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The Commercial and Financial Chronicle
Convention Number
We Make
.
.
.
Thursday, November 29, 1962
Primary Markets in Over-the-Counter Securities
For Banks, Brokers
Dealers & Financial
Institutions
Your
Orders Invited
Inquiries
In'vited
the Purchase
or
on
Sale of
Large Blocks of Stocks
Private Wires to:
Atlanta__
_u___
R. S. Dickson & Co., Inc.
Wm. A. Fuller & Co.
Chicago
J. N. Russell & Co., Inc.
Cleveland
Vercoe & Co.
Columbus, 0.
Dallas Union Securities Company
Dallas-
Detroit
Baker, Simonds & Co.
Grand
Rapids
King and Company
Middlebrook, Inc.
__
Coburn &
Hartford---
A. G. Edwards & Sons
Houston_
Indianapolis
John A. Kemper & Co.
Kansas City, Mo.--Barret, Fitch, North & Co., Inc.
Kansas City, Mo.
H. O. Peet & Co.
Los Angeles
Currier & Carlsen, Incorporated
Louisville
The Kentucky Company
-----Piper, Jaffray & Hopwood
Philadelphia__
H. A. Riecke & Co.. Inc.
Pittsburgh--Arthurs, Lestrange & Co.
Portland, Oregon
Black & Co., Inc.
Salt Lake City
—--.Edward L. Burton & Co.
San Antonio
Dewar, Robertson & Pancoast
Minneapolis
--.-
Sutro & Co.
San Francisco
Fusz-Schmelzle & Co., Inc.
St. Louis
Washington, D. C.
Rouse, Brewer, Becker & Bryant, Inc.
Troster, Singer & Co.
Members:
I'
.
74
•
•
'
"
New
York Security Dealers
*
Association
Trinity Place, New York 6, N. Y.
.
:
Telephone HAnover 2-2400
.
.
.
.
I
•'
'
•
■
■
Teletype 212-571-1780;
1781;
1782
Volume 196
Number 6216
.
.
.
The Commercial and Financial Chronicle
3
N. S.T.A.
OFFICERS and EXECUTIVE COUNCIL
FIRST
PRESIDENT
Earl
Officers and
Hagensieker
Reinholdt &
Gardner,
St. Louis
i
VICE-PRESIDENT
SECOND
SECRETARY
VICE-PRESIDENT
Alfred F. Tisch
Joe E. Hutton
Allen L.
Fitzgerald &
Equitable Securities
Corporation,
Sanders &
Company,
New York City
Oliver, Jr.
Company,
Dallas
TREASURER
Sidney J. Sanders
Foster & Marshall
Inc., Seattle
Nashville
Executive
/
Council: 1963
?
Au
*
1
J
Charles A. Bodie, Jr.
Stein Bros. & Boyce,
Baltimore
Morton A.
Cayne
J. N. Russell &
Co.,
Inc., Cleveland
Nathan A. Krumholz
Ogden, Wechsler &
Krumholz, Inc.
^1. P. O'Rourke, Jr.
Joseph E. Smith
Donald E. Summered
J. P. O'Rourke
Newburger & Co.,
Philadelphia
Wagenseller £ Durst,
Inc., Los Angeles
<£
Co., Chicago
New York
SECOND
FIRST
PRESIDENT
Officers and
Charles A. Bodie, Jr.
Stein Bros. & Boyce,
Baltimore
VICE-PRESIDENT
Earl
Hagensieker
Reinholdt & Gardner,
St. Louis
SECRETARY
Allen L. Oliver,
VICE-PRESIDENT
Jr.
Sanders & Company,
Dallas
TREASURER
Alfred F. Tisch
Sidney J. Sanders
Fitzgerald &
Company,
New York City
Foster & Marshall
Inc.
,
Executive
Council: 1962
Leonard Friedman
Joe E. Hutton
/. N. Russell & Co.,
Boettcher and
Inc., Cleveland
Company, Chicago
Equitable Securities
Corporation,
Morton A.
Cayne
Nashville
Edward J. Kelly
Carl M.
Loeb,
Rhoades & Co.,
New York
City
Joseph E. Smith
Donald E. Summered
Newburger & Co.,
Philadelphia
Wagenseller <ft Durst,
Inc., Los Angeles
Thp Commercial and Financial Chronicle
4
1962-1963
.
.
Thursday, November 29, 1962
.
1960-1961
1961-1962
CONTENTS
I
Past Presidents
'
;
I
'
'
"
Articles and News
PAGE
and Executive Council
Officers
NSTA
of the NSTA
Past Presidents
of the N. S. T. A.
*
Hs
Stein Bros. & Boyce,
Baltimore
Edward J.
Joseph E. Smith
Newburger & Co.,
Kelly
.
AAAA
OTC Market
Co.,
A
.
:.
v..
Market
OTC
—
Receiving
1957-1958
1958-1959
1956-1957
Charles
President
Retiring
5
Just
A. Bodie
1959-1960
■'
Earl L. Hagensieker
Gradually
Is
Recognition
■,..
and the
(Industry
—President-Elect
New York City
4
—.
#
*
1963: Year of Decision for the NSTA
Carl M. Loeb,
Rhoades &
Philadelphia
A
•
■
Charles A. Bodie, Jr.
3
6
—
1954-1955
1955-1956
v"-
'
I
the
Will
How
*
Railroad
Proposed
by
Calvert—
L.
Aid—Gordon
Federal
f ,MmL.
Threatened
Independence
State-Local
10
Mergers
14
Benefit Investors?—Pierre R. Bretey
>r
Economy's
American
The
Potential
and
16
Problems—Robert R. Dockson
"■
A;V
.v'-AAA:;:
*
*
'.'A
*
CHAIRMEN
COMMITTEE
OF
REPORTS
■
"Traders Bulletin" Does Vital Work for the
Robert D. Diehl
May & Gannon, Inc.
Boston, Mass.
John W. Bunn
Phillip J. Clark
The Robinson-
Stifel, Nicolaus &
Inc., Los Angeles,
Calif.
7
Deceased
Humphrey Company,
Company, Incorpo¬
rated, St. Louis
William J. Burke, Jr.
Cruttenden & Co.,
Lex
Jolley
and,
McFarland
B.
OTC Education Committee and NSTA Public
Inc., Atlanta, Ga.
Lester J. Thorsen
Glore, Forgan & Co.,
Chicago
Rice
WillardT F.
NSTA—Co-Editors
James
Committee
Relations
Report)
(Joint
—
Chairmen Edward J. Kelly and Motton
Cayne
A.
—Chairman Edgar A. Christian
1951-1952
1952-1953
1953-1954
1950-1951
1949-1950
_____
Committee
Harry J. Wilson.—
Membership
men
Committee
Report—Co-Chair-
*
Awards
Announces
J. Koch_ 18
*
*
Program
—
OTC Motion Picture Film Now Available
11
13
Nominating Committee for 1963
of
List
Those
in
Attendance
at
1962
Con¬
18
vention
Goldman, Sachs &
Co., New York
Shearson, Hammill
&
Co., Detroit
John F.
Egan
First California Com
pany,
Incorporated,
H. Frank Burkholder
Edward H. Welch
Equitable Securities
Corporation,
Sincere & Com¬
San Francisco
1945-1946
Chicago
Nashville
1942-1944
1944-1945
pany,
1941-1942
1941-1942
R. Victor
Mosley
Suplee, Yeatman,
Mosley Co., Incorpo¬
rated, Philadelphia
1940-1941
7
9
Delegates-at-Large and Alternates.
Hastings
10
—
12
William R. Hough and Otto
*
NSTA
Report
Securities
Chairman
H. Russell
j,
1946-1948
Municipal
Harry L. Arnold
8
__
Corporate and Legislative Committee Report
19
Roster of NSTA Affiliates and Members
Sites and Dates of 1963
apd 1964 Conventions 69
Index to Affiliates
Security Dealers Association
55
Baltimore Security
55
Boston
Traders Association
Securities Traders Association...
36
Alabama
35
31
Carolinas, The Security Dealers of the
Chicago, Security Traders Association of
Cincinnati Stock and Bond Club,
Cleveland
56
Inc
54
Security Traders Association
Connecticut, Security Traders Assn. of.—___ 30
Dallas
49
38
Security Dealers Association.—
Denver, Bond Club of
Detroit and Michigan,
Association
Edw. E. Parsons, Jr.
Graham-Conway
Co., Louisville
Parsons & Co., Inc.,
Cleveland
Joseph W.Sener
Herbert H. Blizzard
Thomas A. Akin
Newman, Brown &
John C. Legg &
Col. U.S.A.F.R.(Ret.)
Deceased
Co., Inc., New
Company, Baltimore
Wm.
Perry Brown
47
Georgia Security Dealers Association
43
58
60
53
42
Kansas
Los
Orleans
63
Dealers Association
Florida Security
Thomas Graham
Securities Traders
of
City Security Traders Association
Angeles, Security Traders Assn. of
Louisville, Bond Club of—
Memphis Security Dealers Association
1938-1939
1939-1940
1936-1937
1936-1938
1935-1936
1934-1935
Nashville Association of Securities Dealers—
New
Orleans Security Traders
New
York, Security Traders
Association.
_
64
27
Association of__ 19
Philadelphia, Investment Traders Assn. of— 28
46
59
Portland (Oregon), Security Traders Assn. of 69
St. Louis, Security Traders Club of—
66
Phoenix, Bond Club of
T
Pittsburgh Securities Traders Association
St.
45
Petersburg Stock & Bond Club
San Francisco
Security Traders Association.
Seattle Security
Traders Association
_
67
52
Syracuse, N. Y., Bond Club of
/ f
Edward D. Jones &
Willis M. Summers
I
Co., St. Louis
Deceased
Arthur E. Farrell
James J.
McNulty
& Company,
Chicago
J.
Gentry Daggy
Deceased
34
Association
Utah Securities Dealers Association
m4
Edward D. Jones
33
Twin City Security Traders
67
Washington, D. C., Security Dealers and
Traders
Henry J. Arnold
W. W. Cruttenden
Geo. Eustis & Co.,
Cincinnati
Cruttenden, Podesta
& Miller,
Chicago
Association
of
27
Members of the NSTA Unaffiliated with
Local Organizations
70
Volume
196
Number 6216
.
.
The Commercial and Financial Chronicle
.
Many of
1963: Year of Decision
and have
For the NSTA and the
Hagensieker,*
President-Elect,
National
perhaps attended
NSTA
more
to
education
increase
OTC
and
public relations
investor
market.
Mr.
confidence
Hagensieker
in,
program
and
urges
thle
certainty just what business and market condi¬
active traders attended this first meet¬
is
with
gratitude
National
great humility and
have bestowed upon me
To me,
true
this is not
but
lenge—a
(1)
it
is
very
To
a
you
for the honor
the
actually
develop
started
years
ago
my
respect
or
a
work
ments.
many
know
we
still
we
are
five years
us
seen
ened
relationship
are
are
the
on
the
on
our
right track;
Earl L.
1963
see
markets
before
long
planning and
range
seen ups
the years.
over
slow there's the
are
and downs in
When business
we
tendency to sit and
"Let's wait and
make
sure
some
see
what happens
commitments."
any
Gentlemen, I'm
and I know
all of
us
have from time
degree shared in these atti¬
in the past, and I
honestly believe this
thinking has been responsible for many of the
as
a
year
Hagensieker
diate
Challenge
will* do about the imme¬
problems which will face
curity Dealers and the Stock Exchanges which
have
efforts and
tention to both
us.
objectives during the upcoming
our
working with
problems
of challenge in two distinct
we
in
are
for
We've all
to time and to
and, second, what
and
goals.
worry and say
right track.
First, what
areas.
other
recognized the sincerity of
time
is good there's
always a tendency to be "too
busy" to do anything about the future, and when
accomplish¬
you
the
we
business.
our
tudes
strength¬
with
is
the OTC market
Many NSTA
our
opinion, is what
my
going to do about the future of
Now
have expressed their satis¬
agencies of the industry, namely, the Investment
Bankers Association, National Association of Se¬
programs
Equally important, in
for our efforts.
NSTA born, de¬
I have had the opportunity
appreciation in
association and the indus¬
our
Long-Range Planning Essential
realistic
1963—A Year of
I
To maintain
state with
try in these matters.
for the benefit
(2)
can
These will be immediate responsi¬
they will call for positive action in
public and industry service. I assure
mutual interest of
first
Many of them have said it in words and
by their subscriptions. Gentlemen, they
industry and the invest¬
ing public.
our
of
the Executive Council the
on
members of years ago
our
Since that
number of the affiliates.
faction and their
three
or
developed
and
further this year
of the
two
some
security business.
partners
During
last four
real challenge:
further
our
to visit
chal¬
a
the
Strictly speaking, I have
velop and mature.
you
public relations program which
was
and
of
come
a means
meeting we have developed into the hard-work¬
ing, sincere organization that NSTA is today and
in many instances we arte the pulse of our firms,
this day.
dream
of
sion
Security Traders Association Inc. for the
1963, ant I do thank
year
constructive
provide benefits derived from
discussing matters pertinent to the trading divi¬
the Presidency of the
that I accept
properly. This
one
you that as President I will deeply feel my re¬
sponsibility and will conscientiously work in the
base
sense
no
tions will be.
acting on the
deep
a
time when
a
bilities and
major goals and challenges facing the forward-moving organization,
It
at
come
ethical conduct, to
time"
of,
that this work is carried out
will
being to promote the general welfare of its mem¬
bers, to establish and maintain high standards of
Security
understanding
letup in
no
agencies of the industry and they with us
see
ing; they organized NSTA, their main objective
solid
a
on
other
to
conven¬
anyone
personal acquaintance, and to afford
put
1934
of young,
Reinholdt & Gardner, St. Louis, Mo.
Incoming spokesman for the NSTA declares "now is
in
presently attending with the
exception of Mr. Ed Welch. An excellent group
Traders Association, Inc.; Co-Manager of Trading Department,
to
We will also be
charged with the task of admin¬
istering changes and I feel that we should join
privileged to
was
original meeting of NSTA
tions than
OTC Market Industry
By Earl L.
know that I
you
the
attend
5
we can
us
I
do in 1963 for the long
our
long
am
opportunities to grow with it.
benefit of everybody who intends to stay
this business. I feel we must give special at¬
immediate and
face today.
confident that our national
economy is
going to grow and the OTC market has wonderful
during 1963;
range
our
we
stay in this business next
and many years
range
that
year.
now
year,
I
am
after that, and I
is the time
we
planning to
and the
must go
year
am
after,
convinced
to work to help
insure that future.
(3)
The year 1963 could be a year
To develop other programs for the benefit
ization, also to aid and to continue the interest
of decision for
industry and NSTA. The results of the SEC
study will be known and I'm sure our association
in
will
of NSTA and to
our
affiliates
NSTA is
only
as
as
we
strong
must
as
bear
in
mind
that
in
its affiliates.
Bonds
The OTC education
program has proved what
the
improve ethics within our organ¬
•
assist and
moves
we
can
Most
but
it
important,
cooperate in every way possible
for the
do
is
I
still
think,
good of the investing public.
Preferred Stocks
W:
Distribution
Retail
Primary Markets
Industrial and Public Utility
distributing facilities
Companies
through 28 offices
i
located in
1
States, Municipalities and Public Authorities
principal financial and business centers.
1
United States Government and Agencies
Coast to Coast
«
Complete Trading Facilities
Banks and Insurance
I
Companies
Blyth 6, Co., Inc.
New York
Boston
Louisville
Pasadena
Fresno
San Francisco
Philadelphia
Detroit
•
•
•
Los Angeles
•
Pittsburgh '
Milwaukee
•
Spokane
San Jose
Chicago
•
•
Minneapolis
Sacramento
Palo Alto
•
•
Portland
Seattle
Indianapolis
Cleveland
•
•
Oxnard
Oakland
Kansas City
•
Eureka
•
is
that
the
Continued
Common Stocks
•
only in its beginning.
San Diego
•
Tacoma
•
Reno
progress
on
page
9
OTC Market Is Gradually
for
Traders
Association
Inc., Manager,
Bros.
Though
proud
&
of the
retiring spokesman
Boyce,
NSTA's
of the
accomplishments
last
selling the OTC market.
Cited
year,
impressive gains made in
the
are
getting the OTC market better known, and in making the NSTA
viable
ties business.
Mr. Bodie charges much
a
has
well
a
rounded
will
been
office
a
said that 1962 would be
eventful
market and NSTA.
then
OTC
the
I had
idea
no
I
that
making
I'm
the
What
in
mind
that
that
take
these
might
education
program
the
up.
Charles A. Bodie, Jr.
also
and
the
study
mis¬
people
some
with¬
were
have
We
of
excess
have
there
and
number of broad¬
any
public
and
the
newspaper
appreciative of
and
con
something
sure
Just
When
to
matters, I urge
I'm
our by the Philadelphia
views few months ago.
matters
on
consideration.
Inquirer
you
about
say
to speak
you
market
in
prominently featured
was
sponsored
Clinic
Investors
an
by the Oregon Journal, the New
they will be glad to
York
Stock
Exchange, and the
And I'm glad to report
OTC
in
one
that the
moving
now
ahead in its second year. It's con¬
which we
find out whether anything
program,
is
program
tinuing because it is doing
a
con-
As¬
Dealers
Security
sociation. We
Program Moving Ahead
relations
beginning to get
are
increasing number of requests
an
speakers at seminars, invest¬
for
ment
1
c
meetings
b
u
broadcast
all'
have
m
groups
and
Network
1
and
Bonds
Markets
in
Research
Comprehensive
*
300
over
Unlisted
market
the
are
stitute
operative
in
New
of
ber
been
to
direct wires
Columbus
Cleveland
Grand Rapids
Reno
Dallas
Malone
and
Rome, N. Y.
Victoria, Tex.
Potsdam
St. Louis
Santa Ana
a
Washington
w
Joplin
i
New Orleans
i
Pikesville, Md.
Phoenix
Rapid City, S. Dak.
Salt Lake City
Sante Fe
»
Seattle
Redlands, Cal.
San Antonio
Toronto
Westwood
San Diego
Tulsa
Whittier
Utica
that
know
too
new
companies added to Standard
has
&
Poor?s
200
12
surface
the impression that we
have
in
a
our
of
Rapid
that
can
comes
the
Growth
Right
we
now
have to sell the
have
We
seems
been
like
certain
setback
OTC market.
were
show
second
issues
to
situations
SPECIALISTS
the
OTC
OTC
place to
market
of
quality
can
that
be
before.
any
only
temporary
United States
★
Government
★
at
few
groups.
of the
Federal Agency
★
some
State
★
just
are
a
and
Municipal
for women in¬
These
★
things that have been
★
year.
was:
and
with
and
NSTA
working
other
so
contribute to
goals;
closer ties with
I
on
and
re¬
industry
organizations
could
to
that
united
develop
assist them in
at
our
Affiliates and
assuming leadership
the local and regional level in
public
relations
for
the
a
whole.
C. J. DEVINE & CO.
48 Wall
Chicago
•
HAnover 2-2727
Street, New York 5
Boston
Cleveland
•
•
Philadelphia
Cincinnati
•
•
Washington
St. Louis
OTC
market and the securities industry
as
"
*
strengthen the
establish
groups
industry
to
*
the
administration went
our
Securities
★
remember, when I as¬
D/recf W/res to all Offices
•
•
It
business
★
★
it
and
through market
this
★
have
no
when
IN
★
in
and
19
growth potential.
businesses
association.
takes
securities
other
program
May
that
facts
other
the
individual
our
since
market
scratched
great deal to our industry
a
and
to
only
job—far from
materials
supply
is¬
We
num¬
arrangements
I
m
1962
Stock
traded stocks. We know of many
We
and
October
Monthly
don't want
Training
surprising
clubs
lationships
Fullerton
Nashville
it.
the
sue.
what
of
in
Digests'
repre¬
I
enthusiasm.
University.
to
women's
bonds
Boston
portfolios
are
institutional
more
Stocks
a
Exchange
Stock
made
record for
Des Moines
Denver
picture
companies
10%
do because
sponsored by IBA and the
You may
Clearwater
Indianapolis
Minneapolis
Philadelphia
Oxnard
Portland, Ore.
Cincinnati
Fayetteville, Ark.
ftouston
Harrisburg
Oklahoma City
San Francisco
Christ!
Corpus
Los Angeles
Kansas City
Pittsburgh
Chicago
Parmington, N. M.
El Paso
Detroit
Bismarck
Baltimore
in
done. Perhaps I
accomplished in the program this
Correspondents in the following cities:
Asheville
Burlington
Burlingame
a
increas¬
are
Digest than in their January
paint
to
mean
We know that in¬
investors
OTC
held
similar
Remains to Be
March
last
sumed office last year, one of
Charlottesville
Anaheim
Albuquerque
to
glowing
been
inquiries from women in¬
things
have
with
vestors
GREGSONS
1
Data
don't
aver¬
ten and
OTC
the
Summer
instances speakers
Municipal Teletype: 212 571-1741
•
on
us
past five,
ing their OTC holdings. A recent
analysis shows that 300 widely
projects during the coming year.
and, for the
School
We have had
Telephone WHitehall 3-7600
Cable Address:
with
working
aver¬
greater
used
S
Trading Teletype: 212 571-1740
We
program
I
QP/vee/
72
One
widely
history,
the
York
i
Midwest Stock Exchange
stitutional
sented
in
IBA
Wharton
11
American Stock Exchange
and
the
twenty years.
coop¬
projects,
OTC
over
understand that IBA is interested
sponsored In¬
Investment Banking at
of
vestors
•
orders
represented
the
Northwestern
Members
and
★
11
York Stock Exchange
industry
being
in
was
in
panel
i
New
folders
country.
the
over
time
Course
Securities
ages
eration in the development of co¬
create
OTC
in training programs
and
Primary
•
understanding
his
stock
show
growth than the Dow-Jones
are
ler, Educational Director of IBA,
for
all
today
stockholders.
the
Corporate Securities * Underwriters of State,
Municipal and Revenue Bonds ' Complete Brokerage Service
Stocks
We
deeply grateful to Erwin Boehm-
have completed the
getting
are
ss
Cor respondent
Association.
insurance
and
ages
mar¬
whole. Industrial, utility,
a
as
bank
Investment
the
with
been
Bankers
than the securities
economy
ket
of these in their dividend mailing
first
in
Adding OTC Stocks
distributed 32 thousand
materials
I
justify it.
or¬
of
to
of
four-page
Within
Underwriters of
don't
companies traded in the OTC
all
The facts and figures just
range.
work with us on
The In¬
requests
public for these book¬
company
to
•
OTC
down¬
to
reason
no
be pessimistic aboul; the
market short term or long
or
a
as
industry projects
mean
from
Coas t-to-Coas t
these
hy
recognized
now
grade
industry
and organizations. We are Institutional Portfolios Increasing
received
has
recently prepared and dis¬
market
paid
other
and
Exchange,
my
orders.
thousands
tributed
stocks
have
that
traded.
OTC
There's
of
lets.
for
m
copies
100,000
Bureau
the
We
IS
OTC
the
out last Janu¬
came
getting
formation
from
of1 173
Groups
Much
printed to date and we
have been
literally
OTC
are
years
119
and
for
and
seen
than
More
still
paying
Actually, 34 to
consecutively for more
100
than
Demand
in
Booklet
booklet which
are
dividend
long
listed.
are
dividends
Liaison With Other Industry
I
ary.
A
leading stocks which have paid
39
Accomplished
You
investments.
dividends since the year 1900 are
appearances;
OTC
to
creates the impression
one
ALL
that
important and responsible associ¬
ation in the securities industry.
has
few weeks ago the OTC
a
quality
are
stocks
mutual in¬
Perhaps one of the most
a
rewarding
of these
associations
welcome
and
an
knew the first
we
ties
recent
recognition for NSTA as an
ganizations
i
For
discouraging
constructive
We know that over the years
first time in history a working elerpent of the industry the OTC market has been more
and they have expressed interest
responsive
to
growth
in
our
has published a sup¬
casts.
found
million
15
been
Portland
on
would be a crucial one for
would
that
is in
rounded portfolio,
well
a
sometimes
is
it
the past year
hear from you.
embarking
was
and
are
pro
under
knew
that NSTA
year
both
an¬
form
what
clude both OTC and listed securi¬
more
formation Bureau materials
conducting the study to be
they
have
nobody
better
a
industry.
by
SEC
cooperation
and
nounced
wider
accurate
and
a
fact that the prudent investor in¬
was
terest.
had
just been
these
the OTC market within
on
in
achieving read some of the advertising that
goals for NSTA. Taking the implies that ONLY listed securi¬
in continuing to
SEC
the
been
believe
we
tributed importantly to
lieve
was
study
has
There
as
industry and stressing the
I read ties in
evidenced in the greetings
conscientious, understanding, hard plement devoted exclusively to
working and fair minded. I be¬ the OTC market. This was done
had
I
create
say
foundation.
out
those
year.
to
held
about the
the
of
glad
givings
derstate-
ment
done to
be
lic and within our
probably
was
u n
crucial
a
for
year
However, as
purpose.
We have established contacts and
than ever before in
estimated that working relationships with IBA,
understanding of the OTC market its history. It's
and upgrade attitudes toward it readership
of
newspaper
and NASD, the New York Stock Ex¬
Stock
and NSTA on the part of the pub¬ magazines
which published In¬ change, the American
could
I
ago
year
display in
the
in
see
information
factual
portfolio.
reports
When I took
first
examples of what
accomplished in press
relations.
the investor to include OTC issues with listed securities if he is to
have
united
earlier, the program has also con¬
<
the lobby some
still must be done to educate
more
mary
much
As
program
progress
You
part of the organization and structure of the securities in¬
dustry.
Thursday, November 29, 1962
.
report and will be
leadership in this industry ac¬
getting the committee reports at
tivity has been a great help in
this convention so I won't go into
establishing better working rela¬
detail but I would like to men¬
tionships with other groups and
tion a few highlights.
organizations. It has also won
only the surface has been scratched in
says
firms and
sponsor
organizations in the securi¬
other
year
Md.
Baltimore,
with
Many of you have seen the
Stein
Trading Department,
.
industry and has reflected was designed to do a job for the
favorably on NSTA in its OTC market and that is its pri¬
relations
By Charles A. Bodie, Jr,* Retiring President, National Security
.
our
most
Receiving Just Recognition
Education
OTC
The
job
needed
much
and
structive
and
Chronicle
The Commercial and Financial
6
Pittsburgh
San Francisco
Volume
and
I'm
sure
fidence that
is
Number
196
the
so
will
future
the
Urges
OTC
not
that
know
fact
must be
we
people
responsible
is
market
an
business
securities
we
cation
to
out
count
can
I'm
Program and
their
have
must
the
for
do
to
this
address
by
role
of
played
Bulletin
by
behalf
in
the
impor-
the
of
Traders
the
NSTA
provided by the Co-Editors of
School" and the
vertising
OTC
Boca
RATON, Fla.—An awards
recognize
toward
will
which
contributions
and
wider knowledge
better understanding
securities market
was
of the OTC
announced
by Charles A. Bodie, Jr., President
National
the
of
Association
for
been
NSTA
convention
annual
29th
at
Boca
Raton
James B. McFarland
Association's
the
their
report
and
annual
for
awards to individuals and organi¬
zations in the fields of
in
Palm
its
tivities
OTC
We
market.
making
important
feel
create
better
President
various
they are
informed
Citations
two
before the year end.
announce
Affiliates.
page
Community
their
voluntary
year
help,
program
as
the
gets under¬
Further articles included
by
i
Chairman
of
Joseph
the
E.
a
Smith,
Nominating
Guest
a
Wilson,
Board
of
Speaker,
Chairman
Holiday
Orchids to the Ladies
of
Inns
Samuel
of
America, Inc. and his picture. A
Hill,
final program for our 29th NSTA
rated,
Convention
all
closed
by
this
Royal
Editor
of
was
also included. We
issue
H.
with
Plenty,
the
help and
biography of
Convention
Kemmons
the
by
gracious
an
article
tion
Philadelphia
In¬
Magid,
&
President
Co.,
New York City,
the
tional
Financial
E.
Thompson
ladies
presented
attending the Na¬
Security
Traders
Associa¬
Convention with orchid
cor¬
sages.
April
edition's
gave
a
se¬
to suit every
"Progress
clear cut picture of
very
the aims of
'association in
our
OTC
the
contributing
the
Assistant
and
Report-NSTA" by President Bodie
as
a
to
in-America
followed
curities industry.
the
excellent
issue.
"The
Executive
and
from
Counsel, IBA, completed
the
corporations,
Advertising
An
Council
of
sponsor
Program."
by
re¬
Educational
endorsement by
an
NSTA
"Invest-
This
"NSTA
was
Goes
to
Investors
1962
III
111
Securities of the United States
lil
"111 III SfAIIIfANP1
The
Government and its Agencies
ii
State, Municipal, Revenue and Housing
MUNICIPAL;
B0§IDS
IlilSMlNMENTl
Ip
jil iSMii!
A MB/ i
A
Securities
Bonds, Preferred and Common Stocks
of
u ;y.v.VA-<^
rot
!
Lil 44
Downtown Headquarters: 55 Wall Street, New
Dept.
BANK
York 15, N. Y.
Municipal Dept.; Phone 559-8571, Teletype: 571-0830
U.S. Government Dept.:
Member
v.-
Boston
Company Stocks
Bankers'
Phone 559-833.1, Teletype: 571-0877
Federal Deposit Insurance
•
NEW YORK 5
DIgby 4-1515
Chicago
Philadelphia
Acceptances
Certificates of
Pittsburgh
Cleveland
San Francisco
Deposit
Securities of the International Bank for
NATIONAL CITY
State and
I
Casualty, Fire and Life Insurance
jil
FIRST
Bond
—K.
CORPORATION
Corporations
'
20 Exchange Pl.
i
AGENGfiSECORITIES
4*u
-
Bank Stocks
'
ivi»i
FIRST BOSTON
Industrial, Public Utility and
Railroad
■V..'i
Reconstruction and
Development
Canadian Securities
External Dollar Securities
^Underwriter
PLutrdutar
dJnnedtment
of
Incorpo¬
by
Director
Program, and
in
article
nicipal
TV-Radio, educational institutions,
individuals
first
followed
our
time,
1961
General
following categories: Publications,
and
the
was
his
technical assistance."
This
insert "The Federal
Facilities Loan Pro¬
lation
firms
during
special thanks to all
a
President's Convention call.
the
gram," by Gordon L. Calbert, Mu¬
and
1962
traded
The
and
A1
was
the
on
news
They will include awards in the
-
"The
on
Program."
pictures
Bodie's
1962
the
and
OTC
Prince, Philadelphia, our, printer,
for
their
edition
elect
short
a
and
established
awards
report
as
Recognitions Committee has been
will
1961
-
included
Also
final
Advertising,
this
special NSTA
nominees for the various National
Your Co-Edi¬
December
"The
Chairman,
investors."
A
thank
pleasure and honor
pointment
construc¬
-
year.
a
ac¬
ing the investing public by help¬
to
to
has
year
one
public
tive contributions toward protect¬
ing
like
George Angelos accepting the ap¬
with
and
also
Co.,
&
which
education
connection
in
would
"We
John Johnson, Sr., of Johnson &
aThe October edition presented
served you.
to have
Tisch's
important
from Affiliates.
nearing the completion
it
tors find
message.
rendering
Chicago, Sept. 11 and your Editors when requested.
news
last Convention
our
eighth
to honor and
service by effective
see
Springs, and the Traders
awards," Mr. Bodie said, "we wish
dividuals and organizations
duty to
of their Affiliates reach
Con¬
recent
Securities
"Approximately
passed since
featured
deserved recognition to those in¬
news
observations:
communi¬
give meaningful and
that
in
publication
<
the
to
Union
corporations. "Through these
are
Fair
we cer¬
items
Philadelphia) made the following
cations and education and to busi¬
ness
12, and
all
dents to make it their
that
a
received. We urge all Presi¬
were
announcing the
Affiliates,
appreciate
(Stroud & Cjo., Philadelphia)
Willard
F.
Rice
(Eastman
Dillon,
of
calls
program
closed
Although,
by the lack of
vention. Messrs. James B. McFar¬
land
Bulletin is
Hotel.
The
done
and
reminder
Security Traders
the
at
tainly
ar-
featured
Bodie's report
Education
year
Wiiiard F. Rice
a
World
edition
July
President
way.
creating
Further
Seattle's
the
Awards Program
along
of other Affiliates.
news
"The
National
Inc.,
to 8,
Nov. 4
preliminary train schedule.
Traders
interesting
offices,
and
NSTA Announces
program
Chairman.
from the
news
Raton,
IBA held in
tides included "Dateline Seattle"
second
outstanding
Ques-
tion" by George Angelos, 1962 Ad-
announcing
we
before
Security Traders Association,
Raton, Florida, Nov. 4, 1962.
BOCA
"$100,000
newsworthy.
little disappointed
Municipal Conference of the
indication
report described the work which
the
of
and
in
First
E
Some
was
"Your Editors hope the
given
was
Convention
issue
job.
Bodie
Mr.
Convention
Annual
space
this
Stock
Bulletin has been both
This
has
*An
29th
Regional
keeping members of the NSTA fully informed regarding Assn. affairs.
and
support
NSTA
of
a
we
sure
His Worth in Service.'
with
what
members
the
on
firms
Boca
with this Edu¬
do
'Young
Proves
important part played by the publication in
na¬
our
And that's
economy.
are
and
Rice point up the
quirer,
Angelos'
the
"Considerable
reviewing highlights of last year's issues, Co-Editors McFarland
and
recognize the tant
OTC
the
important and integral part of the
tional
In
any
Salesman
forthcoming
George
of
and
announcing
markets
other
with
the facts and
that
in
elections,
Advertising Chairman.
Program
engaged
Committee,
appointment
Vital Work for the NSTA
market.
organizations but
sure
The "Traders Bulletin" Does
it, NSTA and the OTC
are
competition
or
The Commercial and Financial Chronicle
.
and, when it does,
Support of
As I see
market
ahead
move
.
.
con¬
national economy
our
going to grow and
in
have
all
we
6216
Q)ea(er
^Pecuritieti
Corporation
i
.1
The Commercial and Financial Chronicle
8
include information in connection
OTC Education and Public
have
ment
club
and
quptations.) Fact sheets
bulletins with
regular press
received
overlapping of their activities, a consolidated
cation and NSTA Public Relations Committees.
men,
of the country. These
The
include
significant information about the
respective Chair¬
being made, via the
progress
use
OTC
printed. As
of all types of media, toward better
this
understanding and appreciation of the Over-the-Counter Market.
have
market,
widely
been
result of interest in
a
material,
is ex¬
the Bureau
panding research services by com¬
Judging from
to the Convention, the first
Full text
operation^ of the OTC Informa¬
tion
Bureau
was
one
of
of the Report follows:
Because
year's
there
is
over¬
some
lapping in activities of the Educa¬
tion Committee and the Public
solid
Committee
Relations
decided
a
to
the
issue
it
was
following
as
securities
and
has
Program
progress
with
of
sp9nsor
60 cities
approximately
support of NSTA Affiliates
activities
at the
important
made
cooperation
in
and the
Relations
at the national level and
the
firms
Public
have
been
accelerated
regional level.
Morton A. Cayne
still
garding
Report
Edward
Rhoades
J.
Kelly
&
for
gram
the
daily
The
Newsletter
lend
(Carl M. Loeb,
on
&
their
Co.,
other
lights
Cayne (J. N. Rus¬
Inc.,
capacity
as
Cleveland)
Chairmen
in
NSTA
Public
Relations Commit¬
tee, respectively.
'
as
a
re¬
regional activities which
areas.
Following
various
of
are
phases
high¬
of
Bureau
and
comment
has
attention
of
media.
established
(These
called
been
the
most of these
from
do
the
to
editors
in
and
corrections
President
the
In
magazine field, the Bu¬
has arranged
interviews and
provided information to assist in
the
preparation
stories
articles
of
in leading
financial
and
and
weeklies
news
and
general maga¬
zines. Similar services
have been
provided to broadcast media. It is
that
and
have
than
facts
about
extent
and
Steps
have
Over-jthe-Counter"
encourage
and
Banking
to
the
and
OTC
to
publishers
devote
more
and to assist busi¬
market,
ness
departments of
the
development
tions
the
on
investors
in
newspapers
of
OTC
of
School
first time the OTC market
recognized
in
Institute
the
Services for Schools and
Securities Industry
the
pro¬
special
sec¬
market,
U. S. Government,
market
special
State, Municipal and
publication
Inquirer
which
clusively to articles
Public
Housing Securities
market.
Traders
cooperated
of
these
in
in
other
country.
This
sections
of
was
series
a
idea
news¬
of
of
the
example
Another
regional interest
ex¬
developing
articles.
in¬
mate¬
rials
projects to bring this information
directly to university and indus¬
training
try groups.
Northwestern
at
course
of
development
of
Among other things
University; These programs proved
this calls for making the practical
understand
and professional knowledge of the
to
trader
successful
so
NSTA
will
that
we
asked
be
provide
the
and
trading
division
panels for the Institute meetings
available to other industry organ¬
next March and next year's Sum¬
izations, universities, and sponsor
firms on matters relating to the
at Northwestern. It
merprogram
is
planned to extend these services
educational
other
to
and
institutions
OTC
market.
ready
acceptance
the
OTC Booklet
In
January,
booklet
a
We
part
have
this
to
desire
end
business
of
found
and the
liaison
closer
for
training programs.
on
schools,
authors of financial textbooks and
28-page two color
industry groups.
was
We feel good progress has been
published. The acceptance and de¬
made and that work will be accel¬
mand
by the public and sponsor
erated
firms
has
the
on
OTC
market
exceeded
far
expecta¬
registered
representatives
during the coming year.
OTC-Traded Companies
tions. In addition to distribution to
We
and
had
have
a
very
encourag¬
other employees, some firms have
ing
mailed
customers
formation services to OTC-traded
public
companies. A number of leading
booklets to
the
offered
and
as
it
the
to
in
basis
a
broadcast adver¬
and
for
releases ana
press
been'widely
excerpts from it have
of
letters
from
the
public have been received by the
Bureau
and
questing
Demand
for
necessitated
the
of
re¬
booklet.
booklets has
these
three
printings
date and the total is
of
firms,
sponsor
copies
in
now
to
corporations
formation
September
OTC
inserts
firms.
been
we
prepared spe¬
for
customer
mailings
response
encouraging
and
we
this literature.
Regional
and
talks
special
has
four-
Orders
have
five
from
one
Power &
Light Company, inserted
of which, Wisconsin
increase
Speaker's
been
Speaker's
information
prepared in
Kit.
With
a
few
believe
and
effective
this
is
disseminate
to
way
basic information about the OTC
of investors.
market to thousands
V V 'V
1
Women Investors
The Bureau has received
sur¬
a
prisingly high percentage of in¬
from
this
With
firms, transcripts of
talks and background
for
the
a
mailings,
women's
TV
Service
of
columns
magazines
and
the
have
editors
and
Radio
and
Through
services
to
pages
newspapers
investors.
women
mind
in
extended
been
assist
suggestion
companies for copies to include in
quiries
Speaker's Bureaus
To
pro¬
company
received
been
already
date has
to
anticipate continuing demand for
Bureaus
the
recently prepared
by
very
At
mailing piece.
page
will
folders
The
relations
few have ordered
a
OTC-traded
Bureau
in¬
and
32,000 in their last dividend mail¬
four-page
in
requested
management
booklets.
one
of in¬
ing. We anticipate orders for these
OTC Folders
cial
Quite
grams.
of
have
for
stockholder
their
excess
100,000 copies.
In
from bur
response
OTC
published.
Philadel¬
being discussed with
papers
tion
financial
of
the
and
of
at
special OTC panel
a
Investment
Association
some
now
a
trading in
on
The
phia
is
of
Plenty devoted
Royal
this
of
example
supplement of the Phila¬
delphia
editor
the
was
services
preparation
ceedings. Also, arrangements were
and
recognition of the OTC
newspaper
the
clude
made for
clinics.
outstanding
educational
Our
so
was
activity during
program
the second year.
an
An
groups, TVinterviews, col¬
Radio panels and
Finance
marks
This
Commerce.
Thousands
and time to coverage of the
space
local clubs and
fore
and
IBA
by
sponsored
Wharton
the
tising. The booklet has also served
to
since
newspaper
broadcasters
short
a
sections of the country
many
included phase of
was
the
Of
been taken
also
within
that
anticipated
seminar on leges, business schools, etc. This
will be an increasingly important
a
in the 1961 Institute of Investment
start of the program.
not
Association,
newspaper
newspaper
readers
new
It is
"Making and Maintaining Markets
the
circulated
been
15,000,000
magazine
Bankers
ex¬
the industry point of view.
press
relatively
are
the formative stages.
scheduling speakers for talks be¬
cooperation with the Educa¬
of
published to
the
Bureaus
in
or
in
tion Committee of the Investment
or
cases
NSTA have been
more
contacts and services for press and
broadcast
unfavorable
inadvertently
market
"-■!
has1
on
ket. In several instances inaccurate
estimated
Press Relations
The
bulletins
service
advisory
characteristics
•"' iv-:-'"
■
and
pro¬
activities.
and
the OTC Education Committee and
serves
themselves to duplication in
gram
sell
also
in
magazines
press,
matters relating to the OTC mar¬
pro¬
and Affiliates.
sponsors
a
continuing study of comment
reau
the
on
clearing house for ideas and
Co., New York City)
and Morton A.
continuing report
joint product of ports
the
was
a
re¬
The
functions.
its
and
been
maintains
also
Bureau
er's
the 1BA-NYSE sponsored summer
services
develop¬
information.
ment of this
Ave., New York City, to provide
Oyer-the-Counter
the
Market
prevalent
has
published bi-monthly by the OTC
dispelling the considerable amount
ignorance
Newsletter
Information Bureau, 342 Madison
accomplishment toward its goal of
of
OTC
the
in
the
to
advisory
cooperating
are
letters
The
Edward J. Kelly
available
Leading
press.
of
the OTC market
on
generally
The
During the past year the OTC
holdings
on
statistical data
not
consolidated report.
Education
OTC
by institutions and other
piling data
Text of Report
Report presented
a
In
exceptions these Regional Speak¬
time there will be active Bureaus
Industry Seminars
along with
which
releases,
news
Edward J. Kelly and Morton A. Cayne, illustrate the substantial
the
of
parts
:i
financial
by
editors and columnists in all parts
report was presented to the Convention on behalf of the OTC Edu¬
receiving
country.
on
favorably
some
all
Thursday, November 29, 1962
.
number
a
are
we
from
requests
the OTC market have been
and
.
invest¬
for
meetings in
cities
of
current and background informa¬
tion
Since there is
furnished
been
with price
.
of
and
commentators.
Public
Directory
Relations
women's
for
the publica¬
special
OTC
feature stories in the Memphis
Commercial
of
trip
a
Appeal
to
New
the result
as
York
the
by
financial editor for visits to trad¬
Chemical
ing
gested
to
the
CHEMICAL BANK NEW YORK TRUST
COMPANY
with
which
spokesmen
sug¬
was
the
by
newspaper
Memphis
NewYork
interviews
and
rooms
OTC
Security
Dealers
1
Following
GOVERNMENT BONDS
MUNICIPAL BONDS
the
TWX: NY 212-571-1414
Tel: 770-2661
TWX: NY 212-571-1416
212-571-1415
1
year,
market
Press, NYSE,
security
investors
an
eration
local
was
with
NYSE
Information
by
last
was
in other
in
its
now
the
extensive
organization
of
57
the
OTC
Education
offices
Affiliates
Dayton
Columbus
•
Mansfield
•
Lexington
Hartford
»
Portland
•
of
our
firm,
and
Lewiston
•
•
Bangor
Philadelphia
•
correspondents.
London, England
speakers
!
•
W. E. HUTT0N
•
•
Burlington
Hackensack • Wayne
Biddeford
Washington
our
Program
through
Baltimore
•
Easton
published announcements
on
CINCINNATI
NEWYORK
Boston
areas.
has
Exchange
i-
through
coop¬
ica
and
Members New York Stock
and other leading exchanges
re¬
and
are
W.E. HUTTON& CO.
*
distribution
Committee.
Plans for similar clinics
in progress
with
and
dealers
clinic
arranged
the
ties
securi¬
in
cently held by the Oregon Journal.
also
municipal
effective
very
OTC
The Investment Clubs of Amer¬
111 Convenient Offices in the New York Area
in
corporate
and
the
Cleveland
This
Tel: 770-2741
a
Seminars
the
of
Cleveland
Street, New York 15
of
of experience
century
underwriting
.
Investors
the Investors Clinic sponsored
20 Pine
three-quarters
Association.
coverage
BOND DEPARTMENT
Over
•
INTERNATIONAL INC.
Rome, Italy
•
Monte Carlo, Monaco
Volume
196
Number 6216
,
published by the National
groups,
Association
of
formational
Manufacturers, in¬
materials
being
are
offered to women's clubs through¬
out
the
country.
stances
to
business
provide
in¬
some
for
speakers
clubs
women's
and
investors organizations.
women
The Commercial and
.
tablish
the
and
start
to
information
activating
our
will
be screened
tendance
gional committees.
At this time
to
point
we
out
available
at¬
We
this
film
to
make
Affiliates
to
in
for
local
and industry showings prior
press
to
those
general release.
We anticipate
that this film will be
most
a
ful and effective tool for
education
regional
in
and
programs
use¬
con¬
role
could
never
have
we
the
ac¬
participatipn of the
100 members
of
more than
national and
our
work
of these
has
program
becoming
regional
increasingly
the
work of those who
Bureaus.
We
national
to
the
year
will
program
press
designed
sentatives
coming
maintain
be
build
and
confidence
the
most
Research
market.
and
to
up
provide
basis for
a
fair
a
appraisal of OTC market perform¬
in
ance
changing
market
condi¬
of
training
industry education.
pect
take
to
We also
advantage
opportunities
many
internal
and
courses
for
ex¬
on
assisted
they
and
made
have
expressed
also
are
organizations
and
in the development of
us
the program
We
and its services.
service
and
telephone
public
sound
a
which
and
Continued from
inter¬
day
teletype
.constitutes
made
the
for
Designed
public
secu¬
relations
Program"
the
animated
sketches
illustrate
the
the
of
deals in
an
vidual
issues
leading
to
this
im¬
an
contribution
industrial
most
as
insurance
well
and
as
municipal
If
utility
NSTA
And if
stocks,
company
bonds,
U.
and
are
S.
we
a
total of about 4,000 issues
portant phase of the program will
be
providing materials and
ices for their
use
the
serv¬
in regional pro¬
grams.
representatives
securities
With
of
we
In introducing the film presen¬
tation Charles A.
the continued
and
members,
to
Progress in the program to date
has been made within the restric¬
industry.
NSTA
Bodie, Jr., retir¬
President
this
motion
render valuable
will not
"We
follow
will
said:
the
of
support
public service in
investors
budget
in
educational
comparison
try. However,
we
of the
deficit,
and
our
are
feel the
money
operating
budget.
We
on
a
no
July.
our
was
the
session
conducting the program. Re¬
already
evident
undoubtedly
and
been
a
wider dissemination'of basic back¬
OTC
information
market
than
the
about
ever
before
history. During this period
have
also
miere
we
RATON, Fla.
of
a
opening
—
The
motion
new
pre¬
no
their
programs
phrase
you
NSTA
for
always of
our
and
picture
of
the
29th
Security
Traders
Association
at
40 million share
motto, the
meum
pactum—Our word is
our
Annual
Representatives
of
members
of
the
averages
NSTA's
32
national associa-
right
each 5 minutes, I
now.
can
always
Can you?
more
NO!
day. Could you?
the board, giving hundreds of times
more
quickly while saving the broker
thousands of dollars each year. Can you?
To insure accuracy,
I have continuous electronic monitoring. Do you?
With me, the broker can select a security without
the
I
can
give the broker
give
as
a series of data on the same security
reselectingithat security's symbol. Can you?
much data
I have continuous visual
I
identifying
particular Exchange. Is this true with you?
Do you
affiliated regional associations and
am
their
engineered
never
on as many
fast
With all your
as
securities
as
I do?
display. Do you?
to become obsolete when the Exchanges complete
high speed modernization
Are you as
programs.
Are you?
I am?
hidden extras,
can you
deny that
in every case, I will cost less?
V
ORIGINATORS
•
UNDERWRITERS
DISTRIBUTORS
NEW
JERS|||§|NICIPAL
an|(Jp
AUTHofi® VENUE
OBLIGATIONS
Boland, Saffin,
The Ultronic Stockmaster is the most remarkable stock
Gordon & Sautter
Established
At the
push of
1920
any one
64 WALL STREET, NEW YORK 5, N. Y.
Bell System
bond.
*An address by Mr. Hagensieker before the 29th
Convene
tion of the National Security Traders Association, Inc., Boca Raton,
Florida, Nov. 8, 1962.
get "choked up" on busy market days. In fact, I could handle
I ca(n and do replace
without the broker
the Boca Raton Hotel.
the
—
additional cost. Can you?
never
information
the highlight of
one
help the administrations which
give the broker independent desk unit operation
I
annual convention of the National
in
completed most of the
can
at
ex¬
an
titled "OTC"
its
in
Dictum
By computing the Standard & Poor's
a
and
ground
Latin
tell the broker what the market is doing
Nbw Available
job
from which
benefits in 1963, but
OTC Motion
BOCA
has
also
range program
reap
ASKS BRAND Q THESE RUESTI0NS!
Picture Film
a
I pledge that our
now.
THE ULTR0NIC ST0CKMASTER™
increasingly productive results
job ,in helping us to ac¬
complish this and in organizing
are
This is
NSTA
well
cellent
there
long
a
only
May I remind
pro¬
sound and informed
I
feel
professional staff has done
sults
obvious.
in the second year program which
started in
when
nobody else will do it if
indus¬
has beien well spent. We have
within
now,
withi
conducted
programs
by other segments
and
basis."
tions of what is obviously a lim¬
ited
job for the
importance of making investment
looking forward
we are
this
industry.
picture
tions of the OTC market and the
decisions
sponsorship
are
don't, and the time is
which will
progressive firms in the indus¬
try,
Conclusion
matter^
on
questions:
going to do the job
answers
development of
try
pertaining to the OTC segment of
un¬
and
administration in 1963 will dedicate itself to the
bined.
the
im¬
aren't
we
we
with
spective investbrs with the bjpei'a-
OTC
as
going to do it?
in the OTC market. This compares
training and education of indus¬
an
wider
the investing public
going to do
NSTA must do because
anticipate accelerated progress in
regional
so
integrity that it deserves.
isn't
I feel the
securities, the major¬
familiarizing
of
public
Now is the
OTC market who is to do it?
provide valuable assistance in the
formation
grows,
I'd like to close with two
We
Education Committees and
economy
ity of trading in which takes place
believe
can
the
its value and
and
foreign securities, state
Government
ing
basis; also that it
education and
solid base.
will approach it with confidence and a sense of
many
and
the great
stocks, virtually all bank stocks,
better informed
investment
our
a
on
estimated 50,000 indi¬
including
us
that
which
market
program
has shown
be achieved by this effort.
a
when
graphically
characteristics
year
time to build confidence and create
utilizes
film
can
derstanding of the OTC market,
showings
part of NSTA's "OTC Educa¬
tion
during the last
Now is the time to build
approximately
for
5
page
potential which
largest securities market,
of the total volume of
and
a
present
public
a
make
timely
and
creating
investing
on
can
the
over
listed by all stock exchanges com¬
sincerely believe that
prograin is performing
toward
companies.
have
industry publications which have
portant
terest and cooperation on the part
OTC-traded
sponsor
support
which
industry
the
of
the
responsible
the
grateful to the members of
other
investor
education through the growing in¬
of
the
be¬
private banks in Eng¬
operations
organization. We
our
tions. We plan to expand services
for
their
for
For the NSTA and the
rity trading in the U. S. today.
this program possible, and for the
in
OCT
to
national
as
thank
to
contributions
public confidence in the future of
statistical services will be stepped
land
the
of
serving
are
its
from
traded
were
counter in
cannot
value
market
75%
firms and their designated repre¬
Planning
the
want
first
is
NSTA Affiliates in
our
the
in
active
We
committees and that
these
the
life and
territories.
overemphasize
that
men
to
come
and
all parts of the country.
During
securities
world's
diligent
officers of
Speaker's
OTC
the
network
only through the
hard
viewed
1963: Year of Decision
busi¬
ginning in the 18th century, when
is
members
Regional
of
regional education committees. It
junction with scheduled talks by
of
attending the five-day
conference
in
securi¬
dinner meeting. It tells the story
success
date
traders
important
the
without
to
ties
professional
(Over-the-Counter)
showing of the color film at the
this program. We
in
of
OTC
9
would like also
voluntary organization plays
our
tive
convention.
the
at
planning
are
for
re¬
tion
ness
achieved
The 10 minute color film "OTC"
es¬
bureau
have attained the
Motion Picture
Financial Chronicle
organization work required to
Arrangements
have also been made in
.
.
a
reporting device ever developed.
button, the broker can instantaneously get 10 up-to-the-second facts on
of 4000 different Stocks, Commodities and Over-The-Counter securities.
WHITEHALL 3-1570
Teletype-—212 571-1055
Ultronic Systems
Corporation, 40 Wall Street, New York 5, New York
•
HAnover 5-3163
10
The Commercial and Financial Chronicle
manipulative act
Report of Corporate and
Legislative Committee
Chairman
Edgar
under scrutiny
a. Christian, citing
of securities
areas
business
of
$10
The
Legislative Committee, submitted
the
to
Convention
Edgar
A.
Y
a
e a
t
m
Mosley
Chairman
by
Christian
(Suplee,
n,
Co.,
income
attention
the
had
follows:
the
of
SEC
Admin¬
(1)
dealers
The
effect
companies
them
securities
their
and
of
questionable;
(4)
the
The
room"
to the
siderable
in contacting
lauding
the
eliminating
ob¬
"boiler
tactics, the Report pointed
dealers
any
While
possibility that,
drafted,
the
to
rule
as
presently
stock selling for $10
or
less
the risk of violat¬
run
attack
of
dealer;
would
dealers
of
use
endeavor to
an
problem
tactics
"boiler
of
the
in
phone
and
distribution
leased
a
15C2-6
proposal
under
16
Aug.
on
be
also
required that
of Congress in
numerous
the
Securities
Exchange Act of 1934.
Rule,
proposed
a
it
"fraudulent,
Wall
by
fect
on
been much comment
with
Street
on
Municipal
have
bonds
curities
traders
steadily
adverse ef¬
an
the amount
as
of
legitimate
many
re¬
and
com¬
people who have bought stocks
of
at
different
two
least
classes
of
vestors
There
is
com¬
year's
a
a
deceptive
or
fear
of
that "boiler room" tactics
us
how
it
equitably accomplished
be
is
the
but
eliminated
be
problem.
the fifth
regard to
in such bonds.
item,
such
ume
nation-wide network
of 133
pleted
detailed
a
operation
instantly linked by
over
report
Funds
Mutual
of
the
and
on
this is being studied by
of
President in the early part
the year
of
you
to
a
.
to help
dealer who asks. To put
any
write
1,800 account executives to work from
over
for
terest
coast-to-coast
...
to
start
them
looking
passed
through thousands of contacts for the buyers
dends and to repeal
want.
credit
am
sure
the dividend
exclusion
and
your
in obtaining
provision.
a
we
a
think, to find
any
market that
can
be
found. Able anyway, to give it a better-than-
abreast
the
affect
try. Like to
call
nearest office.
our
see
for yourself? Just
our
an
I
the IBA and
effort
industry.
have
we
year
to
developments
hope
to
We
continue
the
Christian,
Suplee,
Marketing Department
other
which
immunity
the
of
constitutional
our
of
state-Federal Government.
I
Immunity
bonds
And
factor
new
in
buying
and
state
issues
accurate
but
of
is
it
tional
of
municipal bonds
bonds
based
exemption,
the
on
of
in
constitu¬
reciprocal im¬
decisions
of
rec¬
the
Su¬
Court of the United States
preme
as
on
from
is recognized
statutory
doctrine
ognized
essential if state and local gov¬
to
are
preserve
their
independent sovereignty.
new
in
tax
Tax
munity, which has long been
marketing
volume
State
interest
of
municipal
income
ernments
growing
of
and
specific
by
Income
immunity
Federal
in¬
on
Municipal Bonds From
The
issues.
The
Interest
of
Federal
one
ideas
dual system
of
security
price
securities
interested in the preservation
are
mar¬
Federal
the
to state and municipal
officials, but to all citizens who
vol¬
investment
The- trader's
However,
re¬
whenever
consideration
cent years has led to re-examina¬
SPECIALIZING
of
a
broad
there
IN
are
—
RIGHTS, WHEN ISSUED
very
with
this
and
.
REORGANIZATION SECURITIES
AND
Josephthal & Co.
Chairman
Yeatman,
Mosley
FOUNDED
Co.,
members
and
Shearson,
ni
Hammill
120
& Co.
WOrth
jlj merrill lynch,
19
leading
exchange
exchanges
Teletype
telephone
CONGRESS ST..
lafayette
Stern, Frank, Meyer & Fox
Los
1910
stock
'
direct
James G. Fraser
pierce, fenner & smith inc
other
york
broadway, new york 5,
4-5000
Chicago
~
new
to
n. y.
212
571-1604
boston
BOSTON 9. MASS.
3-4620
Angeles
COMMODITY EXCHANGES
PRIVATE
WIRE
SYSTEM
TO
CORRESPONDENTS
IN
PRINCIPAL
CITIES
John I. Rohde
70
PINE
STREET, NEW YORK 5, NEW YORK
JohnvR.
Seattle
I
Lewis,
Inc.
brooklyn, n.
y.
hanover. pa.
lock haven. pa.
is
revision
keep
Adolph C. Egner, Jr.
PRINCIPAL STOCK AND
in
people
or
governments,
importance not sim¬
)
include
fibm
Incorporated
OTHER
to
business,
principal investment fea¬
COMMITTEE
Edgar A.
EXCHANGE AND
of
are
Respectfully submitted,
CORPORATE
STOCK
ply
new
the volume
as
secondary
which
working agreement in the future.
LEGISLATIVE
NEW YORK
a
local
and
which
appreciative of their cooperation
and
average
in
of
discussion of municipal
any
state
1961
issues.
new
tax).
issuers,
letters were helpful
Throughout
NASD
in
that the volume of
(among
come
to
convenience
this end.
worked closely with
the
which
proposals to
interest and divi¬
on
sold
were
the
Senate
bill
compromise
a
and
accom¬
threats to strong and independent
buyers and the location of buyer
in¬ interest in specific maturities and
in Oc¬ types of bonds also is an important
and
administration
omits
In
issues
new
"marketability" which is
features
prob¬
its
bonds it is important to note two
ahd
Early
House
withhold tax
you
dividend
for
the
urging
included
which
withholding.
tober
you
will
with
record amount
a
same
in
against the Revenue knowledge
1962
provision
article
an
asking
senators
your
them to vote
Bill
of
reprint
a
of
trading in municipal bonds
of
there has
of $5,000 de¬
are
aggregating close to $9 bil¬
of their
and forwarded to all tures
Must Act Now"
"You
billion
bonds
provide for municipal
with the
worked
Committee
Your
your
bonds
Traders
ket
120,000 miles of private wire.
$75
over
$8.4 billion of
of sales
making
dealers and investors.
municipal
about the
year
this
and
the Com¬
mission.
a
is
and
mathematical
use
dontinue,
panying
Gordon L. Calvert
It is estimated that the
of
separ¬
recommenda¬
the
increasing
ably
issueis in 1962 will set
record
incon¬
a
opinion with
simplifying
uniform
nominations
and it appears
lion.
the
at
that
over
op
adopted for computa¬
computations. This
outstanding,
of
the
delivering
1961
the
municipal
many
In
were
been
municipal
now
of
1959
printed
tions in transactions in municipal
op¬
and
in
were
of
bond.
tions
more
versity of Pennsylvania has com¬
Willing
the
in¬
trading
fact
se¬
several im¬
ate copy of the legal
bonds,
state
and
eliminating
venience
active
Uni¬
School
Wharton
back
portunities for
the
violating the law.
procedures in the
Beginning
bonds,
forced to stop trying to sell any bonds is easily
consti¬ $10 stock, high grade or low, for illustrated by
With
offices in 114 cities
the
a
under this rule brokers would be
the
a
sources
avoided.
opinions
legal
have
new
■
other
be
business
adopted.
lot to be desired. The potential
definite feeling that for trading in
time, leaves
still
■
(2)
which
portant simplifications have been
in¬
customers, which the SEC defines provided
as
curities
has
bonds
icy by various
of
■
from
should
tion of old
the
been
regard
panies. The definition of "regular"
can
Ready
available
which
dangers
Under this
would
and
financing
pointing out that the substitution
financing
object of growing interest by se¬
outstanding municipal
panies from the broker in
last,
adopt Rule
to
responsibility;
Federal
in
payments, defense and economic growth
financing for
poses
keep detailed records
should
MEMBERS
increase
A Prospectus item.
(4)
It
all of
ul
constitutional
prerogatives and also other programs turned down by
of Federal
,
I believe there is no doubt with
Able
balance of
the last session
b*y
and
unnecessary
an
our
state-local
Transactions;
Transaction not solicited
(1) that the removal of tax-
Mr. Calvert lists presently authorized programs displacing
burdens.
,
Isolated
There has
speculative securities by tele¬
tute
ing the law.
in
time
the
room"
force
may
stop trying to market
rather than
independence
require
will add to
as
phone calls.
Edgar A. Christian
to
of
sheet
(2)
un¬
The Commission has spent con¬
of the telephone
jective
financial
will
its officers,
"of
balance
a
that it could have
Commission
use
and
finds
Exchange
investors.
names
pub¬
security
to creased and
credit
in
securities
purchases; phrasing of various parts of the changes in in¬
and (5) The Mutual Fund area.
proposed rule with the feeling vestment pol¬
Securities and
pertaining
the
has
and
date within 16 months of the
a
(2)
Market;
SEC
Expert on municipal financing warns
Exemption from municipals would endanger state-local governmental
to
salesmen;
the
Washington, D. C.
and
The current practices in
(3)
By Gordon L. Calvert,* Municipal Director and Assistant General
Counsel, Investment Bankers Association of America,
fiscal
recent
recognized
a
directors
of
broker-
Over-the-Counter
derwriting which
proposed
of
of
the
(3)
ordered
knowledgeability
The
integrity
to
in
manual
which
on
se¬
of
one
most
its
statement
loss
the
par¬
in
Chairman Gary sale;
areas
the
unless
within
or
shown by a certified profit
lished
concentrate, namely:
legitimate
rule
five
the
Congress
possible
adverse
a
and
new
Threatened by Federal Aid
broker,
a
customer
I
called
ticularly
on
revision
the
istration last year,
listed
Inc., Philadel¬
phia),
With
personnel under the
customer
falls
year as
Full text of the Report
Report of the Corporate and
than
(1) Any security which had net
legitimate companies.
many
other
institutional
following categories:
Report expresses misgivings that the rule, as presently drafted, may
on
State-Local Independence
,
While sympathetic with efforts to eliminate "boiler room" tactics, the
have an adverse effect
or
price
a
less by telephone to any
person
dealer,
Thursday, November 29, 1962
.
practice" for
or
dealer to offer
or
equity security at
or
curity
of the telephone in doing business.
use
sell any
regular
of the SEC, comments at length on proposed Com¬
mission rule pertaining to
broker
any
i
.
.
plainfield, n. j.
Volume
of
the
and
196
Federal
a
Number 6216
income
proposal
for
"loopholes,"
on
laws
closing
someone
the
tax
.
.
tax
The Commercial and Financial Chronicle
.
(c)
Public
suggests that
lic
and
munici¬
thorized
pal bonds should not be
exempt
interest
state
from Federal income
that
such
tax, claiming
exemption is simply
a
Works
or
to
ments
to
enable
them
to
obtain
financing at lower interest rates.
As
noted
above,
this tax
nity is not simply
based
tional
constitutional
est
from
exempt, state and
local governments would
their
on
bonds to finance needed facilities
and
in
rate
many
the
cases
might be
some
interest
prohibitive that
so
existing Federal
This proposal
grams.
was
Then
would
the
be
Federal
(1) State and local governments
financing
are
through
public
bond
sales
facilities
at
(2) Bond sales and construction
by
local
governments
riods and
already
authorized
Federal
on
financing
needed
facilities,
would find that the
reduced
their
subsidy
financial
they
independence
was
There
are
forms
of
assistance
nancial
proposals
numerous
various
to
Federal
fi¬
states
and
municipalities. Most of these
pro¬
posals arb based
local
on
governments
claim that
a
unable
are
to
finance the facilities which would
benefit
from
the
proposed
and that only the
grams
Government
is
in
pro¬
from
come
taxes
that the outstanding Federal
debt is
in
now
of
excess
$300 bil¬
lion. Three proposals of this type
and
Secondary
lion
three years for
over
for
grants
ondary
Schools. A bill
to
aggregate of $2.55 bil¬
an
nancing
for
readily
are
fi¬
financing
available
that
from
citizen
in
can
is
other
the dangers which
explained
every
Federal
cases
Federal
substituting
must
which
terms
understand
(a) Increasing reliance by local
on
for
for
and
local
the
financial
$1 billion
facilities
will
responsibility of
state
and
finance
tutions for various forms of pub¬
needed
facilities
lic
facilities.
can
without
such
act
which
finally
was
adopted omitted all stand-by
$900
million
a
for
au¬
program
immediate
areas
million for the program. It is
derstood
that
most
available
the
of
under this program
is
and
(1)
cause
the House and
The
not
(b)
increasing
The
debt of the
Federal
the problem
national
Government,
of balance of inter-
that
in
set
gregating
the
a
new
new
a
gating
$2.5 billion;
in
over
rate!
such schools
the
balance
Bills
and
of
proposed
Federal
the
local
facilities
ered
against
similar
mu¬
of
must
the
be
for
consid¬
background
presently authorized
of
pro¬
grams
which include, to mention
few, the following:
a
(1)
Grants
under
the
Federal
Airport Act for airport develop¬
DOMINICK
ment.
(2) Grants under the Water Pol¬
lution
Control
Act
water
of
for
reported
pollution
Members New York, American and Toronto Stock
14
control
Grants
(3)
under
and
ary
the
Federal
in
urban highway
addition
to
the
Chicago, Illinois
the
Federal
sys¬
three
for
fa¬
Such
authorized
be
for
years
mass
grants
for
up
to
two-thirds of the net project cost
other
sources
could
not
financed
from
bills
not
did
reasonably
pass
the
be
These
revenues.
Senate
in
able terms.
Public
(5)
works
or
the House. Such Federal aid is not
because, if
necessary
mass
a
subsidy is
transit, local
•
(6)
government
can
efficiently
and
Government.
Federal
the
and
users
it
more
than
the
Certainly
of urban transit facilities
those
should
provide
pay
benefitting from them
for them, rather than
taxpayers in rural
areas
towns.
DISTRIBUTORS
SECURITIES
private wires to correspondents
principal cities through the United States and Canada.
loans
or
under
Area Redevelopment Act
areas
and small
Robert Garrett & Sons
Baltimore
•
The Milwaukee
Company
Milwaukee
V
Grants
the
of
•
1961
which
qualify
Townsend, Dabney and Tyson
Boston
•
"re¬
as
J. M. Dain & Co., Inc.
Minneapolis
•
McCormick & Co.
Chicago
•
(7) Community facility loans to
municipalities with population up
to
50,000
(or
to
areas
in
up
150,000)
to
Ball, Burge & Kraus
•
Quail & Co., Inc.
interest rate determined
under
with
at
annually
if
where
areas
the
financing
from other
rate
is
not
sources
on
is
3
V2 %)
terms"
is
year
bonds
made
and
30
of
revenue)
years
1%
or
general
with
longer,
lower
for
•
Moore, Leonard & Lynch
Jacksonville
First Nebraska Securities, Inc.
for
Stern, Frank, Meyer & Fox
Los
one-eighth
each
full
five
Canadian
George D. B. Bonbright & Co.
•
Smith, Moore & Co.
•
Schwabacher & Co.
Canadian
•
Angeles
Phoenix
Rochester
Lincoln
•
Philadelphia
Pittsburgh
•
The Pierce, Carrison, Wulbern
obligation
maturities of
or
Detroit
administra¬
has been set at 4%
(both
Refsnes, Ely, Beck & Co.
Baker, Simonds & Co., Inc.
Corporation
available
tively and during the current fis¬
cal
•
"reasonable
terms." Determination of "reason¬
able
Davenport
-
ently 33A%, except in redevelop¬
ment
Butcher & Sherrerd
an
formula in the law (pres¬
a
Cleveland
redevelopment
municipalities
population
•
•
fairly
Yr.
planning
•
needed for local
AND
INVESTMENT
Direct
equally favor¬
upon
•
which
Seattle, Washington
(4) College housing loans where
the financing is not available from
grants.
aggregate
urban
Buffalo, New York Portland, Oregon
v;; -y'V r ■i:'- .;r-
OF
in Federal grants
facilities.
transit
would
next
grants
STREET, NEW YORK 5
Park Avenue, New York 22
UNDERWRITERS
development areas."
over
Exchanges
systems,
interstate
House
of $500 million
WALL
320
in
an
DOMINICK
&
construc¬
Highway Act for primary, second¬
in enrollment
authorize
Raton, Fla., Nov. 6, 1962.
sources.
assistance
St. Louis
San Francisco
Correspondent
James Richardson & Sons
I
Winnipeg
Affiliate—Dominick Corporation of Canada
of
the
Association,
project
programs
financial
vorably in both the Senate and the
to
desirability
(3)
is decreasing.
were
the
can
by Mr. Calvert before the
Convention
Traders
More of the Same
These
(b) Federal Aid for Urban Mass
Transit.
Annual
will be made
tem.
record, aggre¬
of growth
*An address
29th
of
ag¬
issues of munici¬
facilities set
the
for
Security
emphasize
which
re¬
demands
Federal spending for national de¬
fense
expenditure
local governments.
un¬
year
record,
pal bonds in 1961 to finance such
new
where it is not
heavy
be financed by
Federal
as
nicipality from other
72,000 classrooms;
over
(2) sales of
school
new
areas
The
Federal
funds
will be financed by the
cost
be¬
of
elementary and secondary school
1960-1961
quired.
cur¬
reducing
proposed
necessary
construction
classrooms
for domestic programs
be corrected
can
grants for
50% of project cost, with the hope
sec¬
construction
adopted.
of
income tax rates
only if Federal spending is
assistance.
projects.
aid
national payments and the heavy
tailed in
The
ate but did not pass
not
CoIncorporated, Mil¬
demon¬
tion
Federal
George M.Tapp
local
they
teachers' salaries passed the Sen¬
was
William C. Elwell
waukee; and George M. Tapp, Doherty Roadhouse & Co., Van¬
couver, B. C., Canada.
weaken
and
|
Alternates: William C. Elwell, Loewi &
assistance
independence
Otto J. Koch, Jr.
Delegates: Walter G. Mason, Mason & Lee, Inc., Lynchburg, Va.
and Otto J. Koch, Jr., The Marshall Company, Milwaukee.
the Federal' Gov¬
financial
I
Walter G. Mason
are
that:
Federal
elementary f and
school
Federal
of
generous
who have
Federal Aid to Elementary
provide
simply
aggre¬
billion
only
the following:
(a)
the
that
to
appropriate to observe that
funds
in
governments,
supply the needed funds. Perhaps
Federal
commitment
funds
Federal
position
a
term
high unemployment and Congress
thus far appropriated only $400
Assistance Programs
are
$6
public works projects in
Proposed Federal Financial
come
strated
of
II
it is
to
thority, but authorized
gone.
grants
taxpayers and that the long-
1963 to states, mu¬
nicipalities and educational insti¬
that
and
close
for fiscal year
subsidy could
changed
or
in
Federal
generous
from
programs
grants
If
pended
Conclusion
ernment
Existing Federal
(3)
ceived the needed assistance.
governments de¬
Delegates at Large and Alternates
one-
Noting that the funds for these
governments
loans aggregating over
and
operate
on a contra-cyclical
basis, increasing in recession pe¬
re¬
local
is
automatically
ernments and which facilities
and
not
quarter of 1% lower).
be
gating
state
but
(in redevelopment
the reasonable rate
areas
sources,
would determine which local gov¬
for
record
levels.
demanded.
Government
maturity
loan programs in many
program of Federal financial
assistance
be
pro¬
unnec¬
because:
essary
have to
much higher interest
pay
the
basis, if such inter¬
not tax
were
'stand-by
for Federal grants and
stRte and local govern¬
ments under
constitu¬
Aside
grounds.
au¬
subsidy but is
a
fundamental
on
immu-l
have
of
authority for direct ex¬
penditure by the Federal Govern¬
ment
govern¬
would
billion
shorter
years
less than 3%%
mediate
loans
local
and
Acceleration
"Stand-by Pub¬
authority and $600 million of im¬
ment
state!
Act"
$2
subsidy by the Federal Govern¬
to
Works
Act. The proposed
11
National
Inc.,
Boca
The Commercial and Financial Chronicle
12,
Thursday, November 29, 1962
.
.
.
Report of the N STA
at
highs. In particular, ele¬
new
Municipal Committee
Significantly noteworthy events
the
reviewed by Committee, under
are
Chairmanship of Harry J. Wilson. Subject matter includes: suc¬
of initial
cess
competitive bidding offering;
Treasury financing and projected
along with
discussion
a
of
fall.
the
in
later
utter
their
To
followed
astonishment, the Treasury in¬
by water and sewer, at $265 mil¬ stead unveiled
plans for an ad¬
lion;
and
non-toll
roads
and vance
refunding operation which
Municipal Conference in Chicago; volume of municipal
financing amid declining yields;
revenue
bridges, $236 million.
prospects of toll road projects.
public
was
ard
president of Aubrey G. Lanston &
The
Report
the
of
Municipal
submitted
was
the
to
Convention by Harry J. Wilson,
President of Harry J. Wilson & Co.,
Chicago. The Committee discussed
a
number of
compared to
an
amount of $269,-
financing
832,000
Even
During the first quarter of 1962,
Morris
been
added:
1961,
surprising was the
more
proposed
Swelling
out
debt by
California of which only maturities.
In
addition,
yield exchange their securities for new
the municipal bond market two issues, involving $450,000,000,
curves
flattened, due to greater ones without having to pay capi¬
the debt operations of the were approved.
But, Treasury
declines in the long end of mu¬ tal gains taxes.
both
and
subjects pertaining to
Federal Government. In the latter
nicipal bond yields. Furthermore, Secretary C. Douglas Dillon and
connection, the Report comments
debt
manager,
Robert
V.
the spread between quality rat¬ his
vember 1962 voting already top
on the "surprise" advance refund¬
Roosa, were after bigger game.
the 1961 figure of $1,416,442,995. ings narrowed somewhat, revers¬
ing successfully negotiated by the
The new exchange offer, said the
The largest bond proposals slated ing the trend noted during 1961.
Treasury in September and its
All these results logically follow Treasury
spokesman, was made
for November
Bond
announcement
market
of
intention
its
$250 million bond issue
a
The
the
also
Committee
revenue
prospects
voting thus far in¬
clude $792 million
transit
area
via competitive bidding.
proposals slated for No¬
to
San Francisco
bonds
and
$270 mil¬
,
discussed
certain
of
lion
State
California
of
the
from
increased
oc¬
the
reduce
next
"Q."
con¬
"to
extremely
con¬
schedules"
maturity
the change in Regu¬ gested
casioned by
lation
demand
of
and
"to
February and May
improve the structure of outstand¬
struction bonds.
Bond i
Election
ing debt."
Results
for
municipal bonds
sulting from the
the
by
achieved
success
Tax-Exempt Funds.
Text
of the Report is
follows:
as
Municipal Forum
The
investment
ciation
Bankers
of America
Bond Sales
re¬
Asso¬
its first
held
approved bond issues totaling $396
First
quarter
11 and
the
Conference
12,1962, in Chicago. It
group's
ference
and
it
to
proved
interesting and popular.
450. This
an
was
con¬
exclusively
finance
attended
was
general
first
devoted
municipal
most
Sept.
on
It
approximately
by
Municipal Forum will be
annual
event
is
and
1962
municipal
million, which was 70.1% of the
bond sales totaled $2,656 million;
dollar volume voted on. 43.3% of
24%
over
the comparable
1961 the number of issues
proposed
period and 21% higher than the were
approved. Less than half of
previous record first quarter, in the
proposed dollar amounts of
1958.
Indeed, the first quarter's "Recreation" and "Other Educa¬
volume
Municipal
is
almost
identical
sales for the whole
and
is
sales
for
larger
any
with
of 1948,
municipal
facing
and
tinues
its
face
fantastic
IBA
submitted
June
will
sales
second
(the
time
first
this
was
has
June
the
voter
totaled
faced,
it
as
that
dollar
is
con¬
approval
in
$1,422,508,000
amount
placed
on
the
ballots.
in
bonds
revenue
which
the
was
were
32.9%
of
the
Traditionally the long
sues
to
at
total.
housing issues constituted
are
a
are never
very
to
the
stem
interest
The
in
effort
an
short-term
of
have
rates
-
in
of
so
been
to
was
States'
balance
But,
flow
objective
United
this year was
no
exception.
But,
in the weeks that followed Labor
bond
fraternity
more
up for the dog days.
recently. With two daring moves the Treas-
much
publicized
problem.
payments
-
the
doing, it had boosted
one
by
year
billion
$5.4
some
just since the end
The
of June.
fi¬
a
log-jam for February and
when
issues
the
short-term
totaling
due
were
clear
to
debt
$26.8
mature.
for
way
So
additional
offerings,
the
to
clear all
issues
the
large
have
invited
said
Frank
Treasury's
unwanted
on
in
$3
and
our
the
notes
specialists. It
sell
be argued that
can
the
re¬
bond
Treasury offers to
given amount of bonds
a
scribed
case
fully
on
sold
on
the issue actually is
competitive basis.v Ac¬
a
observers
many
doubt
technique will yield sig¬
new
nificant
advantages.
however,
first
On its
Uncle
receive
well
Treasury
recent
—
cordingly,
the
has been the
as
—
many
offerings
Sam
quite
may
favorable
terms. Bankers and dealers appear
to believe considerable
involved
will
and
prestige is
undoubtedly
push their bidding.
In any
event, thanks to the
technique,
bond
new
will
salesmen
contact many investors who have
not been urged to
ury
touch
security in recent
loss
demand
of
orders
investors
new
Treas¬
a
It is
years.
to question whether this ad¬
ditional
will
accustomed
issues
on
a
offset
the
institutional
from
to
buying
net basis.
All in
all, then, if the Treasury wished
to regain individual investors' in¬
terest in
have
its
borrowings, it might
better
done
savings
Morris,
debt
one
of
managers.
exchange;
to
billion
Toll
$6
mature
in
It
bond
the
with
maneuver
in
bonds
1967
due
succeded
A few
Road
is
to
update
its
and
to
program
latter's
those
rates
paid
competi¬
by
savings
Financing Examined
generally conceded that
relatively
small
number
ventures have
in
disappointing
reason¬
days later the
proved to be
earnings
as
have
consulting
famous
engineers.
case
involves
The
most
the- West
Virginia Turnpike, which
now
interest
months
While
payments.
reported
of
for
this
the
year
improvement of 5%
BROKERS
UNDERWRITERS
earn¬
first
eight
showed
DEALERS
STATE AND MUNICIPAL BONDS
on
the
PACIFIC COAST STOCK EXCHANGE
by direct wire
special service for brokers
Spencer Trask & Co.
25
BROAD
1868
(JuwicRObt ?
STREET, NEW YORK 4
MEMBERS:
Members New York Stock
Exchange
•
N. Y. Stock
American Stock Exchange
Chicago Board of Trade
N. Y. Cotton Exchange
Exchange
American Stock Exchange
N. Y.
ALBANY
BOSTON
CHICAGO
•
GLENS FALLS
•
NASHVILLE
Commodity Exchange, Inc.
Produce Exchange
N. Y. Mercantile Exchange
Chicago Mercantile Exchange
NEWARK
N. Y. Coffee & Sugar Exchange
SCHENECTADY
•
WORCESTER
i
Winnipeg Grain Exchange
Pacific Coast Stock Exchange
29
Broadway, New York 6, N.Y.
•
an
over compa-
INDUSTRIAL, UTILITY AND RAILROAD SECURITIES,
Orders executed
Founded
is
almost two years in arrears on its
advantage
long experience
a
toll
of
fallen well below the forecasts of
ings
knowledge in this field
on
set terms and the issue is not sub¬
road
1972.
ably well.
yourself of
new
government
mar¬
bil¬
The
avail
Washington's
among
whenever
offering
an
was
and
to
future.
maturing
placed
lion
to your
actions
at
Governments
not-too-distant
Incidentally,
of these short-
from
Therefore, to $9 billion limit
be
long-term
sell
to
$250 million
a
institutions.
"Too
the
it may
plans
However, the Treasury did not
want
ket,"
STOCKS
|
scheme has resulted in mixed
tive
longer-term basis.
speculative elements into the
PREFERRED
of
the
make
books.
interested in
in
idea to put at least some debt on
would
you are
Treasury
issue
Treasury proposed the refunding
term
If
|
competitive bidding
higher.
ease
the( amount of debt due within
a
the
ex¬
Second Surprise
open
to
re¬
but this exceeded our
to foreign countries where
money
billion
summer
exciting in
larger portion of the than made
total than has been true
short-term is¬
record clip
a
keep interest rates high enough
May
sold, the government bond market, and
remaining 4.3%. Revenue is¬ Day,
sues
has been marketing
Treasury
Treasury could thus forsee
September Surprise
months
the
months
recent
nancial
Public
bonds
approved at the polls.
1961).
very
growth.
reported
for
1962
has
were
Nearly $200 million in elementary
a
municipal business
The
issues)
(mainly junior college
prior to that. and
secondary school bond pro¬
exceeded $1 bil¬
posals were approved—68.1% of
General
obligation
issues
great step forward in totaled $1,669 million, 62.8% of the
solving some of the problems the quarterly total; while $874 million
definitely
tion" issues
year
lion—the
happened
year
than
February
In
During the first quarter voters
have
$5 billion
a
pectations."
offer,
toll roads and cited the broadened
market
spe¬
would
"We
happy with
sponse,
in
yields declined in all qualities Treasury's reason for the refund¬
this and maturities compared with the ing. In the past, refundings have
year's June total of bond pro¬ fourth quarter of 1961, with the enabled investors, locked in ma¬
posals was $970,000,000 proposed single exception of Aaa five-year turing issues for tax reasons, to
June
securities
government
Co.j
cialists. And the Treasury's Frank
The
Committee
fab¬
a
attempted.
ever
New Issue Yields
was
success," declared D.| Rich¬
Youngdahl, executive vice-
biggest deal of its kind
the
"It
investors.
ulous
and
lion, were second high;
full
a
$7.5 billion had been placed with
afternoon of September
On the
secondary school
5, 1962 the Treasury called a press
bond sales, which, of course, are
conference to announce new fi¬
the largest use of proceeds, set
nancing plans. Most experts were
a new quarterly record, according
expecting a routine cash offering
to IBA data, at $818 million. Toll
to
replace
securities
maturing
roads and bridges, at $418, mil¬
mentary
that
announced
Treasury
might be expected, many of ury's debt managers caught the
major uses of proceeds were market completely by surprise.
As
the
HAnoyer 2-6600
i
Volume
rable
1961
ered
Number
results, they still
68%
mere
a
196
6216
cov¬
of interest
re¬
quirements.
Accordingly, without
aid, this issue will remain
state
speculative for years to
A
look
at
Skyway
reveals
another
boost
in
passenger
dis¬
20%
a
tolls
car
this
earnings for the first half
year,
will
public
become
highway
Ohio,
date,
facility
this
has
with
payments
the aid of advances from the City
of
Chicago.
Further aid
be
may
required at the year-end.
the
state
governments
day have to
of
toll roads has been raised
some
by
some
may
off existing debts
pay
Richard
H.
Samuels,
Vice-
President of Continental Casualty
Co.
and
Co.
He
Continental
predicted
turnpikes
sorbed
would have
into
toll-free
of lagging
cause
Assurance
of
to
such
on
tially
will
roads
lower
casts, Mr.
toll
Samuels cited
fore¬
study
a
predictions for
built
roads
the last
in
Comparing
years.
with
substan¬
be
original
than
he made of traffic
17
Con¬
earnings
Turnpike
1961
that
last year exceeding
Charles M. Burgess,
the
Illinois
Tollway Commission,
who says the revenue bonds which
tem may be
1998
is
sys¬
retired ahead of their
maturity date. This prospect
based
not
increase in
only
of the 187-mile
construction
Even
though
with
these
the
metropolitan
routes
handy
travel
made
to
on
for
freeways.
says,
Chicago
the
area
are
include
the
are
they
tollways in the
already commuters
and
finding it
stretch
a
in
tollways
most
period
increased
from
to
of
a
trip
on
part
the
Mr. Burgess' optimistic
view of the state's tollway financ¬
For the Year 1963
Washington
Power Supply
Public
last
covered
road
In
year.
its
interest
nual
down
times,
same
The
from
1.87
Washington, will endeav¬
or
er
Facilities
electric
in
Current Comments
nomic
Comment," weekly
of
Co.
of
the
Chicago,
term
Con¬
that
heat from
of
the
strong the rest of the
A
scarcity
with
United
contract.
with
the
which will
afford
these
unusual
As
of
measure
other
and
3.19%
dropped
investors,
in
from
weeks
seven
Dow-Jones
the
Chicago, 111.
all
Russell M. Ergood, Jr.
3.43%
Stroud & Co., Inc.
(according
20-bond
can
about the
George H. Angelos, Chas. W. Scranton & Co., New Haven, Conn.
Parks B. Pedrick, Jr.
aver¬
be expected to remain
same
or
Gary A. Galdun, Wm. J. Mericka & Co., Inc., Cleveland
r
Friedrichs & Co.
Clemens T. Lueker, Hill Richards & Co. Incorporated, Los Angeles
to decline mod¬
estly.
^
New Orleans, La.
James B.
Ralph J. Powelson
During
of
the
1962, the
first
months
seven
bank pointed
out
in
issues
new
funded.
was
however,
fallen
below
when,
traditionally,
Since
issues
new
average
at
have
time
a
there
Lewis H. Serlen,
Josephthal & Co., New York
Byron Sayre
Ira Haupt & Co.
Chicago, 111.
an
new
above-average supply of
is
Orlando, Fla.
McFarland, Stroud & Company Incorporated, Philadelphia
Morey D. Sachnoff, Cook Investment Co., Chicago
Leedy, Wheeler & Alleman, Inc.
a
record 5 billion 750 million dollars
July,
is¬
With little indication of any
sues.
marked
in
change
the
economic
climate, prices should remain firm
or
may
rise
slightly,
the
bank
said.
ing future is backed by quotations
on
Municipal Market Widened By
the Illinois Tollway bonds that
bear
3.75%
1995,
are
$98.38
have
quoted
asked.
been
Success of Tax-Exempt Funds
interest, maturing in
a
retired,
the
bonds
today's
toll
municipal
Tax-exempt
$96.38 bid, and
When
funds,
a
little
more
ushered in
ago,
a
bond
than
a
new era
INDUSTRIAL, RAILROAD, PUBLIC UTILITY
year
in the
MUNICIPAL AND FOREIGN SECURITIES
Underwriters, pistributors and Dealers
UNLISTED TRADING DEPARTMENT
in
Corporate and Municipal Securities
Wertheim
HIRSCH & CO.
Members
New
York
25 BROAD
Stock
Exchange
and
Other Exchanges
i
t'Members &Cew York Stock
WASHINGTON
NEWARK
BALTIMORE
MIAMI
BEACH
LONDON
LAKE WORTH
PALM BEACH
AMSTERDAM
BUENOS AIRES (HIRSCH & CO. S.A.)
SAO PAULO (HIRSCH & CO. S.A.)
'
GENEVA (HIRSCH & CO.
S.A.)
Direct Wire Service:
New
York,
Washington, Newark, Baltimore,
Fort Pierce,
Miami Beach, Palm Beach,
Lake Worth
Co.
Exchange
Teletype: 212 571-1763
NEW
FORT PIERCE
&.
■
STREET, NEW YORK 4, N. Y.
Telephone: HAnover 2-0600
Lewis H. Serlen
Philadelphia, Pa.
to
Howard, Weil, Labouisse,
ages)
Morey D. Sachnoff
COMMITTEE
Harry J. Wilson & Co.,
of
continued demand.
a
an
security.
Harry J. Wilson, Chairman
result, the bank said, yields
a
WPPSS
bonds
pay¬
the part
on
Clemens T. Lueker
Power Interchange
MUNICIPAL
demonstrated
a
for income
which
to
and
Gary A. Galdun
Respectfully submitted,
the
relatively flat busi¬
a
picture
of
George H. Angelos
James B. McFarland
a
Agreement
coupled
balance
Energy
Bonneville
The
to enter into
re¬
year.
concern over
States
ments, plus
issues,
of
quieting
a
Hanford
the
Atomic
Power Administration is expected
the
municipal bond market should
main
This steam
electric power. The output of the
facility will be sold under long-
eco¬
tinental Illinois National Bank &
Trust
Project.
Commission for the generation of
predicted recently by the
commentary
the
generating plant will util¬
ize waste
was
in
to finance early next year the
Reactor
It
Districts
construction of the Hanford Pow¬
an¬
1960.
"Current
16
Utility
State of
1.84
times
comprising
System,
Public
1961, the toll
$10,573,177
Washington Public Power
Supply
pe¬
requirement
System Hanford
Project Electric Revenue Bonds
$14,519,940
$13,025,676 in the
riod
use
highways.
public
freeways, Mr. Burgess
connect
from
network, but from
of
1961
the steady
on
income
toll
Nominating Committee
Aug.
8-month
banks
Chairman of
financed the Illinois tollway
$130,000,000
31, net income available for in¬
original forecasts.
brighter picture is offered by
and
Friday,
1963 BUSINESS
rose
ended
the
provide for
A
inter¬
outlays,
For
desire
of
for
$2,-
14 had income
ranging from 44%
Co.,
On
offering of their Se¬
Tax-Exempt
Bond
1
reported.
available
month.
ness
86%
No.
Fund.
Commission
operation
Ohio
577,176 in the
original forecasts. The remaining
to
the
in August to $2,879,050 from
results
only three of the roads had
gross revenues
1961,
10
original forecasts, he found
&
Co.
3
ab¬
revenues.
&
an
August
systems be¬
tending that future net
Haupt
ries
in
986
the
be
some
Ira
Nuveen
Oct. 19, 1962 John Nuveen & Co.
terest
Possibility that the Federal and
John
to
major under¬
announced
after
interest
and
sponsors
writers,
$2,648,863 from $2,442,-
est,
To
the
an
reception according
creased to
interest requirements for the pe¬
its
municipal securi¬
ing steady. Income in August in¬
revenue
met
from
of
ties. The funds have met with
no
excellent
revenue
13
distribution
the
state's 241-mile turnpike is hold¬
Net
riod.
of
and
their
of
of 1962 amounted to only 49%
part
system
tolls will be charged,
In
Calumet
appointing story. Despite
The Commercial and Financial Chronicle
.
roads
come.
Chicago's
.
.
YORK
5
The Commercial and Financial Chronicle
14
other
How Will
Proposed Railroad
in
Mergers Benefit Investors?
By Pierre R. Bretey,*
Senior,: Vice-President, Hayden, Stone
& Co., Inc., New
York, N. Y.
traffic
Pleased
with
the
rail
and steps taken toward
improved climate
consolidating earnings
—
sharply, a bright light
types of mergers: those which may
end-to-end con-
turnpike into Boston); and by (3)
dismal
railroad
solidation,
seg¬
major step taken toward
the first
featherbedding
troublesome
the
other
most
than
industry, together with
of
including subsidiaries and ancillary invest¬
problem, which involve abnormal
of integration, and resultant
industry costs estimated in excess
ments, achieving inherent economies
rekindling of business volume and earning power.
banker notes that the 1910-1959
The investment
as an
those
and
effi-
then^ fully depreciated. Such tax
credits serve to reduce the newly
of
merged company's Federal income
car
tax bill — assuming one of the
railroads is prosperous and
Is itself subject to sizable Federal
End-to-end consolidations do provide
savings through more
cient and
economical
more
motive power,
utilization, less
uses
effective
more
diem, consoli- merger
per
dation of repair shops and of ac-
$500 million annually, are ad¬
of
merger-opposition-period has been
be described
involving obtaining worthwhile tax credits
charging off the remaining
More favorable treatment in the properties possessing parallel in
liberalization
of
depreciation mileage and duplicate facilities, book value of the properties not
Schedules
Mr. Bretey explains profit-potentials apt to result from:
counting and sales facilities. These
im¬
savings should not be minimized;
indications
ditional
of
an
and two proposed mergers have
reached the stag? of examiner ap¬
proval. In urging investors to reappraise the railroad situation, Mr.
yet such savings do not begin to
proved political climate. The set¬
tlement of the prolonged Chicago approach those obtainable where
& Northwestern dispute resulting duplicate facilities may be elimi-
Bretey illustratively singles out for analysis the profit potentials con¬
in the
tained in two
tration
reversed with five mergers approved since
1959, none disapproved,
presently pending merger-proposals — Northern Pacific
and the Great Northern, and the Pennsylvania and New York Central.
probable compulsory arbi¬
all future
of
major labor
disputes, as well as the probable
permanent elimination of the "j ob
I think it is desirable to empha¬ carriers who will retain such tax
freeze" issue, may be character¬
size, for background understand¬ collections which otherwise would ized as one of the most construc¬
favorable
ing,
changes
in
the
political climate which have taken
the
the
passajge of
Transpor¬
tation
the
Act
in
Spring of
1958.
that
Since
to the Federal Government.
Favorable
time,
there
those
have
been
include
tracts
on
to
such
and owned by
other
or
cor¬
velopments in
porations. Were all railroad prop¬
the passenger
erty assessed on
field, such as
ity,
continuance
of
Particularly
commuta¬
on
numerous
formation
Boston; (2)
of
the country's
the
are
the
Presi¬
the
is
background
over-all mileage or
60,000 miles, such mileage having
transformed
been
status
to
marginal
a
reflecting the expenditure,
over
the past several
some
$160 billion of Federal, State,
funds
local
and
transportation
favorable
recommendations
then
Such
competitive
facilities.
Today,
50% of the industry's
some
all
for
decades, of
ton
miles
is
over¬
being hauled
on
reduction of dent's Commission which embody only 10% of Class I railroad mile¬
the abatement and/or
taxes
basis of equal¬
$130 million annually.
Pierre R. Bretey
tion business south of
a
savings for all Class I
might well amount to
tax
carriers
dis¬
the
(1)
facilities by
such suggestions as (1) the sweep¬
age,
states and cities; (3) the
ing overhaul of outmoded railroad
only 2% of all ton miles is being
passenger
of
authority to aid rules;
an
commutation carriers in Philadel¬
where surplus track may be abandoned.
what
To
benefit
when
railroads
do
extent
surplus
and
moved?
benefits
Obtainable
is
track
abandoned with rail
of
Supreme
adjacent
property
individuals
either
de¬
developments in the
field
railroad
favorable
developments in recent times.
tive
nated, particularly in those areas
ties
re-
are
income taxes—by providing carryforward tax credits applicable
against future profits for a period
°f seven years. Additionally^ suchi
abandonments free large parcels
of real estate for industrial, commercial, or even residential projects- Such properties frequently
become increasingly valuable as
central downtown city
areas are
rehabilitated,
With these generalizations be-
hind us, we may now turn our at¬
tention to mergers themselves and
Court decisions in the States of favorable to mergers with their duction in expenses, such as main- the extent to which mergers,
economies,
for
only tenance and taxes on physical IT consummated, would benefit
Nebraska, Illinois, Missouri, and attendant
Kansas, whereby states, counties, through the merger route does it facilities; and (2) cash benefits in security holders.
We may first
and cities have been compelled to appear that railroads will be able (a) selling track material so aban- ask ourselves: what is the current
reduce
assessments
on
railroad to benefit from the possible aban¬ doned, such as
ties, signals, and status of present railroad mergers,
property to levels comparable to donment of approximately 30% of rail, (b) selling the roadbed itself, now that for the first time since
taxation
since
place
go
segment of 11 miles
a
of Boston and Albany's right of
way for $8 million to extend its
picture.
ments
mergers,
purchased
Merger Types
Broadly speaking, there are two
and
otherwise
an
Thursday. November 29, 1962
.
.
piggyback
Containerization
have grown
transportation.
of
modes
.
the imposition of
(2)
charges
on
user
both barge lines and
roughly 20,000 miles, whereas
hauled
on
mileage;
30%
i.e.,
of the
60,000
industry's
miles.
The
two
kinds:
(1)
omies providing
and
annual
econ-
permanent
a
re-
(c) obtaining tax credits from the
creation of the Interstate
Commerce Commission in 1887,
the political climate appears to
category Provide a sympathetic background
abandonment of facilities not fully
depreciated.
Savings
consist
in
of
savings
the
first
annual
maintenance
the order of $3,000 per
on
mile and of annual tax savings on
such
f°r
the
consummation
of
large-
scale consolidations? Since 1959,
five such requests have been ap-
physical facilities abandoned proved and two have reached the
of at least
stage of examiner approval, a re¬
markable record in the light of
benefits are obtained by (1) sell- continuing previous (i.e., for the
ing salvaged material, ties, rail, period 1910-1959) merger opposietc., estimated at about $5,000 per tion of stockholders, shippers, and
mile;
by
(2)
selling its fully the regulatory authorities,
in
$2,500
the
mile.
per
second
category,
cash
graded roadbed for highway
pur-
,
^
aid by the on truckers; and, importantly (3) marginality of this mileage may poses either to states, counties, or
Current Mereer Proposa,s
State of New Jersey to reduce to exemption of 70% of all raliriad be further illustrated by pointing cities, which may provide the carCurrently, the more important
out that an average of 39,000 ton riers with worthwhile
more modest proportions deficits freight from minimum rate regu¬
supplemen- merger proposals awaiting Commiles of freight per mile of line tary cash benefits
of the hard-pressed commutation lations.
(the Massachu- mission approval include the folCoincidentally with such an im¬ is being hauled on 10% of' Class I setts Turnpike Authority recently lowing:
carriers; and, importantly (5) the
'
(4)
phia;
continuing
termination of the so-called tem¬
porary
enues
enue
ago
10% tax
which
war
and
benefit
on passenger rev¬
was
enacted
as a rev¬
some
20 years
measure
which
elimination
principally
the
will
Eastern
proving political climate, the In¬
railroad
terstate Commerce Commission, in
that mileage carries an average of
most rate
only 555 ton miles of freight
cases
review,
rates
much
has
submitted to it for
flexible
approved
mile
of
mileage, whereas 30% of
line,
a
ehabling carriers to regain only to fill out
traffic
previously
lost
to
Estimated Savings
Within Five Years
per
Atlantic Coast Line-Seaboard Air Line*
volume sufficient
an
$39,000,000
...
Chesapeake & Ohio-Baltimore & Ohio*.
45,000,000
Northern
average train-
load per week.
43,000,000
Pacific-Great Northern-Burlington
Santa Fe-Southern Pacific-Western Pacific.
8,000,000
Norfolk & Western-Nickel Plate-Wabash....
Mo. Pacific-Ill.
27,000,000
3,000,000
Central-Chicago & Eastern Illinois
75,000,000
Pennsylvania-New York Central—-*
CLEARANCE FACILITIES
Merger plans already
These
estimated
well be exceeded
and
Out
with
second
$12-million
results.
savings
Complete Corporate and Personal Trust Services
year,
esti-
five-year
expected
may
out
that
take
ings
mitigating
1960,
have
the
im-
achieve
overall
sav-
merger
pro-
anticipated,
There
are
other
posals pending such
sition of the
as
the acqui-
Central of Georgia
and of the Georgia & Florida by
the Southern. Otlher proposals in
the
talking
stage
include
the
merger
Western; and the Illinois Central
E R I E-Lackawanna
there
to
to
it
made
although
the
has been the
in
as
which
Southern Pacific and the Union
Phcific with the Rock Island; the
Soo Line with the Chicago Great
greater
this,
as
one
estimated
than
admittedly
Corporate Bond Issues
a
such
Yet, in all fairness,
point
consummated
Registrarships
of
achieve
to
contrasted
as
expectations
period
should
-
case
opposition
labor
possible
where
as
mated economies were attained in
of Town
Brokers and Dealers
Trustee for
longed
merger,
the
Transfer Agencies
may
ICC Examiner.
of
merger,
York
savings
in the
an
the Norfolk & Western-Virginian
for
New
approved by
time
case
the
been
circumstances
of
in
pro-
and
the North Western vying to
control the Gulf,
Mobile & Ohio.
Inquiries regarding these facilities
may he
115
directed to
our
office at
Broadway, New York 15
BArclay 7-1300
Ingalls
&.
Snyder
Members New York Stock Exchange
Members American Stock Exchange
Commercial Bank of North America
116
Fifth Avenue, New
York 11
Over-the-counter Trading Dept.
D. Howard Brown
WAtkins 4-1100
Frank MacKain
Complete Domestic and Foreign Banking Facilities
100
Member Federal Deposit Insurance Corporation
BROADWAY
COrtlandt 7-6800
—
NEW YORK
Bell System
5, N. Y.
Teletype 212 571-0892
Volume
196
Number 6216
Carriers frequently
North
Western
waukee;
the
the
include
with
the
and
Missouri
with
mentioned
candidates
merger
the
Santa
Pacific,
as
the
The Commercial and Financial Chronicle
.
quent
Mil¬
ings.
Northern
well
as
Frisco.
liberal
more
market
praisal of such consolidated
with
Fe
as
.
.
Should the Gtreat NorthernPacific
proved,
the
stock
market
brief dis¬
even a
the
to
roads
proposals, concentrating such dis¬
ings of its subsidiaries.
cussion upon
portant
the effect such pro¬
posals would have
volved,
railroads
impossible
is
limitations
space
Let
the securi¬
on
various
the
in¬
because
of
this
in
the
undistributed
earn¬
may
shed light on this question.
of
Of the
presently pending merger propos¬
r—Per Share
Great
to
appear
ceptional
profit
provide
ex¬
potentials.
Average
Northern
$0.90
1955-1961
involving the Northern Pacific
ger
0.72
0.54
0.50
relatively speaking,
Example of Northern Pacific and
significant
Great Northern
These
with
of
the
Pacific
being
share
one
in
51/2%
preferred
minority
3V4
share
of
shares in
new
$10
stock,
each
share
the
....
for
-
ings
common
and
$3.95
the
Northern
selling
was
35%
at
common
Yields
and
afforded
8.48%
on
spectively,
7.07%
were
share,
per
currently
being
re¬
dis¬
How
been
well
have
covered
such
dividends
recent
over
years?
Let
us examine average
earnings
for the periods shown below.
Great
Northern
Northern
1952-1961
4.33
3.95
earnings
equities
in
be
undistrib¬
uted
earnings of two subsidiaries,
principally the Burlington and the
48.5%
Portland
and
parent.
50%
In the
&
Seattle,
owned
case
of
by
the
each
Great
Northern, equities in several other
subsidiaries
of
are
included, such
Western
Glacier
Park
Northern
as
Fruit
Express,
and
Great
Co.,
Pipe
Line
Co.
annually—full
savings,
These
Those who have followed the
drug
stocks in recent years
may recall
common
stock
rose
from 15 in 1957 (the
price being adjusted for the three-
split in
period
1959)
million
to 59%
annually, pretax, for
annually,
$2.47
and
pretax,
Great Northern
per
share
and
from
to
Northern
of
carriers
increase
an
share
per
in
order of
IV2
or
exchange¬
the
of
points
its
above
dis¬
a
12.25%, quite nominal in
especially
of
five-year
the
Great
($4.45
$6.00.
earning
con¬
This
power,
higher
per
sults
reflect
greater
of these
impact of
velopments to which attention has
called previously.
been
However,
Plate
is selling in
arbitrage
ceived
relation to the
equivalent
in
the
to
4%
the
ing
Norfolk
to the
those
preferred, thus provid¬
Pennsylvania with
its
consolidated
period
Pennsylvania has paid
of 114 years,
which
record
matched
own
of Norfolk and
looms
with
Unlike
nothing
the
be
performance
has
been
the
both
of
earn¬
com¬
favorable,
both
Consolidated Nat
olive,
$2.25
0.76
a
Pennsylvania
the
earnings
of the two
case
of
Colgate-Palm¬
will
stock-market
appraise
results
consolidated
Pennsylvania
of
liberally
more
Because
its
of
the
to
holdings
Norfolk
and
Average
0.07
*0.16
er
be
considered
satisfactory,
the
of
this
the
Were
folk
and,
Wabash common
of
shares
is
indicated
sults
for the final five
1961
when
in
re¬
months
Pennsylvania
in
earned
can
match
down to
of
measure
its
$232.59
million
ownership
of
example
block
Norfolk
of
and
even
stockholders.
equivalent to $22.51
million,
common
computations
are
amount
merger
vania-New
York
of
based
an
in¬
ratio
outstanding;
may
well
of such
handful of the
more
companies
in
bringing
taxes, 24.31%
of gross
NEW
occur
previously
vania
owned
Now
approved
by
Members New York Stock
it
might
does
SOUTH
SALLE
LA
FINANCIAL
2-5430
Exchange
ST. LOUIS
Exchange
Stock
Continued
314
NORTH
PHILADELPHIA
NATL.
LOCUST
6-3800
BANK BUILDING
7-2062
CHESTNUT
ALBANY
LOS ANGELES
629
BROADWAY
BONDS
SOUTH
1-9070
1134
Broadway, New York 6, N< Y.
DETROIT
1420
M
i
•-*
-v.V--.,"
•
;•••
*
>■
FORD
BUILDING
WOODWARD 2-6175
BALTIMORE
1510
COMMERCIAL
CREDIT
7-4630
STATE STREET
HEMLOCK 4-3151
4-8541
BUILDING
VERNON
Telephone DIgby 4-4100
100
SPRING STREET
MADISON
RAND
asked
on
PHILADELPHIA
STREET
MADISON 4514
be
well
WHITEHALL 4-2300
CHICAGO
135
Com¬
Pennsylvania
YORK
BUFFALO
39
the
Central.
STREET
in
terms
:
Bacon, Stevenson & Co.
MUNICIPAL
stock
merger
the
LIBERTY
American
Pennsyl¬
by
their
with
accordance
why
should all holders
exchange
in 1961.
as
STREET
BOSTON
namely,
Lehigh Valley shares not
Pennsyl¬
FEDERAL
the
common
shares, and does not
take into accdunt such increase as
contains
to
upon
of Pennsylvania
former
refer
the
per
share. Such
greater benefits
We
Western
stock would then be worth $296.39
ESTABLISHED 1869
20 BROAD
"ex"
the Wabash exchange), the entire
sell
at
page
72
net, after Federal income
.
second
value
million,
Goldman. Sachs a Co.
75
Members
the
If
on
Pennsylvania-New York Central
West¬
$63.80
of
could well be
mergers
671,-
and
you
projections the
stock,
13,167,754
operating
Norfolk
to
(Pennsylvania's
presently
was
industrial
successful
stock.
shares,
added
were
recently
upturn
control,
Norfolk
of
common
these
mission.
ness
99.5%
representing
57.7%, and gross profit margins,
accompanied by any marked busi¬
in
agreement
an
would receive within five
in exchange for its 595,158
ern,
is
operating
in
railroad
26.3%
a
Nor¬
Plate
made with the Norfolk and West¬
39.0%. Only
companies when
with
accordance
izations
both
-
Pennsylvania,
consummated,
leverage inherent in the capital¬
of
of the
Nickel
merger
Western
and
in
by far. In 1961, transportation
credible
Nickel Plate To Be Merged
latter
companies
scarcely ratio
can
Were Norfolk and Western-
which
performance, the industry's lead¬
♦Deficit.
While these results
the
Western,
of the nation's most prosper¬
0.29
1959-1961
of
to
again revert
us
ous
$2.60
0.39
combined.
Pennsylvania
one
Pennsylvania Central
$1.56
following
importance
Pennsylvania, let
New York
1952-1S61
(000)
22 ft
12%
$232,596
♦Pennsylvania Railroad and Pennsylvania
Co.,
of
and
doubtless
re¬
deficit in 1960 and New
York Central in 1961.
Value
$227,742
3,948
906
95
177,419
71,000
6% Preferred
ern
)
consummation of this merger.
porting
4% Preferred
583
enced
sharp decline of earnings
2,397,284
Total
1.08
much
a
Prices
Common
shares
Income Per Share
<
Central and Pennsy have experi¬
in recent years,
sys¬
years,
in the
as
Northerns
dis¬
Pennsylvania
1952-1961
Again,
of
the
previously
Average
distributed
experience
Recent
System*
earn¬
larger in the Penn¬
Northerns
dividend
Northerns, where
panies
much
cussed.
since September 1960.
ings
large blocks
sylvania picture than those of the
history. On
irregular
Approx.
by Penn.
prices
that
agree
some
Western, Wabash,
hand, New York Central
an
history,
unique
a
scarcely
can
in corporate
had
two
differ
Pennsyl¬ ings of these
companies—princi¬
yield of 2.35 % is afforded pally Norfolk and Western —
a
share.
has
earnings
does, however,
dividends continuously since 1848,v
two
a
therefore
and
Shs. Held
other
equity in the undistributed
its present dividend of 25 cents
on
of
amounts
securities
railroad
At present prices for
per
sur¬
the
of
and
tem's holdings of Norfolk's stocks
be re¬ Lehigh Valley, and
Detroit, ToNorfolk ledb and
Ironton; .and this carrier's
proposed
exchange.
vania,
1958-6
sizable
own
this
high estate.
pending
making allowance for last
Western Railroad of 212,449 shares
of its
consolidated
a
After
spring's sale
prising since the latter does not
helping to restore railroad credit
Our
on
This should not be too
tral.
significant major market factor
some
de¬
Pennsylvania
per
share?
re¬
favorable
recent
this
does
sup¬
liberalization
Surely,
present must
the basis
to
Nor do such
to
market
present
much
equities, but also should
dividends.
a
share.
$1.92
how
in¬
on
market
amount
share, thus whittling its
per
merger, and
relatively little from those ac¬
when compared with tually
reported.
Pennsylvania
so
the 40% discount at which Nickel
merger
approximate
an
$2.74
Pennsylvania
does
at
and
own;
values,
new
light of the probable delay of
($3.77 consolidated) to
much
for these
with
conse¬
the
common
75%, not only should
eign
arid
of
$3.95
approximate
port
be
shares
,—-Per Share—
witnessed-by
as
average
to
from $3.40
crease
Since New
common
$6.75, and of the Northern Pacific
in
the
in
from
solidated),
to
of
$12-
there¬
this
earnings
Northern
an
New
1957-1961
both
of
and
$2.00 to $2.50
Pacific
In the same
period, New York Central earned
Norfolk
of
shares
many
Western
and
currently consist of:
13%,
share.
the seeds
those
as¬
after, equivalent to from $1.97 to
history, of its for¬
company,
certain
of five years,
the company's
domestic
for
seven
$5 million of cash, the latter
achiev¬
credits, could conceiv¬
$15-million
1960, accounted for solely by the
consolidation, for the first time in
earnings
total
amount, for each railroad, to
here
gives recognition to
earnings, at least in
the railroad sector of the market.
for-one
adjusted
sumed tax
ably
market seldom
Colgate-Palmolive
esti¬
only after five years—which
permit
that
for
able
latter three equities,
however, are
but nominal, at best.
The stock
consolidated
adjusted
provide
will
1.3
first
the
the convertible market basis, Pennsylvania's showing' is
equivalent of NeW York Central much better than that of the Cen¬
the other
changes in the reported earnings
should
the
of
should therefore provide dynamic
3.40
Spokane,
to
Consummation
3.39
1957-1961
added
reported
.
$3.15
1955-1961
such
as
lion
Pacific
$4.40
$3.90,
were
compared with
as
earnings
further
per
Per Share
,
Average
Earnings
To
Pacific
mated merger savings of $43-mil-
a
bursed. I
$4.33,
$3.15, $3.39, and $3.40.
and
at 31%.
the basis of dividends
$3.00 and $2.20
of $4.40,
com-
17, Great Northern
earn¬
share; and those of
per
$3.93, and $3.73
actual
actual
These results should be
new
Northern Pacific
of
reported
as
,
.
On October
those
with
still
Pany.
of
par,
and
Burlington
these
compared
the
being exchangeable! for
sharp in the new company,
one-half
for
ex¬
Northern
plus
Northern
periods were,
share
$5.30, $5.05, and $4.45 respectively
company, each share of Great
one
as
earnings of the Great
share
per
as
changeable for
new
merge
Burlington, each
Northern
almost
adjustment of Colgate-Palmolive,
two railroads will
Central
into
able
summation
the striking earnings
as
10%
two years, or more, prior to con¬
$0.75
are
at
Pennsylvania
Central at 12%.
0.37
Pacific
Combining these results, which,
and the Great Northern.
sold
common
17,
of
full year's loss to a more nominal
company?
October
count of
\
1957-1961
first of these is the proposed mer¬
new
On
share
1
present price, representing
Northern
1952-1961
The
of the
1.3
deficit
is
Burlington, and of the
Spokane, Portland & Seattle
als
which
into
company, and
new
How
share, sufficient to wipe
per
the
company,
Equities in Undistributed Earnings
paper.
exchangeable
Pennsylvania shares into
York
following data
$1.55
months of that year.
be
shares of the
York
The
propos¬
will
im¬
How
merger
out
these equities to each
are
railroad?
however, single out two
us,
will
present
als, the New York Central shares
equity of these two rail¬
cussion of these individual merger
of
ap¬
doubtless give similar recognition
Unfortunately,
ties
be
merger
Under
ap¬
earn¬
15
BUILDING
16
The Commercial and Financial Chronicle
out in
The American Economy's
great detail and little
was
This
second
were
Potential and Problems
left
not wrong
they
Dockson
explains
what this
would
for
mean
such
for
our
standard of living.
in the way
ductive
of realizing
jobs for
They
One crucial problem said to be standing
dict
our
tween
takes
better
the average worker and the aver¬
businessman
age
that
pression
gained
the
60s
"fabulous"—
the
im¬
would
be
of
is
expanding labor force.
pseudo-economists
lysts
who
tions
primarily
growing
and
making
were
based
population.
clear
could
population
bilities of
askings Now,
were,
within
ing
of
Dr.
profits
R.
R.
Dockson
lev¬
els
and
expectations
went
did
those
as
dicted
would have
we
cession
if
with
trends
economy,
our¬
our
completely
we
the
of
"What,
wrong
Did
ask
we
question,
misunderstand
a
in
who
our
pre¬
major
versus
Professional
have
of
reviewed
cognizant
were
but
they
what
nally
was
merely
garbled
entation
reported
way
during
who
their
the
were
the
They
difficulties
and
the
models
were
very
of
the
of
group
classifications.
includes
a
The
sizable
first
number
tations,
the
terpretations
cans
assumptions
were
the
flowing
revenues
seem
they
year
before.
been
and
for
to
the
confident
will
be
last
The
that
living
15
ture
less
As
has
economy
us
fine
ture
of
our
level
in¬
usually spelled
we
of
are
a
fu¬
promising.
think
we
of
per¬
It is dif¬
to contemplate
of
the
need to have in mind
they
years
good to most Ameri¬
our
ficult for
presen¬
and
necessity
a
formed reasonably well.
under¬
economy
reads
see
much better role
the
output
to
a
we
clear pic¬
That
will
in
we
(4)
growth.
For
for that
as
worked,
number
the
number
tion. If the
as
either employ
productivity of his
States
United
These
em-?
he may decide to introduce
ment.
some
technological changes in his equip¬
new
health
of
a
his
employees,
the
the
improve
way,
his
improve his
or
ment know-how.
vate
enterprise
owner's
that
his
Ideally, in
dustry
as
a
pri¬
a
which
combina¬
in¬
an
whole, it is the deci¬
the
level
aggregate
mount
size
of
last
the
persons.
Between now
and 1975, our total
labor force in¬
will be
put of the entire nation and, thus,
1975.
the
number
basic factors that deter¬
same
mined
the
tronics
plant
output
also
the
of
elec¬
determine
ag¬
If
of
million
into
the
these three
future,
we
can
factors
come
varying
our
the
behavior
three,
at
we
of
different
any
of
can,
our
should
be
By
lion
re¬
assumptions with
gard to the
forces,
upon
projections
one
course,
certain
be
ment
living
lating
within
as
to
manhours
which
by
The
1970
well
In
assumptions
as
re¬
individual
and
productivity.
second
put
in
1920,
at
just
While
years,
seen
tween
now
and
developments be¬
1975.
They
Universal
a
domination
will
tive
Reorganization and "When Issued" Securities
War destroys
are
to
below
hours.
40
trend
little
As
it
years,
believe
shows
years
change
for
is
the
next
that
there
ning
to
Chemical
the
pressures
mount
that
will
CO.
&
50
Broadway
Stock
trends
begin¬
that
Following
Co.
ERNST
New
and
WHitehall 3-4924
7
Inc.
Tappan Co.
Members
Teletype 212-571-0175
York
other
120
Stock
leading
&
Exchange
Security
CO.
American
and
Commodity
Stock
Wires
to
St., Chicago 4, 111.
Los
Angeles
and
Exchange
Exchanges
Broadway, New York 5, N. Y.
231 So. LaSalle
Private
a
are
Exchange (AssocJ
New York 4
me
be
Bradstreet, Inc.
Swank
Members New York Stock Exchange
American
thir¬
past
indicate
Empire State Oil Co.
&
the
for
Dictaphone Corp.
LEVIEN, GREENWALD
a
80
have
in
difficult
However,
the
and
econ¬
Cowles
Dun
48
1961, it stood
year,
the last fifteen
very
week.
any
produc¬
capacity and places the
invited
been
of about 23 hours in
We Maintain Firm Markets in the
Inquiries from Banks, Brokers and Dealers
had
significant reduction in the work
(2) We will not experience
war.
figure
approximately
secular
works.
teen
major goal of the
foreign policy of the USSR.
major
in
hours;
63
number of weekly hours each per¬
are:
son
(1)
continue to be
economy.
worker
about
slightly
the
reduction
made
to
this
to
hours, and last
factors,
The
national
average
by
the
the number of
the
whittled
by
each worker con¬
the
to
in
component
1880,
environmental assumptions I have
relate
mil¬
million
89
America
as¬
be
the
2.5
armed
of employment
and
hours per week
will
we
level
with
the
approximately 81
output formula is
based
fundamental
in
unem¬
1975.
conclusions.
must
4%
of
rise.
to
frictional
a
level
up
of
continue
persons
the
capacity to produce.
estimates
reasonable
will
accept
we
ployment
project
we
sumptions regarding the environ¬
Rights
double
entering the
workers
force
if
All
Convertible Preferreds
than
more
Throughout the sixties, the
labor
Environmental Assumptions
Convertible Bonds
total
our
approximately
increased
10,000,000
tributes
We maintain markets in
During
force.
years,
including the armed
force,
forces,
para¬
actual
the
is
labor
fifteen
of
but
importance
the
labor
of
things,
many
upon
depend
levels
Employment
crease
arrive
Listed and Unlisted Securities
and
worked,
output of this, reaching a level of 87.1 mil¬
all industries represents the out¬ lion in 1970 and 94.7 million in
of
Brokers and Dealers in
those relating to
.
hours
The summation of the
is,
approach full employ-
up
Labor Force Growth
sions of all the factories that de¬
termine
.
make
that
it is the
output. For
own
.
to
relating
assumptions
components
productivity?
tion of factors will be used to in¬
crease
make
Now, what about the more
employment,
management's decision
or
major
might
we
manage¬
own
economy,
determines
more
the
of
some
total output
provide
training program for his work¬
ers,
become
future overall environ¬
our
specific
in
resources
are
assumptions
about
combine
the
of
policy
will
oping nations.
ployees. To accomplish the latter,
ment,
of life for
heavily involved with the devel¬
his employees are working, or in¬
the
will
Change
way
foreign
The
(6)
work¬
more
a
the
individual
citizens.
our
output of his plant,
be
become
and
the
demanding.
to
throughout
will
complex
upon
continue
increase the number of hours
ers,
highly
more
capacity and desires
to increase the
Society
pressures
illustra¬
an
continue
period.
more
hours
is not operating
owner
at maximum
the
electronics
small
A
be used
may
of
will
vances
people
productivity of
the
and
workers.
he may
of
the
are:
employed,
the
greater but no "dis¬
an
depends upon three basic factors.
firm
become
armament"
agreements will be
industry, or formulated between now and 1975.
matter, a political entity,
(5) Important technological ad¬
a county, state or nation,
factory,
a
These
disarmament
Pressures for
will
greater
for
pressures
given period, the out¬
any
put of
such
contribution to
important
an
future
nation's
if
al¬
centralization will mount.
ing
mak¬
with
need
system
will, at the same time, be
potential
what
business
our
dominant
the
play
though the
gregate national production. Thus,
future,
expanding
economy.
to
understanding of our economy, we
try.
careful with
print of the professional
one
rising
continue
output for that particular indus¬
have
forecast¬
that
If
the
somewhat better than they did the
included
prepared.
broad
will not only have a
we
It will
to communism.
give way
each
fi¬
truly professional
approach.
in
men
questions,
Private enterprise will not
(3)
give adequate
can
incomes will continue to rise and
printed
50s
that
government services, and
individuals
The second group of forecasters
active
worried, the
to
potential is to be
these
proper
business¬
public sector, and the majority of
pres¬
was
the
on
its
to think
seem
point
they
year
ing
place them into two
need for
In
some¬
the
it
somewhat
government
presented,
between
the
and
in
some
opportunities for profits;
nothing
became
While
tion.
we
to
answers
omy
some
us
the
page.
stood
large
with what
wrong
sobering
expanding markets and increasing
of
had
group
the
of the 60s have
If
under forced draught condi¬
is:
policies should we
our
realized?
to
"the years ahead" will be years of
forecasting, but who
this
that
decade
majority still
larger
of
num¬
a
the
are
casts
long-range fore¬
so-called
can
and
were
group
casts made during the 50s and find
we
standards
afraid
see
men
talking
were
this
to
a
thus,
in
Forecasting
I
and
yet, enabled enough of
as
other instances, some of the fore¬
many
ber
living
am
not,
perhaps careless in how they
were
re¬
following World War II?
Pseudo
economy.
recommend
first three years
really
spelled out their presentation.
below
running
it is time that
anything,
without
in
Also,
subtleties of
ceptable
forecasts?"
future
who
men
unac¬
the
the
about.
hovering
selves
our
understanding it is
possible to
predict¬ perspective.
were
knowing what they
with
unemploy¬
many,
this
by and large, men of prom¬
the end of the
hopes
an
people.
I
group
position where they
the
a
Prevailing View of Businessmen
actual
in
men
inence who found themselves in
are
and
arrive at
dis¬
any
economy and
our
The
nor' was
approaching
around
can
if
pursue
Thursday, November 29, 1962
.
question
second
national
crease
output.
ment
we
ican
shifting age distribution of
be had for the
year
and forecasting
greater satisfactions for the Amer¬
tinction drawn between the capa¬
60s
be¬
to the
jobs and
the
difference
the
If
understanding of the forces
higher
group
both
third
produce
suggest policies that will lead to
Our
our
we
to
goods and services.
predicting
made
then
predic¬
"soaring" and
that
potentials
The
ment?
what
economy—its
did not give careful consideration
*
they would be
profits
are
not attempting to pre¬
With such
ana¬
upon
This
They
50s.
capabilities
working
Throughout the decade of the 50s,
thing
same
the future
reality.
He warns that failure to encourage the private sector
will doom us to increasing government centralization as
Washington
our
say¬
exactly what that level will
challenge.
providing jobs for
are
be when the distant year becomes
a
the task of
the
more
are
10-point program so private enterprise can be permitted to meet this
over
analysts
American
and
more
as
capability is the ability to provide pro¬
expanding labor force. The economist submits a
our
the
growing
as
well
as
of
Dr.
industries
housing, consumer goods and services, and electronics
in
said
nor are
That is competent
and
pointing to
is estimated to be capable of rising 65%—4% average
year—in the next 15 years-from $560 to $925 billion GNP.
per
in the 50s
ing today about" the
they
forecasters
of
group
in what they are cur¬
wrong
economists
University of Southern California
Our output
room
misunderstanding.
rently saying.
By Robert R. Dockson,* Dean, School of Business Administration,
1
for
.
.
Chicago
by
Volume
the
1975,
could be
the
Number
196
work
average
low
as
week
population
22 %
aver¬
tendency will be for the
our
age citizen to have more time for
leisure
and
Television
will
probably
receive
will
portunities
about
increase
construction
goods and services will be up
65%.
"
~
of
as
of
statement
a
what
economy
it would be
the
starts
home-
will
be
to
are
need
to
adequately
ducing during the sixties and into
will
cans
begin to spend
time
more
hope that Ameri¬
our
the
on
little
a
spiritual
and
the
will be capable of
seventies.
They
predictions
what
cultural side of their lives.
way,
we
in
are,
last
of
components
three
the
anticipated will, of course, be felt
of
in many
will be doing.
that
contribute
ity—the
of
amount
to
level
each
with
output
person
produces for each hour of
work.
From
to
1900
World
War
II, the annual rate of increase in
productivity
averaged
2%.
the seventeen
During
since
the
have
we
of
end
averaged
than this and have
War
in
approached the
education
vances,
research,
people,
rate
and
it
of
and
the
is
likely
increase
average
excess
of
experienced prior to World
War
II
since
the
but
the
below
Even
war.
incentives
the
our
productivity
will continue at rates in
those
of
the
in
ad¬
training,
health
offered
average
with
special
businesses
for
acceleration of capital equip¬
ment
expenditures, it is likely that
productivity
the next
each
will
increase
13 years
capabilities,
our
to
magnitude could
over
at around 2.7%
year.
will be
in
labor force
our
ready with
us, we
confidence
in
this figure.
armed
our
If
can
projections
our
to
million
of
able to hold
we are
services
million to 3
al¬
are
have some
around
and
2.5
our
un¬
employment to approximately 4%
of the civilian labor
surely
increase
by 2.7% each
done,
our
total
output,
force,
If this
year.
can
be
Gross National Product,
will
increase
approximately $560
to
we can
productivity
our
around
billion today
billion
$626
from
in
1965,
will
firms
total
the
industries
aboiit the
rate
decline.
The
of
slightly
higher
above
than
an
4%
our
of
this
rate
average
which
%
is
historical
rate
of growth.
may
at
even
family's
average
rise
should
sixties
and, thus, the out¬
consumer
goods in¬
the
during
seventies
the
of
look
dustries is extremely
and
continue
higher
into
move
bright. More
will
income
families
more
goods
These
If
they
that
figures
are
true,
come
our
startling
it
capita
per
increase from
about
to
such
family's
is in for
and
over
than
$4,000 by
period,
it
is
will
income,
some
$3,000 today,
in
1975.
1970
a
mean
financing
expected
that
our
will
substantial increase in the
total demand for
housing
as
home of the future will be
better
and better furn¬
designed,
the
than
ished
World
homes
II.
War
they
built
more
likely that
in
are
going
to
buy
a
same
buy
bile.
The
current
velopments
the
deserts
yet to
but
a
and
will
economy
of
If
complished,
many
ing
ment
a
control.
sales records
of
the
electronics
industry
likely to be established.
without
this
spending,
is
for
remain
more
clothes
as
dryers,
freezers,
foretells
sets
Many
what
ap-
electronics industry is
ing
growths
if
1975
of
we
industry
has
growth
been
administration
office
for
from
ones
the
market,
and
of the future will surpass
that of the past.
our
new
Some time ago,
Government decided it would
try to
land
a
man
the
on
moon
prior to 1970, and this single de¬
cision
fect
will
during
have
the
on
billion
place,
a
the sixties.
industry
profound
electronics
has
level
we
portant
ef¬
industry
even
is
solve
in
problems,
to take
of
keeping
force
i One
of
1975,
for
nearly
million
By
today.
mation and
per¬
level of 69
a
Because
new
velopments,
million
90
of
auto¬
technological de¬
particularly
in
the
electronics industry, many current
jobs
will
disappear;
thus,
total
job requirements will range
new
between
The
estimated
an
million by
30
to
35
1975.
well
as
many
others.
be
also give
Electronics also
will
bring
products to others than the
space
The
new
aero¬
is
answered
burden
will
be
eased and the home will be made
more
comfortable.
factory
to
of
undergo
novations
The office and
tomorrow
certain
are
major changes
continue
in
as
in¬
electronics.
us
we
the
answer
will be
"Can
we
Private
alone
environment,
Today,
this
our
in
could
realize
projected.
enterprise,
completely
furnish
to whether
able to
the potential we have
industry during the sixties.
housewife's
not
or
government
pursue policies con¬
ducive to private economic prog¬
present
our
not
number
hope
of
to
jobs.
plays
an
important role in fostering growth.
Indeed,
the
law
of
the
land
emphasis
having
upon
rising
having
it
create
stitutional
the
many new
a
private enterprise might flourish.
Ten Point Program
Because I
am so
concerned
in
to
order
reach
output
our
tential, and because
you
de¬
mountains,
and
prelude to events
home-building boom
ahead
submit
tive
to
you
will
program
action.
stimulate
role
points
the
government.
of
The
are:
Research
and
Expenditures
of
products and
new
late
markets
Industry.
and
dompetition.
when
a
but
much
as
A
without
the
penditures
suffers.
spends for this
company
direct
tax
ceding three
sidered.
years
credit
Credits
over
of
this
on
Pref—*
Sommon
Trading Department, L. A. GIBBS, Manager
A COMPLETE MONEY SERVICE
Laird, Bis sell 6 AYeeds
Members New York and American Stock
120
Securities Brokerage
Brokers Loans
Securities Financing
BROADWAY, NEW YORK 5, N. Y.
Telephone BArclay 7-3500
WILMINGTON, DEL.
Exchanges
PHILADELPHIA, PA.
Bell Teletype 212 571-1170
NEW
HAVEN, CONN.
ZURICH, SWITZERLAND
CORRESPONDENTS
Garvin, Bantel & Co.
Members New
York and American Stock
120 Broadway, New
RUTNER, JACKSON & GRAY, INC.
Exchanges
York 5, N. Y.
Los Angeles,
STEWART MILLER & CO., INC.
Calif.
Chicago, III.
Area Code 212
~
Teletype: Federal Funds 212 571-1100
EASTERN INVESTMENT CORP.
Fort Lauderdale, Fla.
Telephone: REctor 2-6900 '
ROMAN & JOHNSON
COOLEY & COMPANY
Hartford, Conn.
Manchester, N. H.
HARRY C. DACKERMAN & CO.
Philadelphia, Pa.
JOHNSON, COLEMAN, MANNING & SMITH, INC.
WHITE & CO.
MASON & LEE, INC.
Charleston, S. C.
Securities &
St. Louis, Mo.
Lynchburg, Va.
Financing 212 571-1101
I
of
as
aver¬
pre¬
con¬
nature
page
CHRISTIANA SECURITIES CO.
GB
Federal Funds
the
should be
Continued
ex¬
economy
20% to 25% of the
expenditures
age
such
entire
new op-
for Banks, Brokers, Dealers & Investors
A
certain amount of risk is involved
and
f-j
New
services stimu¬
~
^
on
Development
Inquiries invited in all Unlisted Issues
FQUNCXO 1931
our
(1) Grant Direct Tax Credit
the
a
suffi¬
increasing
without
economy
posi¬
Such
private sector of
ciently the
relative
ten-point
a
for
program
Specialists in
FUND MANAGEMENT SECURITIES
are
the United States, I would like to
BANK & INSURANCE STOCKS
OVER-THE-COUNTER SECURITIES
po¬
men
in influential positions throughout
re¬
areas,
over
the direction that might be taken
not
automo¬
estate
challenges and
which
in
that
or
in¬
proper
environment
second
resort
proportions
central
not
or
be
must
our
government "do," and more upon
purpose,
working
government
Less
placed
ten
greater than the automobile and; supply anything close to this num¬
thus, as it develops, it will carry ber of new
jobs within 13 years?"
with it the electronics
industry, The answer to this question will
as
to
our
all-important question that
must
maximum
contribution
labor
need to furnish employ¬
compared with
sons
the
productively employed.
we
unemployed
private enterprise is to make
problem
expanding
our
im¬
many
If
its
ress.
growth,
increase
greatest of these is the
The aerospace
potential
a
this
an
each year,
must
we
chasing
good possibility that the
a
progress
but
constantly
are
If
represents
to
period
any
growth, it is imperative that
and
now
achieve the
projected.
ment
products
there is
this
of
phenomenal
during the past decade,
old
one
the next 13
over
Qver-all
years.
between
can
output close to the potential
$30
industries which will
certainly expand
indus¬
Gross National Product of nearly
Implications for Electronics
newer
other
our
and
workers.
Providing Jobs
tries will also enjoy record-break¬
have
industries.
of
govern¬
politically fea¬
with large numbers of
of
ac¬
regulation,
not
any
in
gov¬
be
expect grow¬
can
we
It
greatly
of
cannot
centralization,
sible
are
i
Problem
that the
me
activities
the
ernment.
defense
products that will find widespread
new
jobs
increasing
application in other industries. As
consequence,
to
supply the required
can
number
develop¬
produce
purchasing
and
seems
come.
We have
of
real
around
beaches,
are
second
a
posi¬
way
they decide today whether
will
people
the
deciding whether
house in much the
in
frequent,
many
themselves
since
changes
Style
homes will become
it is
bigger,
research
industries
ap¬
new
The average
after the mid-1960's.
billions
The
It
important question is whether the
spent by the Govern¬
for
which
family formations begin to mount
and
During this
industry
this
important changes.
of
methods
ier
mean
will
large share of
a
Higher average incomes and eas¬
at
output
$3,600
more
markets.
takes
ing
a
will be facing
Since hous¬
types
all
expanding
of
services
and
they
somewhat difficult to comprehend.
such
pliance
of bur
expand
living
substantially
and
of
at
.
the nation,
will
power."
Our post-
experience with
television
The
as
sixties.
production,
decisions
ment in the aerospace and
the
by
might happen to sales in the
com¬
they
or
standard
tion
production
is
and
national
advance at
will
others
rates
find
total
more
the
exceed
same
still
and
slower
will
our
of the 70's.
pliances
rates
at
Some
economy.
others
growth,
and
magnitude
"necessities"
heme buyer
all
and
expand
not
will
panies
$925 billion in 1975.
in
the
comparable to those projected for
$762 billion in 1970 and to about
An increase
in
only
considered
is
potential
our
all
achieved,
nearly
who
people
found
in
Many of the
room.
garbage disposals, home
if
sumer
the
one
and
sets
the
data
become
management
dollars
expensive homes of today will be
Industries
GNP Projections
of
television
World War II
Even
being
air-conditioned
will
the
promote
'
Service
Goods and
Consumer
to
most
gadgets
to cer¬
brackets and this means that con¬
Since
than
homes
new
be
built-in
more
growth of
mean
the
will
with
might
we
a
other industries. By 1970,
of
built
a
tain segments of our economy.
better
technological
our
this
lead
commensurate
output
II,
3% rate. With continued improve¬
ments
of
national
any
would
briefly look at what
years
much
which
than
less
World
examining
policies
productiv¬
national output is
our
Before
major
routine
electronic
systems
to
resources
goals of "maximum employment,
the
and
his
of
inven¬
of
devices,
to
processing
quires the President to utilize all
communica¬
installation
switchover
ment
of
means
the
during
i
housing boom of the nature
most
The
tions,
of
A
no
estimates
—
housed.
pro¬
Improved
1970,, tory-control
By
2,000,000 each year if
families
our
our
its share of these extra hours, but
close to
be
with
industry.
housing
new
The estimates should be thought
the horizon for
are on
associated
those
while the total output of all
about
self-improvement.
17
The Commercial and Financial Chronicle
.
.
.
Thus,
37 hours.
as
6216
76
18
The Commercial and Financial Chronicle
BULLOCK,
Attended the Convention
EDWARD
A. C. Allyn &
J.
Spencer Trask & Co.
Pacific
New York
Report of the NSTA
St.
San
ANDERSON, A. W*
Eppler, Guerin & Turner
Francisco, Calif.
ANGELOS, G. Hi*
Burns
New
/
BECKER, E. F.
Dallas, Texas
Miami, Fla.
Haven, Conn.
Chase
New
BEEBE, JAMES L.
ARMSTRONG, E. J*
Stein Bros. & Boyce
Baltimore, Md.
Los
R.
David A. Noyes &
Co.
Angeles, Calif.
S. Dickson &
Cowen &
New York
Piper, Jaffray & Hopwood
Minneapolis, Minn.
Stein Bros. &
BARKER, JOHN S.
Higginson Corporation
York
BARNES, RICHARD M.
New York
♦Denotes
Mr.
Inc.
Asiel
&
New York
Mackie,
For
&
R. S. Dickson & Co. Inc.
Atlanta,
Mrs.
York
the
of
Security
of
Washing¬
effective Jan.
admission
there
will
1, 1963.
the
of
be
a
our
new
corre¬
mem¬
goal
new
of
ad¬
a
new
The admis¬
brings
the
nearer
fifth
some
a new
in
also
that
all
those
an
approximately
new
100
increase of
members
effort
which
do
member.
committee
member of
the
We
should
be
membership in
branches
NSTA
an
each
urges
National
not
-
Associa¬
tion to actively work to build our
association
convention reflects
Holiday Inns of America
out that
branches.
few
an
made to stimulate
numbers
5,091 at the date of the annual
their
like to point
relatively
believe
of
City
1962
in
firms have NSTA members
The
year
in
increase
an
active membership over 1961. We
have
consecutive
affiliates
32
shown
should
of the Report follows:
the
interesting to note that 20
high in 1962. A total membership
CLYMER, L. M.
Ga.
the
members,
NSTA membership attained
BUDD, TONY
City
January,
Text
Inc.
Pa.
R. S. Dickson & Co. Inc.
New
and
NSTA's
of
have
goal of fr,000 members.
CITO, M. J.
City
noted
new
all-time high of 5,091.
last
JACK*
Singer, Bean &
Co.
Wis.)
100
bringing the aggregate to
BROWN, LEO E*
City
Milwaukee,
dition
Co.
#.&§!
Otto J. Koch Jr.
Hough
of
l
i
sion of two new affiliates effective
Philadelphia,
Ernst & Co.
York
Securities
Montgomery, Ala.
Co., Inc.
BARYSH, M. L *
New
I
Philadelphia, Pa.
First Alabama
is
It
Co. Inc.
City
CHRISTIAN,
applications
6,000 members.
BONHAM, JOHN A*
City
A. M. Kidder &
York
by
Council
Security Traders As¬
Association
the
as¬
increased
Executive
bership toward
Inc.
Washington, D. C.
approved
also
sponding increase "in NSTA
(
.
Suplee, Yeatman,|Mosley
Investment Bankers Association
the
affiliates
CHRISTIAN, E. A*
BOEHMLER, ERWIN*
of
With
Pa.
in
affiliated
of
was
ton, D. C.,
The First Boston Corporation
New
Baltimore, Md.
Cleveland, Ohio
New
Assn.
CHANNELL, C. K *
i
number
sociation,
Cleveland, Ohio
Boyce
The
Traders
Bankers
and
members
Canada.
the Houston
York
J. N. Russell &
City
individual
some
state
every
which
Bank
have members
now
practically
sociations
CAYNE, M. A*
BODIE, CHAS. A., Jr.*
Merrill, Turben & Co. Inc.
Lee
Manhattan
Philadelphia,
Co.
in
action
Caughlin & Co
Co. Inc.
1961. We
over
Otto Koch Jr. (Marshall Company,
Denton, Inc.
William R.
BAKER, DAVID L*
and
CAUGHLIN, E. J*
BILLINGS, J H*
BABCOCK, C. H.
Fla.)
Washington, D. C.
Charlotte, N. C.
Chicago, 111.
Petersburg,
&
City
Investment
Co.
BIBB, J. LEWIS
ARTHUR, JOHN*
St.
Hough
R.
CALVERT, GORDON
Wm. R. Staats &
1
&
William
THOMAS J.
CAHILL,
Scantlin Electronics Inc.
Chas. W. Scranton & Co.
Bros.
York
(William
NSTA
the
of
Committee,
Hough
Co.,
CABBLE, JOS. C*
Commercial and Financial
Co-Chairmen
Membership
R.
Baltimore, Md.
Chronicle, New York City
Dallas, Texas
The
Baumgartner, Downing & Co.
Company
BECK, EDWIN L*
-
Louis, Mo.
BURNS, W. L*
First California
Walker, Austin & Waggener
Membership Committee
Fusz-Schmelzle & Co.
Company
BATES, R. F*
ALMON, R. A.
New
Northwest
BURNS, EUGENE
Seattle, Washington
City
Thursday, November 29, 1962
.
Jr.
Co.
Pompano Beach, Fla.
BATEMAN, HOMER J*
AIELLO, M. T*
.
.
and
strengthen
our
through the addition of
qualified
members
new
during
the coming year.
Memphis, Tenn.
COLEMAN, MERRITT
Allen &
New
Company
York
i;
City
W. E. Hutton &
PRIMARY MARKETS FOR
New
York
Loewi
ETS HOKIN, JERRY*
City
FREED, A. L.
J. M. Dain &
CRAWFORD, G. H.
Columbia, S. C.
Edwards
CROWLEY, M. J*
New York
FAZIO Li,
Chicago, 111.
;»■
Webster Securities
New York
Bankers
Co.
Inc.
City
Bissell
York
GOELZER,
City
City
&
Co., Inc
Meeds
&
City
DON
Securities
Indianapolis,
GOLD, BENJ *
W *
Corporation
Ind.
!
Gold, Weissman & Frankel Inc.
New
Memphis, Tenn.
York
City
/
GOLDSTEIN. M. E.
Kerngood
FORBES, R. C *
New
Shearson, Hammill & Co.
!
Edward D. Jones &
Acceptances
Mericka
Holiday Inns of America
DEPPE, R. C*
St.
Laird,
New
FILKINS, W. L*
FRANK, MAURICE B.
Doyle, O'Connor &
Equipment Trusts
J.
GIBBS, LOUIS A.
,
Boston, Mass.
1 New York City
Co.
DENNEY, W. B*
New York
City
W. C. Pitfield & Co. Inc.
Boston, Mass,
Railroads
Frenkel
Cleveland, Ohio
FITZGERALD, JOHN M*
City
F. L. Putnam &
Wm.
City
CLIVE B*
New York
D'ARCY, JOHN J*
Industrials
&
York
GALDUN, GARY A.*
Troster, Singer & Co.
FRANK*
Hayden, Stone & Co. Inc.
Public Utilities
Gersten
New
White, Weld & Co.
Corporation, New York City
DA1NES,
Hanley
City
Laird, Bissell & Meeds
CURRY, THOS. L*
Municipals
Washington, D. C.
FRENKEL, LESTER*
FARRELL, ROBT. R.
Bear, Stearns & Co.
Stone &
&
New York
Tenn.
Atlantic Coast Line
EDWARDS, BERT
CUMMINGS, F. X *
Agency Issues
Co. Inc.
Minneapolis, Minn.
Portland, Maine
Federal
Equitable Securities Corp.
Incorporated
Memphis,
H. M. Payson & Co.
U. S. Governments
Co.
&
Milwaukee, Wise.
Co.
G. H. Crawford & Co.
INSTITUTIONAL INVESTORS
FREDERICK, FRANK D.
ELWELL, WM. C*
COLWELL, S. F.
New
Co.
York
&
York
Co.
City
Continued
City
on
page
Louis, Mo„»
DeYOUNG, NEIL*
DeYoung & Co.
Certificates of
Grand Rapids, Mich.
Deposit
DISBRO, ROBT. M.
Disbro &
Finance
Paper
.
Co.
Pershing
Willoughby, Ohio
&
Go,
MEMBERS
DOCKHAM, GEO. A*
Canadian Issues
Hincks Bros.
NEW
&
Co.
Bridgeport, Conn.
Inc.
«
(YORK STOCK EXCHANGE
AMERICAN
1
STOCK
EXCHANGE
DOHERTY, WM. M*
Preferred Stocks
Fahnestock &jCo.
New
York
City
DONADIO, JOS. F.
S@
SALOMON
SIXTY WALL STREET
New
NEW
BROTHERS
HUTZLER
William V. Frankel & Co. Inc.
YORK 5 N. Y.
HAnover 2-8700
Members New York Stock
Exchange
SAN
FRANCISCO
DALLAS
New York
City
CHICAGO
PALM BEACH
Dunn & Taylor
New York City
ELKAN, EDWARD*
Cowen & Co.
New York
/
WOrth 4-4300
Bache & Co.
Private
CLEVELAND
PHILADELPHIA
NEW YORK 5, N. Y.
Teletype 212 571-1313
DORSEY, JOS. R*
DUNN, G. J*
BOSTON
120 BROADWAY,
York City
I
City
Albany
Atlanta
Hartford
Houston
Philadelphia
San Francisco
Buffalo
Lima, O.
Pittsburgh
South Bend
Wires
Chicago
Los Angeles
Providence
Washington
Dallas
Fayetteville, N. C.
Minneapolis
St. Louis
Wheeling
New Orleans
San Antonio
Youngstown
77
Volume
Number 6216
196
...
The Commercial and Financial Chronicle
.
19
.
NSTA Affiliates and Members
&
Lasser
Rothschild; Robert M. Topol, Greene and Company.
Took
Office: January
New York Inc.
i
BOLOGNINI, RINALDO A.
wich, Gregory & Sons; John F, McLaughlin, Andrews, Posner
Security Traders Association of
is
'He
1, 1962; Term Expires: December 31, 1962.
CUBAN
in
specialist
a
sees
and is presently at
BOUTELLE, GREGORY W.
C. E. Judson & Co. (Associate)
liberty.
BOUTON.
D.
ROSTER
'
Bros.
BOUCHER, JOHN B.
OF MEMBERS
.
HOWARD R.
H. Ellis & Co.
BOYCE, FRANK
Corl M. Loeb, Rhoades & Co. (Associate)
bezer, charles a.
AAL, C. .IFHOME
C.
J.
Aal
&
Co.,
ABBE, RICHARD
Sutro
Inc.
Eastern
Edward
Securities,
Mitchell
&
ACKERT,
PHILIP
Freeman
&
Walston
&
ALBERTS,
C.
blair,
Allen
B.
(Associate)
&
Alberts
A.
Co.
&
J.
BREAKSTONE, JACK
&c
Co.
BREARLEY, R.
Conlon
&
,
BRENNAN, JAMES I.
Elsele & King, Llbalre, Stout & Co.
Co.
BRENNEN, ROBERT H.
Equity Securities Co. (Associate)
Inc.
bloch, leo
BREWER, III, JAMES R.
(Associate)
John C.
r-:;
Brothers &
Hutzler
BRILL,
(Associate)
BLOCKLEY, JOHN C
Cruttenden,
ROBERT F.
Weld & Co.
White,
DOUGLAS
ALEXANDER,
Joseph
United
BOAS,
(Associate)
ALLEN.
&
MOSES
Hentz
&
BRILLSON,
Miller
Co.
(Associate)
MICHAEL J.
Arnold Malkan & Co., Inc.
Continental
ROBERT
Marks
Co.,
Corp.
BRITTAIN, MILTON C.
< Associate)
Shearson, Hammill &
Co.
(Associate)
S.
&
Inc.
BROCHU,PETER W.
..
Allen
&
Company
roland, william h.
Company
ALTMAN.
H.
Carl
HERBERT
Allen
&
E.
&
BLOOM, SOL M.
C.
Lann Securities, Inc.
J.
Podesta
Legg & Company
DAVID
David Morris
Co.
ALBERT.SON,
D.
Wood, Gundy & Co., Inc.
h.
Company
Salomon
,
Andrews, Posner & Rothschild
Seymour Blauner Co.
ALBERTS, GERARD H.
C.
Co.
blauner, seymour
A.
A.
and Company
Zuckerman, Smith & Co. (Associate)
&
blank. andrew
S.
Inc.
CHESTER
Alberts
A.
& Co.
Co.,
Greene
f,
frank
&
Kaufman & Co.
BRADY, JOHN
Corporation
(Associate)
J.
BRAND, HARRY L.
Winmill
Birnbaum
II.
JOSEPH
ALBERTI,
McLaughlin,
james
Gude,
Company
Trask
Spencer
Sidney Jacobs
BRADY, FRANK
Hanseatic
j
Gordon Graves & Co.
birnbaum, nahum
j
MARK T.
AIELLO,
S. E. Dawson-Smith
bird;"
B.
Company
W. Pizzlnt & Co., Inc.
BRADY, EUGENE J.
(Associate)
(Associate)
IRVING
Company
&
Co.
frank
York
New
(Associate)
HERBERT
Mitchell
Elbridge H. Smith
bingham,
ALBERT
ABELOW,
Ladin
Cowen & Co.
Inc.
& Frenkel
ABELOW,
S.
billings, joseph ii.
NATHAN
Gersten
BRADLEY, WALTER V.
Co.
bies, sylvester j.
F.
EDWIN A.
A BELL,
&
B.
Shearson, Hammill & Co.
ABELE,
Bros.
Boland,
Saffin,
Gordon
&
Continued
Sautter
on
page
20
S.
K.
(Associate)
Co.
AMENDOLA, EDWARD A.
Merrill
HOWELIL
Howell
Salvatore J.
Wilbur Krisam
Rappa
O.
Archard
O.
HARRY
ARNOLD.
Smith
Fenner &
Lynch, Pierce,
Incorporated
ARCHARD,
(Associate)
& Co.
L.
|
Goldman, Sachs & Co.
ARONSON,
President: Elbridge H. Smith, Stryker & Brown.
Bernard
First Vice-President: Stanley E.
Dawson-Smith, Cruttenden,
Podesta & Miller.
Bache & Co
-
Second Vice-President: Sidney Jacobs,
Co.
&
Aronson
AVERELL. ALFRED
reasons
R.
GERALD
for trading
with
^
B.
■
'
.
.
-.V;
BACHMAN, WALTER E.
Burton, Dana & Co. (Associate)
Sidney Jacobs Co.
JOHN
BAIR,
Carolina
Secretary: Salvatore J. Rappa. Mergott, Rappa & Co., Inc.
W.
_
Kidder,Peabody
Corporation
Securities
ALEXANDER
GEORGE
BAKER,
-
Dreyfus & Co.
Treasurer: Wilbur Krisam, John C. Legg & Company.
BALTER,
Directors: John S. Barker, Lee Higginson
BANDLER,
LEE ANDREW
Singer & Co.
Troster,
Corporation; Joseph R.
Dorsey, Bache & Co.; John M. Fitzgerald, W. C. Pitfield & Co.,
Inc.; Raymond C. Forbes, Shearson, Hammill & Co.; James T.
Gahan,
E.
F.
&
Hutton
Company,
Incorporated;
A.
Kenney, D. Raymond
& Co.; D. Raymond
Horn, Kuhn, Loeb
Edward
Kenney & Co.; Barney Nieman*; Charles S. Offerman, Troster,
Singer & Co.; Lewis H. Serlen, Josephthal & Co.
Heaney, Michael J. Heaney & Co.; Stanley L. Rog-
Greenberg,
C.
E.
Saxton
kz
Co.; Joseph
Towbin
Denton, Inc.; Thomas
D.
Kraso-
A
Inc.
Co.,
&
S.
JOHN
BAFKER,
expe¬
Trading
Department
PHILIP T.
Ludlow
A.
large,
rienced
Higginson Corporation
Lee
Co.
&
BARNES. RICHARD M.
A.
H.
Cabbie, Burns Bros,
Unterberg,
Alternates: Joseph C.
A.
G.
Kidder
M.
BARRETT.
genburg, Roggenburg & Co.
(Associate)
Goldman, Sachs & Co.
BARBIER, LESLIE
J.
Michael J.
in the underwriting field
BARBASSO, JACK J.
BAKMONDE.
National Committeemen: Samuel F. Colwell, W. E. Hutton & Co.;
A major name
Co.
&
Ernst
|
C.
LIONEL
Inc.
Co..
&
FRANK
D.
Wainwright & Co
C.
EUGENE
BARRY.
Arthur
Active
primary trading
|l
F.
&
Wiesenberger
Co.
a
wide
PETER L.
BARTH,
Edwards
BURTON
flz
Securities
Union
Dillon
Eastman
BARYSH,
Etnsi
S.
IIFARY
BARTOLD,
&
markets in
stocks,
common
preferred
bonds,
corporate
Hanley
&
of
range
stocks
and convertible securities
Co.
A.
Co
BARYSH, LAWRENCE
H
ALL MARKETS ON ONE CALL
?y
Vilas
&
Hlckey
BARYSH, MURRAY
6z
Ernst
ROBERT
BASEL,
A wire
L.
system to 31 offices and
Co
coast
correspondents
J.
Myron A. Lomasney & Co.
for broad dealer and
coast
to
institution¬
BASELICE, PERRY M.
Cohu
Winslow,
&
Incorporated
Stetson
al coverage—at less cost
(Associate)
COMPLETE
BASS,
SOL
.
Bear, Stearns & Co.
SERVICE
BROKERAGE
&
Co..
without
blocks
Incorporated
D.
HERMAN
BAUMER,
experience
Long
WILLARD
BASTIAN,
Blair
,
in
handling
disturbing
large
existing
street markets
Gregory & Sons
BEAHAN, WILLIAM J.
ALL
CORPORATE
&
FOREIGN
BONDS
Lebenthal
&
Inc.
Co.,
BEAN, JULES
MUNICIPAL,
STATE
AND
REVENUE
Singer, Bean
BONDS
EDWARD
BECKER.
Blair
PREFERRED
AND
COMMON
Co.,
STOCKS
BEERMAN,
PAUL
Hirsch
BEN,
H.
Buenos
York
Corporation
Hanseatic
No
BENNETT, PATRICK J.
MABON & CO
ESTABLISHED
1892
C.
Allyn & Co.
BENTLEY,
D.
AMERICAN
STOCK
STOCK
EXCHANGE
F.
Street
KERMIT
&
BERTSCH, ARTHUR
115
BROADWAY
NEW
YORK
6,
N.
Y.
G.
A.
L.
Inc.
Saxton
&
(Associate)
(Associate)
W.
Co.,
2-2820
TELETYPE
212
571-0230
Grady, Berwald & Co., Inc.
BERWIND,
Francis
I.
JOHN
du
C.
Pont
&
Co.
BESWICK, SAMUEL F.
Laird,
Bissell
&
your
help.
trading
Call
or
problem
write
may
David
D,
be,
our
Lynch,
Kidder, Peabody & Co.
Founded 1865
•
Members New York, American, Boston,
Inc.
BERWALD, OTTO A.
RE
can
Manager, Dealer Relations Department,
JACK J.
Company,
what
(Associate)
Bernheimer & Co., Inc.
BERNSTEIN,
EXCHANGE
W.
RANSOM A.
Gundy & Co., Inc.
BERNIIEIMER,
MEMBERS
YORK
HAROLD
Proctor & Paine
Abbott,
matter
experience
BERNEBURG,
Wood,
NEW
and
HANS E.
New
A.
Aires
Hong Kong
Co.
&
Paris,
London,
-
ARTHUR
BELLUSCI,
in
I.
Incorporated
Keister & Company
H. C.
offices
Overseas
& Mackie, Inc
Meeds
(Associate)
Philadelphia-Baltimore, Midwest and Pacific Coast
Stock Exchanges *20 Exchange PI., New York 5* Boston
Philadelphia
Chicago Los Angeles San Francisco
The Commercial and Financial Chronicle
.
.
.
Thursday, November 29, 1962
li-
Ifptgp
Mrs.
&
Mr.
Sidney
J.
Sanders,
Marshall, Inc., Seattle; Mrs.
& Gardner, St. Louis
Foster &
A
Mr.
Earl
L.
Mr.
Hagensieker,
&
Mrs.
Edward
J.
Witter
The First
L
T.
MEMBERS
OF
I1ENKY
BROWN, JULIUS
BROMSEN, WILLIAM E.
Tyche Securities, Inc. (Associate)
BROWN, LEO
BROOKS, Jr., GEORGE F.
BROWN, LESTER D.
Oppenheimor &
Asiel
Paine, Webber, Jackson & Curtis
L.
ft
D.
i
Co.
Brown
BROWN.
"
111.
Spear,
Charles
(Associate)
BROWN, IIAROLD L.
Winslow, Cohu & Stetson,
BltuU N. 1IIUAIA.N
C.
Kellogg
I
J.
BURKE,
The
Burns
ft
First
of
Bank
(Associate)
&
CANTER.
Sutro Bros.
II.
DAVID
Corporate Bonds and Stocks
CANTOR,
Glen
(Associate)
CAREY.
W
Estabrook & Co.
&
WILLIAM
80 Pine Street
15 State Street
New York 5
Boston 9
Simons
Hartford • Middletown
PoUGHKEEPSIE
*
•
New Britain • Philadelphia
PROVIDENCE
*
SPRINGFIELD
Exchanges
Co.,
Newark, N.
J.
K.
Rice,
CASPER,
Sidney
Jr.
P.
&
(Associate)
Co.
Walston
D.
DAVIS,
A.
Robinson
(Associate)
Ellis & Anderson
(Associate)
CHANNEI.L, CLIFFORD K.
First
CHAPMAN,
DIXON,
Boston
WILLIAM
G.
Cutter & Dixon
DOHERTY.
A.
Incorporated
SALVATORE
C.
JOHN J.
Allyn & Co.
DOIIERTY, WILLIAM M.
I.
MARVIN
Fahnestock
Co.
&
JOHN
J.
Co.
&
Boucher
B.
Co., Inc.
Wm.
(Associate)
:
V. Frankel
DONNELLY,
Jr..
Wertheim
Fuller & Co.
Co.
&
JOSEPH
DONADIO,
HENRY
&
LAWRENCE P.
DOLAN,
P.
&
F.
&
Co., Incorporated
JAMES A.
Co.
C.
DAVIS,
DORSEY,
WILLIAM J.
Bros. (Associate*
Bache
DAWSON-SMITH, STANLEY E.
Podesta
&
Miller
JOSEPH
&
R.
Co.
DOUGHERTY.
MICHAEL
W. Benkert
A.
B.
Sachs & Co. (Associate)
Goldman,
Allyn & Co.
Ciuttenden,
LEON
DORFMAN,
THOMAS JOSEPH
Lasser
CHAMBERLAIN, WILLIAM HALE
The
LEONARD
Dreyfus & Co.
Incorporated
Co.
R.
Co., Inc.
CERU. CARLO
Green,
Co., Inc.
B.
Abbott, Proctor & Paine
DAVIS, MARTIN
S.
T.
&
Incorporated
M.
&
Laurence Frazier
G.
Vanderhoef &
Co.,
Winmill
Gude,
Co.
SALVATORE
<ss
Laver
Higginson Corporation
DAVIS.
Singer, Bean & Mackie, Inc.
CERRUTO.
Incorporated
Co.
Peck
DANIELSON,
nARRY D.
Jacobs
&
D'ANGELO,
Lee
CASS, RICHARD
Members New York and Boston Stock
Blair
(Associate)
J.
•
St
Co.
Jr., RALPH T.
Eastman Dillon. Union Securities & Co.
DANEMEYER, JOHN J.
Co.
JOSEPn
FRANCIS
Adams
&
DIMPEL,
P.
CALVIN D.
DALE,
Kaufman
DISS, Jr., WILLIAM
Hayden, Stone
(Associate)
WILLIAM G.
&
CARROLL, LEE W.
Lee W. Carroll &
CARUCCI.
Boston
DAINES.
G.
I
JOSEPn P.
Jr.,
RALPH
John J.
DITTELL,
Canady St Co.. Inc.
CARRINGTOX, Jr., WILLIAM G.
Ira Haupt St Co.
P.
Company
tAssociate)
(Associate)
L.
Murray
FONZO.
DIMPEL.
Corporation
Saxe
CARRINGTOX. III.
Founded 1851
&
McLaughlin,
(Honorary)
CUSACK, JOHN T.
A molt. Baker & Co.
MILTON
Russell
i
Securities
&
JOSFPII
DIMPEL, ALBERT II.
John J. Laver & Co., Inc.
N. J.
Stone
Co.
St
DEWDNEY, HARRY E.
White, Weld & Co.
Co.
CHARLES
Inc.
THEODORE
Co. (Associate)
Ingraham
Freeman
DI
Webster
St
Hayden,
N.
Henry Krieger & Co.
CAl'PFR.
Ridge,
Stone
CURTI.
MARVIN
&
H
DFVINE.
CURRY, THOMAS L.
JOEL
Sartorius St Co
Inc.
CURRIE. Jr.. JAMES
Corporation
Inc.
Co.,
A.
A.
E.
CROWLEY, Jr., JOHN P.
C.
Michigan
L.
Christensen,
&
DEVINE, JOSEPH
J. R. Williston & Beane
Reed, Lear &t Co.
CANAVAN, JOHN J.
Burke
&
'
SOCIO. SAMUEL P.
De
Inc.
CROWLEY, JOHN B.
Denton, Inc.
CALLAWAY, Jr.,
1
DENOBLE,
Morgan Stanley & Co.
C.
The Dominion Securities Corporation
AND
H.
Co.
(Associate)
& Co.
DENNEY, WILLIAM B.
Doyle, O'Connor & Co.,
M.
EDWARD
Wells
& Co.
Nordeman
Cowen
CRONIN, DONALD
Corporation
Manhattan
CAI.EF. JOHN
Bonds
Neu
THOMAS J.
Chase
M unicipal
Boston
Bros
CAHILL,
CRONE,
Newborg &
R.
Company
DEMPSEY, PHILIP C.
Bankers Trust Company
Goodbody & Co.
&
Bros.
Bruns,
Incorporated
M.
Co.
JAMES
JOHN
Tatro
L.
MAYE, JOHN E.
Suiro
& Company
Greenshields
Co.
DEMET, LOUIS R.
EDWARD
&
CRAVE.
.
JOSEPH
CAKBLE.
IN
F.
J.
JOHN
First
DE
John J. O'Kane, Jr. & Co.
IIERRFRT
Oppenhcimer,
BL'lLLk,
Hutton
F.
&
MARCO,
Edwin
Co.
CRAIG, JOSEPH J.
& Co.
BI'SI II .11A V.
DE
Company
COSENTINO, JOSEPH
Incorporated
Co.
Securities Corporation
IIAROI.D
Reynolds
St
Hirsch
J.
&
EDWARD
BUFKE.
DEALERS
E.
King St Co.
Dominion
W. E. Hutton St Co.
Inc.
Incorporated
Co.
GERARD L.
Stone
&
ROBERT E.
Hirsch
F.
CORKEY. DONALD B.
&
ARTHUR
Hayden,
duPont
I.
COR LEY.
BURC11ARD,
THOMAS
Leeds &
Allen
F.
Stone
Del INE,
JOSEPH
I
DEDRICK, GEORGE E.
Gregory & Sons
JOSEPH J.
CORBY,
(Associate)
BUKIAN.
BROWN, D. HOWARD
Ingalls & Snyder
Francis
CHARLES F.
Hayden,
Associate)
Smith
COOPER, BYRON PATRICK
G.
BRYSON. JAMES
Co,
E.
Co
St
Bullard & Smyth
Filor,
Spencer Trask & Co.
D.
Jr..
CONLON.
J.
Corporation
& Co.
Watson
BRIAN,
Continued from page 19
Co.
ft
Boston
Fenner
Incorporated
GEORGE
BRUNJES,
BRUNS,
ROSTER
Reilly
Tweedy, Browne &
BRUGGEMAN, CHARLES
Dean
New York, Inc.
CONLON, JOHN A.
Merrill Lynch, Pierce,
S.
HOWARD
BROWNE,
Security Traders Association of
Mr. & Mrs. Joe E. Hutton,
Kelly, Carl M. Loeb, Rhoades & Co., New York;
Equitable Securities Corporation, Nashville
Reinholdt
&
Co., Inc.
Corporation
EDWARD
L.
Spencer Trask & Co.
CHAPMAN.
HAROLD
S.
Casper Rogers Co.
In addition to
CHAVE, WILLIAM F.
Hornblower
Golkin.
Bomback
Co.
&
R.
purchases large blocks of securities from
institutions, individuals-and estates and
Dickson
CIULLA,
Underwriters, Brokers and Dealers in
Bache
&
Co.,
them
Inc.
ANTHONY
Walston
CLANCY,
INDUSTRIAL
then distributes
MICHAEL J.
S.
&
Co..
Jr..
ers
BERNARD
COHEN,
PUBLIC UTILITY
&
"special" offerings.
Co.
EUGENE
We welcome the
M.
Schweickart St Co., Hempstead, N.
COLANDRO.
JOSEPH
Y.
FOREIGN SECURITIES
COLEMAN, C.
Allen
GEORGE
American
and
Company
60 BROAD
Area
Freeman
Code 212
W.
Local 344-1400
E.
COBURNHAM
TELETYPE
E.
SAMUEL
Hutton
&
&
571-079!
CONLON.
B.
J.
,.
„
JOSEPH
Hammill
facilities
BERNARD
Conlon
&
L.
&
20
Co.
(Associate)
Broad Street,
and other leading exchanges
New York 5, N. Y.
529 Fifth Avenue, New
York 17, N. Y.
F.
Philadelphia
Albany
J.
Co.,
Smith, Barney & Co.
„
Members- New York Stock Exchange
Co.
CONCAGH, JAMES
212
Corporation
•
Company
Greenshilds
iCABLE:
our
dealer originations
may he of service.
L.
Securities
St
COLUCCIO,
;
Shearson,
COLVVELL,
STREET, NEW YORK 4, N. Y.
where
in
local
Company
COLTHUP, JAMES
MEMBERS NEW YORK AND AMERICAN STOCK EXCHANGES
dealers, not only in this field but also
MERRITT
St
COLLINS,
Burnham
opportunity of working with
connection with
N.
White, Weld ft Co.
AND
investors,
by "secondary" or
J.
Co.
&
Rose
through deal¬
to
Inc.
CLAUSEN, CHARLES R.
Hoit,
frequently
issues, Smith, Barney & Go.
H.
CIRENZA, JOHN J.
Gregory & Sons
CITO,
underwriting new capital
Weeks
&
CHODES, MALCOLM
Inc.
J.
Co., Inc.
•
•
Chicago
•
Boston
•
San Francisco
Allentown • Cleveland • Dallas •
Milwaukee
•
Minneapolis
Hartford
I
Volume
Mrs.
&
Mr.
DOYLE,
Morton
LESTEE
Hardy &
196
A.
Number
6216
T.
FITZPATRICK,
Co.
Lynch, Pierce, Fenner & Smith
Incorporated
I
GAMBOL
&
&
&
Mr.
GORDON
Francis
(Honorary)
I.
FORBES,
~
A.
L.
Shearson.
Co.
du
R.
Pont
&
C.
ROBERT
Allyn &
Co.
JAMES
FORMAN,
B.
GELLER,
GRAHAM,
Carl
AARON
ALTER
Purcell
JOHN
M.
P.
Rhoades
Loeb,
Golkin,
Ogden, Wechsler & Krumholz, Inc.
EAGAN, JOSEPH
Frank
C.
EBBITT,
KENNETH
&
P.
Co.
PETER
McLaughlin.
FOX.
EGENES,
S.
FOX,
COOPEE
&
Co.
VERNON
Goodbody & Co.
EISELE,
Freeman
ELKAN,
A
R.
&
Company
Co.
&•
V.
Wm.
(Associate)
EPPEL, DUDLEY ALLEN
ALFRED
GILL.
Frankel
Eastern
Watt &
EWEN,
Watt, Inc. (Associate)
RAYMOND
J.
FARREI.L, JOHN
FREDA.
&
Co., Incorporated
ROBERT
J.
Farrell Securities
Fahnestock
&
JOSEPH
McLaughlin,
V.
&
Co.
FRENCH.
FARRELL, MICHAEL J.
John
C.
A.
Legg & Company
Laird, Bisseil & Meeds
Morris
JEREMIAH
Cohon
&
Hay,
ROY
FEUER.
New
Company
Gartman,
Van
F.
Rose & Feuer
Co.
D. B.
&
Co., Inc.
JOHN
■
Co.'(Associate)
Hanseatic
Corporation
Distributors
I.
i
• 'Mniuwit
JULIUS
and
Company
MARTIN
GOLDEN.
(Associate)
P.
Witter & Co.
Dean
GOLDMAN.
►,
Corporation
GOLDSTEIN,
Inc.
(Associate)
&
P.
&
Lieber & Co.
Loeb
Golkin,
Ira
N.
B
Co.
qAllen
HERBERT
Marks &
Co..
MARIO
Inc.
Shields
(Associate)
Lynch,
Pierce,
Fenner
Carl
Smith
&
Incorporated
ESTABLISH ED 1S22
Co.
G.
W.
John
E.
30 BROAD STREET, NEW YORK 4
GAVIN.
JAMES
Merrill
Lynch,
Incorporated
n.
'
.
Company
&
Co.
E.
(Associate)
I
(Associate)
GOURSE,
W1LLARD
Benjamin,
C.
Pierce, Fenner & Smith
i||i
™
"
|
- f
•
■■■■■■'■■■
j.
S.
Hill & Co.
VINCENT M.
Goldman, Sachs & Co.
GOWAN,
__
Corporate Issues
WIRES TO
Schneider, Bernet & Hickman, Inc.
Dallas
Municipalities
G. A. Saxton
Bosworth, Sullivan & Company, Inc.
Denver
i
Co., inc
Teletype 212 571-0232
Public Revenue Authorities
.
Underwood, Neuhaus & Co.
Houston
52 Wall St., New York 5, N. Y.
Crowell, Weedon & Co.
Los
Angeles
Hess, Grant & Remington, Inc.
Philadelphia
Reinholdt &
WHitehall 4-4970
Gardner
St. Louis
Stewart, Eubanks, Meyerson
San Francisco
Trading Markets in
& Co.
.
•' •
li
Public
Utility, Natural Gas and Industrial Securities
a
.
Z"Z600
JOSEPH
Rhoades & Co.
Glore, Forgan & Co.
Chicago
Gunn, Carey & Roulston, Inc.
Cleveland
v
'
TELEPHONE: HANOVER
Loeb,
Troster, Singer & Co.
H.
JOSEPH
Samuel
Alstyne, Noel & Co.
FITZPATRICK, EDWARD J.
Cohen, Simonson & Co. (Associate)
RICHARD
GORDON, NATHANIEL
Inc.
A.
M.
Company
i
CHARLES
A
GORDON,
LOUIS
&
(Associate)
rtshplant & Co.
GOODMAN.
.
Co.
Haupt &
GOODEVE.
F.
&
SAUL
Bomback &
GOOD!:. WILLIAM
\
E.
(Associate)
Bomback
Golkin.
F.
mk
GEORGE
GOLKIN,
Son
(Associate)
Co.
&
MORRIS
Kerngood & Co.
GOLKIN,
Company Incorporated
PRINCE
DAVU)
Newbuiger.
A
(Associate)
EDWARD
Vanden Broeck,
•
T.
EDWARD
GAROFOLO,
(Associate)
M.
DOMINICK
PRIVATE
Inc.
'
SAMUEL
Greent
R. Ketcham & Co., Inc.
GASSOUN.
Van
(Associate)
*
Pitfield & Co.,
FITZPATRICK,
Inc.
Son
A
GOLDSTEIN.
LESTER
GAREISS.
& Co.
Merrill
C.
&
GOLDEN.
JAMES
Marron
FitzGERALD,
W.
'
First of Michigan Corporation
Carl
FISHER,
(Associate)
SAMUEL
THOMAS
Arthur Wiesenberger
22
-
Lapham & Co.
A.
JOHN J.
& Towne,
JOHN
GANSER.
page
Company
Weissman & Frankel,
GOLD
Hanseatic
Gruss
on
Underwriters
A Co., Inc.
and
York
New
GEORGE
Hutton
Stanley
L.
Singer &
Continued
Company
DAVID
GOID.
Company
JAMES
Oscar
WALTER
O.
S.
Grace A Co.
GANNON.
M.
Corporation
P.
(Associate)
Co.
Strum
GAIIAN.
B.
J.
Trnster
FREDERICK
Williston & Beane
BENJAMIN
Gold,
HAROLD
GAGNON,
E.
FILKINS.
FINIK,
J. R.
Corporation
Securities
K.
CARL
GOLD.
HENRY
York
GAIIAN.
S.
OLAF
ARRAM
GISII,
Lanham
LESTER
J.
Sterling
FUCHS,
Fales & Co.
FENNEKOIIL,
A
and
FRINCS.
FELTMAN, IRVING LOUIS
Hay. Fales A Co.
FELTMAN.
GRIMSI1AW.
ALLEN
v
Co.
FERRERI, VINCENT F.
Shields & Company (Associate)
Feldman
THOMAS
FRANK
Godnlck
S.
& Frenkel
A.
Greene
H.
GODNICK, BERTON W.
Allyn & Co.
FRICKE.
JOSEPH
FELDMAN, ARNOLD
Arnold
C.
Gersten
(Associate)
WILLIAM
A.
THOMAS
GOI l>.
Co.
JOHN
FRENKEL,
FARRELL, ROBERT REED
FASANO,
(Associate)
.1.
PAUL
Fahnestock
Kaufman
III,
Gregory A Sons
Co.
Co.
FREDERICK,
FARREI.L.
GREGORY,
& Meeds
Bisseil
Boettc.her
Frazier & Co.
CHARLES
LOUIS
Frank Ginberg
V.
LAURENCE
Laurence
Dominick & Dominlck (Associate)
&
Gill & Co.
Securities. Inc.
FRAZIER.
C.
Unterberg. Towbln Co.
Greene and
(Associate)
S.
Levlen. Greenwald A Co.
ALAN
IRVING
K.
Inc.
Tatro
GINBERG.
FRANZ, ROBERT P.
George, O'Neill & Co., Inc.
M.
E.
Co.,
LESTER
KINGSTON
Company
A.
L.
Lnird,
R.
Blyth & Co., Inc.
ERLICII,
Edwin
(Associate)
WILLIAM
FRANKLIN.
Co.
IIARRY
&
GREENWALD,
n.
Webster
&
GIIEGAN,
Corporation
Company j
FRANKEL,
Stone
GIBBS.
FRANK, ROBERT
EDWARD
Cowen
W.
ISADORE
Frank
FREDERICK
(Associate)
HARRY
FRANK,
(Associate)
C.
HERBERT R.
GESELL,
Harry Frank & Co.
WILLIAM
DONALD
Hanseatic
York
New
F.
HAROLD
FRANK.
Shufro, Rose & Meyer
C.
GREENE.
Co.
JOHN
Brothers
Barr
American Securities
EHRMAN, FRED
&
Posner A Rothschild
Greenfield
GERTLER, STANLEY
ALBERT
FRANK.
i
EIGER,
BARTON
Ladenburg. Thalmann & Co.
Lynch, Pierce, Fenner & Smith
Inc.
B.
FRANK.
BERGER
Merrill
Abraham &
Andrews,
GREENFIELD,
Inc.
Garvin. Bantel & Co.
duBOIS
Kaufman
FRED
& Co..
Mrs. Allen L. Oliver, Jr.,
Mr. &
GREENE, NATHANIEL S.
Company
FRANK
GREENBERG.
Co.
GF.RTLER.
Shelby Cullom Davis & Co.
ECKLER,
P.
F. Fox
P.
Bear, Stearns & Co.
Co.
Casper Rogers & Co., Inc.
&
GERSTENZANG,
FOX,
C.
Masterson
Bomback
and
GREENBERG.
&
Co.
MURRAY
IRVING
JOSEPH
Greene
GERSTEN. HENRY B.
DURNIN.
New York;
Grace Canadian Securities, Inc.
GRAFF.
Allen A Company
CLEMENT
Hammill &
GRACE,
J.
Co.
GEARHART, Jr., FREDERICK D.
Gearhart & Otis, Inc.
GERMAIN,
RAYMOND
Mr. & Mrs. Alfred F. Tisch, Fitzgerald & Company,
Smith,
E.
GAVLIN.
J.
(Associate)
WILLIAM
Joseph
21
Sanders & Company, Dallas
Lynch, Pierce, Fenner & Smith
Incorporate^
FOOTE,
Taylor
Mrs.
Merrill
J.
DUNNE, FRANK
Dunne
FRANCIS
Gregory & Sons
FLECKNER.
Merrill
Dunn
The Commercial and Financial Chronicle
.
Cayne, J. N. Russell & Co., Inc., Cleveland;
Newburger & Company, Philadelphia
DUGA. J. S.
DUNN,
.
.
Private and Interim Financing
- ..
•
y
m
The Commercial and Financial Chronicle
Mrs.
Mr.
&
Charles
A.
Bodie,
Jr.,
Stein
&
Bros.
Boyce,
Mr.
Baltimore
&
Mrs.
Donald
E.
Summerell, Wagenseller
Los
Angeles
Ira Haupt & Co.
HELBIG,
ROSTER
OF
Harris,
GRONICK.
HANO,
NICHOLAS
Ncwburger
SAMUEL
HANSON,
Gerstley. Sunstein & Co.
Peter
Roland
GROSSMAN.
S.
&
GROSSMAN,
Grossman
&
&
E.
Co.,
HARDY,
Inc.
HART,
Co.
New
HART,
New
STEPHEN M.
McDonnell
&
Co.,
W.
GUITON.
JOSEPH
G.
HARRY
A.
HARVEY,
L.
R.
MARTIN
P. F. Fox & Co.,
GUTBERLET,
Keefe,
&
E.
HAYES.
Brugette & Woods,
ROBERT
JAMES
Inc.
Inc.
HEANEY,
Sutro
FRANK
Bros.
HAMILL,
Co.
ARTHUR
Lee
IRVIN
Jr.,
J.
J.
—
BERNARD
HECK,
T.
M.
&
EDWARD A.
Kuhn, Loeo & Co.
JOHN
Hardy &
THOMAS
&
&
JOHNSON,
J.
HUFF,
Co
Jr..
ASA
Georgeson
&
C.
Golkin,
and
&
J.
Sons
WALTER V.
KENNEDY,
H. Hentz & Co.
Inc.
B.
KENNEY,
D.
Inc.
Co.
D.
RAYMOND
Raymond Kenney & Co.
KENNEY,
JAMES
Blosser
Straus,
K.
KILMER,
McDowell
Robinson
Vanderhoef &
Bomback & Co.
F.
&
(Associate'
W.
IRVIN
KERR.
(Associate)
FRITZ
Company
ROBERT J.
Gregory
Company,
M.
JOSEPH
Greene
KELLY,
& Co.,
Co.
J.
Rhoades & Co.
(Associate)
HUGH
Hardy & Co.
(Associate)
Co.
JOHNSON,
G
A.
JONES,
JAMES
JACK
Mitchell
JOYCE,
JUDGE,
C
D.
Laird
Inc.
&
Co.
H.
KADELL,
KING,
(Associate)
WILLIAM
&
KING,
H.
m
Halle
KAHL,
&
KAHN,
Ernst
Delafield & Delafield
KIRTLAND, GEORGE W.
M.
Filor,
Stieglitz
Co.
H.
King & King Securities Corp.
Bullard & Smyth
KLEIN, CHARLES E.
A.
Granbery, Marache & Co.
Inc.
KLEIN.
HENRY
&
(Associate)
Co.
KIBK, JOSEPH J.
CHARLES
Mergott, Rappa & Co.,
OVER-THE-COUNTER
I.
ROBERT H.
KING, SAMUEL
(Associate)
ALLAN
CHARLES
&
Bros.
Charles King & Co.
E.
Co.,
MARTIN
Sutro
Allan Kadell & Co.
KAEPPEI.,
OLIVER A.
Corporation
Company,
Charles King & Co.
'
Joyce Co.
Pulis
&
CHARLES
KING,
A.
WILLIAM
William
TRADING MARKETS
KIMBERLY,
R.
E.
& Sons
Gregory
1962
WALTER
Saxton & Co.,
JOSSEM,
1930
KELLY,
H.
JESKE, EDWARD
Gruntal
EDWARD
KELLY, JAMES J.
Lee Higginson Corporation
(Associate)
HENRY
Candee
C.
Co.
JAMES FRANCIS
Kidder. Peabody & Co.
STANLEY
Gairdner
&
(Associate)
Inc.
LAURENCE
Carl M. Loeb,
FRANK
Lerner
Co.,
KELLY,
Langley & Co.
JEFFREY,
and Company
Heaney & Co.
HEFFERNAN,
W. E. Hutton & Co.
C.
JERET,
HORN,
(Associate)
CHARLES
&
Shelby Cullom Davis & Co.
KELLY,
PAUL
Co. (Associate)
JANNETTE,
Higginson Corporation
Greene
Inc.
Co.,
Company
D.
Asiel &
Inc.
RICHARD THOMAS
Fox
Goodbody
&
Co.
& Frankel,
Weissman
F.
&
J.
KELLEY, EUGENE F.
Kalb, Voorhis & Co.
A.
HOOD,
and
JACOBY,
W.
Corporation
(Associate)
(Associate)
Ginberg
Hammlll
BOYD
KEATING.
JACOBSON, HANS J.
JACK
York Hanseatic
New
J.
MICHAEL
L.
&
HONIG,
Incorporated
H.
SIDNEY
Sidney Jacobs Co.
JANN,
D.
P.
IRVING
Dillon, Union Securities & Co.
Michael
HALL,
(Associate)
HAROLD D.
Cowen & Co.
(Associate)
HORN,
Pollock & Co.,
V.
& Co.
HONIG,
Corp.
Gold,
JACOBS, EDWIN A.
Greene
Co.
JiEARNS,
JACOBS,
Bean & Mackie, Inc.
Singer,
IIAYES, JOSEPH J.
Eastman
E.
Blelchroeder, Inc.
Murphy & Durieu
L.
JOHN
Barr Brothers
KASSEL,
Stryker & Brown
Frank
C.
Kendall & Hollister
HOLLAN,
j
F. Hutton & Company
HALL, DONALD J.
Wm.
S.
BRUCE
HOLTZMAN, SYDNEY
Securities
HAWKEY.
IRWIN
JOHN
A.
Mathey & Co.
Havener
S.
Kaufmann, Alsberg & Co.
HALK.
EDWARD
Pyne,
HAVENER, PAUL W.
Inc.
Paine, Webber, Jackson & Curtis
GUTTAG,
Co.
&
WALTER
Shearson.
RALPH
IRVING
ISAAC,
Dean Witter & Co.
HOBLITZELL,
ARTHUR
Arnhold
M.
EDWIN
A.
HATZ,
Saxton & Co., Inc.
GUNKEL.
Burnet &
ARTHUR
Ernst
KANE,
King & Co.
ITTLEMAN,
HINES, JOHN D.
Corporation
RAYMOND
KANE, THOMAS FRANCIS
Meeds
WELLINGTON
Cha.'les
(Associate)
Gerald F. X. Kane & Co.
K.
Bissell &
IRIARTE,
Co.
KANE, GERALD F. X.
JOHN
HUNTER,
ALBERT
Wood, Gundy & Co., Inc.
Wellington Hunter Associates
Jersey City, N. J.
HINCHMAN, ROBERT M.
Ira Haupt & Co.
Co.
MAURICE
F.
Craigmyle, Pinney & Co.
GUMM,
G.
York Hanseatic
E.
(Associate)
Dallas
DAVIS
KAMINSKYE, LEO S.
Maltz, Greenwald &
HUNT, GEORGE V.
Sire Pian, Inc.
Laird,
Southwest Company,
Hay, Fales & Co.
KALES,
GEORGE B.
HUNT,
Co.
&
KAIDY,
D'Assern & Co.
IRVING
HETTLEMAN, PHILLIP
Hettleman & Co. (Associate)
Securities
HARTIGAN,
Inc.
GEORGE J.
Herzog
J.
~
Incorporated
& Co.,
Jackson, First
HUNT, E. JANSEN
White, Weld & Co.
HUNT,
Marks & Co., Inc.
Schrijver & Co.
MICHAEL
Gregory & Sons
GUCWA,
HENRY
York
D.
HERZOG, ROBERT I.
Hardy
&
Saxton
A
HERZENBERG,
WILLIAM
HARRY
Hardy
'
MARTIN
Grossman
GROWNEY,
B.
Allen & Company
JEROME
Weinberg,
F.
1
Upham & Co.
HENRY.
Carl
WILLIAM
HARDER.
Co.
G.
Co.
Morgan & Company
GROSS, KENNETH L.
Model,
&
Mrs. Winton
&
Thursday, November 29, 1962
(Associate)
<
Co.
ROBERT
Jr.,
.
American Securities Corporation
HENDRICKS, ROBERT J.
G.
Continued from page 21
BARON G.
Helbig &
HENDERSON,
MEMBERS
(Associate)
G.
Baron
New York, Inc.
Mr.
Durst, Inc.,
.
HUKE, WALTER E.
JESSE
HEIDINGSFELD.
Security Traders Association of
&
.
LEROY
Lebenthal
(Associate)
&
Co.,
Inc.
&
Co..
SECURITIES
Sreenae«HviCaxx\pai\\i
Harold G. Shore
Members New York Security Dealers Association
37 Wall Street, New York 5, N. Y.
Teletype
212
Incorporated
Telephone
Telex
HAnover 24850
571-1636
01-2455
50
BROAD STREET
NEW
Branch Office: Miami Beach, Fla.
PRIVATE
WIRE
Securities
N. Y.
SYSTEM
!
CHICAGO—First
YORK 4,
■
"t
Company of Chicago
CLEVELAND—Wm. J. Mericka & Co., Inc.
LOS
ST.
ANGELES—Mitchum, Jones & Templeton
Telephone: WHitehall 3-6750
LOUIS—Henry, Franc & Co.
SAN
Teletype: NY 212-571-0289
FRANCISCO—Mitchum, Jones & Templeton
Direct private telephone:
Philadelphia-WAlnut 2-1514
-
——
Volume
Louis
A.
Gibbs,
"Number 6216
196
.
.
The Commercial tind Financial
.
Laird, Bissell & Meeds, New York;
& Company, Inc., St. Louis
Chroniclev
Barney Nieman, New York; John S. Barker, Lee Higginson
Corporation, New York; Harry L. Zeeman, Jr.,
Edward White,
White
Carl
KLING,
KNOX,
I
HOWARD M.
LANG, JAMES
HERBERT D.
H. D.
&
Knox
J.
Co., Inc.
KOELLE, ROBERT
Shearson, Hammill
&
Si
KORN,
KRAMER,
Inc.
Co.,
LARKIN,
F.
Corporation
Corporation
WILBUR
John
Legg &
C.
Burnham
LEVINE, HOWARD S.
Doyle, O'Connor & Co.,
A.
Inc.
Bissell & Meeds
&
V.
John
J.
ROBERT
Co.
Merrill
Digest
(Honorary)
Smith
Carl
J.
MARSHALL,
Meade
and
Si Co.
&
Inc.
Mackie. Inc.
mroall.
frank
J.
Stone
Eastman
'
THOMAS L.
Company
&
B.
Miller
Incorporated
Co.
Union
j<iiin
Securities
Harris, Upham
KUX,
&
Co.,
T.
Bean
FRANK
&
McCLUSKEY,
JAMES
Merrill Lynch,
F.
Pierce, Fenner Si Smith
MARTENS, GEORGE
Winslow, Cohu Si Stetson, Inc.
S.
McCORMACK, EDWARD j.
Si
Inc.
Mcdonald,
Bear, Stearns Si Co.
W.
MARTIN,
Co.
Hayden,
III,
WILLIAM
Stone
&
Co.
E.
F.
Jr.,
Hutton
WILLIAM
&
MARTINELLI,
T.
Company
Incorporated
E.
Weld
White,
J.
Co.
Si
Co.
(Associate)
Co.
Si Whitehead
Mcdowell,
Josephthal Si Co.
&
Si
harold
m.
(Associate)
ANGELO
MARTINELLI, VINCENT
Martinelli
Burnet
Mcdowell,
Adams
HENRY
MADER,
Si
Stephen r.
J.
Incorporated
Nye
MADDOX,
Weld
MARTIN, RALPH
Mackie,
WILLIAM
MADDEN,
Inc.
Co.
Co.,
Inc.
(Associate)
Si
robert b.
Peck
Continued
Lichtenstein & Co.
(Associate)
ERNEST
LIENHARD,
Troster,
Broeck, Lieber & Co.
Co.
Singer Si
LIPSKY, CORNELIUS
Burnham
LACY, HERBERT J.
Walston Si Co., Inc.
LITZEL,
and Company
CHARLES
I
M.
White, Weld & Co.
LADD, 3rd,
EDWARD
H.
LOEWER, BURTON
The First Boston Corporation
Neuberger Si Berman
(Associate)
LADIN, EDWIN S.
Edward
S.
Ladin
LOPATO, ALLAN
Company
Allen Si
LAINE,
Company
GEORGE
Andrews, Posner
(Associate)
&
LOPEZ, FELIX M.
Rothschild
Thomson
Stone & Co.
McKinnon
&
LOUGHLIN, JOHN P.
Ungerletder, Goetz &
LALLY, ELMER
Hayden,
Incorporated
Co.
(Associate)
CO.
G. H. WALKER &
1900
Established
-A
WM V. FRANKEL & CO.
MEMBERS
YORK
NEW
STOCK
MIDWEST
EXCHANGE
AMERICAN
EXCHANGE
STOCK
STOCK
EXCHANGE
(ASSOC.)
INCORPORATED
•
UNDERWRITERS
-
BROKERS
-
DEALERS
MUNICIPALS
.INDUSTRIALS
PUBLIC
FINANCE
UTILITIES
COMPANIES
•
DIRECT
ST.
LOUIS,
Co.
Drysdalc & Co.
MARSLAND, ALLISON W.
Wood, Gundy Si Co., Inc.
ROBERT A.
Freoman
Stern, Lauer & Co.
& Co.
LACY
Vanden
Si
m.
LIEBENFROST, CONRAD H.
W.
FREDERICK
KUNZINGER,
'
daniel d.
Dillon,
McCartney,
White,
LICHTENSTEIN, BENJAMIN S.
KUMM, J. WILLIAM
Podesta
<fc Denton,
Bean &
McCarthy,
Inc.
(Associate)
R.
MATTHEW J.
McCABE,
Hayden,
EDWIN
MARKS,
M.
THOMAS
Singer,
Pierce, Fenner &
EDWIN S.
Marks & Co.
Dominick
Si
Burns Bros.
Dealers
Lynch,
MARKHAM,
GEORGE R.
Dominick
McAULIFFE,
Incorporated
VINCENT
joseph
mayr,
McALEER,
Co.
&
Investment
Abbott, Proctor & Paine
MACKIE,
LEWIS, MILTON F.
A. G. Becker Si Co., Incorporated
N.
O'Kane, Jr.
Cruttenden,
Hardy
b.
Joseph Mayr Si Co. (Associate)
MICHAEL
JOSEPH
james
Josephthal Si Co.
|
(Associate)
W.
Wickett
S.
Lee
Co.
KULLMAN,
MACKESSY,
Inc.
LEVY, MARTIN L.
KULAKOWSKI, STANLEY CASIMER
Bache
R.
Maher Association
LEVY, JOHN M.
Co.
Abbett &
JOHN
maynes.
MARCUSSEN, P. A.
Company
JOHN
Merrill Lynch, Pierce, Fenner Si Smith
Incorporated
SAMUEL E.
&
irving
mayer, john m.
M'agid, Ehrlich & Co. Inc.
MALAVET,
n.
Winslow, Cohu Si Stetson, Inc.
H.
MARGRAF, JOSEPH CARR
The Dominion Securities Corporation
Singer,
KUIPERS, HENRY G.
Lord,
J.
MacKAIN, FRANK JAY
Ingalls Si Snyder
LEVY, GUSTAVE L.
Goldman, Sachs & Co.
KUEHNER, HANNS E.
Laird,
Inc.
Equitable Securities Corporation
(Associate)
H.
Haupt & Co.
Incorporated
Wechsler & Krumholz,
Ogden,
Si
Ira
maxfield,
MANSON, JOHN N.
Co.,
THOMAS
MACDONALD,
MURRAY
Singer, Bean & Mackie, Inc.
Company
&
Masterson & Co.
JOHN
Shields
D.
Kuhn, Loeb Si Co.
mathes, joseph
SAM
DAVID
Bache
MficCULLEY, IRA B.
MURRAY
LEVIN,
NATHAN
KRUMHOLZ,
LYTLE,
V.
MAGID,
John R.
Allen Si Company
Joyce Company
N. J.
Tenafly,
I.
LAWRENCE
MASCERA,
A.
Kellogg,
Si
(Honorary)
MAHER,
LYONS, LAURENCE H.
Adler, Coleman & Co.
Inc.
ELROY
and
Frank C.
Leeds
(Associate)
Hill, Thompson & Co., Inc.
Pierce, Fenner & Smith
Pollock
Jr.,
LYNCH,
(Associate)
Pollack
&
Leone
LERNER,
E.
Laird, Bissell <& Meeds, New Haven,
Conn.; Louis Gibbs, Laird, Bissell <ft Meeds, New York City
MAXIMILIAN
Spear,
MAGID,
CHARLES J.
Wm.
Co.
GEORGE
Company
IvRUGE, WALTER C.
Walter C. Kruge & Co.
KRUMHOLZ,
Co.
William H.
LEONE,
(Associate)
LYNCH, JOSEPH P.
R.
&
LEIBERT, KENNETH V.
D.
Co.
Incorporated
Sterling, Grace & Co.
Gregory & Sons
KRISAM,
ROY
Ristlne
&
Si
Merrill Lynch,
LEBO, ROBERT ALAN
JOSEPH
KRASOWICH,
LYE,
A.
& Mrs. Frank J. Murray,
Investment Dealers Digest
Birnbaum & Co.
Co.
THOMAS
Cowen
(Associate)
Corporation
Higginson
&
MADER,
MAGAZINE,
LUTTERMAN, MORRIS J.
LAURIA, ANTHONY
KARL J.
KRAMES, ARTHUR J.
Lee
P.
W.
(Associate)
Goodbody & Co.
LARSON.
FREDERICK
LUND, ANTHON
Amott, Baker Si Co., Incorporated
PAUL
Goodbody
Co.
Securities
Chelsea
Birnbaum
Mr.
Co., Inc., New York
LUKOW, NAT
EDWARD J.
LARKIN,
H.
WILLIAM J.
Dominion
First
&
&
P.
<£
Roggenburg & Co.
J.
(Associate)
GEORGE
Hutton
N.
Bayonne,
York Hanseatic Corporation
New
/
FRANK
Arnold Malkan
KOOPMAN,
W. E.
LANZA,
(Associate)
Co.
Company
KOLLER, Jr.,
LUDWIG, Jr.,
V.
Si Co.,
Joseph J. Lamn Securities, Inc.
KOERNER, IRVING
Allen
Lang
LANN, JOSEPH J.
.Associate)
Lasser Bros.
B.
(Associate)
KOCH, GEORGE J.
Marks
LUBETKIN, LLOYD E.
Lvbetkin, Regan & Kennedy
LANE, PAUL J.
Kidder, Peabody Si Co.
(Associate)
Dean Witter & Co.
23
PRIVATE
PROVIDENCE,
PAWTUCKET,
AND
WIRES
HARTFORD,
CLAYTON,
WHITE
TO
OUR
WATERBURY.
PHILADELPHIA,
PLAINS
OFFICES
TELEPHONE-HAnover 2-4000
CITY
,/■
NEW YORK 5, N. Y.
45 WALL STREET
•
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KANSAS
TELETYPE 212 571-0308
CABLE ADDRESS UWALKERIAN"
i
on
page
24
24
Mr.
&
The Commercial and Financial Chronicle
Mrs.
Walter
F. Saunders, Dominion Securities
Corporation, New York;
Speed Hughes, Clayton Securities Corporation, Boston
Gregory
MONTANYE,
Carl M.
MEMBERS
McGIVNEY,
Hirsch
&
A.
MEWING,
MEYER,
Thomson
FRANK
MEYER,
JAMFR
T.
Uornblower 6c Week*
WILLIAM
J.
J.
ALFRED
Lann
J.
Oscar
&
Gruss
Son
Allen
6c
of
Cruttenaen, Podesta & Miller (Associate)
MILLER, Jr..
Eastman
Mclaughlin, john
Co.
f.
The
Drexel 6c Co.
Harris,
J.
CHARLES
MILLER,
McVEY,
GEORGE
HARRY
M.
H.
Union
Securities
6c
Co.
D.
JOHN
Blair
FRED
&
Goodbody 6c Co.
Burnham
and
Carl Marks 6c Co.,
Inc.
MILT,
T.
New
SAMUEL
York
MINSKY,
MENDEL, EDWIN JEFFERSON
McDermott
Mackay
Publishing Company
&
6c
Hardy
SAM
6c
Co.
ANTHONY
Merrill
S.
C.
Gregory
(Associate)
Co.
Laldlaw 6c Co.
John
MURPHY,
JOSEPn
MURPHY,
A.
Lynch, Pierce, Fenner & Smith
Incorporated
Greene
H.
Seminole
NOKE,
THOMAS
&
III,
L.
Co.
Incorporated
CHARLES
O'BRIEN
Company
CYRIL M.
Legg 6c Company
HAROLD
&
Corporation
Securities
I.
Sons
(Associate)
Blyth 6c Co., Inc.
MURPHY, RICHARD J.
Garvin. Bantel 6c Co.
PFLUGFELDER, WILLIAM HENRY
Pflugielder 6c Rust
PHELPS, ROGER S.
Incorporated
Phelps, Fenn & Co.
PIKE, BERTRAND
John
Southern
&
Raleigh, N.
C.
Railway Co.,
(Honorary)
OFFERMAN, CHARLES S.
Troster, Singer & Co.
York
6c
B.
D.
6c
Co.,
Co.,
Inc.
Inc.
Stern, Lauer & Co.
POLITIS, CHARLES P.
Kuhn, Loeb 6c Co. (Associate)
& Co.
POLLACK,
Leone
6c
HAROLD J.
Pollack
POOLE, HORACE I.
Eisele 6c
King, Libaire, Stout 6c Co.
(Associate)
ORLANDO, FRANK J.
PORTER,
WILLIAM K.
Hemphill, Noyes 6c Co.
Goodbody 6c Co.
ORLOFF, HARRY
PORTMORE, RICHARD
Troster, Singer 6c Co.
Schwabacher 6c Co.
E.
(Associate)
Utility and Industrial securities
Oil and Gas stocks
6c
Interesting growth securities
•
Pizzini
White, Weld & Co.
C;dy, Roberts 6c Co.
•
Pizzini
PLOTKIN, EDWARD A.
OPITZ, FRED W.
•
W.
W
PLANTE, ROBERT
Hanseatic Corporation
ORCHIN, LOUIS W.
Kalb, Voorhis 6c Co.
F.
Singer & Co.
PIZZINI, ROBERT M.
/
O'MARA, JOHN J.
Goodbody
Legg & Company
PISTELL, JOHN C.
Pistell, Inc.
B.
Inc.
McKinnon
JC^HN
C.
Troster,
PIZZ1NI, B. WINTHROP
Wechsler 6c Krumholz,
THOMAS M.
Troster, Singer 6c Co.
supplemented by pertinent analytical reports descriptive of—
Denton, Inc.
PETKE, RUDOI.PII J.
O'KEEFE,
Trusts, and Institutions, furnishing them with information
&
Haupt 6c Co.
PICON, ANTHONY J.
New
Investment
Smith
W.
O'CONNOR, WILLIAM D.
Shelby Cullom Davis & Co.
OHLANDT,
special service to Retail Organizations,
&
PEISER, IIARRY J.
Ira
HOMER J.
Co.,
Thomson
a
Fenner
Noyes & Co.
Burns Brcs.
(Associate)
<
OTIARA, WALTER T.
offered
G.
PEET, EDWIN F.
OETJEN, HENRY
Ogden,
We have for 34 years
HOWARD
Company
ROBERT
Hemphill,
,
OGDEN, CHARLES D.
Established 1928
C.
(Associate)
Troster, Singer & Co.
PAYNE.
Whitehead
O'CONNELL,
Norfolk
KENNETH P.
Co.
PAULEY, MILTON
Co., Inc.
HAROLD
&
6c
&
PATTERSON, JAMES C.
Merrill Lynch, Pierce,
O'CONNELL, EDWARD J.
Blair
ARTHUR
Witter
Freeman
O'BRIEN, BERNARD WILLIAM
Charles King & Co.
E.
-
C.
Incorporated
NYE, JOSEPH S.
Nye
J.
Company
HOWARD
PATTERSON,
Inc.
NORRIS, EDMOND J.
Van Alstyne, Noel 6c Co.
Day
and
L.
White, Weld 6c Co.
Dean
Hanseatic
i
LIBORIO
PATTERSON,
Francis I. du Pont & Co.
Co.
CHARLES
&
R.
&
G.
6c Co.
Co.
PARSONS,
(Associate)
Co., Inc.
NETBURN, AARON
York
6c
PALERMO,
Inc.
NIEMAN, BARNEY
GORDON
Anthony
&
F.
Co.
NEWMAN, LAWRENCE
JOHN
Co.
DANIEL
&
Drexel
Gregory 6c Sons
New
Osborne
M.
O'SHEA, HENRY M.
(Associate)
Witter
MURPHY,
B.
Hanseatic Corporation
MITCHELL,
MERCOVICH,
List
C.
Co.
NESTER, WALTER C.
M. A. Schapiro 6c Co.,
'
EDWARD JOSEPH
Blyth & Co., Inc.
OSBORNE, C. MILTON
WILLIAM
Pitfield 6c
C.
Smith
NELSON, GEORGE E.
Co.
Company
WILLIAM
P.
Dean
MURPHY,
(Associate)
H. C. Wainwright & Co.
Peter
6c
HERCULES
McDonnell
MILLINGTON, RALPH W.
MELLIN,
Tucker,
MURPHY,
Co., Incorporated
MELE, ANTHONY
W.
&
6c
'
VINCENT
Naddeo
F.
NAYLOR,
Co.
MULHOLLAND, WILLIAM R.
McLaughlin, Kaufman 6c Co.
MULLINS,
MILLER, RICHARD V.
MEER,
Buck
Upham
MULLIN,
Amott, Baker 6c Co. Incorporated
Lehman Brothers
&
MUELLER, Jr., WILLIAM C.
Middendort, Colgate 6c Co.
/
Nugent 6c Igoe, East Orange, N. J.
(Associate)
Kaufman
(Honorary)
(Associate)
MILLER,
THOMAS
V.
Neu
McDermott 6c Co.
Blue
MOTTINO,
Andrews, Posner & Rothschild
McPHEE,
&
Fenner
ELMER E.
NADDEO,
Newborg
MORTON, ROALD A.
Co.
VINCENT
Dillon,
J.
Peter P.
T.
6c
Michigan Corporation
V.
MYERS,
Co.
Singer, Bean 6c Mackie, Inc.
Pierce,
MUSSON, JAMES F.
Newburger, Loeb 6c
B.
MORTON, PAUL S.
Company
MIGLIORISI,
(Associate)
First
FRANK
Richard
MICHELS, HARRY A.
Inc.
Lynch,
Incorporated
MORRISSEY, JOSEPH PATRICK
&
Meyers
McKEEVER, WILLIAM DONALD
McKENNA.
S.
WILLIAM
J.
J.
Securities,
McLaughlin,
O'ROURKE,
WALTER J.
Merrill
(Associate)
MORGAN, FRANCIS XAVIER
Marshall
JOHN J.
Meyers
MEYERS,
John
Joseph
D.
&
MILTON
MEYERS, Jr.,
Blyth & Co., Inc.
McGOWAN,
Herrick
ORNSTIL, SIDNEY
MURPHY,
EDWARD
Oppenheimer,
Shufro, Rose 6c Meyer
f :
John
McGOVERN.
MONTE,
Co.
HERMAN
Butler,
G.
McKinnon
&
McGIVNEY,
WALTER
&
Thursday, November 29, 1962
MURPHY, WALTER A.
Murphy & Durieu
(Associate)
RICHARD
6c
,
Mrs. Elbridge Smith, Stryker & Brown, New York; Mr. & Mrs. Michael
Heaney, Michael
Heaney & Co., New York; Mr. & Mrs. Arthur T. Hamill, W. E. Hutton & Co., New York
Loeb, Rhoades 6c Co.
Witter
.
&
GILES
MONTANYE,
WILLIAM
Co.
McGIVNEY,
H.
D'Assern
6c Sons
White, Weld 6c Co.
Dean
Continued from page 23
Mr.
Mrs
MOLLOY, PETER E.
New York, Inc.
OF
&
MOESCHEN, ROY ERNEST
Security Traders Association of
ROSTER
Mr.
.
'Manager of Trading Department
JOSEPH F. SCHEIDECKER
Your
Investment
p.
F.
120
Telephone
REctor
2-7760
inquiries in these divisions of the
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fox
are
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inc.
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I1
Volume
196
Number 6216
.
The Commercial and Financial Chronicle
.
Mr. & Mrs. Casper A. Rogers, Casper Rogers & Co., Inc., New York;
Mr. &
Mrs. Raymond
25
Mr. &
C. Forbes,
Mrs.
Shearson, Hammill & Co., New York
POWELL, VINCENT A.
Eastern
ROBINSON, S. CHARLES
Securities, Inc.
Blair
POWER, RALrii
Montgomery, Scott & Co.
Dillon,
Co.
PRELLER, FRED W.
Eastman
Dillon,
Securities 8s
Union
PRINCE, MILTON A.
Stanley Heller & Co.
Brothers & Hutzler
&
PULIS,
Stieglitz
CHARLES
C. D.
Co.
McLeod, Young, Weir, Incorporated
Eastman
Wood,
(Associate)
W.
Goodbody & Co.
A.
Inc.
RAPP, JULIUS
O.
Archard
&
Co.
Goldman,
Wertheim
Barney
J.
I
8s
'
8s
& Miller
First
Asiel
RUSSO,
Co., Inc. (Associate)
&
ROBINSON,
W.
J.
Dominion
1
Mitchell 8s
Quinn & Co.,
L.
Inc.
SHERWOOD, DONALD
Ahalt
The
8s
8s
Reynolds
O'Connor,
G.
Corporation
Asiel
Co.
&
Inc.
SAXE, SIGMUND
'
Russell
&
SEIJAS,
Saxe,
Inc.
Co.,
II.
Inc.
Jersey
D.
Knox &
SCHANKE.
Merrill
(Associate)
Securities
N.
J.
Company,
Grace
Sons
Securities,
Lynch,
SELIGMAN,
Inc.
Straus,
,
Shields 8s Co.
SHORE,
(Associate)
RICHARD
Bergman
HAROLD
&
Co.,
L.
Pierce,
Inc.
C.
SIEGEL, SIDNEY A.
Sidney A. Siegel 8s
(Associate)
HERBERT
(Associate)
Co.,
Inc.
SIEPSER, JAMES
Fenner
8s
Shaskan
Smith
Incorporateo
KROGER
Canadian
&
B.
Co.
Harold C. Shore & Co.
SEKLIR, DAVID R.
Ungerleider, Goetz
(Associate)
(Associate)
Morse,
Financial Chronicle
8s
Co.
SILLS, LOUIS
WILLIAM
Co., Inc.
JENS
D.
(SOLOMON)
Gregory
K.
8s
SHIPMAN, C. E.
Halsey, Stuart 8s Co. Inc.
Crouter
SHIPMAN,
CLAUDE
Commercial 8s
SEIFER
(Associate)
SCIIAEFER, EDWARD
&
Townsend,
(Honorary)
Co.
Rennert
8s
Bodine
The
SAUTER, MORTON G.
EVERETT R.
New
Corporation
Haven
SEIBERT,
Co.
8s
De
SAUNDERS,
G.
Company
Sherman 8s Co.
SHIFLDS, GARVIN K.
Searight,
WALTER F.
Dominion Securities
D.
SCRIMGEOUR, JOHN
J. K. Rice, Jr. 8s Co.
GAGE
Securities
& Co.
SHERMAN, LEE D.
(Associate)
(Associate)
(Associate)
W.'
Pont
SEARIGHT, GEORGE A.
T.
Corporation
Co.
D.
du
SHERIDAN, CORNELIUS B.
Stone & Co. Incorporated
SCOTT, RICHARD H.
E.
Co.
8s
JOHN
Francis I.
Gartman, Rose 8s Feuer
&
Co.
SILVERIIERZ, IRVING J.
Hay, Fales 8s Co.
(Associate)
BERTRAM
Continued
Blosser & McDowell
on
i
EDWARD
WILLIAM
&
SCOTT
Co.
FRANK
A.
Primary Markets Maintained In
Donaldson, Lufkin & Jenrette, Inc.
RUSSO, RUDOLPH J.
Co.
RICHARD
C.
L.
Co.
8s
RUSSELL, III, PARIS
(Associate)
Hayden, Stone
CHARLES
Hayden,
Co.
Forgan
SHERGER,
Co.
Henry Edelmann & Co.
RIGGIO. ANDREW F.
Richard
8s
RUSSELL,
RICHARDSON, GEORGE A.
8s
SCIASCIA,
&
8s
Singer, Bean & Mackie, Inc.
Hickey
Mark3
Sassa
Glore,
Inc.
Ferman
Bruns, Nordeman & Co.
RETALLICK, ARTHUR B.
ROBERTS,
Frank
Co.,
L.
RUSKIN, EDWARD
REUTER, WILLIAM C.
Carl
& Co.
ANTHONY
Hanseatic
Wood, Gundy 8s Co., Inc.
SHEA, VINCENT P.
RUSKIN, ARTHUR S.
Securities, Inc.
Mabon 8s Co.
Jr.,
&
Robert
Frenkel
&
York
RUBINSTEIN, ROY
Reilly & Co., Inc.
&
Stern
ROBERT
Inc., Asbury Park,
(Associate)
REILLY, THOMAS J.
Vilas
Gersten
New
RUBIN, MARTIN P.
REILLY, JOHN F.
Eastern
H.
Rubin,
Co.
Burke
FILIPPO, FRANK
SANSVERIE,
Co.
SHEA, JAMES F.
(Associate)
Company
SCHWEITZER, HERBERT
O'Kane, Jr.,
SAUNDERS.
Reynolds
A.
Walker
J.
and
SCHWADRON, J. JAY
SASSA, FRANK H.
RUBIEN,
Company
Cruttenden, Podesta
J. F.
&
Kaufman, Alsberg & Co.
REILLY, JOHN C.
H.
SAN
RUBIN, BURT N.
REILLY, JOHN
G.
Company,
ROTH, JAMES A.
8s Co.
JAY
Reich
Gardner 8s
ROSSNER, ALBERT
Frederick S. Robinson 8s Co., Inc.
REICH,
WILLIAM
Weeden
REDMOND, HERBERT T.
Burnham
Hutzler
SANDBACH, JAMES A.
Eastman Dillon, Union Securities
Ladenburg, Thalmann 8s Co.
REARDON, WARREN V.
Smith,
John
SHAW, STANLEY R.
Josephthal & Co.
Company (Associate)
SCHNEIDER, THEODORE M.
SAMMON, JOHN F.
ROSENBAUM, NORRIS J.
Englander & Co., Inc.
E.
Co.
&
8s
and
Corp.
SHANLEY, RICHARD T.
Equitable Securities Corporation
Inc.
SCHNEIDER, MICHAEL
Burnham
SALTZMAN, DAVID I.
Torpie 8s Saltzman
Corporation
ROSENZWEIG, EDWARD A.
Co.
WILLIAM
Co.
G.
Canadian
Carl Marks 8s Co., Inc. (Associate)
F.
Securities,
SEAVER, CHARLES H.
SOLOMON
Sachs 8s
RASMUSSEN,
Hanseatic
L. Stamm
8s
H.
Co.
SHANKMAN, BENJAMIN
CHESTER
Canadian
8s
JOHN
(Associate)
(Associate)
Union Securities
Brothers
ROSENBAUM,
(Associate)
RAPPA, SALVATORE J.
Mergott, Rappa 8s Co., Inc.
RASCHKIXD,
Salomon
/
ROSENBAUM, HARRY
Co.,
Dillon,
SALOMON, ARTHUR K.
Co.
Newark, N. J.
,
QUINN, EUGENE J.
Quinn &
A.
Grace
Singer, Bean 8s Mackie, Inc.
(
Hardy & Co.
QUAGLIANI, T. LEO
Howell
Eastman
ROOME, KENNETH A.
ROOS, J.
SCHNEIDER,
Weeks
SALMAN, BERNARD
(Associate)
Whipple 8s Co.
8s
Midland
SCHMIDT, WILLIAM T.
Laird, Bissell 8s Meeds
SALVATORE
LEWIS
Josephthal
Irwin Schloss & Co., Inc.
I
SALISBURY, WILLIAM H.
J.
York
Corporation
Inc.
Saxe.
Hornblower
Co.
&
R.
&
New
Hardy 8s Co. (Associate)
J.
Securities
CASPER A.
Walker
8s
SALADINA,
Union
RONAN, FRANK
D.
PYLE, RAYMOND WILLIAM
E.
Dillon,
ROHDIN, MILTON
PUPDY, EARL
Bacon,
Russell
ROBSON, HENRY E.
Rcggenburg & Co.
(Associate)
Pulis & Co.
SIIANAHAN,
SAFFERSON. RUSSELL
W.
ROGGENBURG, STANLEY L.
PRGSNITZ, WILLIAM D.
Halle
SERLEN,
Casper Rogers Co., Inc.
PRINTON, JOHN CRAIG
Salomon
SCHEIDECKER, JOSEPH F.
Myron A. Lomasney & Co.
SCHLOSS, IRWIN
American Securities
FREMONT
ROGERS,
(Associate)
DONALD
Reynolds 8s Co.
ROBSON,
Union Securities 8s
(Associate)
SABAII, WILLIAM J.
Winslow, Cohu 8s Stetson
SACHTLEBEN, ARTHUR G.
Incorporated
Co.,
ROBITAILLE, p.
(Associate)
PRELLER, CHARLES F.
Eastman
8s
Sidney A. Siegel, Sidney A. Siegel & Co., Inc., New York; Mr. & Mrs. Arthur K. Salomon,
Salomon Brothers & Hutxler, New York
Incorporated
Goldman, Sachs 8s Co.
C.
RUTBERG,
SAM J.
Rutberg 8s Co., Inc.
Roberts & Co.
JR.,
(Associate)
RYLEY, G. GERALD
ALBERT T.
A. G. Becker & Co. Incorporated
Midland
Canadian
Corp.
unlisted securities
new issues
Mitchell & Company
Members
INQUIRIES INVITED ON LARGE BLOCKS OF STOCK
Philadelphia-Baltimore Stock Exchange
^
120
NEW
f
BROADWAY
YORK
J. F. Reilly & Co.. Inc.
CITY
39
BROADWAY
NEW YORK 6,
Telephone WOrth 4-3113
Bell Teletype 212 571-0920
N. Y.
Teletype: 212 479-4537
Trading Dept.
P.
&
Cage
S.
Dept.
DIgby 4-4970
DIgby 4-6311
DIgby 4-4876
page
26
The
Mr.
&
Mrs.
Mark
New York;
.
T. Aiello, Spencer Trash <£ Co., New
York; Allan Lopato, Allen & Company,
Mrs. & Mr. John D. Ohlandt, New York Hanseatic Corporcrfion,New York
Corfifnerciabahd Financial Chronicle"...
Merrill
<ft
OF
Penner
Ac
Smith
STRAUSS,
DAVID
Abraham
MEMBERS
Continued
from
page
SOUKUP,
25
MILTON
Smith,
SILVERMAN, WALTER
P. P. Pox & Co., Inc. (Associate)
Co.
&
Sop,
Licberbaum
Inc.
SPRINGER,
Oppenheimer, Newborg & Neu
Carl
&
Co.,
Inc.
(Associate)
Forest Hills, N. Y.
SINGER,
F.
HERBERT
ROBERT
CHARLES
Mabon
SMITH, CLIFTON B.
SMITH,
E.
E.
EDWARD
E.
(Associate)
Smith Co.
ELBRIDGE
SMITH,
Stryker
&
Smith &
Ernest
H.
A.
Wm.
Co., Inc.
Co.
Corona del Mar, Calif.
(Associate)
SMITH,
A.
C.
VINCENT
&
Co.
(Honorary)
(Associate)
JAMES
SMYTH,
Greene
Brothers
&
Hutzler
(Associate)
Company
Wertheim
G.
Ac
A.
Saxton
STOLTZ,
Smith
C.
'
E.
Ac
Co.,
CHARLES
Stoltz
Ac
THOMPSON,
Coggeshall
Inc.
Co.
C.
(Associate)
G. A.
(Associate)
CHARLES
WHLIAM
S.
Weinberg,
Grossman Ac Co.,
Inc.
(Associate)
WEINGARTEN, LOUIS
Herzog Ac Co.
WEINSTEIN, ALEX
,
M. L. Lee Ac Co., Inc.
WEISS, MALCOLM H.
A.
W.
Benkert
Ac
Co..
Inc.
(Associate)
Co.
FRANK
Saxton Ac
WEISS,
W.
Co.,
MORTON
Singer,
Inc.
N.
Ac Mackie,
Bean
WELCH, FRANK
Witter Ac
Gold,
R.
Co.
WASSERMAN, IRVING
WHLIAM F.
/The Foundation Company (Honorary)
(Associate)
(Associate)
Inc.
WEISSMAN, BERNARD
Dean
WILLIAM
Hicks
Inc.
LEO
Equities Co.
WASHER, HERBERT R.
Ac
(Associate)
WEINBERG, SAMUEL
WARNER, JR., HENRY B.
Allen Ac Company
(Associate)
(Associate)
Corp.
ANTHONY
Wainv/right & Co.
United
Co.,
Company
Ac
WARNER,
THOMPSON,
E.
Ac
Courts
JOHN T.
THOMPSON,
Ac
Co.
Beiger Securities
WEINER,
WALSH, JOHN F.
(Associate)
THOMPSON, EDWARD L
Smith, Barney Ac Co.
'
STOLLE, CARL
WILLIAM F.
Lynch, Pierce, Penner
Incorporated
THOMAS, FRANK J.
White, Weld Ac Co.
STILLMAN, MURRAY W.
Abraham Ac Co. (Associate)
SORENSON,
Merrill
and
& Co.
JOSEPH E.
Salomon
THISTLETON, JOHN F.
Newburger, Loeb Ac Co.
STHLMAN, HARRY A.
H.
EDWARD A.
Elliott
STEVENSON, JOHN H
Singer, Bean Ac Mackle, Inc.
Allyn & Co.
WALSH,
Dominlck
Ac
F.
WALKER, LOUIS
National Quotation Bureau
(Honorary)
WHLIAM J.
Dominick
STEVEN, Jr., ANDREW R.
A. C. Allyn Ac Co.
SMITH, WILLIAM HART
Hart Smith
TETMEYER,
Gruntal Ac Co.
Net
WALKER. GRAHAM W.
Sachs Ac Co.
Goldman,
ALBERT
WEIL, M.
WEHAND,
Cruttenden, Podesta Ac Miller
Dempsey-Tegeler
Ac
ARTHUR
Lehman Brothers
SCHAUMBERG, GERALD
Lynch, Pierce, Fenner Ac Smith
LAWRENCE
Hutton
E.
WEIGNER,
(Associate)
WALDRON, D. KINGSLEY
DeHaven Ac Townsend, Crouter Ac Bodine
L.
Tatro Company
L.
Corp.
Incorporated
V.
Inc.
Haas Ac Co.
White, Weld Ac Co.
W.
Merrill
TENENBAUM, L. JAY
Singer, Bean Ac Mackie, Inc.
STERN, FREDERICK M.
SIDNEY H.
Spingarn, Heine
Edwin
C.
G.
WEIGEL, CHARLES A.
VON
Co.
Ac
EDWIN
TATRO,
V. Prankel Ac Co., Incorporated
STERN,
Hogle &
SMITH,
S.
Ogden, Wechsler Ac Krumholz,
WECHSLER, THEODORE
N. J.
Interstate Securities
Co.
Ac
WECHSLER, ARNOLD J.
Miller,
Ac
WEHMANN, GILBERT H.
WAHL,
TARPEY, DONALD
Goodbody Ac Co.
STEIN, JOHN R.
SMITH, HAROLD B.
J.
Abraham
(Associate)
M. S. Wien & Co., Inc., Jersey City, N. J.
Brown
Smith
Zuckerman.
Co.
Podesta
VOLKOMER, LOUIS
TAFT, WILLIAM J.
STEIN, IRVING
SMITH, ERNEST
Co.
SWORDS, WILLIAM J.
Ac Co.
Asiel Ac Co.
Ac
Walker
TADDONIO, RICHARD A.
McDonnell Ac Co. Incorporated
STEIN, H. RICHARD
& Co.
du Pont
Co.
STATTER, EUGENE G.
Gregory & Sons
Francis I.
Smithers &
STARK, EUGENE
Bruns, Nordeman Ac Co.
Singer, Bean & Mackie, Inc.
SLEDGE,
S.
H.
G.
STANFORD, KENNETH C.
(Associate)
(Associate)
VOLK, WHLIAM
Hemphill, Noyes Ac Co.
SWENSON, CARL
SIMMONS. HARRY
Bank,
Witter Ac Co.
VOGRIN, JOHN J.
Benjamin, Hill Ac Co.
E.
Hayden, Stone Ac Co. Incorporated
WILLIAM P.
Marks
Red
V.
WALTER
Ac
Cruttenden,
Leonard Ac Lynch
Moore,
SULLIVAN,
Dean
VISCOUNT, ROBERT D.
Inc.
EDWARD
STRYKER,
SOZEK, GEORGE E.
George E. Sozek Co.
SHELDON
SILVERSTEIN,
Barney
EMIL
WASSERVOGEL, F. DANIEL
WEBSTER, W. FOSTER
Hardy Ac Co.
VERMHYE, G. LATHROP
Ac
Kidder Ac Co.,
M.
WASSERMAN, JOHN
Asiel Ac Co. (Associate)
Co.
R.
Lynch, Pierce, Penner Ac Smith
Incorporated
C.
Strauss
FRANK
Merrill
STROTHMANN, NELSON A.
A.
VARE, ARTHUR
Kalb, Voorhis Ac
VERIAN,
Co.
Ac
Cowen
Thursday, November 29, 1962
Burns, Baumgartner, Downing & Co., Baltimore; Walter R. Green, Schweickhardt
Co., New Orleans; Mrs. & Mr. Joseph C. Cabbie, Burns Bros. & Denton, Inc., New York
STRATTON, GEORGE W.
New York, Inc.
ROSTER
Pierce,
Lynch,
Incorporated
.
Mr. & Mrs. Walter L.
Sl'ONEBRIDGE, CHARLES L.
Security Traders Association of
.
S.
Weissman
Dickson
Ac
Frankel,
Inc.
H.
Ac Co.,
Inc.
WELLS, JEIORACE W.
John C. Legg Ac Company
Reich Ac Company
Co.
HENRY R.
Tucker, Anthony Ac R. L. Day
TINI,
TISCH, ALFRED F.
Fitzgerald Ac Company
Harris, Upham Ac Co.
TITUS,
120 Broadway, New York
GOLD, WEISSMAN & FRANKEL, INC.
TITOLO, JOAQUIN
A. L. STAMM & co
WHLIAM
Jr.,
Wertheim
5, N. Y.
Ac
A.
Co.
BROKERAGE SERVICE
TOMPKINS, BERNARD
Tompkins
MEMBERS
New York Stock
Exchange
New York Cotton
Chicago Board of Trade
J.
New York Produce
New York Coffee &
'
Exchange
C.
C.
National Stock Exchange
Unterberg,
E.
Cables "STAMAL"
M.
TRAPANI,
D.
&
Co.,
RALPH
BROADWAY
*
NEW
YORK
WHITEHALL 4-1800
6, N. Y.
212 571-1104
Inc.
J.
GEORGE
OLIVER J.
Troster,
MUNICIPAL
Singer & Co.
TUNIMAN,
Merrill
D.
Dixon
&
TROSTER,
1931
51
Co.
D.
Blair & Company
H.
Cutter
ESTABLISHED
SECURITIES
Co.
Towbin
THOMAS
Lerner
TREFCER,
1
UNLISTED
Co.
Towbin
Unterberg,
TRAMAZZO,
A.
Tel.: REctor 2-6800
E.
&
ROBERT
A.
TOWBIN, BELMONT
Chicago Mercantile Exchange
DEALERS
Co.
Hammill
Shearson,
TOWBIN,
Exchange, Inc.
&
ROBERT J.
TORPIE,
Exchange
Sugar Exchange, Inc.
New York Cocoa
Bradford
C.
—
IN ALL
TORPIE, ROBERT A.
Commodity Exchange, Inc.
New York Mercantile
BROKERS— BANKS
TORPIE, JAMES V.
Torpie &
Saltzmann
Exchange
FOR
(Honorary)
TOPOL, ROBERT M.
Greene and Company
Exchange
American Stock
& Lauren
PHILIP
Lynch,
Pierce,
Fenner
&
Smith
Incorporated
TUZO, LAMAR K.
F.
UEactuuf,
I N V E S T M ENT
S.
Moseley & Co.
TYSON, Jr.,
Spencer
_
ALBERT
Trask & Co.
C.
SECURITIES
E.
C.
DEALERS AND
E.
Reynolds
&
VALENTINO,
G
Telephone to
(
READING
A.
Lebenthal# Co.,Inc.
BROAD
STREET
WHitehall 4-7086
Co.
MICHAEL
Saxton &
VANDER
NOOT,
Delafiela
FRanklin 3-5261
Co.
Co.,
F.
Inc.
BLARCUM, HERBERT E.
Equitable Securities Corporation
NEW YORK 4
50
t-co..
I.
Towbin
VAN
Philadelphia—New York
524 WASHINGTON STREET
THOMAS
Unterberg,
VACCARO, FRANK
CORPORATE UNDERWRITERS
Private
Lcbenthal
Unterberg, Towbin Co.
UNTERBERG,
Direct
IN-ODD-LOTS
UNTERBERG, CLARENCE E.
,
VAN
&
RIPER,
MHTON
TUYL, E. EVERETT
Van
•
NEW YORK 5, N. Y
HA 5-6116
HARRY
Delafield, Great Neck, L. I.
Harry Odzer Company
VAN
ONE CHASE MANHATTAN PLAZA
Tuyl & George
Oldest House in America
Specializing in
ODD LOT MUNICIPAL BONDS
Volume
Number 6216
196
WELSH, JOHN JOSEPH
'J. & W. Seligman & Co.
The Commercial
H.
Magid,
'
■
■
•.
Ehrlich
& Co.
Mitchell
<fe
Wertheim
27
•
■
\
•
•.
>
.
;
■
;
.
Security Dealers and Traders
•
,
(Associate)
Association
WENDLER, EVERETT F.
WERTHEIM,
Chronicle
New Orleans Security Traders
(Associate)
WELTMAN, NORMAN
D.
and Financial
Company
Association Inc. of
Washington D. C,
JACK
&
Co.
WERKMEISTER, JR., JOHN O.
Vilas & Hickey
WESEMAN,
RALPH II.
Wellington Hunter Associates,
Jersey City, N. J.
WHITING, EDMUND A.
Carl
M.
Loeb, Rlioades &
Co.
WHITMAN, III, HAROLD CUTLER
Lee Higginson Corporation
WIELAR, JACK B.
Gregory & Sons
WIEN, PERCY J.
M.
Wien
S.
&
Co.,
Inc.
Jersey City, N. J. (Associate)
WIEN,
STEPHEN S.
M. S. Wien & Co., Inc., Jersey City, N. J.
WILLIAMS, CARROLL W.
Laird. Bissell ** Meeds
WILLIAMS.
Hayden,
DONALD
Stone
Co.
&
WILLS, HENRY
White, Weld &
Ronald J.
Co.
Incorporated
President: Ronald J. Levy, Abroms & Co. Inc.
&
Treasurer: Thomas G. Terrio, Terrio &
Inc. (Associate)
The
Secretary-Treasurer: Walter R. Green, Schweickardt & Company.
Comnanv
Elected:
WINTHROP, DAVID
David Winthrop Co.
(Associate)
October
9,
1962; Took Office:
October
13,
1962;
&
WITTICH,
Co.
WITTMAN,
(Members
ADAMS,
Co.,
Howard,
Ducournau
ALVIS,
R.
Sidney A. Siegel & Co.,
Alvis
Inc.
ROBERT
Weil,
Howard,
D.
Labouisse,
A.
Friedrichs
&
ROSTER
JEFF
Company,
H.
Jackson,
Miss.
WILSON
Weil,
Company
Terrio & Co.,
COLLINS,
SHELBY
Labouisse,
Friedrichs
and
GREEN,
Stanton-Lewis
JOY,
WALTER R.
H.
Company
&
Jr.,
J.
Merrill Lynch, Pierce,
Fenner & Smith
BROWN,
York Hanseatic Corporation
Carl
Jr., HARRY L.
& Co., Inc.
Marks
CRANE,
Inc.
G.
Crane
(Associate)
DE
ZEMAN, FRANK A.
Clark, Dodge & Co.
WM.
<
(Associate)
Inc.
Jr.,
GILBERT
Co., Inc.
DONALD
F.
&
Landrum
J.
P.
&
Co.
M.
&
Co,, Inc.
WACHTEL, SIDNEY B.
Co.
Wachtel & Co.
E.
Weekley & Co.
PECKHAM,
E.
Shaw
Benkert & Co., Inc.
Terrio
WATSON, GAVIN H.
Arnold
Short
Co.
Bernhard
Hills,
N.
&
Inc.
Co.,
F.
Co.
WHITTEN, L. P.
Washington Planning
Corporation
Maryland
Allen &
Co., Inc.
GEORGE E.
ZANDER,
Clay Investment Co., Arlington, Va.
Bacon,
Inc.,
J.
WEEKLEY, HENRY
H. F. Weekley &
MEISSNER, ROBERT H.
HAWLEY, JACKSON A.
Equitable Securities Corp.
E.
STEPHEN
TERRIO, THOMAS G.
Wachtel & Co.
PRICE
Investment
E.
McDONALD.
HATTIER,
PERRY
Newman, Brown & Co.,
A. W.
Lawrence & Overall & Harper,
THOMAS J.
CHARLES
Hattier & Sanford
ZEBERTOVICH, ALEXANDER C.
Inc.
KOWALSKI, TIIADDEUS A.
Stewart, Pickard, Hamilton &
LAWRENCE, JOHN C.
HARDY, FORD T.
Newman, Brown & Co., Inc.
(Associate)
SMITH,
Investing Co.,
HAROLD
CLARENCE
Clarence
J.
Grant, Jones & Co., Inc.
HASELTINE, THEODORE R.
JEREMY
R.
Incorporated
BREAUD,
ZACK, ALBERT
ZEEMAN,
Associates, Inc.;
MEMBERS
SHAW,
Inc.
JOHN
Combined
GRANT,
Company
Schweickhardt
Hattier & Sanford
Inc.
&
G.
Inc.
BOUCHE, LOUIS J.
YUNKER, ROSWELL J.
New
OF
BORGIIESE, PHYLLIS
Glas & Company
LESTER
Arnold & Derbes,
Corporation
Carl Marks & Co., Inc.
Zander, Bacon, Johnson &
P.
Kees
T.
FRIEDRICHS,
GLAS,
and
ARNOLD,
YOUNG, THEODORE R.
Co.,
JAC.
&
FEIBLEMAN,
Inc.
Company
(Associate)
Hanseatic
DUCOURNAU,
LEON
ALEXANDER,
Stern, Lauer & Co.
&
otherwise
Newman, Brown & Co., Inc.
YAEGER, LEON M.
Kidder
unless
Schwelckhardt
Brooklyn
PAUL
Orleans
John Collins, Combined Investing
Co., Inc.
indicated)
Abroms &
WREN, LAWRENCE
Allen &i Company
M.
ning Corp.; Fred
MEMBERS
ABROMS, WILLIAM
WORTHINGTON, THOMAS F.
A.
New
DAVID
Spingarn,• Heine & Co.
New York
in
(USN Ret.), J. P. Clay Invest¬
Co., Arlington, Va., ex-officio; Sidney Wachtel, Wachtel
Co.; Maj. Gen. L. P. Whittin (USA Ret.), Washington Plan¬
ment
WILBUR R.
Dempsey-Teleger & Co., Inc.
YEDNAK,
OF
Co.
Officers and Directors: Thomas J. McDonald, Wachtel & Co.;
&
ROSTER
(
Rear Adm. George E. Peckham
Term
Expires: October 13, 1963.
WIRTH, HOMER
Mabon
Theodore Haseltine
President: Stephen M. Smith, A. W. Benkert &
Co., Inc.
Secretary: Theodore Haseltine, Stanton-Lewis & Co.
richs and Company.
WINSTON, LOUIS
Frank
Stephen M. Smith
Vice-President: John D. Lane, Howard, Weil, Labouisse, Fried¬
(Associate)
WINFIELD, WALTER R.
Eaton & Company,
Walter R. Green
Levy
,
E.
v
FRED
Johnson
&
HOWARD, ROBERT P.
Associates,
Inc. '
Howard, Well, Labbuisse, Friedrichs
LA
VERGNE, J.
Investment
Crane
H.
Co.,
and Company
Inc.
JOYNER, JOSEPH E.
ZINGRAF, CHARLES M.
Daytona Beach, Fla. (Honorary)
DERBES,
ZINNA, EDWARD
DINKINS, LADD
Arnold
Ladd
Smith, Barney & Co.
CLAUDE
& Derbes,
Dinkins
Weil,
Howard,
Inc.
&
Company
Labouisse,
Friedrichs
&
Company.
KEENAN,
St.
ARTHUR
Denis
KEES,
C.
J.
J.
Villere &
Co.
Adams & Peck
HOMER
Ducournau
Kees
&
KINGSBURY,
J.
Members New York Stock
W.
Jackson, Miss.
KINGSTON,
E. F.
Pflugfelder & Rust
Members
of the
New
York
Stock
Jr.,
F. Hutton
WALTER
Incorporated
D.
Brokers and Dealers in
& Company Incorporated
INDUSTRIAL & RAILROAD SECURITIES
Friedrichs
f
A.
Exchange
Exchange
D.
LANE, JOHN D.
Howard, Weil, Labouisse,
and Company
LEARY,
Exchange
WALTER
Hutton & Company
KINGSTON.
E.
and American Stock
UNLISTED INVESTMENT STOCKS
McINTYRE
Barrow, Leary & Co., Shreveport
LEVY, RONALD J.
Abroms & Co., Inc.
61
BROADWAY, NEW YORK 6, N. Y.
120
LOUGUE, WM. N.
BROADWAY
NEW YORK 5, N. Y.
•
National American Bank of New Orleans
Telephone REctor 24949
MANION,
CHARLES
Merrill Lynch,
W.
Teletype 212-571-0680
Pierce, Fenner & Smith
Incorporated
Telephone
BOwling
MINETREE, JOSEPH P.
Howard, Well, Labouisse, Friedrichs and
Green 9-4900
Private
wire
to
Philadelphia
Company
NEWMAN, LEON
Kohlmeyer & Co.
NEWMAN, MORRIS W.
Newman, Brown & Co., Inc.
PEDRICK, Jr., PARKS B.
Howard, Weil, Labouisse, Friedrichs & Co
FAULKNER, DAWKINS & SULLIVAN
RODDY,
JAMES
E1.
Scharff & Jones,
Inc.
SANFORD, J. B.
Hattier &
GRACE NATIONAL BANK
Sanford
SCHWEICKHARDT,
ERWIN
Schweickhardt & Company
INVESTMENT
SECURITIES
OF
SMART, LAWRENCE F.
STOUSE,
The
Members
NEW YORK
'
SEYMOUR, MORTON S.
Howard, Weil, Labouisse, Friedrichs &
Company
New York Stock Exchange
JAMES
COMPLETE
CLEARANCE
FACILITIES
A.
Hlbernia National
Bank
in
New
Orleans
FOR
i
..
VILLERE,
American Stock
Exchange (Associate)
ERNEST C.
St. Denis J. Villere & Co.
LOCAL
AND
OUT-OF-TOWN
WELL, JOS. H.
Well Investment Co.
Brokers
60
BROAD
STREET, NEW YORK 4, NEW YORK
WEIL, Jr., WALTER H.
Howard, Weil, Labouisse,
Friedrichs
and Dealers
i
and
.
..
Company
WHEELER,
MACREERY
Wheeler &
Telephone
HAnover 5-4200
HANOVER
WOOD,
A.
Teletype
Clearance
B.
212 571-1657
M.
FRANK B.
Wheeler &
ROBERT
M.
Woolfolk, Inc.
ZOLLINGER, Jr., JOHN J.
Scharff & Jones, Inc.
SQUARE, NEW YORK 15, N. Y.
I
Smith-Wood Company, Inc.
WOOLFOLK,
Department
Woolfolk, Inc.
1
Member
Federal Deposit Insurance Corporation
of
The Commercial and Financial Chronicle
28
.
.
Thursday* November 29, 1962
.
ERGOOD,
Necker,
Goldman, Sachs & Co.; Newton H. Parkes, Jr., Gerstley, Sunstein & Co.; Andrew F. Pimley, Jr., First Boston Corporation;
Willard F. Rice, Eastman Dillon, Union Securities & Co.; Wal¬
lace H. Runyan, Bfewphill, Noyes & Co.; Norman T. Wilde, Jan¬
ney, Battles & E. W. Clark, Inc.; E. Colt Williamson, Schmidt,
porated; Robert N. Naylor, H. N. Nash & Co.;4 Carl T.
Investment Traders Association
Of Philadelphia
Stroud
EULER,
Company,
CHARLES
Euler
H.
(Special)
HARRY
Jr.,
Reynolds
FANT,
J.
Hart
&
FAHRIG,
Co.
&
FITZSIMONS
JOHN
Penington, Colket & Co.
FEATHER,
Parke.
Roberts &
RUSSELL M...
Incorporated
Jr.,
&
WILLIAM
F.
Gerstley, Sunstein & Co.
'iiilfe
Committeemen: Edgar A.
National
Christian, Suplee, Yeatman,
FENSTERMACHER,
M.
Singer, Bean &
Mackie, Inc.; Harry F. Green, Jr., Hecker & Co.; John E. Knob,
Drexel & Co.; James B. McFarland, Stroud & Company Incor¬
Christian,
Jack
Incorporated;
Co.
Mosley
Grant
JAMES
BARRY
Singer, Beane & M"ackie,
Expires: September, 1963.
Inc.
M.
Newbold's Son & Co.
ALLAN
Stroud
MEMBERS
JOHN
2nd,
FOARD,
OF
S.
Co.
WALTER D.
W. H.
ROSTER
&
Sparks & Co.
FLYNN,
Herbert E. Beattie
William R. Radetzky
Jack Christian
W.
J.
1962; Took Office: September, 1962; Term
September,
FREDERICK
Nash
FLANIGAN,
Janney, Battles & E. W. Clark, Inc.
T. Wilde,
man
N.
FIXTER,
E. Smith, Newburger & Co.; Nor¬
Inc.; Joseph
& Remington,
H.
Inc.
FIXTER, ROBERT C.
J. W. Sparks & Co.
Hudson, Thayer, Baker & Co., Inc.; James J.
McAtee, Butcher & Sherrerd; William J. McCullen, Hess,
& Co.,
FILIPPONE, BERNARD F.
Elkins, Norris, Stokes & Co.
H.
Alternates. John M.j
Freeman
FISCHER,
porated.
Elected:
M.
ALBERT
&
(Special)
B.
Incorporated
Company,
FOGARTY, FRANK J.
Harrison
DARBY,
EUGENE T.
Harriman
Ripley & Co., Incorporate^
(Special)
H.
Merrill
Pierce,
Lynch,
(Special)
Inc.
Fenner
Smith
&
Inc.
G.
H.
W.
President: Jack Christian,
Singer, Bean & Mackie, Inc.
William R. Radetzky, New York Hanseatic
Second Vice-President: Herbert E.
Beattie, H. A. Riecke & Co.,
Inc.
'
Treasurer: Robert N.
Greene,
■'
Stroud & Company, Incorporated.
Secretary: Harry F. Green, Jr., Hecker
Governors: Edgar A.
:V
& Co.
Christian, Suplee, Yeatman, Mosley Co. In¬
Sheridan, Bogan &
Co., Inc.; George R. Durang, Jr., Merrill Lynch, Pierce, Fenner
& Smith
Incorporated; Albert H. Fenstermacher, M. M. Free¬
Biddle & Co.;
Robert G. Kenney, Janney, Battles & E. W. Clark, Inc.; Michael
D. Kinsella, Robinson & Co., Inc.; John F. Klingler, Goldman,
Sachs & Co.; John E. Knob, Drexel & Co.; Fred R. Knob, White,
Weld & Co.; James B. McFarland, Stroud & Company, Incorman
&
Co., Inc.; Samuel M. Kennedy, Yarnall,
& Co.
Lewis
H.
G.
E.
Weld
Eastman
BLAIR,
DUBLE,
GREEN, Jr.,
(Special)
& Co.
HERBERT
Co.
Drexel
Hornblower
CHARLES
ALVA
Dolphin &
Incorporated
EDWARD
BROWN,
Bioren
H.
R.
F
Scott & Co.
J.
FRANCIS
Newbold's Son
&
Co.
HAMILTON, RODNEY C.
H.
A.
Riecke
&
Co.,
Inc.r
•
Insurance Companies
•
Presidents—Leading Corp.
Security Analysts
•
Colleges & Foundations
Brokers
Security
Investment Advisers
Employee Welfare Funds
•
Savings & Loan Assn's
Mutual Funds
•
National
Stock Corporations
•
Financial Publ. & Newspapers
Annual
ROBERT
All Lists
Labor Unions
Offering Circulars
Reports
Parke
Guaranteed
Send for Free Booklet
B.
(Special)
Co.
•
Security Traders
J.
Roberts &
&
MALVIN
Banks
F.
Company
&
LLOYD
CADDEN,
W.
100%
Quarterly Reports
•
Accurate and Authentic
showing Complete Breakdown and Rates
THOMAS J.?
CALL, THOMAS
AODNKSSINO
Inc.
-fa E-Z
D.
SERVICE
EVERY BROKER
Greeley and Company, Inc.
BANK
•
ADVISER
A. GRANT
& Sherrerd
(Special)
CAMPBELL,
CAMPBELL,
CHARLES
Mutual
Elkins,
CAPLAN,
Clark,
Associates,
Jr.,
JOHN
Morris,
Inc.
Patrons
of The Antlers are exempt from mental taxes caused by worry
"Interpretation"Regulation*'Customer Whim**
over
Co.
"Market Fluctuation.**
L.
& Co.,
Jr.,
THE "HEW" ANTLERS
Inc.'
2,000,000 Shares
Inc.
JOHN
j
C.
Battles & E. W.
Clark,
(of well proportioned, superbly prepared food)
Inc.
(Special),
Kidder, Peabody & Co.
PREFERRED STOCK
CARSON, JOSEPH R.
Hemphill, Noyes & Co.
(and ONLY Preferred Stock used at
FREDERIC
Jr.,
DeHaven & Townsend,
EDGAR
A.
LOCATION: The ONLY restaurant
Price per
JACK
Singer, Bean & Mackie,
&
Advertising
•
Public Relations
BOSTON
PHILADELPHIA
CHICAGO
131 Cedar Street, New York 6, N. Y.
Mid town Office: 44
•
COrtlandt 7-5060
East 53rd Street, New York 22, N. Y.
SAN FRANCISCO
LOS ANGELES
COMPTON,
GEORGE
S.
SPENCER
of
leading
Bogan
& Co.,
All statements above
Inc.
stock
ex¬
New York 5, N. Y.
HAnover 2-4393
L.
CUMMINGS, JOSEPH
Sheridan,
67 Wall Street
(Special)
Elkins, Morris, Stokes & Co.
Brooke,
members
changes and associations of Securities Men.
;
Winslow, Cohu & Stetson, Inc.
CORSON,
Wall Street.
share: Well below intrinsic value!
Serving
Co.
CHAUNCEY P.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated (Special)
.a'.,.'*
COLWELL,
NEW YORK
on
Inc.
J.
LAWRENCE
Boenning
redecorated; subdivided to
permit serving (with privacy) large or small parties.
Suplee, Yeatman, Mosley Co.,
Incorporated
CHRISTIAN,
finest food, wines and liquors to bankers,
FACILITIES: Recently expanded and
J.
Equitable Securities Corporation
CHRISTIAN,
bar)
brokers, traders, dealers, salesmen, customers.
Edward J. Caughlin & Co.
ROBERT
BUSINESS: Serving the
our
■"
'I.'.'-
P.
Crouter & Bodine
CAUGHLIN, EDWARD J.
CAULFIELD,
ANTLERS
THE
CARROLL, WILLIAM J.
ALBERT FRANK- GUENTHER LAW, INC.
TRADER
Inc.
L.
Stokes &
PETER
Albert Teller
CAROTHERS,
COLFER.
•
ALBERT J.
CARDAMONE,
CARTER,
ANALYST
in the U S A.
JOHN
Fund
Charles A. Taggart & Co.,
Janney,
STREET ▼ NEW YORK 6, N. Y.
J..
Battles & E. W.
(Special)
CANTWELL,
83 WASHINGTON
HAnover 2-9448
Janney,
CANTWELL,
S-X
THf
Grant & Remington,
Butcher
&
Townsend,
SPECIALISTS in
Co.
G.
Schmidt,
HAINES,
Incorporated
LAWRENCE
Crouter
W.
&
(Special)
FINANCIAL MAILINGS to:
ALEXANDER B.
& Company, Incorporated
BROOKS,
P.
Company,
D.
Blyth & Co., Inc.
Stroud
HAGER,
& Co.
BRENNAN, CHARLES
BROCK,
Haven
Bodine
Drexel & Co.
JOHN L.
BRADBURY,
GRIFFITHS,
R.
H.
ALFRED
Jr.,
Miller
H.
Lynch, Pierce, Fenner & Smith
Yarnall, Biddle & Co.
Jones,
THOMAS A.
Robinson & Co., Inc.
De
THOMAS A.
BRACHER,
Corporation
GREY,
GEORGE
&
Incorporated
E.
Securities
Weeks
Hutton
E.
Company,
Montgomery,
(Special)
&
BOUCHARD,
BOWERS,
&;
CLIFFORD
H.
Co.
EMERY, JOHN B.
SAMUEL
BORTNER,
&
DURANG,
Stroud
W.
&. Co.
FORREST
ELLIOTT,
N. J.
(Honorary)
BODINE, PAUL
GREY,
Inc.
H.
Boenning & Co., Ocean City,
Company
Co.
GREENE, ROBERT N.
Inc.
Thayer, Baker & Co., Inc.
Merrill
Union Securities
J.
and
HARRY F.
&
M.
Kerner,
&
Company,
DUDICHUM,
JEROME R.
Union Securities
BLIZZARD,
&
Parrish
Dillon,
JOHN T.
Dillon,
Close
Inc.
WM.
FRANK
Kuch
American
Scott & Co.
Eastman
G.
Stroud
Swain
BERGIN, WILLIAM J.
Eastern Securities, Inc.
BEVENOUR,
RUSSELL
Rambo,
of Securities
Harper & Turner, Inc.
GORMAN,
DOWNS, CHARLES E.
WILLIAM
Hess,
GOODMAN, M.
F.
Co.
&
P.
GOLDENBERG, LAWRENCE
'I
Janney, Battles & E. W. Clark,
Corp.
Hecker
Inc.
EDWARD
Association
C. A.
White,
E.
Sherrerd
Dealers, Inc.
H.
DOUGLAS A.
Grant & Remington,
Montgomery,
W.
National
Inc.
Blyth & Co., Inc.
DOTTS,
Hess,
ROBERT
Co.
P.
Townsend, Crouter &
WALTER
&
GILLERAN,
V.
Riecke & Co., Inc.
A.
BECK,
Butcher
Co.
HERBERT
Jr.,
GEMENDEN,
Fricke & French,
Securities
&
PHILIP
&
Bodine
Co.
JOHN H.
WILLIAM
American
F.
Incorporated
Noyes
GAUGHAN,
Dick Co.
C.
DOERR,
Clark, Inc.
DORSEY,
BEATTIE,
Hemphill,
Moyer,
Co.
JOSEPH
Co.,
DeHaven
FREDERICK
Jr.,
&
G.
&
GARRETT, JOHN T.
Incorporated
Co.,
DONOVAN,
JOHN
P. Ristine &
BELL,
corporated; Joseph J. Cummings, Brooke,
&
Woodcock,
(Special)
F.
I
(Special)
Inc.
DICK, Jr., LEWIS CRAIG
& E. W.
Battles
BARTON,
Corporation.
Blair
Pj
Jr.,
Dana
GALLAGHER,
J.
JOHN
(Special)
Co.
&
C.
ALBERT
Burton,
Co.,
EDMUND
DEVOLL,
O.
JOSEPH
Janney,
First Vice-President:
Blair
(Special)
B. NEWTON
Newbold's Son
BARNES.
j
DAVIS,
DERICKSON,
LEONARD
Walker & Co.
H.
BARBER,
GABLE,
W.
&
DeHAVEN
Jr.
JAMES
Wellington Fund, Inc., Claymont, Del.
ROBERT E.
(Special)
Riecke
Wood,
FRENCH
ALBERT J.
A.
HOLSTEIN
C.
A.
C.
Co.
Kidder, Peabody <Sc
Jr., GEORGE A.
BAILEY,
Harry F. Green
&
DONALD
DEMPSEY,
George A. Bailey & Co.
Robert N. Greene
FOX,
Rambo, Close & Kerner, Inc.
BAILEY, H. CHARLES
Wellington Company,
BAILEY,
Frank J. Fogarty & Co.
,
G. H. Walker & Co.
DAVIS,
PERCY..
AYRES,
B.
(Special)
HARRY
DAFFRON, Jr.,
LEWIS
Armstrong «fc Co.
J. Lewis
Nash & Co.
Harry C. Dackerman & Co.
ARMSTRONG, J.
ARNOLD,
N.
DACKERMAN,
Co.
&
Bioren
C.
TOWNSEND
ANDERSON,
H.
Hutzler
&
Brothers
Salomon
HAROLD
CUNNINGHAM,
LEE J.
AI.FGREN,
guaranteed by The Antlers
Volume
Robert
196
Number
6216,.
Barth
HAMMETT,
WILLIAM
Jr.,
Boenrjing
&
The First
Corp/
Newbold's
H.
Co.
Hart
&
H.
L.
Laird,
HARRY
Brooke, Sheridan,
(Special)
&
Bogan
Co.,
Inc.
&
Cohu
Winslow,
Boenning
&
Drexel
G.
&
& Smith
FRANK
LAIRD,
Incorporated
Stroud
Hornblower
ROBERT
&
Weeks
LAMB,
(Special)
O.
&
Baker & Co.,
LA
Inc.
Jr.,
ALMON
LEWIS
W.
Woodcock,
F.
P.
Moyer,
J.
W.
Fricke & French, Inc.
Ristine &
H.
Butcher
&
Inc.,
Geo.
Sherrerd
MURPHY,
B.
Paul
Incorporated
&
&
N.
HAROLD
Nash
NAYLOR,
Co.
Mosley
Mosley
H.
M.
N.
Nash
Bros.
&
(Special)
NECKER.
Co.,
Inc.
STANLEY A.
Co.,
PHILLIPS.
Pierce, Fenner & Smith
EDWARD
Elkins, Morris,
PHIL! IS.
(Special)
PIMLEY,
First
Weeks
ANDREW
Teller
PORTER.
& Co.
F.
&
Co.,
Inc.
G.
Moyer,
Fricke &
PRIESTLEY, DANIEL B.
Wellington Fund, Inc.,
N.
Co.
&
CHARLES
Moyer, Fricke & French,
Inc.
NELSON,
DONALD
WALTER
Fahnestock
Reynolds & Co.
QUINTARD,
NECKER, CARL T.
Goldman, Sachs & Co.
&
ROMEYN
Suplee, Yeatman,
Incorporated
G.
B.
Mosley
Continued
Co.
Inc.
Del.
I
For financial institutions
TRADING MARKETS IN SECURITIES OF
ALFRED A.
ARGENTINA
COSTA RICA
ISRAEL
PORTUGAL
AUSTRALIA
CUBA
ITALY
RUSSIA
AUSTRIA
DENMARK
JAPAN
SOUTH AFRICA
BELGIUM
ECUADOR
MEXICO
SPAIN
BOLIVIA
EL SALVADOR
NEW ZEALAND
BRAZIL
FINLAND
NORWAY
CANADA
FRANCE
PANAMA
UNITED KINGDOM
CHILE
GERMANY
PERU
URUGUAY
CHINA
GREECE
PHILIPPINES
VENEZUELA
COLOMBIA
HOLLAND
POLAND
YUGOSLAVIA
MANEELY, HARRY S.
JUSTICE, FLOYD E.
Montgomery,
Peabody & Co.
Listed
&
Scott & Co.
Unlisted
Securities
I
SWEDEN
SWITZERLAND
PUERTO RICO
HAWAII
Carl Marks & Ho. Inc.
FOREIGN SECURITIES SPECIALISTS
Heaney & Co.
Michael J.
Members American Stock Exchange
120
BROADWAY
•
NEW YORK 5, N. Y.
Telephone WOrth 4-4176
G.
Rambo, Close & Kerner, Inc.
Schaffer, Necker & Co.
WALTER B.
Lynch
Co.
Inc.
Del.
& Co.
CARL
Co.
&
French,
Claymont,
GERALD M.
MacCART,
(Special)
Redpath
Corporation
JAMES
Woodcock,
N.
&
MICHAEL J.
Albert
Inc.
Inc.
C.
Parker
Boston
PINTO,
French,
J.
Stokes & Co.
FRED
Auchincloss,
PRIGGEMEIER,
Corporation
Co.
PFAU, GORDON W.
Woodcock, Moyer, Fricke &
Co.,
ROBERT
&
FULLER
Lynch,
Incorporated
MURRAY, Jr.. FRANK J.
Woodcock, Moyer, Fricke & French,
N.
Incorporated
(Special)
Wilmington,
THOMAS J.
E. Snyder & Co.
Drexel
(Special)
Parsly
I..
Merrill
W.
JOHN
Hornblower
(Special)
ROBERT
Walker
H.
PESZKA.
MURPHY, JOHN A.
LYNCH, Jr., HOWARD J.
In<*
Del.
H.
Dackerman
Boston
G.
PARSLY,
G.
Yeatman,
Incorporated
Inc.
PARLANTI,
P.
VICTOR
JAMES
Co.,
H.
Co.
JOYCE, THOMAS J.
Woodcock, Moyer, Fricke & French,
Kidder,
Fund,
JAMES
Bache &
ALVIN W.
R.
&
J.
Company
Yentnian.
Riecke
A.
N.
Bogan & Co.,
Newbold's Sons &
LITTLE,
LOVE,
JORDAN, Jr.,
Miller &
T.
E.
WILLIAM C.
Delaware
WILLIAM R.
JOHNSON,
Sheridan,
LESCURE.
ANDREW
Claymont,
m.
JOHN
DONALD
H.
Inc.
Morrissey & Co.
Suplee.
NASH,
Woodcock,
Kirkland
J.
JOHN
JOHN
PARKES, Jr., NEWTON H.
Gerstley, Sunstein & Co.
ROBERT
Reynolds & Co.
Company,
First
McLEAR,
R.
WILLIAM
Brooke,
LEOPOLD,
Newburger & Co.
JENNINGS.
McLEAN.
Co.,
& Co.
H.
Co.
LAWRIE,
P.
STANLEY
ALLYN
RASH,
&
Thayer, Baker & Co., Inc.
JEFFRIES,
C.
&
A.
FRANK
Suplee,
J.
Inc.,
JAMES
Jr.,
RICHARD
Incorporated
Morrissey & Co.
MUNDY,
...
LAUT, JOSEPH ST. C.
Hallowell, Sulzberger, Jenks,
1
L.
Kidder, Peabody & Co.
JACOBY,
JOHN
Company,
&
McMULLIN,
,
Co.
&
M.
Colket & Co.
Paine, Webber, Jackson & Curtis
HUGHES, EUGENE L. D.
Bache
Harry
The
HUDSON, JOHN M.
HUTCHINSON,
&
Miller
Incorporated
MclvAY, HENRY L.
Incorporated
C. EDWARD
p. Ristine & Co.
F.
(Special)
(Special)
J.
Company,
JOHN
Inc.
J.
Remington, Inc.
LAND,
Smith, Barney & Co.
Thayer,
Stroud
Co.,
& Co.
McGARVEY,
M.
Penington,
ROBERT
HOLMAN,
Stroud
Corp.
Bioren &
Merrill Lynch, Pierce, Fenner
HOLDSWORTH.
Securities
J.
MOSLEY,
&
william
McFARLAND,
RAYMOND
THOMAS B.
Co. (Special)
lvRUG,
E.
F.
F.
MORRISSEY,
P.
Wellington Fund,
Mcdonald,
A.
RAYMOND
MORRISSEY, THOMAS E.
WILLIAM
Grant &
Hess,
Inc.
R.
&
MORRISSEY,
F.
Baker
McCULLOUGH,
Webster
&
JOHN
Harrison
Jr..
(Special)
Co.
McCULLEN,
Stetson,
&
Co.
ROBERT
&
Thayer,
Inc.
Co.
Stone
(Special)
Co;
Clark,
E.
KRAEMER.
CHARLES
HOERGER,
W.
White, Weld & Co.
& Co.
ARTHUR
HISCOX.
E.
&
Dackerman
C.
Schmidt, Roberts <fo Parke (Special)
A.
Stroud & Company,
Jones,
Hecker
C.
P.
Inc.
F.
Woodeock, Moyer, Fricke & French, Inc.
PARKER,
GERALD
MORRIS,
J.
Co.
McCOOK,
KNOB, FRED R.
HEWARD, RICHARD W.
Wood
&
Harry
OWENS,
Del.
J.
Co.,
&
JOSEPH
PAIRMAN,
R.
R.
McCAULLY, ARMOUR W.
Hallowell, Sulzberger, Jenks, Kirkland
D.
LAWRENCE
Collings
MERRIGAN, Jr., JOHN J.
Elkins, Morris. Stokes & Co.
Sunstein
Gerstley,
(Special)
McCOY,
&
ALFRED
C.
O'BRIEN,
MILSTEN,
J.
THOMAS
C,
J.
MELLOY, MICHAEL FRANCIS
Wellington Fund, Inc., (Claymont,
Inc..
Wright, Wood & Co.
McCANN,
(Special)
S.
WILLIAM
Mulhern,
Sherrerd
&
NOWLAN,
A.
THOMAS
Wellington Fund, Inc., Claymont, Del.
A.
&
JOSEPH
Hopper, Soliday & Co.
MEANLY,
(Special)
Co.
JAMES
McBRIDE,
S.
Inc.
Battles
Janney,
KNAUPP,
KNOB, JOHN
Wright,
Co.,
ALFRED
KNAPP,
E.
Sherrerd
&
McATEE,
Inc.
Meeds
&
&
RICHARD
Butcher
MICHAEL
Robinson
JAMES
Butcher
Clark,
W.
KLttlGLER, JOHN F.
Goldman, Sachs & Co.
Philadelphia-Baltimore-Washington
Stock Exchange (Special)
HE WARD,
E.
F.
Baker, Weeks & Co.
WILLIAM
HEPPE, JOHN
G.
WILLIAM
KINSELLA,
Pont & Co.
du
I.
Bissell
McNAMEE,
JOSEPH
Martin, Monaghan
Ardmore, Pa.
KIELY, Jr., JERRY J.
L.
HENDERSON, Jr., ROBERT M.
Francis
MARTIN.
Elkins, Morris, Stokes & Co.
Co.,
Heffelfinger & Co.
HENSHAW,
M.
&
THOMAS
KETCHAM,
HEARD, Jr., JOSEPH D.
Suplee, Yeatman, Mosley
Incorporated
HEFFELFINGER,
Battles
Janney,
KENNEY,
NEVIN
Newburger
SAMUEL
ROBERT
KENNEY,
&
Son
Co.
Yarnall, Biddle & Co.
ROBERT F.
Euler
&
KENNEDY,
R.
Meeds
<fc
Rosenbaum, Wertheim & Co., New York; Parks B. Pedrick, Jr., Howard, Weil>
Labouisse, Friedrichs and Company, New Orleans; Mrs. & Mr. Robert M. Topol,
Greene and Company, New York
Halsey, Stuart & Co., Inc.
MARKMAN,
CHRISTIAN G.
Bioren
HARSCH, RICHARD L.
W.
MANN,
Reynolds & Co.
GEORGE
Bissell
Laird,
Mr. & Mrs. Robert M.
Pacific Northwest
Jack Joyce,
Co., New York
KELLER,
Boston
HARRISON,
&
KANE, ROBERT F.
H.
Co.
HARDY, RUBIN
29
The Commercial and Financial Chronicle
.
C. Williams, Weeden & Co., Chicago;
Mr. & Mrs. Homer J. Bateman,
Company, Seattle; Preston L. Phipps, June S. Jones Co., Portland, Oregon;
J.
HART,
.
20 BROAD STREET
TELEPHONE HANOVER 2-0050
•
NEW YORK
5, N. Y.
TELETYPE 212-571-1685
Co.,
on
page
30
30
The Commercial and Financial Chronicle
WALLACE,
Investment Traders Association
E.
ROSTER
OF MEMBERS
&
WALSH,
SEVING, Jr., FREDERICK T.
RADETZKY,
New
WILLIAM
York
RAFFEL,
Butcher & Sherrerd
R.
Hanseatic
&
Stroud
&
WALLACE
Schmidt,
Roberts
A.
STADTLER,
F.
S.
WELLER,
Co.
R.
WELLS.
Inc.
GEORGE
&
The
'•
First
Hess.
CLIFFORD
IRWIN
RENNEISEN.
G.
Remington,
&
Grant
H.
WILLIAM
Suplee,
Sherrerd
Yeatman,
SUSKI,
LESLIE
Co., Incorporated
/
Hemphill,
Drexel
H.
Butcher
H.
ROBERT
SANTUCCI,
New
&
Co.,
Albert
(Special)
SCHREINER,
R.
P.
&
SCOTT,
Bioren
R.
&
Co.
T.
NORMAN
Co.,
G.
ZUNGOLO, RONALD R.
New
Clark, Inc.
Hanseatic
York
H.
EDWARD
MATTHEWS,
Walker & Co.
H.
McCarthy, dennis
Corporation
Putnam
(Special)
&
Co.
McCAUGHEY, W. CRAIG
&
Incorporated,
Co.,
New Haven
MERRILL, ROBERT H.
Conning
Security Traders Association
A.
& Co., Inc. (Special)
&
Co.,
Coburn
Co.
>
Of Connecticut
Middlebrook, Incorporated
&
ROBERT
MORRIS.
Robt.
L.
(Special)
&
S.
Morris &
S.
Co.
MURRAY, FRANK J.
Laird,
T.
New
Inc.
Bissell
Haven
HENRY
NOY,
Meeds
&
B.
Hincks Bros.
&
Inc., Bridgeport
Co.,
Co.
CLAYTON
ROY
JOHN A.
Kennedy-Peterson. Inc.
TOBIAS.
F.
&
PHILLIPS,
Hincks
E.
Bros.
CORTWRIGHT
& Co., Inc., Bridgeport
Co.
H.
Hincks
BERNARD
Gerstley, Sunstein
TORRENS, ROBERT
W.
Co.
i
(Special)
& Co.
(Special)
Chas.
Co., Incorporated
SCHMITT,
Income
Harriman
Miller & Co.,
Ripley & Co., Incorporated
UNDERWOOD,
J.
YEITH,
Townsend. Crouter & Boaine
C.
J.
FRANK
Lawrence F. Hine
Edward H. Matthews
FREDERICK
Haven
New Haven
KENNETH I.
&
Co.
John J. Avignone
Bache & Co., New Haven
Robert H. Merrill
JACKSON
STEINER, S.
Jackson
H.
President: Edward
& Co.
Devine
Co., New
&
SHURE, JOSEPH
Boenning & Co.
A.
D.
L.
JOHN
Putnam
Lewis C. Dick Co.
Inc.
Rybeck & Company, Meriden
Funds, Inc.,
SHIEBER,
FRANCIS C.
TRIMBLE, Jr.,
McE.
II.
Scranton
W.
Bridgeport
Inc.,
Co.,
HARRY
SAMPSON,
A.
&
WILLIAM
William H.
TREVINE, ROY
A.
Bros.
RYBECK,
H.
Harriman Ripley &
CO;
WILLIAM
H.
C.
LEWIS
Co.
&
MAIGRET, NORMAN L.
Coburn & Middlebrook, Incorporated
Mosley
ROYSTON, PETER
SELHEIMER, Jr., PERRY
DeHaven
Bioren
Suplee, Yeatman,
Incorporated
L.
FRANK
Blair
Hemphill; Noyes & Co.
WILLIAM C.
&
Waterbury
Corp.
G.
ALBERT
Teller
TILGE.
CHARLES
A.
Securities
ETHAN
Bridgeport
Co.,
LIBBY, GORDON H. N.
Coburn & Middlebrook, Incorporated
A.
FRANK
ZUBER,
&
MOORE, RICHARD A.
&
Ristine
Co.
Schaffer, Necker &
JOSEPH
ZELLER,
Peabody & Co.
WIIITLEY,
Co.
RICHARD
P.
F.
Corporation
SOHAFFER, RUSSELL
SCHAUFLER,
Co.
Jr.,
THOMAS.
J.
HAROLD
Schaffer, Necker &
(Special)
Inc.
Woodcock, Moyer, Fricke & French, Inc.
L.
Inc.
GERALD
Boenning &
Company,
MAURITS
KRAIGER, ALBERT P.
The R. F. Griggs Company,
*
Riecke
TERRELL.
York Hanseatic
SCATTERGOOD,
Wellington
Co.
A.
Watson
L.
PETERSON, Jr.
Sherrerd
&
Riecke
A.
A.
TELLER,
& Co.
SANDER, RUDOLPH
SANFORD,
T.
YOUNG, C. HOWLE
Inc.
-
C.
Griggs Company, West Hartford
F.
JOHNSON,
(Special)'
Co.
Mosley Co.,
RAYMOND
&
TAYLOR,
H.
Noyes
& French,
H. Walker &
Z.
CHARLES
TALCOTT,
,
WALLACE
D.
Janney, Battles & E. W.
&
Charles A. Taggart
J.
(Special)
G.
I
D.
(Honorary)
GORDON
Conning &
W.
WURTS, JOHN
Haven
New
Co.,
Co.
JACOBS, DONALD B.
,
•
Co.
&
TAGGART,
LEWIS
RUNYAN,
R.
i
M.
THOMAS
Bache
J.
Delaware Management Co., Inc.
ROSS,
W.
Incorporated
Penington, Colket & Co.
&
Sunstein
SUPLEE,
ROBINSON, ELLWOOD S.
Blair
GEORGE
WILDE,
Gerstley,
JOHN B.
RODGERS,
F.
&
HURLBERT,
D-
WILLARD
Jr.,
Bankers
Kidder,
SUNSTEIN, Jr., LEON
F.
Eastman Dillon, Union Securities <fc Co.
Butcher &
RICHARD
&
WILLIAM
Putnam
Kidder, Peabody & Co.
ALFRED
WHITCRAFT,
Corporation
& Co.
WILLARD
RICHTER,
Fahnestock
HOLMAN,
J.
Wright, Wood & Co. (Special)
WRIGHT,
•
Lilley & Co.
Hallowell, Sulzberger, Jenks, Kirkland
Inc.
E. W. Smith Co.
RICE,
HOGARTH, GUY R.
Co.
&
F.
,
SULZBERGER,
REMINGTON,
Barney
E.
Haven
LAWRENCE
Smith, Ramsay & Co., Inc., Bridgeport
Inc.
C.
WELSH, Jr., HENRY C.
Co.
Boston
JOHN
L.
Woodcock, Moyer, Fricke
STREET, PHILLIPS B.
REELLEY, JOSEPH S.
Jones, Miller & Co.
Inc.
Company,
New
HINE,
Securities,
GEORGE
2nd.
WOOD.
Goldman, Sachs & Co.
Taggart & Co.,
Moseley
Parke
&
<te
LAWRENCE
Charles
A.
B.
Biddle
SNYDER,
(Special)
REBAR,
HARRY
Yarnall,
L.
S.
GRAHAM, REGINALD
Parke
Codings & Co., Inc.
Smith,
ALFRED
&
C.
&
J.
WITTENWILER, JOHN
Boenning & Co.
)
WISTER
Company, Incorporated
RANDOLPH,
WILLIS,
Co.
WELLER, BARRY
SNYDER,
Co.
Eastern
Inc.
D.
&
Newburger & Co.
WILLIAM
Raffel
Swain
Clark,
C.
SMITH, JOSEPH E.
Corporation
W.
Thursday, November 29, 1962
.
.
COIT
E.
Roberts
WILLIS, ALFRED
JOHN D.
JAMES
WARNER,
E.
&
L.
Co.
Newburger
Continued from page 29
Schmidt,
CHARLES
WALLINGFORD,
Bioren
WILLIAMSON.
Co.
Battles
Janney,
Of Philadelphia
W.
DAVID
Smith
W.
WALLINGFORD,
.
H.
Vice-President:
First
Matthews, G. H. Walker & Co., Hartford.
Lawrence
F.
Hine, Smith, Ramsay
& Co.,
Chas. W. Scranton
J.
Cooley & Company,
Avignone,
J.
Sweeney & Company, New Britain
Governors: E. Norton
THENEBE, CHARLES
Charles
Decker, The R. F. Griggs Company, Water-
bury; Frank E. Cilento, Shearson, Hammill
[
E.
Thenebe
E.
&
Associates
THOMPSON, HOWARD W.
& Co., Hartford;
Securities
American
Corporation
Hartford
George A. Dockham, Hincks Bros. & Co., Inc., Bridgeport; Ken¬
neth F.
& Co., New Haven
WILLIAM
SWEENEY,
Secretary & Treasurer: Robert H. Merrill, Conning and Company.
Brokers and Dealers
Inc.
Co.,
SWAN, LESLIE B.
Vice-President: John
Hartford.
JOHN J. MEYERS & CO.
&
FREDERICK T.
White, Weld & Co., New Haven
SUTTON,
Inc., Bridgeport.
Second
Steiner
VARHOL, MICHAEL G.
Shieber, Putnam & Co., Hartford; Richard W. Wilde,
Sweeney
&
New
Company,
Britain
Conning & Co., Hartford.
RICHARD
WEISKE, F.
National Committeemen:
&
George H. Angelos, Chas. W. Scranton
Kidder & Co.,
WHEELER,
WILDE,
—
FRANK
Inc., Bridgeport
R.
Charles E, Thenebe & Associates
Haven.
New
M.
A.
Co., New Haven; Frank J. Murray, Laird, Bissell & Meeds,
ROSTER OF MEMBERS
—
FRANCIS
GIANTONIO,
E.
RICHARD
Conning &
W.
Co.
Paine, Webber,
located
iMemuers
INDUSTRIAL, PUBLIC UTILITY
Hartford
in
unless
Jackson & Curtis
GORDON, MYRON L.
Hincks
Bros.
JOHN
GRAHAM,
ROBERT
AI.VORD,
AND RAILROAD SECURITIES
&
Co.,
WYNNE, thomas
Blair & Co.,
Bridgeport
Inc.,
Incorporated, New Haven
indicated)
otherwise
Cooley &
E.
YUSZA, EDWARD F,
Laird. Bissell & Meeds. New Haven
Company
Kennedy-Peterson, Inc.
GEORGE H.
ANGELOS,
W. Scranton & Co.,
Chas.
New Haven
AVIGNONE, JOHN J.
30
Broad Street, New
Cooley
York 4, New York
THOMAS C.
Weld & Co.. New
BAILEY,
White,
WHitehall
3-2850—teletype, 212 571-0439
Company
&
Haven
BEAKEY, EDWARD J.
E.
Area Code 212
Eddy &
W.
Co.
BLIGH, ROBERT A.
Fahnestock &
in
Torrington
Co.,
BRESLAV, JR., WALTER
T.
L.
Cooley
mm*
&
Company
»
&
Shearson,
UNDERWRITERS—DEALERS—DISTRIBUTORS
New
in
and
Unlisted
Retail
-
■
-
,V
r"
,
'
;
all
Co.
&
&
Struthers
Co.
Haven
HARRY
COHAN,
Dealers
•
specializing in
CLEMENCE, ROBERT J.
Wood, Struthers & Co.,
Wholesale
•:
ROBERT H.
CLEMENCE,
Wood.
'V
j"
Co.
FRANK E.
Hammill
CILENTO,
§
.
FRANK
CHIARAMONTE,
Fahnestock
'
& Co.
Judd
Brainard,
/■:
S.
ROBERT
CARTER,
^<S>
over-the-counter securities
ROBERT B.
CALVERT.
wmmmmmmm
^
Bridgeport
Co.,
&
Watson
Denton
&
New
Haven
BOUGHT
D.
Inc.
Co.,
for
SOLD
QUOTED
Banks, Brokers, Institutions
-
-
CREAMER, THOMAS F.
Securities
Chas. W. Scranton & Co., New Haven
CUTLER, R. D.
I
Securities Corporation
American
Active
Markets
in
New
Issues
R.
F.
Griggs
DOCKIIAM,
9
NORTON
E.
DECKER,
GEORGE
Hincks Bros.
Eddy
&
Co., Inc.
ENGLISH,
m
West
Pine Street, New York 5, N. Y.
White,
I
W.
Telephone: HA 5-5570
Teletype: 212 571-1645
m
Trading Dept.: BO 9-6244
FINN,
R.
mmmmmmmmmmmmmMmmmmM mmmmm,, wmm m mmmmmmm,
New
Weld
Putnam
&
EISEN,
Fahnestock
ESTABLISHED
J$nc.
¥
1942
Members of New York Security Dealers Association
39
Broadway, New York 6, N. Y.
Dlgby 4-2370
TWX:
212-571-0320
(Honorary)
Direct
Co.,
&
Griggs
S®Jtj CiE] Ij
Britain
DAVID H.
DANIEL
F.
Bridgeport
P.
JAMES
New
Haven
F.
Company,
FLATTERY, JOHN
FON
Inc.,
Hartford, Conn.
ERMER,
80
Co.,
&
A.
H.
HOWARD
EDDY,
Casper Rogers
& Co.,
tyidneu
a
Waterbury
Company,
Waterbury
Wires
R. J. HENDERSON & CO.,
to
INC., Los Angeles
WOODCOCK, MOYER, ERICKE & FRENCH, INC., Philadelphia
Connecting Wire
*
to
i
Co.
NICHOLAS
&
Co^
E.
CRUTTENDEN, PODESTA & MILLER, San Francisco
Volume
196
Number 6216
.
.
.The Commercial and Financial Chronicle
'
1
FRAZIER, GARNET L.
BURKE, DAVID J.
Security Traders Association
Blunt Ellis St Simmons
A. G. Becker St Co.,
FREEMAN, SIDNEY
Irving Weis St Cp.
BUSCH, Jr., HENRY F.
First Securities Company of Chicago
FULLER, JOSEPH T.
William A. Fuller St
Trust
National
Bank
Boettcher
St
Company
CANCHOLA,
&
Incorporated
A.
Becker &
G.
CARLSON.
William
CASEY,
Co.
Incorporated
A.
&
Co.
Reynolds
i
Frank X« Cummings John P. O'Rourke, Jr.
Joseph P. Murphy
Norman H. Nagel
Vice-President: John P. O'Rourke, Jr., J. P.
Directors:
J.
Thomas
Driscoll, Brown Brothers,
Cushing Fitzgerald,
Harriman
&
Co.;
Sachnoff, Cook Investment Co.; Charles G. Scheuer, McKeown
&
Co.; John L. Schlipper, New York Hanseatic Corporation.
National
Committeemen:
Frank
X.
Cummings, Bear, Stearns &
Sachnoff, Cook Investment Co.; Robert C. Williams, Weeden &
Co., Milton J. Isaacs, Straus, Blosser & McDowell.
Alternates: Leonard Friedman, Boettcher and
Company; Edward
H.
Welch, Sincere and Company; Thompson M. Wakeley, A. C.
Allyn & Co.; John Robert Doyle, Doyle, O'Connor & Co., Inc.;
Star C. Koerner, F. S.
CHERRY. MICHAEL P.
GEORGE
(Members
In
located
Chicago unless
otherwise indicated)
J.
B.
BERNARDI,
Glore,
Porgan
ALDWORTH.
Salomon
St
BILLINGS.
J.
Hutzler
Ss
C.
Noyes St
A.
Doyle,
Roe
BLOIIM,
ALFRED E.
ANDERSON,
EDWARD
Co.
Co.,
&
MILTON
Inc.
A.
R.
BLUMENTRAL, HAROLD
ARTHUR, JOHN
BODEN,
David
A.
STEPIIAN
BACHAR,
Swift, Herke & Co.
BOEDEKER
A.
Dean
Betts, Borland St Co.
Ellis
BALLISCH.
A.
C.
JOSEPn
BOYLE,
G
Paine,
&
Inc.
First of
J.
Co.
Michigan Corporation
BAUM.
C.
Co.
J.
Boston
Brown
A.
F.
Eastman
Dillon.
Union
Securities
First Securities Company of
Henke St Co.
Chicago
HORMAN, BERNARD J.
A. G. Becker & Co., Incorporated
Allyn St Co.
HUMMEL,
Moseley St Co.
GEORGE
F.
First Securities Company
HUNTER,
WILLIAM
of Chicago
S.
Cruttenden, Podesta & Miller
R.
Incorporated
Company
HARVEY
W.
HALL, FRED K.
Dempsey-Tegeler & Co., Inc.
IIAMMELL.
Co.
First
I
HUTCHINSON, HERBERT A.
McMaster Hutchinson St Co.
ELMER W.
Securities Company
ISAACS, MILTON
of Chicago
J.
Straus, Blosser St McDowell
HARDY, EDWARD K. Ill
Blunt, Ellis & Simmons
JACOBSON, R. DONALD
Smith, Burris & Co.
HARMET, ALFRED A.
A.
A.
Harmet
&
Continued
Co.
on
page
H
Inc.
Langlll & Co.
CUMMINGS, FRANK X.
Bear, Stearns & Co.
PATRICK
Co.
J.
<►
Steams &
Bear,
«►
Underwriters
J.
•
Distributors
Incorporated
Stifel, Nicolaus & Company,
M.
Byllesby
Company,
and
Inc.
DAVIS,
A.
<►
<►
<►
I
CORPORATE
i*
THOMAS J.
Allyn St Co.
C.
::
<►
DAVY, THOMAS M,
Scott St Kegley. Inc.
ANTnONY L.
dePERSIO,
Roe St Farnham
Co.
De
Brothers
Hutzler
C.
FRANK
n.
M.
FRANK
G.
Byllesby and Company, Inc.
Noyes
St Co.
NEIL
Hill, Thompson & Co., Inc.
Young St Company, Inc.
Grand
&
F.
JOHN
YOUNG.
Rapids (Associate)
70 Wall Street,
RAYMOND
Goldman, Sachs St Co.
DIXON, W.
DONOVAN,
JOHN
P.
Telephone- WHitehall 44540
and Company
Doyle, O'Connor St Co., Inc.
DOYLE,
LFO
I
J.
Doyle, O'Connor St Co., Inc.
Le6
t
UWWVWUWWWWWWVWWWiHWWWWHWWWWWWUHUI
Higginson Corporation
Brown
[ HORNBLOWER AMD WE6K^]
New York 5, N. Y.
JOHN ROBERT
DOYLE,
THOMAS C.
DRISCOLL.
DWYER.
Harriman
Brothers
&
Co.
R.
DONALD
Dominick & Dominick
EGNER, Jr., ADOLPH C.
Shearson. Hammill St Co.
ELWELL, WILLIAM
Our Fortieth Year
1922
1962
C.
Loewi St Co., Incorporated,
Milwaukee, Wis. (Associate)
ENYART, CHARLES
Francis
I.
ERICKSON.
J.
P.
E.
Pont St
du
Co.
UNLISTED SECURITIES
RICHARD C.
O'Rourke
ERZRERGER.
Co.
St
ELMER W.
Smith, Burris St Co.
SPECIALISTS SINCE
1922
FARRELL, ARTHUR E.
James J. McNulty St Company
FEENEY, JOSEPH T.
Lee
Frorh Coast to Coast You
can
depend
People, the Ideas, the Facilities of...
Higginson Corporation
FEIL. PETER V.
Langill St Co.
INQUIRIES INVITED
FELLEGI, JULES
Chapman, Howe St Co.
FENTON, ARTHUR W.
Rodman
St
Renshaw
FITZGERALD. GERALD E.
HORNBLOWER & WEEKS
The First National Bank of Chicago
FITZGERALD,
William
1
CHASE MANHATTAN PLAZA, NEW YORK 5-DI 4-6600
**
**
i*
t»
i*
Dealers
Incorporated
DREYER, WILLIAM J.
the
32
CULLEN, CHARLES J.
DE
Hickey & Co., Inc.
BURCH,
on
Co.
St
IIORACEK, JEAN A.
D.
Bacon, Whipple St Co.
(Associate)
Devine St
C.
S.
GORDON
Co.
HACKER, JAMES T.
Co., Incorporated
Boettchei
Corporation
Co.,
&
S.
IIARRY M.
DULLER,
WILLIAM J.
&
Swift,
PETER
Illinois
Co.
HOLT. LESTER H.
HACK, Jr., JOHN J.
&
St
HOLMES, LOUIS A.
Straus, Blosser St McDowell
COONEY, W ALTER E.
Kidder, Peabody & Co.
Loewi
Co.
RAYMOND
HOFFMAN, HUGH F.
Eastman Dillon, Union Securites St Co.
Ky.
GUILD. DONALD J.
COOPER.
St
Ernst
Louisville,
GREGORY,
DETMER.
Weeks
BITIILE, Jr.. PHILIP
Bache St Co.
Cruttenden, Podesta & Miller
First
S.
Salomon
BAX, PAUL J.
Leason
&
CARMAN
BROWN.
GARY
Upham St Co.
NORMAN B.
BECKER,
Ernst
HOFER,
David A. Noyes & Co.
Inc.
FREDERICK J.
Cook Investment Co.
Hemphill,
Dempsey-Tegeler St Co., Inc.
J.
HOFER, CHARLES
THOMAS
HOWARD L.
McDougal St Condon), Inc.
G.
Hornblower
BROWN,
EDWARD N.
Harris,
St
Savings Bank
COOK.
Stein
BARTnELL.
Bank
BROKER, JAMES F.
BARRY, Jr., GEORGE E.
Paine, Webber, Jackson & Curtis
BARTII.
&
M.
McCormlck St Co.
National
DAVIDSON,
G.
BRISCOE, PAUL L.
Goldman, Sachs &
BARROWCLOUGH. GEORGE L.
Illinois
GRATZA, WILLIAM J.
St Co.,
DAUCHY, PETER
The Illinois Company
FABIAN
William Blair St Company
BREWER.
Co.,
&
Trust
Antonio, Tex.
(Associate)
HOELCK, THEODORE
GREEN, ARTHUR A.
Shearson, Hammill St
H.
EDMUND
Funk, Hobbs St Hart. Inc.
DARFLER. GLEN A.
Doyle. O'Connor St Co., Inc.
Curtis
JOHN
Walston
Forgan
BRADY,
HAROLD
Webber, Jackson &
BARONE,
F.
Co.
WALLACE
Glore,
Allyn & Co.
BARCLAY.
ROBERT
&
A.
Co.
CUNY, GERALD F.
Co.
Witter & Co.
Fahnestock
Simmons
&
L.
St
Salle Securities
San
C.
Graham-Conway Co..
(Associate)
CUNNINGHAM, BERNARD
Blunt Ellis St Simmons
BOYDE, STEPHEN
BAKER, GEORGE M.
Blunt
JOHN
Fahnestcck
Noyes & Co.
La
Webster Securities Corporation
GRAHAM,
RAYMOND V.
CUMMINGS,
ANDERSON, NOEL
Glore, Porgan St Co.
of Chicago
Cruttenden, Podesta & Miller
G.
Glore, Porgan St Co.
Francis I. du Pont & Co.
Co.
CRUTTENDEN. WALTER W.
Farnham
St
HIRSCHBERG, EDWARD
Company
Harris
Cruttenden, Podesta & Miller
Securities
O'Connor
Stein
Co.
Trust
CRUTTENDEN. JAMES R.
BLECHSCIIMIDT, EDWARD
ALM, WALTER
David
Co.
St
-1
,
J.
Stein Roe St Farnham Co.
GRAHAM, HOWARD F.
G.
Van Ingen
St
EARLE
Continental
Glore, Porgan & Co.
EDWARD
Columbian
Co.
RICHARD
Bros.
Borland
Betts,
D.
CROWLEY, TED J.
BERG, RODNEY M.
ADAMS, Jr., FRED E.
WILLIAM
CONLAN, PETER J.
Hornblower St Weeks
C.
BENNETT, DONALDSON, K.
A. C. Allyn & Co.
RICHARD
First Securities Company
GRAHAM, DAVID E.
Koehler & Co.
CONDON.
CORNELIUS,
ABE, JR., WILLIAM
Hallgarten St Co.
Stone
GOTT,
CECIL O.
Link. Gorman. Peck St
CONDON. JAMES
The
MEMBERS
York)
Goodbody St Co.
CORBUS. JOSEPH
OF
(New
GORDER, HENRY A.
E.
CONDIT,
Milwaukee, Wis.
Moseley & Co.
ROSTER
HICKEY
Corp.
COOLEY, WM. II.
Co.; John P. O'Rourke, Jr., J. P. O'Rourke & Co.; Morey D.
Co., Inc.
Hickey St Co., Inc.
HOBBS. WILLIAM G.
COCHRAN, LOREN A.
William Blair & Company
William Blair & Company; Morey D.
Chicago
Bache St Co.
Dempsey-Tegeler St Co., Inc.
Secretary: Joseph P. Murphy, Shearson, Hammill & Co.
of
HICKEY, III, MATTHEW J.
Co.
GOODWIN, JAMES E.
CLINE, THOMAS J.
Treasurer; Norman H. Nagel, Sincere and Company:
Hickey
R.
Freehllng, Meyerhoff St Co.
D.
Lehman Brothers
O'Rourke & Co.
Bank
L.
Henke & Co.
IIILLSTROM, RAYMOND W.
Floyd D. Cerf, Jr. Company.
Incorporated
CLEAVER,
Cummings, Bear, Stearns & Co.
JOHN
Swift,
HICKEY, Ji., MATTHEW J.
Investment
GOODMAN,
Chapman. Howe & Co.
President: Frank X.
Co.
Co.
St
The First National
HERZ,
(Associate)
Co.
CERF, Jr., FLOYD
McKeown
Webber-Simpson St Company
Renshaw
American Securities
J.
J.
HEALY, WILLIAM B.
'
GOLDEN, GEORGE T.
AUDRAN
&
A.
Bec|cer & Co., Incorporated
Cook
Doyle, O'Connor St Co., Inc.
CAVANAUGH.
G.
s»
.
HERMAN, FRANK
GLICKSON, ARNOLD
J.
FRED
Wm.
GEEL, DONALD A.
F.
Puller
A.
St
Rodman
*
HAWXHURST, Jr., RALPH R.
Co.
Halsey, Stuart & Co. Inc
MICHAEL
ROY
Company
GALLAGHER, JAMES P.
CANN, MAURICE J.
•
!
Tegtmeyer & Co.
HARTWIG. CARL A.
Link, Gorman, Peck
GALE, FRED O.
CANN, JULES F.
Lehman Brothers
CARIOSCIA,
Wm. H.
William A. Fuller St Co.
Co.,
Corporation
HART, JOSEPH E.
(
FULLER, Jr., WILLIAM
JOSEPn
McDonnell
and
York Hanseatic
New
FRIEDMAN, LEONARD
BUTLER, RAYMOND
Continental Illinois
Of Chicago, Inc.
HART, DONALD F.
Incorporated
BURKE, HERBERT J.
Cruttenden, Podesta & Miller
31
FLETCHER,
St
Company
DONALD
William Blair St
Members
New York Security
Dealers Association
T.
Company
FLYNN, CORNELIUS E.
The Northern Trust Company
ESTABLISHED 1888
JOHN J. O'KANE, JR. & CO.
CUSHING
J.
Blair
FLYNN, ROBERT M.
Scudder, Stevens & Clark Inc.
42
Broadway, New York 4, N. Y.
Phone—DIgby 4-6320
Teletype—212 571-1396
The Commercial and Financial Chronicle
Mr. &
Mr.
Mrs. Jack Wertheim,
Wertheim & Co., New York; John A. Bonham, First Alabama Securities,
Inc., Montgomery, Ala.; Mrs. & Mr. Robert L. Rosenbaum, Wertheim & Co., New York
MADARY,
Security Traders Association
Joseph
HAROLD A.
Hentz 8c Co.
M.
JANSHOFF, ROBERT W.
LANGE,
Dean
Harris Trust 8c
Witter & Co.
Kindred
&
F.
Co.
Childs
F.
and
Company
The First Boston
Win.
J.
Bros.
8c
Corporation
&
Boettcher
G.
and
Co.
MAYER,
Company
LEASON, HARVEY GLEN
Koenig, Keating & Stead, Inc.
Paine, Webber, Jackson & Curtis
&
LILLIG, EDWARD
LOCKHART, LEONARD
Blunt Ellis
Miller
&
White, Weld 8c Co.
SKEPNEK, Jr., PAUL J.
Taylor, Rogers 8c Tracy, Inc.
Byllesby and Company,
Incorporated
SMITH,
SACCO, ARTHUR C.
Webster, Marsh & Co.
SMITH, THOMAS P.
Cruttenden, Podesta & Miller
Cook Investment Co.
SMOLE, JOSEPH A.
Aubrey C. Lanston 8c Co.,
SACHNOFF, SAMUEL
Inc.
The First National Bank of Chicago
MOON, RUSSELL F.
SORENSON, OLAF A.
Hammill
8c
SADLER, FRED D.
Co.
Sadler
MOSHER, THOMAS
8c
Fahnestock 8c Co.
Co.
MORTON, HOWARD C.
KRELL, ROBERT B.
Bacon, Whipple 8c Co.
LANE, ROBERT W.
MacLEAN,
McMaster Hutchinson
The
Inc.
Co.
Wise.
JAMES
JAMES
H.
The Northern Trust Company
SAYRE,
Ira
Francis I.
du
Pont
&
Co.
K.
Haupt & Co.
STEAb,
Jr.,
JAMES
J.
Koenig, Keating, 8c Stead, Inc.
STEELE,
SCALISE, WILLIAM
Chicago Title & Trust Co.
GEORGE G.
Stewart,
Miller & Co., Inc.
Co.
NORMAN H.
Sincere
and
Company
NEWELL, EDWARD F.
Langill 8c Co.
s. weinberg,
NEWPART, CHRIS J.
Merrill
grossman
Lynch,
Pierce,
Fenner
&
Smith
CONVERTIBLE BONDS
Incorporated
NIETZEL, DONALD
& co.
Co.
Hornblower 8c Weeks
Jr., JOHN E.
Freehling, Meyerhoff & Co.
MURPHY, JOHN D.
A. C. Allyn 8c Co.
NAGEL,
&
LESTER W.
STACK. ALBIN
BYRON J.
SBERTOLI,
II.
MURPIIY, JOSEPH P.
Shearson, Hammill 8c
Carlton
Chesley & Co.
(Associate)
Dempsey-Tegeler & Co., Inc.
Allyn & Co.
A.
STACH,
SAWERS, ARTHUR R.
]Upham 8c Co.
MURPHY.
F.
Norris 8c Kenly
L.
MULLER, DONALD R.
Harris,
du Pont &
SPARKS, ALLEN K.
SANDBERG, LAWRENCE
8c Co.
Milwaukee Company,
Milwaukee,
LYNCH, PHILIP A.
Francis I.
GEORGE W.
Taylor, Rogers & Tracy, Inc.
SACHNOFF, MOREY D.
Co.
8c Simmons
SINCLAIR, RICHARD M.
H. M.
MILLER, WILLIAM EMORY
Stewart,
A.
MOFFAT, DONALD L.
Shearson,
LORING, FRANK E.
Aubrey G. Lanston & Co..
C.
Hutzler
RYAN, Jr., GERALD M.
Company
B.
Co., New York City
SIMMONS, RICHARD W.
8c
Halsey, Stuart 8c Co. Inc.
M.
LONGSTAFF, RALPH S.
Taylor, Rogers 8c Tracy, Inc.
Halsey, Stuart 8c Co. Inc.
Brothers
RUSSELL, MERTON
LONG, WILLIAM T.
William Blair 8c Company
DONALD
Salomon
Reynolds &
(Associate)
SILBERMAN, NATHAN M.
Straus, Blosser 8c McDowell
Hickey 8c Co., Inc.
Hutzler
McKinnon
DONALD
The First National Bank of Chicago
V.
Lamson Bros. 8c Co.
Moseley 8c Co.
/
ROOB. EDWARD A.
8c
&
SHFRWOOD,
CLARKE J.
L.
A.
Thomson
ROGERS, JOHN C.
Brothers
Henke 8c Co.
SHELTON,
Chapman, Howe & Co.
McNulty 8c Company
Miller. Tallman 8c Co-., Inc.
I
KOUGIAS, WILLIAM J.
Wm. E. Tegtmeyer & Co.
A.
ROBERTSON,
Mullaney, Wells 8c
Cruttenden, Podesta & Miller
Koenig, Keating & Stead, Inc.
Swift,
Incorporated,
(Associate)
Co.
J.
SHAW, BRADFORD W.
Milwaukee, Wis.
MII.LER, SAUL R.
LINDER, EVAR L.
Paine, Webber, Jackson 8c Curtis
KOERNER, STAR C.
8c
WILLIAM
Jr.,
Cook Investment Co.
MILLER, CHARLES
A.
The Illinois Company
SENNOTT,
M.
MEYERS, HENRY P.
Goldman, Sachs 8c Co.
Miller, Tallman 8c Co. Inc.
Becker 8c Co., Incorporated
(Associate)
KORY,
J.
Salomon
1
Reynolds 8c Co.
KOENIG, PHILIP F.
S.
C.
LIENING, EDWARD H.
The Marshall Company, Milwaukee, Wis.
F.
Fuller
A.
ROBERT
Loewi & Co.,
Smith, Barney 8c Co.
LIAUTAD, LEE J.
R.
Co.
KOCH, Jr., OTTO J.
«
James
GERALD L.
Allyn 8c Co.
SELLERS, PAUL A.
RILEY, WILLIAM T.
Incorporated
Co.,
McUUGH, JOHN D.
Blyth & Co., Inc.
KIPP, JOHN D.
A. G.
8c
MEYER, JULIAN L.
A.
Dempsey-Tegeler & Co., Inc.
JAMES
Yantis
McGREGOR, WILLIAM J.
William
LEWIS, HAROLD M.
Co.
Ralph W. Davis & Co.
MELL, HERMAN G.
KING, THOMAS E.
Weeden
F.'S,
Smith
LEWIS,
KEITH, CLYDE H.
Taylor, Rogers 8c Tracy, Inc.
RICE,
Moseley & Co.
LEVINE, HOWARD S.
Doyle, O'Connor & Co., Inc.
Dempsey-Tegeler & Co., Inc.
P.
La Salle Securities
McGHIE, Jr., GEORGE W.
Lynch, Pierce, Fenner &
Hayden, Stone & Co., Incorporated
KEGLEY, WILLIAM C.
KIPP,
Inc.
LEE, JOSEPH M.
KEENAN, WILLIAM T.
EDWARD
SEARLE, RICHARD M.
Hallgarten 8c Co.
White, Weld & Co.
F. S.
Incorporated
KEATING, JOHN JAY
RENIER.
D.
Dempsey-Tegeler & Co., Inc.
SCOTT, MORTIMER W.
Scott 8c Kegley, Incorporated
Inc.
REVELL, RAYMOND F.
McFARLANE, LAURENCE B.
LEAVEN, CARL D.
Merrill
Continental,
Milwaukee, Wise. (Associate)
Corporation
GIRARD
DONALD
SCOTT, JAMES H.
Blyth & Co., Inc.
Co., Incorporated
Kidder, Peabody 8c Co.
KAPPA, HARVEY H.
A. C. Allyn 8c Co.
Co.,
&
Wisconsin
McCOTTER, DONALD C.
LEASON, GEARY
Leason 8c Co., Inc.
8c
ERNEST A.
Lee Higgmson
Incorporated
Co.,
Mcdonough, joseph m.
KANE, VINCENT T.
Smith, Burris 8c Co.
Leason
Blair
Corporation
Wayne Hummer & Co.
LAURENCE V.
RANGE,
Co.
Hanseatic
SCHUBERT,
REED, ROY S.
Cruttenden, Podesta & Miller
P.
Benjamin Lewis & Co.
RATING, JOHN
|
Aubrey G. Lanston & Co., Inc.
Hayden, Stone &
Pressprich & Co.
York
SCIIOETTLER, F.
The Illinois Company
Incorporated
McKeown &
Hayden, Stone & Co., Incorporated
RAHN, FRED T.
N.
J.
SCHMITT, RUSSELL G.
Shearson, Hammill & Co.
RAMING, H. PHILIP
Becker 8c Co.,
R. W.
LEAHY, THOMAS
Co.
LAWRENCE
G.
New
Divine & Fishman, Inc.
MATZ, CHARLES T.
C.
LARSON, VERNON
LEROY
McKeown
A.
A.
INC.
C.
F.
INDUSTRIAL STOCKS
Allyn & Co.
NORTON, LAWRENCE II.
La
Members
N. Y. Security Dealers Ass'n
Salle Securities
a
Co.
REAL ESTATE SECURITIES
O'BRIEN, EDWIN P.
Sincere
Render
and
Company
O'CONNOR,
HUGH J.
Betts, Borland 8c Co.
brokerage service
#
.
all
in
Unlisted
Securities
OLDERSHAW, HALLOCK B.
Blyth
for Banks and Dealers
&
J.
Exchange Place, New York 5
Phone:
Inc.
O'ROURKE, Jr., JOHN P.
P.
O'Rourke
OWEN,
40
Co.,
Divine
&
DONALD
&
Co.
C.
Fishman
PAMPEL, HOWARD L.
Aubrey, G. Lanston 8c Co., Inc.
WHitehall 3-7830
Teletype No. 212 571-0219
r~
Ogden, Wechsler & Krumholz, Inc
PARISE, GEORGE D.
Shearson, Hammill & Co.
PEARSON, DONALD C.
Wm. H. Tegtmeyer 8c Co.
CORPORATE BONDS
ODD LOTS
—
ROUND LOTS
Contact
us
for bids
Brown
on
39
GEORGE
Brothers
$1,000 to $100,000
PHILIP, JR., JAMES G.
lee Higgins-n Corporation
YORK
Telephone
W.
Harriman
BROADWAY
NEW YORK 6, NEW
PEDERSEN, WILLIAM R.
Loewi 8c Co., Incorporated
Milwaukee, Wis. (Associate)
PETRIE,
Kelly,
SCHMITZ, JOHN F.
McKinnon
8c
PRUSIN, ROBERT S.
Investment Co.
MARR,
ROCCO, LAWRENCE
Lamson
JOHNSON, TOGE Y.
JOSEPHSON,
Cook
Blunt Ellis 8c Simmons
LA
Allyn & Co.
MARQUARDT, JEROME F.
LaPAK, RAYMOND F.
JOHNSON, JOHN B.
C.
PAUL I.
BANFORD B.
Langill 8c Co.
FREDERICK
C.
MANNING, JOHN MARA
Kidder, Peabody & Co.
LANGILL,
Hickey 8c Co., Inc.
Barcus.
Savings Bank
Smith, Barney & Co.
JANUS, ERNEST A.
JOHNSON,
A.
WILLIAM H.
LANE,
Thomson
J.
SCHLIPPER, JOHN L.
ROBERT A.
PRINDIVILLE,
Edward
Mrs.
Julien Collins & Company
Wayne Hummer 8c Co.
MAHER, RAYMOND A.
Continued from page 31
Wm.
PORTER, HAROLD
Incorporated
MEMBERS
&
SCIIEUER, RONALD C.
Cook Investment Co.
,■■■
Thursday, November 29, 1962
SCHEUER, CHARLES G.
Cruttenden, Podesta & Miller
Byllesby and Company,
.
Smith, Newburger & Company, Philadelphia; Mr.
Carl M. Loeb, Rhoades & Co., New York
POLLICK, JOHN P.
MAGEE, MARTIN L.
H.
£.
PODESTA, ROBERT A.
Glore, Forgan 8c Co.
Of Chicago, Inc.
OF
Mrs.
MADDEN, ROBERT T.
H
ROSTER
&
.
.
&
Co.
T eletype
HAnover 2-5865
212-571-1175
Volume
Mr.
&
Mrs.
Number
196
G.
Walter
The
6216
.
.
33
Thp Commercial and Financial Chronicle
.
Mr. & Mrs. Howard Snyder, The Ohio Company, Columbus, Ohio; N. Clayton Lee, United Securities
Company, Greensboro, N. C.; J. F. Stephens, Texas Fund Management Company, Houston, Texas
Mrs. Lex Jolley,
Mason, Mason & Lee, Inc., Lynchburg, Va.; Mr. &
Robinson-Humphrey Company, Inc., Atlanta, Ga.
!'
Swift,
Henke 6c
Bond Club of Syracuse
Co.
STONER, HARLEY H.
Halsey, Stuart 8c Co.
ALBERT
Inc.
STRAUS, FREDERICK W.
3traus, Blosser 8c McDowell
Incorporated
The First National Bank of
STANLEY
TEGTMEYER,
Wm.
H
C.
A.
WILLIAM
II.
Upham
Co
8c
THOMAS, ROBERT W.
P.
J.
Investment
6c
Co., Skokie,
Russell C. Carlson
Richard
Vice-President:
111.
Marshall W.
Day
Feldman, R. W. Pressprich &
Russell
C.
Carlson,
Onondaga
County
Savings
McCormick
&
R.
Jr.,
GAIR
—
WESTCOTT
TRINKAUS,
William
Co.
MERTON E.
Merchants National Bank 8c Trust
Co.
A.
C.
&
ROSTER OF MEMBERS
Co.
S.
—
Company
First
CLOSE.
DR.
COATES,
MEULEN, JOHN W.
& Co.,
<
JAMES
A.
National
ALAN
Bank
&
Trust
-
Reynolds & Co.
COULTER, FRANCIS
WAHLQUIST, GEORGE R.
Marine
8c Co.
Henke
&
Foster
W.
C.
Hugh
R.
Co.
Co.
WILSON, HARRY J.
Harry J. Wilson 8c Co.
H.
Douglas
Chicago
LEONARD J.
G. Becker & Co. Incorporated
Company,
&
GRABAU,
Co.
New
acquisition, diversification9 product
of
York
■
fif
'
'
A.
Goodelle
Co.
development and market expansion
ALVIN J.
1IEATON, CHARLES
First
T.
Albany Corporation
HEFTI,
Stifel, Nicolaus & Company, Incorporated
YOUNG, RAYMOND W.
La Salle Securities Co.
-
ROBERT
First Trust & Deposit Co.
HIMBERG.
HOWARD F.
George D. B. Bonbright 8c Co.
ZEBELL, ELMER
Baird &
cosmetic and toiletries
Grabau-Buchman, Inc.
CIIAPIN N.
"JV.
new
manufacturer pledged to growth through
WILLIAM II.
Central
exciting
MICHAEL
Marine Midland Trust Company
Clarence
FRANCIS C.
and Company,
(Associate)
YORK
Co.
GOODELLE, CLARENCE A.
WOUK, THEODORE E.
The First National Bank of Chicago
Wise.
NEW
Hemphill, Noyes & Co.
P.
Co.
Incorporated
Robert
—an
Inc.
GLUSHKO. JOHN R.
Byllesby
WRIGHT,
&
GLEAZEN,
Jr.,
M.
Pressprich
GEORGIANNI,
WINTERHALTER, LEROY F.
The First National Bank of
WOOLARD,
W.
G.
&
RICHARD
First Trust & Deposit Co.
Co.
8c
INC.
D.
GEHM, GEORGE W.
WILLIAMS, ROBERT C.
Dean Witter
PRODUCTS
Co.
FRANKLIN, HOWARD
First Trust & Deposit Co._
WIERENGA, RICHARD H.
WOLTER, ARNOLD
DREW
Johnson
FELDMAN.
A.
WERNECKE, RICHARD
A.
*
Langley & Co.
EASTMAN.
WEINBERG, SHELDON
A. G. Becker & Co., Incorporated
8c
M.
& Adams
DIETZER, DONALD
Company
J. Vincent 8c
ERNEST
DEAN, VICTOR
V.
O'Connor & Co., Inu.
Vincent &
jl\a\axwt
George D. B. Bonbright & Co.
Co.
WELCH, EDWARD H.
Burton J.
of
Company
DAY, MARSHALL W.
D.
WAUCHOP, RAYMOND
and
Q.
Trust
York
George D. B. Bonbright &
WILLIAM J.
WALSH, THOMAS
New
CUMMINGS,
Allyn & Co.
WALDWEILER,
Midland
Central
WAKELEY, THOMPSON M.
WOLF,
Co.
F.
Albany Corporation
COPELAND, HARRY C.
Racine, Wis.
(Associate)
•Weeden
SMITH, LEO V.
Leo V. Smith 8c Co.
Albany Corporation
EDWARD V.
Ver Meulen
Burton
Inc.
Onondaga County Savings Bank
First
Sincere
Co.,
Reynolds & Co.
John Nuveen & Co.
Doyle,
&
WESLEY M.
Merchants
Swift.
Simon
Smith, Bishop 8c Co.
SAMUEL F.
Jr..
K.
SMITH, EDWARD J.
Bonbright & Co.
CARY, DANIEL W.
Cartwright, Valleau 8c Co.
C.
Co.
CARLSON, RUSSELL C.
VALLEAU, HARRY O.
VALLELY,
A.
&
Reid, Bullock & Co.
C.
Cruttenden, Podesta & Miller1
Weeden
JOHNSON, ORLIE D.
JOOR.
BULLOCK, Sr.. EDWARD J.
VAILE, JOHN P.
A. C. Allyn & Co.
Ver
KARL B.
Rollins
Smith, Bishop 8c Co.
THOMAS
JAMES
B.
Hugh Johnson & Company, Inc.
BISHOP,
Public Bond
VACUA,
and
BILLINGS, PEARNE W.
Allyn & Co.
UHLARIK,
First
Fuller
A.
Bank
National
SIMON, LEE K.
BICKELHAUP, Jr., ALBERT C.
Hemphill, Noyes & Co.
McDowell
8c
DANIEL
DALE A.
TUREK,
Co.
T.
Trust
K.
January 15, 1962; Took Office: January 15, 1962; Term
George D'. B.
Blosser
Straus,
8c
Y.
WILLIAM
ROLLINS,
Expires: January, 1983.
Chesley 8c Co.
TRAINOR,
Noyec
KENNETH
REIGAL,
L.
TOURTELLOT,
Hemphill,
SARVAY,
Elected:
Co.
N.
Lincoln
Secretary: John R. Glushko, Hemphill, Noyes & Co.
S.
Peck & Co.
GEORGE
TORREY,
Hugh Johnson & Company, Inc.
WILSON, J. HOLDEN
ROBERTS, JAMES
Treasurer: Marshall W. Day, George D. B. Bonbright & Co.
FRANK
Gorman.
Inc.
Syracuse Savings Bank
Glore, Forgan & Co.
Link.
Tiffany,
TORMEY, Jr., JAMES C.
POZZI, FRANK
RAMAGE,
Co.
Co.
LESTER J.
TORGERSON,
L.
C.
WALTER L.
PLUME,
John R. Glushko
Bank.
W.
RALPH
Devine
Company
TIFFANY, DONALD L.
Albany Corporation
Solvay,
President:
Incorporated
THORSEN,
Trust
York
Lincoln National Bank & Trust Co.
Richard Feldman
Byllesby and Company,
THOMPSON,
Midland
S.
(Honorary)
Hugh Johnson & Company, Inc.
y
THOMAS, JOHN
Thomas
Marine
PIRAINO, JOHN P.
Co.
8c
Co.,
Milwaukee,
>
HOWARD,
CHARLES
N.
Hayden, Stone & Co.,'Incorporated
—a
company
*
•
TICKNER, RULAND L.
Donald
First
GLEN J.
Harris.
'*
THORNE, WILLIAM J.
PELLENZ, MARVIN
Inc.
Allyn 8c Co.
H. M.
Company, Inc.
Foster 6c Adams
I.
and Company,
Teertmeyer
Co.
Lincoln National Bank 8c Trust Co.
Inc.
Langley & Co.
Post-Standard
TERO, ROBERT J.
THOMA,
8c Company,
NEWER, BERNARD
Inc.
Co.,
&
&
STONE, WILLIAM V.
G. NORBERT
Hayden, Stone & Co., Incorporated
Chicago
B.
O'Connor
8c
MORE, DON S.
STRONG, ORVILLE IJ.
Stanley fewiech
C.
Bishop
Johnson
Central New
Glore, Forgan & Co.
SWIECH,
Smith,
Hugh
MILES, JOHN P.
W.
KENNETH
Herald Journal (Honorary)
ROBERT B.
STONE, JUNIUS B.
Lapham & Company
Hugh Johnson
Hayden, Stone & Co.,
STRONG, DONALD W.
ROV
H.
LeVEILLIE;
STRAUSS, ROBERT
Doyle,
STOLZ,
LAP1IAM, BEVERLEY H.
B.
Snyder and Co.
The Syracuse
Reynolds 8c Co.
E.
W.
SPARROW,
WILLIAM G.
IvULLE,
National Boulevard Bank of Chicago
SUNDELL.
E.
Bache & Co.
KOZLOWSKI, RICHARD
Onondaga County Savings Bank
STRAIT, WALTER L.
Swift, Henke & Co.
STRATZ,
SNYDER, EVERETT W.
KLIMCZAK, STANLEY F.
STEFFES, JAMES W.
with management in
of
34
The Commercial and Financial Chronicle
Twin City
BUSHER, HERBERT W.
Security Traders
Caldwell
BUTLER,
HENNINGS, HENRY B.
Northwestern National
Phillips Inc., St. Paul
Naftalin
Co.,
&
C. D.
Inc.
WILL
Midwest
CLAREY,
Planned
Investments,
Inc.
&
M.
Dain
&
Co.,
Merrill
Lynch,
Incorporated
Pierca,
Fenner
&
Smith
Continental
National
DALE,
DAVIS,
I
Bank
THOMAS
Kalman &
Inc.
of
Minneapolis
Smith,
Jerry EtsHokin
De
MOSS,
Harris,
President: Robert Davis, Piper, Jaffray & Hopwood.
KNOX,
Juran
C.
&
Moody
Co.
St.
Fenner
Paul
KOOP, Jr.,
Piper,
Smith
&
EGGEN,
Inc.,
St.
Paul
GEORGE T.
Northwestern
Expires: October, 1963.
Paine,
Eank
of
Jackson
SAMPAIR, JOSEPH H.
Sampair & Egan, Inc.,
Curtis,
&
Minneapolis
Securities
Inc.
Sampair & Egan,
Jackson
CHARLES
Kalman
Financial
WILLIAM
ROSTER
OF MEMBERS
Ets
unless
BABCOCK,
Jr.,
CARROLL
H.
MALCOLM M.
M. H.
Dean Witter & Co.
BAER,
ANDERSON, DONALD
-"-fV
J.
First National Bank
of St.
Paul
Harry
A.
Anderson
Company
&
BERGMAN,
Co.,
M.
Dain
&
Co.,
Service
WARDWELL
FULLER,
E.
Company
AUEL,
DONALD
& Company,
Kalman
Merrill
AWS,
KENNETH
D.
BORIN,
Paine, Webber, Jackson & Curtis
St.
Paul
Rockier
&
Co.
Co.
Securities
Sec irities
&
Bank
BRATTER,
Bratter
Research
of
M. H.
Corp.
C.
D.
MASEK,
A.
M.
JOSEPH
H.
E.
J.
Co.,
P.
M.
BURNSTAD, JAMES W.
Continental
"
Securities
H.
Bishop &
HAZEN,
MEEKS,
M.
GEORGE
Dain
MILLER,
Co.
HOWARD
&
&
MOBERG,
&
KEITH
Midwest
H.
Naftalin
THOMTON,
Investments.
H.
NEIL T.
& Co.,
Inc.
National
ULRING, HAROLD
VERHEY,
J.
of
Minneapolis
New
HOWARD
Securities,
EXCHANGE
PLACE,
JERSEY
Telephone HEnderson 5-6005
CITY
2,
N. J.
Teletype 201 432-6786
Jamieson
&
&
DARBY
Midwest
Planned
WICHMAN,
PAPPAS, GEORGE
M.
Blyth & Co., Inc.
H.
Kidder,
DALE
St.
Paine,
DEALERS.
Inc.,
WOOD.
National Bank
of
(
THURSTON
Podesta
Cruttenden,
&
Miller
YORK, ROBERT W.
AL
Webber,
Jackson
&
Curtis
PHILIPPINE SECURITIES
•
W.
PAUL
Minneapolis
-
Paul
PLUMLEY,
BANKS. BROKERS
R.
WILBUR
Blyth & Co., Inc.
WOLF,
Northwestern
SPECIALISTS IN
Inc.
Peabody & Co.
WITTENBERG,
Pewters, Donnelly & Jansen,
FOR
Investments,
W.
E.
Bishop & Co.
WIKMAN,
PEWTERS, WM. R.
UNLISTED SECURITIES
Curtis
*
ROBERT
Co.
PETERSON, GLEN R.
Craig-Hallum, Kinnard, Inc.
Wellhuna
Jackson
Company
WHELAN,
GEORGE
Witter
New York City, WOrth 2-4578
Cable Address:
Corp.
KELLY
Webber.
Paine.
Piper, Jaffray & Hopwood
to
Securities
HARRY W.
Webber, Jackson & Curtis
WEIDENHAMMER,
G.
PECK, ROBERT P.
Open End Phone
FRANK A.
Warner
WEHNES,
Inc.
Witter & Co.
OSTROM,
Dean
15
Inc.
Co.,
&
WEBSTER,
Co.
O'CONNOR, WILLIAM
Dean
Inc.
JIM
Dain
M.
WARNER,
Member
Security Dealers Association
Jersey Association of Investment Dealers
Securities
Continental
Co.
Bank
Bishop &
O'CONNELL,
York
Inc.
Co..
&
DALE
Continental
Neiv
Inc.
IRVING L.
Naftalin
Paine,
1940
Investments,
Inc.
Frank
M.
JOHN
Planned
Midwest
Planned
Incor¬
porated
NORQUIST, CHARLES
First
Inc.
GEORGE H.
and
Company,
Byllesby
M.
TURNER,
OBERG,
Inc.
Co.,
Securities
Continental
STILLMAN,
\
Inc.
W.
NEUBERGER, JOHN
Hemphill, Noyes &
WELLINGTON HUNTER ASSOCIATES
&
R.
Company,
MORAN, DANIEL
Paul
Inc., St. Paul
Company,
JOHN D.
Steichen
J.
STEVENS, JOHN
«
Craig-Hallum, Kinnard, Inc.
DANIEL
&
STEICHEN,
Inc.
Co., St. Paul
JOSEPH
Kalman
NAFTALIN,
EST.
HARRY W.
STARN,
N.
Co.
JOHN
MILLER,
John Nuveen & Co., St.
Co.
SOUBA, FREDERICK J.
Piper, Jaffray & Hopwood
Co.
McNAGHTEN, ROBERT S.
Williams-McNaghten Co.
R.
Reynolds & Co.
Inc.
of Minneapolis
SORUM, KERMIT B.
Allison-Williams Company
Kalman
Inc.
HARVEY, ROBERT
Kidder, Peabody & Co.
Inc.
Bank
Hammill &
Shearson,
McKENDRICK, EDWARD J.
Inc.
Securities
Prescott &
P.
SORUM, DAVID
Inc.
McCRANEY, ROBERT A.
Piper, Jaffray & Hopwood
LES
HAMMEROT,
Paul
SMITH, JACK
GRANT, RICHARD M.
BUNDY, MAHLON C.
Cruttenden, Podesta & Miller, St. Paul
&
E.
Securities
John Nuveen
THOMAS
WILLIAM
Irving J. Rice & Company, Incorporated
DENNIS
Continental
1
Inc., St. Paul
& Company,
First National
WILLIS
Continental
BROWN, RICHARD L.
Halsey, Stuart & Co., Inc.
Naftalin
Kalman
Bishop & Co.
McCAULEY,
Bishop & Co.
GORDER,
LLOYD
SIVERSON,
SMALLEY,
St.
J.
BURNS,
,
MAVROULIS, PLATO A.
Craig-Hallum, Kinnard, Inc.
Co., Inc.
Paul
SHUTE, PRESTON B.
Shearson, Hammill & Co.
D.
Mahoney & Co.
Co.
Inc.,
Jansen,
Pewters,
St.
•
MAHONEY, JOSEPH C.
GORDEN, WILLIAM
Continental Securities
Minneapolis
Inc.
Co.,
&
MELVIN M.
Donnelly &
SHEAR,
JAMES
BRIAN
Mahoney & Co.
MAHONEY, CORNELIUS
C. D. Mahoney & Co.
I
JOHN
Dain &
SEMPF, WALTER J.
First National Bank of St. Paul
Minneapolis
Marquette National Bank
Inc.
BEN
&
D.
i
& Smith
Lynch, Pierce, Fenner
Incorporated, St. Paul
of
Hopwood
GEARINO, ERNEST R.
W.
National
MAHONEY,
C.
RAY B.
GIESEN,
GARRETT
First
AWS, ROBERT
Vernon J.
J. M.
LECGHTON
National
BOSS,
Inc.
ANDREW
Prescott
Bank
MACH, ROBERT F.
Piper, Jaffray & Hopwood
MARY.
Continental
J.
GARCLA,
BOLSTAD, JR., LESTER
Inc.
&
HUGH
GALLAGHER,
BISHOP, MORLAN H.,
M. H. Bishop & Co.
Hemphill, Noyes &
Co.,
Inc.
SCHWAHN, STEPHEN
Reynolds & Co.
Blyth & Co.. Inr.
York City
OSCAR M.
BLUMBERG,
Inc.
&
Jaffrav
FERGUSON.
New
ATHA, AL
J.
Dain
Piper,
ANTHONY
JR.,
Allison-Williams
ANDERSON, HARRY A.
M.
JERRY
National
St. Paul
Inc.,
Company,
SCHAPS, NICHOLAS V.
J. M. Dain & Co,, Inc.
Reynolds & Co.
First
FELDMAN, GRANT A.
HOWARD,
Bishop & Co.
Andresen
N.
HOKIN,
Piper. Jaffray & Honwood
BABCOCK,
ALDRICH,
C.
Bardon Higgins & Company, Duluth
I
(Members located in Minneapolis
otherwise indicated)
HARRY
JR.,
&
SANDER, ROBERT
Juran & Moody, Inc., St. Paul
Curtis
&
V.
St. Paul
RICHARD D.
SANDAHL,
W.
Hopwood
&
MacDONALD, WILLIAM
ERVIN,
Curtis
SAMPAIR, TOM
,
WILLIAM
Imperial
Inc.
JOHN D.
Harris, Upham & Co.
Webber,
LEWIS,
National
Co.
kUBEL,
Jaffray
KROGNESS,
PATRICK
Incorporated
C.
Securities
CHESTER M.
Webber, Jackson &
P8ine,
KRISA, BOB
R.
Sampair & Egan,
1962; Took Office: October 25, 1962; Term
Pierce,
Webber,
EGAN,
Treasurer: John Coulter, First National Bank of Minneapolis.
Inc.
ROWND,
FRANK
Continental
Inc.,
Investments,
JEP
KOCON,
ROBERT
Continental
Paul
DONOVAN, JOHN T.
M. H. Bishop & Co.
Secretary: Richard M. Grant, E. J. Prescott & Co.
October 25,
Upham &
Lynch,
Paine,
St.
DONNDELINGER, JERRY
Vice-President: Jerry Ets Hokin, J. M. Dain & Co., Inc.
Elected:
CHARLES
ROCKLER, VERNON J.
Vernon J. Rockier &
Incorporated
& Co.
,
ROOSEN,
Planned
Merrill
G.
Barney
Curtis
&
KLEMOND, EMIL J.
Piper, Jaffray & Hopwood
Paul
Irving J. Rico & Company,
MYRON
Midwest
M., Jr.
DAYTON, LEONARD V.
Robert Davis
Jackson
Webber,
KIRKEBY,
Co.
RICE, KENNETH L.
KINNARD, JOHN G.
Craig-Hallum, Kinnard, Inc.
Company, Inc.
ROBERT
Bishop &
Irving J. Rice & Company, Incorporated,
st.
Investments Inc.
Diversified
Western
Paine,
Securities
COULTER, JOHN T.
First
Paul
H.
RICE, ALAN H.
Paul
St.
KELLER, HENRY
COTTER, JAMES
'
Inc.,
KAROS, PETER A.
COLE, JR., LYMAN W.
Paul
REINHARDT, DONALD
& Co.
Phillips,
St.
Pewters, Donnelly & Jansen, Inc.,
St.
KjENNETH C.
Caldwell
Co.
CARL
RAUCHWARTER,
Smith
&
JOHNSON, HARRY B.
Inc.
&
National Bank,
American
Fenner
W.
Prescott
J
PRICE, WILLIAM T.
M.
COHEN, MERRILL M.
J.
E.
,
Mahoney & Co., Inc.
Smith, Barney
Clarey, Inc.
E.
PRESCOTT,
JACKISH, GEORGE V.
Merrill Lynch, Pierce,
Incorporated
JOAS,
JOHN M.
Keenan
PREESHL, F. WARREN
Juran & Moody, Inc., St. Paul
of
HOSTETTLER, WILLIAM
CARLSON, RICHARD
CHASE,
Thursday, November 29, 1962
.
Minneapolis
JAMES
Paine, Webber, Jackson & Curtis
Association, Inc.
Bank
.
.
Craig-Hallum,
More Than 60 Years
Kinnard, Inc.
of Efficient and
Economical Service
& NEW ISSUES
?
as
tracer agent
:in
New York, N.
Tg and Jersey City, N. J.
vxj:vXv:v>.
.
S.WIEN & CO. INC
1
EXCHANGE PLACE
We afford economies and othet aoyantages to
underwriters, distributors, corporations
and their
JERSEY CITY 2, N. J.
Write
Established 1919
for
our
stockholders!
free booklet setting forth the Current Federal
and State Stock
Original Issue and Transfer Tax Rates.
Members New York Security Dealers Association
v« •
Registrar
TRADING
DEPT.: N.Y. BA 7-4300-12
CASHIER'S DEPT.: N.Y. BA 7-6740-44
J.C. HE 5-9400-02
J.C. HE 5-0420-1
Teletype: 201 432-6627; 201 432-6628
and
.yX-X-X'X*XvX'X%%*>X*^
Transfer Company
50 Church Street
NEW YORK 7. N.Y.
Established
1899
BEekman 3-2170
15 Exchange Place
JERSEY CITY 2, N. J.
!
HEnderson 2-2211
WHitehall 4-3775
Volume
196
Number
6216
.
.
The Commercial and Financial Chronicle
.
♦CRAWFORD.
Securities Dealers of the Carolinas
G. H.
35
Jr., GEDDINGS H.
Columbia, S. C.
♦SHELTON, K. M.
Crawford Co., Inc.,
North Carolina
Charlotte,
♦CURRY, Jr., RAVENEL B.
Citizens Trust
Securities
Charlotte,
N.
North Carolina National
Corporation
Frank
The
♦SMITH, Jr.,
Dick
PAUL C.
Robinson-Humphrey
Columbia,
S.
Company,
Inc.
C.
Securities Corp.,
Securities
Greensboro,
N.
C.
♦DOHERTY, Jr., JOHN S.
McAlister, Smith & Pate,
Greenville, S.
Parks H. Dalton, Jr.
G. Lewis Nichols
James F. Gallivan
♦DULIN,
R.
Charlotte,
President:
Geddirigs
H.
Crawford, G. H.
Crawford &
Co., Inc.,
ERWIN
N,
Vice-President: Parks H. Dalton, Jr., Interstate Securities Corpo¬
ration, Charlotte, N. C.
Selected
Securities
Corporation,
Gallivan,
Alester G.
Furman
Co., Green¬
ville, S. C.
October, 1963.
i
R.
ROSTER
MEMBERS
OF
S.
North
Company,
Alex.
HENRY
Jr.,
Brown
&
J.
N.
C.
Greensboro,
♦HUNT,
JAMES G.
Carolina Securities Corporation
N. C.
Jr.,
CALHOUN
H.
Company
♦CLANTON.
Smith.
ROY
GRADY
N. C.
♦YEAMAN, JOHN W.
Martinsville, Va.
Asheville,
G.
Investment
•Also
Co., Inc.
Traders
members
of
the
National
Security
Association.
Salisbury, N. C.
F.
Co.,
Inc.
SMITH
&
Banking & Trust Co.
CLEMENS
Chapel
MARSHALL
H.
Greensboro.
N.
C
Securities Corp.,
Greensboro,
♦KLUGH,
N.
Jr.,
C.
ARTHUR
M.
electricity ?
I
&
C.
•LAWRENCE,
?
?
S.
Branch
Banking & Trust Co.
Wilson, N. C.
CLAYTON
N.
Securities
United
Company
SIMON
♦LEWIS,
Co.
Greensboro,
N.
C.
McDANIEL
McDaniel Lewis & Co.,
Greensboro, N. C.
COMPANY
&
Hill,
♦CRABTREE,
N.
S.
♦LEWIS,
C.
The
COLEMAN
United Securities Co.,
C.
inventory of
an
C.
N.
McDaniel Lewis & Co.,
♦LEE,
MELVIN
Clanton
Greensboro. N. C.
Wilson, N. C.
•BEMAN, C. E.
Laurinburg, N.
COMPANY
&
Spartanburg. S. C.
•fcATTS, WALTER E.
Branch
Inc.,
How do you take
L.
Furman
Anderson, S.
J. Sturgis May & Company
High Point, N. C.
Raleigh, N. C.
Barnwell &
Charleston, S. C.
Sons
CORPORATION
ERNEST
Alester G.
Allied
•BROWN, FRANCIS P.
♦BARNES,
Huger,
S.
&
Inc.
Co.,
Klugh & Company, Inc.
WILLIAM
BEN
Brown
♦JOYNER, ARCHIE B.
Spartanburg, S. C.
Asheville,
Jr.,
Alex.
Sons
♦BLAYLOCK, Jr., HARRIS E.
McCarley & Company, Inc.,
Carolina
•BARNWELL,
♦WILLIS,
Asheville,
INC.
C.
SECURITIES
Gastonia,
♦BLACKFORD,
♦BAIN, WALTER, E.
Securities
Inc.,
SALES,
Ala.
Greenville, S. C.
Interstate Securities Corporation
Charlotte. N. C.
United
STREET
Birmingham,
Charlotte, N. C.
Durham, N. C.
♦HARDIN,
♦JOHNSON,
Jr.,
C.
Carolina
Southern
S.
Wilmington,
Investment
JACKSON
—
WILLIAM
Carolina
♦THOMAS,
LAWRENCE
E. L. Hardin & Co., Inc.,
Elected: October, 1962; Took Office: October, 1962; Term Expires:
•ABERNETHY,
North
Charlotte, N.
FIRST
F.
Greensboro, N. C.
CORP.
♦EWING, F. E.
Carolina
Nichols,
Raleigh, N. C.
Treasurer: James
Charlotte, N.
TRUST COMPANY
♦WARMATH, JOHN T.
Equitable Securities Corporation
Bank,
SECURITIES
•SUDDETH, JOSEPH
McCarley & Company,
Inc.
Investments,
Southern
Lewis
G.
Co.,
C.
Jr.,
National
&
Winston-Salem, N. C.
Winston-Salem,
CO.
&
♦EVERETT,
WACHOVIA BANK
Charlotte, N. C.
North
Durham, N. C.
Columbia, S. C.
Secretary:
C.
&
♦VAUGHAN, M. H.
Vaughan and Company
Wilmington, N. C.
S.
♦STEVENSON, EDNA
McCarley & Company,
WALTER L.
Dickson
S.
Inc.
Carolina
SOUTHEASTERN
1
G.H.Crawford
Inc.
Company,
Merle-Smith
&
North
Greensboro, N. C.
Co.,
&
C.
FRANK
Columbia, S. C.
♦SMITH, JOHN CLAYTON
Smith, Clanton & Co., Greensboro, N. C.
♦DIXON, ROBERT B.
United
♦VANCE, THOMAS M.
Vance Securities Corporation,
Greensboro, N. C.
♦SMITH, MICAH J.
♦DEATHERAGE, RALPH E.
Allied
Greensboro, N. C.
Smith
S.
Columbia, S.
L.
Dargan & Co., Spartanburg, S. C.
♦deTREVILLE,
•VANCE, Jr., CHARLES R.
Vance Securities Corporation
Bank
♦SMITH, FRANK S.
C.
ROBERT
R.
Securities Corporation
Greensboro, N. C.
United Securities Co., Rocky Mount, N. C
GEORGE B.
Frost, Read & Simons, Incorporated,
♦DARGAN,
CHARLES
Vance
♦SHRAGO, WILLIAM S.
C.
S.
Bank
Charlotte, N. C.
♦DANIELS,
Charleston,
•VANCE,
National
C.
•SHERIDAN, J. R.
Company
Greenwood, S. C.
♦DALTON, Jr., PARKS H.
Interstate
N.
RICHARDS
C.
Robinson-Humphrey
Inc.
Company,
Charleston, s. C.
Sanford, N. C.
♦LITTLE, REX D.
,
Vaughan and Company,
North
H
G.
Wilmington,
Carolina
♦LUCAS,
JENNINGS
D.
Crawford Co., Inc., Columbia,
S. C.
♦LUNSFORD, DEDRICK
R. S. Dickson & Co., Inc., Charlotte,
North Carolina
MALCOLM
♦MANNING,
V.
M.
M.
Manning & Co.,
Greenville,
♦MATTHEWS,
Inc.,
C.
S.
DAVID
A.
Southern Investment Co.,
TRADING SPECIALISTS
Inc.
Charlotte, N. C.
STURGIS
J. Sturgis May & Company
High Point, N. C.
♦MAY,
in
Units and'their pieces
J.
♦MAY, LOIS
J.
T.
Sturgis May & Company
High Point, N. C.
JOSEPH F.
Greenville,
♦McALISTER,
Joe
First Chelsea Corporation
McAlister Co.,
McCarley & Company,
Asheville, N. C.
CHARLES
♦MENEFEE,
S. C.
NATHAN
♦McCARLEY, Jr., J.
Inc.
E.
The
Robinson-Humphrey Co., Inc.
Charleston, S. C.
PIERCE, FENNER
MERRILL LYNCH,
50 Broad
Street, New York 4, N. Y.
Cashier:
DI
4-0826
Teletype 212 571-0012
INCORPORATED
SMITH
&
Columbia.
C.
S.
MILLS, HENRY T.
Greenville, S. C.
These
SECURITIES
NATIONAL
DIgby 4*0350
Niagara Mohawk engineers dp it
Electronic Power Network
Rutherfordton, N. C.
Interstate
OLIN
Securities Corporation
Charlotte,
N.
♦NISBET,
W.
Jr.,
C.
from hour
the
M.
EDGAR
♦NORRIS,
most
to
hour, the generating sources that will provide
efficient and
economical power
1,374,000 electric and gas
C.
S.
♦OSTEEN, MARGARET B.
J. Sturgis May & Co., High Point, N. C.
♦OWENS, RICHARD
J. Sturgis May & Co., High Point, N. C.
♦PAGE, RICHARD L.
BANK
STOCKS
McCarley & Company,
Asheville, N. C.
♦PEARCE.
R. S.
Jr., P.
Dickson
J. Lee Peeler &
Durham, N.
P.
Inc.
Company, Inc.
C.
1
CHASE MANHATTAN
NEW YORK 5,
CO., INC.
PLAZA
R.
S.
LOGAN
Charleston,
N. Y.
Telephone:
Teletype:
HA 5-6600
212 571-0768
V.
H.)
N.
♦ROLLINS, Jr.,
&
to
the
Jr.,
S.
area
companies in New York,
England, Pennsylvania and Canada
use
Niagara Mohawk
"clearing house" for the interchange of
&
Installation
of the
an
power
between
Electronic
invaluable aid here, too.
Power
Network
one
Co.
more
way
Analyzer
Niagara Mohawk is alertly keeping
Eye To The Future.
J.
FLOYD
Greensboro, N. C.
JOSEPH
C.
MOHAWK
NIAGARA
C.
H.
(Robinson-Humphrey Company, Inc.
Columbia,
Other power
CO.
Allied Securities Corp.,
The
■
S. C.
Lewis
Greensboro,
♦SANDERS,
a
Electric
♦REECE, E. KEMP
McDaniel
This amazing piece
"electronic traffic manager" —
companies. The computer is
is
Charlotte, N. C.
(E.
as
■
Dickson & Co., Inc.
PRINGLE
customers?
J.
Fayetteville, N. C.
♦PRATT,
an
our
[
♦POWELL, Jr.. ROBERT
Powell, Kistler & Co.
M. A. SCHAPIRO &
as
serves
routing electricity from the points of generation
New
LEE
J.
equipment
where it is used.
Inc.
& Company,
Charlotte, N. C.
♦PEELER,
Inc.
of
supply to
E.
PHIL
G. H. Crawford & Co.,
Columbia, S. C.
♦PEARSON,
day. With this
Analyzer, they select and utilize,
Edgar M. Norris & Co.
Greenville,
every
RESEARCH
&
CORPORATION
<
INVESTOR OWNED
•
TAXPAY/N6
an
Financial Chronicle
The Commercial and
38
BARRUS,
Boston Securities Traders Association
/
Jr.,
Barrett
&
B.
Providence,
Springfield,
R.
I.
Inc.,
JOSEPH M.
Noyes
&
Co.
CURTIS S.
Draper.
Sears
BERNARD.
J.
Thursday, November 29, 1962
Mass.
BATCHELDER,
BATES,
.
.
CLIFFORD
Company,
BASTIEN, Jr., LEON J.
J. Clayton Flax & Co.,
Hemphill,
.
HUBERT N.
Jr..
Goddard
H.
Co
&
&
Co., Inc.
1
BLAIR, ROBERT R.
Harris,
Upham
C.o.
&
BLOCK, LAWRENCE F.
J.
B.
Maguire & Co.,
Inc.
BOSS, CHARLES A. B.
Broad
Street Sales
BOUJOUKOS,
Coffin
&
BRADLEY.
A.
C.
(special)
Corp.
GEORGE A.
Burr
WILLIAM
Allyn
&
C.
Inc.
Co.,
BRAGDON, J. ROGER
John J.
Clive B. Fazioli
D'Arcy
Wallace D. Dexter
Goldman, Sachs & Co.
BREEN, FRANK
Breen
JAMES
Corp.
P.
Colgate
Middendorf,
& Co.
D.
Higginson Corporation
JOSEPH
BUONOMO,
F.
Stanley
HAROLD
BROWNE,
Lee
S.
Creamer
BROWN,
Putnam
L.
BURKE,
A.
& Company,
WILLIAM
Jr.,
Inc.
Mrs. Walter
Saunders; Mrs. "Speed" Hughes, Boston; Walter F. Saunders,
Dominion Securities Corporation
J.
May & Gannon, Inc.
PETER
BURNETT,
State Street Bank and Trust
Company
BURNS, WALTER T.
Burns, Barron & Co., Portland, Me.
COLE,
CALLAHAN, Jr., TIMOTHY F.
Chas.
& Co.,
Day
A.
Merchants
England
National
CANTELLA,
Frederick S. Moore
Cantella
VINCENT
G.
President: John J. D'Arcy, F. L. Putnam & Company, Inc.
Vice-President: Clive B. Fazioli,
Treasurer: Wallace Dunbar
CAREW,
&
Dexter, Stone & Webster Securities
Corporation.
&
ROBERT G.
Breen Creamer Stanley Corp.
FREDERICK
Recording Secretary: Curtis S. Bates, Draper, Sears & Co.
ton
Weeden
Corporation; John L. McDonough, H. C. Wainwright & Co.;
Breen
Inc.
W.
E.
Hutchins, Mlxter & Parkinson
Laidlaw & Co.
MEMBERS
H. M.
Francis
ADAMS, ROBERT H.
Goldman, Sachs & Co.
Inc.
(special)
BAILEY,
du Pont
WALTER
Income
(special)
ALEXANDER, ARTHUR C.
L
&
Co.
(special)
ATKINSON, Sr., JAMES V.
C. J. Devine & Co. (special)
ADAMS, FREDERICK C.
F. L. Putnam & Company,
F.
ATHERTON, H. HALE
Fund
of
R.
Boston, Inc.
BAND; HAROLD M.
;
W. E. Hutton 6c Co.
Brown- &
ALTMEYER, JOHN W.
;1
Emery & Co., Inc.
Chapman
&
Co.,
Inc.
CLARK, ASA F.
Wise, Hobbs & Seaver,
(Special)
Inc.
CLAYTON, CALVIN W.
Clayton Securities Corp.
COE, JEROME
Cof.
COGGUILL, FRANCIS
White, Weld & Co.
Long & Nash
Co.
DUFFY, JAMES R.
Reynolds & Co.
E.
Corp.
DUNCKLEE, WILLIAM S.
Brown Brothers Harriman
W.
DUNN,
R.
Clayton
Me.
EMERY, FORREST S.
F. S. Emery 6c Co., Inc.
ENGDAHL, ARTHUR E.
J. H. Goddard & Co., Inc.
GERALD
D'AMBROSIO,
Creamer
Goldman.
New
Corp.
6c
FERRARI, HERBERT
Putnam 6c Co.,
Corporation
FERGUSON, WILLIAM
Moors 6c Cabot (special)
D'ARCY, JOHN J.
Inc.
DARLING, RODNEY M.
Townsend, Dabney &
Hornblower
L.
6c Weeks
FITCH, EDWARD P.
Tyson
Nashua,
DAVENPORT, PAUL S.
N.
H.
(special)
FOSTER, FREDERICK H.
Davenport & Co.,
Lee
Providence, R. I.
Higginson Corporation
FOSTER, Jr., HATHERLY
DAVIS, DONALD
Vance, Sanders 6c Company, Inc.
6c Co.
FRANCIS,
DAY, Jr., LEON E.
Chas. A. Day & Co., Inc.
Moors
FRANK,
DAY, WILFRED N.
C.
Chas. A. Day & Co.,
JOHN
&
J.
Cabot
WALTER
J. De/ine 6c Co.
Inc.
DENTON, GEORGE R. S.
Denton 6c Co. (special)
Underwriters and distributors of Canadian Securities
Co.
Hanseatic
White, Weld & Co.
ROBERT A.
Stanley Corp.
Davis
York
FAZIOLI, CLIVE Bl
J.
Stanley
Sachs
FALLON, DANIEL J.
Creamer
Donald
Corporation
ELDRACHER, THEODORE F.
R. W. Pressprich 6c Co.
DALEY, JOHN L.
J. B. Maguire & Co., Inc.
E. R.
Securities
Harris, Upham 6c Co.
CURRIER, RICHARD D.
F. L.
& Co.
M.
Inc.
DURDLE, WARREN E.
Payson & Co., Portland,
Breen
GREGORY
May & Gannon,
CURRAN, VINCENT T.
V. T. Curran Co., Incorporated
Providence, R. I. (special)
Breen
Hutzler
&
DRISCOLL, CHARLES D.
Paine, Webster, Jackson & Curtis
EAGAN, WALTER F.
D'AMBROSIO,
Lerner 6c Co.
BARRETT, JOSEPH
Hayden, Stone & Co.
S.
CHAPMAN, JOHN V.
LESTER
Brothers
E.
HARRY
FRENCH, KENNETH
DEXTER, Jr., WALLACE D.
GANNON, JOSEPH
Stone
&
Webster
Salomon
Securities
Corp.
Brothers
G.
&
hutzler
May 6c Gannon, Inc.
Burns Bros. & Denton, Inc.
Canadian
TWO BROADWAY
Securities
NEW YORK 4,
NEW YORK
We offer
DIgby 4-3870
an
extensive investment service in all
Canadian securities including latest quotations
and
prompt execution of orders in American
funds.
in
-
Affiliated with:
•'
•
The Canadian Stock
Exchange
Exchange
30
Members: The Investment Dealers'
Association of Canada
TWXi 212-511-0540
Winnipeg
Montreal
affiliate of
W. C. Pitfield & Company Limited
Direct Wire Service To:
Ottawa
coast-to-coast
Broad Street, New York 4, New York
HA 2-9251
An
Toronto
a
W C. PITFIELD & CO., INC.
1
"
Members: The Toronto Stock
Our Canadian affiliate maintains offices
leading Canadian cities and
wire service.
Burns Bros, and Denton Limited
Vancouver
Calgary
Hamilton
New York
•
17 offices,
wire
I.
Hutzler
&
DUDLEY, Jr.,
R.
WILLIAM
R.
EARL S.
1
S. Dudley Co., Inc., Manchester, N. H.
(special)
|
Inc.
ALFRED
(special)
(special)
CHAMBERLAIN, RAYMOND E.
otherwise indicated)
I
CROWLEY, MARK J.
CASEY, WALTER J.
(All members are located in Boston unless
(special)
CROWELL, STEWART V
CASEY, FRANCIS E.
Brothers
Salomon
CROSBY, ALBERT
F. S. Moseley & Co.
Hutton & Co.
Providence,
Donohue & Sullivan
DOUCET, T.
Draper, Sears & Co.
CARTER, HERBERT F.
Josephthal & Co.
ROSTER OF
&
Tyson
Co.,
DONOVAN, WARREN
Dayton Haigney & Co., Inc.
Creamer Stanley
CROCKETT,
PETER J.
Hemphill, Noyes & Co.
CARRIS,
Ferrari, Hornblower & Weeks; N. Henry Larson, The First Bos¬
Edward J. Opper, J. B. Maguire & Co., Inc.; Robert L. Polleys,
Blyth & Co.,
CREAMER,
Carr & Thompson,
Gregory M. Dunn, May & Gannon, Inc.; Herbert L.
D.
Hayden, Stone & Co.
CARR, RALPH F.
atic Corporation.
I.
R.
J.
COFELAND, RICHARD
Chas. A. Day & Co., Inc.
CRAMPTON,
CARR, JOHN F.
Corresponding Secretary: Frederick S. Moore, New York Hanse-
Governors:
R. L. Day
St
DONOHUE, JOHN J.
Providence,
CORBIN, RICHARD J.
R.
Tucker, Anthony &
Walker
H.
Salomon
G.
Co.,
Mcors 6c Cabot
Weeks
G.
&
DONNELLY, JOHN P.
^V". E. Hutton & Co.
CONWAY, JAMES
CARLSON,
CARR.
&
IRVING
CONNELLY,
Co., Worcester
MARTIN J.
Hornblower
White, Weld & Co.
WILFRED
Walker
H.
Dabney
DOLIBER, RICHARD
G.
Co.
&
CAREW, JOSEPH E.
Hanrahan
H.
NEIL
Josepthal & Co.
CONARY,
M.
CLEMENT
Townsend,
CONARY, DAVID A.
May & Gannon, Inc.
CANNELL, JOHN
John Cannell & Co.
Curtis S. Bates
Bank
DIAMOND,
L.
Co.
&
COLWELL,
CANFIELD, LLOYD
New
JEROME
Brown
Inc.
across.
Canada arrd
system1 covering
all
a
direct
Canadian
private-
Markets
•
Volume
Mr.
&
Mrs.
Tom
Number 6216
196
Greenberg,
C.
J.
H.
Goddard
J.
H.
&
H.,
Goddard &
JACKSON,
JACOBS,
Gowell,
&
|
Inc.
Globe
JORDON, Jr.,
R.
Townsend, Dabney & Tyson
W.
W.
C.
Shawmut Bank
(special)
HAIGNEY, DAYTON P.
Dayton Haigney & Co., Inc.
HALEY,
Van
Harkness & Hill, Incorporated
Alstyne,
Noel
8c
Hanrahan
8c
Co.,
KENNEDY, F.
F.
Worcester
KENNEY,
D.
Knox
3c
Co.,
R.
Inc.
L.
Harson
&
KERR,
Co., Providence,
R.
I.
Herald
Traveler
H.
HINES,
Walker
3c
EDWARD
Co..
(Honorary)
I
F.
&
J.
Indian
Orchard,
B.
Hanseatic
Corporation
R.
W.
Kirwan
3c
MARSH,
Co.
3c
I
Co.
V.
American
Inc.
Co., Inc.
O'LEARY,
R.
W.
OI'PER,
Hanseatic
York
New
First
Securities
Corporation
J.
B.
PAUL .1.
Pressprich & Co.
EDWARD
(Special)
J.
Maguire 3c Co.,
Inc.
PARENT, FREDERICK W.
Lee
Corporation
Higginson
Corporation
PATASHNICK, HY
Hy Patashnick, Inc.
Corporation
North
Adams,
Mass.
MOORE, WARREN F.
PERHAM,
Coffin & Burr
WILFRED
B.
Townsend, Dabney & Tyson (special)
MORRISON,
Inc.
H.
P.
CARLISLE
Wood
F.
Company,
Inc.
PIERCE, RALPH W.
(special)
Richard
JOHN C.
MORSE,
C.
A.
MARTENS, GERALD D.
RAYMOND W.
Allyn 3c Co. (Special)
MOSSOP,
A. C. Allyn 3c Co.
Barrett
Jr.,
&
LINCOLN
Providence,
W.
J.
Buck
8c
PINKHAM, DAVID
R. W. Pressprich
Company,
&
Co.
Continued
I.
R.
Co.
M.
on
page
Inc.
Boston
Corporation
RAYMOND
J.
(special)
LAWRENCE, CHARLES P.
HURLEY, EDMUND J.
Eastern Investment Corp.
Manchester, N. H. (special)
Wise, Hobbs & Seaver, Inc.
HURLEY, HERBERT
E.
LAWRENCE, EDWARD W.
Hemphill, Noyes 8c Co.
Hornblower 3c Weeks
R.
LEAHY, CRANDON
Corporation
National Quotation
HUTCHINSON, Jr., JAMES A.
Bureau (Honorary)
BONDS
STOCKS
LeBEAU, IRVING C.
Company
May 8c Gannon, Inc.
M.
LELAND, ALAN C.
Tucker, Anthony & R. L. Day
Coffin
&
Burr
Canadian
Investment Securities
Markets maintained
in all classes of
Canadian external
and internal bond issues.
A. E.
Ames & Co.
Limited
Stock orders executed
Exchanges,
the Montreal and Toronto Stock
on
net New York markets
or
quoted
on
request.
UNDERWRITERS AND DISTRIBUTORS
DIRECT
A. E.
Members
Ames & Co.
Toronto and Montreal Stock
Affiliated
sixteen
PRIVATE WIRES
BELL
Exchanges
and
France
A. E. Ames & Co.
SYSTEM
BOSTON
LONDON, ENG.
CALGARY
EDMONTON
TELETYPE
571-0880
(Area
HALIFAX.
Code
212)
Domimio?! Securities Corporation
Associate
40
ESTABLISHED
Member
EXCHANGE
1889
American
Stock
Exchange
PLACE, NEW YORK 5
Telephone WHitehall 4-8161
OTTAWA
Street, New York 5, N. Y.
BUSINESS
TORONTO, MONTREAL, OTTAWA, WINNIPEG,
PARIS, FRANCE
Incorporated,
Two Wall
TO
CALGARY, VANCOUVER, VICTORIA AND
offices in
cities in Canada, England
Smith
Harvard Trust Co.
MOORE, FREDERICK S.
Maguire 3c Co., Inc.
3c
Fenner
NEWTON, DEXTER
G
Hanseatic
(special)
Pierce,
NEWMAN, LEO F.
Pressprich 3c Co.
York
New
M.
Co.
Lynch,
Incorporated
MOORE, ALEXANDER W.
MAGUIRE, JOHN E.
MAHONEY, JOHN D.
Carr 3c Thompson,
Goddard 3c
3c
Merrill
MONROE, PAUL B.
May 3c Gannon, Inc.
(special)
Josephthal
Company, Inc.
GEORGE
GEORGE
NEEDIIAM, CARLETON
d.
FREDERICK
H.
E.
May 3c Gannon, Inc.
Goodbody & Co.
Glore, Forgan & Co.
Chicago (Honorarjy)
Co.,
MURRAY, RICHARD
MITCHELL, Jr., EMLYN V.
C.
Goodbody 3c Co.
HUNT, WILLIAM P.
JEROME
Inc.
L.
Weeden 3c Co.
LAUDE,
Clayton Securities Corp.
INGALLS,
York
Co.,
MAGU1RE, JAMES B.
PHILIP
Thomas A.
The
Goodbody 3c Co.
&
&
ROBERT
J.
D.
LARSON, N. HENRY
HOHMANN, LAWRENCE F.
Hutchinson
New
(Special)
Estabrook
HUGHES, FRANCIS J.
Boston
Benkert
Co.
LANG, HAROLD F.
Lang 3c Dadmun,
Hooper-Kimball, Inc.
EUGENE
W.
I.
R.
MYERS,
Childs, Jeffries 3c Thorndike,
KUMIN, EMIL
Chace, Whiteside 3c Winslow, Inc.
The First
McVEY,
MIRAGEAS,
P.
Kerr
C.
Co., Providence,
L. Putnam 3c
KIRWAN, THOMAS A.
Providence, R. I.
HIXON, REGINALD T.
HUSSEY,
A.
MACHON,
Philip Khouri & Co.
HILTON, KENNETH CHARLES
G.
F.
TIMOTHY
Chace, Whiteside 3c Winslow, Inc.
MURRAY, RAYMOND M.
Tucker, Anthony & R. L. Day
Mcdonough, john l.
H. C. Wainwright & Co.
,
MacDONALD, VERNON S.
Stone & Co.
ROBERT
KIIOURI,
JOSEPH
Boston
Incorporated
Paine, Webber, Jackson & Curtis
Pressprich 3c Co.
Robert
Mass.
HASTINGS, FRANCIS
HAVEY,
W.
Walker 8c
J.
ARTHUR C.
A. c. Allyn & Co.
MURPHY,
3c Co.
MacDONALD, J. REN WICK
BRITTAIN
KENT, RODNEY
HARSON, FREDERICK L.
F.
Company
PHILIP F.
Hayden,
Incorporated
Clayton Flax & Co., Inc.,
Springfield, Mass.
H.
I
E.
8c Co., Inc.
FRANCIS
MURPHY,
J.
G.
JAMES
White, Weld & Co.
p.
May & Gannon, Inc.
MADARY, HAROLD
HARRINGTON, FRANK T.
MULLIN,
Inc.
henry
jr.,
McCUE, JOHN A.
Kennedy 3c Co.
Spencer Trask &
HARKNESS, ROBERT
H.
Brittain
Worcester
LYNCH, RICHARD S.
Townsend, Dabney 3c Tyson
KENNEY, DONALD J.
HANSEL, LINCOLN B.
Townsend, Dabney & Tyson
Harkness & Hill,
Burbank
david h.
Mcdowell, lewis
KELLY, FRANK
Smith, Barney & Co.
HANRAHAN, PAUL B.
Inc.,
&
J. B. Maguire
McCUE, GERARD A.
Co.,
Co.
HALLIWILL, BIRNEY S.
F. S. Moseley & Co.
Wainwright 3c Co.
Mrs. Wilbur Krisam,
WALLACE L.
Company, Providence, R.
Barrett
A. C. Allyn 3c Co.
W.
3c
Paul D. Sheellne
KELLEY, FREDERICK M.
S.
Robbins
MOSSOP,
MOYNIHAN,
McCORMICK, JAMES F.
LYNCH, JAMES J.
HALLETT, LEAMAN F.
Goldman, Sachs 8c Co.
Nelson
M.'
E. Hutton 3c Co.
L.
d.
May 3c Gannon,
|
LYNCH, JAMES E.
Coburn 3c Mlddlebrook,
KELLER, JOSEPH P.
A.
MAY,
Hutzler
8c
C.
McAllister,
(Speolal)
KEANE, J. FRANK
Tucker, Anthony 3c R. L. Day
DAVID
Brothers
LUBIN, BERNARD
H.
Hcrnblower & Weeks, Worcester
H.
LOTHROP, GILBERT
(Honorary)
GEORGE
WAYNE
W. E. Hutton 3c Co.
MAX, RICHARD L.
3c Co.
Salomon
Pressprich 3c Co.
National
MARTIN,
Co., Inc.
LOMBARD, JOSEPH P.
E.
JULIAN, JAMES
GUTHRIE, EL WIN A.
Mrs.'J. J. Meyers, Jr., John J. Meyers <ft Co., New York; Mr. &
John C. Legg & Company, New York
LOCKE, WILLARD R.
Boston Safe Deposit 3c Trust Co.
(special)
L.
Halsey, Stuart 3c Co. Inc.
Boston
Allyn & Co.
GUNN, IRVING E.
Weeden
L.
BERT
JONES, WILLI YM
GRIFFIN,! HENRY F.
A. C.
Lerner 3c
Co.
&
&
LEWIS, WARREN A.
STANLEY
Estabrook
Corp.
Mr.
Aiello,
Mark
Mrs.
37
LERNER, LOUIS C.
JOHN L.
Blyth 3c Co., Inc.
GOWELL, DAVID C.
Markoff, Sterman
&
Tucker; Anthony & R. L. Day
Co., Inc.
Investment
Mr.
INGHAM,
Jr.
GOODWIN, DAVID F.
Eastern
The Commercial and Financial Chronicle
.
INGALLS, ROBERT U.
Co., Inc.
JAMES
.
E. Unterberg, Towbin Co., New York;
Spencer Trask & Co., New York
GODDARD, JAMES H.
GODDARD,
.
Canadian
Affiliate
and
—
Member
Canadian
Stock
Toronto,
Exchanges
TORONTO
MONTREAL
WINNIPEG
VANCOUVER
Montreal
VICTORIA
HALIFAX
38
33
Mr.
Mrs. Earl L. Hagensieker,
&
Reinholdt & Gardner, St. Louis; Mr. & Mrs. Charles A. Bodie, Jr.,
Stein Bros. <fi Boyce, Baltimore
Boston Securities Traders Association
TOOHEY,
St
ROSTER OF
Weeden
MEMBERS
Middlebrook, Inc.
C.
ROBERT
SMITH,
I..
POWERS,
Michael
SORTERUP,
T.
Dimond
&
Providence, R. I.
SPORRONG.
Prescott St
E.
HuttOD
QUINN,
DANIEL
Breen
STAAF,
&
P.
STUMPP,
F.
W.
Josephthal St Co.
RICHARDSON, JOSEPH
F.
P.
H.
S.
Worcester,
RYALL,
New
RYAN,
Co.,
Inc.
Mass.
SWIFT,
SWIFT.
New
Corporation
SCHUERHOFF,
TABER,
Corporation
ROLAND
&
TABFR,
H.
Spencer
Paul
W.
Sides,
8ILVA,
H.
Shcellne
D
SIDES,
PA JL D.
Morse St
SLIFER,
&
Co.,
TAYLOR,
WHITE,'
F.
A.
D.
W.
Securities
C.
&
St
St
Hutzler
BURTON
Ripley
Trask
St
Star
New
Bedford.
Mass.
&
&
JAMES
T.
Co.
Co., Inc.
St
Co
RICHARD
Basic
Brown
comprehensive Research fa¬
&
Research
Canadian affiliate,
HERBERT
Peters,
Brothers
W.
TIM
Writer & Christensen,
APOSTATES,
Harriman
ZUCCARO. ALFRED
St
Co
G.
First Boston Corporation
Inc.
B.
Maguire
St
GEORGE
and
A.
Podesta & Miller
GARALD
Hogle &
D.
Co
BAKER,
DUDLEY F.
Sullivan
Bosworth.
BARER,
ROBERT
Boettcher
and
&
Company,
at
all times
to
Company, Fort Collins
DENNIS
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Co.,
Inc
Boettcher
III, ROBERT
and
ROBERT F.
Boettcher
F.
Bosworth,
BARGER,
ARGALL, WILLIAM H.
Banks,
and
Company
Sullivan
&
Company,
I
Depositors
Orders executed
on
commission
Mutual
SECURITIES
all Canadian
rates
Exchanges at regular
traded in New York in
or
United States funds.
James Richardson a SonsJnc.
CHARLES
Investment Securities
&
Exchange
Montreal
York 5.
Stock
CO.
Toronto Stock Exchange
Exchange
61
Telephone DIgby 9-2850
Royal
Established 1857
'
Members
American Stock
JAMES RlCHARDSON & SONS
KING
Bank
Toronto,
Bldg.
Canada
BROADWAY,
NEW YORK
Tel. WH 4-8980
TWX 212
-
Inc.
FRANKLIN E.
Founders
Company
CANADIAN
Companies and other Insti¬
14 Wall Street, New
Inc.
R.
BARE, KING
'
BACMAR
BARDWELL,
Company
Peters, Writer St Christensen, Inc.
ZUCCIIELLI, LOUIS V.
J.
Copley
ARCHIBOLD,
tutional investors.
Canadian affiliate
Company
B.'
ROSCOE
Cruttenden,
BALDWIN,
ANGLUND,
Corporation
S.
&
richardson & sons
available
Trust
Management
Incorporated
CYRIL
Industries
Altman
AYRES,
j,
ANDERSON, JAMES R.
Merrill Lynch, Pierce, Fenner St Smith
(special)
Inc.
m
YOUNG,
are
Jr.,
F.
Pierce, Fenner & Smith
EDWARD
Corp.
Chas. A. Day St Co., Inc.
Co.,
FRANK
JOHN V.
AMATO,
WOLLEY, SUMNER R.
WYCHE,
James
Jr.,
Centennial
m
Incorporated
Altrran & Company,
Merrill Lynch.
Hayden, Stone & Co.
&
F.
Incorporated
Moseley St Co.
WALTER G.
ATWOOD,
Stone,
EDWARD
ALTMAN,
River, Mass.
S.
Incorporated
ASMUS,
Altman & Company, Incorporated
Stone,
Stone,
Co..
WOLL, ALBERT J. T
(special)
Inc.
Walston
S.
Thompson, Inc.
Co.,
&
National Bank
S.
F.
CLARENCE
Lynch, Pierce, Fenner & Smith
JOHN H.
ALFF,
&
McCabe
Merrill
Hutzler
N.
Za'.kind
Sharp,
U.
Denver
WILLIAM
ASIICKAFT,
GEORGE H.
ALFF,
&
MEMBERS
ASHBY,
EUGENE
Schmidt,
Inc.
Brothers
OF
FREDERIC A.
ADAMS,
AGEE,
d.
A.
ROSTER
—
II.
ALTMAN,
Wolfson,
CANADIAN SECURITIES
our
Hornblower & Weeks.
(
Whiteside & Winslow, inc.
Chace,
WOLFSON,
R.
Burkhardt, Boettcher and Company; Russell
Jr., Peters, Writer & Christensen Inc.; Raymond Robin¬
enour,
EDMUND
pniLir
Salomon
P.
cilities of
f
Company.
Chatlain', Bosworth, Sullivan & Company, Inc.' John F. Cough-
M.
WORRALL, JOHN
The
Warren, Merrill Lynch, Pierce, Fenner &
Birkenmayer, Jr., Birkenmayer & Co.
Directors: Richard H.
Co.
Wittemore
WINSLOW, Jr.,
W.
WILLIAM
Treasurer: Wilson C.
Incorporated
DONALD
Hooper-Klmball,
winn.
D.
Printing Co.
Charles L.
F.
Co..
TIRRELL, JOHN ♦!.
Corporation
Robert F. Gerwin
EDWIN B.
Allyn
H.
Pall
Carr
W. Birkenmayer, Jr.
Secretary: Robert F. Gerwin, Coughlin and Company, Inc.
Brothers
WILLIAMS.
Hanseatic Corporation
THOMPSON,
James A. Hill
Vice-President: James A. Hill, Boettcher and
R.
WIIITTEMORE,
E.
Jr., JOHN
Taylor
Inc.
F.
Co.
ERNEST
American
York
Co.
RANDOLPH
GILMAN
Hentz
New
St
President:
son,
Smith, Barney St Co.
SHEELINE,
ALAN
Salomon
Tripp st Taber, New Bedford, Mass.
TARANTINO,
Curtis
EDWARD A.
WH1TCOMB,
C.
Taber,
Charles L. Warren
Smith Incorporated.
WIIITCOMB, REGINALD
RICHARD
Corp.
Co.
State Street Bank and Trust Company
WEST,
Dabney St Tyson
ELLIOT
Tripp
P.
Hanseatic
St
(special)
(special)
W.
Harriman
HENRY
Townsend,
VINCENT
York
Stanley
ROBERT S.
Moseley
WESSLING,
Peabody St Co.
TABB, Jr.,
Hanseatic
Creamer
S.
A
M.
Draper. Sears & Co.
ROBERT
RYAN,
(special)
Sullivan
WILLIAM
LOWELI.
Securities Corporation
Paine, Webber, Jackson St
WALTER T.
Kidder,
Corporation
Jr..
CHARLES
WELLS^CARL V.
Providence, R. I.
,
Hanseatic
Co.
B.
WELLS, RAYMOND E.
P.
ROBERT
St
LLOYD
Bishop-Wells Co.
Co.
Barney St Co.
Donohue
FREDERICK J.
York
P.
E.
Co., Inc.
JOHN
Parkinson
Wainwright &
Breen
E.
St
&
GEOFFREY
C.
WEEKS, Jr.,
JOHN
Hutton
P
V.
Wainwright & Co.
WATT,
Co.
St
R.
Mixter
Dominion
Cummings St Co.,
(special)
New
Jr.
F
(special)
HARRY
WARREN,
SWENSON. CARL J.
&
State Street Bank and Trust Company
RYAN,
E.
Smith,
EUGENE J.
York
Co.
Kidder, Peabody & Co.
Corp.
W.
St
Putnam
li.
C.
WARING,
Walnwright St Co.
SULLIVAN,
SAUL
Robbins
Stanley
DAVID
SULLIVAN,
Co., Inc.
Moseley & Co.
L.
H.
Inc.
GEORGE A.
Hutton
C.
W.
ROBBIXS, JOSEPH F.
ROBBINS,
Co.
FRANCIS
WARD,
SULLIVAN, JOHN J.
A.
M.
JOSEPH
Knox &
Jr..
SULLIVAN,
Moseley St Co.
H. D.
E.
H.
RICHARDS, RUPERT M.
May & Gannon, Inc.
RINALDI,
St
Hutchins,
-
H.
Co.,
SULLIVAN, JAMES
REILLY, ARTHUR 11.
S.
A.
St
HAROLD
FRANCIS
WARD,
&
Creamer
Bond Club of Denver
(special)
N.
White, Weld A, Co.
WALSH.
STEMBRIDGE, ALFRED R.
W. E. Hutton St Co. (special)
Preston, Moss St Co.
P.
WALKER,
Inc.,
B.
STANLEY
Goddard
Breen
Corp.
Co.
LESTER
Co.,
(special)
WERNER W.
H.
STANLEY.
Stanley
BENJAMIN
Brown
J.
Co.
L.
Creamer
RALEN,
REED,
St
I.
Burgess St Leith
Co.
PUTNAM, JOHN A.
W.
R.
ROBERT
Brown, Lisle St Marshall,
Providence, R. L.
Company,
PRESCOTT, WILLIAM S.
William S.
Inc.
Investment
Providence,
Company
RICHARD
McDowell,
LESLIE
VAUGIIAN,
SOFORENKO, MYER M.
POTTER, J. RUSSELL
Wood
CURTICE
Devine
J.
Thursday, November 29, 1962
C.
Doremus
Josephthal St Co.
Arthur W.
HERBERT
Blyth St Co.,
.
Co.
St
TUCKER,
Continued from page 37
.
.
Mr. & Mrs. Nathan A. Krumholz, Ogden, Wechsler & Krumholz, Inc., New York; Mr. & Mrs.
Alfred F. Tisch, Fitzgerald & Company, New York
CARROLL W.
Coburn
TOWNSEND,
POLLEYS.
Chronicle
The Commercial and Financial
571
-
1353
Corp.
Volume
Mr.
&
Mrs.
Number
196
6216
Bros.
BARKDOLL, RONALD
BATES,
R.
U.
Schmidt,
A
Sharp,
Hogle
BERGER,
McCabe
Co.,
&
McDonnell
Co.
Peters,
The
Inc.
and
K.
Cruttenden,
Inc.
WILLIAM
JOHN W.
Sullivan & Company,
Bosworth,
Harris, Upham & Co.
Centennial
B.
M.
Inc.
GRANT,
Bosworth.
Research
&
Management
Denver
BERNARDI, FRANK
Hornblower & Weeks
BIRKENMAYER,
J.
Amos
C.
BORLAND,
Co.
EUGENE
A.
L.
LLOYD
COHIG,
EARNIE
Jr.,
Brothers
BRERETON, WILLIAM
Brereton,
Inc.
K.
Boettcher
and
Inc.
COPLEY,
F.
Copley
Peters,
Writer
Boettcher
and
and
Christensen,
Inc.
Coughlin
H.
PETER
Co.,
GUSTAFSON,
GRAVES, JAMES J.
CARL
Quinn & Co.
HAAG, HAROLD
HAAG, HUBERT
Peters,
GERALD M.
Writer & Christensen, Inc.
V.
Sullivan & Company,
Continued
i
INC
U.
Denver
Inc.
Inc.
National
S.
&
INC.
Two Wall
Bank
Street, New York 5
WOrth 2-0805
-
DENISON, FRANK
Dempsey-Tegeler & Co., Inc.
Bank & Trust
Central
Inc.
Underwriters and Dealers in Canadian
Co.
Government and
DINES, RICHARD A.
Colorado
SECURITIES
ROYAL
Howard
G.
Sullivan
Bosworth,
Springs,
Company,
&
Corporate Issues
Inc.
Jr.,
JOHN
DAVID
Hanifen, Imhoff & Samford, Inc.
F.
& Christensen.
Inc.
Company]
DOTY, LOREN E.
Inc.
Inc.
interested
in the purchase
GORDON C.
Writer & Christensen,
Inc.
Inc.
DYKEMAN,
Walston
a
Century
Investment Experience
With
over
ments,
50 years
our
Canadian
investors interested in Canadian securities.
ices
are
readily available
Our
Affiliates:
fourteen
in
and
Cruttenden,
with affiliated offices
service in Canadian
securities, and
Podesta
CLAYTON
National
First
Inc.
Company
MICHAEL
FLEMING, J.
FLOYD,
Miller
&
O.
Bank
of
CANADIAN
Denver
EDWARD
FOGLE,
Miller
Cruttenden, Podesta &
SECURITIES
en¬
FORSYTH, ALEXANDER
able
stock
"
us
to
execute
exchanges,
or
orders
promptly
at net prices
funds if desired.
'v
on
Canadian
Ranson
V'/'.' '''
'V;,'' '
Peters,
V/
& Co.,
FRANKLIN,
or
dealers
placing blocks
Inc.
HOWARD D.
Writer & Christensen,
FRANK,
/V^V:v'7 ;
IE specialize in servicing
UL/ by obtaining
JOHN J.
FOX,
-
/I 1
Ltd.
Calvin Bullock,
in United States
Member.-
Principal Canadian Stock Exchanges.
D.
&
Greenberg
L.
1903
ALVIN N.
FISHMAN,
A.
COMPANY
by direct wire service.
Bank
Peters, Writer & Christensen,
serv¬
principal Canadian cities provide fast
accurate
CHARLES
FIELDS,
serve
Established
& Howard
LIMITED
14 Offices in Canada interconnected
FERRELL, DONALD R.
Denver U. S. National
banks and dealers.
Direct private wire connections
CORPORATION
SECURITIES
ROYAL
SECURITIES
ROYAL
Co., Inc.
FAXON, THOMAS B.
Dawson, Nagel. Sherman
investing institutions,
to
&
KENNETH S.
ESSEX,
of experience in Canadian invest¬
organization is well prepared to
sale of
or
Canadian investment securities.
Bank
State
Center
enquiries from institutional and private
investors
Ranson & Co.,
EDWARD B.
and
We invite
ROBERT L.
Inc.
DOERING,
ELMER, ROBERT
,
Inc.
page
Inc.
Co.
&
MARTIN
Peters,
of
on
Inc.
EDGAR, WILLIAM B.
Peters, Writer & Christensen,
Over Half
Smith
St
Incorporated
National Bank
GREENE, JR., RICHARD M.
J. A. Hogle <St-Co.
DAWSON, Jr., CLYDE C.
Dawson, Nagel, Sherman
DECKER,
Company,
COUGHLIN, GEORGE F.
Coughlin and Company,
Company
•••
WILLIAM
Lynch, Pierce, Fenner
GUNDERSON,
Merrill
DIEDRICH, JOHN
&
Company,
Writer
COUGHLIN,
&
GUNDERSON, RICHARD L.
Peters, Writer & Christensen, Inc.
DOBBS,
Peters,
RICHARD
Inc.
Copley and Company
Inc.
Company,
Depositor Corp.
WILLIAM L.
COUGHENOUR,
DEAN
BURKHARDT,
&
LYNNE W.
Hogle & Co.
DAVIS, WINTHROP N.
Colo.
Company
Copley and Company
H.
Sullivan
Mutual
CONKLIN, W. A.
Bosworth, Sullivan
BRUNER, CHARLES
BUELL,
1
C.
COLLISON, WILLIAM G.
Peters, Writer & Christensen,
W.
DONALD
&
A.
Bosworth,
Co.
&
Brothers
Stern
,
COLLINS, TIMOTHY M.
Peters, Writer & Christensen,
American National Bank
BROWN,
Walston
LOWELL O.
Founders
H.
Rice & Co.,
BROWN, A.
JAMES
COLLINS,
Co.
&
National Bank
Bosworth,
L.
WILLIAM J.
Peters, Writer <Sz Christensen,
Stern
Upham
DAVIS, NORMAN
Inc.
J.
GREENBERG,
GEORGE
Harris,
Co.
Inc.
GROSHEK, MICHAEL D.
DAVIS, RONALD E.
Colorado
Greenberg & Company
r
GREENBERG, ARNOLD L.
A. L. Greenberg & Company
DAVIS, ROBERT W.
Peters, Writer & Christensen,
BOYLE,
BREEDEN,
&
Company,
GRIFFIN,
Co.
CUSHNER, JAMES N.
Cruttenden, Podesta & Miller
DAVIS,
Sudler
Inc.
&
LARRY
Peters, Writer & Christensen, Inc.
|
Podesta & Miller
Peters, Writer & Christensen, Inc.
Investment
Mullen
K.
CODY, RAYMOND P.
BOSWORTH, ARTHUR F.
Bosworth, Sullivan & Company, Inc.
BOWLES,
Bank
Co.
JACK
C.
J.
The
B.
&
& Company,
CRIST, B. P.
S. National
Hogle
Sullivan
Bosworth.
Inc.
CODY, JACK
Dempsey-Tegeler & Co., Inc.
W.
Writer & Christensen, Inc.
Peters,
U.
Company,
COCHRAN, PAUL R.
Peters, Writer & Christensen,
BOEDEKER, DEAN H.
&
A.
CLINE,
WILSON
Birkenmayer & Co.
Kirchner
&
I
WAYNE
CLARK,
ALLAN G.
A. Hogle & Co.
BIRD,
J.
Sullivan
CLADIS, GUS D.
Sullivan
Bosworth,
GREENLEE,
GOSSELIN, RALPH L.
Bosworth, Sullivan & Company,
CRAWFORD, JOHN C.
CHATLAIN, RUSSELL
Corporation
Co.
S.
GOULD, G. H. B.
Bosworth, Sullivan & Company, Inc.
Company
GEORGE W.
GREENHOW,
Investment
GOODE, JOHN H.
Colorado
BERGER,
W.
Mullen
ERNEST
Standard & Poor's Corp.
C.
BERNARD
Boettcher
J.
GODFREY,
COXHEAD, Jr.,
CHAFEE, JOHN B.
Incorporated
V
Jr., ROBERT T.
Bosworth, Sullivan & Company,
COWSERT,
Williamson, Schmidt, Roberts <fi Parke, Philadelphia; Mr. & Mrs. Sidney J. Sanders,
Foster & Marshall, Inc., Seattle
GNAM, LOUIS
Inc.
Company,
COWAN,
Bosworth, Sullivan & Company, Inc.
Co.
and
WILLIAM L.
Writer & Christensen, Inc.
COVODE,
Inc.
CASTERLINE, PAUL
B.
&
Hogle &
Peters, Writer & Christensen, Inc.
Inc.
& Co.
M.
Coughlin
CAMPBELL, WILLIAM
W.
Mrs. E. Coit
COUGHLIN, JAMES M.
COUGHLIN, WALTER J.
Coughlin and Company,
F.
BYRNE, JR., CLETUS E.
Dempsey-Tegeler & Co.,
Bank
BEASLEY, ANDREW C.
J.
A.
Mr. &
Mr. & Mrs. Charles A. Bodie, Jr.,
Baltimore
Harris, Upham & Co.
J.
National
JAMES
Boyce,
BUTLER, DAVID
F.
F.
S.
&
BUSH, MORRIS
Dempsey-Tegeler & Co., Inc.
BARKER, FREDERICK
J. A. Hogle & Co.
Denver
The Commercial and Financial Chronicle
.
Sidney A. Siegel, Sidney A. Siegel & Co., Inc., New York;
Stein
BARTELS,
.
.
of Canadian listed
Inc.
over-tbe-counter
or
securities.
ROYAL E.
'
Boettcher
Wood, Gundy & Co., Inc.
40
Wall
Street, New
FREEMAN,
J.
York 5, N. Y.
The
Toronto
Stock
Exchange
Canadian
Stock
&
Our
firm
Co.
DALE E.
Peters, Writer & Christensen,
Inc.
Montreal Stock Exchange
unlisted
of dealer
or
institutional
DONALD A.
U.
Denver
S.
WISENER,
MACKELLAR AND
CALEB
GATES,
First
Limited
National
GERALI,
i
• -
36 King St., West, Toronto 1, Canada
London, England
■£
Peters,
GEItWIN,
Bank
of
Denver
Writer
&
ROBERT
Christensen,
F.
Inc.
CHARLES D.
Boettcher
and
THE
INVESTMENT DEALERS'
ASSOCIATION OF CANADA
VICTOR H.
Coughlin & Company,
GILL,
COMPANY
LIMITED
National Bank
MEMBERS
and
and is available
transactions.
Dempsey-Tegeler & Co., Inc.
Exchange
Branches in the principal cities of Canada and in
listed
U. S. funds
EDWARD D.
GARRAMONE,
Wood, Gundy & Company
—
Department maintains
on
McDonnell & Co. Incorporated
of
and
Office
in
for all types
EMpire 6-5831
GARRISON, WILLIAM J.
Head
Trading
markets
TELEX 02-2461
W.
Boettcher and Company
GARBER,
issues
TRADING DEPT.
FULLER, JOHN
with
Wood, Gundy & Company
Members
Company
CARL
Hogle
FREY,
Telephone DIgby 4-0633
Affiliated
A.
and
Company
MEMBERS
THE TORONTO STOCK
Inc.
220 Bay
EXCHANGE
TELEPHONE 366-6996
Street, Toronto 1, Canada
40
The Commercial and Financial Chronicle
40
L
.
.
Thursday, November 29, 1962
.
-1
.
1 w
KL
Mr.
&
Mrs.
W.
Erwin
Boehmler, Investment
Washington, D. C.
Bankers
L.
James
Association,
Beebe, William R. Staats
& Co., Los
Angeles;
William
HOWELL,
The Bond Club of Denver
DEAN M.
Boettcher
and
LAMONT,
OF
Hamilton
MEMBERS
page
HENSLEY',
39
Corporation
Management
Denver
Sullivan
Company,
&
First
THOMAS
Boettcher
LANE,
HARRIS,
The
J.
G.
HARRIS,
Mullen
Investment
FIF
Company
HARTY, Jr., LLOYD
C.
Sudler
&
J.
J.
Inc.
Hamilton
Company
Co.
Walston
&
OSCAR
Co.,
G.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
Inc.
Denver
HENSEN,
U.
S.
National
HOLTZ,
Bank
CHARLES S.
Peters.
TY
HOMER,
Dempsey-Tegeler &
Co.,
Inc.
Writer
&
DONALD
Peters,
Writer
Christensen,
Inc.
Sanford,
LEE,
J.
Company
Merrill
Corporation
/Vance,
Bosworth,
OF
HENRY
KENT,
CITY
OF
..
SCHOOL
■
:
.:
•■
-
'
'
-
..
-
Packard
CO.
Bldg., Philadelphia 2
LOcust 7-3646
•
from NEW YORK
—
—
Company,
Company.
Trust
UNLISTED
Public
We
....
are
&
Pueblo,
Col.
MING,
Lyn^h,
Brothers
mitton,
Robert
MOORE.
J.
Pierce,
for
Members
Smith
&
L.
Mitton
TIT.
Co.
l.
Investments
HUDSON
Sullivan
and
Company
Inc.
&
PORTER
of
COMPANY
BUILDING
PITTSBURGH
19,
PA.
Denver
M.
Co.
BRUNO
Municipal and Corporate
Securities
Inc.
&
Co.
&
Co.,
our
Inc.
SECURITIES
offerings of listed and unlisted
°
own
our
account
or
ALISON BUILDING, RITTENIIOUSE
LOcust
for
distribution
organization.
Philadelphia-Baltimore Stock Exchange
Telephone
&
L.
robert
Bosworth,
Co.
Utility and Industrial
either
Fenner
Co.
RUSSELL
Stern
RANALD H., Ill
Management & Research
THOMAS
Boenning
TIIE
&
Inc.
Company
ROBERT
through
569-8816
Co.,
Corp.
Bank
interested in block
securities
215
Merrill
Co.
KUMAGAI, BEN T.
Schmidt, Sharp, McCabe
/
Kirchner
KREIDLE, JAMES D.
Kirchner
Smith
F.
&
KOSIROG, ROBERT D.
Peters, Writer & Christensen,
phone Zenith 0821
&
Incorporated
&
Peters, Writer & Christensen, Inc.
phone Enterprise 6289
Fenner
F.
National
KOXOPKA.
Teletype 215-569-9611
from PITTSBURGH
&
Greenberg
Kirchner &
M.
II.
Bank
JAMES
KIRCHNER.
NECKER &
&
Corp.
MILLIKEN, SAM
Company
DAVID
Kirchner
Management
KING. NEIL
«.
First
SCHAFFER,
MacKAY,
Inc.
MILLER, VANCE PAUL
KINDLER, WARREN L.
Hanifen, Imhoff & Samford, Incr
'
-
-
-
Sullivan
Stephen Securities
"
.
.
L.
FIF
Corporation
KIMMES, PETER E.
AUTHORITIES
TURNPIKE, WATER AND SEWER ISSUES
'
//•
C ;■!
/,
A.
BONDS
PHILADELPHIA
PENNSYLVANIA
Centennial
&
BERNARD
CARL
KENZIK,
/V
MacDONALD,
Inc.
E.
Sullivan
KENNEDY,
PENNSYLVANIA
Central
Specialists in
Inc.
Inc.
Bosworth,
and its Political Subdivisions
'
:
Company,
Inc.
Bosworth,
I
&
Christensen,
KELLY,
Obligations of the
COMMONWEALTH
&
Co.,
MEYER, C. FREDERIC
LEON
MACART,
Macart-Jones
KEEBLER, WILLIAM E.
Peters, Writer & Christensen,
UNDERWRITERS
AND
Inc.
&
MIDDLETON, DOUGLAS
Merrill
Lynch, Pierce,
Incorporated
ELMER G.
and
Colo.
MELTON, DONALD R.
Peters, Writer & Christensen, Inc.
Lewis
Jr., KENNETH
Walston & Co., Inc.
GEORGE
Writer
&
LLOYD,
Christensen,
Miller
Mclaughlin, george p.
Peters, Writer & Christensen,
& Co., Inc.
ROBERT P.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
R.
Sullivan
Jr..
Peters,
DEALERS
&
Podesta &
McKINNON, s. h.
Dempsey-Tegeler
Inc.
B.
Linville
Boettcher
Co.
L.
Hogle & Co.
Greeley,
& Co.,
Hornblower & Weeks
D.
A.
R.
Mckinley, carl d.
LORENZO W.
LONGWELL,
Writer
J.
W.
Sudler &
KARL
Cruttenden,
LIPTON,
A.
Corp.
Company
McINTOSH, NORMAN L.
C. BROCK
LIPPITT,
Colo.
Weeks
LEONARD
JOSEPH,
J.
Stockton,
F.
Lynch, Pierce, Fenner & Smith
Peters,
JONES,
Miller
C.
Sanders
LINVILLE,
Inc.
Co., Arvada,
WILLARD
JAMES
Amos C.
MAYER.
A. Hogle & Co.
LEONARD,
Bank
O.
Transfer
and
MAXWELL,
S.
GEORGE D.
JAMES
H.
National
ROBERT
Stock
S.
Boettcher
Company
Podesta &
S.
Co.
MATTHEWS, ORUS J.
Co.
DAVID
and
Dempsey-Tegeler
Incorporated
JONES,
Investment
LELL, MERVIN R.
WILLIAM S.
Investment
JOHNSON.
U.
Dempsey-Tegeler & Co., Inc.
F.
&
Company
Mullen
U.
Corp.
d.
&
WILLARD
Denver
ROBERT
LEARNED,
Inc.
Scanlan
M.
MARSH,
Management
robert
MARSHALL,
LEON A.
Cruttenden,
Management
Hornblower
Earl
C.
and
K.
J.
LAYTON,
Corp.
JOHNSON, THEODORE M.
Christensen,
Investment
LAWRENCE,
Inc.
JOHNSON, RO'JERT M.
Dawson, Nagel, Sherman & Howard
Inc.
W.
&
Depositor
JOHNSON, Jr., HERBERT
Johnson
HAZELRIGG, CHARLES R.
Company,
JENSEN, HENRY J.
Coughlin & Company,
HOLMES, ROBERT
HASSELGREN,
The
Hogle & Co.
and
GEORGE W.
Hornblower & Weeks
mannix,
FRED
Boettcher
Imhoff &
JACKSON, Jr.,
MAHONEY,
MALONE, JAMES W.
Colo.
LASCOR,
E.
CALVIN
WILLIAM
Pierce, Fenner & Smith
J.
Boettcher
WALTER
Boettcher
Corporation
W.
and
A.
ISAAK,
LAMBERT
FRANK
Boettcher
Company,
S.
LARKIN.
INMAN, LARRY C.
&
Anderson, Eppler, Guerin & Turner, Inc., Dallas;
Farrell, Laird, Bissell & Meeds, New York
Incorporated
Mutual
Hanifen,
Company
Management
<
J.
ROBERT
HARRY
IMHOFF.
Sullivan
HIRSHEIMER,
R.
and
ARTHUR
Founders
Company, Pueblo, Colo.
and
Bosworth,
Co.
HIRTH,
Amos
HUNT,
R.
E.
Merrill Lynch, Pierce, Fenner & Smith
Hogle & Co.
HUNLEY, CHARLES H.
Bosworth, Sullivan &
Co., Incorporated
A1
LANGLEY, DONALD
Company
Lynch, Pierce, Fenner & Smith
Incorporated
Inc.
R.
HILLMAN, PHILIP E.
JAMES
Boettcher
&
Boettcher
of Denver
R.
K.
Christensen.
Jr.,
Boulder,
Merrill
IIILL, JAMES
W.
Bank
National
&
A.
Baum &
1IULLINGER.
HILL, DALE R.
A.
Hanifen, Imhoff & Samford, Inc.
HANLON,
J.
JAMES
McDonnell &
Incorporated
EDWARD
Jr.,
HUGHES,
Inc.
Company,
JR., ALLAN R.
Writer
Peters,
HILGER,
&
D.
National .Bank
S.
HICKERSON,
Inc.
HALL, JR., RICHARD
Merrill Lynch, Pierce, Fenner & Smith
HANIFEN,
U.
George K.
W.
Sullivan
HERS1INER, JOHN
HAGGERTY, JOHN P.
Bosworth,
GORDON
Bosworth,
HACKSTAFF, RICHARD H.
Boettcher and Company
Mrs.
Robert
Incorporated
HUFFORD, EUGENE F.
Continued from
&
Merrill Lynch,
Company
HUBER, HAROLD
ROSTER
Mr.
B.
Denney, Doyle, O'Connor & Co., Inc., New York; Clemens T. Lueker,
Hill
Richards &
Co. Incorporated,
Los Angeles
8-0900
&
American
Co.
Stock
Exchange
SQUARE, PIIILA. 3,
PA.
New York Telephone
COrtlandt 7-1200
Inc
"
f"
Volume
196
Number
6216
.
.
C. McLeod, Oscar E. Dooly & Co., Miami; Bernard R. Keegan,
Goodbody & Co., Miami; A. L. (Jack) Freed, Atlantic Coast Line
Railroad Co., Washington, D. C.
Davis
MOORE, JERRY W.
Peters, Writer & Christensen,
Boettcher
and
J.
Company
MOORE, RONALD
Kirchner &
L.
Weeks
Peters,
Writer
PAYNE,
Podesta
Cruttenden,
Miller
&
Peters,
Company,
&
Inc.
H.
Naylor,
Fenner
&
The
Co.,
Inc.
Company
NEWMAN, ALAN S.
Cruttenden, Podesta
Coughlin and Company,
Inc.
Transfer
Dempsey-Tegeler
O'HARA,
Earl
OJA,
M.
First
Scanlan
&
Co.
J.
A.
H.
of
Co.
Peters,
OSBOURN, JAMES
POWELL,
Trust Co.
&
GEORGE
Writer
and
&
Merrill
ROLLI,
W.
Inc.
Industrial Stocks and
Utility Stocks
Co.
Robert N. Greene
Sullivan
Merrill
j
&
National
'...-j
UTILITY
AND
INDUSTRIAL SECURITIES
BANK AND INSURANCE STOCKS
&
Company,
MUNICIPAL
Inc.
AND REVENUE
BONDS
Inc.
Co.
Dilrect Trading
Bank
Wires:
Carl M. Loeb, Rhoades & Co.,
New York
E. G.
Lynch,
Pierce,
Fenner
A. M. Kidder &
Smith
&
Co., New York
ROBERT D.
Sharp,
McCabe
&
Co.,
Inc.
Phones
—
Philadelphia, LOcust 8-3400
Bell
JOHN
Management
FRED
New York, WOrth 6-5646-7
Teletype 215 569-9839
Corporation
B.
RICHARD
JR.,
SCOTT,
WILLIAM
Ranson
&
Co.,
M.
F.
Inc.
SEEBASS, A. R.
Peters, Writer & Christenser
SEFF,
Dealers and Brokers in
Inc.
Hoffman
Representative
Maguire
&
SMITH,
123 South Broad Street, Philadelphia 9 • PE 5-7330
One Chase Manhattan Plaza, N. Y. 6 • HA 5 9600
DOYLESTOWN
Industrial
Securities
E.
New Jersey
A.
Christensen,
Inc.
Christensen,
Inc.
&
and General Market Municipal Bonds
Bank and Insurance Stocks
&
Mutual Funds
Shares
HENRY JACKSON
Inc.
Co.,
Trading Department
EATON
Bullock.
Janet Post
Ltd.
EVERETTE
Podesta & Miller
•
Lawrence Snyder
Albert J. Caplan
Cruttenden,
CHARLES
SNODGRASS.
The
INCORPORATED
&
C.
"
D.
Writer
SHIRLEY, Jr.,
SMITH.
Railroad
'
Rice & Co., Inc.
Writer
Peters,
Utility
Weeks
BRYAN
CLYDE
SODEN,
STROUD
Public
E. ZACK
Hornblower
Peters.
Denver
W.
F.
SCHROEDER,
Calvin
•
of
Incorporated
Peters.
Elliott
ALLENTOWN
Phila.-Baltimore Stock Exchange
Exchange (Associate)
EARL M.
SCHLENZIG,
Ranson
•
2
K.
SIMPSON, WILLIAM
Ergood, Jr.—Vice President
LANCASTER
PHILADELPHIA
Inc.
McCabe & Co.,
Scanlan
M.
SIPES.
•
page
Underwriters—Distributors—Dealers
Bank
Sharp,
SIMPSON,
Municipal Bonds
PITTSBURGH
on
Weeks
&
SASAKI, HAROLD
Erereton,
COMPANY,
STREET,
American Stock
SEEMAN, GEORGE
Peters, Writer & Christensen, Inc.
Raymond A. Morris, Jr.
William E.
WALNUT
New York Stock Exchange
&
SCOTT,
Allen B. Foard, Jr.
Field
Continued
Inc.
Peters, Writer & Christensen, Inc.
Railroad Securities
Edward P.
Inc.
Members
SAMFORD, NORBERT J.
SCHMIDT,
Schmidt,
Bonds, Equipment Trust Certificates
J1 Richard
Co.
HARRY
SANDBERG, ROY
Hamilton
&
1401
B.
National
SCHOOF, C.
Russell M.
Inc.
Janney, Battles & E. W. Clark, Inc.
E.
CLAIR, ROBERT
Bosworth,
Company
THEM!
Alexander B. Brock
Co.,
King Merritc & Co.,
TICE, JOHN
Quinn & Co.
Inc.
Bosworth, Sullivan <& Company,
Hanifen, Imhoff & Samford, Inc.
D.
KNOW THEM,
James B. McFarland
Christensen,
SULLIVAN, JOHN J.
,
Brothers
American
Public
&
Lynch, Pierce, Fenner & Smith
FRANZ
First
Earl
Bank Stocks,
»'
DUDLEY F.
McDonnell
TETTEMER, FRANK L.
The J. K. Mullen Investment
Weeks
ROGERS, JAMES
SCHAEFER.
Frank J. Laird
TAYLOR,
Weeks
&
RODEWALD, EDWARD
Peters, Writer & Christensen, Inc.
ST.
M.
Christensen,
.
TALLMADGE, ROBERT C.
Tallmadge & Tallmadge
SUH, SANGWOO
Peters, Writer &
S.
&
Hornblower
SCANLAN,
and
Inc.
Tallmadge
ROBERTS, MALCOLM F.
Schmidt,
YOU
E.
Hogle & Co
THARP,
Peters, Writer & Christensen,
JAMES
Boettcher
Tallmadge &
Inc.
ROBERTS, JAMES A.
Bosworth, Sullivan & Company, Inc.
Hornblower
Denver
JOHN
Hogle & Co.
POWELL,
&
E.
P.
ROOSEVELT, PETER
Bosworth, Sullivan & Company, Inc.
Incorporated
CARL
WILLIAM
JR.,
Petere, Writer..Chx^sten&en.
Christensen,
&
National Bank
TALLMADGE, MYLES
M.
STRUTHERS, JAMES R.
Inc.
Co.,
Co.
&
JAMES
Stern
POLLOCK, DAVID
Writer
U. S.
ROBINSON, RAYMOND L.
E.
Brothers
&
Incorporated
Bank
A.
SWEET,
Company
ROGER
STONE, ERNEST E.
Stone, Altman & Company
Co.
ROSEWARNE, PAUL D.
Lynch, Pierce, Fenner & Smith
Central Bank
Smith
Pierce, Fenner & Smith
National
PLOEGER,
ORMSBEE, JACK
Stern
&
PLEASANTS, AARON W.
RODERICK
EUGENE
Merrill
Inc.
LAWRENCE A.
Jr.,
Fenner
Inc.
Incorporated
& Co.,
Rice
Hornblower
Merrill Lynch,
&
Lynch, Pierce, Fenner & Smith
Incorporated
PHILLIPS, ALAN D.
Corp.
J.
M.
Merrill
Peters, Writer & Christensen, Inc.
NILSON, Jr., EUGENE E.
NO WELL,
Inc.
Co.
PETERS, IIARRy W.
Peters, Writer & Christensen, Inc.
LOUIS
Peters,
and
Inc.
HENRY
Denver
Hornblower & Weeks
Peters, Writer & Christensen, Inc.
Miller
&
I Brereton,
Nemrava
PETERS, JR., GERALD P.
NEWMAN, RAYMOND
STITT,
ROBB,
Investment
Pierce,
SWAN.
STEPHENS, KENNETH E.
Company
Jr., JOSEPH
Brothers
SUTLIFF, RICHARD R.
Peters, Writer & Christensen,
Co.
RICHARDS, STANLEY
PETERS, GERALD P.
and
Stock
Mullen
Boettcher
STERLlkG,
and
&
RICE, CHARLES J.
Incorporated
NESBIT, FRED
U. S.
K.
PEPPER, IRWIN
Merrill Lynch,
NELSON, CURTIS F.
Dempsey-Tegeler &
NIKOLAS, S.
J.
Inc.
Stern
RICHARD B.
PENT, ROBERT E.
Schmidt, Sharp, McCabe & Co.,
NEIDIGER, EUGENE L.
Earl M. Scanlan & Co,
Boettcher
Writer & Christensen, Inc.
PENDLETON, WILLIAM
Smith
Inc.
RAPP,
ED.
DONALD B.
Cruttenden, Podesta & Miller
Christensen,
Boettcher
Christensen, Inc.
W.
Paynter and Company, Ft. Morgan, Colo.
Inc.
Brothers
RAICHLE, JOSEPH L.
&
PECK, GEORGE B.
Peters, Writer & Christensen,
NEELY, ORVILLE C.
Merrill Lynch, Pierce,
Incorporated
Stern
A.
Bodie, Jr., Stein Bros. & Boyce, Baltimore; Kemmons
Wilson, Holiday Inns of America, Memphis, Tenn.;
Earl L. Hagensieker, Reinholdt <fi Gardner, St. Louis
STEPHENS,
QUINN, ARTHUR P.
Quinn & Co., Albuquerque, N. Mex.
Company
THOMAS
PAYNTER,
NAYLOR, Jr., J. H.
J.
Writer
Peters.
Inc.
SAM
MYERS, J. HAROLD
Bosworth, Sullivan
and
Charles
STEINAUER, Jr..
Inc.
QUARLES, RALPH R.
Peters, Writer & Christensen,
Inc.
PAUL, ROBERT J.
Christensen,
&
Hogle & Co.
Boettcher
MOWERY, ELWOOD J.
MOZER,
A.
PUFFER, HAL E.
Peters, Writer &
PATTERSON, DONALD L.
MORRISON, WAYNE F.
&
POWELL, ROBERT R.
Coughlin and Company,
Inc.
PAPACOSTAS, JOHN
Peters, Writer & Christensen,
Co.
Hornblower
Walker, Dempsey-Tegeler & Co., Inc., New York; William
III, Gregory & Sons, New York; Jerry Tegeler,
Dempsey-Tegeler & Co., Inc., St. Louis
H. Gregory
PAGE, ARTHUR
OWEN T.
MOORE,
Graham
OWEN, TOM
Peters, Writer & Christensen,
Inc.
41
The Commercial and Financial Chronicle
.
J.
Writer
B.
&
K.
Christensen,
Inc.
Charles A. Taggart
J.
K.
Mullen
Investment
HUGO H.
Peters, Writer & Christensen,
Co.
Member
SOLL,
SOMMER, JAMES
Boettcher
SORENSEN,
Boettcher
and
J.
Inc.
Boston Stock
F.
W.
Montreal Stock Exchange (Associate)
£nd Company
Writer
&
Christensen,
1516
Inc.
215-KI 6-0900
STEELE, JAMES
Merrill
Lynch,
Incorporated
Pierce,
1
Fenner
Exchange (Associate)
Pittsburgh Stock Exchange (Associate)
Company
STEELE, E. E.
Peters,
& Co., Inc.
Philadelphia-Ballimore-Washington Stock Exchange
&
Smith
Locust
Street, Philadelphia 2, Pa.
Teletype 215-569-9734
New York Phone 212-WO 4-7333
42
42
The Commercial and Financial Chronicle
Mr.
Edwin
L.
Beck, Commercial & Financial
York; Lillian Mcllravy, Guest
New
Chronicle,
;Edward
A.
Horn,
Mabon
The Bond Club of Denver
Kuhn,
Loeb
&
Co.,
New
Co., New York; William
&
York;
Homer Wirth,
Horn, Guest
Pettit
Colorado
Stern
WE ID MAN,
Brothers
&
T
Amos
Sc
Company,
WHITE,
Cruttenden, Podesta
& Miller
Lynch,
Fenner
Smith
Si
WHITE,
TRUGLIO, NICHOLAS
Bosworth,
Sullivan
F.
&
The
Company,
Inc.
VEER, Jr., GEORGE C.
Peters, Writer & Christensen, Inc.
Peters,
CHARLES
Writer
VERNER,
WIESNER,
&
Christensen,
Inc.
Wittow
Inc.
Co.,
VINEY, F. H.
Stern Brothers
&
Merrill
Norman Blake
CHARLES L.
Pierce,
,,
Peters, Writer & Christensen,
Fenner
&
Griffith, Jr.
William J. Chase
Jeff
Smith
HAROLD
Incorporated
Smith
&
WEBSTER, R. KENNETH
J. A. Hogle & Co.
Incorporated.
Inc.
Mutual
&
Company,
DeDOsitor
Corp.
Co.
Inc.
SCHAS,
Merrill Lynch, Pierce,
Incorporated; Robert H. Jordan, Mid-South
Smith
William
R. Grissom, Union Planters National
Bank;
Foster, E. F. Button & Company Incorporated.
Elected: January 19, 1962; Took Office:
January 19, 1962; Term
Expires: January 19, 1963.
Merrill Lynch, Pierce,
Incorporated
BATES, GEORGE
J.
C.
Bradford
BOSTON
EXCHANGE
STOCK EXCHANGE
PITTSBURGH STOCK
&
EDWIN
(ASSOCIATE)
(ASSOCIATE)
(ASSOCIATE)
EXCHANGE
Herman
BLAKE,
%
WILLIAM
Co.
Leftwich,
J.
C.
Bradford
GEORGE
Co.
THOMPSON, EDWARD F.
Union
Planters National
Bank
TIPTON,
Jr., A. DULANEY
Bullington-Schas & Co.
Fenner
&
Smith
WILLIAM
Goodbody
J.
C.
Bradford
WIBLE,
&
Co.
Co.
BILL
Hornblower &
Weeks
WIETERS, F. AUGUST
Hornblower & Weeks
B.
WILDER, GORDON J.
Wilder, Hansbrough, Finch & Co.
Co.
M.
Co.
Whitman Securities
GROOM
L.
AYLETT
IVO
Si
WHITMAN, A. L.
Corporation
&
FRED
R.
Bradford
Bank
Ross & Crisler
S
C.
WITTENBERG,
,
Bullington-Schas & Co.
M.
A.
JAMES
Saunders
Si Co.,
A.
Inc.
L.
I.
BUXTON.
Co.,
duPont
&
Inc.
Co.
BROWN
Pierce,
JAMES
Mitchell,
Fenner
Smith
Si
DIRECT PRIVATE WIRE
STEWART
Hutchins
Si
Co.,
•
Inc.
NEW YORK CITY
CHASE, WILLIAM J.
M.
A.
Saunders
&
Co.,
CLAYTON, RAYMOND
Bullington-Schas
CURD, H.
Si
'^^(BArclay 7-5969)
Inc.
A.
i
Co.
PRICE
Federal Securities
DAWSON,
Co., Inc.
\
REED,
ROBERT
E.
Herman Bensdorf Si
Company
Hopper, Soliday & Co.
Established 1872
FINCH, JOHN E.
Wilder, Hansbrough, Finch & Co.
FLETCHER, RICHARD D.
Equitable Securities Corporation
Philadelphia-Baltimore-Washington Stock Exchange
E. F. Hutton & Company
FRANK,
Members
Exchange
Pittsburgh Stock Exchange
Philadelphia-Baltimore Stock Exchange (Assoc.)
/
JULIUS
Herman
Bensdorf
&
LEAR & CO.
New York Stock
FOSTER, WALTER T.
Members
&
WARD, B. FRANKLIN
C.
National
GEORGE
U.
McFADDEN,
&
Lynch,
Incorporated
PA.
First
LIMERICK,
Saunders
JAMES
Planters
LENNOX,
Pierce,
A.
BURCH, J. C.
2,
Union
LEFTWICH,
BOWIE, BOB
Francis
STREET
F.
Corporation
THOMAS, FRED L.
J
LEEKER, JUSTIN F.
JI C. Bradford & Co.
Bensdorf Si Company
Lynch,
Incorporated
Merrill
PHILADELPHIA
Smith
L.
BOYCE,
WALNUT
&
NORMAN
Merrill
M.
1401
Fenner
M. A. Saunders & Co., Inc.
PHILADELPHIA-BALTIMORE-WASHINGTON STOCK EXCHANGE
AMERICAN STOCK
LANCASTER,
BENSDORF, HERMAN
EXCHANGE
Inc.
D.
f
BENNETT,
MEMBERS
Inc.
M.
Co.,
THOMAS, Jr., NICK J.
Memphis Securities Company
ALLEN, HARRY
YORK STOCK
&
FRANCIS
TREXLER,
NEW
ROBERT
Saunders
First U. S.
ROSTER OF MEMBERS
HARRY C. DACKERMAN & CO.
Weeks
Sternberger & Company
Securities Co.
Alternates:
A.
SUTTON,
Walter
&
&
STERNBERGER, DAVID
Committeemen: Norman Blake,
Fenner
Inc.
D.
Sullivan
Treasurer: Jeff Newbill, Jr.,
Wilder, Hansbrough, Finch &
National
YOUNG, CHARLES H.
Founders
Company
Bullington-Schas & Co.
Vice-President: E. Frederick Griffith, Jr., Goodhody & Co.
Secretary: William J. Chase, M. A.Saunders & Company, Inc.
YOUMANS, PAUL E.
Bosworth,
&
Weeks
Saunders & Co.,
Newbill, Jr.
President: Norman Blake, Merrill
Lynch, Pierce, Fenner & Smith
I
Peters, Writer & Christensen,
Lynch,
E. Fred
M. A.
M.
S.
&
ED
SAUNDERS,
ROBERT
GEORGE
WRITER,
WARREN,
Inc.
SAUNDERS, Sr., M. A.
Inc.
Stone, Altman & Company
Reddoch
Hornblower
1
Company
Inc.
WRITER,
S.
Co.,
BRUCE
N.
RUSSELL,
A.
WRIGHT, WAYNE R.
Peters, Writer & Christensen,
Co.
WALSH, JOSEPH M.
Harris, Upham & Co.
WARNER, GEORGE
James
WOODY, BERNARD
Peters, Writer Si Christensen,
P.
R.
Hornblower
Co.
Company
WOODWORTH,
Harris, Upham & Co.
VOG"t, JAMES
&
ROGERS, HOLLIS
Investment
WOODBERRY, ROBERT
Merrill Lynch, Pierce, Fenner
Incorporated
VINCENT, CARL
&
Si
Hutchins
Rader, Wilder & Company
WITTOW, HERBERT L.
Lynch, Pierce, Fenner & Smith
Incorporated
Co.
Co.
REDDOCH, JAMES N.
WILLSON, Jr., JAMES G.
OGDEN E.
Merrill
Dempsey-Tegeler
RADER,
Inc.
W.
Mullen
and
&
E.
Bradford &
Mitchell,
L.
ALFRED
Boettcher
CLYDE
C.
Jr., IRA W.
Goodbody & Co.
WHITFIELD, R. H.
Bosworth, Sullivan & Company, Inc.
VANDER
VAN METER.
K.
Bank
PYRON,
_
Mutual Depositor Corp.
WILEY
J.
1?
National
PHELAN, JAMES W.
E.
DOUGLAS
Founders
Incorporated
J.
Co.
Writer & Christensen,
WHITE,
Pierce,
&
fADIT
First
PEASE,
WILLIAM H.
Sudler
DONALD
Peters,
NORMAN
Merrill
C.
Hornblower & Weeks
IVf TTf!¥¥I?I.¥.
MITCHELL, EARLY F.
NEWBILL, Jr., JEFF W.
Wilder, Hansbrough, Finch
G.
WHISTLER, JOHN W.
J. A. Hogle & Co.
Inc.
TOWELL, JOHN F.
TOWER,
V
The
DONALD
WESTON, Jr.,
Co.
TONER, JOHN F.
Bosworth, Sullivan
Thursday, November 29, 1962
Clive B. Fazioli, White, Weld &
Co., Boston;
Edwards, Edwards & Hartley, New York
Peters, Writer & Christensen, Inc.
WELLER, HIRAM D.
Peters, Writer Si Christensen, Inc.
STANLEY H.
National Bank
TIERNEY, BERNARD
Mrs.
Bert
OF MEMBERS
Continued from page 41
TICHENOR,
&
.
Memphis Security Dealers Association
I
ROSTER
Mr.
.
.
Company
'
FREDERIC, FRANK D.
American Stock Exchange (Assoc.)
Equitable Securities Corporation
GILLESPIE,
Trading Department
Joseph A. McNamee
John
E.
Gibson, Jr.
F.
Hutton
Union
1420 Walnut
—
Street, Philadelphia 2, Penna.
PEnnypacker 5-4075
Teletype 215-569-9885
&
Co.,
WILLIAM
Planters
HANSBROUGH,
Inc.
R.
National
MAC
\
Branches
T.
GRIFFITH, Jr., E. FREDERICK
Goodbody Si Co.
GRISSOM,
Telephone
PAUL
Bank
T.
NEW
YORK, N. Y.
BUTLER, PA.
CORRY, PA.
JOHNSTOWN, PA.
MEADVILLE, PA.
WARREN, PA.
WASHINGTON, PA.
\
•
Wilder, Hansbrough, Finch & Co.
JOHNSON,
The
ALBERT L.
First National Bank
JORDAN, ROBERT H.
Mid-South
Securities Co.
PITTSBURGH
(412)
Teletypes—New York City: 212
REYNOLDS
&
571-007^—Pittsburgh:
CO. PRIVATE
WIRE
412
SYSTEM
281-0818
642 -4032
Volume
Number 6216
196
.
.
The Commercial and Financial Chronicle
.
I
J.
Thomas
Cahill, Chase Manhattan Bank, New York; Lou
Laird, Bissell & Meeds, New York; Joe Mendres,
J. & W. Seligman & Co., New York
Charles A. Bodie, Jr., Stein Bros. & Boyce, Baltimore; Harry
Carl
Marks
&
Co., Inc., New York;
Sal Rappa,
Gibbs,
BAGGERLY, JR., EARL W.
Georgia Security Dealers Association
'
R.
S. Dickson
BANKS,
J.
&
C. Bradford
Jr.,
Courts
6z
Courts
E.
&
COX,
Co.
R.
DONALD
B.
Wyatt,
Neal
&
Johnson,
Waggoner
CROFT,
The
Lane,
Space
and
Inc.
Co.,
Trust
E.
JAMES
Evans
A.
BLACK, Jr.,
&
Company,
H.
Jr.,
BLOCK,
Miller
The
Lay,
Robinson-Humphrey
Dakin B.
F.
porated; R. Ellis Godshall, Clement A. Evans & Company, Inc.;
Thomas J. Monroe, Jr.,
Lex
Jolley,
The
Robinson-Humphrey
The
Johnson,
Lane,
Corporation;
Space
Frank
J.
Myers, J. H. Hilsman & Co., Inq.; Jack C. Morris? The Johnson,
1
Lane, Space Corporation.
Expires: December 31, 1962.
OF
Trust
located
(Members
otherwise
The
in
Atlanta
unless
Indicated)
Courts
Robinson-Humphrey
Co,,
E.
Inc.
ADAMS, FRED E.
R. S. Dickson &
ALBRIGHT,
Jr.,
Thomson
F.
C.
Lord,
Co.,
Company,
EDWARD
AUSTIN,
A.
J.
W.
J.
Clement
McKinnon
HOLLIS
Tindall
&
of
&
A.
Evans
Company,
Co.,
Co.
OLIN
Hilsman
H.
J.
and
&
J.
Inc.,
6c
Inc.
Co.,
Continued
Inc.
on
page
44
Stock Exchange
PUTNAM & CO.
Inc.
&
&
Co.,
HARTFORD
Inc.,
NEW
Georgia
AVE.
HARTFORD
WEST
•
236-56/1
•
WATERBURY
NEW LONDON
MIDDLETOWN
WILLIMANTIC
MANCHESTER
TORRINGTON
MERIDEN
B.
From New
'
AT&T
F.
CLARENCE
York, call CAnal 6-1255
Teletype 203-278-0770
PRIMARY MARKETS IN
MACKIE
Inc.
JAMES
Jr.,
FARMINGTON
BRITAIN
Co.
JR.,
&
TEL. 525-1421
6 CENTRAL ROW
BYRON
CONNECTICUT STOCKS & BONDS
F.
Groover, Macon
JOSEPH
E.
Underwriters and Distributors of
Corporate and Municipal Securities
BROWN,
Courts
E.
M.
&
DREW,
Co.
HENRY
&
BPOYLES,
Company
LAWRENCE
Courts
Inc.
BROYLES, NORRIS ARNOLD
E. F. Hutton & Company, Incorporated
Incorporated
Neal & Waggoner
AUSTIN,
DORNBUSH, TERRY A.
Company,
Bank
BREWER, JR., J. ROBERT
Johnson, Lane, Space & Ce., Inc.
Brown
&
"
Corporation
Members New York
National
DONALD
Abbett
BROWN,
Co.
Hution
Wyatt,
Co., Inc.
CLIFFORD
&
&
ARMSBY, JOHN W.
Wyatt, Neal/& Waggoner
ANDERSON,
ANDREWS, THOMAS
Inc.
Harris, Upham 6c Co.
Savannah
1000
HRAYSHAW,
BROWN,
APPLEBY, WILLIAM C.
EDWARD R.
Evans 6c Company,
DONNELLY, C. ROBERT
THOMAS U.
M.
Company
McNeel Co.
ADAMS,
Clement A.
Securities
Co.
ROBERT
BROOKE,
MEMBERS
P.
Co.
Bank
Byron Brooke & Company
ROSTER
&
DODD, JR., JERE
CARL A.
(
RICHARD L.
Lane, Space &
&
BROCK,
-
Inc.
Company,
E.
Corp.
Southern
&
Goodbody
Term
A.
Co.
JACKSON
WELLBORN
BOYD, D. HUDSON
Johnson, Lane, Space
BRAY,
Company, Inc.; S. Richard Harris, Courts & Co.; Allen Craw¬
ford, Jr.,
National
Augusta
Citizens & Southern National Bank.
Committeemen:
National
Inc.
BOGGS, JR.,
Courts
Ferris, Merrill Lynch, Pierce, Fenner & Smith Incor¬
Courts
Robinson-Humphrey
BOUNDS, JAMES W.
Cox, R. S. Dickson & Co., Inc.;
&
Jr.,
HUGH
CLAYTON
Securities
Johnson,
Executive Committee: A. Carey
DICK,
FRANK E.
Citizens
E.
RICHARD
Courts
Dickson & Co., Inc.
S.
Vice-President: Frank J. Myers, J. H. Hilsman & Co., Inc.
Joseph
W.
Jr.,
BLANCIIARD,
Company, Inc.
Inc..
S.i
DAVIS, DAVID H.
Johnson, Lane, Space
Company,
The Citizens and Southern
President: John B. Ellis, Courts & Co.
Secretary-Treasurer:
Co.,
DAUGHERTY, BENJAMIN T.
Inc.
GRADY
Robinson-Humphrey
BI.ACKWOOD,
R.
EDWARD
Jr.,
CRUMPTON, III,
The
BLALOCK,
and
T.
Augusta
Joseph E. Lay
Johnson, Lane, Space & Co., Inc.
DENNY,
Space
Robinson-Humphrey
Interstate
The
DEMPSEY, HAROLD G.
Lynch, Pierce, Fenner & Smith
Incorporated -
Company of Georgia
Clement
C.
Merrill
ALFRED
BEESON,
J. W. Tindall <fc Company
Inc.
Co.,
ALLEN
Lane,
CROWLEY,
Savannah
BASTIN,
&
Jr.,
Savannah
CRAIG
Jr.,
Johnson,
Dickson
S.
Harris, Upham & Co.
•
DEAN, JAMES B.
CRAWFORD, ALLEN
~
BARRETT, JOHN H.
BARROW,
DAVIS, LLOYD
Co.
CARY
Johnson, Lane, Space & Co., Inc.
PHILLIP E.
Upham & Co.
Harris,
&
A.
CRAWFORD,
Co.
BARFORD,
Frank J. Myers
Liston, Prescott <fi Co., Cleveland, Ohio; Hugh R. Schlicting,
Wm. P. Harper <ft Son & Co., Seattle; John C. Hecht,
Dempsey-Tegeler & Co., Inc., Los Angeles
COURTS, RICHARD W.
Inc.
Co.,
CARROLL
BANKS,
John B. Ellis
Corb
Zeeman,
Mergott, Rappa <ft Co., Inc., New York
Co.
Jr.,
Hutton
F.
BRUMBACK,
Brown
&
NORRIS
&
ARNOLD
Company,
ALFRED
Groover,
We invite your
Incorporated
inquiries.
B.
Macon
BRYANT, EVERETT C.
Courts
&
BRYANT,
The
Active Markets in Unlisted Securities
including
ill
Co.
FRED
M.
Robinson-Humphrey
Company,
Inc.
BUDD, JAMES COLEMAN
The Robinson-Humphrey
Company,
Inc.
R.
Investment Service for over 70 Years
TOWNSHEND
BUDD,
S.
Dickson & Co., Inc.
Underwriters, Distributors and Dealers
BUSH, DAVID D.
CHRISTIANA SECURITIES
Vance,
Sanders
&
Co.,
in
Inc.,
"Ft. Lauderdale
Primary
CAGLE,
DELAWARE BANK STOCKS
WILLIAM J.
Johnson, Lane, Space & Co., Inc.
CAREY,
LOUIS
Courts
&
Courts
&
CHALKER,
SECURITIES
Co.
CARTER, Jr.,
Markets
HUGH D.
Co.
/
THOMAS F.
Goodbody
CORPORATE and MUNICIPAL
H.
&
in all
Co.
COOLEY
CHESNUT, JAMES D.
J.
&
LAIRD
COMPANY
Tindall
W.
CLARK, FRED
John
Nuveen
Company
Johnson,
Lane,
Courts
Exchange
American Stock Exchange
Midwest Stock Exchange
Chicago Board of Trade
i
Commodity Exchange, Inc.
CLISBY,
Clisby
COLE,
E.
Delaware Trust Building
Building
F.
&
Co.,
Inc.
Securities
;
&
E.
Co.,
R.
/
4,
Conn.
New York
Tel. CAnal 6-1232
Teletype 203 278-2077
Meriden
Willimantic
Macon
(Associate)
Hartford
Tel. 527-5171
Co.
JOSEPH
•
•
Enterprise 1910 to
Torrington
•
Waterbury
•
Winsted • Essex
Norwich
DARGAN
Hutton
COLLINS,
The
WILMINGTON, DELAWARE
»
Street,
Phone
New York Stock
Nemours
&
Pearl
Hartford
CLARKSON, MASSEY
Members
American Stock Exchange
100
Space
CO.
Members New York Stock Exchange
Connecticut
Co.
HARRISON
CLARKE,
CORPORATION
&
B.
&
&
ESTABLISHED 1889
t
&
Company,
CHARLES
Robinson-Humphrey
COOLEDGE, NORMAN A.
Courts & Co.
Incorporated
Connecticut
T.
Company,
Securities
Inc.
4
The Commercial and Financial Chronicle
44
-k
Mr.
&
E.
Mrs.
Yeatman, Mosley Co., Incorporated, Philadelphia;
Joseph E. Smith, Newburger & Company, Philadelphia
Christian, Suplee,
A.
GORLIN,
Courts
The Robinson-Humphrey Company, Inc.
DURRETT,
GOW,
WILLIAM
Jr.,
Lynch,
Goodbody &
Clement
F.
Company,
&
Johnson,
Inc.
La
Co.,
Courts
&
Brown
&
EDWARD
EVANS.
Evans
A.
HAINES.
WALDO
C.
Company,
Inc.
RICHARD
HANNER.
R.
J. C.
JOSEPH
Jr..
FERGUSON.
M.
Clement A. Evans & Co.,
Neal
Wyatt,
E.
Merrill
Norris
&
Fenner
Smith
Incorporated
BYRON
&
Hutton
&
Incorporated
Company,
Putnam
Fund
FLEMING,
SCOTT
H.
Jr.,
Hutton
Distributors,
STROTHER
&
Company,
&
Courts
Incorporated
WILLIAM
Courts
&
Co.,
HENRY,
Upham
Harris,
J.
&
FRANK
J.
Johnson,
Clement
&
IIINDSMAN,
Johnson,
Johnson.
Lane,
GERNAZIAN,
KRENSON,
Inc.
Lane,
HIRSHBERG,
Norris
Space
&
Co.,
Inc.
Space
&
Co.,
Inc.
&
The
HOOK,
Company,
Inc.,
Evans
&
R.
Company,
Southern
Inc.
W.
National
Bank
CABELL
HOPKINS,
Southeastern
ELLIS
Inc.
HUGER,
Courts
ALBERT
WILLIAM
WM.
C.
&
Company,
Columbus
E.
H.
Co.,
Inc.
National
The
Bank
J.
C.
and Co.,
Inc.
J.
J.
J.
<fc
Inc.
Neal
Wyatt.
NICOLSON,
Inc
F.
Co., Rome
Co.
Inc.
E.
F.
&
Hutton
WILLIAM A.
LEWIS,
& Company,
WARDELL
H.
EDWARD
A.
Clement
LIPSCOMB,
H.
&
Incorporated
Luttrell &
SHAVER,
Inc.
Inc.,
Co.,
V
.T.
RALSTON
Co.
Inc.
Wulbern,
HARRY
SHELDON,
Goodbody
&
A.
Inc.
L.
Co.
ARTHUR
Clement
Evans
B.
&
Inc.,
Company,
Savannah
LAMAR
ARTHUR A.
Evans
A.
DAVID
Carrison,
SIMKINS,
Robinson-Humphrey
Company,
Inc.
&
SITES, CRAWFORD M.
Courts
Courts
~
Company,
&
Co.,
Inc.
Co.
&
FRANK
SITES.
B.
„
Co.
&
SKINNER, JR., HERBERT C.
Varnedoe, Chisholm & Co.,
Savannah
Inc.,
A.
Evans
PENDERGRAST^,
Courts
&
&
Co.,
THOMAS
Johnson,
Augusta
Inc., Macon
J.
SMITH,
Co.
PERKINSON.
1
Inc.,
(Associate)
JOSEPH J.
Space
Lane,
Jr.,
&
Co.,
Inc.,
i
HERSHEL F.
Pierce, Carrison, Wulbern Corp.
TOM
G.
SMITH,
JR.,
McNeel
Johnson, Lane, Space & Co., Inc.
Columbus
Co.,
FRANK
PEEPLES,
Clement
LUTTRELL, JR., WILLIAM R.
R.
Company.
McKEE
A.
^
and
Space
CHARLES
C.
SHAVER.
Co.
M.
III,
Inc.
Co.,
Lnne.
SLATTERY,
Inc.
Company,
SWIFT
LUTTRELL, WILLIAM R.
W. R. I.uttrell & Co., Columbus
V/.
Hilsman
Savannah
H.
Evans
JR.,
&
PAULSEN, GROVER C.
Johnson, Lane, Space
Wyatt, Neal & Waggoner
Chas. A. Day & Co.
H.
Pierce,
A'.
Clement
WILLIAM
Goodbody & Co.
UINDSEY.
The
PATY,
Co.
&
Evans
O'NEAL, JACK T.
Johnson, Lane, Space & Co., Inc.
_
Inc.
R.
FLEMING
J.
A.
OGLESBY,
Co
WILLIAM
Co.,
Pierce, Carrison, Wulbern Corp.
A.
NITNNALLY, JR., HUGH P.
Harris, Upham & Co.
Courts
Robinson-Humphrey Company, Inc.
&
&
ROYSTON
SDAINKER,
Waggoner
GEORGE
NUNNALLV,
JR., JOHN
LEWIS,
i
Company,
ROBERT E.
Neal & Waggoner
Courts
Hilsman
H.
Co.
&
FLEMING
J.
Savannah, Ga.
Augusta
E.
Wyatt.
The
Jr., W. BRUCE
Bradford
Johnson.
Inc.
Co.,
&
J. R.
Co.
Incorporated
JOSEPH
MADDOX,
Listed and Unlisted Bonds and Stocks
particularly of
MALLORY,
E.
MALOOF,
England Corporations
Inquiries invited from Dealers
and Financial Institutions
a
Retail Department
with Distribution in New England
W.
Incorporated
Company,
Our
A.
Johnson, Lane, Space & Co., Inc.
PAUL
First National
E.
Bank
The
to
render
fast and
a
/
stocks.
and
justus
conscientious
Your
inquiries will receive
our
diligent
MASON, JAMES M.
Johnson, Lane, Space
&
Company.
Co.,
Inc
Inc.,
DAYTON HAIGNEY & CO.. INC.
Fust
E.
F.
National
H.
H.
c.
Member Boston Stock
Georgia
of
JR.,
Hutton
Bank
&
of
Atlanta
&
e.
Co.,
75
Boston Tel.
Company,
john
Hilsman
Exchange
WILLIAM M.
WESLEY
McClelland,
J.
robert
Jr.,
Company
McADEN,
attention.
c.
Robinson-Humphrey
MATTHEWS,
us
.....
Augusta
Trust
Exchange
enables
Johnson, Lane, Space & Co., Inc.,
mathews,
WASHINGTON AT COURT STREET
system
and
S.
Augusta
Member Boston Stock
wire
accurate-Trading Service in all over-the-counter bonds
Atlanta
of
MARKWALTER, JOHN
viartin, Jr.,
Maintaining
&
FRANK
MANNERS.
New
WALDO
Hutton
F.
J.
& Co.
Courts
Inc.
Robinson-Humphrey Company, Inc.
C.
SETTLE,
NEAL, J. ROBERT
Company,
Inc.
WILLIS
SEWARD, CHARLES
FRANK
Hilsman
H.
Clement
&
Co.,
STANLEY H.
SCHAEFER,
v..,,.-
Lane, Space
&
Jr., A.
SETTLE.
J.
D.
Robinson-Humphrey
The
Courts
i 58 YEARS OF SERVICE
Inc.
McNeel &
Bradford
LEVINS,
Courts
Jr.,
Company,
Southern
JACK
P.
MYERS,
and
HARRY
JOSEPH
Co.
&
HUNTER,
&
NOKVELL,
LEE,
E.
Wellington Distributors, Inc.,
Ft. Lauderdale, Fla.
ROUSE,
&
Inc.
The Robinson-Humphrey Company,
W.
Evans
W.
ROBERTSON,
Company
Company,
Co.
&
Hilsman
H.
B.
&
E.
MURPHY, Jr., N. BARNARD
Goodbody & Co.
D.
Space
LERGENMILLER,
Clement A. Evans & Company,
GORDON,
Inc.,
Co.,
ANTHONY J.
Robinson-Humphrey Company,
LAY,
A.
and
Citizens
First
GODSHALL,
&
Robinson-Humphrey
LAHMAN,
J.
JOHN
&
BEN
ROBERTS,
(Associate)
Robinson-Humphrey
Columbus
L.
Inc.
J.
A.
Johnson,
C.
ALFRED
Co.,
B.
GEORGE
Clement
MORRIS.
LAGOMARSINO,
Inc.
GILBERT, GEORGE W.
A.
Inc.
JULIAN R.
Hirshberg,
HOFFMAN, CULLEN J.
F.
Thomson & McKinnon
Clement
Co.,
&
Space
Lane,
KUIILMAN,
The
HARRY
Space
WILLIAM
D.
The
Co.
GASTON, ERSKINE
Goodbody & Co.
Company,
Courts
and
Evans
A.
Ga.
ROBERTS,
Space
JAMES
Citizens
II.
&
Johnson,
C.
JAMES
Evans
A.
Lane,
SYDNEY
JR.,
Macon,
L.
MONROE, THOMAS J.
Lane,
Atlanta
ZAIINER
A.
Co.
&
Clement
of
Inc.
Co.
&
Courts
RIVES,
Bank
Brooke
Byron
Pierce, Fenner & Smith
GEORGE
Inc.,
MILLIKAN, TROY W.
MONK,
Lane,
KNELLER,
THOMAS
HERNDON,
Co.
McCREA
Upham
.!.
ANDREW
CUYLER
A.
Courts
REYNOLDS,
Co.,
IF.
JAMES
Company,
Co.
&
REVSON, Jr., ALFRED F.
Atlanta
&
Space
PHILIP
MILNER,
CARL
R.
Lane,
Johnson,
Macon
Jr..
R.
of
&
GRADY
H.
Courts
Savannah
Savannah
FULWILER, WILLIAM H.
Harris,
Incorporated
Kilpatrick & Co., Augusta
Johnson,
Co.
Courts & Co.
Johnson, Lane, Space & Co., Inc.
FUNSTEN,
MILLER,
Company,
Bank
Evans
A.
REEVES,
GEORGE
First National
Inc.
Company,
Incorporated
FONVILLE, PERCY G.
FRENCH.
& Co.,
KLINE, Jr.,
S.
S.
Albany, Ga.
&
Merrill Lynch,
Co.
&
J.
KISH,
Co.
WALTER
Goodbody
FLEMING,
A.
RICHARD
&
Jr.,
Hutton
F.
KILPATRICK.
C.
HAY,
&
W.
MERRY, ARTHUR H.
MILHOUS,
Evans
A.
KII.LEN, EUGENE H.
Clisby
HARRIS, LEONARD T.
HARRIS, S.
Inc.
Dalton, Ga.
Co
Goodbody
FITZGERALD,
Inc.,
RALPH
HARRIS, J.
Goodoody
FIRESTONE, STANFORD B.
E.
D.
Hirshberg,
Co.
&
R.
ERNEST
REES, 111, ARTHUR F.
Hirschberg, Inc.
JR.,
JOHN
Co.
JR., J.
Clement
National
Inc.
Inc.
Company,
McNeel & Co.
FONVILLE
JAMES
Johnson,
Augusta
KENNEDY, JOHN LELAND
Waggoner
Inc.
HARRIS,
DAKIN B.
Lynch, Pierce,
FERRIS,
Inc.
&
Rankin &
REED,
Co.
&
Evans
III.
RANKIN,
Incorporated
Co.,
&
Morris
First
Company,
JOHN R.
Clement
&
MENDE,
LEX
Robinson-Humphrey
KABLE,
RICHARD P.
&
Inc.,
Co.,
E.
A.
T.
IRVIN
A.
Clement
McWHORTER,
MEANS,
M.
and
Space
JONES, GUY R.
Harris, Upham
Bradford & Co.
HARBOUR, Jr.,
F.
The
Funds of America, Inc.
Mutual
E.
JOLLEY,
Inc.
Co.
Johnson, Lane, Space & Co., Inc.
&
RICHARD
FELKER.
McNeel &
A.
CLEMENT
Clement
A.
Inc.
Hirshberg,
THOMAS
Lane,
RAGSDALE.
FINLAY
ROLAND
Jr.,
Robinson-Humphrey Company,
The
S.
EUGENE
(Associate)
Waggoner
KEN
&
Co.
&
RADFORD,
& Co. Inc.
D.
Blair
Inc.,
Co.,
and
Space
Savannah, Ga.
LOWERY T.
HAGOO.D,
Norris
McRAE,
Courts
Jr.,
Johnson,
Macon
Co.
ERBESFIELD,
Lane,
JOHNSON,
DENMARK
Groover.
PRITCHETT,
W.
Co.
Jr.,
McNeel
A.
Neal
Courts
&
McNEEL,
GARNER
Savannah
T.
&
Company
HOWARD
Courts
Inc.,
Co.,
Company of Georgia
Wyatt.
Equitable Securities Corporation
McNAIR,
Space &
Lane,
Johnson,
Inc.,
A.
PAUL
Daines,
GEORGE
PORTER,
Trust
Frank
Mrs.
&
PRESTON, Jr., SAMUEL W.
Columbus
McGAUGHY,
Inc.
Co.,
&
JOHNSON, THOMAS M.
&
Space
Grange
GROOVER.
Space
Johnson, Lane, Space & Co., Inc.
R.
Lane,
PAUL
Southeastern
First
DAVID T.
Johnson,
JOHNSON,
Savannah
ELLIS, JOHN B.
Inc.
Co.,
N.
Savannah
JAMES
GRIGGS,
Evans
A.
Smith
Neal
Wyatt,
Co.
MILTON
EISENBERG,
&
Fenner
RANDOLPH PAGE
& Waggoner
GRIFFIN,
&
McDOUGAL.
r
-
FREEMAN
Lane,
JOHNSON,
F.
Pierce,
Inc.
C.
DOUGLAS
EDWARDS,
Christian, Singer, Bean & Mackie, Inc., Philadelphia; Mr.
Hayden, Stone & Co. Incorporated, New York
Incorporated
Savannah
Co.
Incorporated
Co.,
&
&
Merrill
FRAZER
J.
Hilsman
H.
F.
Thursday, November 29, 1962
.
Mcdonough, jr., john j.
Merrill Lynch, Pierce, Fenner & Smith
N.
Space
Lane,
Jr.,
Johnson,
STEVE
C.
LANDON
DULANEY,
Jack
^
JELKS,
Continued from page 43
Mrs.
roger M.
FREEMAN
Savannah
MEMBERS
OF
&
Wyatt, Neal & Waggoner
JELKS,
Johnson,
ROSTER
Mr.
Mrs.
&
Mr.
jacobs,
E.
.
:
Georgia Security Dealers Association
J.
.
Inc.
Incorporated
FEDERAL
—
STREET, BOSTON 10, MASS.
Liberty 2-6190
New York Tel.—WOrth 4-2463
Volume
Mr.
&
Mrs.
SMITH,
196
Morton
Number
II.
RAYMOND
WALKER,
The
Robinson-Humphrey Company, Inc.
SMITH,
J.
WILEY
J.
Lane,
Johnson,
&
Co.,
Co.,
&
Inc.
J.
A.
Lane,
H.
and
Co.,
Inc
L^ne,
and
Co.,
Inc.
STAFFORD,
THOMAS
STEINHAUER,
&
Corporation,Hew York
ROBERTS,
Petersburg Stock and Bond Club
Arch
Inc.
Co.
Lynch,
Incorporated
Inc.
Inc.
Thomson
J.
Co.,
Inc.,
H.
Company,
Eberstadt
&
P.
E!
FRANK
JR.,
Bank
&
HENRY
TROUSDAL,
B.
Johnson,
Company,
Inc.
WISE,
Space
J.
Co.,
&
L.
VARDAMAN,
OWEN
&
Co.,
Inc.
Vice-President:
C.
I.
C.
Smith
B.
Inc.;
L.
C.
Co.
&
Co.
Pont
&
Incorporated;
Derwin
B.
Cruttenden,
Smith,
National Committeeman: Soren D. Nielsen, Blair &
RALPH W.
du
Co.
Podesta
NSTA
&
Miller; Clifford U. Sadler, Davidson-V ink-Sadler, Inc.
Co.
Now Over
Incorporated.
Co.
II, JAMES J.
Alternate: William R.
ROSTER
BARNES,
ALLEN
PHILIP
&
IV,
Lynch,
BARRETT.
Company,
Company,
Ronald
Inc
Company.
Inc.
Blair
A.
&
Smith
Bache
Podesta
Miller
&
CHAPIN,
WILLIAM H.
A.
PATRICK
Co.
M.
Blair
Members
Kidder & Co., Inc.
&
C. O.
Co.,
Incorporated
Incorporated
ROBERTS,
A.
Jr.,
ALBERT
Goodbody & Co.
ROY
ROBERTS,
F.
Goodbody
Inc.
III,
&
ALBERT
Co.
McKinnon
&
WILLIAM A.
Merrill
Lynch,
Incorporated
Merrill
MARKETS
Pierce,
MAURICE
Lynch,
Fenner
&
Smith
Fenner
&
Smith
L.
Pierce,
Incorporated
GAITHER,
Francis
T.
I.
du
Pont &
STOCKS
Peninsular
NEW ENGLAND SECURITIES
GOOD,
mm
RAY
GALLAGHER,
JOHN
Co.
ja mum m**
wlmBMIVI nrc
F.
Investments
STANLEY Corp
PAUL B.
Thomson
McKinnon
&
CORRESPONDENT
HILL, HUGH
A. M. KIDDER &
STANLEY
Pierce,
Merrill
Lynch,
Incorporated
CO., INC., NEW YORK
•
Fenner
&
Smith
HOLLTS,
A.
BANK and INSURANCE STOCKS
M.
Kidder &
HOUGH.
R.
JENNINGS,
Blair
Boston 9, Massachusetts
&
Co.,
KITCHEN,
Open-end Telephone Wire to New York
&
L.
&
MALOOF,
System Teletype—617 451-3470
MASON,
NEWEY,
.
v
v.
MARKETS
423-0100
Teletype
Frank S. Breen
William E. Creamer
George A. Stanley, Jr.
Daniel L. Quinn
Gerald J. D'Ambrosio
Robert G. Carlson
Charles M. Watt
Robert A. D'Ambrosio
D.
TED
Co.
EDWARD
GEORGE
Cruttenden,
ENGLAND
E.
C.
Qoodbody & Co.
617
451-3463
Bradley Sullivan
Smith
Direct Wire to
CONGRESS
STREET,
BOSTON, MASS.
New
York,
CAnal 6-7000
T.
Podesta
JOHN
&
50
K.
Portland, Maine—Enterprise 2904
Hartford, Conn.-—Enterprise 6800
Telephone
NEW
Incorporated
Goodbody & Co.
Providence, R. I.—Enterprise 2904
serving
Dealers
Co.
JOSEPH
MacCONNIE, WALTER S.
Merrill
Lynch, Pierce, Fenner
Incorporated '
Boston—HUbbard 2-5500
and
Co.
RICHARD
Bache
York—CAnal 6-1613
&
Brokers
Inc.
K.
Hough
ROBERT
Goodbody
JONES,
Co.,
WILLIAM
William
MAG EIRE INC.
& CO.,
ROY
C.
Securities
Over-the-Counter
for
■
5,000
D.
Incorporated
CHURCHILL, WALTER R.
FOISY,
Milk Street,
E.
&
RITCH, Jr.,
Co.
Thomson
J.
B.
Co.,
Securities
C.
Kidder & Co.,
M.
Inc.,
SOREN
&
READ, EDMUND D.
A.
Investment
Beaton
Co.,
&
Blair
O'BRIEN,
WALLACE
Bache
Ga.
UTILITY and INDUSTRIAL
Fenner
R.
FREDERIC
&
BOYD,
Space & Co.,
Pierce,
JOSEPH
BEIL, Jr.,
Robinson-Humphrey
Columbus,
BOSTON
MEMBERS
NIELSEN,
BEATON, RONALD A.
Incorporated
ALEXANDER
Johnson, Lane,
PRIMARY
OF
C.
Incorporated
WEST
Hutton
YOW, LAWSON S.
The Robinson-Humphrey
Inc.
Hough, William R. Hough & Co.
EUGENE F.
Tindall & Company
Jr., LAMAR M.
F.
The
REUBEN
Bell
F.
Incorporated
Beil, Jr., Blair & Co. Incorporated.
Treasurer: Albert Roberts, III, Goodhody &
EMERSON,
New
R.
Co.
Gallagher, Peninsular Investments.
Frederic
Lynch, Pierce, Fenner & Smith
YEARLEY,
& Waggoner
31
Goodbody
Albert Roberts III
E. Pat O'Brien
Directors: William A. Emerson, Merrill Lynch, Pierce, Fenner &
Athens
Co.,
ZIMMERMAN,
T.
Neal
Frederic C. Beil, Jr.
President: John F.
Savannah
WAGGONER,
Gallagher
Cruttenden,
E.
SAMUEL L.
Chisholm & Co.
Varnedoe,
W.
WOOD,
Inc.
Wyatt, Neal & Waggoner
VARNEDOE,
Athens
Lynch, Pierce, Fenner & Smith
Incorporated
DEAN
Hirshberg,
Co.,
Merrill
Inc.,
Savannah, Ga.
UNDERWOOD,
John F.
Merrill
A.
and
&
Miller
Inc.
LEE
Incorporated
WILLIS,
Lane,
Co.,
&
E.
Co.,
WILLBRAND, JOHN II.
Albany
WENDELL
Merrill
/
REIDAR
&
&
ELMER
WELLINGTON,
Atlanta
Jr.,
C.
Blair
J.
&
FRANK
WARNKE.
Robinson-Humphrey Company,
HOWARD C.
Traywick & Company, Inc.
TRAYWICK,
E.
Inc.
Robinson-Humphrey
Kidder
Co.
&
Francis
Co.,
M.
B.
Podesta
CONNY
Secretary: E. Pat O'Brien, Bache & Co.
WILLIAMSON,
TOMPKINS,
A.
Albany
of
E.
RICHARD
Hilsman
DERWIN
Goodbody
WILLIAMS, Jr.,
THOMAS.
Inc.
Company,
Co.
&
WIGHT.
Co.
National
H.
Co.
Cruttenden,
WIEGAND, Jr., A. FRANK
The
TAYLOR,
McKinnon
&
E.
.v
TRANGAS.
J.
J.
Courts
WILLIAM
SMITH.
Inc.
Hilsman
WHITE.
Incorporated
SULLIVAN,
Smith
WHITE, CARL R.
Courts
&
ache
Goodbody
Tillman-Whitaker
Incorporated
Evans
SCHULTE,
WARD.
JAMES
&
SCARBROUGH, LEMUEL
1
Courts & Co.,
Fenner
U.
Davidson-Vink-Sadler, Inc.
G.
Co.,
MARSHALL
WHITAKER,
Pierce,
CLIFFORD
SADLER,
WHELCHEL, Jr., WILLIAM PINCKNEY
STOCKS, FRANK T.
Clement A.
&
W.
Roberts
Merrill
ROBERT G.
Courts
Co.,
ARCH
W.
ROUTMAN, HERSHEL
Inc.
Inc.
STEWART, THOMAS W.
Johnson, Lane, Space &
Wyatt,
Hanseatic
Lynch, Pierce, Fenner & Smith
McNeel & Co.
Company,
EUGENE
R.
Hirshberg,
&
Norris
York
Courts & Co.
STEVENSON, JR., FRANK
Howard
&
WEATHERS, HAROLD
STEADMAN, C. ELLIOTT
Johnson, Lane, Space &
The
Co.,
SAMUEL
WELLBORN,
H.
St.
Robinson-Humphrey
WATT,
'
H.
Co.
STAGG, JOHN M.
The Robinson-Humphrey
J.
New
WATSON, III, JOHN L.
The
Bradford &
Fulton
Ohlandt, New York Hanseatic Corporation, New York; Mr. & Mrs. Frank J. Ronan,
JAMES W.
& Hirshberg, Inc.
Norris
Space
Savannah, Ga.
F.
Mrs. John D.
Incorporated
WALLS,
Johnson
Blair
&
Hilsman
Merrill
Space
Savannah
Norris
Mrr &
McVey,
-
Columbus
Hilsman
H.
WALKER,
Space
SPACE, JULIAN B.
C.
Mrs. George M.
WALLACE, Jr., ROY W.
SPACE, JULIAN
J.
&
45
WALKER, HAROLD L.
Co.
Johnson,
Augusta
Mr.
WALKER, FLOYD L. •
Norris & Hirshberg, Inc.
SMITH, WALTER
&
and Financial Chronicle
CURTIS
A.
Walker
i
SIDNEY M.
Courts
The Commercial
Weiss, Singer, Bean & Mackie, Inc., New York;
Lehman Brothers, New York
Clisby & Co., Macon
SMITH,
6216
&
Miller
46
Mr.
&
Mrs.
The Commercial arid Financial Chronicle
,
Casper
Rogers,
Casper Rogers <ft Co., Inc., New York;
May <ft Gannon, Inc., Boston
Mrs.
&
Mr.
John
A.
&
Thursday, November 29, 1962
Mr. & Mrs. Joseph C. Cabbie, Burns Bros. & Denton, Inc., New York;
Sidney Jacobs Co., New York
McCue,
ton
Bond Club of Phoenix
...
Company, Incorporated; C. Rex Rhoads, Heller, Rhoads
& Hunter
Securities, Inc.; Randolph E. Soranson, Merrill Lynch,
Pierce, Fenner & Smith Incorporated; Philip M. Young, Refsnes,
1
Ely, Beck & Co.
Mrs. Sidney Jacobs,
Mr. &
MINNICK, EDWIN
Refsnes, Ely, Beck & Co.
MORONEY, WILLIAM
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
MYERS, TOM
National
V\.
•
Committeeman:
Philip M. Young, Refsnes,
Ely,
Beck
& Co.
■■
E.
,
Hutton
F.
&
Company,
Incorporated
NEWELL, DUNCAN H.
Valley National Bank of Arizona
ROSTER
OF
NIXON, FRANCIS
MEMBERS
V.
NORMAN, WILLIAM
FRED C.
Lynch, Pierce,
CLAPP,
ANDLAUER,
Hi ^
Merrill
Ivl
Smith
Fenner
Incorporated
Jr., HAZEN S.
Cleef, Jordan, Wood,
Arnold
&
Hutton
(
F.
&
Company,
Incorporated
Miller
Witter
Dean
'
V
IF
Hazen S. Arnold, Jr.
Richard Hauser
President: Hazen S. Arnold, Jr.,
BELL,
Co.
&
&
Co.
Ratigan
Lynch,
Pierce,
Incorporated
Smith
I.
Incorporated
f
&
Co.
A.
BUNDY,
Treasurer: Peter J.
Ratigan, William R. Staats & Co.
Directors: Hazen S.
Arnold, jr., Van Cleef, Jordan, Wood, Arnold
First
William
Witter
CARLIN,
Co.;
&
Merrill
Smith
Andrew B. Loper, Valley National Bank of Arizona; James F.
R.
Staats
JAMES
Arizona
R.
Inc.
OSMENT, II, CLARENCE E.
Walston
&
Co., Inc.
&
RABE, JOHN F.
E.
Co.
The
MICHAEL
Fenner &
William
GEORGE
Jr.,
Arizona
Waddell
&
Reed,
&
Company,
R.
William R.
Staats
&
Co.
Staats & Co.
REFSNES, JOSEPH E.
Refsnes, Ely, Beck & Co.
G.
Inc.
JOSEPH L.
Refsnes, Ely, Beck & Co.
REFSNES,
GRAY, JACK M.
Powell, McGowan,
Inc.
E. F. Hutton & Company, Incorporated
RHOADS, C. REX
Heller, Rhoads & Hunter
VINCENT
Valley National Bank of Arizona
ROGERS, FRANCIS
HALL,
a
R. F.
Securities,
HART,
HAUSER,
The
RICHARD
Witter
Dean
&
Witter
Dean
&
I.
ROSS,
&
A.
Heller,
a
&
century]}
Fenner
SCOTT, Jr., THOMAS b.
The Scott Corporation,
&
Scottsdale
Incorporated
SENA, JOE
HOLLAND, ROBERT
Dean
E.
Witter & Co.
IIOLMAN, JOHN G.
Francis
I.
du
Pont
Co.
Hutton
MELVIN A.
SMITH,
Valley National Bank of Arizona
JONES, PAUL
Valley National Bank of Arizona
through public offerings and
LAMBUTH,
Merrill
WILLIAM
Company
Investments
R.
Smith
Inc.
investment
Francis
john
du
I.
LEE, EUGENE S.
Valley National Bank of Arizona
LOFTUS, BRIAN
The
STREET, LOS ANGELES 14, CALIFORNIA
New York Stock Exchange, American
1
Bank
swanson,
topf,
Valley National Bank of Arizona
'
du
I.
LOPER, ANDREW B.
Stock
Pont &
SAN
DIEGO,
SANTA
LOS
SAN
ANGELES,
JOSE,
SAN
ORANGE,
CRUZ
ARIZONA:
PHOENIX,
FRANCISCO,
Bank
William
R.
Staats
bensciioten,
REDLANDS,
van
SHERMAN OAKS,
PALO
of
Arizona
& Co.
peter
vidrine, kirby l.
DOUGALL, DONALD
Refsnes, Ely, Beck & Co.
BEVERLY
Co.
henry o.
MAC
PASADENA,
Co.
carl t.
National
First
McCRACKEN, FLOYD A.
CALIFORNIA:
&
STOUFFER, Jr., JAMES B.
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
LONGSTRETH, Jr., EDWARD
Shearson, Hammill & Co.
Exchange (Assoc.), Pacific Coast Stock Exchange
,
Arizona
Francis
w.
Pont
george f.
stoeberl,
securities
Co.
Pierce, Fenner &
Lynch,
Francis I. du Pont & Co.
William R. Staats & Co.
&
Incorporated
stephens,
i
LEE, BENTON M.
Staats
soranson, randolph e.
Lambuth &
private placements of securities
members:
Incorporated
Witter & Co.
Dean
William
640 SOUTH SPRING
Company,
JAMES, CHARLES E.
PROGRESS
established 1887
&
HAROLD
simpson, dee c.
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
'
Securities, Inc.
WESTERN
F.
SHAPIRO,
&
HUNTER, WILLIAM J.
Heller, Rhoads & Hunter
contributing to
Co.
&
SCHER, MARK
Shearson, Hammill & Co.
Inc.
HILLYARD, Jr., JAMES
Merrill Lynch, Pierce,
Smith
Co.
&
JAMES C.
Witter
Dean
Sons
MARVIN S.
Rhoads & Hunter
Securities,
Witter
SAVILLE,
Edwards
G.
Co.
SAM
Dean
Co.
HEINZ, FLOYD
HELLER,
C.
Arizona
Co.
Pont
du
Inc.
of
ROSENCRANS, SHELDON D.
Walston & Co., Inc.
HAYES, MICHAEL
Francis
First
Co.
HAVER, Jr., FORREST E.
fFor three-quarters of
Incorporated
PETER J.
reece, emory F.
F.
Bank
KENNETH
GILLESPIE,
Hutton
F.
RATIGAN,
Witter & Co.
GERMAN,
STANLEY B.
POWELL, ELMER J.
Powell, McGowan, Inc.
B.
WENDELL
Witter
Dean
Lynch, Pierce,
Incorporated
MAURICE
Co.,
Refsnes, Ely, Beck & Co.
Co.
GARRETT, ROBERT L.
Co.
&
&
Witter & Co.
Dean
of
CHRISTIANSEN, ALAN H.
'Refsnes, Ely, Beck & Co.
McGinnis, Shearson, Hammill & Co.; John F. Rabe, E. F. Hut-
Staats
R.
GARRETT, J.
Bank
&
PICKERT, HAROLD L.
E. F. Hutton & Company
FELTER,
Co.
S.
National
Co.
PLENINGER,
William
BURNS, THOMAS B.
Miller; Edward J. Birmingham, Merrill Lynch, Pierce, Fenner
Incorporated; Richard Hauser, Dean
JOHN
&
Co.
&
ELLIS, KENNETH A.
Dean
Edwards
Pont
Offerman
ELBERT, MICHAEL
Shearson, Hammill & Co.
JIM
G.
Co.
OWEN, JOHN G.
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
C.
Shearson, Hammill & Co.
BIRMINGHAM, EDWARD J.
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
Witter & Co.
du
I.
E.
Walston
Company,
Pont
du
DUNBAR, KIRK
Fenner &
BENZEL, WILLIAM
Valley National Bank of Arizona
Van Cleef, Jordan, Wood, Arnold
BORST,
Smith
Staats
&
DAVIS, LELAND J.
Francis
Merrill
Secretary: Carl T. Swanson, First National Bank of Arizona.
&
R.
I
Hutton
F.
BELL, THOMAS P.
Peter J.
& Miller.
&
E.
&
OFFERMAN, LEWIS E.
O'NEILL, Jr.,
CROWE, WILLIAM
Inc.
ERNEST
William
Carl T. Swanson
Vice-President: Richard Hauser, Dean
McGowan,
Pont
du
OAKLEY, Jr., BERFORD S.
Lewis
COUTCHIE, RICHARD E.
ASKEW, LESLIE
Powell,
I.
Francis
GEORGE
E.
ARNOLD,
Van
Staats & Co.
COPP,
'
'
ROBERT A.
William R.
&
Francis
E.
F.
Hutton
&
Company,
Incorporated
HILLS,
Shearson,
ALTO,
Hammill &
Co.
Kirby L. Vidrine Co.
wade',
robert g.
McGINNIS, JAMES F.
Shearson, Hammill &
SCOTTSDALE
Co.
Valley National Bank of Arizona
MERENESS, HARRY
1
Shearson, Hammill &
i
Co.
webster, arthur i.
Merrill Lynch, Pierce, Fenner &
Smith
WILLIAM E.
Cleef, Jordan, Wood,
Incorporated
MILLER,
Van
•
Arnold
&
Miller
Inc.
yqung, philip m.
Refsnes, Ely, Beck* & Co.
Volume
William
196
Number 6216
.
.
.
47
The Commercial and Financial Chronicle
Denney, Doyle, O'Connor & Co., Inc., New York; James L. Beebe, William R. Staats <£
Los Angeles;
Jack Wertheim, Wertheim & Co., New York; Clemens T. Lueker,
Hill Richards & Co., Incorporated,
Los Angeles
Florida Security Dealers Association
Parks
Co.,
Pedrick, Howard, Weil, Labouisse, Friedrichs and Company, New Orleans; Charles R. O'Donnell,
Nichol & O'Donnell, Inc., Pensacola, Fla.; Charles M. Thompson, Pierce, Carrison, Wulbern
Corp., Jacksonville; John Bonham, First Alabama Securities, Inc., Montgomery
Nolting,
CORYA,
ATWILL, JR., WILLIAM
Bache
Goodbody & Co., Miami
BARNIIART, NEIL
Merrill Lynch, Pierce, Fenner & Smith
Palm
Incorporated,
THOMAS
BARRETT,
Sincere
and
A.
Kidder
M.
Fla.
Co..
Inc.
Beach, Fla.
M.
GANSON
Kierier
and
DE
Miami,
St.
Kidder Si
M.
Petersburg
DICKSON,
Smith
A. M.
Evans
Si
Inc.,
Company,
KIRK T.
Atlanta
Co.,
JUSTIN R.
Kidder & Co., Inc.,
JOSEPH
Eaton
Howard,
&
Hollywood, Fla.
E.
Incorporated
Jacksonville
Co
WILLIAM
E.
ELLIS, JOE F.
Tnc.
Lynch, Pierce, Fenner & Smith
Ft. Lauderdale, Fla.
Merrill
Beach
•
,
EARL
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Miami
Incorporated,
R.
Continued
Kidder & Co., Inc., Clearwater
on
page
Fla.
BOSWELL, NELSON J.
Robert J. Pierce
Henry M. Ufford
William R. Hough
A.
C.
Lynch, Pierce, Fenner Si Smith
Incorporated,
Calvin Bullock, Ltd., Miami.
Carrison, Wulbern, Inc.,
Jacksonville.
Jacksonville
WALLACE
BOYD
Vice-President: Robert J. Pierce, Pierce,
L.
B.
Merrill
President: Henry M. Ufford,
Lauderdale, Fla.
Allyn & Co., Ft.
FOWEN,
Bache
&
A.
St.
Co..
Lester, Ryons & Co.
Petersburg
EUGENE
BOYLESTON,
W.
Merrill
Secretary-Treasurer: William R. Hough, William R. Hough & Co.,
St. Petersburg.
BRADFISCH,
Governors: Loomis C.
Orlando;
Lynch, Pierce, Fenner Si Smith
Incorporated, Orlando
Leedy, Jr., Leedy, Wheeler & Alleman, Inc.,
Fred B. Clark, John Nuveen <% Co., Miami; Zoltan
Salkay, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Jacksonville; Arch W. Roberts, Arch W. Roberts, St. Petersburg;.
Lee P. Moore, A. M.
Kidder & Co., Inc., Winter Park.
EUGENE
Thomson
OF
G., ROBERT
•
CHARLES
ALLEN,
Petersburg,
Goodbody & Co., St.
Allen
Fla.
ADAMS, WILLIAM L.
Sarasota, Fla.
AEYRS,
Leedy,
A.
Palm Beach
A.
Jr.,
FERG.
F.
New
Ycrk
Allyn
Palm
ARRIES,
Alleman. Inc.,
Orlando
D.
E.
T.
Investment
Co.,
Palm
Beach
DON E.
Arries &
CHARLES
& Co..
Miami
ROBERT
BUSBEY,
Fl u
RIVERSIDE
HUGH
M. Kidder Si Co.,
GIRARD
N.
Fla.
H. GEORGE
Inc.
O.
W.
Jr.
CERF,
Sr., FLOYD
Floyd
Cerf,
D.
Company
Childress
& CO. Chicago
and
Thomson Si
CHURCHILL,
SAUNDERS, STIVER & CO. Cleveland
John
Nuveen
Jacksonville
%
Daytona
WM.
St.
members:
Colonial
Pacific Coast Stock Exchange
COOK,
453
South
MAdison
Spring
7-4191
Street
Los
Angeles
Teletype
213
13.
Calif.
683-0614
,y,
(MRS.)
III
Goodbody & Co., Cocoa, Fla.
COGGESHALL,
B.
J.
|:|
WELLS
Distributors,
Inc..
New York City
ii1
ROBERT H.
J. Van
Ingen
Si Co.,
Inc..
Miami
COOK, THOMAS M.
Thomas
M.
West Palm
Cook
MORQAN & CO
Petersburg
Miami
Co..
CLAYTON, ELIZABETH S.
EVANS MacCORMACK & CO., Inc.
Bearh
B.
Si
municipal securities
R.
McKinnon.
CLARK, FRED
of corporate
and
f. m
M.
McKinnon.
WALTER
Thomson &
dealers and distributors
B.
Company,
CHRYST, JOHN
STIFEL, NICOLAUS & COMPANY, INCORPORATED St.: Louis
*
underwriters,
It!
CHILDRESS, FRANCIS
BIRR, WILSON & CO., Inc., San Francisco
'
D.
Jr.
Miami
Incorporated,
'
II
Company
m
connecting wires to
'/
H
■
■
n
Incorporated, Chicago
SINGER, BEAN & MACKIE, INC. New York
\A
UM
CERF, Jr., FLOYD D.
Cerf,
'
c
ii
§
Tallahassee
Floyd D.
/
111.
Jacksonville
CATES,
,
•>
Carrison, Wulbern.
Pierce,
'
px#
Bradenton.
H. M.
Merrill Lynch, Pierce, Fenner Si Smith
Incorporated, Jacksonville
CARRISON,
'
Inc.. Tallahassee
CARRERE,
Corporate Securities
GLENDALE HOLLYWOOD
POMONA
REDLANDS
WHlVflER
SANTA MONICA
SANTA ANA
Inc..
C.
Barcus, Kindred & Co., Chicago.
_
ENCINO
PASADENA
OCEANSIDE
SAN DIEGO
D.
CARLSON, DON A.
:; V:
CORONA DEL MAR
CLAREMONT
Orlando
Co.,
A
Inquiries Invited
Member
Telephone MA 5-7111
E.
Goodbody Si Co.,
BURTON J. VINCENT
17, California
Hope
Lauderdale,
CAMPBELL,
Direct and
Street, Los Angeles
Teletype LA 1565-1566
w/
Southern California
Hope
LONG BEACH
&
Sanders Si Co.,
Fla.
Vance,
A.
1
COVERAGE OF '
Goodbody & Co., Miami, Fla.
BUSH, DAVID
Company, Tampa, Fla.
:
So.
Corner Wilshire and
Lake Wales,
S.
Harrison
CALDER,
on
-V
•
623
Sarasoia
EDWARD
II,
H.
Fort
Your
■
F.
Inc..
Company,
BRUCE
BURNS,
W.
Beach
MOST COMPLETE RETAIL
111.
Lynch, Pierce, Fenner & Smith
Incorporated, Orlando
John
Inc., Orlando
'
Merrill
Games
ANDERSON,
M.
Ingen & Co., Inc.,
and
'
;'v
FOR THE
SOUTHERN CALIFORNIA
Kidder
M.
BUCIIER,
Co.
&
Van
Sincere
City
MONROE
Wheeler &
C.
coral
Inc..
Group.
J.
•
-
OFFICES
Ga.
Chicago,
Co.,
BUCHANAN, FRANCIS C.
Tarrytown, N. ,Y.
Leedy, Wheeler & Alleman,
ALLEMAN,
Lakeland
ANDERSON. PHILIP R.
JOHN LEAVITT
Distributors
ALLEMAN.
Co.,
B.
Atlanta,
Co.,
&
' V'
16
J.
BRUNDAGE,
C.
IRA
Goodbody & Co.,
AIIBE,
EVERETT
ANDERSON, DAVID F.
Axe Securities Corporation,
Inc.,
Adams, Sloan & Co.,
J.
&
Si
B.
ROBERT B.
Nuveen
BROSIUS, A
Leedy, Wheeler & Alleman, Inc., Orlando
A,
DONALD
Abbett
111.
& Co., Chicago,
Kindred
Barcus,
IiRINKER,
ALLEN, GEORGE D.
Lauderdale
Goodbody & Co., Ft.
ADAMS,
RICHARD J.
RRASHLER,
John
ACKERMAN,
DISTRIBUTORS OF
UNDERWRITERS AND
Shores,
INVESTMENT SECURITIES
BRAYSHAVV.
MEMBERS
Miami
Fla.
I ord.
ROSTER
Palm Beach
P.
McKinnon,
Si
Pacific Coast Stock Exchange
•
Thomson & McKinnon, West
BRADY,
NEW YORK STOCK EXCHANGE
MEMBERS
American Stock Exchange (Assoc.)
THEODORE
&
Company,
Beach, Fla.
Inc.,
,
IH
.
Boston, Mass.
P.
McKinnon.
Si
ROSAY, Jr., KINGSLEY
A.
BIEL, HOWARD
Merrill Lynch, Pierce, Fenner Si
Incorporated,
A. M.
Fla.
Mullaney, Wells & Co.. Chicago. III.
Petersburg
St.
Si
EATON.
Surfside,
DAVIS, DEWITT
Petersburg
L.
Company,
Courts
DUSARD,
ELLIOTT,
Beach
BEIL, Jr., FREDERIC C.
Blair & Co., Incorporated, St.
ItlEDER.
Co.,
LEO
Thomson
Goodbody & Co., Palm
DORNBUSH,
Leesburg, Fla.
EDWIN S.
CROUCH,
A.
Atlanta, Ga.
Jacksonville, Jacksonville
Palm
WILLIAM
Clement
O.
A.
The Atlantic National Bank of
&
Jr., JERE
DODD,
JAMES
CRANFORD,
Bache
Florida Growth Co.,
Co.,
JOHN
MATTINA,
Adams, Sloan Si Co., Inc., New York City
M.
W.
GEORGE
CROOKS,
BATEMAN, FRANK B.
BATEMAN,
Fla.
Beach.
Merrill Lynch. Pierce, Fenner & Smith
Incorporated. Jacksonville
Fla.
Bradenton.
Di
A.
Palm
Co..
Bache Si
Fla.
Ft. Myers,
B.
&
Si
COURTNEY,
CRAIG,
E.
Company,
HARRY
BARTON.
Beach.
LESTER
634 South Spring Street,
Pacific Coast
Stock
Exchange
Los Angeles 14, MAdison 5-1611
FULLERTON
•
CORONA DEL MAR
teletype 213 683-0142
48
48
The Commercial and Financial Chronicle
Harry J. Hudepohl, Westheimer and Company,
Cincinnati; James F. Moriarty, W. E. Hutton &
Cincinnati; George H. Musekamp, G. H. Musekamp & Co., Cincinnati; Murray L.
Barysh,
Ernst & Co., New York
Florida
Security Dealers Association
Lewis
Co.,
MEMBERS
OF
Serlen, Josephthal & Co., New York; Ed Armstrong, Stein
Sidney A. Siegel, Sidney A. Siegel & Co., Inc., New York;
Wm V. Frankel & Co. Incorporated, New York
GAUNTT, WILLIAM L.
Thornton, Mohr, Farish & Gauntt,
Montgomery, Ala.
A.
M.
Kidder
IOLLEY,
Inc.,
Co.,
Inc.,
Boca
Raton,
Fla.
Continued from page 47
EMERSON,
WILLIAM
Merrill Lynch,
FOISY, M. L.
Incorporated. St. Petersburg
Pierce, Fenner & Smith
Incorporated,
St.
FOSTER, Jr.,
Petersburg
Merrill Lynch, Pierce,
Incorporated,
John
J.
Incorporated,
Fenner & Smith
&
Mohr, Farish
Montgomery, Ala.
Co., New York City
H.
W.
Beach, Fla.
Freeman
FREEMAN,
A.
Incorporated.
Pierce, Fenner & Smith
ROBERT
FULLER, ROBERT
Orlando
A.
M.
Kidder
Beach,
FITZGERALD, H. SCOTT
Putnam Fund
&
Gauntt,
Inc.
Distributors, Inc.,
Inc.,
Sarasota
Inc.,
Pompano
HERMAN
A.
Allyn &
C.
Winter
Park,
Fla.
Miami
Parker
Corporation,
St.
Petersburg.
Fla.
A.
selling any stock
DAVID
M.
Kidder
GUNBY,
A.
D.
M.
Co.,
Inc.,
DeLand
Frank
Group,
Inc.,
St.
Petersburg,
Trust
MERRILL
MAY,
J.
Wainwright & Ramsey, Inc., Miami
•
a
i
-
v:
.
,
■
.
..
giant,new WALL STREET
John H.
Harrison
Co.,
M.
J
McKAY.
Allyn & Co., Melbourne,
Fla.
&
Barcus, Kindred & Co., Chicago, 111.
complete information
*
Net
*
Up
*
*
change from previous close
or
down tick from previous sale
*
Previous close if stock not opened
*
ever
offered:
price, last sale
so
identified
Dividend rate, including
footnote kymbol
Dividend Yield at current
B. J.
Van
M.
Ingen & Co. Inc., Miami
Kidder & Co., Inc.,
High and low for the day
current
Bid-Asked quotation
every 3
*
Ex-dividend stocks
identified all day
&
Exclusively
on
R.
HOUSTON,
Co.,
color brochure
sent on
List of most active stocks
Co.,
St.
Petersburg
T.
Incorporated,
Miami
C.
J.
W.
Co.,
Incorporated, St. Petersburg
Inc.,
Fla.
ROBERT
E.
O'BRIEN, EDWIN P.
Sincere
C.
Corporation,
1
T.
Inc., Orlando, Fla.
and
|
Company,
Chicago,
&
Company,
111.
O'BRIEN, F. X. JAMES
Goodbody & Co., Miami, Fla.
O'DONNELL, CHARLES R.
Nolting, Nichol & O'Donnell
Pensacola, Fla.
OLDAG,
CARL
Inc.,
K.
Atlantic National Bank
J.
of Jacksonville
Jacksonville
Inc.,
I
Allyn
CYRUS
&
Co.,
F.
Van
Ingen
Beach
T.
&
Co.,
(Mrs.)
T. Nelson O'Rourke, Inc., Daytona Beach
W.
Palm
BOICE
Inc.,
Miami
JR., T. NELSON
O'Rourke, Inc.,
Nelson
Daytona
Beach,
Fla.
Members: Pacific Coast Stock Exchange
Lauderdale
Thomas
request.
West
M.
Palm
JESTER,
Cook
&
Crowell, Weedon & Co.
Investment Securities
JACKSON, EDGAR W.
DeWITT
EDWIN
T.
1
.
T.
Thomson & McKinnon, Coral
JOHNSON,
The
DAVID
JOHNSON,
Roman
60 Broad St., New York 4,
222 West Adams St., Chicago 6, lll./STate 2-1815 • Offices also in: Boston,
Cleveland, Dallas, Detroit, Miami, Philadelphia, St. Louis, San Francisco, Syracuse, Washington
JOHNSON,
MAdison 0-1850
Gables, Fla.
Corona del Mar
Laguna Beach
Pasadena
A.
Johnson, Ft. Lauderdale
Covina
JOHN T.
Lord, Abbett & Co., Atlanta, Ga.
JOHNSON,
.
Los Angeles 14
Ga.
GORDON
&
Spring Street
T.
Johnson, Lane, Space Corporation,
Savannah,
•
Established in 1932
Company
Beach
629 South
South Miami
ISAACSON, OSCAR
JESTER,
•
NO WELL,
Miami, Fla.
Co., Inc., Miami Beach
Meredith
MILLER,
Miami
Co.,
E.
Goodbody & Co., Orlando
HERBERT
M. Kidder &
&
Pensacola.
,
Beach
Thomson & McKinnon, Tampa
N.Y./Dlgby 4-0400
&
NOLTING, CARL W.
Nolting, Nichol & O'Donnell,
;'
O'ROURKE,
B.
WILLIAM B.
Thomson & McKinnon, Ft.
full
Barrington Ave., Los Angeles 64, Calif. / GRanite 8-8251
D.
Newman
ROBERT
HULETT,
Write for your free copy.
2231 South
FRANK
D.
HUCKLE, JOSEPH F.
Merrill Lynch,
Pierce, Fenner & Smith
minutes
QUOTRONII
new
Beach
M. Kidder & Co., Inc.,
Blair
v
-
G.
JOSEPH
MERRILL, Jr.,
A.
Hough &
HUBERT
West Palm
Jacksonville
Miami,
Petersburg
J.
'
Co., Inc.
NIELSEN, PAUL T.
Pierce, Carrison, Wulbern, Inc.
-
Corporation,
.
W. J. Meredith & Co.,
W.
&
City
O'ROURKE, FRANCES B.
Clearwater
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Miami Beach
Beautiful
T.
W.
Goodbody & Co., Tampa
Hourly exchange volume
*
PAUL
Orlando
HARRISON
Goodbody
William
price
Market averages up-dated
of
Securities
Securities
MEREDITH,
Miami Beach
HOUGH, WILLIAM R.
Cumulative volume-each stock
Bank
McNICHOL,
A.
York
NEWMAN,
MEREDITH, JOHN W.
HOPPER,
Price-earnings ratio at
Tampa
McLEOD, DAVIS C.
St.
of
NELSON, WILLIAM A.
Roman & Johnson, Ft. Lauderdale, Fla.
A.
IIODGE, EDWARD C.
A.
price
Corporation,
WILLIAM
Ga.
McMAHON,
Bank
National
Kidder
M.
Frank
1IIGLEY, JOHN P.
Leedy, Wheeler & Alleman, Inc., Miami
HOLLOWELL, RALPH D..
Earnings, previous 4 quarter total
Opening price
*
*
Flash
Space
C.
HERBERT
Trust
HENANN, HARVEY I.
Last Sale
fS.
Oscar E. Dooly & Co.,
Co., Inc., Stuart, Fla.
WILLIAM E.
Williajn R.
Hough
&
Co.,
St.
Tampa
Sullivan, Nelson & Goss, Inc.
Goodbody & Co.. Tampa
HAWK, ROY T.
HEIST, FLOYD L.
Most
Atlanta,
Inc.,
Inc., Miami, Fla.
NIELSEN, SOREN D.
McGAUGHY,
Equitable
STEWART
Leedy, Wheeler & Alleman, Inc.
Kidder
National
Wulbern,
NELSON, CARL L.
Atlanta, Ga.
Miami, Fla.
Inc.
Orlando, Fla.
HARTMAN,
A.
Miami, Fla.
Georgia,
Lane,
III,
Co.,
Ingen & Co.
Atlantic
New
Goodbody & Co., Miami, Fla.
First
&
Carrison,
NEWMAN.
McCULLOUGH
HARRISON, JOHN H.
M.
Co.,
L.
NEAL, Jr., HARRY J.
McCREEDY, C. T.
Sarasota
A.
PHILIP
Johnson,
&
FRED
Jacksonville
C.
of
Co., Inc., Jacksonville
MYHR, ANDERS F.
Lakeland
Shearson, Hammill & Co.,
HARDY, ROBERT CARLISLE
C.
R.
McCLURE, LOUIS
Sarasota
A.
Inc.,
Jacksonville
IIARDY, HILDA H.
Hardy, Hardy & Associates, Inc.
Orlando. Fla.
COMPUTER CENTER!
Jr.,
J.
&
Hammill &
Van
J.
The
Newman
Company
Jr.,
The
Hardy, Hardy & Associates, Inc.
...fromQUOTRON It's
;•'•••
D.
MATHEWS.
,
HALL.
Pierce,
B.
MARTINEZ, P., EDMUNDO J.
GUNTHER, CAS
Fla.
printed price analysis
&
JOHN
Kidder
MURPHY, G. P.
M.
Co.,
Co., New York
MURPHEY, III, DAVID R.
MARSHMAN, EDWARD N.
A. C. Allyn & Co., Pompano Beach, Fla.
Co., Inc., DeLand, Fla.
KIRK
Kidder
Distributors
get a last-second
&
Fla.
Co., Inc., Tampa
Kidder &
M.
Shearson,
G.
M.
JAMES
&
Jacksonville, Fla.
Lauderdale
Kidder &
K.
M.
MTJLLIKIN, Jr.,
S.
Johnson, Ft.
JOSEPH
|
MULLINS, WILLIAM H.
Goodbody & Co., Sarasota, Fla.
DENVER
M.
MANN.
A.
GUNBY,
A.
or
FRED
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Palm Beach
buying
&
MANDESE.
GUENTHER,
Before
KARL
Roman
Ocala
Goodbody & Co., Pompano Beach, Fla.
Kidder & Co.. Inc., Miami
MADSEN
Inc.,
MULLETT, EDWIN S.
W.
LUDEMAN, DOUGLAS H.
Goodbody & Co., Miami,
McKinnon, Miami Beach
III,
Weld
MORLEY,
A.
Birmingham
GRACE, I JAMES I.
The
L.
McKinnon, Orlando
JOSEPH P.
Stubbs, Watkins & Lombardo, Inc.
BENJAMIN
&
C.
I.OMBARDO,
Inc.,
Co.,
MORGAN, KNEALE
Merrill Lynch, Pierce, Fenner & Smith
Incorporated. Miami
Pensacola
HARRY
Jr.,
A. M.
E.
Wellington Distributors,
Ft. Lauderdale, Fla.
Thomson
Co.,
LINK,
&
Kidder & Co.. Inc., Winter Park
M.
White,
LOOMIS
G.
Kidder
MOORE,
A.
NATHANIEL
Thomson &
ALBERT
A.
Leedy, Wheeler <fc Alleman, Inc., Orlando
LEWIS.
M.
MOORE, LEE P.
Co.,
Pierce, Fenner & Smith
Lynch,
LEEDY, Jr..
W.
ROBERT W.
Thomson & McKinnon,
GORDON,
Fla.
GADE,
THOMAS
&
Thornton, Mohr, Farish & Gauntt, Inc.,
Montgomery, Ala.
A.
Fla.
Incorporated,
Beach
GOULD,
Atlanta, Ga.
Pierce, Fenner & Smith
Miami
GOGGIN,
T.
Co.,
Dunedin,
LAY, III, JAMES
Merrill
Incorporated,
Hammill
Baltimore;
MISCHUCK, TED E.
Leedy, Wheeler & Alleman, Inc., Orlando
MOORE, BUDD
Ingen & Co., Inc., Miami
Shearson,
Bros. & Boyce,
Joe Donadio,
MOHR. Jr., SIDNEY J.
K.
Co., Incorporated, St. Petersburg
KNOX, WILLIAM SCUDDER
GIFFORD, HARRY
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Palm Beach, Fla.
Palm
C.
&
Fla.
Salomon Brothers & Hutzler,
Myers
-
RICHARD
&
B. J. Van
Dooly & Co., Miami,
GLEASON,
Co., Ft.
Kidder & Co.,
M.
FINCH, Jr., F. D.
Merrill Lynch,
&
E.
GIVENS, J. J.
FREEMAN, HOWARD W.
Salomon Brothers & Hutzler,
Oscar
Merrill Lynch,
Thornton,
EWING, EDWIN H.
Palm
Pierce, Fenner & Smith
Delray Beach
FRAZER. NIMROD T.
Orlando
DAVID
Nuveen
THOMAS G.
Merrill Lynch,
ENZOR, W. W.
EVERARD,
Pierce, Fenner & Smith
Blair
Ga.
KENNEDY, RICHARD E.
CERRISH, ROBERT G.
Merrill Lynch,
A.
LEX
Robinson-Humphrey Company, Inc.,
The
Atlanta,
JONES,
&
Thursday, November 29, 1962
.
"Hank"
GEAR, L. RUSSELL
ROSTER
.
.
Petersburg
t
Long Beach
Van Nuys
Volume
196
Number
6216
.
The Commercial and Financial Chronicle
.
.
Mr. & Mrs. Frank J. Ronan, New York Hanseatic Corporation, New York; Mr. & Mrs. John D. Ohlandt,
Jr., New York Hanseatic Corporation, New York; Mr. & Mrs. Joseph Dorsey, Bache & Co., New York
(Celebrating Mrs. Dorsey's Birthday)
F. Tisch, Fitzgerald & Company, awarding prize "Skipper" Hat to Edward J. Kelly, Carl M.
Loeb, Rhoades & Co.—-Jack Barker, Lee Higginson Corporation, New York (left) and Arthur Salomon,
Salomon Brothers & Hutzler, New York
(right) look ^on
Alfred
O'ROURKE,
T.
WILLIAM
A.
Courts &
Thomson
&
Miami
HARRY
Brothers
Salomon
Palm
Ga.
M.
EDMOND
Jacksonville
Kidder &
M.
Fla.
C.
A.
Co., Inc.,
Hollywood,
West
PHELPS, ORIN M.
The Phelps Company,
PIERCE,
CLYDE
Miami,
Fla.
^
C.
-
Leedy, Wheeler & Alleman, Inc., Orlando
PIERCE, ROBERT J.
Carrison,
Inc.
PRESCHER, HARRY C.
A. C. Allyn & Co., Ft. Lauderdale, Fla.
Hammill & Co., Sarasota, Fla.
EDMUND
A.
VOAST,
C.
Allyn
Co.,
Inc.,
St.
Southwest
M.
GARLAND
Kidder
&
&
WAGNER,
HARRY
ROBERT
BEARD,
&
mmmm
St.
Petersburg,
ROBINSON,
C.
Co.
Continued
on
page
zmmtmm
,
P.
Co.,
Inc.
EDWARD B.
Pierce, Carrison, Wulbern, Inc.
Jacksonville
Pierce, Carrison, Wulbern,
Fla.
Wholesale and Retail Distributor
Inc.,
Jacksonville, Fla.
ZEIENTZ, MYRON S.
L.
Inc., Orlando
Bache
&
Co.,
Miami, Fla.
LIFE, FIRE AND CASUALTY
INSURANCE STOCKS
Dallas Security Dealers
Association
Fla.
W.
Fla.
GILBERT II.
Line
Value
Petersburg,
St.
&
WEST COAST SECURITIES
St. Petersburg
Co.,
JOHN
Goodbody
Fla.
Petersburg
ROBERTS, JR., ALBERT
&
BINFORD,
Company
ROBERTS, III, ALBERT
ARCH
Equitable Securities Corporation
CONNALLY
Co., Inc.
Lynch, Pierce, Fenner & Smith
Incorporated, Ft. Lauderdale, Fla.
Goodbody
D.
J.
BEATIE, MARION A.
Rauscher, Pierce & Co., Inc.
j
BERNET, JR., ALBERT E.
Schneider, Bernet & Hickman, Inc.
B1LHEIMER, Jr., WILLIAM E.
Shearson, Hammill & Co.
Company
Merrill
ROBERTS,
Co.
M.
REMILLARD, ROBERT
Goodbody & Co.,
FLOYD
WULBERN,
C.
Lauderdale,
Ft.
Co.,
Dallas Corporation
& Co.
Jr., SAMUEL
W.
WULBERN, EDWARD R.
VONDERHAAR,
Inc.
HUGH
Metropolitan
SAUL P.
Inc.
BALDWIN,
Ft. Lauderdale,
ADRIAN
& Co., Palm Beach
Leedy, Wheeler & Alleman,
D.
Kidder &
A.
Bache
RACHT, JR., CHARLES A.
M.
WRIGHT,
Co.,
Parker, Ford and Company, Inc.
UASS,
BAUMGARTNER,
Rotan, Mosle & Company
Perkins &
Co., N. Y; City
Co.
BADGETT, CHARLES S.
WOODRUM, ROBERT P.
Goodbody & Co., Clearwater, Fla.
JOHN
RYN,
WALTER
First Southwest
Wulbern.
Jacksonville
C.
ARTHUR J.
Arthur Wiesenberger &
FREDERICK
Carrison,
Pierce,
1
Bullock, Ltd., Clearwater
Calvin
VAN
BADER,
BAKER,
WILLIAMS,
Palm Beach, Fla.
McKinnon,
Pierce, Fenner & Smith
Incorporated, Palm Beach
RALPH J.
Shearson,
<fe
HENRY M.
&
E.
JAMES
H.
RIES
Securities
Union
Goodbody
First
Merrill Lynch,
Leedy, Wheeler & Alleman, Inc., Orlando
READ,
Thomson
Miller
FRANK
AVEN, GENE
Shearson, Hammill
WHITEHEAD, C. S.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Miami
:
Jr.,
Hutzler
&
CHARLES H.
TUTTLE,
Van
Wulbern,
Jacksonville
POWELSON,
L.
Dallas
BARNETT, A. L.
Walker, Austin & Waggener
Sanford, Fla.
& Co.,
JEROME C.
UNDERHILL,
PAUL L.
Pierce,
Allyn
UFFOR.D,
Pierce, Carrison, Wulbern, Inc.
Jacksonville
PIERCE,
C.
BAMBENEE, J.
P.
Murdoch,
Hauser,
AUSTIN,
Goodbody & Co., St. Petersburg
Tripp & Co., Inc., New York City
VV.
Inc.
I
Palm Beach
WHEELER.
ALFRED
WILLIAM
APPEL,
„■
GORDON J.
TRIPP,
j
Brothers
Salomon
Jr.,
Eppler, Guerin & Turner, Inc.
William
Birmingham, Ala.
WATSON, JAMES' P.
Pierce, Carrison, Wulbern, Inc.
TOLL,
A.
CHARLES
ANDERSON,
P.
Brothers—One
Department, Birmingham, Ala.
WATKINS, Jr., MILES A.
Stubbs, Watkins & Lombardo,
P.
Atlanta,
Co.,
THOMPSON,
E.
Hutzler
&
&
JOSEPH
JR.,
Lehman
Beach
PETERSON,
A.
WALKER,
Fla.
Miami Beach,
& Co.,
B.
THOMAS, B.
Courts
McKinnon,
JR.,
Allyn
White, Weld & Co., New York City
J.
Co., Atlanta, Ga.
CECIL B.
PETERSEN,
C.
SWICK, THEODORE
PENDERGRAST, THOMAS
PEPPER,
ERWIN
STUGARD,
F.
Nelson O'Rourke, Inc.,
Daytona Beach, Fla.
ROBINSON,
Funds, Sarasota, Fla.
WALTER C. GOREY CO.
HUGH B.
Merrill Lynch,
Incorporated,
Pierce, Fenner & Smith
Orlando
Russ
—
Building, San Francisco 4
ROCK, LEWIS B.
The
YUkon 6-2332
Phelps Co., Miami, Fla.
ROLLINS, JR., BROOK H.
Sincere and Company,
Winter Haven,
System
—
Teletype 415 393-9660
John C. Legg & Company, Baltimore & N. Y. C.
Singer, Bean & Machie, Inc., New York
Fla.
GRANT
Johnson, Ft. Lauderdale
ROMAN, U.
Roman &
ROSS,
Wire
STANLEY E.
J. Van
Ingen & Co., Inc., Miami, Fla.
ROUTH, D.
T.
Ingen & Co., Inc., Miami, Fla.
B.
B.
J. Van
RUDOLPH, C. COURTLAND
Arch W. Roberts, St. Petersburg, Fla.
Norval A. Keith
Derry M. Hilger
Harry F. Reed
C. Thomas May, Jr.
Specialists in Western Securities
SADLER, CLIFFORD U.
Davidson-Vink-Sadler,
Petersburg, Fla.
Inc.,
President.: Derry M. Hilger,
Rauscher, Pierce & Co., Inc.
St.
ZOLTAN
Pierce, Fenner & Smith
SALKAY,
Merrill Lynch,
Vice-President: Norval A. Keith,
Schneider, Bernet & Hickman,
\ BROKERS
\ DEALERS
Inc.
Incorporated, Jacksonville, Fla.
H.
SANFORD,
LOUIS
Bache
&
A.
Co.,
Atlanta,
Ga.
Inc., Tampa
J.
Miami
Beach,
Fla.
M.
Committeemen:
Winton A. Jackson,
Company, Vero Eeach, Fla.
SHORE, ALBERT P.
Miami Beach, Fla.
} MERGERS and REORGANIZATIONS
Company; Samuel
\ MUNICIPAL UNDERWRITINGS and DISTRIBUTIONS
Robert
A.
Almon,
Walker,
Austin
\ ADVISORY SERVICE TO MUNICIPALITIES
&
OVER-THE-COUNTER SECURITIES
Company, Inc.
Alternates: Norval A.
Miami,
^ MARKETS IN LEADING
First Southwest Company; C. Thomas May,
Jr., Parker, Ford and Company, Inc.; Howard J. Speer, Shumate
&
SHUMATE, J. BERNARD
John David Robb,
Keith, Schneider, Bernet & Hickman, Inc.;
Schwabacber
Dallas Union Securities Co., Inc.
Miami, Fla.
WINN
C. Allyn & Co.,
Elected:
SIMPSON, J.
A.
SMITH,
Tallahassee
and Company,
Sincere
F.
Smith & Associates
January,
1962;
&
ROSTER
OF
Term
-
Members: New York Stock Exchange
and other principal security
ALBERT, DAVID
Stark, Inc., St. Petersburg,
Fla.
PHILIP M.
E. Dooly & Co., Miami, Fla.
STEARNS,
STROTHER,
Thompson
JAMES T.
& McKinnon,
ALMON, ROBERT A.
Walker, Austin & Waggener
Sanders
Texas Bank
ALLEN,
Naples, Fla.
&
ALEXANDER,
Company
TED
&
Allen
R.
Trust Co.
ORVILLE
Brown,
Almon
&
ALMON,
of Dallas
McKinney,
100
Inc.
&
McKinney,
Inc.
Rauscher, Pierce &
York
New
Napa
TAYLOR B.
San
Inc.
ANDERHUB, SAM L.
G.
Company,
Almon
&
Co.
•
Pacific Coast Stock Exchange
American Stock Exchange (Associate)
ALMON, DAN A.
EDWARD M.
Salomon Bros. & Hutzler
&
Our 43rd Year
MEMBERS
\CKERMAN,
Orlando
Oscar
Office,
Expires: December 31, 1962.
Gainesville, Fla.
STARK J. CLIFFORD
*
Took
BURTON
F. Burton
Brown
1961;
December,
DAVID B.
SINCERE,
\ DISTRIBUTORS
Waggener; Alfred W. Anderson, Eppler, Guerin & Turner, Inc.;
Gables
SHIMMIN, ROBERT
of
Bader, First Southwest
Beard, Jr., Equitable Securities Corporation; Allen L. Oliver,
National
SHAW, WILLIAM L.
GoouLvcty & Co., Coral
National Bank
Walter
Jr., Parker Ford and Company, Inc.
Jr., Sanders & Company.
ALFRED M.
Goodbody & Co., Miami
First
Directors:
J.
SEABER,
Sincere and
C. Thomas May,
Treasurer:
M.
Pierce, Carrison, Wulbern,
SCHWARTZ,
> UNDERWRITERS
Secretary: Harry F. Reed, Dittmar & Company, Inc.
DENNIS
Company of Georgia,
Trust
SAXTON,
Co.,
Inc.
Jose
and commodity exchanges
I
■
Montgomery St. SAN FRANCISCO 4 SUtter 1-5600
Boise
Oakland
Fresno
Palo Alto
Santa Barbara
Honolulu
Redding
Los
Angeles
Sacramento
Santa Rosa
Monterey
Salt Lake City
Watsonville
50
Chronicle
The Commercial and Financial
.
.
.
Thursday, November 29, 1962
r
s
.,
<•>
...
v./&3|j
'
Pi
*
I
•-»#?
^
^
ll&Si
Mr.
&
Mrs.
Soren
D.
R. D. Moore, Ultronic Systems Corp., New York;
Nielsen, Blair & Co. Incorporated, St. Petersburg
Mrs.
&
Mr.
BROOKS,
49
Walker,
BROWN,
E.
BOHNY,
O.
B.
Mutual Funds & Securities
BOONE,
First
JOHN
Brown,
BROWN,
Company
Dallas
BOOTHMAN, CLAUD
EDMOND
BROWN,
DeWitt
First
National Bank
N.
Burt
in Dallas
BROWN,
CARLSON,
R. A.
L.
&
Union
Securities
I
Lynch, Pierce, Fenner & Smith
Incorporated
Company,
Inc.
Co.,
Inc.
Bache
&
ALLAN
Mercantile
LEE
Walker.
and
Company,
Inc.
Merrill
&
Ft.
B.
EDWIN
O.
Pierce, Fenner
Smith
&,
&
T
Co.
CHAPEL,
Waggener
H.
Bache
&
Joel
SPECIALISTS
DEALERS
F.
Hutzler
&
FRANK
Huton & Company,
GUERIN,
DEAN
Inc.
P.
& Turner Inc.
1
HALL, BRUCE
Goodbody & Co.
Inc.
HALL,
J. C.
First Southwest Company
HALL,
O.
ROBERT
Merrill
Co.
Lynch, Pierce,
Fenner & Smith
Incorporated
DICK
Union
Securities
Co.,
Inc.
H.
Clark
&
Associates,
Inc.
SPECIALISTS
CLARKE, DEVANE
Parker, Ford and Company, Inc.
:■
BROKERS
E.
Eppler, Guerin
Investment
Corporation
Co.
JOEL
H.
JOHN
Bros.
GROSECLOSE,
GAINES, JR., F. COLLINS
Parker, Ford and Company, Inc.
Funds
W.
Jr.,
Dallas
CLARK,
Salomon
Inc.
Worth, Texas
G1ESEKE,
F.
Austin &
W.
Geary, Hamilton, Brice & Lewis
JOAQUIN
Company
GRAFF, JOSEPH C.
GEARY, Jr., JOSEPH W.
CHAPAPRIETA,
Company
Securities
Equitable
A.
FREEMAN, CHARLES
Rauscher, Pierce & Co.,
Company, Inc.
&
Southwest
First
Smith
Fenner &
Barron, McCulloch & Co.
B.
Lynch,
Sanders
of Texas
ROBERT R.
GILSTRAP, JAMES C.
Company,
LANDON
FREEAR,
Jr.,
GOODLOE, Jr., THOMAS W.
EDGAR
Dittmar &
B.
Incorporated
CLARK,
UNDERWRITING
R.
Corp.
K.
Lynch, Pierce,
FRANKLIN
Co.
CART WRIGHT,
Ford
BUCHANAN,
Bank
Inc.
CARR, ROBERT W.
Organization
BROWNING, JEFF
Goodbody & Co.
D.
National
Co.,
Securities
ROBERT
Incorporated
E.
GRAY
Goodbody & Co.
FRANCE, ALLEN L.
Parker, Ford and Company, Inc.
Company. Inc.
CAROTHERS,
Columbian
Merrill
Corporation
CHARLES
Carothers &
Cummings, Bear, Stearns & Co., Chicago;
V. Frankel & Co. Incorporated, New York
GILBERT,
The
Inc.
Company
ROBERT
CAROTHERS,
X.
Wm
GILBERT, MITCH
FOSTER.
Underwood &
Bache
BRANYON,
Company,
R.
Conklin
Parker,
BRUCE
&
F. Donadio,
SAM N.
Parker, Ford and Company, Inc.
NESOM
Dittmar
Merrill
and
Joseph
FELDMAN,
Waggener
CALDWELL, RANDOLPH B.
P.
JIM
Ford
C.
Frank
Mrs.
&
Mr.
Memphis;
FICKES, JR., RALPH L.
&
Equitable Securities
Allen
BOUDREAU, II, F. F. (JACK)
BOWMAN,
Bank
JACK
O.
Dumas, Huguenin & Boothman
C.
National
KELLY
Kelly Brown Investment Co.
BROWN,
Co.
P.
Southwest
E.
of America,
Chicago
Welch,
Jr., J. D.
Austin
Parker
JACK
Mercantile
BOHAN, WILLIAM L.
Rauscher, Pierce & Co., Inc.
Edward
BUCHHOLZ, DON A.
BURT,
Continued from page
Frank, Holiday Inns
BUCHANAN,
MEMBERS
OF
B.
Mrs.
Dallas Security Dealers Association
ROSTER
Maurice
CLAYTON,
III,
JOHN
IN
B.
.
First National Bank in Dallas
CLOYD,
First
MARSHALL
National
COKER,
JR.,
Rotan,
i
Mosle
CORNELL,
Jr..
Sanders
&
S.
Bank
MAC
in
WEST COAST SECURITIES
Dallas
L.
&
Co.
JOHN
—
TRADING
MARKETS
—
B.
Company
i
block inquiries invited
COWDREY, J. H.
Merrill
Lynch, Pierce, Fenner
&
Smith
Incorporated
Raymond Moore & Co.
CROFFORD,
CARL
F.
TURNER-POINDEXTER & CO.
Goodbody & Co.
CROSSLEY,
E. LYNN
members
City Auditor, Dallas
CROSSLEY,
Salomon
CROWE,
I
•»?
9465
WILSHIRE
BEVERLY
HILLS,
I
BLVD.
m
CALIFORNIA
y.-yy
n
II
CRestview 3-4250
Hutzler
american
Crowe,
McCall
stock
exchange
exchange
(associate)
&
Horton
634 SOUTH
SPRING
14, CALIFORNIA
STREET, LOS ANGELES
JACK H.
National
Bank
TELEPHONE
DAVIS.
coast stock
pacific
E.
Parkhurst,
JOHN
TELETYPE
624-4361
—
DAVIS,
KENNETH
Dittmar
DAVIS,
&
N.
213
683-0003
S.
Republic National Bank of Dallas
Merrill
I
&
CLARENCE
Mercantile
I
1
E.
Bros.
McCall,
DAVIS,
i
M.
A.
Direct
Ernst
Company, Inc.
&
Private
Wires
Co., New
—
York
Brush, Slocumb & Co., Inc., San Francisco
R.
May & Gannon, Inc., Boston
Lynch, Pierce, Fenner & Smith
Incorporated
Si!
DEATON,
Wood,
Jr.,
FRED.i R.
Struthers
&
Co.
DENNARD, ROBERT E.
Dallas Rupe
DeSHONG,
& Son, Inc.
HAROLD
Dallas Rupe
E.
& Son,
Inc.
HARBISON & HENDERSON
DICKSON, JOHN H.
One
of Calif ornia
s
Fastest Growing Banks
First
National
DITTMAR,
Dittmar
Bank
JOSEPH
&
In
Dallas
E.
Members Pacific Coast Stock Exchange
Company, Inc.
DIXON, DONALD R.
CENTRAL VALLEY NATIONAL BANK
Sanders
Bache
OAKLAND, CALIFORNIA
&
DODSON,
DORSEY,
K.
Co.
UNDERWRITERS
ROBERT
Allen & Company,
Brown,
DOUGLAS, JOE
(V.T.C.)
Established 1923
Company
JAMES
&
Merrill
•
DISTRIBUTORS
DEALERS
•
Inc.
M.
Specializing in
Lynch, Pierce, Fenner & Smith
Incorporated
DUDLEY,
Jr.,
Almon
Circular
&
EARP, M.
on
Request
RETAIL DISTRIBUTION
A.
Inc.
and
HARVEY
Mercantile
EDSEL,
MORRIS
McKinney,
National
A.
Bank
PACIFIC COAST SECURITIES
RAY
Smith, Barney & Co.
■.
EDWARDS,
SIIERRILL
Metropolitan
Davis, Skaggs & Co.
Established
1927
—
Members
Pacific
Coast
Stock
Exchange
EDWARDS,
William
Ft.
SAN FRANCISCO 4
ELLIS,
First
,
Rupe
JOE
&
A. G. Becker & Co. and J. K.
N.
Inc.
210 W. 7th STREET
LOS ANGELES
flice & Co.
TELEPHONE
MAdison 7-2571
14, CALIF.
W.
Southwest
Guerin
TWX 213
Company
EPPLER, WILLIAM
Eppler,
,
Son,
Telephone DOuglas 2-2484
'
.
Wires to
Edwards & Co.
ARTHUR S.
Dallas
SUTTER STREET,
WILLIAM
N.
;
Direct Private
Corporation
Worth, Texas
ELLIS,
111
Dallas
/
E.
&
B.
Turner,
Inc.
683-0083
■
.
Volume
Homer
196
■
-
Wirth, Mabon
&
Mabon
Co., New York;
Co., New York
National
Bank
in
Securities
Company
KEENAN,
HARDER, ROBERT
KEIL,
Mercantile National
Bank
of
Dallas
Miller
Co.
&
GEORGE
Company,
GEORGE
A.
HILGER,
KIRK,
St
Inc.
E.
ir.
Sanders
M.
Rauscher, Pierce St Co.,
Ft.
LADD,
Inc.
L.
Securities
Co..
Inc.
KENNETH A.
LESLIE
"nrkcr.
Bache & Co.
Dallas
B.
Union
Securities
Co.,
Inc.
S.
Hudson
HUDSON.
R.
S.
& Co..
Inc.
Hudson
&
Co..
Inc.
Huffuenin
LOCKE,
HUNDLEY,
FRANK
Co.
IUANLEY,
First Southwest
MANNEY.
Inc.
Bank
of
Dallas
THOMAS
Pierce
E.
St
VINCENT
Inc.
Co.,
Inc.
SCOTT, CHARLES
St Co.
&
Ford and
Parker,
Securities
Co.,
Inc.
First
National
ROOKEU,
& Co., Inc.
E.
GEORGE
S.
Dallas
Corporation
St
GORDON
Rupe & Son,
SHARP,
A.
F.
LUTHER
Underwood
&
Co.
Inc.
D.
Dallas
Fenner
Investment Seourities
Jr., WILLIAM
Goodbody St Co.
SEITZ,
R.
RUPE,
Inc.
ALLEN B.
Allen Rogers
Inc.
R.
Company,
Baijik in Dallas
SEAY, CHARLES
Charles E. Seay
Co..
Dallas
SCOTT, RALPH E.
ROBERTS, NICHOLAS
Republic National Bank of Dallas
ROGERS.
of
SCHMIDT, CHARLES
Parker, Ford and Company, Inc.
i
Company
Union
Trust Co.
Texas Bank &
Inc.
Continued
Inc.
on
page
MARTIN,
r 11 ii i in i in n 111111111i11111111 hi m i m 11 n 11111 n 11
J.
Company
(
(S. SlJicauii <L)
McLane St
\
«
INVESTMENT
Texas Bank St Trust Company
SECURITIES
I
JAKE
MASON, A.
Miller
Frank
&
155 MONTGOMERY
Co.
LAUREL
TELEPHONE:
L.
Murdoch,
Miller
!
393-7830
.
372-8282
.
TELETYPE:
312
\
222-9634
«
Bank of Dallas
Republic National
SAMUEL P.
We Offer Net
Inc.
Guerin & Turner,
Eppler,
415
209 SOUTH LA SALLB STREET, CHICAGO 4
TELEPHONE:
RODGER J.
MITCHELL,
TELETYPE:
■
MIRSKY, GEORGE
Shearson, Hammill St Co.
MITCHELL,
.
Chicago Offict:
ADDISON
Markets
P.
Brokerage
In the
Co.
Miller
St
Co.
Allied Chemical Corp.
Aluminium Limited
MORROW,
Dumas,
& Co.,
Inc.
Standard Sanitary Corp.
American Tel. & Tel. Co.
American Tobacco Co.
ELBERT M.
Huguenin St Boothman
MIJRDOCK.
Bank
ARTHUR
Tbe
Co.
in Dallas
Chrysler Corp.
Commonwealth Edison Co.
Crown Zellerbach Corp.
Rupe
&
Union
Securities
Co., Inc.
Eastern Air
Safeway Stores, Inc.
San Diego Imperial Corporation
Sears, Roebuck tc Co.
Sinclair Oil
Corp.
Smith-Corona Marchant, Inc.
Socony Mobil Oil Co., Inc.
Southern California Edison Co.
Southern Pacific Co.
Sperry Rand Corp.
Standard Oil Co. of California
Standard Oil Co. (Indiana)
Standard Oil Co. (New Jersey)
Sunray Mid-Continent Oil Co.
Tennessee Gas Transmission Co.
Texaco Inc.
Texas Eastern Transmission
Aviation, Inc.
Pacific Gas & Electric Co.
Pacific Lighting Corp.
Pacific Tel. & Tel. Co.
Pan American
World
Union Oil Co. of California
Union Pacific R, R. Co.
United Aircraft Corporation
United Air Lines, Inc.
U. S. Steel Corp.
Varian Associates
Airways, Inc.
Lines, Inc.
Corp.
Transamerica Corporation
Unilever, Ltd.
Eastman Kodak Co.
Co.,
Inc.
Permanente Cement Co.
Western Bancorporation
El Paso Natural Gas Co.
OBENCHAIN, THOMAS H.
Dallas
Dow Chemical Co.
duPont (E. I.) deNemours
RALPH A.
St Son, Inc.
Corporation of America
Martin-Marietta Corp.
Monsanto Chemical Co.
North American
Douglas Aircraft Co., Inc.
"
Dallas
Kennecott Copper Corporation
Radio
Reynolds (R. J.) Tobacco Co.
Royal Dutch Petroleum Co.
Montgomery Ward & Co., Inc.
Cons. Edison Co. of
N. Y„ Inc.
Eppler, Guerin & Turner, Inc.
NUNGKSSER,
International Tel. & Tel. Corp.
Lockheed Aircraft Corp.
Lorillard (P.) Company
Cities Service Co.
P.
NICOUD, ROBERT M.
SECURITIES
International Harvester Co.
International Nickel Co.
of Canada, Ltd.
Canadian Pacific Railway Co.
Celanese Corp. of America
NEW, MANFRED E.
Parker, Ford and Company, Inc.
CORPORATE, MUNICIPAL
Machines Corp.
Intl. Business
Boeing Co.
&
Corporation
Parker
Fe Ry. Co.
Bethlehem Steel Corp.
Miller
P.
first National
NAZRO.
Gulf Oil Corp.
Hewlett-Packard Co.
Hunt Foods & Industries Inc.
Avco Corp.
RICHARD
B.
Murdoch,
Hauser,
MURPHY, R.
Primary Trading Markets...
Santa
E.
Rupe & Son, Inc.
Dallas
Underwriters, Distributors,
Great Atlantic & Pacific Tea Co.
Atchison, Topeka &
JACK
Procter & Gamble Co.
Pure Oil Co.
Goodyear Tire & Rubber Co.
Ampex Corporation
Anaconda Co. (The)
MOSLE, Jr., JON L.
Rotan, Mosle St Co.
MOUNTS,
General Electric Co.
General Foods Corporation
General Motors Corp.
General Telephone & Electronics
Goodrich (B. F.) Co.
American Motors Corp.
American Radiator &
MORRIS, JACK
Underwood
Ford Motor Co.
Foremost Dairies, Inc.
American Airlines, Inc.
American Can Co.
MORONG, MERRILL C.
Walker, Austin & Waggener
A.
Following Listed Securities:
GRIFFITH
MOORE,
J.
MATTHEWS, WARREN H.
Goodbody & Co.
UNLISTED
•
STREET, SAN FRANCISCO 4
EXbrook 2-8515
Co.
&
T.
Republic National Bank of Dallas
Dallas
■
MILLER, FRANK
MILLER,
MOORE.
Mercantile National Bank
ROGER
52
Smith
METCALFE, WALLACE P.
R.
AND
Company,
Relyea
CHARLES F.
SCHAELLING,
F.
B.
JULIAN M.
White, Atwood,
Frank
in
Incorporated
Worth
IRVING
MANNING, W. K.
Wood. Struthers & Co.
Company
Bank
F.
Dallas
Pierce,
Southwest
Southern
JAMISON, HAROLD W.
Perkins & Co., Inc.
National
Ft.
ROBB, JOHN D.
PERRY
W.
Lynch,
J.
Manney St Co.
A.
First Southwest Company
First
Inc.
SAUNDERS, CLYDE
Merrill Lynch, Pierce, Fenner & Smith
Co.,
Francis
JACQUES, JAMES F.
JENSWOLD,
St
JESSE A.
Sanders & Company
J.
WALLACE T.
Sanders
P.
Turner,
Republic National Bank of Dallas
JACKSON, Jr.. WILLIAM C.
First Southwest Company
JACKSON. WINTON
National
WILLIAM L.
Rauscher, Pierce & Co.,
Rauscher.
&
FRANK
McMahon
B.
MEDANICH, FRANK
MEER,
Inc.
EUGENE M.
MALONEY,
Pont
Frank
First
MADDEN,
Co.
du
I.
&
Dallas
in
Bank
SANDERS,
H.
St
National
Mercantile
D
S
I
Goodbody & Co.
SAMPLE, CLARENCE E.
RELYEA, P. F.
McKinney, Inc.
McMAHON,
Hauser,
Ir.c.
NED
JACKSON,
Francis
St
St
du Pont & Co.
Mercantile
HAROLD
Goodbody
Inc.
LYNE, LEWIS F.
T.
Dittmar & Company,
HUNTER,
Company,
Locke, Purnell, Boren, Laney & N'eelv
Boothman
<fe
HARRY
REID,
Company
St
DAVID
A
H. Rankin
Dittmar
Company
McCulloch
N
GORDON
D.
Rupe St Son, Inc.
..
HUGUENIN, A. BRYCE
Dumas,
and
LING, MIKE'
Parker, Ford and Company,
ROBERT S.
REED,
Incorporated
LEVY, JACK M.
Dempsey-Tegeler & Co.,
HUDSON. JOHN K.
R.
Ford
Francis I.
Inc.
Worth, Texas
Merrill
P.
LAWHON, ELBERT C.
FRANKLIN
David
BARRON
McPIIERSON,
Parker. Ford St Company, Inc.
HOUSTON, CLYDE
HOUSTON.
RANKIN,
CLAYTON R.
Southwest
Almon
Horton
I.AGONl.
Co., Inc.
6.
Metropolitan
Union
LAGONI,
St
WILLIAM
JR.,
Dist.
Mike Cito,
SALE, JIM S.
McKINNEY, MUNSON
Company
EARL
Dallas
HORTON, PAUL B.
McCall, Parkhurst, Crowe, McCall &
HAROLD
St
SEC
MclNROE, HAROLD A.
First Southwest Company
Goodbody St Co.
Inc.
RADDING,
McCORMICK, LYNN
Dallas Rupe St Son, Inc.
Barron
WALTER S.
KUTFER,
Inc.
McCULLEY, DONALD B.
Sanders & Company
Dallas
KLECKA, JOE E.
Rauscher, Pierce St Co., Inc.
Inc.
L.
III,
Dallas
Dallas
in
POWELL, DAVID J.
Eppler, Guerin & Turner,
MoCORMICK, JAMES C.
Eppler, Guerin & Turner.
First
PAUL H.
KLINE,
FRED
Hudson
S.
McCULLOCH,
W.
Company
Co.
First National Bank
SCANLAND
DERRY
Hickman,
St
&
Hudson St Co.,
McCULLEY,
Goodbody
Company
Dallas Rupe & Son,
R.
Bernet
S.
RUTE
Inc.
PROCTOR, PHILIP M.
First Southwest Company
MoCLURE, Sr., FRED L.
J.
KERVIN, JR., DANIEL
HICKMAN, J, WESLEY
Schneider, Bernet & Hickman.
HILGER,
Barron McCulloch
R.
Topol, Greene and Company, New York;
R. S. Dickson
Co., Inc., Ijfew York
Huthon
F.
First National Bank
JOHN S.
McCLURE, Jr.,
Dallas
M.
PniLLIPS, DAVID M.
Rauscher, Pierce St Co., Inc.
Ft. Worth, Texas
M.
Bank in
E.
Robert
ROBERT W.
St1 Company,
PHELPS,
Inc.
IIARLAND
First Southwest Company
T.
Inc.
Dallas Union Securities Co., Inc.
&
Inc.
Co.,
NORVAL A.
Schneider.
MAY, Jr., C. THOMAS
Parker, iFord and Company,
McCLANE,
KERLEY, JAMES H.
HENDRIX, PHILIP L.
Sanders
MORRIS
KEITH,
Goodbody & Co.
HAUSER, MYRON
HERRING,
P.
Schneider, Bernet St Hickman, Inc.
HARTMAN, MERRILL F.
St
THAD
National
First
HEMMING SON,
SAMUEL
51
H. Matthews, G. H. Walker
Co., Hartford, Conn.;
Royston, Hincks Bros. £ Co., Inc., Bridgeport, Conn.
MAYES.
KAUMEYER, DANIEL C.
Brown, Allen & Co.
Incorporated
Dittmar
Peter
Dallas Union Securities
Company
HAMILTON, WILLIAM S.
Murdoch,
Edward
Zwahl,
Parker, Ford and Company, Inc.
Incorporated
Hauser,
J.
JONES, HERBERT M.
Hamilton Securities
Hamilton
Louis
JOHNSON,
Dallas
M.
)
/
.
The Commercial and Financial Chronicle
.
JOHNSON, REX D.
Republic National Bank of Dallas
Francis I. du Pont St Co.
HAMILTON, FORREST L.
First
.
.
&
HALL, WALLACE L.
HAMILTON, JOHN
■■
,
Number 6216
Phillips Petroleum Co.
Westinghouse Electric Corp.
OLIVER, Jr., ALLEN L.
Sanders
PALM,
ARTH & CO.
1883
SINCE
York Stock Exchange
American Stock
Underwood & Co.,
.Pacific Coast Stock Exchange
Exchange (Associate)
FRANCISCO
MENLO PARK
•
•
LOS ANGELES
SAN JOSE
Private Wire Connections
•
Direct
PAYNE,
•
Parkhurst, Crowe, McCall St
Horton
NEW
between all Cities
i
YORK CITY:
Open Telephone:
V. F. Naddeo & Co.
425-6330
I
JACK
C.
Union Securities Co.,
Direct Private Wires
Inc.
NEW YORK
OAKLAND
Chicago Offices
Inc.
PARKHURST, MILLARD
Dallas
SAN
Direct Private Wire Betiveen San Francisco and
RUSSELL
R. A.
McCall,
Members New
& Company
PEAK, PRESTON A.
Metropolitan Dallas
BOSTON:
Corporation
PEARSON, G. HAROLD
Parker, Ford and Company,
DALLAS:
Ph: 482-8360
May & Gannon
PORTLAND, ORE.: Donald C. Sloan
Inc.
TWX: 617 451-3820
Ph: 742-6461
First Southwest Company
& Co.
TWX: 214
899-8471
Ph: 227-2486
TWX: 503
224-1944
Ph: 622-1990
TWX: 206 998-0234
Direct Leased Wires to: Baker, Weeks & Co., New York
Scherck, Richter Co., St. Louis
John R.
Lewis, Inc., Seattle
•
George Patten Investment Co., Portland, Ore.
Refsnes, Ely, Beck & Co., Phoenix, Arizona
PERKINS,
Perkins
Jr., JACK F.
St Co., Inc.
PEYTON, JOHN T.
Metropolitan Dallas Corporation
~
-t
SEATTLE:
Wm. P. Harper &
111111111M
M
11
M
Son Co.
11111111111111111111111111111 xi 11 m i
r
Mr.
&
Mrs.
Financial Chronicle
The Commercial and
52
Walter
Filkins,
Dallas Security Dealers
ROSTER
York
Co., New
&
Singer
Troster,
Mr.
&
Mrs.
WISE,
&
Thursday, November 29, 1962
.
LAURANCE,
CHARLES A.
WRIGHT, JOHN H.
LEWIS,
Brothers
Salomon
Inc,
Company,
&
Hutzler
ERWIN
Seattle Times
The
Goodbody & Co.
Inc.
GORDON T.
Dittmar
.
Mrs. & Mr. Otto J. Koch, Jr., The Marshall Company, Milwaukee
of Chicago
WORTH,
WINDHAM, Jr., ROY L.
Parker, Ford & Company,
Association
MEMBERS
OF
Sachnoff, First National Bank
Samuel
.
JOHN
Continued from page 51
SHARPE,
EDWIN
Charles
E.
L.
Seay,
THOMPSON, ROGER S.
Parker, Ford( and Company,
Inc.
LOCKETT
SHELTON,
Republic
National
Bank
THORNTON,
Dallas
of
.
Thornton
SHULTS, RICHARD B.
GASTON
Shumate
&
A.
TINSLEY,
NORMAN
First
FRANK
National
SMALLWOOD,
First
B.
in
Bank
Bache
&
Co.
Bank
Texas
&
B.
Trust
Co.
of
I.
du
Pont
&
VON
Fenner & Smith
LOUIS
Jr.,
STEPHENS.
&
JOHN
WAGGENER.
W.
Walker,
Co.
Bache
WILLIAM
STORIE,
First
Southwest
STOTLER,
Parker,
WALKER,
STEWART
Walker,
Company
The
Inc.
Francis
TEMPLE.
Walker,
T.
E.
Austin
Merrill
&
Waggener
Smith Incorporated.
Austin
National
Homer
Waggener
&
du
MEMBERS
PACIFIC
J.
Bateman, Pacific Northwest
.
,
Inc.
Co.,
Co.
ROSTER
WILLARD ROBERT
&
Company,
N.
Francis
E IB AND
I.
Pont
du
&
Inc.
HUGH R.
Harper & Son & Co.
PAUL
G.
W.
LARRY
Northwest
Company
JOHN
Jr..
Hinton
Jones
D.
Granat,
Inc.
Blyth & Co.. Inc.
A.
JONES,
BAKER, PETER
Co
J.
Marshall
&
P.
Inc.
SIDNEY
WALLER.
BADGLEY, ED
&
Foster
Pacific
MEMBERS
JOHNSON,
ANDERSON, F. NEAL
The Bank of California,
Lynch, Pierce, Fenner & Smith
Mosle
OF
I.
R. Lewis,
& Son & Co.
Inc.
V.
R.
JOHN
SANDERS.
Wm.
Jr.,
National
Co.
.
JONES.
HOWARD
Securities
JACK
Hinton
Seattle-First
Corp.
ROBERT
WIGHT,
E.
Jones
Granat,
KENNETH A.
National Bank
WHITING,
W.
Bank
Inc.
of
California.
N.
A.
Incorporated
HOMER
KUEBLER,
J.
Dominick
J.
&
WILSON,
THOMAS
Dominick
KENNETH
Blyth & Co., Inc.
Northwest Company
E.
DWIGHT
Beattie Co.
BERRYMAN,
Merrill
H.
CLYDE
Lynch, Pierce, Fenner & Smith
Incorporated
.
COAST
&
&
SISSON,
D. E.
•
John
Co.
Yodkgbekc
•'
Bache
'R. Schlicting, Wm. P. Harper
Alternate: Hugh
&
Pont
Pacific
••
Inc.
& Co.,
SCHLICTING,
BE ATT IE,
,
Co.
DAVID
KOHDE,
Corp.
BATEMAN,
■i
READ,
Company.
GARY
I.
Committeeman:
Merrill Lynch, Pierce, Fenner & Smith
&
&
LEONARD
Walston
Treasurer: Robert Wight, Bank of California.
tiiiiiiiiiiiiiiiiiiiiuiiii mini iiiiiiiiiii iii 11 ii iniiiiiiiiiiEiii nun iiiiiiii uiiiiH mi iiM;
Stoke
Pont
WILLIAM T.
ROEMER, LARRY
Secretary: Glenn E. Hinton, Glenn E. Hinton.
I
B.
E.
WILLARD
WILSHUSEN, H.
Rctan,
PERRY.
Vice-President: Peter H. Baker, Merrill Lynch, Pierce, Fenner &
Incorporated
THOMAS, Jr., R. BRUCE
Dallas Rupe & Son, Inc.
Pacific Northwest Company.
Corporation
Securities
WILMARTH, JR.,
D.
du
Waggener
&
THOMAS
Hutton
F.
I.
Wight
Co.
WIGLEY. Jr..
TATUM, JR., THOMAS M.
Rauscher, Pierce & Co., Inc.
Robert
Grande
R.
NELSON
Crosby
WEBBER,
Co.
&
Dominick
&
Blyth & Co., Inc.
WALTERS, ROBERT H.
JOSEPH L.
Ford and Company,
Glenn E. Hinton
Peter H. Baker
President: Larry W. Sisson,
RICHARD
Jr.,
Equitable
Bank
STRANGE, JR., W. B.
Bache
Inc.
JOIIN
Francis
Inc.
HERMAN
&
WALKER,
National
Co.,
WALLACE
PATTEN, Jr.,
Co.
&
Austin
WALDMAN,
D.
STEVE
Mercantile
Larry W. Sisson
D.
Parker, Ford and Company, Inc.
Empire State Bank
STONE,
PACKO.
WALTER
Upham
WADSWORTH,
ANDREW F.
Hauser, Murdoch, Miller & Co.
Mosle
&
GERRY M.
Upham & Co.
Harris,
& Turner,
Guerin
GLAHN,
Harris,
Incorporated
Rotan,
Dominick
OPDYCKE,
Co.
Pierce, Fenner & Smith
EUGENE
VINYARD,
STASIO,
STAYART.
Nelson
Martin
OKHUYSEN,
Incorporated
Eppler,
Merrill Lynch,
Inc.
E.
Merrill Lynch,
Co.
ANDREW
Pierce,
SPURGEON,
&
EUGENE
VILFORDI,
Inc.
GENE
Francis
Turner,
Hammill
Shearson,
SPEER, HOWARD J.
SPIVEY,
&
,
Incorporated
Company,
Lynch, Pierce, Fenner & Smith
NELSON, MARTIN
VAUGHN, G. I. JACK
Hamilton Securities Company
&
W.
UNDERWOOD, Jr., ROBERT A.
R. A. Underwood & Co., Inc.
Dallas
SMITH, L. M.
Shumate
Merrill
incorporated
JOHN
Guerin
Eppler,
KENNETH
SMITH,
Co.
NATHANE, ROBERT A.
Incorporated
TURNER,
WILLIAM
Upham &
Harris,
Inc.
ROBERT G.
Merrill Lynch, Pierce, Fenner & Smith
Company
Seattle
JAMES
Incorporated
Hughbanks,
MYLIUS,
TUCKER,
SMITH, D. C.
Bank of
National
Jr.,
in Dallas
Jr., R. R.
Union Securities Co.,
Dallas
Dallas
P.
Co.
ERWIN
Pacific
MORFORD,
TROLLINGER,
WILLIAM
Southwest
The
Bank
National
First
&
Pont
MOREHEAD,
H.
WILLIAM
M.
Traders Association
JERRY
TOLER,
J.
Metropolitan Dallas Corporation
SLUDER,
Seattle Security
Company
JEAN E.
Sanders & Company
Company
SITZENSTATTER,
Robert
JEROME
I.
&
Incorporated
ROBERT M.
MacRae, Inc.
MacRAE,
Inc.
THWEATT,
Metropolitan Dallas Corporation
SHUMATE,
Hughbanks,
j
B.
MACLEOD, EDGAR
B.
Dallas Rupe & Son, Inc.
RODERICK
THOMAS,
(Honorary)
R.
John R. Lewis, Inc.
STOCK
EXCHANGE
BISSELL,
LAWRENCE
M.
Securities
Exchange, Inc.
i
CAMPBELL.
COLIN
Southwick,
Active Market in
COUPEZ,
i
DOUGLAS,
Donald
Co.
Dean
Wm
BONDS
Douglas
EDWARD
Witter
FOULDS.
P.
C.
DONALD
C.
EASTER,
MUNICIPAL
Waterman
G.
Hughbanks, Incorporated
Western Over-the-counter Securities
CALIFORNIA
Campbell,
LOUIS
&
&
Co.
sutro £7 co.
K.
Co.
CLINTON
Investment Dealers
E.
and Brokers
FREDERICK,
Francis
I.
FREEMAN,
Pacific
Underwriters
Industrial Brokers
STANTON W.
du
Pont
&
Co.
MEMBERS: New York Stock Exchange •
MUNICIPAL FINANCING CONSULTANTS
•
Harper & Son & Co.
ROGER
Pacific Coast Stock Exchange
(Associate)
American Stock Exchange
Northwest Company
GRANAT, Jr., FRANK
Hinton
Russ Building, San
Bell Teletype
Francisco
415 393-9701
•
Telephone YUkon 1-1314
415 393-8148
Jones
Bank
415 393-8853 (Bond Dept.)
of
P.
Inc.
460
Montgomery Street
San Francisco 4, California •
•
TELETYPE: 415
California,
HARTLEY,
Wm.
Granat,
JOS.
GRUBBS.
N.
210 West Seventh Street
TALBOT
Harper & Son
EXbrook 2-0900
393-7778 & 415 393-7948
A.
& Co.
New York
•
Berkeley
•
•
Los Angeles 14,
San Jose •
California
Beverly Hills
•
•
MAdison 5-7311
Hayward
HENDRIES, ROBERT
Direct Wire to Fairman
& Co., Los Angeles
E
~
=
1
-
Pacific
E
HINTON,
E
HOFFMAN,
£mmmmiimmmiiiimmmimmmimmmimimiiiiiiimiimmiimimmi?.
Northwest
GLENN
Compay
Correspondent offices: Manila, P.I.; Honolulu,
Hawaii
E.
Direct
FERGUS
'
Seattle Post Intelligencer (Honorary)
private wires to all principal markets
•
Fresno
Volume
196
Number
6216
.
.
53
The Commercial and Financial Chronicle
.
Robert
Parsons, Parsons
& Co., Inc., Cleveland;
Scotty Keith,
Schneider, Bernet & Hickman, Inc., Dallas; John D. Robb,
|
Dallas Union Securities Co., Inc., Dallas
& Mrs. Charles M. Thompson, Pierce, Carrison, Wulbern, Inc.,
Jacksonville, Fla.; Tom Greenberg, C. E. Unterberg, Towbin Co.,
New
BURKHOLDER.
Bond Club of Louisville
Almstedt
Alden
Ill, JAMES R.
Co.,
&
CONLIFFE,
Merrill
Merrill
Lynch,
J.
J.
Pierce,
Fenner
Si
Smith
W.
L.
WILLIAM
Lyons
&
BEN
Co.
CULBERTSON.
Walston
&
DAVENPORT,
Stein
The
JOHN
Bros.
DAVIS.
LEE,
Co., Inc.
&
A.
Bond
ROBERT M.
Fidelity Bank & Trust Co.
Co.
Trust
Kentucky Trust Company
Co.
Citizens
RICHARD
DENTON,
Citizens
W.
Bank
Fidelity
&
Trust
Co.
Jack A. Moss
Tyrus R. Davis
DIERSEN,
LINCH.
DALE
1
Russell,
(Associate)
DUPREE, THOMAS P.
F. L. Dupree & Co., Harlan,
Lexington,
Company,
&
Long
Vice-President:1 Jack
DURHAM, Jr., JOSEPH H.
A.
Moss, The Kentucky Company.
.
Secretary: Tyrus R. Davis, The Bankers Bond Co.
Citizens Fidelity
Walston
W.
FEHRIBACH,
Alternates:
FERGUSON,
&
URBAN
Ky.
Jr.,
Walston
&
Co.,
Inc.;
George
Martin, Walston & Co., Inc.
Took
Bank
(Associate)
M.
W.
H,
The
Ferguson
Fleischer
&
OF
JAMES
FETTF.R.
Cruttenden,
MEMBERS
TV
WL-KY
M.
Podesta
A.
S.
JACK
The
Louisville
In
otherwise
unless
Stein
ACREE, JOHN
Lincoln
BOWIE,
Life
Income
Insurance
Company
The
(Associate)
ALDEN, Jr..
Alden
&
YVM.
Alden
&
Bankers
W.
L.
Stein
Co.
J.
B.
ROBERT
The
HECTOR
& Co.
ALBERT
Bankers
Bond
Bond
Ky.
C.
&
The
Bankers
Bond
Stein
Co.,
Stein
Citizens
JOSEPH
The
W.
Van
Miller
J
Co.
JOHN
H.
J.
B.
J
Hilliard
Si
Life
Commonwealth
Son
Insurance
Co.
Cruttenden,
J.
Stein
Hilliard
B.
L
C
Son
Boyce
LUCIAN C.
Whitaker -Securities
Corporation
HOI,MAN R,
Thp Kentucky
B.
<fc
ALBERT J.
Bros. &
WILSON.
Podesta
G.
W.
ERNEST B.
WHITAKER.
Cnmnnnv
W. ROBERTS
Fidelity Bank &
WOOD, Jr.,
Graham-Conway Co.
J. BFRGE8
Co.
B.
VICTOR
GERARD,
M.
Company
WARNER,
Citizens
RLIMER.
BURGE.
VV.
T.
Kentucky
ROENN,
VOGT,
S.
FRANK
Fidelity Bank & Trust Co.
(Associate)
PIKE, JOS. P.
(Associate)
puryear, robert e.
W. L. Lyons & Co.
REGISTER,
Boyce
ROBERT
VAIL,
Ky.
Si Boyce
Bros.
&
(Associate)
Owensboro,
Cruttenden, Podesta &
PEARCE, RICHARD L.
S.
MILTON
Bros.
Smith
ULMER, JR., DAN C.
Almstedt Brothers
CHARLES
GARTRELL,
Ky.
A.
Boyce
&
Bros.
TROST,
Son
i
Bond
RANKIN, JOHN
JAMES
GARNER,
Hilliard & Son
Lexington,
Lexington, Ky.
BUNK
Co., Mayfield,
JR.,
GARDNER,
Stein
A.
PARKS,
Boyce
&i
(Honorary)
Times
Lynch, Pierce, Fenner &
Incorporated, Cincinnati
TODD, JAMES ROSS
W. L. Lyons & Co.
Merrill
FREDERICK C.
Jr.,
Bankers
GERALD B.
BUCKLEY, Jr., JOHN C.
Hilliard & Son,
J. J. B.
BOHNERT.
PARK,
ASA
Bankers
J.
L.
Boyce
W.
Liberty National Bank & Trust Co.
(Associate)
Goodbody & Co.
BARRAGE,
Bros.
FULLER,
A.
Lyons & Co.
BROCAR, Jr.,
HORACE
PHILIP
&
Bros.
FRANK, Jr., ALFRED
Bond
Lyons
L.
W.
Stein
Boyce
HENRY
B&ENZEL,
Inc.
Co.,
ALLEN, Jr.,
O.
Inc.
WILLIAM O.
&
ERNEST
BREED,
Co.,
ALDEN, SR.,
Bros.
CHARLES
THORNBURGH, ROBERT W.
A.
Kentucky Company
PARDUE, THOMAS
Citizens Fidelity Bank & Trust Co.
(Honorary)
FLARSHEIM,
BOOTH, MOREY L.
indicated)
Co.
Bond
Bankers
Louisville
(Honorary)
O.
CLARENCE
TAYLOR,
(Associate)
located
(Members
Brothers
Almstedt
p.
Co.
TEEPLE,
PAMPHLIN, GIL
J. J. B. Hilliard
Miller
&
JIMMY
FINNEGAN,
Inc.
OESWEIN, HENRY
J. J. B. Hilliard & Son
(Associate)
Office: January 1, 1962; Term Expires: December 31, 1962.
ROSTER
Grafton,
J.
Pierce. Fenner Si Smith
Incorporated
STUCKER, JAMES II.
MILTON
MOSS,
Craig Culbertson,
K.
REID
Merrill Lynch,
Co.
robert
Graham-Conway
METZ,
H.
Lincoln
National
First
Lexington,
Co.,
STONE,
R.
Bond
WILLARD
McNAIR,
Hutton
E.
GEORGE
JOS.
Blyth & Co.,
Almstedt Brothers
FARRA, JOHN B.
STITES, Jr., JOHN II.
J
J. B. Hilliard Si Son
Co., Inc.
&
Mcdowell,
EBINGER, RUSSELL
National Committeemen: A. J. Warner, Stein Bros. &
Boyce; Jack
A. Moss, The Kentucky
Company.
M.
Bankers
The
(Associate)
Treasurer: Bert Sternberg, Merrill Lynch, Pierce, Fenner &
Smith Incorporated.
Jr.,
McDEVITT,
Bank & Trust Co.
Lynch, Pierce, Fenner St Smith
Merrill
Incorporated
MARTIN.
Ky.
R.
Co.
BERT
STERNBERG,
Ky.
President: A. J. Warner, Stein Bros. & Boyce.
Bond
Bankers
Co.
Bond
JOSEPH
SPANINGER,
& Miller
LONG, EDWIN A.
H.
J.
.
Bankers
The
.
Podesta
(Honorary)
L.
ARVIL
SHORT.
Co., Inc.
Walston St
Cruttenden,
(Associate)
A. J. Warner
(Associate)
LINCOLN
LEWIS.
(Associate)
I
Journal
JR., CHARLES
Fidelity Bank & Trust Co.
SEMPLE,
&
(Associate)
Jr., ANDERSON
DEARING,
A.
Co.
Bond
SEDLEY, MRS. ELINORE
The Bankers Bond Co.
(Associate)
LESSLEY, ROBERT W.
Citizens
Fidelity Bank
R.
Bankers
Bankers
SCHULMAN, SOL
Louisville Courier
Citizens
Boyce
TYRUS
Boyce
RAYMOND
SCIIMITT,
Pierce, Fenner & Smith
Incorporated
CRAIG
Si
Bros.
SACHS, MORTON
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Co.
Merrill Lynch,
Jr..
Stein
M.
CHARLES T.
LANG,
W.
Goodbody & Co.
WESLEY J.
RUTLEDGE, Jr.,
Company
Kentucky
KIRK, E. T.
v
Goodbody &
W.
R.
(Associate)
R.
Hilliard & Son
B.
KINSMAN, Jr., JAMES
The
Incorporated
CREGOR,
J.
Inc.
JOSEPH
RUBIN,
JAMES
KIMMEL.
Inc.
Blyth & Co*
Smith
&
Fenner
Incorporated
M.
JOSEPH
RODES,
EDWARD J.
Lynch, Pierce,
KILLELEA,
HENRY
WILLIAM
CRAWFORD,
Russell
York
Brothers
CHRISTMAN. Jr..
Oliver, Sanders & Company, Dallas; M. A. Cayne, J. N.
& Co., Inc., Cleveland; Ed Christian, Swlce, Yeatman,
Mosley Co. Incorporated, Philadelphia
L.
Allen
Mr.
&
Trust
Co.
(Associate)
Miller
(Associate)
GRAFTON, C.
W.
Si Fleischer
Grafton, Ferguson
(Associate)
LILLIAN
GRAFTON,
UNDERWRITERS AND
(Mrs.)
F.
Grafton, Ferguson & Fleischer
(Associate)
THOMAS
GRAHAM.
DISTRIBUTORS
Graham-Conway
Co.
GRAY, ROBERT
BROKERS
-
DEALERS
Citizens
(Associate)
KENNETH
GREEN,
Stein
IIAAS.
CALIFORNIA
FIRST
COMPANY
•
Pacific Coast Stock Exchange • Midwest Stock Exchange
American Stock
HALL,
Exchange (Associate)
FRANCISCO:
LOS
ANGELES:
PORTLAND:
300
647
813
Montgomery Street
South
S. W.
J.
Spring Street
AlderStreet
•
•
Teletype 213-683-0055
•
Bond
Jr.,
Teletype 503-224-1744
G.
retail distribution
Boyce
Co.
SPENCER
Ferguson
&
Teletype 415 393-7136
E.
Fleischer
(Associate)
J.
B.
Private wire to:
HENN1NG
HILLIARD.
Teletype 41 5-393-9555
brokers-trading markets
M.
Boyce
PAT
Grafton,
J.
SAN
Si
Bros
HARPER,
I
Members:
Stein
Si
Bros
WILLIAM
Bankers
INCORPORATED
& Trust Co.
Bank
Fidelity
Hilliard
HOPKIN, W.
(Associate)
HUGHES,
Citizens
<fc
Son
HOWARD
JOSEPH
Fidelity Bank & Trust Co.
GOLDMAN, SACHS & CO., New
TURNER-POINDEXTER & CO., Los
York
Angeles
(Associate)
PRIVATE
WIRES
TO
NEW
YORK
AND
ALL
DIVISION
OFFICES
JOHNSTON,
Cruttenden,
CALIFORNIA OFFICES:
Fresno
Glendale
Pasadena
San
Long
Rio Vista
Luis Obispo
Anaheim
Beach
Beverly Hills
Modesto
Sacramento
San Mateo
Chico
Concord Eureka
Monterey
St. Helena
Santa Rosa
San
Napa
Diego
Stockton
Oakland
San Jose
Whittier
JONES.
JR., ROBERT H.
Podesta & Miller
CLARENCE
Almstedt
OFFICES:
Corvallls
Eugene
Medford
465 California Street, San
Francisco
Salem
KESSINGER,
Members:
ERNEST
Fidelity Bank & Trust Co.
(Associate)
OREGON
BRUSH, SLOCUMB & CO. INC.
Brothers
KAMPFMUELLER,
Citizens
L.
THOMAS B.
J. J. B. Hilliard & Son. Lexington, Ky
New York Stock
Exchange
•
Pacific Coast Stock Exchange
54
Richard M.
The Commercial and Financial Chronicle
Barnes, A. M. Kidder & Co., Inc., New York; M. J. Cito,
R. S. Dickson & Co., Inc., New York
Cleveland
Mr.
Mrs. Dayton P. Haigney, Dayton
&
Mr.
Haigney & Co., Inc., Boston
Mrs. David
&
.
.
Thursday, November 29, 1962
.
L.
Baker, Merrill, Turben & Co., Inc., Cleveland;
Kraus, Cleveland
Deane Ranney, Ball, Burge
Alternates: David L. Baker, Merrill,
Security Traders Association
McGinty, McDonald &
MASTERS. OLAN B.
Turben & Co., Inc.; John P.
Company; Robert Parsons, Parsons
Butler.
&
Wick
Co., Inc.
McDonald
Took Office: December
31,1961; Term Expires: December 31,1962.
8c
Co..
Youngstown
WILLIAM
McCLAREN,
8c
Company
Mcdonough,
geraijd
c.
Joseph. Mellen & Miller,
ROSTER
MrDonald
(Members
located
Cleveland
In
unless
otherwise indicated)
ARMBRUSTER,
Saunders,
8c
Wm.
Bache
ARNHEITER, CARL
Saunders, Stiver & Co.
ASBECK,
DE GARMC,
FREDERICK
M.
Wm. J. Mericka & Co., Inc.
BAER,
HOWARD
Carey
Gunn,
&
Roulston,
Inc.
boERGE,
BAKER. DAVID
Merrill. Turben 8c Co.
James J. Drnek
John R. Donahue
Gary A. Galdun
Richard A. Probst
BARTHELMAS,
The
President. James J. Drnek, Prescott &
First
NED
Columbus
Corporation,
Vice-President: John R. Donahue, Joseph, Mellen &
Baxter &
Miller, Inc.
J.
Treasurer: Richard A. Probst, Saunders, Stiver & Co.
N.
BRADY,
Disbro, Disbro & Co., Willoughby, Ohio;
Michael C. Hardony, Ball, Burge & Kraus; Raymond W. Rooney,
Murch & Co., Inc.; James B. Sparks,
Ball, Burge & Kraus; Har¬
old A.
Parsons
TOM
Woehrmann, Paine, Webber, Jackson & Curtis.
National Committeemen: Gary A. Galdun, Wm. J. Mericka & Co.,
Inc.; Michael C. Hardony, Ball, Burge & Kraus; Corwin L.
ton, Prescott & Co.
Incorporated
H.
PAUL
Inc.
CAUNTER, LEE
GAWNE. HARFY J.
J. N. Russell
& Co.,
Inc.
Mericka
&
L.
JAnifES
B. Schwinn
Ball,
Inc.
REID.
L.
L.
8c Co
C
Ball, Burge 8c Kraus
J.
Co.
8c Co.,
Inc.
&
Lewis
Company
8c
Cleveland
William
.
•
'
■
n
SMITH, GARY
JONES,
The
Columbus
P.
Corporation,
'.
N.
Russell
E.
6c
STAVNICKY,
Murch
ORIN
E.
LAFFERTY, ALAN
8c
"
'
■'
■
LAKOTA,
'
Organs
LINGER,
Edward
&
N
WILLIAM
&
D.
Co.,
Inc.
IRVING
Ceylon E. Hudson,
U1'™«n
Inc.
Inc., Wooster
Western
C. JAMES
RUSSELL
U.
Fulton Reid 8c Co.
Robbins
8c
Co.,
Inc.
WEAVER. ROBERT
Hornblower &
Siegler
CORWIN
Securities
Reserve
WAKDLEY.
B.
Tnc.
8c Co
WALTON,
MARC
Piescott &
h.
Inc.
Co.,
Russell 8c Co.,
&
Co.
WHITE,
L.
8c
Company
WOEHRMANN, HAROLD
Co.
Paine.
LONG, MARTIN J.
The First Cleveland
Weeks
JOHN
McDonald
LIS? ON,
Inc.
ULLMAN, RUFUS'M.
Co., Inc.
N.
LARRY
Co..
SUMMERGRADE.
I
LEUSTIG, FRED F.
T.
Ohio
TAYLOR. JAMES N.
Blyth 8c Co., Inc.
William
,
J
Co.
LEWIS. Mil TON
Elyria,
B.
Kraus
Sullivan-Ward
E.
CASIMIR T.
Murch 8c
8r
RAI Pll
Murch
SULLIVAN.
Hornblower 8c Weeks
•
Inc.
Co.,
Salomon Brothers 8c Hutzler
Inc.
Blyth & Co., Inc.
•.
News
JEROME
STERN,
Co.,
&
JAMES
Puree
STRING.
KOESER,
Prescott &
Pianos and
Smith
R.
SPARKS,
Columbus
J.
Press &
Reid 8c Co.,
SMITH, JOHN F.
CLYDE
First
DON
Cleveland
Fulton,
LAZ1N, ERNEST
Proc«
SILVER,
E.
KING, EVERETT A.
■
Inc.
Robbins & Co., Inc.
LAWRENCE N.
Siegler & Co.
SIEGLER,
Co.
Collin, Norton & Co., Toledo
of
Co.,
T.
JONES, CHARLES
Goodbody & Co.
KE1EK, ltUSSEL
>
W.
&
ROBERT C.
SHULL,
Inc.
JANUSEK, GERALD F.
Joseph, Mellen & Miller, Inc.
Largest Builder
Inc.
ROBERT
SEI.TZi.tt.
E
Ball.
;
ROY
Mericka
J.
Fd'vnrd
World's
Inc.
n.
SCHULTZ, ANDREW
Curtiss, House 8c Co.
JAFFE, GEORGE E.
Jaffe.
james
Russell & Co.,
N.
T.prinpir-Hn™',r Gompany
Corporation
Hudson,
Co.
SC1IULTE. Jr., FRANK J.
STEPHEN
GEORGE
E.
EDMUND J.
Devine 8z
J.
SCHULENBERG, RICHARD D.
McDonald & Company
IILIVAK, STEPHEN E.
Ceylon
W.
J. Devine & Co.
Wm.
Halle 8c Co.
Westheimer
Company
Inc.
Co.,
SCHLIECKER,
HAYS, GEORGE H.
lit-IKON*. CEO ON
&
Inc.
A.
RAYMOND
&
russell,
HAWKINS, DANIEL M.
HUBERTV.
Co.,
RUSSELL, JAMES M.
J. N. Russell & Co.,
HARDONY, MICHAEL C.
J. Mericka
&
WILLIAM
Schultz
J.
RUNG,
C.
Wm.
Inc.
RUFFING. JAMES R.
Devipe 8c Co.
The First Boston
L.
& Roulston,
F.
Reid
Murch
Gunn, Carey & Roulston, Inc.
HOTALING. A.
JAY
DAVID
ROONEY,
GUNN, CLEMENS E.
WurliTzer
Corporation
Burge 8c Kraus
Fulton
HANSON, DAVID G.
Will S.
C.
Co., Incorporated
Cleveland
Carey
REIDER.
Joseph, Mellen 8c Miller, Inc.
Hawkins 8c
8c
RANNEY,; DEANE
GUGGENHEIM, HOWARD
C. J.
Curtis
&
Co.
VICTOR
Emerson
Gunn,
Co., Inc.
GREEN, WILLIAM
Green, Erb & Co., Inc.
GRIFFITH,
L.
QUIGLEY,
Merrill, Turben & Co.,
CAYNE, MORTON A.
Jackson
&
PROBST, RICHARD A.
Saunders, Stiver & Co.
Columbus
GALDUN, GARY
Caunter & Co.
Inc.
POTOKAR, ANTON, Jr.
Suburban Securities Co.
First Columbus Corporation,
CAREY, WALTER J.
Gunn, Carey & Roulston, Inc.
J.
Schultz
J
The First
Russell 8c Co.,
Wm.
Co.,
PORZ, Jr., WILLIAM C.
GATTHER. PAUL n.
Cleveland PlbJi Dealer
L.
POPORAD,
Inc.
FOSTER, L. WARREN
J. N.
BRYAN, JOHN E.
L. A.
Lis-
FARMER,
&
PLACKY, GEORGE
J. N. Russell 8c Co., Inc.
Goodbody 8c Co.
Lynch, Pierce, Fenner 8c Smith,
E.
Inc.
Webber.
Painp.
Prescott 8c Co.
ERB, ROBERT L.
Co., Inc.
Company
EDWARD
PATRICK, FRANCIS J.
Green. Erb 8c Co.,
Russell &
Merrill
Governors: Robert M.
Company
BOCK, ROY E.
Wooster
PARSONS, ROBERT
Joseph, Mellen & Miller, Inc.
-
Secretary: Gary A. Galdun, Wm. J. Mericka & Co., Inc.
Jr.
8c Co.,
Parsons
DONAHUE, JOHN R.
Inc.,
GEORGE F.
PARSONS.
EBLE. HOWARD J.
BAXTER, Jr.. CHARLES McGHEE
Hudson,
Ledogar-Horner
Ohio
JACK O.
DRNEK, JAMES J.
K.
Columbus
Co.
Co., Willoughby,
OPDYKE,
Saunders, Stiver 8c Co.
BAMBAUGH, HARRY
Fulton, Reid & Co., Inc.
E.
Ceylon
'
Co.
CHARTER J.
NASH.
A. W.
DISBRO, ROBERT M.
Disbro 8c
Inc.
Co.,
FRANK W.
&
Morrow
Ripley 8c Co. Incorporated
Hayden, Miller 8c Co.
M
8c
Co
&
MORROW,
COVINGTON, HERBERT C.
Harriman
Company
Mericka
J.
METZEL, JEROME
Lawrence Cook & Co.
Co.
8c
McPOLIN, RAY T.
Plain Dealer
COOK, LAWRENCE
THOMAS
Stiver
CLEARY, JACK
Cleveland
Inc.
McGINTY, JOHN P.
OF MEMBERS
Webber. Jackson
WOHLEGEMUTH,
Corporation
McDonalcf
&
8c Curtis
CHARLES
Company
'
Volume
196
Number
6216
.
.
55
The Commercial and Financial Chronicle
.
Baltimore Security Traders
ROSTER OF MEMBERS
—
Alabama Security
Dealers Association
Association
ADAMS,
RALPH
—
E.
Berney Perry &
Birmingham
Inc.,
Company,
agee, rucker
Agee 6c Leach, Birmingham
Sterne,
ALEXANDER,
Conville
&
GEORGE
B.
Birmingham
Company,
ALLISON, CHARLES J.
Equitable Securities Corporation,
Birmingham
ANDRESS,
JAMES
National
First
C.
Bank
of
Mobile,
Mobile
ANDREWS, J.
First
WARREN
National
Bank,
Montgomery
ANDREWS, Jr., O. L.
Merrill
Lynch.
Incorporated,
Pierce.
Fenner
6c
Smith
Birmingham
ARMSTRONG, ERNEST E.
Sterne, Agee & Leach, Montgomery
V.
Gilbert A. Lewis
David L. Pindell
Gerard J. Greene
Hugo Marx, Jr.
W. K.
AVERYT, A. RICHARD
Berney Perry 6c Company,
Birmingham
Philip A. Sellers
McHenry, Jr.
William G. Dengler
Inc.,
BAXLEY, MARION E.
President: Gilbert A. Lewis,
Merrill
Lynch, Pierce, Fenner
Incorporated, Montgomery
George G. Shriver & Co., Inc.
Vice-President: David L. Pindell, Lockwood, Peck & Co.
BIXLER,
Treasurer: William G.
Governors: John C.
National
Dengler, Baumgavtner, Downing & Co.
BONIIAM,
Charles
A.
Eodie,
Jr.,
Stein
Montgomery
Merrill
&
Brodnax
Stein
&
Bros.
BARNES, KENNETH E.
Baker, Watts & Co.
Dillon
Eastman
KRATZER,
Union
BARNICKOL, FRANK
Securities
&
Co
G.
Co.
Stein
DAVID
Bros.
&
President:
V. Hugo
Robert
Birmingham, Philip A. Sellers, First Alabama Securities Inc.,
Montgomery.
Secretary: Edwin A. Gentry, Pierce, Garrison, Wulbern Inc.,
&
&
BOYCE, Jr.,
BRADLEY, R.
John
C.
John
Stein
Legg 6c Company
BRUCK,
&
Bros.
Bros.
6c
MULLIGAN,
Robert
RICHARD
Garrett
PIET,
BUTT, LEONARD J.
Mead, Miller & Co.
John
C.
P.
Legg & Company
and
Trust
Brown
Alex.
6c
Garrett
&
Elected: January, 1962;
C.
Birmingham
Co.,
MAYER
>
A.
Alabama
Securities,
Birmingham;
Frank
B.
K.
Yardley,
Hendrix &
COHEN, MORTIMER A.
Sterne, Agee 6c Leach,
COX,
Inc.,
Montgomery
JAMES
L.
Brodnax 6c Knight, Inc., Birmingham
COX, Jr., JOHN B.
Birmingham Trust
Birmingham
JAMES
CROW,
First
National
Bank,
S.
National
Bank
of
Birmingham,
Birmingham
Took Office: January, 1962; Term Expires:
T
U.
I
'
Crumpton 6c Co., Inc. Birmingham
Continued
January, 1963.
on
page
Co.
donald
Bros.
6c
CUMMINS V6-200,
B.
Boyce
V8-265 DELIVER
Jr., WILLIAM C.
Williams 6c Company,
MORE
Lynch, Pierce, Fenner & Smith
John C.
V8-265 permit you to
Legg 6c Company
SNYDER, JACK
Mead, Miller. & Co.
GREENE, GERARD J.
&
hau! from 750 up to
I
Sons
SOWERS, J. CLAIRE
Mead, Miller 6c Co.
GROSS, CHARLES
Merrill Lynch, Pierce, Fenner & Smith
pounds
STROHMER, JOSEPH G.
Incorporated
John C.
GUGLIUZZO, JOSEPH VINCENT
Merrill Lynch, Pierce, Fenner 6c Smith
Incorporated
LOUIS
PHILIP
i
Miller 6c Co.
SYCKLE,
GARDNER
.
Baker, Watts 6c Co.
&
Co,
JOHNSON, BERNARD G.
6c
Mead,
VAN
WALLACE, JOHN J.
E.
Howard
ounce.
TAYLOR, PRESTON A.
,
Company
Sons
HDLKEN, HENRY E.
Baker, Watts & Co.
JOHN
one
Legg 6c Company
Mercantile-Safe Deposit and Trust
HERB, WILLIAM J.
&
payload
without changing GVW
Legg 6c Company
John C.
M.
Eastman Dillon, Union Securities & Co.
more
950
SUNDERLAND, EDWIN P.
P.
Brooke, Sheridan, Bogan & Co., Inc.
PROFIT!
Cummins V6-200 and
SENER, JOSEPH W.
Company
Sons
WATTS, Jr., SEWELL S.
Baker, Watts & Co.
WILBUR,
Stein
KEAGLE, O. JOSEPH
c/o Phil.-Bait. Stock Exchange
KELLERMANN, HOWARD L.
Brown
MORE ECONOMY
Inc.
Incorporated
Mercantile-Safe Deposit and Trust
Brown
T.
Merrill
GRAY, E. GUY
Brown
Sons
SCHACH, WILLIAM O.
GRANT, GEORGE S.
Baker, Watts 6c Co.
GUNDLACH,
6c
SADTLER, C. HERBERT
Mead. Miller 6c Co.
FREEMAN, EDWARD B.
Lockwood, Peck 6c Co.
Brown
MORE CARGO
CREIGHTON
Brown
ROSZEL, RICHARD J.
Brooke, Sheridan, Bogan & Co., Inc.
Sons
FRANK, J. CARL
John C. Legg 6c Company
Alex.
F.
Sons
ROBERTS,
C.
Alex.
6c
CRUMPTON, TOM U.
RING, GEORGE W.
Mead, Miller 6c Co.
I
Sons
EVERTS, WILLIAM S.
D.
6c
RIEPE, J.
Co.
John C. Legg 6c Company
John
Corporation,
Birmingham; Thomas
Equitable Trust Co.
&
EBERWEIN, BERNARD E.
HOWARD,
Co.,
POTTER, DOUGLAS K.
White, Weld & Co.
DUGENT, CHARLES A.
Alex.
ROGER
Marx
REIN, HOWARD E.
DENGLER, WILLIAM C.
Baumgartner, Downing
HAYES,
&
Baker, Watts 6c Co.
Company
Alex.
Birmingham
Co.,
R.
Howard
Stein
Robert Garrett & Sons
Robert
HARRY
D.
plummer,
D.
CRUNKLETON, JOHN R.
Mercantile-Safe Deposit
Alex.
Courts
PINKERTON, CHARLES H.
WILLIAM F.
Mead, Miller & Co.
J.
Jr.,
John
ROBERT
EBEN
&
PINDELL, DAVID LEE
Lockwood, Peck 6c Co.
COLEMAN,
CROSS,
Smith
O'BRIEN, RICHARD
Baker, Watts 6c Co.
WILMER
Baker, Watts & Co.
CHAMBERS.
Fenner &
6c Sons
Baumgartner, Downing & Co.
J.
Securities
Mayes, Inc., Birmingham.
NIEMEYER, HARRY J.
Robert Garrett
Baxley, Merrill Lynch, Pierce,
Montgomery; C. Blyth Brown,
Berney Perry & Company, Inc., Birmingham: T. Clyde Ulmer,
Boyce
BURNS, WALTER L.
BUTLER,
&
Marion E.
Smith Incorporated,
Committee:
&
III, Watkins, Morrow & Co., Birmingham; Tunstall B. Perry, III,
Boyce
MOYLAN, JOSEPH A.
John C. Legg & Company
Sons
First
Stubbs, Watkins & Lombardo, Inc., Birmingham; Hugh Morrow,
John C. Legg 6c Company
6c
Courts
COHEN,
Frazer, Shropshire, Frazer & Co., Mobile; Joseph P. Lombardo,
Company
MORGAN, Jr., C. GERARD
MITCHELL
H.
Stein
6c
Legg
J
BRADY, JOHN A.
White, Weld & Co.
Garrett
C.
Fenner
Cumberland
McCLURE, E. ELWOOD
EMMET
BRANDT, KENNETH C.
Robert
Inc.
Mccarty, robert l.
PREVOST
C.
Stein Bros. & Boyce
Inc.,
A.
Birmingham
martin, CHESTER n.
Kidder, Peabody 6c Co.
Miller & Co.
Mead.
Malbne, The First National Bank of
Birmingham.
Executive
George G. Shriver 6c Co..
BORIG, MILLARD
Securities,
PHILIP
CANBY, YARDLEY P.
CLAYTON,
Treasurer: Sam F.
W.
LEWIS, GILBERT A.
Boyce
Corporation,
HOMER
Lynch, Pierce,
Montgomery
Hugo
& Sons
WALLACE
Boyce
Jr.,
Stein Bros.
BODIE, Jr., CHARLES A.
Birmingham
CARLSON, Jr., ROBERT H.
Carlson & Co., Inc., Birmingham
Birmingham.
Maryland National Bank
Bros.
Agee & Leach,
C.
Boyce
Garrett
LANAHAN,
Securities
Merrill
Inc.,
Robert Garrett & Sons
BLOCHER, THOMAS S.
Stein
Marx, Jr., Hugo Marx & Co., Birmingham.
KRUG, Jr., HENRY J.
BERRY, ALLISON M.
Knight, Inc.,
Alabama
BURWELL,
Vice-Presidents: William K. McHenry, Jr., Sterne,
KRIEGEL, LEO
Equitable Trust Company
Smith
&
Tuscaloosa
KOLSCHER, JACK A.
George G. Shriver & Co., Inc.
BARNEY, ARTHUER L.
BRYANT,
First
KLEIN, GUSTAV
Mead, Miller 6c Co.
Baumgartner, Downing & Co.
Sam F. Malone
Gentry
MEMBERS
KILROY, DONALD J.
Eastman, Dillon Union Securities
Boyce
Fenner
Montgomery
Birmingham
Edwin A.
BAMBERGER, E. CLINTON
&
Cumberland
December, 1961; Took Office: January, 1962; Term
EDWARD J.
Pierce,
Lynch,
BROWN, C. BLYTHE
Expires: January, 1963.
ARMSTRONG,
Inc.,
j
BRODNAX, MARION J.
Niemeyer, Robert Garrett & Sons.
OF
Corp.,
A.
Securities,
(
Incorporated,
Alternates: Edward J. Armstrong, Stein Bros. & Boyce; Harry J.
ROSTER
Bankers
BOSWELL, H. GRADY
Bros.
Boyce; Walter L. Burns, Baumgartner, Downing & to.
Elected:
JOHN
Alabama
First
Yeager? Baker, Watts & Co.; Joseph V. Gugli-
Committeemen:
L.
A.
Investment
Gadsden
Merrill Lynch, Pierce, Fenner & Smith Incorporated.
uzzo,
BURR
Seminole
Secretary: Gerard J. Greene, Alex. Brown & Sons.
Smith
&
6c Sons
Baker,
YEAGER,
CUMMINS ENGINE COMPANY, INC.
LeROY A.
Bros.
YEAGER,
CUMMINS
6c Boyce
G. THOMAS
Watts
JOHN
6c
Ci
Co.
COLUMBUS, INDIANA
56
The Commercial and Financial Chronicle
56
.
.
.
Thursday, November 29, 1962
liiil
# 111®; 1
Mr.
&
Mrs. A.
A.
Alabama Security Dealers Association
ROSTER
Continued from page
NOLAN
Jr.,
C.
Merrill
Lynch, Pierce, Penner
Incorporated, Birmingham
DOE, Jr.,
First
WELDON
Alabama
Sterne,
LEE,
DOROUGH, JAMES E.
Sterne, Agee & Leach,
Securities,
Bank
of
Sterne,
Birmingham,
Birmingham
GAUNTT,
Sterne,
B.
Frazer
WILLIAM
Ac
Mobile
Co.,
L.
The
Thornton, Mohr, Farish & Gauntt Inc.,
Montgomery
Pierce, Carrison,
Birmingham
FRED
Merchants
First
Jr.,
Wulbern,
Bank,
MATHES,
Mobile
Merrill
Pierce,
Fenner
Ac
Inc.
JAMES
Merrill
HENDRIX, JAMES R.
Inc.,
of
Birmingham
Incorporated,
Birmingham
First
Alabama
First
Hugo Marx
Hendrix
Ac Co.,
Montgomery
CHARLES C.
Ac
Mayes,
Inc.,
Ac
Smith
Courts Ac
Merrill
Lynch,
Incorporated,
Pierce,
Ac
Smith
Pierce, Fenner
Montgomery
Ac
Montgomery
NABERS, DRAYTON
First National Bank,
LEO
JR.,
Ac
Merrill
Lynch,
Incorporated,
Pierce,
Fenner
Ac
Smith
Inc.,
SHRIVER,
JOHN
Lynch,
Ac
Pierce, Fenner
Birmingham
Incorporated,
Smith
Company,
GiH. Musekamp, III
Robert L. Conners
Birmingham
OGDEN
SHROPSHIRE,
Shropshire, Frazer Ac Co., Mobile
President: James F. Moriarty, W. E. Hutton &
STANSEL, ARTHUR
Courts Ac Co., Birmingham
First Vice-President: Harold Roberts,
Co.
.
John E. Joseph & Co.
MERVYN H.
STERNE,
Sterne, Agee Ac Leach, Birmingham
Second Vice-President: Robert F. Herbert, Geo. Eustis
NAYLOR
Pierce, Fenner
Inc., Montgomery
Secretary: Robert L. Conners, Robert L. Conners & Co., Inc.
JR., W.
Merrill Lynch,
STONE,
Birmingham
Co.,
Birmingham
KNOWLES, BENJAMIN B.
Inc.,
WILLIAM H.
Wulbern,
SHANNON,
Watkins, Morrow Ac Co., Birmingham
Hugo Marx Ac Co., Birmingham
Kayser
Wulbern,
Carrison,
Smith
MORROW, HUGH, III
JOLLY, Jr., JOE D.
KAYSER,
Ac Smith
Birmingham
WILLIAM K.
Morrow Ac
Fenner
SHANNON, JACK H.
Birmingham
Fenner
D.
Pierce,
Carrison,
Birmingham
Jr.,
Watkins,
Co., Birmingham
Lynch,
Inc.,
Montgomery
Pierce,
MORROW, Jr., HUGH
JOHNSON, LYNWOOD S.
Robert F. Herbert
Harold Roberts
Moriarty
Inc.,
Securities,
GEORGE
Merrill
Pierce,
Montgomery
JETER, Jr., MARK
Securities,
Alabama
SELLS,
Inc.,
SIDNEY J.
Thornton, Mohr, Farish Ac Gauntt Inc..
Montgomery
MOHR,
James F.
Montgomery
g.
Sterne, Agee Ac Leach,
HOLLEMAN, S. BROOKS
HUBBARD,
Jr.,
McHENRY,
Inc.,
Lombardo,
PHILLIP A.
SELLERS,
Merrill
HOLLEMAN, JOHN ALBERT
Hugo Marx Ac Co., Montgomery
Ac
LOUIS
SCHULHAFER,
Birmingham
Birmingham
Lynch,
Watkins
Birmingham
Jr., WALLACE
Lynch. Pierce, Fenner
john
H.
Birmingham
F.
V. HUGO
Ac Company,
Mcdonald,
Mayes,
Birmingham
Birmingham
Inc.,
Co.,
Ac
JOSEPH
Stubbs,
Birmingham
Montgomery
Inc.,
Perry
SCALES,
MAY, LAWRENCE A.
Thornton, Mohr, Farish Ac Gauntt Inc.,
A.
Securities,
Farish Ac Gauntt Inc.,
GRANTLAND
H.
Berney
Birmingham
Smith
Montgomery
HOWARD E.
Montgomery
RICE,
Inc.,
Marx
Incorporated,
Alabama
Ac
Lombardo,
Inc.
Company,
Ac
Perry
Thornton, Mohr,
WILLIAM
Hugo Marx Ac Company, Birmingham
Inc.,
Inc.
Birmingham
PILL,
MARX,
Birmingham
Hendrix
Ac
Berney
P.
Agee Ac Leach,
SAM
B.
Company,
Ac
Perry
Inc.,
W. BERNEY
PERRY,
Birmingham
First National Bank
Hugo
C.
Lynch,
Incorporated,
HEAD,
JOSEPH
Co.,
MARX, Jr.,
A.
National
WILL
Merrill
H.
Leach,
Agee Ac Leach,
MALONE,
GENTRY, EDWIN A.
HAYLEY,
Ac
LYONS, ARTHUR
FRANK
Shropshire,
Cincinnati Stock and Bond Club, Inc.
Leach, Birmingham
Ac
HENRY S.
LYNN,
FORE, ROBERT B.
FRAZER,
Ac
Carlson
National
Berney
LONG, KENNETH
Inc.,
Birmingham
TUNSTALL
III,
PERRY,
Montgomery
Birmingham
FLETCHER, J. G. B.
Alabama
C.
Watkins
Stubbs,
Equitable Securities Corporation, Nashville; Mr. & Mrs. John P. O'Rourke,
J. P. O'Rourke & Co., Chicago
Birmingham
ALONZO
Agee
LOMBARDO,
JULIEN
Selma
HAYS,
Agee
Birmingham,
PERRY, MARVIN G.
Berney Perry Ac Company,
Birmingham
Montgomery,
LEONTIS, STEVE
Courts Ac Co., Birmingham
Sterne, Agee & Leach, Birmingham
First
Jr.,
Sterne,
Birmingham
DURKEE, ARTHUR B.
First
of
LEE, ALONZO H.
Inc.,
Mrs. Joe E. Hutton,
Birmingham
V
Sterne, Agee Ac Leach,
W.
Securities,
Montgomery
ELIASBERG,
Bank
EDMUND
LEACH,
&
PENNINGTON, EDWARD W.
Hendrix Ac Mayes, Inc., Birmingham
Montgomery
Smith
Ac
of
National
First
CHARLES
LANPHIER,
ROBERT F.
Bank
OWENS,
MEMBERS
OF
55
First National
DARBY,
Mr.
Schmidt, Arthur Schmidt & Associates, New York; Mr. & Mrs. George H. Angelos,
Chas. W. Scranton & Co., New Haven, Conn.
ODESS, LEWIS J.
First Alabama Securities,
Ac Smith
Treasurer: George H. Musekamp, III, G. H.
STRAUGHAN, Jr., HOWARD R.
Inc.,
Trustees:
Trust National Bank
Birmingham
Birmingham
L.
Robert
C.
Conger, Westheimer
& Co.
Musekamp & Co.
and Company; Robert
Fogel, Charles A. Hinsch & Co., Inc.; Thomas C. ptaydock,
Birmingham
Montgomery
GEORGE H.
Stubbs, Watkins Ac Lombardo,
Birmingham
STUBBS, Jr.,
SWAGLER, RICHARD C.
First Alabama Securities,
Inc.
Inc.,
Birmingham
complete investment facilities
TANKERSLEY, WILL H.
...T
THOMAS, FRANK
Sterne, Agee Ac Leach, Montgomery
T
W.
Stubbs, Watkins Ac Lombardo, Inc.
Birmingham
ULMER, T.
Courts
LOEWI&CO.
Ac
CLYDE
Birmingham
Co.,
VINCENTELLI,
Merrill
JOHN
M.
Pierce, Fenner
Montgomery -
Lynch,
Incorporated,
INCORPORATED
Ac
Smith
UNDERWRITERS
*
WALKER, Jr., JOSEPH P.
INVESTMENT
Lehman
SECURITIES
Brothers-One
AND
William
Department, Birmingham
207 East
225 E. Mason
WATKINS, Jr., MILES A.
Stubbs, Watkins Ac Lombardo,
St, Milwaukee 2, Wis.
TELETYPE:
Inc.,
DISTRIBUTORS
WATKINS, Jr.,
OFFICES
WARNER S.
Watkins, Morrow Ac Co., Birmingham
TELEPHONES:
GEORGE M.
George M. Wood Ac Company,
WOOD,
BRoadway 6-8040
CHICAGO:
New
York
Other
Stock
Principal
•
Ml
581
Green
Corporate Securities
St.
in
Bay,
Paul,
Madison,
Wausau,
Waukesha, Wisconsin
REPRESENTATIVES
Mills, Oshkosh,
in
Rapids.
Janesville,
Lake
Racine.
Montgomery
Municipal Bonds
STate 2-0933
WOOD,
Members:
6-6075
Birmingham
414-273-4333
MILWAUKEE:
Michigan St. • Milwaukee 2, Wis.
BRoadway
Jr.,
George
Exchange
M.
GEORGE M.
Wood
Ac
Company,
Montgomery
Exchanges
MEMBERS
Mutual Funds
EX C H A N G
NEW
(Assoc.) Stock
YARDLEY, THOMAS K.
w
Hendrix Ac Mayes, Inc., Birmingham
YORK
E, M id west
and
Exchanges
STOCK
American
Volume
Mrs.
Mr.
&
196.. ,Number
621,6
M. Wakeley,
Thompson
A.
and
Mr. & Mrs. Edward
Chicago;
Co.,
Company;
Tritten, Harrison & Company.
Thomas W.
H. Welch,
Geo.
Eustis
&
HILLE,
In Cincinnati
Indicated)
located
otherwise
Lynch,
Pierce,
&
Fenner
ENGENE
Hutton
Pohl
&
JOHN
ARMBRUST,
Aub
Si
E.
W.
E.
Hutton
Co.
The
&
W.
Co.
Barth
L.
J.
and
Charles
Company
Lynch, Pierce, Fenner & Smith
Incorporated
BIRKMEYER,
Charles
BLANK,
ALLEN
Inc.
Co.,
and
BOCKENSTETTE,
RONALD
ROBERT
Charles A. Hinsch & Co.,
GARRARD,
E.
Distributors,
Inc.
C.
JOSEPH
CANNING,
Wellington
Westheimer
W.
&
Co., Inc.
Conners
&
Field,
Co., Inc.
Clair
Harrison
&
Company,
Inc.
Harrison
&
E.
W.
Co.
Hutton
Si
G.
II.
Howes
Si
Company,
Inc.
LOUIS
WARNER,
Seasongood Si Mayer
L.
C.
Bank
of
SCHIRMER, CARL
Geo. Eustis & Co.
Charles
EARL R.
A. Hinsch
Si Co.,
Ellis
WHEELWRIGHT,
Inc.
I
Hutton
A.
and Company
Westheimer
Si
.
Company
and Company
JOHN
WILSON, JOHN D.
Vance, Sanders Si Co.,
Pierce, Fenner Si Smith
Cleveland
WARREN R.
Thayer, Woodward Si Co.
WOODWARD,
CHAS.
WORTH, WILLIAM P.
STAIB, LEE R.
Geo.
/
AUSTIN
White
Westheimer
SILVATI,
H.
Benj. D. Bartlett Si Co.
Co.
&
Aub
A.
J.
SNYDER,
JACK W.
Jr.,
E.
P.
WIDMAN, JR., ALBERT C.
Incorporated
Co.
&
RICHARD
Co.
JACK C.
Merrill Lynch,
LENHOFF, MATTHEW
Si
WHITE, J.
Co.
Si
SIEGMAN,
Lynch, Pierce, Fenner & Smith
Incorporated
Gradison
D.
Ellis
Smith
F.
Co.
ROBERT ft.
SIIOTT,
&
Company
RICHARD
DONALD E.
Si Co.
WESTON,
Si Mayer
W.
Fenner
Si
Westheimer and Company
SHAFFER,
Co.
Devine
WESTHEIMER, ROBERT I.
Merrill
E.
J.
SCIIWINDT, PETER
and Company
ARTHUR W.
Co.
and
WELLINGHOFF,
Cincinnati
C.
Company
Si
FRED
WELLER,
Co.
Seasongood
Si
Eustis
Westheimer
FRED
Reiter
ROBERT
WEISS,
& Co.
National
First
LEITZE, DAVID
LEVI,
Walter, Woody & Heimerdinger
Company
WILLIAM
SAHLFELD,
Co.
Investment
Reserve
H.
W.
Co.
Co.
WILLIAM
Richard
S.
LEPPER, MILTON W.
A
Lepper & Co
JOHN M.
H.
Si
Trust
Central
WARE,
KURT
Gradison
D.
Bache Si
Incorporated
Company
Co.
Geo.
Municipal Bond Corporation
Westheimer
C.
CHARLES L.
Company
Eustis
WALDVOGEL, RALPH J.
Clark Si Co.
Fahey,
Si
JOSEPH
VASEY,
D.
ROSSBACH,
W.
LAMEIER, THOMAS
Merrill Lynch, Pierce,
Company
HEIMERDINGER,
GILBERT A.
Harrison & Company
DAVIS,
GEORGE
KORTE,
HAYDOCK, THOMAS C.
DAUM, JAMES
Hutton
Si
W.
ARTHUR V.
KORROS,
M.
Harrison
Geo.
Company
THOMAS W.
TRITTEN,
II, ARTHUR II.
HAROLD
Joseph Si
Company
TOBIAS, JOHN E.
Westheimer and
Co.
MICHAEL H.
Gradison & Co.
ROHS,
Co.
E.
Pierce, Fenner Si Smith
Westheimer and
L.
Si
RUXTON,
The
Company
Si
A.
&
KEYS, RICHARD H.
& Co.
HARRISON, EDMUND WEBSTER
COULSON, CHARLES G.
L. W. Hoefinghoff Si Co., Inc.
E.
WILLIS D.
HARRISON, III,
COOPER, STANLEY M.
Stanley Cooper Co., Inc.
W.
Hall
John
ROBERT W.
ROTH, Jr., JOHN L.
Cincinnati
Richards Si Co.
S.
ROBERTS,
Co.
W. D. Gradison &
Jr., CLAIR S.
HALL,
Reiter
H.
KATZ,
&
&
Company
TOBIAS, CHARLES H.
Field, Richards Si Co.
.
GRISCHY, CLIFFORD H.
CONNERS, WILLIAM P.
Pohl Si Company, Inc.
Eustis
KALER,
Howes
RICHARDS
&
Merrill Lynch,
REUSCH, CARL H.
Fox, Reusch Si Co.
Co.
&
JACK
Reiter
H.
JOSEPH H.
McDonald
THORNBURGH,
Incorporated
JOSEPH, JOHN E.
■
John E. Joseph Si Co.
Inc.
GORDON
Middendorf Si Co.
ROBERT L.
Robert L.
G.
M.
Co.
III, JAMES M.
Hutton
THOMAS,
C.
I
Woodward Si Co.
Thayer,
&
JAMESON, ROBERT A.
Pohl Si Company, Inc.
Company
and
Gradison
Richard
E.
Si
Mayer
REITER,
Company
ISPHORDING, ROBERT B.
Doll Si Isphording, Inc.
H.
GRAHAM,
CHARLES W.
CONNERS,
Reed,
Hutton
GORDON
Seasongood Si Mayer
IBOLD, HENRY J.
C.
GRADY, GEORGE T.
CONNERS, CHARLES F.
Pohl Si Company, Inc.
Conners
D.
and
Seasongood & Mayer
REIS, THOMAS
Company
Company
Company
THAYER, RICHARD
ROBERT W.
Seasongood Si Mayer
Co.
and
&
EDWARD
TAYLOR,
REIS,
Si
>-
RICHARD T.
Harrison
REIS, III, GORDON
Seasongood & Mayer
G.
Howes
IBOLD, JAMES
Co.
<fe
GRADISON. Jr.,
CONGER, ROBERT C.
Westheimer and Company
L.
A.
PATRICK
GERTZMAN, SAM
CLANCEY, W. POWER
W. P. Clancey & Co.
Robert
Pierce, Fenner & Smith
WILLIAM
W.
Si
G.
HUTTON,
RUSSELL
Waddell
E.
Geo.
Devlne
J.
GEIGER,
Inc.,
Cleveland
CONNERS,
Inc.
& Co.,
FUERBACHER, JOHN N.
Walter
Woody «fc Heimerdinger
W. E. Hutton Si Co.
BRINK,
RICHARD
Westheimer
TABELING,
Inc.
ROBERT L.
Seasongood
PAUL
Westheimer
W.
Woody Si Heimerdinger
Walter,
Co.
Cincinnati
of
Co.
&
RICHARD F.
STRUBBE,
Hill Si Co.
REIS, Jr.,
&
Hutton
E.
W.
Hinsch & Co.,
A.
Bank
National
First
STEVENSON, II, JUSTIN J.
Co.
NEIL
Charles
HUDEPOHL, JERRY
FROEIILICH, JOHN E.
Company
Gradison
Westheimer and
Bartlett & Co.
D.
BenJ.
THOMAS
Westheimer
Co.
&
W.
FRIED LANDER,
L.
&
Si
Westheimer and Company
HUDEPOHL. IIARRY J.
Incorporated
Hinsch
A.
H.
Hinsch
A.
Gradison
D.
REED,
HUTTON, Jr., JAMES
FRANK, JOHN
Merrill Lynch,
W.
CHARLES
Jr.,
STEPHENS, CHARLES
II.
Company
GEORGE H.
RANSICK,
Richard
ROBERT L.
FOGEL,
Inc.
Co.,
Seasongood Si Mayer
Incorporated
Co.
&
&
R. Dorsey,
Mrs. Joseph
&
The Cincinnati Stock Exchange
Co.
POGUE, THOMAS
HOWES,
Pierce, Fenner & Smith
Merrill Lynch,
WILLIAM
Merrill
"
LAWRENCE S.
FITZGERALD.
WILLIAM 1
Westheimer
BIRK,
v
Bank
JOHN
Hinsch
A.
Si
CLETUS
Harrison
PHILLIPS,
IIOOD,
Co.
Gradison
D.
Hutton
Co.
W/ D.
Jr., HARRY A.
III,
FINN,
WILLIAM L.
BERLAGE,
Co.
Provident
E.
OLLIER,
&
HONECKER, DALE E.
GEORGE
FII.DER,
BARNARD, REGINALD N.
BARTH,
DAVID W.
Eustis Si
Geo.
Inc.
EDGAR
A.
Jr.,
E.
&
EUSTIS,
J.
Pohl & Company,
AUB,
Inc.
Company,
Co.
&
Jr.,
Ellis
ROBERT
APKE,
A.
ELLIS,
W.
Mr.
STEFFENS,
O'BRIEN, HARRY C.
Co.
HOEFINGHOFF, RICHARD G.
L. W. Hoefinghoff Si Co., Inc.
WILLIAM
Elnhorn
Co.
Si
Yates, Heitner <fi Woods, St. Louis;
Bache & Co., New York
Walsh,
HOEFINGHOFF, LEE
L. W. Hoefinghoff & Co., Inc.
R.
Co.
EINHOICN,
Hutton
H.
IIIRSCHFELD, OSCAR W.
Stranahan, Harris <te Company
Inc.
Company,
&
Bache
Smith
TAYLOR
E.
&
DUNLAP, JAMES
Incorporated
ALTER,
W.
DITTUS, HERBERT R.
Pohl
HENRY J.
ALTENAU,
Merrill
uniesa
Richard
HINSCH, CHARLES A.
MEMBERS
Charles
(Members
Mrs.
HERBERT, ROBERT F.
W.
OF
ROSTER
&
Mr.
Chicago
Company,
Co.; Cletus H. Oilier, Harrison &
Hutton &
E.
The Commercial and Financial Chronicle
.
Allyn &
C.
Sincere
W.
.
.
Westheimer and Comnaiur
Eustis & Co.
LOVELAND, JR., FRANKLIN O.
Harrison
Si
Company
MARION, DONALD
W.
E.
Hutton
Co.
Si
McCLOY, JAMES
Ellis
&
Co.
WILLIAM J.
McGRANE,
Columbus
First
C.
Reiter
H.
McKINLEY,
Piper, Jaffray & Hopwood
1895
ESTABLISHED
Provident
CORPORATE & MUNICIPAL SECURITIES
STOCK
Geo.
MIDWEST
Trust Co.
&
&
Co.,
Inc.
Company
GEORGE
JAMES
Hutton
EXCHANGE
&
Si
MTTRPHY.
Merrill
Co.
JOHN
CARL
Woody
Walter,
STOCK EXCHANGE
V.
F.
C.
Isphording Inc.
MUETHING,
(Associate)
C.
Co.
Si
Eustis
E.
Doll
EXCHANGE
W.
Hinsch
A.
White
A.
MORGAN,
W.
AMERICAN
Minneapolis
Co.
Union
MUEHLENKAMP,
MEMBERS
STOCK
Co., Inc.
Bank
MORIARTI,
YORK
8c
MITCHELL, EDWARD C.
J.
NEW
Dain
ROBERT R.
Charles
DISTRIBUTORS
&
M.
D.
AL H.
MEYER,
MEYER.
UNDERWRITERS
&
PAUL
Fifth Third
J.
Corp.
II, FRANK
McKAY,
Si
RUFUS
Telephone
A.
FE 3-8141
Heimerdinger
Teletype
W.
Member New York
612-321-1115
Lynch, Pierce, Fenner & Smith
Stock Exchange
612-321-1173
Incorporated
MINNEAPOLIS
-
MUSEKAMP, III, GEORGE
G. H. Musekamp & Co.
ST. PAUL
NEUMARK,
JACK
Middendorf
ROCHESTER
•
FARGO
•
BILLINGS
•
GREAT FALLS
•
RAPID CITY
&
H.
Co.
KARL G.
Roth & Irving Co.
II.
Our
eight offices provide far-reaching
and diversified territory
of
more
distribution in a prosperous
than six million people.
NIEHOFF,
Weil,
Billinos
Casper
Duluth
Southdale
Great Falls
NJEMAN, JOSEPH
Bache & Co.
■V
'
'
•
1
'1
St. Paul
Sioux Falls
58
The Commercial and Financial Chronicle
ROSTER
Kansas. City Security Traders
OF
located
In
Kansas City
otherwise indicated)
unless
Harris,
JOHN
backlund,
Merrill
Co.
NORTH, FRANK W.
Lynch, Pierce, Fenner & Smith
E.
E.
R.
Inc., Topeka,
Company,
Bell
Kans.
H.
Robert L. Goss
O.
(Special)
FRANCIS
Hutton
Light Co. (Special)
&
OWENS,
Company,
Pierce,
&
Jr.,
Commerce
Ins.
Co.
Snider Co.
Smith,
PAXTON, Jr., FRANK
Paxton Lumber Company
PERRY, JACK L.
Parker, Eisen, Waeckerle,
Purcell, Inc.
<fc
Co.
FESELL,
Estes
(Special)
Adams
&
WILLIAM B.
&
Company, Inc., Topeka,
Kans.
PETERS, ROBERT C.
Co.
'
George K. Baum & Company
JAMES
Trust
National
City
(Special)
(Special)
W.
Wright,
(Special)
Fenner
M.
PIEDIMONTE, DAN
Company
C.
A.
(Special)
KEMPER, Jr., R. C.
Insurance
Metal
ELMER
Prescott,
Incorporated
THOMAS P.
III.
Upham & Co.
GEORGE E.
Company
Owens
N.
Fidelity Life
Peet
Allyn & Co.
Harris, j
II.
SHIRREL
Straus, Blosser & McDowell
O.
C.
PAULY,
JOHNSON, WM.
Merrill Lynch,
Incorporated
KEMPER,
D.
Co.
&
Life
C.
Cu.
GARY D.
F.
H.
(Special)
BIXBY, W. E.
K.
6*
I1AYWARD
KELLY, JAMES F.
JERRY
Peet
Co.
Power &
C.
A.
KASLE,
International
BERTRAND,
Brothers
National
Co.
American Alloys Corporation,
Topsy's
K.
JONES, W. RALPH
R.
BENSON, JOHN
BERGER,
&
OLSON, R. A.
George K. Baum & Company
BEAL, ROBERT D.
ELDON
Bache
(Special)
O'SULLIVAN,
Stern
IRISH,
BAUM, G. KENNETH
George K. Baum & Company
BELL,
Bank
O'NEIL, TIMOTHY P.
HUNTER.
BANTRUP, WILLIAM W.
B. C. Christopher & Co.
&
National
HILLMOND, Albert W.
Waddell & Reed, Inc.
(Special).
'
w.
North & Co., Incorporated
O'BRIEN, ANDY
HOWK, JAMES
Varnish Co.
Incorporated
Estes
B.
Business Man's Assurance Co. (Special)
S.
c.
R.
HIGDON, J. C.
Upham &
Cook Paint &
Myron D. Mesler
Thursday, November 29, 1962
MEMBERS
HEWITT,
Union
AGRON, EUGENE
AYRES,
Francis D. Bertrand
.
Barret, Fitch,
(Members
Association
Keith D. Lincoln
.
.
Allyn & Co.
PI1LUGA, EDWARD F.
Bank
&
Co.
Trust
Midland
Securities
Company,
Inc.
■
i
President: Keith D. Lincoln, Luce, Thompson
.
BLACKFORD,
& Crowe, Inc.
Blackford
KENNA, BILL
Inc.
Co.,
E.
JACK
BLACKMAN,
Vice-President: Francis D. Bertrand, H. O. Peet & Co.
(Special)
VINCENT
A.
&
Blackman
Merchandising
Corporation
Brothers
Treasurer: Robert L.
Goss, Barret, Fitch, North & Co., Incorporated
Directors: Thomas P.
liam
W.
Bantrup,
O'Sullivari, III, Harris, Upham & Co.; Wil¬
B.
C. Christopher
&
Co.; Jack K.
Halper,
Straus, Blosser & McDowell; James Howk, Stern Brothers &
Co.; William Johnson, Merrill Lynch, Pierce, Fenner & Smith
Incorporated; David Kramer, Bache & Co.; Lewis S. MacDonald,
Dempsey-Tegeler
Waeckerle/Adams
merce
Adams
Trust
&
Frank C.
Co.,
&
&
Inc.;
Robert
Purcell, Inc.; Harry F.
Mayfield, Com¬
Company; Jack L. Perry, Parker/Eisen/Waeckerle/
Purcell, Inc.; Dan Piedimonte, A. C. Allyn &
Co.;
Westbrook, Jr., Midland Securities Co., Inc.
National Committeemen: Russell K.
&
Parker/Eisen/
Mahn,
Sparks, Barret, Fitch, North
Co., Inc.; Thomas P. O'Sullivan, III, Harris, Upham & Co.
Alternates: Charles J. Foley, H.
O. Peet & Co.; Keith D. Lincoln,
Inc.
R.
BREMSON, Jr.,
C.
A.
S.
Inc., (Special)
Century
(Special)
Company
&
JAMES
&
KEITII
Crowe,
Inc.
Co.,
E.
Jr.,
&
J.
Securities
Miuiand
Co.,
Inc.
MARGIOTTA,
Topeka
Company,
Cole
B.
C.
CONLON,
stock
american
stock
Inc.
Company,
Mfg. Co.
exchange
(Special)
Mcdonald,
B.
COSBY, DON
exchange
E.
Hutton
F.
&
Incorporated
Company,
CUMONOW, LOUIS A.
Gateway Sporting Goods
exchange
Commissioner
DENTON,
J. C.
Spencer Chemical Company
C.
Stockyards
Traders
DONALDSON,
E.
135
LaSalle
South
Chicago
One
Street
Chase
Plaza
3
Telephone STate
Manhattan
New
2-3lOO
York
Telephone
City
5
(Special)
&
Company,
WILLIAM
(Special)
&
Co.,
Transit,
Inc.
Inc.
(Special)
The
Fleming Co.,
FOGARTY,
Jr.,
&
(Special)
Inc.
JOHN
Brothers
Stern
l.
I
Incorporated
Lee
North &
W.
Company
Co., Incorporated
(Special)
Fund
Management
Company,
Houston, Texas
SWANSON, A. C.
Western Auto Supply Company (Special)
THOMPSON, F. L.
Dit-Mco, Inc. (Special)
THOMPSON, KENNETH J.
Luce, Thompson & Crowe, Inc.
THORNTON, JOHN R.
Barret, Fitch, North & Co., Incorporated
TOPLIKAR, FRANK A.
Zahner
and
Company
MAYRHAUSER, OSCAR
Pierce, Fenner & Smith,
Incorporated
WAGNER, THEODORE F.
Merrill Lynch,
Securities
Corporation,
Harris. Unham
MOMYER, F. F.
Pickering Lumber
&
Co.
WARD, LOUIS L.
MEYER, ROBERT E.
Harris, Upham & Co.
Russell
Midland
Candies, Inc.
FRANK C.
Securities
Co.,
(Special)
Inc.
WHITAKER, J. P.
Whitaker
Company
,
Stover
WESTBROOK,
WHITE
(Special)
Cable
Corporation
i.EO.NAttD
(Special)
A.
McDonald, Evans & Company
MOORHEAD, THOMAS A.
Value Line Funds, Atchison, Kans.
WllirSlTT,
WILCOX, J.
Security
Wilcox
R.
'
DALE
Management,
Inc.
V.
Electric
Company
(Special)
WILHELM^EN; H. P.
'
W. S. Dickey Clay Mfg. Co. (Special)
(Special)
NOLAN, T. M.
Benson Manufacturing
(Special)
F.
Co.
Incorporated
Inc.
VON
Company
A.
NAST, Jr., NAT
Nat Nast, Inc.
fleming, ned n.
Topeka
company,
Securities
MORGAN, JOHN A.
Butler Manufacturing Company (Special)
J.
Dempsey-Tegeler
EYER, D. B.
Kansas City
CARL
D.
Texas
Co.
Baum &
Columbian
(Special)
L.
STEPHENS, JAM'lK t.
MYRON
K.
Company
Co.
Hutton
P.
STAPLES, L.
M
Company,
&
Barret, Fitch.
(Special)
MICHELSON, HENRY L.
Straus, Blosser & McDowell
Incorporated
DUBOC, R. B.
Western Casualty & Surety Co.
DYER,
BO 9-2070
I
Bank
IVAN
Hutton
F.
(Special)
Company
National
The
&
Peet
Co.,
SPARKS, RUSSELL K.
HARRY
&
Drug
ROBERT
O.
Midland
Topeka
DOMINICK, II, J. R.
PRIVATE FINANCING
MEYER,
(Special)
Upham
(Special)
;' ■
Inc.
(Special)
SORMANI, ANTHONY P.
Company
lawrence
Hutton
George
DILLINGHAM, J. B.
K.
F.
ME3LER.
(Special)
UNDERWRITERS AND DISTRIBUTORS
£.
Christopher & Co.
McLEAR,
E.
Securities
Missouri
C.
Hess,
Inc.
SNYDER, FRANK J.
Beecroft, Cole & Co.,
SOLOMON, HAROLD
&
McGREEVEY, THOMAS J.
Harris,
(Special)
Co.
DALTON, JIM
(associate)
Adams
McDonald, Evans & Company
T.
J.
H.
H.
CLAUDE
G.
Bellas
Parkview
Henry & Co., Atchison. Kans.
MCDONALD,
MORRIS R.
Drug Company, (Special)
SMART,
ALEX
Company
Trust
(Special)
SMALL, JOHN
Inc.
MAYFIELD, HARRY F.
L.
EARL
Securities
Gustin-Bacon
midwest
Mark
Incorporated
company,
Star
Harzfeld's,
Inc.
Trust
Commerce
C.
National
MARSHALL, E. D.
Christopher & Co.
COMBEST,
members
stock
Co., Topeka, Kans.
&
(Special)
SIEGEL, LESTER
Marsh Steel & Aluminum Co.
&
COLEMAN, HARRY
Midland
york
Incorporated
MARSH, M. B.
COLE, WA/LTER L
Hutton
K.
Katz
Christopher & Co.
Commerce
COLE, Jr., WALTER I.
Beecroft, Cole & Co.,
Bcccroft.
F.
'
SHERMAN
Toy Products
HAROLD
SIEBERT, E.
MAHR, ROBERT G.
Parker, Eisen, Waeckerle,
Purcell, Inc.
COEN, MIKE
(Special)
Inc.
SHLENSKY,
Inc.
MADER, EDWARD G.
B. C.
Co.,
SCHIFMAN, BEN B.
Inc.
COBURN, CLAY
Blyth & Co., Inc.
new
Columbia
MARK A.
Hutton
F.
Securities
SAUNDERS,
E.
&
Manufacturing
RbsENBERG,
KIP
MacDONALD, LEWIS S.
Dempsey-Tegeler & Co.,
Co.
S. L.
The Vendo Company (Special)
cunYtes
Inc.
(Special)
RIEHLE, JOHN J.
Midland
&
Corp.
(Special)
REDMAN, Jr., JOHN
Redman
(Special)
D.
CHILDERS,
j3acon7?f%ya>pie o uo.
Incorporated
LUCE, JR., MILTON
Luce, Thompson & Crowe,
B.
Co.,
GORDON L.
&
Company,
Luce, Thompson & Crowe,
LUCAS,
(Special)
Co
&
QUINLAN, JACK
Nelly Don, Inc.
LOVETT, WILLIAM
(Special)
E.
LAURENCE
Witter
Inc.
Co.,
The
Incorporated
Dean
&
Thompson
LONGEN,
IV^erriil Lynch. Pierce, Fenner & Smitn
CHAPLINE,
LINCOLN.
Uhlmann
CAMERON, J. A.
Marley Company
Company
W.
Kansas Securities Commissioner (Special)
LINEBERRY, K. W.
Black, Sivalls & Bryson, Inc. (Special)
Co.
CALDWELL, GUY
Guy's Foods, (Special)
CARNES,
Securities
Hutton
F.
Service
Brothers
PROPER, FRANK P.
Employers Reinsurance
LERNER, VIC
King Louie International Inc.
Luce,
JOHN T.
BURTON,
Bache
N.
Instrument
Brunson
(Special)
Corp.
Gas
Stern
LARIMER, LARRY H.
E.
A.
The
Inc.
M.
PRICE, EARL
Inc.,
Company,
LATSHAW, JOHN
R. F.
Acceptance
BRUNSON,
Co.
R.
Lines,
PRINGLE, RICHARD
Midland
FRANK
Allyn & Co.
BROZMAN,
POWER,
Wichita
Crown Bremson Industries,
BRINKLEY.
Incorporated
Company,
LANER, S. HARVEY
Recco, Inc. (Special)
Research Corp.
Continental
Dempsey-Tegeler
Took Office: January 1, 1962; Term Expires: December 31, 1962.
Co.
BRACKEN, DANIEL S.
CARROLL,
Luce, Thompson & Crowe,
&
&
KRUG, DUANE L.
Milburn, Cochran &
BONDANK, JOHN J.
■Stern
Hutton
Bache &
(Special)
Secretary: Myron D. Mesler, George K. Baum & Company.
F.
KRAMER, david
POWELL, Jr., G. E.
Yellow Transit Freight
(Special)
,
Yl'hON,
Company
WARKE.N
Uhlmann &
'
Co.,
Inc.
FOLEY, CHARLES J.
H.
^mmiiarg fHarkri ^pmaltata
We invite you to
&
Co.
GASAL, JAMES R.
Harris, Upham & Co.
PRIMARY MARKETS
GEE, GEORGE D.
Securities
Interstate
Company
GOLDMAN, Jr., FRED
Medco, Inc. (Special)
BONDS
GOSS,
call
Peet
GARDNER, T. BEGLEY
A. C. Allyn & Co.
TAX-EXEMPT
REVENUE and G. O.
O
us
ROBERT
(Special)
Coast-to-Coast Scrrice in
I
L.
Orer-the-Counter Securities
Barret, Fitch, North & Co. Incorporated
GREEN, RICHARD C.
O
For prompt bids
©
To show
©
To place
items
on
you
Missouri
have for sale
HALOKA,
daily airmail offering list
Service
Co.
(Special)
DONALD L.
Brothers
Stern
buy inquiries
us your current
your name on our
Public
GUMBINER,
&
Co.
EDWARD
J.
Secretary, NASD District No. 4
(Special)
HALPER, JACK K.
Straus,
Municipal Bond Department
Ira Haupt
Members
New
York
111
Stock
Exchange and
BROADWAY,
WOrth
HANNI, ARTHUR R.
Seltsam, Hanni & Co., Inc.
Topeka, Kans.
&
Co.
other
principal Exchanges
HANSON,
Stuart
HARRIS.
NEW YORK 6,
A.
4-6000
C.
Hall
West Jackson
Blvd.
922-5116
315
FRANCISCO
Montgomery
DALLAS
20
St.
2605 Southland
YUkon 1-0333
G.
Company,
CHARLES
I
(Special)
NEW
3
LaSalle Street
S.
20
YORK
5
Exchange Place
HA
DE 2-6161
M.
&
Poor's
5-5780
DIRECT
PRIVATE
WIRES
,
1
Center
135
RALPH C.
LOS
ANGELES
•
ST.
LOUIS
•
SAN
FRANCISCO
HEDDENS, Jr., BARRET
First
National
Bank
Riverside 7-7708
1
CHICAGO
Inc.
C. Allyn & Co.
HARVEY,
Standard
SAN
CHICAGO 4
141
doyle, o'connor & co., inc.
Blosser & McDowell
HENRY, MARK
Mark Henry
J
MINNEAPOLIS
(Special)
*
& Co., Atchison, Kan.
,
•
OMAHA
•
KANSAS
CITY
Volume
Mr.
&
Mrs. Joseph
Number
196
6216
.
.
.
E. Smyth, Salomon Brothers &
Salomon
Brothers
39
The Commercial and Financial Chronicle
Mr.
Hutzler, New York; Mr. & Mrs. Arthur Salomon,
& Hutzler, New York
Pittsburgh Security Traders
&
Harold
Mrs.
C.
Directors: Thomas H. Davies, Jr.,
Association
ROSTER
ACKERMAN,
Reed,
JAMES
Hulme, Applegate & Humphrey,
Inc.
Parrish
Roy
M. Hamsher, Cunningham, Schmertz & Co., Inc.
Vice-President: John W. Hoy, Jr.,
Treasurer: Frederick C.
Parrish & Co.
Leech, Arthurs, Lestrange & Co.
Fenner
Si
PRIMARY
C.
A.
&
Benson
S.
Amer. Income
Inc.
CARL A.
Continued
on
page
Company, Inc.
&
Burg win
J.
|
J.
Si
Co.
CARROLL, WALTER J.
Janney, Battles Si E. W. Clark,
National Old Lines Ins. BB
National Terminals Corp.
Florida Gas Co.
Tecumscih Products Co.
International RR.
Lincoln
Inc.
CARTER, ALBERT R.
Tokheim
Weighing Corp.
Corp.
United Fire Insurance Co.
National Life Ins. Co.
Western Tool
Littelfuse, Inc.
Watt Si Schoyer
Preston,
Midwestern United Life Ins. Co.
Life Ins. Co.
First United Life Ins., Gary
Co., Inc.
HOWARD
MARKETS
TRADING
Central Indiana Gas Co.
JOSEPH, III
MoKee
Howard
& Stamping Co.
SAMUEL C.
Conneaut Lake, Pa.
CARTER,
SHIRLIE E.
CLELLAND,
Elmer
Powell
E.
David A. Noyes & Company
Co.
&
CRAIG, JAMES W.
C. S. McKee & Company,
1926
E.
Si Johnson
Smith
BURNETT, III, ALEXANDER J.
Arthurs, Lestrange & Co.
SINCE
G.
Co.
G.
Pierce,
Schmertz & Co.,
Cunningham,
BENSON,
C.
SPECIALISTS
&
WILBUR
JOHNSON,
Johnson
BODELL, G. CLIFFORD
BURGWIN,
OVER-THE-COUNTER
Lear
Incorporated
LUFFINGTON,
CHICAGO
HERBERT
JOHNS,
H.
DUANE
Lynch,
S.
HULME, MILTON G.
BARR, THOMAS L.
Singer, Deane & Scribner
President:
THOMAS
Jr.,
Moore, Leonard Si Lynch
JEPSEN, ELWOOD M.
Elmer E. Powell Si Co.
Co., Incorporated
H. Babbitt Si
Merrill
Robert A. Woeber
JAMISON,
Inc.
Hulme, Applegate & Humphrey, Inc.
WALTER
BARBOUR,
Frederick C. Leech
John W. Hoy, Jr.
Co.'!
Reed,
Co.
&
BABBITT,
&
Co.
Parrish & Co.
SHIRLEY
JAMES
&
HUFNAGEL, RICHARD M.
Singer, Deane & Scribner
Co.
Lestrange &
Arthurs,
Schmertz
Hefren
HOY, Jr., JOHN W.
ARTHURS, ADDISON W.
AUSTIN,
Inc.
CHARLES E.
Singer, Deane Si Scribner
ARTHUR R.
Arthur R.
LOWRIE
A.
IVORY, Jr., CYRIL J.
Simpson, Emery & Company,
JACOBS,
Cunningham,
Inc.
Si
PAUL H.
Chaplin McGulness Si Co.
MEMBERS
IIEFREN,
J.
Co.,
AFFLEGATE,
McKelvy Si Company
INGRAM,
Parker, Kay, Richards & Co.
f
Schmertz
Cunningham,
RoyM. Hamsher
HUNTER, FRANK H.
IIAMSHER, ROY M.
Co/
&
OF
J.
WM.
Lear
ANFANG,
W.
HUNTER, DAVID
McKelvey Si Company
Abstin S. Umstead,
Company; Norman
National Committeeman: H. Sheldon
ARTHUR F.
Applegate & Humphrey, Inc.
Hulme,
Bi Ward, Jr., Norman Ward
Co.; Robert C. Wetmore, McJunkin, Patton & Co.
&
i
HUMPHREY, Jr.,
Co.
McKelvey & Company; Robert
Shaffer, C. S. McKee & Company, Inc.;
A. E. Masten &
Mrs. Ralph C. Deppe,
Mr. &
York;
Edward D. Jones & Co., St. Louis
Secretary: Robert A. Woeber, Arthurs, Lestrange &
P.
Co., Inc., New
Shore &
Shore, Harold C.
I
,
Inc.
Established
1908
I
CREHAN, JAMES E.
Leonard
Moore,
Members
Lynch
&
CRIST, JAMES D.
SWIFT, HENKE & CO.
MEMBERS
MIDWEST^ STOCK EXCHANGE
du
Exchange
Chicago 4, Illinois
DANIEL
I.
Francis
Stock
South LaSalle Street
208
Kay, Richards & Co.
CULLENAN,
York
New
&
Pont
Co.
Phone 312-782-0400
TWX 312-222-0405
ROBERT
CUNNINGHAM,
J.
Singer, Deane Si Scribner
DAVIES,
DAY,
THOMAS
Jr.,
Meivelvy
Si
PAUL
Company
A.
Applegate
Hulme,
j
Si
Humphrey,
Inc.
DEAKINS, ROBERT G.
Reed,
Lear
Si
DODWORTII.
Channing
The Illinois Company
DONALDSON,
Kay,
F.
JOHN
ERNEST
O.
Straus, Blosser & McDowell
Moore, Leonard Si Lynch
Established 1933
DOYLE,
C. F.
ROBERT
NEW YORK
MEMBERS
STOCK EXCHANGE
•
' •" j';
McKelvy
/
MIDWEST STOCK EXCHANGE
ESTABROOK &
FERRERO.
Elmer
•
BROKERS
.
CORPORATE AND MUNICIPAL SECURITIES
AN 3-5700
•
y;
VA":
A.
Powell
■
■.
...
Deane &
Reed,
YORK
STOCK
I
EXCHANGE
MIDWEST STOCK
Co.
EXCHANGE
•
DETROIT STOCK EXCHANGE
N.
AMERICAN
Scribner
STOCK
(ASSOC.)
EXCHANGE
KENNETH E.
Benson
FITZGERALD,
FOLEY,
NEW
MEMBERS
.
R.
&
CHARLES
Singer,
Financing and Sales Negotiated
v."
L.
ROBERT
E.
FISHER,
C.
Private
NORMAN C.
JOHN
Singer,
DEALERS
Chicago 3, Illinois
•
TELETYPE 312 222-0371
Simpson, Emery Si Co., Inc.
CO., NEW YORK, BOSTON
•
Company
Crow, Brourman & Chatkin, Inc.
FISIIER,
UNDERWRITERS
39 South La Salle Street
JAMES H.
&
EISENSTAT,
EMERY,
CORRESPONDENT
C.
Childs and Company
DRASS, Jr.,
A/Jt \
Listed & Unlisted Securities
Underwriters—Brokers
STANLEY
Richards & Co.
DORBRITZ,
INCORPORATED
Co.
W.
Service Corp.
&
Co.,
JOHN
Deane
Si
Inc.
L.
'
NEW YORK
Scribner
WILLIAM R.
Lear Si Co.
MILWAUKEE
DETROIT
•
•
GRAND
•
RAPIDS
KANSAS CITY
•
MT. CLEMENS
GENKINGER, JACK M.
J.
231
SOUTH LA SALLE STREET
FINANCIAL 6-3400
•
CHICAGO 4
TELETYPE 312 222-0462
M.
Genkinger Si Co., New Castle.
GLEESON,
Jr.,
Bernstein
&
GEORGE
Retail
GOLDSMITH, LEON
Bernstein
GURCAK,
Thomas
&
Co.
FRANK J.
&
Company
Fa
H.
Co.
I
•
Trading
•
Wire Connections Coast to Coast
60
60
The Commercial and Financial Chronicle
&
Mrs. John J. D'Arcy, F. L. Putnam
& Company, Inc., Boston;
Edward J. Bullock, Jr.,
A. C. Allen & Co., Pompano Beach, Fla.; Don W. Goelzer, City Securities Corporation, Indianapolis
Mr.
I
Simpson,
Association
59
Continued from page
LEECH, FREDERICK C.
Inc.
LOOS, JOHN C.
Walston is Co.,
Arthurs.
JOHNSON, Jr., WILBUR E.
C. S.
McKee & Company,
HAROLD M.
>
MacDONALD,
i
&
Blair
Simpson. Emery is Company,
EDWARD C.
E. Masten is Company
Inc.
IIARVEY
Lazard
Freres
York
is
H.
H.
Reed, Lear is Co.
C.
MOIK,
Reed, Lear & Co.
A.
Bank
&
Trust
Co.
,
KENNETH
Arthurs, Lestrange is Co.
MULLEN, HENRY J.
Singer, Deane & Scribner
LEATHERBURY, GEORGE P.
Reed, Lear & Co.
'
Hentz
J.
MINNESOTA SECURITIES
J.
&
321-1113
612
^
:
BUILDING
2, MINN.
Telephone
Teletypes
WARD,
321-1394
EjEderal 9-9251
Masten
&
NORMAN
WARD, Jr.,
WOODS, JOHN P.
i
Mellon
B.
A.
NORMAN
Inc.
B.
is
E.
Masten
ZINGERMAN.
Lynch,
Incorporated
W.
ZUNIC, JOSEPH
Company,
Bank
Thomas
Incorporated
&
is
&
Trust
Co.
j
Company
ROGER
Merrill
McJunkin, Patton is Co.
Stroud
National
WOOLFOLK, THOMAS
Company
Singer, Deane & Scribner
WETMORE, ROBERT V.
J.
Pierce,
Fenner
is
1
F.
Company
Security Traders Association of
Co.
Los Angeles
Co.,
Inc.
is
Inc.
Co.
SHORT, JOSEPH P.
Arthurs, Lestrange is Co.
SHUTTLEVVORTH, WILLIAM S.
Stroud is Company, Incorporated
SIMPSON, WILLIAM G.
Simpson, Emery & Co., Inc.
SINGER, G. HART ON, III.
Singer, Deane is Scribner I
PAUL
J.
Clemens T. Lueker
E.
Steele
Co.
&
President: Clehiens T. Lueker, Hill
STEIGERWALD, WILLIAM R.
Langley-Howard,
Stubner
CHRISTIAN J.
&
Curtis.
Co.
National
ii
Bank
Trust
Secretary: Kenneth O. Barsamian, Morgan & Co.
Co.
Treasurer: Norman Green, Pledger & Company, Inc.
SULLIVAN, JOSEPH H.
Cunnnigham, Schmertz is Co., Inc.
SWEITZER, EARL E.
Reed, Lear is Co.
TAYLOR, RAYMOND
Richards & Co. Incorporated.
Vice-President: Delbert E. Bakerink, Paine, Webber, Jackson &
Inc.
STUREK, FRANK T.
Mellon
K. 0. Barsamian
Delbert E. Bakerink
is Company
HARRY J.
Governors: Patrick
Sheedy, Fairman & Co.; Val A. Valhoff, Les¬
ter, Ryons & Co.; Stephen C. Turner, Jr., Turner-Poindexter
M.
& Co.
TERESI, SAMUEL H.
.v
Reed. Lear is Co.
TIERNAN, FRANK M.
r: Preston,
ROSTER
Preston,
Watt
is
(Members
MUNICIPAL ISSUES OF
ALL
R.
Hefren
is
is
Co.
is
ASCHKAR, PAUL H.
Indicated)
Paul H. Aschkar &
BAKER,
Co.,
Inc.
is
HENRY
C. Bowles
Thomas
ALEXANDER, JACK H.
Turner-Poindexter
Schmertz
Angeles unless
FRED
Paine, Webber, Jackson & Curtis
Co.
is
Co.
BAKERINK, DELBERT E.
Paine, Webber, Jackson & Curtis
Co.
ARMSTRONG, JOHN
TOMASIC, ANTHONY E.
Thomas
Los
otherwise
TITUS, SILAS J.
Cunningham,
in
ADKISON,
Schoyer
TILLOTSON, Jr. WILLARD J.
Arthur
MEMBERS
OF
Watt is Schoyer
TIERNAN, Jr., FRANK M.
Preston, Watt & Schoyer
TIERNAN, WILSON B.
PROMPT BIDS ON
Mora
Company
&
BARSAMIAN, KENNETH O.
Co.
Morgan is Co.
Beverly Hills, Calif.
THE DAKOTAS
WATLING, LERCHEN & CO.
Corporate and Municipal Securities
OSCAR BERGMAN —KERMIT SORUM
Member: New York Stock
American Stock
Allison -Williams
Company
MINNEAPOLIS, MINNESOTA
Phone: FEderal 3-3475
TWX 612 321-1131
Smith
Inc.
Co.
Steele
STUBNER,
612
E.
Singer, Deane is Scribner
SHAFFER, ROBERT P.
H.
MINNEAPOLIS
A.
PHILIP
Co., Inc.
is
SCUUGAR, MAX N.
Walston is Co., Inc.
SCR1RNER, JOSEPH M.
Thomas
(Established 1924)
Walston
SCHNEIDER, WALTER G.
Van Alstyne, Noei is Co.
SOL1TS,
BAKER
Company
WARREN
Davis
STEELE,
CO., INC
is
Stroud is Company, Incorporated
UMSTEAD, AUSTIN S.
S.
RYAN, THOMAS C.
Arthurs, Lestrange & Co.
SATLEU, Jr., FRANK L.
Moore, Leonard & Lynch
SCUMERTZ, ROBERT C.
Cunningham, Sclimertz is
H.
Active Markets in
Masten
WILLEY, FRED
C. S. McKee & Company,
SUEPPAUD, JOHN S.
D. MAHONEY &
E.
RUMPF, JAMES
Co.
S.
National
A.
Company
G.
Jr.,
WOEBER, ROBERT A.
Arthurs, Lestrange & Co.
WOLFERS,
TRUMAN, PAUL
Kidder, Peabody & Co.
ROBIJNS, EDGAR E.
Simpson, Emery & Company,
ROSENBERG, JOCK M.
City
CARL
MEYERS, KARL F.
Meyers & Co.
MILLEMAN, Jr., CHARLES F.
Kay, Richards & Co.
Company
JAMES
New
McKEE,
Mellon
LAMBING. Jr.. MALCOMB
LEAR.
RIGG,
Incorporated
C. S. McKee & Company, Inc.
METZMAIER, Jr., ALBERT J.
Walston is Co.. Inc.
EUGENE
Co.,
Thursday, November 20, 1962
TRESCH, ARTHUR
Co.
is
RALPH
Jr.,
is
.
TOWNE, RICHARD C.
Hulme, Applegate & Humphrey, Inc.
Inc.
Co.,
is
Powell
Kichards
McCONNELL.
A.
Thomas &
is
E.
RICHARDS,
,
'
S.
MARSICO, Sr., FRANCIS A.
Arthurs, Lestrang & Co.
Jr., W. BRUCE
Co.
KOST,
LEAR.
Inc.
LINFORD
MARONEY, FRANKLIN
KNOCn, CYRIL
KROW.
Elmer
Richards & Co.
Kay,
KELLY, THOMAS
Moore, Leonard & Lynch
KLIMA, JOHN R.
Lear
Co.
Reed, Lear is Co.
Francis L du Pont & Co.
Reed.
&
LONSINGER, EUGENE R.
Johnson is Johnson
KEENER, Jr., ELMORE L.
KEIR,
Lestrange
Emery
PARKER, H. SHELDON
Kay, Kicharus is Co.
PARKER, R. BURTON
Kay, Richards is Co.
PATTERSON, BLAIR M.
Arthurs, Lestrange & Co.
PEELOR, CHAKLfcS G.
Arthurs, Lestrange is Co.
PON1CALL. Jr., JbRANK M.
C. S. McKee & Company,
POWELL, ELMER E.
ROSTER OF MEMBERS
.
Harry Green, Hecker & Co., Philadelphia; Jim McAtee, Butcher & Sherrerd, Philadelphia; Coit
Williamson, Schmidt, Roberts & Parke, Philadelphia; Sam Kennedy, Yarnall, Biddle & Co., Philadelphia
PALMER,; EDWIN D.
Pittsburgh Securities Traders
.
FORD
Ann Arbor
•
Dearborn
•
Exchange, Midwest Stock Exchange.
BUILDING,
Jackson
Exchange, Detroit Stock Exchange,
•
DETROIT
Kalamazoo
Lansing
•
26,
•
MICHIGAN
Pontiac
Port Huron
•
•
Birmingham
New York
Volume
Mrs.
&
Mr.
BECKER,
J.
196
Number
6216
.
.
61
The Commercial and Financial Chronicle
.
John
Ralph Deppe, Edward D. Jones & Co., St. Louis; R. D. "Dick" Moore, Ultronics Systems
Corp., New York, demonstrating machine; William J. McCullen,
Hess, Grant & Remington, Inc., Philadelphia
LA VAIN
GRAMZA,
JR., WILLIAM H.
Dempsey-Tegeler & Co., Inc.
DA VIES,
Barth & Co,
H.
&
Scanlin
Jr.,
Inc., New York, demonstrating Quotron to Corb Liston,
Schlicting, 1Vm. P. Harper <£ Son & Co., Seattle, and
York Hanseatic Corporation, New York
Electronics,
Prescott & Co., Cleveland, Hugh R.
Frank J. Ronan, New
KFENAN, JOHN J.
HENDERSON, ROBERT J.
NICHOLAS
D.
Hentz
Moughty,
Currier & Carlsen,
R. J. Henderson St Co.
Co.
JAMES
William
BENSON,
/
R.
L.
Staats
DEUTSCHMAN, HARVEY
Co.
St
V.
Inc.
R. E. Bernhard & Co.,
EARL
Eastman Dillon,
Harbison
DONATO,
Union
Securities
&
Co
&
Henderson &
Co.
E.
BETZ, HERMAN C.
BOURBEAU, EDWARD J.
Daniel Reeves &
WILLIAM
E.
Hutton & Company,
Evans
Incorporated
EUPER.
J.
RICHARD
Weeks
Hornblower
CARLSEN, THEODORE D.
Currier &
CASS,
ROBERT
Evans
L.
Colburn St
LEASON.
R.
F/.
Burbank, Calif.
Hogan, Inc.,
Dempsey-Tegeler &
Co.,
&
G.
Carlsen, Incorporated
J.
Jr., HARVEY GLEN
& Co.
Henderson
ROY, CARL
R. J. Henderson
Le
Co.
JEWELL, HAROLD
Crowell, Weedon & Co,
JOHNSON, WILLIAM A.
Sutro
Inc.
St
&
LATINOVipn. GEORGE M.
Bateman, Eichler Ac Co.
Co.
IMBLER, A. O.
William R. Staats
Inc., San Marino
PUMA, JOSEPH
Currier
HUDSON, NORMAN
R.
Co.
& Wells,
LINDE,
Holton,
&
ELWOOD
Henderson
Co.
&
Co.
Continued
Co.
on
page
& Co.
Barth
THOMAS
J.
Hanseatic Corporation
K.
Inc.
FINE,
&
Co.
Beverly
Fairman
La
WILLIAM
Mitchum, Jones & Templeton
Incorporated
,
HECHT, JOHN C.
(
Blalack
Company
Co.,
Inc.,
Hills
NOEL
Polonitza
CLAUDE,
& Co., Incorporated
Co.
CYRIL
Arthur B.
Moulton &
&
STEVE
LANZ1T,
Co.
&
STUART
Cantor, Fitzgerald &
G.
MacCormack
CHIVERS,
Inc.
KRAFT, VERNER HARRIS
Co.
HOWARD,
Dean Witter St Co.
FAGAN, JOHN
Gardner, Stanley & Harris,
Carlsen, Incorporated
&
H.
Incorporated
Investors
II.
EUPER. Jr., THOMAS
Polonitza & Co.
Weeks
&
Stone
Barth
ATSUYOSIII
Richards &
Lambuth
R.
Inc.
Company,
Hutton & Company,
WILLIAM H.
New York
CAMERON, DONALD M.
Hill
HALL, MAX
Co.
Co.,
MacCormack
CALL,
J.
HALLAM,
&
GEORGE
ELLIOTT,
&
&
EARNEST,
BRUM, JAMES E.
Olmstead, Allen & Co.
Hornblower
A.
Hammill
DYER, III, FRANK
Wagenseller & Durst, Inc.
Inc.
WILLIAM
J.
Hayden,
Company, Incorporated
Dempsey-Tegeler
BOYACK, ROBERT
HOSOKAWA,
GRIFFIN, KENNETH J.
DOUGLASS, BRUCE
Co., Beverly Hills
&
F.
KRAFT, Jr., OSCAR F.
HOULIHAN, JOHN
GRIMES, MICHAEL
F. Hutton &
Shearson,
ROBERT M.
Pledger
E.
Co.
FRED
KOEHL,
GARY
California
GREEN, SAM
Henderson
JOHN
DORROH,
United California Bank
Co.
&
Witter St
Dean
Bateman, Eichler & Co.
Pledger & Company, Inc.
Frank, Meyer & Fox
Stern,
MacCormack
GREEN,
Co.
JOSEPH
DORMAN,
HOLLAND,
H.
NORMAN
Evans
DOAN, JAMES C.
Beverly Hills
BERRY, MICHAEL
E. F.
GREEN,
&
HERRERA, CONRAD
J. A. Hogle & Co.
JACK
Rutner, Jackson & Gray, Inc.
Inc.,
ROBERT D.
Turner-Poindexter
BERRY,
BROWN.
Sons,
Calif.
DIEUDONNE, Jr., GEORGE L.
Hills
BERNHARD, Jr., ROBERT E.
Blyth & Co.,
Hills,
Cruttenden, & Co., Inc.
JOSEPH
J.
Osborne &
DIEHL,
Costello, Russotto & Co., Beverly
R.
K.
Beverly
ARTHUR
Dempsey-Tegeler & Co.,
BENTO.
GRAY,
Incorporated
NICHOLAS P.
KIRWAN.
BEEBE,
&
Co.
FRALICK, JR., STYLES
Blyth & Co., Inc.
KENT-MOORE
ARTHUR
&
FRANKLIN, RICHARD
Co.
Samuel B.
Franklin
fc
Company
COCKBURN, JAMES D.
Mitchum, Jones & Templeton
FRASER,
Stern, Frank,
COLLINS, EUGENE
Hill
Richards
&
WILLIAM
COOK,
Hayden, Stone
Co.
Evans
Co.,
GENTLE,
Incorporated
men
ANTHONY
Angeles Herald Express
(Honorary)
need
PHILLIP B.
MacCormack &
GINN, WILLIAM E.
Co.
Harbison
CRUTTENDEN,
Cruttenden
DAHL,
...wherever
Meyer & Fox
Dempsey-Tegeler & Co., Inc.
B.
&
G.
FREEMAN, ALVIN R.
Los
CROSS,
JAMES
JR.,
&
RALPH
WALTER
Co.,
W.
Inc.
J.
M.
Dempsey-Tegeler
&
special
Henderson
GOODFELLOW, RICHARD
A.
Hogle St Co.
service
GRAFF, JOSEPH
&
Co.,
First
Inc.
California
Company
Incorporated
products
Active Markets Maintained in
MUNICIPAL BONDS
mechanism requires special products for its maintenance, Kent-Moore is there
helping industries around the world prolong the efficient operation of
industrial and consumer products. This service began in 1922 when we first worked
with car manufacturers to develop special service tools. Today, Kent-Moore is a parent
CORPORATE SECURITIES
When any
with the answer,
Specialists in
Michigan Bonds and Stocks
company
with five subsidiaries, including Kent-Moore Organization International A.,G.
with complete research engineering, manufacturing and sales divisions.
of Switzerland,
JlRST OF^flCIIIGAN {^ORPORATION
MEMBERS
New York Stock Exchange
Midwest Stock Exchange
BUHL
NEW
YORK
Grand
Rapids
Kent-Moore record is
corporate and financial progress. On
consecutive quarterly dividend. A copy of pur 1962
all who are interested in learning more about us. . . and
one
of continuing
September 1, 1962 we paid our 60th
Annual Report
about
our
is available to
40 years
of progress.
BUILDING, DETROIT
COLUMBUS
CHICAGO
Battle Creek
Muskegon
American Stock Exchange (Associate)
Detroit Stock Exchange
The
Bay City
Grosse Pointe
Flint
Birmingham
Lansing
KENT-MOORE
28635
T
MOUND
ORGANIZATION, INC.
ROAD
•
WARREN, MICHIGAN
62
The Commercial and Financial Chronicle
62
.
.
;
Thursday, November 29, 1962
liiiliiailliii
'
:
-v
112
I:
^
,
*
.
L?"
m.
Vc-tv'':
mm
V,
Mr.
&
Mrs.
Gilbert
M.
Lothrop,
Hutton
E.
W.
Co.,
&
Westheimer and Company,
Boston; Mr.
Cincinnati
&
Mrs.
Currier
Harris,
Upham
Co.
&
Richards
Incorporated
N.
C.
Co.
&
Incorporated
Roberts
St
Co.,
Paul
H.
Aschkar
&
Co.
MILLER.
,
California
&
Lambuth
Robert
Incorporated
Company,
&
Company
MILLER,
Huff
&
Co.
&
Webber,
H.
St
Reeves
Hentz
45 YEARS
AS
Beverly Hills,
Co.,
&
N.
Curtis
St
Roberts
C.
R.
Beverly Hills
Co.
Inc.
SUMMERELL,
&
J.
Henderson
&
Co.
&
Templeton
Incorporated
Company,
Incorporated
WHEELER, JOHN E.
Cruttenden
&
&
Co.,
Inc.
Inc.
Co.,
DONALD
Durst,
Dean
E.
TOBOCO, HOWARD
Jay,
Beverly
'
Co.,
Witter
Co.
&
<
Inc.
WITT, BASIL
Thomas
Cruttenden
& Smith
WIIITAKER, DONALD
DANIEL
MURPHY,
Fenner
WESSENDORF, Jr., HOMER
Mitchum, Jones & Templeton
Co.
SCOTT
Wagenseller &
CORPORATE
Smith
WILLIAM
WELLS, ROGER
Mitchum, Jones
ROBERT
California
STOUT,
Calif.
JOSEPH
Crowell, Weedon St Co.
DISTRIBUTORS
AND
GRADE
HIOH
OF
&
The Weller Company
MULREIN,
WRITERS
Fenner
WELLER, JOHN S.
E.
&
Pierce,
Incorporated
Co., Beverly Hills
Dempsey-Tegeler
UNDER¬
Lynch,
WEBSTER,
STEWART, DALE
Hayden, Stone &
First
VINCENT
Inc.
Incorporated
THOMAS
St
Mora
MORA,
OVER
Jackson
Barth & Co.
FOR
Co.,
&
WILLIAM
Merrill Lynch, Pierce,
Co., Beverly Hills
&
STEWART,
MIDWEST
SAM
Incorporated
Inc.
IRWIN
Inc.,
Co.,
MORA, ADOLPH
THE
Incorporated
FRANK J.
Merrill
WILLIAM
SPIVEY,
JAMES J.
Canton, Fitzgerald
Beverly Hills
J.
Co.,
SPERRY, FRANK
Taylor & Company,
MOISE,
MOORE,
WARD,
'
St
Company
Dempsey-Tegeler
Co.
WAYNE
Roberts
Daniel
Inc.
Co.,
C.
SMITH,
WILLIAM A.
Weedon & Co.
St
WALLACE,
W.
Aschkar &
H.
Paine,
MODRELL, PAUL
Blyth
Incorporated
Company,
WILLIAM
WALKER, RODNEY L.
Crowell, Weedon & Co.
SILLICK, JACK J.
Company
FRED
H.
St
FOREST
Inc.
WATTS,
DEAN
D.
Lambuth
Crowell,
First
N.
MacCormack & Co.
WESLEY
MANTER.
CARL
Hutton
SIEPMAN,
RAY
METZINGER,
Inc.
?iv..
MANN.
F.
Paul
MacINTYRE, PATRICK
LIVINGSTONE, CHARLES R.
LOVELADY,
E.
B.
NIELAND
Co.,
California
First
Beverly Hills
Co.,
Co.
&
ARSDALE,
&
Mrs.
VAL
Ryons
VICARY,
CLIFFORD D.
SHIPLEY,
Evans
Fenner St Smith
Bell &
Lester.
Blyth
Weeks
St
Hornblower
LUEKER, CLEMENS T.
Hill
LINTON, BONN R.
Merrill Lynch, Pierce,
Kleiner,
MELVILLE, RONALD
Dean Witter & Co.
FRANK
LINK,
VAN
SHIMOOKA, EDDIE
Co.
&
VALHOFF.
SHERWOOD, ALLAN F.
Currier & Carlsen, Inc.
SHANE
A.
McOMBER,
Barth
J.
Janney, Battles & E. W. Clark, Inc., Philadelphia; Mr. &
Donaldson, Lufkin & Jenrette, Inc., New York City
Russo,
SHERMAN, HARVEY
V, K. Osborne & Sons, Inc., Beverly Hills
Carlsen, Incorporated
St
T. Wilde,
A.
SHIPLEY,
ROBERT
LOWER.
Frank
EDWARD
MeGANN,
OF MEMBERS
61
Mrs. Norman
McEVERS, MILTON S.
Daniel Reeves St Co.
Los Angeles
Continued from page
&
MANWARING, JOSEPH R.
Evans MacCormack & Co.
Security Traders Association of
ROSTER
Mr.
Hudepohl,
J.
Harry
Stern,
Hills
Winston
St
Co.,
Frank,
Meyer & Fox
Inc.,
WREN,
Inc.
EDWARD
Lester,
Ryons
J.
&
Co.
TORENA, JOSEPH
MUNICIPAL
AND
SECURITIES.
NEVINS, JOHN R.
Lester, Ryons &
Lester,
Co.
TRACY,
NOLAN,
Evans
THOMAS
Currier
ROBERT
MacCormack &
Co.
St
K.
Carlsen, Inc.
&
Co.
TURNER, Jr.,
RICHARD
Fairman
Steffi Brofe 6 Co.
INVESTMENT
BANKERS
1009
OMAHA
Inc.. Beverly Hill.>
ANTHONY
&
Walston
PHELAN,
New
Paine,
Co.,
Inc.
RALPH E.
Hanseatic Corporation
Jr.,
York
PITTS,
Co.
&
DAVID
PETERSEN,
REGINALD
Webber, Jackson & Curtis
CLIFFORD
POINDEXTER,
Turner-Poindexter
&
E.
Co.
AND LIGHT COMPANY
MUNICIPALS
Kansas
—
New Mexico
—
Oklahoma
It AMPLE Y,
WA
CHARLES
Dempsey-Tegeler
Texas
REDMOND,
William
&
Co.,
Inc.
ROY
Staats
R.
St
Co.
an
and Other Midwestern States
LAWRENCE
Morgan & Co.
investor-owned
RICE,
1
RICHARDS,
CORPORATES
Harker
St
ROGERS,
Industrial, Public Utility and Railroad Securities
Bank and Insurance Stocks
Rutner,
/ EISEN / WAECKERLE /
ADAMS
Member
8c
PURCELL,
Midwest
Stock
Inc.
Exchange
101/2 BALTIMORE AVE., KANSAS CITY 5, MO.
Telephone BAltimore 1-4090
Bell Teletype 816-556-0490 (Trading Dept.)
I
electric and gas company
Henderson
serving the heart of Iowa
KENNETH
Co.
&
RUSSELL,
S.
Co.
&
Harbison
Sutro
JOHN
JOHN
RUSSELL,
PARKER
Inc.
E.
Weedon
Crowell,
ALBUQUERQUE
—
J.
Peabody & Co.
PARPALANO,
MISSOURI
DENVER
Missouri
WILLIAM
Bingham, Walter & Hurry,
BALTIMORE
KANSAS CITY,
ST. LOUIS
Inc.
JERRY
RICHARD
Kidder,
CHICAGO
Co.,
ZIMMERMAN,
Co.
R.
K. Osborne & Sons,
OWEN,
St
&
GRAHAM T.
Weeden St Co.
Co.
St
OSTROW,
V.
Walston
YOUNG,
Co.
STEPHEN C.
Turner-Poindexter
MEMBERS
&
DONALD
Fuirman
O NEIL,
MIDWEST STOCK EXCHANGE
WRITER, JOSEPH
TURNER, STEPHEN C.
Turner-Poindexter
O'NEII,
WRIGHT, WILLIAM L.
Lester, Ryons & Co.
Ryons St Co.
ROBERT M.
Jackson St Gray,
Inc.
for
more
than
a
century
SANDLER, MURRAY
Mitchum, Jones & Templeton
Incorporated
SCHWEITZER,
J.
Barth
&
STEVEN
Co.
SHEEDY, CHARLES A.
Fairman & Co.
SHEEDY, PATRICK H.
Fairman & Co.
SHERIDAN,
Kleiner,
EDWARD
Bell
&
Co.
WRITE FOR ANNUAL REPORT
•
DES MOINES 3, IOWA
Volume
Number
196
63
Commercial and Financial Chronicle
The
6216
First
H.
Hentz
Don
Goodbody
Miller
W.
CHADDOCK. J.
Sc
VOSPEB
HAROLD
RODNEY
Paine, Webber,
McDonald
Sc
Co.
JOSEPH
Bache
COLE,
&
CRANE,
John G. Martin
T. W. Obuchowski
Manley,
Rotsted, F, J. Winckler Co.
Treasurer: John
G.
Obuchowski, Goodbody &
W.
Co.;
*
Martin, First of Michigan Corporation.
DAVIS,
officers
The
Roney &
and
Graham,
Sterling
C.
otherwise
Detroit unless
in
located
,
DE
Braun.
indicated)
Sc
Co.
Incorporated
BLUE.
Hague
EUGENE
ALBERS.
Chas.
H.
Hentz
ALLEN,
Co.,
&
Wm. C.
Lawson
Sc
Wm.
White,
BALLENTINE.
J.
F.
Simonds & Co., Inc.
Baker,
WALTER
BAYER,
F.
BRUBAKER,
E.
Winckler
Manley,
BRUSH.
C.
Wm.
Bennett,
A! ANSON
C.
Roney
&
WILLIAM
W.
K.
Baker,
Simonds
BERMAN,
Walston
&
BURTON,
&
BYRNE,
Co.,
CALICE,
Jr.,
R.
Webber. Jackson <V Curtis
C.
O'Donnell
A.
Sc
Wm.
C.
M.
Inc.
McDonald Sc Co.
NELSON
N.Y.
Angeles, Cal.
C.
J. A. HOGLE & CO.
including such
NATHAN
Over-the-Counter
offerings
Pocatello, Idaho
as:
SPEEDEE MART
FIRST SECURITY INVESTMENT
STRAZA INDUSTRIES
FIRST SECURITY CORP.
UTAH CONSTRUCTION CO.
CANADIAN SUPERIOR OIL
ALBERTSON'S. INC.
SURETY LIFE INSURANCE
COLWELL CO.
NEVADA POWER
CYPRUS MINES
Ogden, Utah
Corporation
H.
Idaho Falls, Idcho
Missoula, Mont.
& Curtl*
RUSSELL
PIERCE
Inc.
GARRETT FREIGHTLINES, INC.
PALOMAR MORTGAGE CO.
LAGUNA NIGUEL
Corona del Mar, Cal.
Albuquerque, N. M.
tional
York
TUCSON GAS & ELECTRIC
Santa Fe, N. M.
AUTOMATION INDUSTRIES
Carlsbad, N. M.
MacArthur & Company
GEORGE R.
Hudson White & Co., Grand
First
Supply Company
highs in sales and
earn¬
recently acquired an addi¬
gas supply which
makes its
brighter than
ever.
—
on
Rapids
the
New
Exchange
Symbol
be sent
MFS.
report
on
will
request.
CLARENCE A.
of Michigan Corporation
HOULIHAN,
R.
all these industries
year.
of
source
Annual
IIOLLISTER,
HORN,
is used extensively in
Listed
HOWARD
Kenower,
including
ings. The Company
HITCIIMAN, T. NORRIS
Del Mar, Cal.
—
paid each year since its
1935.
Goodbody Sc Co.
Stamford, Conn.
of industry
electronics and missiles. Natural
organization in
Boulder, Colo.
INTERSTATE MOTOR LINES
constantly growing and is
Dividends have been
Co.,
of
IlINDES,
has
Inc.
PETER B.
Michigan Corporation
IIIGBIE,
First
&
years
A.
EUGENE
Walston
copper,
future look
Shearson, Hammill Sc Co.
HESZ,
is
continues to record new
JOSEPH
Jackson
HASTINGS,
the past 10
Little wonder that Mountain Fuel
E.
Webber,
Paine,
HASTINGS,
steel,
gas
7..
Co.
Michigan
of
First
served
area
throughout the
Baker, Simonds & Co.,
Provo, Utah
'
CHARLES L.
GUESS,
I
over
Weeks
Sc
Sc
HARTNER,
Butte, Mont.
SAMUEL
II.
FRANK
Goodbody
growth
characterized by diversity
FRANCIS
Hornblower
GRIFFO,
Beverly Hills, Cal
Reno, Nev.
The
Roney Sc Co.
GREGORY,
Long Beach, Cal.
unlisted securities...
Co.
Goodbody & Co.
Spokane, Wash.
Its
averaged 9,736 customers a year.
STERLING
GREENHOUSE,
regularly buy and sell a wide variety of
& Co.,
MacNaughton-Greenawalt Sc Co.
Grand Rapids
Tucson, Ariz.
gas
II.
RUSSELL
GREENAWALT,
Exchanges
Riverside, Cal.
McDonald
Hills
Hague &
C.
natural
Supply Company.
fully integrated Company, Mountain Fuel pro¬
customers.
S.
Bennett,
GRAHAM, Jr.,
Wm.
Mountain Fuel
& Co.
Roney
DAVID
Smith,
Utah and southwestern Wyoming,
duces, transports and distributes natural gas. It
serves 96 communities and more than
182,000
J.
ALFRED
GIRARDOT,
GOODRICH,
Western cities and New York and Stamford
A
II.
Baker, Simonds & Co., Inc.
ROBERT
GILLAM,
in
Lansing
S.
Michigan Corporation
of
is helping build a growing west. And
Natural gas
means
Donovan, Gilbert & Co.,
Wm.
22
R.
GILBREATH, Jr., W.
First
C.
IIUBER,
FRED
Andrew
HUBER,
FRANK
O'Donnell
C.
JACK
.Andrew C.
J.
Sc
Co.
Sc
Company
MOUNTAIN
W.
Reid
FUEL
& Company
SUPPLY
COMPANY
—
180 East First South
C.
Reid
Smith
page
Inc.
F.
JOSEPH
GLASS.
J. A. Hogle & Co. offices in
on
Co.
Sc
Roney
Bloomfield
...
Fenner Sc
Continued
Detroit
MURRAY
Denver, Colo.
Exchange and Other Principal
of
Co.
Frumin,
Manley,
Stock
Bank
Co.
WIT HAM
&
GILBERT.
York
Co.
&
Co.
STANLEY
Manley, Bennett, McDonald & Co.
New
A.
McDonald
Inc.
GAWLIK,
Members
MILTON
Bennett,
JOHN J.
Merrill Lynch, Pierce,
Pontiac
Co.,
Sr.,
E.
Manley, Bennett,
Expanding West...
Manley,
A.
Murray
San Diego, Cal.
MARCHIN,
Co.
&
Vogel
& Company
Los
MANLEY.
S.
Rowady & Nichols, Inc.
H.
GATZ.
Helping Build the
Fenner & Smith
McDonald Sc Co.,
Mich.
Hills,
KISCIf, JOSEPH J.
National
Sc
Parcells
A.
FRUMIN,
Salt Lake City, Ut.
Bennett,
Bloomfield
A.
Parcells
FLOYD. Jr.. C.
New York.
Co.
DONALD B.
Davis,
DAN
Sc
Co.
AARON
FLEISCIIMAN.
ANTHONY
Manley,
KING, RICHARD R.
McDonald
T.
Incorporated
E.
Associates,
&
Hague
FISHER,
J.
Goodbody & Co.
DAVID
J.
CHARLES
Charles
Paine, Webber, Jackson & Curtis
Inc.
DUANE
II.
Ellis
A.
Smith.
Lerchen & Co.
WALTER
MANLEY,
PETER
Bennett,
ARTHUR J.
EX LEY,
Goodbody Sc Co.
P.
Simonds
BILLMEYER.
Paine,
Watling,
Inc.
Inc.
Co.,
RAY
BERNARD!.
Baker,
Co.,
&
HARVEY
Manley,
;r
Nephler-Kingsbury
Co.
EVERHAM, EDWIN M.¬
Co.
J.
Curtis
&
e.
R.
Roney &
ELLWOOD.
McDonald & Co.
MacPIIERSON,
Sc Co.
ROBERT
O.
McDonald
donald
Baker, Simonds Sc Co. Inc.
W.
Lynch, Pierce,
JOHN
Bennett,
Co.
&
GEORGE
C.
Charles
HAROLD
BURROWS.
A.
MacFARLANE.
Mackenzie,
Corporation
Michigan
VALLETTE
Watling, Lerchen Sc Co.
BENJAMIN,
(Associate)
Toledo
HENRY
Schmidt.
BRUEGGEMAN. RALPH J.
A.
Co.
CHARLES
BECHTEL,
THOMAS
Sc
Company
G.
MAURICE
oi
ELLIS,
Winckler Co.
J.
robin
Simonds & Co., Inc.
ELDER,
P.
& Co., Inc.
Simonds
Baker,
Co.
Co.,
W.
KINGSBURY,
.
REGINALD
RICHARD
Moreland
Wm.
K.
R.
&
WILLIAM
BAUBIE,
EIS,
& Co.
McFawn
MACE,
Inc.
H.
McFawn
LEO
F.
McDowell
&
MacArthur Sc
Kenower,
Incorporated
Company
Co.
&
KING,
BERT
Shearson, Hammill & Co.
First
WILLIAM
BROWN,
R.
Nauman,
Merrill
P.
JOHN
Jr..
White
H.
EARLE,
Co.
Sc
DRESSEL, A. KEITH
Baker, Simonds & Co.
I
Roney Sc
Nauman,
C.
McDowell
Biosser &
Goodbody
C.
DOKE.
Baker,
IIAYI)EN
Incorporated
Co.,
Sc
Jackson
Webber,
DRUKER.
Co.
&
BROWN, TODD
MACKENZIE
Straus.
(Associate)
Baker, Simonds Sc Co., Inc.
BROWN,
Incorporated
BAIRD,
Inc.
Co.,
BRENNAN, WILLIAM P.
K.
THEODORE
Jones,
Armstrong.
&
C.
ARTHUR
Hudson
JOHN
Goodbody
Grand Rapids
J.
Co.
Biosser
MaoARTHUR,
Campbell, McCarty & Co. Inc.
KERSTEN,
O'Donnell
C.
Paine,
Texas
Winckler
Goldman, Sachs Sc Co.
&
FRANK
Inc.
Smith, Hague & Co.
H.
P.
E.
Norton
J.
Straus,
P.
Ripley
DOI1ERTY,
f
WARREN F.
BRABSON,
C.
Inc.
Roney Sc Co.
ARMSTRONG,
Antonio,
BOOS,
,
N. J.
AI.LMAN,
L.
Inc.
Paine, Webber, Jackson & Curtis
ALONZO
Blyth
S.
Co.
&
KEMP,
DILWORT11, LAWRENCE H.
R.
FREDERICK J.
Dempsey-Tegeler
San
GEO.
DISTLER,
KENNETH
BOLTON,
Co.
&
GEORGE
ALLARDYCE,
Mich.
I\
Parcells
A.
Arbor.
Ann
Sc Co.,
RUSS
Co.,
LOUIS
LYNCH, FRANCIS
Inc.
WILLIAM
&
LUDINGTON,
Co., Inc.
G.
JOSEPH
Collin,
F.
VICTOR
Co.
Walstop Sc Co.,
ALASHAIAN, EDWARD
Smith,
Winckler
ROY
Baser, simonds Sc Co.,
Young & Company.
Harrlman
HARRISON
Jr.,
J.
P.
M.
Bosworth
D.
Paine, Webber, Jackson & Curtis
BIRD,
WILI.IAM
ADAMS.
F.
Baker, Simonds Sc Co., Inc.
Manley,j Bennett, McDonald & Co.
KENNETH
Walston
J.
F.
Weeks
Sc
PETER S.
LUCIITiVlAN,
Corporation
Hammill &
Shearson,
KEANE,
NEIL
YOUNG.
De
MEMBERS
BINKLEY,
Hornblower
LOGAN,
CHARLES
Parcells Sc Co.
A.
LICHTENSTEIN, H.
A.
MILTON
of Michigan
KATZENMEYER,
White Sc Company
Hudson
DILLMAN,
(All members
First
KEIER,
ROY
DIIOOGE.
OF
Chas.
V
O.
Manley,
William
Jr.,
LEPPEL, BERTRAND
Baker, Simonds Sc Co.,
Co.
&
Armstrong, Jones, Lawson Sc White,
Incorporated
White,
&
Lawson
Jones,
Vogel & Co.
KARRO,
Rowady & Nichols, Inc.
DELANEY.
Lerchen & Co.
ROSTER
Co.
L.
FRED
Davis,
Cp.; Donald L. Richardson, Nauman, McFawn & Co.;
John D. Standish. Watling,
Sc
A.
Weeks
CURABA, FRANK
Goodbody & Co.
Secretary: Joseph P. Keane, Baker, Simonds & Co., Inc.
Directors:
McDonald
RALF
Sc
Miller
W.
H.
KANNEY,
CUNNINGHAM, ROBERT J.
Don
Thaddeus
'
Incorporated
Bennett,
Hornblower
Vice-President:
Jackson Sc Curtis
Co.,
LAWSON, SEWARD N.
Co.
RAYMOND
KAFKALIS,
CROOKSTON,
President: William
A
DONALD I.
CREECH,
William Rotsted
JOHNSON,
L.
C.
McDonnell &
(Associate)
&
Paine, Webber, Jackson Sc Curtis
Royal Oak
PETER S.
Webber,
Paine,
LAUDE, RAYMOND J.
Goodbody Sc Co., Boston, Mass.
A.
LEROY
JARVIS,
A.
Fenner & Smith
Incorporated
Incorporated
'
Co.
CORDEN,
R.
JANZIG,
ELMER
LARSON,
L.
Lerchen
Watling,
Company
Merrill Lynch, Pierce,
GUY
Armstrong,
Co.,
Inc.
C.
LESTER
Management
Wayne
L.
PARKER
MacArthur & Co.
G.
IRELAND,
T.
ROBERT
Goodbody &
INMAN,
Kenower,
W.
Jackson Sc Curtis
Co.
&
LANTERMAN,
Webber, Jackson Sc Curtis
Paine,
CLUTE, MINTON M.
Straus, Biosser & McDowell
COEN,
Goodbody
Royal Oak
INCH, KEITH
R.
Bennett,
Manley,
CHUBB,
L.
Sc-Co.,
Co,
RUSSELL A.
KUHNLEIN,
Baker, Simonds Sc Co.,
Baker, Simonds & Co., Inc.
CHAPEL,
Moreland &
Co.,
F.
EDMUND
KRISTENSEN,
&
WILLIAM
HURLEY,
Co.
Goodbody Sc Co.
Inc.
Mich.
JACK
HUNTER,
Co.
Sc
KISSEL, ROBERT G.
L.
Co.,
Campeau
Birmingham,
N.
L.
F.
F.
HUGHES, VICTOR
Watling, Lerchen
Inc.
Co.,
HORATIO
CANNON,
CAVAN,
R.
Michigan Corporation
of
CAMPEAU, BENE F.
R. F. Campeau &
Detroit and Michigan, Inc.
HUEBLER, JDONALD
H.
CAMPBELL. DOUGLAS
Securities Traders Association of
Salt Lake City 10, Utah
64
64
Mr.
&
The Commercial and Financial Chronicle
Mrs. Samuel
M.
Kennedy,
;
<
.
Yarnall, Biddle & Co., Philadelphia;
Shumate & Company, Inc., Dallas
Mrs.
&
Mr.
Mr.
Howard J. Speer,
&
Mrs. Peter E. Molloy, White, Weld & Co., New
York; Mr. &
J. Meyers <£ Co., New York; Edwin P.
O'Brien, Sincere and
SIMONDS.
NAU, FRANKLIN H.
Wm.
C.
Roney & Co.
NAUMES.
R.
Detroit and Michigan, Inc.
F.
JOHN
W.
Reid
C.
NEPHLER.
&
Nephler-Kingsbury
MILLER,
MARTIN.
R.
C.
EDWARD
Smith,
O'Donnell
JOHN
of
Hornblower
<Sz
Company-
MILLER,
—
GEORGE
A.
NIGBOR,
Wagner & Miller
LAWRENCE
Winckler
MIOTTEL,
Corporation
Paine,
RAYMOND
Webber.
MOONS.
>;■*,'.;V;
Jackson
&
J.
RO**FRT
Bloomfield
Watling,
HARRY
A.
Winckler
MERCIER.
C.
Moreland
MORRIS.
Company
F. J.
EDWIN
FRANK
R.
Hudson
MILLER,
Don
R.
&
Company
First
W.
of
NADELL.
Miller &
Co.
Chas.
LESLIE
DAVID
&
Inc.
.
R.
T.
CHARLES
F.
EARLE
&
REID,
-
Our
Department Is
Trading
Active
Listed And Unlisted
Local
In
Securities
REID,
We
70
a
Market
u)e
can
find it"
registered representatives give
you
Nauman.
area
JONES & CO.
ESTABLISHED
1871
York
Midwest
Stock
Stock
Exchange
American
Exchange
Stock
Chicago Board,
(Assoc.)
of
Trade
St. Louis 2, Mo.
101 North 4th St.
CEntral
Exchange
1-7600
Teletype 314 556-0960
Branch Office—Bon Durant Bldg., Pueblo, Colo.
&
Co.,
York,
New
and Francis
I.
du
Pont
&
Co.,
Watling,
K.
First
of
Curtis
Chicago
SEVENTY-TWO YEARS
ROBERTS,
RONEY,
Wm.
OF
H.
BANKING
Jr.,
&
F.
&
Stifel, Nicolaus & Company
INCORPORATED
Co.
GArfieid
1-1980
Hay den, Stone
& Co., and Singer, Bean
Co.
VICTOR
A.
Paine, Webber, Jackson
Kalamazoo
WILLMORE,
Merrill
THOMAS
Lynch,
&
Curtis
F.
Pierce,
Fenner
&
Smith
Incorporated
M.
WOOD.
Weeks
WARREN
Charles
HENRY
ZENDEL,
A.
McDonald
&
F.
J.
Parcells
&
ZERWICK.
Co.,
Hills
A.
& Co.
LEE
Walston
B.
Bennett,
A.
Roney &
Co.,
Inc.
F.
HERMAN
Winckler
Co.
Nashville Association of
Securities Dealers
-
&
Curtis
W.
&
Co.
&
P.
Co..
Northland
Inc.,
Mich.
M.
Co.,
Inc.
NICHOLAS
Hentz
J.
J.
Co.
PHIL
&
Co.
MUREL J.
Sancrant &
HARRY
Winckler Co.
President: Hoyt G.
ROBERT
&
EXCHANGE
2-5770
and Moline Offices and to
& Machie, Inc.,1 New York City
W. Irvin
Mitchell, Jr.
Berry
F.
Hill, Cherokee Securities Company.
Vice-President: Thomas H. Mitchell, Jr.,
Co.
Cumberland Securities
Corporation.
HAROLD
Schmidt,
Ellis
SCHNEIDER,
&
W.
Associates,
Inc.
Secretary & Treasurer: W. Irvin Berry, Berry, Douglas & Fitzhugh, Inc.
ELWOOD
H.
Directors: James C. Bradford, Jr., J.
W.
H. Schneider & Co., Kalamazoo
C. Bradford & Co.; Harold
Clark, Cherokee Securities Company; Thomas M. Hudson,
Equitable Securities Corporation.
Campbell, McCarty & Co., Inc.
SCHULTE,
CHICAGO, ILLINOIS
T. H.
Hoyt G. Hill
Co.
L.
(Assoc.)
105 W. Adams St.
St. Louis, Chicago
C.
WILLIAMS,
Co.
VICTOR
Winckler
J.
F.
J.
W.
ROSTER
LOUIS
Winckler
SCHULTZ,
Don
Between
Wm.
••
L.
SCHOLLENBERGER, HERBERT
Wire
Co.
R.
JOHN
Bloomfield
Bank
T.
MacArthur & Co.
WILCOX, EDWARD
W.
&
KENNETH
Kenower,
J. Winckler Co.
SCHMIDT,
E.
556-0007
WHITE,
Co.,
J.
GEORGE
VERNIER,
SCHMIDT, JOHN
Blyth & Co., Inc.
MEMBERS
Private
Co.
WILLIAM
Goodbody
STate
&
Michigan Corporation
Manley,
McDonald
Southfield,
SCHAFER,
222-0392
Roney &
WIIITAKER, LEWIS H.
Mich.
Simonds
SCHIFFER,
315
C.
II.
Olmsted & Mulball, Inc.,
&
Co.,
K.
Hills,
ELLIS
Murel
314
ROSS
McFawn
JOHN
&
L.
J.
Bennett,
SANCRANT,
ST. LOUIS, MO.
McDonald
Hills
Roney & Co.
SALVATORE,
INVESTMENT
Broadway
Bennett,
GERALD
Corporation
THATCHER
Walston
F.
314 N.
WEISS,
Nauman, McFawn & Co.
&
TERRY
RUCAREAN,
STOCK
Co.
Mich.
JOHN
C.
ROTH,
F.
MIDWEST
Parcells
R.
VANDERVOORT,
McDonald
Michigan
ROTSTED,
EXCHANGE
Manley,
Inc.
RICHARD
TIEDECK.
W.
ROBERTS, THOMAS C.
Paine, Webber, Jackson
Baker,
STOCK
STANLEY
A
WEGENG, Jr.. PHTLIP J.
Wm.
A.
DONALD
Birmingham,
Center,
EXCHANGE
&
Company
Lerchen
ROSASCO,
AMERICAN
WEAVER,
Nauman. McFawn & Co.
Manley,
STOCK
Co.
H.
Co.
RICHMOND, PAUL D.
Bloomfield
YORK
&
Incorporated
ROOT.
NEW
Bache
&
THOMAS
WATSON,
D.
Goodbody & Co., Royal Oak
Wire Connections with Pueblo branch and
Direct Private
Josephtlial
PALMER
Watling, Lerchen
Weeks
RIKER, ALEXANDER K.
Members
New
McDowell
Winckler Co.
WATLING,
ROBERT
&
J.
&
Armstrong, Jones, Lawson & White,
RICHARDSON,
EDWARD D.
SWIAT,
REUTER, GEORGE A.
pin point distribution in this
F. J.
Bloomfield
Jr.,
SUTHERLAND,
Reid & Company
Bennett,
Flosser
A.
MELVIN
First of
&
CLARENCE
Charles
Co.,
Hornblower
ROBERT
Manley,
Specialize In Orders For Banks and Dealers
STTJIT,
TAYLOR,
Reid
C.
&
Incorporated
Co.
WATERSTONE, BEN B.
Inc.
Kenower, MacArthur
Grand Rapids
G.
REIT.LY. RAYMOND
"If there is
Co.
ANDREW C.
Andrew C.
And Invites Your Inquiries
i
&
& Co.
MONTGOMERY
Andrew
All
Co.
D.
VIRGIL
fir
Manufacturers National
McDonald
CLAUDE
Co.,
Co.
J.
Co.,
ROBERT
Ron»v
Straus.
&
STEINBERG, ROBERT E.
Hornblower
Grand Rapids
MARKETS
WASS.
Baker, Simonds & Co., Inc.
Paine, Webber, Jackson
LOUIS
.
Co.
STOETZER,
Co.
L.
Bennett,
&
STOCK,
W.
Parcells
Simonds
RAUCH,
'
C.
&
&
WANTLAND, NORBERT E.
Baker, Simonds & Co. Inc.
E.
Inc.
JOHN
MYRON
Walston
A.
Co.
&
RAYMOND D.
Campeau Co., Inc.
PORTER,
TERRY
Co.,
Campeau
STANDISH,
STEIN,
PELTIER,
Weeks
Wm
Watling. lerchen & Co.
C.
Company
HOWARD
Manley,
C.
F.
Bache
Jr.,
A.
PARKER,
Baker,
ST.
Arbor
RAYMOND
Parcells
A.
Chas.
Morrison,
Michigan Corporation
Hornblower
W.
Paine, Webber, Jackson & Curtis
PARCELLS,
I.
A.
&
Co.
OSBORN, MILO
H.
Inc.
SPENCER, RAYMOND E.
O'Donnell &
C.
Co.,
Bennett, McDonald
SPENCER, CHARLES
Walston & Co., Inc.
R.
O'DONNELL, Jr.,
PARCELLS,
Morrison
MUSCnETTE.
White
I.
E.
Winckler Co.
MORRISON,
Corporation
&
Co.
Smith, Hague & Co., Ann
Co.
WILLIAM
McDonald
THADDEUS
&
WALLACE,
&
Manley,
ODDY. R. K.
Manley, Bennett, McDonald & Co.
B.
DON
W.
PAUL
&
HAROLD
MORRIS.
1
P.
First of Michigan
MILL,
Goodbody
D.
F.
Parcells
RICHARD
Bosworth
Braun,
SPENCE, RONALD L.
WALTER
OBUCHOWSKI,
Co.
H.
&
WYNN
A.
WALLACE,
HERBERT
Walston
Inc.
Co.
Charles
H.
McCarthy
SNOWDAY.
SOCALL.
J.
Bennett,
Manley,
1
Straus, Blosser & McDowell
MEYER,
Mich.
Lerchen &
MORELAND.
Manley, Bennett, McDonald & Co.
McHUGH, JOSEPH S.
J.
Hills,
MORAN, ALFRED B.
Co.
Jr..
&
NOVIKOFF.
Manley, Bennett, McDonald & Co.
t.
F.
B.
Co.
ROBERT
Walston
Curtis
Co.
Mcdonald, gerald
McDOVALD.
&
NORTON,
G.
Co.
MATTIESON, JACK
Watling, Lerchen &
Bache &
RICHARD
Moreland
W.
Co.
H.
WAKEMAN,
Co.
RICHARD
Campbell,
&
H.
Goodbody & Co.
H.
&
E.
Parcells
A.
ARMIN
Vogel <te Co.
VOORHEIS, FRANK E.
H.
HAL
PHIL
SMITH.
Weeks
&
A.
Inc.
Manley, Bennett, McDonald & Co.
G.
Michigan
MATESA,
J.
SMITH.
NEWMAN, PERCY P.
Hague & Co.
Ferris,
F.
Pontiac
Co.,
Co.,
Hague
CLIFFORD
Charles
VOGEL,
HAL
III,
Smith,
JAMES
MARTIN.
First
J.
VERRAL,
.
Hague & Co.
SMITH,
J.
&
Jr.,
Smith,
Company
CLARENCE
Jr.,
W.
WADE
Walston
Inc.
Co.,
Campeau
ROY
Andrew
RALPH
Baker, Simonds & Co., Inc.
SLOANE.
R.
SMITH,
NEIL,
OF MEMBERS
Continued from page 63
Mrs. John J. Meyers,
Company, Chicago
John
Security Traders Association of
ROSTER
Thursday, November 29, 1962
.
.
.
Miller
SIMMONDS,
&
H.
Wm.
C.
ROBERT R.
Roney
&
Co.
ADAMS,
J.
Co.
CHARLES
M.
Shearson, Hammill & Co.
SIMMONS,
OF
MEMBERS
Co.
HERBERT
Jr.,
DAVID
C. Bradford
ANiiLKS»u.>,
Jr.,
Merrill Lynch,
&
ARNING, ROBERT A.
P.
Jack
Co.
CHARLES
D.
Pierce, Fenner & Smitn
BAIRD,
J.
C.
M.
Bass
&
Company
HAROLD
Bradford
&
Co.
Tncornorated
ANDERSON, III, WILLIAM J.
Equitable
Securities
Corporation
BARNES,
J.
C.
a
MELVILLE
Bradford
Sz
M.
Co.
\
Volume
Bernard
196
Number
6216
McLeod, Oscar E. Dooly <8 Co.,
BARFIELD,
Merrill
ISAAC
Lynch,
D.
Pierce,
Fenner
Smith
&
Incorporated
JACK
Jr.,
WALTER
Spencer
BERRY,
I
Stein
Trask
&
Jack
B.
Co.
Equitable
Hale
BRADFORD,
Jr.,
Third
JOHN
&
J.
J.
Inc.
J.
First
Co.
6s
ED
Mid-South
National
Vance,
Co.
BURKnOLDER.
Eauitnblp
II.
FRANK
Jr., H. FRANK
Equitable Securities Corporation
Mid-South
Securities
CHRISTOPHER.
Merrill
SAM
Equitable Securities Corporation
JOHNSON, III, HOLLIS E.
First American National Bank
Lynch, Pierce, Fenner & Smith
W.
HAROLD
EVERETT
Jack M.
M.
Jack
Clark,
M.
Landstreet
&
W.
WYNN
Company, Inc.
DOUGLAS.
&
MORRIS
Merrill
Lynch,
Clark.
Inc.
First
Pierce,
Fenner
&
Smith
Landstreet
& Kirkpatrick,
OVERTON
C.
Inc.
RICHARD
Stein
&
EVANS.
Bros
JESSE
Cumberland
EVANS,
FARRAR,
Clark,
FITZHUGH,
Berrv.
FRANK,
Corporation
MARTIN,
Jack
Securities
Douglas
FLETCHER,
Wiley
Securities
&
National
Bank
WARD, Jr., JAMES C.
Jack M. Bass & Company
J.
L.
&
Co.
THOMAS.
C.
W.
THOMAS.
W.
RICHARD
Securities
DAVID W.
Inc.
Bros.,
WOMACK.
ROY
Cumberland Securities Corporation
Co.
WOOD, Jr., LEWIS F.
Clark.
F.
Company,
MARION
Jr.,
N. Estes
TIDWELL,
Landstreet &
Kirkpatrick, Inc.
Inc.
R.
F.
& Company,
Clark,
TODD.
P.
Jack
Co.
Jr.,
M.
ZEIGLER,
A.
J.
C.
Kirkpatrick, Inc.
& Company
STEVE
Bradford & Co.
ZEITLER.
LOUIS
Bass
Landstreet &
Inc.
Equitable Securities Corporation
Sharp & Company
SHII.LIVGLAW.
E.
Landstreet & Kirkpatrick, Inc.
ZEIGLER, GEORGE M.
KENNETH B.
D.
&
Gibson
WILEY, Jr.,
Wiley
Company, Inc.
Bradford & Co.
Alfred
MARION
Estes
N.
Clark,
GILBERT
W.
Spencer Trask &
H.
W.
Bank
WELLS, JAMES
R.
ALLEN
TEMPLETON,
CHARLES
Estes &
N.
Webster,
Bradford & Co.
C.
Co.
ROBERT C.
& Hale
WEBSTER,
B.
SULLIVAN.
&
CHARLES
American National
First
Co.
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated
-
Co.
Bradford
C.
WARTERFIELD,
D.
LESLIE
STRAIN.
Securities
Bradford
C.
J.
Sanders & Company
JOHN
STORY,
WILLIAM M.
WARD,
JOHN
R.
,
1
National Bank
Third
Smith,
& Kiikpatrick,
Inc.
National Bank
Securities
SPECIALISTS
r.
Corporation
RAY
Pierce,
Fenner
& Smith
IN
Co.
G.
Bass & Company
EVERETT
Bass
Mcdonald,
O.
&
P.
OVER-THE-COU NTER
Company
joiin
Pierce, Fenner &
Merrill Lynch,
Smith
Incorporated
W.
l
L.
Lynch,
McDANIEL,
Inc.
SECURITIE S
Mclaughlin, tiios. e.
Inc.
STANLEY
M.
Jack M.
Kirkpatrick,
Fitzhugh, Inc.
FRANK
Bros.,
Corporation
S.
WILLIAM
Co.
&
C.
Co.
MADDEN, BERT F.
Mid-South
Securities
II.
&
JAMES
Third
Securities Co.
Inc.
Boycc
RUDOLPH
WARD, B. F.
J. C. Bradford
Co.
<fc
Jr.. ENOCH B.
Spencer Trask &
MATTHEW
Mid-South
quitman
IRA
Merrill
J.
Landstreet
Smith
LENDERMAN, RICHARD W.
Jack M. Bass & Company
PEYTON
N.
Cumberland
American
ledyard,
LUSKY,
Mid-South Securities Co.
ESKIND,
&
rudolph
Equitable
EISEMAN, ELLIOTT
Clark,
Landstreet
lauper,
C.
Incorporated
ELKINS,
Fenner
Pierce,
LANDSTREET, III, BEVERLY W.
R.
Berry, Douglas & Fitzhugh,
EARLY,
Trask
Co.
SHARP, ALFRED D.
K.
Securities
Lynch,
Incorporated
Fitzhugh, Inc.
THOMAS
J.
EDWARD
LANCE, Jr., THOMAS F.
Merrill Lynch, Pierce, Fenner &
JAMES
N.
Douelns
Berrv.
Corporation
D.
&
ROBERT
SCHOEN,
Company
Jr.,
FRED
Mid-South
L.
Wiley Bros., Inc.
DOUGLAS,
Bass &
KIRTI.AND.
Estes &
N.
M.
REEVES,
W.
J.
L.
Clark, Landstreet & Kirkpatrick, Inc.
Inc.
Securities
SAIN, NEIL
MERVYN J.
Jr.,
KIRKPATRICK,
Kirkpatrick,
DAVIS, FRANK
DIXON,
Inc.
Company
&
Buss
KINGINS,
Spencer Trask & Co.
CLINE, JOSEPH
Company,
MERVYN
KING INS.
Merrill
WAItl).
S.
STEVENSON, ALEC B.
HERBERT
Mid-South
J.
&
Esies
Company
Wiley Bros., Inc.
W.
Cherokee Securities Company
CLAYTON.
N.
WALSON, THOMAS
Spencer Trask & Co.
&
LYNN
ROBINSON,
PORTER
KEITH,
Incorporated
CLARK.
Smith
SOL
Vance,
Bradford
PIICHER.
Co.
E.
Fenner
Pierce, Fenner & Smith
ROBERT
Mid-South
STERN,
Equitable Securities Corporation
JACKSON, II, PERCY V.
Clark. Landstreet & Kirkpatrick, Inc.
TESTER M.
C.
PETTEY,
E.
BUTTON, JOE
BURKHOLDER,
CHOATE,
J.
Jack M. Bass & Company
Corporation
Pierce,
Incorporated
STEPHENSON.
CARR
PEARSON,
HUGHES, RAMSEY D.
Securities
Smith
HENRY
Cumberland
THOMAS M.
Equitable Securities Corporation
Inc.
&
Jr., WILLIAM E.
Lynch, Pierce, Fenner & Smith
Incorporated
JOHN
Spencer
I
Fenner
W.
& Co.
McDOWELL
Lynch,
STEMPFEL.
B.
JAMES
Bradford
Merrill
Incorporated
Co.
Pierce,
Sanders
PAYNE,
HUDSON,
Wiley Bros..
A.
C.
TURNER,
Merrill Lynch,
Co.
&
HOWARD
PARKMAN,
Company
Bank
BROWN, ROBERT D.
&
Clark, Landstreet & Kirkpatrick, Inc.
Securities
J.
Smith
OWEN, JOHN'S.
g.
Bank
American
Merrill
SONTAG,
Lynch,
&
Incorporated
EINER
Bradford
Merrill
Corporation
HOBBS, THOMAS M.
BROWN,
SMITH, Jr.,
Incorporated
Securities
Cherokee
National Bank
Bradford
C.
OLSON.
G.
GUS
Securities
hoyt
C.
Fenner
Equitable Securities Corporation
NIELSEN, NORRIS
Co.
&
Bradford
C.
hill.
K.
National
NIELSEN,
Pierce,
SMITH, II. LAIRD
L.
First American
albert s.
nill,
'
Co.
FINIS
TUCKER,
OTTO
Merrill Lynch,
Incorporated
NELSON, II, WILLIAM
Clark, Landstreet & Kirkpatrick, Inc.
CLARENCE
Bradford
Equitable
Corporation
C.
NELSON,
Company
Securities,
C.
HALLIBURTON,
L.
JAMES
Bradford
BREAST.
Co.
&
EWING
Securites
W.
walter
r.
Jr..
HALEY,
J.
&
SIMPKINS,
Cumberland Securities Corporation
Inc.
Bass
Zwahl, Mabort & Co., New York; C. Merrht Coleman, Allen & Company, New York; Joe Billings,
Cowen <8 Co., New York; Joe Mendres, J. <8 W. Seligman <8 Co., New York
NELSON, EDWARD G.
Clark, Landstreet & Kirkpatrick, Inc.
Boyce
BUFORD
Bros.,
M.
hale,
IRVIN
Trask
Spencer
C.
Lou
MITCHELL, Sr., T. H.
L.
HAGGARD, JOHN II.
Berry, Douglas & Fitzhugh, Inc.
BRADFORD,
&
Bros.
Wiley
E.
EUGENE
W.
WILLIAM
GREENWALT.
BOOTH, Jr., H. O.
J.
65
Disbro <8 Co., Willoughby, Ohio
GIBSON, Jr., JO
Webster, Gibson & Hale
M.
Equitable Securities Corporation
BENEDICT,
Bob Disbro,
Miami;
GRANBERY,
Jack M. Bass & Company
BELL,
The Commercial and Financial Chronicle
.
^R. Keegan, Goodbody <8 Co., Miami; Howard Snyder, The Ohio Company, Columbus, Ohio;
Davis
BASS,
.
.
Wiley Bros., Inc.
■
P.
Merrill
Lynch, Pierce, Fenner & Smith,
Incorporated
1930
—
MITCHELL, Jr.,
Cumberland
T. H.
Securities
Thirty-Two Years in St. Louis
—
Corporation
1962
FUSZ-SCHMELZLE & CO., INC.
Members
TWX
314
New
York Stock Exchange
CEntral 1-2614
556-0221
Primary Markets in
SCHERCK,
RICHTER COMPANY
Members Midwest Stock Exchange
40
320
St. Louis Area Issues
ST.
Trading Wire System
Troster, Singer & Co., N. Y. C.
UNDERWRITERS
—
RETAIL DISTRIBUTORS
(
N. 4th Street
LOUIS 2, MO.
1
.•
GArfield
TWX-314-556-0451
i-
•
"
•
•
1-0225
66
The Commercial and Financial Chronicle
ROSTER
Security Traders Club of St. Louis
ARNSTEIN,
Stix
FREDERIC
Jr.,
OF
Co.
&
A.
Edwards
G.
&
Edward
Sons
1
Merrill
Lynch,
Pierce,
Fenner
Smith
&
Taussig,
A.
Day
Edwards
G.
Yates,
Fusz-Schmelzle
Sons
Sons
LOFTUS.
White
Woods
&
JAMES
Inc.
Co.,
WILlilAM
K. J. Whitehead
R. Charles Goodwin
A.
W. Jack Wichmann
G.
Edwards
MATTHEW,
J.
White
Sons
&
Bond
BRAMMAN,
&
t-
Co.
Leo R.
-
JOHN W.
Stifel, Nicolaus & Company, Incorporated
Clooney
James A. Ryan
Darryl L. Pope
T.
EUGENE
BURNS,
Fusz-Schmelzle
President: Kenneth J.
First Vice-President: R.
Henry,
Charlesj Goodwin, Goldman, Sachs & Co.
Vice-President:
W.
Stifel, Nicolaus &
Wichmann,
Company Incorporated.
JAMES J.
Harris Trust & Savings Bank
Reinholdt
Clooney, Reinholdt & Gardner.
White, White
&
Company.
Inc.;
Kenneth J.
Whitehead, T. M. Simon & Co.
Mercantile
ARTHUR A.
O'CONNELL,
Smith,
Edwards
of
EDWARD
Stock Exchange
Incorporated
Edward
Butler, Wick & Company
Stock
Stock
Exchange
(Associate)
A.
Exchange
Ohio Leather
Atlantic Business Forms
Sawhill Tubular Products
Albee Homes
E.
Valley Mould & Ircn
L.
Commercial Shearing & Stamping
Youngstown Fdry. & Machine
Dollar
Youngstown Research & Devel-pment
Bidg.,
Youngstown
1,
TELEPHONE—RI 4-4351
OFFICES:
Alliance,
Salem,
Warren,
Incorporated
G.
H.
Walker
Incorporated
Co.,
Franklin,
Sharon,
Pa.
WUEST,
HARRY
Blewer.
G.
&
PAUL
R.
ZINGRICH,
E.
Sachs
JOE
Inc.
Co.
Dempsey-Tegeler & Co., Inc.
Operating Revenues
The
Jacobs & Co.
WILLIAM
59
60
1961
10 Year
Gas Customers
C.
Growth
Pattern
RUDOLPH
H.
Walker & Co.
%
Newhard, Cook & Co.
Dempsey-Tegeler
Co.,
&
57
Electric Sales
Inc.
1961-1.534,630,517 KWH
58
W
b0
1961
at
Earnings Per Common Share
Iowa
| 1961-52.77
:
Increase Over 1960-9%
HAEUSSLER,
WALTER
C.
IIA GENSIEKER,
Reinholdt
&
EARL
Gardner
UP...
UP...UP...from
1952 on, Electric
I1AHN, CHARLES
Sales
and Electric Revenue
Scherck, Richter Company
HAVE DOUBLED!
HARTNETT, WM. II.
There's
Morfeld, Moss & Hartnett
Yates, Heitner & Woods
over
90 Account Executives in five states, backed by
experienced underwriting department. We will welcome
your
inquiry.
needs of an ever-
WILLIAM
Yates, Heitner & Woods
rural area
McCourtney-Breckenridge & Co
Members Principal Exchanges
—-
Hay den,
Stone
&
YORK-CINCINNATI
Offices Throughout the Midwest
TELEPHONE:
WOrth
Inc.
our
1961 Annual
Report. A copy of
this Report is Yours
JANSEN,
Co.
KENNETH
Edward
D.
JARRETT,
Newhard,
NEW
The above Charts are
Co.,
&
HUEBNER, CHARLES
Midwest Stock Exchange
Teletype—513 577-1685; 1580
Wire:
.rated
from
Ohio
T elephone—621 -6800
Direct
grows
Iowa!
IIOLSTEIN, EDWARD J.
Dempsey-Tegeler
an<k Company
..
>
Stifel, Nicolaus & Company, Incorp
Westheimer
.
with Growing
F.
Per Common Share
expanding urban and
HILLE,
HAWORTH
Dividends Paid
...
HORNING. BERT H.
124 East Fourth St.
Cincinnati 2,
a reason
■ Iowa Electric Light
and Power Company
efficiently meets the
HEITNER, NORMAN E.
IIOCH,
increase Over 1960- 9%
Electric!
Heitner & Woods
Yates,
organization embraces
Co.
ZINZER, HERMAN J.
HENRY J.
Scherck, Richter Company
Electric Customers
GUMMERSBACH. ALBERT U.
our
&
C.
Stifel, Nicolaus & Company, Incorporated
GUION, ROBERT H.
placement and distribution for underwritings and offerings. Our extensive retail
Co.
Jr.,
Co.
HERBERT D.
Morfeld, Moss & llartnett
GRAF,
dependable
J
Glynn &
Goldman,
&
GOODWIN, R. CHARLES
Goldman, Sachs & Co.
estheimer offers prompt,
Bank of
JAMES A.
Yates. Heitner & Wood
Goldman, Sachs & Co.
UNDERWRITERS—DISTRIBUTORS—DEALERS
L.
& Co.
Franc
GLASER,
r
CHARLES
Boatmen's National
Louis
Sons
&
6-2115
Jones
J.
&
DONALD
Cook
&
Co.
G.
Co.
JARRETT, ELMER E.
Newhard, Cook & Co.
St
Co.
Jones
IRVIN
of
Co.
&
GLASER,
Ohio;
The
St.
FRIEDMAN. WILLIAM STIX
Ohio
Semple,
BRANCH
REIMER,
Bank
FRANC, TERRY
Henry,
Bank
WOOD,
L.
D.
National
F.
Edwards
G.
Boatmen's
Incorporated
TV
Louis
K.
&
RICHTER,
Zoernig &
FORD. JAMES
A.
The
L.
WM.
Co
ERNEST
WILLER,
Inc.
Co.,
Jones
Simon
&
WICHMANN, W. JACK
FRANK E.
FLOTRON,
Union National Bank
CFM Co.
Inc.
ZEIGLER,
Sons
&
Stifel, Nicolaus & Company.
0':io Water Service
M.
Edward
FITES, VERNON
American Cement
National
I.
REIMAN,
KENNETH
Simon
M.
YATES,
Woods
&
JULIAN
Company Incorporate,!
Bank
A.
Company
D.
Inc.
A.
SUlei, Nicolaus &i Company.
&
ELVIN
POPPER,
Goldman, Sachs & Co
Mahoning National Bank
&
C.
Company Incorporated
&
WHITEHEAD,
DARRYL
Edward
FISCHER, JOSEPH S.
Automatic Sprinkler
Union
POPE,
II
Edwards
G.
National
ROBERT
p^ULI,
White
Co.
&
SAM
FELSTEIN,
White
Louis
St.
&
WHITE. Jr.,
POLETTE, JOSEPH
Ltd.
Heitner
Yates,
Ajax Magnethermic
Savings & Trust Co.
EARL
ESSERT,
MEMBERS
American
Bullock,
Calvin
R.
Co.
Joseph G. Petersen Si Co., Inc.
DRUMMOND. KENNETH
(Established 1926)
&
PETERSEN, JR., JOSEPH G.
J.
C.
Jones
D.
EDWARD
Moore
Fusz-Schmelzle
Ferguson, Mo.
DEPPE, RALPH
Co.
EDWARD
White
Stifel, Nicolaus <fc Company, Incorporated
RAYMOND
JOSEPH
Warren
L.
WHITE.
PATKE, JAMES B.
DARMSTATTER, E. W.
DENYVEN,
Warren Co.
L.
Weber,'Mitchell Si Olson,
O'NEILL, THOMAS J.
Joseph G. Petersen <fc Co.,
DANIELSON,
Midwest
Inc.
Co.,
Sz
WEBER, VINCENT
Company
I.
Sons
&
Newhard, Cook & Co.
Midwest
R.
HARRY
Boatmen's
The
WILLIAM
G.
Stifel, Nicolaus & Company.
Exchange
Trust
OLDENDORPH,
A.
A.
WILLIAM
WARNICK,
Reinholdt & Gardner
DEMPSEY, DUMONT G.
Stoch
Co.
O'NEILL, MALCOLM
CROSS,
York
WALSH,
Co.
&
COULTER, O. ELWOOD
McCourtney-Breckenridge & Co.
National Committeemen: Eugene T. B.urns, Fusz-Schmelzle & Co..
New
Cook
Woods
&
ROBERT
Dempsey-Tegeler
Incorporated
Union Trust
Heitner
WALSH,
i
II
O'BRIEN, JAMES
Gardner
&
RICHARD
Yates,
CLOONEY, LEO R.
Reinholdt & Gardner
Secretary: James A. Ryan, Newhard, Cook & Co.
A.
Louis
Newhard
Inc.
Co.,
Ill
Glaser, Vogel & Co.
WALSH,
Bank
of St. Louis
St.
ALBERT.
F.
Sc.
VOGEL, LEONARD
NEWHARD, HARRY W.
CARLTON,
CHRISTOPHEL,
Treasurer: Darryl L. Pope, Edward D. Jones & Co.
Inc.; Edward
National
White & Company
Company
Trust
Union
Smith
Stifel, Nicolaus Si Company, Incorporated
NEWCOMB, LOWELL G.
& Co.
Franc
Louis
THEIS,
I
& Co.
Boatmen's
JEROME
Dempsey-Tegeler
R.
Jack
Third Vice-President: Leo R.
Inc.
Co.,
BURTON, WILLIAM
St.
Second
&
S/.
Stifel, Nicolaus & Company, Incorporated
TEGELER,
NEUWOEHNER, HIRAM
BURTCH, BURDICK V.
Whitehead, I. M. Simon & Co.
M. Simon
The
Fenner
TAYLOR, MEL M.
G.
NELSON, CLARENCE
BUNN,
WILLIAM H.
Lynch, Pierce,
& Company
MOSS, MORRIS M.
Morfeld, Moss & Hartnett
Richter Company
Scherck,
G. Mills
MITCHELL, THOMAS J.
Weber, Mitchell & Olson, Inc.
I.
Richter Company
BRONEMEIER, JOSEPH
■Ah
Merrill
Incorporated
MOBERLY, RALPH
BROCKSMITH, H. L.
Scherck,
TAUSSIG,
Stifel, Nicolaus & Company, Incorporated
MILLS, ROBERT
R.
Company
Sachs &
STRANO, ROBERT V.
Stifel, Nicolaus & Company, Incorporated
Incorporated
Company,
Gardner
&
GEORGE
Moody's Investors Service
McKEE, LOGAN
&
I
Woods
SORY,
MEYER, ROBERT
BROCKMEYER, E. H.
Goldman,
Reinholdt
Inc.
.
7
Co.
&
Heitner St
SIEGEL, JOHN
MERTIS, ATHAN W.
Henry, Franc & Co.
& Co.
EMMET J.
Brennan
Simon
M.
White
BRECKENRIDGE, JAMES A.
McCourtney-Breckenridge & Co.
BRENNAN,
I.
Co.
Inc.
BRECKENRIDGE, HUNTER
McCourtney-Breckenridge
Yates,
Inc.
Co.,
Si
SUMNER
SHAPIRO,
Inc.
Co.,
&
LARRY
McGINNITY,
LELAND
Stifel, Nicolaus & Company, Incorporated
EDWARD O.
Bramman-Schmidt-Busch,
Newhard, Cook
F.
Inc.
EDWARD
SENTURIA,
DAVID S.
Inc.
A.
Co.,
Fusz-Schmelzie &
Co.
BOOGHER,
Co..
&
JAMES S.
SEGASTURE,
J.
McCREADY, ROBERT D.
Dempsey-Tegeler & Co.,
Securities
&
Fusz-Schmelzle
Company Incorporated
Dempsey-Tegeler
RAYMOND C.
Bankers
&
MATYE, JOHN
BLEWER, CLARENCE F.
Blewer, Glynn & Co.
BOND,
CLARENCE
&
M.
RICHARD
SCHMELZLE.
I..
Co.
&
A I.BERT
Fusz-Schmelzle
Company Incorporated
Walker & Co.
H.
G.
JOHN
Yates, Heitner & Woods
Cook
Newhard,
DONALD
MAENDER,
GORDON
BERNARD
SCHMELZLE.
Mercantile Trust Company
&
BLAKE,
&
LUDWIG,
L.
Fusz-Schmelzle
Inc.
C.
Rirhter Company
SCHLUETER.
Klein & Co.,
Co.
THOMAS
Scherck,
LARRY
Si Co.
Sanders
D. Jones & Co.
Edward
Inc.
KLEIN, ELMER B.
Harvey,
C.
SCHERCK, Jr.,
Co..
&
&
Heitner
BERGMAN,
Clayton
KENNETH
KERR,
WALTER A.
BECKERS,
Edwin
A.
Cook
DONALD 11.
SANDERS,
&
Edwards
BENSON,
Co.,
A.
Co.
&
JAMES
Newhard.
SANDERS,
&
ROBERT
M.' Simon
RYAN,
Co.
&
W.
Stifel, Nicolaus & Company, Incorporated
Inc.
Co.,
FLOYD
BEATTY,
A.
&
JACKSON P.
G.
1
D.
Jones
Walker
H.
G.
I.
Gardner
&
ROSENTHAL.
KELLY, FRED S.
BARKAU, ELMER F.
BAYER,
D.
SPENCER H.
Reinholdt
JORDAN, ROY
Incorporated
Thursday, November 29, 1962
ROBINSON,
EDWARD
JONES,
ASHER, SIDNEY L.
AYERS, C. T.
.
.
MEMBERS
JOHNSON, ALAN
Scherck, Richter Company
A.
.
IH^PH
com™
An Iowa
on
Request.
Corporation/Cedar Rapids, Iowa
Volume
196
Number 6216
The Commercial and Financial Chronicle
Utah Securities Dealers Association
GOATES,
67
CLOYD
Merrill
Lynch.
Pierce,
Fenner
San Francisco Security Traders
Smith
At
Incorporated
GROFF,
VERNE
Groff
HALL,
E.
Association
/
Investments
Jr., NELS
Schwabacher
Ac
Co.
HANSEN, KENT T.
Walker
Bank
HAY WARD,
Merrill
Ac
Trust
Co.
(Associate)
RUSSELL J.
Lynch, Pierce, Fenner At Smith
Incorporated
HEALY,
J.
1.
A.
BERNARD
Hogle
HIGGINS,
The
Ac
Jr..
Co.
A.
LAWRENCE
Continental
Bank
At
Trust
Co.
I
vAssociaie»
IIOAGLAND, FRANK P.
Dempsey-Tegeler & Co.,
Inc.
HOWELL, FLOYD K.
Schwabacher
HOYT.
Robert B. Bullen
I
'
.
Robert P.
'
"
-
President: Robert B.
Bullen, Schwabacher & Co,
Secretary: William Aspden, J. A. Hogle & Co.
rill
Lynch,
Pierce,
Fenner &
Incorporated; Calvin
(Members located
In Salt Lake
City
OF
unless
&
Jr.,
J.
Schwabacher
CROMER.
Cromer
C.
J, A.
ANDERSON, HANS C.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
ANDERSON,
V.
E.
ASPDEN.
J. A.
VERNON
Anderson
At
E.
Ure,
WILLIAM
H.
HARRISON
Harrison
Brothers
J.
A.
S.
At
Edward
EDWARD E.
ROBERT
Schwabacher
FINLINSON.
BURBRIDGE,
Schwabacher
&
Walker
Bank
Zions
Trust
Ar
First
(Associate)
Co.
Edward
National
Bank
(Associate)
Schwabacher
CLARK, JOHN T.
Merrill
Smith
Lynch,
Pierce.
Incorporated/
Fenner
Cromer
'-v*//
Ac
At
Burton
EDWARD
First
J.
L.
&
BLUM, ERNEST
indicated)
ABRAHAMSON,
Weeden
Ac
Company
Incorporated
Shearson,
J.
Stone
Securities,
Youngherg
I.
1
BACIGALUPI,
RICHARD
Jr.,
Ac
Co.
FRED
BUICK,
Wells
A.
Co.
At
J.
Programs,
VANCE E.
Merrill Lynch,
Pierce,
Incorporated
Stone
PECKHAM,
Inc.
Co.
Fenner
At
Smith
PFTT.
Co
STUART
Company,
Inc.
Merrill
Wm.
&
W.
Ravetto
S.
General
(Associate)
G.
&
Ac
Colgate
At
Co.
CASEY,
Co.
FERNAND
American
Securities,
Canadian
Inc.
GEORGE
Stewart, E'ubanks, Meyerson At Co.
COLLINS,
Strauss
William
ROBERT
CASABONNE,
J.
Youngberg
—
CARSON, GEORGE
Reynolds & Co.
Co
REGINALD
BELKNAP,
ARTHUR
J.
Incorporatea
Co.
Holt
;f_
Dempsey-Tegeler At Co., Inc.
PETT.
&
BECKER.
J.
Dempsey-Tegeler At Co., Inc.
A.
Strauss
BENJAMIN
JOHN E.
Mlddendorf,
Company
BEEBE, II. E.
L.
DARWIN
S.
BAUM,
Inc.
Co.
E.
Fargo Bank
BYRNE,
F.
California
BATES, WILLIAM
Co.
Investor
PETERSON.
&
(MRS.)
BARBARA
TRENT
PARKER,
Aberdeen
Co.,
BATES, ROBERT
Co.
J.
Co.
|
&
At
L.
Securities
RALPH
Birr, Wilson & Co., Inc.
VICTOR
Schwabacher
BAKER,
Brooks
L.
At Co.
IRVING
BROOKS,
BROWN.
Co.
*
SIDNEY
Irving Lundborg
ARTHUR, PAUL LESLIE
Harris, Upham & Co.
&
K.
& Canadian
Inc.
BRADFORD,
DONALD
Ac
Hammill
ROBERT
General American
Co.
( Associate)
LEE
BOURNE,
RICHARD
Jr.,
E.
Brush, Slocumb Ac Co. Inc.
RICHARD
(Associate)
Co.
MEMBERS
BLUM,
California
Weeden
Security Bank of Utah, N. A.
Schwabacher
&
P.
Brokerage
OF
Francisco
Co.
george
Hogle & Co.
A.
San
in
otherwise
ABRAHAMSON,
Mcdonald,,
NIKCEVICH,
DONALD
GLENN,
At
unless
B.
Jr.,
L.
located
ABEITA, ARTHUR
First
Co.
F.
Burton
JAMES
MATTHEW C.
Schwabacher
JOn\
L.
GAMBLE.
(Members
MUIR, RICHARD W.
&
Brothers
E. CARTER
Dempsey-Tegeler
M.
(Associate)
Dean Witter At
Co.
JOSEPH
GADDIS. CALVIN
ROSTER
S.
Bank
(Associate)
FOSS,
K.
LOUIS
State
JOHN
First
Parker, Sellgren, Miller & Co., Inc.
At
Incorporated
MICHLLS,
Dempsey-Tegeler & Co., Inc.
Co.
FRANCIS
Ac
Fenner
Dempsey-Tegeler At Co., Inc.
II.
Burton
S.
FLANAGAN.
Jr., KENNETH P.
CARLSON, OSCAR
CHIPMAN,
Harrison
B.
Co.
&
L.
dero, J. S. Strauss & Co.; James L. Murdock, J. Barth & Co.;
Edwin H.
Pierce,
C.
J.
Schwabacher
Hogle At Co.
BULLEN,
I..
FENTON, JAMES E.
Co.
Directors: Ralph Brown, Walter C. Gorey Co.; William F. Don-
Co.
AGNEW,
GEORGE
GEORGE
EARL.
Secretary-Treasurer: Norman Watkins, First Boston Corporation.
V.
&
Lynch.
MAWOD,
JR.,
PRES
Hogle & Co.
J. A.
L. PIERCE
First Security Investment Co. (Associate)
BROTHERS.
Schwabacher
Edward
Security Bank of Utah. N. A.
DUNN,
Hogle & Co.
BROWN,
Jr..
Vice-President: Bryan Robertson, Reynolds & Co.
LARSEN, ARLAND L.
MATIIESON,
L.
Davis Ar Co.
First
v
LINDQUIST, GRIFFITH
Lindquist Securities
(Associate)
BRADY,
S.
Co.
REO
GLEN
DENTON.
[
Co.
L.
NOrman Watkins
Bryan Robertson
President: Paul E. Isaacs, Sutro & Co.
Co.
LIGHT, JR., GIVEN A.
Dempsey-Tegeler & Co., Inc.
Hogle Ac Co., Ogden
DAVIS.
Paul E. Isaacs
Dempsey-Tegeler & Co., Inc.
Co.
LYMAN
Ac
REED
LEONARD.
(MRS.)
Ac
Brokerage
CUTLER,
Co.
&
MARILYN
Smith
GLEN C.
Hogle & Co., Provo
A.
LANGLOIS,
Beehive
Schwabacher
Co.
RICHARD
KING,
LEATHAM,
MEMBERS
COON,
ADAMS, JR., O. WEBSTER
Schwabacher
Hogle
Smith
otherwise Indicated)
ALBRIGHT,
A.
Merrill
I
ROSTER
At
Incorporated
P.
Gaddis, Edward L. Burton & Company; Howard Stevens, J. A.
Hogle & Co.; Phil S. Tunks, Edward L. Burton & Company
(ex-officio).
Fenner
IVERS, THOMAS H.
J.
Co.; John T. Clarke, Mer¬
Smith
Pierce,
JONES, PAUL W.
Lindquist Securities
Dempsey-Tegeler & Co., Inc.
Directors: Glen L. Davis, Ure, Davis &
M.
Lynch,
HUNTSMAN, A. BLAINE
Merrill Lynch, Pierce, Fenner At Smith
Vice-President: Robert P. Wooiley, Robert P. Wooiley Company.
Treasurer: Edward J. Mawod,
GERALD
Merrill
Incorporated
'/ ;:
,
.
Edward J. Mawod
William Aspden
Wooiley
Co.
Ac
DANIEL
J.
Collins
At
WILLIAM
R.
Staats
At
Continued
Co.
on
page
68
B.
Pierce,
Lynch,
Fenner
&
Smith
Incorporated
prrE.
MALCOLM
Merrill
R.
Lynch,
POTTER. DAVID
Potter
GEORGE
Distributors
ROCHE.
Lynch,
Municipal and Corporation Securities
J.
JAMES
A. Hogle
Fenner
Pierce,
&
Smith
We clear for dealers in
New York
M.
& Co.
Pittsburgh
-
Cleveland
WILFORD W.
Bank At Trust Co.
ItOMNEY,
PROMPT
CLEARINGS
Incorporated
ROE,
—
Co.
L.
WALTER
Merrill
SPECIALIZED
L.
Investment
Porter
Dealers
DEALERS
SECURITY
B.
Investment Co.
POTTER,
Underwriters
Fenner Ac Smith
Pierce,
Incorporated
S3
Toledo
-
-
-
Chicago
Cincinnati
California and the West
The Continental
(Associate)
MILTON
ROSEN,
The First Cleveland
Corporation
J.
A.
American
SHIPIONE,
Canton
Columbus
Toledo
Sandusky
Youngstown
Merrill
Co.
At
Funds
U
S. PAT
Inc.
Assets Over $1,500,000,000
MICHAEL
\V.
Bank
Largest
W.
Trusts,
At
De¬
Off.
O h i o'8
CLAUDE
JR.,
SHERWIN,
14, OHIO
1(0
A.
HAYDN
Hogle
Loans and Securities
partment. Teletype: 216 574-9254
Bank Wire: NCLV
Lynch, Pierce, Fenner At Smith
Incorporated
Merrill
SCIIETTI.ER,
Member Midwest Stock Exchange
CLEVELAND
Address
Pierce. Fenner At Smith
Lynch,
Incorporated
WENDELL M.
SMOOT. Jr.,
J.
Hogle At Co.
A.
SORMER, GEORGE
Edward
L.
Burton
At
Co.
i
SPALDING, S. ALBERT
WE
MAINTAIN
MARKETS
PRIMARY
IN
(Associate)
J.
Freight, Inc.
Company
Ohio Crankshaft
Company
American MonoRall
Park Drop Forge Company
Barton
Penton
Distilling Company
Bloch Bros. Tobacco
Erie Resistor
Foote-Burt
Company
Corporation
Rand
Publishing Company
Development Corporation
Roadway Express, Inc.
Steel
Company
Franklin Electric Co., Inc.
Halle Bros. Company
Improvement & Forge Co.
Sterling Seal Company
Stowe-Wood ward, Inc.
Harris Calorific Company
Tokheim
Monroe Auto
United Screw & Bolt Corporation
Equipment Co.
Corporation
(Established 1924)
ROBERT T.
STEAD,
All States
Merrill, Turben & Co., Inc.
Collins Bank & Trust Co.
Tracy
A. Hogle At
Co.
MEMBERS
STEVENS. HOWARD
J.
A.
NEW
Hogle At Co.
MIDWEST
STEWART, SAMUEL S.
Merrill Lynch, Pierce, Fenner At Smith
Incorporated
J. A.
DAVID
Schwabacher
TAGGART,
&
A.
RICHARD M.
At Trusts,
PHIL
Edward
L.
&
LINCOLN
Ure, Davis At Co.
National City Bank of Cleveland
National Screw & Manufacturing Co.
Northern Ohio
Company
Inc.
Co.
'/
Union Commerce Bank
Hanna Mining Company
Higbee Company
Inland Homes Corp.
Statistical
Telephone
Techno Fund, Inc.
U. S. Truck
Lines, Inc.
Warner & Swasey
R,
URE, Jr.,
Company
Ohio Leather Co.
General Corporation of Ohio
M. A. Hanna Company
S.
Burton
E. F. MacDonald
Dover Construction
Co.
American Funds
TUNKS,
EXCHANGE
EXCHANGE
Central National Bank of Cleveland
Cleveland Trust Company
Cork Coffee Company
Hogle At Co.
SWENSON,
STOCK
STOCK
Big Drum, Inc.
ARLYN
STYLER.
YORK
Information
Available
Company
Upon Request
WARD, PARKER L.
Inquiries Invited
Merrill
Lynch,
Fenner
Pierce.
At
Smith
Incorporated
WHITNEY, FRANK
1612 Union Commerce Bldg.,
M.
Whitney Ac Company
Fulton, Reid
2100 East
Co., Inc.
Ohio Bldg., Cleveland
Telephone 241-1920
&
14, Ohio
Teletype 216 574-9442
Municipal Dept. 216 574-9621
MA 1-6800
Whitney At Company
Cleveland 14, Ohio
Trading Dept. 216 574-9170
Telephone
WHITNEY, RICHARD E.
WILSON, SAMUEL II.
Schwabacher Ac Co.
BRANCH
WOODRUFF, W. BRUCE
Edward
L.
Burton
&
WOOLLEY, ROBERT P.
Robert P. Wooiley Ac
Co.
Company
Canton
•
Columbus
•
Dayton
OFFICES:
•
Middletown
•
Youngstown
Chronicle
The Commercial and Financial
68
.
.
.
Thursday, November 29, 1962
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Mr.
&
Mrs. Morton
FERN,
San Francisco Security Traders
ROSTER
&
COTTER, MELVIN
Blyth & Co., Inc.
&
EGAN,
&
S.
DOSS.
Shaw.
Company Incorporated
F.
GIFFORD
Hutton
&
Walter C.
M.
Company
ti—
FAULKNER,
LEONARD
Co.
Wulff,
&
WILLIAM
Hansen
&
FAZACKERLEY,
Co.
C.
J.
KENNETH
VIRGIL D.
FEE. THOMAS
Elworthy & Co.
Shuman,
Agnew
&
Co.
Witter
Dean
Co.
SIMPSON,
&
Podesta
Miller
Wells
RIGONI,
Sutro
i
Co.
E.
Bank
&
Co.
Jr., LOUIS
J.
(Associate)
STONE, BARRY
Blyth & Co., Inc.
VINCENT
&
PAUL
Elworthy & Co.
Co.
i
DONALD
SPULLER.
MARK
McDonnell
Inc.
Co.,
Company
Fargo
SISSON,
Youngberg
&
&
&
SHOBAR, JERRY
Glore, Forgan &
W.
REINER, MILTON
Blyth & Co., Inc.
Blyth & Co., Inc. (Honorary)
HARTSOCK, WILLIAM
F.
&
Reynolds
CHARLES B.
HARKINS,
Irving Lundborg & Co.
THOMAS
Youngberg
THOMAS
RALSTON,
Co.
&
Barth
&
Stone
GUMBEL, GEORGE G.
Co.
Walston
Sanford
Comnany
Cruttenden,
(Associate)
Gorey Co.
&
&
QUINN, JOHN J.
EDWARD
GUINAN,
SANFORD, LAURENCE
PRICE,
C.
WALTER
GOREY.
(Honorary)
E.
Co.
&
RUSLENDER, RICHARD
Stone
Inc.
GAYNOR, WILLIAM R.
Smith, Barney & Co.
Schwabacher
Strauss
Jr.,
Inc.
F.
California
ENGLISH,
DONDERO, WILLIAM
J.
JOHN
First
Youngberg
De MARTINI.
Sutro
Co.,
&
Co.
EMIL
PINNICK,
ISADORE
GAMBARASI,
;
COTTRELL, RICHARD I.
A. G. Becker & Co., Incorporated
CUNNIE, JOHN
Stone
Slocumb
Gorev
Barth
J.
ROBERTSON, BRIAN
Reynolds & Co.
L.
PERENON, HENRY
Henry F. Swift & Co.
Sanford
Slocumb & Co.
ARTHUR
Hooker & Co.
Brush,
ROBERTS, WAYNE
Gorey Co.
C.
York;_ Mr. & Mrs. A. I. Thompson,
Fazioli, White, Weld & Co., Boston
PIKICH,
FRANCIS
Talbot
&
C.
ROBERT
Walter
Co
GALANTE,
DOUGLASS, DONN C.
Brush,
Walter
ERNEST
&
Filkins, Troster, Singer & Co., New
Trust, Boston; Mr. & Mrs. Clive B.
PAYNE,
Inc.
JOHN
Hannaford
Sutro
L.
PAYNE, RICHARD J.
Fay,
FINNEGAN,
MEMBERS
OF
67
Walter
JOHN
FRLAN,
page
Mrs.
Lundborg & Co.
FERRITER, Jr., JOSEPH P.
Association
from
&
Massachusetts Investors
Irving
Hooker
Continued
Mr.
Weiss, Singer, Bean & Mackie, Inc., New York; Mr. & Mrs. George H. Musekamp,
G. H. Musekamp & Co., Cincinnati
SULLIVAN.
E.
First
Incorporated
Co.
JOHN
F.
California
Company
Incorporated
Co.
&
HECHT, Jr., JOHN C.
Dempsey-Tegeler & Co., Inc.
A.
RICHARD
IIENXIG.
Colifornia
First
HILL.
Firm
Markets In
& Co.
HOWARD. Jr., LESLIE J
J
S. Strauss & Co. >
\
Houston Hill, Jr.
SECURITIES
JAMES
Frank
&
C.
KF.IIXE.
EXCHANGE
-
J.
KIRKLAND,
Hooker
Building, Washington 5, D. C.
Office
Bell
Co.
&
—
Grymes Bldg., Easton, Md.
Teletype
—
301
822-4190
Fay,
C.
WILLIAM
Brush.
Telephones to New York and Philadelphia
GEORGE
Inc.
&
KOENIG,
STerling 3-3130
Private
J.
Branch
Strauss
S.
1, MD.
Teletype: 301 955-0326
FRANK
KIRKI.AXI).
DEALERS
Issues
BALTIMORE
Bell
Telephone: PLaza 2-2484
Co.
&
Bonds
Industrial
L.
RICHARD
MAURY
KESSI F.R.
and Municipal
and
Utility
BUILDING
FIDELITY
(Associate)
Co.
Birr, Wilson & Co., Inc.
STOCK
DISTRIBUTORS
Telephone:
Oakland
Co.,
&
Gorey
Jr..
Public
Active Markets in Local Securities
CHARLES B.
Skaife
Southern
United States Government
JAMES
Walter
MEMBER
-
Securities
Railroad,
Knowlton
Frank
KANE,
Johnston, Lemon & Co.
UNDERWRITERS
Investment
E.
| Shaw, Hooker & Co.
JANK, CHARLES E.
1920
BANKERS
—
Co.
JACOBUS.
PHILADELPHIA-BALTIMORE-WASHINGTON
INVESTMENT
R.
Mohr
J.
ISAACS, PAUL
Sutro
ESTABLISHED
INCORPORATED
Incorporated
HOUSTON
Jr..
IMHOF.
WASHINGTON
Company
Williams & Co.
C. T.
Miller
Podesta &
Cruttenden,
HEWITT, ALBERT A.
Slocumb
Inc.
Co.
&
KOEWLER, MICHAEL
Schwabacher
Teletypes:
ANGELO
LAMPERTI,
Trading Dept. 965 0260-1-2
Branch
Office:
115
No.
Private
Direct
Carl M.
Municipal Dept. 965 0887
Saint
EMMETT
to
THE
&
Co.
ANDREW
LEII,
Loeb, Rhoades & Co.
Stern
IIENRY
Skaecs
Davis.
&
A.
L^rkin Co., Inc.
Emmett A.
LAVERTY,
Wire
Williams
Levy.
Lawson.
LARKIN.
Asaph, Alexandria, Va.
Co.
&
The
First
Corporation
Boston
J.
PAUL
LIVINGSTON.
Members
Wulff, Hansen & Co.
J
Midwest
Stock Exchange
ROBERT
LOBERG,
Barth
&
420 West
Co.
LONCOSTY, LEE
Walston
&
Co.,
Jefferson
LOUISVILLE
Inc.
2,
Street
KENTUCKY
LOWENSTEIN, C. GAITIIER
The
Kentucky Company
Members
Midwest
Stock
Exchange
-
\
W'alston
&
Co.,
Wulff.
Inc.
Bell
&
Hansen
Telephone 584-0226
Teletype 502 589-1123
COLLINS L.
MACRAE. Jr.,
Co.
RENE
MAURICE.
Eubanks.
Stewart.
Meyerson
&
Direct
Co.
Wire
to
Dempsey-Tegeler & Co., Chicago
Mel OUGni.IN. WILLIAM L.
Blvrh
320
SOUTH
FIFTH
STREET,
LOUISVILLE
2,
KY.
Az
McMAHON.
Merrill
Inc.
Co..
J.
B.
Lynch, Pierce, Fenner & Smith
Tncnrnnrated
McQUAID,
SERVING
THE
COMMONWEALTH
UNDERWRITERS, DISTRIBUTORS AND DEALERS IN
CORPORATE
SECURITIES
MUNICIPAL
AND
KENTUCKY
BONDS
Frank
m.
kinsman, jr. asst. vice
president
Manager, Trading Department
MURPIIY.
A.
Teletype
502
Telephone: JUniper 5-5011
589-1520
Branch
Offices
Ky.
'
Barth
G.
Paducah, Ky.
Dean
Kentucky Municipal
Corporation
when you
W.
Branch Offices
•
M idwest Stock Exchange
Correspondent— Paine, Webber, Jackson & Curtis
WILLIAM
Becker & Co.
^
Troster, Singer & Co.
Bonds. Try
us
out
INVESTMENT
Incorporated
DEPARTMENT
JAMES
Witter
<fc
Co
FRANK
&
Co.
California
United
OSTENFELD,
&
PALMER,
Francis
|j
and
Co.
Schwabacher
Sutro
New York
in
active
issues
(Associate)
Inc.
TYRUS
ll
been
have Kentucky issues to trade.
R.
DAVIS
O'NEILL, EDWARD J.
PRIVATE WIRE SYSTEMS TO:
DIRECT
have
JAMES
&
NICKELSON,
NOTTI.
Owensboro,
Co.,
we
over-the-counter
Securities
S.
CLIFTON
MURDOCK,
J.
Investment
Hanseatlc
&
years
Kentucky
WARNER
MORRILL,
40
Co.
J.
Mohr
J.
York
Walston
James
&
FRANK
MORGAN.
New
For
DONALD
Schwabacher
MOHR.
PARKER,
Sellgren,
Bank
FREDERIC
THOMAS
Co.
JOE
JACKSON H.
I.
du
HECTOR W.
Pont
&
Mrs.
Co.
EDWIN H.
Miller & Co.
Inc.
BOHNERT
C.
PARK
JOSEPH
J.
PAT
ARVIL
L.
SHORT
McDEVITT
CLARENCE
ELINORE
CHARLES
SEDLEY
SPANINGER
R.
HALL
G.
II.
TAYLOR
GARTRELL
Volume
TARANTO,
A.
&
Co.,
Carmichael,
THOMAS,
Stone
THOMPSON,
First
J.
Boston
L.
Corporation
YOUDALL,
JAMES
Mitchum,
Kidder, Peabody & Co.
Hagen
&
Stem
DAN
Harris,
V.
Upham & Co.
BELFORD,
&
|
Incorporated
BALFOUR, DAVID A.
Russell, Hoppe, Stewart & Balfour
Co.
W.
Jones
Inc.
Co.,
First California Company,
BAILEY,
Williams
&
&&
ROBERT D.
Co., Inc.
&
BADER, JACK
(Associate)
LEONARD
Schwabacher
ZINK,
I.
Black
EVERETT D.
Levy,
—
RICHARD
ADOLPH,
FRANK
Lawson,
WALTER
E.
Corporation
Youngberg
WOSSER.
TWEEDY, JOSEPH
Blyth & Co., Inc.
VICINO,
&
ROSTER OF MEMBERS
ADAMS,
ELMER L.
Co.
WILLIAMS,
Co.
—
Bank
Barth &
J.
&
I
JAMES
Boston
WEIR,
EARL
Witter
Dean
First
& Co.
69
The Commercial and Financial Chronicle
.
Crocker-Anglo National
WATKINS, NORMAN
Calif.
1
THAYNE, RICHARD
J. S. Strauss
.
.
VICKNAIR,
ANTHONY
Taranto
J.
Number 6216
196
Templeton
Belford
E.
DAVE
Co., Inc.
&
WILLIAM
BKOvvN,
Adams
M.
CAMPBELL,
Walston
&
Co.
C.
GIL
& Co.,
Inc.
CAMPBELL RICHARD
Security Traders Association
National
First
of
Bank
Portland
COLE, VERGIL R.
Daugherty, Cole Inc.
COLLINS, WILLIAM J.
Of Portland (Oregon)
William J. Collins & Co.
COVEY,
CHARLES
Atkinson
DIORIO,
and
Witter
Dean
DOM1NEY,
I.
Inc.
Mr.
&
Mrs.
Earl
L.
Hagensieker,
Reinholdt, & Gardner, St.
Louis
Northwest Company
Pacific
HALVORSON,
DON
& Co.,
HARRIS,
Dean
Co.
I.
Co.,
&
LOU
HALLER,
Blyth
M.
Investment
EDWARD
Hagen
Inc.
V.
DAVID
Witter
HESS. JOHN
Hess
|
Co.
&
RICHARD
Patten
George
HAGEN,
E.
N.
Company
RICHARD
Co.
&
J.
McFaul
&
Convention Sites and *
|
HEVENER, ROBERT F.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
Preston L.
M. Richard Thomas
Jack Bader
Phipps
HILL.
U.
President: Preston L.
Phipps, June. S. Jones Co.
Vice-President: Jack
Bader, First. California
E.
National
Secretary-Treasurer: M. Richard Thomas, Merrill Lynch, Pierce,
Fenner &
Smith
Incorporated.
Bank
of
&
J.
I.
Co., Inc.
N.
A.
-
&
Co.,
PAUL
September 22-26, at Broadmoor Hotel, Colorado
Springs, Colorado.
PIERRE A.
Hagen
Merrill
1963:
STUART
KOSTERMAN,
E.
Portland
F.
California,
LUDLAM,
of
Bank
ERNEST
Hinkle
F.
IIUTCIIINS,
Company, Inc.
Dates for 1963 and 1964
VIRGIL
S.
IIINKLE,
1964:
Inc.
October
12-16, at Del Coronado Hotel, Coronado
A.
Lynch, Pierce, Fenner & Smith
Beach, California.
Incorporated
HUGO
LUNDBORG,
Handel.
MAY.
Lundborg
EARLE
Co.
&
C.
May & Co.
GLYNN
OSLER,
Bank
Canadian
DISTRIBUTORS
UNDERWRITERS
of
Commerce
DEALERS
PATTEN, Jr.,
George
Patten
PAULSON.
Corporate and Municipal Securities
S.
June
Investment Co.
CHESTER
LET BKKER, WATTS & CO. BE
Co.
Jones
PHIPPS.
VOIIR OUIDEPOST
PRESTON
June S.
PITT,
GEORGE F.
Jones
FOR PRUDERT inUESTHIERT SERUICES...
Co.
&
ROBERT
•
U. S. Government Bonds
•
State, County and
Blyth & Co., Inc.
Markets
Active
in
Local
JACK
RICKI.I.
Securities
Donald
C.
RIPPEY,
Sloan
&
Municipal Bonds
Co.
•
JAMES F.
ROBBINS,
Jr.,
Francis
Mead, Miller & Co.
New
York Stock
Members
—
&
Camp
American Stock Exchange (Associate)
Exchange
CHARLES
&
CHASE STREETS,
Telephones: Baltimore—LExington 9-0210
Bell
BALTIMORE 1, MD.
New York—WHitehall 3-4000
New York
Correspondent
Merrill
Active
Bonds
|
Unlisted
Trading Markets
Local
Bell
Co.
Securities
Teletype—301 955-1128
New York—Call CAnal 6-7162
B.
Representative-Clarksburg, W. Va
D.
Gould
STURDEVANT,
George
•
Co.
&
Authority and
and
Stocks and Bonds
W.
&
DONALD
&
Blakely,
Inc.
CHARLES
Dominick
&
DERELE
Patten
THOMAS,
Carl M. Loeb, Rhoades & Go.
Sloan
Blankenship,
SWAILS.
to
Co.
C.
HOWARD
Dominick
System Teletype—301 955-0154
Direct Private Wire
&
Listed
in
Somers
STRAND.
•
GILBERT
Co.
C.
SOMF.RS.
Lind,
Pont
DONALD
Donald
Philadelphia-Baltimore-Washington Stock Exchange
du
LAWRENCE
SHIELS,
SLOAN.
—
I.
JAMES
Public
Revenue
Rippey & Inskeep, Inc.
.'
II.
Investment
Company
RICHARD
Lynch, Pierce, Fenner & Smith
Incorporated
TRIPP,
Chas.
Jr.,
N.
ZORA, RAY
First
CHARLES
N.
Tripp Company
,
National Bank
of
Portland
Established 1800
Teletype: 301 955-1184
SPECIALISTS
In
BROWN & SONS
ALEX.
BROKERS
INSURANCE
AND
DEALERS
Municipal and General Market Bonds; Baltimore
Bank Stocks
Orders
New
York
Commission
and Local Securities.
Executed
on
the Philadelphia-Baltimore,
and American
Stock Exchanges.
John C. Legg & Co,
Direct
BALTIMORE
MEMBERS:
and other
/ PIKESVILLE / NEW YORK
New York Stock
Baltimore,
Exchange
private wires to New York, Washington,
Towson,
Winston-Salem,
Leading Exchanges
Stock Exchanges
Allen
L. Oliver,
Jr., Sanders & Company,
Dallas
Frederick,
Leesburg.
—
and Winston-Salem
Washington,
New
York,
Members: New York and
Easton,
Phila.-Balto.
American Stock Exchange (Associate)
The Commercial and Financial Chronicle
Mr.
& Mrs. John
M. Fitzgerald, W. C. Pitfield & Co., Inc., New York; Mr. &
Stone & Webster Securities Corporation, New York
Mr.
Mrs. Thomas L. Curry,
NSTA Members Not Affiliated With
MARVIN
Dempsey-Tegeler & Co.,
Mrs.
&
.
Thursday, November 29, 1962
.
.
George M. McVey, Lehman Brothers, New York City;
David A. Noyes & Co., Chicago
Mr. &
Mrs. John
Arthur,
DEMANZUK,
Houston,
Inc.
Texas
DETJEN, CARLYLE L.
Lewis
Any Regional Group
ROSTER
ALLEN,
JOHN
R.
CLAYBAUGH,
Mosle
&
REAL, VERNE
Quinn
&
Co.,
Houston.
Texas
Laird
Albuquerque,
N.
Mex.
The Ohio Company,
CASSELL.
C.
P.
Columbus, Ohio
P.
Buffalo,
EUGENE
&
N.
Y.
Lewis
H.
Houston,
CHERRY, NORMAN G.
DAVIS,
Houston,
Des
'
Texas
Va-
Richmond,
L.
Phoenix,
Co.,
Ariz.
&
Share
Corporation
Moines, Iowa
Merrill Lynch,
Incorporated,
HARRINGTON,
Pierce. Fenner & Smith
Houston, Tex.
FULLER A.
Miss.
HARRISON, GEORGE G.
Inc.
Harrison & Austin,
Texas
Norfolk.
Bond
Harrington & Co., Jackson,
GORDON
South
Inc.
Ind.
Bend,
HENDERSON, THEODORE C.
T. C. Henderson & Co., Inc.
of Norfolk
Corp.
MORRIS
First of low a
G. POWELL
Investment
Inc.
Wis.
Iowa
HAHN, DANIEL C.
Dempsey-Tegeler & Co.,
Charlottesville, Va.
Dempsey-Tegeler & Co..
Co..
Offerman
E.
CROCKETT, A.
Co., Inc.
&
Ariz.
Corporation. Indianapolis, Ind.
GRAEFE, HARRY B.
W.
DONALD
Phoenix,
C.
Milwaukee,
Inc.,
Indianapolis
Delaware
Craigie
W.
Co.,
&
GRABLE,
Corporation
WALTER
CRAMER,
Co.,
Cassell
Company,
CRAIGIE,
BRADT, JOHN A.
&
&
Wilmington.
BOLES, EWING T.
Doolittle
F.
CLOUSER, HAROLD
C.
Co.,
Loewi
BLAIR
Co.,
GILBERT, DOROTHY I.
Quail & Co., Inc., Davenport,
Blair F. Claybaugh & Co.
Harrisburg, Pa.
Wilmington, Del.
BAYNE, JOHN M.
Rotan.
Wilmington, Del.
ELWELL, WILLIAM
MEMBERS
OF
Offerman
E.
D'ONOFRIO, ALBERT
Va.
Des
Moines,
Iowa
HOBBS, Jr., WILLIAM G.
Funk, Hobbs & Hart, Inc.
San
Antonio.
Texas
PHILIP
HONNOLD,
Honnold
I
&
C.
Oklahoma
Co.,
City,
Okla.
HUNT, E. M.
Nebraska
First
Securities.
Inc.
IRBY, Jr., MORELAND R.
J.
Wheat
C.
&
Richmond,
Co.,
Va.
Mr.
Mrs.
&
Member
Dempsey-Tegeler & Co.,
Philadelphia-Baltimore Stock Exchange
Houston,
Leslie J.
WILLIAM
Securities
—
Corporate Issues
KOSEK,
Ernest
Cedar Rapids,
Toronto,
Church
at
Eighth Street
Lynchburg, Virginia
&
Lee,
Midland
Inc.,
Securities
TAPI\
J.
EDWARD
EDWARD
TRAVISS,
Antonio.
NICHOLS,
Mason
&
Lee,
Inc.,
Lynchburg.
&
Co.,
Canada
&
A.
Toronto,
Company,
Canada
VAVRA. JOHN S.
John
D.
Vavra
S.
Cedar
Co.,
&
Rapids,
Company,
Iowa
Inc.
Texas
WALTON, GUS B.
Walton & Company,
PAUL
Little
Alaska
Anchorage,
M.
JAMES
Davidson
Incorporated
Company,
Inc.
Co.,
Canada
San
Va.
Va.
GEOltGE
Vancouver, ■
Incorporated
McGANN,ALBERT
Albert McGann Securities
Dempsey-Tegeler
Securities, Ltd.
Richmond,
Co.,
&
Doheny Roadhouse
WILLIAM N.
South Bend, Ind.
Pemberton
and
Lynchburg.
Limited,
Corpn.
Strader and Company,
Lynchburg, Va.
Va.
Craigie
Strader
W.
CECIL
MeCLINTICK, Jr..
Roanoke.
W.
STRADER, LUDWELL A.
Company
Canada
MASON, AUBREY L.
'
F.
Inc.
Va.
Toronto
Vancouver,
Richmond
McBRlDE,
MUIR,
branch offices
Lee.
&
Levy & Co., Waco, Texas
MacDONALD,
i
Roanoke
Wis.
Iowa
Ont.f
Robert E.
Martinsville
Milwaukee,
ROBERT E.
LEVY,
Teletype 703 846-0943
Own wire system to
Company,
&
LEE, BURTON P.
Mason
Phone Victor 6-5201
Mason
Lynchburg.
ERNEST
Kosek
SMITH, MARK A.
MASON, WALTER G.
of Iowa
OTTO J.
Marshall
The
Municipal Bonds
Corporation
Rapids, Iowa
Jr.,
KOCH,
Mrs.
&
Wash.
Spokane,
KNAPP, RUSSELL F.
Cedar
Serlen, Josephthal & Co., New York; Mr.
Howard, Jr., J. S. Strauss & Co., San Francisco
Inc.
Texas
KELLEHER,
Underwriters and Distributors
"Hank"
Lewis
JOHNSTON, DOUGLAS E.
Rock,
Inc.
Ark.
Va.
O'CONNELL, NEIL
Charlottesville
Laird
&
WILLIAMS,
Mason
Corporation
Cormany.
II, ERNEST
&
Lee,
Inc..
Lynchburg, Va.
Wilmington, Delaware
Direct
wire
connections to Laird,
WOODWARD,
Bissell & Meeds, N. Y. C.
PHILIPS ON,
Max
SHAFFER,
H.
MAX
Philipson
L.
&
Raffensperger.
Utica,
Inc.,
Co.,
N.
&
Co.,
YARROW,
CORPORATE
Municipal Bonds and Corporate
—
DEALERS
—
MUNICIPAL
AND
&
Co.,
Incorpo¬
PAUL
Walston
Amarlllo, Texas
UNDERWRITERS
B.
Hughes
rated, Indianapolis. Ind.
Y.
HARRISON L.
Shaffer
RONALD
&
Co.,
Inc.,
San
Mateo,
DISTRIBUTORS
SECURITIES
TRADING MARKETS IN VIRGINIA SECURITIES
Securities
Local Industrial & Utility Stocks
J. C. Wheat & Co.
.1 :
Trading Markets
Retail Distribution
...
Members
New
York
1001
STRADER and COMPANY, INC.
Stock
Exchange
EAST
MAIN
American Stock Exchange
(Assoc.)
ST., RICHMOND,
VA.
Telephone MI 44651
Teletype 703 649-3879
Members Philadelphia-Baltimore Stock Exchange
Direct
LYNCHBURG, VIRGINIA
LD 39
-
Victor 6-1333
-
Wire
to:
Eastman
TWX 703 846-0920
Branch—5
5.
Market
15
Company, New York City
St., Staunton,
Virginia
York
Branch Offices
i
Private Wire to Shields &
Dillon, Union Securities & Co., New
Robert
Boca
B.
Executive Manager,
Club, Boca Raton,
Mr. Leggett "Welcome
to the
West, Indies Party"
Raton
Florida.
Leggett,
Hotel
&
Seldon
Arcade, Norfolk, Va.
126
N. Main St.,
307 First St., S.W.,
Rocky Mount, N.C.
Roanoke, Va.
Calif.
71
ESTABLISHED
I
NEW
AMERICAN
YORK
1894
MEMBERS
STOCK EXCHANGE
STOCK
EXCHANGE (ASSOCIATE)
ALBANY-COLUMBUS-VALDOSTA
CHARLESTON-COLUMBIA
GEORGIA
SOUTH CAROLINA
ATLANTA
DIRECT
Mr.
&
and
Mrs.
PRIVATE
TO
WIRE
GOLDMAN.
CO..
NEW
YORK
A. Dockham, Hincks Bros. & Co., Bridgeport, Conn.; Edwin I P. O'Brien, Sincere
Chicago; Mrs. Dorothy Molloy; Peter E. Molloy, White, Weld
Co., New York
George
Company,
1407
STERICK
BUILDING.
MEMPHIS
7-9441
JA
TWX
LICENSED
Mr. &
SACHS
Mrs. Edward J.
Coughlin, Edward J. Coughlin & Co., Philadelphia; Mr. & Mrs. Neil De Young,
De Young & Company, Grand Rapids, Mich.
ARKANSAS.
MISSISSIPPI
TRADING
DOWNTOWNER
THE
TEXAS-TENNESSEE
HOLIDAY
MURDOCK
SOUTHERN
BOUGHT
Mr. & Mrs. John P.
MARKETS
CORPORATION
AMERICA.
ACCEPTANCE
FIRE
TENNESSEE!
INDUSTRIES.
OF
INNS
TENNESSEE
278-1397
IN
AND
RETAIL
AND
3.
901
8c
INC
INC.
CORP.
CASUALTY
CO.
QUOTED
SOLD
McGinty, McDonald & Company, Cleveland; Mr. & Mrs. Gary A. Galdun,
Wm. J. Mericka & Co., Inc., Cleveland
Firm Bids
Underwriters
Firm
Distributors
Offerings
Quotations
Dealers
United States Government Securities
•
General Market Municipals
THE
First National Bank
OF
ELETYPES
MEMPHIS
(Area Code 901) 278-1591
WIRE
Mr.
,
&
•
Jackson, First Southwest Company, Dallas; Winton
Southwest Company, Dallas; Mrs. & Mr. Allen L. Oliver, Jr., Sanders &
Mrs.
Winton
A.
■
.•
"
.
'
'
Jr., First
Company, Dallas
A. Jackson,
■
•
..
SYSTEM
—
THE BANK
TELEPHONE 525-8521
WIRE
The Commercial and Financial
72
How Will
Chronicle
.
.
.
Thursday, November 29, 1962
Proposed Railroad
Mergers Benefit Investors?
With
respect to the two other
factors
resulting in general skep¬
Cdntinued from page 15
below $11.00
value
its
of
Western
$17.67
share when the
per
present Norfolk
and
approximates
holdings
Pennsylvania
present
per
assuming consumma¬
tion of the Norfolk-Nickel Plate
share,
and
with
merger,
671,000 addi¬
some
Norfolk
tional
added
shares
to
Pennsylvania's portfolio, to $22.51
present Pennsylvania share?
Doubtless, such discount re¬
per
the
flects
skepticism
general
to whether the merger
be
consummated
realization
shares
that
itself will
well
as
as
the
these
of
some
(
as
pledged and that the
Eastern merger pattern calls for
the Pennsylvania to divest itself
of
its
are
Norfolk
With
market
can
general
skepticism of this
becoming
ever
the
to
repeat only what has already
been
said,
that
Commission
the
to
of
Pennsylvania
$296.39
these
million
suming
shares
lion required to
vania
would
of
the
control
Chesapeake
with the Baltimore
reached
the
stage
&
affilia¬
&
Ohio
Ohio, have
of
examiner
approval.
still
$17.67
retain
Mrs.
John
New
York;
Bonham, Montgomery, Ala.; Mr. & Mrs. Wilbur Krisam, John C. Legg & Company,
Mrs. & Mr. Charles M. Thompson, Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
A.
holdings
Pennsylvania
per
slightly below
And in
all
the
its
of
of
$11
the
shares
its non-equipment
lion
or
debt
$508.8 mil¬
by 12.55%, which debt re¬
duction
prove
sys¬
have
would
from $581.8 million to
con¬
merger
resultant
Pennsylvania
reduced
to
Eastern
three
share.
per
of liquidating
process
Norfolk
with
form
Additionally, two proposed
Seaboard and the
redeem the Col¬
share, well above its present price
none.
tion
holdings—
lateral Trust bonds. But Pennsyl¬
pattern
the Coast Line with the
additional
of
Wabash
its
of
as¬
would be reduced by the $73 mil¬
tems,
mergers,
shares—again
acquisition
of
value
market
Norfolk
1959,
disapproved
Col¬
Company
lateral Trust bonds. In that event,
since
has
this
of
portion sold
a
liquidate $73 million face value
has already approved five mergers
and
Pennsylvania
shares
valuable asset were
merger
I
Pennsylvania
and
fewer
own
one
Norfolk
some
by
pledged,
would
quarters,
that
dwned
shares
are
of
consummated,
certain
in
admit
must
worth
holdings.
respect
ticism
would
automatically im¬
the quality of Pennsylvania
common.
!
Again, it should be
Continued
on
em-
page
73
Mr.
&
Mrs.
Cornelius
B.
Sheridan,
Mitchell & Company, New York;
Co., Portland, Maine
Mr.
&
Mrs. Mark J.
Crowley,
H. M. Payson £
Mr. & Mrs. Clifford K.
We
Channell, First Boston Corporation, New York; Mr. & Mrs. Dayton P. Haigney,
Dayton Haigney & Co., Inc., Boston
Specialize in
LOUISIANA
MUNICIPAL BONDS
Barrow, Leary & Co.
Investment Securities Since 1934
Member of Midwest Stock
Exchange
Teletypes 318-746-4017 and 318-746-4018
515
Market
St.
Phone
423-2573
SHREVEPORT, LOUISIANA
Mr.
&
Mrs.
Gambol
J. Dunn,
Mergott,
Dunn & Taylor, New York; Mrs.
Rappa & Co., Inc., New York
& Mr. Sal Rappa,
\
Volume
Mr.
&
Mrs.
Number 6216
196
.
.
page
phasized that
$223 million
still be available
72
:
some
free cash would
Pennsylvania's management for
corporate
two
Pittsburgh
from
However,
Another
obtainable
from the merger of
two
great
ings
now
this country's
systems. At
upon
are
such
the
order
on
hear¬
the
being held in Washing¬
Central
operating
ton, officials of both carriers have
Pennsylvania
yards
some
With
carriers.
estimated merger
savings of
freight and
pas¬
terminals operated by the
senger
two
in
is
100
over
over
York
New
and
classified
150
(New York Central 40 and
annually, within a Pennsylvania 52 major facilities),
period of five years, with some of¬ many such yards may be consoli¬
ficials privately estimating such dated or abandoned. Pennsylvania
$75
million
savings
as
Wherein
of such
well above this amount.
may
we
savings
expect
magnitude?
tral
At the very
hump
minimum,
some
2,000
miles of parallel track could well
abandoned
three
hump
especially
as
these
sylvania)—and
four
has
major
yards
Enola, and Pitcairn
Including secondary track, both
companies operate 44,350 miles.
be
has
already
tronic
elec¬
Conway,
—
York
major
Cen¬
electronic
Elkhart
(Indiana), Indianapolis, and
Probable
savings
these
of
expected to
are
for
deficit
its
in
reduction
further
a
passenger
(already
under
provide $25 million of economies the ICC formula such deficit has
annually, without considering as been reduced from $71.7 million
a
valuable
property
industrial)
purposes
by-product
released
for
such yards
abandoned.
are
Abandonment of Pennsylvania's
terminal in Detroit and
passenger
Central's
New York
of
terminal in
passenger
Chicago, together with
joint operations of other
well
passen¬
ger
terminals,
as
ing
numerous
trains, should
combin¬
as
vide worthwhile economies
of
order
pro¬
in
1951
(2)
to
for
taxes
that
$29.5 million in
reduction in
especially
drastic
a
on
all
property,
portion allocated
operations; (3) for
ger
1961);
to
a
passen¬
favorable
decision in the important Western
Rate
Divisions
increase
case,
which could
Pennsylvania's
earnings
by $6-$8 million annually; (4) for
the
further
extension
of
pipe¬
the
lines, which could increase earn¬
annually, ings importantly; (5) for increases
million
$14
economies
which
on
would
in
Mary Lou Hudson, Guest;
earnings
tial
Federal passenger tax on
(6) for
Still another
duction
now
in
sylvania
ations.
New
Both
switching
some
have
change traffic points
at
in
real
obviously
in
consequent
$3
of
ly under
Co
also
-
conditions
shops
worthwhile
$2
around
savings,
capable
repairs
Kalvar
in
making
of
Joint
recent
Weiss Bros.
Whitney National Bank
PERSHING
&
CO.
and
GREGORY & SONS
MEMBERS
New York Stock Exchange
American Stock Exchange (Associate)
Howard, Weil, Labouisse, Friedrichs
years
take
can
AND COMPANY r~
n
cz^nveitincnt
diesel shops
211
<~>ecutitie*
Carondelei St.
-
Tel. 524-2711
Orleans.
New
repairs of both
utilization
of
equipment
interesting
La.
TELETYPES 504 882-6110
(Corporate)
504 822-6112 (Municipal)
potentials.
some
112,000
101,000
equip¬
Net
cars.
hire
ment
owns
to
cost of
Pennsylvania
the
last
several years,
Central,
$32
Dealing
with
JAMES E. RODDY
D. SCHARFF
JOHN J. ZOLLINGER, JR.
in
and to the
million
such
IKE
has
averaged $65 million annually
Municipal & Corporation Securities
Tidewater Marine
PRIVATE WIRE SYSTEMS
day.
a
freight
Dealers
BANK STOCKS
one
freight cars, and Central,
—
Expior. Co.
MEMBERS NEW YORK STOCK EXCHANGE
Pennsylvania
Distributors
Ocean Drilling &
an¬
heavy
cars
newer
of locomotive
care
presents
—
Corp.
National Bagasse Prod.
National Bank of Commerce
Southdown, Inc.
companies.
Underwriters
Steamship
Jahncke Service
CORPORATE SECURITIES
repairs for both
50 freight
on
erected
Teletype 822-6000
MARKETS
Hibernia Nat'l Bank
LOUISIANA MUNICIPALS
repair
car
half-mile long and a city-block
Likewise, the
Telephone 523-7211
page
Diamond Crystal Salt
Hausman Steel
and
parallel assembly lines, each
wide,
Area Code 504
on
companies. This facility has three
a
NEW ORLEANS 12, LA.
fa¬
Central Louisiana Electric
Delta Capital Corp.
Delta
should
million
nually. Pennsylvania's
handle major car
321 Hibernia Bank Building
more
the regula-
Billups Western Petroleum
Canal Assets, Inc.
- DEALERS
DISTRIBUTORS
shop at Hollidaysburg, Pa., could
Investment Bankers
of
Continued
UNDERWRITER^
NEW ORLEANS
diesel
of
repair
car
yield
possibly
would
Pennsylvania's
Southern Industries
ordination
-
freight
rentals—
estate
adjustments
treatment by
vorable
million
annually.
LOUISIANA, MISSISSIPPI, ALABAMA, GEORGIA,
an¬
substantial
earnings picture drastically. Sure¬
inter¬
at Chicago,
with
excess
costs,
Penn¬
million
for
alter
and
Peoria, and at St. Louis. Such
co-ordinated,
newman, brown & co., Inc.
$50
(7)
overall
the
cost
FIRM
oper¬
Pennsylvania
Central
York
savings
and OTHER SOUTHERN MUNICIPALS
to
and
increases
such
featherbedding
estimated
nually;
Nov. 15;
reduce
productive of
area
economies lies in
an¬
and
probable substantial re¬
a
losses importantly.
passenger
million
abolition,
subsequent retention, of the 10%
duplicate facilities could well be
TENNESSEE, SOUTH CAROLINA, NORTH CAROLINA
$6.4
of
following
nually
the combined companies' substan¬
(all in Penn¬
New
yards—at Buffalo,
Youngstown.
various terminals
where savings are
area
consolidation
the
from
when
of $9 million annually.
greatest
of
area
Louis,
St.
to
attendant
potential derivable
the
interest is the
other
Cleveland,
Thayer, Baker <fi Co., Inc., Philadelphia;
Mr. & Mrs. John C. Hudson, Guests
Mr. & Mrs. John M. Hudson,
Nathan A. Krumholz,
Indianapolis to Peoria.
abandonments
Estimated Savings
,
each
to
Indianapolis
from
Savings
purposes.
parallel
systems
from
and
73
The Commercial and Financial Chronicle
Harry J. Niemeyer, Robert Garrett & Sons, Baltimore; Mr. & Mrs.
Ogden, Wechsler & Krumholz, Inc., New York
Continued from
to
.
annually.
it
sums,
is
evident that very substantial sav¬
ings—possibly
Specializing in
lion
louisiana and mississippi
Municipal Bonds
annually
better
reaching
co-ordination
NEW ORLEANS 12, LA.
savings,
inating
New
Long Distance: 304 and 305
less,
are
car
utili¬
ordinating
harbor
the
yet
worth¬
possible in elim¬
duplicate
York
facilities
and
operation
in
of
in
Unlike the two
the
either
140
L. D. 235
CARONDELET ST.
524-0161
822-5200
NEW ORLEANS 12,
LA.
savings do not supplement
the
earnings
Pennsylvania
New York Central.
just
INCORPORATED
TELETYPE
504
Northerns, such
established
any
Scharff L Jones
co¬
tugs of both railroads.
merger
Teletypes: (Area Code 504) 822-5321; 822-5320
of
End New York Harbor Duplication
Considerably
Whitney Bank Building
mil¬
with
zation.
while
Hattier & Sanford
$20
accrue
can
—
Pennsylvania's
Yet, if
or
for
JACKSON, MISS.
SHREVEPORT, LA.
the
we
ad¬
earnings
(1)
BATON ROUGE,
LA.
LAFAyETTE, LA.
74
74
Mr.
Mrs.
&
The Commercial and Financial Chronicle
Wellington "Duke" Hunter, Wellington Hunter Associates, Jersey City,
Isaacs, Sutro & Co., San Francisco; Mrs. & Mr. William B. Denney,
Doyle, O'Connor & Co., Inc., New York
N. J.;
.
.
.
Thursday, November 29, 1962
Harry R. Gumm, G. A. Saxton & Co., Inc., New York; James B. McFarland, Stroud & Company
Incorporated, Philadelphia; Gene Burns, Fusz~Schmelzle & Co., Inc., St. Louis; Robert J. Hendricks,
G. A. Saxton & Co., Inc., New York
Paul E.
be closed
P- C'WIIIIIIIIIIIIIIIIIIIIIIIIIII£ How Will
Jlllllilllllllllllllllllllllll
Proposed Railroad
Mergers Benefit Investors?
| Pierce, Carrison, Wulbern, Inc. f
Continued from page 73
in the
ensuing interval
examiner
between
and
full
com¬
mission approval.
This
discussion
brief
furnish
a
may
well
better understanding of
Underwriters
Distributors
•
•
E
Dealers
background
fundamentals
of
the
as
po—
with present market price of 30 Vi
railroad
industry,
for Nickel Plate, or 40.16%—
should automatically be closed as
tentials
attendant
developments—most of which are
EE
mation of railroad mergers should
several
the time approaches for examiner
the
full dec-
approval,^ and at an ever greater
likely,
acceleration
now
authorities,
tory
realizable
The
Pierce, Carrison, Wulbern Corporation
=
Maui
E
W.
222
Atlanta
Tampa
E
=
ELgin 5-6691 E
Offices:
=
Birmingham
Gainesville
Wire Systems to:
E
Dominick & Do.vinick
2
John C. Legc; & Company
and
2
realization—might
provide earnings of
Pennsylvania has
standing
will
shares
Valley
by
tion
not
be
ex¬
has
and
the latter's
share,
21,647,940
new
61%.
than
facturing jobs in the past five
state's
new manu¬
years.
Now the
opportunities
are
greater than
presumably
pay
to the
due
years
earnings
anticipate
ings
increase
since
share,
projected
as
per
well
ever.
new
sizable tax credits—
roughly $2.75
potential industrial growth and in¬
vestment
savings of
Pennsylvania's so-called "nor¬
mal"
share,
a
to
61%
one
dynamic
over
of
earn¬
$6.00
$75
of
could
per
million
Since 1950 Florida has zoomed from 20th to
amounts
9th
for each Pennsylvania share. It is
ranking ktate in
income grew
to
over
population.
Personal
such
from approximately $3.6-billion
$10-billion
.
.
.
potentials
for Florida's future, FP&L's
Canaveral power plant is
It alone will have twice
the
new
Cape
scheduled for 1965-66 operation.
much capacity as all the plants in
company's entire system at the end of World War II.
Take
you
as
a
in
long look at Florida
.
.
.
and let
us
be of service to
concentrated
than
New
of
York
the latter does not
alent
of
holdings,
the
St.
&
HELPING BUILD FLORIDA
LIGHT CO.
Norfolk
importantly,
and
more
as
Nickel Plate
attractive
Western
spread—45%
price of 95,
or
New
greatly
competition by
Lawrence Seaway.
just
since
the equiv¬
Pennsylvania's
and
rather
Central
own
the
on
York Central has suffered
far
have
prospects of Pennsylvania
ever,
POWER
make
common appear so
by reason of the
any way we can.
FLORIDA
which
$3.50
attractive at present levels.
We
power
approximately
Pennsylvania's
double the national
rate of increase.
Planning the
to
Underwriters
Distributors
Dealers
in
Corporate & Municipal Securities
since
How¬
may
be
than
Norfolk
the
present
of Norfolk's market
$42.75,
as
533 Seabreeze Boulevard
DAYTONA
BEACH, FLORIDA
the
add
to
we
Federal income taxes
no
existence of
to
major expansions created 131,000
or
ia period of
for
less
merger
will
company
little
plants and
out¬
$75 million—since the
some
of
be
slightly
be
Were
estimated
full
percentage
shares to
would
standing
Exchange
and Pennsylvania 1
company
the
0'Rourke, Inc.
Member Midwest Stock
6,523,220 shares
outstanding. With New Yojrk Cen¬
obtaining 1.3 shares of the
new
T. Nelson
applica¬
merger
tral
new
-
(some
previously
approved)
was
York Central
than 3,600
pending.
Pennsylvania be¬
the
latter's
the
fore
more
ap-
appears
applications
Pennsylvania
ultimately
shares
owned
Florida's
time
now
car¬
changed for the remaining Lehigh
Even before the Nova Moon-shot program,
the
as
all
approve
consum-
out¬
now
13,167,754 shares
additional
354,000
Space Dividends Boost
Florida's Rapid Growth
as
Commission,
upon
$2
over
savings of these two
merger
riers?
E
a
well
proaches for full Commission apper Pennsylvania
share uncon- proval; in like manner, New York
I> f°r one, feel confident that
solidated, and of $2.75 per share Central might be a more attrac- the next several years should be
consolidated, which results would tive purchase than Pennsylvania most rewarding to those jyho folstill be lower than those of the at
some
future time following low and interpret railroad views
five-year
period
1952-56
when examiner approval of the Central- as they unfold over the DowPennsylvania's per share earnings Pennsylvania merger. The present Jones ticker,
averaged $2.73 per share uncon- so-called arbitrage spread might ——solidated and $3.41 consolidated, well widen beyond the
present 3jst nMid-?ontinent r*Truestey Conference
To what extent is Pennsylvania 12%, but whatever spread would sponsored by the Trust Division of the
likely to share in the expected exist at that time would doubtless n™eNovemberk8,rsi962f°c,at,on' Chicasr°'
well
Office: JACKSONVILLE, FLORIDA
Adams Street
Branch
5
Exchange
their
for
ade
Members New York Stock
next
the
over
without waiting
years,
favorable
these
as
compared
CLinton 2-5571
Teletype: 305 677-6551
Volume
196
Number
6216
.
.
.
The Commercial and Financial Chronicle
75
Dallas Union
Securities Co., Inc.
7001
Fort Worth National Bank Bldg.
Adolphus Tower
Dallas
i
■
Fort
..
.
New York Stock
Members:
Midivest Stock
Peter
Royston, Hincks Bros. & Co., Inc., Bridgeport, Conn.;
& Co., New Haven;
Mr. & Mrs. Morton Weiss,
Scranton
Worth
•
•.
:
,
Exchange
Exchange
American Stock
Mr. & Mrs. George H. Angelos, Chas. W.
Singer, Bean £ Mackie, Inc., New York
.
Exchange (Associate)
Rauscher, Pierce & Co., Inc.
Member
New York Stock
Midwest Stock Exchange
Exchange
American Stock
Exchange (Associate)
Underwriters
Brokers®
Mr.
Mrs.
&
Thompson M. Wakeley, A. C. Allyn & Co., Chicago;
J. N. Russell & Co., Inc., Cleveland
Dealers
•
Distributors
Mr. & Mrs. Morton A. Cayne,
Municipal Bonds
Bank and Insurance
Company Stocks
Mutual Investment
Public
Bonds
—
Utility, Railroad and Industrial
Preferred Stocks
—
Mercantile Dallas
Dallas
Lubbock,
Mr.
&
Mrs.
Michael
,
Schneider,
.
Burnham and Company, New
Cowen & Co., New York
York;
Mr.
&
Mrs.
Edward
Riverside 8-0111
Corpus
Austin,
Midland,
Common Stocks
Building
1, Texas
Albuquerque,
Funds
Odessa,
C^iristi,
Fort Worth,
San Antonio,
Tyler
Harlingen,
and
Houston,
Fayetteville, Ark.
Elkan,
38 YEARS EXPERIENCE
in the Test&S
,
Securities Market
iiiiiiiiiiiisiiiHniiiliii
'
DALLAS
=?
I?-' " 'i#
1
%
\ HOUSTON
SAN ANTONIO
"H'
Dittmar &
;
Dallas Federal
Mr.
&
Mrs.
Joseph
Cabbie, Burns Bros. & Denton, Inc.,
Chase
Manhattan
Bank,
New
New York;
York
Thomas J. Cahill,
'*
Savings Building
*•;
<
-T-
5
5
;
Stock/Exchange
SAN ANTONIO
201 N. St. Mary's
'
'
Company, Inc.
Member of the New York
DALLAS
^
'
Street
HOUSTON
Texas National
Bank Building
The Commercial and Financial Chronicle
76
competition,
The American
Economy's
desire
Potential and Problems
long
Continued from page 17
growth and
stimulate
perior
increasing
to
far su¬
are
dollar
the
must
as
outlays of government.
of
Remodel Our Present Tax
Tax reform should be
(2)
Structure.
ment
should
the most and a person
be discouraged from
should
not
taking
a
risk
income levels is
the
tax
those
Our
should
$100,000
than
at
the
they
rate
reward
structured
be
hard
(3)
Sell
to
Only
Abroad.
firms
many
have
been
earned
/be
that
given
a
every
be
capable
to
opportunity
an
education.
his
At
the
present,
created
is
that
Regu¬
by
states is discouraging
some
soime
industries,
and five agencies
attempt to
In
business.
corporation.
profits private
be
must
behavior
the
integration
greater
interested
of
While
in
Seeking
Low.
in
low
We
order
MUNICIPAL
of
Also,
economy.
difficult
to
in
farm
our
reduce
to
control
to
discussion
To
V
Summary
has
nant
of the American economy
man
that
extremely
reduction
when
a
or
ducing
as repug¬
of
labor
attempt to prevent
of
group
from
men
their
to
up
sideration
the
to
a
pro¬
capabilities.
Congress should give serious
of
the
next.
output
con¬
enactment
of
in
providing
rapidjly
-
of 4%
excess
we
is
of
is
of
commodities
American
in
in
living
are
economies
Enterprise.
We
an
age
when
ficiently
free
world
will
not
will
it
our
well
as
the
in
of
those
proposed
the
industry. Outlays for research and
maximum
that
such
be
must
steps
savings
of
acquaint
private sector is to make its
contribution
to
including
and
ernments. Industries such
*An address by Mr. Dockson before the
Chamber of Commerce Execu¬
gov¬
as
American
elec¬
tives,
Los
Angeles, Calif.
the
as
NATIONAL BANK
FIRST
invest¬
States
be¬
WORTH
FORT
OF
further
additional
or
MUNICIPAL SECURITIES
rewards
on
either
for
DEALERS IN
pur¬
stimulated
are
and
greater growth follows.
NUMBER ONE BURNETT PLAZA
Promote Metropolitan Area
Like it
Development.
urban
Dunham Bush
areas
of the
FORT WORTH, TEXAS
not, the
or
United
817 891-8105
Fort Worth National Bank
EDison
Cary Taylor Corp.
Century Life Insurance Co.
Curtis Mathes
Continental Life Insurance Co.
Texas Consumer Finance
Continental National Bank
Westbrook Thompson
6-9161
guidance from local groups. Much
be
can
Kingwood Oil
The Bank Wire
States
continue to deteriorate with little
First National Bank
each
gained
if
the
citizens
of
become involved in the
area
redevelopment programs of their
community.
Such
accompanied
with
involvement,
Brown, Allen & co.
aggressive
an
INCORPORATED
plan of action will lead 'to greater
growth
100 West 7th Street, Fort Worth 2, Texas
Teletype—817 891-8050
namic
each
and,
at
plan
of
of
from
tax
Dallas—AN 4-2439
time,
same
cities.
A
dy¬
redevelopment
cities
our
employment,
Direct Line
the
interesting
more
EDison 5-3406
will
incomes,
of
Successors
Carothers
&
to
Co., Inc.
TEXAS BANK BLDG.
602
DALLAS
BONDS
STOCKS
2,
TEXAS
increase
and
-Sulphur-Gas
even
revenues.
Securities
(9)
Encourage
Elimination
the
of Duplication and Waste in Gov¬
sential
to
expands
Trading Markets in:
HOUSTON NATURAL GAS CORP.
DISTRIBUTORS
common
&
preferred!
L0NGH0RN PORTLAND CEMENT
CORPORATE A MUNICIPAL
too
fast
activities,
the
and
Each
its
with
to
area
activities
the
should
the
agencies
really desire to promote
CENTRAL POWER t LIGHT
specializing in:
HOUSTON LIGHTING I POWER CO.
4% preferred
STOCKS
must
we
cost
mental
(10)
SAN ANTONIO CORPORATION
and other Southwestern Securities
us
1-3337
for markets
•
on
TEXAS ISSUES
Dallas 2, Texas
•
•
TWX 214 899-8130
itself
various
government.
eliminate
Phone Rl
D0RSEY, Analyst, Natural Resources
Call
If
we
growth,
government
inefficiencies and reduce the rela¬
tive
4% preferred
ANTONIO AND SOUTH TEXAS
of
•
survey
acquaint
of
BOB
blocked
protected.
BROWN, Trading and Underwriting
0RYILLE ALLEN, Oil and Gas Stocks
it
duplicates
is
is
quo
community
own
and
growth
status
when
but
LONE STAR BREWING CO.
THE FRIT0 COMPANY
BANK
growth,
PEARL BREWING COMPANY
SECURITIES
ALL SAN
its
ED
Good government is es¬
ernment.
UNDERWRITERS-DEALERS
of
the
entire
govern¬
superstructure.
Encourage
Prints available at $2.00
Wise
the
Use
of Fiscal and Monetary Policy
Instruments
to
Promote
as
Growth.
Both monetary and fiscal policies
important tools in combating
are
Funk, Hobbs
&
Habt, inc.
Investment Securities
cyclical downturns in business. If
the
depths of recessions
held
Members Midwest Stock
and Midwest Stock
National
TWX
Bank
of
Commerce
Exchange
San
Antonio, Texas
(Trading) 512 571-0905 & (Municipal) 512 571-0937
to
the
minimum,
ernment must be in
Exchange Wire System
Bldg.
eco¬
nomic growth.
doing
of
way
CA 7-6215
a
are
to be
the
National Resort
gov¬
position to
Photographers
Boca Raton Hotel
reduce taxes early in a downturn.
To wait until employment and in¬
comes
drop
enough
to
elicit
Congressional action, is like clos¬
ing 'the barn door after the horse
^
as
taken if
sought by
will be
businesses
individuals,
new
greater centraliza¬
a
decisions,
us
also
United
available
come
vast
in
action
it is only these groups that
prevent
changes will occur in nearly every
result
pro¬
I have suggested, is offered
cause
tion
will
re¬
allocations away from pri¬
positive program for
a
can
increases,
at¬
of
of businesses and individuals. Be¬
output potential.
spending
to
that will strengthen the incentives
suf¬
spending
keep
our
give
only
the
to
access
with
as
and
not
decisions
interdepen¬
more
Foreign investments in
but
to
(
It
provide
are
becoming much
greater
fast
rates
at
any
the
the
of
rise
and
to
enterprise. The 10-point
gram
high enough to approximate our
products
(7) Encourage Foreigners to In¬
vest
businesses,
individuals,
governments
task'
environment
vate
our
with
compete
can
anywhere in the world.
source
incomes
total
that
see
development
citizens.
our
to
environment,
proper
tempt to take the
force
labor
dominated by the
government's
that
per
keep our
can
expanding
found
will
of
beneficial to the health and wel¬
fare
doing
of
history has been
our
economy
system
noted
have
We
output capabilities
our
grow at rates
year
As
restrict
method
highly competitive, dy¬
a
the
en
during
how
activities
the
are
unions
an
The successful
decisions of private concerns. Giv¬
potentials
half
production
its
date,
namic
attempted
to recognize the growth
with
a
and
at
of the future will accept
as
of
one
free-market
is
things
petitive and its profits reasonable.
'L;;
keep
This
change
overly-stimulated
upturns.
conflict
it
of doing
chases. In either case, income and
Trading Department Specializes in all Local Securities
Mfg. Co.
company
certain
it is de¬ business and, as a consequence, if
their severity will be able to keep its costs com¬
task
ments
McCulloch & Co.
Automation Industries
of
high
a
ways
aerospace,
are
products
new
accelerated pace.
pri¬
a
parts of the world. Just
(8)
Aztec
new
productively employed. Our great
employment
Alcon Laboratories
in
business
in
equipment
vate-enterprise system,
their output
reconcile
investments
Barron
elimination
complete
construction,
office
introduce
to
possess.
people are still starving in other
industries
MUTUAL FUNDS
the
of
desirable to aim
not
is
tronics,
and
the remainder of this decade and
direct
in
is
dent.
SECURITIES
for
already
we
Ar¬
cannot
thereof. Dollars earned
AND
it
While
use
maintain
to
principles
business
CORPORATE
tools
stream¬
efficient
more
a
sirable
for keeping
farmers
we
DEALERS
the
fully employed by curtailing out¬
others
DISTRIBUTORS
for
Thursday, November 29, 1962
current laws to al¬
our
any
Hold Production
to
tificially
others,
UNDERWRITERS
low
the
Encourage
downturns
(6) Curtail the Power of Groups
the
promoting
out.
lining of
and
legislation preventing policies that
Anti-Trust
the
Agencies.
regulate
exports. Domestic mar¬
on
has
confusion
four
tax ad¬
on
that
see
and
should
Steps
Simplify
and in
to
exports,
promote
here it is proposed
vantage
to
making
colleges
private
to
should
benefits
multiple authority in Washington
American
of
having completed
given to corporations
the
While
to
without
so
American Busi¬
overseas.
suggested
do
(5)
programs
sell
different
the
people
Laws and the Rules of the
Products
of
will
latory
4%
30%
entering
Their
Encourage
higher
of
labor force during the sixties
continue
so
risk-bearing, and innovation.
nesses
Approximately
thrift,
work,
their children
institutions
young
argument
is
and
the
the
the
to
to
particular business.
prices
youngster
Our
$25,000.
current
Educa¬
Higher
parents putting
taken
rather
other
in
upon
greater freedom of entry into
ing. Tax credits should be granted
grants
rate
have
to
be
earn
the
out
for Those Capable of Learn¬
universities.
25%
seek
place
we
no
the
put. The payment of subsidies to
Encourage
shot in the arm,
the
encourage
existing
high school. Tax
more
no
would
'
allowed to
a
be
should
taxes
to
at
and if small businesses
to receive
they
highest
lowered
be
than 65%
are
produced
revenues
levels.
should
of line with
out
nature
through
at the upper
Our tax rate
more.
(4)
be
must
learning.
earning
from
or
to
businesses to
many
tion
from
discouraged
be
not
produce
this
consumption. Rewards
and
fear
countries.
higher levels of invest¬
for
need
firms
by
that companies should be allowed
as
they
stifled
ample' evidence
credence
lend
incentive. An incentive
opportunities
the
recognizing
toward
directed
and
abroad,
an
it
is
There
to
expanded,
American
operate
given
be
certainly have
we
see
regulatory burdens
it.
kets
to
.
.
.
Boca Raton,
Florida
'
Volume
Mr.
& Mrs.
196
Number
6216
.
.
.
The
I.-
■■■,
Continued from
,
page
18
Bros.
;■
&
Co.
Bridgeport, Conn.
HAIGNEY, DAYTON P.¬
E.
New
Hutton
York
Bankers
GREEN, WALTER R.
Schweickhardt
Orleans,
&
New
GREGORY,
Gregory
New
City
WM.
&
H*
A.
Saxton
New York
&
Gardner
St. Louis, Mo.
Mr.
&
Mrs.
S.
Los
San
Southwest
Dallas,
G.
A.
Co.
New
York
Co.
Continued
on
page
I
MISS
MARY
LOU
Miami, Fla.
J.¬
Clayton Securities
Co., Inc.
E.
Corp
Sanders
Inc.
Members New York Stock
REPUBLIC
Wellington Hunter Associates
City
Company
&
Boston, Mass.
"DUKE"*
Co.,
NATIONAL
Exchange
BANK
BLDO.
Dallas
Jersey City, N. J.
1
&
Co.,
Inc.
HUTTON, JOE E.*
Equitable Securities Corp.
Nashville, Tenn.
City
IRBY, M. R*
Kuhn, Loeb &
York
Co.
City
Philadelphia, Pa.
HORN, E. A.
New
Barth &
New York
City
Cal.
Saxton
York
J.
Thayer, Baker & Co., Inc.
HUDSON
HENDRICKS, R. J.
New
JOYCE, JACK
Texas
HUNTER, WELLINGTON
York
Atlanta, Ga.
Co.
Sidney Jacobs Co.
Ohio
Humphrey Co.,
Inc.
City
Angeles,
&
The Robinson
JACOBS, SIDNEY
HUDSON, JOHN M*
Company
Co.
Francisco, Cal.
First
Francisco, Cal.
&
&
JACKSON, W. A*
& Co.
Strauss
HUGHES, F.
New
Co., Inc.
HAGENS1EKER, EARL L*
^Denotes
York
J.
Cincinnati,
HECHT, JOHN C.
Walston
City
Reinholdt &
New
Sutro
Hough & Co.
St. Petersburg, Fla.
Westheimer
Heaney &
HE1NZE, GEO
City
GUMM, HARRY R.
G.
Co.
Dempsey Tegler &
Sons
York
&
City
HEANEY, M. J*
THOS *
R.
HUDEPOHL, H. J*
Trust
J.
William
JOLLEY, LEX*
1SSACS, PAUL E.
HOUGH, WM. R.
San
Co.
La.
Unterberg Towbin & Co.
York
1
New York City
Michael
GREENBERG,
Inc.
HARTLEY, C. J.
Philadelphia, Pa.
Mi?s. Carroll H. Babcock, Piper, Jaffray & Hopwood, Minneapolis; Mr. & Mrs. James M. Russell,
J. N. Russell & Co., Inc., Cleveland
HOWARD, L. J.
Co.,
&
Boston, Mass.
W.
C. E.
Haigney
Co.
&
,--:-
" - .v
HAMILL, A. T*
GREEN, HARRY F.
New
:;v\:
y
Dayton
GORDON, M. L.*
Hecker
Mr. &
Jerry Ets Hokin, J. M. Dain & Co., Inc., Minneapolis; Mr. & Mrs. Dan Sherwood,
Reynolds & Co., New York
Attended the Convention
Hinks
77
Financial Chronicle
Commercial and
City
Co.
J. C. Wheat & Co.
Richmond, Va.
SCHNEIDER, BERNET & HICKMAN,
I
ESTABLISHED
MEMBER
V
NEW
:
■'
.
YORK
STOCK
S>
3
INC.
2
EXCHANGE
I
TRADING
DEPARTMENT
Scotty Keith
Manager
Private Wire to G. A. Saxton &
1505
elm
street
Co., N.Y.C.
dallas
/
^leocaJ
1,
texas
"
78
Mr.
Mrs.
&
William
Doherty, Fahnestock & Co., New York; Mr. &
W. E. Hutton & Co., New York
Mrs.
Mr.
Arthur T. Hamill,
Attended the Convention
KEEGAN, BERNARD
Ogden, Wechsler & Krumholz
R.
EDWARD
New York City
Florida
Miami,
Schneider, Bernet & Hickman
Butcher
Inc.
F.
KELLY
Prescott
J*
E.
Carl M. Loeb, Rhoades &
Co.
New York City
&
Co.
Cleveland, Ohio
&
Washington,
D.
Comm.
C.
Philadelphia, Pa.
Allen
KENNEY, P. F *
New
&
Boston,
Mass
->
LOTHROP,
&
Hill
Mr.
Wise.
Co.
City
&
Blair
St.
New York
Mergott, Rappa & Co., Inc.
Dallas, Texas
SOREN D.
ROGERS, C. A.*
Co., Inc.
Casper Rogers & Co., Inc.
Petersburg, Fla.
Investment
New York
New York Hanseatic
Digest
City
&
Lee, Inc.
Lynchburg,
Va.
Oscar E.
Sons
ROSENBAUM, R. L.*
Md.
Wertheim
Hincks Bros. &
O'DONNELL, CHARLES
Ohio
Nolting, Nichol & O'Donnell
New York Hanseatic
New
J. N.
Corp.
City
Asiel
New
Sanders & Co.
Dallas, Texas
City
ORCHIN,
MENDRES, JOSEPH P.
New
PUGET
PULP
SOUND
York City
J.
Van
& TIMBER CO.
Weld
&
SALOMON, A.
New
richs
New York City
&
K.*
Brothers
Salomon
Co., Inc.
York
&
Foster
Seattle,
Co.
New Orleans, La.
&
Marshall
Inc.
Washington
Continued
on
State and Municipal
Manufacturers
Bleached Sulphite Pulp, Tissues,
Bonds
Fine Papers,
BOND DEPARTMENT
Paperboard, Industrial Alcohol,
page
U. S. Government
Bonds
of
Hutzler
City
SANDERS, S. J.*
PEDR1CK, PARKS B.
Corp.
Bank
National
Chicago 111.
Pa.
Howard, Weil, Labouisse Freid-
Systems
Co.
SACHNOFF, SAMUEL*
Cleveland, Ohio
City
City
Investment
First
Parsons &
Co.
& Jenrette
Chicago, 111.
PARSONS, ROBT.
MOORE, R. D.*
BELLINGHAM, WASHINGTON
Cook
Co.
Pittsburgh,
Miami, Fla.
Ultronic
&
Kay, Richards & Co.
Ingen & Co., Inc
New York
O'Rourke
PARKER, Ii. S *
MOLLOY, P. E.*
White,
York
New
Chicago, 111.
MILLER, BOYCE*
B.
P.
City
SACHNOFF, M. D *
O'ROURKE, J. P.
J.
Co.
Inc.
New York
John J. Meyers & Co.
&
York
Donaldson, Lufkin
Co.
York
MEYERS, J. J. Jr.*
Ohio
RUSSO, F. A.*
LOUIS
Kalb, Voorhis &
Seligman & Co.
Russell & Co., Inc.
Cleveland,
RUSSELL, P. SCOTT, III
OLIVER, ALLEN L*
Lehman Brothers
W.
York
Co., Inc.
Bridgeport, Conn.
RUSSELL, JAS. M.*
Pensacola, Fla.
City
Miami, Florida
New
Co.
City
ROYSTON, PETER
Chicago, 111.
>
McVEY, GEO. M.
J. &
&
York
New
Sincere & Co.
Co.
Dooly & Co.
New York
Corp.
New York City
O'BRIEN, E. P.
McLEOD, DAVIS C.
MASON, W. G*
Mason
Mrs.
Dealers
City
RONAN, F. J*
Woodmere, N. Y.
Robt. Garrett &
Pa.
York
New
NIEMEYER H. J *
Baltimore,
City
Dallas Union Securities Co., Inc.
Ohio
N1EMAN, BARNEY
Remington; Inc.
York
New
ROBB, JOHN D.
Musekamp & Co.
&
Ohio
Cleveland,
RAPPA, S. J.*
Conn.
Haven,
NIELSEN,
McILRAVY, MISS. L.
MARCUSSON, AL.
John C. Legg &
♦Denotes
Co.
Los Angeles, Cal.
Ball, Burge & Kraus
City
Cincinnati,
Co., Inc.
Cleveland,
RANNEY, D. B.
OHLANDT, JOHN D*
KR1SAM, WILBUR*
York
Richards &
&
McDonald &
LUEKER, C. T.
The Marshall Co.
Milwaukee,
G. H.
Co.
McGINTY, J. P.*
Co.
KOCH, OTTO J. Jr.
New
Co.
Boston, Mass.
Philadelphia, Pa.
&
McCULLEN, WM. J.
Philadelphia,
M *
G.
W. E. Hutton &
Drexel
Smithers
Stroud
Jr.
MUSEKAMP, GEO. H *
McFARLAND, J AS. B.
City
Hayden, Stone & Co., Inc.
KNOB, J. E*
New
Philadelphia, Pa.
Co.
York
York
Co.
Jones
S.
Portland, Oregon
Laird, Bissell & Meeds
York City
Hess, Grant &
LOPATO, ALLEN
June
Co.
&
MURRAY, FRANK J.*
Boston, Mass.
Exchange
PHIPPS, PRESTON L.
F*
Hutton
>
May & Gannon, Inc.
Securities
Yarnall, Biddle Co.
New
McCUE, JOHN A.*
LOOMIS, P. A. Jr.*
KENNEDY, S. M*
S.
New
Thursday, November 29, 1962
Scanlin Electronics Inc.
McCORMACK, JOHN F.
LISTON, CORWIN L.
E.
MOUGHTY, JOHN
Sherrerd
&
.
Cincinnati, Ohio
Philadelphia, Pa.
United Securities Co.
Greensboro, N. C.
Dallas, Texas
W.
McATEE, JAMES J.*
LEE, N. CLAYTON
KEITH, SCOTT
MORI ARTY, J.
H.
Parker, Ford & Co.
Texas
.
R. Irby, Jr., J. C. Wheat & Co., Richmond, Va.; Mr. & Mrs. Robert F. Bates,
Company, San Francisco; Mr. & Mrs. Ralph C. Deppe, Edward D.Jones & Co., St. Louis
Conn.
Hartford,
.
Moreland
G. H. Walker & Co.
Dallas,
Inc.
Goodbody & Co.
Mrs.
MAY, C. THOMAS
KRUMHOLZ, N. A*
from page 77
&
First California
MATTHEWS,
Continued
Chronicle
The Commercial and Financial
78
Seattle 24,
Seattle-First
Washington
National Bank
Lignin Products.
Telephone MAin 2-3131
Teletype 206 998-0295
MEMBER
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
81
Volume
Number
196
6216
.
.
.
79
The Commercial and Financial Chronicle
UNDERWRITERS
—
DISTRIBUTORS
—
DEALERS
MUNICIPAL & CORPORATE
SECURITIES
Private wire to
J. S. Strauss & Co., San Francisco
with connections to other trading centers
Teletype'—206 998-0234
Phone
Main 2-1990
Founded 1892
G®P Harper
Son & Co.
Investment Securities
Mr. & Mrs. Joseph E.
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Gold, Weissman <ft Franhel, Inc., New York
1504 Third Ave.,
Seattle 1 Wash.
Yakima
Wenatchee
Tacoma
Cable Address
Telephone MAin 3-3040
Lewisco
Teletype 206 998-0939
JOHN R. LEWIS,
& Frenkel, New York; Mr. & Mrs. Gambol J.Dunn, Dunn <£ Taylor,
C. Mcrritt Coleman, Allen & Company, New York j
Mr. & Mrs. Lester Frenkel, Gersten
New
York;
investment Securities
29th
Anniversary, 1933-1962
SEATTLE 4, WASHINGTON
1000 SECOND AVENUE
DIRECT LEASED WIRE TO:
GEORGE
PATTEN
WITH
Mr.
&
Mrs.
Elbridge H. Smith, Stryker <£ Brown, New York; Mr.
Michael J. Heaney & Co., New York
&
D0HERTY R0ADH0USE & CO., VANCOUVER, B. C.;
INVESTMENT CO.,
CONNECTING
PORTLAND;
WIRE TO SCHERCK,
J. BARTH
& CO., SAN FRANCISCO;
RICHTER COMPANY, SAINT LOUIS.
Mrs. Michael Heaney,
WE
PRIMARY
MAINTAIN
MARKETS
PACIFIC
IN
NORTHWEST
ISSUES
wmmmmmmm
PACIFIC
COMPANY
NORTHWEST
Investment Securities
UNDERWRITERS
Seattle
Bellingham
Walla Walla
Mr.
&
Mrs.
Philip
F. Kenney, Hayden, Stone & Co. Incorporated, Boston;
J. Howard, Jr., J. S. Strauss <fi Co., San Francisco
Leslie
Mr. & Mrs.
•
DISTRIBUTORS
DEALERS
•
Portland
Spokane
Tacoma
Boise
Eugene
Aberdeen
Kennewick
Wenatchee
Yakima
Medford
Salem
80
Mr.
The Commercial and Financial Chronicle
Edward
Mrs.
&
San
Win
J. Kelly, Carl M. Loeb, Rhoades <St Co., New York; Paul Isaacs, Sutro
Francisco; Mr. & Mrs. Morey D. Sachncff, Cook Investment Co., Chicago;
Mr. & Mrs. William C. Elwell, Loewi & Co., Incorporated, Milwaukee
&
Co.,
Mr.
Jackson, First Southwest Company, Dallas; Cornelius B. Sheridan, Mitchell & Company, New York;
"Duke" Hunter, Wellington Hunter Associates, Jersey City, N. J.; Howard J. Speer,
Shumate & Company, /nc.».Dalias
&
J.
Caughlin, Edward J. Caughlin & Co., Philadelphia; Winton A. Jackson, First Southwest
Company, Dallas; Lou Gibbs, Laird, Bissell & Meeds, New York; Walter R. Green,
Schweickhardt & Company, New Orleans, La.
Mrs.
Charles
A.
Bodie, Jr., Stein Bros. & Boyce, Baltimore; Mr. & Mrs. Edward J. Armstrong,
Stein Bros. & Boyce, Baltimore
..
'
.
.
"
'■
'
■
;
B.
.
.
Thursday, November 29, 1962
McFarland, Stroud & Company, Incorporated, Philadelphia; Richard A. Wernecke, Burton J.
& Co., Chicago; J. Edward Knob, Drexel & Co., Philadelphia;
Norman Wilde,
Janney, Battles & E. W. Clark, Inc., Philadelphia
Vincent
Wellington
Edward
James
.
:
Mr.
&
Mrs.
Gold,
Mr.
Sidney A. Siegel, Sidney A. Siegel & Co., Inc., New York; Mr. & Mrs. Benjamin Gold,
Frankel, Inc., New York; C. Merritt Coleman, Allen & Company, New York;
Allan Lopato, Allen & Company, New York
Weissman &
&
Mrs.
Leo
E.
Brown, Asiel & Co., New York; Mr. & Mrs. John E. Knob, Drexel & Co.,
Philadelphia
Mr. & Mrs. Murray L. Barysh, Ernst & Co., New York; Mr. & Mrs. H. S. Parker, Kay, Richards & Co.,
Pittsburgh
i1
'
■:
:
/
.
Volume
Mr.
&
Mrs.
Number
196
Arthur
T.
Hamill,
6216
W.
E.
.
.
.
The Commercial and Financial Chronicle
Hutton
&
Co.,
New
York;
Mr.
&
Mrs.
Harold C. Shore & Co., Inc., New York; Mr. & Mrs. James F. Moriarty, W. E. Hutton
Attended the Convention
Continued
from
page
78
SHERIDAN, C. B*
Dominion
Securities
New
Corp.
New York City
A.
Harold
A.¬
New
York
Burnham
Shore
&
Co., Inc.
New
York
City
New
York
*Denotes
&
America
WIRTH, HOMER
E*
&
New York
ZEEMAN, H. L. Jr.
Carl
Co.
WILLIAMSON,
Marks
New York
Chicago, 111.
Schmidt,
Co.
Mabon &
City
&
Co.,
Inc.
ZWAHL, LOUIS J.
COIT*
E.
Roberts
&
City
Mabon & Co.
Parke
Philadelphia, Pa.
New York City
i
STRADER, L. A.
Co., Inc.
Lynchburg,
Va.
TRADING
Wagenseller & Durst Inc.
Los Angeles,
Newberger & Co.
Cal.
in
TEGELER, J. F.
Philadelphia, Pa.
Mrs.
York
Weeden
Co.
of
SUMMERELL, D. E*
SMITH, J. E*
City
Mr.
Holiday Inns
Pa.
WILLIAMS, R. C*
Co.
STEPHENS, J. F.
Strader &
,
Chappaqua, N. Y.
Josephthal & Co.
&
WILSON, KEMMONS*
Hayden, Stone & Co., Inc.
Houston, Texas
Stryker & Brown
SERLEN, L. HANK*
Philadelphia,
Texas Fund Management
SMITH, E. H*
Co.,
Memphis, Tenn.
WILLIAMS, D.
J*
H.
T*
Janney, Battles & E. W. Clark,
Inc.
Dallas, Texas
City
Co.
New York City
New York City
Shumate
Sidney A. Siegel & Co., Inc.
MICHAEL*
&
Salomon Brothers & Hutzler
SPEER,
SIEGAL, S. A *
City
SCHNEIDER,
C.
New York
WILDE, NORMAN
SMYTH, J. E.¬
B*
SHORE, H. C *
Arthur Schmidt & Associates
McCormack, F. S. Smithers & Co., New York; Samuel F. Colwell, W. E. Hutton &
York; J. Lewis Bibb, R. S. Dickson & Co., Inc., Charlotte, N. C.; Charles J. Hartley,
Bankers Trust Company, New York
New
New
New York City
Seattle, Wash.
F.
Columbus, Ohio
Reynolds & Co.
Wm. P. Harper & Sons Inc.
C. Shore,
Co., Cincinnati
The Ohio Co.*
City
SHERWOOD, D.
SCHL1CTING, MR. HUGH R.
SCHMIDT,
York
John
Harold
SNYDER, HOWARD*
Mitchell & Co.
SAUNDERS, W. F*
81
regional
UNLISTED SECURITIES
Dempsey-Tegeler & Co., Inc.
St.
MARKETS
Louis, Mo.
THOMPSON, ALMORE I*
Massachusetts Investors Trust
Specialists in Securities
A. L. GREENBERG &. COMPANY
Boston, Mass.
of the
THOMPSON,
828 Seventeenth
M*
C.
Street
Pacific Northwest
-
AMherst 6-3433
-
Teletype 303 292-3633
Telex 045642
Pierce, Carrison, Wulbern Corp.
Jacksonville, Fla.
DENVER, COLORADO
TISCH, A. F*
Established
(Service Office)
Fitzgerald & Co.
JUNE S.' JONES CO.
New
York
City
New
50 Broadway
York
1927
-
HAnover 5-3280
City, New York
TOPOL, ROBT. M.
Greene & Co.
TRADING
Pres
Phipps
DEPARTMENT
—
New
York
Direct wire to:
City
New York City
Chet Paulson
Pueblo—Edward D. Jones
WAKELEY, T. M *
WIRE SYSTEM:
„
U.
S.
BANK
PORTLAND
Gregory
&
BLDG.
Sons
A.
4, ORE.
TELETYPE 503
C.
Allyn &
San
Co.
Office
Cheyenne—Arco Securities
Ft. Collins—Rogers & Co.
Francisco—Dempsey-Tegeler & Co.
Oklahoma City—F. R. Burns & Co.
Phoenix—Powell, McGowan, Inc.
Albuquerque—Hyder, Rosenthal & Co.
Chicago, 111.
226-4001
& Co.
224-1745
WALKER, GRAHAM
Dempsey-Tegeler & Co., Inc.
New York
City
WALSH, R. H*
Yates, Heitner & Woods
TRADING AND RETAILING
St.
Louis,
Mo.
UNDERWRITERS
WEISS, MORTON*
PACIFIC NORTHWEST SECURITIES
UNDERWRITERS
—
DEALERS
—
DISTRIBUTORS
Senger, Bean & Mackie, Inc.
New
York
OF MUNICIPAL AND
WELCH, ED. H*
Sincere
& DISTRIBUTORS
City
/
CORPORATION SECURITIES
Co.
&
Chicago, 111.
CORPORATES
AND
Specialists in the Rocky Mountain
MUNICIPALS
WERNECKE,
R.
A*
area
Burton
UNLISTED
SECURITIES
J.
for
more
than twenty-six years.
Vincent & Co.
Chicago, 111.
WERTHEIM, J*
George
Patten Investment Go.
Wertheim
New
&
York
Co.
City
SECURITIES
Peters, Writer & Christensen,
WHITE, EDWARD
American Bank Building
White
Portland
5, Oregon
St.
&
INVESTMENT
Co.
Inc.
SECURITIES
,
The
Louis, Mo.
Peters, Writer & Christensen,
Members New York Stock Exchange,
Corp.
American Stock Exchange (Associate)
Exchange
Midwest Stock
AT & T Teletype 503-224-1911
Telephone CApitol 6-4141
WHITEHEAD, MR. KENNETH J.
724 17th St.
St.
DIRECT
LEASED
CONNECTING
DIRECT
WIRE
WIRE
LEASED
TO
TO
BARTH
&
SCHERCK, RICHTER
WIRE
J.
TO
JOHN
R.
CO.,
SAN
COMPANY,
ST. LOUIS
INC.,
SEATTLE
LEWIS,
Louis, Mo.
WHITMAN, A. L.
Whitman
Securities
Memphis, Tenn.
•
Denver 2, Colorado •
CHerry 4-6992
Colorado Springs and
FRANCISCO
Co.
•
TWX 303 292-3988
Loveland
82
ROSTER
Page
ADVERTISERS
OF
Page
Page
ALABAMA
MINNESOTA
ILLINOIS
Page
Mabon & Co
BIRMINGHAM
MINNEAPOLIS
CHICAGO
Marks
Merrill
58
58
J. M. Dain & Co., Inc.
57
58
Mahoney (C. D.) & Co., Inc.
60
59
Piper, Jaffray & Hopwood
57
Illinois
CALIFORNIA
(The)
Company, Inc
Noyes (David A.) &
Moore
(Raymond)
Co
&
50
59
Wurlitzer
54
(The)
Company
&
Co., Inc.
Lynch,
Smith
Pierce,
Fenner
Meyers
(John J.)
Quotation
Parker
48
Evans MacCormack & Co. Inc...
Harbison
50
&
Henderson
Lester, Ryons
&
:
Co
INDIANA
CITY
(Eisen), Waeckerle
Bureau
TENNESSEE
Hanseatic
York
Morgan & Co.
47
Stern Brothers & Co.
MEMPHIS
Corporation
Staats
Electronics, Inc.
Turner-Poindexter
&
Inc.
Engine Company,
&
Co.,
Inc.
65
(Edward D.) & Co..
64
Scherck, Richter Company
65
Stifel, Nicolaus & Company,
IOWA
SAN
Co
&
Iowa
Davis, Skaggs
50
Electric
Light &
53
& Co._
California
Company
porated
Stone
&
ELIZABETH
DES
53
&
49
Co..
Sutro & Co.
Light Company
62
49
Youngberg
Strauss (J. S.)
Power and
(Hugh
W.)
& Co
JERSEY
CITY
Hunter
Associates.-
34
Inc
34
(Wellington)
(M. S.)
& Co.,
T rask
Bond Co., Inc.
(The)
(The)
Company
68
YORK
& Company
& Co., Inc.
Adams
Inc
Allen &
LOUISIANA
81
&
Peck
ORLEANS
Hattier
CONNECTICUT
&
Howard,
richs
HARTFORD
Antler's
Sanford
Weil,
and
73
Company
73
.
Newman, Brown & Co., Inc
Cooley & Company
43
& Co
^
43
73
Scharff & Jones, Inc
73
Schweickhardt & Company
Saffin,
Co
15
Burnham and
Burns
Bros.
Chemical
5
Gordon
&
Sautter
New
York
_____
& Company..
76
75
12
SAN
Dittmar
Barrow, Leary & Co.
72
(S.), Grossman & Co.
UTAH
SALT
13
Wood, Gundy & Co., Inc...
—
39
Dominion
(The)
WILMINGTON
&
Company, Corporation
E-Z
43
MARYLAND
Dominick
COLUMBIA
(Alex.)
&
Niagara Mohawk Power
VIRGINIA
35
Corporation
LYNCHBURG
Mason
68
First
(The)
69
First
Chelsea
First
69
Williams
68
(C. T.)
& Co., Inc
28
Boston
(P. F.)
Frank
Corporation.
DAYTONA
Breen
Day
JACKSONVILLE
Creamer
(Chas.
Haigney
Pierce, Carrison, Wulbern, Inc.
74
Maguire
A.)
&
(Dayton)
(J. B.)
&
Co.,
&
Inc
Co.,
44
Inc.
Co., Inc.
44
45
7
Stewart
(E. W.)
& Co., Inc
Corporation
Co.,
67
Inc.
.—__
67
Puget Sound Pulp & Timber Co
SEATTLE
& Co..
66
79
Lewis
Butler, Wick
Harper (Wm. P.) & Son & Co;
79
(John
Northwest Company
79
First
Bank
78
28
(Wm.
V.)
Co.
&
OREGON
23
WISCONSIN
17
15
Jones
27
Patten
National
Greene and
Gregory
Bank
of
New York
Company
(June S.)
MILWAUKEE
(George)
Co
_
Investment Co.__
81
Loewi
81
Milwaukee
&
& Sons
Watling, Lerchen
GEORGIA
&
Co.
31
13
(W.
E.)
&
&
Josephthal
&
Richardson
8
14
Kidder, Peabody & Co
60
King
(Charles)
Lebenthal
&
...
& Co...
& Meeds
^
Boenning & Co.
10
Co
61
WARREN
Dackerman
19
Hopper, Soliday & Co
38
17
Co., Inc.
...
(Harry C.)
&
Co.
Co
71
Kent-Moore
Organization, Inc
MAN.
6
42
Wisener,
Janney, Battles & E. W. Clark,
—
Mackellar
and
Company
Ltd
Schaffer, Necker & Co
39
16
Stroud
Lomasney (Myron A.)
24
Taggart (Charles A.)
40
&
Company,
Incorporated.
& Co.,
THE COMMERCIAL AND
Inc..
MONTREAL, QUE.
41
41
Royal
Securities
Corporation
FINANCIAL CHRONICLE (Reg. U. S. Patent Office) William B. Dana
Company, Publishers, 25 Park Place, New York 7, N. Y., REctor 2-9570. Claude D. Seibert, Publisher and President;
William Dana Seibert, Treasurer; George J. Morrissey, Editor. Published twice a week
[every Thursday (general news and advertising issue) with a statistical issue on Monday]. Other offices; 135 S. La Salle
Street, Chicago 3, Illinois (Telephone STate 2-0613); Copyright 1962 by William B. Dana Company.
Re-entered as second class matter February 25, 1942, at the post office at New York, N. Y., under the Act
of March 3, 1879. Subscription in United States, U. S. Possessions and Members of the Pan American
Union, $65.00 per year; in Dominion of Canada, $68.00 per year. Other countries,, $72.00 per year.
NOTE:
On account
of the fluctuations in
the rate of
38
41
26
& Co...
& Sons..—
TORONTO, ONT.
42
Inc.
(James)
40
.
(The)
56
CANADA
WINNIPEG,
Levien, Greenwald & Co
Robinson-Humphrey
56
—
PENNSYLVANIA
31
Co
Snyder
Laird, Bissell
ATLANTA
Company
29
Ingalls
Corporation
(The)
6
Heaney (Michael J.) & Co.___
Hutton
DETROIT
Michigan
Co., Incorporated
22
...
74
of
National
PHILADELPHIA
MICHIGAN
First
R.), Inc—
Pacific
26
Grace
78
Merrill, Turben & Co., Inc..—.—__ 67
24
Hornblower & Weeks
74
&
Seattle
& Co., Inc
Hill, Thompson & Co., Inc
Light Co
Reid
City Bank of
Hirsch & Co
MIAMI
Florida Power &
Cleveland
Goldman, Sachs & Co
45
70
BELLINGHAM
First
Gold, Weissman & Frankel, Inc
i
Stanley Corp
Co
67
PORTLAND
74
&
WASHINGTON
(The) Trust Company—
YOUNGSTOWN
Garvin, Bantel & Co
BOSTON
O'Rourke, Inc., T. Nelson
C.)
7
Incorporated
BEACH
70
66
Company
(Albert)-Guenther Law,
Frankel
MASSACHUSETTS
70
Company, Inc.
35
Inc.
FLORIDA
(J.
CLEVELAND
Cleveland
Fulton
27
Corporation
National
and
Westheimer
20
New York
Fox
Lee, Inc
CINCINNATI
16
69
Mead, Miller & Co.
Johnston, Lemon & Co
&
OHIO
37
& Co
69
Sons
Legg (John C.) & Company
63
SYRACUSE
Securities
Estabrook & Co.
Baker, Watts & Co
Brown
WASHINGTON
63
Supply Company
11
_
Faulkner, Dawkins & Sullivan
DISTRICT OF
CITY
RICHMOND
6
Addressing Service Inc.
Ernst
BALTIMORE
Fuel
Mountain
14
Corporation
Laird
LAKE
Hogle (J. A.) & Co.
Strader and
& Co
&
76
32
8
Dominick
75
...
9
Bank of
(C. J.)
ANTONIO
Company, Inc.
23
& Co
Wheat
DELAWARE
&
Funk, Hobbs & Hart, Inc.__
36
North America
Devine
WORTH
.
(Barron)
26
- -
& Co...—
Trust
Company
SHREVEPORT
FORT
77
■
20
Systems Corporation.-2,-
72
Commercial
:v7:i
20
Denton, Inc
Bank
7V
9
Company
&
;
j.';■■■;;
.
& Co
(G. H.)
28
& Co., Inc.
Boland,
77
37
Restaurant
&
77
Inc
McCulloch
21
L
& Co., Inc.
Bacon, Stevenson
Blyth
Fried-
Labouisse,
27
Company
Ames (A. E«)
NEW
2.
Co., Inc..
Company
30
Wertheim & Co.
81
Christensen,
&
Walker, Austin & Waggener.
Troster, Singer & CoV
Weinberg
CITY
YORK
75
Schneider, Bernet & Hickman,
Co.
Inc.
NEW
Putnam
35
76
First National Bank of Fort Worth
(A. L.)
Walker
NEW
68
DENVER
l&
Rauscher, Pierce &
Sanders
12
&
Co., Inc
18
22
( Spencer)
Ultronics
Bankers
Kentucky
(A. L.)
75
Union Securities
21
Inc.
Co.,
(Inside front cover)
LOUISVILLE
Writer
77
Singer, Bean & Mackie, Inc.
Stamm
52
Wien
Greenberg
First Southwest Company
(Back cover)
KENTUCKY
Peters,
39
Smith, Barney & Co.
51
COLORADO
C.)
Siegel (Sidney A.)
34
—
__
52
i.
Dallas
Incorporated
Company,
and
Inc
Brown, Allen & Co., Incorporated.
30
Co
MOINES
Long
Iowa
&
(Harold
Shore
25
(M. A.) & Co., Inc.
Schweickart
JERSEY
NEW
66
&
DALLAS
38
Hutzler
&
71
..
Inc
(G. A.)
Schapiro
Power
Company
Bros.
Salomon
71
Company
TEXAS
36
34
& Co., Inc
Securities
Securities
31
& Sons, Inc..
& Co., Inc.
(Casper)
Rogers
Whitman
National Bank
27
Rust
(J. F.)
Reilly
Saxton
Incor¬
Gorey (Walter C.) Co.
Schwabacher
RAPIDS
51
Brush, Slocumb & Co., Inc
First
64
FRANCISCO
CEDAR
(J.)
&
(The)
18
;
Richardson (James)
Royal
Incorporated
Barth
—
Registrar & Transfer Company
Jones
50
& Co
(W. C.) & Co., Inc—____
Pitfield
55
46
Co.
Pershing & Co
LOUIS
48
(William R.) & Co.
62
.
O'Kane, Jr. (John J.)
Pflugfelder
ST.
First
Ogden Wechsler & Krumholz, Inc. 32
COLUMBUS
Cummins
Fusz-Schmelzle
Scantlin
&
62
47
26
25
(Outside back cover)
New
Purcell, Inc
47
42
40
Mackay & Company
30
Company
(Inside back cover)
Crowell, Weedon & Co
Company
READING
Incorporated
MISSOURI
KANSAS
ANGELES
LOS
&
10
& Co
&
Thomas
&
Incorporated
National
59
Swift, Henke & Co
HILLS
(Carl)
Mitchell
59
Straus, Blosser & McDowell
BEVERLY
.
29
Bacon, Whipple & Co.
Company
Reed, Lear & Co.
33
60
Haupt (Ira) & Co.
..
26
__
Maradel Products Inc.
1_
Allison-Williams
Doyle, O'Connor & Co., Inc.
Sterne, Agee & Leach.
72
Page
PITTSBURGH
19
Mackay & Company
exchange, remittance for* foreign subscriptions and advertisements must be made in New York funds.
39
Volume
196
Number
6216
.
.
.
The Commercial and Financial Chronicle
Convention Number
let's
"
talk
trades
If it's
Over-the-Counter,
call to HANSISATIC
can
one
fill your many
trading needs... whether it's bank
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insurance stocks, industrials,
utilities, foreign securities, World bank
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For
over
or
railroad bonds.
forty
years, we
have been
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...
and
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throughout the country to help
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that
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i
New York
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-v"
The Commercial and Financial
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Chronicle
.
.
.
Thursday, November 29, 1962
Over-the-counter
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years
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:
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•
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Singer,
Bean
&
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Members New York
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YORK
•
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Security Dealers Association
Chicago
1
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Saunders, Stiver & Co.
Cleveland
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Los Angeles
Birr, Wilson & Co., Inc.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
Jones, Kreeger & Co.
Washington
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