWERS, J. CLAIRE
Mead, Miller 8c Co.
Prompt Service
Brokers
NEW
YORK STOCK EXCHANGE
STOCK EXCHANGE
•
&
•
McDowell
MIDWEST STOCK EXCHANGE
AMERICAN STOCK EXCHANGE
(ASSOC.)
STROHMER, JOSEPH G.
John
We invite your Buying
and
C.
John
C.
Legg & Company
TAYLOR, PRESTON A.
Mead, Miller 8c Co.
A. G. Becker & Co.
CHICAGO
3
60 Broadway
New York 4
WALLACE, JOHN J.
Baker, Watts & Co.
INCORPORATED
120 So. La Salle St.
Russ
Building
San Francisco 4
WILBUR,
O th
e r
Cities
LeROY
Bros.
8c
A.
Boyce
YEAGER, G. THOMAS
Baker, Watts 8c Co.
YEAGER, JOHN C.
Bakfer, Watts 8c Co.
SOUTH
LA
CHICAGO
SALLE
STREET
3, ILLINOIS
>
NEW YORK
DETROIT
KANSAS CITY
TELEPHONE
ANdover
Retail
3-5700
TELETYPE
CG
WATTS, Jr., SEWELL S.
Baker, Watts & Co.
Stein
And
39
Legg 8c Company
SUNDERLAND, EDWIN P.
Selling orders
■■■
timmmummmmiuiimiimif?
This company, the world's largest manufacturer of
electronic pianos, and stereophonic
Phone:
Bros.
STate 2-7600
Incorporated
GUGLIUZZO, JOSEPH VINCENT
KEAGLE, O. JOSEPH
Alternates: Charles A. Bodie, Jr., Stein Bros. & Boyce; Leonard
J. Butt, Mead, Miller & Co.
Stein
—-
WURLITZER COMPANY
Pierce, Fenner & Smith
E
=
461
GROSS, CHARLES
Governors: Bernard E. Eberwein, Alex. Brown & Sons; Walter L.
ARMSTRONG, EDWARD J.
MI
1-8130
Deposit and Trust
Company
O'Brien, Baker, Watts & Co.
ROSTER
TELETYPE
Chicago Phone
BROADWAY
•
GUY
Mercantile-Safe
Treasurer: Richard
STREET
^11;in111111111111111111111111ii1111111111111111111111
.
President: Leonard J. Butt, Mead, Miller & Co.
Secretary: Gilbert A. Lewis, George G. Shriver & Co., Inc.
j-J
Sons
&
NORTH WATER
E
8c Company
EBERWEIN, BERNARD E.
Alex.
765
MILWAUKEE
GRAND RAPIDS
MT. CLEMENS
650
Trading
74
THE COMMERCIAL and
GRISSOM,
Memphis Security Dealers Association
Union
FINANCIAL CHRONICLE
WILLIAM
Planters
JOHNSON,
Thursday, November 26, 1959
R.
National
ALBERT
Bank
Alabama Securities Dealers
L.
The First National Bank
^Association
mm
JORDAN,
ROBERT H.
x.Aia-&outn Securities Co.
LANCASTER,
JAMES
rdancers
umon
C.
National
Bank
LEEKER, JUSTIN F.
J.
Bradford
C.
LEFTWICH,
Leftwich
LENNOX,
First
&
Co.
WILLIAM
GEORGE
U.
S.
LIMERICK,
GROOM
Ross
&
L.
Corporation
AYLETT
B.
Co.
Uooaoouy
McFADDEN,
IVO
M.
Bullington-Schas & Co.
Richard D. Fletcher
Hollis Rogers
Walter T. Foster
McPHILLIPS, REED M.
Hornblower
President: Walter T. Foster, E. F. Mutton &
Company.
MITCHELL,
The
Vice-President: Reed M.
MePhillips, Hornblower & Weeks.
First
PEASE,
J.
Securities Corporation.
16, 1959; Took Office: January 16,
Elected: January
CLYDE
C.
First
OF MEMBERS
Lynch,
Pierce,
Fenner
&
EDWIN
Company
J. C.
Executive Committee: Charles J.
Allison, Jr., Equitable Securities
Corporation, Birmingham; John A. Bonham, Sellers, Doe &
BRUCE
R.
&
Fenner
Bonham, Montgomery; John B. Cox, Jr., Birmingham Trust
National Bank,
Birmingham; John O. Eddins, Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Birmingham; Sam F.
Malone, First National Bank of Birmingham; Ogden
Shropshire,
Shropshire, Frazer & Co., Mobile; Arthur Stansel, Courts & Co.,
Birmingham; James H. White, Jr., Hendrix & Mayes, Inc.; Bir¬
mingham.
REDDOCH, JAMES N.
Company
James
D.
Reddoch
N.
&
Company
ROGERS, HOLLIS
Hornblower
SAUNDERS,
E. F. Hutton & Company
Pierce,
&
Weeks
Sr., M.
A.
M. A. Saunders & Co., Inc.
Smith
FRANK,
SAUNDERS,
JULIUS
Herman
Merrill
RADER,
Inc.
FOSTER, WALTER T.
Incorporated
BURCH,
mingham.
Treasurer: Howard R. Straughan, Jr.,
Birmingham Trust National
Bank.
E.
Equitable Securities Corporation
Bensdorf &
Lynch,
ROBERT
FLETCHER, RICHARD
NORMAN
Merrill
Secretary: Tunstall B. Perry, III, Berney Perry & Co., Inc., Bir¬
A.
Corporation
Jr., IRA W.
Goodbody & Co.
Herman Bensdorf &
L.
BENSDORF, HERMAN
BLAKE,
S.
Rader, Wilder & Company
DAWSON,
M. A. Saunders & Co., Inc.
Herman
JOE
U.
Bensdorf &
M. A.
Company
ROBERT
Saunders
&
National
Committeemen: Elbridge S.
Hydinger, Carlson & Co.,
Inc., Birmingham; Alonzo H. Lee, Sterne, Agee &
Leach, Bir¬
mingham.
M.
Co., Inc.
BROWN
Lynch,
Pierce,
Fenner
&
SCHAS, FRANCIS D.
Smithy FREDERIC, FRANK D.
BUXTON, JAMES
WILLIAM
SUTTON,
STEWART
GILLESPIE, PAUL T.
Mitchell, Hutchlns & Co.
E. F. Hutton &
Took Office:
Bullington-Schas & Co.
Equitable Securities Corporation
Incorporated
First U.
S.
ROSTER
i
I
Jr.,
NICK J.
Memphis Securities
National Bank
J
Conville &
J.
!i
&
Bradford
Co.
ANDRESS,
& Co.
First
& Company
First
M. A.
'
OFFICES
AND
I
|
Saunders & Co., Inc.
BLAIR,
>''■'
BONHAM, JOHN A.
Sellers, Doe & Bonham,
Smith
Bought.
MILWAUKEE^2
NEW YORK STOCK
.
.
&
Smith
Montgomery
Brodnax & Knight, Inc.,
Cumberland
Quoted
WISCONSIN
Securities
.
.
.
of
Birmingham,
U.
U.
Crumpton & Co., Inc. Birmingham
DARBY,
Jr.,
NOLAN
C.
Merrill
Lynch, Pierce, Fenner
Incorporated, Birmingham
DOE, Jr., WELDON W.
Sellers, Doe & Bonham,
&
Smith
Montgomery
DURKEE, ARTHUR B.
Sterne, Agee & Leach, Birmingham
EDDINS, JOHN O.
Merrill Lynch, Pierce, Fenner
Incorporated, Birmingham
&
Smith
'
ELIASBERG, JULIEN
Selma
FAULKNER, D. L.
First
Corporation,
National Bank
of
Birmingham,
Birmingham
BRYANT, HOMER
|
CANBY, YARDLEY P.
Courts & Co., Birmingham
Incorporated,
Odess-Martin,
Inc., Birmingham
Tuscaloosa
FORE, ROBERT B.
First
National
Bank
of
Birmingham,
Birmingham
stocks:
•
Consolidated Water Power
•
Dewey Portland Cement Co.
•
General Merchandise Co.
•
Nunn-Bush Shoe Co.
&
Smith
Birmingham
|
%
Robert W. Baird & Co.
Bank
FLETCHER, J. G. B.
Odess-Martin,
km
common
National
Birmingham
8
these
&
BROWN, C. BLYTHE
.
OTHER PRINCIPAL EXCHANGES
THROUGHOUT
Pierce, Fenner
Montgomery
BRODNAX, MARION J.
Sold
EXCHANGE
Bank,
S.
CRUMPTON, TOM
T.
Birmingham
Lynch,
Incorported,
National
Birmingham
&
DWIGHT
Merrill
REPRESENTATIVES
First
L.
Odess-Martin Incorporated,
'
Knight, Inc., Birmingham
CROW, JAMES
Montgomery
BOSWELL, H. GRADY
SECURITIES
ST.,
Bank,
Lynch, Pierce, Fenner
Incorporated, Montgomery
y\/
MASON
National
Merrill
SfyfV ""'VsVf
L.
&
Birmingham
BAXLEY, MARION E.
INCORPORATED
MEMBERS
Mobile,
ARMSTRONG, ERNEST E.
Sterne, Agee & Leach, Montgomery
Wilder & Company
JAMES
COX, Jr., JOHN B.
Birmingham Trust
WARREN
Lynch, Pierce, Fenner
Incorporated, Birmingham
WITTENBURG, JAMES A.
EAST
of
MerriU
Hornblower & Weeks
Rader,
225
COX,
C.
Bank
Inc., Birmingham
COHEN, MORTIMER A.
Sterne, Agee & Leach, Montgomery
Brodnax
JAMES
ANDREWS, Jr., O.
WILDER, GORDON
Carlson & Co.,
CLAYTON, ROGER
Hugo Marx & Co., Birmingham
Company, Birmingham
National
ANDREWS, J.
AUGUST
WIETERS,
INVESTMENT
B.
Mobile
WHITMAN, A. L.
James M. Reddoch
OVER-THE-COUNTER ISSUES
GEORGE
Birmingham
C.
—
CARLSON, Jr., ROBERT H.
ALLISON, CHARLES J.
Equitable Securities Corporation,
WARD, B. FRANKLIN
J.
f°r
Bradford
C.
Inc.,
rucker
ALEXANDER,
TREXLER, R. FRED
8
MEMBERS
CARLISLE, C. JUDSON
Sterne, Agee & Leach, Birmingham
Sterne, Agee & Leach, Birmingham
i
Wisconsin Market Place
E.
Birmingham
THOMPSON, EDWARD F.
Planters
RALPH
Berney Perry & Company,
Company
agee,
Union
OF
Corporation
ADAMS,
mmrnm
January 1, 1959; Term Expires: December 31, 1959.
F.
Company
THOMAS,
George M. Wood, Jr. H. R. Straughan, Jr.
Vice-Presidents: Fred A. Hayley, Merchants National
Bank, Mo^
bile; George M. Wood, Jr., George M. Wood & Co., Montgomery.
Co.
PYRON,
Federal Securities Co.,
Smith
Incorporated
BENNETT,
Co.
CURD, H. PRICE
ALLEN, HARRY
Merrill
&
1959; Term
POWELL,
Hayley
President: Alonzo H. Lee, Sterne, Agee &
Leach, Birmingham.
E.
Bradford
Fred A.
Bank
PHELAN, JAMES W.
Mitchell, Hutchlns &
Expires: January 15, 1960.
ROSTER
Alonzo H. Lee
F.
National
-
Secretary: Hollis Rogers, Hornblower & Weeks.
Treasurer: Richard D. Fletcher, Equitable
Weeks
&
EARLY
BUHL BUILDING
Paper Co.
DETROIT
Members New York Stock Exchange
Members Midwest Stock Exchange
An Address of Distinction
Associate Members American Stock Exchange
MILWAUKEE
•
Madison Gas & Electric Co.
•
Nekoosa-Edwards Paper Co.
FINANCIAL
'Green Bay
•
Oshkosb
•
Madison
•
Marinette
•
Sheboygan
•
Wausau
IN
THE
(Class A & B)
SPECIALISTS IN WISCONSIN SECURITIES
NEW YORK CORRESPONDENT
j
Blyth & Co., Inc.
Campbell, McCarty A Co., Inc.
The
Dow-Jones A
Ferriss,
Milwaukee
i
BRoadway 6-0525
UNDERWRITERS OF SECURITIES
INVESTMENT SECURITIES
BELL TELETYPE: Ml 291
East
Michigan Street
Milwaukee
BRoadway 6-6075
2,
of
Co., Inc.
Wagner
A
Miller
Michigan Corporation
Manley, Bennett
A
A
Co.
Co.
National Bank of Detroit
Underwriters and Distributors of
207
First
McDonnell
Company
TELEPHONE
INCORPORATED
WHOLESALE DISTRIBUTORS
BUILDING
Baker, Simonds A Co.
CLARK, DODGE & CO.
robert w. baird & co.
TENANTS
BUHL
Wis.
MI—581
Wm.
C.
Roney
Shannon
A
Hudson
White
D.
Fisher
B.
A Co.
Company
A
Co.
Co.
Ryan, Sutherland A Co.
Blair
A
Co.
'
\
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Henry J. Arnold, Geo. Eustis &. Co., Cincinnati, Ohio receives
memorative
cup
from
Lester J.
Thorsen, Glore, Forgan &
Chicago, President of the N. S. T. A., on the 25th
Fred
T.
Rahn, The Illinois Company, Chicago; Burton Loewer,
Neuberger & Berman, New York; D. Paul Jacoby, Asiel &
Co.,
New
York
Mr.
FRAZEK,
FRANK
Shropshire,
B.
&
Co.,
Mobile
Stubbs, Watkins
Birmingham
GAUNTT, WILLIAM L.
Thornton, Mohr and Farish, Montgomery
Carlson
Merchants
Smith,
Sterne,
A.
Bank,
Mobile
Odess-Martin,
Inc., Birmingham
Hugo Marx & Co.,
8c
Mayes,
Carlson
INMAN,
Courts
8c
MARX,
C.
Co., Inc.,
S.
8c
Hendrix &
Birmingham
Co.,
Mcdonald,
Merrill
Co., Birmingham
JOHNSON, LYNWOOD
Lynch, Pierce, Fenner
Incorporated, Montgomery
8c
McHENRY,
Smith
MOHR,
&
Jr.,
WILLIAM
&
Smith
of Montgomery,
C.
Watkins, Morrow 8c Co., Birmingham
LEE, ALONZO H.
Sterne, Agee 8c Leach, Birmingham
First
DRAYTON
National Bank,
Birmingham
Odess-Martin, Inc.,
First
LEONTIS, STEVE
Co.,
Birmingham
Birmingham
OWENS,
8c
H.
Orders executed
N.A.S.D.
Birmingham
ROBERT
National
F.
Bank
of
Birmingham,
Birmingham
Perry 8c Company, Inc.
Merrill
Rhoades
T.
&
Co., New
A.)
WOOD, Jr., GEORGE M.
George M. Wood 8c Company,
Montgomery
YARDLEY, THOMAS K.
Hendrix &
Mayes, Inc., Birmingham
Detroit Stock
at
Exchange for
regular rates less 40%.
MICHIGAN
JOHN
Lynch,
SHROPSHIRE,
Pierce,
&
Fenner
Smith
Birmingham
WM. C. RONEY £y CO.
OGDEN
MEMBERS NEW YORK STOCK EXCHANGE
Teletype DE 100
SMALLMAN, RALPH A.
&
Co., Birmingham
BUHL
STADLER, JAMES R.
Equitable Securities
Grand Rapids
Corporation,
BLDG.
Battle Creek
•
-
101
DETROIT, MICH.
Benton Harbor
Flint
Saginaw
Kalamazoo
STANSEL, ARTHUR
Courts 8c Company, Birmingham
STERNE, MERVYN H.
Sterne, Agee 8c Leach, Birmingham
STRAUGHAN, Jr., HOWARD R.
Birmingham Trust National Bank
CHARLES A. PARCELLS & CO.
STUBBS, Jr., GEORGE H.
Stubbs, Watkins & Lombardo,
Established
Birmingham
ATTENTION N.A.S.D. MEMBERS
SWAGLER, RICHARD C.
Odess-Martin, Incorporated,
Michigan Securities
Birmingham
Orders
Executed
N.A.S.D.
the
on
Members
Detroit
DETROIT
at
Stock
THOMAS, FRANK W.
Stubbs, Watkins & Lombardo, Inc.
UNDERWRITERS and DISTRIBUTORS
1919
Inc.
Sterne, Agee & Leach, Montgomery
In
S.
UNLISTED MARKETS
Birmingham
SHRIVER,
TANKERSLEY, WILL H.
Markets
on
members
PHILLIP A.
Birmingham
ODESS, LEWIS J.
LEE,
N.
Birmingham
Company,
Sterne, Agee 8c Leach, Montgomery
NABERS,
Loeb,
of
SHANNON, JACK H.
MORROW, Jr., HUGH
&
M.
Inc.
Jr.,
Watkins, Morrow
Birmingham
Carl
K.
MORROW, HUGH, III
Courts
Company,
Smith
Montgomery
Jr., ALONZO H.
Sterne, Agee & Leach,
&
Pill & May, Inc., Montgomery
Incorporated,
Fenner
Montgomery
SIDNEY J.
Thornton, Mohr & Farish, Montgomery
B.
Lynch, Pierce, Fenner
Montgomery
EDMUND
SELLERS,
Smallman
LANPHIER, CHARLES
LEACH,
Perry
Howard E.
g.
Pierce,
Sterne, Agee & Leach, Birmingham
Incorporated,
First National Bank
WHITE, Jr., JAMES
PILL, HOWARD E.
Inc., Montgomery
B.
john
Kelly,
Hendrix 8c Mayes, Inc.,
Birmingham
WOOD, GEORGE M.
George M, Wood & Company,
Montgomery
Shropshire 8c Company, Mobile
Merrill
Merrill
Birmingham
Mayes, Inc., Birmingham
Lynch,
J.
(President-elect
Birmingham
Berney
Pill & May
Incorporated,
S.
KNOWLES, BENJAMIN
York
Sellers, Doe 8c Bonham, Montgomery
HAROLD
MAYES,
Edward
PERRY, W. BERNEY
WILLIAM
Howard E.
Birmingham
W. E.
8c
&
Inc.
LAWRENCE A.
MAY,
JETER, Jr., MARK
Courts
Birmingham
Hugo Marx & Company,
Inc., Montgomery
HYDINGER, ELBRIDGE
V. HUGO
Marx & Company,
Hugo
Mrs.
Association
SCHULHAFER, LOUIS
Odess-Martin, Inc., Birmingham
Birmingham
Inc.,
MARX, Jr.,
Montgomery
HUBBARD, CHARLES
the
MARTIN, ELBERT H.
HENDRIX, JAMES R.
Mayes,
of
PERRY, III, TUNSTALL B.
Berney Perry & Company,
Birmingham
Berney
SAM F.
The First National Bank of Birmingham
Smith
&
President
Inc.
Sterne, Agee & Leach, Birmingham
HOLLEMAN, S. BROOKS
Hendrix
Agee & Leach, Birmingham
MALONE,
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
as
Company,
LYONS, ARTHUR
National
8c
Inc., Birmingham
Co.,
LYNN, HENRY 8.
HAYS, WILL C.
Hendrlx
&
election
Berney Perry
Birmingham
Inc.
Lombardo,
LONG, KENNETH
GENTRY, EDWIN A.
Merrill Lynch, Pierce, Fenner &
Incorporated, Birmingham
8c
&
Mr.
Co.,
anniversary of
PERRY, MARVIN G.
LOMBARDO, JOSEPH P.
Frazer
HAYLEY, FRED
Arnold's
com¬
75
60%
of
STOCK
EXCHANGE for
prescribed commission
Exchange Listings
on
Request
Inquiries Invited
Birmingham
Members
THORNTON, Jr., J. MILLS
Dealers and Brokers
Thornton, Mohr 8c Farish, Montgomery
DETROIT
STOCK
MIDWEST
STOCK
EXCHANGE
EXCHANGE
■
in
ULMER,
Courts
Listed and Unlisted Issues
T. CLYDE
8c Co., Birmingham
639
Penobscot
Building
DETROIT
VINCENTELLI,
HUDSON WHITE & COMPANY
26
JOHN M.
Merrill
Lynch, Pierce, Fenner
Incorporated, Montgomery
8c
Smith
Telephone WOodward 2-5625
Bell
System
Teletype DE 206
WALKER, Jr., JOSEPH P.
Members Midwest Stock Exchange
Detroit Stock Exchange
American Stock Exchange
William Street Sales,
Inc., Birmingham
(Associate)
WASSON,
GRAND
RAPIDS
2
DETROIT
Buhl
Michigan Trust Building
Phone
Glendale
94336
Battle
26
Building
WOodward
Teletype GR 184
RICHARD B.
Merrill Lynch,
Pierce, Fenner
Incorporated, Birmingham
2-8992
&
WATKINS, Jr., MILES A.
Stubbs, Watkins 8c Lombardo,
Teletype DE 7
Smith
Inc.,
Active Markets Maintained in
Birmingham
Creek——Michigan Natl. Bank Bldg.—Phone-WOodward 3-7823
WATKINS, Jr., WARNER S.
MUNICIPAL
Watkins, Morrow & Co., Birmingham
BONDS
CORPORATE SECURITIES
WATLING, LERCHEN & CO
■/
Specialists in
w
Michigan Bonds and Stocks
Corporate and Municipal Securities
First of^Jiciiigan (Corporation
Member: New York Stock
American Stock
Exchange, Detroit Stock Exchange,
Member
Exchange (Associate), Midwest Stock Exchange.
NEW YORK
DETROIT 26,
Ann Arbor
*
Jackson
~
•
Pontiac
MICHIGAN
•
Kalamazoo
Grand Rapids
•
Birmingham
Detroit
BUHL
Lansing
&
Midwest
Stock
Exchanges
BUILDING, DETROIT
CHICAGO
Battle Creek
Port Huron
COLUMBUS
Bay City
Saginaw
Flint
ARNOLD,
New Orleans Security
Traders
H.
Arnold
WILSON
NSTA Members Not Affiliated With
& Crane
BOUCHE,
LOUIS
26, 1959
Thursday, November
THE COMMERCIAL and FINANCIAL CHRONICLE
76
J.
White, Hattier & Sanford
Association
RREAUD,
Jr.,
Newman,
BROWN,
WM.
Any Regional Group
CHARLES
J.
Brown
& Co.,
Inc.
PERRY
OF MEMBERS
ROSTER
Newman, Brown & Co., Inc.
CRANE,
Arnold
I)E
PRICE
G.
LA
&
Crane
VERGNE,
Arnold
DERBES,
The
II.
J.
CLAUDE
Derbes
&
DUCOURNAU,
Rouse,
JAC.
Ducournau &
FEIBLEMAN,
T.
Charlottesville,
Friedrichs
Labouisse,
and
HARDY,
Laird,
White,
JACKSON
F.
Smart.
Secretary-Treasurer: Donald M. Willem, Lawrence F.
ARTHUR J.
St. Denis J. Villere &
KEES, C.
KERRIGAN, JOHN
ALEXANDER, ROBERT D.
Howard,
Weil, Labouisse, Friedrichs &
Company
ADAMS,
LEON
ALVIS,
Nusloch, Baudean
A.
Crockett
WALTER
KINGSTON,
E. F. Hutton &
STATE AND MUNICIPAL BONDS
LOUGUE,
WM.
MANION,
Texas
PHILIP C.
Honnold & Company, Inc.
V-
.
CHARLES
HUNT, E. M.
First Trust Co.
of Lincoln,
Lincoln, Neb.
Trading Markets
of New Orleans
Retail Outlets
W.
Merrill
TWIN CITY
Lynch, Pierce, Fenner & Smith
Incorporated
STOCKS
Private Wire to Carl M. Loeb,
MINETREE, JOS.
Steiner,
LEON
MORRIS
Company
MINNEAPOLIS, MINNESOTA
ESTABLISHED
New
OGDEN,
American
FRED
N.
PARKS
York
409 North 8th
Stock
Exchange
Stock
Exchange
Street, St. Louis 1, Mo.
Labouisse, Friedrichs & Co.
Howard, Well,
JAMES
RODDY,
Jr.
B.,
1887
Members
NUSLOCH, GEORGE H.
Nusloch, Baudei-n & Smith
PEDRICK,
TWX MP 163
FEderal 3-3475
W.
Brown & Co., Inc.
Newman,
Phone:
A. G. EDWARDS & SONS
Kohlmeyer & Co,
NEWMAN,
Allison-Williams
Rhoades & Co., New York
P.
Rouse & Co.
NEWMAN,
OSCAR BERGMAN —KERMIT SORUM
MAin 1-6080
SL 475
E.
Scharff & Jones,
Inc.
SANFORD, J. B.
&
Sanford
SCHWEICKHAR.DT,
ERWIN
White,
Hattier
Schweickhardt & Company
SMART,
Piper, Jaffray 6* Hopwood
PRIMARY MARKETS IN
LAWRENCE F.
STOUSE,
JAMES
Industr^|J|«^ankt
A.
National
The Hibernia
ESTABLISHED 1895
Bank
in
New
Orleans
UNDERWRITERS
VILLERE,
& DISTRIBUTORS
ERNEST
St. Denis J. Villere & Co.
CORPORATE & MUNICIPAL SECURITIES
Insurance,
and Public Utilities Stocks
C.
WEIL, JOS. H.
Weil Investment Co.
WEIL,
MEMBERS
STOCK EXCHANGE
MIDWEST
STOCK
Jr.,
WALTER H.
Labouisse,
Howard,
NEW YORK STOCK EXCHANGE
AMERICAN
EXCHANGE
WHEELER,
MACREERY
Wheeler & Woolfolk,
WILLEM,
MINNEAPOLIS
ROCHESTER
ST. PAUL
GREAT FALLS
WHITE & COMPANY
Friedrichs and
Weil,
Company
(ASSOCIATE)
E.
F.
WOOD,
BILLINGS
A.
M.
Members
B.
Inc.
Midwest Stock
American Stock Exchange (Associate)
Exchange
MICHEL A.
Hutton
MISSISSIPPI VALLEY BLDG., SAINT LOUIS 1,
& Company
FRANK
B.
Telephone
Smith-Wood Company,
Wheeler
ROBERT
•
M.
& Woolfolk,
Teletypes
—
MO.
SL 25, 26, 27
Inc.
Springfield, 111.
WOOLFOLK,
CEntral 1-0282
—
Bloomington, 111.
Wichita, Kan.
Alton, 111.
•
•
Perryville, Mo.
Dallas, Texas
•
Inc.
ZOLLINGER, Jr., JOHN
J.
Scharff & Jones, Inc.
1930
For 30 Years...
—
Twenty-Nine Years in St. Louis
.
1959
MEMBERS
NEW
.
—
FUSZ-SCHMELZLE & CO., INC.
Your gateway to
the northwest.
with
YORK
MIDWEST .STOCK
STOCK EXCHANGE
AMERICAN STOCK EXCHANGE
retail distribution and
EXCHANGE
(Assoc.)
CEntral
TWX SL 591
1-2614
primary markets...
from the
Mississippi
to
trading markets
the Rockies.
retail distributors
J.M.Dain&Co.,Inc.
ESTABLISHED
underwriters
1929
Minneapolis
Private
==
Member New York Stock Exchange
Telephone, FEderal 3-8141
•
Teletype: MP-73 MP-561
Mrs.
Ruth
Filkins,
wife
of
Walter
Filkins, Troster, Singer <fi Co., New York,
with
a
6 l/t
foot
sailfish
she
caught
Nov.
3rd.
It
took
minutes
to
Mrs.
pull
Filkins
it
in.
only
12
Troster, Singer & Co., N. Y. C.
Wire
Systems
Straus, Blosser & McDowell, Chicago
Reynolds & Co., N. Y. C.
=
=
==
=
=
*
Okla.
City,
W.
N.
National American Bank
? i
Iowa
Company
McINTYRE
A.
Moines,
San Antonio,
Co., Houston, Texas
Barrow, Leary & Co., Shreveport
K*,-.
HONNOLD,
George W. Cunningham & Co.,
Westfield, N. J.
D.
'
v
*
Company
Hutton &
F.
GORDON
GEORGE
.
WALTER D.
KINGSTON, Jr.,
E.
&
CUNNINGHAM,
V'
Bend, Ind.
Oklahoma
Jackson, Miss.
LEARY,
Des
CROCKETT, CLAUDE T.
W.
KINGSBURY, J.
A.
.'illdji-i1*
HOBBS, Jr., WILLIAM G.
Creston H. Funk, Hobbs & Co.
Dempsey-Tegeler & Co., Houston, Tex.
Inc.
LESTER
Alvis and Company, Jackson, Miss.
& Smith
CROCKETT,
h.
& Co.,
Brown
Newman,
'
HENDERSON, THEODORE C.
T. C. Henderson & Co., Inc.
Inc.
HOMER
Ducournau & Kees
OF MEMBERS
otherwise
South
Richmond, Va.
Craigie & Co.,
Hill, Crawford & Lanford,
Little Rock, Ark.
Co.
J ;
GEORGE G.
Inc.
Harrison & Austin,
CRAWFORD, IRA B.
KEENAN,
Houston, Texas
FULLER A.
Harrington & Co., Jackson, Miss.
HARRISON,
and Company
Vice-President: T. Jeff Feibleman, Dorsey & Co., Inc.
(Members In New Orleans unless
indicated)
W.
Co.,
'
Rotan, Mosle & Co.,
HARRINGTON,
WALTER W.
CRAIGIE,
Texas
HAHN, DANIEL C.
Meeds,
Delaware
Harrisburg, Pa.
ROBERT P.
Weil, Labouisse, Friedrichs
Howard,
ROSTER
&
Masterson &
Houston,
CLAYBAUGH, BLAIR F.
Blair F. Claybough & Co.
A.
Equitable Securities Corp.
HOWARD,
richs & Company.
CHARLES
White,
Houston. Texas
Jr.,
IIAWLEY,
Weil, Labouisse, Fried-
Robert P. Howard, Howard,
Bissell
Wilmington,
GILBERT
Hattier & Sanford
HATTIER,
Corporation
Iowa
Tex.
HAROLD
CLAUSER,
Smith
Incorporated
President:
of
Moines, Iowa
Des
CHERRY, NORMAN G.
T.
Merrill Lynch, Pierce, Fenner &
T. Jeff Feibleman
Donald M. Willem
Robert P. Howard
First
HAHN,
FORD
Ind.
GRAEFE, HARRY B.
Va.
CHRISTIE, BYRON V.
B. V. Christie & Co.,
JEREMY
R.
Fort Wayne,
Dempsey-Tegeler & Co., Houston,
Glas & Company
LEONARD J.
J. Fertig & Co.
Leonard
SHELBY
G.
Company
GLAS,
Dempsey-Tegeler & Co., Houston, Tex.
FERTIG,
CASSELL, EUGENE H.
C. F. Cassell & Co., Inc.
JEFF
Weil,
Howard,
DENMANZUK, MARVIN
Kees
Dorsey & Co., Inc.
FRIEDRICHS,
Buffalo. N. Y.
Brewer
Washington, D. C.
P.
of Norfolk
Corp.
Norfolk, Va.
J. NEWTON
& Becker
BREWER, Jr.,
Co.
Investment
Columbus, Ohio
Ohio Company,
BRADT, JOHN A.
Doolittle & Co.,
Crane
&
DAVIS, G. POWELL
BOLES, EWING T.
PRIMARY DEALERS IN ST. LOUIS ISSUES
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
KARKOWSKl, MAURICE R.
WILLIAMS, HARRY G.
Quail & Co., Davenport,
Kay & Co., Houston, Texas
KELLEHER, WILLIAM
Spokane,
Wash.
Securities
RONALD
YARROW,
Iowa
YOUNG,
Hugnes &
rated, Indianapolis, Ind.
F.
Corporation of
Hooker
B.
Raffensperger,
KNAPP, RUSSELL
Cedar
WOODWARD,
Co.,
Incorpo¬
PAUL
& Fay,
PHILIP
San Mateo,
practically cent Congress of the Communist
Today, party of the Soviet Union. The
place where it is not entire program of the Communist
heard.
One hundred years ago, Party,
U. S. A., is formulated
communism did not threaten any specifically to weaken American
free society.
and
to
Today, it threatens society
strengthen
the
all. One hundred years ago, not Communist Empire. This
program
&
unheard
there
Co.,
Iowa
Rapids, Iowa
KOSEK,
ERNEST
Ernest
Kosek
&
Company
Cedar Rapids, Iowa
Communism, Commerce
Inc.
Rock, Ark.
LEE, BURTON P.
Mason
&
Lee,
Inc.,
Roanoke,
Francis I.
du Pont
Continued from page 7
Richmond, Va.
ation
LEVY, ROBERT E.
Robert E.
Levy & Co.. Waco, Texas
by
other
eral
members
of
the
network.
LEWIS, Jr., EDWARD S.
Lewis
&
Company,
Jackson,
Examples of these "Dead Drops"
or "Banks"
in this case were (1)
a
hole in a stone wall; (2) the
base of a lamp
post; (3) a park
bench; (4) an iron fence; (5) a
hole in a cement
stairway; (6)
rocks along a park trail.
Miss.
MacDONALD, J. EDWARD
Pemberton
Securities,
Ltd.
Vancouver, Canada
MASON, AUBREY L.
Mason
&
McBRIDE,
Lee, Inc., Lynchburg,
CECIL
Midland
Va.
W.
Securities
Limited;
Corpn.
Toronto
This
the
Lee, Inc.
&
Lynchburg, Va.
McCLINTICK, Jr., WILLIAM N.
Strader
and
Company,
Incorporated
Lynchburg, Va.
McGANN, ALBERT
Albert McGann
South
MUIR,
Co.,
Inc.
Estes
WILLIAM
&
Co.,
B.
Inc., Topeka,
Max
&
Kans.
Inc.,
Co.,
REISSNER, FRANK L.
Indianapolis Bond & Share
Utica,
N.
Y.
Corporation
Indianapolis, Ind.
SHAFFER,
H.
L.
HARRISON L.
Shaffer
&
Co.,
Amarillo, Texas
W.
Craigie
&
Co.,
Richmond, Va.
STEWART, HAROLD 8.
Harold
El
S.
Paso,
Stewart
&
Company
Texas
STRADER,
Strader
LUDWELL A.
and
Lynchburg,
Company.
Incorporated
Va.
TAPP, GEORGE M.
Doherty Roadhouse & Co.,
Vancouver,
TRAVISS,
®
Canada
JAMES
Davidson
&
A.
Company,
Toronto,
Canada
VAVRA, JOHN S.
John S. Vavra Co.,
Cedar Rapids, Iowa
WALTON, GUS B.
Walton
&
Director of the Federal Bureau
Company, Inc.
Ark.
Little Rock,
C.
Wheat &
Co.,
of
his
Edgar Hoover
devoted
time
and
ly
organized
so
as
to
Richmond, Va.
but
gain.. The fifth is the
of
area
communist
of
is
It
five
large
personal
a
embrace
front
or
of
orthodox
the
American
party, in all its
ramifications, has been,
many
to
of
note
these
that
that
evaluate
must
we
communist
the
in
movement
The
the
The
United States.
is
an
this
serve
in
this
nation.
the
United
Two
Communist
of
world.
verting a nation; that they must
apply systematically the dictum:
must
noncommunist
is
the
be
built
and
ST.
is
controlled
by
Continued
LOUIS
MARKETS
communist
Forty
on
uneducated—members
Local Listed And Unlisted Securities
that
of
And Invites Your Inquiries
"If there
-
We
SO
is
Specialize
Market
a
we
cart
find
it"
In Orders For Banks and Dealers
registered representatives give
you
pin point distribution in this
area
edward d. jones &. co.
ESTABLISHED
1871
Members
all
New
Midwest
300
Stock Exchange
Stock Exchange
York
North
CEntral
4th
Exchange (Assoc.)
Chicago Board of Trade
St.
Saint Louis 2, Mo.
Teletype SL 593
Direct
Josephthal &
ST.
beyond
American Stock
1-7600
Co.,
Private
New
Wire
Connections
York, and Francis I.
LOUIS
with
du
Pont
&
Co.,
Chicago
SECURITIES
penetrate channels where clas¬
also
which
contributes
to
"Fact, Not
the
communist underground. The
third is the area of the fellow
munist, travels in the
a
com¬
same
gen¬
a
Fiction"
Inquiries invited in all securities—Listed
Over-the-counter—from Dealers, Institutions
Individuals—Nationwide
We must admit this: The Com¬
munist
not
a
UNDERWRITERS
-
Private Wire
DISTRIBUTORS
-
or
or
System.
DEALERS
Empire is
fiction.
now a fact and
One hundred years
reinholdt & gardner
Members
New
York
American
Stock Exchange
Stock
Exchange
Midwest
Stock Exchange
Chicago Board■ of Trade
(Assoc.)
ST. LOUIS 2, MO.
NEW YORK 5, N. Y.
400 Locust Street
specialists
Bell
120
Bell
Teletype—SL 335-336
Central
1-6640
•
Springfield, Mo.
Fort
*
IN
Smith, Ark.
Direct
Pershing & Co.
1-2419
BEekman 3-5880
Springfield, 111.
Clayton, Mo.
Broadway
Teletype—NY
Private
—
Joplin, Mo.
Cape Girardeau, Mo.
•
Wires
Goodbody & Co.
•
to
G. A. Saxton & Co., Inc.
OVER-THE-COUNTER
Newhard, Cook
SECURITIES
&
Co.
Members
Underwriters and
New York Stock
Distributors
Exchange
American Stock
Listed and
Exchange
Unlisted Securities
(Associate)
Midwest Stock
Municipal Bonds
Exchange
SCHERCK,
RICHTER COMPANY
FOURTH AND
OLIVE
SAINT LOUIS
Members Midwest Stock Exchange
Telephone CEntral 1-5585
320 N.
4th Street
Branch
ST. LOUIS 2, MO.
Bell
Teletype SL 456
Alton, Illinois
•
Offices
Clayton, Missouri
•
Jefferson City, Missouri
East St. Louis, Illinois
GArfield 1-0225
Private
Wire
to
Clark.
Dodge & Co., New York
per
page
Our Trading Department Is Active In All
claim
per
committed
with
hands.
is
of the territory
Thirty-three
re¬
a
chal¬
security
anticommunist nations.
of
Party
the
cent
mem¬
attended
States
internal
our
controls 27%
now
loyalty is
Its
to
Challenge
communist
economic. The Communist Empire
integral part of the
Empire. It exists to
Empire only.
of
bers
the
this
Economic
second
lenge
United
the
Empire.
areas
to
in
growing Communist Em¬
noncommunists to succeed in sub¬
communism
as
you
or¬
continents to spread
throughout the world, where 83
communist
party
organizations
sified materials are contained. It
now exist actively.
is this area of the concealed com¬
to
this
Communism
sweeping, coordinated ef¬ races, occupations, and profes¬
fort five areas of the population sions. They cite their power to
of any country.
discipline and control people once
they have been attracted. They
Nature of the Subversives
point with pride to their power
to expand throughout the world.
The first is the
area
of
the
Communist ideas, they say, can¬
open,
professional, and publicly
not
be
contained
within
geo¬
known party member, who makes
graphical or national limits. They
up the subversive center—the di¬
move
across
all boundary lines
recting force. The second is the
to saturate nations, transcending
area of the concealed
communist,
nations to invade continents, going
who seeks to penetrate channels
where public opinion is molded
existed.
16
munism
of
Communist
of
nation
are
situation. It is within the context
States
interesting
out
there
the
ganizations.
three
world.
J.
does, pire
nevertheless, cooperate with com¬
munist organizations for personal
victims
was
the
communist nations in this Empire.
This Empire, headed by Soviet
one
traveler, who, while not
WHEAT, Jr., JAMES C.
communist
a
Our
second
example of con¬
from their unique form of organi¬
spiracy is communist organization.
come
three vital powers
The communist party is not an zation
which they alone in the world
ordinary political party. It is a
possess.
These are the powers of
conspiratorial movement, a com¬
(1) attraction, (2) control, and
bat operation waging
relentlessly
(3) expansion.
a
war
against the institutions of
They boast of the power to at¬
every
free nation in which it
exists.
This
party is based on tract all types of people—young
dictatorial principles. It is unique¬ and old, rich and poor, educated
munist
WALTON, OTIS B.
O. B. Walton and Company
Jackson, Miss.
J.
which J.
Investigation
in
SMITH, MARK A.
F.
not
It
PHILIPSON, MAX
Philipson
as
to
attention.
Corp
Antonio, Texas
O'CONNELL, NEIL
Laird, Biseell & Meeds,
Wilmington, Delaware
PESELL,
of
is
espionage
one
portion
D.
Investment
representative
communist
is
of
Bend, Ind.
EDWARD
Mulr
San
Securities
is
case
and
communist programs. The fourth
is the area of the opportunist who
embraced by communist organi¬
chal¬
zation are noncommunist. Always
lenge to our internal security. It
a
minority
group,
communist
is a conflict which is
waged daily
leaders realize they must exploit
throughout the United States. It
MASON, WALTER G.
Mason
direction
in
no
know, explained fully in Mr.
Edgar Hoover's book, Masters
Into
this book, Mr.
Russia, shows no signs of aban¬ of Deceit.
doning or even modifying sig¬ Hoover placed a massive amount
nificantly its designs for world of detailed material gathered from
strengthens
conquest. This is the reality of the almost a lifetime study of com¬
Co.
&
Today,
And Commitment
Va.
LEE, Jr., GARNETT O.
of
is
communist
one
LANFORD, LOUIS A.
Hill, Crawford & Lanford,
Little
communism
ago,
Calif.
M.
Refsnes, Ely, Beck
Phoenix, Ariz.
77
78
THE COMMERCIAL and
78
Mr.
&
Mrs.
Rubin
White,
The
Hardy,
Weld
First
New
Co.,
&
And Commitment
77
cent is in the hands of
committed
nitely
to either com¬
munism or anticommunism.
people not
this
All
is
"aid"
This
world.
the
world consists of people not defi¬
.
includes
tary—to
side.
dents
and
mili¬
these countries. It in¬
training thousands of stu¬
undeveloped areas in
from
communist nations.
The
for the Com¬
Nikita S. Khrush¬
chev, confidently predicts that the
Soviet Union will eventually sur¬
spokesman
munist Empire,
peoples
in
and
then
in
than
a
industrially, it will
posi¬
now
vital
to undermine
trade
markets
around the world from our coun¬
try and other free nations. It will
be in a much stronger position to
exert
Retail
distribution-
and
of
Four
various
economic pressures
generally upset the economy
the United States and
allied
nations, preparing the ground for
a
devastating economic disloca¬
tion and depression.
This in turn,
communists
believe,
would do
very serious damage
to our in¬
inquiry invited
reality.
It annihilates a man's
by constructing in his
mind a "higher" form of religion,
the worship of oneself, one's ego
instead of God.
All this is in the
of
The communist bloc nations
invincible
religion
military, eco¬
nomic, and political "collective."
No person alone is invincible. One
joins this communist bloc and be¬
are
as
a
association.
form
of
is
the World Communist Society, not
even
though it is not called that.
comes
The
invincible
"lofty"
by
of
cause
this bloc
It
a
religion of humanity—
morally by con¬
a "liberat¬
"cause," one should make sub¬ ing" morality devoid of all trans¬
stantial and continuing self-sacri¬ cendental obligations in exchange
fices for it.
The more a person for proletarian utility. It deadens
gives himself to a "cause," the a man's individual conscience by
more fond of it
he becomes, the constructing in his mind a "su¬
more tightly is he bound to it. To
perior" class conscience to which
give, one must act; hence, cease¬ is transferred fundamental per¬
less
action directed
to carrying sonal
responsibility.
It ruins a
out
communist programs is the man's will by constructing in his
test of one's sincerity and self- mind a "stronger" will, the col¬
lective will of the dictatorship.
discipline.
that of but
nation. Given this
one
Paradox in
There is
a
corrupts
munist
psychology. It destroys by
"constructing." It destroys a citi¬
man
structing in his mind
To
Red Psychology
paradox in this com¬
repeat,
there
is
satanic
a
Communist psy¬
element in
this.
chology
the social tempter of
People
have
been
our
is
time.
strangely drawn to it because
zen's loyalty to his nation by con¬
glittering
"enlarge¬
ment" of his loyalty, so that it can
adhere not to just one national
"Whatever
structing in his mind
"opportunities" for the
but
government
tional
or
destroys
World
to
Interna¬
capacity
man's
a
an
It
Government.
exericse
a
deceives
kind
to
seems
of
magical
enchantment."
And, it is this power to deceive
—this communist psychology
which
is
employed to convert
for American
security, paving the way truth by constructing in his mind
communist growth in
ternal
for
world.
oppose
far, far better
it is
steal
and
markets-
efforts
States
be
tion
undeveloped areas
to outstrip the
and
its
United
Trading
Mr. & Mrs.
Tenn.;
P.
cludes
communist
of tremendous eco¬
nomic
significance.
Communist
communist or anticommunist
pass
the United States in total
leaders are making a silent con¬
cause.
The
Communist
Empire
industrial
production.
This no
centrated drive to win over the
doubt encourages the communist
now extends control or influence
noncommitted peoples and their
claim that the Soviet Union in¬
over 35% of the population of the
territories in undeveloped areas.
tends to outstrip the United States
world.
Thirty-eight
percent
of
To achieve these objectives, the
economically.
&
the population is in the committed Communist Empire has expanded
If
the
Communist
Empire is
free
world.
Twenty-seven
per its "aid" programs to different un¬ successful
both in its drive to
cent
of
the
over"
the
noncommitted
population of the developed areas or countries of "win
definitely committed to either the
II, Clark, Landstreet & Kirkpatrich, Nashville,
McGinty, McDonald & Company, Cleveland
Nelson
William
Mrs.
Therefore, it is useless to means of "enriching" truth by re¬
it. One should accept com¬ jecting essences in order to con¬
munism and be on the winning form to the revolutionary nature
of
technicians—economic
Communism, Commerce
&
John
thousands
sending
Continued from page
Mr.
Molloy,
Boston Corporation, Philadelphia; Mr. & Mrs. Peter E.
York; George Heinze, Walston & Co., Inc., New York
26, 1959
Thursday, November
FINANCIAL CHRONICLE
munist
mentality
into
mentality—that
com¬
we
must
rapid
the United States.
The
third challenge to our in¬
security proceeds from the
military might of the Communist
Empire.
ternal
J. M. RUSSELL
PARSONS
&
This
—
Members
MIDWEST STOCK EXCHANGE
STOCK EXCHANGE
NEW YORK
STOCK EXCHANGE
AMERICAN
UNION
(Associate)
TELETYPE —CV
COMMERCE BLDG.
CLEVELAND
heavy stress placed by the
Empire on military
power, and
expansion
explains
why communist agents continue
to make repeated espionage at¬
tempts in the United States to
penetrate our internal security to
gather Confidential, Secret and
Top Secret materials in the mili¬
CHERRY
14, OHIO
565
1-5050
•
The fourth challenge to our
ternal
Merrill, Turben
Co., Inc.
&
(Established 1924)
MIDWEST
Aid
Investment & Discount
American-Saint Gobain
American
Brush
Vitrified
Cleveland
Builders
Supply
Diamond
M. A.
Hanna
Portland
Co.
Cement
Higbee Company
ness.
Homes
Corp.
Heintz, Inc.
Company
Mining Co.
of
With all the modern means
mass
ically
upon every
man
Ohio
it employs five
U. S.
mind.
In
systemat¬
facet of the hu¬
the United
States,
basic concepts for
of creating a com¬
munist mentality out of what was
once a loyal American mentality.
Leather Co.
Commerce Bank
Truck
SUPERIOR
BLDG.
•
CLEVELAND
OHIO
Teletype;
Phone;
TOwer
14,
CV
1-6550
the
Lines, Inc.
Statistical Information Available Upon Request
We
generally have buying and selling orders in the
following list of over the counter securities:
purpose
American Cement
Ohio Leather
Atlantic Register
Ohio Water Service
Bessemer Limestone & Cement
Valley Mould & Iron
Century Food Markets
Youngstown Foundry & Machine
Commercial Shearing & Stamping
Youngstown Steel Car
Federal Machine & Welder
Youngstown Research & Development
These
1612
Union
Commerce
Bldg.,
Cleveland
MA 1-6800
•
Columbus
Ohio
Municipal Dept. CV 865
BRANCH OFFICES
Canton
14,
Trading Dept. CV 67
Telephone
•
Dayton
•
652
media at its disposal, com¬
munist psychology plays
Telephone
Oglebay Norton Co.
Union
Hanna
psychology of world com¬
Inland
Northern Ohio
Cleveland Trust Company
Cook Coffee Company
The
Mephistopheles in "Faust" to
man the world in exchange
for his sovereign soul.
In this,
consists the dynamics of its evil¬
National City Bank of Cleveland
National Screw & Manufacturing Co.
North American Coal
Cleveland
Dynamics of Communist Evilness
1425
give
EXCHANGE
Jack &
Products
Beryllium Company
Central National Bank of
in¬
security is psychological.
like
EXCHANGE
STOCK
STOCK
special situations
munism is sly, subtle, and satanic.
It is social temptation. It promises,
MEMBERS
YORK
corporate financing
field.
tary
NEW
CO., INC.
Communist
—
r
Middletown
concepts are (1) inevitabil¬
ity, (2) invincibility, (3) the cause,
(4) self-sacrifice, and (5) action.
Communism,
its
psychologists
purport, is inevitable.
ten
into
the
heart
of
It is writ¬
nature.
It
is
•
Youngstown
deciphered in the skies.
This
end
can
be predicted from the
beginning.
communism
Nothing can prevent
from
sweeping the
BUTLER, WICK & CO.
UNION
NATIONAL BANK BUILDING
YOUNGSTOWN 1, OHIO
Telephone Riverside 4-4351
an
a
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr.
& Mrs. John W. Bunn, Stifel, Nicolaus & Company,
Incorporated, St. Louis; Mr. & Mrs. Paul
Moreland, Moreland & Co., Detroit; Mr. & Mrs. Charles E. Exley, Charles A. Par cells & Co., Detroit
I.
reckon
with
wisely in the
to win this
more
ahead if
years
we
is, to
what
are
been.
The
result
of
upon
Universe
to
the
it is the product of constant inter¬
action, endless flux, rhythmic ebb
and
flow
of
dynamic material
for the minds of men and are
war
the fortuitous
be
has
79
Mr.
A.
& Mrs. Brenton H. Rupple, Robert W. Baird & Co.
Incorporated, Milwaukee; Mr. & Mrs. John
Bonham, Sellers, Doe & Bonham, Montgomery, Ala.; Corwin L. Liston, Prescott & Co., Cleveland
the fundamental thought and
goals of American
historic
society; therefore, it is a force¬
challenge to our internal secu¬
fifth challenge to our in¬
rity. Among other things it has
ternal
forces.
the
effect of preparing the minds
security
is
philosophy.
Similarly, communist
Communist philosophy, like com¬ philosophy denies that man has a of
people for opposing internal
munist
psychology,
is
directed soul or is destined for immortality.
toward the mind, and among non- It claims that man is but conscious security programs and for being
to maintain
our
internal security.
The
matter
communist people, seeks to condi¬
the intellectual
climate
in
that
communist
continuous
with
nature,
who has emerged from a ceaseless
tion
order
ful
unfairly critical of
denies
flourish there. Communist
philosophy is comprehensive. It
may
value
pretends to be able to
the
of
a
inherent
man
as
a
The
free
moral
built
United
agent capable of governing him¬
sult
of
self and
and
social vision of
ask
conditions of
—
should
What
What is
can
I
origin?
my
conduct
I
How
immutably
of
environment fix
our
future.
our
It denies
that social transformations
hope for at the end
answers
course
history, claiming that the material
myself in life?
of life? The communist
determining the
brought
to
about
can
be
peacefully, insist¬
has
economically largely
answer for
throughout the
world
the three most profound
questions the human mind can
person
every
New York
States
This
the
benefited
as a re¬
been
maintaining
these
strong
a
individual
system
initiative
un¬
been rewarded and the continued
development of the United States
Communist
the
philosophy
sis, all great issues of history
denies
existence of God and tells
decided by force or violence.
us
This then is the
that nature in ceaseless motion is
all
that
exists.
are
nist
It explains what
core
philosophy. It is
a
of
commu¬
total attack
cultivated.
made
Businessmen
services,
industrial
our
our
culture
of
doms,
our
general
welfare.
and
strength
The
and
communists
and
GARDNER
BLDG.
•
506
enterprise
AVE.
•
TOLEDO
out.
In
to
CH.
•
8-5571
Distributors
Municipal and Corporation Securities
our
all
businessmen
the
on
of
way
conjunction
with
these
predictions,
the
com¬
"cold
war."
The First Cleveland
faced
are
munist
challenge.
ignored
without
with
It
a
National City E. 6th
of
CLEVELAND
com¬
cannot
Building
14, OHIO
be
Telephone: PRospect 1^1571
serious
Corporation
Member Midwest Stock Exchange
Un¬
deniably the businessmen
America
4
Dealers
free¬
challenge
are
strength in the
Teletype TO 190
MADISON
Underwriters
munists emphasize their economic
UNLISTED TRADING DEPARTMENT
Bank
that capitalism is
the
free
insolent
Bell
growth
this and say
doomed
RUSS KEIER, Manager
Largest
American heritage.
of
Investment Securities
Ohio*a
accom¬
plishments,
FOUNDED 1913
Members New York Stock Exchange
Bank Wire: NCLV
have
The role of the businessmen
gives
Collin, Norton|& Co*.
Chicago
Cincinnati
outstanding contributions to
educational system, our social
our
-
in
avoidable, and in the final analy¬
is
-
has
ing
struggle"
Toledo
in
of denials.
"class
Pittsburgh
Department. Teletype: CV 240
and
men
these questions constitute a series
that
-
greatly
by the perception
of
-
Address Loans and Securities
Kfa.U.k PAT. Off.
businessmen.
has
contributions
which
Cleveland
been
intelligence, industry,
country
PROMPT
We clear for dealers in
Conclusion
individual
—
CLEARINGS
demo¬
our own
DEALERS
SPECIALIZED
cratic institutions and
policies.
interplay of physical and chemical
elements.
Communist philosophy
tactics,
strategy, espionage, and programs
SECURITY
conse¬
Teletype: CV 443
-
CV 444
quences.
The role of American
is
men
clearly
conflict.
Our
to
ment
prove
in
this
businessmen
had forced upon them
CORB LISTON—SPECIALIST
business¬
defined
a
have
commit¬
through their
derstanding, initiative, social vi¬
sion,
JIM WALTER CORPORATION
and
freedom
perior
WORLD'S LARGEST BUILDER AND
SELLER
—
of
to
A and B Warrants
enterprise is far
produce
and
in
keeping with the
in
men
our
great
be
can
and
given
if
munist
ened
maneuvers
of
addi¬
study
and
1959.
American Sterilizer Co.
Bloch Bros. Tobacco
Penton
Publishing Company
Company Rand Development Corporation
Erie Resistor
Corporation
Roadway Express, Inc.
Franklin Electric Co., Inc.
Steel Improvement & Forge Co.
Harris Calorific
Stouffer Corporation
Company
United Screw & Bolt Corporation
Inquiries Invited
an
per¬
com¬
enlight¬
FULTON, REID & CO., INC.
1186 Union
Commerce
Bldg., Cleveland 14, Ohio
decisive way.
•An address by Mr. Sullivan before the
NSTA Convention, Boca
Raton, Fla~ Nov.
4.
Park Drop Forge Company
and
CV 97
VmmzmzmzmzmzzzzmzmizmmmzmmMmzmzmzzzzzmm
IN
This study
expose
in
MARKETS
Ohio Crankshaft Company
Company
This
analysis will provide the
to
PRIMARY
Freight, Inc.
American MonoRail
are made of the deceitful
ceptive strength
Cleveland
freedom
country.
significance
MAINTAIN
culture
enterprise is the culture most
tactics of communism.
York, Midwest and Other Principal Exchanges
the
of
analysis
National City Bank Building
14
that
AH States
su¬
system
which the Communist
Empire can
tional
PRESCOTT & CO.
PRospect 1-6300
economic
any
commitment
/
Members New
that
which has grown around freedom
OF SHELL HOMES
Common1—9% Bonds
resourcefulness
WE
un¬
Telephone CHerry 1-1920
Teletype CV 83
S.
Richard
Co., Atlanta; Bob Bumpas, Dallas, Tex., guest;
York; Donald J. Hall, Wm. E. Pollock &
Harris, Courts &
Salomon
Bros.
&
Hutzler, New
Prosperity Period Ahead
With Stable Prices
toward
in
orderly expansion
investment in plant and
a
new
more
than that which pre¬
vailed in the earlier attempts of
equipment
enterprise after enterprise "to get
there firstest with the mostest."
The
current
vestment
than
wave
far
in¬
more
its predecessors on
than
ting rather
capacity.
3.
of private
centered
is
Despite the high levels of
activity abroad, our exports are
actually lower than in 1958; in
contrast, our imports are nearly
a fifth higher this year
than last.
In industry after industry — in¬
cluding such native specialties as
machine
tools, automobiles and
heavy electrical equipment — we
face not only intensified competi¬
tion:
cost-cutsheer output
Intensified Foreign Competi¬
Neil
DeYoung, DeYoung
& Co., Grand Rapids, Mich.; Mr.
Heaney & Co., New York
& Mrs. Michael J. Heaney,
Michael J.
Co., Inc., Miami
conscious that their of our financial structure as we flation, the so-called demand pull,
enter the Sixties as against the is of limited applicability to the
decisions must be made in
terms
of
the
world
market. highly liquid position of financial Soaring Sixties, in which one of
American labor, too, grows con¬ institutions, corporations and con¬ the primary economic targets is
scious of the wage-cost advant¬ sumers alike in the initial postwar demand-creation rather than in¬
growing
are
Continued, from page 11
Mrs.
St
Mr.
Arthur K. Salomon,
1959
Thursday, November 26,
FINANCIAL CHRONICLE
THE COMMERCIAL and
80
price
burst
foreign producers possess in
attracting consumers here as well
ages
as
debt
elsewhere.
The $200 bil¬
of inflation.
in
World
II
War
renewed
mildly during the Korean conflict
Credit Early in Recov¬ has been
largely absorbed within
ery: Credit restraint and conserv¬
the nation's credit structure. Rela¬
ative monetary policy have been
tive to the nation's total output of
resorted to earlier in this than in
goods and services, today's money
any
previous postwar recovery.
supply is no higher than it was
Interest rates now begin to ap¬
prior to World War II in years of
proach the levels prevailing in prosperity.
No longer can it be
other
countries as
well
as
in
said that too much money con¬
tion in neutral markets, but in our earlier prewar periods of pros¬
tinues to press
upon a
limited
domestic
markets
as
well.
In¬ perity. At such levels they serve supply of goods and services. This
to
ration credit to those
areas
orthodox
pattern
of
postwar
in¬
creasingly
American
producers
where they can be most efficiently
employed. They also create proper
incentives for a higher rate of
4. Tight
supply.
Turning to the cost-push aspect
of
too, the eco¬
changing for the
here,
inflation,
nomic
is
scene
better.
The huge
search
and
outlays for re¬
of the
development
past decade are beginning to pay
off in terms of more efficient pro¬
duction.
Thus
I
would
place
second on the list of long-term
factors
restrain infla¬
tending to
tion, the rise in output per manhour.
New
evidence
from the
Economic Re¬
National Bureau of
other reliable sources
search and
■————\
"
C———
These higher rates of in¬
the result of
rising
levels of demand for investment
funds rather than a reflection of
an
arbitrary decision to
make
adequate elasticity of
Federal
of
expansion
lion-plus
savings.
WALTER, WOODY and
HEIMERDINGER
are
money
costly.
NO CHARGE when you
call our trading dept. by
DIRECT TELEPHONE
NEW YORK-CINCINNATI
WOrth 6-2115
These, then, are some of the
causative factors behind the prog¬
403 Dixie Terminal
report it is possible to develop
•
Specialists in
strictly on a short-run basis. But,
it may be asked, are not the forces
of inflation likely to be stirred
•
40%
ress
Building
CINCINNATI 2, OHIO
up anew, once we
Phone—MAin 1-5071
Bell
terest
strike
System Teletype CI 188
as
or
—
we
Commission discount to N.A.S.D. members
on Cincinnati Stock Exchange.
to later
stages of the recovery cycle.
This
Underwriters—Distributors
possibility is behind the deep con¬
manifest about the resump¬
cern
of
tion
price
nouncements
cials
pressures in
of Washington
others.
and
proper
preserve
Members
to
perspective,
it
Specializing in the purchase and
of
—MAin 1-0560
may
ever,
NASD MEMBERS
brake
INVITE
YOUR
SECURITIES
COMMISSION
LISTED
ON
BUSINESS
CINCINNATI
IN
STOCK
EXCHANGE—YOU RECAPTURE 40% OF COMMISSION
LISTINGS SUPPLIED ON REQUEST
now
of employers to
demands
accept wagein earlier
that
quickly accepted and
In
the
aggregate,
economic trends
may not only be able to discipline
the
price
structure during the
present recovery, but may enable
were
years
CINCINNATI'S
ESTABLISHED
*
beginning to move on
the side toward
price restraint;
e.g., the restrictive influence of a
buyer's market upon the willing¬
only
increase
INVESTMENT
A#*
sustained inflation.
have
already
position
from
pressure
on
price to elements of
these
points
neutrality, such as the emergence
of a balanced budget.
Others are
ness
OLDEST
ahead
neutralize the threat
or
of
shifted
WE
passed
these
FIRM
1862
us
GEO. EUSTIS & CO.
on.
k
TRI-STATE
BLDQ.
CHERRY
CI
1-4070
560
'
♦
emerging
have
to
a
better
record
Sixties
with
prices
the
Fifties,
than
in
more
stable than in the Forties or
*6*
on
,
\
/
■■
: V* •
•*'•?..£!::
Future Inflation
First and foremost among these
changes is the reduced liquidity
••
StVf:5Tv:
'
teletype 0N-2S4
^
|
'
Empire. Serving investors in
thB.orea for 40 years.
1
Fifties.
Restraints
growing Rocky Mountain
,
M
of
economic expansion in the
Complete distribution focSitles
for securities in tfce rich ond
.
508
WHEELING
GREENSBURG, IND.
J
of long-run or
Some
CHARLESTON
CHILLICOTHE
HILLSBORO
become steadily oper¬
ative throughout the decade
to
*
MARION
ahead. Again, this is not
to say that the threat of further
inflation may not lie ahead of us
in the Sixties. New factors, how¬
Teletype—CI 585, CI 232
HAMILTON
DAYTON
years
ATTENTION
& Co.
CINCINNATI 2, OHIO
factors of impressive
magnitude are shifting from con¬
tributory to restraining influences
and may help to reduce the pres¬
sures toward higher prices in the
municipal revenue bonds.
Exchanges
Stone
Hayden,
WALNUT STREET
326
long-range
municipal tax bonds and
Wire:
Direct
should be remembered that some
sale
Principal
pro¬
offi¬
again
But
on
stocks listed
settle the steel
move
Ohio-Kentucky-West Virginia Issues
^
/
/
^
;
telephone
REystone 4*6241*
Jv.wf.nv.™ n*f
©FNV£R
14
COLORADO
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
>y\ M
81
WM
I^ISESW
Mr. & Mrs. James V. Torpie,
New
suggests
tional
York;
Torpie A Saltzman, New York; Robert A. Torpie, J. C. Bradford
Mrs.
&
acceleration
an
productivity
Mr.
in
is
Peter
more
ture
the
form
of
the
on
greater
of
roster
forces
tending to brake future inflation
is
the
tion
from
of
selective
a
one
influence
Mr.
A Co.,
&
Mrs.
Wilfred
but
ex¬
toward
G.
Conary, G. H. Walker A Co., Providence, R. I.; Mr.
Johnson, G. H. Walker A Co., Bridgeport, Conn.
York
active upon the price struc¬
in the earlier years of
than
resolution
the
price problems
of
World War II.
Last, and
wishfully on
perhaps
somewhat
part, is the emer¬
gence of public policy designed to
restore
labor
my
and
management in collec¬
bargaining — or to give
greater weight to the public in¬
where
to
labor
and
manage¬
ment
the
tight labor
accompanying
wage premiums of the past post¬
war
period.
In
better balance between
a
tive
terest
bring
market
jointly ignore it. I view the
A fourth factor that should con¬ recent labor bill as just such an
tribute toward better performance attempt to
redress the balance
is the restoration of faith in con¬ that perhaps has swung too much
servative central banking policy to one extreme postwar as it did
competi¬
not
quarters, all tending to
many
ert
intensification
arising
Co., New
easy-pass-throughs of higher costs
to eager buyers who in turn could
repeat the process, for their cus¬
tomers were goods-hungry and in
highly liquid position to satisfy
such hunger.
utility, if not lower prices.
Third
A
overhang of ex¬
inter-product and
competition is far
capacity,
inter-industry
this rise in efficiency will
more of the gains in tech¬
nology to be passed on to con¬
Weld
the
cess
come,
enable
in
White,
With
cost.
na¬
already
under way.
Properly shared, and
I am hopeful that will be the out¬
sumers
Molloy,
(1)
end
an
and
the
combination, these forces of
ought
nessmen
Mrs.
to
be
A.
Maurits
alerted
to
reconsider the prospects of infla¬
tion in the light of these current
and
prospective
changes
the
in
economic environment.
limited
liquidity, (2) accel¬
productivity, (3) intensi¬
as
well as foreign
competition, (4) greater and ear¬
&
Conclusion
erated
fied
lier
domestic
resort
to
conservative
policy, and (5) a better
balance in collective bargaining
can do much to mitigate the toll
inflation
in the 60s.
The
best
prospects
World
War
II
face perhaps the
since the end of
of
cen¬
tral bank
of
Enterprises
war
having
a
long
sustained period of prosperity and
stable prices
(in the aggregate,
not
necessarily for individual
group
prices).
or
Far more progress
.
against inflation is not yet won, has already been made than is
technique to be toward the other in the late 20s or nor is the end as
yet too clearly
generally realized by consumers
combatting inflation. early 30s. Management, conscious in
sight.
But, via the various
Costly as has been the experience of this change in public sentiment, channels of
and savers alike. The inevitability
communication,
savers
is more likely to resist excessive
in the first 15 postwar
years, it
Continued on page 82
and consumers as well as busi¬
has reminded all of us that the wage demands than in the earlier
lower-cost
producers
have
in¬ money market allowed to work inflationary era, particularly when
faced with intensified foreign as
creased their share of world trade freely can perform
valiantly in re¬
even as ours diminishes.
But do¬ straining excessive resort to credit well as domestic competition. And
mestically, too, the emergence of at one stage of the business cycle labor, too, more acutely conscious
new lower-cost capacity is stead¬
and induce investment and capital of the erosion of inflation as it
ily rendering obsolete the mar¬ formation at another phase when eats away the real value of the
Underwriters, distributors and
ginal producer who in the initial that, too, is required. Those na¬ paycheck, may forego wage de¬
plush of postwar prosperity still tions that have fared best in re¬ mands that outstrip the rise in
found a market for his higher-cost
dealers in listed and unlisted
straining
inflation
have
relied national productivity. In addition,
product.
Domestically, costs are most on the traditional tools of the postwar baby crop stands
being pared by plant relocation tight credit, restraint on govern¬ upon the threshold of the labor
corporate
securities and
rewarding
the
efficient
while
eliminating the high-cost producer
or
distributor.
I
have
already
commented on the sobering de¬
gree
to
which
more
efficient,
closer
to
basic
material
by bringing fabrication
final
as
ment
sources,
nearer
to
and
effective
in
spending
burget
markets, thereby narrowing
transportation
the
used
rather
and
than
balanced
a
wage-cost-
price controls, or the related
distribution
straints
that
re¬
force
as
each
passing
we
enter
the
year
60s.
they
With
will
municipal bonds
be
competing with their seniors for
postponed for later job
opportunities
and
perhaps
Lowell9 Murphy & Co,
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Teletype DN 580
■
l
THE COMMERCIAL and FINANCIAL
82
Thursday, November 26, 1959
CHRONICLE
only $272 million for Gulf largest importer of heavy fuel oil
with $315 million for in the United States, in 1959.
It
is obvious that Texaco is not only
One reason for Texaco's supe- building
up
its reserve of raw
cates
An Investor Looks at the Oils
Prosperity
Continued from page
Period Ahead
a
winning against inflation, and southern Louisiana and in the
the repeated warnings about in¬ neighboring
offshore area. The
flation
ahead.
Proper emphasis company has become the second
upon
achievements as
well
as largest oil producer
in southern
problems yet to be faced can con¬ Louisiana and ranks first offshore,
tribute much to sounder economic accounting for about one-third of
understanding. Just as much in total offshore production. This area
to
be
management's
point, you can engender a more continues
are
psychological attitude most important single area of ex¬
Judging by the money
the thrifty who have al¬ ploration.
ready suffered so much from in¬ spent by Shell this year in pur¬
flation.
chasing additional offshore leases,
it appears that Shell will continue
Finally, public acceptance of
constructive
among
fiscal
policies is still not
abroad
awareness
more
in the next decade.
evident
The
estimates that its 1958
could have been in¬
company
production
almost
creased
60%
were
it
per¬
mitted to produce at its maximum
efficient rate.
omists
are
ments
that
If petroleum econ¬
correct
in
their
state¬
Gulf's
Louisiana.
ern
in
increase
earnings
monetary
widespread
well
as
as
at
demonstrated
commend
Society
to
not
only
Public
America
of
public
improving
flation
effectiveness,
the
of
but
the
task
of
understanding
the problem
of
I
Relation
in¬
of
successful
our
efforts to reduce its toll.
♦An address
12th
National
Public
Relations
tivity
Con¬
America,
Inc.,
Miami
Beach,
touching
is
new
superior
the rate of in 1958 permanently reduced the
off as other earning power not only of Royal
foreign sources of crude oil com- Dutch's
important
Venezuelan
pete for world markets.
subsidiary, but Standard (N. J.)'s
is
tions realized to date to be in the
neighborhood of $50 million an¬
nually,
equivalent
to
approxi¬
mately $1.40 per share of common
stock. While the current yield on
the
dividend
cash
is
not
(million dollars)
priced relative to past yields and
price/earnings ratios.
be
For the long term
ticular
to
been
trend
has
outstanding for several
not
rea¬
from
comes
is surprising to observe the
wide difference in earnings per¬
the
free
Gulf
world.
Oil
Texaco
and
have
far
outperformed the other four inter¬
companies. Texaco ap¬
heavily prorated pears to have the better record
even
though Gulf shows a su¬
perior percentage increase over
Over half of Indiana's crude
sons.
oil
earnings
Continental
Service
Oil
Oil
Petroleum
Oil
34.0
37.0
57.0
38.0
105.0
26.0
47.5
32.7
84.2
1959f
33.8
44.9
1957
35.7
59.2
46.7
41.5
96.2
1956
47.2
62.2
51.8
95.2
39.4
49.3
46.4
41.2
41.3
95.2
28.8
35.5
36.6
35.2
—3.3
8
+9.8
+ 10
—9.2
—26
1958
1955
-
—
Change, 1955-1959f
% Change..
—5.4
—14
national
refined product
IN
OVER-THE-COUNTER
►
record has been
upward
prices.
more
with only
cline since 1957.
SECURITIES
a
Texaco's
consistently
modest
de¬
while
0*car
3.Co,
&
our
—
Shell
Sinclair
Skelly
Std. Oil
Std. Oil
Mid-
Oil
Oil
Oil
(Indiana)
(Ohio)
Continent
145.0
51.0
28.0
140.0
21.5
35.0
49.5
27.7
117.8
1957
135.1
79.3
36.8
151.5
24.0
23.9
1956
135.9
91.1
34.1
149.4
26.6
1955
125.5
80.7
32.2
157.1
23.0
40.7
57.2
45.3
39.5
—29.7
37
—4.2
—13
—17.1
—
11
—1.5
7
—4.5
—11
1958
—
Change, 1955-1959f +19.5
% Change
+ 16
—
—
tEstimated.
Net Income
(million dollars)
•Gulf
Royal
Socony
Std. Oil
Oil
Dutch
Mobil
of Calif.
(N. J.)
Inc.
272.0
270.0
146.0
240.0
670.0
315.0
1958
286.1
253.1
156.8
257.8
562.5
1957
334.3
357.4
220.4
288.2
805.2
1959f
-
Std. OIL
.
Texaco
282.7
301.6
249.5
267.9
218.1
268.8
208.4
231.1
808.5
709.3
310.2
332.3
302.3
262.7
Change, 1955-1959f +53.9
% Change
+25
+1.2
—62.4
—30
+8.9
+4
—39.3
—5
+52.3
+20
1956
-
1955—
—
It is interesting
to note that both Gulf and Texaco
earned about
+10.6
23
+
116.6
1959t
the
years
1955-57.
Since then,
earnings
declined
considerably
following the downward trend in
—12.3
25
—
Sunray
superior to the record to date.
investor par¬
be paid formance
among the
interna¬
(Indiana).
In¬ tionals which operate in most of
Oil
Pure
Phillips
Cities
Refining
It
should
attention
Standard
Ohio
Atlantic
above
average, Indiana's future earnings
and market performance
should
MARKETS
•
that the
be observed
record of Royal Dutch is
Kuwait,
but
growth is tapering
period. Gulf's better
performance is concentrated in
530 WEST SIXTH STREET
well.
from
the five-year
TRADING
as
should
It
We
believe
Texaco's
earnings as well. Both companies face the
becoming more
will continue to outperform
the problem
of rebuilding earning
difficult and more costly to find,
industry's.
Management has fol- power from a reduced level ur\d^f
Indiana's large amount of shut-in
lowed an obviously well laid out a substantially heavier tax burden,
production found and developed
plan to accelerate growth by a seSocony shows the greatest deat the current price level should
ries of superlative acquisitions be- cline in earnings due partly to a
ultimately benefit the earnings in
ginning
with
Trinidad
Oil
Commediocre
discovery record in the
the late 1960's when petroleum is
pany in 1956, followed by the pur- United
States and somewhat
expected to be even more difficult
chase of the entire ownership of above average exposure to poor
and costly to find, and proration¬
Seaboard Oil in 1958 and of Para- refined product prices on the west
ing less stringent.
gon
Oil
Company,
the
second and east coasts.
Standard Oil of
Indiana's current earnings are
Net Income
holding up well compared to other
oil
dent in Shell at the present time,
the
common
stock
is
modestly
ference of the Public Relations
Society of
Florida.
kets
to
diana's
by Mr. Gainsbrugh before
materials at a reasonable cost, but
is expanding its control of mar-
to Texaco's through 1957.
Howprincipal ever, the increase in the Venehas come zuelan corporate tax rate decreed
and
as
highs in
home of the progress we are mak¬ almost every category, Shell will
be one of the few oil companies to
ing against inflation might well
report record high earnings this
lead to
increased
acceptance of
year.
Curiously enough, despite
such policies. As a profession with
the various favorable factors evi¬
the
of
rior
performance
is that only
stringent prorationing and a high about one-third of its production
of capital expenditures has comes
from
Texas
while about
accordingly
penalized
Indiana's half of Gulfs comes from that
earnings. Favorable results of this state. Another factor is the sufarsighted program should become perior record of Texaco in south-
level
We under¬
drilling offshore acreage for years domestic companies.
come.
Partly reflecting a modi¬ stand this reflects a successful
fication in accounting practices, fight to reduce
operating costs.
might be desired. Great public
but also because the level of ac¬ Management estimates cost reduc¬
conservative
as
The combination
Texas.
9
growth company in this
segment of the oil industry.
Continued from page 81
Our preference is Shell. We feel
of future inflation which so many- Shell is an extraordinarily able
consumers
still accept can now oil
finder in the United States,
rightfully be challenged. Indeed it and through its Canadian sub¬
is refuted by the actualities of sidiary
has
undoubtedly
found
price performance at home as well tremendous quantities of natural
as
abroad.
A
better
balance gas in western Canada.
Shell has
should be struck between current been extremely successful in ex¬
and
development
in
progress reports on the battles we ploration
find
contrasted
Texaco.
$330 million in 1957
estimate for 1959 indi¬
♦Excludes
nonrecurring income in 1957 and 1958.
tEstimated.
Kr
LOS ANGELES 14, CALIFORNIA
TELETYPE
LA
PHONE MADISON
675
7-7555
Private Wire
Cruttenden, Podesta & Co., San Francisco
Archie H. Chevrier, San Francisco
since 1887
K
71
Revel Miller & Co., Inc.
contributing to
Founded 1926
WESTERN
Member* Pacific Coast Stock
Exchange
PROGRESS
through public offerings and
private placements of securities
Dealers
—
Distributors
650
SOUTH SPRING ST.
—
Brokers
William r. Staats & Co.
Bell
investment securities
established 1887
LOS ANGELES
14
System Teletype LA 155
640
SOUTH SPRING
STREET, LOS ANGELES 14, CALIFORNIA
MEMBERS: New Yorlc Stock
Direct Wires
to
John C. Legg & Company, Baltimore and New York
Cook Investment Co.,
Chicago
Exchange, American Stock Exchange ( Assoc.)
Pacific Coast Stock Exchange
CALIFORNIA:
SAN
LOS
ANGELES. SAN
DIEGO, SAN JOSE, SANTA
ARIZONA:
PHOENIX.
YUMA
FRANCISCO. PASADENA. BEVERLY HILLS.
ANA. VAN NUYS, GLENDALE, PALO ALTO
Convention Number
C.
Merritt
THE COMMERCIAL and FINANCIAL CHRONICLE
Coleman,
M.
A.
Allen & Company, New York; Arthur Weigner, Lehman Brothers, New
Goldstern, Kerngood & Co., New York; Charles M. Zingraf, New York
California has turned in
an
Continued jrom page 20
ings
HAMMELL, ELMER W *
substantial
that
we
prefer to forego the slightly high¬
er yield prevailing in
Socony as
compared to Standard Oil of Cali¬
First
Securities
Co.
of
Chicago
HAMMILL, ARTHUR R*
W. E. Hutton & Co.
New York City
HARDONY, MICHAEL C*
Ball, Burge & Kraus
some of its favorable attitude to¬
Cleveland, Ohio
ward
the Jersey empire in the
past year.
The current dividend HARDY, RUBIN*
First Boston Corporation
looks safe under most foreseeable
Philadelphia, Pa.
economic
conditions.
Compared
with the equity market generally, HARRIS, S. RICHARD*
Courts & Co.
Jersey's 4%% yield provides a
fcew York City
very handsome return for institu¬
tional
investors.
For
primarily HART, MAURICE*
yield-conscious accounts, Jersey is
New York Hanseatic Corporation
still probably the best single oil
New York City
equity for long term holdings.
HAWXHURST, RALPH R*
In conclusion, we
believe the
Bacon, Whipple & Co.
world oil industry faces greater
Chicago, 111.
problems than at any time in the
HEANEY, ALBERT
past 20 years. In time, these prob¬
Grace National Bank
lems will be solved as they have
New York City
investment
fraternity
in the
past.
in
opinion, to purchase
our
lost
There is little reason,
or
hold
oils for capital gains at this time.
However,
selected
oils
Mr. James
Boston;
HEANEY, MICHAEL J*
Michael J. Heaney & Co.
fornia.
The
&
Attended the Convention
decline in Socony's domestic earn¬
so
Mrs.
aver¬
earnings record, but a better
one
than most companies in the
domestic integrated category. The
age
is
York;
modest representation in most in¬
vestment portfolios.
New York City
HECHT, JOHN C.
Dempsey-Tegeler & Co.
Los Angeles, Calif.
HEINZE, GEORGE E.
Walston & Co., Inc.
New York City
HENNIG, RICHARD A.
Brush, Slocumb & Co., Inc.
San Francisco, Calif.
Duffy, Reynolds & Co., Boston; Anton E. Homsey, du Pont, Homsey & Company,
Mrs. & Mr. William S. Thompson, Carr & Thompson, Inc., Boston
HOWARD, LESLIE J.
J. S.
San
Francisco, Calif.
HOWARD, ROBERT P.*
Howard, Weil, Labouisse,
Friedrichs & Co.
New
Orleans, La.
HYD1NGER, E. S*
Carlson & Co., Inc.
Birmingham, Ala.
HUDEPOHL, HARRY J*
Westheimer & Company
Cincinnati, Ohio
ISAACS, MILTON J*
Straus, Blosser & McDowell
Chicago, 111.
HUDSON, JOHN M*
Thayer, Baker & Co.
Philadelphia, Pa.
Continued
therefore,
page
Herzog & Co.
City
New York
HEWITT, ALBERT A.
First California Company
San Francisco, Calif.
HOGARTH, GUY R*
Laird, Bissell & Meeds
New Haven, Conn.
HOMSEY, ANTON E.
du Pont, Homsey & Company
Boston, Mass.
HORN, CLARENCE A*
First of Michigan Corp.
Detroit
provide
Bankers
and,
on
HERZOG, ROBERT 1*
HORN, EDWARD A.
*An address by Mr. Edmond N. Morse
good yields for the institutional before the Investment Forum on Oil at
Kuhn, Loeb & Co.
New York City
the
Mid-Continent
Trust
Conference,
investor, well supported by cash
American
earnings,
HUNTER, WELLINGTON
Wellington Hunter Associates
Jersey City
HUTTON, JOE E*
Equitable Securities Corporation
Nashville, Tenn.
Strauss & Co.
deserve
Association,
Dealers
Detroit,
*
Michigan, Nov. 5, 1959.
in
Denotes Mr. and Mrs.
OBLIGATIONS
of the
UNITED
AND
STATES
ITS
GOVERNMENT
INSTRUMENTALITIES
BANK, UTILITY, AND
COMMON
INDUSTRIAL
STOCKS
Underwriters
\
and
Distributors
of
MUNICIPAL, UTILITY, AND INDUSTRIAL
BONDS
BANK, UTILITY, AND
INDUSTRIAL
STOCKS
J. S. Strauss
155
MONTGOMERY
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84
THE COMMERCIAL and
84
Mrs.
C. Roberts, Jr., C. T. William* & Company, Inc.,
Doherty, Fahnestock & Co., New York
& Mr. William
Continued from page
JOHNSON, WALTER R*
G. A. Saxton & Co., Inc.
New York City
83
JOLLEY, LEX*
Robinson-Humphrey
Dallas, Texas
JACOBS, SIDNEY*
Sidney Jacobs Co.
New York
Inc.
Atlanta, Ga.
City
JONES, JAMES E*
JACOBY, D. PAUL*
New York
City
KEENAN,
JOHNSON, A. MAUR1TZ*
St.
Co.
G. H. Walker &
New York
KENNEDY, BERNARD F*
Bosworth, Sullivan & Co.
Denver, Colo.
KENNEDY, SAMUEL M*
Yarnall, Biddle & Co.
Philadelphia, Pa.
S. E. Freese &
Co.
El Paso, Texas
KILNER, GEORGE
ARTHUR*
A. M. Kidder & Co.
Co.
New York
New
Bridgeport, Conn.
City
Orleans, La.
City
KING, ROBERT H*
Chas. King & Co.
New York City
KLEMOND, EMIL J*
Merrill Lynch, Pierce,
& Smith Inc.
US
for
Minneapolis, Minn.
trading markets
information
on
Wertheim & Co.
New York
City
MARR, LAWRENCE N*
LOVE, THOMAS J*
Geo. E. Snyder & Co.
Philadelphia, Pa.
A. G. Becker & Co.
Chicago, 111.
MASON, AUBREY L.
MACKESSY, T. FRANK*
Abbott, Proctor & Paine
New York City
Mason & Lee, Inc.
Lynchburg, Va.
McALEER, GEORGE
MACKIE, ROBERT A.
Singer, Bean & Mackie
New York City
Dominick & Dominick
Hillside, N. J.
McATEE, JAMES J*
Butcher & Sherrerd
MAGU1RE, FELIX E*
Stroud & Company Incorporated
Philadelphia, Pa.
McCLINTIC, WM. N., Jr.*
Philadelphia, Pa.
Strader& Company Incorporated
MAGUIRE, JAMES B*
Lynchburg, Va.
J. B. Maguire & Co., Inc.
McCULLEY, C. RADER♦
Boston, Mass.
First Southwest Company
MAHONEY, C. D *
Dallas, Texas
C. D. Mahoney & Co., Inc.
McFARLAND, JAMES B*
Minneapolis, Minn.
Stroud & Company Incorporated
Fenner MANNEY, IRVING*
Philadelphia, Pa.
Manney & Co.
McGINTY, JOHN P.*
Dallas, Texas
KNABLEIN, RUDOLPH
and
Fla.
MARKHAM, EDWIN J*
Denver, Colo.
Angeles, Calif.
26, 1959
Mrs. & Mr. George J. Langley,
Sidney J. Sanders, Foster & Marshall, Seattle;
Christopher Corporation, Miami,
LONGWELL, ELMER*
Boettcher and Company
KELLY, EDWARD J *
Carl M. Loeb, Rhoades & Co.
City
Denis J. Villere &
Mrs.
Co.
KERN, MARTIN*
Gregory & Sons
Asiel & Co.
New York
Company,
Los
&
JOHN J.
John J. Keenan &
Attended the Convention
JACKSON, WINTON A*
First Southwest Company
Mr.
Baltimore; Mr. & Mrs. William
KEEN AN,
Thursday, November
FINANCIAL CHRONICLE
Hincks Bros.
Bridgeport, Conn.
McDonald & Co.
MARCUSSON, P. A.
Cleveland, Ohio
Investment Dealers Digest
New York
City
*
Denotes Mr. and Mrs.
KNAPP, REGINALD J*
G. C. Haas & Co.
New York City
KNOB, JOHN E*
Drexel & Co.
PACIFIC COAST
Philadelphia, Pa.
KOCH, OTTO J*
The Marshall Company
Milwaukee, Wise.
SECURITIES
KOERNER, STAR C*
F. S. Moseley & Co.
Chicago, 111.
MARACHE, DOFFLEHYRE & CO.
Members:
KOSTERMAN, P. A*
Black & Co.
Pacific Coast Stock Exchange
210 WEST 7th
STREET
LOS ANGELES
14 •
Portland, Ore.
Serving Southern California since 1927
WagensellerS DurstJnc.
Investment Securities
626 S. SPRING ST., LOS ANGELES 14
MAdison 7-5761
KRISAM, WILBUR*
John C. Legg & Company
New York City
MA 7-9411
TELETYPE LA 289
MEMBERS:
Direct Wire to New York
City
Greene and Company
"SHIP"
COAST
PACIFIC
AMERICAN
Pasadena
KROSOWICH, JOSEPH D*
Gregory & Sons
New York City
TELETYPE: LA 68—LA 36
•
PASADENA
REDLANDS
Direct Private
—
(ASSOCIATE.
SANTA MONICA
CLAREMONT
Wire
EXCHANGE
STOCK
EXCHANGE
STOCK
Glore, Forgan & Co.
—
SAN DIEGO
Chicago
KRUMHOLZ, NATHAN A*
Ogden, Wechsler & Krumholz
Brooklyn, N. Y. <
Lester, Ryons & Co.
MEMBERS
American Stock
NEW
YORK
LEE, ALONZO H*
Sterne, Agee & Leach
Birmingham, Ala.
IN
LEE, CLAYTON*
United Securities Co.
STOCK EXCHANGE
Greensboro, N. C.
Pacific Coast Stock Exchange
Exchange (Assoc.)
SPECIALISTS
WEST COAST SECURITIES
LEASON, H. GLEN*
Leason & Co.
•
LEH, BURTON P.*
Mason & Lee, Inc.
Lynchburg, Va.
COMPLETE TRADING DEPARTMENT
INQUIRES INVITED
Corner Wilshire and
623
So.
Hope
LISTON, CORWIN L.
1
Telephone MA 5-7111
-BRANCH
CLAREMONT
CORONA DEL MAR
LONG BEACH
RIVERSIDE
OCEANSIDE
SAN DIEGO
OFFICES
ENCINO
PASADENA
MEMBERS
PACIFIC
AMERICAN
COAST STOCK EXCHANGE
STOCK
EXCHANGE
(ASSOCIATE)
Cleveland, Ohio
POMONA
HOLLYWOOD
REDLANDS
SANTA MONICA
634
SOUTH
SPRING STREET, LOS
ANGELES 14, CALIFORNIA
Prescott & Co.
•
—
GLENDALE
SANTA ANA
—
INVITED
New York City
Hope Street, Los Angeles 17, California
Teletype LA 1565-1566
MARKETS
INQUIRIES
TURNER-POINDEXTER & CO.
LIENHARD, ERNEST*
Troster, Singer & Co.
•
TRADING
BLOCK
LEH, ALONZO H*
Sterne, Agee & Leach
Birmingham, Ala.
SECURITIES
INVESTMENT
—
Chicago, 111.
UNDERWRITERS AND DISTRIBUTORS Or
LOEWER, BURTON
Neuberger, Berman & Co.
New York City
LONG, MARTIN J.
The First Cleveland Corp.
„
Cleveland, Ohio
TELEPHONE
TELETYPE
MADISON 4-4361
—
Direct Private Wires
Ernst & Co., New
—
York
Brush, Slocumb & Co., Inc., San Francisco
LA
1010
Convention Number
Mr.
&
THE COMMERCIAL and FINANCIAL CHRONICLE
Richard E.
Mrs.
Owen, Crowell, Weedon & Co., Los Angeles;
Pledger & Company, Inc., Los Angeles
Mclaughlin, john f*
McLaughlin, Kaufman & Co.
New York City
MIRAGE AS, GEORGE
J. H. Goddard & Co.
MEANS, JAMES W.
MOLLOY, PETER E*
White, Weld & Co.
New York City
Atlanta, Ga.
MORIARTY,
JAMES*
Cincinnati, Ohio
Cleveland, Ohio
MORRIS, JACK C*
Johnson, Lane, Space Co.
Atlanta, Ga.
MEYERS, WM. T*
Gordon Graves & Co.
City
&
ROBITAILLE, DONALD*
MUIR, E. D*
NOKE, G. HAROLD
Muir Investment Corp.
Parsons, Jr.
New York Hanseatic
Corp.
New York City
RUNYAN, WALLACE H*
Hemphill, Noyes & Co.
Philadelphia, Pa.
RUPPLE, BRENTON H*
ROGERS, CASPAR A*
~
Robt.
Casper Rogers Co.
Baird &
W.
Co., Inc.
Milwaukee, Wise.
New York City
RUSSO, FRANK A.
F. Eberstadt & Co.
New York
City
City
Continued
Members Pacific Coast Stock
UNDERWRITERS
New York City
OLIVER, ALLEN L., Jr.*
Sanders & Company
Dallas, Texas
on
page
Exchange
•
DIRECT PLACEMENTS
TELETYPE LA 38
Fairman & Co.
Los
DISTRIBUTORS
MAdison 7-0281
O'NEIL, RICHARD R*
}
•
650 S. SPRING ST., LOS ANGELES 14
,
UNDERWRITERS * BROKERS > DEALERS * DISTRIBUTORS
E.
Francis I. du Pont & Co.
Antonio, Texas
Compl^(^lM^tmeut&Service
Edw.
RONAN, FRANK J*
ROBSON, FREMONT W.
McLeod, Young, Weir, Inc.
New York City
New York
Detroit, Mich.
San
Welch, Sincere and Company, Chicago; Mr. & Mrs.
Parsons & Co., Inc., Cleveland
NELSON, WILLIAM II*
Clark, Landstreet & Kirkpatrick
Nashville, Tenn.
Don W. Miller & Co.
Denotes Mr. and Mrs.
H.
ROGGENBURG, STANLEY
Roggenburg & Co.
NIEMAN, BARNEY*
Carl Marks & Co., Inc.
New York City
*
Edward
Burns Bros. & Denton, Inc.
New York City
MOSS, JACK A*
The Kentucky Company
Louisville, Ky.
miller, don w *
Mrs.
NEILSEN, SOREN D.
Beil & Hough, Inc.
St. Petersburg, Fla.
W. E. Hutton & Co.
Inc.
Mr.
MURPHY, ARTHUR C*
A. C. Allyn & Company
Incorporated
Boston, Mass.
MYERS, FRANK J*
J. H. Hilsman & Co., Inc.
Atlanta, Ga.
Detroit, Mich.
Wm. J. Mericka & Co.,
Green,
Atlanta, Ga.
Moreland & Co.
MERICKA, WM. J.
Sam
First Southeastern Co.
MORELAND, PAUL*
MEEKS, GEORGE N*
J. N. Dain & Co., Inc.
Minneapolis, Minn.
Mrs.
MULLIKIN, FRED L., Jr.
Boston, Mass.
First Southeastern Company
New York
Mr. &
85
Angeles, Calif.
Corona del Mar
•
O'ROURKE, JOHN P.*
John
P. O'Rourke &
Co.
Pasadena
•
Covina
•
Laguna Beach
San Diego • Van
•
Long Beach
Nuys
Chicago, 111.
OWEN, RICHARD E*
Crowell, Weedon & Co.
Los
Dean Witter
""--v.
a
&Co.
Members
New York Stock
Exchange
*
'
Private leased radiotelegraph
circuit to Honolulu
Angeles, Calif.
PARKER, H. SHELDON*
Kay, Richards & Co.
Pittsburgh, Pa.
PARSONS, E. E., Jr.*
Parsons & Co., Inc.
Cleveland, Ohio
commodity exchanges
PEDRICK, PARKS B., Jr.*
Howard, Weil, Labouisse,
FRANCISCO
•
LOS
ANGELES
41 Offices
NEW
•
YORK
•
CHICAGO
Serving Investors
em
em
Friedrichs & Co.
New
SAN
Co., Inc., New York
Pacific Coast Stock Exchange
Midwest Stock Exchange * American Stock Exchange
Honolulu Stock Exchange • Chicago Board of Trade
and other leading
Direct private wire to G. a. Saxton
Orleans, La.
PEISER, HARRY J*
Ira Haupt & Co.
New York City
specializing
in
the
wholesale
distribution
of
securities
PUTNAM, JOHN A.
W. E. Hutton & Co.
639
Boston, Mass.
FIRM
MARKETS MAINTAINED
SOUTHERN
Dallas
to
newyork
to
Co., Chicago
Rupe & Sons, Inc., Dallas
REILLY, JOHN F.
J. F. Reilly & Co., Inc.
New York City
REILLY, KEVIN
J. F. Reilly & Co., Inc.
New York City
Spring
Pacific Coast Stock Exchange
Street
7-4191
i
TELETYPE LA 1534
SAM
ROBERT M. GREEN, V.P.
GREEN, Pres.
(Trading Since 1917)
Cecilia Lieb
Pledger ^ Company, Inc.
Members
& Co.
Philadelphia, Pa.
Direct
Pacific
Wire
ROBERTS, RICHARD C*
120
to
Coast
New
Stock
York
Exchange
Hanseatic
Broadway, New
Corp.
York
R. C. Roberts & Co.
Los
Angeles
Teletype LA 456
CALIFORNIA
Hess, Grant & Remington
Philadelphia, Pa.
EVANS MacCORMACK & CO.
South
MADISON 7-7761
REMINGTON, CLIFFORD G*
RICE, WILLARD F*
Eastman Dillon, Union Securities
MAdison
14.
Chicago, 111.
Saunders, Stiver & Co., Cleveland
Reynolds & Co., Philadelphia
453
ANGELES
The Illinois Co.
Stifel, Nicolaus & Company, Incorporated, St. Louis
Member
LOS
Raffel & Co.
RANDALL, RALPH G.
Taylor, Rogers & Tracy
Chicago, 111.
SINGER, BEAN & MACK IE, INC.,
Connecting IFires
STREET
RAFFEL, WILLIAM*
RAHN, FRED T.
SECURITIES
Direct Wire
SPRING
Philadelphia, Pa.
CALIFORNIA
CORPORATE
Burton J. Vincent &
IN
SOUTH
13, Calif.
or
LA 24
210
New York City
ROBERTS, WM. C., Jr.*
C. T. Williams & Co., Inc.
Baltimore, Md.
LOS
W.
7th St.
ANGELES
14, CALIF.
MAdison 8-5231
Teletype-LA 382
86
88
Thursday, November 20, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr. & Mrs. Walter F. Saunders, Dominion Securities
Don
W.
Miller, Don
Corporation, New York;
W. Miller & Co., Detroit
Mr.
Mr. & Mrs.
&
Mrs.
Robert
C.
William, Weeden & Co., Chicago; Mr. & Mrs.
Byllesby & Company, Incorporated, Chicago
Continued from page 85
SACHNOFF, MOREY D*
Cook Investment Co.
Chicago, 111.
distribution
throughout
the
SACHNOFF, SAMUEL*
West for
First National Bank
leading manufacturers in the following diversified fields i
Scientific Apparatus and Supplies
Chicago, 111.
•
industrial and Fine Chemicals
Salomon
Bros.
&
Hutzler
New York City
•
Laundry and Dry Cleaning Supplies
•
'
Seattle, Wash.
SAUNDERS, WALTER F*
Dominion Securities Corporation
•.
Upholstery Supplies and Fabrics
THOMPSON, WM. S*
Carr & Thompson, Inc.
Boston, Mass.
Strader & Company
Incorporated
Lynchburg, Va.
THORSEN, LESTER J.
Glore, Forgan & Co.
Chicago, 111.
STRONG, ORVILLE
TISCH, ALFRED F*
Fitzgerald & Company
New York City
STRAUSS, ROBERT*
Daniel F. Rice & Co.
Chicago, 111.
Foster & Marshall
Agricultural Chemicals, Fertilizers, and Supplies
SUMMERELL, DONALD E*
Wagenseller & Durst, Inc.
Los Angeles, Calif.
TODD, LOUIS, Jr.
SWENSON, CARL A*
TOPOL, ROBERT M*
Greene & Company
New York City
Jack M. Bass & Co.
Nashville, Tenn.
G. H. Walker & Co.
New York City
New York City
VAN
WATERS &
ROGERS, INC.
Darfler,
Chicago, 111.
SANDERS, SIDNEY J*
•
STRADER, LUDWELL A*
First National Bank
SALOMON, ARTHUR K.
•
A.
THOMPSON, CHAS. M*
Pierce, Carrison, Wulbern,
Jacksonville, Fla.
Attended the Convention
Wholesale
Glen
H. M.
SCATTERGOOD, HAROLD F*
Boenning & Co.
Philadelphia, Pa.
SCHEUER, CHAS. G*
Corporate Offices: Seattle, Washington
Wm. Tegtmeyer & Co.
Chicago, 111.
OPERATING DIVISIONS
Braun Chemical Co.
Los
SCHUBERT, DONALD D*
Dempsey-Tegeler & Co.
Chicago, 111.
Angeles, San Diego, Phoenix, Albuquerque, El Paso
Braun-Knecht-Heimann-Co.
San Francisco, Sacramento, Salt Lake
City, Denver, Honolulu
Scientific Supplies Co.
SEELE, FLOYD D.
E. L. Zoernig & Co., Inc.
St.
Seattle, Portland, Spokane
Van Waters &
Rogers, Inc.
Seattle, Spokane, Portland, Boise, Salt Lake City, San Francisco,
Dallas, Houston, Anchorage, Vancouver, B. C.
Louis, Mo.
SERLEN, LOUIS "HANK"*
Josephthal & Co.
New York City
SHERIDAN, C. B*
Mitchell & Company
New York City
SHORE, HAROLD*
Harold C. Shore & Co.
New York City
S1EGEL, SIDNEY A*
Siegel & Co.
New York City
SIMMONS, HARRY*
Simmons & Co.
New York
PALM
SPRINGS'
FABULOUS
%
City
SMITH, BURTON*
Donald
C. Sloan &
Co.
Portland, pre.
SMITH, JOSEPH E*
Specialists in Western Securities
Newburger & Co.
Philadelphia, Pa.
SMITH, ELDRIDGE H*
^
HOTEL
New York
PALM
SPRINGS,
CALIFORNIA
low
price-from
Luxury at
a
new
Peters,
$12 single, $14 double.
r
Make
for
Writer
&
\ MERGERS and REORGANIZATIONS
\ MUNICIPAL UNDERWRITINGS and DISTRIBUTIONS
Denver, Colo.
Holiday Reservations Now—
\ DISTRIBUTORS
Christensen,
Inc.
European Plan.
-
\ DEALERS
\ UNDERWRITERS
City
SNODGRASS, CHARLES K*
.A New High in Vacation
\ BROKERS
Stryker & Brown
\ ADVISORY SERVICE TO MUNICIPALITIES
SPARKS, RUSSELL R.
Thanksgiving, Xmas, Ne w Year's.
Barrett, Fitch, North & Co,
RESERVATIONS: Consult your Travel Agent,
\ MARKETS IN LEADING
OVER-THE-COUNTER SECURITIES
Kansas City, Mo.-
write, telephone FAirview 4-1141 in Palm Springs
STAIB, LEE*
Geo. Eustis & Co.
mm?*
J
Cincinnati, Ohio
Our
STEIN, JOHN R*
40th Year
Wm. V. Frankel & Co., Inc.
Members: New York Stock Exchange * Pacific Coast
New York City
American Stock Exchange
and other
STEVENS,J.F.
100
Waddell & Heed, Inc.
Kansas
Nw York
City, Mo.
Palo Alto
*
Denotes Mr. and Mrs.
.
Stock Exchange
(Associate)
principal security and commodity exchanges
Montgomery St. SAN FRANCISCO 4 SUtter 1-5000
Fresno
Sacramento
Honolulu
Los Angeles
Salt Lake City
Monterey
San Jest
Oakland
Santa Barbara
Santa Rosa
Inc.
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr. & Mrs. Charles G.
Scheuer, Wm. H. Tegtmeyer & Co., Chicago; Mr. & Mrs. Edward
V. Vallely, John Nuveen & Co., Chicago
TORPIE, JAMES V*
WAKELEY, THOMPSON M*
A. C. Allyn & Company
Incorporated
Chicago, 111.
Torpie & Saltzman
New York
City
TORPIE, ROBERT A.
WARDLEY, RUSSELL
California Company, Incorporated, San Francsco; Mrs. & Mr. Elbridge
H. Smith, Stryker & Brown, New York
.
Fulton Reid & Co., Inc. '
'
Cleveland, Ohio
PACIFIC COAST
WALDRON, STANLEY*
WARNER, GEORGE
Merrill, Lynch, Pierce, Fenner
Allen Investment Co.
& Smith, Inc.
Denver, Colo.
WALKER, GRAHAM*
Dempsey-Tegeler & Co.
WEATHERSTON, JOHN S*
New York City
J. R. Phillips Investment Co.
J. C. Bradford & Co.
New York
TRAVISS, JAMES A*
Davidson & Co.
Toronto, Ont.
WALLINGFORD, CHAS. L*
TRIPPE, JOHN M.
Janney, Dulles & Battles, Inc.
Philadelphia, Pa.
Allen Investment Co.
Denver, Colo.
John Nuveen & Co.
New York
EST.
RUSS
WEIGNER, ARTHUR
COLLINS
BUILDING, SAN FRANCISCO 4
S.
COOKE FAULKNER
D.
JAMES
HANSEN
Wire System
WEINBERG, SAMUEL*
&
SONS,
NEW YORK
Members N.
Weinberg, Grossman &
Co.
With
New York City
City
CO.
&
1931
MACRAE, V.-P.
GREGORY
Walston & Co., Inc.
Denotes Mr. and Mrs.
WULFF, HANSEN
Houston, Texas
New York City
WALSTON, CARL R.
Chicago, 111.
MARKETS
Lehman Brothers
WALSH, RICHARD*
Newhard, Cook & Co.
St. Louis, Mo.
VALLELY, EDWARD V*
*
Albert A. Hewitt, First
87
direct and
to
other
Y. S.
CITY
E.
connecting wires
trading centers
WEISS, MORTON*
Singer, Bean & Mackie, Inc.
New York City
Primary markets
WELCH, EDWARD H*
i
Sincere &
Wholesale and Retail Distributor
i
Company
in over-the-counter securities
Chicago, 111.
WELSH, HENRY C., Jr.*
Lilley & Co.
LIFE, FIRE AND CASUALTY
INSURANCE STOCKS
GAS
•
OILS
ELECTRONICS
•
•
UTILITIES
Philadelphia, Pa.
NATURAL GAS TRANSMISSION LINES
WEST COAST SECURITIES
WERNECKE, RICHARD
J*
CALIFORNIA INDUSTRIAL,
Burton J. Vincent & Co.
Chicago, 111.
AND BANK STOCKS
WHITE, JULIAN M*
WALTER C. GOREY CO.
Russ
System
—
St.
New York Stock Exchange
J. BARTH & CO.
Louis, Mo.
Pacific Coast Stock Exchange
American Stock Exchange
Building, San Francisco 4
YUkon 6-2332
Wire
Members
White & Co.
WILEY, DAVE, Jr.
Teletype SF 1011 & 1012
(Associate)
Wiley Bros., Inc.
John C. Legg & Company, Baltimore & N, Y. C.
DIRECT LEASED WIRES TO
Nashville, Tenn.
Baker, Weeks & Co., New York
Troster, Singer & Co., N. Y. C.
•
Scherck, Richter & Co., St. Louis
John R. Lewis, Inc., Seattle, Wash.
WILLIAMS, ROBERT*
•
George Patten Investment Co., Portland, Ore.
Refsnes, Ely, Beck & Co., Phoenix, Ariz.
Weeden & Co.
San
Chicago, 111.
Francisco
*
Los Angeles
75 years
•
•
James P. Speer & Co., Santa Fe, N. M.
Menlo Park
•
New York
of service for Western Investors
WILLIAMSON, E. COIT*
Schmidt, Roberts & Parke
Philadelphia, Pa.
UNDERWRITERS AND DISTRIBUTORS IN THE NATION'S GROWTH MARKET
/O/Y/eaM of
WILSON, HARRY J*
Harry J. Wilson & Co.
Chicago, 111.
A958-/959
WITTICH, WILBUR R*
Grimm & Co.
New York
City
WOGLOM, ALBERT G*
Clayton Securities Corp.
INVESTMENT
DEALERS AND
BROKERS
•
UNDERWRITERS
•
INDUSTRIAL BROKERS
Boston, Mass.
MEMBERS
New York Stock
Exchange
American Stock
440
MONTGOMERY STREET
•
SAN
WRIGHT, WM. L*
•
Pacific Coast Stock Exchange
Lester, Ryons & Co.
Exchange (Associate)
FRANCISCO
TELETYPE: S. F. 308
-
4, CALIFORNIA
Los
•
EXBROOK
Angeles, Calif.
2-0900
YOUNG, PHILIP M*
S. F. 309
Refsnes,' Ely, Beck & Co.
OTHER OFFICES
Phoenix, Ariz.
Los
Angeles 14
New York 5
San Jose, Cal.
Beverly Hills
Hayward, Cal.
Van
Nuys Bldg.
40 Wall Street
55 N. First Street
9804 Wilshire Blvd.
1217 A Street
WHitehall 3-4000
CYpress 2-2442
CRestview 4-8021
JEfferson 7-6811
MAdison 4-7711
CORRESPONDENT OFFICES: HONOLULU,
T.H., MANILA, P.I.
First California Company
ZIMMERMAN, W. J*
Los Angeles
MEMBERS: Pacific Coast Stock Exchange
SAN
DIRECT PRIVATE WIRES TO ALL
PRINCIPAL MARKETS
INCORPORATED
Bingham, Walter & Hurry
ZINGRAF, CHARLES
New York
City
M.
•
Midwest Stock Exchange
FRANCISCO: 300 Montgomery Street, Teletype SF885
Teletype LA 533.
•
PRIVATE WIRES TO
Offices serving
•
•
American Stock Exchange (Associate;
LOS ANGELES: 647 South Spring Street,
NEW YORK AND ALL
DIVISION OFFICES
Inveetors throughout California and Nevada
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
88
Mr.
&
Mrs.
Samuel
Sachnoff, First National Bank of Chicago, Chicago;
X. Cummings, Bear, Stearns & Co., Chicago
Mr.
St
Mrs.
Frank
Mr.
&
Mrs. Lewis "Hank"
Serlen, Josepthal & Co., New York; Mr. & Mrs. Ralph C. Deppe,
Edward J. Jones & Co., St. Louis I
which
A Time for Critical Decisions
Participating Distributors & Dealers in
Municipal & Special Improvement
Shares
ernment.
Even
in
government
1914 the
was
the
Rus¬
largest
employer of labor and the largest
When the
landlord.
& Northwest Securities
the will
of the
clearly established by
people.
Our eco¬
nomic growth rests on the firm
to
Communists
choose.
be
may
hazard
slower
and
and
casual
which
almost hap¬
in
some
Dexter Horton
Building, Seattle 4
MAin 2-5885
This
re¬
have
sense
was a
drastic departure from
ties are determined to make tre¬
mendous gains
the
route
rapidly,
loss
of
even
if it
freedom
and
Communist
under
is
and
tion
her
or
labor
force.
She
is
companied by internal violence, one of the wealthiest nations in
growth of the economy may the world in minerals. She has a
be seriously interrupted.
More¬ large part of the entire world's
Soviet
over,
the
weak
because
ance
be
Union
there
is
no
also timber
is
in
bondage
sume
assur¬
that the satellite nations
held
can
reserves.
for long hours, restrict
and
Supply Company,
now
serving 82
rapidly expanding inter-
region.
Highlights of 1958
(and
Nuclear energy—from Uranium—is being used
to power modern electric power plants and will
comparison with 1957)
1958
1957
Total gas operating
$26,088,644
revenues
Net income per
Dividends per
3,438,800
$
share ....$
1.57
$
1.72
1.20
$
1.20
18.87
$
share
Book value per
Dividends
have
in
$
share ....$
Number of customers
ganization
$25,160,075
...$
Net income
Hidden
been
1935.
155,444
....
paid each
Listed
on
3,754,434
18.50
144,341
year
since its
Pittsburgh
or¬
Stock
Exchange.
Wyoming.
1958 Annual
Address:
HIDDEN
Report will be sent upon request.
Secretary, Mountain Fuel Supply Com¬
pany, P. O. Box 989, Salt Lake
Mountain Fuel
City 10, Utah.
Supply Company
largest Uranium Corporations
180 East First South
as¬
their
con¬
invest heavily in the expan-
Utah-Wyoming Area
mountain
cannot
In sumption of consumer goods, save
forever.
in the
We
that if her people work hard
City, Utah, reports:
communities
Security Building, Salt Lake City, Utah
land
two
The Soviet population of
209 million compares to 175 mil¬
Engaged in the production, transmission and
I
Her
the
distribution of Natural Gas
First
flag.
States.
Outstanding Growth
One of America's
one
approximately
one-half times that of the United
matter of chance and may be ac¬
in
MINING
must
we
Russia has
the world's largest unbroken land
mass
area
Another Year of
S
challenge,
recognize certain facts.
the United States
significant
advan¬ lion for this country.
We shall
tages. In the Soviet Union where not be able to excel her in the
succession to power is so much a size of her land
area, her popula¬
Salt Lake
Splendor Mining Company has been
greatly expanded by the recent merger with it of
Lisbon Uranium Corporation, Rio de Oro Uranium
Mines, Inc., Radium King Mines and Mountain Mesa?
yranium Corporation. Hidden Splendor, as a result,
now
has, major representation in the three prin¬
cipal uranium producing areas: Big Indian Wash,
/Utah; Ambrosia Lake, New Mexico; and Gas Hills,
respon¬
certain
Mountain Fuel
The
en¬
an
Sketches Certain Facts
compelling people, especially the the United States the method by
used to power huge ocean liners and air¬
planes, in addition to various other uses.
social
In order fully to understand the
chosen,
has
1917, Soviet Russia has
been organized on the principle
of
placing the entire economy,
including family life, education,
agriculture, industry,- and even
letters, science and the arts into a
planned pattern of economic de¬
velopment. The Kremlin authori¬
be
with
and
combined
of
power
the past.
Since
means
aspirations,
we
lightened
sibility.
in 1917, they did spects, but it is deeply rooted be¬
change the historical pattern cause the people themselves are
under which the Russian people making the decisions which deter¬
had lived.
However, the revolu¬ mine the direction and pattern
tion in 1917 made one extremely of economic growth.
significant and far - reaching
If the ultimate survival of these
change, and this was the determi¬ two states is to be determined by
nation of the ruling party to im¬
military force, it will probably be
pose upon the Russian economy a
complete and mutual destruction.
rigid framework of state planning. If economic competition is the
came
his
and
The American process of growth
not
JJughbanks Incorporated
administration succeeds
is
Continued from page 15
satellite nations, to follow a course
foundation of freedom in which
always been directed by the gov¬ which they would not themselves we recognize the dignity of man
sian
District Issues, Mutual Funds
one
another
Salt Lake
City 10, Utah
Convention Number
David J. Burke, Blunt Ellis & Simmons, Chicago; John N. Fuerbacher, Walter, Woody &
Cincinnati;
Mrs.
&
Mr.
George
N.
Meeks, J.'M. Dain
Co.,
&
Heimerdinger,
Minneapolis
Inc.,
Mr. & Mrs. Elmer W. Hammell, First Securities Company, Chicago; Mr. & Mrs. Allen L. Oliver, Jr.,
Sanders & Company, Dallas; Mr. & Mrs. Sidney Jacobs, Sidney Jacobs & Co., New York
that 3%% here. The increase in Soviet housing, and satisfactory footwear
If desirable, they
labor productivity has been esti¬ and textiles.
progress in the years im¬ mated at about 6% a year com¬ will export products below their
mediately ahead.
It is not pru¬ pared to 2j/2% annually in the cost of production in Russia which
dent for us to assume that the United States.
Soviet Russia has no private economy can do. For
economic principles
which gave made important economic prog¬ example, they will sell a product
for $8 that costs them $10 to pro¬
our
people such rich economic ress since 1917.
duce. If the> can then take the
rewards will not operate in Soviet
The major economic policy ob¬
Russia.
It is not wise to assume
jectives of the Soviet Union are $8 and buy a product .abroad that
that
she
will
eventually
have unmistakably clear. The govern¬ costs them $14 to produce at home,
trouble with Communist China or ment will restrict the
they will gain.
They may also
production
with her own people, and that of consumer
goods and pour its export at a loss for a time in order
her challenge to our institutions
ruthlessly to destroy the markets
savings into the expansion of in¬
of
another nation.
These losses
and
to the Free
World can be dustrial
equipment and plant in
are
absorbed
by
the
Russian
lightly dismissed. This is folly.
its determination to build eco¬
Soviet Russia is already the sec¬ nomic power as rapidly as possi¬ economy as a whole rather than
by
one
exporter.
ond nation in the world, after the ble. Science and military produc¬
United States, in the production of tion will also be given priority.
We must recognize also that the
steel.
Her steel
production ex¬ The
people
will
be
promised Soviet Government has control of
ceeds that of West Germany and enough goods to prevent unrest, the resources and people of East
the
United
Kingdom combined. and their standards will be al¬ Germany, Poland, Czechoslovakia,
to
When the Russians began their lowed
improve
slowly.
In Hungary, Rumania, Bulgaria, Al¬
first five-year plan in 1928, they those
areas
where
the
Soviet bania, Estonia, Latvia and Lithu¬
Some
of
these countries
produced
only
4
million
tons authorities choose to excel, they ania.
(metric ton=2,204.6 l£>.) of steel. will concentrate their efforts to with important resources,^ skilled
In 1958, they produced 55 million surpass
the United States. For workers, and highly efficient in¬
tons and in 1959 will produce an example, they will'concentrate on dustries are making contributions
estimated 60 million tons. The goal steel production and machine tools of great value to the strength and
for 1965 is 95 to 100 million tons. and give far less effort to auto¬ economic power of Soviet Russia.
sion
of
her
basic
industry
she will not have remarkable
eco¬
nomic
Russia is second in the production
mobiles, television sets and tex¬
of
tiles.
electricity and third in alumi¬
num.
The rate
of increase
in her
into
will
They
space
propel
We
rocket^
and amaze the world,
are
therefore
way
of life may be at stake. What
of the steps we must
dividual kitchens and bathrooms,
take to be certain that we main¬
electrical
tain the economic strength of our
has
year
been
estimated
at
about
to
compared
appliances,
adequate
are
i
;
to be
more
even
sought than goods
guns?
or
We
larger, not smaller, in the
ahead. With great modern,
- driven,
mass
production
industries, with great organiza¬
grow
years
power
tions of labor that have the power
to shut down
production across
the
nation
and
with
the
Soviet
Union
areas.
challenging us as an eco¬
and military power, it is
highly improbable that govern¬
ment will return to the simple
role of colonial days, However,
if capitalism is to function at its
nomic
We Need More
FIRST
ment
role
the
of
of
Self-Reliance
Since
—
the
United
establish¬
States,
has
government
the
grown
there are best, it needs the utmost freedom
agencies consistent with the complex inter¬
which regulate almost every im¬
dependence of modern life.
portant segment of the American
Millions of Americans condemn
economy. An objective analysis of
the historical trend of the role of the expanding role of government.
steadily
scores
larger,
of
Today
government
Continued
government indicates that it will
on
page
Oregon : Portland, Salem, Eugene,
Medford, Coos Bay, Hood River,
The Dalles, Pendleton, Astoria.
Washington: Seattle, Vancouver, Longview.
Maintaining markets and trading information on
some
Pacific Coast Securities
"
•
are
shall consider three
confronted
ten
a
which
ment
a
while millions of families lack in¬
years
country, give strong leadership to
the Free World, and help the un¬
der-developed nations to recog¬
nize the ideals of freedom, human
dignity and constitutional govern¬
challenge of great magni¬
tude and one in which our entire
with
industrial production over the last
12%
89
THE COMMERCIAL and FINANCIAL CHRONICLE
\
for
We
can
help
years.
PORTLAND, ORE.
SEATTLE, WASH.
912
Bldg.
Logan Bldg.
Phone MAin 3-2390
CApital 6-6421
PBX PD
blanket!
30
little-known, hard to locate
800 Woodlark
Phone
offices
over
on
Troster-Singer and A. G. Becker wires.
companies.
twelve
you
PBX SE 842
155
Jack Bader
—
Head Trader
CarlaDillery
—
Second Trader
C. Arnold
—
—
Lee
Taylor
Loncosty
the rich
pacific
northwest
TRADING AND RETAILING
PACIFIC NORTHWEST SECURITIES
UNDERWRITERS
*
Underwriters
Distributors
*
—
DEALERS
—
DISTRIBUTORS
Dealers
CORPORATES AND MUNICIPALS
UNLISTED
Rcific
SECURITIES
Northwest Company
George Patten Investment Go.
SECURITIES
American Bank Building
SEATTLE
Portland
•
Yakima
•
Spokane
Aberdeen
•
Tacoma
•
WASHINGTON
24,
•
Bellingham
Wenatchee
•
•
Medford
Portland 5,
Eugene
•
•
Salem
Walla Walla
Oregon
AT & T Teletype PD 229
Telephone CApitol 64141
DIRECT
LEASED
WIRE
CONNECTING WIRE
DIRECT
LEASED
TO
J.
BARTH
&
CO.,
SAN
FRANCISCO
TO SCHERCK, RICHTER COMPANY, ST. LOUIS
TO
JOHN
R.
LEWIS,
INC.,
SEATTLE
WIRE
90
90
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr.
&
Mrs.
Robert
I.
Herzog,
First
Herzog & Co., New York; Mr. &'Mrs.
of Michigan Corporation, Detroit
Clarence
Mr. & Mrs. Richard H. Walsh, Newhard, Cook <fi Co.. St. Louis; Mr. & Mrs. Joseph Bronemaier,
Scherck, Richter Company, St. Louis; Mr. & Mrs. Burton Smith, Donald C. Sloan & Co., Portland, Oreg.
A. Horn,
debt stood
A Time for Critical Decisions
Continued from page 89
ernment
They
tures to lessen the fluctuations of
out against increasing
expenditures, unbal¬
high taxes. At
the same time through their rep¬
resentatives in the Congress they
demand of government vast new
cry
government
anced budgets and
SOUND
PUGET
PULP
services, Federal aid, price sup¬
ports, stockpiling of products on
a
gigantic scale, bonuses, subsi¬
& TIMBER CO.
dies, easy credit and low interest
rates. Scores of Federal agencies
almost
regulate
sector
of
the
every
economy.
important
Approxi¬
mately 100 Federal programs pro¬
vide aid for states. We persist in
BELLINGHAM, WASHINGTON
indulging in the illusion that Fed¬
eral aid does not come from local
taxpayers. A critical analysis of
the trend to an increasingly larger
of government offers little
encouragement to those who be¬
role
lieve that
government should per¬
form essentially only those func¬
tions
which
individuals,
busi¬
Manufacturers of
nesses
Bleached Sulphite Pulp, Tissues,
Paperboard, Industrial Alcohol,
communities
and
cannot
perform, or cannot perform as
well as government. If this trend
is to be halted we need to show
expendi¬
Fiscal
a
national
and
fiscal policy.
retirement
times and
debt
a
ernment to
of
Nevertheless,
in
good
heavy counter
in periods of
the record indi¬
eight of the last
twelve years we have had budget
deficits and the Federal debt has
increased
over
$35 billion. Fed¬
expenditures reached their
lowest point since World War II
in 1948 when they were $33 bil¬
eral
lion.
Today
mately
$80
they
approxi¬
are
billion.
The
time of
offset the effects of
Federal
restraint in running to gov¬
some
ernment.
need
We
far
ate economy
greater
Telephone
MAin
Cable Address
3-3040
Lewisco
Teletype SE 105
of the United States
finally embrac¬
and find ourselves
ing
the
which
economic
now
socialization
characterizes the
com¬
munist world.
SECOND—We
At
A
Potlatch
Forests
to
look
at
JOHN R. LEWIS,
and
inc
Investment Securities
26th Anniversary,
lOOO
SECOND
SEATTLE
rapidly as possible. These were
policies for almost a century
and a half. However, since the
1930's there has been a far-reach¬
of PRODUCTS
4.
1933-1959
AVENUE
WASHINGTON
the
through
Forest
budget
squarely on two major ideas: first,
the budget
should be balanced
annually; and, second, any pub¬
lic
debt
should
be retired
as
Complete
LINE
need
fiscal problems.
During the greater part of the
history of the United States, the
budget and fiscal policy of the
Federal
Government
rested
our
and fundamental
these concepts.
ing
Utilization
The budget
the
Lumber
last
Federal
on
the
in
Government
years
idea
in
wires:
b. c.
roadhouse & co., vancouver,
investment co., portland. or*.
george patten
j.
and fiscal policy of
twenty-five
based
Plywood
change
direct
doherty.
barth
&
connecting wire to:
co.,
san
francisco.
cal.
scherck richter company, st. louis
the
has been
of using gov¬
Veneer
Paperboard^
Fine
Paper
State and
Pulp
Paper
Municipal
Bonds
Cups
Napkins
Paper
Plates
U. S. Government
Dairy
Bonds
Containers^
BOND DEPARTMENT
Seattle 24,
Washington
Telephone MAin 2-3131
POTLATCH
GENERAL
FORESTS.
OFFICES,
INC.
LEWISTON,'IDAHO
Member
a
will¬
ing to have deficits with increas¬
ing regularity because of the de¬
mands of our people for services,
subsidies, and benefits from gov¬
ernment? Do repeated deficits re¬
flect a deterioration in the ability
or in the willingness of the people
to pay for the expenditures they
demand
through the Congress?
Do deficits reflect the willingness
of the Congress to approve spend¬
ing programs they believe the
people desire but an unwilling¬
ness to present the bill for these
expenditures to the people? Are
these the interpretations we must
put on a failure to balance the
deficit with increasing
because
that
in
debt
United
business decline, are we now
surplus with
a
of
cyclical spending
depression.
cates
are
in budget
In general, the
budget is to show
the
income
now
the
only in
underlying the budget and fiscal
policy of the country. Instead of
an occasional
deficit resulting
from heavy spending by the gov¬
lessening depression. The levels
of unemployment, industrial pro¬
and
increased
now
policy is expected to play
all to be considered
the
may ask whether we are
undergoing another funda¬
mental change in the philosophy
cycle and to provide
growth with stability.
role in curbing inflation and in
duction
of
debt
1930's
States
One
the business
economic
$252 billion in 1948
billion now. Until the
at
war.
,
self-reliance, or we may ste
lose more and more of the priv¬
Lignin Products.
and
revenues
and is $289
Federal
Deposit
^
Teletype SE 489
Insurance
Corporation
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
budget in good times with a sur¬ whelming in its importance inis a certainty that we shall be
periods contrast to foreign markets. We compelled to import a
greatly
budgets likewise assumed that the real increased volume of these mategenerally
show
deficits?
Even problem in foreign trade was the rials. In 1957, we
imported 27%
with our gross national product inability of foreign nations to
buy of the iron ore we used, over 40%
approaching $500 billion annually, our products and not the possible of the copper, almost half the lead
we are not certain of a substantial
inability of the United States to and close to 40% of the rubber
surplus in the Federal budget. We pay for foreign raw materials and and 70% of the zinc we needed,
are hopeful
that with good for¬ products we require. Our position Chemicals, tin, nickel and alumitune Federal revenues
will in¬ on these questions needs to be re- num were other large
imports,
crease sufficiently to balance the
examined.
Our conclusions may We need to expand our exports to
budget in June, 1960. Have we not be on as firm ground as they pay for imported raw materials.
now
retreated historically to the once were.
Otherwise, we shall have to pay
Consider our position in foreign
position that with good fortune
.
,,
0 further increase the dollar
budgets will just be balanced in trade today. There are a number &
of
indications
that
our
technical
holdings
of
the
rest
of
the
world,
prosperity and that we shall have
deficits and
Federal
and
productive skills are being
matched or excelled by industry
steadily increasing
a
debt
business
when
de¬
other
.
_
Our
of
excess
Certainly
one
in
hears
now
an(j services
and
the currency kept sound un¬
less
the people and
are
the
be
must
of
costs
paid and
a
our
—
was
total
so
small
We
conceded
in
relation
of
output
was
that
not
to
50%
of goods
of
their
total
tion
move
the
American
market
UNDERWRITERS
our
sold
These
any
Government
the largest
but they were
not large in relation to our total
gold holdings of over $20 billion
outflow
at
the time, and they were
for major concern.
billion
loans, grants and an
capital of $2V2
making total payments
of
billion, or $4V2
other
of
in
billion
of
excess
from abroad.
our
This is
a
one
were
year,
matter
—
abroad
thermore,
income
these
strengthen
substantial
the
deficit.
In
exports of goods
over
imports
our
nations,
world
present
a
in
us
and
struggle
1958,
our
balance
of
ments deficit was $3.5 billion.
are
areas
of economic
pay¬
Free
World
markets
This
The
gold
to
on
FOR
in
page
92
^/^k|\#ekl-v-|^<
CONVENTIONS
government
loss which the taxpayer
In
addition,
quantities of
DISTRIBUTORS
&
we
—
consume
Ilglll
vast
materials, and it
raw
DEALER-
CORPORATE
SECURITIES
PrWate wire
to
Dempsey-Tegeler &
Co., Los Angeles
J. S. Straoss & Co., San Francisco
Doherty Roadhouse & Co., Vancouver, B.C.
with connections to other
trading centers
M** * Z
Sgr
f
Teletype—SE 234
/'A
<;
Harper
W
WW
vy/?
Ave,
Son & Co.
<+■
■
it
' >
f
?»:
!
-flit
Seattle 1 tOask.
'
Tacoma
S- '/
▼T/
Investment Securities
150* Third
/<%m :•
'• '
/
V/
founded 1892
s.
4*
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Wenatchee
Yakima
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'Barbecue, at Trail Creek Cabin
UNDERWRITERS
only logical that Sun Valley, world-famous
BROKERS
as
a
family funland, should attract spring and fall
business conventions.
DISTRIBUTORS
For here's the
Corporate and Municipal Securities
...
.
excellent hotel accommodations.
and service
Foster & Marshall
can
Investment Securities
MIMlll.RS
SIo<■ k
hjo
SrH'orul
FOR I I.AND
\
v.«•
•
.
N«w
Kx*
SI
'
A 1"| 1,1. 4
SPOKANt
•
York
•
I «-l e -1 y |
LLKiLNL
•
*« •
SI-.
IS'Z GT.'i
YAKIMA
•
spend
..
.
and the many
your
.
.
superb food
pleasurable
ways you
free time. Golf, fishing, swimming,
ing tell part of the story.
of I r.uli'
ChwiiRo
pleasure,
a
tennis, riding, bowling, trapshooting and ski-lift rid¬
AimTir.in
Slock
A^siici.ite)
place where business is
thanks to the tonic effect of the mountainside setting
.
1'hon#'
OLYMIMA
•
Ml'
For the
LMH)
MLDKlRD
complete picture let
us
send
you our con¬
vention folder. Address Mr. Winston McCrea,
Sun
Valley, Idaho (or phone Sun Valley 3311)
Pacific
Owned and Operated
UNION
by
PACIFIC RAILROAD
Railroad, Room 2633, Omaha
or
Mgr.,
Union
2, Nebraska.
us.
far
so
Continued
met largely by a withdrawal
was
asset
withdrawals
in
prevailing
our
in
other
strength in the
an
are
AND WESTERN
products. To
agricultural products at
prices
not a
Fur¬
withdrawals did
some
WIDE-OPEN
our
markets,
sells at
us
MUNICIPAL
here.
in
pays.
over¬
—
we
world
com¬
was
hold
gold withdrawals
$1.2
assets
into produc¬
come
undersell
lower
the
to
pelled to export in order to live.
However, we assumed that for
and
where
output
and services were
higher to
are
nations
whose foreign trade was equal
25
to
goods and
significant.
other
nations
of
short-term
some years was not seriously
threatened, but today our com¬
petitors are strong, and they op¬
Our position as the erate
in some cases with newer
economic power of the equipment than ours. For at least
world may lead us to indulge in
five years our relative share of
unwarranted complacency and to
the industrial production of the
entertain a number of question¬
world
has
been
declining.
Our
able assumptions. For many years
exports
of manufactured
goods
we have assumed that we excelled
also have not gained as rapidly
in the world in technical and pro¬
as
world exports.
ductive skills and that this lead¬
Our policy of supporting prices
ership was certain to continue. in agriculture has made it possi¬
We have also assumed our foreign
ble for other nations whose costs
trade
increase
an
the
Brazil.
principal
services that it
in
for
pro¬
vided?
THIRD
these
ductive
government
surplus
and
billion
However, we make three large
payments abroad: (1) military ex¬
penditures of over $3 billion; (2)
an outflow of $2 billion of private
capital;
and
(3)
United States
A great deal of the pro¬
capacity of Europe and
Japan was destroyed in the last
war.
Our
industrial
leadership
as
the Congress
determined that in good times
least
at
billion in gold by foreign
nations
,
countries, and that we are
little, or nothing, of any plan of losing some markets, even in na¬
tions
where
debt reduction. How is a Federal
industry is in the
debt of $289 billion to be managed early stages of development such
clines?
of $2.3
running at the rate of approxi¬
mately three billion dollars a year.
plus to carry us through
of business decline when
.,
91
■
Mr.
&
Mrs.
K. Snodgrass, Peters, Writer
William J. Candee, Candee
Charles
& Christensen, Inc.
& Co., New York
Denver;
Thursday, November 26,
FINANCIAL CHRONICLE
THE COMMERCIAL and
92
Mr. &
Mr. & Mrs.
Mrs. Lester Frenkel, Gersten &
Frenkel, New York; Burton Loewer, Neuberger & Herman,
New
York
demonstrate
A Time for Critical Decisions
Continued from page
T. NELSON O'ROURKE, INC,
1958,
but the balance of payments
defi¬
been less than
have
cisely the kind of economic pro¬
gram which it seems to me must
emerge from these decisions if the
nation is to remain strong and to
maintain
its
leadership
as
the
91
in
1959
running at a rate of $4V2
annually is greater.
This
deficit may not presently pose an
cit
now
billion
Submits
expenditures abroad
make other major adjustments.
or
Seabreeze
FIRST
with
DAYTONA
CLinton
FLORIDA
BEACH,
Tele.;
2-5571
DB 80
of
evidence
any
a
budget
the
leading
reservation.
no
This
decision
by
people and the Congress will
greatly lessen the problems of the
Treasury and the Federal Reserve
System. It will help to give us
reasonable price stability, main¬
tain the strength of the American
dollar in the world economy and
our
encourage
saving
and
long-term
investment.
The
position of those who de-
National Resort Photographers
outflow of gold.
addition
In
the
in
of
capitalist nation demand fiscal re¬
sponsibility of their government.
Strong fiscal policy is an integral
part of the defense of this coun¬
try.
In this area there must be
loss of confi¬
dence in the dollar as indicated by
the
Balance
clearly to the world
people
true if there were
also be
would
—
surplus
the
This
capital abroad.
movement of
a
that
the
discourage
to
order
in
rates
Economic Program
an
good times to
offset deficits in periods of de¬
clining business.' We shall thereby
deficit, or an increase
in the deficit, may tend to main¬
tain upward pressure on interest
payments
Tel.;
the
We must—
balance of
A continuance of our
Boulevard
of
power
world.
to reduce our
533
economic
major
problem, but it is ques¬
tionable how long such a deficit
can continue before we shall have
urgent
Investment Securities
1959
the
to
problem
of
large payments abroad, it is ap¬
to
concern
★ RETAIL
DISTRIBUTION
★ FLORIDA
Direct
is
unless
volume
the
MARKETS
SECURITIES
Wires
the
ket
but
IN
largest
we
can
we
the
materials
raw
must
SPECIALTY
world,
increasing
$2.00 EACH
shall be unable to buy
goods
and
and New York
&
Handling
we
import to keep our economy
to
markets far
BOCA RATON HOTEL & CLUB
aggressively in
more
Boca
Raton,
Florida
competition
with
nations
now;
operating with efficient, low cost
equipment.
Beil
It
is
not
that the
enter¬
ing a new historical period in its
balance of payments position as
a nation with a very large deficit.
United
Member Midwest Stock
in
sell our goods
operating and expanding. We shall
therefore
have
to seek foreign
OF FLORIDA
John C. Legg & Co., Baltimore
Sincere & Co., Chicago
Exchange
350 First Avenue North, St. Petersburg 1, Fla.
Teletype ST PBG 8094
Telephone 5-4601
The American mar¬
us.
and services abroad in
MUNICIPALS
★ TRADING
CANDID PHOTOS OUR
parent that our foreign trade may
also become a matter * of critical
FLORIDA
impossible
States may now be
balance for commercial
Its
actions
is
still
favorable,
total balance of
is
running
now
icit
resulting
trans¬
but its
payments position
a substantial def¬
transfer to
the
in
(
the rest of the world of
gold, and
Z<
v
.
i
^
various
UNDERWRITERS
—
DISTRIBUTORS
—
DEALERS
types of short-term obli¬
gations at a rate of $4% billion
annually. ■
,
The
'
:£;•<
Secretary of the Treasury
a recent ad¬
Growing fast, Florida offers rich dividends in
has wisely stated in
dress
that there
must
be "a
determination by all the
TWENTY-NINTH
OUR
YEAR
Southern Municipal &
Corporate Securities
TAMPA
617 Madison Street
Telephone:
2*4628
Teletype: TP 8040
Wire
Systems
JACKSONVILLE
Barnett National Bank
Building
Telephones: ELgin 3*8621 & L. D. 47
Teletype: JK 181
Private Wire Between Offices
Dominick & Dominick
John C.
Legg & Company
countries to face the common ob¬
C A R K I S O INI.
deficit
IXC.
our
balance
other
less
of
manpower,
op#
able electric power
<.TA<r
it
may
require
a
greater
degree of economic discipline than
have
ever
experienced.
_We are in a time requiring criti¬
cal-decisions; r May
I
state
con¬
transportation facilities... and depend¬
guaranteed by the greatest
expansion of generating capacity in the history
«
of Florida Power &
.
In every sense,
Light Company.
Florida futures represent
a
sensible investment!
FLORIDA POWER & LIGHT COMPANY
steps
for attention.
The balance of payments problem
is a new one for our people and it
is one of the most important be¬
friendly governments, lower costs,
excellent
payments
desirable
business—bulging markets, rich reservoirs of
iP|jJ§
will inevitably press
we
W LI It [KM,
c.v;;|s vjp
-perfectly clear that if the
steps which the Secretary of the
Treasury has suggested do not
correct
M
'
—..
is
cause
PIERCE,
industrial
ligation to share in the task of
providing capital to the less de¬
veloped parts of the Free World."
He also urged the elimination of
discriminatory restrictions against
imports
from
dollar
countries.
This is commendable frankness.
It
superb climate—ideal for living, favorable for
new
Miami, Florida
-
£&
Helping Build Florida
•
V-
£>«:
Convention Number
Mr. & Mrs. Joseph
THE COMMERCIAL and FINANCIAL CHRONICLE
E. Smith, Newburger &
Co., Philadelphia; Mr. & Mrs. Earl L. Hagensieker,
Gardner, St. Louis
Reinholdt &
mand still
by
creased
ment
larger budgets and in¬
spending would be more
impressive if they also demanded
balanced budgets instead of asking
for government projects and ben¬
efits for which they are unwilling
to pay.
We
also
need
far
better
esti¬
refusal
a
of
expenditures
enormous
which
and
lessen
the
later
greatly
sums,
boom
a
effectiveness
of
monetary
policy.
In a recession
we ought only to undertake
prac^
tical projects that can be rapidly
initiated
and
narily within
completed,
ordi¬
year
and
a
SECOND—Remove
the
ceiling
on
interest
Federal
rates
on
securities
capitalist
manage
a
power
so
half.
the
major
of the world
can
its debt properly through
the savings of its people and not
add to inflationary pressures by
financing deficits through shortterm financing in the banks.
We
have no right to hold the Federal
Reserve
System responsible for
correcting through monetary pol¬
icy the problems of fiscal policy
which
we
ourselves
create
budget deficits in good times,
by
or
—
ness
an
end to the
to make
means
squarely facing the facts. The
facts
securities
shows
the
firm
determination
Federal
attractive
are
when
a
that
are
and
unmistakable
live
to
in¬
to
government
within
the
its
highest efficiency
inflation.
and
We
There
living. We shall need an incred¬
ible
volume
of
savings in the
years immediately ahead if Amer¬
ican industry is to modernize and
expand its plant in order to keep
its
economic
leadership in the
struggle with communism.
substitutes for these
fundamentals.
As
the
greatest
capitalist nation in the world, we
need
to quit playing hide-andwith the principles of sound
fiscal policy.
THIRD
—
Reduce
sharply the
expenditures under the farm pro¬
grams that now encourage
pro¬
duction of agricultural products
for
which
is
there
a
With
Federal debt
lion
a
and
can
ill
a
of
record
afford
to
market
no
government
except
of
stockpile.
$289 bil¬
deficits,
penalize
build
the
further
raise
their
FIFTH—Eliminate
are
American
aggressively
more
the
markets in order to end the deficit
na-
our
resources.
foreign payments and
of
waste
and
standards
in foreign
Continued
WELCOME TO
N S T A
on page
FLORIDA
;
MEMBERS
of
Smuj Shmnas $c GUt.Jnr.
MEMBERS MIDWEST STOCK EXCHANGE
305 SOUTH COUNTY ROAD
form
extravagance both
every
PALM
BEACH, FLORIDA
government and in the private
economy.
This includes, for ex¬
ample, the elimination of featherbedding in any industry where it
we
exists.
tion
In
our
with
the
economic
and with highly
in
is
nations
of
competi¬
Communist
World
BUSINESS
ESTABLISHED
1924
efficient industry
the
Free
World, it
MUNICIPAL BONDS
completely inexcusable to waste
CORPORATE SECURITIES
LEEDY, WHEELER & ALLEMAN
Incorporated
FLORIDA
BANK
BUILDING
ORLANDO, FLORIDA
BELL
TELETYPE OR
7010
GA
2-5161
State and
U. S. Government Securities
Municipal Bonds
Florida's most
complete resort!
Bonds
of Federal Agencies
Bond Department
HOTEL and CLUB
ATIjANTTC
18 holes
of
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meals, five bars, dancing and entertainment. Unbelievably moderate
rates, full American Plan! For color
brochure and reservations write
R. B. Leggett, Manager, Dept. 137.
championship golf, plus
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See your
Travel Agent
or
Offices in New York
•
Boca Raton,
Florida
#
Stuart I.Moore, President
National Representatives: ROBERT F. WARNER, INC.
•
Chicago
•
Washington
•
Boston • Toronto
NATIONAL BANK
OF
JACKSONVILLE
JACKSONVILLE,
FLORIDA
^
Organized 1903
Telephone ELgin 6-5611
Wire
as-
goods
in
the
of
this
country and
agricultural stockpiles cost¬
ing over $8 billion of the tax¬
payers' money.
consumers
far
Sell
keep clearly in mind
objective of ultimately
reducing personal income taxes so
the people can save more and can
no
which
must
the interest rates
prevailing in the market.
These
are
the
simple
fundamentals.
are
SIXTH
we
also
pays
lives
encourage
ties
and
human
tion's most valuable
costs, including wages, we
lessen the management discipline
needed to operate a business at
income, provides suitable maturi¬
seek
longer-term
FOURTH
Reduce the corpo¬
rate income tax rate of 52% which
at present makes the interest of
the Federal Government in busi¬
out
vestors
aggravate the problems in
Doyle, Hardy & Co., New York; Mr. & Mrs. Morton A. Cayne, J. N. Russell & Co.,
Cleveland; Mr. & Mrs. Henry C. Welsh, Lilley & Co., Philadelphia
Federal securities attractive with¬
in
involve
Mr. & Mrs. Larry
ness
greater
than
that
of
the
stockholders. By charging to gov¬
ernment over half of
many busi¬
ing will help to put
fruitless search for
essential
initial
markets.
Removing the interest rate ceil¬
mates in the Congress of the ulti¬
mate costs of projects undertaken
periods of business decline.
Projects are approved for small
to permit the pay¬
going interest rates
the
in the money
93
System
Member Federal
-
—
Bell Teletype JK 182
The Bank Wire
Deposit Insurance Corporation
94
94
Mrs.
&
Mr.
Milton
J.
Isaacs,
Straus,
Blosser
Daniel F.
Rice
&
& McDowell,
Co., Chicago
Chicago;
Mrs.
foreign
materials
raw
tion.
shall
we
not successful in
are
It
is
matter to
The
United
entirely
the op¬
even
portunity to compete fairly.
States
has strongly
reciprocal
trade
program. At present,
the
agreements
it would be well to stress that
an
be denied
competi¬
different
In
note
this
that
connection,
the
market has
we
we
European
should
common
the possibility of be¬
R.
R.
(Pete)
efficient, low cost industry with
aggressive foreign marketing this
potential new market in Europe
will
we
need.
supported
Strauss,
Robert
A Time for Critical Decisions
Continued from page 93
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
i
offer
nities
to
unusual
American
new
opportu¬
business.
Hawxhurst, Jr., Bacon, Whipple & Co., Chicago; Mrs. Lois A. Brad/,
James R. Cruttenden, Cruttenden, Pod est a & Co., Chicago
In
our
the
of
programs
over
United
also
States
the world.
view
of
balance
world-wide
the
serious
detriment
of
the
national economy. We have legis¬
lation which deals with possible
the only large
which
country
jor way to
tal
of
in¬
has
not
a
ma¬
heavy capi¬
plant and
encourage
expenditures.
The
equipment of the United States
well be the single most im¬
may
mechanics of these activities may
perhaps continue to be handled
portant
factor
whether
we
in
fully
the
standards
own
are
modernized its tax laws in
SEVENTH—Determine whether communism, we need to reassess
are now monopoly
powers critically
every
aspect
of
our
in labor or business which operate
grant, aid and loan activities. The
the
our
We
dustrial
large deficit in
of payments and the
economic program of
there
to
raise
living.
Chicago;
the
in
shall
determining
meet
economic
success¬
challenge
of
monopoly in business. However, partments and agencies, but the Soviet Russia. A reduction in our
today we have big labor as well over-all direction would be more present rate of 5 to 5%% of un¬
restrict the import of American the Common Market are
joined as
big
business.
If
labor
has efficient and effective if one
per¬ employment to a more normal fig¬
products by quotas, tariffs, taxes by the Outer Seven nations, they
reached a position where it can son
had the full responsibility for ure of 4% is highly desirable and
or other devices. We ask no favors
may become the greatest market
force wage advances in excess of
undoubtedly
be
attained.
in foreign markets. We ask only the world has ever known.
coordinating and waging our eco¬ will
They overall
productivity and thereby nomic offensive. This would also However, this achievement will
the right to compete. It is one could offer
exceedingly difficult inflate the cost of
living
for
provide
include
the
only
a
relatively
small
extremely important
thing to compete on a reciprocal competition to American industry.
every
American
consumer
and
basis in foreign nations, even if However, if we combine
responsibility for expanding our one-time increase in production.
highly
jeopardize the markets for Amer¬
With a Russian population of 209
foreign trade.
ican products abroad, it will be
million compared to our 175 mil¬
Perhaps we need also to con¬
in the interest of labor and of the
sider establishing the policy that lion, we cannot excel in the size
American
people to
take firm
of our labor force.
If we are to
nations making purchases from a
steps to correct this situation. We
increase our output of goods and
nation with
adequate
gold
and
are
in a world struggle for sur¬
services
per
manhour, which is
hard currency balances should ar¬
Underwriters and Distributors
vival, and we cannot afford
the real test, it is imperative that
range financing terms with
the
the
luxury of monopoly which
we increase the size and
efficiency
seller nation and not expect toruse
weakens us in ahy sector of the
of our capital
equipment.
This
American loans or grants.
—
nation.
do
not
policy
look
of
with
favor
those
the
upon
nations
coming
which
a
highly
successful
eco¬
present
government
de¬
nomic venture. If the countries in
Municipal Bonds
Corporate Issues
need to encourage sav¬
means we
EIGHTH—Reassess the Federal
Mutual Funds
program
and
of
foreign
loans, and charge
grants,
aid
one person
in the government with
the
NINTH
—
Revise
the
tax
laws
relative to depreciation to permit
the earlier replacement of obso¬
lete equipment.
This will help to
ings for investment.
attractive
an
and
the
make American industry the most
chasing
plete responsibility for coordinat¬
efficient, low-cost industry
remain
ing and supervising all economic
highly competitive world.
com¬
in
a
It also
means
for investment
that
assurance
power
the
pur¬
of the dollar
will
reasonably stable.
TENTH
It will
rate
—
Oppose vigorously
Jfa.
Member
Philadelphia-Baltimore Stock Exchange
Corner 8th &
Church
LYNCHBURG,
Phone
Victor
6-5201
Teletype
Branch
Bristol
-
Roanoke
Direct
-
Wires
Sts.
VIRGINIA
to
LY
64
Ja the Port of Baltimore...
Offices
Richmond
New
Hayden, Stone & Co.
York
-
Norfolk
City
Troster, Singer & Co.
or
c^'
00:
w
-
.
•;
«...
m
.-''CT'"'
t
><
.#d
1
'
Securities
^
a
.
^
'
+r'~'
Utility Stocks
Trading Markets
Retail Distribution
STRADER and COMPANY, INC.
LYNCHBURG, VIRGINIA
LD 39
-
;•:::
'
V:-.v
Municipal Bonds and Corporate
Local Industrial &
*
'
.
Victor 6-1333
-
TWX LY 77
Private Wire to Shields &
Company, New York City
Maryland Shipbuilding & Drydock Company
Main Office and Plant
•
Baltimore 3,
Cable Address: Mardockco
•
Maryland
New York Office
•
1
•
Telephone ELgin 5-0500
Broadway
•
Dlgby 4-0934
.
a
Convention Number
Mr. &
Mrs.
Grimm
those
times
of
A. Jackson, First Southwest Company, Dallas; Mr. & Mrs. Wilbur
R. Wittich,
Co., New York; Mr. & Mrs. Elmer G. Long well, Boettcher and Company, Denver
would fan the fires of
pleading
by
and
money
best
Winton
&
who
inflation
low
for
interest
business boom
interests
quire
THE COMMERCIAL and FINANCIAL CHRONICLE
of
the
easy
rates
when
nation
in
ahead.
a
nation embarks
adds
period of business
to inflation
proceeds, monetary history
as
it
indi¬
cates
possible to bring the policy to an
crucial issue in the months
Once
and
re¬
a
a
boom
the
policy of restraint in the
money markets.
This question of
easy and cheap money may be¬
come
this policy in a
on
end
that
it
before
becomes
a
almost
disastrous
im¬
and
so¬
bering experience.
Our
decisions
problems
Dan
V.
Bailey,
challenges now con¬
Although we must be
strong
in
military defense,
it
seems certain that the
struggle for
world leadership will be deter¬
mined
us.
to
significant degree by
a
economic power.
on
these
critical
will
play a significant
role in determining how we meet
Marshall, Portland, Oreg.; George R. McAleer, Dominick
York; J. T. Fuller, Wm. A. Fuller & Co., Chicago
pendence to the present day, our
people have found an enriched
hearts
our
are no
world.
economic
economic
history of the human
those
are
who
in
power
There
race.
believe
the
that
the
incredible material riches which it
has brought our people may ul¬
timately be the source
greatest weakness.
If
Russia
barren
with
its
materialism
their
of
bleak
and
becomes
in
nations
or
attain
greatness.
quire
hold
We
know
fiscal
and
principles
to
that
a
nation
political
achieve
may
and
values
flower.
age to make
sound
these
policies re¬
which men
of
and
if
assurance
We
know
front the difficult
rest
on
that
balanced
hard
budgets
financial integrity.
We shall
never
of satisfied
become
slaves
for goods and guns.
a
spirit
cour¬
we
have
abiding faith in these ideals,
an
that
to
the right decisions in
times,
confident
know
man's
If we have the
shall have
We
creative
statesmanship
work and thrift require character.
fast.
of
nobler society in which
a
finer
the
men
distinction
be
Dominick,
men
and
know that there
we
devices by which
easy
to
&
striving through a con¬
stantly improving economic order
expanding life in the Ameri¬
can tradition of private
enterprise
and political liberty. We are heirs
to a priceless and costly legacy.
enlightened capitalism of
this
country has given us the
highest standards of living in the
It has made this nation the
tinue
free
and
In
The
greatest
Distributors And Underwriters
&
New
the economic
fronting
Foster
inner
an
we
serenity and
as
we
problems of
our
time.
nation
♦An
striving solely
We must
address
American
con¬
by
Mr.
Bankers
Prochnow before
Association
Conven¬
tion, Miami Beach, Fla., Oct. 26, 1959.
history the blind samson who
pushes down the economic tem¬
ple of the capitalist world, it will
Investment Securities Since
be
i8q/J.
because
weaknesses
had
de¬
veloped in the temple before the
shoulders
of
communism
We Cover The Southeast!
were
brought against its pillars. It will
be because of the spiritual
and secular strength of commu¬
not
nism. It will not be because
munism
and
The Robinson
-
Humphrey Company, Inc.
has
exalted
because
we
be because
RHODES-HAVERTY
ATLANTA
JACKSON
2,
our
BUILDING
not
GEORGIA
1-0316
,
subordinated
the
our
to
our
the
man
It will
failed.
ideals,
character and
equal
state.
have
It
our
Check with
com¬
will
Securities
vision,
minds
us on
Southern and General Market
be
were
challenge
of
democracy, freedom, and modern
LONG DISTANCE 421
capitalism with its
Bell Teletype AT 288
sense
of social
responsibility.
From the
Declaration
Established 1925
of Inde¬
Members New
York Stock Exchange
and
Other National Exchangee
ATLANTA, GA.
LD-159
NEW YORK, N. Y.
AT-187
BO 9-9227
Wire System extends to New York
Specializing in.
..
GEORGIA,
NY
1-2370
and Principal
Southern Cities
Alabama, Florida, North Carolina,
South Carolina, and General Market
Underwriters
Dealers
Distributors
THE JOHNSON, LANE, SPACE
MUNICIPALS
CORPORATION
Georgia and South Carolina Municipal Bonds
Corporate Bonds & Stocks & Local Securities
Trust Company
JOHNSON, LANE, SPACE AND CO.
Incorporated
BOND
of
Georgia
Members
New York Stock Exchange
American Stock Exchange (Assoc.)
Department
Atlanta
New York
Telephones:
Representatives
15 Broad Street
Telephone: HAnover 2-1561
Bell Teletype: NY 1-2712
Private wire Atlanta
Augusta
Private
JAckson 2-6000 and L. D. 521
Jacksonville
Wire
Connects
La Grange
All
Savannah
Offices
Bell Teletype AT-283
The Bank Wire
i
Citizens & Southern Nat'l Bank Bldg.
ATLANTA
-
Neto York
3,
GEORGIA
Telephone—JAckson 4-8091
Teletype—AT 182
Direct Private Wire to
a
con¬
W. E.
Huiton
<ft Co., New York City
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr.
&
Mrs.
L.
William
Wright, Lester, Ryons
Fairman
&
Co., Los
& Co., Los
Angeles
Angeles;
Mr. &
Dick O'Neil,
Mrs.
Harry J. Peiser, Ira Haupt & Co., New York; Mr. & Mrs. Herman Betz, California Bank,
Angeles; Mr. & Mrs. James A. Traviss, Davidson & Company, Toronto
Los
inflation
-ESTABLISHED 1900■
Inflation Can
cerned.
Be Licked
BAKER, WATTS & CO.
Continued from page
War
II
dex
has
ters
of
has
the
licked
been
Since
the
end
Consumers'
risen
this
60%.
rise
is
of
con-
World
Price In-
Three-quarplace in
took
the period 1945-1951.
Actually the
1952-1955, after the Korean
War, showed a notable stability
in the Consumers' Price Index,
years
the
being
movement
only
from
14
in this country
Members
Members
New
York Stock
which would tend
to make the price rise gradual—
namely, our enormous capacity to
produce, the increasing impact of
foreign competition, and so forth.
Exchange
Philadelphia-Baltimore Stock Exchange
Associate
Members
U. S.
American
Stock
Exchange
Government Bonds
Inflation
Has
As I indicated
Public Authority and Revenue Bonds
and
Unlisted
Stocks
been
Bonds
and
a
Trading
Markets
in
Local
Securities
CALVERT & REDWOOD STREETS
BALTIMORE
MD.
3,
System Teletype—BA 395
Baltimore—MUlberry 5-2600
Telephones; New York—CAnal 6-7162
Philadelphia-Baltimore Stock Exehanpe
earlier, there has
Representative—Clarksburg, W. Va.
*
*
the past year to
attach
less and less significance to the
"creeping
inflation"
argument.
Consequently,
many
economists
would even regard the title of my
paper as being out of date. They
would think that I
Bell
Been
tendency for many econ¬
omists in
Active
Members
Licked?
State, County and Municipal Bonds
Listed
Already
& CO.
BAUMGARTNER, DOWNING
should not bo
■
1
Mercantile
Telephones:
Trust
•"
*
*
'
'
■
.
Building, Baltimore 2, Md.
Baltimore—PLaza
New York—HAnover
2-4911
Teletype—BA-599
asserting that inflation can be
licked, but rather that it has al¬
ready been licked. I would like
then to consider briefly the ques¬
tion: "Has inflation already been
licked?"
Those
INCORPORATED
United States Government and
Municipal Bonds
Railroad,
Industrial
and
FIDELITY BUILDING
Telephone:
Private
Issues
BALTIMORE
PLaza 2-2484 —Bell
Teletype:
1, MD.
BA 499
Telephones to New York and Philadelphia
Branch
Office
Bell
—
Grymes
Teletype
—
Bldg.,
Easton,
Md.
ESTN MD 264
less
of
been
a
the
has neverthe¬
remarkable
to
Calvert and Redwood, Baltimore 3,
the
stability
of
for your
banking needs
in the
BALTIMORE
past year and a quarter, it is im¬
STRENGTH
MERCANTILE-SAFE DEPOSIT
and Trust
Chartered 1864
Capital Funds: $23,000,000
•
•
Towson Office & Drive-In
Company
13 South Street
•
•
Charles and Chase Streets
Tlmonlum Office & Drive-In
portant to understand that stabil¬
ity in the overall Consumers' Price
Index has masked divergent
movements
of
the
component
parts of the index. For example,
during much of the period the
prices of services such as trans¬
portation, medical care, and recre¬
ation continued a significant ad¬
vance, but their rise was offset
by declining food prices, which in
the past few months have again
turned upward.
I
believe
that
the
behavior
and
reassuring,
one
still
quarter,
leayes
however
much
8 V8
UNION TRUST
COMPANY
OF
MARYLAND
Main Office
of
the general price level in the past
year
Maryland
PL. 2-0220
ex¬
plain this stability, in the face of
a
strong general business recov¬
ery, are (1) an effective policy of
monetary restraint, (2) the virtual
elimination of the huge Federal
deficit, (3) a more vigorous effort
by industrial management to re¬
sist excessive wage and fringe
benefit demands, and (4) increas¬
ing competition from abroad.
appraising
CO.
Main Office and Trust Department
degree
in the
advanced most often
sons
SERVICES
TRUST
general
upward
past few
overall Con¬
sumers' Price? Index during the
past year and a quarter. The rea¬
stability
TRUST
MARYLAND
narrow
very
the general price level during the
EX PER
the
again slightly in
months, but there
In
Baltimore and Calvert Streets
within
&
range of 123.6 to 124. The
level of prices has moved
INVESTMENT BANKERS
Utility
COMPLETE BANKING
has
are
moved
Public
express
inflation
licked
C. T. Williams & Co.
who
confidence
already been
apparently basing their
opinion mainly on the behavior
of the general price level in the
past several months in the face of
a strong general business recovery.
The facts are that during the pe¬
riod from May 1958 through May
1959, the Consumers' Price Index
that
to
be desired SO far approving that
Baltimore A St. Paul
Streets
Member:
Federal
Deposit Insurance Corp.
area
.
.
.
2-0310
Convention Number
THE COMMERCIAL and
FINANCIAL CHRONICLE
'1
Joe
Cabbie, Burns Bros. & Denton, Inc., New York; Leonard J. Butt, Mead, Miller <£ Co., Baltimore;
Fremont
W.
Robson, McLeod,
Young,
Weir, Incorporated, New York
113.5 to 114.5 in 1955.
However,
beginning in early 1956 the gen¬
eral
price level moved upward
again gradually and by late 1958
had risen about
10%.
of
inflation
in
great stability
price level.
As
as we
certain
boom
pe¬
riods, but there have been periods
sures
months,
the
general
in
there
the
are
next
good
the
general
We
price level
and
comes
that
mistake
Edwin
So, it is
and that
to
J.
Co.,
Markham,
St.
some
are
New
Laird,
York; Mr. & Mrs. Julian M. White,
Bissell & Meeds, New York i;
White
my con¬
not
yet
it would
relax
Alex.Brdwn & Sons
be
our
Established
beginning to
inflaton can be licked, and I would
ingredients
like to turn now to what I regard
for rising prices.
These are, in
the main, very high employment as the basic program for defeating
may resume.
have
Co.,
&
Gibbs,
Lou
pres¬
guard
I think, however, that
against it.
Wertheim
Louis;
and capital
inflation has
been licked
a
Mrs.
demand
consumer
goods industries.
clusion
&
&
strong
in the
sures
fear that upward pres¬
to
on
of
ahead
look
we
several
reasons
look at the
movement
of the general price
level since the second World War,
it is clear that the past 15 years
have been characterized by bursts
Consequently,
of
Mr.
1800
of the main
of labor and
other resources, un-
precedentedly
high
personal
Members
BALTIMORE
The
Basic
What
for
Ingredients
for
a
New York
the basic
are
Frederick
•
Towson
•
Winston-Salem
•
ingredients
a
BROKERS AND DEALERS
coordinated
1840
Easton
•
Washington
successful fight against in¬
flation in this country? They are
to be found mainly in a well-
ESTABLISHED
Philadelphia-Baltimore Stock Exchanges
American Stock Exchange (Associate)
inflation.
in-
Successful Fight Against Inflation
ROBERT GARRETT & SONS
York and
New
Members
Municipal and General Market Bonds
program in the area
(1) monetary policy, (2) fiscal
policy, (3) Federal debt manage¬
ment policy, (4) wage policy, and
(5) improved public understand¬
ing of the restraints needed to
of
Baltimore Bank Stocks and Local Securities
avoid infaltion.
"Build
for the Future by Investing in America"
as
MEMBERS
New York Stock
American
Stock
a
means
able
stable
BALTIMORE
115
NEW
3, MD.
MUlberry 5-7600
dollar.
The
authorities
influence
to
South Sts.
First, let us
monetary policy
at
BALTIMORE
Broadway
YORK
6, N. Y.
BArclay 7-1919
Offices
their
the available
Government
(Jour
nauinei
-
Municipal
Corporate
-
Securities
supply
of bank credit and thus the money
supply of the country. The basic
objective of the monetary author¬
ities
has
been
to
regulate the
Dealers—U nderwriters—Brokers
availability
of
credit
and
the
supply toward the end of
encouraging "sustainable econom¬
ic growth." That is, the mone¬
tary authorities have desired to
promote maximum growth, but
they recognized that growth in a
JOHN C. LEGO & COMPANY
Established
New
York
Stock
lusion and cannot be sustained
Beil
basis.
derstand
that
They clearly
inflation
on
Direct
S.
Moseley
Revel Miller
Co., New
&
&
Stock Exchange
&
Hough, St. Petersburg,
&
Tampa,
the
Wires
(Assoc.)
to
York
Gregory
Co., Los Angeles
French
un¬
is
American
Philadelphia-Baltimore Stock Exchange
F.
sound
Exchange
'
period, followed by a bust,
is not growth on a sound basis.
They have also recognized that
growth through inflation is a de¬
a
1899
Members
boom
UJe J9nvite
YORK
INSURANCE STOCKS
Federal
have
money
Private Wire Between Baltimore and New York
NEW
to preserve a reason¬
impact upon the national economy
and the general price level, as is
well known, through their ability
Exchange (Associate)
Philadelphia-Baltimore Stock Exchange
Redwood &
look
a
Reserve
Exchange
Policy.
Monetary
take
Fla.,
Sellers,
Odess
Doe
&
8t
Sons,
New
York
Walter C. Gorey Co., San Francisco
&
Crawford,
Fla.
Inc.,
Atlanta,
Ga.
Pierce, Carrison, Wulbern, Inc., Jacksonville
Martin,
Inc.,
Bonham,
Birmingham
Montgomery
and
Tuscaloosa,
Dothan,
&
Ala.
Ala.
'
enemy
BALTIMORE
RYLAND
A
I
is the keystone
policy
the
the
time,
same
cannot
of
Stein Bros.&Boyce
A Baltimore Institution since 1853
Phones:
Calvert Street,
Baltimore
-
WIRES
NEW
LOUISVILLE, KY.
CUMBERLAND, MD.
TO
New
ALL
York
-
REctor 2-3327
YORK, N. Y.
EAST0N, MD.
NASHVILLE, TENN.
the
do
At
monetary policy
job
alone,
as
ordinated efforts in other
Government
policy,
discuss presently.
of
of
N.s.T.A.
twenty-five
inflation,
authorities
leading exchanges
years
of service
the
have done
monetary
exceed¬
an
and dedicated job of
for sustainable growth
conditions
has
of
reasonable
price stability.
been most
The
na¬
fortunate
deed that in recent years
in¬
the Fed¬
eral Reserve authorities have had
the
industry of which
proud to be
a
-
DEALERS
we
Active
Markets in; Local Securities
was re¬
have been
part since its inception.
Mead, Miller & Co.
—
able
general
tion
to
DISTRIBUTORS
-
Corporate and Municipal Securities
shall
of
the
responsibility of
supporting the prices of govern¬
ment
bonds
at
artifically high
levels
and
thereby feeding the
under
on
areas
I
as
when the Federal Reserve
working
Congratulations
C.
co¬
During the postwar period, and
particularly
since
March,
1951,
ingly
To
UNDERWRITERS
authorities have stated many
fires
MEMBERS OF NEW YORK STOCK EXCHANGE
other
N.
lieved
OFFICES
PADUCAH, KY.
and
Wilmington,
Pegged Par Value Issue
Baltimore 2, Maryland
SAratoga 7-8400;
DIRECT
Company,
suc¬
a
times, and must be aided by
S.
and
cessful fight against inflation.
S E C U
6
Vaughan
of economic growth.
that sound monetary
believe
the freedom to
carry
out their
policies in the broad public inter¬
est without undue political influ¬
ence.
This is not to say that the
Continued
on
page
98
New
York
Stock
Exchange
Members
—
American
Stock
Exchange
(Associate)
Philadelphia-Baltimore Stock Exchange
CHARLES
& CHASE STREETS,
Telephones: Baltimore—LExington 9-0210
Bell
BALTIMORE 1, MD.
System Teletype—BA 270
Direct Private Wire
Carl M.
to
'
New York—WHitehall 3-4000
New York
Correspondent
Loeb, Rhoades & Co.
Thursday, November 26, 1959
THE COMMERCIAL and FINANCIAL CHRONICLE
Richard
M.
Mrs. John
R. Stein, New York; Mr. & Mrs. Harry Simmons, Simmons <fc Co., New York; Mr. & Mrs.
Joseph Donadio, Wm V. Frankel & Co., Incorporated, New York; Mr. & Mrs. Alonzo H. Lee,
Sterne, Agee & Leach, Birmingham, Ala.
Frazier & Co., New York; Edward A. Horn, Kuhn, Loeb & Co., New York;
Laurence Frazier, Laurence
Barnes, A. M. Kidder & Co., Inc., New York; Thomas J. Cahill, Chase Manhattan Bank,
George Kilner, Brown, Lisle & Marshall, Providence, R. I.; Kenneth C. Stanford,
F. S. Smtthers & Co., New Yoi
New York;
ity
Inflation Can Be Licked
in rising
In
is
maintain
a
come
Federal
the
under
a
shame¬
high- ful attack in certain quarters of
calibre
Federal
Reserve
Board, Congress. As interest rates have
monetary authorities have always
free
to
conduct
their
policies risen, the prices of government
been correct in the timing of their
without dictation from any politi¬
bonds and other interest-bearing
policy actions and in the speed
Continued from page
97
to
a
cal group.
obligations
have
naturally
de¬
emphasize this point because clined.
The monetary authorities
now
witnessing a threat have been subjected to bitter crit¬
availability of credit as their best
to the independence of the Fed¬ icism because
they have not pro¬
judgment indicated. The Federal
Reserve.
Sound
monetary ceeded to buy government bonds
Reserve officials have frequently eral
been their own strongest critics. policy does not often win many to aid in halting their price de¬
and
strength
which
with
they
I
have acted to ease or restrain the
that the Federal Reserve has been
free
determine
to
and
out
carry
its policies in the broad public in¬
terest—in the interest of sustain¬
votes.
For
some
months
the
re¬
cline.
been bitterly
stricted monetary policy of the criticized because
they have not
Federal Reserve has been a factor moved to ease the
availability of
behind
rise of interest rates.
the
This interest rate rise is the prod¬
They
have
credit to halt
of interest
the rise
rates.
I cannot say too strongly that
growth—without domination uct of many forces—primarily the
by narrow political or pressure heavy private and public de¬ it will be a sad day for this coun¬
mands for loanable funds, and the
group considerations. The country
try if the monetary authorities are
has
been
blessed
by able and declining appetite of investors for stripped of their responsibility to
courageous leadership on the part fixed income investments as prices regulate the money supply of the
of the Federal Reserve authorities. are expected to rise. There is no country in the public interest and
I would say that the prime ingre¬ doubt, however, that Federal Re¬ in
the
interest
of
sustainable
able
dient of
a
successful fight against
serve
restriction of the availabil-
growth.
they
It will be
sad day if
a
made subservient to the
are
advocates in the Con¬
The experience since 1951
indicates that the sine qua non for
easy money
gress.
t
licking inflation is a responsible,
alert, and independent Federal
Reserve System.
It is because of
the effective way in which the
ESTABLISHED 1872
J. J. B. MILLIARD & SON
Member
tioned
in
broad
and
New York Stock
Exchange
Exchange (Associate)
Midwest Stock Exchange
have
func¬
the past several years,
and the conviction that they have
I
that
American Stock
authorities
monetary
as
forth to hold down Federal
spending. We need to do more, as
I said earlier, because in a period
put
an
Certainly, as events have turned
out,
the
government
deserves
great credit for having had con¬
such
billion
deficit
occurred
the result of declining
anyway as
timistic
revenues.
There
is little
doubt
that
the
$13 billion deficit
1959
complicated
the
problem.
much
if
We
worse
the
can
it
deficit
will
even
in fiscal
inflation
had
have
Debt
debt.
have
the face of a general decline
business, probably reflected an
inflation psychology imparted by
the
this
U.
Certainly, the
S.
a
It
most
sound
Policy.
that
area
In
brief,
we
find
the
But,
is
the United States Treasury
required to borrow $5-7
of new money to meet a
be
authorities in controlling the
seasonal deficit and attrition in
supply of money because so much
of the Treasury financing has had the refinancing of maturing issues.
to be done with the commercial In addition, the Treasury has an
serve
banks
or
There
now seems
debt which
months.
that the fiscal 1960 Federal
budget
brought into balance. I
have been greatly encouraged by
will
lies
be
it
ahead,
and must
in the next several
the
In
short-term
due
comes
be refinanced
good chance
a
of
amount
enormous
at least in "near-money"
short-term securities.
financing
would
ST., LOUISVILLE 2, KY.
sound
fiscal
under
economic
policy I
mean
conditions
desirable for the Treasury to take
of
advantage
possible
every
THE
that
Member Midwest Stock
such
at
present, with inflationary
forces
gathering
strength,
the
as
Government
Federal
The
Kentucky Company
Members
Stock
midwest
Exchange
PARTICIPATING
MUNICIPAL
320 SOUTH
AND
have
by the
MARKET
ISSUES
FIFTH STREET, LOUISVILLE
2, KY.
A.
MOSS,
Manager,
ASST. VICE
Tradino
PRESIDENT
LS
Telephone:
57»
juniper
5-5011
KENTUCKY
JUniper 4-0226
—•
Dempsey-Tegeler
&
Co.
—
Chicago
encouraged
in which the govern¬
to get Federal
For
a
Federal
deficit
37
years
Kentucky
we
have
active
been
over-the-counter
Kentucky Municipal Bonds. Try
when you
in
and
issues
us
out
have Kentucky issues to trade.
of
substantial proportions
be bound to develop from
the mere
Department
Wire
Direct
2,
Teletype LS 186
worked
that
nized
would
as
Teletype:
way
very
spending under control. The ac¬
complishments
have
not
been
sufficiently recognized. When, in
the latter part of 1957 and in early
1958
general
business
activity
turned downward, it was recog¬
very
JACK
been
has
ment
DISTRIBUTORS AND DEALERS
GENERAL
BeU
Exchange
Kentucky Home Life Bldg.
LOUISVILLE
Budget Surplus in Good Times
SERVING THE COMMONWEALTH
IN
1st Floor,
not
only balance its budget—it should
be running at least a modest sur¬
plus and retiring some of the debt.
I
UNDERWRITERS,
should
INVESTMENT
dropping off in revenues
DEPARTMENT
corporate earnings and individ¬
ual
incomes
declined.
What
is
often
Branch
Lexington,
Frankfort,
Ky.
Direct
Direct Wire
Chicago
To
Offices
wire
Midwest
Connects
Stock
all
Ky.
And
Webber,
New York
Jackson
powerful support for aggressively
promoting
Offices
exchange
Correspondents —Paine,
in
Owensboro.
Ky.
forgotten, however, is that
early 1958 there was a lot of
a
And
Curtis
an even
larger Federal
deficit by expanding government
spending
similar
for
public
devices.
works
There
was
and
also
THOMAS
GRAHAM
POWHATAN M. CONWAY
HECTOR
WILLARD
W.
P.
BOHNERT
McNAIR
C. LEWIS
Airs.
E.
Mrs.
ELINORE
SEDLEY
which
highly
be
as
419 W. JEFFERSON
in
that
billion
important
as
we
situation
ourselves
defeat inflation.
monetary policy is in combat¬
ting inflation, it must be accom¬
panied by sound fiscal policy by
the
Federal
Government.
By
A
and the end of this
now
that monetary policy can and will
be used
as
a
powerful tool to
Fiscal Policy.
the
non-
difficult problems
today.
will
cated the task of the Federal Re¬
this
in
is
our
which
year
has
deep public support, the strong efforts which have been
encouraged to believe
am
on
Management
between
Treasury to
compli¬
deficit
budget
major ingredient in a suc¬
cessful fight against inflation is
sound management of the Federal
in
for
maintain
third
in
need
efforts
to
been
larger.
The general price rise which oc¬
curred in the first half of 1958,
finance
determined
made
inflationary basis.
been
the Federal deficit.
that
be
Federal
appreciate how
would
Govern¬
Federal
,
port of reducing Federal spend¬
ing, and for the first time in a
long while we can be more op¬
huge $13
which
should
show
a
surplus.
Nevertheless, I have been im¬
pressed by the way the general
public has become aroused in sup¬
in the normal recupera¬
tive powers of our economy and
for having resisted an even larger
Federal deficit than the
this the
as
ment
fidence
are
we
What I would like to emphasize is
strong support for tax cuts
antidote to recession.
interest rates.
weeks
recent
Reserve has
inflation
credit has played
bank
of
role
C. KING
CHARLES
JAMES
M.
FETTER
ARVIL L. SHORT
CLARENCE
EUGENE
CHARLES
L.
G.
TAYLOR
COLCORD,
Jr.
H. GARTRELL
Convention Number
Mr.
&
Mrs.
Firmin
W. E. Hutton
chance
to
to
course,
ment
sell
longer-term bonds
other
banks.
than
The
the
com¬
of
reason,
is that the sale of govern¬
bonds
banks
D. Fusz, Fusz-Schmelze &
Co., Inc., St. Louis; Mr. & Mrs. James F. Moriarty,
Co., Cincinnati; Jack A. Putnam, W. E. Hutton & Co., Boston; Mrs. David
Burke,
Chicago; George G. Mirageas, J. H. Goddard & Co., Inc., Boston
&
investors
mercial
THE COMMERCIAL and FINANCIAL CHRONICLE
to
tends
to
the
commercial
be
inflationary
because in making their purchases
the banks create new money. On
the
other
ment
is
hand,
bonds
to
sale
of
nonbank
govern¬
investors
not
inflationary because the
Treasury draws on existing money
—savings—and
crease
in
the
there
is
no
in¬
money supply.
Interest Ceiling: on Government
Bonds
At
the
present
time, unfortu¬
nately, the Treasury cannot bor¬
row
through
the
bonds.
The
issue
of
Mr.
&
Mrs. John
O'Rourke, J. P. O'Rourke & Co,, Chicago; Mr. & Mrs. William C. Elwell, Loewi <ft
Incorporated, Milwaukee; Arthur C. Sacco, Webster, Marsh <fi Co.. Chicago;
Mrs. M. D. Sachnoff, Chicago
Co.,
long-
cally, that the fundamental rea¬ success because of the 4*4% ceil¬ that you can also see that there
sons why interest rates have been
ing on the interest rate. If busi¬ may
well
be
terrific
pressure
existing law, going back to rising are two, namely, (1) the ness corporations should
cease placed
on
the Federal Reserve
World War I, there is a ceiling great demand fcr loanable funds
purchasing short-term
Govern¬ authorities to permit the commer¬
of
4 %%
on
the
interest
rate throughout the country to finance ments, the only other recourse of cial
banking system the reserves
which the U. S. Government may
homes, businesses and the Federal the Treasury would be the com¬ so that the banks can absorb
pay on bonds with a maturity of and
state, governments, and
(2) mercial banks. But, as we have short-term Governments. But this
five years and over.
Due to the the fear pi inflation which has seen, the Federal Reserve is main¬ would mean an undesired
increase
rise
of interest
rates
since
the caused investors to prefer stocks taining a tight rein on the ability in
the money supply of the coun¬
middle of last year, the Treasury to fixed income
obligations. In¬ of the banks to expand their loans try with serious inflationary con¬
would be required today to pay vestors who
buy bonds or mort¬ and investments. I think you can sequences. In addition, it is gross¬
more than W\%
in order to find gages are anxious to obtain a high easily see the implications of this
ly unsound in the present
a
market for longer-term bonds.
enough interest rate to compen¬ situation. Should events develop circumstances for the Treasury
Thus,
under
existing law,
the sate to some degree for the feared as I have suggested, short-term to crowd all of its
financing into
Treasury is foreclosed from selling decline in the value of their mon¬ interest rates could go much higher short-term securities because they
in coming months than they are are
ey.
Also,
inflation
has
been
an
securities with maturities of five
"near-money" in the sense
important factor toward higher today, provided that the monetary that they are highly liquid and can
term
reason
is
that
under
years
and
over.
interest
I would like to say,
parentheti-
rates
because
it
causes
authorities
hold
firm
inflated demand for
capital funds
and tends to discourage savings.
credit
restraint
policy.
to
their
I
think
be
readily turned into cash. The
Continued
on
page
As you know, President Eisen¬
hower asked the Congress to lift
the interest
Underwriters
Firm Bids
rate
Distributors
Firm
Dealers
United States
Offerings
Quotations
Government Securities
General Market
•
Municipals
THE
First National Bank
OF
There
lift
ME-284
•
WIRE
SYSTEM
TELEPHONE JAckson 5-8S21
—
non-marketable
on
THE BANK
U.
S.
EQUITABLE'S
PRIVATE WIRE
NE^Y??K
\
evcrtu
SYSTEM
i
^
}s
PHILADELPHIA
...
J"
LINKING
SOUTHERN
*
>•»,/
,.}'
EASTERN
MARKETS
/ /
./
Vv*"
Y
•
'•>,
AND
^—^---7rGREENSBORO ^
\ jf"
memphisy"
^
\
i
(^ATLANTA
^irmingham
dallas
/jackson \
|
\
but shorter-term securities.
MEMPHIS
ME-283
marketable
on
savings bonds. Congress did fi¬
nally give the President the right
to raise the rate on savings bonds,
which has just been pushed up
from 3V\ to 3%%. This is a highly
desirable
step inasmuch as the
higher rate on the savings bonds
will aid to slow up a trend in
which redemptions of these bonds
were running considerably ahead
of new sales. Most unfortunately,
however, Congress refused to act
on
the President's request to lift
the interest ceiling on marketable
Government bonds. Thus, as mat¬
ters now stand, the Treasury is
foreclosed from selling anything
that
TELETYPES
ceiling
Government bonds, as well as the
to
are
who
many
believe
the
failure of Congress to
interest ceiling will lead
first-class financial crisis in
!neW orIeans
houston
the
a
coming months; I think that this
WIRE
view is rather extreme, but there
are
reasons
for serious concern.
During the past year the Treasury
enjoyed remarkable success
selling short-term Government
securities to business corporations.
As corporate profits have risen in
has
in
the
ACTIVE TRADING MARKETS
WITH
RETAIL OUTLETS
INVESTMENTS
business recovery, corpora¬
tions have placed billions of dol¬
lars-of
their funds
above
and
beyond
★
their
tax
liabilities
into
short-term Government securities
Insurance
Public
and Bank
Stocks
Utilities—Industrials
Municipal Bonds
Clark
B. W.
Landitraet, III
★
Members
Harold W.
Midwest
Stock
Exchange
Edward I.
Nrkpatrick, jr.
WIRE
SYSTEM
Wttaan Natron, II
Goldman, Sachs & Co., New York
and
have
thus, made
the
money
in
coming months, as corporations
expand their inventories and em¬
bark oh expanding capital expen¬
ditures program^, it is quite pos¬
sible that not
to
provide
their
of
"new
Market
a
If this should occur, where will
Life &
Casualty Tower
TELETYPE
NV
353
*
*
Nashville 3, Tenn.
ALpine 4-3311 and 6-6165 (Trading Dept.)
Treasury
find
a
market
coming months?
long-term
extensive
broader
private
markets,
wire
system
up-to-the-minute
quotes, and faster execution of orders.
Equitable
touch
with
office
the
will
put
you
in
Any
immediate
entire network.
It cannot enter
market
with
EQUITABLE
Securities Corporation
for
the billions of new money financ¬
ing and refinancing it must do in
the
for
market
holdings.
Finding
the
Equitable's
makes
only will they fail
for
short-tenn Government securities,
but they may even liquidate some
a
BETTER EXECUTIONS
it
possible
Treasury to tap existing
" Without1 going
to
the
money-creating banks. However,
for
BROADER MARKETS,
any
DALLAS
ATLANTA
•
HOUSTON
•
HARTFORD
•
•
322 Union Street
Nashville
3, Tennessee
BIRMINGHAM
1"
GREENSBORO
»
NEW ORLEANS
PHILADELPHIA
•
MEMPHIS
•
JACKSON
Two Wall Street
New York 5, New York
100
FINANCIAL CHRONICLE
THE COMMERCIAL and
100
(front)
Mr.
&
M. Dohcrty, Fahnestoch & Co.; Mr. & Mrs. Gambol J.
(back) Mrs. & Mr. John Barker, Lee Higginson Corporation,
& Mr. Joseph H. Billings, Cowen & Co., New York
Mrs. William
Rollins, New York;
Jim
Dunn, Dunn &
New York;
J.
Mrs.
conduct
like
Inflation Can Be Licked
body blow when Congress failed
99
to lift the interest ceiling. This is
experience of past booms, such as
the one great dark spot in the
1956-1957, indicates that this ex¬
cessive near-money greatly handi¬ campaign against inflation. Unless
the President should call a special
caps the monetary authorities in
session of Congress, it now ap¬
their efforts to control inflation.
pears that we shall have to strug¬
Consequently, sound Federal gle along with short-term Treas¬
debt management can help greatly
ury financing until Congress
to lick inflation. Sound debt man¬ reconvenes next
year.
Continued from page
agement certainly does not mean
that the Treasury should be
to confine itself to
nancing on the basis
moded interest ceiling.
of an out¬
of
suffered
fighting
Policy. The fourth major
Labor
inflation
The cause
a
ingredient of a successful cam¬
paign against inflation is the de¬
velopment of a more statesman-
Wm. Perry Brown
Morris W. Newman
of government
have been mount¬
want
we
ing year by year and are running
economy,
in billions of
far
dollars, much of the
need to go so
on
credit, 36
we
vacations
as
consumption
high
a
but do
As laud¬ month automobile credit with no
spiral.
Through firm leadership funds being borrowed.
by government, and a more re¬ able as the desires of the public down payments, and 30-year, noto
have
more
and
better down
payment
home
mortgage
sponsible conduct by both labor are
schools, medical facilities, high¬ loans, just to mention a few of the
slum clearance, and public excesses, in my opinion, in the
improvements of all kinds, the consumer spending field? What is
increases.
Labor
leaders
must general public must come to the sadly needed is more restraint on
come to the realization that capi¬
realization that the country's eco¬ the part of business and the con¬
tal equipment plays a role in the nomic resources are not unlimited sumer, and a bit more respect for
advance of productive efficiency and that restraint is needed here old-fashioned thrift if the general
so
that the providers of capital as well as at the Federal level. public is to play its role in com¬
and management, wage and fringe
benefit
increases
must be
held
ways*
within the limits of productivity
share
must
forced
short-term fi¬
of
organized labor and management
with
respect to the wage-price
1959
John F. Reilly,
their catch
Jones, Gregory & Sons, New York; Richard Harris, Courts & Co., Atlanta;
F. Reilly & Co., Inc., New York; Joe Dorsey, Bache & Co., New York, with
made aboard John F. Reilly's Mi-Don-Ke
part
the
on
Thursday, November 26,
t
of the
some
rewards.
Basically, since we cannot satisfy batting inflation.
Management must come to appre¬ all the needs for public improve¬
ciate that it is not a responsible ments
in
a
compressed period
course
to yield supinely to the without
contributing to inflation,
demands of organized labor and our
problem is to postpone all but
to
pass
on
the increased costs the highest priority projects and
through price increases of the to cut out the frills on those that
finished product.
are undertaken.
The
John E. Kerrigan
Strike Offers Hope
Steel
could
We
all
agree
inflation
can
believe
I
concluding,
be licked.
that
There is
nothing inevitable about inflation
can be de¬
—it is man-made and
public and private
ingredients of
(1) the preserva¬
responsible and indepen-
feated by wise
The
action.
greatest area of public re¬
such action
these
on
Conclusion
In
straint, however, lies in the area
of consumer spending. Certainly tion of
a
basic
are
principles, but can we count on
a more statesmanlike approach by
the parties in question? Frankly,
LOUISIANA, MISSISSIPPI, ALABAMA, GEORGIA,
TENNESSEE, SOUTH CAROLINA, NORTH CAROLINA
offers
strike
current
some
steel
glimmer
of
I have been encouraged by
determined resistance of the
hope.
the
and OTHER SOUTHERN MUNICIPALS
the
that
think
T
steel
companies and the way in
which—up to this point—the Fed¬
Government
eral
has
*We Specialize in
refrained
LOUISIANA
from
NEWMAN, BROWN & CO.
INC.
Investment Bankers
..
321
has
come
around
to
Barrow, Leary & Co.
under¬
standing that wage increases not
based on improved productivity
are the certain way to a declining
-
Hibernia Bank Building
Investment- Securities Since
Teletypes NO 189 & NO 190
As
by
the
3-2573
Phone
.
General
1934
515 Market
SHREVEPORT,
value of the dollar.
12, LA.
Action
Long Distance 345 & 389
Municipal Bonds
I think it is significant that the
general public has not shown any
great sympathy this time for the
union's position. Perhaps the pub¬
lic
'
I
NEW ORLEANS
meddling with the collective
bargaining process. Furthermore,
Street
LOUISIANA
Public.
final major ingredient of a
a
successful fight against inflation,
must have general public un¬
derstanding of the process of in¬
we
JAMES E. RODDY
IKE D. SCHARFF
JOHN J. ZOLLINGER, JR.
flation, recognition that it can be
licked by wise government poli¬
cies and private restraints, and
willingness by the general public
to take action to aid in defeating
inflation.
Active
Trading Markets
MM
tn
LOUISIANA AND
MISSISSIPPI
and
LOCAL CORPORATE ISSUES
INCORPORATED
140
CARONDELET
ST.
L. D. 235
Tulane
181
NEW ORLEANS
SHREVEPORT, LA.
BATON
cut
its
live
results
within
its
expenditures
means.
ROUGE, LA.
0161
12, LA.
JACKSON, MISS.
LAFAYETTE, LA.
have
been
Central
Louisiana
Fifteen
Oil
Electric
Company
Hausman Steel
Hibernia Nat'l Bank
LOUISIANA MUNICIPALS
Mississippi Shipping Co.
Nat'l Bank of Commerce
Ocean Drilling &
ORLEANS
NEW
BANK
Explor. Co.
San Jacinto Pete.
CORPORATE SECURITIES
Southdown, Inc.
Southshore Oil and
Development
Whitney National
STOCKS
Bank
The
PRIVATE WIRE SYSTEMS
seem
otherwise
Canal Assets, Inc.
Canal Trust
DISTRIBUTORS
meagre, but I
believe that the determined stand
may
MARKETS
Hydratane Gas
Brewster Bartle Drilling
DEALERS
UNDERWRITERS
PERSHING
by
President
Eisenhower,
and
public support for this stand, have
held Federal spending this year to
a
considerably lower level than
Scharfl* L Jones
NO 180 &
most
encouraging
developments in the fight against
inflation during the past year has
been the aroused demand by the
general public that the Federal
would
TELETYPE
the
Government
BANK STOCKS AND
m
of
One
FIRM
Blossman
&
CO.
GREGORY
SONS
&
MEMBERS
New York Stock Exchange
American Stock
the
Also, it seems clear that the
general public, including union
members therhselves, have become
and
Exchange (Associate)
case.
more
alert to the delusion of the
11
Howard, Weil, Labouisse, Friedrichs
AND
"FLveitment
"J.
There are,
major
areas
of course, two other
in which public action
aid in the fight against infla¬
tion.
One of these is spending
211
Carondelet
St.
<^~>cciitdu3
—
TUIane
can
by
State
and local government
units. Expenditures at these levels
I
COMPANY
f_
wage-price spiral.
TELETYPES
NO 364
'Corporate)
NO 38 t'Junicipal)
New
Orleans.
La.
2711
J
I
Convention Number
Mr.
&
Mrs.
Robert
THE COMMERCIAL and FINANCIAL CHRONICLE
Brearley, Wood, Gundy & Co., Inc., New York; Peter Brochu, Allen & Company
dent Federal Reserve
System
em¬
powered to regulate the country's
money
supply
t i
of
v e
the
toward
sustainable
objec-
economic
growth, (2) the bringing of Fed¬
eral spending under better control
and the operation at a budgetary
surplus
in
restoration
the
to
the
freedom
U.
to
so
as
not
danger
possible to help alleviate it,
(4) the development of a more
responsible collective bargaining
approach by labor and manage¬
to
the
that
end
benefits
limits
the
are
wages
held
and
within
of
productivity
in¬
creases, and (5) the development
of better public understanding by
the general public of the inflation
process and a willingness to take
action to defeat it.
There
encouraging
signs
that progress
is being made in
each of these five major areas to
lick
as
inflation.
licked.
process
in
are
some,
our
stakes
tion
I
do
not
that inflation
Inflation
and
we
efforts
are
for this
way
COUntrv
to vaiiaaie
validate Nikita
TChrnch
xry IO
INlKlta ivnrusn
Chev
prediction
s
Treasury
out its
management
and if
fringe
injure seriour free eco-
that
our
grand-
children
ism
will
is for
proper
live
to
us
Mrs.
King
socialthe
under
fail to take
steps to lick inflation,
An address by Dr. O Leary before the
Life
Connecticut
Insurance
and
Trust
Edwin L. Tatro company, New York; Mr.
Abbott, Proctor & Paine, New York
is achieved among
ments.
competing eleNeeded
Despite the general tenor of
remarks
as
&
Mrs.
T.
Frank
Mackessy,
actually used by the banks to
capital accounts, I
re-
habilitate
Capital-Building Is
Why
—^
Council, Hartford,
Ghegan,
the
regards
my
do
n°t mean to imply that little
has
progress
no
methods
been
Continued
or
made
on page
Conn.
in
102
S.
aggravate the inflation
ment
economic growth
on
ultimately
cusly, if not destroy,
nomic system.
The
is
believe,
an
insidious
combat
The
it.
high because if
continues
been
has
must be vigilant
to
Bank Capital Trends
carry
financing and debt
operations in a manner
to
drag
a
will
&
periods of great pros¬
as the present, (3) the
perity such
of
cause
and
Mr.
101
unchecked
infla¬
it
will
Berney Perry & Company
INCORPORATED
Continued from page
tinues to fluctuate at
the
and
long-run
held
12
a
high level,
prospects
are
sufficient
contribute
banks
capital when needed super¬
visory authorities can have no
new
in
good. Accordingly, banks are now
a position to make their shares
grounds for complaint. However,
it is
always well to remember
attractive to
investors by a more
liberal dividend policy as well as
that
by other means. In these circum¬
stances, present holders of bank
shares may be expected to in¬
interests in
commitments.
crease
Further¬
more, new investors seeking gain¬
ful
employment for their funds
be attracted to bank shares.
may
This
latter
source
of
funds
for
bank
capital
has
the
added
advantage
of
broadening
the
ownership base.
To be sure, broadening the
ownership base of a bank should
not
be
viewed
objective
shares.
for
If
a
the
the
as
new
primary
flotation
of
owners
of
closely
effective
an
munication
tial
if
of
SicdtsL, founhy. & WjunkipaL
com¬
fyhpitiaisL. S^UMAiiieA,
the diversity of
community is essen¬
with
a
bank
a
means
is
be
to
alert
to
FIRST
opportunities and responsive to
banking demands in the area
is serves.
Broadly based share
ownership has long been recog¬
nized as a good way to establish
the necessary contact and com¬
the
munication.
TELEPHONE FAIRFAX 2-4553
Direct
Private
Wire
community life
the results
interests
the
area.
Thus,
a
&
Company, New
BH
394
York
Established 1917
of
their efforts tend to be consistent
with
TELETYPE
Shields
to
participate
shaping the management of the
represent a wide spectrum
bank
of
BUILDING
ALABAMA
stockholders
When
who have the right to
in
NATIONAL
BIRMINGHAM 3,
of
the
Underwriters
Distributors
—
—
Dealers
entire
degree of harmony
MUNICIPAL and CORPORATE
SECURITIES
STERNE, AGEE & LEACH
CONGRATULATIONS
Members
New
York
American
To The
As yet, we
have
lot of your
children
not
designed
are
using
Traders Association
a
trader's desk, but
our
Exchange
Exchange (Assoc.)
Birmingham
Montgomery
Private
National Security
Stock
Stock
we
know that
Direct
Private
Wire
Wires
to
Between Offices
Goldman, Sachs & Co., New York
a
school furniture and auditorium
Trading Markets
Retail Outlets
seats.
National forecasts show
ture
over
the
next
ten
an
INSURANCE
increasing demand for classroom furni¬
years.
We
are
confident
that
our
sales
Corporate
organization, backed by the top value built into all Griggs quality,
products, will
secure
Private
GRIGGS
Wire to New
York
Griggs, President
CARLSON & CO. INC.
EQUIPMENT,
Manufacturers of the finest in
Municipal
Securities
its share of the business.
C. V.
Plants in
STOCKS
INC.
public seating
2023
1ST
BIRMINGHAM 3, ALA.
AVE., N.,
Telephone: FAirfax 2-6651
Branch:
Belton, Texas and Selma, North Carolina
Teletypes: BH 187 & BH 366
Montgomery, Ala.
Representative:
t
University, Alabama
Reilly, J. F. Reilly & Co., Inc., New York; Joseph
Courts A Co., Atlanta; Harold Noke, Francis I.
"Mi-Don-Ke," John F. Reilly's boat in which
John F.
Harris,
Continued from page
Trends
There
101
capital margins.
By
large, it now appears that
also
in
succeeded
have
banks
over¬
borrower.
a
is
fixed
of growth in
period
of
life
nomic
our
the
eco¬
Bank
nation.
greatly increased
customers have
own
activi¬
capitalizations
expanded
tremendously.
the scale of their business
Their
ties.
have
differences.
communities
and
re¬
for
one
reason
or
usually
rapidity
of
growth — suffer from inadequate
capitalizations
as
measured by
that
another
—
Creston H. Funk,
How
averages
are
useful measures for
but often they
than they reveal.
purposes,
more
expect to serve
satisfactorily if they Thus, the fact that capital ratios
on the average have been improv¬
likewise augment their
ing
within
recent yeors
tells
can
banks
customers
do
not
capital accounts?
capitalized
precluded by
Poorly
banks are
law from
the
of
condition
Secondly, note that I have been
capital developments
thus far in terms of averages. Now
conceal
Hobbs 6? Co.
Members Midwest Stock
This
about
nothing
individual
any
DEALERS
-
-
Exchange
DISTRIBUTORS
Corporate and Municipal Securities
Trading Markets
in
Texas
and other Southwestern Securities
by
served
area
UNDERWRITERS
the bank.
describing
many
Wulbern,
Charles G. Scheuer,
Tegtmeyer & Co., Chicago
at
accounts.
a
Harry J. Wilson, Harry J. Wilson & Co., Chicago;
im¬
obscure
Usually the limitation
10% of the capital
any acceptable standard.
is a very sound
The goal of adequate capitaliza¬
coming
the
major
effects
of
limitation on banking operations
tion will be achieved only when
capital erosion which took place
and
experience has
repeatedly each bank has a
satisfactory capi¬
during World War II. Accord¬
demonstrated its effectiveness in
tal margin. While that goal can¬
ingly,
I
suppose
many
have
reducing losses. But if the capital¬
wondered if there is any point in
not
be
phrased in quantitative
izations
of banks
do not grow
terms for banks in the aggregate,
continuing to refer to a "capital
along with the banking require¬
it can be
determined for each
problem," or whether more can
ments of their customers, the re¬
be expected in the nature of a
individual case. In making such a
sults
can
be
easily foretold—
solution.
The
answer
to
these
determination it is necessary to
competitors with the necessary
consider several relevant factors.
queries is definitely yes; and for
financial capacity, and not neces¬
several important reasons.
Of these, the most important are:
sarily banking institutions, will
First, we must face up to the fill the void to the disadvantage the ability of the management;
the quality and diversification of
fact that the times call for speedy
of the banks. The public needs
assets; the deposit trend; earning
and substantial additions to capi¬
will be served in one way or
power, and the general economic
tal. Let me repeat again, this is
another.
and
26, 1959
Charles M. Thompson, Pierce, Carrison,
Vallely, John Nuveen & Co., Chicago;
Wm. H.
geographic
are
gions
typically place limits on
the amount that may be lent to
V.
Inc., Jacksonville, Fla.;
banks
portant
statutes
rebuilding
Edward
Dorsey, Bache & Co., New York; Richard
du Pont & Co., New York; aboard the
he came to the Convention
mercial
Bank Capital
Thursday, November
FINANCIAL CHRONICLE
THE COMMERCIAL and
102
Frost National Bank
The third, and perhaps the most
important reason why none of us
can
afford to neglect the bank
San
CApitol 7 6215
BIdg.
Teletype SA-11
Antonio, Texas
problem is that the very
data which reveal improvement
in capital margins also could set
the stage for serious trouble. This
capital
is
evidence
the
because
of
some
give rise to
great many banks are
often
complacency among bankers and
providing their larger customers definitely in need of stronger bank supervisors. Yet we know
with
quire.
all
the
For
they
financing
re¬
banking
example,
bank.
A
insured
corn-
may
and
is not finished
task
that the
capital margins.
Averages for all
improvement
that the
capital problem has never
retained
for
long
the
same
characteristics or dimensions.
Banking history has taught us
Underwriters
—
Distributors
—
Dealers
problem
capital
Corporation and Municipal Securities
capital.
Leading Southwestern Securities
such
In
margins
are
activity
or
arrested
quality
of
assets
without actually
tjdlccniG jValtonal• SPa/n tfinfmiioj STexaA
New York Stock
tialities
American Stock
SA 23
Municipal Department
SA 53
weaken
a
shrink¬
capital
growing
an
present.
be
be deceptive.
Substitute
respect
with
has
problem
to
yet
It has become the
quarters to regard
size
of the
insurance fund of the
as
declining
may
may
No
Is
habit in some
the
Reynolds & Co., New York, First Southwest Co., Dallas,
is
reporting of adequate
another aspect.
—-
Direct Private Wires To
and Connecting Wires
loss
Complacency
Teletypes
—
bank, insurance
widest communication in the state.
quite different circum¬
FDIC
Exchange (Assoc.)
.
growth the
causing
capitalization may
the
Trading Department
of
stances the
Exchange
.
of capital—though the poten¬
age
Thus, in
Members
.
prosperous.
By contrast, in times of
INCORPORATED
in local and national inactive
and industrial stocks
even
of assets
quality
times
and
good
^
for
economy
spurts of economic
capital
the
though
FIRST IN TEXAS!
touch off rapid de¬
may
in
clines
and
dynamic
a
ours,
as
growth
the
new
demands
enlarged
generate
a
series of events will
unexpected
Trading Markets In
on
appears
to being solved
way
the
whenever
that
repeatedly
deposit
2316 S. Main St., Houston 2,
Texas
JAckson 6-1673 TWX HO 590
Western Union Telefax "Tex"
Corporation
indication that the pressure
for additional
To Principal Financial Centers.
banks
should
is
capital in individual
thereby
not
bankers that
have
-
lessened.
to
I
remind
although the deposit
Call
us
collect for markets you can't get
elsewhere!
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr. & Mrs. William M. Bateman, Frank B.
Bateman, Ltd., Palm Beach, Fla., aboard their
Bali Hai at the Pier at the Convention
insurance
fund
is
in
In
dollar
amount, in relation to de¬
fund
posits
in
capital, to be used
is
the
growing
matter
stands
of
at
increasing
banking
J system it
slowly.
very
fact,
the
about
the
As
fund
a
now
level
same
relative to deposits as in the first
of
year
haps
deposit
even
should
be
insurance.
important,
more
remembered
deposit insurance fund
intended to
or
to
do
Per¬
that
was
it
the
never
replace bank capital,
the
job
capital
must
do.
viewed
as
second
a
which
The
bank
fund
line
of
was
de¬
out
was
with
viewed
as
good
management
the necessary first
line of defense.
sense, the deposit insurance
stands
banking
disorders
a
l^ind of mobile
for
troubles
reaching
proportions.
dividual
hand, must
respect
The
stamping
singly,
as
carry
to
the
The
of
deposit
be
I
look
past decade,
bank
the
in¬
other
the burden with
banking system.
insurance fund
effective
strongly
As
on
of
strengthening and
the growth of the
not
catastrophic
capital
banks,
in
the
can¬
absence
capitalized banks.
at the
record
of
the
a
testimonial to
efficiency, measured in
Wilfred
G. Conary, G. H. Walker &
Co., Providence, R. I.; "Duke" Hunter, Wellington Hunter
Associates, Jersey City, N. J.; George M. Kilner, Brown, Lisle & Marshall, Providence, R. I.;
Carl Swenson, G. H. Walker & Co* New York
own
physical
terms,
well
as
as
a
reflection of the upward trend in
of
The
rates.
money
banks
At
improvements
tines
the
in
the
and
gross
For
this
generation,
rou¬
of
im¬
economies
in
first
in
time
the
inherent
partly
have
prospects
in
from
for
growth
banking.
This
stems
the
that
banks
fact
plowed back very substan¬
amounts
LONE STAR
of
than
poses
are
Accordingly,
same
heretofore
income
for
offer
and
bank
attractive
more
now
the
pur¬
opportunity
normal
peacetime, and the
oppor¬
tunity to obtain investment
as
a
of bank
source
piomising.
The
capital
funds
seems
banking
com¬
munity and bank supervisors
urged to unite in
a
are
renewed effort
to build up capital accounts in all
banks
to
that may be expected to share in
cepted
as
reasonably adequate. So
the
long
as a
single insured bank has
to
participate
in
enterprise
an
general growth trend of
our
of
Summary
To
We
summarize : these
have
economy
bank
a
today.
assets
The
earnings
Furthermore,
in
earnings in their following
the
banks
a
remarks:
healthy and growing
is
picture
of
favorable.
distribution
of
quality-wise
is
pattern
typical
for
margins
capital margin
a
economy.
have
the attractive¬
the
At
increases in dividend payments to
shareholders.
of bank shares and particu¬
ness
accounts.
however, there have been
shares
promise
investors
to recognize
come
tial
the
time,
time,
expenses.
almost
capital
quite
mechanization
long-run
operating
same
operating
banking procedures
portant
revenues
increasing
are
substantially.
larly
the improvement in
earnings is
increased
THE
as
they arise, thereby preventing the
development of multiple banking
fense, whereas bank capitalization
together
a
103
needs,
we
generally
that falls
ac¬
short
should not be satis¬
fied. Reasonable progress is defi¬
nitely attainable. There is
a
opportunity
should
not be
now
73rd
Annual
Nov. 3.
it
rare
ignored.
♦An address
Bankers
and
by Mr. Wolcott before the
Convention
Association,
Des
of
The
Iowa
Moines,
Iowa,
1959.
BREWING COMPANY
k eAtcbt
in
has grown in
Historic
old
plant capacity almost 3 500% in the last
San
Antonio, Texas
19 years
in order
to
keep ahead of the annual increase in sales.
800,000
700,000
600,000
1941
1943
1945
The
of
no
costs
1947
1949
of 9 successive expansion
programs
have been paid out
has no funded debt,
preferred stock and only 577,500 common
internally generated funds. The
bank
1950
loans,
no
shares outstanding.
LONE
company
'
-
STAR
SAN
1952
1954
Research
Company of America reports
Retention of Sales Dollar in
Profits before Income Taxes is among
Lone Star's
the leaders in the
■
BREWING
ANTONIO,
TEXAS
1956
COMPANY
Industry.
1958
THE
104
James
B.
Boston;
COMMERCIAL and FINANCIAL
Maguire & Co., Inc., Boston; William J. Burke, Jr.,
Harold Scattergood, Boenning & Co., Philadelphia; Felix Maguire,
Incorporated, Philadelphia
Maguire, J. B.
Capital Inflow
Continued, from
will be met in
page
13
important part by
imports.
In
the field of nonferrous
met¬
als, we shall have to import sub¬
stantially more copper in 1970 to
fill an estimated domestic need of
2.7 million tons of the metal. In¬
dustry expects that the consump¬
tion of aluminum will multiply
several fold over the next decade.
Even with the increased facilities
for reclaiming
rubber and for the
production of synthetics, it is es¬
timated that we will need 2.2 mil¬
lion tons of rubber imports
in
consumption
of petroleum is expected to reach
a staggering total of 5 billion bar¬
1970.
By 1970 U. S.
rels per year.
of 23 and
First Southwest Company, Dallas; Allen L.
Rader McCulley, First Southwest Company,
Dempsey-Tegeler & Co., Chicago
of
care
59%, respec¬
current
exports,
omy
Canada is
enlarging
our
been
Canadian
the
on
told that Canada's
growth
exports to the U. S.
to have trebled since 1939.
substantially better off than the
States. Half year returns seems
1959 show trade higher than The most interesting phenomenon
United
for
last year,
gather its data. They imply that
the Canada of the future not only
Trade and Commerce, Mr.
ond
the gross
national product will be
$52 billion. These are
in excess of
our
called
own,
the
price
self-sufficiency,
a
only their enlarge¬
has not been
ment, but the bringing into pro¬
new Canadian sources
duction of
production which mean so much
Canada's general growth.
we turn
to the details, the
uranium
export is perhaps the
outstanding case of new items
of
to
If
Church¬
Union
Dallas
Securities Co., Inc.
1001
Fort Worth National Bank Bldg.
Adolphus lower
Fort Worth
Dallas
Members
problems,
Our
ment within
Oliver, Jr., Sanders & Company,
Dallas; Don Schubert,
particularly in the sec¬
quarter, and the Minister of
ill, has predicted that 1959 export
will be producing but consuming trade with the world may well
much more per capita than at this exceed $5 billion, to set a new
present time.
high record.
This expansive prospect in our
It is gratifying that the U. S.
respective countries presents both market continues to be a special
an
opportunity and a challenge. source of strength to Canadian
For our own sake, we should try exports, as it did throughout the
to adopt a trade posture which recession.
The trade is deriving
acknowledges the necessity of co¬ its current buoyancy to a large
operating as far as possible with extent from the strength of the
the growth process. Our market U. S. economic recovery and this
place becomes richer and more is helping in the upturn of Cana¬
responsive through the import of dian production. The production
manufactured
products from gain, in turn, is contributing to
abroad, even though in some cases the expansion of Canadian de¬
they compete with domestic pro¬ mand on the U. S. However, U. S.
1970, Canadian population will be like
in excess of 21 million, and that
econ¬
Canadian
tively, over the situation in 1955
when the Commission began to
duction.
this
in the past two decades have
enormous.
The volume of
serious exports to Canada, while rising,
have not yet fully recovered from
prospects are relatively even
though they appear to be, cannot their sharp recession slump.
greater than our own. The Royal
The U. S. economy is now as al¬
Economic
Commission
on
Eco¬ be solved by erecting trade bar¬
nomic Prospects estimated that by riers.
For
advanced -economies ways drawing on Canada mainly
I am
consump¬
tion. The beneficial effects of
situation
Bilateral Trade
In
Thursday, November 26, 1959
.
Jackson,
Dallas;
waste and
How Canada Benefits
increases
A.
high production costs and the
dissipation of resources.
is
From U. S.
Winton
May & Gannon, Inc.,
Stroud & Company,
-t
CHRONICLE
a
of
so-
in
commodities
retire¬ home
"Fortress America,"
in
or
not
sufficient
not produced
produced
any
quantities
New York Stock
Midwest Stock
American Stock
at
Exchange
Exchange
Exchange (Associate)
longer
to
take
Rauscher, Pierce & Co., Inc.
Underwriter
Member
New York Stock
Distributor
Midwest Stock Exchange
Exchange
Exchange (Associate)
American Stock
Dealer
Municipal Bonds
Bank and Insurance
Company Stocks
Mutual Investment Funds
Utility, Railroad and Industrial
Public
Bonds
first
<s0tuhu>€dt company
—
Preferred Stocks
Underwriters
Brokers
MERCANTILE BANK BUILDING
•
—
•
Common Stocks
Dealers
Distributors
Mercantile Dallas Building
DALLAS
Dallas 1, Texas
Abilene
Houston
Lubbock
Plain view
San Antonio
Tyler
Austin
Midland
mm
m
•
•
Fort Worth
Odessa
•
•
San
Harlingen
Antonio
•
•
Tyler
Houston
•
•
Lubbock
Fayetteville, Arkansas
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
running to big figures, but there for Canadian assembly, have grad¬
is, of course, a tremendous, and ually deepened their operations so
perhaps even potentially more im¬ that now, not only the bulk of the
portant development in the iron finished U. S.-type cars Canada
ore
mentioned
previously, and uses are made in Canada, but also,
perhaps in the currently smaller the major part of the parts con¬
petroleum and natural gas ex¬ sumed by the industry. This is the
ports, which in a very real pattern of most branch plant de¬
sense is
transforming the economy velopment, and although Cana¬
of the Canadian West. In the older dians do not
always agree, we are
trade, also, there has been enor¬ convinced that the size of trade
mous
expansion
in
newsprint,
lumber, nickel, aluminum, asbes¬
tos, copper, and zinc.
On the other side
of the trade,
with Canada
reflects, in
a
general
way, its integration with produc¬
tion processes in the two countries.
We
harder than the Canadian domes¬
tic economy in general, an
of course, fortunate to
measure of comple¬
in the economies by
reason of geography which facili¬
tates the flow of regional items.
tant
Our two
our
exports to Canada, which were
hit by the recession, much
hard
impor¬
year
feature
of
the
to have
seems
this
progress
been
the
vival of the automobile trade.
send
Canada some
re¬
We
automobiles,
but as you know, the bulk of our
exports is in parts for assembly in
Canadian plants.
Canadian
This
think,
Auto
Industry
Growth
automobile
a
lution
export is,
I
good example of the evo¬
the
of
trade-investment
combination.
The Canadian tariff
is
high
certainly
protective
in
all
enough to be
but marginal
items and this is true not
only for
product but also, for
the parts themselves. The branch
plants which came into Canada
the finished
have
are,
great
a
mentarity
countries also
businessmen who
have
had
willing to
along with the national de¬
sire of young countries for indus¬
trial development.
Only a small
proportion of the large U. S. ex¬
port to Canada is now a competi¬
tive business in finished
It
lines.
is much
more a matter of
supply¬
ing Canadian production with the
materials and the capital equip¬
your
cline
are
not available within
The recession de¬
Canadian imports from
country.
in
the U. S. shows the close correla¬
tion
of
trade
our
with
industrial activity.
Canadian
Canadian
sumption expenditures
were
con¬
well
originally
maintained throughout the reces¬
and
sion
its
because of the tariff
preferential implications
period,
but
temporary
transfer
of
ex¬
the
consumer
interest away from durables, found
U. S. trade to you very vulnerable.
IN THE SOUTHWEST—
We are aware, of course, that
there is not a uniformly favorable
situation in all trade items at the
present time.
ample, that
We know,
our
ular in Canada.
been
able
to
for
ex¬
import limitations
lead and zinc trade
on
are
However,
amend
the
BOSTON SECURITIES CO.
unpop¬
we
have
TOWER PETROLEUM BLDG.
manda¬
tory oil import program exempt¬
ing imports of oil transported into
the United States by pipeline, rail,
other
or
of overland trans¬
Of course, this exemp¬
means
portation.
tion
is of considerable
DALLAS
§
1, TEXAS
Riverside 7-8967
TWX DL 542
benefit to
Canada.
were
ride
ment that
capital expenditures for the
pansion of production, and
105
the
decline
in
We could put in a word of re¬
minder, also, that we have some
difficult export problems of our
own. For
example, we have a coal
industry which has a technologi¬
cal problem, complicated in the
central Canadian market, not
only
by the rapid changeover to liquid
fuels which has reduced exports,
but also, by the import of these
Specializing in
—
TEXAS LIFE
INSURANCE
helping out your Nova Scotia
industry with heavy subsidies
which, of course, are felt by our
are
MANNEY &
exporters.
COMPANY
1309 Main St.
This brief review of
our trade,
"below the border,"
that although there are
unresolved
problems,
trade
in
as
from
seen
points
DALLAS
up
2, TEXAS
Riverside 7-4235
Teletype—DL 379
general between the two countries
has
UNDERWRITERS
DISTRIBUTORS
DEALERS
even
Branch
U.
the
to
S.
true
inactive
closely
held
securities
exports, but is
of
Canadian
United
States.
ex¬
We
Oil & Gas Securities
Mining & Industrial Issues
Local Bank & Insurance Stocks
hope Canadians, will be more in¬
clined toward optimism about the
SAN ANTONIO 5, TEXAS
Offices-—McAllen
to
more
ports
Muir Investment Corp.
101 N. ST. MARYS ST.
healthy look which is not
a
confined
BROKERS
STOCKS
Canadian fuels into the U. S. You
prospects of their trade, in view
its steady performance in the
of
&
Seguin,
Texas
recession.
You
are
supplying
a
very large and vigorous economy
in the U. S., which, by the record,
Corporate
is
growing in importance for Ca¬
production year by year.
The growth of trade is, of course,
one thing we can measure
quan¬
titatively.
We hope trade rela¬
tions will improve also in a quali¬
tative sense.
We will vigorously
and
nadian
Municipal
Securities
devote ourselves in that direction.
Teletypes: SA 172 (Corporate)
Direct
Wire
to
Sanders
&
Company
Members New York Stock
SA 116 (Municipal)
•From
Gregory
&
Sons,
New
York
a
talk by Mr. Kearns before the
of Metropolitan Toronto,
REPUBLIC
NATIONAL
Exchange
BANK
BLDO.
of Trade
Board
Canada.
Dallas
FRIGIKAR
CORPORATION
Manufacturers
of
PIONEERS IN AUTOMOTIVE
•
FRIGIKING
•
FRIG IK AR
AIR
CONDITIONING
DALLAS, TEXAS
•
FRIGIKAB
•
FRIGIBUS
REPUBLIC NATIONAL LIFE
j
ARS OF GROWTH
Insurance Co.
Dallas, Texas
Frigikar Corporation's sales
up
37% and profits
for the current year
up
—
are
41 %
the
highest in its history.
The company
its
long
range
NOW
MORE
THAN
is continuing
planning
$2,250,000,000.00
with constant research
of
I
new
keep it
PAYS
DIVIDENDS
LIFE INSURANCE IN FORCE
products to
a
leader
AND HEADED FOR
in its field.
BERT J. MITCHELL
PRESIDENT
THREE BILLION
BY JANUARY 1961
FRIGIKAR
INCREASE %
1
51
35
71
05
34
375
41
57
01
37
CORPORATION
1602 Cochran Street
•
Dallas, Texas
.
—
Lane, Space &
Com¬
pany, Inc.
Robinson-Humphrey (The) Co—.
Trust Company of Georgia—_«•—
Boston
95
95
95
First
Johnson,
96
96
97
Baker, Watts & Co.
Baumgartner, Downing & Co.—„
Brown (Alex.) St Sons
Garrett (Robert) & Sons
Legg (John C.) & Company
Maryland Shipbuilding & Drydock
Company
—
Maryland Trust Co._
Mead, Miller & Co.
Mercantile-Safe Deposit and Trust
—
land
(C. T.)
94
96
97
FIF
97
Management Corporation-—
Founders Mutual Depositors Cor¬
96
96
poration
.
Lowell, Murphy & Company, Inc.
Stone, Altman & Company, Inc—
48
81
81
90
BELTON, TEXAS
Inc.
Buhl
Carlson
&
23
Amott, baker St Co., Incorporated
54
42
15
51
29
Antler
45
Alien
St
Ames
(A. £..)
Co—
Corporation
Co., Inc.
St
Kesiaurant
S.
&
Bleichroeder, Inc—
Co.
St
St
CONN.
Middlebrook
&
Cooley
—
and
46
14
40
11
-
-
12
51
53
Weinberg (S.), Grossman & Co—
63
Crang (J. H.) & Company
Devine (C. J.) & Co
20
Wertheim
62
Dicuson
30
White, Weld
62
Domimck
&
Dominion
(The)
Club
93,
front cover
(K. S.)
& Co., Inc.
Dominick
21
poration
50
:
-
du Pont (Francis 1.) St Co—
HOUSTON, TEXAS
31
-
E-Z Addressing
BOISE, IDAHO
Kay & Company, Inc.:
Eastman
102
Ernst
71
JACKSONVILLE,
BOSTON, MASS.
National
Atlantic
Bank
of
Thompson, Inc.
Securities Corporation—
Coffin & Burr, Incorporated
Day (Chas. A.) & Co., Inc.du Pont, Homsey & Company
Haigney (Dayton) & Co., Inc.—
Keller Brothers Securities Co., Inc.
Kidder, Peabody & Co—
&
Clayton
Knox (H. D.) & Co
Lerner & Co.
.
64
66
64
67
64
66
66
67
66
Co.
30
( 1 ne) Boston Corporation.
First National City Bank of New
York
Fitzgerald St Company.
Fox (P. F.) St Co., inc.
CITY, N. J.
Frank
(Albert)
&
Associates.
—
30
54
54
Frenkel
43
65
65
7
67
64
Townsend, Dabney St Tyson
67
85
Glore, Forgan & Co—
23
Gold, Weissman Co.
45
Goldman, Sachs & Co.—
16
Golkin, Bomback & Co.
47
Grace Canadian Securities, Inc.
53
Grace National Bank of New York
32
Graves (Gordon) St Co., Inc—
37
Greene and
Company
38
Gregory & Sons
inside back cover
85
Grimm
Forests,
90
66
LOS ANGELES, CALIF.
Evans
MacCormack
Keenan
&
Co.,
Inc.
62
Dynacolor Corporation
—
34
J.)
&
Co., Incor¬
porated
Kraft
BROCKPORT, N. Y.
(John
Co.
&
&
Co.
82
Lester, Ryons & Co.
Marache, Dofflemyre & Co.
Miller (Revel) & Co., Inc—
Pledger & Company, Inc.
Staats (William R.) & Co.
Turner-Poindexter
&
84
84
—
Cook
Investment
Co.
68
73
70
Cruttenden, Podesta & Co,
Doyle, O'Connor & Co.
Fuller (William A.) St Co.
Hickey & Co——-—Illinois Company, Inc.
Leason & Co., Inc.—,—
Nuveen (John) & Co.
Rice (Daniel F.) and Company,
Sincere and Company
Straus, Blosser & McDowell—
Swift, Ilenke St Co.
Taylor, Rogers & Tracy, Inc.
-
—
—
—
Co—
(Geo.)
Eustis
&
Co.—
■
&
LYNCHBURG, VA.
Strader and
94
Company, 7 4c—
Laird,
Bis sell
Lebenthal
Lee
&
Reid
&
Co., Inc.
Merrill, Turben St Co., Inc.
Parsons St
Prescott
Russell
Co., Inc.
St Co—
First (The) National Bank
99
Loeb (Carl M.)
Lord,
(J. N.)
St
&
Light Company
92
Loewi
(Robert W.)
78
29
25
39
33
22
(John R.)
(Carl) & Co., Inc.
St
Co., Incorporated
T t
1 '
74
Marshall (The)
Company—
(The) Company
MINNEAPOLIS, MINN.
Allison-Williams
J. M. Dain
&
Company——
Co., Inc.
Piper, Jaffray & Hopwood
—
—
Associates
&
St Co.
Co.
_
76
76
76
Merrill
36
29
39
Weir,
&
Co.
85
Wulff, Hansen
St
Co
87
Mitchell
&
Incor¬
(H. A.)
& Co. Inc.
Inc.
Schaffer, Necker & Co.
Schmidt, Roberts & Parke
Sparks (J. W.) & Co.
Stroud & Company, Incorporated
Suplee, Yeatman, Mosley Co., In¬
57
57
56
55
58
Company..
52
47
31
Morgan (Peter)
32
& Company.—
Quotation
95
Marshall
91
Harper (Wm. P.) & Son St Co
91
Hughbanks Incorporated
88
Lewis
.......
(John R.), Inc..
Van Waters
90
Company.....
89
National Bank
&
90
Rogers, Inc—....
86
100
SUN
59
57
Teller
57
corporated
(Albert)
St Co-..
Thayer, Baker & Co.
Warner,
Jennings,
Mandel
&
Longstreth
Wellington Company
Woodcock, Hess, Moyer St Co.,
Inc.
VALLEY, IDAHO
Sun Valley, Idaho.—.
SYRACUSE, N. Y.
Snyder (E. W.) & Co.
54
TOLEDO, OHIO
Collin, Norton St Co.
79
TORONTO, ONT., CANADA
Davidson
Teal
&
Company
Exploration
21
Limited.
...
52
Wisener, Mackellar and Company
52
VANCOUVER, CANADA
59
Doherty Roadhouse & Co.
56
48
60
52
l:-
WASHINGTON, D. C.
Johnston, Lemon St
PITTSBURGH,
91
Ltd.
Taggart (Charles A.) & Co., Inc.
Co—.
62
PA.
Johnson
St
Johnson..
......
Langley-Howard, Inc.
Reed, Lear St Co.
Simpson, Emery St Co., Inc.
Thomas St Company
WILMINGTON, DEL.
61
61
61
Delaware Management
61
Laird
St
Co., Inc.
48
Company, Corporation
29
61
Bureau
..inside
front
cover
YOUNGSTOWN,
PORTLAND, ORE.
18
...
Corporation..
Model, Roland & Stone..
National
87
60
Lynch, Pierce, Fenner &
Canadian
83
53
Smith Incorporated
Midland
86
St Co.
cover
Incorporated
McLeod,
Young,
porated
87
Co.
(J. S.)
Sutro & Co—
Witter (Dean)
58
Co.
Robinson & Company,
46
back
(Frank C.) St Co.
&
8
48
McLaughlin, John F.
Co., Incor¬
79
Co., Inc——
&
74
79
79
56
37
—
Marks
McDonnell
porated
78
46
19
t
Maher
Masterson
MILWAUKEE, WIS.
80
78
57
Townsend, Crouter St
7
& Co.
Co.
86
87
&
Strauss
55
(Harry C.)
44
Rhpades & Co..
Abbett &
87
porated
58
...
80
———
Co.
&
& Sherrerd
Butcher
Dackerman
20
—
Corporation
Levien, Greenwald
MEMPHIS, TLNN.
Boenning
DeMaven &
Bodine
41
Meeds
&
Co.
Higginson
Co.
58
27
31
Kugel, Stone & Co.
94
Bioren & Co.
44
11
Co—.
St
&
Brush, Slocumb & Co., Inc.
First California Company Incor¬
Barrow, Leary & Co.
55
(Charles)
FRANCISCO, CALIF.
(J.)
SHREVEPORT, LA.
PHILADELPHIA, PA.
Riecke
King
Mason St Lee, Inc.
Milwaukee
Fulton
SAN
105
102
83
—
59
59
-
Kidder, Peabody & Co,
t
Cleveland (The) Trust Company
Riviera Hotel
Newburger & Company
Rambo, Close & Kerner, Inc—
Kidder (A. M.) St Co., Inc—
Florida Power
79
86
10
Co.
98
80
Company
Hotel
57
98
(The) Bond Co- Inc.
(J. J. B.) & Son
Kentucky Company
72
CLEVELAND, OHIO
Mirador
59
55
98
LOUISVILLE, KY.
Baird
Baxter
El
Johnson St Prince
&
Co. 102
Investment Corp.
Russ & Company, Inc.
Seattle First
60
25
—
Weeks
&
(W. E.)
Ingalls
MIAMI, FLA.
Walter, Woody & Heimerdinger_
Westheimer and Company-
CALIF.
Caplan (Albert J.) & Co.
Clark (E. W.) & Co
26
41
Hilliard
72
OHIO
93
23
Hirsch & Co.
Mabon & Co.
CINCINNATI,
& Co., Inc—.
Hess, Grant & Remington, In¬
corporated
Hopper, Soliday & Co.
Janney, Dulles & Battles, Inc.
84
70
73
72
48
46
Co.
Bankers
72
70
73
69
(Jerry)
Ltd.
60
&
Hobbs &
Brewing Company.... 103
Muir
Foster &
60
Hettleman
ANTONIO, TEXAS
(Creston H.)
Lone Star
Barth
88
93
Hecker
Hill, Darlington & Co.
Hill, Thompson & Co., Inc.
88
Johnson, Lane, Space St Co., Inc.
Gerstley, Sunstein St Co.
82
84
68
72
72
SAN
Funk
Co.
Supply Company.
51
27
25
St Co.
& Snyder
James Anthony Securities Corp—
Josephthal & Co—
Kenney (D. Raymond) & Co.
71
73
73
34
43
28
Hutton
(A. C.) & Co
—
American Marietta Company.,
Becker (A. G.) & Co., Incorporated
Blunt Ellis St Simmons—
Boettcher & Company
Mountain Fuel
Schwabacher
Hentz
(H.)
CITY, UTAH
Hidden Splendor Mining
Gorey (Walter C.) Co.
24
Hornblower
Allyn
SALT LAKE
92
18
Hardy & Co.
,
Haupt (Ira) & Co.
Hay, Fales & Co.
Heaney (Michael J.) & Co.
Hemphill, Noyes & Co.
....
82
85
Wagenseller & Durst, Inc.—
CHICAGO, ILL.
31
,
85
(Oscar F.)
Co.
&
70
76
-
-
Inc.
77
Hough, Inc.
—
Potlatch
77
In¬
PETERSBURG, FLA.
&
10
17
45
—
—
Crowell, Weed on & Co.
Bros.
ST.
Beil
Pacific Northwest
Maguire (J. B.) & Co., Inc.-.
May & Gannon, Inc.
—
Moseley (F. S.) & Co
Putnam (F. L.) & Company, Inc.
Schirmer, Atherton & Co—
SheeUne (Paul D.) & Co-
St
B.)
PALM SPRINGS,
Gersten
Hincks
40
BEACH, FLA.
(Frank
Thomas
53
42
-
Corp—
General Investing
Bateman
35
——-
Company, inc.
George, O'Neill & Co., Inc.
77
SEATTLE, WASH.
66
BRIDGEPORT, CONN.
33
26
28
& Co
& Co.
PALM
Law,
&
76
77
.
Newhard, Cook & Co
Reinholdt & Gardner
Scherck, Richter Company..
Stifel, Nicolaus & Company,
corporated
White & Company
24
36
-
Gairdner
LEWISTON, IDAHO
Co., Inc.
inside back
Guenther
-
Inc.
Co.
Hunter (Wellington)
Wien (M. S.) St Co
Capper
42
Leedy, Wheeler St Alleman, Inc—
cover
JERSEY
44
ORLANDO, FLA.
9
-
_
92
76
Co.
13
-
First
93
Pierce, Carrison, Wulbern, Inc—
St
SAVANNAH, GA.
28
—
Fahnestock & Co.
Jack¬
37
47
34
32
Zuckerman, Smith St Co.
—
Co.
D.)
(Edward
Jones
13
&
Es Lab rook St
FLA.
sonville
Carr
54
Co.
St
Morrison-Knudsen Company, Inc.
Service—
Dillon, Union Securities
44
16
33
& Co
William Street Sales, Inc.
Winslow, Cohu St Stetson, Incor¬
porated
Winston (J. A.) & Co., Inc.
Wood, Gundy & Co., Inc.
Cor¬
Securities
LOUIS, MO.
(A. G.) & Sons
Fusz-Schmelzle & Co., Inc.
29
24
Watson (T. L.)
-
47
41
47
39
6
40
44
9
38
49
12
5
46
26
Walston &
-
50
& Saltzman
Graphic
Trask (Spencer) St Co.
Troster, Singer & Co.
—
Unterberg (C. E.) Towbin Co.—
Van Alstyne, Noel St Co.
Vanden Broeck (Alfred L.) St Co.
Walker (G. H.) & Co
14
Co.
St
ST.
Edwards
43
Co.
&
35
Incorpo¬
Co.
St
& Co. Inc.
Traders
40
-
St Co. Inc.
Torpie
36
Company
Co.
...
81
pany
Singer, Bean St Mackie, Inc—back cover
Stamm (A. L.) & Co.
27
Sterling, Grace & Co.
;
27
Strauss, Ginberg St Co.
43
Stryker & Brown
—
44
Tatro (Edwin L.) Company..
45
Thomson & McKinnon.
32
15
St Denton, Inc.
Bros.
&
—
Hutzler
&
(G. A.)
Simmons
28
.....
ica
Company
St
Bros.
Siegel (Sidney A.)
41
-
Co.
Bacon, Stevens & Co.
Biair St Co., incorporated
Biair (rienry) St Co.
Blyth & Co., Inc.
Boland, Satfin & Co.
Burns
-
Company
s
Cowen
Putnam
&
Securities
Bacne
75
rated
Hotel
&
Coleman
Saxe_
&
Com¬
Power
Colorado
Southern
42
39
17
38
35
30
Schapiro (M. A.) & Co., Inc.
Searight, Ahalt & O'Connor, Inc.
Shearson, Hammill & Co.
—
Shields & Company..
Shore (Harold C.) & Co.
9
Aetna
Asiel
75
75
& Company
HARTFORD,
Coburn
Raton
Russell
Commercial Bank of North Amer¬
101
RATON, FLA.
100
JrecK
Auier,
Canaee
101
Sterne, Agee & Leach
Boca
St
Arnliold
& Company, Inc. 101
Co., Inc.
BOCA
Aaams
RAPIDS, MICH.
(Hudson)
100
Jones, Inc.
Burnnam
White
Co., Inc.
&
Abbott, Proctor & Paine
101
BIRMINGHAM, ALA.
100
NEW YORK CITY
74
75
75
Building
First of Michigan Corporation
Parcells (Charles A.) & Co.
Roney (Wm. C.) & Co.—
Watling, Lerchen & Co.
;
GRAND
Perry (Berney)
Company
Saxton
DETROIT, MICH.
Puget Sound Pulp & Timber Co.
&
LA.
Salomon
80
49
Mary¬
& Co., Inc
Equipment,
Scharff
Bosworth, Sullivan St Company—
96
63
Labouisse, Fried-
Weil,
and
riclis
DENVER, COLO.
BELLINGHAM, WASH.
Griggs
92
Nelson
T.
Newman, Brown
.
Williams
Inc.,
St Co.—.
NEW ORLEANS,
DAYTONA BEACH, FLA.
Howard,
97
-
of
(Chas. \V.)
Scranton
105
Company
O'Rourke,
99
HAVEN1, CONN.
NEW
105
97
.
Stein Bros. & Boyce
Union Trust Company
& Company
———
105
Rauscher, Pierce & Co., Inc.
104
Republic National Life Insurance
&
Corporation
Securities
Equitable
Manney
Sanders
Ogden Wechsler & Krumholz.—
O'Kane, Jr. (John J.) & Co.
_
Paine, Webber, Jackson St Curtis
Pearson, Murphy & Co., Inc.
Pershing & Co.
Pflugfelder & Rust
.
Pitfield (W. C.) & Co., Inc
Quinn (E. J.) & Co., Inc.
Registrar St Transfer Company—
Reich & Company
Reilly (J. F.) & Co., Inc
Reynolds & Co.
Rice, Jr. (J. K.) St Co
Rogers (Casper) Co.
Roggenburg & Co.
Ross, Lyon & Co.
99
Inc.
105
Corporation
Frigikar
Co.
BALTIMORE, MD.
Company
Company
Southwest
Kirkpatrick,
Clark, Landstreet St
105
104
104
PUEBLO, COLO.
New York Capital Fund of Canada
49
New York Hanseatic Corporation
inside front cover
NASHVILLE, TENN.
Securities Co
..
Dallas Union Securities Co., Inc—
95
Page
Page
tun
DALLAS, TEXAS
ATLANTA, GA.
Courts & Co.
•4prV—-7
Page
Page
1959
Thursday, November 26,
FINANCIAL CHRONICLE
THE COMMERCIAL and
106
Patten
(George) Investment Co—
Zilka, Smither St Co, Inc.
(89
Butler, Wick St Co.
OHIO
...
78
89
N. S. T. A.
PROVIDENCE, R. I.
Walker (G. H.)
St Co.
National
83
ciation
Security Traders Asso¬
.
19
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