Full text of Commercial and Financial Chronicle : November 28, 1963, Vol. 198, No. 6320

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

•

'

■!.

•

'

and

Reg. U.S. Pat. Off.

Volume

Number

198

EDITORIAL

New

6320

has

By Dr. Raymond J.
Barnard College,

mourning of

mighty nation.." Many, per¬

a

occurred

President Eisenhower for recent

Yet

of

\

who

we

-

,

left

are

;

can

•

:

/

the
price
inflation and other problems.
The Ex-CEA Chairman offers
a constructive approach to unemployment and other unmet

not for long escape

long range effect of their decisions upon

a manner

Time will not stand

best to

still, and

estimate of the business outlook, but
a

policies we pursue in the
months immediately ahead will
have

that President

be

a

that

In language as

billion

exceptionally

the

opportunities

like, therefore, to take

to

and public policy, he seemed

rate;

Raymond J. Saulnier

payments which

time.
critique of

at

a

(vii)

good

tween

Underwriters

Distributors

Corporate &

•

j(A0

Municipal
Housing

STATE

MUN

AND

623

770-2661

JUk

York Stock Exchange

GlenBeach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa Ana, Santa Monica^

Municipal

'

del Mar, Encino,

STOCK EXCHANGE

■

Bond

Division

S*

...

Whittier

FIRST NATIONAL CITY BANK

Inquiries Invited on Southern
California Securities

Bond Dept.

Teletype: 571-0830

New

York

Correspondent

—

MANHATTAN

Pershing & Co.

91st Year
Net Active Markets

0

To

Orvis Brothers & G>

California's Diversified

Maintained

Human Resources

CANADIA

Canadian Securities
Block Inquiries

Established 1872

Members New York Stock Exchange

BANK

Dealers, Banks and Brokers

UNDERWRITER

DBALER

;

;

dale, Hollywood, Long

Chicago 3,111. FAanklin 2-1166

r

Bonds and
Notes

Office? in Corcna

A-

135 So. La Salle Street

w

Agency

American Stock Exchange
Members Pacific, Coast
Exchange

York 8, N. Y.

TWX: 212-571-1414

New

;

Members

Municipal

MEMBERS

MIDWEST

Co.

Street, Los Angeles 17,

Hope

Members

CHEMICAL BANK NEW YORK TRUST COMPANY

DEPARTMENT

So.

California'-

Dealers

Securities

Newifork

DISTRIBUTOR,

accelerating and be¬

(Continued on page 18)

State,

Lester, Ryoms &

BONDS

•

and increases in prices

year

coming more widespread.

IN THIS ISSUE

MULLANEY, WELLS & COMPANY

Municipal

770-2541

a

materials were

and Public

Securities

phones:

rate and

1.5 and 2.0%

industrial

of

Housing,

P.O. Box 710, New

of

seem

the consumer price index was rising,
since last January, at a rate of be¬

U. S. Government,

State and

we

at it has been

this opportunity
sketch out a strategy of policy which, in my

judgment, would serve us best at this
Of necessity, this nlust begin with a

(Continued on page 20)

of over $5 bil¬

(iii) we had a deficit in our balance

unable to
reduce below the $2 billion a, year annual rate and
which, in the second quarter of this year, passed
above the $5 billion a year mark;. (iv) the money
supply, narrowly defined tp include only currency
and demand deposits, was expanding by just under
4% and, more broadly defined to include commer¬
cial bank time deposits, by more than 8%; (v) con¬
sumer credit and home mortgage debt
were each

of

advantage

as

already running a deficit in the cash

international

between now and 1970.

I would

Federal spending

(i)

when

cash payments to the public was ris¬

we were

lion a-year;

which will con¬

us

I could find, I have said

budget of the federal government

expansion of job

front

as

unwise to cut taxes by. about.

ing at the rate of about $6.5 billion a year, as it
did in the 12 months which ended Aug. 31, 1963;

beavy

needs for the

policies and about the theories
•

plain

year

a

measured by

cially important when we con¬
sider

underlie them.

that I thought it was

$5

number of aspects of

a

economic policies. Especially,

(vi) the economy was
unemployment among
those persons who comprise the bulk of our ex¬
perienced and continuing labor force, as measured
by the rate of unemployment among married men,
was only one percentage point Or less above what
it was in 1955-56 and was trending down at a good

STATE OF HAWAII FEATURED

BOND

Copy

had, and continue to have, serious reserva¬

have

tions about its fiscal

rising

this decade. The latter is espe¬

Kennedy. He has a different

candidate for New

poor

Public

a

rising by about 10% a year;

growth over the rest of

nomic

good soldier by conforming to and assisting in programs
which were often foreign to what was formerly his gen¬
to

achieving

steady as well as vigorous eco¬

background and until he apparently proved himself a

of government

critical bearing also on

a

chances for

our

places of responsibility and indeed so must we
all. The new President is a man of a definitely different

view

completely gov¬

regard.'More¬

this

in

I can't recall

I believe that the federal

over,

shall be

others in

eral

time when they have been more

erning

he must
prpceed with determination whatever his natural im¬
pulses may be in the circumstances. So also must alhthe

type from' the late President

pursued by our federal government
economic matters are always important to one's

in

all and the world.

serve us

we are sure

I

(ii)

Lyndon B. Johnson is. fully aware of the fact

;

economic growth.

policies

The

the duty

and, further, that henceforth our affairs

conducted in

reminds economic planners not to forget tho

goals, and

people, by
people and for the people shall not. perish from the

earth

money-fiscal ex*

uptrend, jeopardize long-run growth, and cause

GNP

.

,

.;

.

reservations about

the Administration's

pansionist efforts coupled to the tax-cut will reverse

seeing to; it that this government ofkthe

the

Saulnier admonishes that aggressive

Dr.

inevitable and as it

reservations. All this was

should be.

years' growth and stability.

necessity hedged about with

of

are

strongly defends and credits policies pursued under

cut

tax

us,

political and governmental consequences of the heinous
act. Such ventures into the land, of doubtful prophecy
have

Cents

policies currently in force and of those planned for
the immediate future. Now it happens that I have

>

serious

family of John Fitzgerald Kennedy. It has, for the mo¬
ment, seemed, almost profane to discuss the probable

-

Saulnier,* Professor of Economics,

Columbia University, New York City

thoughtful paper on requisites to accompany proposed

A

have not as yet been able to recover
sufficiently from the shock to think of much other than
the horror of it all. and the suffering of the; .bereaved

as

50

for the

part been engulfed with the

the most

for

haps the most of

many

Price

Thursday, November 28, 1963

York 7, N. Y.,

people has had to bear the ignominy of a Presidential
assassination. A nation dazed by ■ the sudden turn of
"noise of the

ESTABLISHED 1839

. . .

country of ours which boasts

government of the people, by the people and

events

FINANCIAL FIELD

As We See It

For the fourth time this
a

PUBLICATION IN THE

INFORMATIVE

MOST

AND

LEADING

THE

Invited

BONDS & STOCKS

r

Commission Orders Executed On All
Canadian Exchanges

FIRST

THIRTY

BROAD

STREET

"

CANADIAN

DEPARTMENT

-

.

^otdhtcedi

NEW YORK
-

COMPANY

v

Teletype 212-571-1213

WHitehall

3-7500

^

wKCt

VIRES

tO




*tWnr«AL AND TOBUWYC

S°odboova
MEMBERS NEW

DALLAS

Dominion Securities

4, NEW YORK

2 BROADWAY '
NEW YORK

YORK STOCK
1

NORTH LA SALLE ST.

'

Grpoeatio/i

Co
40

EXCHANGE

CHICAGO

Exchange Place, New York 5,

Teletype 571-0880

{-

Area Code 212

Bank of America

WHitehall 4-8161

'

N.T. & S. A.

N. Y.

MUNICIPAL BOND
SAN

DEPARTMENT

FRANCISCO ■ LOS

ANGELESV
T*

2

The Commercial and Financial Chronicle

(2090)

The Security

COMMON SENSE

jMAKES CENTS

which, each week,

rienced

OTC

proud to

are

we

over

National Union Fire Insurance Co.

•

Fibrebcard

Union

Fire

of the National

Insurance

is

Co.

in

for

purchase for better than

appreciation.

writes
and

Hanseatic

cial

Boston

Philadelphia

v

World

million.

1231, 32, 33, 34

—

Los Angeles

•

San Francisco

•

Wide

$110.1

volume in

Premium

tically,

National

attractive,
mately

Service

Wire

total

amounted to $59.8 million.

of

value.
of

Union

selling

There

1962

and

35%

at

dis¬

a

insurance
VIRGINIA

in

VIRGINIA

all combined to place

casualty

with

common

Fire

Union

underwriting

as

present

Prior to

building
owned

perboard
Crown

packaging

purchased

EES

fw.

company

producer

of

ment income has shown

VIRGINIA

rising trend
to

the

this

$4.15-$4.20

year,

area

from

up

; 9 9

due

STREET

WALL

to

and

costs.

ex¬

and

in

number

adjustments

important

million.
cated

of

long-term growth of the

4-2727

added

was

in

in

Union Life Insurance

ganized
Half

ON

to
the

of

$3,000,000

operate
life

Co.,

in

af¬

$30

Since

This

such

originally issued at $15

in the

MAJOR CITIES
We

overall

Company

in

National

pleased to

are

future

also

available

on

news¬

share

as

of

$68.97.

stands

in

the

throughout

major

appears

while

cities

purchase

investor.

the

In

country.

to

my

31,

be

for

a

the

•

The

*

'

.
.

COMMERCIAL

and

FINANCIAL

CHRONICLE
-"25 Park Place,

;

a

$2.20

on

equity
1962

of

worth¬

the

new

San

in

9.5 %

1961.

Several

profitability, of
years,

56

cents

per

share)

Joaquin in

1960; and
to

wax

on

costs

se¬

tion

the

on

as
new

These
the

million

ap¬

V

as

a

no

circumstances

solicitation of

an

offer

to

to

heavy

well

net

months,

income

any

in

tax

margins

of 1963,

from

rose

pre¬

3.4%

6.7%

in

7.4%,

and

the

murch & co., inc.

to

quarter .from

to

Northern Ohio

48.1%.

rose

For the first quarter

Member New

third

ings for the first nine months
share

compared

as

share

were

to

1-5671

same

Private

Exchange

Building

Cleveland
CH

Ohio

15,

Tele. 216-574-9180-81

Wire
&

,

the

for

York Stock

Hanna

quarter from 6.1% to 7.6%,,Earn¬

to

L.

F.

Rothschild

Co., N.Y.C.

pe¬

riod of 1962.
If

operations

current

that

expected

pre

may

rise

above

and

that

of

their

maintain

improvement,

margins

for

the

sales

a

be

can

tax

-

6%

on

it

year

volume

$124 million, FPP could

show

Underwriters-Dealers

earnings close to $2.10 per share:
earnings

1964,

substantial

show
upon

a

slight improvement in profit
gins and

the

example,

an

annual

basis,

the

carton

price

increase,

could add

the

pro¬

price.increase

boxes
35

think,

45 cents per

as

could

cents

on

add

share

per

,J\

McKelvy & Company
"v

New

York

Stock

Exchange

Pittsburgh

Stock

Exchange

American

Stock

Union Trust

an

to

earnings, if both increases
held.

Securities

an

folding
I

share to earnings while

posed 5%

on

recent

much

as

additional

Corporate and Municipal

mar¬

impact of price in¬

As

creases.

Distributors

a

based

rise

could

GRant

(Associate)

Bldg., Pittsburgh 19, Pa.

1-8700

Private

Exchange

Wire

Teletype
to

New

412

642-3080

York

City

are up¬

Taking into account only

a

slight improvement in margins to
6.5%

pre-tax (a minimum

tation)
the

and taking only

benefit

nounced

could

of

the

recently

advance

the

to

is

highly

a

with

company,

representing

capitalization.
only

shares

per

total

common

margins

share.

there

that

so

reflected

1964

of

million

in

readily

timated

V

SPECIALISTS

any

can

in

Based

earnings,

the

be

higher
on

es¬

stock

Quality,

Reliability,
I
Speed...

ry.y-vV," ■ ■vivi

modest price-earn¬

ings multiple in comparison with
other paper

equities.

ion, Fibreboard
lor

appears

appreciation.

listed

the

on

In

The

New

my

i i ■«i i mi o

.

111111 ■ ■ < 111 r m

rfr<

APPEAL
PRINTING
130 Cedar

is selling at a

IN

b

lever¬

addition,

outstanding,

earnings

per

long-term

49.4%

In

1.8

improvement
more

$2.80

1964.

Fibreboard

are

an¬

price increases, earnings,

share level in

aged

expec¬

part of

a

CO., INC.

St., New York 6, N. Y.

Telephone: WOrth 4-3033
1889

—

Our 74th

Year

—

1963

opin¬

attractive
stock

York

is

Stock

Exchange.

National
To Speak on

start-up

Quotation

Puts & Calls

Martinez gypsum
are

company,

and

expended

and

as

costs

now

be¬

the $54.2

moderniza¬

on

expansion

be construed

buy,

Effective Distribution

plants.

new

$92.3 million for the first nine

over

the

last

Col.

Homer

E.

Miller,

as

an

offer

security referred

to

to

sell,

or

herein.)

Homer

E.

Miller & Co., will be guest speak¬
er

at

a

meeting sponsored by C. B.

Richards

&

Co.,

at

Roosevelt,
(This is under

of

absence

costs

op¬

the

polyethy¬

New York 7, N. Y.




to

offices

plant

kraft linerboard mill

1961-62,

hind

potential

the

at

lene coated container milk cartons

require quality,

preciation.

period

branch

abnormally high start-up

conversion from

prudent

opinion, the

with

;

during, these

(about

whose objectives

income

from

in

the

on

as

plant.

good

million

Fibreboard

curity is best suited for investors
i

a

concurrent factors caused adverse

at

Dec.

"declined

$110

costs

per

In

(1956-1961), pre-tax

years

pressure

Insurance

an

unprofitable

our

the

Sales

to

years.

and

various

product

reduced from $3.52 to $1.23.

such

dividend

factors

numerous

were

the-Counter Market with
annual

to

deteriorating

and

six

Co., currently 42 bid, in the Overnow

disappointing

to

While net sales advanced by 7.6%

Jo

debt
ex¬

wires

bear

improvement in

the

and

start-up

in¬

declined from $127 million in 1956

announce

that the "Chronicle" is

sales,

3.5% and earnings per share

significant

Fire

level

the

as

very

a

due

margins

growth of the Fire

Union

annual

plants and divisions.
of

long-term growth of this affiliate
more

in

1955, Fibreboard has

as

prices

estimated at $25 million; The

become

Building

ing and shingles.

raised

The first year's premiums written

should

are

wood-

gypsum prodducts, asphalt and asbestos roof¬

share and is currently 38 Vs bid.

are

purchased

waste paper.

million

record

a

IN

pulp requirements

clude such items

Union

NEWSSTANDS

96,000

However,

products, which account for about

initial

shareholders.

indi¬

an

approximately 75%

from

perienced

Fire

$8-10

capacity of 550,000

timberlands.

of

through sale of stock to National

stock was

cartons

converting plants' board

chips and

that field.

was

esti¬

account

The company owns

obtained

was or-v

affiliates

capital

refine

our

mills, with

supply

most of the

filiate (50% owned), the National
ggsggggsasgasasaagggssasssg

Six

of the 13

the

an

further

milk

annual

tons,

company

when

1962

es¬

paper

212 571-1425

1963,' have

of

efficiencies

million, and special food board $7 ' corrugated

needs.

factor

To

division it is

million,

acres

An

its

is

$40 million, corrugated boxes

$29

likely.

are

breakdown

25%.

paper

for

states and additional upward rate

Liquid

paper

reported

mate that folding cartons

on

a

and

paperboard 75% and building

the

in¬

obtained

been

rate

building

sales

products

year

elec¬

controls

Meanwhile,

insurance

auto

Exports—Imports—Futures

DIgby

of

budgetary

have

creases

SUGAR
Refined

installation

tighter

over

—

the

new

integrated

an

Fibreboard

1962,

timated

tronic data processi ng equipment

NEW YORK 5, N. Y.

Raw

the

million and the

sales of $116.7 million and

1962.

ratio is probable this

pense

Inc.

In

share

per

$4.03 in

reflected

erating

In

should increase

and

months

nine

per

products.

steadily

a

A significant reduction in

LAMB0RN & CO.,

1963

expected to improve. Invest¬

are

RICHMOND,

of

begun to

Profit margins, especially in
first

per

inter¬

Exchange

fruit.

$1.15

44%.

Crown's

rbecame

half

last

have

years

$1.70

corap a n y;

owned

Exchange

Mobile, Ala.

pa-

a

Stock

Stock

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

Direct

seven

a

producer,

York

American

HAnover 2-0700

in

Inc.

New

New Orleans, La. - Birmingham. Ala.

1963

est for $37.8

the

Inc.

Pabco,

Fibreboard,

results

for

time

Zellerbach

Pabco

no

of

com¬

a

Products

materials

56%

Paper

Products

that

Members
Members

(Page 2)

4.1%, in the second

out of

grew

Pabco

exception. However, underwriting

«otl

consecutively

Fibreboard

Fibreboard

1955.

Na¬

was

Co.
of

and

Insurance

experience

by

quarters of 1963.

bination

fire

underwriters,

However,

profit

evidenced

Products

most

erratically

an

trend.

company's

The

group

a

in

earnings

three

losses

as

profit margins

on

is

shares

early months of this year,

in

tional

CAROLIN

SOUTH

the

and

CAROLIN

NORTH

heavy

companies

and

pa-

higher pre-tax margins in the first

book

encountered by fire casualty

were

•f

WEST

plants, competitive

trend

is

capital stock outstanding.
Exceptionally

BONDS

prod¬

showing definite improvement

1962

from

803,000

are

the

approxi¬

City.

Steiner, Rouse & Co.

corru¬

building

plagued by adverse

resulted

lower

tho

MUNICIPAL

cartons,

and

strain

severe

and

quite

estimated

income

nearly

a

Statis¬

is

at

times

11

investment
count

For

Inefficient

v

Muccia, Jr., Analyst,

formation

its

perboard pricing and costly start¬

currently

York

factors, both internal and.external

in¬

stocks with strong finan¬

backing.

folding

boxes

ucts has been

one

quality

good

.very

of

up expenses

Exchange

J Chicago

•

turer

It is

Since

Co.—

Products

Paper

A.

Hayden, Stone & Co., Inc., New

prof-,

Bought—Sold—Quoted

Pittsburgh.

Inc.,

(Page 2)

Carrol

difficult period of tran¬

a

Co.,

&

Fibreboard

to be emerg¬

appears

times.

gated

Assets

Telephone: 363-2000
Teletype: 212-571

Pa.

Jrv Vice-Presi¬
Simpson.

Secretary,.

1955, this West Coast manufac¬

company

The

Member

Stock

St., New York 4

60 Broad

the

surance

Eitablishkd 1920
Associate
American

in

complete line of property

a

casualty insurance.

of

CORPORATION

itable

income and prospective capi¬

tal

Company

Paper Products

sition and entering into more

aver¬

age

NEW YORK

ing from

judgment currently attractive

my

HANSEATIC"

"Call

Fibreboard

The capital stock

time. For
OTC trading,

in

sense

common

National Union Fire Insurance Company

Ivory,

and-

Emery

New York City
,

say

right

the

customers find
market at the
right
many

dent

Harden, Stone & Co., Inc.,

Analyst,

Emery & Co., Inc., Pittsburgh, Pa.

helped

lias

—C./J.

CARROL A. MUCCIA, JR.

C. J. IVORY, JR.

Vice-President and Secretary, Simpson,

40 years our expe¬

staff

Louisiana Securities

participate and give their reasons for favoring a particular security.

quires experience and knowledge
of where the best market may lie,
common sense trading.
At Hanseatic

Alabama &

Their Selections

advisory field from all sections of the country

Over-lhe-Counter trading like any
form
of buying or selling re¬

that.for

Thursday, November 28, 1963

.

Participants and

different group of experts

a

.

This Week's

v

in the investment and

(and Dollars, too)

'

I Like Best...

Forum
A continuous forum in

.

New

Dee.

subject

3.

His

York

the

Hotel

City,

Bureau
Incorporated

on

will be "Puts

46 Front Street, New
CHICAGO

& Calls."

'

Established 1913

Over-the-Counter Quotations
Services for 50 Years
York 4, N. Y.

SAN FRANCISCO

Number 6320

198

Volume

.

.

(2091)

Financial Chronicle

The Commercial and

.

CONTENTS

Why Life Company Stocks
Merit Investor Confidence

Thursday, November 28, 1963

B.S.

TAX SAVINGS
BIGGER

and

Economic Policies We Must Adopt to Make
'

stocks renders a favorable verdict r2garding recent trends of U. S. life companies. Proba of tan diff:rent
areas, ranging from mortality ratios to equity and bond investment
earnings, concludes "good" trends are more numaous than the "bad"
ones, and that the over-all auspicious direction can be expected to
continue.
Observations made incude the prospect of increased in¬
Expert analyst of insurance

"The

the

king." And, if we may para-

the

phrase,
t

of

conscience

the

catch

"to

ago,

funds

of

net

highest

is

in

tory,

S: life

in¬

We

in

interest

of

discourses and

increase

approximately
in

from

4.22%

interest

dissertations

was

describing

earnings in 1961 to 4.34% in 1962.

how

big

with

1948

important .life

in¬

point

rise

points
for

basis

12

the

basis

8

an

insurance is in the United

States.

crease,

These

should

last

year

year

in the past'15 excepting 1957
it was also 12 basis points.

truths

about

now

be self-evident. What seems more

significant,

is

our

changes ;' that

view,

are

in

taking

the surface in this

under

in

dians

but'

youth

our

long
he

has

raise

in

salary.

the

second.

says

not

is

"Not

big

a

life

reported placements for the

first

in

most

investments in the neigh¬

new

million dol¬

20

first. "But she won't have

sher is

until

it

of

75,"

so

having

"bad"—which

a

many

U.

S.

cases

life

present¬

obligations

Government

only

refunded.

being

now

are

4%. It
interest
earnings of life companies have
is it
considerable
increase
ahead
of

in

turn

approximately

yield

ly

would

in recent trends in

The;average

them.

insurance.

Divergent Trends

at

were

the

Interest

highest

in

30 years

(2)

ing

per

the
5.8.

im¬

no

in

10

Reinstates

NYSE
IBA

Equalization
IEA

a

rare

as
a

in

rate of

a

declined

minor

repeat

does

exactly

1936 and

1942)

itself—and

years we

it seldom

on

page

PREFERRED STOCKS

As

31

Opens Dec. 1.

and

(Editorial)
Stocks

Insurance

1
14

---

-----

32

Coming Events in the Investment Field

Einzig: "No British Bank

Spencer Trask A Co.
York

Stock

Indications

ST.,

NEW

|

4,

N.

.

.

~

Boston

Y.

TELETYPE 212-571-0785

Nashville

Newark

Chicago
Schenectady

Washington

15

.^.1-

.

^

•

...

Observations
Our

:

....

Banks and Bankers
J

.....

'

.

''•

12
14

15

-j-'-r--.

Governments

on

dF°UR m°%

5

:

Reporter

Securities

Registration

in

Now

_i_

.___

Security I Like Best (The)

8
17

Industry (The)

State of Trade and

Market

Bond

Tax-Exempt

2

,

Corner..

Salesman's

Security

4

... — —

....

Y'ou^/;—

and

Washington

24

29

Offerings

Security

Prospective

12

Securities.

Utility

Public

—

32

^

For Banks, Brokers and Dealers
\

The

•>5

New York

Place,

Park

CLAUDE

COMPANY,

DANA

B.

SEIBERT. President

D.

SEIBERT,

DANA

WILLIAM

v'y

-

•

.

PUBLISHER

REctor 2-8570 (o 9576

N. Y.

7,

'

Reg. U. S. Tatent Office

/

Weekiy

Twire

Published

'

FINANCIAL CHRONICLE

COMMERCIAL and

Treasurer
J.

MORRISSEY,

United

Editor

November 28,

1963

Thursday < general news and advertising issue)
and every
Monday
(complete statistical .issue — market
quotation records,
corporation news, bank clearings, state and city news. etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613),

16

Copyright 1963 by William B. Dana Company
rights reserved. Reproduction in

United

postage paid at New York, N. Y.

class

AND

States,

$80.00

per

countries

In

United

Union
other

$20.00

per

countries

RATES

THURSDAY EDITIONS (104 issues per year)
Possessions and members of Pan American
year;
in Dominion of Canada $83.00 per year;

U. S.

$87.00

States.

per

year.

EDITION

U.

ONLY

(52 issues

per

year)

Possessions and members of Pan

S.

year;

in

Dominion

of Canada

$21.50

Amej-ican
per

year;

$23.50 per year.

Quotation

and

Postage

Nuclear

Corp.

whole or in part

permission is strictly prohibited.

written

SUBSCRIPTION
MONDAY
In

Record

W»! V. FRANKEL 8 CO.
INCORPORATED

PUBLICATIONS
—

Monthly,

$45.00

per

year

(Foreign

39 BROADWAY,

NEW YORK 6

extra).
account

remittances
made in

Albany

Los Angeles

San Francisco

23

Activity

Business

(The)

and l'ou

.

Funds

Mutual

Note—On

TELEPHONE HAnover 2-4300

Philadelphia

>

10

of the News

Exchange

YORK

Cleveland

Chicago

to

Rate Increase

Ahead

Current

of

News About

Bank

BROAD

IFires

Direct

13

Washington

From

OTHER
New

Exchange Place, N. Y.

8

....

Expected"

THURSDAY

Founded 1868

40

St. Louis

Recommendations

Investment

Dealer-Broker

other

Members

sMackie, Inc.

Teletype 212 571-0610

See It

We

Bank

Union

V

Singer, Bean

until

another 24 years

—

Continued

'

specialized in




21

....

Regular Features

reversal

24 year cycle. Should his¬

tory

6* Ref.

12

Every

and
when it

6r Inc.

Commonwealth Oil

HA 2-9000

Second

25

11

Beane, Inc.__

&

a r r u

11

Hitch

K.

Opposing Interest

Tax..,

Convention

without

have

Williston

R.

J.

Memorandum

Issues

All

For many

M

America's

Publishing OTC Wholesale Quotations......

On

Thursday,

1947,

years

1956

above

That's bad!

only

{such

crude death rate

highest

in

Basin

GEORGE

1.000 lives exposed be¬

appreciably
was

showed

Mortality

provement, the
of 6.2

with

1923,

steadily

which

5.18%

since

or

in

occurred

ings

That's good.

1932.

SavAStop
9

Gov. John A. Burns

Opposes SEC Study Group's Proposal

NASD

WILLIAM

invested funds,

on

the
3%

Peak interest earn¬

in the 1940's.

last year

earnings

4.34%

_

rate

earnings

approximately 5%
in
1920's, 4% in the 1930's and

was

(1)

_

the

that

appear

"good" etc. So is it in many

throughout life and so

cases

in

a

21/2%,

the

Gov¬

yielded

use

it went, each "good"

reply. And
had

the

came

S.

U.

when

bonds

ernment

low

extremely

of

era

during the

ago

years

rates

interest

the

the

which

bonds

bought

Furthermore,
life companies

5j2%.

of

borhood

the second.

rejoinders

good,"

_

yields

attained

have

cases

in

1963

of

months

six

war-time

'"That's

Pacific

which

companies

insurance

ago,

year

have

lars."
,

_

Yard.——/....Thomas

Front

Market

good,"

so

on

a

peak last year.

somewhat lower than a

bad." S3VS the first, "She

about to inherit

but

down

slowed

not

its

good,"

"That's

"That's bad," rejoins
so

at

corporate bond offerings has been

boss' daughter."

"Not

only

the

tells

replies the first, "I have to marry
the

that the

vaudeville

gotten

just

i

Although the yield from recent

comedian

other

7

any

that dear

on

departed

One

stage.

6

earnings has

interest

in

was

/ ;
come¬

best

be said, therefore,

can

increase

big and

of the

reminded

are

It

place

:

important U. S. institution.
We

when

the

the

was

4-6551

in

in

since the upturn began

In fact

Shelby Cullom Davis

or

YORK

NEW

WHitehall

points

interest

or

12

basis

STREET,

15

10 basis points
year. Last year the

of interest per

read

y

Axness

Continue

Forces

works out to be an average

years

tened to many

m a n

of

earnings

the intervening

during

1.46 %

lis¬

have

The

ever.

5

in¬

aggregate

2.88%.

creases

------

Puts

Hawaii

the

on

tcdav.

Cobleigh

trend which be¬

a

WALL

Catalyst for Pacific Basin

Pivotal

Expansion

to

as

what

U.

Growth

Strength._______

going

surance

U.

99

Telephone:

Split

.....William

Past

Hawaii;

stand

to under¬

_______Irr.

__

Securities^.
Hawaii's

ings under war-time low- interest
rates fell to their lowest in his¬

way

Stocks—And

of

3

Growing Mainland Interest in Hawaiian

1947 when interest earn¬

in

gan

thing, the best

Shelby Cullom Davis

„

James H. Shoemaker

Candidates......

1932's 4.65%, represents

continuation of

_

Fashionable Fission

The

invest¬

the

4.34%,

BETTER

1

than

Confidence—

The

trends.

of interest earned in

rate
ed

explanation

divergent

since

;v

of

word

these

the

d's

ren

A

cried

thing,"

the

play's

Success. ^Raymond J. Saulnier

a

Why Life Company Stocks Merit Investor

breakthrough in cancer and
heart disease; of a better trend in lapsed policies and a reduction
in borrowing; of more insurance coverage per family despite stock
market, mutual fund and S & L Association competition; and of
favoring municipals and industrial bonds for their richer returns
compared to competitively priced utilities.

Shakespeare's Hamlet many years

Tax Reduction

y

in the years ahead; of a

terest earnings

be

may

J\eiv York

Superintendent oj Insurance. State of

COMPANY

Articles and News

Co.. JSeiv York City,

Davis &

lICHTEIMIH
AND

Davis,* Managing Partner. Shelby Cnllom
and Formerly. First Deputy

Cullom

Shelby

By

3

for

of

the fluctuations in the rate of exchange,
subscriptions and advertisements ' must' be

WHitehall 3-6633

foreign

New York funds.

Teletype
.

212-571-0500
212-571-0501

Glens Falls
Worcester

)

4

The Commercial and Financial Chronicle

(2092),

pedient,

Tax-Exempt Bond Market

it ^would

well

be

at

to

experiment with 10-day

dicate contracts.

It

could

syn¬

that

be

the

MACKEY

D.

30-day and longer agreement

has

DONALD

BY

outlived

-

kets,

and

most

frustrating!

syndicate membership as
it deferred the taking up of bonds,

have

tax

of

ume

adequate
dealers

without
have

a

also of relatively

/

elements

Many
uted

to

this

experience

have

all

and

intimately known
dealers.

1963
are

to most of the
in

bond

this

the underwriting

'

.

kt

Complex
-V:-

•'

.

.

,

The

attrition

fluences of experienced leadership
became

m®n

diluted

to

involved

extent

an

less

in

quite

audible in

this

logically

that

in-

the

the rnael-

strom of almost bitter and at times

thoughtless competition.

Ai.,

,

.

,

bond
in

distribution,
+.

.

otten

was

4.

x

r

obvious

for

dealer

banks

bu,

a

.

■

m

■■

at
ai

have

the
me

market
marKet.

ments ot

been

,

haplessly

,

...

„

along

r

.

with

than

more

.

u

,

..

.

Thus, unwieldy and unmarket•'

,

,

able

x

•

inventories

.,

icle's

meaningful

market
i

while

break

i

.

.

by

been

over-bidding.

has

never

misbegotten

The

the

seen

industry

likes

is

the

belief

of

longed syndication,
kct

break

even

the business
rates
at.

not

in

sharp

though

being done

always

the

the

operations

mar-

most

was

openly

of

at cut

arrived

out

syndicate

been

stretched

months

over

stances.

scene,

have

This

in; many

has

been

of

in-

some

advantage to the management, and
it

often

was

superficially

MARKET

ON

and

made
more

available

or

„

ine

,■

to

the

Kentucky

market.

to

98M>

off

The

bid.

to 99

originally

presently

cently

not

The

^

,

,

and

a

effort

Authority
fered

at

bid

offered

3%s

The

York

which

period

+

i

i

distrib¬
%

'

has

of

been

light

national

intervened.

Tv,

r

while

to

factors

ln the

mourning

one

Bine List is about unchanged from
week ago, the latest total

but

relieve

the

being

"T'!;!-

Small Volume

The

Awaiting Market

of

calendar

new

offerings,

syndication

another formidable market
factor,
remains about unchanged from a

as

week ago. Less than

It

more

a

that

bonds

tively
the

con-

be

polit-

economy.

Bid

sale

The

year.,

during
largest

the calendar continues

offering

Dec.

Rapid

for

10.

San

of

issue

Francisco

to

of

for

$50,-

Bay

Area,

District, California

bonds

also

sells

De¬

on

cember

1982

3.35%

3.25%

issue presently scheduled.

Moreover,

3.25%

1981-1982

10, this being the second

largest
Asked

no

large negotiated is¬

3.15%

3.15%
3.10%

3.00%

1974-1975

3.00%

2.85%

2.90%

1981-1982

3.30%

sues

3.05%

i98i_1982

3%%

3.20%

appear

ready for market.

Current
New

Week's

issues

620,000; of

bonds.

The

3.20%

3.10%

1981-1982

3.30%

3.20%

1981

3.25%

3.15%

$140,000,000 of bonds but

1981

3.20%.

3.10%

vised

3%%

1981

3.40%

3.25%

of

31/4%

1981

3.35%

3.25%

portant

1980

3.22%

3.16%

financings.

=

3.133%

have

amounted

downward

the

after

President

borrowers

as

,

,

to

2,345,000

8:00 p.m.

1964-1992

;

8:00 p.m.

(Tuesday)

A

Albany, Ga
_______2,465,000. 1964-1993
Berkeley U. S. D., Calif..
5,555,000 V 1965-1939
Du Page Co. S. D. No.
2, 111....—
1,477,000
1965-1980
Fscotndido Union H. S. D., Calif—
Hoffman

Estates, 111

1,780,000

1966-1939

3,875,000

-

Metro. Fair & Exposition

over

Auth., 111.

1,800,000

10:00

a.m.

8:00 p.m.

10:30

a.m.

1995

1,435,000

1964-1932

Orleans Levee

District,

La.______

11:00

a.m.

12,500,000

r

1,350.000

1985-1989

Dist., Calif.__

1,400,000

1968-1985

9:00

Co, Granite S. D., Utah
Torrance Unif, Sch. Dist., Calif.—.

3,700,000

1964-1974

7:30 p.m.

Rio Hondo

Jr.

Coll.

Salt Lake

Washoe

Co., Nev.—

_

7:30 p.m.
a.m.

1,870,000

1965-1984

9:00

a.m.

4,335,000

1965-1990

11:00

a.m.

1,239,000

——

1964-1983

11:00

a.m.

1

December 4 (Wednesday)
Boise, School District, Idaho
Eowling Green, Kv

/

/

•

3,303,000

1965-1983

10.000.000

1965-2003

East

.

.

a

im¬

their

A

page

31

a.m.

1,200,000

1964-1980

4,875,000

1966-1990

10:00

a.m.

Marsh field,

1,590,000

1964-1983

11:00

a.m.

Mass.—

Westerville City Sch. Dist., Ohio__
Yakima Water &

1,275,000

Sew., Wash.——

1965-1983

1,500,000

1964-1983

11:30

a.m.

12,264,000

1984-1993

11:00

a.m.

4,000,000

1985-1939

Colo.

December 9
Madison

Local

Sch.

1,200.000

Dist., Ohio.

December 10
Acams Co. S. D. No. 14,

11:00

a.m.

1964-1983

11:30

a.m.

2 228,030

'

1965-1986

1,273.000

"

—

River View Local Sch.

2:30 p.m.

(Monday)

Dist., Ohio—_

Manchester, N. H,.

Bethlehem,

1:30 p.m.

(Thursday)

Oyster Bay, N. Y.__

Pueblo,

8:00 p.m.

'

1.500,000

December 5

1965-1936

1:00 p.m.

(Tuesday)

Colo.——

5,500,000

Pa.

1965-1934

2,000,000

Crystal, Minn.

2,130.000

________

7:30 p.m.,
7:30 p.m.

Durham, N. C

2,700,000

11:00

a.m.

Forsyth Co., N. C

1.000,000

1966-1971

11:00

a.m.

Fresno, Calif

1,500.000

1965-1984

10:00

a.m.

1,040,000

.1964-1974

Hannibal, Oswego etc., Cent. Sch.
District, N. Y._
i____
Inver

Grove-Pine

Bend

Ind.

District No. 199, Minii'.
1
Joplin School District, Mo.________
King Co. Lake Wash. School Dist.
No.

State

Cxnard,

Ind.

.

Tempe,

1965-1982

2.500.000.

a.m.

1966-1991

11:00

a.m.

1972-1999

10:00

a.m.

2,000,000

1966,-1993

3:00 p.m.

1,040,000 -1964-1974

8:00 p.m.

.

Wise

1,200,000

.

11

(Wednesday)

Hospital, Ala.__

Exempted

10:00

50.000.000

,

General

a.m.

3,000,000

December
Alabama

11:00

&

Transit Auth., Calif.

Ariz

Mentor

1966-1S74
1985-1984

D., Texas^

Township, N. J

5:00 p.m.

'

53.400.000

Refunding
1_

S'.

Waukesha Co.,

v

1,400,000

Calif.__

San Francisco

■'

1,000.000

School Loans
Northside

2:00 p.m.

1965-1984

1,000,000

City Sch. Dist.. Ohio

Minnesota,

Union

1,100,000
r

414, Wash

Medina

2:00 p.m.

Sch.

1,000,000"

1965-1974

Village School

V

District, Ohio

1,800.000

Warren Cons. Sch. Dist., Mich.___j:

December 12

3,500,000

'

1965-1989

7:00 p.m.'

(Thursday)

Emery Unified Sch. Dist., Calif..—

1.500,900

Henrico Co., Va/

5,000,000

1965-1979
—

___

Iowa State Board of Regents (State

University of Iowa)^
Miss. St.
South

______

16.500,000

1965-2003

11:00

a.m.

College for Women, Miss.

2.750.000

1964-2001

10:00

a.m.

5,000,000

1965-1984

Noon

Carolina

St.

S.

(Columbia)

University of Mississippi
System, - Miss

_

Housing
7.452.000

Arizona

14

1964-2002

10:00

a.m.

1,695.000

_____________

1965-2002

10:00

a.m.

1965-1939

11:00

a.m.

(Saturday)

University, Ariz

1,250,000

December 16 (Monday)
Santa

Ana, Calif

2,000,000

1994

7:30 p.m.

1964-1993

2:00 p.m.

December 17 (Tuesday)

Farmington, N! Mex

Hampton,

Va

16.500.000
_

La Puente Union H.

S.

_

1

Santa

Clara

Water

1,320.000
'

Co.

Dist.,

3,500.000

D,, Calif.__

Phoenix, Ariz

busy day

on

2:00 p.m.
10:00

Brunswick Tp., N. J._
Indianapolis San. District, Ind

re¬

death

few

deferred

Continued

Noon

8:00 p.m.

School, Mass.---—.

North Reading

7:00 p.m.

Noon

1965-1993

1,600,000
December 3

December

was

the

a

Last Thursday was

!

1965-1992

5, Mich.

calendar

1981-1982

to

1966-1974

3:00 p.m.

;

Tp.j, School Dist.

Awards

public bid¬
ding this week totaled onlv $78,was

1,050,000

Wayne Tp. Sch. Dist., N. J
West Bloomfield
No.

;;;;

rl,600,000

Rome, Ga

University of Southern Miss.—

for

up

31/z%

apparent availability.

"

Min¬

rescheduled

An

Transit

revenue

tenta¬

or

$53,400,000 State

000,000

in-

1965-1986
./ ■

1, Okla.

$350,000,000 of

scheduled

the

of

on

the

sale

now

scheduled

nesota

A

grad-

the

is

rest

issue

prevail

and

within

be

and

must

1981-1982

3%

has

The total of state and

$535,458,000. !

personnel is

Maturity

a

municipal offerings shown in the

dustry and this will be helpful,
However, as an immediate ex-

1963 Index

of¬

.

3i/4%

November 27,

re¬

Power

were

well

were

at list.

100,

changed very little in
the course of the week. New issue

,

,

start

..

stickv

that

developing

Auth., Gtd.__„_ 3%

are

at

bid.

New

100'A

and

parently

demoralizing

world-wide

seasoned

new

The Kentucky

99%

issued

volume

approached

and

are

,

immediately responsive

3V2%
3%%

City___________„

No.

Port

The Street inventories have
ap¬

sensitive to the market

uaily

_____

'

4.10s have> done well in

moved

are

REPRESENTATIVE SERIAL ISSUES

E
0
Phiiadeiphm, Pennsyivania
♦Chicago, llinois

Co.

Oklahoma Co. Ind. School District

Recent

Authority 3V2S, Okla¬

back

4.10s,

more.

,

ically 'dominated

_

on

sold down to 97 V4 and

100

uted

conveyance.

Rate




Index

Turnpike 4s and

99% bid currently.

remely

ex

^

be

Housing Auth. (N. Y., N. Y.);3V2%
Los Angeles, California
3%%
♦Baltimore, Maryland
3V4%

No

he

.

today's

more

New

*

York

100,

,ucces,ful

year

believe

ditions

Delaware, State

.

yields

1965-1974

2,800,000

Oklahoma 4s, originally offered at

ought to be in the making,
complex
and
difficult,

must

ih

Putnam

Fla.__.

flotations, including Port of Brockton, Mass...

now

The

ting

■

effective

flexible

Pennsylvania, State

York

.

,

Many

California;; State
Connecticut, State

New

aver¬

This

bond issues.

at

however

#

New Jersey Hwy.
New York, State

the

Index

3.59%.

Authority bonds originally offered

along

basically

.

' ".
expensive

strain

pro-

With dealer bank
management

dominating

carried

are

The Pr°hlem is

than any

more
a

bond

at

revenue

homa

Possible Solutions

many

other factor, averted

unchanged

a

municipal bond business that

is¬

revenue

relation

i

ba„v*"ot been touched °»

Relief

Comm.,

Rev.,

Windsor; Conn

actively traded long

new

this

of

Redev.

Rd.

1,032,000

long-term

about

revenue

New

j

j

i

an

It

.

operation.

Temporary

■

L

literally incorrigible mania

a

20-year

term

remainder-

marketing

g

.

.

,

grade

quoted

also

involves

...

be

,

>

persistently set back and deferred

'"for

,

o11

was

Financial

23 of the most

s
/

■

the

.

future

a

a

and

high

again

I......

in'Monday's session. Paducah, Ky.________.

dollar

are

ages

coUateral

ally kick his bonds out and

...

period ot months,

a

reg¬

from last week's level. The Chron¬

The small dealer must periodic-

accrued

were

....

over

.

is

l

,2^5
-wjfj- —
existed for

j

were

this

do

portfol?0

•

operations

x

accomplishing nothing

S5S£

mltments
some
s

two
cuts -

price

for

ity and various other

their underwriting corn-

for

dragged

J,

niggardly

to

xU

+U

remain-

Svnriicntes
s>ynaicaies

na¬

markets

the

Fla.

road, toll bridge, public util¬

sues

They.also need

exigency,
C

„

ders
aers

of

The

reasons.

function

.

in

W

.

syndicates and distribute'

.

.

and,
up

...

Market

week

(Friday)

December 2 (Monday,)

.■

strive

than

,

391, Idaho.!.

,

yield Index averages out at
this week.
A
week ago

The

as we have noted,

their

there
i

—.

.

about

continuing reluctance to break

are

the Index stood at 3.130 %.

Generally the dealers must

through

considerations

something

3.133%

toll

No.

,

bonds

,

close bidding at

prices,usually arrived at
superficial

,

bought

were

past

tragedy,

merchandise and distribute their Turnpike

,

issues

very

..

banks.

/

"Hanging On". Mania
After

be

procedures

Commercial

bond

involves both dealers and dealer
.

generally

..

Syndication,

.

>

,

this

Chronicle's

frltlnS
tba growth of the past
few years. The volume and van-

industry.

Was

growth

old

istered early

ety of issues and their various
th® d,vel"se Purposes and
the taxation and revenues have
combined in a myriad of involve-

total

The

tional

the industry func-

manner

Underwriting More

However, the combined individual, experience

should

sination but recoveries

of

year

market

formidable

are

they

by trying

up,to

During

New issue syndication runs into
involves
our
most
important difficulties for a variety of other
modus operandi, the syndicate. As r,eas01?f'.mos
which have o
new
issue volume has increased do with judgement and experience,
there
has
been
an
accelerated
underwriting and distribution,
dealer increase, an unprecedented
State and municipal underwriting
dealer-bank
increase
and
vast;-has b,eucomte
complex than
personnel
increases
throughout .any other type of security undermunicipal

but

—

exempt bonds have changed
tioned
responsibly
and
better
but
little.
Dollar
bonds
were
reflected the actual market sitquoted down last Friday afternoon
uations and conditions to the
following the President's assas¬
investor.
V

contribthem

of

there

sure

new.

short duration.

that

tax

One of the least discussed
involved

factors

In this

,

disappointing

corporate

Granted

tuated 10 points or more within dividing the industry.
a
year's time,- the sell-off was
Status
of
Current
usually brief and the rebound was

Generally,

of It All

be

faced

Thus, alhave flue-

may

techniques

by

format is more complex—and

problems

business

secondary.

though the market

'

Cause

indeed

was

the

and

of the

run

practitioner.

to

paramount

was

banking element

of

experienced

bond
our

November 29
Shoshone & Kootenai Cos. Jt. S. D.

/

the

utilized

dising

a

($10,-

benefit

recompense.

will

poor year.

very

bonds

exempt

000,000,000)

in

The

Thursday, November 28, 1963

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

considera¬

more

long

partly to the fact that merchan-

record vol-

a

needs

tion of the cut and

responsive and sensitive due

more

Deal-

men.

the

In past years markets have been

the

in

underwritten, and,

distributed

manner,

operation

of the

one

years

of municipal

memory
ers

on

pegged in

account for 30 days or more.

of

state

municipal bond dealer must

wonderingly reflect

Mar¬

temporarily beneficial to the most

approach the closing out of

calendar 1963 the thoughtful

usefulness.

too sensitive to be

come

As we

its

.

In

in municipals, have be¬

even

.

Larger Issues Scheduled For Sale

.

least

.

Flood

Calif

Control

8,000,000

1966-1988

9:00

a.m.

10:00

a.m.

&

19,500,000

—10:00 a.m.

Volume

6320

Number

198

.

.

Chronicle

The Commercial and Financial

.

(2093)

of these

The Fashionable Fission of

•

•

BY

MAY

WILFRED

A.

Stocks—and Split

Candidates

PSYCHOLOGY

"EMERGENCY"

MARKET

the

day

of

President
matic

the

assassination

upswing

day,

on

shut-down

Kennedy,

maintenance

its

with

behavior,

unprecedented

of

dra¬

Tuesday,

on

of

its

and

Thursday)

and

strength Wednes¬

demonstrate

its

anew

psy¬

chological and speculative charac¬

the

onslaught

selling

indiscriminate

of

bring

to

closing of the Exchange

at 2:09 p.m.,

the

mind that

sufficient

was

about the

in

borne

just 28 minutes after
that President

announcement

Kennedy had
minutes
nounced

shot,

been

before

he

dead.

this

In

and-21

was

pro¬

brief

the

Dow-Jones

shares

million
net

loss

day

21.61

of

points—the market had rallied by
,3.31 points at 1 p.m.
Threats to

President's life al¬

a

have

brought

de¬

in

particularly

illogical,

opening, was this kind of

o'clock

explanation that was prominently
the

is

President

new

likes

It

man.

-

the

strong

a

with

speed

,

reins

which he has taken over the

about

both the decline

any

event,

the

corresponding

recovery

highlight the speculative charac¬
ter of the market.
If the market

based

were

recovery

nearly

anywhere

fectively

ef¬

as

it does.

as

useful

to

the

offers

its

own

the

of

ket, than investors attracted by a
selling price. There is no

phone

subjeqt company,

a

New

in

when

company

it

proof

the

of

correct-

ness of either of these viewpoints,

The 2

for

1

split of

Telephone

in* would price the new stock at $65.

stock

common

all

are

of

tele-

creates)
further

company

benefits

Fran-

San

and

about

the

nationwide

This

columns,

becomes

a

decide

buy signal, and thousands
result.

as a

Is this

to buy stocks?

good

a

become

ambassadors,

eager

its

company,

products,

the

From

'

When to Split

countant

divide

to

no

if

in half, the

pieces

worth

be

is

of

paper

the

than

more

there

gains

ac-

that

believe

equity

an

resulting

should

there

analyst

or

reason

an

the

From

Not necessarily!

standpoint of

services

securities. Incidentally, too,
the shares of a company enjoying
extensive trading activity each
day are usually superior collateral
for loan or margin purposes than
less active or less popular issues.
and

way

Pieces of Paper or One?

Two

in-

the number of its partners

creases

to purchase the stock; and it goes
up

the

it

because

and enthusiastic salesmen, of the

Chicago,

chatter, plus mention of the item
financial

definitely

trading day

York,

buzzing

split.

rumor,

a

who

single

Denver

expected

two

EXPLANATIONS

most

also

communica-

teletype

investors

cisco

as

efficiency

the

and

tion, within

yqu

SELECTED

is

three for one.

or

inflates

and

special

early

multiple

is the possi-

rooms

split two

Through

value, such jitteriness would not

lit the present-time.

as

any

on

pre¬

an

high

that

structure

price

cipitous selling (but without clos¬

ing the Exchange), with

This

in

of the Administration."

ing

resource¬

long term

exchange for the;equity of an- Synte'x new, after a 3 for 1 split,
other corporation, in a merger. A sells at $74, and Chrysler "new"
possibility, /usually lacking steadily
increasing
family
of should sell at 43.
immediate confirmation by stockholders, (which a stock split
Landing in an attractive price

will be

figures Houston,

Street

"Wall

published:

bull

major topic of conver-

a

officials

view of the markets' rise at the 10

of

tops

a

bility that such and such a stock

grows

appear

ways

in¬

peak."

Industrial

liquidated, for

the

for

markets

mand—have reached a seven-year

and

a

is climbing,

in¬

Average fell about 24,points, with
2.2

running

are

industrial

future

of

dicator

the

toward

or

sation in board

machine tools orders—an

and

In

terval

sales

output

steel

And
be

must

follows:

as

"Automobile

higher,

teristics.
It

a

Black

break,

market

after

more

holder, and less likely to sell on
any sharp downturn in the mar¬

convincing
At

market's

level, is

likely to be

more

lower

By Dr. Ira U. Cobleigh, Economist

The

experts that the investor,

at the $50

ful,

5

to

we conclude
genuine corporate

above

are

he

splitting.

achieved

But

stock

by

this

should

when

be done? What it the ideal trading range to attract the most desirable investor following? As to
the price at which the split should
take

place,

there

is

absolute

no

range is not the whole story however. Consideration must be given

to the dividend rate on the new
shares. A T & T proposes a $2
dividend on the split stock, against
$3.60 on present shares. A number
of life-insurance companies, quite
notable for the low cash dividends
they customarily pay, have in
many
instances
continued
the
prior cash dividend rate on the
new
shares after d split, thus
doubling the dividend income to
holders. In any event, to assure
the attainmeht of the objectives;
sought

in

should

at

cqsh

split,

a

the

a

time,

dividends and

company

increase
maintain

its
the

higher rate thereafter,

Candidates
Our top

candidate for a split
is Travelers Insurance, now sell-

ing at 200. The company will be
100 years old next April and a
during last earning power a higher valuation, $400. The New York Stock Ex- split at that time seems appropriurday, was greeted the following credit -expansion
Monday, Sept. 26, 1955, with a week's declining prices apd its or cause it to be appraised in the change definitely favors the split- ate. -In 1955, Travelers split 20
Tn ting of listed issues when, and for i
Connecticut General at 165
decline, of 23.9 points, from 333.2 overlooking of the short interest's market at a higher multiple

President

to

Eisenhower's

which

tack,

309.3.

rallied

The

to

day it

and

day

it

Wednes¬

on

with

the

Standard

Industrials;

broader

av¬

Poor's

425

&

Monday, Sept. 25,

on

1955,. it broke from 48.98 to 45.02,

rallying to 46.68
to

47.02. on' Wednesday.
the

14

Average

By Nov.

level,

its

to

recovered

pre-heart. attack

The

'despite

emphasis

the

on

market's

market

commu¬

fact, the split, the notices, the vot-

Only

President's

a

knock

consistently

would

the

new

market

ers

actually

death
the
'

down.

of

Growth

usually

regarded

bullish

factor,

as

able

\

short

the

markedly

a

disregarded

was

despite the fact that in the month
it

ended

ability to

figure reported since short inter¬

the

liquidators'
fear

their

as

-fellow"

is

direct

of

how

muqh

so

reasoning
"the

going to act.

counterpart of speculative buying
the

on

premise

going

are

one's

to

hands

that

take

other

bulls

purchases

at still

off

higher prices.

were

by 248,034

rose

shares,

largest

the

Contrariwise, the credit situation
major

got
fact

despite

atteiition,
the

that

credit

As

shown

was

amount

of

the

market

outstanding has for months

shown

marked

creases,

highlighted by the boost¬

and

steady

Federal Reserve Board

by the weekend

.in¬

Customers' net debit

on

Nov. 5.

balances, the

comment, before the snap-back'of

amount owed to member firms

the

customers,

Averages at the, market's

opening
and

Tuesday,

political

the

re¬

economic

"reasoning"

was

wholly illogical.
For

was

trotted

out

bearishness.
overlooked
dent

tax

a

been

Senate

in

during

this

fact

that

payments

loss

have

over

of public comment

three

of

years

stock

markets.

our

bal¬

position,

been

a

whole"

measured

worry

the

and

subject

during at least

generally

rising

?

dustrial

the

Rise

.Li-

general "market

had

weak

a

falling

7.04

365 actually

and 283 remained unchanged.

Furthermore,

stocks

made

reflected in the Dow-Jones Aver¬
age

greatest

points

(but

rise

not

in

in

history

percentage

in

highs for the year, against 23

market, its 4.5% gain having
been
appreciably
exceeded
on
Oct.

30,

1929, also

a

day of rally




or

undesirable, and
is

company

cate of the

to make
1

split

been

share or at

a

next;

on

nation

D-J

lost

subscription).

remained

In last
was

for

the

in

by the

history

the

ad¬

Dow-

Jones

averages,

clined

(against 903 advances).

270

sells

around

the

25

range.'

stocks

de¬

a

analysts and

100,

4 for 1
new

would

is-

include

American

Chrystal Sugar around 85, Corning
around

Cambell

190,

Soup

104, Minneapolis Honeywell at

125, Norfolk dnd
Newmont
Haas

at

Mining

Western at
at 86,

110,

Rohm &

130, U. S. Gypsum at 85,

number

A

c0^rate

Sears Roebuck at 95 and Youngs-

execu.

steel at 124. Two that should

tives, however, prefer the 50 zone split, but won't, are
(2 for 1) to attract the right kind

of California at 1200, and Kansas

of

City Life around 3400, OTC.

new

It is the contention

buyer.

up

was

points

7

(plus

an¬

enough to

in

Percent of the market

single

a

is

a

good yardstick

rationale, not arrived at by

some

The

criteria.

reasons

place,

not

com¬

in the

found

are

corporate

in

r

|

JL

trading activity

stimulated

when

of

hundreds

definitely

are

a

company

of

thousands

has

stock¬

a

popular price range that can

steadily attract

new

*HE people who know
after year.

company

When there

a company
are more

are

those who use its products year

more

of them, it speaks well for the

best

and

and what it makes. Here's what the buyers of machine tools think

of Warner &

Swasey turret lathes and automatics:

In the past ten years

tool market

Warner & Swasey has increased its share of the machine

by 100%.

/V

; •

These

buyers.

stockholders (and the newcomers)

perform
fidence

of

the

to hold

capital

onto

for

a

their

stock,

vast reservoir

future

corporate
series

(Witness the long

stockholder

AT&T
son

stock, sharehold-,

they provide

growth.

and

securities).

a

con¬

and en¬

company,

for its

for

their

of

Because

in

tend

services

valuable

company.

"rights"

to

buy

Consolidated

Edi¬

Further

a

Warner &

strong
,

greatest

by

Qf

inees

'

market

Tuesday's recovery,, which

marked

vance

unchanged

stock

split that would land the
^

S ock ExchanSe our current nom-

at

is Popular

the

Obviously then, stock fission has

and

21

a.

Market Logic

of

198

When

Range

seems

Qn

range

"

Glass

Price

the NYSE would prefer
sue

the

in

pr0per

stock

via

official

And

day.

ers

over

level

issue

in

2 for

a

stock

amount

nouncement of this

new

the day of the assassi¬

when

trading

a

new

alg0

487,222,000

June,

common

an' additional

"T"

advo¬

when the

and Lincoln National at 170

practice; and promises

shares of its

send

that

now

most ardent

a

publicly held by

split

thusiasm

,u;'

lows.

of

the

"splits were8eitherCunneces-

new

day—against 883 declines.

advance-

that

in

Tuesday's

subsequent

American Teie-

holders, and when its shares sell

given with equal
positiveness and confidence for the
were

33 years in a row,

as

while 684 individual

issues showed losses,
rose,

pre-

as

day

the Dow-Jones In¬

by

But

Friday

points, 121 issues advanced while

Reasons

have

90's.

What

ledgers. Marketability and breadth

on

Average'

points.

Even

"Reasons" for

not only

become

market

'

occurred

The

15.

corpora-

dictable but almost inevitable. For

bookkeeping

Marked, though typical, market
Nov.

-

high

substantial

for

tions have

of

with

disregarded the fact that
gold

NOTE

regained

the right market

splits, in

climate,

month,

October, 1963.

.

divergence

weeks of ris¬

many

..

Presi¬

loss of confidence in the dollar

of

the

MARKET DIVERGENCE

for'

the

stock

gain of

a

second time

mathematical

the

pelling

proposals

trouble

Similarly, alleged

ance

October,
during

at the end of

blandly

tax

ing markets.

or

million

$159

by

bill

reason

a

But
the

non-

reduction

as

Kennedy's

have

of

end

consider-

a

-

despite

to. $5,515,000,000

and comparing with $3,889,900,000

example, the possible

enactment of

the

at

rose

involve

sary

registered the forth consecutive

ing of margin requirements by the
"Reasons" for the Break

Stocks

after,

logic of the foregoing arguments,

initiated in 1931.

monthly increase.

other

is the

It

reports

at
It

times of "crisis" it is not
the

est

liquidation

15

Nov.

6,897,000

certificates to stockhold-

cost.

Yet

interest,

to

Motivating

figure.

when selling at $10

ing of stockholders, the bookkeep-

dent^ TuIPreeo^
for re-election.

factor has

new

give the company's

they have established a
stdble trading range at above $100
lect for explanation of the mar¬ ing, the authentication, prepara-- a
share. Chrysler split 2 for 1
ket's prior action that which fits. tion, production, and mailing of after it crossed 100, and split a
the

show

continuing doubt aboutthe Presi¬
run

No

one.

been added to

nity's customary proclivity to se¬

rise,

Tuesday and

on

original

at¬

Sat¬

a

further to 320.32.

Likewise

of

heart

on

next

very

315.38

rose

erage

occurred

a

interest

and

following

in

so

Swasey 5-A Turret Lathe is

powerful it will cut 80 lbs. of metal

off this forging in 3 minutes.

popularly priced issue will gen¬

erally

cause

price/earnings
which
tal

to

can
a

it

to

sell

at

high

a

fact

reduce the cost of

capi¬

multiples,

company

when it

additional financing.

seeks

This result-

YOU

CAN

MACHINE

PRODUCE

TOOLS,

IT

BETTER, FASTER, FOR

TEXTILE

MACHINERY,

LESS WITH WARNER & SWASEY

CONSTRUCTION

EQUIPMENT

The Commercial and Financial Chronicle

Stock
trie

Growing Mainland Interest

will

the banking system, good

insurance agency, and one of the

conditions this year suggest higher
net
operating
earnings for . the

a

;>;

largest

It

will

be

noted,

spreading from western Australia

crease

none

of the 25

.

..

„

.

:4.i—

._

relatively new

l ehood
statenooa

™'hau
wanan

Ha- 'ing

to

Prior

outside
uiumuc

1959

in
in

of,the Islands, and mcreas-

mainland ties which were aid.

conditions,
.

0..n

fortunes Thus,, when sugar prices _began
Hawaiian companies was held to rise
in March-Apnl of this
by

primarily

*n

broadening of

gradual unifi-

ing Hawaiian business

investors were .somewhat

mainland and for- year,
comnanies most of .better

"Big

The shares of

companies.

agency

investment interest in the
of

the

also

a

experience for the cation

invpstor

-riinnH

m

by

closely-held,

lack

a

ers

resulting affiliates, joint ventures, and sugar about 26%

thus

Baldwin:

(OTC &

instituted

pany

—•As a member of the split of the
- ———•

3-for-2

a

the. mainland)

Q

stock

pr0perties of the Fajardo Eastern

de.

Sugar Associates, bugar opera-

" shares (o0% properties ot xne ra.iarao eastern
^ "
A^nfiatps
Suoar
onera-

"

common

and

11 ia on me mainiuna; ana ae

company is i

'

.

*

.

th
„

of the 1962 Hawaiian

cooperative stock. In
"in Tori"ThVramnanv
cseDtember
£ comPany
^eptemoer of this vear tne .com, v.acquired fe A - + Rican sugar
oi tnis year* the com- ' 8
the Puerto

Alexander &

to.

nominal in-

a

in the cash dividend should

to South America.[£ Management follow. .J
C++1 •■*.•/;+ has stated clearly it is their inC
Brewer & Co.: (OTC-Hontention to utilize fully every acre0iulu-Pacific Coastl As a member
of the 90,000 acres owned and Qf th^ "Big Five" and primarily in
78,000 acres leased by the com--the sugar business through nine
pany in Hawaii.
A small invest- suj3Sidiary-;SUgar plahtation comment portfolio holds interests in panies
this company produced

Honolulu)

,

the near-term,

over

mainland investor marketing

of

the Hawaiian companies. Such inieresi*
nntnri
lirnnHpninf of

equity funds

of

investment

closely-held

the Hawaiian trust companies are

c,inV«

selected Hawaiian securities is evaluation noted a
„rUmiP
+rnlv
satisfying
and'the economic base,'
unique,
truly
sausiying,
«*

and
Five"

are

controlled

••

tt

,-

Most of these

discussed.

are

Another nominal stock

company.

Ha-

companies

Island's "Big Five" companies.

the

ies;

of stores) and land develop-

group

given below,

"

,

House

filter

dividend is expected this year and

publicly-held plantation companHawaiian companies traded on the Honolulu Stock Exchange number
/ approximately 35-40 and 15 of this number are said to enjoy fairly
active OTC markets on the mainland. Mr. Axness sketches ten repre¬
sentative Hawaiian companies none of which include the 25 publiclyheld plantation companies that are closely-held and controlled by

(Liberty

retailers

not

in Hawaii, Amfac is also engaged in international activities

descrip-

representative

waiian companies are

Calif.

Inc., San Francisco,

resulting in 36% Arnfac 1962 revenues), largest wholesaler, largest

narrative

10

on

immediately into
business

Elecprob-

Briefly, statistical material and
introductory,
tions

a

Thursday, November 28, 1963

.

Factors

American

will seek listing next on
stock exchange.

ably

Mitchum, Jones & Templet on,

F. Axtiess, Analyst,

By Willard

The

.

Hawaiian

Exchange.

and

mainland

Securities

In Hawaiian

v

.

(2094)

6

tl0ng ln Hawaii and Puerto Rico

"^"ally strong and ot some di- dividends would be of small stock probabiy wiU account for about
appears to clared the payment discontinued.
a period
nnorofin'tf
in iq«^
versification
and
growth
The With the stock split, the nominal '<"th°/e $Zv,ided
be entering

7/w

rmmnupc

bv

t

y

d h

t

dividend rate

h

Anoth.ei
mil be piovided by
a molasses distribution business,

increased

was

« age t and has a cash "™en« rate was irmreased
the
Plantations, and
shares
probably selling

^
tatl°"'

informed about Hawaii. |arge interest in a pineapple plan- 20%. At piesent prices
com- in the United States, which was
two
men
are
ired in April, 1963. The comwhich possessed agency ties witnin ^While interest in. the extremes of
invPQfmpnt
enprtrum
is still
Produces sugar in its own right 30% below their real asset value.
,
conducts terminal &
the
Islands.
Their
investment the investment spectium is sun
?
i
t
.
jth r
H mnnafypmpnt nnr] aodlWiivp ParW
aiso C01iau<-?a icuiuiiui
funds
however
sought
greater in evidence,, today investors are a
s largest sugar year with Good management and a&i3iessive shipping operations, manages
merger, last plantation expansion plans entitle the com- rartf.upe or hoiHpc maintains an
funds,
nowever,
sougni
giecnei
<.f«,»Pctrr™»nt vni
Hawaii s
participation in the mortgage loan seeking out the investment valthe Hawaiian Commer- mon shares to high consideration ranches & dames.
an
market
than
in the eciuitv area, ties," they are acknowledging the company, ine nawaiian commer
mon snaies longn consiaeiation msurance department, and.merOver a period of
period oi 13 years
and favorable pros- agent for several mainland insur- as a means
as wau's growth. .,
111 ' T?PfwtW u..«in^cc rendition*
chandises industrial equipment.
Uver
la
ycais,. the long-range
uic
&
*>
.
^
nifm

insurance

wH,h^^8en?v^es^ito

maintains

p_nnnmv

pects of the Hawaiian economy,
in the mortgage loan field have and they are beginning to conincreased from $27 million in 1950 sider 10-12 leading Hawaiian comto approximately $380+
million panies as participants in their
insurance

of

holdings

regular investment planning.

today, and it is still growing.

and

advent

the

With

of

generated

the excitement

Opportunities

Equity

by

comnanies

•

maintains

s^tiai^

bu<5in8es®

activities

a

suh-

d

••

en

i

/rsrvr*

Ha-

o

Reflecting business conditions this
year, the company just completed
a l-for-5 rights offering of its
common shares' T^e company has

u

S^d
Hawaii: (OTC 8c Hon^Cella;eous ful^)Thl"
* the la^st
in the Islands
? •!"
V
S

f

r

Dusiness activities^ in tne islands, deposits respectively in excess of announced

Wlth ovei\50% of its 1962 gross $214 million and $361 million/ AS
revenues derived from sugar in- a state-chartered bank, it has 60+

.

statehood

of taking part

cial and Sutoai Co. It also acts

companies

the

split

in December,.1963,

dividend

cash

the

increase

and

to

plans

2-for-l

shares

terests, A & B accounted for 19% branches throughout the Islands 30%.' Substantially higher earnlt, seekers of mvestmen
opporequity interest in Hawaiian of the Hawaiian sugar crop in and island groups west and south ings are expected this year in
tunities became awaie o
awan,
hanks, trust companies, utilities, 1062 and stands to benefit greatly 0f Hawaii.
The company offers view of higher sugar prices, a
!wt«1SAtythaT+Sym^t nfThe retail-wholesaling firms, construe- from [lses m sugar prices this the usual range of banking serv- new fertilizer plant, and entry
pects. A
at
e;
tion companies, and the "Big year. It is suspected the common ices (except trust services), and int0 the molasses field. Interest
pfMitereff oi^eidier of ^he t^o^ 'Five," a group of mercantUe com- shal'es Possess a much greater in maintaining excellent contacts in this company, which is believed
PxtrlmP pnd<? of tho investment Panies dating back to the mission- a^set value than the stated $26 a with all countries on the Pacific to be the oldest American busisneclrum- the notential inherent ary days' with their diverse aC-"^ha^- While its stron„ financial Qcean periphery, tries to imple- neSs organization west of the
irthru^deilvinfreal^^ asset value tivities- The
Five" includes »os«lon,™ou}d aPPear to suggest ment Hawaii's hub position as the Rocky Mountains, has been reof tlm
consistent dlvldend /financialIncenter this the Pacific mon sharesthe price of ,<++ comof
fleeted in
the
the comnanies In HawalT or C' Brewer' T" H' Davies & C°" 3
companies
in
Hawaii oi
American Factors, Castle & Cooke, Pollc^ the company adheres to Ocean.'
part,
.concept of
Today, it is possible to purchase

,

,

an

short haul

purchase for the

hnnmS
boom

ternnnrnrv

temporary

the

conditions

Baldwin.

Ap-

an"!! proximately 35-40 Hawaiian
and

iwiHitinnc

com-

panies

.

TT

A

.

into the Union
of sober

est

finally

leisurely

a

period

a

were

pace in

Hon-

active

over-the-Counter
mainland.

the

on

havG been Hsted

Quarterly payout.

banking>

Investment in

as

well

as

emphasis

Ta^Tcaoke-(OTC

on

the shadow

Participation m the pocket econ- Rudolph

omy of Hawaii.

of"one man?

F

A

1 nfri

Tn

1

•

the

ine

Stock Exchange, and Castle ^ "n i\/r nf Un.iroi.i"
^"G. M. of Hawaii." Aside from by

hi«s

Cooke and C. Brewer enjoy the

a

the evaluation of

privileges

the

of

Pacific

,■

.

.

/

Coast

■

..

being Hawaii's largest
ducer

(28%

/

pro-

Hawaiian production

'

,

_

sugar

.

tpnnre

Hennsitt;

two-thirds

and

net

monies

sugar

for

OthpT^nterpstq
lnv01ve PineaPPic anci. seaiouu dt
tivities through .wholly-owned

profits

WL," Wnn^tiT/f

?Jhicb +ere a?auher in

'

>

%

>

.

l961

Another subsidiary, Oceanic
Pi-operits, has been formed to de¬

—

.

Corporation

Dole

subsidiaries,

the .Islands

,

.

involve pineapple and seafood ac-

inprea^pH

doubled. While the increased 196364

and de' 1

Hawaiian 1802 sugar crop

a

anan-

able to set

company

annronriatelv

termed

of the

for 14.6%

accounted

pany

1\/Tn

In the late 1950's, Mr

as an ofhas been ficer of the Bank of Hawaii. Dur-

"Big Five," this
often

,

'age.

W!

Petersen, who was chosen

iy\

of America.

PaC+lc Coa ■ ^

\ulu'

Mr

recently the President of the Bank

American Factors: (OTC & Hon-

& Hono-

Coast) As "agent

& Pacific

i„iu

is indicative in length and breadth

the common shares assures full

The

the New york

Qn

inter-

investment
investment

and
and

the

conservative declarations of cash

dividends, with no stated regular the small depositor and borrower,

entrance shares of Hawaiian Telephone also olulu) As another member of the Petersen served briefly

state

reappraisal set 111,

flagged,
flagged,

alystS

as

on

15 of th>s number enjoy reason-

markets

Hawaii's

traded

are

Stock Exchange and about

ably

buying ana sell-

ing of shares
Following

&

h«lu

„WnS

V,

Alexander

and

inTh?h»0"°iUlU St°Ck
alive with heavy

■

.

main-

velop land holdings on the
land

^

the

where

Hawaii,

in

and

about 156,000 acres
land, 30% of which is utilized

company owns
of

The company

by the plantations.
involved

also

is

laneous

pineapple

Philippines

the

in

investment

Land

activities.

business

development plans and

the

when

stimulated

were

miscel¬

other

in

com¬

received $17 million for its
Honolulu
Oil
Co.
investment.
pany

+

IN

GROWING

A VERY

Bee

COMPANY

STRATEGIC

"

1963

the

in

nesses

the average

below

Hawaiian

Telephone has

ration

or

operating

.

greater number of

a

other Hawaiian

Independent

corpo¬

telephone

in the United States. Nearly half of
22,500 shareholders reside in the Islands,

telephone cable facilities of the first and

company

Hawaii

our

the

and

we

states.

have
The

corporation
Stock

in

all

of

the

50

Company is the first Hawaiian
to

be

Exchange.

Expansion




shareholders

"

listed

on

the

New

York

plans

cable.

With sugar

for

1964

include

50%

In

shares

cables, and the Japan-

addition,

an

planned. Because of

our

an

investment in

&r

the Pacific nations.

Land

G

the

Company into the Hawaiian

&

December

of

tions
the

(OTC
by

of the Oahu Railway and

Dredging

commu¬

Formed

Co. in

Construction

1961,

this

main

the

construction,

opera-:

in

lie

companv

dredging,

and

,

transportation fields.

HAWAIIAN

in

value.''

Corporation:

Honolulu)

merger

required by the growth of trade and

tourism among

rebound

currently selling about

are

Dillingham

Corporation is
location at the com¬

important role in providing

some

$10 below 'stated asset

munications hub of the Pacific, we expect to

play

strong,

earnings is expected. The common

sec¬

Communications Satellite

nications

+

prices

ownership of all Hawaii-terminating underseas
ond California-Hawaii

share

earnings rate of $1.50-2.00 a

LOCATION

for the last few years.

stockholders than any

fiscal

reduced

subsidiaries

earnings

weakBumble

and

Dole

Ha¬

in

Price

companies.

waiian
'

A

primarily

holdings

clude

in¬

investments

portfolio

Other

-

profits

TELEPHONE

from

substantially
'

themselves

As

result,

a

year-to-year
and
do
not

to easy

vary

lend

predictability/

Continued

on

page

10

Volume

Number

193

6320

acter of the visitor

Hawaii's Past Growth

well

modations

Strength

Research, Bank of Hawaii, Honolulu. Hawaii

decidedly out¬
weigh the bearish ones to an extent where they presage a 4% to
5% gain for the Hawaiian economy during 1964. The State's prin¬
cipal island, Oahu, with 4/5ths of the population and 90% of total
economic activity, and Honolulu itself have undergone dramatic
growth changes in the past eight years and equally dramatic events
are held to be inevitable in the years ahead.
Mr. Shoemaker reviews
bullish

concludes

factors

••

into

continuing
1964.

exceptional

economic

,

Industrial

Industttal

indications point to a normal,

All

Expansion
.

Hawaii

/

be

.

should

i g

w e

h

This

'

lion

the

negative ones.

7
in

Construction

up

three
T

more

The

past

els of the

expansion

1964.
w

hnon

n

hn-

sic growth factor since 1950—rising from $147 million during that
year to $401 million in 1961 There

in visi¬

basic

was

400,000 or

1963).

visitors in

)ion

'

decline

m

,n

fo
:

..

Overall

about

transportation,

Basic

theTC
clearly

James H. Shoemaker

/

two additional
T.

,

growth factors
,

.•

■

a

i
normal

continuing

rise.

differing

stantially

conditions

cating
'

t.jl e

bearish ones—indi¬

overall growth rate lor
rZS
■ b
>
V
.
Hawaiian economy during
an

to 5%.

1964 of 4%
The

urpe to

evidenced by

t he 'Rhode

equal

one-tenth

than

of

the

in

predominate

their

that

Oahu prior to

vol-.
1955.

that

of

—and

convince

will

present

the

pattern
radically

differs
than

less

decade

a

dramatic

that, equally

changes lie ahead.
These

changes

in the

stood

best under¬

are

light of four postwar

1945-50—-A Period of Read¬

(1)

justment. and Depression..

During the first five years after
the war, business

basic

two

ment.

total

area

aggregate

in Hawaii faced

first

The

an

drastic

the

was

cutback in defense

readjust¬

of

problems

expenditures—

annual wartime

level of

million to only $147 million

during 1950.

in size to the

pf Connecticut and
but Oahu is less

areas

Island,

on

development

$800

a

Oahu

New

is

Hawaii

dollar

in

superficial examination of

anyone

of

eight years

unprecedented

at

all of the expenditures for

a

from

of

history.

island's

the

in

aerial'photographs

from

Pattern of

Emerging

of

series

dramatic

construction

in

a^eas of activity. The
decidedly

;v

of

periods:

bullish factors, however,

outweigh the

bulk

the midst

is in

today

most

e

levels—equivalent

This brief review indicates sub¬

1964 lor two reasons.

inim

)h

of the economy

measures

personal income) have shown

and

ier,

continue

are

0£

(such as population, labor force,

combined
.

of

t j,

ago

FedeMl be above the 19(13however, than one-tenth Other islands area
Government, level in of the Islands. of the total thus
should

There

strength.

in

ter

basic

other

and

dealing

are

eeonorhy itself.

Even

of

we

Hawaii, but with the

the

construction

$360

/

....

expenditures

0f

Oahu

continuation

1962 to $376 mil-

im

^

;(nd

_

world travel cen-

a

a

million
have,
have

that

factors

made Hawaii

years. "

a

was

.

:^c'e?lse activity fias been a ba

•

hroughout

1963,

1

,

1963)

in

of 38,000

1962 to an estimated

in

lev¬

high

the

million

$170

increase

or
of

million

$154

for manufactur-

continuing 'normal

during

arrivals (from 362,145 visitors

tor

to

.

to

$16 mil-

volume

plans

a

'on

only with the business center

1963, with every

.

quite.-

not

measure

an

tne
the

m
in

ffrnm

tnrip

1962

and

will

probably

.

a

completion of

not

a

of

publishing,

and

Thus, in analyzing the developments

in

$65 mil¬

oil refinery).

a

there was

year

the

plants

cement

printing

and service enterprises)-.

kilowatt hours

large

jng and processing plants indicate

y

increase

trmrict

•

two

of

Qurrent

than match the strong

more
'

----

decidedly out-

exceptionally

some

lion

1963 advance.

factors

kilowatt hours

during varices'.

that

however,

noted,

struction

during 1964

tourism, growth

In

tenden¬
cies—the posi-

rose

It should service activities show similar ad-

sharp advance (including the con-

Tourism's Growth

gent

not quite up to

was

casting,

indication

developments caused an unusually

ex-

Oahu

this rise during 1964'. Telephones1962, in-use, inter-island surface and air

in

million

the two previous years.

major activities show some diver¬

tive

$240

and

Although

1964.

during

to

and for other fields such as broad-

postwar changes
Electric -p^is js

past decade, from $89.3 million
1952

'The 1963 rise

nenriiturps in Hawaii.
penditures in Hawaii

though not pronounced, growth in

ie-

in

Federal activities and

in

has

pronounced advances over

on

to

an estimated 1.9 billion

^

.

piodnction

continue

for

stores,

chain

and

banking and finance, for industry,

Oahu

activities

consumption

power

the

.

as

in

frnwth

nrnnnnnppH

nnt

+hr>ncfl-!

corded

1961-62

j

Service

from 522.3 million

expansion.

,

year

exports.

retailing

coining year.

is record their substantial
in year-to-year growth.

outlook

the

the value of sugar

different Oahu
and Honolulu.
Peering into the long-range future, without exag¬
gerating Hawaii's economic scale, Mr. Shoemaker foresees rapid
growth in the State's relations with other parts of the Pacific Hemi¬
sphere which presage making the Island a "center for services"
throughout the Pacific Basin while enjoying continued internal

programs,

$175 million in 1963. It is expected

high prices well

Hence,

another

for

templated for the creation of a new and decidedly

...

the sharp

prior to

demand-supply relationship indicates

made in the past four postwar periods, and what is con-

progress

various local

ment in

spring, and the world .to show a further rise during the

of last

......

.

for. ticipation with the State Govern-

facilities

the

sugar'industry

obtained

that

rise

forecast

.

expects to The total of sue h nondefense
complete a near-record, year-in spending
in Hawaii rose from
dollar volume.
Sugar prices are $55.5 million in 1950 to $153.8 milwell
above
the
average
levels, lion in 196£, and is estimated at
The

By James II. Shoemaker, f ice-President-Director of Business

Knowledgeable

and

entertainment.

their

Forces Continue in

itures by civilian agencies of the
Federal Government in its par-

population—as

pattern of accom-

in the

as

7

(2095)

Financial Chrpnicle

The Commercial and

...

The second was the

sharp rise in militant unionism,
accompanied by serious stnkeshe most: devastating being the
ong waterfront strike from May 1
0

c o er

in

-

.

.

.

The result was a record number
of business failures, a sharpworst
-rise
in outmigration— and the

The first is the present effort to volume of agricultural output.
competi duction this month (Nov 1) of
depression in Hawaii's history.Hve offerings of "housing, apart- the $100 thrift fare (as a one-way reduce the outflow of gold due to
Oalm, however, contains
A Period of ? Rements
office
space
and hotel rate on regularly scheduled jet military spending abroad (a) by .four-fifths of the population of
rooms' Thus the building of sin- planes between the West Coast purchasing more of the required the State—and represents nearly , UI um-m
cle family dwellings
apartments, and Hawaii), as well as a cone- military goods and services within nine-tenths of
,
office
buildings
and hotels for sponding reduction of fares on the United States, and (b) by sta- retail trade, construction, and per- , The advent of the Korean way
#4ws««\,rni nrnnppH nt a nonsrhpdnlpd <:■" propeller - driven'.' tioning some of the armed forces sonal income.
r-;„
in June, 1950, accelerated defense
further offering will proceed at a nonscheduled,
personnel now abroad on AmeriThis is due to the fact that Oahu activity. This, plus substantial inplanes to $75.

commodations.
is

there

a

rather

is

;

''

is now rea-\
.

of

'

and

capacity of retail outlets

has

increased—making

inter-island

trans-

vances.

Outmigration,
Continued

v

^

1

' -

"

;■>

,

J

:

/

<

'

,

||l|

:

/

;

^

\

'

^

v-

also

it neces¬

pie into more
pieces. Retailers thus have faced
increasing competition — a trend
that will continue

Hence,

&
'

v-y

during the com¬

the number of

ing

;

and

overseas

cut ; the

to

sary

outside

^

the pumber

But

advanced.

lies

:

for example, sales

retailing,

reason

~

meet demand

(with the possible exception
medium-to-low-cost housing).
In

second

overcome.

sonably adequate to

have

The

how....
char- of defense—in the area of expend- portation, tor communications, lor

construction
In

the

been

have

fields, capacity

most

contrary,

the

On

continuing advance. It;.
Both of these new factors,
that the acute shortages ever imply a change in the

created

which
boom

.

in

increase

discernible

year.

new

retail outlets to be built

and

LEADERSHIP THROUGH DIVERSIFICATION

"

1964 will not ; measure

in

opened

expansion of re¬

to the rapid

up

cent years.

in
,

continuing

shows

which should largely
prospective moderation

private construction.
pineapple industry will re¬

The

cord
1964

in

be

volume

the

as

same

While

'

..

a

rather than

Leveling

one

off

consolidation

of

of expansion.

in

these

is

counterbalanced, however, by sub¬
stantial

the

advances

dollar

in

tourism

volume

of

residential land development, international sugar

-

/

consulting, and

agricultural property management —has resulted in corporate
success

will be

-

areas

—

including merchandising, insurance, plantation management, resort and
,

the 1963 level, 1964

year

people of Hawaii for the

past 113 years. Our policy of sound business diversification

in

was

pineapple exports should

or near

be

will

1963

it

American Factors, Limited has served the

The

year.

in

($114 million)..

hold at
will

this

markets

dollar

about

1962

in

year

spite of the loss of some

foreign
total

good

reasonably

a

in

m

—

the

offset

that public

noted

be

construction

strength

%

^

should

It

and enhanced stockholder
a

equity. We believe that this decade

period of unprecedented business expansion in the

islands. Our

operations have been carefully aligned for

'

continued participation in Hawaii's economic growth.

and

sugar-—

OPERATING DIVISIONS: Wholesale / Retail / Insurance / Plantation

AMERICAN FACTORS

/ Finance and Development

supported by continuing high lev¬
els in industrial production as well




Honolulu

•

Hilo

•

Hanapepe

•

Kailua-Kona

•

Kahului

•

San Francisco

•

Hew York

however,
on

page

20

8

The Commercial and Financial Chronicle

(2096)

5

Troster, Singfer & Co,

DEALER-BROKER

74 Trinity

International

Nickel

.

.

Thursday, November 28, 1963

.

Company of

Place, New York, N. Y. 10006.
Selected

INVESTMENT LITERATURE

Canada'—Analysis—D

Comparative

&

which

Francisco, Calif. 94106. Also avail¬

in

THAT

UNDERSTOOD

FIRMS MENTIONED

THE

INTERESTED

SEND

TO

PARTIES

THE

earnings for the past 10

Inc.,

BE PLEASED

WILL

333 Pine

Street,

cisco, Calif. 94104.

LITERATURE:

FOLLOWING

have

uninterrupted increase

an

years

—Brooks, Clark, Behrens & Corn,

'

IS

—

issues

on

shown

IT

Stocks

figures

AND RECOMMENDATIONS

Selected

Stocks

San

Fran¬

'

List

—

Review

l

Firms

—

First National Bank of

—

Arizona, Phoenix, Ariz.

Corpora¬

Hanseatic

York

tion, 60'Broad Street, New Ycrk,

Canada and Canadian

Brochure

Provinces-

funded

on'

out¬

debts

standing—Investment Dealers As¬
sociation of Canada, 55 Yonge St.,
Toronto.

Funk

&

tions

Ont., Canada.
Scott Index

Industries

&

articles

tries,

Insurance
Colle

Corpora¬

of

of

Index

—

indus¬

business sub¬

general

V

cludes

analysts

Annual

societies —1962

Cumula¬

;

the

on

weekly

available

issues

monthly

or

request—In-

on

vestment Index Co., 206 F

Colon¬

nade Building, Cleveland 6, Ohio.

funds—Available

Stocks—Brochure

Growth

companies which

qualify for the

characteristics

six

stocks

Merrill

—

Fenner

growth

Lynch,

Smith

&

AA-190,

Dept.

of

Pierce,

Incorporated,
Pine

70

St.,

York, N. Y. 10005.
available

Also
issue

of

pany,

Eli

"Investor's

articles

taining

Lilly

tries,

Sel-Rex

General

Corp.,

Reader"

Crane
of

Co.

Corp.,

Street, New York, N. Y. 10004.
Also available is a detailed re¬

Globe

Systems

eign Market Patterns.

Daiwa

—

Securities

Review

Co.,

Nissan

available

Motor,

Ltd.,

—

149

reports

are

Daimaru,

on

Toyota

Motor, and Honda Motor.
Japanese Stocks—Report
and pre-tax

companies

Co. of New

sales

on

Yamaichi Securities

York, Inc., Ill Broad¬

way,

New York, N. Y. 10006.

Life

Insurance

Information

—

Stock

Analysis

&

$75 yearly service
over

actively traded life insurance

stocks, bi-weekly

in

used

-

Jones

Quotation

news

reports

on

the

both

utilities

over

a

and
25-

Natiorial Quotation

—

Front

46

Inc.,

Street-

trials

Utilities

and

Patterns in Odd

Y.

is

Lot—Analysis by

on

(November
Exchange" Maga¬

"The

of

Wall

11

Street,

10005—25d

New

discussion

Industry

$2.00

same

issue

the

of

York,

copy;

per

in the

Also

year.
a

and

Moisture

of

yields—Tros¬

;;

,

,

*

-r

.

American

Robert

H.

90014.

Huff

St.,

<

&

Co,

•

Calif.

Life

Multigrapli.

pany—Analysis—Loewi & Co. In¬

Pool

Report

—

Wall

Street,

Milwaukee, Wis. 53202. Also avail¬

York,

New

able is

N. Y. 10005.
Ferguson—Review—Do-

Massey

Street,;

Bdy

Toronto,

Also/available

Canada.
of

Y.

N.

comments

America,

Nutone,

Inc.,

Associated Spring Corp. and Bec-

ton, Dickinson & Co.

Company of New York—Analysis
50

—

Analysis

lock' Ltd,

1

—

Wall

Calvin Bul¬

Street,

New

New York,

Broadway,

Calif.

Company—Analy¬

Richards

&

Co,

621

Street, Los Angeles,

90014.

port—Watling,

Lerchen

/

Co,

&

Detroit,

Building,

48226.

Mich.

I

>

Also available is

S'.'

—Report—Richard

Graham,

& Co,

CFC, Reynolds
available

is

120

of Oil

review

a

Telex

Corp.

the Counter

—

Lists 43 securities

Stocks.
Science Research Associates, I n c,

;&

Blair

Company

this

H.

Co,

La

South

39

Tegtmeyer
Salle

Copy

on

Hirsch
New

Co.

&

/

510 South

Spring Street, Los An¬

geles, Calif. "90013.

How

Co,

available

25

N.

Street,

10004.

comments

are

Also

Oil

National

a

Book Helped Me Collect

of about

I

$250,000 of tax free bonds
sizable

bank stocks during

a

amount

that

About the fifteenth of

and

man

Corporation

Walston

&

Co,

—

Inc.,

74

—

the

speaking with him I sensed that he

August, this

"I

Wall

Street, New York, N. Y. 100,05.

Henry

a

Tractor—Comments—

Gellermann,

Bache & Co, 36 Wall

cqmments

CFC,

Dept

Street, New

Also available
Greyhound,

on

Borg Warner, II. J. Heinz, Disney
and

Paramount Pictures.

able

Inc.,

Mass.

is

85

analysis

an

Street,

avail¬

Also
of

&

Pullman

and

group

small

bonds

the

took

profit based

granted
count.

he

non-members
At

time

the

the

order

to

the middle of

other

firmed the trade

called him

conversation

in

Europe

Having
business

hesitancy

no

My firm

by mail.

the

on

that

me

September.

had

ac¬

took/the

satisfactory

taking his order.

that,

I

was;

the

of

to

go

With this man, I
in

that

told

customer

expected

the very

upon

concession

modest

had

State

02109.

ing

down, when issued. We only made

con¬

I then

phone' and

mutually agree¬

was

and

I

said, "Isn't this rather sud¬

He.replied, "You bet it is,
enough of what is gping

I've had
in

on

this

country" etc. etc, and.
on a wild tirade con¬

off

he took

cerning his opinions regarding the

Administration,
wound
some

I

caii

there is

be

this time

By
50m

of

by

Money Rates Are Advanced, Long

analysis—McDonnell

lax

selling.

York, N. Y. 10005.
is

a

technical

&

Also available

study

of

delivery.

Co,

ACF

In¬

dustries.

Term

&

Co,

50

Broadway,

Within

housings

if

you

tions

the

in

bond

in

price.

Security Dealers Association

ysis—Carl

Co,
N.

42

Y.

York 6, N. Y.

Teletype 212 571-1780; 1781; 1782

M.

Wall
10005.

Company—Anal¬
Loeb,

Street,
Also

on

Max

Rhoades
New

&

York,

available
Factor

new

condi¬

markets, .and

money

long-term high

market,

a

sharp slump

The public reception to

poor.

The

this

sold

I

issue

bonds

client

were

not

moving out at the reoffering price
and

buyers

end

of

were

August

aloof.

there

By

was

the

still

and

large proportion of

Roth.

unsold bonds

Around

the

end

of

the

month

International Business Machines—

there

Report—Moore

meeting that I thought my client

&

Schley;

120

Broadway, New York, N. Y. 10005.

was

an

important

would like to attend and,

lap but

my

suggest that we arrange

knew

When I said this, he
they

good when

firmed
made

in,

a

in

them

d~n

no

were

sold them

you

bought

you

to me

I replied,

them,

we

con¬

faith,

good

y.ou

commitment," and he cut
like h-11,

"I did

told

you

me

they might be hard to get, instead
them

hung

you

neck,

my

on

just forget all about it.

.

.

so

I've

.

got passports to pick up; I am get¬

ting out of here tomorrow
talk

bonds

with

you

.

when

"

back."
v

I

realized

tionally

the account.

political
sensing

i

bought

had

he

.

.

I

I'll>
get

'

a

are

in

Kayser

with

familiar

are

to

,

that the

knew

and I don't want them."

Housings Fall

days after this offering,

this

N. Y. 10004.

Goodrich

F.

AAA

the

that

replied, "I don't want those bonds.
You

Time—Bulletin—Purcell, grade bonds began

Graham

had

"But

the

coniments




ready

for

cal

Troster, Singer & Co.
,

they were

General Steel Industries—Techni¬

Department believes
time

when

I

might be right back in

payment

Ga.

place where

certain

politicians won't rob me."

for delivery.

Atlanta,

taking

am

to Switzerland;

one

little

a

I

W,

man¬

money

"I

with,

up

money over

least

at

the

the inflation, and he finally

agers,

he would arrange with his

N.

in

I sensed trouble.

.

den?"

to

Street,

.

.

interested

not

am

meeting"

rope,

bonds against

began

I

leaving for Europe tomor¬

am

bank

accept the

When

I then

our

before he left for Eu¬

meeting.

agitated and when he replied,

was

any

not in the buy¬

were

him

to

row

We

time to

good

a

I telephoned

suggest that he accompany me

of housing bonds which I secured

Analysis

be

him,

local

order for $50,000

gave me an

to

for him.
S

T

would

it

year.

of

the past

Co,

Gas

whom

with

customer

a

and

Refining

Fuel

have

I

Divco

Controls Co. of America.
C

a

$50,000 Sale

a

have done business in the amount ^recontact

30301.

Request

Trinity Place, New

~ '

••

DUTTON

JOHN

$1,000 Loss and Make

Corp,

on

Northrop

Commonwealth

Xerox,

Broad

Y.

Corp,

$5 Investment in

a

was

HAnover 2-2400

-

,

Cor p.—Comments—

York,

Wayne

B.

74

Mitchum,

&

analysis of Franklin Life In¬

an

New York,

Members New York

—

Street,

Chicago, 111. 60603. Also available

'is

General
7

Analysis

—

Templeton, Incorporated,

Analysis—Courts & Co, 11 Mari¬

at

Weighing

Corp.

Echlin Manufacturing Company—

The Counter"'

depressed

of

analysis

an

SECURITY SALESMAN'S

Incorporated, 120 Broadway, New

partly

is

Railroads

United Engineering & Foundry

Jones &

—Analysis—William

111. .60603.

Chicago,

Street,

International

analysis

Inc., 39 South La

available

Also

Products

and

-v

partly depressed by tax-selling—

"Possible Tax Selling Targets

been

Wal¬

on

Data

vs.

—Leason & Co.

etta

have

report

a

Corp.—Comparison
Salle

Niagara Mohawk Power Company

Debt.

Trade

Building, Kansas City, Mo. 64105.
lace& Tiernan.

Murray Ohio Manufacturing—Re¬

Ford

& Co, Inc., Board of

mann

-

BY

Analysis—Wm.

are

Possible Tax-Selling Targets Over

Research

are

Y,

N.

Company

Engineering

York, N. Y; 10005.

York, N. Y. 10005.

Oar Latest Compilation:

our

Products.

Stokely Van Camp—Report—Uhl-

Milton Bradley

able

which

Aleo

on

available

Home Oil Ltd.

10004.

Caterpillar

Banks, Brokers and Financial Institutions-

securities

York,

New

Also

10004.

—Ralph B. Leonard & Sons, Inc.,

Inc.

43

Sugar—Com¬

Broadway,

26

Inc.,

re¬

and

Ltd

Rico

Puerto

ments—Winslow, Cohu & S'tetson,

Ont,

are

Labatt

John

analysis of First West¬

an

Financial Corp.

South

herty Roadhouse & McCuaig Bros,
335

Com*

Manufacturing

corporated, 2,25 East Mason Street,

Hill, Thompson & Co,

—

70

Inc.,

Corp.

Equipment

Co.

Boston,

lists

on

Addresso-

and

General

In¬

Beneficial National Life Insurance

Company,

Over

10004.

comments

are

Hamm-

Eagle Picher—Analysis—-Colby

For

Broad

Y.

reports

are

Von

and

30

N.

Major

Also

.

West

210

Standard

Co,

•//■

.

Angeles,

available

Beneficial

surance

.

Ltd.—Report—

Los

Also

'

*

Factors

Co,

Simplicity

Broadway, New York, N. Y. 10005.

'

/

Organization,' 120

better—

or

comments

McClouth Steel Corp., Holiday

Inns

47

and

York, N. Y. 10006.

Brunswick

per

earn¬

Singer & Co, 74 Trinity PI,

surance

New York 4, N. Y.>.

N.

better and

yielding 2%

Bro¬

—

compared with Dow-Jones Indus¬

Braun

yield

to

as

performance

period

zine,

Indus¬
tabula¬

industrials

205

Bureau

Bureau,

issue

Jones

Counter

or

1

used in

National

year

Dow

the

industrial stocks

counter

the

compari¬
industrial

the 35 over * the-

and

Averages

Plastics

includes analyzed reports on
200

the listed

Folder

—

graph

Conklin

&

York,

available

Witt

views

Street, Chicago,till. 60604.

of

Young

up-to-date

an

between

Control

earnings of 34 major

—

,

William D. Horgan—in

Broadway, New York, N. Y. 10006.
Also

showing

Averages,

Inc., Berman Leasing Co. and For¬

Japanese Market

York, N. Y. 10004.

market

Foods

2 Broadway, New

Co.,

Over-the-Counter Index

stocks

City

briefly itemizing dividends,

on

&

Indus¬

National

Security

Stocks—Comments—Ralph E.

Samuel

of

Company, Inc., 231 South

Seventh

Phelps Dodge Corp.

Boeing

Stouffer

Corp.,

con¬

Com¬

analysis

Also

Over

New

Also

New

Indiana

South Spring

ter,

Earnings--Review—
and Company, 60 Broad

Burnham

son

America,

Steel

General

<

current

Company,

&

Company,

the

on,

Controls

New

'
is

invest¬

to

Oil Company

on

Street,

10005.

Y.

an

Brothers

Street,

Koehring Company—Bulletin—De

sis^— Hill

ings

ington, D. C. 20005.

Oil

is

yields of 3%

Voorhis &

industry—Kalb,

101

on

N.

W. E.

—

Wall

Yield

Woodward Building, Wash¬

port

14

Average—Statistical

Lt Salle

Pocket summary

—

Wooldridge Inc.

Illinois

with detailed facts about 164 mu¬

Co.,

Y.

chure

Funds

Orvis

analysis of Thompson

an

tion of market performance-—The

reports, $21.

tive Volume $30. Further informa¬
tion

subscribers

of

reports and quota¬

news

Mutual

ment

before

trial

reports, plus three analyzed

tual

speeches

six

choice; six months service for bi¬

jects taken from over 200 financial

Analysis

—

Co,

York,

available

and

reports

reports

analyzed

tion

Ex¬

N.

$35

quotation

publications, 350 broker's reports,
and-

New

&

yearly service, in¬ Investing Company.'
bi-weekly
news
reports Stocks in the Dow

Special

is

ern

Hutton

Service,

Publishing Co., P. O. Draw¬

and

York,

New

Steel Industry

Companies—

Market

Stock

29, Santa Barbara, Calif.

weekly

corporations,

on

and

of 80 Life Insurance

Place,

10005.

"A Factual Record

book

bonus

er

10004.

Y.

N.

change

able

Salle

La

Corporation—Comments,

Seeburg

issues

of

Rittmaster, Voisin & Co, 40

and earnings;

mergers

bi-weekly quotation reports, and
a

Outlook—Discussion

Bond Market
—New

dividends,

Co, 45 Montgomery Street, San

Ramo

South

135

Street, Chicago, 111. 60603.

Broadway, New York, N. Y. 10005.

which appear unduly depressed—.

Manufacturing:

Arizona

Company,

Witter

e a n

with
I

so

that

upset
I told

had

man

to

an

'

emo¬

contend

him that naturally

couldn't accept

but under

I

his cancellation,

protest and considering
Continued

on

page

30

Volume

Number 6320

198

.

.

:

The Commercial and Financial Chronicle

.

fields

Hawaii: Pivotal Catalyst

of

geophysical,

and oceanographic

v

From the

space-age

waii's
the

artist

Four years

land's future

domestic

outlines

role

political

Admin¬

is

offices

r:
;

My Administration is pledged to
move
Hawaii
with, all prudent

000

lation.

Our

hiasjte intb a position, to ride the

family

income

the

of

crest

I

to

a

State

our

nation.)

waii for his

to

trader

The

changes

munism,

throughout

by

Western

threat

The

of Com¬

particularly

and

the

challenges

the

China,

of

Free World to assist these nations

achieving it.

This should

.

in

surge

Hawaii

•

great up¬
trade, and in

Pacific

well within the

expanding with
manufacturing

names

Weyerhaeuser, St, Regis

as

Swift & Co., Seagrams &

Paper,

Layne & Bowler, Standard

Sons,

and

Oil

"double

Hawaii's
to

a

$240 million volume last year, an
rise in

one

our

WQXR-Radio

over

evening,

Dec.

American

and

1,

the

one

on"

noted

well

as

Mr.

then

have

will introduce

Cliburn

selections,

been

of

all

and

on

has

holiday
to

ciation with 1873—the year Smith,

station

the

since

its

radio

added

sponsorship each

the

which

their asso¬

chosen for

"Music

sponsoring

represented'

as

of the featured artists.

musical

initiated

radio in June 1961

on

WQXR,

firm

Smith,

Magazine." It has continued to be

pianist, Van Cliburn, as
commentator

investment

The

advertising

Sunday

on

with

where

year

to

with special

programming,
stations

other

extending

across

the

country.

■\
Who

can

tell you more

about

*

in Hawaii than

to

and

business-inhibiting ,and in¬

the

biggest bank in Hawaii?

Adminis¬
to

itself

will have
legislative recommendations next
' '

year.

I

in this brief

outline Hawaii's econ¬

to

resume

■

attempted

have

show its relation¬

today and

omy

and

problems

these

to the policies of the State
Administration. It is evident that
the

four

waii

,Meanwhile, Island tourism con¬
tinues to break records year after

bearing with them

—

political

and

flag which was,
Island' Monarchy. Today

an

Age

caught up in the Space

is

bridge -be¬
East and/West in "the era
Pacific" now beginning to

is emerging

and

tween

the

;

the

In

a

as

unfold.

i

State under

only

the

is

both

progress.

American

once

of

year.

eventful ones for Ha-

economic

it

Statehood

since

years

been

have

Hawaii

manufacturing

diversified

taxation"

equitable provisos.
My
tration
is
addressing

the;

Hawaii's

including

facturers,

fashion industry, boosted

anniversary

two-hour concert

tax

overhauling

needs

among

local

and

State

the

that

feeling

ing

manu¬

Mattress,

Sealy

National

others.

a

cities

ship

a

orienting

are

we

balanced

a

national

such

18%

mean

Gov¬

State

on

And that base is

'

yearning for the

are

afforded

technology.

The

limits of our economic base.

Underdeveloped > Pa¬

life

invigorating

an

administeerd

are

the Pacific
are

arrangements

cific nations

a

by presenting

Exchange,

opportunity and business

Changes

Tax

other

offers

Government programs

necessary.

of

impact

world.

Market

11

Stock

Also, there seems to be g grow¬

budget—and an austere one when

Ha¬

taking
Europe's
Common Market will bring new
great

for

ernment/operates

attract

fair and
all the
pledged to

.,

structure

Burns

A.

negotiations.

place.

in

na¬

v

State, then,

climate.

business

We know that within

Basin

50th

ingredients

Pacific

future

power

the

,.

lucrative market. And it has other

exchanges'" and

tate, these

Lucrative

A

The

facili¬

good

•

.

be¬

John

the

force is well below

other

and

country in

for

prices.

Our

the

which

practices

eliminate

Basin,

trade

the

tional figure.

services which

the

for

$5,660

work

providing

would

ment

across

past tax assess¬

the eradication of

unemployment figure, 4.5% of the

peoples of the
for

compared

as

the

Pacific

secure

people of Hawaii. I am

aver¬

with

ex¬

tween

to

taxation

equitable

permitted
unproductive lands to aggravate
Family income in
our land shortage and inflate land
the U. S.

versus

$6,366 for the State,

a

governments,'

„

the last available year, was

1959,

imulating

changes

(Ha¬

of $2,366.

age

for

greater

national average.

the

pledged

am

per

well

figures

highly'cen¬
limited

multiplicity of taxes. I

no

popu¬

and

local

of

number

are

$2,403

was

in

center

capita

Ha¬

the

of

Because

there is

FM stations

program

AM

on

Barney & Co. has offices.

York

New

host

waii's'tax structure is

tralized.

military

our

per

*

carried

-

subject of taxation, let

the

make these observations.

me

waii's per capita income last year

;r'

de¬

veloping

t

■

,

pro¬

for

gram

s

r

above

of

wave

-

commit¬

am

ted

oncoming

trade.

Pacific

including

On

;

^tetng^nto ?a-new field of economic development by attracting research
tand development. The Governor also states in his panoramic review
that he expects tax structural changes to be made in the near future.

their

to

barriers

illegal

anniversary

be

the

will celebrate its 90th

rapid growth. >

industries are diversified manufacturing and
tourism and-that it enoys a stable agricultural base and is breax-

;

;

The Governor says the State's two y

development.

small

encourage '

90th

will

Smith, Barney & Co., members of

rfor"

ing the needs of business, and to

gains accruing

most., rapidly rising

_

:

Island's

the

-S

the available
of government for meet¬

remove

to

to

climate

the initial

or

also

'

for

work

to

pledged

favorable

more

composer,

The

birth of the

the

performance of the piece.
The

business, to utilize

catalyst for trade and industrial expansion

a

as

in the Pacific Basin with almost unlimited beneficial

My

business,

strides

economic

and

endeavor.

or

founded.

was

mark

Anniv. Concert

creative

a

Moreover, he optimistically portrays the is¬

made and envisioned.

to

istration

of statehood have been encouraging ones for Hawaii.

Burns

Governor

.

conducive

Co.

will

9

Smith, Barney

in ferment of

is

economy

type

industrial

By Hon. John A. Burns, Governor of Hawaii, Honolulu, Hawaii

music

foregoing, one can be¬

gin to appreciate the fact that Ha¬

For Pacific Basin Expansion

Barney &

Cliburn To Host

studies.

(2097)

,

years

between, Hawaii

hos¬
extended to the
why we are es¬
venturesome .^and
the
creative
(overnight or longer), up more
tablishing a foreign trade zone,
who have journeyed to its shores.
than
40,000
from
the previous
as
the first step toward an Inter¬
The people of our great State
year.
Tourist spending hit $154
national Trade Center Complex.
extend an invitation to the in¬
million last' year, up from
$137
The Complex will include an million.
vestor,, to the industrialist, and to
This
year's forecast is
the vacationer to partake of this
International House and Interna¬ for well over
400,000 visitors.
tradition of Aloha and to share
tional Merchandise Mart.
It will
In
this
field,
national
names
with
them
the bounty
of its
set the stage'for
greater indus¬

thinking to meet it and to profit
from

This

it.

Last year, the State was host

year,

to

is

than

more

visitors

360,000

has advanced

because of the

has

it

pitality

•

trial

activity in Hawaii as

which

brings

terials

for

products

in foreign

only

State

within

or

but

overseas

markets

fact

diversified

tourism

and

ma¬

not

sold

be

to

states

ing

raw

into

the

that

re¬

center

manufacturing

continental

within

a

distribution

and

export

as.

the

foreign

in

The

well.

manufactur¬

are

fastest

the

growing industries in Hawaii to¬

evidence that our Islands

day

is

are

capable

of

in such

selves

a

State

together

bond.

In this

of

While

new

an

to

islands

tie
of

the
our

common

a

breakthrough in
tourism

the

of

away

Neighbor

of Hawaii,

moving

are

are

perfecting

vessels,

we

are

'

fruits.

,

.

Sheraton

a

represents

ahead

a

Island

from Waikiki.

Big Island

plans

On

resort

Whitmanfe Gerard
To Be White

V-Ps.

under

Mo.—Effective Dec. 5,
and A. L. Whit¬
man will become Vice-Presidents
Hfawaii has a stable agricultu¬
of White & Company, Inc., 506
ral base in the sugar and pine¬
Olive Street, members of the New
apple industries. Efforts are be¬
York
Stock Exchange and other
the

financial
than

name

aegis

of

Laurance

tree-farming for

which

try, '

promise for

regard, we are fol¬

awaiting the findings

types

of

Maun

on

no

less

a

Rockefeller.

nuts, and such new departures as

with

engineers"* who

opening

Hotel

agriculture, including macadamia

is

lowing'with keen interest Alaska's
efforts
with
a
State ferry sys¬
tem.

recent

are

The

inter-

system

non-contiguous

Hilton

and

for the State's

Another program

ferry

Sheraton

as

sharing in Hawaii's growth.

ing made to encourage diversified

economic development

Island

them¬

asserting
role.

such

indus¬

considerable

holds
us.
we

are

breaking

ground in econpmic develop¬

new

kind

ment—the

shattering

of

ground

country's

our

W.

Gene Gerard

leading exchanges, y ^
Mr.

"new

Gerard

has

Mr.

Whitman

been with

is

Securities

Whitman

Standing in Honolulu's Civic Center, the statue of King
Kamehameha who

June 11, the State

the

dom /of

system
.

the

land

movement

such

a

Over

50^offices serving Hawaii and the Pacific Area

Co. of Mem¬

Philadel¬
phia-Baltimore-Washington Stock
members

of

the

Exchange.

precedentupon

which

Form Archway Inv.

technology"

based—by attracting to Hawaii

650,000

State of more

people—nearly 700,-.




of'the

share

search

and

State

Our

ST.

is

burgeoning

development
a

key-point

re¬

LOUIS, Mo.

field.
in

the

vestments,

—

2401

Archway

HAWAII

In¬

Officers

president;

are

H.

outstanding

,v

a

Teeter,

in

the

.-.>

'

'

,

•

f-?;'i

'

.

■

■BIB

I1I1mmmMBliISR■■

vice-

president; Terry Nicholson, secre¬
facilities tary;
and Robert E. jChapman,

research

'

Daniel,

Jackson

Marvin

astro-physical research

facilities. Hawaii has the
for

engaging in

South Brentwood Boulevard.

forts, thanks to our tracking sta¬
and

Inc., is

securities business from offices at

logistics of the nation's space ef¬
tions

would offer.

Hawaii today is a

than

that

a

holiday commemorating his achievements.

of

President

'

transportation
systems needed to complement a,
ferry system and the recreational
facilities to provide for the free¬
planning

conquered and unified the Hawaiian Islands
is draped with leis every year on

in the late 18th century

/

for some time.

firm

phis,

Furthermore,

is

timber

a

ST. LOUIS,

secretary.

/

/'

,

MEMBER FEDERAL DEPOSIT INSURANCE

CORPORATION

t.

10

The Commercial and Financial Chronicle

(2098)

the

Growing Mainland Interest

that

domestic

in

number

the

also

expects

company

increase

of

the

whereas
42 per

national

has not taken

Continued from page

6

in

,

population,

and

To

situation,

this

overcome,

vantage

this

carried at

probably
lion

market.

purchase

million

$32

$135

about

worth

at

exchange,

or

the

com¬

mainland.

the

on

One

free

exchange of

fering,

in

1959.

and

utility has

was

Land for

$3.5 million

a

development

growth

nearly

the

the

projects,

43-story

a

San Francisco

long-term

lease

Fargo Bank.
which

the

from

The

earnings picture in price,

closely-held

family.

preferred

shares,

since

1961

the

First

the

in

&

years

older

than

Hawaii, this
company

family

interests

tionally has exhibited
banking practices.

out

obout

the

usual

40

banking

maintains

financial

excellent

an

this

subsidiary
interests.

sale

to
in

At this

and

held

is

by

New

pany

any new

ment

As

Hawaii

mainland

waii, this
phone

and

;

the

on

also

islands

cation

companies,

the

keep the
the'

and

the

has

future years,

within

the

as

1957-62

In

gain

group

crease

is

profits
some

at

lower

operating

ef¬

American
Bank

C.

of

Factors,

Ltd

This

Castle &

&

Co.;

(OTC

company

is

Dillingham

Corp

is

acres

Honolulu

a

ness.

estate

merchandis¬

service

operation

Johnston &

busi¬

Buscher, Inc.,

Hawaiian
Hawaiian

$1.70

37-(43-27)-1.50

3,097,525

3.7

1.56

32-(32-20)- .80

2,398,398

2.65

58-(59-46)-1.40t

1,171,875

1.22

34-(38-28)-f .20

2,302,508

1.2

.47

19-(23-18)- .60

1,633,112

3.0

3.57

Electric

48.3

7

15.8 >

6.0

1.38

.92

3,473,032

5.4

.99

23-(24-19)- .64

5,280,311

.6

1.20

20-(21-18)-1.00

7.8

The

above

made

in

statistical
the

'per

information

share

features'

is
of

taken
some

from
of

results

.7*

30-(31-23)-

.49*

published for

companies

The

to

young

trait

part.

were

but

the

on

I

or

anger.

irritating

her

press

men

have

we

a

in

He gave

his life

he

and

was

The

died.

brave

a

repercussions

nation

world.

the

grief but the country

carry

on

it has

as

tragic

after

done in

and

unex¬

pected deaths of other Presidents.
terrific burden

automatically

transferred

been

the

of

President

Vice-

former

Lyndon

the

to

Johnson.

B.

Only recently in Washington there
been

rumors

Mr. Ken¬

that

the

fiscal

year.

was

account

for

changes

during

Mr.

protege, who was Sec¬

of

the Democratic major-'

retary

It was said that the attack on
Baker was an effort to discredit

ity.

occasion at

the

took

Kennedy

Mr.

Johnson.

recent press confer¬

a

to state clearly

year

1963.)

subsidiary,

Hawaii's
largest
liquor, ,wine, and

is
of

Other merchandising activi¬
involve

drugs,

tries,

trucks,

In 1962, with the advent

dies, etc.

Von

nation

Hamm-Young Co.

American

management, new inven¬

new

tory controls, cost controls, elimi¬

V

Insurance Co.
Factors

and

Ltd.

Reports Available

a

of

decentralization of authority
instituted

were

HO W. 7th Street
MA

4-3185

Los

Angeles 14, California

resulted

a

profitable

and strongly

peace

op¬

fully

aware

6f the threat of world

com¬

munist

nuclear

a

saboteurs

to

war,

that

with

do

the

has

been

problem

of

development. President
has

related

to

the Ken¬

supported

strongly

programs

done

civil

rights

with regard

tax reduction

they

as

has

he

as

to the Kennedy

plans and other

jor issues of the day.

ma¬

It is doubt¬

ful, however, that he will show as
much patience in civil rights agi¬
tation
It

Mr/Kennedy did.

as

while

was

he

majority

was

leader of the Senate that the first
civil

rights bill in 80

written
took

has

into

office

law,

years

and

was

since

Vice-President

as

he
he

consistently supported Presi¬

dent

Kennedy's
Mr.

gram.
erner

and

civil

rights

Johnson

is

pro¬

South¬

a

Texan. He is the first

a

Southerner

sit; in

to

the

White

House since Andrew Johnson.

He

is another Johnson fvho succeeded

to the

Presidency when President

Lincoln

assassinated

was

Although he faces

in

Senators
his

own

the.

and

party

lining

and

Johnson

strong leader when he

of

against

up

policies

Lyndon

Senate and

of the

Representatives

Kennedy

grams,

1865.

widely di¬

a

vided Congress with many

pro¬

was

a

in the

was

probably will be

now

that he is President.
•

I

this

company

but

should

be

share

in

stock.

cash

Annually

20

dividends

Dividends

cents
and

have

H.

Dec.

5,

Stromberg will be ad¬

mitted

to
partnership in 'Glore,
Forgan & Co., 135 South La Salle

Street, members of the New York
Stock Exchange.
On Dec. 1, Richard D.
Dcnison,
Stacey H. Hill, Frederick W. Leich,
Walter D. Scott and John H. Kirr
vin

will become partners.

Thomas

fiscal

1963,

year.

pays

CHICAGO, 111.—Effective
Arthur

cleaning"
the

for

operations

experienced

in

loss

ending March 31,

year

the

Teletype 213 683-0571

seeker

a

the

of

"house

This
in

the

improve

to

performance

company.

Telephone

divisions,

unprofitable

operating

ROBERT H. HUFF & CO.

while

successor,

Kennedy

To Admit Partners

adjustments

of

'

an

Glore, Forgan Co.

ties

Life

been

twinkling of

the

textiles, medical equipment, can¬

Beneficial Standard

com¬

1,545,299

beer.

Primary Markets

of

has

that

and succinctly

that Mr. Johnson would be on

401,750

Certain

the

for

the reason

of Bobby Baker,

Johnson's

ence

14-(14-11)- ,20f
latest

this

that

troubles

guard

is

tragic death

of

and

must

we
our

to

nedy

did Abraham Lincoln. A

past

the

world

Johnson

country is in deep mourning

A

of

show

had

that

posed

Ken¬

ever

the

in

President

to

of the most intel¬

one

was

has

like

Mr.

seemed

and

consideration./

on

infiltration

The President's

space

two

the

since

eye.

late

once

any

changed

much

for

seriously

so

the

confer¬

this

the

be

and

on

If the country

saboteurs

as

his beliefs and his country as

of

not

when

year

feel; that

against

the

the White House.

The

begun to

thereafter but then he went

nedy

government

of

installing

was

pressure

munist

Only

him

had

was

apparently

handling

much

and show

up

was

daylight is

was

as

vindictive

this

saw

by

con¬

Kennedy's

be

Castro

It

brought his death.

the

of

created

wholesaler

* Loss.




the

'

much

brother

to

question

700,000

33.0

34.5

stock.

62-(64-55)-1.60

880,406

36.9

18.2

been

72-(75-37)-1.20f

111.7

23.7

(Note:

:

143.9

;___

„

_.

Telephone

Von-Hamm-Young Co

t Plus

Shares Outs.

2.8

/

He did it with

downright charm.

asked

and

'

'63 Range-Div.

166.5

Honolulu Gas

have

Net/Sh.

3.92

'

of

nedy wanted to ditch him in 1964

2.8 hA

/

detail

twice in his press conferences did

have

3.1

;

amazing

every

shoulders

19.7

340.3

missiles last

dark.

to

culprit

follower

a

range

his

unusual

and

constant

President's

widely-diversified

wholesale and retail

and

prime,

being slowly developed,

and conducts

ing

of

real

91.4

77.1

First National Bank

a

communist

a

his

was

reputed

for

violent segregationist state and

it turned out that the

long

of

Bobby Kennedy who

ences

particularly in

Texas, however, is not

firm

must

18

owns

147.9

.____

troversy

back

a

issue which has

an

country,

Russia

Apparently

flare

rights,

the

have died

communist

grace and

he

of civil

torn

the

there

violent opponent

a

Kennedy's

his administration.

never

at the hands of

had

truly

was

showed

from

fear that he might

was

in

of

came

ever

It

Hawaii,

85.7

Cooke, Inc

press

will be widespread in the affairs

403.4

_

Co._

the;

by the

first

assassination

informative I

most

attended.

unlike

word

Fidel 'Castro.

and in deep

Recent Price

.■/>;

the

When

President's

the South.

about

news

his sudden and

Hamm-Young

him

''T-

and

he

Honolulu)

with

open

from

for this type of company.

ticket'

1964.

wide

were

man

the

$5.3

118.2

conferences

leading construction contractor in

ahead,

Earnings

$50.5

112.3

Hawaii

Brewer

Revenues /

:complaints

com¬

on

higher than

''V'

—(000.000)Assets

^90.7

Despite

aver¬

is

Statistical Summary

Alexander & Baldwin

be

,

alleged censoring of

lectual

increased

of

customer

prices, yield

shares

Von

profitable

years

r

as

&

continuing to in¬

rapidly. In the

country.

man

age

company

and

likely to

are

current

outstanding during the
period

cable volume

the outer islands

Hawaiian

been

out¬

1963

brave

which

of

net

crc?+or,a

better

mainland. Growth of the
company

25%

for

pros¬

highest in the history of the

surely

mon

maintains

standing shares is closely-held. In

to

gas

despite

because
the

1962, it possessed $305 million in
deposits and $167 million in loans.

Approximately

to

expense

commercial

aspects

used

liquid form.

a

increase

company,-

Hawaii with the Far East and the

Hawaii's economy.

is

gas

natural

in

gas

would

of

the

operation,

tanker, specially-built

As of Dec. 31,

all

In

also sold. Util¬

liquified

by

partnership with other communi¬

research

profits
the

and

peace

He wouldn't speak to the reporter

costs

and

except; Niihau.

division,

Democratic

so

great. /Corporation

ficiencies within the company. lAt

Hawaiian

radioteletype service between all
the

at

was

was

he

who

usage

Ha¬

radiotelephone

country

perity

what

fact—that the

a

com¬

facilities,

only telein

was

ship¬

by

pdd^d

furnishes tele¬

company

service

islands

the

operating

that

often claimed

contemplating the

of

f<v

York)

admitted

In future years, the

is

,

company

contro¬

a

.

be

to

the

Maui.

this

are

non-utility

heating.

to

shares

and

to

primarily for cooking and water

time, the

not expect

oil,

The company

and

with

appliances

cable-telephone and
radiotelephone systems connecting

with

from

Kauai,

ity

13

a

Hilo

All of this gas

non-utility

a

gas

Proceeds

resulted

south

shipped

are

conjunction

pri¬

share non-recurring gain in

a

hone

department, which keeps in close
touch

the

distributes LP Gas to the
"areas
of
Oahu,
Hawaii,

Molokai,

This

&

the

It

com¬

Hawaiian Telephone: (Honolulu

As the second

services.

1962, the

sold its electrical equipment
accessory

re¬

offers

also

ing

conservative

and

in

and

manufactured

proximately 20% of the outstand¬

branches through¬

Islands

In

was

the intimate knowledge Mr. Ken¬

has

ex¬

the Western

on

Kennedy

President but it will have

nedy

Oahu

is

equity financing before 1965. Ap¬

largest bank in Hawaii, it main¬
tains

Valley

1962 net income.

tradi¬

and

This

through

gas

district of Hawaii.

four

is

company

F.

of

rural

Kahe

cent

of

excellent

manufactured

which

from

lationships with the old mission¬
ary

the

BY CARLISLE BARGERON

,

government,'Mr. Kennedy's

(Honolulu)

West Coast for sale.

nationally-chartered, investors.

maintains

the

of

; /

distribution systems on the island

on

the outer islands.

on

company does

Bank

grpwth

John

its

Stock,

'vi,:,

by-products

vate

appears

Thirty-nine

the

population

acquisitions

or

pany

company.

Honolulu)

future

In

expansion will be tuned to

and

National Bank of Hawaii:

(OTC

Oahu.

of

edge of Oahu.

still

quite attractive for long-term in¬
vestment

York

..

Honolulu Gas:

the

outstanding

merger,

de¬

list

to

New

company possesses a franchise to

Currently,

convertible

of

Exchange.'

panding its generating capacity in

Dillingham

the

by

issue

An

expenditure.

Hawaii

the

on

ity companies

in

Wells

are

in

company
shares

over

taken place

Ha¬

year,

sell

ers

reflecting this variable

are

of

October,

in

April of this

waiian Telephone became the first

in¬

be

debt

financing,

completed

In

smaller, independent electric util¬

shares;

common

will

just

1963.

Oahu and possibly through merg¬

other

building

rate

island

years,

land held under

on

period

growth has

further

In the

among

national

with

share

to the

construction field, the company is

currently,

the

conjunction

preferred

In this

share rights of¬

spite the limiting of its operations

Texas.

will improve eventually the earn¬

building

this

in

approximately 30%

1957-62

This

apartment

company.

for

double

1963-68

recent

Management hopes such switching

ings base of the

Hawaii

rate. Construction expenditures in

the tax-

Dallas,

in

for

the

by

funds.

secure

a common

Load

Hawaiian

some

to

company

electric

have

versial

regularly

regard,

creased

deal involved

exchange

growing

;

Apart

shares

common

utilized

been

has been

company

fastest

&

Ahead of-the News

...

preferred share and debt fi¬

additional

(OTC

earnings.

nancing, rights offerings covering

'

been

Hawaii and

in

from

material

is

average

place without dilu¬

share

utility in the United States since

high yielding, steady income-pro¬
ducing properties

fifth

of

tion

of

statehood

sale-

Lie

show

Electric:

Honolulu) This

are

attraction,

operations

should

Hawaiian

mil¬

Through

the

"

growth.

is actively trying to acquire

pany

bank

the

holdings in Hawaii, which while

being

industry,

is attempting to take ad¬
of its large real estate

company

tourist

Thursday, November 28, 1963

..

FROM WASHINGTON

in

telephones in

This growth, however,

100.

..

some

service,

Hawaii number 36 per 100 people,

In Hawaiian Securities

.

a

4%

been

Anthony Sees.

IRVINGTON,
Scalea
have

and

N.

formed.

.Securities

J.

—

Thomas

Anthony " Tortoreti
Thomas

with

Anthony

offices, at

1091

Springfield Avenue, to engage in
a

securities

paid by the company without in-

formerly

terruDtion for the past 47 years.

ties.

business.

with

Both

Elizabeth
~

;

were

Securi¬

Commercial and Financial Chronicle

The

Number 6320

198

Volume

caused

Hawaii Puts Pacific Basin

not

In America's Front Yard

full-fledged State
with literally displacing tin Atlantic basin as our front yard with
the Pacific basin.
Dr. Hitch traces the post-World War II events

Hawaii

-

the

and

forty-nine

other

strength of

is the

states

between

difference

major

cul¬

our

ties with the Orient in con¬

tural

trast

Japan's

trad i tional

the

American cul¬

the

may

re¬

sult

in

our

being

(in

c

equally
Pacific

my

Thomas K. Hitch

the part of the rest of
country — particularly
that

the

on

of the country that lies
Mississippi—-to be too

majority

is

not

Atlantic and

much oriented to the

a

make to the nation as

its newest state.

total

out

While

"nonwhite."

there

that

her

the

num¬

Ha¬

as

Oriental.

any

the

case,

Polynesian is a product of the Pa¬
cific with

Practically

soever.

"nonwhite"
ental

Hawaii's

all

is of Ori¬

population

part -Oriental ancestry.

or

the

Of

European ties what¬

no

of the

one-third

nearly

population listed

being "white,"

as

approximately half are either uni¬
forces
of

sailors,

soldiers,

civilian

about

of

the

Of

airmen.
dent

the

resi¬

(a

total

1960),

over

"nonwhite"

and

population

are

and

marines,

in

one-fifth

than

"white."

are

Northwest,

(It might be noted parenthetic¬

the

that

cestry

becomes

of

classification

Hawaii

in

people

racial

by

and

more

an¬

more

arbitrary and less and less mean¬
ingful each

Since statistics

year.

began to be kept at the turn of the

century,

approximately

of

out

three marriages

every

waii

has

been

an

marriage, and the
ture of

one

in Ha¬
"out-group"

resulting mix¬

in Hawaii

races

on

the Mainland. The

population is

of

largely of*

of

Basin

But

despite

Hawaii—Part of the Pacific Basin
causes

Americanized
the

Pacific

just

as

Hawaii's

people

to

fully

consider

alleged

the

said

been

that

con¬

has

at

characterize

to

American

foreign

policy,

this

edge of the continent

cause

later

the

would

that

knew

we

of

sooner

Pacific

entire

be

or

basin

equal if not greater

political and economic importance
America

to

the

than

Atlantic

It

this

for

was

China,

garding
which

had

the

rest

to

been

union

of

and

Samoa,
into

Hawaii

status

admittance

the

with

the

of

the

Philippines,

participation in the Boxer

rebellion

all

were

tangible

evi¬

real interest in

dences

of

Pacific

in the nineteenth

our

the

century.

twentieth

The

century, particu¬

being

a

versity of viewpoint

forcibly

to

my

brought

ment.

of

Korea,

•,

."N

'

temporary

protectorate

the
the

postwar

the defense

of Japan,

and

of

Southeast

a




little

Asia

that is

a

nearly

The fact that she

the

of

vast

they

Effect

move

can

kenzie,

the

firm's

as

;

certain f Pacific

of

Britain's
sion

the

development

ties

her

that

of

on

of

the

economic

must

someday

all

Now

years

relations

trade

countries

the

in

Pacific.

Zealand/has

New

has

vigorous program

a

protection

over'

of

the

assistance

Tai¬

Asia

continuing mili¬
to

countries

that

are

to

the

same

moves

of

her

of

\

his

graduation

Phi

served,

Beta

from

S.

Kappa, and
to

an'assistant

Finletter

K.

Mitchell

A.

was a

School, Mr. Mac¬

as

Thomas

Mr.

nation,

rather

dependency

Pacific

economic

an

Britain.

of

Australian

As

a

spokesman

increasingly

...

that

their national

in

large

Asian

achieving

(in

success

economic

goals) is,

linked with the

measure,

ambitions

arid

recog¬

their

of

neighbors."

Pacific and with
orients

to

us

viewpoint that

a

that

of

part

the

Later,

he

in

the

and
State

law firm of

Thacher

son,

with

associated

was

the New York

&

Bhrtlett,

Simp¬

before

moving to Denver, where he

which

in

tions in the Pacific
a

month

ket.

in

The

concepts,
those

if

from

trade mission

Japan, Taiwan, the

pines, Hong

Philip¬

Okinawa, Ko¬

Kong,

Australia,

rea,

on a

visit them in

we

build

trade

We
the

and

'V

Pacific.

efforts to

our

was

it

ture,

would

surance

union

and

with

full

sentation in the national
we

state in

new

a

as

repre¬

Congress

aid in keeping the Atlan¬

can

tic-oriented
lation

portion of

conscious

importance

of

America

to

popu¬

our

the

great

of

the

dis¬

be

might

have

the

and

functions

SEC Study Group's

with the

Meetings
NASD

been

held

with

our

industry."
between

far

so

representatives

SEC

and

staff

and

have

conferences, in which these

other

Study

mendations

The November issue of the NASD

depth,

Group

will

planned

are

recom¬

what

in

discussed

be

for

the

near

••■■k'V;• ' Q

future.

reports that the Associa¬

Board

of

"firm

a

Directors

stand"

has

against the

Named Director

Study Group's recommenda¬

tion

es¬

perform.

exploratory in nature. Addi¬

tional
and

Quotes Proposal

SEC

and

they

discussion

for

Commissioners

tion's

the

upon

broad

We view these subjects as appro¬

,

NASD Oppdses ;>r,

"News"

impossible for

certainty what the ul¬

or

sential

Co.,

that wholesale

Over-the-Counter
In

quotations

stocks

reporting

NASD

be

this

"News"

on

pub¬

action,

stated

as

Frank

L.

and

director

a

Mansell, Vice-President
of

investment

the

banking firm of Blyth & Co., Inc.,
has

follows:

been

ap¬

pointed to the
firm

stand

lishing

of

against

wholesale

in the

suggested

the

pub¬

board

quotations,
SEC

the

NASD

after

Board, of

Special

Stanley Works
to

Governors

discussion

thorough

succeed

Philip B.Stan¬

the

of

di¬

of

rectors of The

Study Report, has been taken by

ley,

director

a

since

ing and subsequent industry con¬

who

died

May

11,

ferences.
Four

Board, held

exploratory

meeting

an
on

m

all-daOct.

•j

9

key Commission staff people

with
and

publication of wholesale
would

markets

OTC

lished

estab¬

destroy

merchandising

liquidity and depth

ing in the Pacific.

the

affect

cepts^ and -drastically

is happening and will be happen¬

con¬

e

n

made

ley's

Frank L. Mansell

on

1963.

Cairns.
in

ed

The

and

w

a

g-

John

C.

Stanley Works, found¬

1843,

Canada,

t

by Stan¬
Presi¬

dent,

expressed the NASD position

that

1920,

Theannounce-

representing

Governors,

the 21-man

.

hope that

replace

in

timate and total effect these sug¬

priate

in the

commerce

*

applied

—

just,,as they visit each other and
as

pre¬

subject at the recent Board Meet¬

New Zealand

or

mar¬

not

the Commission to judge with as¬

British

Cattle

ranches in the U. S.

businessmen

group j of

that
is

should

any,

far

so

markets

Hardly
or¬

methods
over-the-

conducting

na¬

some

in

to

quite

pared to determine which of tnese

large publicly-owned

the

as

ganized

visiting Hawaii

existing

Commission

gestions

A

basin.

without

passes

the

expected

respects

operating procedures which have
evolved

last of

the

increasing economic and political

re¬

counter retail transactions and the

the

and

America's

and

be

pricing securities

assistant manager of the Matador

lished.

current,

Foreign

"The

action with

or

some

drastically,

Land

world, is particularly conscious of

historic,

Committee,

Department, Washington, from charge of our obligations under
1943' to 1946.
VW' W': W';' the Act. Certainly, at this junc¬

taken

Hawaii, at the crossroads of the

Harris, Chairmai of

could

change,

become

economic

than

/

respect to new regulatory concepts

of

become

to

need

independent

an

has

subsidiaries

in

England, Germany, Italy

Australia.

•

-

-

curity issues.
•

..

in many se¬

/

f

CHRONICLE

reporting
Miller
the

that

Investment

Philadelphia,
that
with

Inc.
in

Col.

(USA ret.)

Col.

it

Miller

E.

of

rities market
ferent

from

market
the

indicated

was

associated

ments

Company,

each

&

New
Put

firm

that this is

and

Miller heading his

Homer E. Miller & Co.,

York

City,'member

Call

....

of

the

Dealers Association.

the

Customers' Brokers to

t i on-t ype

securities,

and

functions performed

vital

OTC

availability

of

to

the

invest¬

opportunity for the public.
viewed

the

pub¬

lication of wholesale quotations as
neither
of

the

serving

the

The

best

interest

public nor the industry if

Association

Brokers

meeting

will
on

15 William
7

an

Customers'
educat onal

the "Outlook for 1964"
p.m.

at

Street, New York City.

Speakers will be Heinz H. Biel,

Emanuel,
O.

of

hold

Thursday, Dec. 5 at 4

on

business were

importance

Governors

Hold Meeting

completely dif¬

a u c

listed

of the
of

continued

The

was

retail and wholesale seg¬

by the

ment

Col.

error,

for

separate

was

informed

are

21

address

Association

Saul, Lerner
We

Homer

would

•••'

(

ture of the over-the-counter secu¬

Nov.

of

■

stated that the merchandising na¬

CORRECTION
the

,

representatives

NASD

The

subject

dictated by

considerations

Commis¬

Energy

University, where he
of

Oren

which

then Chairman

was

Atomic

member

to

inter-dealer

House Interstate and

staff and

conscious

being infiltrated by Red China

—have all been

Mackenzie, Jr.

L.

Following

tuose

letter to Represen¬

a

exploration, study
Jchn

sion, in Washington.

Yale

deter¬

of

maining recommendations call for

Admiral

Lewis

Common

strong

expanding her

with

admis¬

seek

end, and in the postwar
embarked

was

had long real¬

Britain

with

.

to

European

Australia

he

Strauss, who

to

pertaining

available

Commerce

assistant

to

kenzie

Pacific

the

countries

decision

into

the

of the Yale Law

Upon

Another important

tative

activities.

was

far,

acceptability

He said in

financ¬

Previously

the basis of

on

so

quotations systems to the public.

heads

ing

the

making

in

1956,
lease

done

publishing wholesale markets and

Stone

Webster

Cary

recommendations,

recommendations

who

joined
&

c-

released,

was

William

prepared

work

mine

Ma

Mr.

poten¬

affecting the economic orientation

own

brought

to

suc¬

largest customer is

when

ECM's

po¬

the trusteeship of the islands

member

was

has

world,

postwar

Japan has moved.;

In

military and

was

The

involve¬

greater
■

first

Okinawa,
wan,

even

•' v

The

tary

attention

only

has

.

of

This di¬

other

any

firm,

announced.

a

vice versa)

Home,

.

II

Pacific,

as

Canada)

of

larly during and after World War

thinks

the Atlantic community.

and

as

in
of

duty-free),

sugar

annexation
our

subsequent

territorial

with

Hawaiian

and

over

that actually started

move

1875

shut

for

world

Guam

admittance

our

the

(a

of

re¬

1852

doors of Japan

Our

centuries.

annexation

in

effectively

the

of

that

and

as

enunciated

we

forced open the

we

that

reason

the 1840's

as

first open-door statement

our

the

involvement in the life of the

basin.

early

the

by the

tialities of countries in the Pacific

be¬

—

popu¬

America

second

push to the West never stopped at
the

not

Italy and other Euro¬

indication

St., New York City, E. K.

quotations

the sixth industrial

countries.

our

an

opera¬

stated that the Commission itself,
while in agreement with some of

was

Not

living

the equal of

Corporation,

Chairman

the

introducing

of

fortunes

America's Mainland

automatically

standard

nize

forming the Trust Territory of the

lation ~

in

ceeded

90 Broad

SEC

Chairman of

of the world and has

v

home,

as

now

Vice-President of Stone

a

Study Group Report

Van

world—including

the

been

recently said: "Australia and New

their

basin

but she is

Zealand

Basin

isolationism

tinental

times

occupation
This then

tangi¬

were

Displaces the

Atlantic

litical.

Polynesian blood.)

of

has

of

than

Germany.

prominent
Pacific

Oriental ancestry, with a fair ad¬
mixture

all

is compa¬

fact remains that the fast bulk

Hawaii's

the purchase

and

1867

sition.

rable to the traditional mixture of

nationalities

in

ble evidences of this basic propo¬

three

ally

the

Louisiana Purchase in

of Alaska

dependents

permanent

530,000

four-fifths
less

civilian

the

or

armed

the

of

members

formed

in

lay

—

a

and

push to the Pacific Coast and into

and

Hawaiians

In'

•

at least

political

destiny

one

Kingdom, and far

the

Jr.,

of

and

ours

Mackenzie,

examples

(outside

of

Market.

(Poly¬

is^ most fre¬
a) mixture of Hawaiian

quently

for

realized

or

—

her

of

The

West.

part-Hawaiian

and

been

yard"

always

destiny

been

is evidenced

economy

is

Of Stone, Webster

a recov-; & Webster Securities

Japan becdme the fastest growing

ized

actually very

are

full-blooded

few

large

a

part-Hawaiian

or

nesian),

were

classified

ber of these are

waiian

of

population

two-thirds

over

his¬

but

has

1803, the annexation of, Texas, the

'

The 1960 census showed that

Hawaii's

the

of

"back yard."

has

America

economic

of

was

country

pean

would

business ventures.

new

The extent

Plan.

important

power

result

present, retailing

tions and the flow of capital into

Mr.

Pacific,

Pacific

than

has

outstanding

West

product "of

a

America

one

633,000,

just

elected

•

"front

large' part

This may prove to be
of the important contributions
can

;

the

in

to Europe.

Hawaii

part

torically
the
more
of; a

of the

east

states)

well.

opments

the

to

tendency

(not

World War II and postwar devel¬

ounterbal-

ance

as

a

as

naturally

group

integral

an

This

opinion)

the

nations

The Hawaiian

western

the

and

world, it

serves

of

of

just Hawaii, Guam, Samoa, Alaska,

ing to the Pa¬
cific

the prod¬

member

a

nothing else.

members

-think¬

our

being

our

felt that the American nation

much oriented

in

of

—and

bit too

a

The East Coast members of

the Atlantic community of

this

econ¬

study group started out with
viewpoint that America's re¬

uct

Europe. While

study of

a

world

the

in

role

on

lations with Japan were

to

ties

tural

organization

suc¬

that

is the United

as

ing with an East Coast-based re¬
search

have

programs

customer of

when I was work¬

year ago

omy.

the

to

a

over

John

bringing about

that

more

A

Our

Japan has become as important

portion of our population
monumental unfolding changes in the Pacific.

conscious of the

the

fact

keeping the Atlantic-orient:d

Hawaii

on
■

aid

this recovery

and he counts

this inevitable displacement,

accelerated

economic.

11

At the time Chapter VII of the

the Marshall

sion, and credits Hawaii's entry into the union as a

the

predictable

hamper

she

was

in Japan

of

the

Mackenzie V.-P.

plans

any

for

The second

ceeded in

historic westward expan¬

to

would

Pacific.

ery

which have

have

clear

<

we

dominating

in

acquiesce

postwar

By Dr. Thomas K. Hitch, Vice-President and Director of Economic
Research, First National Rank of Hawaii, Honolulu, Hawaii
banker-economist rxfers to our

it

make

to

us

Japan in the 1930s that

might

Hawaiian

(2099)

Deetjen

Hooper,

and

Ragnar

Thomas.

W. E.
D.

&

Co.;

Hutton

Naess,

Lucien
&

Co.;

Naess

&
...

jf

The Commercial ancl Financial Chronicle
12

.

.

Thursday, November 28, 1963

.

(2100)

Fabricant to

MUTUAL FUNDS

Speak

BY JOSEPH

PUBLIC UTILITY

1964

on

SECURITIES

BY

OWEN

ELY

Business Outlook
Fritchie and Eaton
As

it

moppets in school know,

even

Barbara Britchie who cried

was

try's flag."

a

Follies

Writers'
there

was

Financial

York

New

mid

at

month

-

blackout scene show¬

a

the

—

Trust

Property

in 1893.

he

career,

able to cite

was

field

a

total assets have soared

which

billion since

$25

about

by

they

into the world, a trade that

came

million indi¬

viduals, families and institutions.

besieged

federate

by

of Con¬

trio

a

insignias

soldiers,

on

Eaton, "has done much to awaken

the ad¬

millions of Americans to

E. C." vantages bf equity investment.
could finish And, as a result, billions of dol¬

their backs spelling out "S.
Before the dear lady
brief

the

im¬

apochryphal;plea

mortalized

by

Greenleaf

John

Whittier, the soldiers shot her.
leaders

than attending

laughed louder

laughing

—

more

Eaton*Jr., the
Investment

of the

Chairman

Company Institute, fund folks ap¬
pear

to have an able spokesman.

The

same

the

that

week

news¬

boys' show was twitting the SEC,
Eaton

was

Yankeeland

in

up

address the Bull and Bear Club

to
of

Harvard Law School.

of this industry for

record

integ¬

rity is good,"

public -study and

He noted that

Said
were

Securi¬

period 1936 to 1940 by the

Commission.

ties and Exchange

must

you

know,

months there has been much

mutual

concerning

licity
This

has

first

sprung,

School

Wharton

ond, from

more

the

would be a happy

It

if

indeed

In

business.

fund

good

a

talent

brains,

young

when

age.

an

seeks opportunity
electronics, nucleonics or aero¬
largely

youth
in

formidable
problem of attracting a gocdly
quota to toil in the investment
the

is

there

space,

>

area.

job of serv¬

investment-minded

the

ing

and,

reaping rich re¬
wards for themselves. The occa¬
in

the

process,

is

shady dealer, of course,

sional

report

under

staff

SEC

a

funds.
the

from

and, sec¬

the

ton and

an

good deal to say to

a

SEC,

Whar¬

the history of the

mutual

about

men

speech
profit by all

in this country. His

funds
should

be

read

for

who toil in the fund field.-

;

;

Much of Eaton's address dealt,

might

expected,

be

spectacular
business.

considered

have

a

funds

mutual

growth

As

of

he pointed

with
the

the
fund

out, mu¬

tual funds had their American be-

segment of the trade-—
especially
need
bright, young,
dedicated people.
Such men as
Charles Eaton and Arthur Wiegrowing

articulate,

senberger, brilliant and
make

can

contribution

large

a

here.

the Financial

While serving on

tion

hopefuls will be exposed

of

but

sniping/

to

of 92.

age

Barbara

even

ripe old

to the

survived

Fritchie

-

New York State Tax Commission,

the

American

tion, he is

Fund

Chase

on

631,947,

$6.74

or

a

share, against
previous

of the

end

the

at

assets

net

share

NATION-WIDE

sophical Society.

Company

,V

a

were

$29,726,427, or

with

compared

share,

a

$18.09

of assets and

His publications

'

si:

Activity

in

the

States."

30

'

❖

017,618,

$16.51

or

N. Y.

Williston, Beane
The suspension

a

$464,-

share, against

a

Trend

a

announces

The total

equal

to

$15.45

and

$49,945,882
year

&

$11.27

a

share

New York City,

way,

nated

by

the

Exchange,

The

Sept.

30

$315,050,000,
Tlh§

net
or

pipeline and gathering lines with

capacity of 666 millions cf a day
earlier years

was

termi¬

Stock

Immediately,

22.

commenced

handling
half

day

two

and

suspension

was

lifted; after

:

satisfied

a

its

net

all

capital

re¬

quirements of the New York Stock

fields,

compares

with

a

1962.

$13.51

a

share

the

of require¬
also

only 8%
the

company

in this area.. Some 85% of re¬

capital

new

Merrill

and

Fenner

&

was

Lynch,

Pierce,

Smith, Inc.

pipeline

the

75

are

immensely

firm

year-old

"We

said:

gratified

by

the

confidence of these firms and the

public in their support,of

the

to

state

this

Merrill

action

Lynch
keen

we

great

a

desire

We

Walston

by

is

us.

that

publicly

of

and

tribute

oil

Some

and

investing public.

Our

alsoTwant

loyalty

pay

tribute

of

confidence

and

sales

entire

to

and

customers

trial

3%.

indus¬

46%,

and

34%

wholesale

17%,

miscellaneous

residen¬

follows:

as

commercial

and

lent

employees.

force

and

system has enjoyed excel¬
$228 million in 1953

estimated

an

customers

confidence

and

support

being

are

added

with a cor¬
increase in wholesale

responding

wide

The

customers.

and

served

industrial

maintain

last year by

helps

to

growth, sales

increased

having

industry

of

range

diversified

the

activity

manufacturing
to

27,000 new

together

,annually,

areas

million for

$600

About

1963.

calendar

17 billion cf.

nate

in

obtaining

two

and

The

big

gas

new

authorized

FPC has

Texas,

sell Columbia some 6.1

to

trillion

cf of gas

23-year

a

Houston,

of

Arnold

will

range

20.6

during this trying period."

a

large producers, Humble Oil
Isaac

cents

at

a

fixed price

period.

between

cost

The

19 cents and

depending

on

some

legal questions. A subsidiary,

Systematic Planning
FOREST

HILLS,

Planning,
with

N.

has

Inc.,
offices

securities business.

G.
G.

William
and
and

cash

been
107-21

at

some

been

latory
this

Officers

Campbell,

are

chairman;

Roberts, president;

J.

treasurer. '

Bushan,
■■

secretary
,

-

Columbia.

required to
The

the retail

Gas to

amount

the

Gulf of

A recent step in
the transfer of

was

susbidiary, Colum-

new

Ohio.

of

";..,.*/>

•

Columbia Gas' regulatory situa¬

tion

since

involved

somewhat

is

wholesale rates

its

regulated

are

by the FPC and its retail rates by
various state commissions (and in¬

itially in Ohio by municipalities).
The system

has been fortunate in

nut

being heavily

involved

the

FPC

two

were

as

Paso Natural Gas.
are

have

the

in

been

cases

cleared

El

Only two cases
effect

and

income

be

to

expected

are

soon

up

sub¬

April,, 1960.

refund since

These

big

and

pending, involving rates

now

ject to

with

other

Gas

Tennessee

systems,

reserves

in

been

have

account

provided for possible refunds. Re¬

garding the rate cases of the pipe¬
from

lines

substantial
obtained
which

its

buys

Gas)

have

amounts

been

by .Columbia in refunds

being passed along to

are

increases

retail

Some

customers.

own

rate

Columbia

Tennessee

which

(principally

gas

being obtained

are

mil¬

from state commissions—$2.5

lion

last

gained

were

and

year

courts this

the

In

has

commissions

before

pending

and

year.

Columbia

decade

past

its

increase

to

able

been

earned rate of return

net prop¬

on

erty from 4.1% to 7.6%, according
& Poor's calculations.

to Standard

program

will

be

has also purchased

off-shore

Mexico.

acreage
; -

in

period

this

cents in 1953 to
for calendar
have been

ring

1963; however, gains

the

in

shares
12

Gas

months,

able

$1.81

a

was

gain of

the

than

which

during

and

accelerated
the

been

have

yet formulated

credit

thus

far,

guide¬

use

The Ohio

apparently

not

future tax pol¬

a

conform

to

conserva¬

deprecia¬

normalized

depreciation rates.

subsidiaries

icy

previous

investment

and subsidiaries do not

line

10%

was

the

savings resulting from

of

use

have

The

favor¬

season.

Tax

tion

per

21%.

due in part to

System accounting is
tive.

12

30, 1963, Co¬

earned

weather,

colder

1954,

the

$1.49 for the preceding

vs.

increase

occur¬

years

For

months ended Sept.
lumbia

63

estimated $1.85

an

1962-3.

and

per

from

quite irregular,

mainly

1956

earnings

increased

have

share

with

the

flow

through principle adopted by that

the

A $49 mil¬

rights under a substantial
of

its

properties of Ohio Fuel

a

bis Gas

in

they

adopt

through, this would of

course

1962;

improve
ings.'

should

reported

system

Gas

has

been

recently around 28 and
to

interim earnings

earnings ratio is 15.5.

-

selling

pays

yield about 4.1%. Based

latest

earn¬

"/■/ '

'

•

Columbia

handle this new gas.

company

mineral

vice-president,

Camp,

Norman

customers in seven states and

expansion

has

streamlining

reasons.

program

flow

lion

com¬

system structure, mainly for regu¬

state

of

about

The

Columbia

years

gradually

Gulf Transmission, win

District

construction,

borrowing

position.

For

transport the gas to the company's

Columbia

Y.—System¬

it

began this year in excellent

pany

heating

supply in southern Louisiana re¬
cently.

For

years

securities

$80 billion from banks.

fortu¬

been

has

company

oper¬

And hun¬

ating staff are intact.

atic

many

!/

growth, revenues having in¬

dreds of customers have called to

Thomas

30,

are

Revenues

from gas.

are

obtained

are

The

the

hydrocarbons

produced by Columbia but 98% of
revenues

equity

an

46%.

principally $2.8 million increases have been

m s,

indus¬

our

try to act in the best interests of
the

t e

s y s

Texas Eastern and Tennessee Gas.

retail

Alpheus C. Beane, Chairman of

to

from other

wells and 57%

to

Inc.,

the

from

come

now

creased from

William

Sept.

have

somewhat' depleted { and

though

The

of

totaled

$262,531,000
at

these

but

is

instead

but

During

share.

assets

in the Ap¬

reserves

own

supply

the> tial

w

and

the company ob¬

substantial amount of gas

a

quirements

Queens Boulevard to engage in a

$15.09

of

1,764 miles

has

system

trolled

The

firm

in

time

first

which

ers

'

orders for securities and commod¬

ities.

the

conservative

a

with

approximating

15.5 million.

southwest—28% from system-con¬

New „York

Nov.

firm

formed
*

George Putnam Fund reports that
at

population served

Williston

Beane, Incorporated,

per

earlier.
❖

Pa.;

Poughkeepsie,

(directly and indirectly) is about

ments,

Sept. 30 net assets totaled
This compares with assets

share.
of

Fund

Nor¬

Reading,

2 Broad¬

of J. R.

,

"We

to

and

Harrisburg,

and

over

:i:

ONE_WAI;L _STREETNFW YORK _5

Nyabk

now

earlier.

$84,116,737,

LTD.

and

becorite

si'

•

amounted

assets

net

that at

Established 1894

Richmond
and

palachian

NYSE Reinstates

D. C.; Bal¬

Bethlehem,

Allentown

from

Government

Fidelity Fund reports that at Sept.

Fidelity

mail this ad to

Va.;

of

express

onlythrough registered investment dealers. Ask
your investment dealer for free prospectus,

Ohio;

tained

to

year

Sold

ton,

Manufacturing," and "The Trend
United

Washington,

folk,

In

in

Y.;

N.

timore, Md.; Cincinnati and Day¬

Adjustment,"

"Employment

Binghamton,

Va.;

include:

a

earlier.

year

v

.

that at Sept.

$371,084,632 and $13.37 a share a




Statistical As¬

of

part

Principal wholesale markets

Ky.

include "Capital Consumption and

our

ADDRESS

on

Toledo,

Ohio;

Cumberland, Md.; and Frankfort,

sociation and the American Philo¬

wish

*

*

announces

$29,669,365

NAME_

Associa¬

member of the board

a

Economic Education and fellow of

fiscal year

Oct. 31 net assets totaled $30,-

$18.11

BULLOCK,

Economic

of

W.

exchange firms of Walston & Co.,

reports

Boston

of

that at the close of the

30

CALVIN

Vice-President

of trustees of the Joint Council

feel

or

other government agen¬

former

Part

*

fund.

the

Budget,

com¬

whole¬

a

on

Columbus,

are

Springfield,

ing,

.

The Funds Report

Eurefund

mutual

the

oF

600

Pittsbrugh, Charleston and Wheel-;

Exchange.

year.

"balanced"

consultant to

a

while

Principal cities served

,

voluntarily advanced by the stock

share

a

as

velopment, the Bureau of Census,

the

$28,005,060 of assets and $5.52 per

Securities

acted

the Committee for Economic De¬

and

in

served

are

retail

at

leading economist, Dr. Fabri¬

A

York,

directly

served

basis.

sale

at

as

New

customers in 1,320

others

munities

taurant, 120 Cedar St., Manhattan.

well

Vir¬

West

of

parts

are

2,000,000

Finan¬

Bureau

and

cities

meeting of the

has

Pennsylvania,

About 1,500,000

luncheon

Club

in

Virginia, Maryland and Kentucky.

cember 3, at a

GBA

op¬

purchases 7% from other produc¬

fastest-

—

District frontier, the new genera¬

Eaton had

De¬

cies.

ratio

has

structure

this year to finance

distributors

of

groups

ginia,

p.m.

in the investment field.

The

Congressional

resolution."

Harvard

who

women

12:00

Tuesday,

as

"runner-

holding company, it controls

a

Ohio,

1964"

in

the

being

system,

gas

erating in industrialized areas

...

chapter in the recent¬

a

guaranteed

nearly

Out¬

cant

natural

largest

Columbia

capital

is' not selling any new

three

"The

both the American

finance, by and targe,

in

Folks

career

pub¬

ly completed 'Special Study of
Securities Markets' made by

as

dormitories.

recent

in

d, will

discuss

A

$583 million, is

System, Inc.

As

Boar

the

front - page
treatment, which caii be a deter¬
he:
"Investment companies
rent
to
many
young
men and
examined at length in the

discussion of the funds is not new.

As

think aboutwhen
girls are out of

to

Radcliffe

of

an¬

up" to the Tennessee Gas System.

the Denis Res¬

Harvard

something for

have done a standout

"The

audience:

his

told

Eaton

boys

pipeline

erence

cial

second

with

System,

revenues

the

Industrial

at

Gas

Columbia
nual

Dr. S. Fabricant

■■■>.;;

•

is

This

prospect

doing

are

back. In Charles F.
new

years,"

the

over

economy

deal
and
they're ^talking vigor could be channeled into the

fundmen.

fundmen

But

their

roared

ballroom

grand

Astor

the

in

gathered

laughter. Nobody

than

*

American

1,700 business and financial

The

into the

been Tunneled

have

lars

director

and

at

National

the

look

concept," said

"The mutual fund

home, inscribed "Mutual Funds,"

Columbia Gas

Uni¬

York

New

Administration

research

Business

3

than

more

window waving Old Glory.

was

at

Con f

serves

Her

Fabricant, professor

versity's Graduate School of Busi¬
of

casting about for

To young men

in

'

ing sweet Barbara Fritchie at her
,

Solomon
economics

of

ness

set up

was

the

Personal

Boston

put: "Shoot, if you must, this old
gray head, but spare your coun¬
At

Dr.

ginnings in New England

$1.16,

on

the

the price-

Volume

6320

Number

198

.

.

.:

the Commercial and Financial Chronicle

12101)

bility that higher interest rate on

No British Bank Rate

Continent

the

sented

by

Expected

liability
national

in respect

as

out

various

are

why an

reasons

sis includes uncovered and covered interest

the

absence

of

any

interest

to

affect

UK

ing

uncovered interest arbitrage

is discouraged

arbitrage reactions, and

ing has
in

So, too, are the international cooperative measures forged to over¬

makes

large-scale

come

"hot

decision

Our

money"

to

keep

tenance

trage

not
on

increase

the

of

French Bank rate, which
each

other

,in

speculation
of

close

about

followed

succession,

possibility

the

increase

early

an

and

Belgian

British Bank rate has

the

of

gained con-

siderable strength. The result was

fall

heavy

a

market.

in

gilt-edged

the

British

The

financial

carries articles predicting

press

a

period of rising interest rates.
There

is

no

to

reason

suppose,

however, that the British authorities

terms

is

thinking

are

of

true,

the

higher

a

they

Bank

but

to

concern

of

there

whatsoever

rate.. It

with

view

batch

latest

mands,

in

present

at

de¬

wage

is

reason

no

that they

suppose

consider it necessary at the present

stage

by

creases

Bank

the

check

to

of

means

rate.

in-

wage

higher

a

According

to

the Chancellor

of

Mr.

Maulding,

is

still

unused

some

pro¬

ducing capacity in Britain, which

The

position

of

sterling

tainly does not call for
Bank
r
:

rise

rate.

It

caused

spot
time

some

is

count,

and

Bill

rates

decline

to

slight

a

dis-

that

dis-

since

ever

the modest

fluctuating around

figure of one-quarter

cent. This

a

to

cer-

higher

a

the recent

sterling
ago

count has been

of

true,

Lf; S. Treasury

in

■

relation

jjq

pons

bring

concerning

various

any

in

respect

of

I the

fact

in¬

necessary.

The

French

it,

while

other

Market Governments

rates

to

favor

it.
is

of

on

Con-

the

desired;

be

to

in

why

should

the

British

itself

allow

on

■

-

tary authorities, because
discourage

the

New

Receives Slate.
PHILADELPHIA.
Caulfield

As

.

for

flow

of

to

Association

the year
Mr.

American

monetary

decided

have

in U.

to

S.

Treas¬

psychological

the

effect

the Con-

on

far

forward
■

the

as

,

the

Strong

whatsoever

Last,

Cooperative

International

./

'

Resources

but

by

no

for¬

tion,

to

near

discount"

Officers

president

ing in

Paine,
&

son

Officers

Curtis,

whose term

expiring.

Robert J. Caulfield

is

the

at

The annual meeting-and

.>■

and/

Wig

Club

/

•

Business

Ga.—Economy

Plan,

155 Nassau

Ralph T. Kyle, Presi¬

are

and

from

Street, N.W.

C.

J.

Kyle,

Secretary

Treasurer.

Other

ALAMEDA,

officers nominated

were:

Henry E. Crouter, of DeHaven &
Townsend,

Crouter

&

Bodine,

Vice-President: Stuart J. Bracken
of

Merrill
Smith

seph

'

1

°

business

from

Avenue

Labrum

of

Butcher

firm

DIVIDEND NOTICES

&

for

GEORGE W. HELME COMPANY

election

to

the

J-

NOTICES

0

Rockefeller
November

on

the

holders

\

share
payable

of

December

n '

i

\

» i

i

New

York

20, N.

16.

Stock,
plus an extra of
20
the Common Stock, were
January
2.
1964,
to
stock¬
at
the
close
of
business

on

record
1963.

>

WM.

/.

"

SIMONSON.

C.

*

Secretary

company, inc.

manufacturing

135

Dividend No.

5on°'jToS:

TWO

declared,
stock-

been

baS

StocK

n»=

payable Jan.

2, iyc* 1

Brooklyn; n.

y.,

1963>

Massachusetts

Indemnity and
Company

Life Insurance

NOTICE

Boston,
The

csc

International Salt
company
NO.

Massachusetts

Stockholders

and

Directors

of

this

Company, at special meetings on November
26. 1963, declared a stock dividend of one
share for each four existing shares, payable
December 9,
1963 to stockholders of record
December 2, 1963, with provision for adjust¬
ment
of
fractional share
interests
during
a
period ending January 7, 1964.

dividend
share

a

that

been

capital stock
payable

at

ROGER

198

President

BILLINGS,

DOLLAR

declared

on

of this Com¬

December

the close of business

19,

9,

The

1963.

transfer books of the

will not be closed.

is

on

UNITED GAS

De¬

1

cember

/

CORPORATION

stock

Company
-i:

'

David

why

to

go

has

ONE

1963, to stockholders of record

any

future

of

SHREVEPO

J. Conroy

Secretary

an

R T

LOUISIANA

,

Dividend Notice

would

■

make

outward

~/Vable.

arbitrage

'■/./ "•/'/'
Rate

". The fact

-

to
,

.

rise

not

in

.

rate

that

no

After

Europe

was

the

means

all,

237TH PREFERRED DIVIDEND

BOND
A

ferred

France

their

Bank

and

rates

The

was

that

rising

to

stockholders

record

of

business

the

ket's Committee

vised
,

of

December

10,

at

recently

Common

on

all

J. R. Waterhouse
Treasurer

member

gov-

ernments to raise their Bank rate

on

a
quarterly dividend
thirty cents (30<£) a share

the Common

.

■

November 26, 1963

Stock, payable

December

27, 1963, to shareof record at the close of

business

'>"■

on

December 6, 1963.
B.

M.

Betsch

Secretary and Treasurer
OIK! BY THE AMERICAN
J0BACC0 COMPANY

forty

share

a

cents

on

the

November 22,
© A. T. Co.

poration, payable January
2,

1964, to stockholders of

record at the close of busi\

owners

Mar-

per

of

nesson

December 10,1963.

The Board of Directors has
declared

Currency ad¬




Directors

declared

Common Stock ot the Cor¬

York, N. Y.

the

of

wages

SHARE

Notice of Dividend

1963.

Checks will be mailed.

raised

(40c)
AND

New

January 2,

distinctly fast lately.

understand

of

date

dividend

•

COMPANY

Pre¬

the

1964,

•

I

upon

this

a

American Tobacco
on

and prices in Western Europe had
been

of The

close

by

reason

Belgian

Stock

Company, payable in cash

lowered,
is

quarterly dividend of D/i% ($1.50

share) has been declared

does

Danish

trend

general.

why

the

recently

upward

ELECTRIC

'

that they must rise also

Britain.

so-

;

has

Policy

Western

Board

'

that interest rates tend

in

mean

Bank

.

The

profit-

Sees No Uniform ECM Interest

.

,

Y.

26,

Common

per

declared

11

Plaza,

1963, a quarterly dividend
of
43^4
cents
per
share
on
the
Preferred
Stock,
and a dividend of 40 cents per share
cents

^

1705 "C"

the

under

International Services.

of

name

offices

Sin¬

securities

Lynch, Pierce,/Fenner

DIVIDEND

,

L.

at

Central

On

mon

'

a

Inc., Secretary; and Jo¬

E.

Calif.—Roy

gleton is engaging in

Sherrerd, Treasurer.

The tef-

monev

Forms Internat'l Services

in

hot money go if it wants to go.

DIVIDEND

and

Thursday, Dec. 12

on

Mask

Philadelphia.

fieial attitude is now to, let the

;

dent,

>

least,

means

.

E.

and

securities business

a

offices at

preVent large-scale withhot

James

Inc., of Church Finance is engag¬

JrM

Webber, Jack¬

raising the British Bank rate in

f

securities

a

are

Securities

ATLANTA,

Harry

Kirby,

support, remove the necessity for

,

in'

engage

/

In

would

Government
be
in-

,

Fol¬

tary.

; to

order

E.

Co., Inc., has been formed

treasurer;
Jamelle M. Folsom, vice-president
and Carolyn H.
Burnham, secre¬

associa¬

succeed

&

.

are

at

no reason

sterling should

"intrinsic

&

som

Folsom,

Vice-

;

/

from

/ As the prospects of sterling

concerned, there is

Kirby.

with offices in the Ponder Build¬

of

DIVIDEND

confidence,

Co. and Mr.

arbi¬

' resulting

of

Gates

President of

call

higher interest rates in New York.

as

Investment

1964.

was

merly

pany,

rate

The

of

Caulfield,;

who

in¬

with

H.

J. E. Folsom Co. Opens

business.

the

viewed

Co.;

CULLMAN, Ala.—James

nominated

ing

change of London/New York

.

been

for

serve

the

parities

con¬

Arnold

Bengtson of Schmidt, Rob¬
Parke; John J. F/Sherrerd

to

adjust itself to

terest

&

T.

Christmas Party of the association

trage, the forward sterling-dollar
tends

has

J.

Securities

will be held

funds

interest

covered

Robert

Weld

Philadelphia

A

rate

of

of Drexel &

Pa.—Robert

Equitable

President

arbitrage.

for

of

Corporation

through uncovered

York

J.

Moyer,

Nominating Committee

bert S.

in-

it tends

to

Woodcock,

Lloyd, 3rd, of Drexel & Co.; Her¬

are

mone¬

to

interest

The

sisted

sterling.

than

the Continent. The

to the rise

inclined

to affect British exports to
th6 Common Market unfavorably,
^ may take some tijne, however,
before such trend, would, develop
sufficiently to affect the British
balance of payments to any noteworthy extent. As for the possi''

facilities

York

New

higher Bank rates

>
reason

no

associa¬

Frank

R.

erts &

Nominated
There

the

French, Inc. and Samuel
Roberts of Schmidt, Roberts &
Parke.

a

Phila. Inv. Ass'n

of

short-term

'important

that the

weighed

Common

are

of

White,

as J.

Bill rates has more than out¬

ury

Govern-

much

more-

halt

a

since

ment Is understood to be firmly t7nenl"
against

to

point Gf view of sterling

authorities

is

increase

an

curren—

arbitrage opera-

facilities

terest rates

question

basic

such

larger de-

a

other

to

case>

leave

interest

in

ternational liquidity, or indeed in

whether;

theory

appreciation

its

investment

^

proposals

increase

an

^

/

jn

much

the

upper

in

2.82,

of

^jes before space

stage. For instance the six
governments concerned have not
of

Murray

of

Kirby,

Frieke &

to

or

Mr.

<•

from the

respect

by

Board

were:

•

monetary policy within the
Common Market is still at .its in-

front

its

by

appreciate to

a

united

appreciation

an

limited

point

^

of

a

arbi¬

For while the

risky.

strictly

support

too, might probably follow the
French
and Belgian/ examples,
This need not necessarily be the
case, however, for the integration

established

to support

for¬

Inter¬

Fund

whose

tion

suits, however, the

requirements of the British

•

othei

initiative,

sterling in relation to the dollar

is

possibility that
Common Market^countries,

capacity theie is

used

existing arrangements with the
International Monetary Fund, tomeans that he does not consider
fluenced by monetary policies of gether
with the $500 million
the 'economy
to be" sufficiently the Common Market. It is true, swap arrangement between Lonoverloaded to necessitate a policy the
disinflationary measures don and New York and with the
of dear money.
<
>•//>■■. '- 'A-'1'::"
adopted
on
the
Continent are possibility of other Central Banks'
there

'

of

of payments. Although this Committee acts in a purely advisory

the

latest statement by

the Exchequer,

in order to resist the inflationary
trend and its effect on the balance

ar¬

space

interest

uncovered
more

official

on

private

theoretical risk of

LONDON, England—Owing to the

that its main¬

so

but

on

other

exchanges

depends

intervention

/'

V

moves.

to

the dollar,

than

bitrage

there.

latter

the

From

official support points

no

relation

the
Treasury bill level from going higher is accepted as an influencing
counterpoint to the psychological effect of higher ECM Bank rates.
taken

measures

Monetary
Banks

Executive

point of view the fact that sterl¬

exports to the Common Market adversely because of

disinflationary

replaced

in relation to the

Central
are

privately-owned
is

is

repre¬

by the discount on

sterling.

spot

"in-

Dr. Einzig

arbitrage profitable.

expressed in forward rates,

as

while

ability to forge a uniform interest rate policy and

discounts ECM's
'

make outward

profitable,

barely

withdrawal

liability

owing to the confidence in sterl¬

increase in the

for forward sterling to go to an

reason

discount" to

trinsic

is

arbitrage

British
Bank rate should not be expected to emulate the recent Belgium
and French advances, and even our Treasury bill yield rise. Analy¬
Spelled

/

•

its

the

balances

of high in¬

same

I referred above. Covered

By Paul Einzig

-

V,-

eign

terest rates in New York to which

the

of

that

spect the position is substantially

Increase

result

simply

in this re¬

from London,

money

The

attract

might

13

1963/

b. m. bYRD
November 26

196a

Hecre

aru

14

The Commercial and

(2102)

BANK AND INSURANCE

in

CO.

in the world and is the

total

exclusively to
of the
industry premiums in its particular line. Premiums written in

1963

are

only stock company whose writings are confined
these

expected to exceed $25 million.

•

and machinery

The company introduced the concept of boiler

;

insurance

this

in

Business^ is

1866, the year of its incorporation.

country, in
underwritten

now

of the

each

in

•

with the

states,

50

Columbia

of

in Canada

and

and ma¬
chinery, field is quite different from conventional lines, as the cost
of providing engineering and inspection services results in, high
expense ratios, and conversely the low loss ratios generally Re¬
flect the efficiency of the company's engineering staff. In view of
the degree of specialization in the business, the companies gen¬
erally determine their own loss experience and negotiate their

through

subsidiary. The company

a

electrical machinery, refrigerating and air conditioning
equipment used in large industries to smaller boiler and hot water
tanks in stores, schools and other establishments. Unlike most

gines,

compansation in case
of accident, there is a definite element of accident prevention
present in the inspection and engineering services rendered by

lines of insurance, which essentially provide

adequate in
the field. Approximately two-thirds of the cost involved in the
premium rate structure represents the expense ratio.

companies in the field. These

gineering skills,

are

are

industrial plants were over-taxed by the war ef¬
fort. Since that time operations have been generally profitable.
Profits have been reduced since 1958 by the company's contribu¬
War II years

in the boiler

also the leading factor

STATISTICS

SELECTED

Underwriting
Premiums

Admitted

Written

'

Assets

R

Funds

Ratio

Margin

tions to

as

tio

in investments. The

$24.8

; $34.6

$77.4

32.5%

<

1959

23.5

82.3

37.3

:

I960

27.2

87.2

39.2.

i

1961_

26.8

101.9

18.6

93.4

j

~

1962__

r

7

66.0

3.8

66.7

—0.4

48.3

31.2

65.0

3.8

46.6

>

31.8

66.1

/ 2.i

SHARE

PER

Earnings

Paid

Earnings

of

Price

Book

Range

after-tax

years.

1958

$4.33 '

$4.11

$7.18

$8.00

$1.88

$112.45

2.05

4.56

5.44

5:87

2.50

111.38

98-68

1960

.90

5.00

5.77

>6.78

2.50

125.82 '

94-72

1961

2.78

5.28

6.46

7.27

2.50

151.91

143-91

1962

—.15

5.73

1.96

2.68

3.00

146.18

147-95

year,

,

^Adjusted for equity in unearned premium reserve,
f Including The Boiler Inspection and Insurance Co.

averaged two-thirds
income and have been paid for 92 consecutive

Dividends have traditionally

\

■

-

*

-

,,

Steam

Hartford

experienced

Boiler

INSURANCE

STOCK

""Registered with the S. E. C.
The

INSURANCE

devoted

STOCK

tends

widely.

fluctuate

to

of earned

trend

The

accurate picture of growth. The company's

a more

exclusively to the

life

to give

under the

'

■

r

.

■

from the severe cold

|

For the first six

Significant recovery is being experienced in the

in

||

Investors Advisors Act of 1940

1962

proper

service

which

broker

any

profits

mcnths of

to

1

throughout the

nation

United

which

States

six

life insurance market.

the

on

the

life .insurance

in

INSURANCE

STOCK

MARKET

insurance company nor does it hold

have the

months

|§

but

it

is

SERVICE

imperative to

has

no

affiliation

0

with

position in any of the stocks.

a

of

$6.46

1.

Complete
life

up-to-date

reports are

force,

net

special

analyzed

reports

stocks

in

2

a

increases,

etc.

2.

Bi-weekly

news

3.

Bi-weekly ouotation reports

inch

on

over

binder with gold

three

includes

is

and

-

*3

today with

check

your

or

of the current market,

money

order

payable

to

a

0.

Drawer

STOCK

29, Santa

MARKET

for

six

PUBLISHING

SERVICE




■■■*

Barrand, Jr., has been
Executive Vice-Presi¬
Hanover

Manufacturers

of

York, it was
John H. An-

22:

dren, Tristan E.

Beplat, James R.

Greene

and John

A, Waage were

elected

Senior

Vice-Presidents,
Bouteneff and Jo¬

and Michael C.

Vice-Presidents.

seph A. Corrado,
All

international

the

in

are

di¬

it

an¬

vision.
At

of

the

time

same

officer

become

will

was

1, 1964, Mr.

in

international
division, succeeding Andrew L.
Gomory, Executive Vice - Presi¬
dent, who will retire at the end
charge of the bank's

share in

after

1963

of

1963

40

than

of

career

a

more

international

in

years

banking.

omitted this year due to the lower earn¬

months

/
plus

National and Grindlays

i

COMPANY.

an

BANK

since

dent

appointed

Telex Nos. 22368-9

a

•

UGANDA

•

ZANZIBAR

Beplat was

President

in

has been with

1955 and has been

Vice-President since 1957.

•

CEYLON

•

BURMA

SOMALIA ' EAST AFRICA

Mr.

Laird, Brssell & Meeds
York

New

Members

Branches in
PAKIS1 AN
•

-

the Government in

Members

•

Greene

the bank since

STOCKS

Barbara, California

ADEN

Mr.

1952.

Vice

the

Vice-Presi¬

Mr.

1956.
a

1958.

been with

bank since 1928 and a

and

INSURANCE

WORLDWIDE

has

Andren

1

INDIA

in

Vice-President in 1956 and

Mr.

Head Office

KENYA

was

representative in

Senior Vice-President in

M BiSHOPSGATE, LONDON, LOJ

•

He

Manager

Assistant

European

Primary Markets in

ADEN

soon

assigned to its in¬

division.

:

then

1953,

Bank Limited

to

the

1946 and

1951,

I
1

in

Bank

ternational

1

joined

Barrand

Mr.

Hanover

named

Bankers
NAME

an

' /

.

*

*

■

announced Nov.

yield of 1.7% on its regular dividend of $2.40 per

MINERVA LONDON

INSURANCE

elected

traded in the over-the-counter

Telegraphic Address

P.

P.

Harry

..' - jf

check the service you desire and mail

COLLE

,#

>

://

Manager.

'

-'■

headed by

is

branch

new

M. V. Stolen,

an excellent

/

above

City Bank, New

opened.

was

The

thereafter was

special analyzed reports of your choice.

immediate advantage

York,

at

v

Delhi Branch

On Nov. 18 the New

r f§

*2

'•

of First National

currently at $142 bid. At the present price, the stock

provides

*.

To take

are

price has ranged between $144 and $108 per

was

Banking

of

School

Rutgers.

shares of capital stock of Hartford Steam Boiler

selling at approximately 22 times estimated earnings for

and

'

service

is

and

Brooklyn,, he

of

nounced that on Jan.

Inspection and Insurance Co.

1963

'B

'

yaarly servica includes *2 and f3 above plus six special

$21

be in excess

was

graduated from the Ameri c a n
Institute
of
Banking
and
the

ings recorded in 1962, is expected to be restored in 1964.

analyzed reports of your choice.
□ The

earnings should

and

City

,

native

A

share.

M

mergers,

/'

■

1954.

recorded in the first

and earnings.

dividends,

on

National

First

of

$3.13 per share

share. An extra dividend,

re^en^lrolf '=actua' Rocorcl °f 80 Life Insurance Companies,"

'

□ The $35

year

were

mofe than 200 actively traded insurance stocks.

on

of

profit margin of

H

with, information

the Brooklyn branches

in

served

1935-1943

from

Serocke

Mr.

name

■

.

reports

ring

Full

Assistant
previous¬

an

as

America, New York.

of

Barrand

P

200

actively traded
imprint. These
kept current for the entire year and include capital, insurance in
earnings, cash dividends, lapse ratio, price range, 5 & 10 year

insurance

1962.

per

The 400,000

S

complete $75 yearly service includes:

City

ly been associated with the Bank

H

important information check the

stocks

Department. He joined First

ing

==

,

market. The
□ Th9

earnings

compared with only 17 cents per share profit

Brokers

in

service

r

be made

Total adjusted

1

only

these stocks. For this necessary and

desire.

you

or

on

1962.

and

field.

the

purrent year.;

with a loss of 3.2% recorded in the first

s^x

is

•.

can

information

million. The underwriting

$13.5

■;

of¬

Check Process¬

ficer of the Bank's

Trust Company, New

months, premiums written rose from $8.9 million

5.8% compares favorably

New

\
supervising

is

Serocke

dent

,;

$12.9 million, and premiums earned rose in excess

million to

$1

1981's
Substantial

to

Bank;

City

York.
Mr.

of

Vice-President

a

National

First

unusually

lacking protection against sub-freezing temperatures.

I

SERVICE

premiums

extensive damage to equipment

H

insurance

come

r

-

South which caused

is

SERVICE

them the latest information and statistics

•

the

in

wave

rely upon the INSURANCE STOCK MARKET SERVICE

MARKET

foreign countries have

many

MARKET

;

been

has

Serocke

C.

Theodore

appointed

Graduate

from $28.8 million in
1961 to $18.6 million reflecting an off year in the company's three
year underwriting cycle. Virtually all of the company's policies
are on a three-year term basis, and as a comparatively small num¬
ber of large dollar risks are underwritten, annual premium vol¬

|

By Colle Publishing Company

.

disappointing

a

earnings fell sharply to $1.96 per share from $6.46 in the

heavy underwriting losses last year resulted

ANALYSIS & INFORMATION

:-

Department at 55 Wall Street in

income over

previous year. Premiums written declined

gives

INSURANCE STOCK

B.

stockholders in, the form of higher

investment

net

net

1962

In

ume

LIFE

Donald

Judar,

I Alfred I. Puchner.

appointed an Assistant Vice-Presi¬
dent
in
the
Check
Processing

;

year as

Canada.

of

B. GoeOswald E.
Mahler, and

Hugh

Gjerlow,

growth in pre¬
consis¬
the years. This in¬

end 1962. The company's

investment policies have resulted in a

$87-54

1959

in

dividends.

cash

Value

/

at
and

has been passed on to

crease

Dividends

Consol.t

<n

Income

increase

tent

Adjusted*

Investment

.

Earnings

;/

assets

volume

mium

representing 40%

stocks and tax-exempt bonds each

common

total

of

'

DATA

Net

Adjusted*
Underwrit

30.2

33.7

■

Robert

decke, Andrew L. Gray,

funds. Its investment portfolio is well-balanced,

tion to its capital
with

'•

;

6.8%

60.7%

'

Kirby

Broderick, Stephen Pv de Got,

L.

Manager in 1928 having

Management has traditionally followed a conservative policy
Company's volume of business is low in rela¬

%

were

also made known. They are:

National

employees' retirement fund.

an

Profit

(Millions )-

1958

,

Expense

Loss

Capital

1

l

Underwriting losses were incurred during the World

derwriting.

..V

Hartford Steam Boiler is

of successful un¬

Hartford Steam Boiler has had a past record

important to the insured as the coverage

as

itself.

which

services,

the

in

all

;

department,

international

accordingly. Premium rates have generally been

rates

continued
through the life of the. policy and require highly specialized en¬
the

of operating ratios in the boiler

The composition

resulting from high pressure boilers, turbines, en¬

losses

Treasurers,

sistant

exception of Alaska and Hawaii, and in Puerto Rico, the District
insures

BANKERS

that any of its

"

The company writes approximately 30%

coverages.

■

Boiler has a more
competitors with a'greater
number of inspectors and specialization within the service, a larger
regional set-up and a substantial group of special agents used to
increase the production of local agents. The company's inspectors
/Richard C. Borella, Frank G.
Brennan,
Thomas
J. Cosgrove,
specialize in boiler and pressure vessels, turbines and engines, or
Daniel E. Kelly, and John C. Philas general electrical engineers.
Over, one hundred special, agents
pot have been, promoted to Asare employed as a salaried force who are given specific territories
7
sistantV Vice-Presidents
of
the
with responsibility over production. The company also has its own
Chase Manhattan Bank, New York.
claims adjustment service. It's organizational set-up puts it in an
advantageous position in relation to its competitors and permits it" "All are in the international dept.
The appointments of eight As¬
to provide greater service to its policyholders.
•;
' ' < ,

Inspection and Insurance Co. is the leading

writer of boiler and machinery insurance

News About

operations, Hartford Steam

In its domestic

Hartford Steam Boiler

1963

Thursday, November 28,

and premiums of $3 milr
one-half of Canada's total

approximately
machinery volume.
"
writes

1962,

extensive organization

HARTFORD STEAM BOILER INSPECTION & INSURANCE

.

affiliate, with assets of $7.4 million

The

boiler and

This Week—Insurance Stocks

.

Company of Canada.

sidiary—The Boiler Inspection and Insurance
lion

STOCKS

.

through its unconsolidated sub¬

machinery insurance business

and

Financial Chronicle

American

120

BROADWAY,

Telephone:

Stock, Exchange
Stock

'1936.

Exchange

Vice-President

BArclay 7-3500

AND THE RHODESIAS

.

Bell

Teletype

Vice-President in

ant

NEW YORK 5, N. Y.

the bank in
Assist¬

Waage joined

He was appointed an

'

*

212 571-1170

The

Federation

in
*

1952 and a

1954.
*

Bank

;f

and

Trust

,

Strang

at

office which has

tion

;5,

*

The

approval

for

thorized

of

amount

the

value of $10

of

consisting

$4,402,290

to

stock

capital

510 shares of the par

each,

increase

an

consisting of 279,-

from $2,795,100

293,486 shares of the par value

$15 each.
The

'

National

Vice-

President.

'

*>'.

s;s

sit

*

,

^

and Trust

Street Bank

State

The

Mass.,

Boston,

Company,

an¬

the

promotion of Henry
F. Russell of Melrose to Assistant
nounced

tial assassination.

Treasurer in the

The

first

viated

one,

was

that this

were

fessional

Springfield,

County,

Hampden

of

Bank

National

Mass., elected James P. Smith, Jr.,
Director.

a

./•'/' /

'v'"

.

$

.

S. Astarita

F.

dent

-

shut

intents

all

markets

days

The

*

succeeding

/;-:/v;v//:.

15

Nov.

on

ap¬

Va.,

into

National Bank

County

Wytheville,

Wytheville,

Rural

of

Bank

Retreat,

Rural

Retreat,

Wythe

against

of

investment

then

an

been

ob¬

spate of bar¬

a

expected

turned into

buy,

will

Ohio,

It

meeting

in

increase
from

ing

asked

$20

special

a

150,000 outstandr
action

their

of

re¬

to

and

//;///%//•/

in

reaction

that
on

Nov.

the

from

25.

/V,

Di¬
stock dividend—

Superintendent
each

for

one

held for
The

Banks,

of

shares

14

presently

7.14% overall increase.

a

capital

rise from $2,800,000 to

$3,000,000.

Tibblts, Vice-President

in the trust department

of Harris
Chicago,

Trust and Savings Bank,

after 38
years of service with
the bank.
Mr. Tibbits joined the Harris in
111.,

retire Nov. 30

will

a

member of the trust

in

He

1926.

ant

1939,

in

Vice-President

in

department

elected

was

Secretary

becoming

before

department

Assist¬

Assistant

1947, and Vice-

President in 1960.

off

16

some

of

The

Trust

Northern

elected

111.,

Douglas R. Fuller, President of the
bank, following

a

of

special meeting

at

stockholders

obvious

this

called for such

which

he

was

point

merely

as

But

President
rectors

-

had

been

Designate

meeting

reassess¬

than

17-

classed

be

other

were

masses

which

could

cases

of buy orders, some

issues

prevented

from

trading most of the initial session
on

on

at

Oct.

named
a

Di¬

15, when

Tuesday, pointed mostly to un¬

Officer

was

and

Solomon

elected Chairman of

the Executive Committee




v

'

tion to

change

new

a

con¬

Action

For

;

r

•

more con¬

versant with the ways of Congress,
the chief hope is

tive logjam

that the legisla¬

which has

Federal

on

and tax
more

seen an un¬

appropriations

reduction, will be resolved

A

speedily.

But

the

who

White House

half of

in

move
no

on

to

being

prices,

lower

strike—

dock

a

Offsetting

made.

present,

were

factors

earnings

so

stable,

fact

in

were

edged

//'F'V
of

the

the

company

indications

early

profitwise,

that

and

are

better.
are

a

significant turn for the

being projected at a comfort¬

able increase over last
the market

the

a

in

chance
some

year.'With

price some 30% under

all-time

earnings

of the

new

quarters.

,

Another

to be spelled out and

bright hope of the

stock

Depressed

Issue

widely considered depressed,
seems

to be working ahead

better times.
was

The price of this

affected,

but

rebound

stock market.

of

the

reducing

/its

the

able

they be

of

short

cooperation

Treasury

Reserve

adding

or

offerings

This

ones.

Federal

and

Board

the

has

been

far to keep our near-term

so

high

have

tpken

monetary
pretty

be

to

continues

of

standoff in spite of the

a

recent increases in the bank rates

and France. These two

in Belgium

countries

not

are

too

international moiley and
markets, nor are their

portant
capital

these

units
the

taken

to

this

time

and

they

too

been

great

extent

authorities

not

have,

could
fect

on

our

a

international
from

one

Our

rates in

so

unless

much

more

overall

England

force

to

us

too

high long-term

to

that

another.

are

be

.

interest

Canada which

our

money

:

not

few

a

suit in

demand

turities out to
as

in

ever

in

these

for

funds

a

short-term

spite of

because

at

this

Treasury-Federal Cooperation

management program

Treasury

has

need
the

of

in

are

position but there

for

year.

very

solid

some

signs

a

are

runoffs

industrial

the

of

ma-,

large

as

some

by

time

Treasury bills

is

year

securities

owners

that the market for certificates of

deposit
■been.

is

not

■'/-

.

good

as

//

it

as

yy%.

has

:'/ //

The intermediate and long Gov¬

been

likewise
up

are

con¬

followers, with

income
of

-

in

the

minded

the

favorable
issues.

these

right

case

investors

yield

As

has

along,

the

41/8% of 1898-1994 is still the lead¬

/

Form

Ferguson Associates

ATLANTA, Ga.—Ferguson & As¬
sociates,

Inc.,

offices

securities

Joseph

has
at

been

4770

was

shown

its

business.

M.

dent and

Ferguson,

formed

Westfield

engage

Officers

Jr.,

in

a

are

Presi-,

Treasurer, and James L.

Mr. Ferguson
with Clement A.

Secretary.

formerly

Evans

&

Co., Inc., and Courts &

Co.

competitive
in the

in the
making for the foreseeable future,

the

and

money

Government obligations with

rates

things do not appear to be

debt

ap¬

although

Market Movements

/

The

Cambridge Financial Br.

international monetary scheme of

The

rates

working,

it cannot be done.

say

dissimilar to. Moye,

higher

or

pattern,

capital market followers who still

with

to follow

protect

short-term

of

monetary

-

rates

these two countries

not

in

ing obligation in this market.

/

movement of funds

that

are

recovery

being attracted to these securities

Canada.

problems
own

be ob¬

namely high short-term rates and

because

country to

of now,

capital

can

of it.

cause

These are
principal competitors in the Drive, Northeast, to

our

general

the

economy

many

noticeable ef¬

very

any

monetary

is

rates here are those of

and

England

our

that

so

have

to

business will be slowed down be¬

avaliable

Bank

the

high that the

so

all,

any

England and Canada

Central

rates
up

our

time,

tained at interest rates which

not

advanced

free

same

going

by

needs of the

at

if

sharply- in the future.

The

-interest

kept from

probably

will

com¬

at

much

discount' rate,

own

are

rates

Bank

effect,

have'much

be
other

in

holdings. At the

currencies. ernment bonds
upward push in tinuing to build

mean

to

those

key

Central

two

not

our

significant

of being im¬

the standpoint

from

enough

long-term

is not

only

•/,

long

between

there

for higher interest rates.

international

The

slightly, by the selloff and subse¬
quent

or

together with

to

appears

pressure

order

com¬

of

securities'whether

not

for the time being domestic

away

have

prospects

the-size

along until

come

that the economy

booming,

Pillsbury is being given
excellent

larger

those in the

by

will not

fact

As

Western Union is another

stock

Presi¬

the

price/

for

of

way

sometime next year,

" below

and
14,

to

to make

know that an income tax

a

of

the

between

the

admission

The

would

the

Prospects

'

or

high,

ratio

The very nar¬

the

In fact, earnings this year

flexibility by limiting

pears

-

making

more

Higher Rates Pressure

No

is in the early stages of

company

getting

beginning

in

felt

better

of

capital

long-term

purchases of Government bonds.

on

confident that they have detected

to

one

Be¬

all moved in to blunt the progress

guarantee

overnight.

itself

Therefore,

which

disappear

is

issues

in

grain

bonds

spread

monetary

pany,

dent has yet

:

hold,

with

Treasury security and non-Fed¬

eral

much

fiscal year.
take

could

money

best bond obtainable, namely

very

pricps for its products, a decline

branches

the

■.

might be the 20%

1963

yield

row

dividend

its profit for the first

the

this

fore

that all conflicts between the two

The program

from

history of Con¬

shows

Future

drop

j.'

of

an/outlet in

issues,

situation
a

r

be in the works
increase

average,

Uncertainty and delay are the
things most disliked by securities
markets.

the

turn for the better could

a

seeking

measure

Brighter Outlook
That

times,

in Administra¬

President

the

sheltered.
:

'

Followers

Hoped
a

by

pushed ahead

$1.60 indicated

well

is

siderations.

Chairman of the Board and Chief

B. Smith

the

And

higher.

regardless of investment

From

picture

expansion.

basis,

per-share

act

Congressional

on

being given to the dollar and

'

amounts

in these securities.

into

for the past five, earn¬

year

reasonably

Edward Byron Smith was elected

Executive

clouded

this

of

reasoning demand to get into the

Speedier

<

gold

a

ings have slipped, although on a

that

the inevitable reaction.

there

where

drastic

the

are

in

attractive yield which is available

it

$3.80 to $3.55 has not been drastic.

favorite

a

rebound

gressmen

Fuller

each

of Mr.,

on news

the'better

of

world money centers so that aid is

But this has yet

earnings

been

has

change in the fate of

ment. .And

those

as

'

the

been

"con¬

call

the

There has been

speculative

elected to the board.
Mr.

un¬

deeper
to

come

While sales have

the

precedented peacetime lag in ac¬

Chicago,

Company,

points

only.]

coin¬

have

of these funds because of the very

might
but

is

least short-term and

they

market

to

able

interest,

foods,

show ,in

■

tion

Directors

sec¬

cases,

merely

was

presented

are

time

any

the "Chronicle."

petitive with

still

preferred

weeks

pushing

has

expenses

Polaroid, for instance, had sold,

1925 and worked in the bookkeep¬

ing

some

last few

in

trade

which

selling had done last Friday.

of

Henry M.

to

some

They
author

at

of

much in the plateau

Sizable

to have escaped notice.

venience"

doing the damage that emotional

would' then

account

In

vigorous rebound

no

approval of the State

rectors propose a

ond-thoughts.

of

This

future.

immediate past.

prepared food mixes and what

the

Selling

vulnerable

market

those

which

mundane

was

issue

move

that for the balance

mean

Government

stimulated

progress

usual, it left the stock

as

Kennedy's death.

Subject to shareholders author¬
ization and

And,

necessarily

ivith

to stay pretty

[The company has been making

realities.

any

of

company

the

appears

one-

far

was

not

rates

well

and

few

a

not likely to

are

of the year at

$12y2 millions of notes

some

have

but

much

small

a

within

thor¬

a

the

That

buy

biggest

history

do

long-term interest rates are going

hovering

was

low,

markets,

quite

of

foreseeable

'taken to

high, and, in fact, has

pretty

,

retire

followed, Dow Jones

in

jump

a

much-abused,

the

closely

mass

was

mailed to all stockholders of rec¬
ord

It

year's

the

under

oughly illogical demonstration of

shares.

value

par

account

capital

the

140,000 to

.Notice

at

Dec. 9 to authorize an

on

its

above

confidence

cases

some

industrial average its

day

be

■

gave

still

Cit¬

Toledo,

Company,

be

commotion.

the

stampeding rush to

a

in

and

to

investor

of

surgence

solidly based

Va.

Ohio

The

of

Trust

vir¬

shock

selling and the unreasoning grasp-r¬

to

Shareholders

was

the

by

through

jectives,

/r,

[The vieivs expressed in this article

T.CHIPPENDALE, JR.

much in either direction for

very

It held

Emotional

izens

unaffected

opinion

specialists,

Pillsbury, for instance,

tually

and capital

money

the

in

-

in small fractional moves

anything..

'/■/

❖

Peoples

the

in¬

had

proved the application to consoli¬
date

The

not

item all year.

tit

Saxon

J.

action

ing for stocks afterward.

Comptroller of the Currency

James

that

out

for

market.

larger share of

a

telecommunication

the

on

intemperately hasty actions with¬
regard

snare

growing

BY JOHN

the

aimed at al¬

counseling

fears,

is

the

Neglected Item

been

Chairman.
;/

out, into

By the, time trading- started up

of

McHugh who is retiring and

becomes

laying

the

of

bulk
was

pinned

private wire

aspect

rather

a

among

specialties

chartered.

easily

fol¬

suspension

the

when

the

Our Reporter

prob¬

J

of

* to its

The pos¬

spotlight, than

gyrating

again On Tuesday morning, what

J.,

N.

major

*

Three

phone to

high gear, and
future

speculative

the
com¬

issues that didn't

on

had v broken

before the

closed.

the

make

widely

by

purposes

even

all

of caution

dose

concentrated

effective trad¬

and

hopeless logjams

its

the

seem

Their attention was much more

swiftly

down

some cases,

The

business,

behind

professionals.

ing in individual issues had ceased
to

that

beerv settled.

quite different, bred

large

lic had little chance to react since
was

have

the

Executive

Montclair,

Co.,

be

on

gain hunting moved in early.

Montclair National Bank & Trust

T. J.

of the

Kennedy

Friday, Nov. 22, the general pub¬
trading

more

pany.

be

its litigation with American Tele¬

cide

Union's

and

could

sibility that the actual story might

news

President

of

of

telegraphic

worst

im¬

an

quality

public

the

of

wake

command would

indicate

to

the

in

change in

elected Presi¬

was

Chief

and

/'"/

a

*

; *

investors

a pro¬

Suspendejd

immediate

the

death

indicates
the

ahead

balance

services rather than the dwindling

buying by institutions and! public

lems

lowed

Third

largely

the

15

in the air, although the urgent

up

precautionary reflex.

Trading

Western
more

much

very

in

to

With business in

Administration

new

payments gap is also

panic dumping

was

a

which,

students,

charges and

pushing

earnings.

be

can

various

been

provement

to solve the nettlesome balance of

*

a

progress

any

made under

although the indications

vestment advice

The

Whether

reaction, and an abbre¬

stock

of

depositors' serv¬

ice division.

company's cash flow,

has

year

sheet

this

materialize

would

this

a

of year—-is still a big qtiesfion mark.

this

Presiden¬

a

months—that

recent

in

cut

tax

Their actions were bewildering.

-

and, in

•

way

investors

had to react to

On

Berry,

G.

market

wide¬

since

been a

America,

of

Bank, West Hempstead, N. Y., ap¬

George

market has
in

week

-

Brook

Meadow

pointed

life

Y.,

and

shares,

time

first

the

stock

increase

an

of

value

par

;

For'

Com¬

received
in the
all previously au¬
N.

Brooklyn,

pany,

in

credits,

0 spread public participation in the

Trust

The

before these

*

*

ments.

the

<

^

County

Kings

STREETE

BY WALLACE

building is completed in the
of 1964. V

much to do with its income state¬

1963,

ating at the site since early

summer

ties, has been affected by account¬
ing
procedures that have
had

been oper¬

will continue to function until
new

And You

...

Baychester

and

(2103)

Western Union, like other utili¬

trailer-type Federa¬

A

Avenues.

Chronicle

The Commercial and Financial

.

lo¬

to build its 12th branch, to be
cated

.

.

contracted

York,

New

Company,

Number 6320

198

Volume

ALEXANDRIA,

Va.—Cambridge

Financial Corporation has

opened

3806

Mount

a

branch

Vernon

office

Avenue

at

under the direc-;

16

The

(2104)

good."

Recent Trends in U. S. Life

all
of

Continued from page 3
would
■

bring

comfortable

18.9%

^

1971,

ttf

us

8

still

in

from

a

the

deaths
said

Why

has

failed

mortality

to
.

improve in

As far

recent years?

in

19.0

when

Mortality Rate Turns Up

1962,

ordinary

pared with 6.2 last year.

The his¬

toric low point was 5.8 per 1,000

5.7%

the

made

little

rising

rate

from

years.

last

the

in

progress

in 1956. Even

long

as

the

mained

low

fell

it

relatively

point

and

of

in

1,000

per

6.3

until

re¬

1947

then

in

stages to the his¬

easy

low

point

to

ofd fashioned
Cold

1921

ago as

all

time

of

1956.

Looking

through

decades,

jthe worsening in
its

and

,■

that

the Com¬

scourge,

and

pneumonia

by-products,

they amounted to a mere
of deaths for ordinary pol¬

2.0%

In 1962 the figure had

icyholders.
risen

2.9%.

to

while

Apparently

researchers

our

The

May-June

1962

and

engaged in an

are

pros¬

ment life insurance fulfilled their

in

since

1951

spite

fol¬

subsequent

under

but

arms

Govern¬

immediate needs. The climb

due

held

now

life

is

trend

increased esteem in which
is

prime

men,

pects,

lowing the stock market panic of

of

has

been

gratifying in

intense

the

competition

of the stock market, mutual
,

back

funds,

doubt

the

and

during

general

caused the

3.2%

inflation

lapse rate to rise from
the

caused

insurance

might.

early

concern

1950's

to

trend

life

among

executives,

The

well

as

it

better

appears

other

the

hand

policy

S. life insurance companies,

to U.

last year to the highest level

rose

since

"That's

4.7%.

1944,

furthermore

bad."

has

of

other

obligations

figure

In 1945 the mortgage

real

whereas

14.8%

only

comprised 1.9%.

With

stocks?

about

What

(8)

America

growing

common

more

by life companies pursued trends

stock

stock market and fear of inflation

in

in the 1950's and early

existence

World

War

bond

since

II.

U.

holdings

cline, at the
of

the

S.

continued

'assets

in

1961

of

1945.

drop

in

U.

end

to

1962
45.9%

Not

too?

with

mon,

the
a

bond

Government

years,

clearly

a

How

defined

will this

far
U.

S.

trend

decline go?'In

Government

bond

great deal.-Last year

a

and

preferred

both

com¬

amounted to 4.7 % of assets

Compared with 4.0% in 1955. Fur¬
last

thermore

preferred

year

nearly

two

stockholdings:—so

that

for

accounted

stocks

holdings each year in the past 17' thirds

been

1960's, has

this influenced the life companies

stocks,

been

rising

the

with

minded,

only

in

There has

S.

de¬

to

compared

and

of

Government

end of

peak

1925

rise

The

being favored to the exclusion
investments at the mo¬

not

which for the most part have been

4.9%

On

loans, policyholders' indebtedness

in

an

,

estate

(bonds, mortgages and real estate)

4.6%

now.

(5)

Holdings Rise

Investments

(7)

1950's

the

of

fear

during

Bond

constantly rising

1957,

During the same

change.

was

Industrial
No

insignificant
interval
real
estate
has
remained un¬
changed at 3.1% of assets. Mort¬
gages and real estate are clearly
in

34.8%

ment.

savings and loan associations, etc.

lessening of fears of inflation.

influenza, /. In

1955

In

1958.

younger

Thursday, JNovemoer zo,

peak

a

direction, perhaps

insurance

rate

occurred? J From

mortality

5.1% for

was

5.7% in 1958. This increased lapse

then

Where

v

life

cancer

has been arrested and has

cancer

the

to

in

right

12.2%. Still it can be stock, ^market

was

that

mon

.it fell to 6.5 per 1,000 which

5.8

of

policyholder

lives exposed dropped to 6.1 com¬

toric

increase,

1949, the crude death rate

as

1,000

when

The

1961.

percentage

seven

back
per

however,

drop,

a

in heart, since 1945 is startling

as

away!

years

Auspicious

it

year

policies in force, with

the

Insurance Are

Last

Commercial and Financial Chronicle

of

represented

only

2.5% of life assets last year/

That

stocks

common

very large figure com¬
break¬ persistent, each year since 1955
holdings comprised 5.4% of assets pared' with investments by life
when the ratio was 3.6%, a low
the death rate per 1,000 ordinary through in heart or cancer, which
and in 1930 only 1.7%. Certainly
companies
elsewhere,
in Great
last year to be sure accounted for point since the turn of the cen¬
we are hot far from but perhaps
policyholders averaged 7.5 dur¬
Britain for example.. Nor was the
Probably
policyholders
nearly 75% of ordinary policy¬ tury.
ing the 1930's, 6.9% in the 1940's,
not at
the bottom yet. Whether experience very heartening last
holders deaths, the cold germ was during the last seven years have
6.1 in the <1950's and 6.1
in the
this
is
"that's
good" or "that's year,; when common. stocks.; (in.
having a field day. And yet on a been borrowing increasing sums bad"
first three years of the 1960's. To
will be for the reader to de¬ retrospect of course)
were ex¬
"that's good" side, it would not to put into the stock market or
have the death rate 6.2 in 1962,
cide.
Railroad
bonds
continued tremely cheap. The life, companies
into
competing
savings
media.
their uninterrupted
therefore, is certainly a "that's appear that the problem of pneu¬
decline also purchased $472 million of com¬
monia and influenza is as /diffi¬

matter

the

at

all-out attempt to make a

Why the trend

bad" in the language of our afore^

cause?

factor

One

cancer.

last

Mortality still offers the possibil¬

mentioned comedians. What is the

fact

cult

solve

to

heart

as

or

that

with

in

paniq

the

the

stock

with

particularly

that,

not reversed

was

be ascribed to the

may

market, policyholders drew

upon

improvement
important
formerly
breakthroughs expected in heart
is

substantial

of

ity

certainly

year

the life companies for funds

1945

since

What

6.6%

assets

in

earlier.

not

a

stocks

mon

when prices

1962

in

30.5%

years

for. the most part
of. the year, .compare^ with $502
million during high priced 1961.

19.4%

Apparently

the bulk of U. S.

once

for

1917

of

17

insurance

life
in

was

2.6%

to

from

1962

is

portfolios,

example, and

Very low.

were.

insurance
learn
holding. Industrial bonds, how¬ in the timing; of common stock in¬
granted insurance by life com¬
times is stimulated by financial
ever,
continued
their
uninter¬ vestments, but so has the U. S.
panies. Selection in other words
Drop in Expense Ratio
schemes in which the policyhold¬
is not as stringent.
rupted advance since 1945'when public in general!
When the
;/
(3)
Operating expenses,
the er finances his premium through
death rate reached
its
they
comprised
only' 4.3%
of
peak of ratio of
It may seem surprising that as.
operating expenses to- borrowing the cash value of his
10.3
assets to 23.1% last year. In 1925
per
1,000 in the influenza
long ago'as 1900 stocks comprised
total income declined to
17.1%, policy from the company. While
and

more

rated

more

persons,

uninsurable,

as

now

are

in order

The

vent.

cancer.

or

to

keep themeslves sol¬
of

sale

policies

in

1925, has now become a minor

some¬

life

the

*

companies have lessons to

.

epidemic

panies

of

1918

the

life

com¬

understandably

were

wor¬

ried. Selection then became more

important

than

doubtedly
,

helped

death

within

rate

This

un¬

drop

the

ever.

to
three

years

to

6.5 in 1921 and to keep it at a low

level

in

subsequent

cations

declined

total)

about

down

because

Of

the

appli¬

(only 3%

59%

impairments,

accepted

were

insurance risks.

of the

turned

were

of serious

chiefly

physical

heart

the

Since 1958 the de¬
been
persistent, with

"that's good"!
has

cline

in 1960, from

minor exception

one

17.9%

that rationalization, as it is
automation are

called abroad, and

there were 30 persons em¬

million dollars of
while in 1957 there
were
40
persons
employed per
million dollars of premiums,and
ployed

in

per

number

the

1947

was

rate

1,000

per

companies
al

are

death

the

the

though

even

receiving addition¬

compensation for the additional

risk.

Of all

tually

risk

extra

were

last

5%
with

in 1950. Certainly the broad¬

7%

ening of availability of life insur¬
has

ance

retarded

ment in the

the

ordinary policyholder

rate—which

death

improve¬

is

"that's

a

good" rejoinder again to

a

"that's

Changes in Heart and

death

of

causes

icyholders
reveals

a

of

in

ordinary pol¬

recent

years

surprising fact. It is gen¬
increas¬

ing incidence of deaths caused by
heart

and

1955

rate.

elevated

This I is

not

cardiovascular-renal

(heart)

eases

have

cancer

death

caused

abnormal

so.

dis¬

life

years

ratio

a

family

per

of

$11,400

were

com¬

family. In 1961

per

171%.--In 1952 it

was

And

yet

gories the

situation

is somewhat

different.

Foreign

Government

when

picture

the
of

to

less

ing

favorable

income,

of

0.3%

to

far

the

in 17 years.

"isolated"

more

figure was 2.8%
0.9%. We may

1930

0.5%; the

America

when

1917

in

slightly

rose

assets

reached 21.0%.

today

than

ginning of a new trend here.

heavier burden

the

of

value

of Federal income taxes the
of tax exempts,

state and munici¬

bonds, has increased for life

pal

it

risen in recent

years—from

a

better

here.

the

in

toward such a figure it

and in

Public utility

1961.

what life
add

to

special

and

holders 'last

pay

year

now

causing

75%
able to

nearly

reserve

and

sur¬

their stock¬
which was

—

sequently

was

with

dollar. Con¬

in the
expense ratio would be exceed¬
ingly "that's good" for policy¬
any

holders and

life

such

drop

stockholders of U. S.

insurance

seven

years

companies.

quite the
There

crease

same

has

from

policyholders

Lapse and Borrowing

It is almost but

ago.

story in

been

18.6%

deaths




a

of

in

can¬

slight in¬

ordinary
1955

to

ure

3.85% in 1959

was

When

premiums

measurement

(4)

The

voluntary

generally

their

life

Rate

the

lapse

of

that

rate, last year dropped to its low¬
est

since

1956,

another

"that's

no

of

,

as

paying

in force
a

less
than

variety
cost

preference

disposable

and

war

rose

to 16.5%

in 1950

Since

they have fallen from favor

then

"that's

It

(9)

3.26%.

During
a

large

came

the

war

be

a

of new
companies

insurance

not

of

a

declined to

1945

growth

bonds

yield

bonds for the
not

Public utility

1950.

industrial

than

less

part and it is

most

surprising therefore that life
investment/

insurance

have sought out the
There

here.

trend

no

seems

The

Utility bonds

are

bidding

managers

richer yields.

reversal

fact

of

that

public

subject to
in

the

In

before the market crash.
the

increase

1960

16.

at

only
the

desirability

Last

year

35.2%

of

with

con¬

in

no

very

recent

im¬

years.

mortgages amounted to
assets

In 1961
and in

represented

slight reversal of the trend, al¬

ber

Why is this important? Be¬
a

of

sharply increasing num¬
companies means far

new

compared

with

keener

competition, for agents, for

trained

important life insur¬

holdings

ance

So last year

12

though far less than in previous

prices of their

their yields down to

portant changes

only

was

com¬

Mortgages and real estate
be

half of the year,

during the first

a

by life companies.

tinue, to

the

in

number

in

com¬

which

the detriment of their

During the
1950's

later

and

existence
was
rapid, an increase of 84 in
1956, 82 in 1957 and '92 in 1958.
Last year the rise was 26, prob¬
ably most of which were formed

cause

bonds up and

of
15

next

the

1,441 in 1960.

to

steady yearly decline since the

high point in

The

end

life insurance companies in

S.

middle

year

down.

from 473 total number of

years,
U.

slowing
through

War

/ A
"that's

number

the

life

years.

for

1943

percentage

well

that

S.

has also forced the

personal

in

./

:.

good"

petition has been extremely keen

in 1935 at 6.30% and

point

may

■

U.

petitive

last year. Peak in the past

low

//:•'/;. / //•

present

the

about

good"

situation.

13.0%,

last

and

as¬

doubt they will grow in
the future. . One can hardly say a
no

of

4.02% compared with

30 years was

as

extremely low in relation to
sets,

of

1929 the ratio of life

to

was

a

insur¬

cost, term policies, etc.

income

were

used

declining

as

stock-crazy

the

to

due

such

insurance,

lower

are

insurance

formerly,
causes

are

cloud for

far as life insur¬
companies are concerned.
the amounts held are still
years

many

the

income

so

stocks'have

Common

1961.

therefore been under a

panies; attained great favor after

it becomes apparent

Americans

that
for

premiums

termination

called

until

State

companies were barred

insurance

The

point

instead

in force,

ance

3.84%

rate,

York

com-

the part of
domiciled life

on

is

1951. However, the fig¬

in

3.41%

low

post-war

a

therefore

monstockholdings
New

stocks

common

and

owned

were

tripled from the

compared

year

whose

number

year

influ¬

compa¬

management of cor¬

the

on

porations

v;

would be

companies were

funds

plus

by

increase

would

nies

part of life

the

on

formed

percentage improvement has been shown in
points from last year. While this the past three
years, although the
figure may not seem large, it trend has been better since 1960.

In

it

-

last

showed

bonds, electric light and gas com¬

full

3.1

of

drop

a

deaths

Granted

are

14.0%.

ratio is headed

expense

3.9% of the premium

1945, still diseases

heart

the

personal

low

point of 1.8% in 1947 to 4.0% last

from 13.9% a decade earlier.

3.84%

ence

for

disesteem

.

Hughes

stocks.

1910

what he described as undue

While

Because

the

caused

which

common

in¬

life

of

around

companies

surance

ance

Over Utilities

Gain

Tax-Exempts

the

disposable

was

was

and even in
be at the be¬

ratio of premiums on life policies

depression nor war-years,

last

investigation

famous

Hughes

Evans

Charles

show¬

although

improvement.

recent

is

premiums

disposable personal

is

1920 dur¬

they

when

almost

1945 until

since

year

every

in

declined

bondholdings

Historically it

6.4%.

was

the

was

companies and their holdings have

relation

in

industrial

in

trend

was

good."

viewed

inflation when
During 1939-41,

post-war

the

ing

of

income

"that's

reached an
13.4%.
The all

occurred in

high

time

family,
figures

115%, in 1942 108%, etc. Another

in the second. In 1933,

low

time

all

family

per

its highest peak

disposable personal

insurance

the ratio

example, the ratio

for

to

The

sonal

in the first case and depres¬

sion years

insurance

rising

the

first reversal in trend

Coverage

railroad;;

bondholders, in three other cate¬

year

//

trends

bondholdings still persist as well

pared with $6,500 disposable per¬

fewer deaths
percentagewise than

cer.

Insurance

incomeper

war-time

comprised

of

only 55.3%. The trend is for

only 40.7%

not

1910 the

^

last year to

175%.

in

they

57.2%;

ordinary policyholders

of

12.8%.

in relation

clearly

that

If

erally believed that the

the

low

not until 23 years later

Life

(6)

1950's the

the

were

the ratio averaged

Examining in greater detail the

1962

year

The

declining

the

in U. S. Government and

as

5.5% of life assets and in 1905 the

figure

Although

from

rose

14.3%. Of course the latter

decades

two

Ratios

Cancer

In

black

a

18.3%.

0.8%

only

were

■

to

v

the

1932,
at

at 3.6%. Even in

was

16%

above

bonds

of assets.

Back

ratio was 17.1%,
14.9% and in the

1940's

the

in

neither

1;

ratio

it

1930's

and

exactly in 1940. The

in

was

1955

Life

average expense

it

bad."

,

During

reversed.

ac¬

year,

compared

1958. The trend now seems

1930's

ordinary policies

purchased

1920's

was

was

point

had

extra-risk

for

alter

not yet alarming.

are

consistently

where it

65.

continued
to
ditions. Less than one-half of 1%
creep up for life companies from
were
rejected
for
occupational
the war-time low point of 13.5%
reasons. The fact that higher pre¬
in 1944 to the peak of 17.9% in
miums are
paid

figures

During I the

in

industrial

to 4.7%,

of

con¬

Expenses

policies does not

ratio from 3.6%

in lapse

was

direc¬

wrong

increase

tune

everywhere,

premiums

thd

an

the

to

Last peak

effects.

significant

having

in

is

trend

tion

the

lt ap¬

17.1%: last year.

to

pears

year

policies applied for
as

Last

years.

of the total number of

97%

year

Another

1955.

since

lowest

the

personnel, for business. A

certain

amount

of

competition

is

healthy but where solvency is as
important
due
In

as

in life insurance, un¬

competition

can

be

ruinous.

passing it is interesting to ob-

sprvp

that

89%

hf

the

romnanies

Volume

65%

Number

6320

.

.

by stockholders but

insurance in force
tual

life

that

stock

nies

had

with

was

companies,
life

5%

of

10)
the

insurance
national

has

force

that
life

more

relation

in

than

to

other

any

the

that

fact

com¬

ratio of 179% of life

insurance, in force to national inFor

come.

figure

the

148%.

was

brought

out

countries

United

creasing

trend.

been

their
in

surance

the

What is seldom

the

is

have

States

a

There is
such

comparisons

obvi¬

decade ago will find it more dif¬

ficult to increase their ratios than

insurance
the

before.

Nevertheless

showing of the United States

is average or somewhat
above, iIn

orders

in

ance

force

from

tional income in

91%

1951

of

to

na-

148%

in

In Canada the gain
67%, in

68%,

65%,

Italy

66%,

Ger¬

Belgium

Netherlands ;48%,
United
31%
and
Switzerland

Kingdom

only

14%.

were

Higher

achieved

.

rates

by

of

gain

Sweden

81%,

ippine

100%,

Costa

Rica

Puerto

Rico

194%

ty¬

income

pulled

lievirig

;

the

October
;

low

fact

The superior

things

the, grown-up

today's supposedly

that

brought

of

su¬

The

investors.

instances

special fac¬

retail

The 3%

sales

the

over

rise in
from

was

,

a

Nonetheless

1%

the

above

1962.

adjusted

itself.

day

prevail

Following

mourning,

of

past

of

up

October.

the

Of

previous month, $1.2

represents

for

an

from

output

weeks
those

last

than 1%

more

or

This

will

but

weeks

increase

an

in

Adjusted Bank

Clearings Show

latest statement week

in

23, gained 25.5% in dollar volume

1951-61.

gain in the United States

of

So

although the

market

opened-up

The

DJIA

32.03

rose

the past. decade has not points for an historic record
been among the best, its perform-" day rise and paper profits
ance

the whole

vanced

$15

satisfactory and in line with

other

market

rose

similar

countries

large

the

amounts

of

on

the earlier

be

can

judged

having

insurance

years.

in

force

if

the

It

"that's

more

good"

than

the
are

"that's

had" in recent trends of U. S. life

insurance.

That

is

precisely

our

opinion, weighted rather heavily
on

the

merly

positive
was

peace,

a

insurance in
can

for

wav

There

"In

time of

war."

We

about'U.

1963.

We

for¬

belive

we

Prepare for

more

of the

*An address bv Mr. Davis
Ninth Hemispheric Insurance

City,

Nov.

15,

the

week

1963)

President's

is

important.

the

our

ful', physical violence.
plicable

munity

to

the

investment

promptly.■

,

whom

affect

properly and

the

for

bank

branch

office

AND

differ
any

not

are '

deleterious

STATE

OF

082,832,593)

Gale.

of
'

Hendricks
Tex.

3317

business

The

week.

assessment

picture

of

provided

was

—

Irving H.

recent

from

Montrose.




as

H.

offices

at

($35,-

■v1"' Our

were

the

rails,,

disappoint¬

output

up

and

than

that

output

the

for

Our

comparative

of the

principal

ter follows:

ending Aug. 17.

In

ers

above

output

the

days,

due

Nov.

22,

1962,

Business

Economic

but

the

up

ing

advance

moderate, the

the

of

of

reported in

business

in

the

Department

October

review

a

situation

$14,723,563

1,179,164

+30.8

1,381.000

1,120,000

1,093,168

823,153

532,427

+20.7

Steel

issue

of

its

for

rent Business.

lative

Output

was

being

ended

production
No.

23

as

vehicle

in

mand

its

and

increased, homebuilding
best

retail

rate
sales

cording to the

in

several

were

strong,

summary

was

years,
ac¬

issued by

the Office of Business Economics.

11.2%

of

Past

Cumu¬

Above

1962

American Iron and Steel In¬

(*107.1%)

Capital goods de¬

Out

According to data compiled by

(*105.1%)

output.

Rise

Period's

stitute,

production

13th

Weeks, Leaving Year's

the

week.

It

This

a

for

the

week

1,995,000

was

tons

against 1,979,000 tons
the Nov.

marked

increase in

was

Jan.

16 ending

the fifth

weekly

row.

fractional

47

98,934,000/ net

in

output

total

(1957-59

=

index of
The

the

for

advance

in

the

past

-

slowdown.
expect

mills

lengthen

to

in

,

week, the rate of

July 13. There
rise

continuous

rates

since

in

tonnage comparison, pro¬

a

duction had increased 13.6%
the

pro¬

Aug. 17, yyi'tj*

weekly exception.

one

On

from

year's low point.

faltered

100)

11.2%
Jan.

1

to

date

—the

corded

for

to

remained,

weeks

in

the

previous

Week Ending

Nov. 23

Nov. 16

105
—

109

Pittsburgh

93

96

Youngstown
Cleveland-

Detroit

90

,

1"
159

193
155

Chicago,.

113,/

112

Cincinnati

112

114

St,

Louis

—

Total

117

126

93

100

109

109

107.1

Industry

106.2

of production based
production for 1957-59.

"■Index

weekly

month's

on

production in December
slightly exceed this
ingot tonnage and that of

October's, Steel magazine said. +
influx

average

of

new

for the third consecutive

month.

publication says to look for
the sixth consecutive increase in
The

steel

ingot production this week.

slightly exceed the
that it estimates
were poured last week when pro4duction was about 65% of/unof¬

Output

1,990,000

will

,

tons

ficial capacity.

mills haven't booked
for January, steel
executives are confident that op—Although

much

tonnage

erations and shipments will

trending upward then.
Steel Market May React to

business is

steady, indicating that production
will be around 8.48 million tons

105

108

Coast

f

The

week

Production for

East

Steel'

will equal or

re¬

■"Index of Ingot

District

and

a

ending Nov. 9.

North

December to

November's
October's

the

percentage

same

Match

113.0%

gain since

has

three

Output in

Steel

prior week.

cumulative

unchanged for
row

at

compared

113.0 in the

latest

cumulative

the

start

Reasons;

have com¬
President's Death
pleted inventory adjustments and
Reaction to President Ken¬
will be buying as much metal as
nedy's death brought a note of they're using.
If they continue
uncertainty to the steel market, building cars at the current rate,
Iron Age magazine said.
they'll need at least 10% moy®
tonnage in January than they 11
The magazine notes the tragic
event

came

demand
every

to

at

a

time when steel

getting

was

stronger

day and indications pointed

continued

action to

the sudden chain of events, short-

forecasts

were

(1) Automakers will

in

a

state of

suspension. At least a brief period

'

take in December.

(2)
held

Miscellaneous users
their

intake

December because

gains.

But if only as a reflex

of uncertainty could be expected
14 until a normal state of mind re¬

the thirteenth non-spectacular

weekly

this

to

been

but
;

tons

The

tons.

net

index

week

term

rise

no

auto-oriented

duction

1

+23.3

Output 0.8% Ahead of Last

Week
14

has

output of

since

castings

of

88,989,000
week's

+32.8

642,818

City

coming in fpr

now

reflect

rato-

use

hit-> nearly

Jan. 1-Nov. 23, 1962 production of

+30.4

1,542,680

appear¬

monthly magazine, Survey of Cur¬

total

Off

(*113%) which is 11.2% above the

%

$19,205,881
'

will

dates

automak¬

better

tonnage produced was the highest

-

in

con¬

and

total

a

(000's Omitted)

:/
York

Chicago--—

disap¬

been

from

90%

a

Orders

Prior

as

topped the year-ago period with

for

Boston

Situation

activity moved
rate

ingots

Levels

Total

The cumulative

were

1962

orders

since the week of

money cen¬

1963

steels,

steels. Decem¬

has

December

Some

tons

End.

Nov. 23—

.

semi-finished

reflect

100%.

Thanksgiving

Western
Week

now-

are

examples from

some

which

January

was

1,804,000

to

on

Cumulative

$27,943,-

-

the

gains.

Detroit, it is. estimated that

and

The latest

week's

Southern

■

market

looking better than Novem¬

November

against this week's 5-day week.

1963

summary

steel

bars,

tinplate,

(1,742,000

Day falling

week in 1962.

same

automo¬

pointing, shows signs of, activity.

year's

'

against

de¬

ber for standard structurals. Even,

7.1 per¬

was

week

Buffalo

totals

at¬

of

still

are

high-strength

ber is

to

approximately 14 %

was.

11.3%

16,

are

base

January.

'////''.V

$35,082,832,593

some

Nov.

preliminary

177,602 for the

change,

up

prod¬

There has been late ordering of

delivery

Commerce

the early part of the fourth quar¬

at
a secu¬

this

agaiast the Nov. 24,

for

stimulated by a high rate of motor

Clinton

in

up

week-to-week

.'/■/■<

Kansas

Total

Opens

shows

years

were

week

Philadelphia

The

y

Hendricks II is conducting
rities

be

1962, tally of $30,521,231,886. In the

The

INDUSTRY.

current

of Commerce

branch office at 200 Boylston St.,
direction

clearings

week.

our

day that ]VTr. Johnson ad¬

tinued

Draper, Sears Office

HOUSTON,

not

Nov. 23 ending week 14.9%

history and

on

at

CHESTNUT HILL; Mass.—Draper,
Sears
&
Co.,
have
opened
a

respective

that

President—Wednesday, Nov. 27.

as

ter

H.

22,

today

Thanksgiving

above

THE

upon

the

the

to

dressed Congress for the first time

the direction of Jerome B. Udoff.

C.

next

clearings

could

the business

2303 Northeast 171st Street under

the

falls

and will

until

bank

expected to have

Cambridge Financial Corporation

under

Nov.

e.,

it

1963)

reported

New

a

28,

(Nov.

great President with

a

one

com¬

•v':'..V

The foul blot

the loss of

ap¬

whole—but not to its

as a

leaders who reacted

by the Department of

Opens Branch Office

could

We

couple to that another lesson,

Conference,

1963.

learning

past lessons with regard to unlaw¬

following
before

NORTH MIAMIA BEACH, Fla.—

opened

(i.

year

whereas

prior

oh

has

last

seasonal comparison for the week

Eulogy called for

TRADE

same!"

Mexico

Thanksgiving Day occurred in that

did

do

S. life

the record: "The trend

say, on

is good.

side.

saying,

prepare

not feel this

large gain is due to the fact that

ad¬

the

demise

senseless

This

and

discounting

of

are

produced in the year-ago week of

ending Nov.
week.'

year-ago

soft

few

a

nearly all products

Here

succeeding

any

far while living

so

statement

and

Chief Justice Warren in his splen¬

-

may be concluded from
above
analysis ,/ that
there
;

in

to

reaction

compiled

one-

Whether

not is

clearings,

the

over

unimportant;

billion.
or

Bank

on

political and economic in¬

our

stitutions.

isn't

four

14.9% Gain Over Year-Ago Week

wider

a

major mills:

period's average weekly out¬

10.8%

amazing

doing better.

not

up

Last week's

tons)

are

Automakers

But

a

quarter bullish expectations.

base

the

vigorous upturn in the

make

put and

to

backbone

week

a

im¬

wide range of

a

markets

among

tive^

the

marking

weeks

users

mand.

May

of

from

There

users.

tributed

weekly

out

steel

ucts, but recent advances

13

was

and

industry to

spots

mid-

July

spreading

steel

two

in

there

decline

unhappy

me

lowest

last

gain,

several

larger

the

past

The industry had hoped

more

a

$3 bil¬

from

over

sea¬

a

rate

dence of full faith and confidence

stock

during

:

for

last

auto

published by the Chronicle. in the

rate

.,

the

equalled

for

hair's width
average.

September and $22 bil¬

lion from
...

to

rose

annual

fore to manifest

decade

sup¬

Equally important, the demand

centage points ;,above the 1957-59

$470 billion in October,

rise

quarter

.

Personal income

sonally

lion

does

rise

hand

long

is

through the week ending Aug.

14.5%

above October,

and 5%
V

average

third

and it took less time than hereto¬

sense

25

ment felt

upward: the October sales rate

this

-

in

last

uninterrupted

is

reflection

to /the

in

higher

mately

good

and

past

personal

military payrolls, effective'Oct. 1.

the

new

and

up

buying for
mediate production needs.

May 25, which

fourteen

September rate.

mob-reac¬

moment's

a

sense

unequaled

was

years

is at

at

are

high of 2,626,000 tons

in the week ended

weeks

from be-r

dation

7,142,000 tons

in

billion

during

moving

year

week ended Aug.

in the

the

and

the general trend of retail buying

to look back

course, came

breed

17

of

17. Then followed thirteen

sharply

previous month.

mar¬

previous similar

occurrences.

said about

perior

at

moved

in both

but

our

despite

was easy

all

occurred

low

advances

Tuesday surging with all the evi¬

declined

were

nificance when applied to the cur¬

and

the

ratio

death, Iron Age said

placed were becoming a
regular thing. This has dual sig¬

summer.

sales

tors accentuated the rise

that of the
of

past

the

October, after seasonal adjustment,

individual

sector

retail

Both

understand

an

of

average

over

increases late in the

and waited

can

of

prices

re¬

month despite the flurry of price

were

veritable

a

stability of the

industrial

it

As

heads

was

attitude, of

1963

1960. Except

Friday,

disdain

The

1.6%

the

production

Only Denmark, Equador and the
Republic of/ China reported that
V

the

Presi¬

ready

98,327,785 net tons.

March,

anchor

cycle, it

ample

to

came

week's

driven

dps-arid downs ■ of 'the stock
ket

than

more

Japan

and

of

the

,

to

orders

*^3%. This list is not all inclusive. jiast Monday's

'

state

the

output this

quirements—a factor contributing

One

last

be

current

170%,

France

the
before

perform¬

non-sensational

is that steel

ance

con¬

plementary orders to tonnage al¬

/

about

news

knowledgeable,
emotion

society—"peoples capitalism."
Until

meet

persisted

Plant capacity

year.

continues to

about

at

that has

100%,

Austria

155%,

steady,

un¬

tion attests to the belief that ulti¬

Australia 82%, Mexico. 85%, Phil¬

important

to

market

orders

highest since the

—

to

as we may,

supposedly

episodic

many

dent's

is

business and

Age said.

Referring

continues

it

small investors

professionals

buy

not, try

with

63% gain in this respect.

a

cooler

for the drop.

1961, the United States experi¬
a

about

predecessors.

The

their

enced

I

for

became

phoon.

but

rate

outnumbered and the sell

vastly

out

5j/2%

less

out,

in October but

continued

the

more

and

their

employment

oc¬

slaying

assumed

are

turned

increasing its ratio of life insur¬
-

lion ton year

dampening the rise

rose

market panicked

life .the/aberrations

little

very

?

steel

average.

lishments

as

having

as

was

Employment in nonfarm estab¬

unbelievable in that

more

have

than

largest amounts of life insurance

having

even

mature

because

accept

That the

is

almost

is

the wanton-cruel

itself.

today

making

to

as

in¬

ously those countries having the

countries

if

in

week. /This

it

quarter

murder

hastily and

was

closed

curred

in¬

hazard in

some

difficult

life

of

market

prematurely

we

during the past decade?

come

the

national

to

produced

both

sumers, Iron

17

rent market:''
>
panic-stricken
to date exceeds all of last year's^
(1) Steel consumption is hold¬
in
income
and
output,
activity
nose-dive, amounting to $11 bil¬
In the Jan. 1-Nov. 23, 1963 period
ing up and even gaining.
lion in paper losses
(DJIA de¬ during October, on balance, was
production came to 98,934,000 net
(2) The end of inventory liqui¬
clined 21.16), on the news of the at a higher rate than the third
'tons Whereas
in
all
of
1962

in

plummeted

in¬

ratios

force

What

sharply

turned to

still expected to garner a 110 mil¬

Price Index

leveling in defense

some

purchases

until

all

Although

market

stock

President's /horrendous

a

output,

The

encf of 1961

led

castings

13-ending

112.7 million tons in 1957.

country excepting Canada. At the
Canada

and

July

steady

Failures

Business

Commodity

The

income

panies with

the

the participating

States

in

v

Index

Production

Auto

TRADE and INDUSTRY

ingots

Trade.

Price

the highest weekly

was

output since the 2,077,000 tons of

compa--

It is generally known

United

Retail
Food

signifying

insurance

weeks, and

Output

Carloadings

The State of

mu-

policies in force.

a

Production

Electric

their policies. Of the total, 60% of

-

(2105)

of all life insurance in force

was
participating, in which pol¬
icyholders received dividends on

■N

Chronicle

The Commercial and Financial

.

Steel

owned

were

198

who

during
of year-end in¬
down

ventory taxes will resume

buying.

tin plate and
tubular products will start edging
upward seasonally. Chances are
that
industry
shipments oi all
(3)

Demand for

Continued

on page

22

•

18

The Commercial and Financial
Chronicle

(2106)

would

Policies We Must

Adopt to

invite

speculative
in

appear

>Continued from page 1

,

attest,

conditions

these

As

expansionary
thought it

strong
I have

under

has been

economy

our

pressures.

and unwise

unnecessary

to add to these pressures a

large-

scale, emergency-type, across-theboard tax reduction.
In

certain

a

-

from

far

lacking

fact, strange

time when taxes

a

ours

much

so'

little

or

as

is

tax

truly popular demand

no

Federal

can

be

it

high
relief

as

are

desired, there has been

for

You

that if there had been,

sure

would

reduction.

tax

have

not

deemed

been

have

to

necessary

Business¬

a

men's Committee for Tax Reduc¬

in

tion
have
the

1963

been

deemed

President

nation
for

a

muster

cut

ters

that

mean

cate

program

should

we

the

"No." It is by

say

to

tions
tax

reduc¬
consid¬

under

now

advo¬

tax

eration in the Congress?

late

I would
too

means

no

specify the policy condi¬

that

should

accompany

a

cut; indeed, it is vitally im¬

portant to do
cluded

that

But I have

so.

this

at

con¬

there

time

to

alternative

reasonable

no

/It

is

regrettable

to

question

Need

be

in

resolved

options"
Stand

that

a

context,
the

now

en¬

into

dividuals

in

the

would
to

be

call

ter,

ted ourselves

ful

things

as

tax

extent also into

businesses

it off. As

well.

as

is

and

manner

in

a

meaning¬

very

of

areas

Certainly

we

not, commit¬

or

policy

have

we

check

com¬

increases

the

on

Federal

expenditures,; by

I

to

mean

hold

level.

have

selves

the

to

of

which

total

would

I

its

at

that

say

committed

also

of in¬

it

that

wise

the

not

am

been

These

necessary.

of

arms

Federal

policy1—

debt

spending,

management and control of credit

expansion and the money supply
—and

in

they

What
a

is

the

ist

one

has

arm

what

on

why

will

we

find

that

events have committed

as

initiation

tax

of

that

tive

the

reduction

tax

be, possibly

even

in the other

major

will

have

just

lines of

neutral

stimula¬

how

on

will

process

follow

we

depending

the

program,

logic of the economic
require

us

expansion¬

an

reduction

and,

of policy.

these

because

they

things

the

are

policy that will

serve

best in the current economic

saying that the

bill

it

as

stands

unalterable, because it isn't. No

bill

still

in

the

Congress

is

un¬

alterable, and that is precisely as
things should be. What I am say¬

text
can

us

con¬

gether,
bring
the

be

seriously deflationary and

'

,wise.
;

program would

:a,\

un-

there

Actually,
chance

there

that

enactment:

the

But

for

each sufficient in

ly,

is

bill

going to take
passed.

a

I

reasons,

expect

passed
bill
and

on

is

it

get it

complex

bill,

with numerous technical and

troversial features

con¬

that cannot be

quickly.

Second,

the

put before the Congress

was

the

country

as

part

overall fiscal
program and

of

an

philos¬

ophy about which large numbers
of people—I

think, the great ma¬
jority of Americans-—have, grave
doubts.

In

these

speedy enactment
pected.
if

the

I

don't

circumstances,
cannot

be

understand

Administration

ex¬

why,

desired

tax reduction
program in
it chose to do

a

hurry,
things in this way;

but

that,

too,

is

water

suited

to

without

without

hopefully

this,

over

the

So we
are, at least as I see
it,
committed to giving our
economy

committed

are

choices

along
is

described

add

if

in the bill

Finance

before the Senate

now

to

we

been

were

to

the

and

monetary

sion

this

asking

trouble

for
very

and

we

these

expan¬

have

re¬

would be
that

this

become

evi¬

and

quickly

dent. What kind of trouble would

it

be?

It

trouble
omy

would

that any

encounters

posed

to

pressures.

First,

an

when

excessive
Let

the

be

kind

enterprise

me

it

of

econ¬

is

ex¬

expansionary

be

specific.

aggressively expansion¬

ist economic
policy carried out in
the present economic
context

of

rate

growth but there

other than

things
of

in the

our

bearing

growth

of

; our

in question,

years

including the fact that the whole

expan¬

tend

to

shorter

a

steel

industry

shut,

was

the

of

find

one

down

country to

only by

invoking the change in the rate

while it is

mally

accumulation

late

that

in

1960

and

ex¬

into

1961

that

one

can

a

tended

they

happening, but it

1960-61

identify

nor-

Current

1 recession

and its correction is

highly defla¬

Moreover, the

Stability

in

,

And I would argue,

further, that

the

pansionist the mix of policy,

the

prices which the policies pursued

exuberant the responses and, in

disruptive the ultimate

correction.

is

an economy

high level,

a

today, it is

as

op¬

is

ours

matter for

a very easy

aggressively expansionist policies
to

produce

price

widespread

increases.

the

and

cesses

they

tend

position

to

in

boot,

impose

we

chances

of

vigorous
1960

stability

think that the

achieving
have

steady

been

been

to

greater if,

rising at the rate,

3V^%

increases

a

country's
ill-afford

time, and,
increases

inequities

large

on

purchasing

power

dollars.

averaging
a

year,

the

in

been

outlook

Would

for

1953-57?

Looking

the

beyond

be

faced the prospect

we

resumption of cost and price

a

increases like those that

were

is "No."

answer

.

this

cause

clear

is

the

is

that

oc¬

Clear¬

And be¬
I

answer,

say

should

policies that would invite the

this

sumption

of

cost

tiation, for not
I

do, that

not

to

and

price ini¬

believes,

everyone

is vul¬

our economy

fact

In

it.

rather

it

has

be¬

of

late

fashionable

only to discount the possibil¬

ity of such things
here,

but

happening

ever

explicitly to

disparage

the efforts that 'were made in the
and

fifties

later

inflation and the

chology that

to

end

the

inflationary

psy¬

taking hold in

were

As

an

I

example

refer you

January, 1963, Report of the

Council of Economic Advisers. Let
me

that I

say

let

suaded,

alone

personally

chanted, by those
inflation

was

in

I

have

lag that is alleged to

a

in

occurred
1956

been

concern

creases

taken

was

our

by

and
on

concern,

monetary policies

as

hav¬

needless

a

cost

based

and,

economy

diagnosed

caused

over

price

in¬

mis¬

fiscal

by

this

and

that

were

un¬

necessarily restrictive.

major object of policy in this
to

was

sonable

prices.
good
these
would

work

toward

stability

in

a

of

success

connections.

costs

have

matter if

we

been

a

had not.

in

pe¬

and

both

Indeed,
very

a

rea¬

And fortunately we had

deal

a

of

it

serious

Has it been

overlooked that the index of

in¬

and,

freer

This

brings

the

to

me

vited

by

excessively

an

sionist mixture of
cies.

The

fourth

policies,

because

evitably

"result

cost

and

invite
tion

they

such

would

in¬

unacceptable

increases,

would

and deeper interven¬

more

the

by

poli¬

that

is

in

price

expan¬

economic

danger

Federal

of

'American

other words,

such poli¬

business

labor.

In

cies do

they

than invite

more

invite

and

direct

inflation;

controls.

No

Benefit

con¬

to

terioration in
ments.

Fifth

and

last,

And, what could be acutely
we

couraging

friends abroad from

helping
been

our

the

scale,

expansionist
nomic

combination

worsen

payments

increase.
Fears

is,

as

duction

program

balance

of

we

interest

long-term
this

as

than

rather

have
one

America

so

much

therefore

so

the

resulting

inflow

of

perhaps

This

gap.

the

by

tax
a

by

more

can

is

whether

or

in

is

at¬

investment that

increase in the net
capital

store.

possible,

reduction

is

provided

accompanied

suitable combination of other

policies, but if it is accompanied
by

a

combination

policies
economy

of expansionist

designed
go

faster

to

make

and

be

can

further increase

a

will

This

depend

on

on

the

on

the

size

credit

In

rates

terest

become

piece,

any

that if

sure

sufficiently

rise will be protested.

the

be

matters and

I

best

way

in/ these

willing to accept

more

the discipline

hope

of the interest rate.

will see that the

we

in the present circum¬

to minimize the

stances
interest

getting

are

we

reasonable

more

And

to

conversation

of

But I do think that

to

we

case,

long-term in¬

rise

kind

a

deficit

private

of

pressure

demand.

be

spending,

Federal

the

of

the

and,on

can

of federal

course

rate

need for

increases,

and

pos¬

sibly to avoid them altogether, is
the

check

federal

in

increase

Opposition to

realistic

a

interest rate policy is very

strong

but I believe that under domestic
and international economic condi¬

tions
a

such

considering

are

we

as

higher level of long-term inter¬

est

if it should be

rates,

would

soon

would

and

its

prove

needed,

usefulness

eventually gain wide

acceptance.
realize

I

pect

have

made

the

over

I ex¬

some,

who would take
the

on

term

near

give

reached

dis¬

a

ques¬

judgment

course,
near

business

judgement

one's

on

also

would

one's esti¬

and intermediate

for

business,

depends—in
say

it

should

one's view

as

to how

navigate
the

through

second

half

it

on

given

the stimulus of tax reduction.

it

of
we;

advanced

an

current
a

-

policy

that

now

such

the

outlook

that

only

assurance

recession,

and

ground

expansionary

more

would

term

are

many,

to the policy proposals

exception
I

there

good

a

of

But

case

any

I

depend—on
we

1964
the

can

and

best

into

nineteen-

will

the payments

close

no

the stimulativeness of the tax cut,

tion,

more

but

at this time whether

say

cer¬

making

Rates

bit,

a

the present rate structure
held

state

I

however,

certainty!

a

ac¬

higher

rates.

already risen

This is

prosperous

much

long-term

even

as

to

to

possibility,

a

cycle.

our

us

demand-

necessary

ourselves

eco¬

re¬

committed

find it

may

commodate

in

tax

will benefit

have

that,

increasing tax reduction program,

mate of the

a

of

part

see,

remarks

emergency-type,

an

Rates

Rise

these

events

since

to

I know it is

payments

>

Interest

will

you

of

thesis

depends, of

balance of payments.

that

deficit

,

Long-Term

international

our

frequently asserted that

and

of

they have

as

on a very generous

policies would be tending to

our

stage

policies would almost

tainly

would risk dis¬

finance,

us

financing

have

excessively

de¬

a

embarrassing,

avoiding

an

inviting

balance of pay¬

our

of

Payments

expan¬

will have estab¬

conditions

tinctly

Balance

allow

we

also to avoid higher

interest rates, we
lished

mix

Sees

if

to the central banking

access

system for general credit

government

directly into the affairs of Ameri¬
can

resulting

long-term interest

further,

sion purposes,

to

kind of trouble that would be in¬

tractive to foreign

Now, it is perfectly true that
riod

expenditures,
the

spending.

cited

given official expression and

which

ing

which

price

and

en¬

in the

passages

cost

re¬

this scale.

on

in which the casual view

Report
of

far from per¬

was

creases

of

we

it

avoid

If
you
will bear with me, I
should like to comment further on
matter

to

economic

curring in the mid-fifties?

Economy Is Vulnerable

1960

favorable

a

and

1964

improved if
of

after

for, growth?

future:

had had

we

had

we

Woud this have
context

close

very

something like 5 %

to

as

had

which obtained in

a year,

suppose

competitive

after

for example, consumer prices

And

can

and

growth

economic

would

we

in recent years.

Does anyone really

ly, the
Avers

and

cost

people whose security

stable

a

growth

have experienced

1957?

cost-of-living

their

the

accounting

factor

labor

worsen

cruel

major

a

I

welfare is heavily dependent

upon

been

helped to achieve has

addition,

world

numbers of

of

1959-60

stability of costs and

in

have happen at this

and

ex¬

unsustainable

alluded;

markets, which
to

and

underlie

of expenditure to which

just

to

cost

These

reinforce the speculative

and

relative

for

Third, when
erating at

rates,

It

ex¬

more

federal

finance

increase in

an

the

more

the

of

if

Would

Growth

&

re¬

rapidly rising

deficit in appreciable part through

Credits Post-1956 Policies for

;

tax

we

volume

Gross National Product.

to be unsustainable

proves

tionary.

inventory

occurred

period

which

over

of

be

still

a

Cer¬

here.

accompany

duction with

and

invest¬

long-term

we

fine and boomish

seem

may

after

of

the

economy

would otherwise be spread. All of

the scale

we

as

cently experienced,
would

into

of time than that

on

both

our

defla¬

expenditures

concerns

telescoped

have

credit

and

rates such

at

investment

business

of

Federal

getting them,
add

lot

a

of

expense

Federal economic policies

purchases of durable goods

sumer

to

Committee

have

we

the

of

contemplated

type

expenditure increases
if

to

demand-in¬

reduction

tax
and

amount

have

I

were

we

emergency-type,

creasing

policy

lines

the

that

to

that

the

at

if

of

investors

foreign

discouraging

the banking system so as to avoid

,.v

Second, when economic policies the other for almost six months in
are excessively
expansionist con-' 1959. But even then it is

to the

we

cor¬

want to avoid

of this point of view,

believing

done

*?onv

the United States.

for

reason

success

ending it.

rate of economic

then

on

of

had

It has been said that all of this

with

a

very

overdose

an

We

psy¬

in the middle

sta¬

and

effect

we

inflationary

an

in

the

competitive

be

which

But that is the fact.

price in¬

were

would

that

than

complete

markets

the/

continued

fifties.

a

our

was

had

up

inevitably be

and

but

mid-

any

There

to

a

Avoiding Trouble

a

dam.




the

prevails?

now

sionism would invite it. J

come

of

Administration

very

and

My

time to

come

First, the

proposed

fail

itself and, joint¬

overwhelming,

sixties

-

tainly,

it

chology building

with

world

would

nerable

the second half of

into

commitments

20%

on

we

serious interruption in our growth

little

very

will
two

of policy best

us

of

in

rection

near

interruption at all.

Delay in Passage

■

that

the

over

constitute

nineteen

rate

//■.-■■•

they

strategy

ing is that at this point to call off
a

context

the

developing

term, but also because, taken to¬

tax reduction

as

in

and
see

making

higher

to

a

if

validated

economy

strength

position

as

is

from

ment

to

proves

areas

do

interruption would have
cost-of-living today close

which

effect

the

have

meant

rise

be

rather

might

without

more

rate

was

the

restrictive lines

to

could

our

have

free to do with the others.

are

of

surges

definite bearing

very

That

with

do

we

that

inconsistent

harmonized

be

must

overall strategy.

an

not

I

bility

in the

credit and

major

taxation,

We

to all intents and pur¬

a

to

were

rising in 1957 at

was

a

expansionism

sustained only by

more

and

supply than would other¬

have

are

deflationary

committed to it.

and

our¬

debt (.management

increases in

on

money

prices

heights

distinctly closer rein will be held

practical mat¬

a

question

contemplated,

in other

sense

to

thoroughly

so

seriously

we are

poses

amount

have, knowingly

"no

of

commitments

and

to this

reduction in the

just

prospect' of

some

financial

Neutral

that, by committing ourselves to
tax

stock

of

Thursday, November 28, 1963

.

our

in

is

place

prices

sumer

.

can

If under the stimulus and

tionary. Clearly,

Accompanying

answer

market.

economy

Possibly Restrictive Policies

My

/

has

expectations and plan¬

ning and to
the

major

a

type

kind

but

reduction has been
built

for

And

we

this

of

accompanying

policies should be.

is

actment of the program.

policy

think these

what I

sketch

-to

purpose

monetary policies under which
mat¬

these

on

abandoning

tion

Cut Bill

Tax

doubts

my

uine

support

Necessary

do

But

is

current

Makes

,/■

type and scale in prospect

it

we

Date

reduction

mitted ourselves to placing a gen¬

people's taxes.
Late

accompany" tax

the

and

policies that

monetary

for

which would

program

should

is

places

no

encouragement

manage¬

-

These

vulnerable to them than the stock

flation

debt

the

before

go

to

not

necessary

to

TV

on

would

it

and

and

ment

discussed

be

to

expenditure,

at

when

and

are

may seem,

this

as

In

support.

in

in

sometime

emergency-type,

an

remains

What
the

0:-:

minority view, but it has been

a

through

demand-increasing tax reduction.

of

'■

this has been

sense

stimulus

major

a,

1964

development of

many

but

economy,

Accompany Tax Reduction

the

excesses. \

.

cur

faster

it

sixties, when the underlying fac¬
tor of

family formation should be

uncommonly I
any

serious

favorable,

interruption

without

in

our

economy's advance and, hopefully,
without
Let

me

any

interruption

at

all.

comment briefly, first, on

,

Volume

the

intermediate

and

near

Number

198

6320

The Commercial and Financial Chronicle

.

.

.

mitted

term

giving our economy the

to

stimulus of tax reduction.

outlook.

Association of Stock

Beyond

(2107)

y

19

Exchange Firms

that, there are bound to be subExpects GNP Up-Trend to
Continue

As I

;

the

six

which

has

this

of

made, only

current

rates.

not

of

look for

sharp

as

clusion

is

This

to

clues

these

in

which

look

we

and

ber

status

outlook,

and

of

as

utilization

high level of

expansion

in

economy

this level

beyond

increasing dif-V

I know that this is a dis¬

ficulty.

puted point, but all the evidence
around

said

what the

that is what

cite

the

has,

heads

for

except

last

especially

are

Here

rate

early 1961.
is

and

3%
low

reversal
under
the

above

1955-56.

in

reached

most

is

What

down

now

much

not

levels

It is

for

families

of

winter, been trending

since

fact

the

brief

a

the

read in

we

unemployment

Who

men

saying.

are

unemployment.

on

would

that

is

That

case.

recently

up

figures

that what

us

the

is

price increases that have

cropped

I

is telling

us

have

And

it

important of all, it

will represent a

to exaggerate the
such numbers, espe¬

returning

the

to

the

tax

then
need

stimulative

cut's

there

for

will

nomic

development in the current
suggests

expansion
rate

of

growth

ahead.

the

moderate

a

in

Perhaps

something of
of

of our eco¬

eveness

months

the

well-understood

least

than

I

until

restraining

there ..will

expecting

am

will

not

sometime

estimate
vocate

have

of

in

described.

eral

is not

that

cur¬

areas

Where there

and vice versa.

ness,

has been for

of weak¬

degree

a

time

some

notable

no

and

at

supply

strength.'
less

or

And

the

demand has been strong in
much

all

time.

for

areas

But

this

chance

good

no

means

to

pretty

rather

a

is

lamentation; it

is

latter

present situation:

our

long
for

cause

have

we

make

a

progress

ac¬

down

and

..

The

'■

danger,

of

inter¬

bit, will supply

a

*

.

.

the

monev

even cause

insufficient stimulus to
omy.

1

as

our

but

Federal

spending increases at the rate
h&ve

been

namely,

at $5

billion

or

more

increases

rate

Federal

will

debt

tempt

financing

monetary policies that will
a

we

getting them recently,
a

and that resistance to inter¬

year,

continuation

of

been getting or

us

and

mean

supply

money

and credit increases at rates

parable to those

com¬

recently have

we

higher. If

you see

aggressively expansionist pol¬

an

icy of this kind developing I

sug-

steadily, which should be ground

est

for

might be exciting for awhile, but

rejoicing.

Third,

although

hard-pressed to
it

is

the

to

stantial

new

Presidential

balance,

long-term purchasing
commitments

election

more

deferral

of

be

this point,

undertaking of sub¬

investment

or

would

impression that when it

my

comes

I

prove

ation.

a

end

No

Explosive

would

It would

pushing

fast.

The

reversal

logg,
of

has

the

change
York

minick

national

served

sioner

retiring

New

he

has

1955.

and

'

in

of

been

Port of New York

asso-.

1959

1963.

the

Ex¬

commis¬

a

vice-chairman

and

Do¬

York.

the

on

since

Chairman

of

,

,

with Mr.

elected

Kellogg

Ellis

&

New

to

serve

Simmons, Blunt

Simmons,

William

Chicago

and

D.Kerr, Wertheim & Co.,

York;

Treasurer:

Harry

A.

It

demand

from

Fourth,

and

as

unskilled

bad

the

unemployed

workers,

seeking their
married

or

situation

our

of

fractions

teen

initial

is

are

agers

-

employment
seeking

women

only

part-time work. My dispute with
the

aggregate demand solution to

unemployment is that it takes
essentially
to

which

problem

a

is

lective.

Admittedly,

should be
selective
that

in

sis

tion

se¬

policy

our

really

believe

But I

measures.

our

present

blend of general and

a

advanced

very

cycle

stimulative

to

the

will

be

our

effect
be

that

looking

believe

for.

we

explosive

people

some

For

have

I do

economy,

not expect it to have the

to

seem

one

already

thing, I
had

a

avoiding
would

recession

in,

enhanced

be

moderate

growth

1965

say,

by

be

period

a

in

imperiled by

bate

over

the

1964
a

and

spurt of

policy

comes

be

selective

on

meas¬

Aggregate demand stimula¬

be appropriate in

may

periods

recession

actual

of

or

early recovery; but in periods of

level

high

such

activity,

is

the; need

present,

as

for

the

from

tax

produce.
had

reduction

of the

part

before

This,

we

of

is expected

multiplier effect

got the initial stimulus.

course,

is,

my

reason

saying that at this stage
to

all

to

In other words, we have

intents

and




we

purposes

down

The

un¬

relation
mand
must

between

and
be

aggregate

employment,

recognized

that

the

one

de¬

but
this

same

at

of

the

thing in

a

labor

all

force.

situation like

nineteen-thirties; it is another

ures

for

need

not

First,

ly

various

cities

ASEF,

the

celebrating

50th

this

anniversary

provides

ley,
&

its

of

impor¬

many

of

those

Manley,

& Co., Inc.,
City; Harold A. Rousselot,

Kansas

Francis

I.

Janney,

and

affecting

regulatory

the

markets

nation's
the

and

million

Governors

association

York;

James

Webber,

elected

&

W.

&

J.

Curtis,

York;

J.

Battles

&

E.

New

Wilde,"'

W.

Clark,

James

E.

Salt

were:

Hogle, J. A. Hogle &

Lake

City;

William

E.

Hutton, W. E. Hutton & Co., New
York; Henry W. Meers, White,
Weld

&

Co.,

Chicago;

Joseph

R.

Neuhaus, Underwood, Neuhaus &

New

Co., Inc., Houston; George J. Otto,
Irving Lundborg & Co., San Fran¬

&

Jenrette,

Henning

Hilliard

B.

Co.,
M.

Donaldson,

H.

Lufkin

New

New

Paine,

&

Bertram

Philadelphia.

Co.,

the

duPont

and

Governors re-elected

17

Coyle,

Inc.,

Davant,

William

Donaldson,'

by

J.

Co.,

Jackson

York;

liard,

than

Alfred

are:

Stone

Inc.,

securities

more

American .shareowners.

New

Inc.,

leg¬

matters

McDonald

Barret, Fitch, North

It is actively concerned with

islative

Bennett,

Co., Detroit; Frank W. North,

York;

cisco;

and

Hil-

Son,

&

Shearson,

Robert

C.

Van

Tuyl,

York.

of those who have

ing

difficulty find¬

holding jobs.

or

Hammill

Second, I realize that
had difficulties in

structive

aimed

results

in

to

found

I

am

New

Co.,

&

grams

their

distressed
an

will

we

well

financed,

are

con¬

being

an¬

that

see

these

I

and

financed

pro¬

favor

generously,

they have little chance of yielding
benefits

chance
there

close

the

on

nities

last

and

little

avoiding waste unless

is

them

will

that
of

participation

part of the

in

commu¬

when

a

is

a

large

unemployed

;

are

meas¬
unem¬

that

I

them.

more

better

acknowledge that

us

color

is

continues to be, shameful

as

based

discrimination

and

this is, a major factor
ual

on

in the resid¬

problem.

unemployment

have simply got to

in

do better, and

employment prob¬

the

nineteen-sixties

of

half

second

the

will

be

This will

be

With this in mind,

for

of

I

be

found

by

which

our

lift

problem
demand

trial

as

it

is

in

is

by
to
an

economy

individual

not

so

much

artificial
lift

to

the

advanced

such

as

to

enterprise

system

the

concerted

basis.

A

"Business¬

for Tax Reduc¬

tion in 1963" is all right; but what
we

4-y

productive capabilities

need right now

men's
t

v»

14"-*

is

a

'

4*ay»

a

through 1964 and

this

In

selective
the

rather

offer our

lines

ap¬

have

I

still

than

fur¬
de¬

aggregate

on

hope,

best

increasingly exacting
reducing

as.

problem

unemployment.

An

address

Annual

11th

by

I-

of
•

Saulnier

Dr.

Economic

■

Outlook

the

at

Confer¬

Department >of
Economics of the University of Michigan,
Ann Arbor, Mich., Oct. 31, 1963.
sponsored

by

the

Chas. H. Dick

Opens

:

VANCOUVER, Wash.—Charles H.
Dick

is

conducting

business from

a

Boulevard.

Evergreen

securities

offices at 108 West

He

was

formerly with E. I. Hagen & Co.,

Financial Security Cor¬

A mnvmo'c

Forms

J. H. Dillon Co.;

SPOKANE, Wash.—Joe H. Dillon
is conducting a
from

securities business

offices at West 505 Sprague

"Business¬

Committee for Job
r\r*

as

growth

can

levels

the

the

poration.

men's Committee

indus¬

reduction,

beyond.

along

Inc., and

meas¬

ours

of

outlined,

it, for success in meeting the

see

employment

youth

and

context,

will

a

financed

prob¬

suited

extending

pressure

mand,

have

best

pie

proaches

we

combination
I

economy

policy

What

the

tax

means

private

hope that ways and means

imaginative¬

A

as

to

task primarily for

a

American industry and it will not

administered

jobs.

such

1965

not

individuals for jobs

seems

our

is

nonreversible;

mastering

accompanying

into

it

the

opportunities
for young men and women who
will be seeking their first jobs.

be an easy one.

training, retraining,

into

policies

primari¬

of creating

one

in

lem of fitting
and

need.

we

steady,

progress

ence,

Finally,

that

is

need

to

sense

no

but

for

selective

We

it fast.

do

these-more

miracles,

miracles

ther

let

Our

of

for

help,

substitute

no

approaches. It makes

described,

themselves.

Third,

in

will

demand
be

can

success

look

find

must

sure

it

programs

problem. When it is

how

matter

no

achieving

development' of in¬

we

this

have

we

from

so-called

but

areas,
swer

the

at

dustry

,

Aggregate
but

job counseling and job placement.

required

relationship

on

generously

more

programs

very

fraction

Ellis

Lanahan, Jr., Stein Bros. & Boyce,
Inc., Baltimore; Milton A. Man-

approach
opportu¬
nity problem aggressively and on

and,

sixties.

one

need

of

familiar

so

dwell

we

for

the

are

designed,

are

And

reduction

the

ployment

ures

com¬

from

founding,

ly

specifics of selective

thing altogether in the nineteenspecial

Reduce

to

Unemployment
The

it
re¬

employment and for all

compositions
It is

Blunt

Louisville; David Klee, Burnham
&
Co., New York; W. Wallace

tant services for its 600 members.

lem

to

importance of the

lationship is not the

income

de¬

employment. I don't want to
derestimate the

levels of

to

six

year

more

sophisticated approaches.

un¬

good part of the expansive effect
increment

whole

question of how to reduce

a

which

the

New

throughout the country.

major empha¬

our

activity.

while

governors

and at this stage of the

should

ures.

in

essentially

Proposals

program

Co.,

seven from New York

an

approach

nonselective

circumstances

Cut

fmally,

reduction

board,

and

,<

Spurt

&
13

of

*

Fundamentally,
tax

man

Bache

total

elected to rouhd out the 38-

were

high
large

too

road.

by especially

or

in

case

business

a

areas

the

economy

the

in

weaknesses

production costs, and when,

be

chances of

our

in

regionally

selective

by

we

economy

down

concentrated
affected

'

Tax

A

Hayden,

Vice-Presi¬

are:

dents: Richard W.

to

penalty would be
farther

officers

Jr.,

York.

the

Authority since

-

Other

Jacobs,

according

vice-president

as

former

New

Dominick,

Dominick,
board

change,

the

by

Kellogg has been

ciation's

Ex¬

trade

of

Exchange,

Bayard

&

president
Stock

announcement

president

A

of

niembers

Stock

an

Mr.

elected

Firms,
for

group

to

been

Association

that

prove

mean

our

judgment

my

would

Sees

it

hats.

your

hard and trying to make it go too

of

^

-

initi¬

hold

you

news.

were

on

year

a

of

year

the

bad

In

is,

year

likely to be

than

a

in

that

Simmons,

econ¬

will have

we

cut

tax

a

W.

it, is that

see

faster and faster,
only

Richard

„

> .v-'..

•■■■;

effort to makedhe economy

an

into

of

cut

expanding

been

perhaps

est rates to rise

est

more

credit

have

late and

weakness in demand, there is not

great surge

,

James Crane Kellogg, III, senior
partner in Spear, Leeds & Kel¬

monetary

that will slow

likely to emerge

any

I

as

cessation of Fed¬

a

which

future

ad¬

to

tax

a

management

not

rently display

am

The danger,

that

Spear' Leeds & Kellogg, New York; and Vice-President

'

Simmons, Chicago.

expenditure increases, and by

debt

go

typically found in

sure

1964, but I

situation

the

companied by

enterprise economy that sources of
are

for

know

policy mix "of the type I

a

it,

see

fea¬

demand

measures

certain enough at. this time in my

in

in

am

there will be less

effect,

We

be.

tures of the growth process in an

strength

1

as

I want to acknowl¬

is,

it

because

paradox, it is one

a

more

overestimating the tax cut's stim¬
ulative

<?•

o

edge, however, that if even I

occasion for

serve the Association of Stock
Exchange Firms, national trade group for New
York btock Exchange members, are from left to right: Treasurer, Harry A.
Jacobs, Jr., Bache & Co.,
New York; Vice-President, William D.
Kerr, Wertheim & Co., New York; President, James C. Kel-

&

effect

the

all

policy mix such

a

proposing.

am

be

New officers elected

policy

questions, if I am underestimating

policies

to trend down.

Second, the

sub¬

retail level.

rate

is continuing

and that

is easy

Now,

•

will

be made' only with

I

sums

to

comes

sums

cially their influence on jobs.

and

our

that
small

even

taxpayers,, one

rather large

influence of

capacity

true

-

weekly amounts by fifty

of

But

have already reached

we

fairly

a

multiplies

one

stantial impact at the

follows:

First,

is

It

these

by
our

present

matters,

when

economic

the

make

round.

some

for

conditions peculiar to

certain

that
go

effect

high-ticket

million, which is about the num¬

con¬

suggested by the usual

evidence

much

not

reason,

average

increase

an

this

world

do-

I

family

per

small that it will have

items

expect

reduction,

apparently do.

some

as

tax

received

be

so

purchasing of the

on

expansion to accelerate under the
stimulus

will

nearly unrecognizable effect on

for

modest

would

I

in

increase

large

and mortgage debt. Also,

their after-tax money income and,

the

into 1964 at

relatively

Although

a

since last

through

this year and

of

the

continue

that

will be

relatively

little additional progress

effect

the dollar amount of tax reduction

but

year,

recent

consumer

which

the

from

especially in view

tax cut,

the

of

it sug¬

rapid rate in the

a

months

July, '.will
rest

of the

expansion

went ahead at

first

stantiaF leakages

1964

read the evidence,

that

gests

into

Oppor"

Avenue
T

H

under

Dillon

the

and

firm name

Co.

of

rr'

TA

:

]

1(2108)

20/

•

T4-

O

TT T

The Commercial and Financial Chronicle

^

logically

'

.

/\ S W G &66 lv Continued from page 1

rest

sumption

the

upon

lack

that

of

litical considerations, by

by

or

er

hon- employed person.

the

sumedt0

other influence on past occasions called atten- fjgures

any

with tion to the possibility of subpolicies of the stantial over statement of this

push vigorously ahead

to

national

the

of Congress should ask them- Honolulu—The Prospective Unification of a New and Larger

as-

latent

knowing than the commen-

of

demand

the data. The concept of the

have

been specu-

who have

tators

labor force is likewise

modern

the

the subject. Drastic to the same set of infirmities.
immediate change of direc- And there are factors which
lating

tion

on

normally w
but whatever he serious bias

unlikely

seems

cumstances,

the

in

i

l d mtroducq
m these series

o u

cir-

OQriv

nf

nprinrk

lnncypr

nvpr

future,

be

1

e

the
same

time

course,,

much

Congress

^

It w^iiT prewar'/lays.

A

outward

'n6 rapidly—extending
re-on bo£h sid®s

or any very

of

part

has

seems

(assuming would

venerated

of

both

be

a

kaua

Aveliue'^tinclutog

largest shopping

bv

leave

showing

determina-

xu

and ^ervices,jthis area closely ri-

^B^Uv^eT these

remedies

a

'.,

,

i

•

•

time
x-

x

two business dis-

now

for
i

x

.

>

.

.

,

area

an

ferce^rbuildVng^ '(hotfsin-

(Ka-

®

.

It

smah

lescent buildings (housina small

Administration to get service ■ .enterprises

new

Ala

This kaako) of startling contrasts.

year.

more

Hawaii's

center—the

But Moana). In volume of retail sales

it.

been

to be

new

business district has been grow¬

15% in- tion not to permit much of it tricts, there is

^, generated py the

0r

will

Whether the-to become law this

s)

o d

.

Central Business District
f™°iulu's dowmtowr>^*1?

Frontier

under

put

the changing all this

but hope, with These current unemployment wou}d quickly vanish by

we can

should

as-

production what

some

in wages.

it d e v
7
elther

timp

decide to do m the early over longer periods ol time.

may

New

the - microscope in much this

(or

have

on

increase in demand

_

of

printing quired " to make headway in

by

effect

WOuld

as

crease

list

equivalent of it) and substantial

same

costs

is

effective ; Of

money

wouid

open

The

to make it. The manner is long and imposing.

render

needed

to the mode of collection of

of course,

which

just what

seem

^uld

one

Kennedy Administration we, figure due to definitions and
no more means

be

Thursday, November 28, 1963

.

unemploy. programs which could be and

an

situation

merd

We have

of

bottom

.

ade- selves.

quate aggregate demand is at

Frontiership. How bound he unemployed in this country?
will feel himself to be by po- What, in any event, is an un-

.

shops)

well

as

as

a

and

repair
few long-es-

r warm and plan tor tablished industrial and processing
next year- We hope that it plants. But among them there al-

rea-

the martyred percentages carried to deci- son
higher prices is certhat mal points are often to be tainly a question that the new will,not let the opportunity
o?,^tandinelvmmo^ern ^office
President
Johnson and the taken with a generous dosage president as well as members
slip by.
buildings, wholesale establishDemocratic
party will feel of salt, or so it seems to us.
'
ments, and branch offices of mainthat the time and the oppor- The new President who tradiland corporations. Kakaako is in
all

to

respect

President

Kennedy,

,

tunity have

very

a

tionally lives much nearer "

the the surface of the earth than

Frontier'programs

New
the

for

come

of both

and some of the advisers who sur-

careful

restudy

predecessor
Kennedy would do well to look care-

lies them. President

had surrounded himself with

fully

such

into

matters

demicians, most of whom had the Democratic party.
been reared in the intellectual

Again,

what

-

;

~ the midst of a period of "private

'

enterprise redevelopment.

.-i

i

PaSt GrOWtll

S

'

/^i

/ '/
Honolulu's

^ne

'

•

u

1T1

± V* VVV Vv^Il Ulil UU ill kJ LI Cllg LL1

area
from

continued

as

the until 1954.

page

7

boom have been largely overcome

negative

a

accompanied by

factor

a

central

business

(listrict t0 encompass a far larger

M

Continued from

as

,

about

'

■

J

__

large number of young aca- these, and the same goes for

a

:•

,.■■■■_

HaWail

his

philosophy which under- rounded

'

tt

,

gradually in-

(extending from the present
the

street).

waterfront

As these

to Beretania

areas

grad-

are

creasing intensity of competition ually unified, the "center of gravatmosphere largely dominated causes
of whatever
unem(3) 1955-60—A Period of Rec- ln a11. al;eas of business activity— ity" of business in Honolulu will
Lv tbp thinkincr nf Tnhn Mav
nlovment reallv exists7 Some
ord-breaking Growth.
especially noticeable during 1963 slowly shift; to a point substany the thinking 01 John JVLay
ployment rea y
.
b
e........
conditions m
markets for apartments, tially "waikiki" (eastward) of the
nard Keynes. Most of them of the Ivy League economists
g4g 55
. surnrisine
^0Lls^nS, office space, and com- historic downtown district.
•

had

lived

about

less

them,

businessmen

p world and statisticians now living in that
in the Washington have occupied gaged

than

■clouds above it. The

Kennedy themselves

tirooram
.program bore evident imprint
bore evident imDrint

of all this.
It

•

would

be

excellent

an

thing if the world about
tion

between:

time

that

under

to

the

the

deficient

mand."

"aggregate

Learned

the

of

manner

Albert

lack

i.

o

of relationship

"

number of

a
j

almost

now

created

was

during

a

the

of

World

and

should be to call into
of

some

the

11

all

these

this

(from

outmigration

to

u

ing.

their

We

univerx

reasonably
correction

mities

as

reveal.

XL

x

well

the

be

seem

Honolulu—The

?.

ployment in this
Fingers-in
JMiigers in

Yet

we

thp
me

ap-

«.

unem-

these

savants
x

•

Prints
rnnts

into

the

nail

proceed to
cross
nesses

end

some

hi,

there

in

this

T

of

matter
j

course

T.

and the so-called

labor force.

Are there

n

a

'

,

.

,

.

.

are

as

the

.

,.

proposals
x

r

—and labor

,

men

and




women

without

and

'

faetors-the

—-

K
A

.

of

pay

rising

volume

u

,

.

c

.

of
.

total

Hawaii,

mainland

(added

to

,

.v

.

doTla^lume
for

^readout orthe

business

to

super

city's

markets and to

areas' leaving the central district

new

in most cases, these have been

come

for

their

mnHpmi*atinn

to

modernization.

shopping and service,centers.

created

+L

To the

•

(1)

in

coni unction

with

.conjunction wui

redevelopment

of

existing

deal with this problem, the Fed-

residential

part of the planned development

gov-

districts,

or

(2)

as

a

revXnmenTnrTr^ms'^rl^^ within the
clea^.
clear

to

areas,

d iih dld thp hiiirbteri
° i Although individually, these
ana rebuild the blighted centers are decidedly smaller than

thus modernizing the center

°f the dty*

here

the downtown district-in the ag-

"

grdgate, they represent a marked
In this resPect> Honolulu is no and rapid change in the overall
exception.
The unprecedented business pattern.
meet

[Ynthef
H„n,„

_nH

ftarked

in the field of

'±f^ienJ^

and

ciency

expanding

convenience,

®

had

a

advantage.

equaX^tSe
the

modernization

methods,

buildings,
serv-

development
beln.g ,the rapld growth of super
markets),
u65 (t^ outsta"dinS
The

Hence, here (as in other cities)

of

organization, 'and

underlying

objective

these changes is to achieve

in

a corn-

com-

example,

Em^^nTOiec^where corrrnmrcfa1!

Hon by Jan. 1, 1963.

The " 'fifties
q„uu>„

ended

thus

WOrst

with

its

$222 million,
began

deoression

greatest

with
—

and

advance.

(4> 1960-63—A Period of Consolidation,

/

>

.

More

Normal

Rates of Growth, and a
Rising Intensity of Compe-

a

both

nounced

it became imperative to institute petitive advantage by bringing the
redevelopment programs. These business to the customer—and by
which stood at $83 million as of are no» well under way in and more conveniently meeting his
Jan. 1, 1954, increased to $451 mil- near..the central district. Out- needs.
.

„

suggestion of

to other

Shopping Centers

,

.

In addition | o this central

,

wi^h without the business sections
a?^S and outmoded
and
in-

s ^DOin PUD11C ana Pri~ needs—particularly

0f investments of insurance

continu-

•

Honolulu—Super Markets and

with

mosTimportant'being

the spreadout of business

to

_

During the past three years, the

loss

confronted

jts downt°wn dlstnct-Tbls

Ranees created an

.

tax
along

.

million

utilities

enterprises.

annual average was

really sharply shortened work week

f-

is

Shortages that created the building

Honolulu—The Rise in the Cost of

SXSfSi HoSe^Es'^XV'." ™

.

,°. mountainous^ outlays
s

a

public

growth

pl:r°uvc1^::^^The

causes

decidedly hi£her if postponed,

major city in the

every

States

S»'l?b« «5SS J2% St, S »"»f
.
"-.•MJg.
..ee.^.led

wjth insistence upon
x-

^raUel

high levels of local investment)

Administrations

reduction

nr.-

ernnlnvmlni
empioyment

a

retailing,

|

ap-

Dubious Remedies

un-

which,

bnfb

ol

0 „ .

xu'

invnlvpc:

And

United

movnr

the

that

for, example

xa c

wit-

ployment and the so-called

unemployment ratio,

in

,

another.

the

in

expansion in

with investment in Hawaii

measures

other Possible

in

of many new

(g)

quite independ- panies-in

are

one

no

such

p.rtyt,

of

proceed
i

really close monopoly!

examination

aad

cems

of

some

two possible causes of unem-

prints. We should insist that
President

x»

assuming

pioyment

should want to get ent 0f

fingers

x*

their statistical

parently

manner.

Nail
wail

be-,;;the crataon

to whatever may have caused it

Yet

.increase

and processing, (d)

Lrn Lt

Wflatinn

we

sharp

^"accelerating

(c)

,

much to

as

ad^ace^ areas)'. The cost of doing
be su5stantial—but will

"Central Business

District"

eral Government and local

pendent

xi

required to

i

proach the question of

our

are now determining the patterns lanes and alleys that serve secof development throughout Oahu. tions of Kakaako (as well as some

or

,

defense expenditures

"aggre- other service
being indeTHese

would to begin with.

courage

,

including

b

demand"
of
unemployment

to gate

infir-

continuing

a

conceive of

to be can not

adapted

figures

i

doubtful to

are

with. What is

gin

i£

rise

riAfprKo

applied to manufacturing

,

J

x

1955-60

'

(a)

in'

good

a

if the point is the fact that

ask

seem

of such real

Great

doubtless

mean-

then

proposed

£

about

tistical procedures
J

x-

x

alleged

should

remedies

X

shall have to confess

we

sally accepted current statis- data that
and

professors,

u

r^rr.r^

ihek

breaking
/x

question deal of all these refined sta-

but

XI

tics

11

skepticism

a

p

*,

^

growth

this

ProYide a background for the fol- be essential to widen and modlowln§ review of the forces that ernize the small and inadequate

marked

a

accommodate

To

developments and unification, however, it will

p.roblem? o£ obsoIescence in see-r

is

erudition-of

university

X

and but

precepts

the

postwar

Nearly

During 1955-57, these shortages

between

technology and

•

u

.

sacred

match

j.1

dogmas. One of the first tasks

x-

de- shortages

i955> there

as

carry-over

These

coefficients War II (in housing, office build-

trouble. We shall not attempt

phys- to

v

question

l

of

late

as

substantial

-

,*

C

even

merdal accom™dations.

on

restudy should get down taken to prove that lack of inmigration-stimulated by an inIt
should aggregate demand is the crease in military personnel and

after

th.

en-

with preparing Oahu were cautious about underallegedly sup- taking expansion programs. Hence,

And unemployment,

year.

Einstein in the field of

.

those

which

w_
a
g
X.SUP
port the Keynesian thesis of

campaigns get advances yin

next

way

and

now

fundamentals.

ICS,

us

figures
iigur s

and

in housing development

given,a.close re-inspecr, have been prepared to show ings, hotels, and retail outlets)..

were

that

,

,

the

in

y

to other developments-within a than isevenfoid nseiinvalue. This
year thei'e will be a substantial has been due to a grow mg density
increase in the number of middle of population, accompanied by an
class families living within walk- increasingly intense competition

ing distance of the downtown (dis-

trict-

The clearance of the Aala Triangle

and

its

redevelopment

are

scheduled for the coming year-:
Additional redevelopment projects

are

under consideration.

among the various uses for
meet

(to

I

the

growing

land

needs

of

business, service enterprise, tourqsm

defense

nti

and industry

not to

the pUbnc need for parks,
me puout neeu
y
,

mention
government buildings, schools, and

a

Number 6320

198

Volume

highways).

the

?

tions has been

itself.

construc¬

contemplating the

In

by these condi¬
the more intensive

posed

problems

climatic

and

scenic

superb

factors in the Waianae area

the

for

solution

obvious

One

(4)

lations at Barber's Point; and

substantially enlarged system of

streets and arterial

it is thus im¬

tion of this arterial,

(2109)

Financial Chronicle

The Commercial and

.

.

.

planation
tion

mechaniza¬

the

The

produces

Opposing

tonnage

The

Investment Bankers Associa¬

'

formulate flexible
1932 with 55,000 (who, with their tion of America has sent to each
At the end of World War II, plans to meet the needs of grow¬
member
of
the
United
States
communities (for schools, dependents, exceeded 100,000).
there were no high rise buildings ing
water
This 30-year decline in employ¬ Congress a memorandum support¬
supply,
sewage
disposal,
in Honolulu—the tallest buildings
of land within the city.

use

etc.)

city being only four to six

in the

floors in

ings, and

Equalization

Haina

Aina

to

the

Head

developments
(as traffic

to be expected

are

(in

Koko

through

Suburban

area).
also

development

to

congestion

development, hotel and apartment

throughways into the city) in the

(though there has re¬

in Waikiki

throughout

scattered

nificantly)

the "new and larger central

above).

(discussed

district"

rising

the

of

result

second

A

busi¬

cost of land in Honolulu has been

population
outlying communities.
the

the

this

has-been

period

postwar

them

Some of

been

have

already

encom¬

passed by the growth of Honolulu
itself

(which

definition
tire

by

minant

Pearl

from

City

en¬

has

Hawaii-Kai).

paralleled the

al¬
is true of

population

of

The same

(as

public utilities, banking, and serv¬
ice enterprises

generally.

has

Tourism

its

to

from

expanded

a

approxi¬

of

level

present

This

mately $170 million in 1963.
has

growth

year-to-year

continuing

entirely changed the appear¬
and character of Waikiki and

The

ceived in

elsewhere

Oahu.

on

the

as

largest of the strictly sub¬

developments has been on

tent

role

the windward side of the island—

tern

of

reversed to

changes have

has gradually grown
the second largest

plex" which

a po¬

determining the pat¬

in

development

(22

per

Defense

activity has been

mile),

nificant

Influence

indicated by
installations

scattered

Overseas transporta¬

significant

new

developments have
past 10 years

tion has
tial

facilities—as

in

tion

community

Oahu—

on

of

(1)

terms of four factors:

of

the postwar rise
(from 49,673 in 1945

Honolulu;

200,783 in 1963);

size of Oahu. (which

tively small
that

means

community

every

island

the

(3) the rela¬

is,

or

on

become,

can

a

To

and

ment

(4) the

develop¬

suburban

of

interaction

construction

highway

(since suburban growth begets ar¬

highways—and these in turn

terial

the

stimulate
■

lation).

.

'

//

;

■

/■/;; -•/■/.:.

""/

as

Factor in the

a

A

is ,the

suburbanization
the

highways

arterial

of

"Nuuanu"

and

"Likelike"

Koolau

-

substantial

very

through

They

range).

ar¬

were

in

for

A

in

dramatic

prospect

in

develop¬
Leeward

Oahu—due to the "H-l" Highway
now

this

materially
tance"

the

•

is

to

reduce

Planning

It

will

favoring
Ewa

lower

to

into

land

of Campbell

viding

a

costs;

(2)

area:

in

'(1)

the growth

Industrial Park (pro¬

growing volume of em¬

ployment); (3) the defense instal¬




and

future,

will

it

relatively fixed

a

pattern

are

housing

publicrutility services, for
and for

parks,

a

'wide

of other developments).

range

activity, however,

its

by

date the inter¬

action of these programs has been

largely

unplanned interaction.

an

is

there

Fortunately,

a

rapidly

growing awareness of the need for
integrated approach to the de¬

of

velopment

of

the

Island

community

business

the

the

on

(which has set up special organi¬
deal

to

with

and

state

now

placing special

agencies

the

governments

for

various

local

The

planning).

of

also

on

plan¬

and

For

lands

"Neighbor Islands"

three

have

apparently
(1)

a

dollars of commodities of all kinds

essential

lined

decades

been

the other is¬

recording

contradictory

in

two

trends:

gradual decline in popula¬

personal income, as well as in
aggregate

their

local

dollar

businesses.

volume
The

stream¬

recent years,

In

however, there

rapid

threat

a

relations

Pacific

not

in

will

the

never

volume

this

other

is

trend

actual embargo on

an

(1)

exemplified
of

contracts
area

harbors,

of

of
of
by

Hawaiian

countries for

pineapple

and

produc¬

tion; (2) by the growth of

Hawaii

meeting place for conferences

a

of

professional, scientific, govern¬

mental, and
as

business groups;

Pacific

a

ter;/ (4)

(3)

importance

growing

Hawaii's

by

of
ex¬

Since.

as

world

or

but
the

which

balance

S.

the

by

It selects

the

of

States has improved

United

billion

to

communications cen¬

creation

the

by

net

at

the

while
direct

abroad for tourism,

ditures

investment and

commer¬

cial bank loans.

proposed

The

(9)

is

tax

ad¬

enforcement

and

will

procedures

burden¬

prove

...

!

;

conclusion

The

the

of

/

/

memo¬

randum is as follows:

Bankers' As¬

Investment

"The

the

that

believes

/ sociation

that . . • in
amounted to

indicated by the fact
alone

income

million as compared

outflow

Trade

restriction

tariff

pro¬

is posed Interest Equalization Tax
Any
creating expenditure. The Act should not be enacted.

asset

$3,850

private port¬

.

for

investment

foreign

Private

1962

.

.

leaving unaffected private expend

some.

/ "'/" '•/

•:

dis¬

is

tax

special

a

Compliance

the
from

$33 billion.

■

■

im¬

'/>

ministratively complex'.

The proposed tax will ad¬
versely affect the United States
balance of payments in the long

an

through

ap¬

v(3)

run.

only

investments

folio

inter¬

net

position

asset

national

proposed

The

that

be

may

criminatory.

payments

of

over-all

peared,, the

$14

a

currency

create fears

•

(8)

de¬

one

posed.

first post-war
deficit in the

the

1950,

the key

restrictions

further

the sale of

exaggerate

to

creates

through

not,

dollar

used

tax

another, impair the value

foreign

in

year

follows

to a

million.
Purchases,

$3,273

of

credit.

short

probable
the

adverse

most

justifying,
It is

consequences.

the

to

injurious

United

international capital

States

ket,

beneficial

term

fall far short of

effects

asset to

national

a

hardships

poses

It im¬

injured.

tered rather than

on

our

mar¬

be fos¬

friends

of our exports of abroad that' over the long-term
services with dollars can only be detrimental to us as
obtained from U. S. purchases of well.
■'/
/•■''/ '
foreign securities . , . provide jobs
"Our long-term balance of pay¬
for Americans. Moreover, future ments
position and outlook
is
receipts from foreign investments strong. It would be better to deal
in the form of interest, dividends,
with our present problem by im¬
and return of capital benefit the
proving our international com¬
balance
of payments
in future petitive position, encouraging in¬
creased foreign investment in the,
years.'
•.'/

land, by

clearing

in the development

assisting
sugar

tends

must

or

the

Government in de¬

States

be seri¬

may

/

the

in

economies

proposed

of

capital market.

method

The

it,

upon

capital

States

foreign

of

position.

U.

United

and

a

securities

foreign

■

United States

with

capital movements.

effect im¬

in

This

The. character

firms in Pacific

dredging

has

tax

vice

is extent to which income from pre¬
area of trade
(Hawaii vious investments serves to off¬
be able to export in set current net capital outflows is

East).

current

parts

hemisphere.

low-wage countries

to

Far

to

enactment of

the

of

inconsistent

is

The

We

,

posed not merely a limitation

growth in Ha¬

been

the

Islands'

the

for

economy.

foreigners

goods

and

,

.

University of Hawaii of the "EastWest
Center"
for
the
technical

United

professional training of stu¬
dents from Pacific area countries;

States, reducing our non-

asset

creating

-

and

the continuing growth

(5)

by

the

business

of

servicing

in

trans¬

pacific shipping and air lanes: and
(6)

by

remarkable

the

"eastbcund

(those

visitors"*

New

from

tralia, and the
from

11,693

vancing

tion; and (2) a continuing advance
the

well over a half billion

in

to

rise

in

Hawaii

Zealand,

Aus¬

Pacific Far East)
to well over

1955

This trend is ad¬

90,000 this year.
The

air lines,

are,

emphasis

research

in¬

as

pro¬

imperative

own

to

Hence,

is

a

in which Ha¬

market

the

as

as

tourists, defense, and

from

waii buys

of

of

industrial

thus

suburbanization
Waianae

the

retroactive

new

a

fears of further restrictions.

has seriousness of the United States

"mainland-dollar

of

proposed

the

'.-J

'

The

(7)

uncertainty engendered by

The

Mainland

exports,

of

threat

income

appropriate

ously damaged.

resulting

is misleading.

tax

deficits

growth

the

for

payments

United

in

other

and

market,

in termining its balance of payments

Future

services to shipping and

sion

an

market

a

the

of

the

from

(2)

Growth Factor

with

relations

her

the

different

decidedly

is
of

spreadout

Hawaii's

date,

and

"time-dis¬

the

Honolulu.

tourist

new

geared almost exclusively to

—as

in

port¬

and
the

in

long-standing policy of free¬

dom for

fol¬

improvement

direct

reduction

dependent

balance

activity and industry.

Hawaii's

To

has

'' •-

.;

,,

example, for specific

When ning.
completed, it will

bring sharply into focus four fac¬
tors

needs

in the planning stage.
arterial

of

the

Long-Range

been

our

(6)

as

abroad,

attractive¬

The proposed tax is

actions

abdication

are

the

protective tariff on capital trans¬

leadership in the free

The

(1)

United

tracts, for schools, for the expan¬

aspects

equally

industrial

new

well-organized plans (as,

on

zations

is

to require

as

determining this

based

ready noted).,
An

air¬

proces¬

pattern. Most of the activities that

pronounced growth of communi¬
ties on Windward Oahu
(as al¬

ment

of

foreseeable

the

crystallize

the part

in

factors

comple¬

Oahu is thus now emerging. With¬

of

effect

terial,s (including tunnels
the

on

rapidly

and

new

needs.

outstanding example of the

The

impact

is

of this trend

in

and

by the United States."

excerpts

foreign
by

States

competitors

investments

(5)

national

our

United

cost position in rela¬

measures.

the

legislation

serious

a

Summary

spreadout of

degree, this trend

evident

waii's

pelled

Pattern of Development

the

international

Intelligent

Each

Highways

very

as

' '/■.; /'.

/

spreadout of popu-

-

world

Kaui, Maui and Hawaii.

lesser

a

defense

plants for land and serv¬

new

are

and

of Honolulu);

suburb

a

is

there

Currently, the out¬

growth

on

source

accommodate the

to

ices. /

(2)

in motorcars

so

creation

parks

sharp rise in the, cost of land

the

to

is explain¬

suburbanization

able in

in

postwar trend to¬

marked

This

ward

a

well

large

a

sing grew
the

sharply in rates of growth.

ied

throughout

Manufacturing and

though they have differed in mag-' port.
nitude, and communities have var¬

im¬

continuing

the

the^State.

centers

and

of financial

difference in

transportation,

rapid

being contrary to

interest

Oahu

this

of

of

taxes

of

letter

economic

expenditures of

increase

.

States

'

accompanying

enactment

the

our
our

.

to

...

in

to
.

folio

lows:

and

substan¬
come"
increase in docks and 'harbor'
required

occurred during the
every

planning

of

:

standing feature

clearly

is

(as

the large and complex

the Island).

however,

"as

square

per

activity from Oahu to other parts

the

dollars

population statement, the Association regards

(960

already discernible
of

transmittal

.

relating foreign

improve

(New

(New York),

the

to

greater /prog¬

.

assistance

the. IBA Foreign In¬

According

expenditures

make

,

in

ress

pre¬

Ames,

Co.

Committee.

vestment

mile) is far below

Due to this marked

surface

&

Corporation

Chairman of

These

not so crucial as they are on

density

Amyas

Peabody

military

ness

Neighbor Islands are thus

today.

by

was

Boston

gradual.

very

problems

the

the

on

Kidder,

the

Oahu

jointly

pared

in

developed

are

bal¬

our

reduce the direct dollar drain

.

and

popu¬

sig¬

a

ceeding 50,000).
exception,

the

Neighbor

square

of

that

points

.

abroad

'

this memorandum which

Islands

the

of

Oahu.

on

community in the State (now ex¬
Without

in

average

density

Nine

.

from

1963

of

■

significantly

deficit.

of payments deficit we must

ance

tion

however,

year,

been

the

Because

Act

To reduce

enact¬

Interest

proposed

Tax,

causes

of the balance of payments

by Andrew N. Overby, The First

mild uptrend.

a

the

the

(4) The proposed tax is not ad¬

dressed to the fundamental

the York), President of the IBA, and

of

payroll
1932.

downtrend

■

together/into

substantially more

aggregate

mild

re¬

much in total wages

as

During the past
the

also

Other factors have played

The
urban

the Kaneohe-Kailua-Lanikai com¬

1963

than twice

workers

13,000

of

to

(HR 8000).

new

develop¬

initiating

indirectly

ments

,

very

wages.

were

provement of inter-island air and

$6-million-a-year industry in 1946

"makai" [to¬
is
mountains

to

deter¬

pattern of growth.

trade

Retail

the

of

the

of

basic

the

constitutes

ance

area

sea]

the

the

includes

now

built-up

ward

reasonable

any

of

opment
thus

growth of suburban commu¬

nities throughout Oahu.

expanding devel¬
business enterprises

the

aggregate,

ready noted).

development

The most dramatic

of

Taken in the

tion, and manpower.

and

there

lation of the Neighbor Islands was

has its

organiza¬

equipment,

buildings,

spreadout

Suburbanization of Oahu

The

Development

on

business activity

specialized requirements for land,

to

of

spreadout

Activity
Every

repeated
substantial increases in

Meanwhile,

55,000 workers ill

area.

a

buildings, however, are (quite sig¬

ness

by

overco m e

Impact of Specific Types of

The

spreadout of high
rise
apartment houses' to other
areas). New and imposing office
been

cently

is

centered Waipajhu to Wahiawa

has

construction

opposition

ment.

completely change the appearance
and character of Honolulu. In this

,house

its

Oahu, but also to the Mainland).

apartment houses have

-

ing

to-year outmigration (primarily to

stimulus

hotels, public build¬

been built in such numbers as

mild year-

a

this

of

extreme

other

the

At

however, high rise of¬

fice buildings,

in

ment has resulted

they arise.

as

primary arterial, there will be a

Within the past

height.

ten years,

to

perative

-

.

Interest Equalization Tax

a

with
13,000 workers than it produced in
annual

greater

1BA Memorandum

industry,

sugar

pie, now

e x a m

pineapple

and

sugar

industries.
for

in

lies

the

of

21

rapidly

and

promises to

and

abroad
the
if

(even
is excluded), there

continent of Asia alone
China

Red

million—not to men¬
tion important island areas such
as
New Zealand,
Australia, the
Philippines, and Japan.
Hence,
what is a relatively small factor
in these far larger economies can
be a very pronounced growth fac¬
ar'e over 700

tor

in

Hawaii.

drawings

on

expenditures
by

the

rather

serves

the free flow

tion

as

the

than

temporary

International

Monetary Fund or use

to

of our re¬
endanger

of funds or our posi¬
world's banker and

trustee of the key currency

of the

confidence in us and
freedom
of our capital

world. Once
in

the

market is
ficult

-

even

to

impaired, it will be

dif¬

rebuild it."

stimulated
the past
Maryland Enterprises
Hence, the
This is not to imply that Hawaii continue in strength.
BALTIMORE, Md. — Hugo E,.
will become a large factor in eco¬ addition of the growing relations
Suhr, Jr., and Martin W. Seabolt
nomic relationships throughout the between Hawaii and Pacific area
have • formed
Maryland Enter¬
Pacific. v Hawaii
is
a
relatively countries appears to assure a con¬
prises with offices in the Munsey
make

Hawaii

"center for

a

ices" throughout

small
of

economy

serv¬

the Pacific Basin,

with

a

population

only 'slightly over 700,000.

On

The forces that

the

have

growth of Hawaii in

tinuing

expansion

f/\v« IL

in

^AYiAnnon

Hawaii's

V\1

D

"fl if 11

TP

; ,i

The Commercial and Financial Chronicle
22

-1962, but

the

in

17

Continued from page

least 5%

products will advance at
Tn January.

„dA

lost

have

who

Steelmakers

time

first

the

flect

General

101,533

The rising tide of im¬

worry:

had slated

for the week

ending Nov. 23.

ported carbon and stainless sheets.
European v and
Japanese pro¬

period.

a

Corp.

Motors

assemblies

foreign mills have a

to

upwards of

such

for

cars

auto

one

any

has scheduled

100,000

ago.

year

a

in output will re¬

upsurge

maker

Sheet Steel Imports

Troublesome

new

M■ Y'v

week of

same

The

'

•

•

export
prices and stepping up their sales
efforts in the U. S. Some "Ameri¬
their

cutting

are

trial orders.

firms are placing

can

A

run,

stands at an estimated
1,979,000 units—leading all model

program,

anticipating lower years to this date in history and
prices on their product because running 11.9% ahead of 1,768,800
large offerings of quality automo¬ cafs made in the 1963 run to the
tive
scrap
will be available at same
point.
Steel's price compos¬

$26.67

ton.

a gross

Three

Chrysler

—

and Gen¬

Corp., Ford Motor Co.,
Motors Corp.

eral

is

Corp.

Motors

American

the

profit
sharing plan in effect.
Its esti¬
mated profit sharing per hourly
automaker / with

only

the

estimated

Steel

that, for the first nine months of
1963, GM hourly workers would
each be sharing profits of about
$704

cents an hour);
(about 35

(around 41

Ford

workers,

cents

$496

(about 24 cents an

early

conference

ing

extent

won't be

The

16.3%

model

time

a

by how well auto sales are

Auto Industry

auto

of

On

according

month,

The statistical agency

that

22

calendar

a

this

pany

passenger

are'being produced

November,

an

units.

in

output

at¬

was

tained.
Ward's
fewer

four

with

that

said

regular

work

this

days

month, including the Nov. 25 day
of

mourning

President

for

November

nedy,
total

almost

Ken¬

should

volume

assemblies-

750.000

compared with the record 798,719
of last month—but will match the

industry's best November count of

determining the current rate

of output,

Ward's pointed out that

November

reflected

of -1955

one

regular work day than the

more

Industry Capacity

Still Greater

five

is

capacity

assembly

touched

month

still

plants

one

plants
auto

Corp.,

are

maker,

was

equal

still

this
esti¬

idle.

shut down in

Week's Output

was

the

week

in

186.923
above

two

(37,500

current

.

'

Total

S.

since Jan.

8,000,009-unit

£f.

U.

Since

railroad

ures

with

cars

one

highway trailers

highway

or

tainer

(piggyback)

ended

Nov.'l^ 1963

included

that

in

the

in

7.6%

or

of

the

above

1,142

last

highest

history.
passenger

,

week

for

any

Programmed at
cars

—

6.1%

176,116 units in the Nov. 16

week, and compared with




of

piggyback loadings

the first 45 weeks

for

taled

694,691

80,293

of

cars

for

or

13.1%

cars

1963

to¬

increase

an

above the

corresponding period of 1962, and
183,689

cars

35.9%

or

North

Central

Casualties ran above

Inc.

238,

but

'

132,914

those

in

253

of

levels

1962-1961

Sales Rise

and

the

years

■

Thanksgiving holiday came a week
earlier.

As

well,

increase of

an

in

passed the

this

week.

and

cars

combined

units produced is

11.1%

when

1939

the

and

cars

date

same

of

a

7,247,-

over

trucks

also within

overtaking

car-truck

at

stood

made, to the

The

ago.

year

1955—when

this

by

output

1963

100.000 units

record

date

'.A'/;,''A.'':

8,148,000.

Goodyear, Ward's to Illuminate

2.5%

in

than

the

toll stood

prewar

In numerals five feet

and

illuminated

daily by

seen

million

Ward's

Detroit
count

high,

quarter-

some

residents,

area

-

U.

of

on a

19,000 lights

by

S.

cars

,

pro¬

duced will sometime in December

begin to tick off in tune with the

lines.

assembly

At

2.5%

were

the same as m

casualties, about
the

preceding

this

The

the

23

with

but

registered
under

losses

increased from 224
230

in

to

and

264

1962

the

Casu¬

late

volume

was

for

the

yean

Price

Food

truck

1962

ton¬

tonnage

volume

In

in

are

periods

18

con¬

in

Part of the decline

attributed

the

to

be

Day

While the ob¬

day is

not

In¬

based

are

inter¬

the

weekly survey of 34 metropolitan

by the,ATA De¬

Economics.

port

flects
than

tonnage

report
at

re¬

terminals of
of

Wholesale

it

com¬

,

throughout the country.

stood

pound

31

of

function

is

to

trend of food

It is not

index.

chief

Its

the

general

prices at the whole¬

level.

sale

/-/A"'-'. A

•

'V;r:/>•
Wholesale Commodity Price Index
Falls to 10-Week Low

last

wholesale

the

week,

com¬

price level reached

Inc.,

and

Dun

reports

commodity

in

closed.

wholesale

and

meats

grains,

of

prices

the

of

most

markets were

Downturns

Fri¬

Bradstreet,

&

Monday

10-

a

low of 264.72 this past

day,

sugar

totaled

country

is

being constructed by the Good¬
Tire

year

Ward's

&

Rubber

commissioned

with

Co.,
to

provide

the

226,827,000

dropped

Index

Nov.

substantially

down

22,

Com¬

264.72

to

board

of

the 269.58

index

the

Furthermore,

day.
trailed

Nov.

16

put

declined 0.2%

NOTE: Of passenger
week, GMC
for

output

expected to

was

54.2%;

car

Ford

Motor

American

Motors,

and

6.8%,

Studebaker, nil.

duction

and

in the current

5.7%.

-A'yy,

Following
thousands
weeks

board

rose

figures

feet

for

in
the

indicated:

Week Rail Freight Loadings Down
Fifth Week in

a

New

Loading
the

week

of

ended

cars,

This
or

was

a

in

was

in
of

announced.

:the

cars

preceding

the fifth successive

which

total

carloadings

declined.

of

16,386

cars

or

2.9%

lift

solid

However,

Gain

Week

electric

the

light

industry for the week

23, was es¬

17.727,000 000 kwh. ac¬

the

Edison

Output

was

to

more

Pre-

year.

than

the

And

Electric
90.000,000
nrevious

week's total of 17,637,000,000

kwh.

a

*

of

movement
new

the

lack-lustre

a

warm

formidable

auto

pur¬

solid

bul¬

fall,

lost

momentum and eased below

some

their

year-ago

The

tail

the

previously
in

wark

generally.

activity

unseasonally
in

obstacle

chases,

to

remained

weather

outerwear.

energy

electric

Saturday, Nov.

cording

the

in

of home goods gave

and

228.878
210,568

of

timated at

kwh.

apparel

227,351

by

up

last

period

228,247

1962

Power

ended

similar

and

the dol¬

above

chalked

volume

a

amount

distributed
and

lar

to

gained
ended

20,. 1963,

hold

227,755

__

week

the
Nov.

221.600

Over

/The

in

Thanks-

retail

at

Wednesday,

220,203

225,122

Electric Output Shows 10.0%

Institute.

The loadings represented an in¬
crease

orders

16, totaled

Association

decrease of 6.959

below

week, and
week

Nov.

the

Railroads

1.2%

freight

revenue

vitality

of

approach

buying

giying,

226,827

___

^oruction

And Tonnage

1962

1963

1963

Shipments

Last Year's Week in Loadings

Nov. 17

'

Re¬

store

16

York

increased,

comparable

year

and

pared

after
the

above

'

week's

ago

-

were

last

to

Re¬

finally

3%

weeks,

figure

Federal

1.0

up

com¬

four-week

year's

,

period unchanged
week

in

since

the

in

similar

that

from

last

Within

tally.

the

rate

week's
N.

Metropolitan area, however,

Y.

New

City department store sales

for the Nov.

unchanged

16-ending week

ing period

weeks

total

retail

the year-ago
sales

1%

above

volume

from

period, and cumula¬
Jan.

from

1

to Nov.

16

5 % from year-ago period.

up

Warm

sales in the

rose

dollar

were

correspond,

a year ago,

four

were

the

from

latest

tive

5%

year

cumulative

at

and

unchanged

was

of this

same

1962

second

we^e up

beginning

compared to the
period

for the

They

row.

a

Cuts into

Spell

Election

Sales

Day

flash

for

figure

New

York

City's sales for the Nov. 23 ending
sales

revealed

week

due I to

day this year since
fell

on

No

Nov. 22,

one

5%

shipping

Thanksgiving

1962, last year.

surmise,

can

much

plus

a

additional

an

however,

higher the New Yo~k

absence of the sales tax

holiday purchases of food, dressy
Nov. 9

Nov. 16

Row But Up Over

the

continued

: v'y

a: /

the

are

of

shipments

orders

Federal

department

New

several

3

Under Way

With

0.9%,
new

the

to

Nov.

how

Buying Gets

Pre-Holiday

change.

dropped

1.5%

rose

in¬

tvat

over

City sales might have been in the

reg:onal" Ju^b'*'* associations. Out¬

Compared with 1962 levels, pro¬
>

last year.

the 267.74 of

and

volume

District for the week ended

month ago

a

according to reports received from

week-to-week

the statistics.

ended

week

(Jan. 1 to Nov.

for corresponding period

—

in

de¬

ago.

System,

A

Wholesale

Daily

Below 1962's and Last Year's Pace

feet

leading

>

The

from the 266.64 of the prior Mon¬

the

3%;

in

ex¬

on

in

12

(adjusted)

adverse effects on the

erted strong

gained

dollar

4%

up

year

York

'

throughout

steadily

Dropping

period ended

sales

serve

Inc.

foodstuffs

use.

show

8%

up

sales

Index rep¬

raw

general

were

store districts.

According

equalled

was

Price

cost-of-living

modity

production

a

at

total of the price

sum

year-

any

it

Lumber Output Falls Fractionally

Lumber

in¬

state¬

year's comparable period

retail

rung

this

Bradstreet,

Food

and meat in
a

but
than

lower

&

Dun

resents the

freight

general

com¬

Two weeks

when

19

index.

carriers

mon

prior

the

$5.98,

is

1963,

country's

creased

more

—

100 feet high and 114 feet wide

The

handled

400 truck

change of the Ford and Chrysler

Expressways, the massive sign

The

the

on

the

from

although

week

conducted

Board's

A

far this year

tricts'

in the middle of October.

modity

comparison.

areas

a

16), the 12 department store dis¬

Nov.

on

from

of

year

index

$5.88,

uni¬

to depress volume in the week-to-

findings

the

sales

four-week

partment

the index matched the high

week's

along with seasonal factors tended

These

last

serve

form at all centers, its observance

week

16,

over

Brad-

&

by Dun

1.7%

and

the

for

Monday of

on

the reported week.
this

past

can

Veterans

holiday which fell
of

the

Nov.

r

Price

Food

0.9%

down

per

findings

comparable

years.

on

taken from

for the

5%

week.

last

Index
Low

fell to $5.89

Inc.,

since' June

sistent with that experienced dur¬

ing

sales

as

Reserve

reveals

from

period of

Five-Month

to

parable week of 1962.

the 1962 level.

on

June,

exceeded

store

'

V//

week marked the 25th

ment

$100,000

latest week.

in the

compiled

dex,

ago,

tonnage

gains' truck

is making

5% Above Last

advanced

ago

week earlier

a

similar

the

Wholesale

street,

once

nage

-f 9.

46 of to-year weekly gain out of the
almost past 26 weeks. The weekly sales
in the index without seasonal
adjust¬

comparable week last year.
alties

cor¬

yearly comparison reflects

continuing

to

-f8;

when

week

occurred,

size

26,

the

1962,

previous week of this
the

Federal

dex

So

Associations

Truck

the

to

-f 5

country-wide basis

for

the

in

was

in

Trucking

below

+3

to

of

Wholesale

partment of Research and Trans¬

Running Car Count

sign

volume

announced.

-J-4

ment week ending Nov. 16 com¬
$100,000 or more pared with the like period in1962*
involved in 45 of the week's The week's rise above the year-

Liabilities

week

servance

066

16

week / of

American

Central

Year's Level

;

Department

23% more

some

succumbed

businesses

The

tonnage

Nov.

the

responding

Central

Nationwide Department Store

the

above

of the last 22 weeks reported. The

the

trucks,

ahead of

Since

output

1

level

ended

South

Pacific

and

North

West

East

309,

2.5% Ahead

Intercity truck

-f6;

to

0

-f-1 to

May, reports Dun & Brad-

Falls

week

Middle Atlantic

+2

the highest level

to

England

New

Atlantic

since

corresponding period in 1961.,
Truck Tonnage

+3;

South

twice

Cumulative

to

West

corre¬

the-1961

above

28.9%

or

—1

+4; East South Central

+7;

21

by

following percentages: Moun¬

+ 5;

industrial

and

levels

1962

and

,

,

increase

an

was

were

over-all

comparable

at 252.

'

'This

con¬

week

(which

week's

total).

16,242
revenue

more

or

to

varied

estimates !

fail¬

the

loading

reported

Highest

May

Bradstreet,

&

Dun

surged up in the week ended

commercial

Nov.

1961.

over

I

Failures

Business

street,

has

Output

6,744,003

of

up

587,822

;

.

Second Highest

output

second

9.7%

week-to-week

vehicle

motor

Also,

produc¬

a

Car-Truck

Tops 8.000,000

;

.

American

said

nearly

a

daily assembly rate.

Combined

Studebaker

tion adjustment.

Ward's

gain from

to

the

at

units)

mated at upwards of 25,000 units.

Two

'

16,

corresponding week

Class

the

10.0%.

of

approxi¬ A; After two steady weeks at 270,

at

have

strikes

by

far -—with losses

so

its

Co., 24.7%; Chrysler Corp., 14.3%;

greater, Ward's said, pointing out
been

first time

for the

cars

million

a

weeks of output for the entire in¬

account

that

Chrysler

than

more

ago

year

last

month this year.

Industry

com¬

200,000

some

1963,

1960—with

since

749,061 set in 1955.
In

the

already out¬

by

entire

In

passenger

7.7%

of

increase

monthly

in

1962

build

will

aged in October, when an all-time
high

basis,

has

year

entire

the 34,800 units a day aver¬

from

and
62

year-to-year gain

traffic

same

produced the 716,089 cars it made
in

count is

said Noy.

37,500

some

daily

cars

level

Automotive Reports

to Ward's

1962

week .from

1962

by

Regional

tain

yAV.,.<A"

Year-Ago Week

total of 8,050,360

Rate

production in the

this

history

7.1 % over the

year ago.

1,306,357

Reaches New

U. S. has reached its highest
in

a

corresponding

generated by carload¬

estimated

are

collected
Inc.

16,109,000,000 kwh.

'

Made

in Assembly

Peak

the

by

making

run,

it took of

13.0%

with

1963

Auto

running in the spring.

•

current model

the

of

accounted1 for

has

company

the, U.

Rate

to

Its output is- up

Corp.

compared

next year.

United

the

of

or

mately 12.9 billion, an increase of

production,

attributable

is

40.8% for the 1964 vs. 1963 period.

Workers' ambitions will be influ¬
enced

it

of

Chrysler

finalized until the UAW bargain¬

The

in

week

sponding week of 1962 and 3,646

.

demands

union's

The

1963,

210,200-

a

1963

over

year

44.5.%

dustry

A

hour).

Chrysler

and

hour);

an

workers, $361

the

gain in the model run pace

this

year..

AMC formula to

Three,

Big

'

a

this

worker will total $313

Applying the

in

week.

news,

Big

the

for

of

that

said

Ward's

cent be¬

per

ings in the week ended Nov.

cars

unit

Steel predicted
that 1964's auto industry negotia¬
tions will center on profit sharing
labor

In

Chrysler Corp. Paces Gain

at

week

third

the

for

one

a; A■;;■.■■■

cars

melting is un¬

ite on No. I heavy

changed

Thursday, November 28, 1963

.

1,618,000,000 kwh. above the

and

total output of

systems originating piggyback

1964
including this week's

Meanwhile, the industry's
model

of

corresponding

Ton-miles

The

Nears 2,000,000

/

the

1961.

of

Scrapmen are

month-end.

low

Model Run Leads All Years—

•

ducers

decrease of 3,513 cars

a

six-tenths

or

in

the corresponding week

above

INDUSTRY

STATE of TRADE and

business

.

.

(2110)

total

trade

pace.

dollar

in

the

volume

week

of

ended

re¬

in

4%

to

week

N.

vealed
last

a

Y.

year's

passing
piled

by

sales

spot

estimates

data

encom¬

sales,

com¬

the

of

Bureau

Nov.

4.0%

16-en^ing

above that

for

the

comparable

The

year-to-year contrast for the

week

latest four-week

gain

last

year.

period showed

a

of 3.0%. Unlike the depart¬

ment

store

ment

of

statistics, the Depart¬

Commerce's over-all

tail sales data
seasonal

are

re¬

not adjusted for

variations.

Hub Planning Branch
GLENS FALLS, N. Y.—Hub

office at 21

to

retail

the

put

week's

7%

higher than a year

of

set

the

merce,

from

to

re¬

Census, U. S. Department of Com¬

ning,

3

four-

period.

total

statement week ranged

according

rise from

The

figure

flash

C.

broader

A

1.

minus 1.0% decline from

the latest

ago,

June

last

Inc.

has

onened

a

Plan¬

branch

Bav Street, und^r the

management of Daniel J. Bishop.-

'

Number 6320

198

Volume

The Commercial and Financial Chronicle

.

.

.

The

Indications of Current

(2111)

following statistical tabulations

latest week
week

Business Activity

or

month ended

Latest

Steel

castings (net tons)—
production based on average weekly
and

ingots

Index

of

Nov. 23

Month

Week

Ago
1,915,000

106.2

102.8

.99

^

this

oil

and

output—daily

Crude

(bbls.

average

output

(bbls.)

average

oil

fuel

Nov. 15

output

Stocks at refineries,
Finished
gasoline
Kerosene

(bbls.)

OUTPUT

(U.

NEWS-RECORD—NEW
Total

183,465,000

175,912,000

189,033,000

52.682.0CO

52,424.000

52,712,000

85^613,000

85,772,000

83,134,000

Nov. 16
(no. of cars)—Nov. 16

587,822

594,781

626,180

OF

512,528

521,299

518,375

(OOfl's

SERIES

*9,650,000

9,600,000

Nov. 16
Nov. 16

359,000

377,000

$1,212,100

$682,200

420,000

508,900

792,100

173.300

352,500

780,700

156,300

steel

11,400

17,000

$337,100,000 *$310,400,000

132

122

$691,100

NEW

FEDERAL

$562,544,000

PRICES

Electrolytic

—

on

—_

credits—

exchange

Based

(E.

foreign

143

stored

countries

17,727,000

17,637,000

309

270

6.368c

17,261,000

179

253

6.368c

6.368 c

of

16,109,000

6.196c

^

!;■:

New

Lead

Zinc

Louis)

(St.

VALUATION

1,228,603,000

DUN

—

U.

$63.11

$43:564,883
___

___

$26.83

30.600c

30.600c

30.600c

28.375c

28.325c-

28.350c

12.500c

12.000c

12.000c

12.300c

11.800c

11.800c

9.800c

.Nov. 22

13.000c

13.000c

13.000c

155.576,135

Central

—

99.5% )

at„

at

—

/

12.500c
23.000c

88.70

88.79

88.40

88.27
91.34

91.34

92.50

89.64

89.64

——_

88.27

88.27

88.54

84.17

84.43

82.90

86.38

86.65

ERAL
As

of

89.37

89.51

89.51

As

of

89.09

39.23

500-lb.

AVERAGES:
;

3.71

4.02

4.03

4.01

4.54

4.54

4.53

4.54

Corn,

4.32

4.32

4.24

4.44

4.44

4.44

4.39

Winter

4.54

4.52

4.58

All

4.85

4.83

4.U0

Durum

4.68

4.68

4.66

4.81

4.46

4.45

4.45

4.42

Nov. 26

Nov. 26
Nov. 26
Nov. 26

Group

INDEX

4.48

4.48

4.47

Unfilled

orders

370.9

375.7

ACCOUNT

FOR

388.150

350.572

381,416

381,314

16

97

99

99

94

16

610,077

622,632

623,801

461,802

99.61

*99.63

99.35

1

3,849,990

4,253,040

1

718,930

781,950

■Nov.

initiated

off

the

1

1

3,344.870
4,126,820

3,082,070

■Nov.

transactions

3,801,000

2,729,860
570,650

on

2,195,270

3,195,070

1

923,400

973,060

703,620

134,100
795,100

150,000

92,200

1

1

"
.

572,300

1

1.720,700

1,620,900

1,198,865

199,800

257,060

188,550

1

1,210,624

1,421,910

890.625

1,410,424

1,678,970

1,079,175

1,105,652

'■

6,847,000

6.494.090

4,632,345

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF

EXCHANGE

Dollar

—

by dealers

sales

(customers-

Total

1
1

round-lot

' 2,036,988

$129,461,452
2,310,762

1
1

27,178
2,283,584

$125,378,092

2,041,158

1,456.581

1,414.777

$130,216,206

$80,856,440

MEMBERS

"

sales—

Short

sales__—.

Other

sales—:

2,354,689

1,742,909

1,547,715
'

29,408

19,116

88,960

2,325,281
$131,841,612

1,723,793

.Nov.

shares

$89,855,519

$74,446,046

—

U.

S.

All

Group—

commodities

.

1

847,130

870,790

625,750

548,760

1
1

847430

870490

625,750

548^ 7 60

1

548,500

1
1
1

—

All

commodities

♦Revised

sold

on

—.

foods

357,500

540,590

457,590

28,992,430

1,200,170
20,509,270

29,052,470

30,633,330

21,709,440

1,640,900

2,406,650
18,419,910
20,826,560

All




-

12.714

12,685

33.487

33,487

-

793,992

.

3,433
21,690
33,710

191,025
266,703

273.368

16,910

16,957

2,228,119

seed

2,209,170

13,957

13.957

10,097

22,859

__

22,108

18,240

26

(tons)

(tons.)_________

—

19,009-

2,309,055

26

51,888

51,888

44,231

122,840

121,885

125,425

73,481

73.481

75,789

18.871

19.221

29,294

3,773

3,664

143

—

143

——

im¬

—

-

______

_____—7__—

(tons)

(pounds)

220

220

:

——

287
166

1.328

1,324

297,000

70,800)

*$100.53

$96.32

109.45

*109.45

105.37

89.15

*89:38

85.50

40.7

*40.7

40.3

1,302

,

283,000

______r._._—_________

<-

,

HOURS—WEEKLY

AND

—

s.

u.

of.October:

-

dept.

;

;

of

,

—

goods

—

goods

„

■

,

manufacturing

3,210
'

$100.53

_i:_—

Estimate

Nondurable

4,160

5,196
24.027

26

and

sugar

(bushels)

Durable

____

'

Nondurable

41.3

goods
goods

41.0

*39.9

39.4

$2.47

*$2.47

$2.39

2.65

*2.65

2.57

2.24

—L_

*41.3

39.8

I

2.24

2.17

*

goods

Hourly earnings—
All manufacturing

ERNORS

/
—

—:
_____-———

—

FFDERAL

THE

OF

SYSTEM

—

1957-59

Average

RESERVE

-100—Month

of October:

new

^—Nov. 19

100.3

*

foods—_

100.4

127

stock

October 31

126

119

130

'129

123

$5,515,000

—

$5,356,000

$3,889,000

exchange—

(000's omitted):

100.5

Nov. 19

94.6

*96.1

95.2

98.3

——N°v- 19

101.7

*102.2

102.1

lOi.O

*90.2

92.2

99.0

100.8

*100.8

100.7

100.7

Nov. 19

york

As of
100.6

figure. fNumber of orders not reported since introduction of Monthly Investment Plan.
bajsis at' centers where freight from East St. Louis exceeds one-half cent a pound.

delivered

675,197

1,809,880

3,952

275,121.

_

Seasonally adjusted

OF
'

—

.

other than farm and

727,358

1,943,280

5,196

Weekly earnings—
'
All manufacturing
-

4,947:

3,952

—

FACTORY EARNINGS

'.:

18,327

,

718,182
,

(tons)

average

2,942

2,875
5,009

12,714

Grapes (tons)
Cherries

10,899

1,922,360

—

(pounds)

121,034

20,680

5,009

195,745

Durable goods

1,545,240
27,507.230

•
—

products.

2,875

20,446

'

88.6

Farm

Processed

21,986

'

(cwt)

Durable

Nov.
DEPT.

LABOR—(1957-59=100):

Commodity

71,65.1

20,551

24,027.

Nondurable

—Nov.,
.Nov.

——

—

—

67,655

20,551

:

Unadjusted
NEW SERIES

67.655

—

Apples, commercial crop (bushels)
peaches (bushels)
Pears

14,867

9,399

(cwt)_

beets

'

14,847

113,832

9,399

___

(cwt)..'

lor

509,137

526,068

113,832

:2

(cwt)

Hours—

•'

:—;

PRICES,

_

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

—_

Total sales
WHOLESALE

67,268

538,587

(cwt)—:

1,458,755

(SHARES):

.—2

69,422

.

15,322

LABOR—Month

SALES ON THE N. Y. STOCK
ROUND-LOT STOCK TRANSACTIONS

OF

—

i—-_

c.

429,495
41,175
31,952
64,458

'

31,152

31,152

-

(cwt)

$68,402,469

->

STOCK

AND

ACCOUNT

.<•

1

—Nov.
Nov.
.Nov.

—

*

purchases by dealers—Number of

EXCHANGE
FOR

sales—

—

ROUND-LOT

bag)—
(bushels) -

summer

Hops

1,296,507

•

*

spring
spring

Pecans

.Nov.

,

sales

Round-lot
TOTAL

shares—-Total

sales—

6,140,624

—Nov.

—

dealers—

by

395,574
29,828

29,828:

Apricots (tons)
'.Cranberries (barrels)

———Nov. _,1

sales

186,539

975,068

395,574

(pounds.)
winter (cwt)—_

Brocmcorn

4,964,522

—Nov.

—.—___

sales

Dollar value

Other

4,509,595

purchases)—t

sales-.,—

other

71,809

203,599
1,081.743

186,539

______

Sugar

3,668,015

1

Nov.

short

Customers'

of

3,658,195

Nov.

Customers'

Short

851,400

5,660.200
6,849,210

Y. STOCK
COMMISSION

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

Number

1,189,010

5.087.794

N.

value

Round-lot

1,052,830

1

ODD-

shares

of

Number

1

Nov.

Odd-lot

50,567

.___

Sugarcane

4,757,467

1

—

SPECIALISTS ON
SECURITIES
EXCHANGE

275,408

50,567

(bales)

Total

844,985

1

Nov.

purchases

AND

8.17,154

237,106

975,068

Sweetpotatoes (cwt)
Tobacco (pounds)

260,667

—

transactions for account of members—

DEALERS

grain

895.904

■r

,

—

Late

1,025,767

1

Nov.

LOT

1,092,562

_2

Early summer

663,800

Nov.

Total

3,643.615

(bushels)

Fall

515,700

664,500

893,420
1,043,420

929,200

.Nov.

—

sales

Total

Late

148,100

.Nov.

Total round-lot

___.

all "(tons)—-—

Early

710,750

1

.Nov.

sales-

(bushels)

(100-pound

Potatoes,

the floor—

purchases

Other

,

1,133,010 V

895,904

__

(bushels)

Peanuts

887,740

.Nov.

Total

:

wild (tons )________
alfalfa, (tons
Hay, clover and timothy (tons)
Hay, lespedeza (tons)______
Beans, dry edible (cleaned) (100-pound bag)
Peas', dry field (cleaned)
(100-pound bag)
Soybeans for beans (bushels)
:

3,020,950

2,765,920

4,009.093

1,133,010

——

237,106

1

__

Hay,
Hay,

2,307,330

.Nov.

—

.Nov.

initiated

transactions

4,033,033
—~—

(bushels)
(bushels)

Hay,

floor—-

.Nov.

Other

thousands):

(in

'

1

—

REPORTING

(bushels )„—-__

spring

Cotton

98.90

.Nov.

purchases.

14,864.180

"7 V

•

1_,

CROP

—

(bushels)

Sorghum

-

.Nov.

Total

Rye

MEM

OF

'

of Nov.

as

(bushels)

Barley

340,565

5
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
.Nov.
Total purchases

Other

Other

346,835

368,355

.Nov, 22

TRANSACTIONS

355,061

16

INDEX—

AVERAGE=I00

1959

ROUND-LOT

—9,143,450

COM¬

OF

Flaxseed

[Nov.

tjeriod

at end of

DRUG REPORTER PRICE

bales,

spring

Oats

363.2

.Nov.
"Nov.

(tons)

$2,417,000.

10,064.027

__________

(DEPT.
■

as
of Nov. 1 final
grain (bushels)——
(bushels)

Rice

activity

OIL, PAINT AND

running bales—

1,

Crop

'4.39

369.8

Nov. 26

^

;

.Nov. 16

of

$2,098,000

(DEPT. OF COMMERCE):

Wheat, all

Group

Percentage

1,528,000

YORK

U. S. DEPT. OF AGRICULTURE—

Nov. 26

PAPERBOARD ASSOCIATION:

NATIONAL

40,323,000

*1*690,000

15,322,000

NEW

OF

(000's omitted)——

31

gross

^Nov. 26

<

—

.

COMMODITY

^39,690,000

OUTSTANDING—FED¬

BOARD

PRODUCTION

BOARD

Group

Industrials

$534,252,592

44,340;000

(net tons)—

PRODUCTION

4.85

MOODY'S

$672,857,917

90.34
CROP

Bonds

PAPER

MERCE):

4.54

Utilities

$594,412,676
60,160,08 4

$650,167,998

—

lignite (net tons)——

and

GINNING

Nov.

COTTON

89.92

89.03

'

Public

36.790.703

1,806,000

CityL

York

New

RESERVE

Oct.

COTTON

84.68,

.Nov. 26

corporate

Railroad

$709,648,620

56,024,033

(BUREAU OF MINES)—Month

Pennsylvania anthracite

87.72

,

84.17
86.38

.Nov. 26

Group

Aa

$706,192,031

■.

,

-

Bituminous coal

90.34

.Nov. 26

Group

Government

S.

32,541,076
109,173,027

$2,2 3 0,(500

States—

City

outside

4.33

U.

Average

52,046,217

,730.470

27

168 ,820,048

October:

of

88.27

88.27
01.19

89.64

.Nov. 26

BOND YIELD DAILY

MOODY'S

Total

90.04

88.80

.Nov. 26

;

Group—

United

York

COAL OUTPUT

111.250c

.Nov. 26

Utilities

41 783,945

7

41,341,450

..

.

COMMERCIAL

.Nov. 26

Public

New

24.000c

120.375c

.Nov. 26

Industrials

55,387,001
*08,534,437
93,661,985

127,505,864

11.500c

23.000c

128.000c

AVERAGES:

DAILY

Bonds

in OV. 22

.

12.500c

12.500c
23.000c

128.125c

.Nov. 22

—_

.Nov. 26

Railroad

123 .968,690

25,078,566

,

__

151 445,121

130,912,072

4—

Mountain

12.000c

.Nov. 22

at

corporate

Average

109,609,803

74 ,240,920

28.475c
10.000c

$33,459,125

*83, 834.006

69,129,979

;

$23.50

30.600c

$37 ,819,420

103,083,082

—

Central

West

$66.33

$26.50

.Nov. 22
1

PRICES

Government

S.

$63.11

$26.50

.Nov. 22

—

York)

(New

917,075,000

&

Central

Total

at)

BOND

MOODY'S

$63.11

.Nov. 22

(primary pig,

tin

1,226,029,000

QUOTATIONS):

at

Louis)

(East St.

Aluminum

Straits

159,699,000

CITIES—Month

INC.—217

Atlantic

East

.Nov. 18

at

(delivered

94,239,000

,96,830,000

between

—

Atlantic

South

South

.Nov. 18

Export refinery at
Lead (New York) at
tZinc

34,831.000

89,300,000

______

shipped

and

—

PERMIT

September:
England

M'iddle
.

.Nov. 22

refinery

$501,737,000
678,980,000
15,634,000

.—$2,732,507,00082,,708,708,000$2,367,364,000

BUILDING

136

&

;

J.

M.

&

12,219.000

34,140,000

—l

goods

Total

copper—

Domestic

775,092,000

BANK

'

METAL

$563,707,000

11,395,000

OUT¬

RESERVE

YORK—As of October 31:

Dollar

PRICES:

Pig iron (per gross ton)
Scrap steel (per gross ton)

$307,400,000

SYSTEM

ACCEPTANCES

DOLLAR
—

GOVERNORS

OF

RESERVE

(000's omitted)—

warehouse

25,300

.Nov. 18

DUN

lb.)

(per

BOARD

—

shipments

529,700

103,000,

Nov. 21

—

INC.

COMPOSITE

AGE

Finished

12,159

undelivered

and

—

FEDERAL

Domestic

555,000

__.Nov. 23
INDUSTRIAL)

AND

2,799

18,388

806,525,000

order

October

BRADSTREET,

kwh.)

000

(COMMERCIAL

BRADSTREET,
(RON

OF

INSTITUTE:

(in

output

THE

Imports
Exports

136,100

455,500

'

Electric

DEBITS

BANKERS

2.319

4,327

22,196

on

month)—,

of

OF

409,000

567,500
21

Nov. 16

100

==

4.330

8.533

4,725

—___

RESERVE

INDEX—FEDERAL

AVERAGE

296,799,000

:

cars—--

cars

Month of

8,683.000

427,000

Nov. 21

SALES

STORE

ELECTRIC

FAILURES

9,615,000
■

$1,023,000

,Nov. 21

",N°V

Municipal

SYSTEM—1957-59

BANK

85,447,000'

omitted):

Federal

EDISON

308,346.000

delivered-——____________

Domestic

1

DEPARTMENT

24,531,000

^

planning by ownership—;

and

(end

53,173.000
,

Nov. 21

advance

27,029,000

export

,

ENGINEERING

—

4,000

,40,293,000

315,162,000

and

7.000

38.214.000

25,529.000

.

cars

STANDING
;

PLANNING

30,430.000

7.000

INSTITUTE—

CAR

freight

new

freight
Backlog of

506,787

MINES):

224,240,000

33,278,000

36,666,000

Month of October:
New

571,436

(tons)

domestic

254,674,000

235,144,000

34,039,000

„

268.429,000

236,830,000

(barrels)^

^

RAILWAY

Orders of

Nov. 15

Private
State

5,552,000

177,990,000
36,032,000

191,761,000

(tons)_!

ADVANCE

CONSTRUCTION

4,168,000

—.—Nov. 15

270.876,000

output

consumption

AMERICAN

13,365,000

Nov. 15

lignite

anthracite

Ago

(barrels of 42 gal¬

output (barrels)—

(barrels)

-v

RAILROADS:

BUREAU

S.

and

coal

Pennsylvania

Year

Month

3,182,000

179,234,000
37,184,000

38,198,000

at

gasoline

Indicated

30.041,000

14,344,000

Nov. 15

(bbls.)

Previous
v

INSTITUTE—Month

Lenzol output (barrels
Crude oil imports (barrels)
Refined product imports (barrels)--

8,295.000
.

14,116,000
4,592,000

14,234,000

177,432,000
37,832,000

1

freight loaded (number of cars)
Revenue freight received from connections
Bituminous

3,093,000

4,759,000

Revenue

COAL

8,432,000

31,606,000

3,445,000

176,569,000

AMERICAN

OF

8.476,000
30,439.000

Nov. 15

(bbls.) at—
(bbls.) at
I

oils

Unfinished

8.615,000
2,986,000

bulk terminals, in transit, in pipe lines
(bbls.) at
:
.Nov. 15

at

fuel oil

Residual

ASSOCIATION

Natural

7,338,960

7,610,110

31.170.000

.

r

oil

fuel

Distillate

.63

0.625

7,568,110

7,580.410

Nov. 15
Nov. 15
Nov. 15

(bbls.)
Residual fuel oil output (bbls.)
Distillate

0.654

0.65

of

(bbls.)
(bbls.)

output

Kerosene

...

———Nov. 15

stills—daily

to

runs

Gasoline

of that date:

August:

Domestic crude oil

INSTITUTE:

condensate

gallons each)

42

'

r

Nov. 23

1960

PETROLEUM

AMERICAN
Crude

in

late

data

PETROLEUM

Total domestic production
lons each )

'

(per cent capacity).
Institute discontinued issuing

Steel

either for the

are

are as

Month

AMERICAN
of

107.1

operations

steel

The American Iron &

of quotations,

cases

Latest

Ago
,1,844,000

production
—Nov. 23

indicated

Unofficial

in

or,

V

V"or

1.979,000

1,995,000

that date,

on

production and other figures for the

cover

Dates shown in first column

'

1957-1959

for

Previous

Week

INSTITUTE:

STEEL

AND

IRON

AMERICAN

month available.

or

23

Member
Total

Credit
Total

firms

extended
of

net
to

customers

Market

$Prime Western Zinc

carrying

customers

value

of

margin

debit

accounts—

balances-—.*—

29.000

free

listed

shares—

Member

borrowings on other collateral—

1,126,000

396,235,000

309,225,978

25.000

502,000

borrowings of U. S. Govt, issues—

Member

1,180.000

407,242.000

credit balances—_

41.000

1.173.000

customers-———

.

749.000

766,000

4,358,000

4,244,000

2,739,000

The Commercial and Financial Chronicle

.

.

Thursday, November 28, 1963

.

(2112)

24

* INDICATES

Securities Now in Registration
Israel. Proceeds—For investment.

NOTE

—

the SEC

icle"

tion," Dates shown in

parentheses alongside

j

the company's name, and in the index, re-^
fleet the expectations of the/underwriter but
are not, in general, firm offering dates,
i Also shown under the eapiffoii "Effective

j

Registrations" are those issues which became

i

effective

|

this week and

Inc., San Francisco.

;

International

Atlantis

.

Balanced Income

Fund, Inc.

Price

Net asset

—

mutual

LaSalle
St., Chicago.! Underwriter-—Supervised Investors Serv¬

1963 filed 165,000 common. Price—$3. Business—
a new line of motor speed controls
to

Oct. 4,

the speed of electric powered tools. Proceeds—
equipment, leased facilities, advertising
•and working capital. Address —. 1275. Route .23, Wayne,.
N. J. Underwriter—Chase Securities Corp., New York.
additional

12, 1963 filed 365,262 common to be offered for
subscription by stockholders of Marine Capital Corp.,
on the basis of one Bankers share for each
two Marine
held. Rights will expire Jan. 20, 1964. Price—
Business—Company plans to acquire control of,
or invest
in, other firms engaged in the financial field.
Proceeds—For investment. Office—125 East Wells St.,
Milwaukee. Underwriter—None.
//'
shares

April 1, 1963 "filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan
repayment, expansion and other corporate
Underwriter—None.
•

$2.70.

Y.

Fuhrmann Blvd., Buffalo, N.

Office—901

purposes.

Fund, Inc.
May 29, 1963 filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties. Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax. purposes. Business—
A
closed-end
investment company
king ' lohg-term
growth of capital and income. Proceeds S4- For invest¬
ment.
Office—35 Congress St., Boston - Underwriter—
Kidder, Peabody & Co., New York. Note^-The exchange
will not be consummated unless $25,009,000 of r securi¬
ties are deposited and accepted. This means that the
Fund expects to issue a minimum of 1,000,000 'capital
Bay State Exchange

'

Allen Electric &

Equipment Co.

(12/9-13)

Sept. 27, 1963 filed $1,200,000 of 6% convertible subordi¬
debentures due. 1976; also 100,000 common to be

nated

offered

a stockholder. Price—By amendment (max.
$12). Business—Manufacture of equipment and
tools used in servicing automobiles. Proceeds—For debt

by

for stock:

repayment. Office—2101 N. Pitcher St., Kalamazoo, Mich.
Underwriter—Dempsey-Tegeler
Inc., St. Louis.
•

Auto Parks, Inc. (12 16-20)
Sept. 24, 1963 filed $2,000,000 of 6% sinking fund sub¬
ordinated debentures due 1978, 240,000 common shares
All right

shares.

purchase:an additional 80,000
common, to be offered in units consisting of one $100
debenture, 12 shares and warrants to purchase an addi¬
and

warrants

5-year

tional

to

unit).

cities. Proceeds—For debt repayment and
tal. Office—825

Amerel

July

filed

31, 1961

400,000 common shares. Price 500.
is engaged in exploration, de¬

Proceeds—For diamond drilling,
exploration and
general corporate ex¬
penses.) Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
v •
construction,

American

Oct.
to

Realty Trust

29, 1963 filed
offered

be

basis of orie

Proceeds

(12/2)

132,300 shares of beneficial interest
by stockholders on the

subscription

for

share for each four held of record Nov.

new

1963. Rights will expire Dec. 16. Price—By amend¬
ment
(max. $11). Business—A real estate investment
Proceeds—For investment.

Office—608 Thirteenth

St., N. W., Washington, D. C. Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis.
•■•-/(.Ampal-American Israel Corp.
Oct.

'

due

1973.

Price—At par.

Business—Investment in

companies participating in the economic development of

Business—
Proceeds—
For
debt
repayment, product development, working
capital and other corporate purposes. Office—1129 Club
House Road,

I

....

'

specializing in

-

«ffNEW

,

-

-

SOLD

-

&

Office—827 Fort St.,

adelphia.
•

QUOTED

°

ESTABLISHED

■

/ T;/:; ''

Members of

,

v

JUo.

New York Security Dealers Association ~

39

Broadway, New York 6, N. Y.

7WX: 212-571-0320

Dlgby 4-2370

Direct Wires

.«

R. /. HENDERSON & CO.,

12/2)
25, 1963 filed 200,000 capital shares. Price—Net
value (max. $10). Business—A new mutual fund.
Office^-8401 W. Dodge Rd.,
Underwriter—-None. Note—This statement has
investment.

etffective.

Canaveral

/

Hills Enterprises,

;

Chemair

of

Price—$5.50. Busi¬

common.

engineering, surveying and draft¬

York. Offering-

New

V';-

Corp.

•

offered in units

consisting of one $10 debenture and two
Price—$12 per unit. Business-—Production and
of chemicals designed to control odors, bacterial

common.

sale

growth

and

air

sale

and

of

country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and d e v e 1 o p real estate,
erect homes, apartment houses, motels, etc.
Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla.
Underwrifcer-rrWillis E. Burnside &
Co., Inc., New York/ Offering—Indefinite.
Carton

V

Products Corp.

1963 filed 304,293 common being offered

1 -/

for sub¬

pollutants j^'and development, produc¬
an
electronic vaporizing unit for dis¬

Aurora,. Ohio.
Castle

Underwriter—None.

Hospitality Services, Inc.

Nov.

12,

short-term

reduce

Lehman

Office

debt.

324

—

E.

•

Imperial Mining Co.

1962 filed'200,000 common. Price—$1. Busi¬
mining". Proceeds—For exploration and

Sept. 20,

ness—General

Underwriter

operating expenses. Office-Creede; Colo.
—None.
"//'"/'.■/ / /:;';'" //' ■ ;■/.'/•
Market. Fund,

Common

March. .7, _1963
value

asset

Inc.

Price—Net
mutual fund

filed 2,000.000 capital shares.

plus 8.5%.

Business—A

new

specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For investment.
Office—9465 Wilshire Blvd.,
Hills,

Beverly
Co.

Calif.

(same address).

Underwriter—Kennedy, Cabot &
Offering—Indefinite.
Inc.

Community Health Associations,

.

150,000 common, of which 100,000
are
to be offered by company and 50,000 by Harry E. ■-'/
Wilson; President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales/promotion, and other corporate purposes. V.
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
None.
"
r
; /■:•
April

12,

1963 filed

,

Connecticut Western
Oct.

Mutual

Fund,

Inc.>

22, 1963 filed 1.000 common. Price—By

amendment

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

/

Inc.

'

/

filed $75,000,000 of first and refunding
mortgage bonds due Dec. 1, 1993. Proceeds—To repay
bank loans, and finance construction.
Office —- 4 Irving
Nov.

15,

1963

New

Place,

York.

Underwriters—/Competitive). Prob¬

Halsey, Stuart & Co. Inc.; Morgan Stanley
& Co.; First Boston Corp. Bids—Dec. 11 (11 a.m. EST),
at above address.
/
/

able bidders:

v

.

,

Consolidated Foods Corp.

.

1963 filed 350,000 common. Price—By amend¬
$48,875 per share). Business — Processing
items, and the opera¬
tion of three retail food chains and one retail drug store.

Nov.

12,

(max.

ment

distribution of various food

and

New

Loeb & Co., Inc., and Lehman Brothers,
Offering—Expected after Jan. 15, 1964.

Kuhn,
York.

Consumers
Nov.

acquisition of Booth Fisheries Corp. Of¬
Salle St., Chicago. Underwriters—

135 South La

—

|

Cooperative Association

4, 1963 filed $9,000,000 of 5Y2% subordinated
1988; 120.000 shares of

ficates of indebtedness due

certi¬
5V2%

preferred stock; 40,000 shares of 4% second preferred
stock; and 400 common. Price—By amendment. Busiuess—A cooperative wholesale purchasing and manufac¬
turing association for local farmers',coop's in the mid¬
west. Proceeds—For general corporate purposes. Office N.-Oak Trafficway, Kansas City. Underwriter—

—3315
None.

../"

.

Continental Reserve Corp.
May

13, 1963 filed 45,000 class B common,'

Business
manaee

East

■

/

•

•

>

Price

—

$40.

Company plans to acquire, organize, and
life, accident and
health insurance concerns..
—

investment

40th St., New

York.

in subsidiaries.
Office—114
Underwriter—None.

.

debentures due 1969
Business—Company plans to
offer management and consultant services to rpotels and
furnish them
with equipment.
Proceeds—For. general
corporate purposes. Office-r-1068 S, Ocean Blvd., Pompano Beach, Fla.
Underwriter—None.

Dec.

14, 1962 filed $500,000 of 8%

($1,000).

,

^

and"^

Co., Inc.,

Brothers, New York.'

Colorado

.

Dewey \Ave.,

Mich. Underwriters—Blyth &

Buchanan,

Proceeds—For

/-'/

.

Clark

Equipment Credit Corp.
(12/4)
1963 filed $20,000,000 of series B debentures
due 1983. Price—By amendment. Business—Company, a
subsidiary of Clark Equipment Co., finances sales of
Clark products to consumers and dealers. Proceeds—To

v

Business—Manufacture of extruded

plastic pipe, and molded and fabricated plastic pipe fit¬
tings. Proceeds—For debt repayment, working capital,
and other corporate purposes. Address—P, O. Box 133,

,

pensing such chemicals. Pftfbeeds-^For debt repayment,
equipment, sales promotion and working capital. Office
—221 N. La Salle Street, Chicago. Underwriter—To be
named. Note—This company formerly was named Chem¬
air Electronics Corp.
Offering—Indefinite,

Proceeds—For

Business

•

Dec. 28, 1962 filed $150,000 of 6 % subordinated income
debentures due 1973 and 30,000 common shares to be

fice

Inc.

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

Price—At par

to

INC., Los Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia




?•

Butcher-& Sherrerd, Phil¬
; ...;■/';V- "v,, //;.. *'

scription by stockholders on the basis of three new shares
for each five held of record Nov. 20. Rights will expire

1942

Corp.

100,000

—Arnold, Wilkens & Go., Inc.,
Expected in mid-January."

Bridges Investment Fund, Inc.

Dec. 13. Price—$3.50.

yicki&ustf. IS I Iij C iJE L

Honolulu. Underwriters—Blyth

Co., Inc., New York, and

Oct. 9,

for Banks, Brokers, Institutions

1963 filed

29,

(12/11)

15, 1963 filed 8,500 common. Price—By amend¬
(max. $80). Business—Sugar production in Hawaii
and Puerto Rico, and distribution of molasses in the con¬
tinental United States. Proceeds—For selling stockhold¬

•

BOUGHT

Charvos-Carsen
Oct.

(12/6)

ment

become

over-the-counter securities

Address—Manassas, Va. Un¬
Nolan, Fleming & Co., inc., Wash¬
ington, D, C. Offering—Indefinite.
derwriter—Folger,

Consolidated Edison Co. of New York,

& Co., Ltd.

Nov.

Omaha.

I

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

tion and loan repayment.

Gladwyne, Pa. Underwriter—None.

(C.)

Brewer

Proceeds—For

-'<5>

'-'C

•

Rights will expire Dec. 6. Price — 50 cents.
Production of a light two-place helicopter.

asset

m

v

;/;/

23, 1963 filed 588,780 common being offered for
subscription by stockholders oh the basis of three new
shares
for
each
share
held ; of
record
Oct.
15.

July

^\>

Co., New York.

July

ers.

14, 1963 filed $3,000,000 of 6% sinking fund deben¬

tures

working capital.
Hackensack, N. J. Under¬

repayment' and

Brantiy Helicopter Corp.

27,

trust.

debt

For

—

writer—F. Eberstadt &

company

velopment and mining.

•

,

Office—138-160 Johnson Ave.,

Mining Co. Ltd.

Business—The

25,

outstanding class A shares to be sold by certain stock¬
holders. Price—By amendment.
Business — Wholesale
distribution of ethical drugs, chemicals, cosmetics, etc.

working capi¬
I

(12/2-6)

1963 filed $1,250,000 of 5M>% convertible sub¬
ordinated! debentures due Oct. 31, 1978; also 125,000

Esperson Bldg., Houston. Underwriter—

Equitable Securities Corp., Nashville.

Offering—Indefinite.

Bergen Drug Co., Inc.
Oct.

shares.

Price—By amendment (max. $230 per
Business — Operation of 558 parking lots in 40
4

and Fairfax

tion

:

Nov.

Inc.

Hotels,

Airway

{

Corp.

Bankers Financial

-

govern

For

(same address).

ices, Inc.

furnishes telephone

ment-Office—50 Colfax Ave., Clifton, N. J. Underwriter

(max. $8.72) plus 8^4%. Business—A new
fund. Proceeds—For investment. Office—120 S.

.Manufacture of

Inc.

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

ing instruments and supplies. Proceeds—For debt repay¬

value

Aerosystems Technology Corp.

Telephone Co.,

Oct.

Proceeds—For

7, 1963 filed 2,000,000 common.

Oct.

Mutual

ISSUE

Price--$4. Business

repayment, property improvement, and working
capital. Office—700 Park Ave., Plainfield, N;
Under¬
writer—S. Schramm & Co., Inc., New York. Offering—
Expected in late, December.
debt

,

licly.

REVISED

ness—Distribution

development company.

estate

real

-^-A

x

Corp.

April 30, 1963 filed 100,000 common.

offered pub¬

were:

''

:

Applied Technology, Inc. (12/16-20)
Oct. 28, 1963 filed 54,200 common. Price—By amendment
(max. $9). Business—Manufacture of various types of
electronic systems for national defense. Proceeds—For
selling stockholders. Office — 930 Industrial Ave., Palo
Alto, Calif. Underwriter—Mitchum, Jones & Templeton,

in Registra-

of this section "Securities Now
•

(same

•

carried separately at the end

now

are

-\/////.?/; : '.

"

address).

Registration statements filed with
since the last issue of the "Chron-

Corp.

PREVIOUS

ITEMS

•

Central

Office—17 E. 71st St.,

Underwriter—Israel Securities

York.

New

ADDITIONS

SINCE

•

Corone*

'Nov.

19,

Industries,

Inc.

(1/640 64)

1963 filed 210,000 common.

Price—By amend¬

(max. $15). Business — Manufacture and sale of
tufted, carpets and rugs. Proceeds —■ For selling stock¬
holders. Address—P. O. Box 570, Dalton, Ga. Under¬

ment

writer—Hemphill, Noyes & Co., New

York.

j

Volume

6320

Number

198

'

Defenders

.

Jan. 30, 1963 filed 100,000 common.

New York. Distributor—F. Eberstadt

fice—65 Broadway,

Price—$12.50. Busi¬
ness—C o m p a n y plans to write automobile insurance.
Proceeds—For general corporate purposes.
Office—146
Old County Rd., Mineola, N. Y. Underwriter—None.

& Co., Managers & Distributors, Inc., New
ing—Indefinitely postponecL
4,

Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬

Jan. 29, 1963, filed 50,000 common. Price—$2.
—Manufacture of the SAFER Butter Chipping

rants to

and

additional 120,000 shares to be of¬
of its stock and deben¬
tures in units (of one share and one' warrant)
on the
basis of 3 units for each 5% prior preferred share held,
one unit for
each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public.
Price—
To subscribers, $20; to public, $22.25.
Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,
purchase

an

fered for subscription by holders

construction

equipment

other corporate purposes.
Underwriter—None.

and

Office—360 Lexington Ave., N. Y.
Doman

April

19,

subscription

stockholders

by

shares for each three held.
of

(max.

construc¬

Proceeds—To obtain
models, train service personnel, repay
Address—Municipal Airport, Danbury, Conn.

experimental helicopters.

certification

debt, etc.

SEC

Note—The

issued

has

stop

a

suspending this registration statement.'

Dynapower

Sept. 28,

Systems

1962 filed

Corp.

Price—$1.

750,000 common.
of

electronic

fq^ medical

devices

marine

and

Proceeds—For working capital,

Busi¬

vehicles

electro-mechanical

ness—Manufacture

purposes.

equipment and debt re¬

Underwriter—None.

—

rities, Inc., Atlanta.
Eberstadt Income

asset

plus

Fund, Inc.

8 Vfe %.

Business—A

Price—Net

mutual

new

fund

various

entertainment fields. Proceeds—For

corporate purposes. Office — 50 Broadway, New
Underwriter—Linder, Bilotti & Co., Inc., (same

other

York.

December 2

1962 filed 240,000 common. Price—By amend¬
(Max. $6.50). Business—A holding company for

—For

selling life insurance and mutual funds. Proceeds
new
sales offices, advances to subsidiaries and

working capital. Office—5150 Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Note—This registra¬
tion will be withdrawn and then refiled.
Farmbest

18, 1963 filed 9,653 common; also $240,000 of re¬
capital certificates. Price—For common, $1; for
certificates, 25 cents. Business—A farmers cooperative
for swine producers. Proceeds — For general corporate
purposes. Address—Denison, Iowa. Underwriter—None.
tained

Corp.

Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price

amendment (max. $15).
Business—Design and
tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
home use. Proceeds—For a recession offer to stockhold¬
—By

Pratt Ave., Chicago.
•

First

Nov.

20,

Mortgage Investors (12/16-20)
1963 filed $10,000,000 of senior debentures and

$5,000,000 of convertible debentures both due in 1978, to
be offered in units of two $100 senior debentures and one

Southwest

&

&

Co.)

125,000

Bridges Investment Fund, Inc
(No

underwriting)

200,000

shares

Florida Jai Alai, Inc.(Consolidated

Garan, Inc.

v

/
/• (Bache & Co.)
Juniper Spur Ranch, Inc
Okliana

Common
&

$3,500,000

Inc.)

Security Title & Guaranty Co
(Offering

Common

stockholders—underwritten

to

Units

;

„

Underwriters,

&

by

New

York

1963

,

Brooks

W.

(P.

plant
34th

expansion and working capital. Office—112
St., New York. Underwriter—Bache & Co.,

Hills Uranium Co.

Gas

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

Business

ket.

—r

Proceeds—For
Second

St.,,Laramie, Wyo. Underwriter—None.

Gordon

Realty Corp.

(I.)

tion

by stockholders

125,600

Corp.)

shares

Bldg., Rochester, N. Y. Underwriter—None.

(Bids

Homes, Inc.

Great Southwest
Nov.

real

(Tuesday)

(Pierce.

Middlesex

Wulbern.

Water

Co

200,000

12

Continued

Inc.

Common

_

(Kidder, Peabody & Co.. Inc.)

Pacific Northwest Bell Tel. Co
(Bid«

Tennessee
(Stone

&

Gas

Webster

(Stone

&

a

EST)

m

Securities

Halsey,

Tennessee

11

Tool

stockholders—underwritten by Dean Witter

to

Gas

Stuart &

World

(Offering

Securities

&

v

to

be

Hammill

12

duPont,

December 6

Brewer

(C.)

A.

$20,000,000

Bonds

EST)

Allyn,

Inc.)

Allen Electric &

Theatrical
(Linder,

Great

Lakes

Common

___

Co.,

Co.,

Milwaukee




Co.)

Allright

noon

First

Parks,

Inc

Securities

& Co.,

(Lehman

Inc.)

Debentures

$1,200,000

Common
100,000

shares

Ltd
Inc.)

;

Lynch,

Units

-

Common

Inc.——
Inc.)

54,200

160,000

shares

Midwestern

Co.)

&

$15,000,000

(No

'

<

.

$5,000,000

(Wednesday)

1964

-Equip. Trust Ctfs.

—

(Bids

&

Co.,

January 20,

12

noon

EST)

$6,960,000

,

(Fleetwood

(Monday)

1964

Common

Inc

Brothers,

Securities

Corp.

February 25, 1964

of America)

$300,000

166,000

125,000

shares

8:30

a.m.

PST)

Bonds

$60,000,000

shares

Inc.)

(Bids

(Tuesday)

Edison Co

California

Southern

Common

Co.)

Securities

Common

March
Potomac

10,

Fenner

&

Smith

Inc.)

1964

Edison

Debentures

Pierce,

Gas

—-Bonds

EST)

a.m.

shares

..Debentures

Hammill

Wilson

December 17

Common

January 15,

Musicaro

(Bids

10

March 18,

1964

(Tuesday)
Transmission

underwriting)

Co

50,000

shares

(Tuesday)

--Bonds

Co.—
a.m.

EST)

$12,000,000

$150,000,000

Common
$2,000,000

11

Clinchfield RR.

units

Sinclair Oil Corp
(Merrill

shares

Narragansett Electric Co

-

Varner-Ward Leasing Co
(Birr,

60,000

(Tuesday)

January 14, 1964

-

t

York

Brothers)

,

——i—Preferred

Northwest Natural Gas Co

Inc.)

'

—

20,000

Corp)

Templeton,

&

Jones

(Shearson,

$14,000,000

800,000 shares

$2,700,000

CST)

Mortgage Investors-

shares

Bonds

Co

Brothers)

(Monday)

Technology,

(Mitchum,

$6,420,000

(Thursday)
12

16

Auto

EST)

noon

(Lehman

>.•

Common

J. C. Bradford
shares

Inc., and
1,750,000

12

Northwest Natural Gas

Bonds

Ry.———Equip. Trust Ctfs.

(Equitable

(New

Productions
&

Co.,

Equip. Trust Ctfs.

Atlantic Coast Line RR

—_——Common

Kingsboro Corp.

Homes, Inc

(The

8,500

Equipment Co.—

Bilotti

&

$130,000,000

(Wednesday)

1964

January 8,

—Bonds

,

shares

(Monday)
&

Loeb

Bonds

received)

/

shares

Ritz, Inc

Corp.

Texas & Pacific

Applied

and Butcher & Sherrerd)

(Dempsey-Tegeler

of the

$6,600,000

$75,000,000

EST)

a.m.

Equip. Trust Ctfs.
CST)

noon

be

to

(Bids

i

Allen Electric & Equipment Co
/ (Dempsey-Tegeler & Co., Inc.)

Elite

150,000

12

Telephone Co._
(Bids

EST)' $30,000,000

Sachs & Co. and White, Weld & Co.)

December

$3,600,000

& Co., Ltd

December 9

(Goldman,

11

(Bids

(Friday)

(Blyth & Co., Inc.

New York

(Wednesday)

December 12

Common

C.

(Bids

.Common

.

100,000

Inc.)

(Tuesday)

January 7, 1964
'

EST) $6,840,000

Corp.)

a.m.

Co.,

&

shares

Missouri Pacific RR.—

V

.Equip. Trust Ctfs.

Co.

11

(Bids

$10,000,000

Shippers Dispatch Co._
I.

r

Debentures
$2,500,000

& Talbot)

Edison Co. of New York

Consolidated

Nationwide

Equip. Trust Ctfs.

noon

shares

157,306

Inc.)

Co.,

&

12 noon

&

(Bids

(Kuhn,

Brothers)

Common
Loewi

and

Co.

&

120,000

<

..Common

Debentures

Co

received)

(Laird

Lanvin-Charles

$8,500,000

Corp

New York Central RR.
(Bids

Weld

(Bids

/

•

shares

210,000

Co.)

&

Noyes

(Hemphill,

(Bids

-----Debentures

Lehman

and

Electric

(Bids

(Francis

-

Common

Coronet Industries, Inc

—Common

•_—

Pacific Ry

1

Co.)

shares

36,000 shares

(Smith, Barney & Co., Inc.)

Jones &

and

(Wednesday)

Inc.,

C.o.,

&

Common

Consolidated Water Co

(Shearson,

Inc.-

(Hannaford

December 11

Wfeld

stockholders—no underwriting)

Massachusetts

Co.

&

Preferred

Co
and White,

Corp.

Equipment Credit

(Blyth

Weld

$35,000,000

Airlines, Inc

to

December 4
Clark

Inc.)

Transmission

Webster

150,000

Trans

White.

Corp.;
Co.

(Monday)

January 6, 1964

$6,705,000

shares

90,000

Co.)

&

$275,000

Corp.)

EST)

-Common

Water Works

Jose

(Offering

(Tuesday)

Works,

Bonds

:

Units
Securities

(Friday)

January 3, 1964
San

Virginia Electric & Power Co.—

Co

(Monday)

December 23

Northern Plastics Corp

-Debentures

_

$50,000,000

Transmission

111,000 shares

Inc.)

& Turner,

San Morcol Pipeline, Inc
(Milburn, Cochran & Co., Inc., and Midland
Co., Inc.) $300,000

RR——Equip. Trust Ctfs.

noon

Planning Research Corp.—

35,000 shares

page

Common

-—

—

Guerin

(Eppler,

on

(Wednesday)

December 18

Opticks,

Debentures

December 10

Northern

shares

191, Arlington, Tex. Underwriter—

Box

O.

Glore, Forgan & Co., New York.

—Common

Natural Gas & Oil Producing Co
/,
(Peter Morgan & Co.) $900,000

Common

Inc.)

By amend¬

—

$25). Business—Development of industrial
estate in Texas. Proceeds—For selling stockholders.
(max.

Address—P.

"

Jade Oil & Gas Co

Murphey,

(12/9-13)

Corp.

7, 1963 filed 275,000 common. Price

ment

Debentures

—

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

(White,

December 3

-

(12/9-13)
Sept. 27, 1963 filed 160,000 common, of which 100,000
will be sold for the company, and 60,000 for stockhold¬
ers. Price—By amendment
(max. $10). Business—Manu¬
facture of custom-designed, factory built homes. Pro¬
ceeds—For debt repayment and working capital. Address
—Sheboygan Falls, Wis. Underwriter—The Milwaukee
Co., Milwaukee, Wis.
Great Lakes

$1,500,000

Inc.)

Co.,

Philadelphia

(First

Illinois

Life Insurance Co. of Florida—

Price—By amendment.

ment, and other corporate purposes. Office—112 Powers

,

Hanseatic

the basis of $700 face amount

on

for each 100 common shares held.

Business—General real estate. Proceeds—For debt repay¬

Units

.

$140,000

Co.)

&

& Nashville

(Kidder,

.

common,

Oct. 28, 1963 filed

$190,000

Co.)

&

(Brager

•

$300,000

Co.)

For

--Debentures

Macco Realty Co._

100,000 shares

/

of which 100,000
shares will be sold for the company and 40,000 for cer¬
tain stockholders.
Price-—By amendment.
Business—
Manufacture of men's and boy's sport shirts/ Proceeds—
6,

Food Co., Ltd.———Ordinary Shares

■

Louisville

'

^

$867,000

Life Affiliates Corp.

$1,500,000

Corp.)

Corp.
(Equity

•

Common

Anderson

E.

—.—

Co.)

&

(Brager

Common

Securities

—

(V.

Inc.

Shares
'

<

(12/2-6)
filed 140,000

$7,000,000

Co.)

&

Noyes

Imperial '400' National Inc

Capital

Nov.

Debentures

Inc.--—

Baby Food Co., Ltd

Israel Baby

shares

Underwriter—Consolidated Securities Corp.,

Garan, Inc.

275,000 shares

Co.)

&

(Doolittle

Class A

.

Eberstadt

(P.

Hobam,
Israel

$1,250,000

Co.)

Park, Fla.

Common

Corp

Forgan

(Paul)

Debentures

Bergen Drug Co., Inc

—

St., Boston. Under¬

bank loans. Office—30 Federal

pay

Stifel,
.

1962 filed 300,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern
28,

ness

writer—Shearson, Hammill & Co., New York.

(Glore,

Ben. Int.

Bergen Drug Co., Inc
Eberstadt

payable. Office—3600 W.
Underwriter—None.

and reduction of accounts

ers

(Hemphill,

Realty Trust—

June

.

Sept. 27, 1963 filed $2,113,748 of 7% subordinated con¬
vertible debentures due 1974 to be offered for subscrip¬

Inc.

pNov.

Fedco

,

(12/2-6)

Alai, Inc.

New York.

Equity Funding Corp. of America

firms

development of real estate. Office—2037

St., Boulder, Colo. Underwriter—Grondrezick
Corp., Boulder, Colo.
/

Florida Jai

March 29*

(Monday)

(Offering
to
stockholders—underwritten
by
Nicolaiis & Co., Inc.) 132,300 shares

•

West

address).

Hardeman

(P.

in the theatrical and
working capital, and

of ventures

types

Securities

Pompano Beach, Fla.

(12/9-13)

Sept. 26, 1963 filed 400,000 class A common. Price — $5.
Business—Company plans to operate, produce and fi¬

Great

NEW ISSUE CALENDAR
American

Ltd.

Elite Theatrical Productions

Of¬
,

$100 convertible debenture. Price—$300 per unit. Busi¬
ness—A real estate investment trust. Proceeds—To re¬

2.000,000 capital shares.

filed

1963

value

•

New

manufacture of

Eagle's Nest Mountain Estates, Inc.
Sept. 26, 1963 filed 360,000 common, of which 300,000
are to be offered bv company and *60,000 by Stockhold¬
ers. Price
$4. Business—Company plans to develop
land for a year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other
corporate purposes. Office—2042 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment Secu¬

May 31,

fering—Postponed.

and

Office—2222 S. Centinela Ave., Los Angeles.

payment.

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

of

Underwriter—None.
order

on

Price—By amendment

Business—Research, development and

$1.25).
tion

to be offered for
the basis of two new

Business

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

nance

25, 1963 filed 200,000 shares of beneficial interest#
Price —$5.
Business —A real estate investment trust.
Proceeds—For

machine,

Investment Trust

Estate

Real

Western

25

Oct.

Thirteenth

rials.

ment

Helicopters, Inc.
1962 filed 418,680 common

York. Offer¬

Electronic Dispenser Corp.

•

First

Proceeds—For investment. Of¬

seeking current income.

Co.

Insurance

(2113)

The Commercial and Financial Chronicle

...

Common

(Thursday)
—Equip. Trust Ctfs.

Atlantic Coast Line RR-

/

(Bids

12

noon

E'ST)

$3,825,000

26

The Commercial and Financial Chronicle
26

Continued

from

25

page

general
Center,

Proceeds—For gen¬
eral corporate purposes. Office—1107 Federal Securities
Building, Lincoln,^ Neb. Underwriter—None.
(Paul)

Hardeman

(12/9-13)

Inc.

other government agencies, private in¬
foreign governments." Proceeds—For debt
repayment./Address — Stanton, Calif.
Underwriter—
Hemphill, Noyes & Co., New York.
/
.

(12/9)
filed $850,000 of 6%

-—4200 Hay ward

convertible subordi¬

tors

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

1973,

1,

Dec.

due

25.500

and

Inc.
March 27, 1963 filed $1,250,000 of 6%% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
^

debt

.

,

"Isras" Israel-Raasco Investment Co.,

filed $10,000,000 of first mortgage bonds,
series H, due Dec. 1, 1993. Proceeds—For loan repay¬
ment.
Office—441
Stuart St.,. Boston. Underwriters—
Oct.

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

also

Proceeds—For general cor-

citrus plantations.

owns

Stuart &; Co.
Fenner
& Co.;
Kidder, Peabody & Co.; Blyth & Co.-White, Weld & Co.
(jointly)! Bids—Dec. 4 (11 a.m. EST) at above address.
(Competitive). Probable bidders: Halsey,

-

(12/10)

Jade Oil & Gas Co.

Office—4344 East Indian School Rd., Phoenix.

of 6Vz% convertible sub¬
warrants). Price—At par.
Business—Production of oil and gas primarily in Cali¬

R.'Williston & Beane, New York. Note—This statement will
not be withdrawn as previously
reported, but will be

Oct

amended.

fornia, Texas and Louisiana. Proceeds—For debt repay¬

to

be

Office—216 E.Monroe St., Springfield, 111. Under¬
writer—Horace Mann Investors Inc., (same address).

(12/9-13)
Oct. 29, 1963 filed $1,500,000 of 6 !4 % convertible sub¬
Imperial '400' National Inc.

,

ordinated debentures due Nov. 1, 1978. Price—By amend¬
ment.

chain
of motels. Proceeds—For working capital.
Office — 460
Sylvan Ave., Englewood Cliffs, N. J.
Underwriter—P.
Business—Development and operation of

W. Brooks & Co.. Inc., New York.

Industrial

-

Oct.

25,

Electronetics

1963

("Reg. A")

Business—Design,

25,000

and

.

Corp.

Price

common.

manufacture

electronic instruments

a

$12.

—

Proceeds

For

—

loan repayment,

equipment, sales promotion, new prod¬
ucts, inventory and working capital. Address—Third &'
B St.. Melbourne, Fla. Underwriter—Hampstead Invest¬
ing Corp., New York.
Insurance

--V '

-

filed 494,100 capital shares to be offered for

subscription

by stockholders of record,Feb. 26,
basis.

share-for-share

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

Insurance

1963

on

Price—$3.25. Business—General
—

919 N.

—

accident
For

and

debt

health

insurance

repayment, advances

subsidiaries.

Proceeds—

subsidiary and in¬
vestment.* Office—19 Molton St., Montgomery, Ala. Un¬
derwriter—Investor

to

a

Services, Inc. (same address).

/

Aug.

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

for

Price—At-the-market.
and manufacture

selling

»

Business—Development,

of electronic

stockholder.

design

devices. Proceeds—For

Office—2925

Merrell

Rd.,

a

June

7,

expire
forms

Dec.
of

investment

record

Price—$21.

5.

life

of

insurance

and

expansion

Nov.

12.

Business—Sale

and

annuities.

Rights will

various!,

of

of operations.

Office

120

July 3,
asset

which

filed

1963

value

will

Inter-Continental

plus

3,000.000

7lk%.

succeed

to

capital

Business—A
business

of

Price—Net

shares.
new

mutual

Investors

fund

Group

'Canadian Fund Ltd., and invest in securities.throughout
the

Free

World.

Proceeds—For

1GG0 Roanoke Bldg., Minneapolis.

investment.

Distributor—Investors

Diversified Services, Inc. (same address).




Address—

^

(12/3)

Price—By amend¬
ment (max. $36).
Business—Collecting and distributing
water in certain areas of New Jersey.
Proceeds—For
debt repayment. Office—52 Main S't., Woodbridge/N. J.
Underwriter—Kidder, Peabody & Co., Inc., New York.
June 5,

1963 filed 35,000 common.

Midwest Technical

Development Corp.

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

1962

26,

Busines s—A closed-end

management investment

Proceeds—For g ener.al corporate purposes.
Office—2615' First National Bank Bldg.,; Minneapolis.

Corp.

,

filed 80,000 common. Price—By amend¬
Business—Operation of a small loan

•-'•!':<

Underwriter—None.

$5);

■

Midwestern Gas Transmission

J/f^^*' ■!■

Co.

(12/17)

8, 1963 filed 50,000 common. Price — By amend¬
ment. Business—Company owns and operates pipe line

•

to

Kinemotive

other

corporate

purposes.

Nov.

systems for transmission of natural gas from Tennessee
Illinois, and from Manitoba to Wisconsin; Proceeds—
Tennessee Bank & Trust Co.> as transfer agent, will sell

Corp.

Oct.

29, 1963 filed 50,000 common. Price—$6.50. Business
—Design, manufacture and sale of deposited metal bel¬

ment, sales promotion, and working capital. Office — 2
Engineers Lane, Farmingdale, N. Y. Underwriter—Andresen

&

January.

•

York. Offering—Expected in

Co., New
/ '•;*;/

Krasnow

•;

Industries,

;

'V

,v/:/;V.

>- •/,-

dk".-•

Inc.

28, 1963 filed 125,000 common. Price—By amend¬
(max. $5). Business—Volume manufacture of in¬

Northern Blvd., Long
Island City, N. Y. Underwriter—T. W. Lewis & Co., Inc.,
porate

purposes.

Lanvin-Charles

of the

Ritz,

,

Inc.

(12/11)

1963 filed 800,000 common. Price—By amend¬

Nov.

14,

(max. $22). Business—Importation and

distribution

and manufacture and distribution
of cosmetics. Proceeds—For selling stockholders. Office
Lanvin

—767

perfumes,

Fifth

Ave.,

Sachs & Co., and
•

Life

Oct.

$5.

Affiliates

New York. Underwriters—Goldman,
White, Weld & Co., New York.

Corp.

(12/9-13)

("Reg. A") 55,000 class A common! Price—
Business—Company is an operating, holding and man¬
14, 1963

agement company specializing in the life insurance in¬

stock dividend to

sharehold-

parent, and dis¬
tribute the proceeds pro rata to tatter's stockholders.
Address—Tennessee Bldg., Houston. Underwriter^-None.
of Tennessee Gas Transmission Co.,

ers

Mobile Home Parks

Development Corp.

1963 filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile homes, parks
and residential and commercial real estate. Proceeds—

Jan. 28,

For

general corporate purposes.
Underwriter—Overseas-

Atlanta.

Seville,

Office—33-00

Offering—Indefinite.

York.

New

these shares arising from a
*

mid-

expensively priced men's and children's belts. Proceeds
—For debt repayment, sales promotion, and other cor¬

of

Fund, Inc.

.

,

Middlesex Water Co.

25,000

ment

—

For investment in the

—

Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
& Co., New York. Note—This statement was withdrawn.

Proceeds—For

Delaware Ave., Buffalo, N. Y, Underwriter—None.

Investors

1963

(max.

expansion and

—Indefinitely postponed.

four held

Proceeds

end.

company.

Finance

Key

ment

share for each

-

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

$7).

filed

27,/ 1963

June

Sept. 26, 1963 field 125.300 capital shares being offered
by stockholders on the basis of one new

open

•

Dallas.

for subscription

1961 filed 25,000 common. Price—$10. Business
investment company which plans to

closed-end

become

class A voting, and 25,000
Price—$10. Business—Com¬
pany franchises certain restaurants in the U. S. to pre¬
pare and sell Kentucky Fried Chicken. It also sells or
leases equipment used in preparation of this item.. Pro¬
ceeds
For the selling stockholder, Harland Sanders,
Chairman. Address—Box 67, Shelbyville, Shelby County,
Ky. Underwriter—None.
v..•r/o;;:

Underwriter—A. G. Edwards & Sons, St. Louis. Offering

International Life Insurance Co. of Buffalo

23,

—A

Co., Newhouse Bldg., Salt Lake City.

lows and basic assemblies therefor. Proceeds—For equip¬

International Data Systems. Inc.

City. Un¬
Securities Corp. (same address).

Medical Arts Bldg.. Oklahoma

Medical Industries Fund, Inc.
Oct.

business in Puerto Rico. Proceeds-—For loan repayment,

Securities, Inc.

operating

investment in other insurance concerns.

and

derwriter—Lincoln

class B non-voting common.

ment

Oct. 24, 1963 filed 1,000.000 class A common. Price—$5.
Business
Company plans to acquire or organize life,

life insur¬

Business—A holding company for three
Proceeds—For loan repayment,

Address—714

Kentucky Fried Chicken, Inc.
Sept.

/*•.. •'•••.*;•/ / •
Price—

firms.

expenses,

—

City Life Co.

Oct 29, 1963
a

ance

(12/2-6)
May 27, 1963 ("Reg. A") 300,000 common. Price — $1.
Business—Construction of a gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
For general corporate purposes. Underwriter — V. E.
&

■.///v.-//'
-

filed 1,000,000 class B common:;

1963,

28,

$1.25.

Juniper Spur Ranch, Inc.

Anderson

(3 p.m,. EST), at above

/;;//

Medic Corp.

Feb.

Janus Fund, Inc.
April 10, 1963 filed 500,000 capital shares. Pricj — Net
asset value plus 814%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
Office—467 Hamilton Ave., Palo Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc. (same address).

of specialized

sale

and

devices.

J:-'

-

I

Meeting—Nov. 26

address..'

Beverly Hills, Calif. Underwriter—Hannaford & Talbot,
San Francisco.
/

Business—Writing

health insurance.

Information

(with

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

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

poses.

debentures

■'

Life Insurance Co.

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

28, 1963 filed $2,500,000

ordinated

-

Price—$12.50.

1963

21,

purposes. ; Address—Tel-Aviv,
Israel.
Under¬
'i Inc.; First Boston Corp.; Merrill Lynch, Pierce,
writer—Rassco of Delaware Inc., New York. Offering& Smith Inc.; Eastman Dillon, Union Securities
Expected in late December.
V,:";' *;/!'
•
V

porate

,

repayment, construction, and other corporate pur¬

Feb.

.(12/4) //./;•.,-

Massachusetts Electric Co.

Ltd.

June

Underwriters—Boettcher & Co., Denver, and J.

Horace Mann

Price—$3.75. Busi¬

Proceeds—For vpublishing a sales catalogue, developing a national - sales
staff and/working capital.
Off ice—812. Greenwich St.,
N» Y,
Underwriterr-To be named.
O jff ering-~Ihdefinitely postponed.
/; /t; •:

Underwriter—None.

Holiday Mobile Home Resorts,

poses.

v

Press, Inc.

Marshall

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

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

/•'

*"

'

"'

May 29, 1962 filed 60,000 common.
ness—Graphic design and printing.

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

industries. Proceeds—For working capital, and

and drug

.

.

4

Tower Bldg.,

/ "

Sept. 26,

loan

^'

velopment of Canadian mineral properties. Proceeds—
For general corporate
purposes. Address—402 Central
Youngstown, Ohio. Underwriter—None.

Office

*:v-;/:':

Corp.

Investors

r

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

Underwriter—Inves¬

Ave., Baltimore.

'

,

,

Mahoning Corp.

which plans to

Planning Corp. of America, New York.

Israel

geles.

Price—$12.50. Busi¬

Proceeds—For investment.

invest in Israeli firms.

,

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

v

.

ness—A closed-end investment company
•

Inc.

1963

4,

nated

Inc.

Fund,

July 18, 1963 filed 500,000 common.

Offering—Imminent.

Hobamf
Nov.

Israel

-

1963 filed $4,000,000 of convertible subordinated
debentures due 1978. Price—By amendment. Business—
Residential real estate development. Proceeds—For debt

struction, equipment, and other corporate purposes. Ad¬
dress—Givat Brenner, Israel.
Underwriter—Brager &
Co., New York.

180,000 class A common.. Price—
$2.50. Business—Operation of discount stores. Proceeds
—To provide fixtures and inventory for a new store, and
for working capital. Office—6400 MacCorkle Ave., S. W.,
St. Albans, W. Va. Underwriter—Charles Plohn & Co.,
1963 refiled

'

(12/9-13)

Realty Co.

Macco

Oct. 30,

abroad; Proceeds—For loan repayment, con¬

Israel and

Heck's Inc.

New York.

'

,

(12/9-13)
Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8% preferred ordinary shares.
Price-—For debentures, $ 100; for stock $10. Business—
Company plans to prepare and market baby food in

life

eventual ex¬

Murphey, Inc., Jacksonville.
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial. Ltd. Offering—Indefinite.
//

Baby Food Ltd.

Israel

life,

Miami. Underwriter-

pansion. Office—2960 Coral Way.

(same address). Offering
-

•

By amend¬

—

Pierce, Wulbern,

,

-—Expected in late December.

facilities of

200,000 common. Price

Proceeds—For investment and

insurance.

Inc.

—Israel Fund Distributors, Inc.

bases and related fa¬

and

12,

(same address),,

Diversified Fund,

\•

(12:3)

of Florida

Co.

Insurance

Life

(max. $6). Business — Writing of industrial
accident and health insurance as well as ordinary

April 22, .1963 filed 550,000 common. Price—Net asset
value plus 8*4 %. Business—A new mutual fund special¬
izing in Israeli and American securities. Proceeds—For
investment. Office—54 Wall St., New York. Distributor

various types for

June

28, 1963

capital. Office—40 Ex¬
First Philadelphia

Proceeds—For working

Aug. 16, 1963 filed

Proceeds—For
Under¬

enterprises.

Securities Corp.,

Israel American

;

cilities for the Armed Forces, and complex

dustry,

Thursday, November

.

ment

//

.•

Office—17 East 71st S't., New York.

writer—Israel

■

4, 1963 filed $7,000,000 of convertible subordinated
due 1978. Price—By amendment. Business—
of missile launching

C. Underwriter—None.

Inc.

—Fund plans to own
vest in securities of Israeli

debentures

Construction

•

Price—$10. Business
stock of companies which will in¬

investment.

finance, etc.

of banking, insurance,

Nov.

.

change Place, N. Y. Underwriter —
Corp., New York.
\

$10. Business

July 29, 1963 filed 300,000 common.

Busi¬
fields

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

«.

Israfund-lsrael Fund,

Corp.

Nebraska

Greater

Feb. 20,

Office

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

estate.

—

Proceeds■-*- For con¬
—
3315 Connecticut

trust.

investment

investment.

and

struction

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

of

development

real estate

—A

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

and

shares. Price

May 31, 1962 filed 200,000
.

dustry.

Trust

Investors Realty

-

v

Industrial Park, Inc.

Greater Miami

sition

.

(2114)

Spain.

Mott's

Super

v/;

"

Office—82 Baker St.,
Investment / Service,

k/-.

Markets,

v

Inc.

*

v/
,

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

1,. 1963

—

ing—In mid-December.

,

^

.

*

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

Municipal

municipalities and territories of the U. S.
investment. Sponsor — Ira Haupt & Cm
TVJoiir

VnrV

Thic

rptrictratinn

will

Proceeds—For
111 Broadway,
bp withdrawn.

.

198

Volume

Musicaro

Number 6320 V

Brothers,

.

Outlet Mining

(1/20-24/64)

Inc.

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

National

Equipment & Plastics Corp.

1962 filed 900,000 common.

Pacific iVlines,
-

;

/.

Sept. 28,1961" filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated stores.-1 Proceeds—Bvor;-debt repayment, store ex¬
pansion -and working capital.
Address—Portage, Pa..
Underwriter—Cortlandt Investing Corp., N. Y. Note—
•

registration

National

was

Fence

withdrawn.

share

Manufacturing Co., Inc.

ness—Manufacture

concrete / reinforcing

welded

and : related

gates

/fabric,

products/ Proceeds-^For construction of a plant in Ire¬
land; and " working /capital. / O f f i c e—4301 - . 46th St.;
BladeiisbUlrg, Md. Underwriter-^Njetherlands Securities
National Memorial Estates

Oct. 11, 1962 filed 4,750,000 common. Price — $1. Bus!-,
ness
Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
—

insurarice concern: Proceeds-^-For general corporate pur*,

1962 refiied $8,000,000 face amount

certificates

Proceeds — For general corporate pur¬
poses. Office — 113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
Note—This offering will be made only in the State of
loan company.

•

' • //;'■

;

Nationwide Corp.

/ ■/ /./,

^'/-V

(12

11)

^'//';///

•/

■: /

/>;

1, 1963 filed 1,250,000 class A and 500.000 class B
common. Price—By amendment (max. $17.50). Business
Nov.

holding

company,

Nordon Corp.

/',///■:,

•;/■'

;■

1963 filed

6,

Co.

100,000 common. Price

Business—Company provides

Westwood
—

Blvd.,

Los

Angeles.

Corp., New York.

"

Underwriter—Laird &
" v.. !j
'//■'"/ ■">■/;

Pocono

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

Price
—$175 per unit. Business—Company plans to operate a
harness racing track in Luzerne County, Pa. Proceeds—
For construction, and loan repayment. Address — 504
First National Bank Bldg., Wilkes-Barre, Pa. Underwrit¬
er
Suplee, Yeatman, Mosley Co., Inc., Philadelphia.

3,

—

hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
White-Henry-Stuart Bldg., Seattle, Wash. Underwriter

—Henry D. Tallmadge Co., Seattle.

—

,; / /

•

Offering—Expected in late December.

Nuclear Science & Engineering Corp.
March 29, 1962

filed 100,000

common.

Princeton

Price—By amend-

/

sale

Inc.

real

property,

Office—135

So.

La Salle

Corp. (12/2)
1963 filed 500,000

Stock

Fund,

Inc.

Management Co.
'

/V/;/■//

'

Quality National Corp.
Business—Company plans to form

a

Price — $5.
subsidiary life in¬

company. Proceeds—For general corporate pur¬
Office—2904 Georgian Court, Lincoln, Neb. Un¬

poses.

derwriter—None.

.

and

500,000

pre-

Proceeds—For

Oct. 3,

1963 filed

Rassco

Plantations

Ltd.

acquisition of above stock, loan repay¬
ment and working capital. Office—2201 Northwest 41st
St., Oklahoma City. Underwriter—Equity Underwriters.
Inc. (same address). Note—Registration has become ef¬

Aug. 27,. 1963 filed 400,000 > ordinary shares. Price—By
amendment (max. $3,166).
Business — Company culti¬

fective.

ceeds—For

/•./

■

Opticks,

will

13,
be

Inc.

1963
sold

(12 18)

Price—By amendment
of

a

wholesale

,

(max.

of

by

which

74,000

stockholders.

$11). Business—Operation

optical laboratory, and 48 retail outlets.

Proceeds—For expansion and loan repayment. Office—

6067

Sherry Lane, Dallas, Tex. Underwriter
Guerin & Turner, Inc., Dallas.




beneficial

of

interest.

investment

estate

Proceeds—For investment.

trust.

Washington, D. C. Underwrit¬
er—Riviere, Marsh & Berens Securities Corp., Washing¬
ton, D. C.
Business Funds

Royal
Nov.

13,

shares

Corp.

common, of which 65,000
to be offered for the company and 65,000 for
stockholders. Price
—
By amendment
(max.

filed

1963

130,000

are

certain

$6.60). Business—A small business investment company.

Office—60

investment.

Underwriter

New York.

—

York. Offering—Expected

East 42nd Street,

H. M. Frumkes & Co., New

in early January.
(1/3/64)

San Jose Water Works

1963 filed 90,000 common to be offered for
subscription by common stockholders of record Jan. 3,
Nov.

18,

(max. $30).
Business—A
supplying water to residents of Santa
Proceeds—To repay bank loans, and
construction. Office—374 West Santa Clara St., San

1963;

Price—By amendment

utility

public

Clara County, Calif.

—

Eppler,

Fran¬

cisco.

Pipeline, Inc.

Morcol

San

(12/23-27)

Sept. 27, 1963 ("Reg. A") $300,000 of 6V2% subordinated
debentures due Nov. 1, 1983, and 45,000 common to be
shares.

—

$500.

debentures and
Business—Construction of an

pipeline for the
Max¬
well, N. M. Proceeds — For construction. Office — 219
Shelby St., Santa Fe. N. M. Underwriters — Milburn,
Cochran & Co., Inc., Wichita, Kan., and Midland Securi¬
ties Co., Inc., Kansas City, Mo.
\
Saul
(B. F.)
Real Estate Investment Trust,
Oct. 25, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business—Company plans to operate as a
real estate investment trust. Proceeds-r-For investment.
Office—925 Fifteenth St., N. W., Washington, D. C. Un¬
natural

inch

eight

of Las Vegas,

cities

gas

transmission

Wagon Mount, Springer, and

derwriter—B. F. Saul Co. (same address).
•

(12/2)

Security Title & Guaranty Co.
7, 1963 filed 125,000 common

to be offered for
the basis of one new
will
expire Dec. 16. Price — By amendment (max. $7.50).
Business—Company examines and insures titles to real
property. Proceeds — For general corporate purposes.
Office—17 E. 45th Street, New York. Underwriter—New
Oct.

subscription

stockholders on

by

share for each share held of

Hanseatic

Corp., New York.

Selective Financial
Feb.
are

1962

28,

.

Corp.

500,000 common, of which 405,000
holders of the A,
Selective Life Insurance Co., an affili¬

filed

offered

be

to

record Nov. 29. Rights

B and C stock of

for subscription by

the basis of 4 company shares for each class A
and two-thirds share for each class C share

on

scribed

$6; to stockholders, $5.
gage

or
of

Remaining 94,822 and any unsub¬
shares will be offered publicly. Price—To public
Life held.

Selective

in

Business—Company plans to en¬

fi¬

consumer finance, mortgage, general
related businesses.
Proceeds—F o r general -

the

and

corporate purposes. Office—830
nix.
Underwriter—None.
Southwestern
Oct. 24, 1963

N. Central Ave., Phoe¬

Electric Service Co.

be offered for sub¬

filed 24,428 common to

scription by stockholders on the basis of one new share
for each lT^held. Price—By amendment. Proceeds—For

bank loans. Office—1012

Bldg., Dallas.

Mercantile Bank

Underwriter—None.

vates,

Israel. Pro¬
selling stockholder. Address—Tel-Aviv, Is¬

processes

and markets citrus fruits in

New York

Offering—Expected in late December.
Recreation Industries,
Nov.

23,

1962

Business—Sale

("Reg. A")
of

travel

Inc.

75,000

and

common.

Price

entertainment,

—

$2

Proceeds—

working capital/ Office—
411 West 7th St., Los Angeles. Underwriter—Costello
Russotto & Co., Beverly Hills, Calif. Offering—Indefinite.
For

capital

investment,

and

Stein

Roe &

Farnham Foreign

Fund, Inc.

July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value. Business—Company was recently formed and:
will succeed to New York Capital Fund, Ltd., a Canadian

corporation. It will provide investors a means of in¬
Canada, Western Europe and other foreign
areas.
Proceeds—For investment. Office—135 S. Laaalle
vesting in

rael. Underwriter—Rassco of Delaware, Inc.,

filed 111,000 common,
by company and 37,000

shares

2,000

•

,

Nov.

filed

1963

repaymen/of

'•/■/•'-.

//. Racon Inc.

•./.

—

•

22,

surance

Chicago,
(same address). Offering

common

Oct.

nance

1,250,000 common. Price—$1. Business
—Company plans to manufacture fluorocarbons for sale
ferred ($6 par); to be offered in units of-five preferred
to refrigerant wholesalers, the aerosol industry and other
and five common shares. Price—$35 per unit. Business— Z
users. Proceeds
For construction of a new plant and
Company plans to engage in the life insurance.business
working capital. Office—11 North Jackson St., Houston.
through the formation of two subsidiaries, or through
Underwriter—None.
the purchase of stock in an existing insurance company
Sept,v 12,

Offering—Indefinite.

Riviere Realty Trust

,

B share

Sept. 16, 1963 filed 200,000 class A common.

St.,

•—Expected in late December.
Okliana

Del.

ate,
Provident

marck, N. D. Underwriter — Provident
(same address).
...;■////'•/■

exempted from Federal income taxes. Proceeds—

investment.

./.

/

,;

St., Dover, Dei.'Underwriter—John D. Ferguson, Dover,

York

common.

of

1,000,000 common. Price—Net asset
value plus 8Y2%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—316 North Fifth St., Bis¬

Pittsburgh. Underwriter—Johnston, Lemon &

Sponsor—John Nuveen & Co.

•

Lands,

filed 40,000

and

April 11, 1963 filed

Tax-Exempt Bond Fund, Series 6
v
Nov. 1, 1963 filed 150,000 units of interest in the Fund.
Price—By amendment.. Business—The Fund plans to
invest in government and municipal obligations believed
For

'/

Foundation, Inc.
April 8, 1963 filed 100,000 memberships in the Foundation.
Price—$10 per membership. Business—Company
will operate retirement centers for the use of rent-free
private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and other corporate purposes/
Office—235 Lockerman
Retirement

.

.

equipment, debt repay¬
working capital, Address—P. O

Nuveen

be

1963

Zness—Purchase

Co., Washington, D. C. Note—This registration will be
withdrawn//*/ ■////■/>*'//"/ //'/—r// -V'"/"

to

28,

Proceeds—For

ment,/expansion/and
Box 10901/

Research

Price—$25. Bustchiefly un¬
improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties/ Office—195 Nassau
St., Princeton, N. J. Underwriter—None, v \
'•
March

| ment .(max. $15). Business—Research and development
Ion contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiaticn measure¬
ment .services.

Inc.

purchase an additional 10 shares.

and warrants to

1963 ("Reg. A") 60,000 common. Price — $5.
Business
Design, construction, sale and operation of
Sept.

Downs,

Sept. 10, 1963 filed $2,500,000 of 6Vz% subordinated sink¬
ing fund debentures due 1978, 375,000 common and 250.000 warrants to purchase additional common, to be of¬
fered in units consisting of one $100 debenture, 15 shares

—5455 Wilshire

Hydrofoil,

/

Under¬

Louis. Offering—Indefi¬

Price

— By amend¬
analytical, technical
and
economic services to commercial,- industrial and
governmental clients. Proceeds -7- For debt repayment,
working capital, and possible acquisitions. Office—1333

By
of oil
properties, and the production of crude oil and
gas. Proceeds—For selling stockholders. Office

Northwest

,

Proceeds-—For

St., St. Louis.

units of $500 face amount of

(12/10)

amendment
and gas
natural

Olive

Warren Co., St.
/

be

war¬

unit.
Business—Company will
luxury hotel and resort facilities,

Office—3615

nite.

to

one

75

Nov.

Distributing Co.

29,: 1963 filed: 60,085 capital shares. Price
(max. $3.25).. Business—Acquisition

July

of four shares and

of land for home sites.

acres

R. L.

three-

and

shares

offered in

ment.

;//^//:;/:/.'z

Ltd.

a

A

Jose, Calif. Underwriter—Dean Witter & Co., San

Planning Research Corp.

21,

.

per

common

class

writer—None.

value

Underwriter — New World
(same address). -/;/f:"/:'/'>■;•///

Price—$32
operate

and

—

1,250

purchase

Business
—Company plans to engage in the writing of general
liability insurance, including automobile, property dam¬
age and personal injury. Proceeds—To increase capital
and surplus. Office—307 Lenox Ave., New York. Under¬

Inc.

Angeles.

to

units consisting

construction.

for

People's Insurance Co.
?
3, 1963 filed 100,000 common. Price—$10.

1963, filed 250,000 common. Price—Net asset
plus 8y2%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—4680 Wilshire Blvd., Los
Feb.

18, 1963 filed 565,218 capital shares to be offered
for subscription by stockholders on the basis of one new
share for each share held of record Oct. 3.
Price—$8.
Oct.

Oct.

Underwriter—Peter Morgan & Co., N. Y.
World Fund,

Insurance Co.

Peerless

in

sell 80

writer

.

of Missouri
125,000 class A

1962 filed

Proceeds—For

in¬
cluding accident and health insurance, automobile insur¬
ance, workmen's compensatoin insurance and property
damage insurance. Proceeds—For investment. Office—62
Maple Ave.* Keene, N. H. Underwriter—None.
/

—

New

/

Proceeas—

Tampa., Un¬

Office—1832 M St., N.W.,

Business—Company writes various types of insurance

primarily for life insurance con¬
cerns. Proceeds
For prepayment of bank loans, and
expansion. Office — 246 North High St., Columbus, O.
Underwriters—Kuhn, Loeb & Co., Inc., and J. C. Brad¬
ford & Co., Inc., Nashville.
• Natural Gas & Oil Producing Co.
(12/9-13)
Sept. 7, 1962 filed 180,000 class A common. Price—$5.
Business—Production of natural gas and oil.
Proceeds,
—For drilling expenses, working capital and other cor¬
porate purposes. Office—Tekoil Bldg., Oklahoma City
—A

Light Co.

27, 1963 filed 718,354 common being" offered for
subscription by stockholders on the basis of one share
for each 20 shares held of record Oct. 30, 1963. Rights
will expire Dec. 5, 1963. Price—$23.75. Proceeds—For
debt repayment. Office—920 S. W. Sixth Ave., Portland,
Ore. Underwriters—Blyth & Co.; Merrill Lynch, Pierce,
Fenner & Smith Inc.; and Paribas Corp., New York.
Sept.

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

Kansas.

rant.

and

real
Power &

Bay-to-Bay,

Price—$1,000. Business—Company plans to operate as a

'/.".;

Broadway, New York.

Pacific

National Mortgage Corp., Inc.

Dec. 28,

Nov. 8, 1963

195

Un¬

Office—13 S. Broadway, Red Lodge, Mont.
derwriter—Security Brokerage Co., Billings, Mont.
poses.

(12/3)
filed $50,000,000 of debentures due Dec. 1,
2000. Price—By amendment. Proceeds—To repay $48.702,702 debt due Pacific Telephone & Telegraph Co.,
former parent, as well as certain advances from A. T.
& T. Office—1200 Third Ave., Seattle. Underwriters—
(Competitive). Probable bidders: Morgan Stanley & Co.;
Halsey, Stuart & Co. Inc. Bids—Dec. 3 (11 a.m. EST) at
Pacific Northwest Bell Telephone Co.

Note—:This registration was withdrawn.

Co., New York.

offered

by

.

;

warrants

erect

expire Dec. 16. Price—$17. Business—Furnishing of tele¬
phone service in Washington, Oregon and Idaho. Proceeds—To repay advances from parent, A.. T. & T. Of¬
fice—1200 Third Ave., Seattle. Underwriter—None.

1962 filed 100,000 common./Price—$8.75. Busi¬
of galvanized c h a i n link fence-

Nov. 29,

for

27,

year

filed 1,903,750 common being offered for
stockholders on the basis of one new
each 16 held of record Nov. 18. Rights will

subscription

Office—2909

Resort Corp.

Nov.

Oct. 28, 1963

.

business investment company.

investment.

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

Inc.

Pacific Northwest Bell Telephone Co.

1

This

ness—A small

For

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

27

Research Capital Corp.
Sept. 3, 1963 filed 400,000 common. Price—$12.50. Busi¬

Co., Inc.

Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal.
Address—Creede, Colo. Underwriter—None.
Feb. 28,

1963 filed 50,000 common. Price—$6. Business—
Production of Italian style frozen foods. Proceeds—For
Oct. 29,

Corp. of America, New York.

(2115)

The Commercial and Financial Chronicle

.

St., Chicago: Underwriter—None.

.

America
•
to be offered for
basis of one share
for each three shares held. Price—$30. Business
Sale of
life, health and accident insurance in 12 states and the
District of Columbia, Proceeds — For debt repayment,
and working capital. Office—3501 S. Parkway, Chicago.
Insurance Co. of
Sept. 30, 1963 filed 42,089 common
subscription by stockholders on the
Supreme Life

Underwriter—None.
Continued on page

28

The Commercial and

28

-

Sutro Mortgage Investment Trust
1, 1963 filed 30,000 shares of beneficial interest
price_$l00. Business — A real estate investment trust
Proceeds—For investment. Office—4900 Wilshire Blvd.,
Feb.

Angeles. Underwriter—None.

Teaching Machines, Inc.

Price—$5 BusinessCompany develops and sells
teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
and other corporate purposes. Office—221 San Pedro
N. E. Albuquerque. Underwriter—S. D. Fuller & Co..

April 1, 1963 filed 150,000 common.

Offering—Expected in March, 1964.

,New York.

Investment Co., Inc.
Jan. 21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which plans to organize a life in¬
surance company.
Proceeds—For investment in U. S

rants. Price—$100 per

Office—801
Underwriter—

and in new subsidiary.

Government Bonds

Bldg., Lafayette,
Inc. (same address).
Life

Ind.

(12/3)
$35,000,000 of first mortgage pipe
line bonds due Dec. 1, 1983".
Price — By amendment.
Business—Operation of pipe line systems for the trans¬
mission and sale or delivery of natural gas. Proceeds—
_For loan repayment and other corporate purposes. Ad¬
dress—Tennesee
Bldg., Houston. Underwriters—Stone
& Webster
Securities Corp., White, Weld & Co., and
Halsey, Stuart & Co. Inc., New York.
Transmission Co.

Tennessee Gas

Nov.

filed

1963

7,

Transmission Co.

Tennessee Gas

•

Nov.

7,

(12/3)

150,000 preferred shares ($100

1963 filed

par).

$102). Business—Operation
♦of pipe line systems for the transmission and sale or
delivery of natural gas. Proceeds—For loan repayment
and other corporate purposes. Address—Tennessee Bldg.,
Houston. Underwriters — Stone & Webster Securities
Corp., and White, Weld &- Co., New York.
inc.

Plastics

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

packaging products.
Address—Elsa, Texas.

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

fering—Indefinite.

Inc.

Tidmarsh Ventures,

("Reg. A") 42,850 common.
Price — $7.
construction, equipment leasing and
'installation of cryogenic and hydraulic systems. Pro¬
ceeds—For new construction projects, debt repayment,
Oct.

28, 1963

Business—General

Office—15618 Broadway, Gardena,
.Calif.'Underwriter—Quinn & Co., Albuquerque, N. M.

'and working capital.

Top Dollar Stores, Inc.
jVTay 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.

Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterVan Alstyne/ Noel & Co., New York.
Offering—Tem¬
porarily postponed.
Price—$6.

Resources,

Transarizona

Inc.

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

the Lake

Price—$1.50.
production of

deposit near Casa Grande, Ariz

copper

exploration and working cap¬
4th St., Casa Grande, Ariz. Under¬

Proceeds—For equipment,
Office—201

ital.

E.

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

July 31, 1963 filed 465,000 common. Price—$5. Business
—Company plans to sell general life and disability
insurance policies. Proceeds — To increase capital and
surplus.
Office—609 Sutter St., San Francisco.
Under¬
writer—Alex. Brown & Sons, Baltimore. Offering—Ex¬
pected in early December.
•

Ultronic Systems

Price—By amend¬
(max. $12). Business—Manufacture of electronic

Proceeds
and other corporate purposes.
Office—7300 N. Crescent Blvd., Pennsauken, N. J. Un¬
derwriter—Bache & Co., New York. Note—This state¬

.securities and commodities quotation systems.
loan

—For

ment

repayment,

withdrawn.

was

Unified Mutual Shares,

—

United Variable

Annuities Fund, Inc.

Urethane of Texas,

Inc.

Unified Underwriters,

Investors,

Valley

on

202, Morristown, N. J. Underwriter—None.
Investors

an

unlimited

holding

basis.

Price

—

At

par.

Business—

for United Investors Fund Corp. (a
which sells mutual funds)
and United

company

broker-dealer

CapitaLLife Insurance Co. of Minnesota. Proceeds—To
increase

capital

and

surplus

of

United

Capital

Life

Insurance Co. of Minnesota. Address—1300 First National
Bank Bldg., Minneapolis. Underwriter—None.




Nov.

for

Price—By amend¬
liner-type cargoes.

working capital and other corporate purposes.
4V2 S. Broadway, Fargo, N. D.

Nov.

capital shares to be offered

Beverly Hills, Calif.

ers

&

(Competitive). Probable bidders: White,

—

Halsey, Stuart & Co. Inc.;

& Co.;

Hutzler-Lehman

Racing Association

if Northern Plastics Corp. (1/6-10/64)
Nov. 21, 1963 filed 120,000 common. Price—By

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

debt

repayment

and

Office—3 Penn Center Plaza, Philadel¬
Underwriter—Stroud & Co., Inc., Philadelphia

(max. $18). Business

Northwest

Inc.
filed 100,000 class A common and warrants to purchase an additional 50,000 class A shares,
to be offered in units of 50 shares and warrants to pur¬
chase 25 shares. Price—$501.25 per unit. Business—Com¬
mercial development of real estate, primarily shopping
centers, in Kentucky, Indiana, Ohio and Tennessee. Pro¬
ceeds—For debt repayment and property acquisitions
Office—508 West Jefferson St., Louisville,'Ky. Under¬
-

>

This Week
^ All State Commodity Traders, Inc.
Nov. 18, 1963 ("Reg. A")
30,000 common. Price — $6.
Business—Company plans to start operations principally
commodity brokers. Proceeds—To purchase member¬

ship in commodity exchange and for advertising, equip¬
ment, working capital, and other corporate purposes.
Office—25 Broad St., New York. Underwriter—None.

^ Bryna International Corp.
Nov. 21, 1963 ("Reg. A") 75,000 common. Price — $4.
Business—Sales representatives for certain Italian man¬
ufacturers of women's shoes. Proceeds—To obtain letters
open

offices in Italy and Hong

Kohg, and in¬

Gas Co.

(1/8/64)

27,

ceeds—To

bank loans, and redeem outstanding
Office—735 S. W. Morrison, Portland, Ore.

prepay

5V8% bonds.

Underwriter—Lehman Brothers, New

York.

^Northwest Natural Gas Co. (1/8/64)
Nov. 27, 1963 filed 60,000 preferred ($100 par). PriceBy amendment. Business—Production and sale of natural
gas in Oregon and Washington. Proceeds—To retire the
outstanding 5.75% preferred. Office—735 S. W. Morri¬
son, Portland, Ore. Underwriter — Lehman Brothers,
New

Issues Filed With SEC

Natural

—

1963 filed $14,000,000 of first mortgage bonds
due 1989. Price—By amendment. Business—Production
and sale of natural gas in Oregon and Washington. Pro¬
Nov.

Offering—Indefinite.

1963

amend¬

Manufacture of industrial
plastic laminates to customer specifications. Proceeds—
For selling stockholders. Office — Second and Market
Sts., LaCrosse, Wis. Underwriters—Shearson, Hammill
& Co., New York and Loewi & Co., Inc., Milwaukee.
ment

working capital.

credit,

at com¬
(11 a.m.

EST), same address.

has been licensed

of

Salomon Broth¬

Brothers-Goldman, Sachs & Co.

(jointly). Bids—Jan. 14, 1964 (11 a.m. EST)
pany's office. Information Meeting — Jan. 8

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

as

(1/14/64)

26,

derwriters
Weld

Underwriter—None.

Sept. 30,

Co.

1963 filed $5,000,000 of first mortgage bonds
due Jan. 1, 1994. Proceeds—For repayment of short-term
loans. Office—15 Westminster St., Providence, R. I. Un¬
Nov.

March

phia.

$1.

Underwriter—None.

if Narragansett Electric

construction, working capital, and other corporate
Office -— 1907 Chamber of Commerce Bldg.,

Proceeds—For

—

advanced type
commercial aircraft engine. Proceeds—For debt repay¬
ment, and working capital. Office—202 N. Canon Dr.,

purposes.

betting.

Price

("Reg. A") 75,000 common.

13, 1963

Business—Company plans to develop an

$1. Business—Company plans to operate a natural gas.
gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs. Proceeds

mutuel

Office—

Underwriter—None.

★ Mono Twin Corp.

s

the basis of one share of Western
Transmission for each U. S. Natural share held. Price—

and 10 shares.

(max.

^ Minnesota Tree Farms, Inc.
Nov. 18, 1963 ("Reg. A") 590 undivided fractional fee
interests, each equivalent to one acre of Minnesota real
estate. Price—$495
per
unit. Business—Acquisition of
lake shore real estate, and planting and sale of Christ¬
mas
trees. Proceeds — For land purchase, equipment,

Natural Gas Corp., on

Penn

(12/16-20)

filed 166,000 common, of which 70,238 will
by company and 95,762 by stockholders. Price—

$12). Business—The making of
real property. Proceeds—For
debt refinancing. Office—51 East 42nd St., New York.
Underwriters—New York Securities Co., New York City.

subscription by holders of the capital stock and 6%
subordinated debentures due 1977 of U. S.

William

sales promotion, new products, and
Office — 1972 Grand Ave., St. Paul,

Underwriter—None.

amendment

By

convertible

Houston.

1963

interim mortgage loans on

Transmission Corp.

Sept. 16, 1963 filed 1,162,537

gearing and electronic components.
stockholders. Office—2501 North

Kingsboro Corp.

purchase of vessels, and working cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. Note—This registra¬
Western

18,

be sold

Proceeds—For the

'

-

Nov. 22, 1963

Steamship Corp.

,

(12/10)

157,306 common. Price—By amend¬

selling

equipment,
working capital.

\ "/r;:;

tion, will be withdrawn.

-

Chicago. Underwriter—White, Weld & Co.,

and

Minn.

Securities & Co.-Merrill Lynch, Pierce,
Inc.-Lehman Brothers (jointly); White,
Weld & Co.; Stone & Webster Securities Corp. Bids—
Dec. 10 (11 a.m. EST) at One Chase Manhattan Plaza,
(Room 2414), New York. Information Meeting—Dec. 5
(11 a.m. EST) at One Chase Manhattan Plaza, (30th
Waterman

Ad¬

Underwriter—

Kinetics, Inc.
("Reg. A") 165,000 common and 16,500
prefererd to be offered in units of 10 preferred and
100 common. Price^—$120.75 per unit. /Business—Manu¬
facture of equipment for landing and launching aircraft
and other mechanical devices. Proceeds—-For new plant
Nov.

Union

Aug. 29, 1961, filed 1,743,000 common.
ment. Business—The carrying of

capital.

working

if Industrial

(12/10)

; - '

and

Inc., New York.

Fenner & Smith

:

repayment,

specialized

Proceeds—For

1963 filed $30,000,000 of first and refunding
mortgage bonds due Dec. 1, 1993. Proceeds—For debt
repayment and construction. Office—700 East Franklin
St., Richmond, Va. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Salomon Broth¬
ers & Hutzler-Goldman, Sachs & Co. (jointly); Eastman

floor!. New York.

1973. Price — At par ($500).
a
chain of supermarkets. Pro¬

Julian

Keeler Ave.,

25,

Dillon,

of

convertible

6%

of

:

(max. $42). Business—Manufacture of metal and
fasteners, gear-cutting tools, measuring instru¬

ments,

Mont.

Electric & Power Co.

Virginia

debt

1963 filed

20,

plastic

Price—$1. Business

$11). Business—Leasing of
automobiles. Proceeds—For working capital.
Office—
1525 Franklin St., San Francisco. Underwriter — Birr,
Wilson & Co., Inc., San Francisco.
Oct.

-^

ment

mutual fund.

new

dress—Sidney,

1,

if Illinois Tool Works, Inc.

Proceeds—For investment. Ad¬
Underwriter—To be named.
• Varner-Ward Leasing Co.
(12/16-20)
Nov. 15, 1963 filed 125,000 common, of which 60,000 are
to be offered by company and 65,000 ^by stockholders.

—A

Nov.

due

V

v

Gas, Inc.
Nov. 18, 1963 ("Reg. A") 300,000 common. Price — $1.
Business—Development and exploration of oil and gas
properties. Proceeds—For general corporate purposes.
Office—317-20th Ave., Yuma, Ariz. Underwriter—None.

Inc.

1963, filed 328,858 common.

^

if Fort Apache Oil &

Proceeds—For

Jan. 23,

Underwriter—Smith, Barney

Road, Salisbury, N. C.
Carolina Securities Corp., Raleigh, N. C.

Business—Manufacture of urethane
equpiment, working capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dalias.
Under¬
writer—First Nebraska Securities Corp., Lincoln, Neb
Offering—Indefinitely postponed.
[

Inc.,

Corp. (Minn.)
July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered for subscription by stockholders
A

dress

Inc.

writer-—None.

Unimed, Inc.
Sept. 3, 1963 filed $300,000 of 5M>% convertible subordi¬
nated notes due 1973. Price—At par. Business—Develop¬
ment and manufacture of ethical drugs and pharmaceu¬
ticals. Proceeds—For marketing of existing products, and
research and development on new preparations. Address

United

ceeds—For

unit.

per

St., Chicago.

Business—Operation

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

$5.05

Salle

La

Co., Inc., New York.

debentures

Feb. 14,

foams.

New

St.,

Inc., New York.

1963

26,

if Food Town Stores, Inc.
Nov. 20,
1963 ("Reg. A") $250,000

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

(same address).

—Route

&

ing—Indefinite.

Aug. 22, 1963 filed 750,000 capital shares. Price — Net
asset value plus 8V2%. Business—A new mutual fund.
Proceeds—For investment. Address—207 Guaranty Bldg.,

Indianapolis. Distributor

So.

Young Industries,

Corp.

Sept. 25, 1963 filed 150,000 common.
ment

and

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

-r-For

writer—None.

•

unit. Business—Development

34th

Office—47 West
C. Burns & Co.,

(1/6-10/64)
filed 36,000 common. Price—By amend¬
ment. Business—A holding company for five subsidiaries
operating in Ohio, Missouri, Michigan, Indiana, and
California. Proceeds—For loan repayment. Office—327
Nov.

Price—By amendment (max.

•Price—By amendment (max.

Texas

Thursday, November 28, 1963

.

* Consolidated Water Co.

heating equipment and

manufacture of

■:.0 Tecumsen

Amosand

.

Underwriter—S.

York.

Aug. 8, 1963 filed

,

Lafayette

.

working capital.

crease

*
$210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 war¬
Controls, Inc.

U. S.

27

Continued from page

Los

Financial Chronicle

(2116)

York.

if Sinclair Oil Corp. (12/17)
Nov. 20, 1963 filed $150,000,000 of
tures due Dec. 15, 1988. Price—By

sinking fund deben¬
amendment. Business
—Company and its subsidiaries constitute one of the
large integrated enterprises in the petroleum industry.
Proceeds—For loan repayment, and acquisition of Texas
Gulf Producing Co. Office—600 Fifth Ave., New York.
Underwriter—Merrill Lynch, Pierce, Fenner & Smith
>

Inc., New York.

Airlines, Inc. (12/3)
Nov. 22, 1963 filed $8,500,000 of 5%% convertible sub¬
ordinated debentures due Oct. 1, 1983 to be offered for
subscription by stockholders on the basis of $100 of
debentures for each 18 common shares held of record
Dec. 3. Rights will expire Dec. 27.
Hughes Tool Co.,
majority stockholder, will not subscribe for these deben¬
tures.
Price—$101.37.
Proceeds—To help finance the
purchase of 12 Boeing jet aircraft. Office—380 Madison

if Trans World

Aup

Npw

York.

Underwriter—None.

Volume

198

Number

6320

.

.

The

.

Commercial and

Financial Chronicle

(2117)

* Clinchfield RR
Nov.

Effective
The

Registrations

following registration statements

clared effective this week

were

de¬

by the SEC. Offering

details, where available, will be carried in the
Monday issue of the "Chronicle "

26,

sell

304. 293

(1/15/64)
reported

was

$6,960,000 of

1-15

Communications

Satellite

this firm's

will be

I

stock

common

Corp.

cations

being offered for subscription by stock¬
$3.50 per share, on the basis of three new

at

shares for each five held of record Nov. 20.
Rights will
expire Dec. 13. No underwriting is involved.
Crafi

Master

Corp.

$1,000,000

of 6% convertible subordinated debentures
1973, and 125,000 common offered at par and $10
share respectively, by Fulton, Reid & Co., Inc.rj

due
per

Cleveland.

sold

Ramo,

,f

6V4%

of

subordinated

sinking fund deben¬
tures due Oct. 1, 1975, offered at par by First Nebraska
Securities Corp., Lincoln, Nebr.

Series

concerns.

be issued

II

will. be

due Nov.

1, 1983 being offered for subscription by com¬
stockholders, at par, on the basis of $100 principal

amount of

Nov.

debentures for

each 40 shares held

of record

22.

Rights will expire Dec. 6.
Blyth & Co., Inc.,
New York, is the principal underwriter. (This issue was
exempted from SEC registration.)

in

two

issued

to

Business—Congress has author¬

telegraph, television and other communications. Office
—3029 Klingle Rd., N.
W., Washington, D. C. Under¬
writers—To be named. Offering—Expected in
early 1961/
Connecticut

Yankee

Atomic

Power

Co.

18, 1963 the SEC denied the application of the 12
utilities which jointly own this hew firm for
permission
to negotiate with underwriters for the sale of
up to $55,000,000 of the firm's bonds. The Commission stated: 'The
evidence tended to indicate that Connecticut Yankee's
securities could be sold
successfully at competi¬
bididng." A spokesman for the firm stated that it

tive

has not yet decided whether to

with

proceed

formed

was

in

Office—441

Corporation

Department

that

to know about it

so

similar

you'll

to

Would

write

those

at 25

can

find

telephone

you

us

we

REctor

Park Place, New

York

December

1962, to own and operate a
plant at Haddam Neck, Conn.

power

Stuart

St.,

Power

1963 the

Nov.

20, 1963 the

stockholders

tional
each

the

type

amount

or

of

securities

held

20

early April.

of

subscribe

the basis of

on

Feb.

record

Proceeds

the

y

Co.

one

share for

new

18.

Rights will expire in
Office — 195
Underwriter—Nohe. Offering—
For expansion.

—

Broadway, New York.
Expected in early March.

/;I.-'.1.,

Sept. 18, 1963 it

was

of Associated will

be

sold

holders.

common

shares

publicly, of which 40,000 will
for the company and 70,000 for certain stock¬
Business
Company is a short haul motor
carrier operating in Michigan, Ohio.
Indiana
—

common

Illinois.

and

Proceeds—To retire outstanding 6% cumu¬
preferred stock. Office — 15 Andre St., S. E..
Grand Rapids,
Mich. Underwriter — Hornblower &

lative

Weeks, New York.

* Atlantic
Nov. 26,

Offering—Indefinitely postponed.

Coast

1963 it

Line

RR

(1/8/64)

was

(Competitive).

—

pected Jan.

8,

Probable

sell

1964

in

26,

1963

it

was

$3,825,000 of

March.

Salomon

Halsey, Stuart & Co. Inc. Bids—Ex¬
(12 noon EST) at above address.

^Atlantic Coast Line RR
Nov.

bidders:

(3/18/64)

reported

1-15 year

Office—220

E.

that

this

road

plans

to

equipment trust certificates

42nd

St., New York/Under¬
Probable
bidders:
Salomon

writers—

(Competitive).
Hutzler; Halsey, Stuart & Co. Inc.
Bids—
Expected March 18, 1964 (12 noon EST) at above address.
Brothers

Oct.

&

of

Bank

the

Southwest N.

A.

(Houston)

16, 1963 it was reported that stockholders had ap¬
a
2-for-l split and the offering of 100,000 $10
on the basis of one new share

proved
par

shares to stockholders

W

pach

Jan.

20

held

1964.

6,

of

record

Price—$45.

Oct.

15.

Rights

Proceeds—To

will

expire

increase

capital
funds. Office—900 Travis St., Houston, Tex. Underwriter
'■

—None.
Boston

Edison

.

.

t

^

■

Nov.

20, 1963, the company announced that it plans to
$25,000,000 of bonds sometime in 1965. Proceeds—For
of a new plant. Office—182 Tremont St.,
Boston. Underwriters—(Competitive). Probable bidders:

sell

construction

Halsey, Stuart & Co. Inc.; First Boston Corp.; Lehman
Brothers; Harriman Ripley & Co.; and White, Weld &
c°..
; '• •/.
' • Central

Illinois

.

Public

Service

.

On Oct. 2, 1963, it was reported that the company plans
to sell $20,000,000 of bonds in the third quarter of 1964.
Office—607

East

Adams

St., Springfield, 111. Underwrit-

ers__(Competitive). Probable bidders: Salomon Brothers
& Hutzler: Blyth & Co.-Kidder, Peabody & Co.-Merrill

Lynch, Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co.
Equitable
Securities
Corp.
(jointly);
Lehman
Brothers-Bear, Stearns & Co. (jointly); White, Weld
-

& Co.

'

.




1962

Power

"

'

handled

was

second

')

writers—(Competitive). Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-Harriman Ripley & Co., Inc.
(jointly); White, Weld & Co.Blyth & Co., Inc.-Shields & Co. (jointly); Halsey, Stuarlf&
Co. Inc.; First Boston
Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,

quarter of

1964.

Film

by Dean

Witter

that

the

;

&

Co.

-

Equitable

Securities

Corp.

"V.

■

1963 it

of

Nashville RR

(12/9)

reported that this road plans to sell
year
equipment trust certificates.

was

1-15

control
of

staff of the New York Stock Exchange as to the feasibil-r
ity of "going public." He added that, "when the time is

appropriate," Merrill Lynch will request the governorsto recommend that member firms
approve the required
changes in the Exchange's constitution to permit this.
Industry sources believe that the move is several years
away.

Justice

Mexico
000

Office

—

30

Stone

'

Loeb &

F.

1942

as

German

a

asset.

had
a

an¬

reached

Swiss

by

the

The

U.

S.

ar'

hold¬

New

stock

terials. Office—111

S. District Court at

bidders:

Blyth

&

also

program.

Office—176

Wethersfield, Conn. Underwriters
First Bostor
New York; Putnam & Co.,
Hartford; Chas. W
Scranton & Co., New Haven.
•
—

Corp.,

Oct. 30, 1963 it

.

reported that this company is plan¬
ning its first public stock offering. Business—A
holding
company for advertising agencies, public relations firms
was

and other communications
media. Office—750 Third Ave.,
New York. Underwriter—To be
named.

Underwriters—

RR

(12/4)

1-15

plans

announced

company

to

offer

year

Hals^v.
no.,
EST), at above address.

28,

Telephone Co.

1963 it

Inc.

Bids—Dec.

(1/7/64)

reported that this A. T.

was

(12

4

&

T. sub¬

sidiary plans to sell $130,000,000 of first mortgage bonds
in January. Proceeds—To
repay bank loans, refund $75,000,000 of outstanding 3% bonds maturing Oct. 15, 1964,
and finance construction. Office
140 West St., New
York. Underwriters—(Competitive). Probable
bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—

Co.-First

Cumberland

the

of

New York
Oct.

—

(jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.

construction

Central

1963

Hutzlpr*

Boston Corp.

Ave.,

York

7,

noon

Wash¬

Hartford Electric Light Co.
April 30, 1963 the company announced plans to sell
$15,$20,000,000 of securities in 1964 to help finance its $26.-

$65,000,00(j

additional

equipment trust certificates.
Office—466 Lexington Ave., New York.
Underwriters—
(Competitive). Probable bidders: Salomon Brothers &

W. 50th St., New York. Underwriter?

Probable

an

abroad. Underwriters—Kuhn,

Co., Inc., and First Boston Corp., N. Y.

$3,600,000

represents

ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and
photographic ma¬

—(Competitive).

sell

(Competitive). Probable bidders. Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Jan. 7,
1964 (12 noon CST), at above address.

Oct.

Govern¬

stockholders,

by the U.

to

S. and

Pacific RR (1/7/64)
1963 it was reported that this road plans to sell
$6,600,000 of 1-15 year equipment trust certificates. Ad¬

98% of the voting control of the
company. Mr. Kenned\
said that if General Aniline should
be sold for $200 mil*lion, the Government would receive about $140 millior
and Interhandel about
$60 million. The settlement terms
recently approved by Interhandel
must be aporoved

authorized
in the U.

Oct. 22,

Secu¬

Kennedy

,

,

Missouri

r

Interhandel,

seized

'

dress—Missouri Pacific Bldg., St. Louis.

Robert

Department

Aniline

?V

1963 following the public offering ol $40,000,bonds, it was reported that the Govern¬

is

of bonds

Rockefeller

Webster

&

V

St., New York.

(Government of)

of external

ment

of the 540,894

General

Business—Company is the largest brokerage house;
over 2,300 ac-^

count executives. Office—70 Pine

designed to settle the 20-year old disputf
class A and 2,050,000 class E

company,

in

•'

Co.,

&

Corp.

April 3, 1963 Attorney General
nounced

Securities

July 16,

General Aniline &

000,000

Louisiana Power & Light Co.
Oct/ 16, 1963 it was reported that this
subsidiary of
Middle South Utilities,
Inc., plans to issue $25,000,000 of
bonds in second quarter of 1964. Proceeds—For
construc¬
tion. Office—142 Delaronde
St., New Orleans. Under¬

in the U. S. with 139 domestic offices and

Co.

Corp.; Morgan Stanley & Co.;
rities Corp.
/'

.

Expected Jan. 7, 1964.
Northern

Pacific

Nov.

7, 1963 it
$6,840,000
of
cember.

was

(12/10)

Ry.

v

reported that this road plans to sell

equipment

trust

certificates

Office—120 Broadway, New York.

in

De¬

Underwrit¬

ers—(Competitive). Probable bidders: Halsey. Stuart &
Co., Inc.; Salomon Brothers & Hutzler. Bids—Dec. 10 (12
noon

EST).

/

•

;

Northern States Power Co.

/

•

'

/

(Minn.)

May 14, 1963 it
offer

about

was reported that the company plans to771,110 additional shares to stockholders on

l-for-20 basis in 1964, to raise an estimated $25,000,000.
Office—15 South Fifth St., Minneapolis. Underwriter—

a

Irving Air Chute Co., Inc.
11, 1963 it was reported that the

Sept.

company plans
registration statement shortly
covering $1,810,convertible debentures due 1975 to be offered
for subscription
by stockholders. Business—Manufacture
of seat
belts, business machine parts and parachutes.
Proceeds—For expansion, loan
to file

Co.

(jointly).

New York. Underwriters—(Competitive). Prob¬
bidders: Halsey, Stuart & Co.
Inc.; First Boston

ment

Co.

Lynch, Pierce, Fenner & Smith Inc.
1963, Michael W, McCarthy, Chairman, stated
that the company has held informal discussions with the

Plaza,

wer

&

Merrill

Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue
$50,000,000 of first mortgage bonds

shares

—

Aug. 19,

of

on
Aug. 28,
Chicago.

able

000,000 5-year construction program. Office
250 Old.
Country Rd., Mineola, N. Y. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.;
Blyth
& Co., Inc.-First Boston
Corp. (jointly); W. C. Langley

—

A company spokesman stated that the
timing
type of issue, will depend on market conditions at

the

issue

E.
42nd
St., New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids
Dec. 9, (12
noon EST)
at above address.

—

in

to

Office—220

1964.

Data

Interpublic Inc.

Co.

r.

in

the time. Office
8100 34th Ave., South,
Minneapolis.
Underwriter—To be named. The last sale of debentures

ing

reported that this road plans to sell
$6,420,000 of 1-15 year equipment trust certificates
in January. Office—220 E. 42nd St., New York. Under¬
writers

sold

Michigan Ave., Jackson, Mich.
Un¬
(Competitive). Probable bidders: Halsey,

—

3ut-of-court agreement with

about

Brothers & Hutzler;

be

plans

$25-to-$30,000,000 of first mortgage bonds in each of the
1964 to 1968 inclusive, to help finance its
$285,-

years

$6,705,000

1964.

-

sold

be

in

and

Long Island Lighting Co.
Aug. 29, 1963 the company announced

Nov. 26,

Corp.
1963 it was reported that the company plans
$25,000,000 or more of securities sometime

16,

sale

Duke

!

'

Associated Truck

Lines, inc.
reported that 110.000

to

Co., Inc., andl

Co.

&

Control

Sept.

—

★ Louisville &

its

an undis¬
shares. Business—Exploration

Shearson, Hammill & Co., New York.

(jointly).

Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch.

or

7, N. Y.

Telegraph

be

212 West

—

Stuart

announced.that it will qffer
for 12,250,000 addi¬

company

right to

shares

common

&

To

—

company

Mid-1964

derwriters

Prospective Offerings
Telephone

$70-$80,000,000 plant.

Underwriters

common

Okla.

Co.

Pierce, Fenner & Smith Inc.

American

the

Boston.

reported that the company plans to

was

development of oil and gas properties. Proceeds—
expansion. Office—210 Mid-Continent
Bldg., Tulsa,
Underwriters
Hayden, Stone &

For

Union

7,

Office

'

2-9570

to

named.

the

like
item

an

hereunder.

at

us

would

prepare

or

Business—Company

stated that it had postponed
plans to "raise additional capital.
Earlier, the company said that it planned to sell $20,000,000 of debentures. No decision has been reached on

you're planning to register?

News

appeal the ruling,

sale.

Proceeds—For construction of

until

ATTENTION UNDERWRITERS!
Our

competitive

a

500,00 kw. atomic

Oct.

and

FCC-ap¬

company
to provide satellites
and
ground
facilities for the international transmission of
telephone,

1963 it

registration statement shortly covering

a

closed number of

series.

the

Consumers

Do you have an issue

Nov. 6,
file

carriers, " Price—Maxi¬

common

of $100 per share.

mum

ized

to

(jointly).

Livingston Oil Co.

senior

Ryder System, Inc.
of 5V4% convertible subordinated debentures

$5,380,900
mon

& Co.

Corp.

Nov.

Inc.

(jointly); Lehman Brothers-Bear, Stearns

the public, firms that produce
and other non-communi¬

to

proved communications

s

$2,150,000

Probable bidders: Halsey,,
Inc.; Blyth & Co., Inc.-First Boston Corp.
& Co. (joint¬
ly); Equitable Securities Corp. - Eastman
Dillon, Union
Securities & Co. (jointly);
White, Weld & Co.-Shields
Stuart & Co.

exploration equipment

space

common

holders

Underwriters—(Competitive).

that this

year

$200,000,000

Series
Products

it

Oct. 7, 1963 it was reported that a registration statement
will be filed in December
covering about
of

CaKon

1963

company plans
equipment trust certifi¬
cates. Office—20 E. 42nd
St., -New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Jan. 15, 1964
(12 noon EST) at above address.
to

29

a

000 of 6%

repayment and working
capital.
Office
3315 Versailles
Fid., Lexington, Ky.
Underwriter—S. D. Fuller
Co., New York.
—

Kansas

Oct.

City

16, 1963 it

Power

was

&

Light

Co.

reported that the company plans to
sell $18-$20,000,000
of first mortgage <bonds in
January
1965. Address
1330 Baltimore
Ave., Kansas City, Mo.
—

To be named. The last rights offering in

July 1959

was-

underwritten by Merrill Lynch, Pierce, Fenner & Smith

Inc., New York.
Otter
Oct.

16,

Tail

Power

1963

it

Co.

reported that the company plansshares of $100 par preferred stock in thefirst quarter of 1964. Office—215 So. Cascade St., Fergus
Falls, Minn. Underwriter—To be named. The last sale of
to

was

sell 30,000

preferred
,gan &

on March 8, 1950 was handled by Glore, ForCo., New York and Kalman & Co., Inc., St. Paul.
'
•

~

■'

Continued

on

page

30

1

'\

30

The Commercial and Financial Chronicle

(2118)

Continued from

29

page

offered

ness—A

Office

holding
2701

—

Stanley & Co.-Drexel & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston Corp.; White, Weld & Co.

Nov.

Co. Inc.; Equitable
Co.-Shields & Co.

Busi¬

—

ing account
forced

be

still open, I would

was

his refusal to have

by

firm cancel this when issued

my

trade and when he returned from

Europe

woulld

we

take

another

I

knew

He

Feb.

on

Fenner

&

1961

15,

As

a

result it

was

/

our

count and around the end

tember

we

meanwhile
able

fulfilling

obligations

underwriting

of Sep¬

able to sell

were

original

from

group

them,

honor¬

our

the

to

far
ac¬

whom

had taken down the bonds.

we

then

received

a

memo

that

I

my

account had been debited with the

loss incurred in selling out

gross

the

bonds,

which

mately $1,000.

was

Here I

lost the commissions

approxi¬
I had

was,

on

the orig¬

inal sale to this man, I had a loss
in my commission account instead
of

$1,000 credit, and I also had

a

to

face

one

embarrassment

of my accounts welched

trade.

good
man

the

This
on

certainly did

my

record

...

not
a

that
on

a

look

sales¬

is supposed to know the
peo¬

ple with whom he is doing busi¬
ness.
I thought I knew this man
but

well

obviously I did not know

him

enough.

city.

for

morning and

and

at five in the

by

untidy.

He

was

begnning

was

physically. He

also

at his desk

was

office

His

seven.

I

years.

deteriorate

to

signs, I
when

had

never

he

meant

despite these outward

gave

doubt that

any

me

order,

an

he

it. Why had this happened

and how

I to collect this loss?

was

it

other and

was
more




time

to

Several years ago I read a prac¬
tical

that

book

emotionally.
man

I

What

were

motivations?
first

life

tire
was

and

soon

his

principal

decided

primary

approach

that

motive

this

to

the

in

his

His

en¬

transaction

"Why should I take those

—

bonds
are

I

him immedi¬

acquisitiveness.

was

reasons

they do

way

thought about this

and I classified

ately.

four

gave

why people act the

when

going
as

they

to

look

decline

the books

are

like they

in

price

as

closed?" So

he justified his actions
by

blaming

an¬

searching look at

entire
on

the

on

the

politicians.

untidiy,

was

of the number of

aware

times

his

local

society

ciety

columns

the

so¬

same

list

be

think

I had it worked

Now

could

I

without

of legal

off,

him
the

he
col¬

and

unpleasantness

action.

I

him

trip.

thing
his

in

nothing

know

bath

I

Henry

a

sure

around

see

bit

a

the

Possibly

unfortunate

affair

on

behavior

and

I

decided

him

that

his

fice

at

you."

to

me

can

we

ill

like

I'd

He

idea

I

bought.

when

but

again

that

hedged
low-

I

told

and

couple of men

a

good-will

out,

hurt,

so

that

could

work

one

no

'

f

things

would

he finally consented
I

made

later I

week

a

10

I

a.m.

partner

our

an

with

arranged

New

in

York

him

he
from

memo

our

York

get

that
*

I

bonds for $600 less than he

same

had

originally

cluding
the

agreed

to

to

of

me

loss.

our

cover

in¬

upon,,

repayment

his

$1,000

him if he could

also asked

I

make

interview private and he sug¬

our

accountant

his

that

gested
would

might

there

wanted

to

accountant
his

After

was

few

his

was

friendly.

working

the

across

pleasantries

room.

we

got

He defended his po¬

guns.

sition. He completely ignored
fact
in

that

the
I

they

gave

first

have

and

and
were

he
no

not

He
sold

assumed
him

"You
n

the

order

protected

said,
d

the

me

place.

should

interest
bonds

he

at

partner

York

and

glass

Then

this

just

don't

take

want
a

around

—

you

firm to lose,

my

you

to

me

I

complete mis¬

a

understanding all
didn't want

Frankly,

that.

say

is

recognition

replied, "I knew

and I

would

you

think

the

tried

I

approach

lose, or you to

loss. Besides, I am sure that

you

know that I have heard only

the

most

about

I

done

have

business

J. B. and F, T. for many

why

That's

listened

figured

I

holding
hands.
firm

and

began to break. He
asked,

"What

have

piece

a

"Just

not

does

of

in

paper

don't

want

right?"
that's

want

you

lose,

to

us

"Yes,"

to

he

lose,

isn't

said,

"I

you

that
guess

right." Then I laid the plan

front'

of

he

showed

him

replace the

can¬

him.

could

I

the

celled bonds, pay up
still

my

this," I replied, "my

don't want you to lose, and

in

we

this out."

got there?" As I spoke I was

you

I

friends of yours

from

work

could

reports

complimentary

you

where

*.

why

have to stand this loss."

you

his

knew

good."

and said, "That's

me

note, I don't see

a

The ice jam

quietly

was

of

years.

into the bond discussion. He stuck

to

h—11

him

plan I

in his office and his

books

a

a

suggest.

We sat down

on

he looked

have
a

exactly

magnifying

whom

called he

When I

his

out

as,

was

show

New

(My

with

there

a

in New

prepared it for me). He took

had

such

to

good

be

because

see

profit, and to whom we sold

cur

them.

that

me

to

bought the bonds,

we

Ond

fine with

be

asked

I

partner

would

that

from whom

told him that

coming that day. I
it

the

him

offer

could

I

like

would

if

get it

him

system.: Then

his

of

let

and

there

sat

cut

be

to

out the day be¬

found

I

that

that
of

Next, I checked him out in his

About

Co.-1

v

laboriously went over it. Finally,

'7 '

7

appointment to see: him at his oi-

bucks

without

out

whole

"You

name),

his

unpleasantness.
to

that

saw

on,

don't want

something

keyed

I

thousand

a

loss.

and

come

other

about

went

(not

for

you

this

work

will

to

50 housings you

those

am

quoted

asked

I

after

Then

took

that

read

interest

Spain.

calm,

was

take

I

having said some¬

local

in

wife.

he

to

if

as

him

told

I

of

people

I

it

read

his wife had been

in the paper as

on

I

happened. I asked him about

his

dollar price

a

lower.

fore

I waited two days and

telephoned

had

Sale

returned

he

paper.

at

the

up,

bought could

had

repurchased

distance.

When

split

was

bonds he

Now

mind.

my

ready to talk with him over long

-

,

The

the

in

had

plan

a

I

an

satisfac¬

like another week might see them

Pos¬

when

him

see

cool

returned,
lect

motivations.

the

were

sibly

because

itself

make

to
was

(jointly);

7

you

Acquisitiveness and recogni¬

Union Se¬

Hutzler

&

(jointly).

would much lower than he had origi¬
might be there—but nally bought them, and it looked
whom

people

tion

Brothers

week

a

Brothers

Co.; First Boston Corp.; Blyth &

Weld &

Lehman

account

the

Kidder, Peabody & Co.; Merrill Lynch,

Co.-Salomon

&

White,

me

shaped

paper

the

of

to

in

columns.

many

out.

curities

For

-—

Milwaukee.

Pierce, Fenner & Smith Inc.-Eastman Dillon,

appointment./This
tory

of 30-year first mortgage bonds

(Competitive); Probable bidders; Halsey,

Stuart & Co. Inc.;

in

him

call

(The

appeared

name

they are.)

he

etc.,

monetary authorities,

and

take

very

he and

me,

Now

was

extremely volatile in his be¬

havior. Yet,

the

What I Learned

office

temperamental

was

was

of $15,000,000

period June to November, 1964. Proceeds

the

Underwriter^---

group

a

motivation

emotional

were

accounts

largest

my
man

to

desire for recognition. Although

never

who

people

knew that he got up

necessary

hold these bonds in

to

us

of

this

knew

We Cancelled 7

the

of
my

socially and financially prominent.
Several

look at the situation.

wealthy.

in

clubs

friends

-;->Vv:7
it is considering

that

stated

compny

construction. Office—1029 No. Marshall St.,

(jointly).

his

that

was a man

made

was

Smith Inc.

r,

He and his wilfe numbered among
their

in

headed by
Eastman Dillon, Union Securities &C6,. Blvth & Co..
and Equitable Securities Corp. Other bidders were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder. Peabody & Co.-Merrill Lynch, Pierce.

several

to

,

the

1963

26,

the sale

help

to

mon

extremely

exclusive

7

^Wisconsin Public Service Corp.

finance its $570,000,000 construction pro¬
gram.
Office—1330 West Peachtree St., N. W., Atlanta.
Ga. Underwriters—To be named. The last sale of com¬

Busi¬

belonged

most

Co., New York.

_

12, 1963 the company stated that it is considering
of $35 to $40,000,000 of common stock early in

1964

ecr'ip»^e"i

was

Hal¬

bidders:

the sale

Security Salesmen's Corner
hous¬

77/:-77':

Sidney Huband Director.
and the oper¬
ation of discount stores. Office — 174 Passaic St.,r Gar¬
field, N. J. Underwriter—To be named. The initial pub¬
lic offering of Two Guvs from Harrison, a predecessor
rompanv, in August
1957 was underwritten by Bache

Nov.

second

the

■77;;7,7

reported that a registration, state¬

was

being prepared covering the secondary offering

ment is

Southern Co.

Aug.

—

8

1963 it

20,

VyJ

Inc. //?>.•'V

Vornado,
Nov.

.

Ryder Systems, Inc.
.25,
1963
it was reported that
the ICC had
authorized the
company
to issue $5,380,900 of 5*4%

that

1963), Business—

($11.15 per share on April 30,

Peabody & Co.; Stone & Webster Securities Corp..

Stuart & Co. Inc.; First Boston Corp.-Dean Witter
Co. (jointly); Blyth & Co.-Lehman Brothers-Merrill

&

•

page

reported that the SEC is studying

was

Company was formed by Blackstone to take over its
gas properties. Proceeds •— To the selling stockholder,
Blackstone Valley Gas.
Address — Pawtucket,;. R. I.
Underwriters—(Competitive). Probable bidders: Kidder

Lynch, Pierce. Fenner & Smith Inc.-Salomon Brothers
& Hutzler (jointly). Bids—Expected Feb. 25, 1964 (8:30
a.m. PST), at above address.

Nov.

from

value

(2/25/64)

Probable

Underwriters—(Competitive).

261 East Fifth St., St. Paul.
Underwriter—Allen & Co., New York.

circumstances

Chicago.

sey.

Rayette, Inc.
Oct. 7, 1963 it was reported that this firm plan? to sell
about $10,000,090 of securities in January. The type oi

the

it

Business—Manufacture of home appliances,

(Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Harriman, Ripley &
Co.. Jnc.-Eastman Dillon. Union Securities & Co.-Merrill Lynch.-Pierce, Fenner & Smith Inc.-Dean Witter &
Co.
(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co.
(jointly):
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).

Here

1963

plan under which Blackstone Valley Gas & "Electric
Co., would sell its entire 400,000 shares holdings of
Valley Gas to stockholders of Blackstone and Eastern
Utilities Associates, the latter's parent Price—At book
a

of up to 186,000 common shares held by
sehman who recently resigned as President

—

this account.

13.

V-7-*7; 77,'..

R, due 1989. Proceeds—To repay bank loans and finance
construction. Office — 601 West Fifth St., Los Angeles.

4, 1963 it was reported that the company plans to
$35,000,000 of 30-year first mortgage bonds in April,
Proceeds—For construction. Office—900 15th St.,

Continued

Nov.

Shippers

Co.

Valley Gas Co*

13, 1963 the company announced plans to sell $60,000.000 of first and refunding mortgage bonds, series

1964.

Minn.

,

'•7/

Holman Ave., Chicago.

So.

Office—925

fund.

Southern California Edison

Co. of Colorado

Office

Pipe Line .Corp*

company

Nov.

June

for beauty salons.

1963 the

writers—--White, Weld & Co., .and Stone & Webster Se¬
curities Corp.,.New York."
'
^

Dispatch Co. (12/4)
Oct. 30, 1963 it was reported that the company had ap¬
plied to the ICC for permission to sell 150,000 out¬
standing common. Price—By amendment. Business'—A
motor carrier operating in Ohio, Illinois, Michigan^ and
Indiana.
Proceeds — For selling stockholder.
Office—
1216 West Sample St., South Bend, Ind. Underwriter—
Francis I. duPont, A. C. Allyn, Inc., New York.
•

products.
Proceeds
For loan repayment, and working capital.
Address—Bridgeport, Conn. Underwriter^-S. D. Fuller
& Co., New York.

offering have not yet been decided.

spokesman for Allstate Enterprises, Inc.,

a

Distributor—Allstate Enterprises, Inc.,

ness—Manufacture of various types of aerosol

of the

mutual

a

Powr-Pak, Inc.
Nov. 4, 1963 it was reported that the company plans to
file a registration statement covering 1,000,000 of con¬
vertible debentures. At the same time, certain stock¬

terms

19, 1963

investment com¬
panies could not hold Sears stock if Sears itself owned

'

ness—Manufacture of cosmetics, supplies and

Gas

announced that it plans to
$50-$55,000,000 of first mortgage bonds and possibly
some preferred
in the first i half of J 964.
Business-^
Transmission of natural gas. Prbceeds—Hor loan/repay¬
ment. Office—3100 Travis St., Houston, Texas; Under¬

preted by some to mean that registered

(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
& Co.-Harriman Ripley & Co.-Merrill Lynch,
Smith In'c. (jointly). Bids—March 10,
1964 (10 a.m. EST) at 320 Park Ave., New York.

Denver, Colo. Underwriters

Transcontinental

Sept. 25,

mission adopt a new rule exempting Sears and other,
large, publicly held firms from a provision of the In¬
vestment Company Act. This provision has been inter¬

curities

sell

Hutzler; Halsey, Stuart & Co. Inc.; First National Bank
inPallas; Mercantile National Baiik; pallas//Didi^--Expected Dec. 12 (12 noon CST) at above address,■

plans to form a new mutual fund, following notice from
the SEC staff that they will recommend that the Com¬

Pierce, Fenner &

'■Public Service

***$$■

1963 it'was reported that this road plans to sell

$2,700,000 of 1-15 year equipment trust certificates." Ad¬
dress—916 Fidelity Union Tower, Dallas. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &

subsidiary, announced that the latter is proceeding with

reported that this subsidiary of Al¬
legheny Power System, Inc., plans to sell $12-$15,000,000 of first mortgage bonds due 1994. Office—200 East
Patrick St., Frederick, Md. Underwriters—(Competitive).
Probable bidders: W. C. Langley & Co.-First Boston
Oct.' 16, 1963 it was

plan to sell 125.000 outstanding common.

Oct. 28,

sell

.

holders

v v

7(;12/12 j

■

Roebuck & Co.

Sears,

(3/10/64)

&
&

Tex. ^Underwriter—DillotV,

Texas & Pacific Ry.

w„;

Mercantile Dal¬
Head &

Office—720

quarter of 1964.

Bldg.,' Dallas,

Co., Inc., New York. "r

equipment leasing and manufacturing.
Drive, Miami, Fla. Under¬

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Lie,; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler (jointly).

Underwriters—(Competitive). Probable bidders: Morgan

Corp. (jointly); Halsey, Stuart
Securities Corp.; White,
Weld

las

Sept. 10,, 1963 it was reported that the company is con¬
sidering the sale, of about $20,000,000 of debt securities
in mid-1964. Office—861 Sixth Ave., San Diego, Calif.

Sept. 18, 1963 it was reported that the company is con¬
sidering the sale of $50,000,000 of first mortgage bonds
in mid-1964. Office — 1000 Chestnut St., Philadelphia.

Edison Co.

in the first

So. Bayshore

7

Public Service Co.

1963 it was reported that the company plans to
approximately $15,000,000 of first mortgage bonds

issue

record

engaged in the fields of motor

company

Thursday, November 28, 1963

.

Oct. 6,

Diego Gas & Electric Co.

San

Feb. 16, 1960 was under¬
bid on

of

held

shares

common

.

Southwestern

being-'

1983

due

basis of $100 of deben--

the

writer—Blyth & Co., Inc.. New York.

Philade'phia Electric Co.

Potomac

40

debentures

on

will expire Dec. 6, Price—At par. Busi¬

freight carrying,

by Halsey, Stuart & Co. Inc. One other
the issue was tendered by Morgan Stanley & Co.
written

each

Nov. 22. Rights

stated that it will need $650
million of new money in the years 1964 through 1966 to
help finance its $1.3 billion construction program. This
means that the company must sell about $217 million of
securities a year, it was stated. Office—140 New Mont¬
gomery St., San Francisco. Underwriters—To be named
19, 1963 the company

The last issue of debentures on

stockholders

to

for

tures

& Telegraph Co.

Pacific Telephone
June

subordinated

convertible

■\

,

make

the

trade

the loss and
good

with

$600 in his pocket. I waited as he

Volume

looked
say

figures.

6320

his

head

Finally

he

the

from

books.

"You

replied.

those

mean,

this loss

I

you

tion?"
if it

I

ask

say

am

he

1

much of this

more

ques¬

replied,

bracket

ahead

way

are,"

get

have to

you

one

you

is what tax

sure

can

it," I replied, "and

"Sure,"

■

me

less and also clear

take?" "That's
may

get

<

and 1

bonds,

same

can

I

"and

you."

of

"You

continued,
loss

can

"How

deduct

you

if you take this short-term
He

called

asked,

his

accountant

"Can

you

in,

am

loss?"
he

and

another

use

$1,000' short-term\ this year?" The
accountant

could
in

he
.

keen

you

.

Now
I

as

I

"yes."

I

head.

I

waited. Then

said, "That looks pretty good

'

i

'

the wheels going arcfund

see

his

answered

I

sure

Continued

do this?"-

can

sale.

The. Power

000,000

(1969

general

1980)

-

bonds

managed

Corp.

ready. "Just

talk

to

find

bonds,

thanked

the

head

out."

our

put

him

it

left

I

letter
he

for

in New York

his

cooperation

He

then

gave

thousand dollars.

a

promised

to

verify

records.

to

loss

it

When -1

him

send

the

have

at

a

net

3.626%.

This

bid

favorably

his

this

a

has

50

cleared

tax

sent

I

3.629%, which

housings,

from

done

.''n You

loss

books,

the

the

and

without

can't

Other

ill

will

learn

but

can

ideas

pick

up

evaluate

relations

is

it

—

and

v

Witter

&

the

in

.

(2)

then

true

a

other

order

of

Co.,

Hayden,

to

do

various

at

term

100Vi

for

immediate
order

000,000

3.1662%.

3.18%

kets

when

the

agency

can

under

Co.

The

be

tioned

"when

our

very

and

ing

■■■

"S

under

stress,

This

he

told

for

me

he

Europe
his

of

as

or

was

man

was

leav¬

was

weeks

two

planned

sched¬

ule.

people

sometimes
or

got

make

older

to

can

misunderstandings.
for

elderly

lead

Watch

people

with

idiosyncrasies.

[John Dutton is the pen name
of

a

registered representative em¬

ployed by

a

this

for

Securities
&

Co.,

Roosevelt

Co.,

Trust

Corp.,
Fitz-

Cross,

&

Co.,

Jones,

Kenower,

Mac-

vV

.

to

yield
various

for
off

is

from

to

2.00%

to

this

coupons,

good start, with
balance in syndicate

present

a

final

sale

of

quiet

a

$53,400,000

10.

Other

day.

State

smaller

deferred

also

.

of

issues

until

later

a

mention

last

large member firm of

the NYSE. \




i

account

headed

bv

Hopwood and
submitted

Co.'

d

v e

3.863%

Rapid Distribution
The

account

Manhattan

bid,

cost,

for

led

various

bonds.

The

John Nuveen &
the

best

bid,
for

cost,

issue.

The

bid,

3.94%, net interest cost,

a

made
and

by

F.

S.

only other

Smithers

Other

3.3432%;

(1964-1993)

and

the

3.3433%

Morgan
the

various
bonds

Co.

&

members

American

winning

National Bank, St.

& Co., Juran

Kalman

Inc.,

&T

Northwestern

National

Minneapolis,

Paine,

Jackson &

mill

&

close,

&

Schaps,

and

3.80

%,

syndicate
The

e r,

to

Elwood

yield

press
was

from

CoM

time

&

&
Co.

2.70%

balance

in

$1,458,000.
managed

grouo

&

Sampair,

Shaughnessy

Woodard,

Reoffered

Co.,

Guaranty

First

Co., C.

the

by

the

Co.

Bank

of

members

&

&

of

the

C.

C.

(1965-1991)
terest

cost

bonds
of

Authority,

School
at

3.633%.

a

revenue

net

short

President

revenue

bond

Johnson's

issues

the

Administration's

sues

and

of

im¬

long term Treasury is¬

have shown

strength
It

do

varying degrees

in the

follows
the

past

that

two

in¬

ses¬

municipals

same.

Investment Bankers Association

52nd Annual Convention Dec. 1-6

;

WASHINGTON, D. C.—The 52nd Annual Convention, of the In¬
vestment Bankers Association of America will be held Dec.

Hollywood Beach Hotel in Hollywood, Florida. More t:

Co., Ladenburg,

tional

Kidder,

Bank

Western

in

Thalmann

Dallas.

New

Robert

David J.

Board

of

Named

of

Association

the

Governors,

with

Mr.

Sept.

Harris

Weld

Co.,

&

fall

accom¬

Holly¬

nominated

was

meeting of the IBA

Pebble

following

t

Beach,

California.

nominees

for

Vice-

1

'

Davids, Lester, Ryons
White,

in

the

:

Mark

>

Hatcher,

the

at

11-13

were

President:

C. Pierce,

&

Co.,

New

Los

Angeles;

York;

John

*Lloyd

P.

Federation

Bank

&

Baxter

to

&

yield

Co.

and

The Association will act
Convention.
new

were

to

sold

the Pasadena

School

District, Los An¬

California

geles,

the

to

T. &

S.

awarded

interest

next

Bank
and

A.

bid,

$3,-

from

came

National

and

3.102%).

the

The

Security-

of

Los

An¬

six

were

which

groups

a

interest

net

Bank

there

America

associates at

3.12%

cost,
geles

of

of

cost

a

addi¬

include

Harris, the delegates will also

speakers

of

the

Harris

winning

Trust

Co., Kalman &

Co., Kenower, MacArthur &
&

Co.

and

to

the incoming President, David

hear from the following guest

Cary,

'

Chairman,

Securities and

Exchange

Com¬

Superintendent

Schools,

of

City

of

Chicago;

George

D.

Woods, President, International Bank for Reconstruction and De¬
velopment.
The
Dec.

opening session of the convention

of Securities Markets and
man

on

Monday

2, will feature a panel discussion on the SEC

morning,

Special Study

developments arising therefrom. Chair¬

Cary of the SEC will also participate in this discussion.
Tuesday's meeting will

nance.

Mr.

Willis,

be devoted

Superintendent

entirely to municipal fi¬

of

Chicago's

School

System,

will be the featured speaker. The annual reports of the Municipal

Securities Committee and certain of its subcommittees also will be

presented. Results of the November municipal bond elections will
be announced. Winners of the 1963 IBA

ing &

Sales Promotion

entries in this contest will be

Municipal Bond Advertis¬

will be

Contest
on

presented

with

awards;

display in the hotel lobby.

Cash awards will also be
of

Investment

presented to the winners of the 1963

Banking

essay

competition.

The

writer

winning All-Institute Essay will be presented to the dele¬

gates and will make
Convention

a

brief talk.

Co.,

week.

The

sessions

various

IBA

will

held

be

each

morning

committees

national

will

during

hold

the

business

meetings, and most of them will submit reports to the delegates
on

significant developments and

♦Nominated

for

second

term;

has

activities during the past year.

been

vice-president

since December,

1962.

Stern, Frank,

Fox.

Reoffered

L.

V\

and

body & Co., Philadelphia National

Meyer &

.

mission; Douglas Dillon, Secretary of the Treasury; 'Benjamin? C.

Institute

Co., Kidder, Pea-

Bank, Laidlaw &

Thurs¬

by IBA President Amyas

during the week:

William

Savings Bank, Dean Witter & Co.,
J. Devine &

W'-V'V

In addition to the year-end address

of the

members

on

submitted

3.15% to 3.20%) for this issue.

group

this slate of officers at the Annual

President and five Vice-Presidents will be installed

afternoon.

bids ranging in interest cost from

Other

on

Nomination, however, is tantamount to election. The

day, Dec. 5, and the incoming Board of Governors will meet that

Willis,

from 2.05%

Tuesday

on

Rauscher, Pierce & Co., Inc., Dallas; Albert Pratt, Paine,
& Curtis, Boston.

Ames and the inaugural address by

Co.,

Unified

V

yield

2.00%

from

3.20%, latest balance in group

r

Special Trial Subscription Offer
FOR

$1,295,000.
of

im¬
City

Paterson,

purpose

only

involved $7,183,000

Wednesday's
portance
of

hattan

(1965-1989)

for

Bank

this

3Vz%

a

on

bonds.

NEW

SUBSCRIBERS

its bid

submitted

CHRONICLE

a

by

100.19

second

3Vi% coupon,
the

25 Park Place

Other

major

Trust

Co.,

Bank¬

Trust

Savings

Bank,

Salomon

Hutzler,

R. W.

Pressprich &

Wertheim
fornia

,&

Bank,

<Co.,

the

of

include

Harris

New

and

Bros.

&

Co.,

United

Cali¬

Connecticut

Bank

York, N. Y. 10007

Fill out the coupon below and we will send you
information

regarding

our

Name

complete

special trial subscription offer to

the Commercial and Financial

Morgan

members

account

•

bidder

of

The

coupon.

•' The COMMERCIAL and FINANCIAL

The

the Chase Man¬

bid, 100.07 also for
was

\

various

the high

was

issue

sale

Jersey

New

account headed by

for

B.

Labouisse,

Webber, Jackson

Fidelity-Philadelphia

> Also

was

Harris, Partner, Bache & Co., Chicago,

President

and the group was marked closed.

to

Convention sessions will be

modated there and also at The Diplomat, a
nearby hotel in
wood.

J.

Company

4.40%), all of the bonds

C.

1.390

expected to be in attend¬

Hollywood Beach Hotel and delegates will be

Trust

Co.,

Scaled

net

the

York, Shearson,

Co.,

Georgia,

Trust

N.

Peabody & Co., New York.

held at

Garrett & Sons, Marine Trust Co.

of

are

1-6 at

an

announced Amyas Ames, IB A President and Senior Partner,

ance,

Co., Carl M.

Co., Dean Wit¬

Co., Wertheim & Co., First Na¬

ers

Pennsylvania,

that

the

would

monetary policy is not subject to
any
immediate
revision.
Both

mav

and
Chi¬

Bankers Trust

are

J. Devine &

negotiation, $3,425,000 West Shore
School

it

Howard, Weil, Labouisse, Friedrichs & Co.. New Orleans: Charles
major

successful

High

and

market,

sions.

a

un¬

from

Trust

National

Collings & Co. purchased, through
Senior

market

bond

appear

Guaranty Trust Co. and associates.

by

bill

Treasury

reassuring speech before Congress
on
Wednesday, most of the dollar

for

of

cost,

came

managed

winning group

Bank,

Webb

Prescott

Phillips

Treasury

to

go

Co.,

Curtis, Shearson, Ham-

Co., E. J.

Caldwell,
Egan

&

we

Unchanged

Tuesday

cago.

Allison-Williams

Paul, J. M. Dain
Moody

of the

a point
Judging from favor¬
developments
within
the

less.

pur¬

bid

interest

net

jointly

group

Montgomery

runner-up

believably

the

interest

net

$10,500,000

pose

Chase

submitted

Maryland

Ginther

include

account

to

was

associates.

■

Co.,

and

second

a

this

as

investment bankers and their wives

?

by the

Bank

a

County,

Piper; Jaffray

interest

net

$3,500,000

Minnesota

(1965-1984)

purpose

&

1

n v o

account

by one-quarter of

or

able

balance of $5,550,000

a

in

Monetary Policy to Remain

the

'

.

First

of

2.15%

press:

Fahnestock

&

yield from

down.

Halsey, Stuart Wood, Struthers & Co., Inc.

The Northern

to

important

an

bonds

they

statements,

forget easily. This

out

Dec.

major members of this
are

Cragie

Co.

Co.

When

additional

3.60%»,

remains

000,000 Unlimited Tax (1965-1984)

you

upset when I called him

ahead

(5)

sale

Trust

Bloomington,

from

In ten-

handicaps,
here.

case

a

from

totaling $1,165,000,

is¬

as

be

can

bid,

came

made

&

the

without

best

emotional

physical

*

the

to

ter

cost

proved

Day of

shut

were

due

Stuart

interest

nine

with

Equitable

issue

pres¬

rug

alert

people

severe

i

The

tional

>

Sometimes

$5,-

every

can.

'I

markets

Loeb, Rhoades &

second

3.26%

as

Scaled

overall

market

any

notice—but

the

and

Tuesday,

Other

sold

&

31

mourning for President Kennedy

Halsey,

Sullivan

than

weakness

pull the

the

sold.

National

a

Roosevelt

quoted

$201,000 of

been

was

2.50%

from

Arthur & Co. and Harkness & Hill

government

a

Co.,

&

ent day managed money mar¬

\

have

Monday

but

syndi¬

net

patrick,

sued" transactions. This is not

(4)

bonds

.

issue.

Co.,

under

in

&

and

•more

Following

yield

the

to

by
a

were

to

&

are

possible

bonds

Improvement

bonds

Inc. at

W.

underlying factors in markets

always

hour

one

the

Virginia

managed

Co.,

F.

that

about

of

all

Public

(1964-1983)

Thursday

careful

to

company

and, after the

Kreeger

sense

$13,-

offered

coupon

■

syndicate

obvious

Try

you

the

were

sold and the account marked

were

teaches

(3)

if

.and

closed.

hope

good

watch

reoffered

were

3%%

a

period,

The

and

and

Insurance

and all circumstances.

and

to

3.65%, all

best

bonds

3.60%.

Co.,

;..w

\

to

Co.,

'

coupons

600,000

3.25%

so

&

Corp.

yield from 2.85% to 3.35% for

&

ac¬

guarantee

a

Co.

Associated

.

contracts

will

be

Co.,

A.

Stone

Securities

&

popular

v-

always

lie

f

&

Dominick,

The serial bonds

stim¬

knowledgeable

making

I

Reoffered

ranging in interest cost from

re¬

that your client

lie is. •%./%

Blair

Parke.

bids

I
it

V.

;

assume

more

not

&

of

to

be

may

Kidder,

to

Reynolds & Co., Hess,

Hammi.il &

A man's past performance in

<

Roberts

there

you

lessons

Dillon,

Co.,

Co.

Remington and Schmidt,

be

story.

as—

(1) Don't

■

&

and

understanding

in

.

^

Co.,

& Sherrerd

Grant

Phelps, Fenn & Co. and associates

motivations
.

.

salesmanship

I

&

&

this

of

Trust

Reoffered

Granbery, Marache Inc., Butcher

human

in

objectives.

your

is

is

Securities

postponement/was
the

of

Wertheim

&

3.17% net interest cost,

you

right climate for action

the

such

Dillon,

members

Co.,

American

of

you

help

only

an

agreement

complish

that

that

emotional

This

by

Halsey, Stuart & Co.,

major

Dominick

cate

sometimes

can

human beings
ulate

made by

was

or

everything

problems

that

through

of, the

very

Eastman

winning syndicate included Bear, Minnesota School and Refunding
bonds
which
had
Stearns & Co., Hemphill, Noyes (1965-1983)
been scheduled was put off until
& Co., Clark, Dodge &
Co., Dean

&

from., books

solved

of

members

Peabody

&

Inc. and W. H. Morton & Co.
"

Union

runner-up

group' managed

Alexandria,

legal proceedings.

to

cost

compared
the

bid,

office manager. He now

our

the

was

Brothers

interest

with,

Read & Co.,

Boston

and commercial bank demand was

special letter of thanks to him

a

First

the

yield

that

so

for

did

and

Cross, Inc.

of lour

in my pocket and when

would

from

The

Hutzler

confirmed

we

man

check for

I

(2006)

jointly

Salomon

'

consideration.

I

; term

syndicate

quick

as

department" and 'let's

put in the call,

a

and

by

and

serial

revenue

the

to

Hirsch

me

Authority of the

major
include

group

date.

and

and

for

up

of New York awarded $17,-

State

&

the

issues

were

municipal
I

Other

4

vaqe

notable

Becker & Co., Bache & Co., Hallcall New York COLLECT
garten & Co., Francis I. duPont

can

try

from

three

G.

was

will

you

(2119)

TAX-EXEMPT BOND MARKET
with

you

them for $600

The Commercial and Financial Chronicle

,

didn't

I

'

up

.

.

word. His accountant didn't,

a

lift

the

over

Number

198

Chronicle without obligation.

<

Financial Chronicle

The Commercial and

.

.

Thursday, November 28, 1963

.

(2120)

32

Dec. 2-3, 1963 (New York

National

MR. CACKLES

WASHINGTON AND YOU

meeting at the Commodore Hotel.
Dec.

behind-the-scenes interpretations

6,

Association

of

New York Annual Meeting at

the

Harbor
Jan.
has

C.—Out of the

WASHINGTON, D.

look into the
apparent far-

great tragedy and a
future

some

are

For the

in Wash¬
ington will function on the same
fundamental basis as it did under
the leadership of the late Presi¬
Our Government

be

will

(2)

,

has
-

party
Hotel

the

Al¬

club.

job.,

is not regarded as an

intelligent

man.

the

out,

holds

chief executive will
be
the Democratic nominee for
President nine months from now
N. J., Convention.
Northener as his

at Atlantic City,
have

a

running mate.

Vice-Presidential

St. Louis Municipal

has; had

who

for

training

better

Mo.)

been in

ever,

an

served

the

in

Congress at the

the fourth of our Franklin D. Roosevelt. Prior to
died at the hands coming to the House, he had
of
an
assassin,
the Republican served as a secretary to a late
Presidential picture is badly Texas Congressman.
blurred.
Senator
Barry
GoldSpeedup Possible in
water's political stock has dropped.
Legislative Area
Even if nominated, the Arizona
Senator may not be as strong in
There was speculation in Wash¬
the South if he had to face Presi¬ ington, even before Mr. Johnson
dent Johnson. Texas, with 25 elec¬ addressed a joint session of Con¬
toral votes, very likely would vote gress
as
Chief Executive, that

in

former
Nixon

have

Nelson

Governor

forefront

of

some

industries,

cannot be replaced.

was

on

Senate

hailed

As

City, Texas,

Johnson

result

a

in

Democratic

party.

been

course,

will

sur¬

,

know

1

had

e c

hand

strong

a

eral

in

mains
as

ties—both grandfathers were Con¬
—

substantial

a

South

together,

of

the

year.

No

part

next

a

liberals.
was

;

through 1964.

a

a

a

lib¬

For

years

he

man

not

the

on

Democrats

Deal.

has

hower

after
in

defended

de¬

served

his

1955,

good

.

a

heart

and

full

Association,

of

five

Mutual

of

Savings Banks 46th Annual meeU
ing at the BellevueStratford Hotel.

21,

1961,

his most quot¬

May 22-23-24; 1967: (Boston,Mass.)

Savings Banks 47th Annual meet¬
ing at the Hotel America.

E. I.

ask what you can do for

Hagen Office

McMINNVILLE, Oreg.—E. I. Ha¬

-

interpretation

coincide with the "Chronicle's"

&

gen

Co.,

Inc.,

opened

has

a

branch office at 226 North Evans

of Robert

under the management
J. Mattecheck.

Attention Brokers and

IN

Dealers

TRADING MARKETS

gltS EVENTS

House

Mutual

of

Association

National

country will do for

COMING

Industries
Electronics

Maxson

Official

a

Films

Fruit

Standard

INVESTMENT FIELD

Waste

-

SS

&

King

many
Oar

Dec.

is

the

Eisen¬

(Hollywood Beach

Bankers

Investment

years

appears

1-6, 1963

Fla.)

of

America

at the

attack in Denver

indeed

v,,;,,;.

Pa.)
National

views.]

Presidential asset.

a

as

list

strong supporter

of many

own

the

W. McCormack,

John

Speaker

to

many V
"Offsetting this worry
fact re¬
fact that former President

of President Franklin D.
New

Mutual

of

Association

National

Savings Banks 45th Annual meet¬

Botany

law,

by

as

country."

may not

the Chief Executive's post
go,

-

from the nations Capital and may or

the dis¬

go

by

The

(Washington,

17-18-19, 1965
C.)

Y

he fail to

"Should

would

as

young Congressman

Roosevelt's

prpbably will be able to

hold

term

;

ob¬

out

serving

of

;

[This column is intended to reflect

Mr.

and

1955,

Jan.

the "behind the scene"

naturally wondered about

chances

:

.

although

conservative

he

measures

President

Johnson

a

Northern

strong Southern

federate Soldiers

starts J

by many Southerners, and is

called

JFK's, running mate.
of his

July

year

Southerner, is regarded

ting Lyndon Johnson as

Because

legislative
1, when the

President; Johnson,

as

dency,

his

normal

Follower of FDR

Gen¬

the Attorney

servers

tance,

does not generally

his late brother's manager
the nomination for the Presi¬

for

s e

but

it,

up.

been

have

in

attack

heart

—

your

major

a

:

"My fellow Americans: Ask

you

new

Senator,

a

suffered

had

Johnson

.

fiscal

nomination in some sectors.

The country

eral,

by

held

been

As

importance.

doubt¬

appropriation

should

under

procedure,
new

to his

bills

passed,

marked opposition

there would be

eight

have

that

These

although

Johnson's running mate,

the

are

bills

General Ken¬
become
President

Attorney

should

nedy

ful

be

not

pieces of legislation re¬

history

not what your

assumed

Presidency

the

of

day

in the old

Y/V;;

Kennedy's

Mr.

down in

Even as the new
office,
concern

.

,

warm

six blocks

inauguration day address will go

his health and the succession

over

fate of

No longer

Theatre.

in

Washington

the

took

President

which

The

favors.

mains doubtful.

Administration.

Washington

prised if

Johnson

these two

said:

Star

far-reach¬

a

proposal

rights

civil

Mr.

strong figure in his

a

late brother's

the proposed $11 billion

proposal, and

ing

of

has,

He

tax cut

D.

Perhaps the following statement

-

commenting on the great na¬

tragedy,

a

White House

the

able

tional

on

about

1865,

Ford

Southern Con¬

some

friends

April,

from

out West.-

The Health Question

>

In

gress are

youngest

elected President of the

assassinated

was

that

impression

the

left

gressional

issues before Con¬

The two big

tim%

meeting at the Commodore

.

until after New Year's.

fAttorney General
Robt. F. Kennedy appears destined
to remain a powerful figure in
connection with the affairs of the
this

ever

man

Cam¬

the

Kennedy,

gerald

Johnson City was away

Johnson's Running Mate
At

Mutual

of

at
the
Washington Hilton
United States,' may very well be¬ ing
Hotel. * " v)
;
:
:
couple' of his come a martyr in American his¬
audiences that he tory like Abraham Lincoln, who May 16-17-18, 1966 (Philadelphia,

a

from

he

and

return

not

will

Congress

means

May Be

Roaert Kennedy

-

paign, Mr. Johnson,- then Senator

National
action

May

Meantime, President John Fitz¬

.

Presidential

1960

the

In

that

minerals

other

told

proposals.

(New York City)

Association

National

JFK's Place in History

and

gravel,

and

sand

numerous

speeches

faster

be

the

Dec. 7-8, 1964

Year

expressed strong belief

would

there

the

are

Del Coronado Hotel.

REALLY made of

cheese?"

cracked face¬
names of Governor George RomMajority Leader Mike Mansfield tiously "Lyndon is trying to leave
ney
of Michigan and Governor says the Senate plans to start the the impression that Johnson City
William Scranton of Pennsylvania.
Christmas Holidays Dec. 20. This is West of Honolulu."
"

more

Asso¬

Traders

Hotel.

privately

Arlington

in

Cemetery

coming

Also

risen.

tothe

buried

Security

Savings Banks 18th Annual Mid-

in

Kennedy

President

before

York,

New

of

when they

to my cheese stock if

green

Johnson,

Some Senators talking

happen

the moon they find it's

on

be accelerated.

tion measures may

A.
and
Vice-President Richard M.
of

fortunes

Rockefeller

land

Kennedy Administra¬

of the

some

is belief
Washington that the political

(4) At this time there

will

"What

Presidents has

for its native son.

;

.

(Coronado Beach,

ciation Annual Convention at the

Because

(3)

Mutual

of

Calif.)
National

President

late

the

of

protege

(New York City)

Association

ing at the Commodore Hotel.

of 28 as a

age

Country

f;

Oct. 12-16, 1964

Representatives for 12 years, and
in the Senate 12 years.
He came
to

Park, :Plaza

Echo

Glen

and

Dealers spring

Chase

Savings Banks 44th Annual Meet¬

House of

S.

U.

.

National

becoming Vice-President

Before

the

at

May 16-24, 1964

While he is not

orator, he is a fair speaker.

he

Louis,

(St.

1964

22-23-24,'

Apr.

How¬

leader.

good

a

man

White, House

the

55-year-old

will

be

no

CHRONICLE'S Special Pictorial
Section April 30.

though he

health

Johnson's

ever,

B.

Lyndon

President

If

•

will

son

departures.

He

the Shamrock Hilton Hotel.

Only time and history will de¬
termine whether President John¬

radical

no

at

Dinner

Association Annual Convention at

,,

Kennedy for the next year*

There

of

Association

Annual

Group Investment Bankers

Texas

tion in 1968.

dent

Inc.

April 8-9-10, 1964 (Houston, Tex.)

Office

of the 22nd
Meantime, there are at least
Amendment, should President
four paramount things that stand
Johnson be elected next year, he
out in a mourning Nation's Capi¬
would be eligible to seek re-elec¬
tal.

,

Chicago,

provisions

Under

(1)

(Chicago, 111.)

1964

Highly Qualified

New President

tions.
-■■■/

Club.

View

26,

the Drake Hotel.

ramifica¬

world-wide

reaching,

Traders

Security; Traders

\

the South.

of

most

carrying

without

won

ever

(New York City)

1963

Security

nation's capital

from the

Mutual

Mid-Year

17th

Savings Banks

NOV. STOCK INDEX

City)

of

Association

in

Convention

Hollywood Beach Hotel.

number

is

LERNER & CO., Inc.
Investment

CHRONICLE'S Special Pictorial

Securities

10 Post Office Square,
Telephone

Supplement Dec. 19.

health today."

telephone

York

CAnal 6-4592

Association

Annual

New

HUbbard

Boston 9, Mass.
Teletype

•

617

2-1990

451-3430

pletion allowances granted for tax

Democratic Presidential candidate

purposes

to the oil and natural gas

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Seeks challenging position in New York
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Memorandum available

on

request

TELETYPE 212-571-1685

TEL: HANOVER 2-0050

HILL THOMPSON & CO.,

Box C-1128, Commer-

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t

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