Full text of Commercial and Financial Chronicle : October 10, 1963, Vol. 198, No. 6306

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Reg. U. S. Pat. Off.

THE

Volume

New York

Number 6306

198

EDITORIAL

committed in

of the word "liquidity." There are few words more
"modern" econo¬

often encountered in discussions among
mists

who,

FINANCIAL

FIELD

often the case, seem to suppose that

key to all current economic problems is to be found
the currency or monetary field, Yet the term, now

By Dr. Ira U. Cobleigh, Economist, and- Dr.. Harold J.

that took the

King, Chairman, Department of Economics, Seton Hall
/
University, South Orange, New Jersey 7^;
; 7

stances

Reviewing the progress of trading in the OTC market* its

meanings in various fields, is;

sense

which

not long ago com¬

was

monly accepted among informed students of financial
matters. In truth the word nowadays usually has very
relationship to the term as employed, say, a

half

quarter of a century ago.
Unfortunately, there are many, some of them among
the very elect, who are all too easily mislead by words
which have varied meanings, none of which is the same
as formerly.
V :
•
! ■
T »
century ago or often even a

The latest arrival in this

rolls

off

liquidity."

unbroken

with

great many tongues,

also meaning different

which is all too often
attributed almost occult powers. Now it usually happens
that one nation's loss of "international liquidity" is
another nation's gain in "international liquidity." Thus,
of course, our exports of gold and our attraction of large
foreign deposits payable on de- 7 (Continued on page 44)

Public

Exchange

currently relate their

issues held

quite recent trading
milestones—the drastic selloff of May 28,
observations

and

1962

in DJIA
are,

the

two

breakthrough to

markets.

high

new

course,

may,

of major import to the world's

they

over

The

total

Listed and unlisted issues alike were asked

where volume

the

wants to sell at one time.

substantial

Over-the-Counter,

late

since

issues

May?

the

exchange markets; and particularly
permits, OTC markets in gen¬

appropriately responsive to changes in the

quotations.. in, the
larger, most actively traded, OTC issues held
up, percentage wise, quite as well as com¬
parable listed issues. It was the smaller,

progress,

market

the

price

eral, have proved orderly, dependable and

of sell orders. In this donnybrook of

liquidation

thin or invisible
propelled to fat

1962, has been quite as impressive as that

supply and maintain bids against a down¬

pour

subscription

recovery

WaR Street has an expression: "When
they back up the wagon, everybody- rides."
This* was
certainly true 15 months ago.
5

have
can

Substantial Recovery

traded

prospects and profits of individual

companies. Some of the proposals of the SEC

respecting the OTC market do not seem par¬
ticularly drastic. ;The SEC would like to see
some

sort of

public reporting of daily volume

and

regional OTC issues, many of them compara¬
tively new and thus, unseasoned offerings,

range

active

(Continued

on page

22)

State,

MARKET ISSUE

Municipal

•

;..'77

Dealers

New

York

Pacific

Coast

Exchange

Offices in Corona del Mar, Encino,

Glen-

San

EXCHANGEjEzdt

Diego,

Santa Ana,

Municipal Bond Division

Santa

FIRST NATIONAL CITY BANK

on Southern
California Securities

Bond

Dept. Teletype: 571-0830

New York

TWX: 212-571-1414

THE

Monica,

Whittier
Inquiries Invited

135 So. LaSalle Street

Correspondent

—

MANHATTAN

Pershing & Co.

BANK

Chicago 3, III. FRanklln 2-1166

Notes

dale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,

MIDWEST STOCK

•

Stock Exchange

American

„

Agency
Bonds and

California

Members

Municipal

Street, Los Angeles 17,

So. Hope

623

MEMBERS

Housing

Lester, Ryons & Co.

Securities

770-2661

un¬

few hundred stockholders

when everyone

Liquidation Absorbed

CHEMICAL BANK NEW YORK TRUST COMPANY

N. Y.

these

was

offering day, they can equally fade swiftly

largest market—The Over-the-Counter one.

Members

AewYork
•

some

many

occasion,

premiums

September 24, 1963. Both dates'

Members

Corporate, &

770-2541

caused

properly resourced, and that small unknown
Market commentators

MULLANEY.WELLS & COMPANY
Distributors

P.O. Box 710, New York 8,

number of in¬

anguished investors
but it does bring home the lesson that in¬
vestment dealers must be responsible and

generations.

Chemical

phones:

and Public

Underwriters 7

BOISD DEPARTMENT

' -

market at all; and the pres¬
loans

for

day

happy

;

Municipal

Copy

" •;

firms to close their doors. This

records extending from

Securities

called

Housingy

State and

categories

side

New

well

advance

to offset

costly rising interest rates paid to depositors, and greater

return

should

Regulation Q, effective Jan. 1,

deposits,' bank

time

rates

maximum

increasing

1962,

allowed

yields

able

several

gone

turn

try

1962, ceil¬

time
of

sons

deposits

central

banks,

The

specified in¬

Robert

Damerjian

lifted

also

attracting

had

the

new

funds in addition to increas¬

subsequent
In

It is still too early to determine
effect

latest

the

change

Regulation Q (July 17, 1963) will
have on bank portfolio operations.
With

higher discount rate

vailing, market yields

better

up,

having lived with higher interest
costs for almost
sion of over-all

chases

1% years, exten¬

maturity and

municipals

occurred since

pur¬

which

has

January, 1962

may

Since

January, 1962 to date, the

over-all effect generally has been
in the

of sizable purchases of

area

municipals,

substantial

governments'

lengthening
municipal
Economic

period,

reduction

holdings,

and

government

and

portfolio

maturities.

conditions .during

addition

this

treasury

operations, have significantly

contributed
tion.

the

above

transi¬

The rapid growth in savings

deposits

(including

the

substan¬

growth of negotiable

cates of

deposit

$9.0 billion), in
rates

coupled

to higher

response

with

decline

of pronounced

and

decline

pressure.

inflow..;;:.;

1961.

1962,

charges.

member

64%

re¬

become

portfolio
to

and

years

adjustments,
issues

several

tional 21/2%

bonds of

1972

During this period

op¬

falling
range

might
the

hold¬

ings of government securities

turing within
reduction
the

loss

This latter

portant
in

"hot"

reserves

flexibility.

some

im¬

appears more

the

vulnerability

deposits

only

seeking

long

they

attractive against alterna¬

market

For

time

rates

appear

tive

primary

point

due

year—indicating

one

ma¬

instruments.

member, banks

outside

this

length

31,

1963
6

1961

mid

increased

was

months

Largely due to
had

funding

advance

the

re¬

income

into

higher

maturities.

market

price
the

versus

the

ments, but income
proved

with

postponed.
could

current

charged

amounted

banks in

Chicago for the

found interest expenses

first

higher

than

ac¬

banks

undertaking less liquid loans, but
in

the

portfolio,

case

the

maturities

investment
were

being

extended. Total mortgage loans
by
commercial banks increased from

,,$30.4 billion in the last quarter of
1961 to $35.2 billion at the end
of
the first quarter

Loans

4V2%

continued

August

hold

1962

salaries
The

av¬

de¬

to 3.23% from

rose

For 1963, the aver¬

age rate

of 3.43%

York

City

one

should

cities,

ernments
were

holdings
year

area

Time
cial

to 3.50%.

deposit growth at

banks,

certificates

including
of

deposit,

loss

reinvested

the

only

level

same

years

total

within

one

slight

sion

to 1962.

tages

nine largest banks in New

length

average

portfolios
each

long

were

banks.

their

holdings

from 5 months to

but

January,

four

1963

MEMBER

advance

1 See

Portfolio

inherent

refunding
"The
of

with
over

$6.3

$8.1

billion

five years, the

billion

for

going

in
:

1962

high

match

with

through
only

can

Government
Advance

BANKS IN NEW YORK AND OTHER

moves

were

limited; solely
•

purchases, but complete port¬

lift

(swapping) in order

over-all

January

1962

all insured

yield.

banks

Starting in

December
added

1962,

approxi¬

mately $4.4 billion to their munic¬
ipal portfolios.

For that year, this

represented 80%
eral
the

Re¬

funding," The Commercial and Financial
Chronicle, June 6, 1963.

tax

interest

•

folio reviews
to

banks
after
January
vigorously entered the mu¬

however,

new

after

current

expenses,

n c o m e not,

The lengthening

Face

re¬

commercial

approximately

yield/to

the

offerings since

article
the

advance

Municipal Operations

this

government portfolios

the

months for individual

Since

the

took

remaining

higher

extended

were

the

technique,,

nicipal market. These

net

flexibility

ex¬

considerations

the 1 to 5 year range.

Due to other advan¬

January of 1962.

weighted

from 24 months to 35 months. In¬
creases

and

exten¬

prime motive for

purposes

(member banks) experienced from
1961

for

rate

cases

banks

even

three

heavily. Through the

profit

advance] refundings,1 government

of May of 1963.

end of 1962 increased the

decline

(up

one

of the

new

obligation bonds sold.

beginning of

gen¬

Since

1963 to the

end

March, insured banks have in¬

creased such

holdings $1.3 billion,

LEADING CITIES

commer¬

HOLDINGS OF U.

negotiable
rose

forcing banks to extend
not

leading

that gov¬

while tax

maturing well

issue

governments,

have reduced

may

and

coupon

was

banks

have sold for tax loss pur¬

yielding

York from the end of 1961 to the

from

BIUIONI

GOVERNMENT SECURITIES CLASSIFIED 0V
MATURITY

DOLLARS

WIDNISDAY

NEW

$107.8 billion at the end of August,
1963

note

maturing

The

$82.5 billion in December, 1961 to

turities

and

maturing after five

near

paid is expected to be in

the

YORK

CITY

riOUtIS

BILLIONS

DOLLABS

11M111M11

1 IANKS

ma¬

portfolios

(government and municipals) and
loans

(through

even,

possibly

standards

mortgages),

lowering

but

quality

municipal and other

investments to

cope

ing interest costs.
than

YEARS

Concern for the

high ranking monetary

one

1-5

with mount¬

latter has been expressed by more

AFTE 1

YEARS

official.

Composition

-'/

Government

/■/"/IV

Portfolios
In

effort to maximize income

banks

the
all
was

due

portfolio,

lengthened

com¬

such

■'
"

WITHIN

holdings

considerably

while,

•

•/'

■

YEAR:

time, reduced their over¬
holdings.
Over-all liquidity

same

also

reduced

v
TOTAL 1

increasing

total municipals (and their
respec¬
tive maturities), in addition to in¬
creased

mortgage

The results

commitments.

of these

simultaneous

OTHI*

HL
I

are

partially illustrated

accompanying charts.

Member

The prime rate, which had been
reduced

and

wages

2.73% in 1961.

operations

1963.

Returns

$2.4

$10 million

rate of interest paid

erage

in the

Increased

year

bling from 1961 to 1962.

time

area.

were

and

with interest charges almost dou¬

mercial

not only

year

billion. Interestingly, Reserve City

ing down yields
this respect,

the

salary

New

l1/^ % higher)

$14.4 billion of issues for exten¬

govern¬

Undoubtedly,

and

candidate

coupon

vastly im¬

was

tax

eligible

higher

Improvement of current in¬

funding

longer

new

exchanged

were

also weighed

in terms

same

new

but

employment

exchanged

with

coupons

can¬

were

by each individual of¬
Each

tension,

The "lock in" position

have been the

may

were

could

matured

Eligible

desired,

coupon

come

problems.

instances where low coupon issues

losses)

the

true, however,

they

same

sion.

particularly true in those

was

much

lower

loss

partial welcome to

banks'

many

profit

recorded,

was

months.

securities

years.

offered

was

income pressures

and the fact that

within

-range

permitted to choose any

fering.

4 years

years

restricted

September,

frqm

five

security

the marketable debt from Decem¬

poses

noted

average

eligible

were

maturity

offered

not

(many of which

total

the

1962.

juncture,

re¬

etc.).

time of the offer, while only two

the
was

didates

book

substantially

issues

year

refundings offered since January,

This

and for the

eligible
five

25 issues

some

within

reduced

and

shorter.

portion

advance

r(pre-refunding,

candidates,; one having been a
candidate
v twice.
All but three

achieved through the four advance

first 8 months of 1963, banks also

while

Ref$frdings

significant

four

since J an., 1962- to
date, "i 1 new _or:
existing issues have been offered,;

Lengthen¬

lengthening in bank portfolios

V
the

earn¬

banks became
in this

higher

$2.5 billion, while in¬

wages were

terest

For

in the government

1960,

Nearly

bank

tive in the mortgage market forc¬

ber

witnessed

during 1962 partially due to

bank

member banks,

attributable to

was

interest

yields,

severe

For the

in many years,

demand

other

placed banks under
ings

bank

certifi¬

estimated at

now

municipal yields, largely
sult

expenses

approximately 16%

rose

posits in 1962

hold steady or be reduced.

tial

item.
banks

against, the

but

large

those

of this

pre¬

business conditions, and the banks

debt

the

fund ings

what

rose

expense

forced

1962, for all

expenses
over

which

create

can

was

maturing

some

balances already

the

became

cost

immediately,

The latter

period of three years.
effect

for

countless

they

largest

port¬

only against existing time

deposits,

were

held.

the

interest

not

was

a coun¬

for

costs

factor

yield

reduction

bonds

same

than offset the lapse

re¬

by the treasury during this

Through

maturities

increase.

Advance

(in

holdings),

bank deposit under the 10-year maturity
or better in late in 1962.

responsible

interest

become

ternational in¬

ing the cost

to determine what rea¬

dominant

maturity

1 point loss.

Some

addition

adjustments.

cases

other

stitutions

■

50%

were

folio

rnments,

and

almost

maturing-

"five-year

were

while at the

re¬

in 1961

speak to

whose

banker

time form

foreign

gove

in 1962.

composition

rates

average

5.84%

loans from

One only has to

dition, on Oct.

interest

the

increase

to 5.93%

to date. In ad¬

mount and

year

over

portfolios

ex¬

five-year bonds and the

lost of other longer term
offerings

of time which would have caused

This

Assuming

average

.15 basis rise in

over

major changes

ings

continued

savings

rise.

the five-year and longer

profitable outlets had to be sought.

under¬

have

created by the huge

pressure

Despite this, member banks were

portfolios

15,

sluggish business conditions, while
the

one

duction ..of,, shorter term obliga¬
tions.' Sight should also/ not be

1963

years

than" securities

increased from

was

could later become

seven-year

Largely as a result of the change

five

continued, extension

par¬

March,

the

period.1

one

ing has

ex¬

pensive in terms of market prices

August, 1960, when it was reduced to 4'/2%«

ing
after

government holdings by

extension

changed since

place pressure on the prime rate which has not

result of

since

of! each

•

out¬

banks

This

results

This is clearly revealed

by glancing at the charts illustrat¬

made

continued

five-year hold¬

3.05% to 3.22% during 1962.

demand can be expected

minimum, an expansion of commercial loans

York

time /'

one-year

and higher market yields;

member banks

tosses not be

under

York.

published

within

de¬

than made up by

after

Partially

tension

rising costs to attract time deposits and liquidation
offset by inflow of new funds to hold run-offs to a

were more

the

operation.

August 28, governments maturing

within

ings.

vulnerability resulting from extended maturities and lessened qual¬

New

money

during most of 1962 in
normal bank

exact

tially attested by the fact that in

larger

increases

banks' ability to increase average returns on loans and

Should

took

also

result of easier

Reductions

changes;

ity.

refundings.

of maturities

the

is, however, not determin¬

various

issues

compositional changes in banks' portfolio resulting from Reg. "Q"

occurred,

This is also true in the other

turity extension.

the

Mr. Damerjian's paper describes:

(see

sire to improve yield through ma¬

rise and banks held back taking losses on

portfolios.

has

amount

Regulation Q in January, 1962

conditions

"Q" induced swelling of lengthened municipal, mortgage

their Reg.

ening

connection with
if interest rates were to

points

be appreciated by an examination
of

additional length¬

appears

able.

place

City

conceives of possible squeeze on available bank funds

Bank analyst

August 30, from information avail¬

mu¬

charts) to the effects of the change

Extension

Banking Corp. and Schroder Trust,Company,

Thursday, October 10, 1963

able, it

maturities clearly

By Robert S. Damerjian, Assistant Vice-President, J. Henry
New York

profitable

nicipal holdings.

ous

Schroder

into

way

...

government

banks

reduced

holdings

from

total

$54

billion in
December, 1961 to $47.9
of Tdllion
in August,
1963.
Part of
to the reduction
undoubtedly found

1961
Lottit

Figur«« Flatted:

1962
AUGUST

1963

1961

1962

1963

Figvroi PUlftd. AUGUST 7
M<«f w

or tut rrot**i Hunt «"«rr»

Volume

representing
eral

81%

obligations

riod.

The

total

sold

nine

6306

Number

198

gen¬

that

largest

pe¬

banks

New York for the first six months
of

1963

increased their municipal

liolding from
end

1962 to

30,

1963.

$3.5 billion at year-

$4.4 billion

Baa

bonds

from

3.60%

3.22% by year-end 1962. The

yield

age

for

the

month

August 1963 stood at 3.29%. Mem¬
ber

banks

their

average

"other

1962

clusively
3.37%

portfolio
'

of/
ex¬

against

1961.

available

indicate

although it

not

are

the

such

holdings

their

advance

there

1963),

real

extension

illustrated

of
not

15,

banks.
appear

been

has<

advance

has

effects

the

offset

refunding
in reality

maturities

forcing

portfolio
maturity—
by all classes
The
latter
would,
however,
due to the fact that on Aug.

funds

charts)

com¬

will

but

costly item

year-

The latter in addition

liquidation of securities at losses

could place pressure on the prime
with

rate

cial loan

expansion
demand.

commer¬

squeeze

for

loans

National Corp., at
share, has been all sold.
The
East

located

company,

Tremont

York,

pendent

engaged

years

banks

since

are

Higher

the

July

change in Regulation Q by banks

of the latest

for

a
chart analysis,
substantial extension

time

attract

occurred.

should

money

new

funds

Corp.

York,
and

Common Stk. Sold

1101

New

cleaning

conducted

and

laundry
products

operations

principally

Connecticut,

New

and

help

hold

Herbert

ing

Co., Inc.,

New

tially ..and ;

some

•

concession

53,000 common shares of
is engaging
Corp., at $4 per share,

has been all sold.
Net

proceeds

reduce

bank

will

used

loans, and to enable

ton

securities

from offices at 901

ness

Ave., under the

State Securities

name

between 12 and 17

were

Where *

years.

information

was

available,-it appeared conclusive¬
ly that the average amount of
extension was greater in the mu¬
nicipal portfolio than in govern■

ments, although
exceptions
1962

and

period
in

yields

order

turn

For

had

I'll buy

banks

desired

I'll

during

During this

declined,

obtain

either

turity

noted

early 1963.

significant

some

were

your

re¬

buy

stock

I'll buy

stock

your

lengthen

stock
/

/
ma¬

lower quality standards.

the first time in

many

years

banks became

fairly active in long
municipals. There is indeed

term
a

question

ketability in

liquidity and
of

some

mar¬

these bonds

should banks be faced with with¬

drawals

time

or'loan

funds

demand when yields are
rising.
small change in long term

yields

can

quickly

produce

"lock

effect." This substantial extension
of

maturities, coupled with simi¬

lar, extension
sector

.in

the

government

places the bank's portfolio

vulnerable position, not to
mention the possible lower
quality
a

holdings

the

municipal

port¬

folio. In some instances such hold¬

ings

for

become
ment

individual

larger

additional

bank's

in
•

have

govern¬

stimulant

purchases

the

all

reduction

quirements
for

the

classes

October

1962.

than

changed

was

For member banks in lead¬

ing cities, municipals increased to<
level

above

starting

mortgage

holdings

lower

position

from

immediately

if I

''What
other

unchanged during the period after.
Q

after the

change

in.

couldn't

needed

find

tion, and there's

someone

stock if

You

impact

port¬

folios due to the change in Regu¬
lation

Q in

1962

time to make

rising

adjustments to meet

interest costs.

immediately
latest

(July

ket

funds.

yields

the

However,
have

discount

the

and
open

from

obtained

ments

out undue
curve

level
serve

rates

is
and

by banks

offset

such

mar¬

with¬

The yield

somewhat

flatter.

invest¬

costs

lengthening.

higher-

Federal Re¬

policy of higher short term
for

problem

balance

and

ofpayments-

somewhat

realistic

and

100

realistic ques¬
answer.

Exchange,

is interested in

you are

buying

the floor.

may never meet

the millions of investors

their brokers,
listed
the

the

your

willing to sell at the

price

him

ally. But he's there. Maybe

among

who, through

buy and sell securities

specialists and other members

own

better

small-sized rug.

Your broker tries

get the highest price possible on

the

floor, the buyer's broker tries to

get the lowest. Thus buyer finds sell¬
er,

seller finds buyer.

It is

may

possible, of

course,

that when

unusually large difference

between what is asked and what
any¬

one

willing to

When this
the

happens,
your

the

find

unknown

your

directing him to sell

member of

specialist, who

stock and certain

picture. One of his objectives is,
practical limits, to make

you.

And somewhere

(maybe in the next block, maybe
thousands of miles

away)

way

for your
better

someone

instructing his broker to buy.

Minutes later, these two

higher bid

orders will

certain post on the floor

or a

may

help make it possible

order to be executed at

And the commission your
one

buyer

most

quickly and

one

eas¬

of the Exchange's

important functions: providing

liquidity. Liquidity simply
can

convert

cash

easily. If you have

your

means you

100 shares into
an

"odd lot"

trading),

different procedure is fol¬

lowed, but normally your sale can be
made with similar
This

liquidity is

ease.

one reason

the New York Stock Ex¬

change. And the willingness of these

people to share in the risks and

re¬

wards of

for

the

investing is

one reason

growth of American industry.

Members New York

Stock Exchange

broker

of the lowest for the

transfer of any property.

listed

why

invest in stocks

lower offer. In this

price.

receives is

millions of people can

pay.

Exchange called

specializes in

Finding

ily illustrates

(less than the usual 100 share unit of

order reaches the floor, there
be

By phoning your Member

converge at a

much larger than

an area not

within

stock for

else is

Exchange in New York

others, is usually expected to enter

accounts.

Firm broker and

your

buy and sell for their

How do you

buyer?

of the

fact, in

your

person¬

Exchange. Maybe among

the floor who

3%%) permitting higher rates to>
be

hold

(including;

risen

rate

increasing;

attract

Banks:
to

Regulation

1963)

17,
rates

time

responded

change

their

to have-

Most banks have had

been made.

the

appears

except in unusual circumstances,

the

At the New York Stock

best available
Conclusion

cash

buyer for

shares of stock?" It's

Regulation Q in 1962.

Most/of

the New York Stock Exchange?

banks

municipal bonds remained almost
Regulation

stock listed

re¬

deposits:

1962.

purchases

always a buyer when you want to sell

the

reserve

member

municipals

against time

Security

Is there

security position.

was

banks

than

Own your

share of American business

busi¬

Washing¬
of Mid-

Company.

instances average weighted

many

maturities

Jersey

LOUIS, Mo.—Preston Estep Jr,

made during 1962. In

was

are

New

Mid-States Securities
ST.

Mil National

run¬

Young &

York, reports that its recent offer¬

ma¬

quality

California.

quality

that

inde¬

commer¬

and

purchases

believed

the

lengthened substan¬

were

per

Bronx,

Ave.,

distribution

dry

available

unless

offered

rates

Mil National

Mil

cial

•

off

run

five

over

willing to realize losses.

the $2,335 million bank held
8/15/68 bonds became holdings
as
under 5 years.
This would

than

equipment,

refunding

classsified
more

selling

rise in

ing nrioittM faster than the

1963

3%%

1962

and accessories. Its

Interest rates may

(not

early

for tax loss considerations.

of
last

realized

the year also prevent some

five

over

Profits

range.

banks in 107 cities

refunding has reversed this trend

although

unfortunately

maturity

turities

(almost;

municipals)

Statistics

earned. 3.40%

investments"

indicate

available

prices, particularly in the

large intermediate bank maturity

although the latest advance

(September,

minimum,

governments "maturing

aver¬

end reports.

Re¬

ending

offs

market

reducing

the

cases,

already made itself felt by lower

lengthening.

figures

♦Since

countless

that reporting

years

however, the "lock in effect" has

banks

some

additional

cent

somewhat.*

to have

undertake substan¬

cently not to
tial

(1389)

re¬

cautioned

also

are

yields for Aaa to

fall

business conditions appear

con¬

tinued bank buying of municipals
starting in January 1962 contrib¬
uted to average

The Commercial and Financial Chronicle

of June

terms of yield,

The Commercial and Financial Chronicle

(1330)

den

Coming Months Look Good

international

debacle

could

pull

its

However,

For Production and Trade
Roger

could
a

Bahson

employment T

There

shoppers

really

able)

buy.

is going to do next, but

looks

are

general

them

none

those

know

weather

quarter by

resistance

it, public sentiment is very quick
to

sometimes

even

If, for
do

feel

not

difficult

pretty

And

buy.
stores

possible

cut

begins
is

scene

recession,

set

perhaps

—

for

depression.

Fortunately,
is

the

op¬

THE

SANTA
'-

New

RAILWAY

York, N.

The Board

TOPEKA

ment says

24,

September

Y.,

of Directors

for

this

120 Broadway.

time

the

Treasurer

New York 5,

this

find

and

show

than

new

ness

are

not

want

election

Given

credit

year,

favorable

for

co-operation

weather, it all adds

months to

and

trade

to good
in

the

come.

But,

The

ago.

right

generally

sign

the

LaRocca

has

the

been

federal

funds

department

Bantel &

Co., 120 Broadway, New

York

members

Garvin,

City,

for

all

has

this

rela¬

lem

im¬

Oct.

with

will

skip

been

fully

are

REGULAR

for

Household

QUARTERLY

The' picture in household goods

DIVIDEND

automobiles,

trend

day

COMMON STOCK DIVIDEND NO. 117

This is

not be quite, so

may

The Board of Directors has
declared this

rection.

the

ment

was

period

also

PER SHARE

the

over

than

the

November 15,1963

reflects

six

for

much

course,

year

I realize that

Ban¬

e ra

First:
James V. LaRocca

g e,

and

securities

Bantel in 1956

resentative.
resident
branch

Garvin,

registered

their

LaRocca

was

Bank

the

with

firm's
Prior

Bantel,
The

corporate

Mr.

Hanover

trust

de¬

possible

standards

dustry.
with

reached1

the S.E.C.
almost

business

SYSTEM, INC.

throughout

eration

achieve

Third:

dustry

have

endorsement

tion,
COMPANY

Banking

Committee.

hope to

Life Insurance

House
The

Company

dividend

Boston, Massachusetts
their

the
dend

dend

20d

November

special

November
upon

The

December

December 2.
as

t .e

one

both

Directors
of
to

payable
of

also

consider

October
d

11, 1963,

ior

sue a

LTLLINGS,

DIVIDEND
common

called

and
a

act

stock

has been
m

e^ng.

President

NO. 65

Directors

25i

has

per

December

thorized

record

stockholders
declare

record

divi¬

share for four, payable
stockholders -of record

record

ROGER

extra

stockholders

mceTn?
26. 1963.

and

share,

proposal

dividend

se„

15C

November
a

on
October 8, 1963,
declared ft regular divi¬

payable

meeting

Directors'

Board

10,

November 15,

distribution

Common

Stock
Gas

200

Transmission

its

Stock,

stockholders

1963. The Board also
December

17,

Company of

wholly-owned

Transmission

Common

quarterly

the Common

1963,

stockholders of the

Midwestern

declared
on

Company owned

aur

1963, to
one

subsidiary,

Company, for

Stock

Tennessee

each

the

posed

has

and

urge

strongly

op¬

Administration's

before
Means

abroad

the

almost

that

testi¬

House

Committee.

damage

so-

Equalization Tax"

investments

classic

such record date.

ernment

fails

knowledge
COVEY, Secretary

Ways

This
of

case

done
to

is
the

before

taking

affects

business.

when

seek

able

action

gov¬

out

the

businessmen

that

the

let

volunteer
Committees

the

wish

social

organiza¬

critics

could

the

Overbys, the Charlie Hard-

those

Albee

the

Pratts,

An¬

staff and

our

distinguished special counsel.
and should

are

be very proud

the'eff ectiven

committee

ess

chairman

our

deeply
'

and

our

committees.'

Living Under Regulatory Laws
have

•

since

been

1930.

through
which

the

course

ditch.

not

securities

well

the

pre¬

the majority

But

live

that
fight

things

otherwise

Federal

the

last

worked
years,

learned

under

our

regulatory system, and I

need

not tell you that

try

has

prospered.

$1,500,000,000
of

the

have

operate

only

our

have

over

know.
and

under such

operate

and

was

well

force

the

early and middle 30s-—that

could

out

lived

enactment

perhaps

legislation,

the

Federal

remember

dictions

business

thus

recriminations,

the

attended

laws.

this

investigations,

the

various

our

have

publicity,

have

called "Interest

and

the

House.

the

mony

legisla¬

shortly before the

appear

who

men

criticized

in¬

strong

Senate

Committee

Fourth:

the

Currency

legislation

services

before

and

my paper,

tribute to the able, dedicated

most

do alone.

new

pass

point of

Gas

Fractional share interests will be paid in cash.
M. H.

action

The

this

passed

Massachusetts Indemnity and

this

coop¬

and

testified

and

Senate

HOUSTON, TEXAS

it.

before

ings, not to mention

effective

rallied

unified

important

drew

in¬

something

than either could

better

TRANSMISSION

way

hear

agreement

government

sub¬

the

case

tion.

in what I believe

model

and

important

of the I.B.A. Sometimes the I.B.A.

firms

the

S.E.C,

the individual firms

and

busy

high

leading

our

the

have

can

and

will

the

spread

widely

was

NOTICE

the

government relation

their

with

which

rules

new

from

the American securities

central

revision of the

legislation

proposed

the

all

constitute

pay

worked

have

preliminary

each

business

that

Taxation.

have

get

finally

es¬

views

the

revenue

j;"'

the

are

and

Just
was

pro¬

securities

■

develop

is handled

Con¬

partment.

DIVIDEND

And

pounds

business

the

Garvin,

S.E.C.

the

will

the

strengthen the N.A.S.D. and make

office in California.

joining

rep¬

the

urged

■

These

Liaison

previously

was

manager

sud¬

Committee

our

Second:

joined

THE COLUMBIA

GAS

fi¬

make.

presenting

hearings

Saxon's

underwriting

laying

jects

sugges¬

tax reduction

that

gress

have

sential

LaRocca

than

Business-Government

loans

Mr.

inas¬

faster

would

activities

impact

nancing.

same

Many families

comforting,

the

for

groundwork

tion

specializes,

broker

months

they have been increasing
disposable income.

( Of

equip¬

the

in securities

buy

figures show that people
stepped
up
their
buying

during the past

October 3,1963

tel

SECRETARY

Garvin,

di¬

intend to

fed¬

eral funds de-..

expect their incomes will be

have

i KARL SHAVER

their

Mr.

Special Report.

it lays

government.

prepared testi¬

Committee

against

critical

partment,

that

optimistic

ago.

to holders of record at close

business, October 18,1963

rosy

household

case

year

higher. This

but

same

Consumers

somewhat

regular quarterly

dividend of

Payable

this year

and

have

staff to process

and

the busi¬

problems

ness-government

addition

that

of our activities.

aware

would like to list

have acted

Goods

groundwork with the commission

I.B.A. be¬

the

nounced.

Buying Intentions

for the House Banking and

been

an¬

But I

Seventh:

speak

investment bankers

know

prob¬
out

bonds.

of what

much

about

say

this

the

business by

political

free

successor

in effect

and

stint

freely from the experience of my

might

working
to

example

business

their

stages of

force

solution

op¬

-special

posal to permit banks to increase

Amyas Ames

duck

task

stock

have

now

Currency

approach

chosen, I

our

another

mony

President,

underwriters'

Sixth:

are

As I

appeared

what I hope will turn

tween

our

the final

Internal

express

creative effect of cooperation be¬

that

what

sub¬

it.

suggested

that

inequity in the tax treat¬

industry

iction,

deficient

Service

have

Treasury

to be

the

the^

ment

only

and

concern

developed the

Ex¬

officials

Revenue

partners

Department

tions.

c o nv

not act

Fifth: We have appeared before

senior

time

and

long

industry.

year,

cause

ahead.

fax im¬

regulation it should

for

lame

changes, it

stock distribution's

He points out that

relationship

substantially

work.

months

Government

call

Stock

sectors of the

what

American

and

under

the New York

unfriendly governmental attitude by getting

government.

working

tionship

industry

manager

active

past

"ad hoc" basis and in isolation from other pertinent

and

been

our

busi¬

for

have

James

accomplish :d this

problems better.

live

discuss the

business

cars

want

but

now

used

Appoints LaRocca

serene

other's

must

belatedly on

ject,

named

overall

independence.

how, for example, Mr. Greenewalt of du Pont
an

about the recent

across

business

Garvin, Bantel

unless

car

emphasis

good

He cites
overcome

stand each

portant

are

has

industry's

traditional

pact to Illustrate the need for" business and Government to under¬

change from

the facts

not

optimistic

relatively

purchase

cars—a

ex¬

households

does

always

production

the

great many people

practically

year

new

popular

and

business.
the

level

year

situation

prosperous.

intentions

labor-sav¬

many

Russia

1964

which

the

inclined to pick up a second¬
auto

for

money

war;

the

all

are

IBA

per

that 8.4% of households

the future looks

SWEARINGEN.

Assistant

1963

devices,

plentiful;

automobiles

That is the highest

car.

hand

has this day declared
Thirty Cents (30c)
per
share,
being Dividend No. 213, on the Common Capital
Stock of this Company,
payable December 7,
1963, to holders of said Common Capital Stock
registered on the books of the Company at the
close of business October 25, 1963.
dividend

brand-new

the

its

industry for having faulted on
interchange of counsel and understanding with the

able to

was

homes,
cars

Government

temporary step in this direction which gives rise to

good;

people in¬

Over

reporting to it plan to purchase

because

COMPANY

third)

even

the

detracting from

what

including

Government.

today. Fundamentally, business is

In fact, the Census Depart¬

AND

Better

(and

household,

nation's history of this statistical series.

the

NOTICES

ATCHISON,

time

intentions,

new

planned

year.

DIVIDEND

buy

advise

without

establishing

time, and to be able to afford
luxuries.

City

the advice made, Mr. Ames chides the

in¬

Except

and

etc.,

reflecting

year,

are

carrying

them.

head-;

family incomes from time

good time to

released.

months,

new

however,

true

the

buying

recently

than

the

look at the latest estimates

consumer

just

back,

seems

tend

unemployment

posite

take

has

ing

This

down,

Thus

for

buy,

die

orders

production

even

them

not

with

pectations

caught with top-heavy

inventories,

rise.

make

they

are

and

buying,

steadily,

to their

How Do Shoppers Feel Now?

simply

people

Pro¬

employ¬

for

unemployment

ahead

policy,

High

relatively few centers of real

depression— second

vanish

Remain

Co.,

securities industry is urged to convene a
standing group of
knowledgeable, thoughtful, senior pzople from its ranks who would

■

employment "totals

comes

the

being.

them.

direct

instance,

for

climb,

recession—or

practically

though

climbing

tendencies—

economic

reflect

Will

York

The

great

any
:

scarcity, people expect to
whole¬ hold their jobs indefinitely, to add

manufacturers.

starts

New

purse

Association

and Senior Partner, KidderPeabodv

new,, work

expands, and chances of

early

down to

right

come

you

salesmen,

for

duction

ment

When

ache,

buying

come

salers,

Fulse

The

Then,

for

giving the Administration

disap¬

the

up.

published each

jar Business

Pen**

Even

this

consumer

carry
,

future

used

are

for

America,

missiles

people's

closed

By Amyas Ames,* President, Investment Bankers

Russia

inventories

orders

Census Bureau.

the

secure,

buying

the

point.

keep

Employment

are

the

consumer

(and

When

almost

with

Cuba-planted

not

strings

increases,

watch

Of Governmental Officials

prevent

look

want

cesire to buy can

pearing

long

secure-feeling

war

length of time.

comfortingly

always

This

intentions.

business

that

interest

with

However,

well.

—

forecasting

the

barometer

one

surefire

are

business

what

determine

used

methods

many

her

did

assumptions changing adversely.

significant

very

threat

ovfcY

they symptomize good business pros¬

Mr. Babson is aware of what can change
but he is skeptical of the possibility of the

foresees

for

Securing Understanding

an occurrence

fundamentally

the

pects are in the offing.
the trend

such

public

quickly.

very

even

not

the

populace from extending its buy¬
ing again. As an example: Even

Analysis of Census Bureau's consumer buying survey,
data and other indices reveals

horns

Thursday, October 10, 1963

financial

make

85,000

capital,

men,

indus¬

our

have

sales

2,000 offices

Volume

across

this

zation

198

country
serve

expanding

economy.

Our

American

Banking
other

independent

System

countries of

the

West¬

Until

finds

;

government

This

places

here

high

toward

premium

The

Government

Departments
have

expert
for

exposed

policy

tween

the

any

way

h i

story

inde¬

Government

that

story

the

itself

and it

was

right

making. As

DuPont

-divest,

picked

and

to
all

Company had
of

General

million

Motors

stock

held that the distribu¬

would

taxed

capital

gain.

income,

Where

avoid

this legislation

made—one, in the 86th, and

in the 87th, Congress. Let

contrast the two. In the 86th Con¬
gress, C

President,
Justice
tive

the

.Department,

because
need
and

such

there
it.

right.

through

and

Bill

only

got
it

and

reached

Congress.

died

Unfriendly

regulatory

business,
new

relations

and

since

very

understanding

level,

counsel

and
the

then

place

industry

our

emphasis

great

policy formation and government¬
al relations. But I believe

be faulted

The

Attitude

the

tough,

enterprise

senior

oper¬

firms.

handled by the

and
It

managers

the

nel, that brings in the customers,

bills

the

pays

the

NASD " and

that

the

support

Stock

Ex¬

the

The most
wise

with

Democratic

President, the direct
opposition of the Justice Depart¬
ment,

less

Congress
Senator

and

time

of crisis

judgment

except

1963, the in¬

organized itself

this primary source of

tap

only one Delaware
Finance

Commit¬

tee—every factor less favorable—
the

Bill '

approved

by both
signed

was

What

the

the governing boards of our trade

made

real

economic

the

operating

industry—the

The

Board

NASD

has

under

world is there

able

busy,

obligation to

standing

officials
was

an'industry

educate

job to

Congress
to

and

the

took

off

his

and

door-to-door
he

strated

and

rolled
to

campaign,

explained,
argued—he

demon¬
saw

and

spoke with every key member of

Congress whose vote

impor¬

was

tant to the bill's approval. He did
not
ask
his
Jawvers to
do
the
work.
no

did

it himself.

grudge and carried

credentials
conviction
and

cause

able

other
of

man.

suaded

He
he

and

There is

than

educated,
was

bore

special

the

power

strong
of his

truly
per¬

successful.

industry.

what

obstacles

No
—

aspect

one

necessity is only

business,

our

the

The Boards of Governors of the
Stock Exchanges and the
tion

are

stock

Associa¬

primarily concerned with

boards

Quite

problems.

exchange

those

the

serve

the

know

the

chosen

are

who

Stock

Exchange

Com¬

the IBA and to,

authority
from

reconstitute itself

Industry

Committee-.
drawn

was

the

entirely

prestige of the

that served

Its

men

it. Its only function

to express

policy opinion

problems facing the industry. Be¬
they

knowledge,

our

all

without

careful

policy

will

ating

unit

the

our

Special

truly

Group

this

over

country

icy-thinking
the

prestige

have

leaned

of these men.

personally have
shorter

and

that

fewer

held

and

meetings

heard of a

never

produced

results.,

recommended

ommendation
do

and

forward

the

that

Report

looking

William

Cary,

Harding Committee is not to

that I have

about what I

not

consulted

for

ablest

under

conditions

should

the

broadest

fectively

sense.

that

discharge

and to the
*An

public

business

One

firms.

interested

partners

businesses the

the

the-

the

aspect

com¬

member

prides

quality of the
these

serve

our
men

Boards,

business,

our

-A

••

but

on one

the

Ex¬

•'

•' .<■' \

•

•*

'•

•

>•

•'

\ / **

business

address

York

Association

;

v.-

A". A

;

4/4% Convertible Subordinated Debentures Due 1981
NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of May 1,
1961 between Haloid Xerox Inc., now Xerox
Corporation (the "Company"), and The Chase Manhattan

Bank, Trustee, the Company lias elected to exercise its right to redeem and will redeem on November
29, 1963 all of the then outstanding 4Convertible Subordinated Debentures Due 1981 (the "Deben¬
tures") of Haloid Xerox Inc., at the redemption price of 104% of the principal amount thereof,

together with accrued interest to November 29, 1963.
Upon presentation and surrender of Debentures (together with all coupons maturing after November
29, 1963, if any, appertaining thereto) on or after November 29, 1963 for redemption at the office of
The Chase Manhattan Bank (Corporate Agency Department), 80 Pine Street, New York, New York
10915, payment will be made of the redemption price of the Debentures to be redeemed, plus accrued
interest to November 29, 1963 (a total payment of $1,043.50 for each $1,000 principal amount of Deben¬
Interest represented by the coupon maturing
on or after said date. "1

such Debentures will

cease to accrue.

November 1, 1963 will be paid

due surrender

upon

thereof

The right to convert the principal of the Debentures into Common Stock will terminate at the
close of business on November 29, 1963. Until the close of business on November 29, 1963, the

Debentures

convertible, at the option of the respective holders, into Common Stock of the Company
of one share of Common Stock for each $105 principal amount of Debentures
converted. To convert any Debenture, the holder thereof must surrender the Debenture (together with
all coupons maturing after November 29, 1963, if any,/appertaining thereto) at the above-mentioned
office of The Chase Manhattan Bank, together with a written notice of election to convert, which notice
should state the name or names (with address) in which the certificate or certificates for Common
at

are

conversion price

Stock issuable

such conversion shall be issued.
t

Continuing IBA's Advisory

Interest will

Council Set Up Last Year
The
IBA

Board

does

function.

not

has,

operating

fact,

stepped

into the breach and I believe per¬
formed

most

important

and be paid to November 1, 1963 on any Debenture converted into Common Stock
Company after the date of this notice, and, accordingly, coupon Debentures surrendered for
conversion need not have attached the coupon payable on November 1, 1963. No payment or adjustment
will be made for interest accrued after November 1, 1963 on any Debenture converted of for dividends
on any shares of Common Stock issued,upon such conversion.
'
/
%
'
:
No fractional shares of Common Stock will be issued upon conversion of Debentures. The Company,
in lieu of delivering fractional shares, will issue non-dividend bearing and non-voting scrip certificates
for such fraction, as provided in the aforesaid Indenture.
.
?
v
accrue

of the

Governors of the

have

serv¬

ice, coordinating its actions with
NASD and the Exchanges to
about

that

difficult

but

bring
effec¬

IMPORTANT INFORMATION FOR HOLDERS OF DEBENTURES
•

tive result, a unified industry. The
President

only
as

the

one year,

IBA

serves

for

and I know that is

it should be. The IBA Board of

Governors is composed of 52 men,

picked regionally and
constitute

does not

ideal policy-making

body.
To

•

A: From January

1, 1963 through September 30, 1963, the reported sales prices per share for the
Company's Common Stock on the New York Stock Exchange ranged from a high of $307% to a low
of $146kC The last reported sale price on such Exchange on September 30, 1963 was $281
per
share. So long as the market value of the Common Stock is more than $109J4 per share, holders of
Debentures will receive upon conversion Common Stock having a market value greater than the amount
of cash which they would reeeive upon surrender of their Debentures for redemption.
B. Debenture holders may obtain from The Chase Manhattan Bank copies of a Letter of Trans¬
mittal which may be used to accompany Debentures surrendered for conversion.
J i
.

overcome

this difficulty, the

first

matter

the IBA, acting with the approval
of

step

took

Board,

as.

was

President

appoint

XEROX

CORPORATION

By Joseph C. Wilson, President
Dated; October 3, 1963.

men

we serve.

REDEMPTION OF

tures). From and after November 29, 1963 interest

only

responsi¬

our

NOTICE

by Mr. Ames before the
Group
of
the
Investment
of
America,
New
York City, Oct. 2, 1963.
New

great admirer of William

NOTICE OF

most ef¬

can

(Now Xerox Corporation)

I
•*'

their

managers.

Haloid Xerox Inc.
A'

would

from

concern

bility to ourselves

longer view,' to spot
and
unhealthy
trends,

REDEMPTION

ability
such

men

successful

in this way

Cary—one of the finest adminis¬

suggestion that has

of security

made

directly.
as

chosen

men;

design and drawing

own

only

Bankers

have

its relation to government—policy

problems, danger signals, etc/
a

working

Their

take the

new

saying. But

now

staff?

list

policy for the security business in

oper¬

healthy

meet again. I am

it
our

authority

lems, to find the time to sit back

ever

that

prestige

that it will

reputation

of their

ating people, overloaded as they
always are with day-to-day prob¬
and

than

unit

promote that committee — I am
hot even sure it still exists, or

tie

asso¬

and

senior managers

serve,

neces¬

place

t h c

new

to have it independent;

honor that

it is very dif¬

move because

alone;

analysis

ficult, if not impossible,, for

My point in telling the story of

industry

high

firms

and

Chairman of

said he believed it to be
sary

managers

counsel

from

planning for the Commission.

SEC, in describing this

imple¬

specification that it be composed

Commission to implement the rec¬

all

whether

men,

group to an

would

separate division be set up in the

been

plan. How to get

how to furnish

Report

great -weight.

carried

able
a

ciation,

the

unnec¬

noteworthy that

Study

SEC

firm

security

such

oper¬

speech I have made, and I

the

security firm*

believe

problems

are

the

essarily hurt.
I

it relates to gov¬

lend their backing? How to choose

business,

economic

the1, industry,"

diversified

ad¬

policy of

council of

menting such

judgment

this year, I have spread this pol¬

the

find

who

and

Implementation
There

business

our

the other sections of

industry

allow too

opinions

policy
eyery

people,
for

seniors,
industry policy committee.

to the effect of those decisions

the

fail

policy decisions to be made
of

our

ex¬

look ahead

relationship
we

section

important'

will

one

their

have

with government. If

practical security firm managers,
unanimous

senior

ernment—a

and

of knowledgeable,

group

out the wisest of counsel

experienced,

were

vise with respect to the

to detach itself from

re¬

over-all relation to the public.
If
we allow government to act with¬

Harding,

was

wis¬

see

should not match

would

many

function—specialists, brokers and

matter

how special the problem, the
gov¬

why

this wisdom. Our
industry should

managers to make

managing partners have

mittee, after its chairman, Charlie

will

problems of regulation.

lesson in this for the

securities
the

the Tightness

the

even

their focus of

his

work.

personal

outlined,

change functions.

coat,
went

the Harding

industry

pert

first act of this committee,

known

heavier load. But1,

Craw f o r d Greenewalt, then
President of the duPont Company,
sleeves

refused.

one

new

again their focus is largely

their

they

(if

that

reason

one

of the

passed

bill's

the

not

move

the problems

done

persuade

its' need.

There

each

sponsibility to the industry in its

legislation * is

the under-; mission

governmental

Washington.

immense

merits

secure

the

for

function

devoting

men,

energy

from

had

substitute, but

•

and

about

enough

the

Their

move.

finer example of

most

that

would

of authority from

main

Company recognized

serve,

Congress. Nowhere in the business

Congress and

The

not

our

him.

firm?

Governors

regulatory

grant

unit

security

these

change?

with

serve

dom shows in this

is
concerned
di¬
rectly with policy as it effects the

properly, the men who

this

who

say

organizations

and

President.

his

The

sure

committees

Houses of

it not strange that no one of

overwhelminglv

all

the

managing partner of another

firrfi—but

question

policy wisdom.
Is

policy

to .whether,

dustry has
as

fundamental

serious

But

agers.

business-minded

the

be found among these man¬

-Congress,

refused
take

selected candidates

our

committee

changes.
source

carry

With Knowledge

the

aspects

W$ had decided that if

securities

firm that hires and trains person¬

that

Washington,. and

thoughtful,

securities

practical'

are

owners

these

have

dedicated commissioners

The

was

ating problems of successful busi¬
ness

outlining that suggestion.

devise

all

can

this very point.

business

firm.

what

trators

able and

policy decisions for his firm alone.

cause

the

secu¬

represent

should

ex¬

Let

are

the

business government

interchange y of
highest

successful

rity firms diversified in operation

procedures,

responsibilities

of good

core

the

perience of that committee.

commit¬

managing partners of

senior

now

Overcoming

our

preparation,

time

death.

easy

stay and performs

and

new

this

from

business.

Faulted

important
in

rules

new

fair

was

committee
before

floor

slow

the

ef¬

company

seemed

But

killed

either

the

Everything

one

the

Minimal

Have

for

carefully -chosen,

out

grown

President.

ment is here to

the

friendly

Delaware

made

for

was

two

Committee.

was

conserva¬

and

from

Finance
fort

Republican

backing

Congress

Senators

had J a

they

level

were

Advisory

candidates

tee

any one

raised

one

corporate

highest

Now to my point. Since govern¬

attempts
were

only

the

provide.

must

get

that

knowledge
executives

obviously unjust outcome, special
legislation was needed and two
to

experience, the expert

the

The economic operating unit of

Greenewalt

Bill.

Washington

given the chance. But it needs the
facts,

Crawford

the point I am

not

and

not

the

DuPont

interesting

know,

be¬

for example, relate the

the

made

does

have.

Let me,

tion

departments

itself

compromise

pendence
should

industry

governmental

Congress

ideas,

cannot

regulated

and

Congress

Consultation

vacuum.?

the

knowledge, to experience,

wise

ends.

committee of 11 to be

The

function

Commissions,

and

govern¬

constructive

respond

say

stay.

working effectively with
ment

will

and

can

(1391)

Committee ,to

another

is safe

The Commercial and Financial Chronicle

can

someone

method, I think it
that

favorably and responsibly—if it is

envy

the free

World.

ern

and

Investment

ernment

the organi¬

—

separate

6306

Number

The Commercial and Financial Chronicle

(1392)

chases of intermediate- and long-

Production

Steel

Electric

Output

Food

Production

Bank Clearings

Surge 15% Above

Week's Volume

1962
Bank

Commodity Price Index

clearings

economy's

1963

Although

the

performance

graphic

appears

production and manu¬

Industrial

orders for 'durable

new

goods dropped slightly in August,
while

nonfarm

retail

sales

and

personal

and

employment

changed

little

were

posted

income

the

in six months. Ac¬

smallest gain

cording to the N. Y. Federal Re¬

advices

the

fronr

however, these signs of hesitation
be traced

ening
'

entitled

article

another

"Recent

Capital

contained

finding

Developments

Market

the

auto output

overs,

received

slack¬

sales

After model

orders.

new

pace

and

change-

September

more-than-seasonal

Oct. 5—

slightly

three-month

continued;,
versely

decline.

.to

its

Week's

"It

from, the

declined

record

Indicators

somewhat

August pace.-

residential

con¬

reflection

than

tors

the

real change

any

relative

credit

ported,
from

activity,

the

Bank

continuing to

are

their

earlier

off

ease

has

continued

play

August, the third straight monthly
decline, appeared to be in line
the Commerce Department's

forecast, which implied

moderate
starts

reduction
the

over

from

year

Two

the

are

the

factors
over

the

the balance

the Bank

suggested,

bank

total

been

credit

substantial.: As

most

rapid, gains

bank

acquisitions

local

government

in real estate
in

business

enacted

hike and

trend

state

military

business

noted

demands for outside

up¬

flow

of
Net

local

govern¬

and

appear

plant

and

that

little

"there

prospect of

significant near-term reduction
the

current

unemployment

rate."

to have climbed to

measures

business

tivity in the Second
serve

banks

was

both

District,

ac¬

Federal

since

the

Re-

year's

dividuals

have

the

over

past

two

the

District
developments.
The
only notable exception to the Dis¬

rowing

trict's

dence suggests that

generally

construction.

good

While

record

recent

gains

construction employment have
paralleled the national rate of ad¬
vance, District

employment in the

industry is below
a

substantial

the

combined

increase

the

use

regular

living

output

1957-59

weekly

base

the

latest

and

the

mid-July,
week'fi

7.8%

above

year-ago

week.

cumulative total

castings

and

refunding

which is
1-Oct.

net

11.5%
1962

produc¬

with

last

week's

having been slightly

the

August

if allowance is made

bonds.

additional

surge

tivity in New York City,
builders

"borrowed"

from

ac¬

many

future

This

response was

favorable

particularly gratify¬

ing in view of
ments

line

rate levels had

set

under

the

City's

stringent zoning law.

new,

tificial

some

recent

com¬

suggesting

because

that

current

been rendered
of

official

ar¬

pur¬

total

day

7.8

Week

„

September
for

251,023
on

output

castings

tons.

ingots

the.

highest

that

were

about 12%

steel

since

the

week

doubt.

products

Auto

comeback

short period,

will

December.
in

the

orders

Pittsburgh
at

are

steel

pro¬

area

scrap,

slow.

posite
heavy

Steel's

the

melting,,

week

the sixth

price

key

ton

gross

No.

Rising

spur

increases

able

feeling

some

this

.could

■

••

;; •

happens,

.the*

sharper7 uptrendin. orders

production could
1

.occur.

Hem is ;haw .this ^could

not

all

expected/.that

'happen t

general-

will

users

take^up the slack to y avoid any

con¬

sbclr

reasoned

adjustments

reduced.

were

Distributors

for U. S. mills complain they

against

compete

less.

and

can

service

centers that handle certain

European

grades

Japanese stain-

steelmakers

announced programs

employees

roughly

vacation

Opinion

vacations

and

benefits

savings fund

those
the

America

offering
cash

contributions.?

its

membership

get

one

dividual

see

mills

differently.
oriented
to

One

mill

15%

off

the
of

them

steel

price

has

steel

been

users

sympathetic

and

two

increases.

industry's

profits,

expects

point

there

from

are

tonnage

pace.

said

Age

reaction

recent

autorise

another

October

the

little

But

November

for

auto

in¬

situation

heavily

looks

November.

the

need

are

Most

the

boost

reconciled

higher material costs.

pass

steel

basic

in the five

pay)

gives union employees

(13

Sales

to three

Headed

ability

the

economy's
will

entirely

the

absorb; costs.
steel

Generally,

carry

users

with

high degree of automation in their

plants have

greater ability

and inclination to absorb the

increases.

steel

product,

1964

uptrend

depends

year

additional weeks of paid vacation.

Metalworking

along or absorb the increases.

This

product and the steel user's own

extended vacation

Momentum

unanimous

not

industry, and

own

current

sharply. :■

staffing
At the same time, there is little
discouraging industry-wide inclination to either

they're

equivalent

large

new,

minimize

problems,

bene¬

under

workers

Steelworkers

contract.

have

giving white-

equivalent

hourly

United

.for

would-improve

Iron

major

tonnages,-, the picture at this mill

collar

come,

throughout the

upward. Some stainless steel

prices

denly*

point to the

price

and

7 ? '

automakers for Novemher. But it's

pres¬

■'•

off of. the * recoye^y ;rate
cou)<t> b£ "reversed' and/ an.7 even

alarm

official

•

current

Steel showed

One- top

long

not

is
.

en¬

capital spending.

But

order, rate

conclusive...

and

along

wholesale price index.

fits

dull

One. wilUnow. forecasts;. ^ signi^
cant ' drop in .sheet ?orders, from

that the steel increases would add

little

the

maintained,

are

If; this

possible " inflationary

sures.

for

will easing

levels, that

profit

tacted by

not

orders

coming in

are,

vember.

the

Top government economists

were

now,

.However, " this

ules.

think

will

consumers

over

question. 7

Saturday and other overtime
work..'If auto production sched¬

observers

only

backslid¬

some

for

demand. Their thinking: The :

the

their

Some Prices From mean? supplemental buys for No¬

Imports Keep

buying
to

advance

can

Further, .there

straight week.

Market

start

that - initial ..automotive .buys i for
November donot make, allowance

unchanged

was

$27

its

fact,

offices, and .the

com¬

grade,

industry is
75%

parallel

stands

necessarily

with the rise in steel ingot

production.

re¬

con¬

period of the month for steel sales

kept

not

steelmak-

has

for

the production rate is not

As., it.

pro¬

-7V

material,

raw

pace

rate

November

its

above

auto

about

automakers

out of the

its

says.

hard

the

market 7

ing in

firm

steel

only

bit by bit. In

rate of about four

points

duction pace.

last

major

could

overall

production requirements, the

own,-

continue to rise into

One

operating

ing

while

steel; at 'a

will

expects

one

this

production needs.

reach their second half peaks

November;

that

The

in steel production to

ordering

say

schedules

But

tinue

ended

large/ producers

production

duction

cautions

Until

Several

time prices

less than today's.

production

misleading.

covery

level

and

7,-

attain

$184 bil¬

strength of the market is not in

weeks with

com¬

Stalled

be stalled for

period starting Jan. 1, 1964. It also

aggregated

about half of all steel

Recovery

The

for the

August

rate

million

pared to September. The year-ago
steel

projects in order to beat the dead¬

investor

aheadi of

tons

year's

Steel

Eighth

The USW contract calls for 50%

tions for the 1973 and the 1989-94

last

114.5%,

faltered

tally

particularly

(1957-59=100).

upstate New York and the after¬
math

tons

above

September's output is estimated

noting

subscrip-

6,528,000 net tons. In the

large-scale construction strikes in

large

Jan.

period with

85,320,000

week's

115.2%

the'-Treasury's advance
September,

for

was

7 Three

output

since

the year-ago

comparison

review, the Bank cites the

the

was

statement

nearly

was

for

Jan.

tion

Money

success

average

(equal to about 62% of unofficial

period's

output

last equalled in

(*114.5%)

non-

Market

only one-tenth

cumulative index total of

monthly

last

frac¬

was

two-tenths

total

bor¬

disappointment felt

any

The

ingots

this
its

un¬

week in the last half of 1962

topped

housing expenditures.
In

said.

then

past

was

The

of mort¬

finance

zine

a f more courage
.,

GNP, could

annual

Steady improvement in demand Iron Age magazine reported.
major products will bring the
The V national
metalworking
eighth consecutive rise in steel

maintain

the

that

normally

for

pass!

for
in

30%

indicates

sales,

by the third quarter of 1964.

may

in¬

highest weekly production for

that

part of this is

increasing

borrowing

gage

Consecutive

the

succeeding' weeks

week's

output

homes." Available evi¬

several

this

effect

due to

sharp

hoped

the

1963.

has

reflects

ago.

year

degree

been

Climbs

Output

the

24.

and

ticularly striking aspect of recent
behavior

Steel

until

this

Buying

years.

consumer

high

any

the

Bank reports, in a section devoted

financial

the

Aug.

while

average

The Bank observes that "one par¬

the

above

financial

first quarter, have
kept pace with
their
national

counterparts,

May

the

tionally

record

outpaced

of
production based on
production for 1957-59.

uninterrupted, Most

upturn

Last

growth of personal disposable in¬
come

low

1963

quarter bullish expectations.

:-v
in

ton

new

levels.
Increases

The

and

was

since

far

though demand by

even

i 100, million

had

make

these ob¬

6.9%

several weeks but will not be

high during the first half of 1963,

commercial

amounts

ending

happy

state

"Index

weekly

forecast

record

lion

$592 bil¬

quarter

The record: $165 billion in 1962.

past
two
years
and / last increases will have a moderate in¬
on 7 business
equalled in mid-March,. 1960. Ex-., flationary 7- impact
cept for July 13 week's *1.6% • without 7 causing undue hardship.

vigorous

claims and debt obligations of in¬

Most

output

unspectacular

1957.

Aug.

dustry

governments, however,

ligations

believed
to

change

;

generated

borrowings

100.9

1,742,000 occurred in the week

decline

internally

101.1

industry

y 7 Demand for

gain, there
;■

funds.

awaited fall week-to-

business

108

Total

quar¬

;

about
a

the

capital have

the

in
and

continued

that

raising market yields

Bank

tons

1,879,000

the/Sept.

seventh

tons

week

Bank

equipment spending. Nevertheless,
continues

1,883,000

May 25, which was unequalled in

loans, while growths
has

110

Western

2,626,000 tons in the.week:ended latest J steel; price i increases

securities ..and

The

planned

local

outlays—and

step-up

pay

resumption of the
and

the week

against

gain

ended

be: relatively iow,
rise in gov¬
spending—reflecting the primarily because of the enlarged

recently

again

ofstate

loans

the

lion

1962, the

have .been

103

year—highest since the 112.7 mil¬

heavy

has

slow.

continued

anticipated

ernment

ment

high spring level.

expansive

year,

housing

half

last

economic picture
of the

115

Louis-—

until

Steel In¬

and

was

which portends

demands for credit without sharp

revised

5
as

upward

weeks'

advances in interest rates. Growth

starts

114

not

data compiled by

Iron

(*100.9%)

was

im¬

financing

part

strong performance. A slight dip

with

Oct.

week

The commercial banking system

portant

St.

their

the fractional net: gain „in a row out
of the past 18 weeks. The seven
v

Bank states.

re¬

exceptionally

housing

rate of

fourth

metalworking

July 20.

11.5%

Output

This long

nonfarm

Year's Cumula- +

the

(*101.1% )

long-term

demand,"

111

Weekly / capacity)
and

Row

production for

ended

struction

Output Ad¬

Seventh
a

According to

expectational fac¬

availability

104

105

7.0

ending week.

144

109

Southern

the

The

141

Chicago
Cincinnati

past nine months have been more

Detroit

513,576

Steel

annual

year.

tons poured last week. Production

ad¬

105

7.6

the American

ad¬

place

tons

models, and department

sales

taken

+23.5

Above 1962's Period

stitute,

have

Cleveland

lion

899,760

tive |;

declined, while rates

well be that such

Youngstown ;

Output will exceed the 1,883,000

the

While

stable.

may

——

weekly

7.8% Above Year-Ago Week

rates

107

—

549,626

Advance

short-term loans to business have

vances

East Coast___^_

Pittsburgh

5.7
4.8

0.2 %

vance

charged by commercial banks on
remained

North

Buffalo

City

$612 billion gross national

ter, 1964. They estimate GNP will

Sept. 28
106/ "A

long-term interest rates over the

shortages

mortgage

Ending-

1,423,712
1,217,000

sales

Auto

however,

affected

some new

store

following

home

Moreover,

have actually

cost

Oct. 5

survey.

The 42 business economists fore-

product (GNP) in the third

968,411

Kansas

somewhat less easy

1,275,000

1,505,585
,

Boston

tivity and

75%

production this week, Steel maga¬

1962

$22,244,346 $18,005,736

Chicago..
Philadelphia

Despite expanding business ac¬

1963

York

New

Re¬

for

summary

week

sales.

District—

$32,393,-

; f 000s Omitted)

Week End.

view.

boost, and steel production turned
upward

about

Week

chief

principal money cen¬

ters follows:

the

Monthly

Bank's

the

comparative

of the

some

in the October is¬

United States"

Our

last

"Index of Ingot

224,351 for the same week in 1962.

This

York.

New

special factors

parently responsible for
■

against

$37,253,990,895

monetary policy, yields on longin the auto and steel industries. term obligations of corporations
and governments have edged up
Thus, with car makers retooling
for the 1964 models in August, only slightly this year and are
still
below
early -1962
levels.
shortages of some lines were ap¬
could

r -

nar¬

Production for

iiitwbate that

cities of the country,

were

total tonnage

year

and quite

mixed

Bank

serve

sue

another

according to the Federal Re¬

row,

Bank, in almost every case,

serve

been

have

renewed pickup.

facturers'

shaping

for

year

of for the week ended/ Saturday,
York
noted
that
after
several heavy over-all demand for funds Oct. 5 clearings for all cities of
months of sustained, advance, the in the capital markets, supplies the United States for which it is
economy's upward movement ap¬ have again been ample so that, possible to obtain weekly clear¬
peared to slow in late summer, with the exception of yields on ings were 15% above those of
although fragmentary September short-term open market instru¬ the corresponding week last year.
data suggest the possibility of a ments,
interest rate movements
HOur
preliminary
totals were;
New

Bank

Reserve

Federal

by the Chronicle,based upon tele¬

Savings Keep Yields Down

the

analysis

month's

predicts in its latest

Preliminary figures compiled

ago.

This

that

latest'

the

statement forged ahead

1964, Steel's Panel of Economists

77.;'

Failures

Business

Commencing last April, 1963 (not through at least the third quarter,

they

Price Index

Auto

INDUSTRY

Thursday, October 10, 1963

selectively

Trade

Retail

April, 1962), prices began to rise

Carloadings

The State of
TRADE and

issues.

term

•

industries

major

and

part

there

are

steps? in fabrication or
,r

Continued

price

where

the

fewer

manufacon page

Number 6306

198

Volume

The Commercial and Financial Chronicle

the

company's substantial poten-

tial

The Security

(It may be relevant that

Continued from page

and

comnetence

rjpl

SLtrimPriL
Middle

and

East,

fields

and

spread of its facilities protects

setback due to
local political crises or unusual oil
supply-demand
situations, and
any

with

the

severe

bulk

its

the market nlace)

lnSUrailC© OO. will

continue

approxi-

own

mately 46% of the company's

O.Q'nifol fttnplr Snlfl
V^aUllal QlULiA. OUIU
'

ital stock. '
'

As of Jan

cap-

ranker!

Ponitai

+r>

1963

19th

thP

rnmnanv

Tiniw

amnno

•

tates

capital stock companies in terms

The company is not authorized of insurance in force and 43rd in

ta do business as an insurer in terms of admitted assets. Life inNew York State, and the stock is surance in force on June 30, 1963
not being offered for sale in New was $3,696,116,704.

York State.

1961 and 50<^ ,a.y.ear }?ter' the offerinS of 200,000 capital shares
The company, which has its
Joins Franroenr
fn
comPany maintaining the same of Republic National Life Insur- headquarters in Dallas, Texas, is
J
hrancoeur & Co.
cas^ ra*e as Prevlously on the in- anqe Co. at $63.75 per share. *
engaged in the writing of individ- DENVER, Colo.—Charles O. Van
creased number of shares.
The stock? which represents ual and group life, accident, sick- Meter has become associated with
Although the stock Is currently approximately 6% of the total ness, medical and surgical reim- Francoeur and Company of Chitraded in the Over-the-Counter outstanding, is being sold by bursement,
hospitalization and
Meter wa<= former

recently Australia. Geographic
from

dividends are conservative, at The First Boston Corp., New
cents Quarterly, less than 20% York and Sanders & Co., Dallas,
of current earnings. A 105% stock as managers of an underwriting
dividend was Paid in December, group have announced the public

North Africathe

Far

the

' 7

emnhasis

With

•

California gas
appraised at about $160
in

acu-

inpranhi

nniw'nf

million

me-

rhanTcal^^eoZment business
on/r

lay

JLdie

^° pr0ce?ds
accrue and is also licensed and operates
tlf company. After the offer- in the District of Columbia and
ing, Mr. Beasley and his family Puerto Rico.

xiaoiuiiai

i-vvpuuno

publicized inde-

the

pendents

technical

one

oil-gas exploration en-

terprise.

I Like Best

(1393)

Market, the company has just ap-

operations

members of the Beasley family pension insurance.

It is licensed

plied for listing on the New York including Theodore P. Beasley, and operates in all states of the
wlth Peters> Writer & Christenlimited to a few large American Stock Exchange.
Chairman and Chief Executive United States, except New York, sen, Inc. and Coughlin and Co.
and European firms.
h
■ '
'
'
.

conducted overseas, competition is

Seeking further diversification,
it

assume

•

;

•

•'"*

vital

with

partnership

part.

educational television:

the

broader interest in

industry in which it is already a

others in leases covering some 90,-:.:
000

•

logical for the company to

was

geologically promis-

acres

•

.'I-

ing lands in central California in
which its own interest varies from

10%-50%, its share of gas and oil
sales has already become subStan-v
More important is the bank

tial.

■

l'j

account which it is rapidly build-

ing in the form of underground. •
gas reserves which will produce ,
major, portionjof

serves

extension

Field

is repre¬

interest in an

27.8%

sented by

Buttes

Sutter

the

California, _ac-^/W'''

northern

re¬

gas

far developed

v-.-;

income for many years.
The

quired in 1960. Acting as operator,
wells on

> ;-v

the, property of which 34 are pro-

Santa Fe has drilled "36

ducers.

Electric,'

Gas

Pacific

purchaser of the gas under con-,

tract extending to Jan. 1, 1982,

required to tie in to its gathering

:yy'

system all wells completed and to

minimum

the gas on a

purchase
of

cubic

billion

the

will

area

sidered

drilling "

be con¬

can

developed.

fully

Fe is also

day

per

require

this property

before

•:-*••• •

More locations /

from the 34 wells.

feet

' ;

in'excess

daily take-or-pay basis

Santa

partner in other discov-

"
;

eries, including Vernalis and two

Al-

in the McMullin Ranch.

zones

•

though not yet evaluated prelim¬

indicates McMullin to

inary data
be

find of major importance.

Drilling

in¬

the

two-ply value. It has

unusually successful, record as

an
a

Santa

vestor has

drilling

with

contractor,

and

earnings at

enues

rev¬

all time

Second, it is developing sig¬

high.

its

via

values

nificant

help for busy teachers

ex¬

own

PG&E gas re¬

ploration program.

quirements, up 50% in four years,

substantially

are

those

utilities

larger

hope for crowded classrooms

than
the

serving

V New York or Chicago areas. Apart
from
at

well-head,

duction

payment sale of

block of gas by
indicates

MCF

per

Aground.
Buttes
than

recent

reserves

based

Field,

culated

one

to be

purely

of
an

share the stock has

ings and 5%
per

share.

times

Fe's

exploration

classrooms.

of the first ETV networks in the

We have since

helped pioneer the first state¬

wide, closed circuit Educational Television system,

Educational

as an

imaginative

way

to expand course

subjects, to bring

niques

into

the

effective teaching tech¬

classrooms

without

sacrificing

our

long experience in the research

and development of telephone, television, and
fense

that

communications
the

Bell

System

networks, it
was

called

was

doing this,

have developed a transmission

service that is low in cost and makes use of the r
service

and

maintenance

facilities

cuA^ent

earn¬

de¬

natural

to develop

Helping communities like yours find the an¬
swer
more

to better learning through
way

skills to work serving you

BELL TELEPHONE

Owned by more

ETV is just one

of putting Bell System research and
and

SYSTEM

the cash flow

to be selling

of local Bell '

Telephone Companies in communities of any size.

personalized instruction from room teachers.
Because of

in South Carolina.

per

At this level it would

appear

teachers,

one

P/E multiple

of less than 14 times

certainly

Santa

Selling at about $22

company.

conservative;

very

guesstimate

equity

Television
.

This would

alone.

period

value of

share is cal¬

per

Sanl&JFe's

field

Many communities have turned to

minimum

over

for

An expanding popula¬

facilities for

country, in Hagerstown, Maryland.

the

present

approximately $6

value

tion begs

severe

requires new

accelerating world

broader curriculums.

and

In the case of the Sutter

of 18 years a gas reserve

initial

challenge.

large

minimum value of 15c

PG&E's

appear

pro¬

another producer"

purchase extending

this

Today, education in America faces a

price

30c current selling

its

the

than tivo million Americans

your

family.

;

The Commercial and Financial Chronicle

cles

WALLACE STREETE

will inevitably

race,

iness

clip its own

and

price

in other lines. But somc^vorable
comment was starting to app
after the group showed that it
could come to life on high hoi
for the future.

dawdling
manner for the most of this week,
with
industrials
still
hovering
around their
all-time high but
without showing any determinatheir

mount

tion to
For

spirited upsurge,

were quiet and
coasting along without

given

restraining influence on

case

well
throughout the late summer for
a period
of around three months.

time
age

master as

students
out, new allpeaks in the industrial averin recent years have teen
by

occasionally
But

clines.

ance.

de-

ture

one

net

Even

true

holds

concern

some

market;
ex-

was

pressed over the possibility of a
major

this

but

ob-

market

the

Most

worry.

minority

the

still

was

reached

been

having

top

tax cut, the

renewal

swing

bull

the

for

lysts.

industrial

the

for

The

average.

that Rich-

fact

actions will start
in volume after a year

dividend

good
to

emerge

generally high profits, so there

of ever higher per-share

company's MER/29, which

would be partially; covered by inand
the
company
has

that

stated

effect

material

any,

would

insurance

excess

"losses,

not

the

have

company's financial position." So,

rant

As
any

the

resemblance.

been

one

past

year

the

in the

market

new

record

despite the stalemate in the

average

leaders

of which it is

part.-*

that

cur¬

business

clean

ing that will be done this
anticipation
year,
as

advantageous.

price

vestment

popular,
increases

interest.

generally in
the

too

the

their

re-

in-

per

weren't

prosperity

apparent

NEW

FOR

space

analysts

•'

■

and

rates

•<

The

were

per

was

The thinking in

Cenco
the

companies

paper

its

from

Instruments,

role

past,

the Commercial and

in these days

and

eral

will send you complete

*4, ^

■« ■

Life Insurance In¬

has

which

relieved

21,551 shareholders of the need
in this little

to find their own way

understood field. On its board are

"life"

such

mond

professionals

also

Vice-President

President,

Smith,

Ray¬
who

Alfred

Best, insurance publisher, and

for

many

source

The Funds Report
Bankers

Trust

pointed

sole

Co.

has

transfer

been

ap¬

and

agent

dividend disbursing agent for the
stock

Connecticut

$100 par value

M utual

Western

Fund.
»(i

»!*

Delaware Fund announces it "has

completed

position"

Union

Oil of California.
si.

Shareholders

Boston

report

of Sept. 5

Exchange
received

have

the

exchange

for

2,520,409 shares of

$69,283,526, equal

were

to $27.49 per

share. The Fund has

list of securities repre¬

accepted

senting

industries.

different

Life insurance issues made up

for

the

accounting

classification,

largest

date

which showed net assets

market

capital

the

of investments.

9.3%

Secretary-Treas¬

Bradford,

❖

who also is Chairman of the
Board of Life & Casualty Insur¬
urer,

Fund

Income

that

Co. of Tennessee.

Boston

reports

marking end

July 31,

the first half of its fiscal year,
ended July 31, Life Insurance Intotal net assets were $51,309,855,
vestors
puts total net assets at or $8.24 per share. This compares
$59.2 million, 3 rise of 52.5% from with $42,740,374 and $7.28 a share
report for the six months

its

earlier and 12.2% since the
start of the current fiscal year on
Feb. 1. Net asset value per share
at July 31 was $17.26. Including
the capital gains distribution of
45 cents per share paid on March

year

a year

i? the per share value was equivalent to $17.71.
This compares

earlier and
$17.17 at the start of this year.
with

$14.27

the

Jan.

portfolio during the past
^

vestment

Northwest AirNorthwest Air¬

quarter included
qUarter included

Pacific Southwest Airlines,

lines,

Reynolds
N.

in¬

Fund

Resources

V.,

Vanadium

Unilever,
Corp. of

announces

that

Reynolds,

and

America.

little
in

who understand it.

of
a

Lite Insurance In-

Ivest,

Inc.,

net

value per share increased

aSset

fis_

$H g6 £rom $n 31 during the

the

phrase,
to find:

coin

cal year ended Allg' 31'

Dunng

the period, total net assets lose to

$7.24.

mere

not hard

To
are

appearing in the In¬

names

ternational

31, 1958, net asset value

per

even

juicy rewards

that has paid

nearly all

company

remarkable,

trade

New

earlier.

long-distance performance

short

year

reasons

$1,311,640 from $829,389.

„

Indications
be

that

are

all counts-

record year—on

will

1963

of Wellesley and

Charles D. Post
Professor

Desmond

John

Glover

the

show

this

passage

classroom

space

increase, steadily,

education

much

growing

complex

to the

market

not

Cenco

add

in¬
that

profit possibili¬

which

dominates

such

•

They

necessarily

with
are

those

presented

author only. 1

insurance.

Pending

without

creasingly

Financial Chronicle without obligation.

Inc.,

vestors,

bill to provide Fed¬

addition, equipment for scien-

cide
^

fund known

its

Tenn., there is a

Nashville,

earnings

are

support for school facilities.

tific

special trial subscription offer to

Invest¬

continue favorable.

provided.

guaranteed

Address

companies

should
o,i^lu

For

"dig-

been

l° ^ Shareh°ld-

Fund

ment

schools

types
,

1 The. vieivs expressed in

billion).

ratios

the

for

profitable places to put their own
resources
(over $25

needed

expansion

constant

and

lookout

the

considerable

comparatively

supplies.

stranger

any

expected

are

substantial advance.

surance
a

how

you

it:

directly and. indirectly

welfare

nation's

economy

literally a service for
is no substitute."
Anyone
the

annual

has

company -

must

by the richness

portfolio.

have
of its

Fundmen,

have a greater

with the other plus

the

faculty

Graduate School

*
t

*
^

*
.

reports .that
first quar-

which there terly period, total net assets had
increased
to
$2,903,000.
Asset

^appreciation
of portfolio than other folks, must
be captivated by the bundle along
who

been

force to the Putnam Income Fund
a
whole— at Aug. 31, end of its

who has ever studied
report of a topflight

insurance

firm

is- of Business Administration,

the life and economic
of every individual, every

family, and is a vital

law

Boston

Harvard

the

part. of

investment

of the

the

Goodwin, Procter & Hoar and Mr.

"No

view it, life in-

time coin•

those

ner

Glover
matter

states

Smith

Ray

this article

the "Chronicle."
as

been struck

Firm

opportunity. They are

constantly

vestors was

"glamour" issue in

has been

ties
Name

investment

sured

In
we

it
^

common

and wait to be sold on an

for life

and

our

these

trade.

have

Sales of new
cir- its business of providing
equip- life insurance in the first half of of Weston have been added to
e
ment
for
schools,
particularly 1963 rose about 7% from the like board
of Keystone Custodian
scientific
equipment, seems as¬ 1962 period. Mortality and expense Funds. Mr. Post is a senior part¬

New York. N. Y. 10007

below and

simply

tops $700 billion)

It is here that the mutual funds

sober market despite the fact that

Even.

the coupon

lines.

paper

bill, the business of adding

out

for¬

plus for Georgia Pacific

mundane

market

some

the

Expanding Market

carn¬

the

erratic

the

sales

its

The COMMERCIAL and FINANCIAL

Fill

force

(insurance

don't cultivate the investor.

The

Plywood which gets about a third

debatable issue,

it in

Congress is

information regarding

trade

mighty

record

added

the future,
citing average

SUBSCRIBERS

25 Park Place

won't find "life" stocks on

Big Board and the companies

the

improvement

tunes

Look Sharp!

showed

action.

price

recent

showing

been

jmpose(j

age

for

And

share.

Gillette

been

not

ings gains of 5% or more per year.
8

much favor behas

years

by some 3% last year,
able to show record profits

was

"the modern gold rush."

You

participation

growth

spurred

Steels

industry

enjoying

some

quiet and occasion-

were

ally mildly

cause

taxes

pattern both in its basic
of communications and

have

recent

increased

when such deductions won't

Steels

Cent

lower

panies

excellent

the

earnings margins such com-

poor

rights.

work. While its outstanding shares

year

its

the record-establish¬

improvement

give them the added

A.T.&T. has shown an

growth

is (taking, place

since

would

ject

ance

month

allure of valuable

rently, and how much is still due,

Richardson-

uncertainty

The detlmte change as far as
have been
industry groups are concerned
would cover the higher payment would seem to be in the investby a considerable margin." This ment regard toward paper comyear there is also talk of some type Pany
stocks. The change was
of financing through .stockholders stirred up by what appears to be
definite

the moment is how much tax-loss

definite element

the earnings
running at a rate that

intangible in the market at

switching

about

particularly

the

It raced to

advance.

peak

issues

Chrysler,

again came to life after

one,

having

specific

and

averages

for

while there is

meeting is Merrell's future, there also is a
and a possibility of long range recovery
any major market retreat.
popular, and nice, round figure of when the troubles are cleared up.
is true of the "market" at
$4 annually was widely mentioned 'y ,
p
r stocks E
d
given period, the action of
against the present rate of $3.60,
r
.

bore
for

Telephone's dividend
in

ging"
years,

this

who

heralds the sub¬

(Citadel, $2.95)

surance

Preva^ent or some

hearing

Stocks"

Insurance

"Life

book

years

largest selling ethical drug prior
to the trouble. But sales growth
since has been apparent, although
more modest. Offsetting any posslble large judgments against the
company is the fact that they

prominent in some of the disparticularly since talk
of a dividend increase has been
Ul a U1V1"C1,U

slated

opportunities in

fundmen,

[en'dT him ^he teketTf t ^
,!

around

cussions,

nothing basic that would war¬

his

rec-

was

when

approaching

fast

season

taking

precluded

good deal about the investment

was one of the questioned and
recalled drugs, was billed as its

letters,

market

features

limited

typically have done a standout
string of 15 years
job. Their function is not to sit
constantly expanding sales and

The

the

own

insurance

their all-time

advantage
« - * « - « -

—

that

now

around

are

peaks, the public will

A
field

Telephone, which sel-

American

dom

superior growth

showing

Divi en

maximum

doubt,

ecstatic.

covers

have

means

in"this

actions have done

the

obscure

fam¬

are

years

IIigher Telephone

and

peaks

record

new

ac¬

in¬
introduction

its

into

iled

of a guarantee of a high level
of business for the houseware field
and make such as Admiral, Maytag and Whirlpool familiar names
in the discussions of various ana-

consequently

other

fels

anticipated in the

•

looking

still

were

servers

It is

suits.

earnings.

several

any

time and

the

of the drugs.

one

fiscal year
able to boost

ily formations

Majority Bullish
As

'vpli

of ; various

target

vestigation

In lts last

without

who

stocks

analysts who

'that while his

vows

tions, including a government

What the legal

in sales.

advance
sidewise movement.

compiled an exrecord in sales growth over

for

use

basis of

the

also

has

exampie, it was
income 15% on an 11% jump

for

phase of
has been

been

form

v."£ of

bright.

edi-

nbuits knowlec|Se. his counsel has made satisfaction that they rendered

and has been active in
cost.cutting to keep its profit pic-

taritly and the corrective
the

the years

impor-

ground

give

■

ceuent

index has

this

far

well

Sunbeam

pause,

temporary

by
so

refused

restful

also

was

question mark, not so

-f

had

the
well-known .Mixas other appliances
widespread accept¬

that have won

wont to point

followed

maker

of the market

As many
were

the Defensive

authors,

are

downright

get

can

Oil

there

ers.

household
It

appliances.

electrical

fared

had

that

'market

maker

dependent

consolidating phase for

tors and Wall Street

appliance outfits such as
Sunbeam which is the leading in-

the senior

With the Funds

of life-insurance

subject

sion.

home

Overall, it was mostly a

section.

the

equities,

much because of its basic work but

ieit

longer usable life of the new ver¬

wide-open

would

boon

real

Life

reporter

the thin 11 g

taxes,

which served as a

determination

normal

Richardson-Merrell

Whenlt

sections

utility

for the loss of sales
blades because of the

than make up

Cut Beneficiary

Tax

and

rail

the

thing,

one

will more

stainless' blades

the

POTTER

The con¬

trary view is that the higher
on

BY JOSEPH

it succeeds

more as

the stainless contest.

continued

get

profitable normal razor blade bus¬

last

Gillette,

that

into the stainless steel razor blade

.And You

The Market..

Stocks

Thursday, October 10, 1963

(1394)

factors.

value

per

there

were

ment

3, using an

of $227,000,

c-pa^y

was

$9.89

600 shareholders.

commenced

Fund

July

operation

and
The
on

original investsupplied prinmembers

by trustees and

of Putnam

Management Co., Inc.

Volume

Number

198

6306

The Commercial and

Financial

Chronicle

Below

Selling Wheat to Russia—
Is the Price

This

Right?

By Dr. Herman H. Browne, Member of the New York Produce

.«,».• V

•

Grain

economist

sell

wheat

Dr.

Browne

should

points out that our export

subsidy, lessened by the rise in world market price, benefits
Russia

discussions

long

grain

the

private negotiations of

and

press

with

exporters

Russian

about

still

after having

representatives, and
sentiment

of. the

difference

mestic

has to

market

price

cover

the

between

—

•

—and

public,

the

price

lower

do¬

which

the exporter has to buy the

investigated
the

subsidy paid the exporter

grain

international

which he has to sell.

the

farm
The

population,
tration

wheat

Russia,

final

for

de¬

for

The

sale.
to

due

which

sians

the

world

the

made

still

want

whether

they

wheat in

Rus¬

doubtful

the U. S. A.

buy

the

Welcomed

price

exporter

nomic
one

point

of view

the only

—

about

tons

wheat, valued

$200,000,000 would be

burdensome

would

surpluses,

able.

eign

the

stor¬

The

dollars

will

would get in payment

Dillon

Secretary

phasized,

ease

some

Russia

problem.

also
the

growing

and

empty

this

crop

feed

subsidized

animal

stores

year

Russia

Will

bought

the

also

world

bought

Europe.
new

crops

Southern

flour

prices

They

Western

of the year,

the

domestic

price.

order

sector

ernment

the

policy

farmer

the

does

for

this

such

farmers

Gov¬

our

time

when

over

the

price much

prices. In fulfilment

of this guarantee the Government
has

not

buy

the grain which

sold

through

can¬

support prices induced farmers to
allocate

quirements
were

our

resources

cover

and

domestic

huge

than
re¬

surpluses

created. To make the export

part

the surplus

Government

system -of

possible

instituted

the

export subsidies.!

The

wheat,

here

to
of

the

consultant.

Mr.

-active

munity
1921.

has

been

Russia—

was

Co.,

vestment

curities

wheat

com¬

could

tion

based

level.

carry

World

offer

the

Still,
the

the

is,

normal
the

for

Russia,
or

from

sub¬

our

bought

Cleveland

and

Tool

lead¬

securi¬

office in'the Severance Center

sho p p

ton

and

center,

n g

Cleveland

will

Severance

Center

Clark

Mr.

other offices in

Youngstown.

initially

has

Clark

Mr.

located

the

Commerce

has

and

commercial

official

published

in,

rejec¬

price

seem

domestic
to the

18%

deal

under

terms.

Tass.

year

grain supplies available

Government will be about

lower than

supplies in

1962.

A Reuter's dispatch from Moscow

said:
flour
able

bread

and

rationed

the

Ohio

Municipal
original

Cleveland

the

was an

Bureau

been

and

its president,

member

Heights

Research

was

apparently

the

position.

The higher re¬

bank with

The

consumer

loans,

consumer

place the
orientation

may

in Philadelphia and

are

attributed to the fact that in 1962

unduly penalized due to Regulation Q
been banks with

these

high time deposit ratios.

Also,

standstill due to

permissive branch practices.

Midwestern bank's earnings

one

is favorable.

This is due to the

Midwestern banks.

report

are

not

reported

bank

Those

up.

are

expected

are

that

Chicago

West

shown

are

Coast

banks

somewhat

show

estimates

year

better

Among the large West Coast banks is

earnings were unduly penalized for

due to the merger

general,

expected

Although only three banks

earnings

case

banks, earlier during the

favorable.

very

shown below,

are

relatively high time

similar favorable increase.

some

the West Coast.

earnings

discrepancies area-wisp.

favorable

are

for

the

year

with

The outlook for the remainder of

1963 and 1964 continues favorable

count

rate

again.

in view of the

probable tax cut

Also, the rapid savings growth should slacken

point, thus imposing

some

high yielding
expense at

of loaning

areas

further burden
and

'
.

■
.

-/."..a..''''
Nine Months

California

$2.25

$2.54

2.20

2.18

1.0

4.10

IJHi'J

3.81

7.6

...

Earnings

1 «;•<>;{

Bankers Trust Company
Bank

holding this

the current level.
\

•'

banks to find

investment and

•

Trust Co.—

the

Citizens and Southern National

Crocker

3.82

% Change
—

3.93

2.66

—_

First

Bank*

Anglo National Bank—______

First National Bank
National

2.66

—

0.8%

2.5

1.88

Manufacturers Hanover TrustMarine Midland
National Bank

Excluding

8.6

1.44

—

0,7

2.47

5.6

0.47

-f

8.5

3.74

3.38

+10.7

2.76

Detroit—

earnings of

4.05

2.61

—

Security First Nat'l Bank (Los Angeles)
*

3.9
3.2

0.51

Corporation.

-j—

1.45

Co.*

1.81
4,13

4.40

City Bank

-i-

4.00

Boston

First Pennsylvania Banking & Trust

Board of Educa¬

2.58

7.0

affiliates.

dent

the Cleveland

has

and

member and past presi¬
held

Investment
of

Bond

Bankers

Club

posts

many

America, including serving

group

National and Grindlays

the

Bank Limited

Association
as

Primary Markets in

chairman, national munici¬

pal chairman, member of the

Head Office

na¬

and

Board

vice-president.

Governors,

BANK

Telegraphic Address

INSURANCE
Form Modern
EAST

Security

ORANGE, N, J.

—

Security Planning, Inc. has been
to

conduct
Aaron

securities busi¬

Schneider

and

Presi¬

Bankers

Laird, BissellS Meeds

and

Leo

Praeger.
'

York

Members

New

Members

American

120

BROADWAY,

Telephone:
Bell

Treasurer;

Vice-President.

Telex Nos. 22368-9

Modern

formed with offices at 110 Halsted

St.,

MINERVA LONDON

STOCKS

and

unobtain¬

U BISHOPSGATE, LONDON, B.OI

and

•

dent; Samuel M. Sacher, Secretary
here.

Those

are

com¬

Citizens

the

ness.
was

year

which could prompt the Federal Reserve Board to raise the dis¬

just

report that this

bank

over

agency,

press

never

Chemical Bank-N.

served

Governmental

Shaker

this

diverse

Chase Manhattan Bank-

office.

mittees of the Cleveland Chamber,
of

leading in deposit

Co.

Merrill, Turben & Co; is

eposits

detrimental
are

increases

showing the'poorer results
of this

in each

Clark

director of

Pneumatic

tion.

considera¬

not
a

enviable

bank

were not

were

fewer

dent, Treasurer

calcula¬

domestic

does

door

maxi-

large mortgage operation and Teturp
is high with a low degree of risk.
;

source

ratio

In
John

Presi¬

revision

pay

Although savings

can

deposit

change in legislation allowing

years

served

tional

this

Much

earnings

Ashland, Canton, Columbus, Day¬

comes
as

under

the retail

Boston.

financial

Vice

crop

area

These in¬

further

characteristic of both banks.

the Wells Fargo whose

Heights, and has

statement

interpreted

in¬

gone

for the better performance is the substan¬

reason

increases than those below.

ex¬

year's

has

bank

which

s e-

and dur-

pany,

substantial

category.

area

loans, which is also characteristic of

below,

in¬

our

bought

Khrushchev's

the

Possibly the

Clark

served two terms

until

greater

As to the West Coast

Russia.

enough

the

tial retail operation

here

paid

the

country

time

"time"

in,this

his

had

First National City and Chase Manhattan.

the

founders

Fahey,

time

also showing the better earnings improvements.

are

institutions will

sidized wheat has already gone to
Mr.

have

earnings increase has

in the

growth

enjoying

deposit

since

this

wheat. Indirectly,

our

banks

the increase

emphatically

wheat

our

banks
an

Certificates of Deposit.

Although onty

in¬

com¬

one

Clark

the

Cleveland

vestment

senior

It recently opened

sold

continue

The banks

company.

subsidy

flour

growth

from this

ties

major

but principally

costly and

assures

Of Merrill Turben

earnings

ratio
,

earnings, those New York institutions which

retail

Clark Joins Staff

West

Germany and

this

the

services, plus the ability to make

investment

mof 4%

turn

demand.

Cleveland

recently

reflected

tion

and

ing

buyers

due

The

from

normally

private

channels at the support level. The

necessary

France,

course,

supply

Chancellor

wheat

West

guaranteeing

support

world

above

crop.

that

banks'

high

Regulation Q in July allows commercial banks to

pure

basis

trustee

about the

grain prices collapsed all
worlds—a

and

bushels

regular

are

poor

solved

sidy would be

mem¬

one

France

whose

ironic!)

Avheat

sub¬

Advisory Council,

economy

started

subsidy

equivalent

objects

sale

porter

issue of the

lishment

What

secure

the

Adenauer

wheat.

The

disputed

commercial

100 million

Russia.

exported

is milled from

parity with the industrial
of

come

Italy

much

subsidy

bushels

domestic wheat which is replaced

proposition? Hardly.

income

sale

of this flour will

how

costs

earnings. Along with

should

creases

are

League, participated in the estab¬

Russia

Will

support

(The larger part

Germany

save our

than the

and

officials
to

pay

than

million

100

deposits

Government much

War II

flour

rise

bushels

City,
occur

three

statements,

informal

wheat

not,

Germany,

our

million

750

where

creases

export

irrespective of whether the flour

bers of Congress talked

mean?

tons

Canada and

coming

are

government

Hemisphere.

various

sale

wheat

for¬

million."

sold

about

can

"in effect

and

wheat to Russia.

credits.

the end

year.

market

long-term

con¬

eight million

of wheat and flour in

and

end

call for

buy the

about
at

for

They have already

A.?

Australia

will

population,

may

Russia

The

wheat

the

single

agree

which

said,

price

else,

West

the

in each case; branching has come to a virtual

unmanage¬

economy.

Italy

wheat

v/v'i >'

York

expected to

these

New

divergent.

The most surprising performances have occurred in New York

City

any

total

Coast

due

rill, Turben & Co., Inc.,

grain

farm

hundred

about

reduction

The
on

exports

1962

banks have

country

country could

grains

tinuing imports next

the

long

price

em¬

balance

our

payments
need

country.

for

period

same

called

were

Clark has joined the staff of Mer¬

subsidy

the

gold

reduced

slight increases

CLEVELAND, Ohio—John S.

able to sell

somewhere

Senator

the export subsidy could

penalized

may

Larger increases

the West

compared to toe

trends

benefiting

paid

would

bought

price

export

the

this

foreign

surpluses

which costs

amounts.

enormous

very

get, rid

handling of

and

coun¬

unduly

deposits,
.

importing

international

for

were

of the major commercial banks

some

earnings

Midwest and

the

were

largest wheat

the

over

part

our

welcome.

in¬

the foreign im¬

and

eco¬

buy it

The

not

nor

not be

pound

the

discussed here—a sale of three

million

age

from

event,

any

would

the

general,

Initially, estimates

Inter¬

guar¬

which

price.

clearly

guaranteed
Sale

the

exported.

difference

porter,

have to

may

farmer/Without
A

grain not exported the

market

subsidy

inter¬

This

which

support

cludes

also

may

the

level.

the

farmer

form

above

grain

Government

approval

delay

statement

leading

support

Republicans
the

goes

the

Boston, and Philadelphia.

Agreement which

and

1962.

minimum support price

the

Were

is able to ob¬

the

Gov¬

Government fulfills its

Dr. H. H. Browne

until

the

price

antee of

President Kennedy
tain

price

way

portion

guaranteed

national

decision

layed

by the

price which the

that

support

but

being

refund

however,

exporting

maximum

expected this year would

nothing

domestic

ap¬

the sale

prove

than

subsidy

ernment

seems

ready

else

Adminis¬

the

Subsidy to Russia

export

Wheat

earnings of

are

for the first nine months of 1963

domestic

the

Bank Stocks

—

NINE MONTHS EARNINGS—

Shown below

subsidy the wheat

between

tries.

higher

wheat, the

the

below

^is Week

demand

are

stipulated

subsidy

particularly

[^TOCICS

still go higher.

may

At this

exists

and

larger.

increased

prices

25%

sells

price

the time of export

the

much

variety exported, is present¬

price.

no one

to exporters.

export

this

national
After

will

main

except our own farmer and is not, therefore, in any way a subsidy
to

Bulgaria,

our

Hungary

The subsidy on winter

we,

BANK AND INSURANCE
for

including

Europe,

already and

and of the consequences to

Russia.

from

Czechoslovakia,

international

analyzes the ramifications of U.S.S.R.'s entry into

the world wheat market
too.

'■

♦

Wheat

the demand

year

wheat

Due

Exchange. New York City

International

Agreement Price

(1395)

Stock

KENYA

Exchange

NEW YORK

BArclay

Teletype

•

the Government in
•

UGANDA

•

ZANZIBAR

Exchange

Stock

ADEN

212

5, N. Y.

7-3500

571-1170

Specialists in Bank Stocks

Branches in
INDIA

•

PAKISTAN

ADEN

•

CEYLON

SOMALIA

•

BURMA

EAST AFRICA

AND THE RHODESIAS

The Commercial and Financial Chronicle

(1396f^s

Providing S & L Assns. With

new

versify their investments, increas-

savings institutions permit diver¬

ing their holdings of multi-family

sification of risks and, hence, con¬

alternative

into

neled

excess

residential

investment

outlets.

Broader Investment Powers

(2)

National

could

City

in one simple
position and still
becoming savings banks once the pro-

remain thrift institutions by

vert

their

re-

Bank Bill is passed. In fact, they are

growth would be lessened.

Government

Ensley who contrasts portfolio com¬

above

positions of the banking

thrift
continuously, despite fluctuations

advantages such conversions

well as to

and non-banking thrift institutions, outlines
would obtain to the S & L Associations
the economy, and cautions that the unusual postwar
of mortgages may not continue indefinitely. The sav•

several

and cites

ing

future

economy

mean

excessive
of

When

lenders
"reach"

in¬

individual

the

supply of

order

tempted

for- unsound ? loans

may
•

maintain

their

and dividend rates.

earnings

Credit terms

be liberalized unduly, mar¬
ginal borrowers mare readily acmay;

cepted, appraisal values stretched,
not "and- the quality of credit other¬

departure from basic em-

phasjs

soundness

and

investment»-flexibility would

powers

con¬

that acquisition of -greater

; ;phasize

through conversion of savings and

busi¬

overall

mortgage funds exceeds demand,

savings inflows that exceed home

whole,

investment

broadened

lead

associations.

\Secon?' *hese comparisons em-

7>:

the

authorities,

could

by suwell as

over

required

mortgage demand.

For

instability in its long-run growth rate,
prominent concurring views on the subject.

securities

amounts

pervisory

Advantages to the Economy

mortgages has mad^for

home

would

activity,

housing

strengthened.

compulsory specialization in

economist points out that

ings bands'

promote

Ability

(4)

prosperity, compulsory

vestment risks and undermine the

investment outlets, the con-

new

duced and long-run variability in

would

posed Federal Mutual Savings

attractiveness

authority

verted institutions could channel
funds now held in low-yield U. S.

activity

encouraged to do so by Dr.

have

also

would

banks

adversity.

times

finement to home mortgage lend¬

savings

mutual

Federal

ness

to make personal loans. Into these

highest yields,
building

Even

sav-

institutions' sound¬

stability during periods

of economic

ings and loans that chose to con-

(3) Dependence on the level of

get out of their inflexible

investment outlet, can

legislation,

and

ness

Under proposed Fed-

chartering

eral

with

accordance

ments

•"

bonds

since

allocated

corporate

and

and stocks.

power

strengthened,

readily among competing invest-

presently locked for the most part

S & L Associations,

earning-

Long-run

would

tribute to the

non-residential

and

-mortgages

funds

{■ v,;V'V'^

Thursday, October 10, 1963

mortgage demand could be chan-

repayments

By Dr. Grover W. Ensley,* Executive Vice-President,
Association of Mutual Savings Banks, New York

wise

reduced.

home mortgage lending,

have

been

such

-That

work

forces

last

the

associations
into
savings,
this objective lie in the Federal loam
converted savings and loan three years or so is suggested by
savings and
Mutual Savings Bank Bill.1 This banks would have the following
associations
loan associations have performed
undoubtedly
would the nearly 500 %. increase between
1959 and 1962 jjat Federal savings
continue to channel the bulk of
two
basic functions: first,
they legislation now pending in the advantages.
(1) Excessive mortgage credit their investible funds into mort- and loan conventional mortgage
have
financed
the construction Congress would permit conver¬
sion of savings and loan associa¬
and
expansion in periods of low hous- gages, Just as mutual
purchase
savings lending in excess of 80% of prop¬
tions to Federal Mutual Savings
of housing
ing demand would be avoided, banks have done.during the post-, erty appraisal.: There is ample
Banks, with the flexible powers credit
quality
maintained, : and war period. Under provisions of evidence to show that loan-toand, second,
needed by modern savings insti¬ overall strength of the financial
value ratios, together with ma¬
they
have
proposed Federal chartering legisthe

postwar era,

tim

tutions.

lated

these

ent in

ac¬

soundly

loan

and

ex¬

panding econ¬

should

and

savings
1

m a n-

o a n

institution, continue

type

complement each other as
the future as in the past.

well

saving and loan growth

postwar

industry is due,
to
the nearly
parallel expansion of savings in¬
to

$100 billion

part,

large

flows

the one hand, and

home

demands on the other.
looking to the future, however,

has

instiutions

nized

able soundly

maxi¬
thrift with singular spe¬

equate the objective of

mizing

home mortgage fi¬

cialization

efforts

Will

nance?

pursue

objectives simultaneously—
the face of new and vigorous

and mort¬

savings

into

entrants

to reduced
earnings or to steady deteriora¬
tion in the quality of assets?
It is my thesis that the process
of equating savings inflows and
mortgage repayments with qual¬
ity mortgage outlets will become
increasingly
difficult.
There is
markets—lead

gage

ahead

immediate years

the

below

well

fall

may

the

savings and loan asso¬

interested

for

that

diversified

the

ciations

nearly

suggest that

All of this is not to

for8

demand

decline

long
the

run.

funds will
level off in the

mortgage

even

Nor does it suggest that
the specialized home

mortgage lender is passing. There
will continue to be room in our
financial
and

loan

system

for the

savings

association that chooses

limit

its

available home mortgage

lets.

its

pursuit of savings to

However,

going

out¬

to be

increasingly difficult to stimulate
thrift fully in our

affluent society

within the relatively narrow con¬
fines

home

lending.

remains, therefore, for those

institutions

that

the basic goal
to

mortgage

powers

by
The

pursue

investment

becoming
means

for

savings

achieving

take

all the

bank—

banks

narrow

powers

associations

held

assets

the

assets

Mr.

manager,

President

Federal

Association of

and Loan

Savings

Theobald,

First

the

Peoria, Illinois, expressed his sup¬
port for this approach succinctly:
"If

law

charter

Federal

the

approximately

adopted

present

form,

its

Federal

First

the

Association of

Savings and Loan

convert

will

mutual

savings bank charter.
to

seems

Federal

Peoria

are

the benefits to the

whole central Illinois area,
members

our

obvious." 2

bank

wider

savings

associations through

loan

legislation,

advantages

portant

and

Federal

have

for

the

im¬

residential

family
dential
times

assets

those of

associations.

states,

the

for

institution

marized

(1)

loan

exceptions,

periods

mortgage

inflow

Multer

and

would

suggest
restricted

the

identical
the

bill

Senate

(D.-R.I.)
(S. 607)

H.R.
was

ress,

how

powers

home mortgage

single

the

before

the

demands,

National.

investment,

important

Mutual

Item

ber

•

2425.

introduced

and

Corporate
Corporate

Mortgage

Prog¬
Midyear

Association

527

assets

figure

after

t Includes
$ Includes
investments
of

other

Board

78,973-

71,605
7,368

;

__—

small

3.941$

deduction
reserves.

personal
small

held

and

mortgages

....

reserves;

other

state

and

loans

based

the

Association

in¬

and ^"construction,

marriage and birth rates

rising personal incomes. Sec¬

the

1.5
,

4.2$
100.0

has been restricted by

gage funds

7.9
1.5$

commercial
and
„

is net
before

recently, of

reluctance, until
other

lenders

pension funds

banks,

important institutional
participate actively in

mortgage lending:

This combina¬

tion of demand and

supply forces

•

...

state-chartered

Governors

National

76.3

mainly to

owing

84.2

not shown separately. Total
components are gross figures

loans.
some

farm

valuation

amount

Board

which," however,

ond, the potential supply of mort¬

100.0

93,816

and

1.3t

1,407$

695

amount

____

15.1)
6.8 f

V '

factors

First, demands for mortgage credit
during this period have been un¬

creased

5.9

48.2

602t

assets

SOURCE:
Bank

22,210"

6,971)
3,139 f

diver¬

riot long continue unabated.

strictions

5.9

2.3
69.5*

46,121

deduction

■

32,056*

Total

Includes

—;

1,042

loans

Other

____

4,135
;

depression backlogs, wartime re¬

4.2
„•

usually; heavy,

assns.

13.2
,1.1
9.0

municipal

loans

Other

Mutual

Savings
Banks,
Dec.
4,
1962.
Copies of this address may be obtained
by writing
to
National
Association
of
Mutual Savings Banks, 200 Park
Avenue.
New York 17, New York.

25.6

5,549

Nonresidential

5,549

bonds

l-to-4
family residential
Multi-family residential

2.1

6,107

stock

Savings
and loan

banks'

3,946

Government

Mutual
savings

n,811

Securities

■ „•

assns.

956'

•

Percentage Composition

and loan

banks

contribution

ings has been obscured by a ,num¬

Savings

—

orientation.

sified investment powers to earn¬

(December 31, 1962)

Identical

House

16th

type

Diversified investment powers for

and would
with a basic

power,

consistent

During the postwar period, the

may

mortgage

"Partners

specialization
.

TABLE 1

Cash

This would bolster long-

still

Assets of Mutual Savings Banks and Savings and Loan Associations

Theobald,

change.
for

yields

different investments

earning

narrow

ex¬

converted

flows

investment

run

superior to

might di-

by Senator John J. Sparkman

address

Meeting

First,
institutions

■7.;'.;

(D.-Ala.).
D.

their

that broad investment powers are

are re-

respects.

funds

institutions would be able to vary

provision

respect

Savings

lets other than low-yield Treasury

risks, there is little disagreement

comparisons

two

with

slackened

(D.-N.Y.).

introduced

Germain

With

investment

available

with

authority

therefore, would, per¬

Bill,

the

such

Earning Power

securities. Furthermore,

Effects on Risk Exposure

exclusively

sum¬

by:
William A. Barrett (D.-Penna.) H.R.
259,
Hugh L. Carey (D.-N.Y.) H.R. 260, Paul
A. Fino
(R.-N.Y.) H.R. 1595, Seymour
Halpern (R.-N.Y.) H.R. 1628, Fernand J.
St.

were,

they

H.R. 258, introduced by Congressman
were

safety and liquidity.

confronted

alternatives.

ceeding mortgage demand in out¬

savings

associations

These asset

State
Abraham

mit

with

consistent

earnings

mum

con-

Governments.

vealing

Bank

in-

basic

the

to be re¬
major financial

under the Federal Mutual

vestment goal of achieving maxi-

savings

and

savings

bills

held

contributed

has

accounted

Amount (in millions of $)

Investment risks

lessened

na¬

advantages

may

and

state

assets.

bank

follows:

housing
as

The

economy.

and

securities

trast,

Effects

chases. This flexibility of response

significant proportion (12%)

Corporate bonds,

low-yield U. S.

Broadened investment

complementary with

were

industry

mortgage

peaks

conversely,

other

unpalatable

security

troughs in mortgage acquisitions;
lending

On the other hand,
up

will tend

growth

duced.

troughs in corporate security pur-

obligations

savings

ings

purchases generally coincide with

pile

can

earnings, dividend rates, and sav¬

(Chart

bonds

corporate

make

stocks

corporate

Peaks

total

also

banks

loans.

municipal

l).

necessarily

Governments with the result that

secu-

three

number

in the process.

they

accordance
relative yields

and

they

funds into

pump

market,

sav-

changes

mortgages

savings and loan

savings

consumer

for

nearly

relative

large

with

non-resi-

and

mortgages,
as

held

and

mortgage

acquisitions

rity

multi-

their

varied

hand,

one

accepting increasingly risky loans

At the
banks have

savings

time,

same

housing

slackened
the

man¬

dilemma

basic

weakening

jngs and |oan associations.

security

banks

amounts

including

lender

stitutional

recognized,

* opportunities,

continue to

may

higher

sav¬

loss re¬

should

periods

demand.

indi¬

vidual institution and for the
tional

Savings

substantial

assets,

investment
in

increase

net

Home

persuade

build

and

rates

agement, fades

of;

end

shown

however, that without alternative

sug-.;

proportion than for any other in-

ac-

savings

and

affect-

the

savings bank

also evident

mortgage

dend

II, mortgages have ab-

96%

sorbed

range

investments

portfolios.

investment

feasible for

powers,

securities

might

activity

Since

powers,.

World War

counted for less than 6%.
The

ment

loan

and

this

How

managers

plainly

ings and loan managers to cut divi¬

at-

shared

loan

and

P. McMurray of the Federal

banks,

for 84%

savings

while

associations,

minor

Broadened

assets

total

investments

the

Loan Bank Board to

and

scarce

are

ex¬

risks.

by the efforts of Chairman Joseph

gested by the way mutual savings
banks have utilized their invest-

In contrast,

accounted

mortgages

tractive.

total

mortgages

maintaining

concern

moreover,

serves/:

mortgages

70%

and,

msti-

industry is

and ..avoiding,

this

savings

lending with other inin periods when ;good

■■vestments
borne

about

investment

contrary,

that

not.'fo .suggest'

quality

cessive

powers
.

savings and loan

credit

supplement their home

alternative

Table

savings

of; their investment

types

securities about 26%.

and

Advantages to S. & L. Associations

two

nearly

mutual

bank

prominent savings and loan

the

of_pl962,

represented

:jby

composition of

shown

end

mirrored

impact

....

mortgage

and,

the;
savings, and

the

institutions

within
One

differences

tutions

powers

savings

the broadened powers we

discussing here.

are

investment

versified

would be to permit savings

di-

the

between

mutual

well

contrast

The

main

investment

broadened

.,.

Composition

Asset

the

Clearly,
.

Effect

loan

eco-

with risk.

associated

are

this

unconcerned

would

they

Furthermore,

continue to be members of the
Federal Home Loan Bank System,

growth.

T,„,.

ln§-

fos-

accelerating

thereby

nomic

responsibilities, as

nomenclature,

2 A.

of thrift promotion

acquire diversified

banks.

wish

The converted in¬

would

era

and

century

characteristics of

other

powers

proved so important- to

half have

chartering

generation of new savings.

Sav¬

approach. Passage of
legislation would extend to

this

general agreement among market
observers
that
home
mortgage
demands

Mutual

Federal

the

Bank

ings

these
in

and

agencies

these groups have en¬

And

stitutions

recog¬

organizations as

private research
well.

been

now

Federal

savings and loans be

tered,

broader

The need for
diversification by modern savings

formation Would

the

to both volume and terms of lend-

Increased total savings and

(3)

All

yvith; respect

capability,

nancing

rowers,

home fi-

of • their present

none

markets

encouraged.

capital

investment powers.

savings banks.

specialized home finance institu¬
tions
to expect these favorable
circumstances to continue?
Will

con¬

institutions

their

mortgage

against the background of recent
developments, is it reasonable for

have

endowed with

dorsed

spectacular

fact is that the

The

activities will, for

these

whether

question

essential

the

agers,

one

Dr.Croverw.Ensley

savings

managers

that

cluded

But, for

omy.

and

capital

nation's

the

turity length and income of bor¬

lation, moreover, they would lose

The flexibility and fluidity

(2)
would

private

sector.

vital to

to be,

be¬

substantially, into a
capital - market

single

continue

will

there

$100 billion industry

locked,

ing

tivities is, and

system enhanced.

is growing
of the problems inher¬

awareness

Each

savings.

r.v;;

Fortunately,

individuals'

•

municipal obligations and other loans and
savings and loan associations. Breakdown
1961

Reserve

Mutual

Savings

System,
Banks.

Federal Home Loan

produced

relative

of mortgage funds and

gage

data.

Federal

has

yields

during

most

Continued

scarcity

high mort¬

the

page

Volume

Number 6306

198

(1397)

The Commercial and Financial Chronicle

not

would

PUBLIC UTILITY

considered

where they are a

but

cash

for

stitute

income,

Our Reporter on

partial sub¬
with

dividends,

(he object of avoiding equity fi¬

SECURITIES

ELY

OWEN

with

nancing
tion

its

resulting

of earnings, it seems

sible to consider them

GOVERNMENTS

dilu¬

permis¬

potential

JOHN

CHIPPENDALE, JR.

income—whereas if retained, they

Gas

Rochester

electricity,

gas

not be necessary

Electric serves

While

the

The

area

this period.

including

consumer

makes .the

subject

less

city

their facilities.

substantial

products,

■

;

■■'. v

•

The competition for the investors'

and,

dollar

^u.'."

been

increase

Hayden, Stone and

to be any

long

Westheimer Co.

the

keener

grow

the

Central

boom

there

ideas.

far

Broad

Charles

President of Hay¬

concerned

St., New York City, and

are

because

obtainable from

now

ligations.

Westheimer, managing

Investing

the favorable rate of return which

Incorporated,

Co.

Stone

den,

fixed income

momentum

issues

return

psychology with its

bust

and

today appears to be gaining some

To Consolidate
Alfred J. Coyle,

likely

lessening of this rivalry

inflation

This

sizable,

these ob¬

finding buyers although
short-term

the

securities.

interest

rates

balance

ments

the

being put to work

now

near-term

rities.

money

ordinarily have been

outlet in other invest¬

indicated
of

The

Treasury

secu¬

intermediate-term ob¬

ligations and short Treasury bonds
also

are

attracting income minded

investors, although it is indicated
that

the

rates

attractive

very

available

time

now

interest

savings

deposits in savings

liquid

higher

The

the

which

money

and

some

had

been

of looking at the middle term Gov¬

sections

list

Treasury

Earnings on the common stock
have shown good gains, averaging

seeking

continues

all

greatest volume is still being
in

which would

amount

issues

with

the

larger

commercial banks has taken

the

advancing,

that

and

;

since short-term rates have

that the demand for

means

Government
be

done

continues

since the

cyclical

•

20,

Bank rate. And there is not

photographic equipment and opti¬ apartment buildings and 5 large
cal
instruments, electrical ma¬ shopping centers were completed
in the service area while many
chinery, food products, and wear¬
educational institutions and other
ing
apparel
are - important
industries. The diversity of light commercial customers expanded
industry,

earnings ratio

for

noted

not

age.

York, and
adjacent areas, which are inter¬ rapid growth, the company's rev¬
connected.
Revehues are about enues have shown an average rate
of gain of about 7% over the past
56% electric,' 38%
gas and 6%
nine years and this trend is ex¬
steam. Electric revenues are 43%
residential, 26% commercial, 21% pected to continue. An urban re¬
project
in
the
city
of
industrial and 10% miscellaneous. newal
Rochester is nearing completion
Rochester is the third largest city
and
should
result in additional
in New York and has over 900
In
diversified
industrial , establish¬ demands for utility service.
1962 residential building permits
ments. It is noted as the home of
13%;
some
60
new
Eastman
Kodak; in addition "to increased

city of Rochester, New

built-in growth factor.)

price

which is below the industry aver-

to sell additional

stock during

common

steam to the

and

supply

Gas & Electric Company

Rochester

ernment issues.
-

The

which

interest

into

came

increase

the

rate

being

pattern

with

discount

the

rate

resulting from

our

apparently

having

important

payments problem has influence on the attitude of not
The' territory also: in¬ a yearly cbmpounded increase of
helped to make these obligations a few investors.
7.5% for 1961-62 compared- with
Evidently it is
substantial farm areas.
attractive to investors.
: '
felt that unless they can
1956-7: However,
adjustment, to
do as
The company purchases most of
normalize the tax savings result¬
well, if not better than this 4%
its natural gas requirements from
Bond Yields Attractive
/
rate on good high grade securi¬
New York State Natural Gas, and ing from the use of accelerated
It seems as -though investors are
(which in - 1962
ties, the funds will be put into
a
new
contract seems to assure depreciation
^becoming a bit more conscious of the banks. .'
.•amounted to 34 cents a share)
adequate amounts for the next 20
the income that is obtainable in
iwould have reduced the average
years, allowing growth potentials
Irvin F. Westheimer
Alfred J. Coyle
bonds
in
competition with the
Keeping Funds Here
-v
in the rapidly developing north¬ ;gain to 2.9%.
other forms of investment.
The
The Government by issuing $2
The company apparently has no partner of Westheimer and Com¬
eastern territory to be realized.
extremes.

cludes

Gas

residential

from

revenue

that
from'
commercial
space-heating
13% and from industrial 1%. Al¬
heating gained

7% last year,

regulatory problems at this time;
-

pany,

1963 Standard &

nati, have announced the consoli¬

reported that it was earn¬

dation of the two New York Stock

of March 31,

Poor's

6.6%

ing

year-end net

plant,

124 East Fourth St., Cincin¬

member

firms.

Their

becomes

Rochester

densely,

the company's gas
lines are extended.
..
K The company at the end of 19oz
settled

and

generating
capacity and 53,800 hydro mak¬
ing a total of 527,000; kw, com¬
pared with the peak load of 445,had

474,000 kw steam

purchased
power was also available.
The
company has a contract with the.
and 208,000 kw

000 kw,

Power

York

New

Authority for

reduction

per

-The

nearly 9%.'

gas

11%.

gained
charges

were

With

operating

81%,

1963,

nearly
a

in the operating

slight reduction
ratio

30,
up

were

revenues

and

June

ended

months

electric

followed

joint

the

undertaken* by

firms,

j and the officers emphasized their

company has been making

good showing this year. For the

decision

The

an¬

share oh the common stock.

a
•

$500,000

equivalent to about 5 cents study

num,

income

important
banks

one

confidence

continued

in¬

the

vestment business as being funda¬

mental

decision.

the

provements

the im¬

for

also

clients

firm's

made

extensive

the

Mr.

stressed

service

Westheimer

his

possible

facilities

While
interest larger, worldwide firm. The con¬
heavier and credit solidation follows several years

concerned,

are

•'

this form of investment has

obtainable

with

bonds,

Govern¬

classification among many in¬

Yield Spread

appears

who

those

that

has also

agreed to

although part of the gain reflected

blished

issues

has

1916,

become

portion of the- output of .'increased tax savings resulting
Mohawk's proposed 500,- from the new "guidelines" for
000 kw atomic plant planned for depreciation and the 3% invest¬
service in 1968. Thus new steam ment credit (however, as a par-;

leading investment firm through¬

facilities will not be
anticipated load
growth for at least four years.-

ginia

buy < a

Niagara

generating
needed

meet

construction

The

work

mains

and

for
including

program

$15.5 million,

cost

1962

high-pressure

years

volt

transmission system

ing the year,-, was also an impor¬
tant- addition toUhe
state net¬
work." Construction for
timated at $22.6

1963 is es¬

million. /.

) The company does not expect to
do any financing this year: 60%
of construction costs will be pro¬

internal funds and the
lotms. Conr .
costs for the next five

tax-savings
cash

and

to
the

averaged

1962

though the

per¬

net

worth

$3,900,000

was

1892 and

approximately

June 27, 1963.

Stone

Hayden,
rated

established in Boston in

currently has offices and

has

been

supplemented

been

from

2-for-l
in

was

cents to

has been

increased

recent

1962.

each

year

Westheimer,

equity ratio

has

and

of
a

the

seat

Cincinnati

price of 35 (range

the

(

First of Michigan

Names Four Officers
DETROIT, Mich.—Robert A. Mac-

available,

ler

Stock

Corporation,

Michigan

Building,

Detroit
W.

Vice-Presidents

elected

members

Exchange.

the

William

Boynton and William H. Moelhave

named

been

Assistant

realization

credit

best

yield

For quite a while now the
differential between Gov¬

ernment

Vice-Presidents.

securities and

non-Fed¬

Specialists in
U. S. GOVERNMENT

obligations has been too nar¬

eral

and

However,

Treasury

long as the supply

issues is going to be

be
deficit

increasing—and this seems to.
the

because

case

which

small

has

the

to be financed

—

likely
should be

yield spread is quite

stay

that

way.

FEDERAL AGENCY
SECURITIES

this

Certificates of

Deposit

remembered that where the sup¬

ply is ample, that's
firm,, bargains are usually

new

money

but

also

in re¬

funding obligations as they come

Rittmaster, Voisin
To Admit Partner
Rittmaster, Voisin & Co., 40 Ex¬

advance refund¬
these securities
will most likely continue to sell at
levels which should make them
attractive to investors who are
due, as well as in

Aubrey G. Lanston

ing, operations,

interested in the best fixed income

this year has approximated
Place, New York / City, bearing obligations available.
39- change
Cash from internal 27) the stock yields 2.7%, with the members of the New York Stock
Magic Return Is 4%
sources may supply
an estimated annual stock dividend (if liqui¬ Exchange,
will admit Louis
Investors
have a long list of
65% of the next five years' con¬ dated) furnishing additional in¬ Troeder to partnership effective
Government issues to select from
struction costs, so that it should come.' (Normally stock dividends Oct. 17.
/

$330 million.

centers.

the New York

higher level.

At the recent

with

money

where the
found. This
could apply to Government issues
Stock Exchange since 1915, and
because with the Treasury being
currently
is
15th
in
seniority involved in not only the raising
has held

remained

currently

competitive

active

recently raised among its 1,375 members.

The

other free world

Government obligations,
at levels which make
attractive for just such pur¬

poses.

cur¬

$1.00. The stock

years

34-36%

Irvin

ac¬

selling

them

by' 3%! founder

split 3-for-2 in 1956 and

rently in excess of $12,000,000.

been

in 1962^63." "The cash dividend rate
has

worth

has

stock dividends in 1960-61 and 2%

since 1958 and

net

Far

relatively low level and

Its

East.

row.

Co. Incorpo¬

financing

-equity

dividertd -payout

held at

around the

lion

statement
by the company showed
A

Indiana.

and

sup¬

namely

throughout Ohio, West Vir¬

fices

throughout
the
have been some¬ correspondents
"flow-through" of United States, Europe, South
had; been used.
In America, the Middle East and the

avoid

order

struction

estimated at $120 mil¬
for the next decade at

expected

company

branch of¬

would

centage

around

are

ended

and

what higher if

balance by short-term

years

dividends

Cash

Of earnings

continue.

56%

from Niagara, Falls to
York .City, completed. dur-.

vided

dividends

stock

five

extending
New-

of paying cash

policy

The

are

released

depreciation accruals).

book

The

gas

additional link in the
statewide
transmission network
of the. New York utilities.
The
345,000

its

increased

company

construction of a 115,-

new

transmission line which

000-volt
affords

offset the

tial

Midwest.

the

out

currently operates

those

be more evident
are
looking for Buhl

because

the

■that

well

tion, near-tetm rates here should

been

Narrowing

of firm power. Initial for interest on construction was during which a close correspond¬
safety of principal and an attrac¬
delivery was made in July 1961, only about 2 cents a share, com¬ ent relationship was maintained
tive rate
of return are making
with the full contract demand be¬ pared with 4 cents in the previous between the two houses.
larger commitments in Treasury
Westheimer and Company, esta¬
coming available on Jan. 1, 1968. period, net income gained 12%,
company

keeping

15,

market

plied with securities. By this

First

Oct.

short-term

Adam and Francis I. Safford have

vestors.

200,000 kw

The

the

billion of Treasury bills
out

the growing area

issues

$2V2

coming

investment

other forms of

especially
ment

the

ma¬

1964 to replace

worthwhile to

anticipation notes

turing March 23,

now

mortgages down

where

levels
look at

driv¬

quality

and

income

the

billion tax

continue

competition for

the

However,

obliga¬

these

tions..-

the

loan asso¬

the higher rate of re¬

available

turn.

savings

lesser extent the

banks

commercial
because

far

saving and

and

ciations and to

Exchange

saturation of the gas ;which however included flow- joint announcement stated that
house-heating - market has risen through of tax savings. < In 1962 the consolidation will be effective
from about;? 25%
to 55% in the I the New York State Public Serv-; Nov. 1, 1963, subject to approval
last "decade, continued;, growth is >ice Commission investigated the by the New York Stock Exchange
' ;
expected
as - the
area v aroupq ;company's gas rates and ordered and other regulatory, bodies.
though

mortgage market is still the most

& Co#
INCORPORATED

20 BROAD

STREET

NEW YORK
☆

CHICAGO

☆

BOSTON

The Commercial and Financial Chronicle

(1328)

The OTC Market: Coast-to-Coast
Continued from

issues.
the

page

major portion of all trading in preferreds, particularly purchase or sale in blocks
by institutions, is done OTC. And corporate

company

required

financial communication

issues—complete

listed

financial

pipeline and telephone companies whose shares
have for years been quoted and traded only

tive habitat.

statements, specific proxy rules and reporting of
insider

Wisconsin

bonds have the OTC

Further, the Commission favors more of

kind

or more

doubt that

benefit

from

publicity that

correct

and

continuous

flow

can

active

mergers.

variety,

as a

months

there

investor

has

interest

been

life

there

Tucson Gas and
Equally, among

Light,
Electric.

dozens

are

water,

gas,

number of these issues

none

is listed

now

sell at

exchange and though some
are
closely held, there is fairly active trading
activity in over 100 different issues. Although
the shares of some fire and
casualty companies
are
listed on exchanges, most of these issues,
too,

any

traded OTC.

are

including

large ones, which trade regularly
example, Connecticut Light and Power

$100

unit of exchange in

million

and

quoted

stocks

bank

OTC and

none

shares—all

life

is listed

any

operating
trade

issues

Exchange. Increas¬

ingly bank stocks, formerly held mainly by the
rich, are being bought by investors of modest
resources.
Many individuals seem to like to own
stock in the banks where they have their saving
or

are

checking accounts. As a result bank stocks
in strong demand and sell today at between
and 20 times earnings. The selection among

bank stocks is

Bank

hattan,

magnificent, including such titans
(the largest), Chase Man¬
Manufacturers Hanover, First National
of

America

To invest in any or

other

and

there is

OTC.

Se¬

Other

representative

all of these great institutions,

excellent

only

one

but

place

well

less

you can

known

ones,

shop—Over-the-

Counter.

Panoramic Issues

and

Light, both grossing
annually, are exclusively

traded

number of utility companies,

and Pacific Power

over

market situation exists in

same

City, Mellon National, Continental Illinois,

some

OTC. For
Co.

quite

The

curity First National and Morgan Guaranty Trust.

Utilities'
There

Banks

insurance

daily Over-the-Counter, and nowhere
fact, of some 1,325 stock life companies,

else. In

Here again the OTC market performs

utilities

and

Paso

greatly

these trade

popularity of the preferred stock, particularly

the convertible

■

highs. Particularly in demand have been
Travelers, Franklin, Republic National, Conti¬
nental Assurance, Connecticut General, Philadel¬
phia Life, American National and Lincoln. All of

single day. You have noticed the return

other

na¬

all-time

Having commented on some of its technical
shortcomings, it is quite proper to cite the areas
in which the OTC market is
performing its functions with great efficiency and distinction. It
continues to provide the
indispensible market
place for municipal issues, and the national area
for trading
government bonds, often several bil¬
lions in

receni

stocks, and

Excellent Performers

their
'

broadened

broaden the interest, and stim¬
trading, in a company's securi¬
ties. But daily market activity in an issue will
continue to depend on the stature of the company,
the number of shares outstanding, and the extent
of distribution among many stockholders.
ulate

stockholders fulfill the fore¬

corporations and stockholders alike
a

arena

Power

and

Life Insurance Stocks

going requirements. These proposals, in the main
seem in the investor's interest, and there can be
no

market

Electric

Over-the-Counter.

trading. As a start, the SEC recommends
companies with over $1 million in as¬

that OTC

sets and 750

Thursday, October 10, 1963

Shopping Center for Quality Issues

well and the

has

Diversification

always

been

cardinal

principle in investing. If it's diversification you

issues thus traded include Central Maine Power,

seek, you can get it in

Kentucky Utilities,

40,000 different issues to choose from. The lead- '

Portland

General

Electric,,

profusion OTC, with over

ing commentators and arbiters of business and
investment opinion are Dow Jones (Wall Street
Journal), Dun and Bradstreet (credit experts) and
Standard and Poor's
service). You

(largest investment advisory
buy stocks in all of these, OTC.
sells the most in cosmetics; O. M.

can

Avon Products

Scott leads in lawn seed and feed;
is

the

Holiday Inns

major in motels; Cummins Engine is the

manufacturer;

diesel

Pabst and Anheuser
brewing; Diebold and Mosler
are
the
majors in vault protection; Grinnell
world leader in fire protection; Time, Inc., is the
premier magazine publisher; American Express
is
biggest in travel and credit cards; Weyer^
haeuser, tallest timber company; and Frito-Lay
definitely in the chips. The shares of all these re¬
nowned and successful companies are bought,
sold and quoted Over-the-Counter exclusively.
top

Busch

ahead in

are

Price Range

Wide

for

price ranges, you can buy an elegant

equity like Kansas City Life at $3,200 a share or
you can

buy

television

hopeful call

the

The future of pay
holding some basic

company

patents, Skiatron, at $2 a share. There's an OTC
stock

for

every

month

and purpose and more
corporations go public. The
market opens up around 9 a.m. in New York
may still be active 11 hours later in San

OTC
and

Francisco.

we
,;

invite inquiries

the

following

Coupling Co, Inc. :
Armstrong Paint & Varnish Works, Inc.
Avon Products, Inc.

Data
The

Corporation

This

market

network

has

official

later on, some system of reporting opening and
closing prices and daily range and volume on the

Cary Chemicals Inc.
Ghemirad

as more

closing hours, has more than 5.000
trading desks, but no central trading area.
We expect progress in the OTC market: more
issues quoted in financial sections; and probably,
opening

Anchor

purse

every

;

Products Corporation

active

most

Duriron

issues.

Meanwhile,

will continue

Company Inc.
Dynatronics, Inc.
Fidelity Bankers Life Insurance Company
Hudson Pulp & Paper
Corp.
Kay Windsor, Inc.

and

The

also

exchange members, who make the OTC

ket

Meadow Brook National Bank
National Bfankbook

Company

National Realty Investors

Telex, Inc.

dependable

every

you

continuous

and

hundreds

them
mar¬

shopping center for

kind of security. Some of these issues,

will note from the appended list, have

re¬

by paying cash dividends, with¬

out

skipping, for

Difference

Enterprises, Inc.

long

Between

179 years!

Listed

and

OTC

Following the accompanying tables,

Wrather

Corporation
Industries, Inc.

vast

broker/dealers,

warded investors

Transcontinental investing Corporation
H, Warshow & Sons, Inc.
Winston-Muss Corporation

Zurn

on,

Nixon-Baldwin Chemicals Inc.
Ramada Inns, Inc.
River Brand Rice Mills, Inc.
Rock of Ages
Corporation

Wometco

and benefit from, the faithful making
maintenance of markets by responsible and

rely

discourse

the difference

and Over-the-Counter
those

who

are

not

Trading

present

between the listed

Market, for the benefit of
conversant

with

Over-the-Counter Market functions.

how

the

The Commercial and Financial Chronicle

6306

Number

198

Volume

TABLE

(1399)

Cash Divs.

App-OX.

Including
Extras for

Quota-

secutive

12 Mos. to

tion

Based

Jun.

Divs. Paid

Paymts.

-V.

secutive

Jun. 28,

1963

Installment

Allied

Consecutive Cash

for

and

.■

0.60

30:

2.0

1.00

3.2

1.20

4.4

and

electric

motors

miscellaneous

ventilating

protection services

Cash Divs.

Approx.

Extras for

Quota-

•»

12 Mos. to

tion

Years Cash

Jun. 28/
1963

Writes

% Yield

Including
No. Con-

tended

Based

secutive

;

•:

Divs. Paid

Jun. 28,
1963

Paymts. to
Jun. 28,
1963

Amer.

Retail

Acme
Mfg.

Corp

electronic

equipment

transformers

and

electronic

electrical

and

rubber

tances;

for

and

f0.98

3.1

thetic

Golf

Ing

Aetna

—

Casualty,

fire

surety,

and

0.91

108

0 8

Aetna

Life

Insurance

Life,

group.

161 %

0.80

2.0

Gas Co.—

—

1.20

1.30

in¬

forest

American
27

Alba-Waldensian,

Inc

Albany & Vermont RR. Co.__
Local carrier
y'C/;.

0.40

2.25

6%
48

Fire

2.4

and

2.2

American

6.2

and

181/2

6.5

distributors

and

V-/7

Insur.

2.00

1.00

Inc.
'

__i_—;

Publishing

executive

Hoists,

1.00

4.0

wire

training

cranes,

rope

mixing

3.3

''v..

■

•

4.8

A-

;

■

Derrick.

Life
...

cargo

2.4

6.00

650

0.9

new

steel

com-

Insurance

0.20

891/0

yeast,

69V4

41
u

17%

341/2

2.0

0.75

15%

4.7

1.35

28.00

515

tl.44

135

1.1

5.0

stamping

Co.

equipment,
asphalt

0.40

1.55

53%

2.9

1.05

22 :

4.8

0.15

2.5
A

products

Co.

of America

traps

wrenches

and

products,

1.00

groceries,

meats,
/
■>'--:

Arkansas-Missouri Power Co. *26

and

Electric

plants

■

27
Inc.——-—

corn

Trap

Dairy
etc.

5.4

Lakes

Insurance

Arden Farms Co

■

/ 7.7

and

(

bO.70

1.9

variety

Large

Tools

/
1.30

fabrica¬

Apco Mossberg Co

16% /r 1.4
13V2
3.7

alloys and products

Animal

0.6

0.50

insurance

Beer,

f0.55

0.23

pipe-protec-

steel

Great

Anheuser-Busch

3.8

;

parts

'■

A/A'

Steamship Co
Life

v-''

Construc'n

concrete

Bronze

Ampco Metal, Inc

2.00

(Waco, Texas)

4.2

Co.
/ /

;

Pipe &

Freighters

;>f

greeting cards

accessories

6.2

22%

f0.11

Re-Insurance

Amicable

13
&

plate
construction

Pressed

Greetings Corp.
of

a share 011 old
paid $6 a shake.

had

coatings,

American

Co., Inc.

casualty insurance

Hoist

Multiple line insurance
American Stamping Co.______

corrugated
.

tive
tion,

(Indian¬

Furniture

Manufacture

American

Institute

A'.'.'/ .-A"Ao,; a;
22
3.6

0.28

split ten-for-one
Par changed from
Bank
intends
to

National

American

Alexander Hamilton

:-77'

(Galveston)

Reinforced
,/

National

AV/.

$10.

American

1.20

syn-

Class B

4.7

0.80 a

*11

$1
annually
equal to $10

Co.

Products

General

_____

Chicago.

1963.

American

wool

and

_____1

___

stock which

products

5.9
V::'

-tYCy

insurance

Shaves

Sept.

$100
mon,

American

4.3

Bank

Antonio)

4.0

pay

Large furniture manufacturer

National

(San

261/2

peril

Co.

Forest

containers

Pipeline

Alamo

NOTE:

1.05

Manufacturers
1

Natural

5%;

ter-

systems

(Chattanooga)

Fletcher

American

insurance

Alabama-Tennessee

3.9

cards

public

American National Bank and

Corp.

Agricultural Insurance Co
Diversified

1.65

ex¬

apolis)

health

accident,

■

Bank & Trust Co.

Co.

(Hartford)

3.00

Assurance

Felt. Co

American

marine

insurance

and

drapery, fabrics

handling

Diversified

casualty for

multiple

credit

7A.

Company

fibre
felts/fabricated felt
filters, acoustic wall cover->
materials,
and
decorative

parts,

balls

Casualty & Surety Co
(Hartford)

4.0

and allied lines

American

*26

products

105

Money orders; travelers' cheques;
foreign
shipping;
foreign
remit¬

2.5

0.30

■/..

4.3

lockers

Trust Co. of

Manufacturer

Molded

plus

Express

Amer. Natl. Bank & Trust Co.

Insurance

marine,

American

Industries

Acushnet Process Co

4.25

only

surance,

1.0

electrical

and

(Cinc.)__

Equitable

Fire,

2.0

Co. of New York

goods

sporting

Electric
of

0.25

109%

P
2.2

411/2

f0.78

American Motorists Insurance

Abercrombie & Fitch Co

Fire

coverage,

Locker, Class B___

Materials

Druggists

druggists

2.15

operations

Co.

Cqrp

American Monorail Co.

American Dredging Co._

Insurance

0.90

Manufactures various corn products

Telegraph

1963

plastic

American Maize Products

Dredging

mlnals

4.2

equipment

District

American

271/4

heating

Co.

10 to 179 Years

1.15

Jun. 28,

1963

materials

Co._

Paymts. to

Insulator

Maintains

Filter

tion

insurance

moulders

American

•

sand

and

Electric

Custom

Based

—

Diversified

Jun. 28,

28,

1963

Quota-

Assurance

Corp.
American

Air

American

American Home

■,

AggregatesACorp._

and

American

a/v-:

2.6

distributor

gas

Generators

Filters

38 %

____

(Louis)

Gravel

1.00

*26

American

PAYERS

Co.

financing

Gas

Natural

Allis

DIVIDEND

1
.

Finance

Jun.

Divs. Paid

Allied

12 Mos. to

Years Cash

OVER-THE-COUNTER

% Yield

No. Con-» Extras for

.7,.

,_/•

Jun. 28,

28,

1963

App/o*.

Including

on
.

Years Cash

Cash Divs..

.•

% Yield

No. Con¬

and

gas

'A.y\.

14%

7.1

fO.54

utility

16%

3.2

courses
♦
*

Details not

Adjusted

complete

for

stock

to possible

longer record.

dividends, splits, etc-.

♦Details

Details

not complete as to possible longer record,
Adjusted for stock dividends, splits, etc.
5% in class A stock.
77,
7

b Plus

not

complete as to possible longer record.
stock dividends, splits, etc.
■

t Adjusted for

■;•"•

*, ■

Singer,
Bean

&
Direct Wires to
Burton J. Vincent & Co.

Chicago
NEW YORK

•

;

PHILADELPHIA

Joseph, Mellen & Miller, Inc.
Members Note York

Security Dealers Association

Cleveland
A. G. Edwards & Sons

Dallas

•

;

'•

Evans MacCormack & Co.
Los Angeles

Birr, Wilson ,& Co., Inc.
San Francisco

Stifel, Nicolaus & Company, Incorporated
St. Louis

Jones, Kreeger & Co.
Washington

-'7 :." Continued on.page 24

The Commercial and Financial Chronicle

(1400)

Cash Divs.

OTC Market: Shopping Center
'

Quality Securities

'•

Appro*
% Yield

Including
No. Con-

Extras for

Quota-

secutive

12 Mos. to

tion
Paymts. to
Jun. 28, Jan. 28,
1963;/
1963

Years Cash

Jun. 28,
1963

Divs. Paid

Arkansas Western Gas Co;
tion

gas

and

public utility,

•

wiring

devices

16%

3.40

5.4

Bankers

0.59

16%

3.6

0.55

20%

2.7

18%

0.80

Corp

1.00

28%

4.00

coal,

cold

Service

Atlantic

Co.—

1.30

5.9,

storage

and

Manufactures

Cotton

10%

1.7

and

6.7

3.8

1.70

toiletries

113%

1.45

1.00

Sulphite pulp and

6.00

Textile

Biddeford

0.30

Holding

fl.91

2.5'

115

Co.__

0.88

"■•

Nation's

22%

2.00

Designers, Builders,
of

Blue

5.4

1.60

' 28

64%

2.25

2.5

.■

1.66

1.40

58%

37%

3.8

Glass

a
c

Garden
operate

two

Payers From 5 to 10 Years Appear in the

2.5

Second Table Starting on page 38.

6.00

240

fl.20

36%

3.3

1.10

25%

4.3

Brown &

*27

Sharpe Mfg

Machine

1.00

18%

floor

5.0

1.50

5.6

f0.39
"

1.8

Creek

Hotel

f0.83
.

1.00

1.9

25%

3.9

boilers,

•'

1.92

51%

1.20

19%

houses

3.7

and

6.2

■-/•

Life,

and

1.05

4.4

fl.45

to possible longer record.

42%

3.4

health

♦

trustee.

LOUIS,

Assistant

St.
&

0.5

75%

'32

1.95

1.15

6.1

products
._

—

treatment

3.6

31%

chemicals

Details not

complete

to possible longer record,

splits, etc.

made

Mo.

;

Sales

Manager

Louis office

Co.,

bers

503

Locust

the

New

The

Street,

York

William

Bixby,

the

past

nine

the

St.

Lynch,

the

Inc.

Louis

office

Pierce,

Fenner

addition

his

Walker

Merrill

duties at G. H. Walker & Co. he
mem¬

Stock

announcement

Ex¬

will personally handle both

was

vidual

and institutional

1963

MARKETS

SECURITIES

•

SreetieanACompovui

Members New York Security Dealers Association

Street, New York 5, N. Y.

HA 2-4850

Teletype 212-571-1636
Miami Beach, Fla.

/ .;

PRIVATE WIRE SYSTEM

CHICAGO—First Securities Company of Chicago

Chicago, 111. I

& CO.

Hartford, Conn.
& CO.

indi¬

accounts.

OVER-THE-COUNTER

PUTNAM

Smith

executive^

>•

Tel.

Mr.

years,

Drennan has been associated with

ZURICH, SWITZERLAND

•

CLEVELAND—Hayden, Miller & Co.
LOS ANGELES—Mitchum,. Jones & Templeton, Incorporated
MIAMI—Oscar E. Dooly & Co.
ST. LOUIS—Henry, Franc & Co.
SAN FRANCISCO—Mitchum, Jones & Templeton, Incorporated
Direct

of the invest¬

partner

banking firm.

For

Quintus' L.

—

managing

Drennan, Jr., has been appointed

0.40

1930

WM. H. TEGTMEYER & CO.

Philadelphia, Pa.

6.0

•

Manufacturing Co.—

t Adjusted for stock dividends,

CORRESPONDENTS

HARRY C. DACKERMAN

insur~

Calgon Corp.

;

ST.

','

1.25

•

Teletype 212 571-1170

HAVEN, CONN.

6.2

greenair furnaces

and

'""

37 Wall
NEW

24%

accident

Butler
91

BROADWAY, NEW YORK 5, N. Y.
Bell

1.50

4.6

2.6

castings

—

warm

ance

play

Preferred

.■

15%

of America

///.'

Specialists in

•

7/s

0.40

radiators,

share paid to

per

0.04

Business Men's Assurance Co.

predecessors.

cents

of steel

Burnham Corp.

Metal

Including
Plus

0.25

Poconos

Production

Mfrs.

Oil

Buckeye Steel Castings Co.—

equip¬

complete

4.0

4.9

Crude oil producer

Bell, Inc.

not

52%

3.7

17%

Manufacturing steel forgings

work

0.85

1.95

Corp.
Buck

Buck Hills Falls Co.—

Company..

29
19

drugs

Branch Office:

3.0

Buchanan Steel Products

change.

Telephone 212 BArclay 7-3500

Louis, Mo.

Wholesale

Bryn Mawr Trust Co. (Pa.)„

fl.24

covering,
;

chewing tobacco

Members New York and American Stock
Exchanges

St.

1.20

tools

Brunswig Drug Co

5.4

Laird, Bissell & Meeds

WHITE & CO.

Cash Dividend

;

•

5.9

Brooklyn

2.4

TRADING

Angeles, Calif.

102

Apart¬

Inc.

and

Trading Department, L. A: GIBBS, Manager

Los

6.00

—

36%

Inquiries invited in all Unlisted Issues

RUTNER, JACKSON & GRAY, INC.

3.5

0.88

...

Common

FUND MANAGEMENT SECURITIES

6.7

Co.

-r~'

PHILADELPHIA, PA.

3.7

0.80

2.9

CHRISTIANA SECURITIES CO.

WILMINGTON, DEL

2.9

32%

11%

OVER-THE-COUNTER SECURITIES

120

1.20

'•

f0.85

garden apartments

Water

and pulp mill

pouch"

-/..'.I:/

2.00

paper

Details

6 0

0.75

BANK & INSURANCE STOCKS

.•

113/4 ;

business

ment

0.70

trust

By G. H. Walker

4.1

DrennanAppointed

48%

0.9

.'Z/'V:"v

Corp.—

loans

Brooklyn

Water

possible longer record,

2.00

containers

Own

3.8

dividends, splits, etc.

,■

4.1

|0.14

educational

Brockway Glass Co. Inc

2.8

Boatmen's Natl. Bk. St. Louis
*

Details not complete

clothes

California, N. A._„

t Adjusted for stock

: >

■

;

Co.

shingles,

Manufacturer

Manufacturers

Bank of Commerce
(N. Y.)
*

Saco

;

"Mail

1.40

14%

6.3

Over-The-Counter Consecutive

Bloch Brothers Tobacco Co

24'

69 ""

Brockton Taunton Gas Co

Operating public utility

3.2

largest bank

Building & Equipment
Corp. of America

fabricator

Mortgage

ment

4.0

Bank

Black Hills Power & Light

Bank of America NT&SA—

3.3

Trust National
(Birmingham, Ala.)—

Makes

Operating public utility

6.2

supplies

Mortgage &
Trust Co. (Ont.)

Birmingham

company—banks

Bangor Hydro-Electric

Black-Clawson

1.7

3.20
0.60

<•

35
/

Pa.)

paper

Bank
33

30%

0.40

British

2.2

1.00

••

Son

Asphalt

4.3

Detroit real estate

BancOhio Corp.

Machinery for paper mills

7.1

and

1.60

textile and

manufacturer, Cotton
sheeting, etc.

goods;

paper

Bagley Building Corp

and

Brass

Metal

Operating public utility

140

funeral

communities

Bristol

3.4

55%

4.7

stockyards

toys

ments,

Bibb Mfg. Co.___—

Restaurant chain

Operating gas public utility

3.8

wholesaler

■

(Reading,

Bird &

Badger Paper Mills—

1.90

Corporation.

Bird Machine

B/G Foods, Inc

ticut

Benjamin Franklin Hotel Co.

1963

furniture

hotel

1965

Operating public utility

;/;•'

Bag Co

Philadelphia

. .

Supplies water to several Connec¬

Bridgeport Hydraulic Co.

furni¬

Berkshire Gas Co.;

1.5

38%

4.5

plastic bags

Operates department stores in Indianapolis and Lafayette, Indiana,
and Springfield, Illinois

Cosmetic and toilet

Bro.

Jun. 28.

Berks County Trust Co.

yarns

Products
and

0.40

fl.09

2.60

•

Paymts. t®

28,

teaching aids

1.4

Manufacturer of paper,

3.9

Ayres (L. S.) & Co.

;■

0.40

than life

Bradley (Milton) Co.

5.3

1.00

Corp

Hardware

machinery

Mills

fabrics

Cosmetics

1.45

0.50

domestic

other

Boyertown Burial Casket Co.

Industries

Investments

nailing

1.6

holding corporation

Beneficial

Bank

Auto-Soler Co.

Avon

4.3

financing

Avondale

102

Games,

Belknap Hardware & Mfg.—_
Bemis

National

cl.60

—a74

1965

1.80

38
Operating public utility
'..'"/v.---' liv:
Bourbon Stock Yards Co..^._ 55

3.3

•••:-

Wholesaler:

E-Z

Finance Co.——

Auto

1.00

Stores

of Jacksonville

Atlas

line

Bpsed

tion

Jun.

28,

Brook Water Co

Miscellaneous

preparations

Ice,

415

Bank

7.3

service

3.3

13.50

Beauty Counselors, Inc

Atlantic Company

43:

insurance

Furniture

Complete

carrier

ture

3.5

public utility

i.4o

'Insurance

Bound

Louisville

Shippers Insur.—

Jun.

Divs. Paid

3.6

Inc.

Baystate

*26

53%

179

of America.

National Bank

Bassett

4.4

springs;

Atlanta & West Point RR. Co.

Curb

1965

12 Mos. to

Years Cash

Na¬

Jacksonville

„,

Sewerage

Southwest

Bankers Trust Co., N. Y

*18

Atlantic City Sewerage

Jun. 28,

1.92

167

financing

Barnett

spring steel

Operating

secutive

Paymts. to

1963

Quota-

Building Corp

Multiple line

Waters

Atlanta Gas Light

Georgia

tion

Jun. 28,

Extras for

Boston Insurance Co

Chicago office building

liqueurs

mechanical

the

Guaranty Co.

drinking water

Precision

28,

1965

% Yield

No. Con¬

'*■

•

tional Association, Houston
Bankers
Bond
&
Mortgage

con¬

Arrow Liqueurs Corp
Associated Spring

Mortgage

and

Bank (The) of New York
Bank

2.9

trols

Cordials

Bank of Delaware

Inc
Bottled

Jun.

Approx.

Including

Bankers

and

Arrowhead & Puritas

•'

•*

Based

(Detroit, Mich.)

f0.49

produc-

Based

transmission

Arrow-Hart & Hegeman
Electric Co
Electric

Quota-

Bank of Commonwealth
Cash Divs.

Natural

12 Mos. to

Divs. Paid
.

Cash Divs.

% Yield

Extras for

Years Cash

Continued from page 23

Thursday. October 10, 1963

App.'ox.

Including
No. Con¬
secutive

For

private telephone:

Philadelphia—WAlmit 2-1514

Number 6306

198

Volume

The Commercial and Financial Chronicle

(1401)

Cash Divs.

OTC Market: Shopping Center

Approx.

Including
Extras for

Quota-

secutive

For Quality

12 Mos. to

tion

Years Cash

Securities

Jun.

Divs. Paid

28,

1963

Cash Divs.

% Yield

No. Con-

Jun.

28,

Based

Con-

secutive

Years Cash
Divs. Paid

1963

•

Including
No. Con-

Extras for

Quota-

secutive

12 Mos. to

Divs. Paid
'

1963

Trust Co.

3.2

public

3.4

Cement
5.00

145

1.25

12 Mos. to
*

Jun.

3.9

California Water &

21%

3.3

Life,

Insurance

accident & health
lift

0.40

Insurance

45%

Electric

0.9

0.10

14%

0.7

Chance

Operation retail shoe stores
manufacturing of shoes

27%

Company

0.40

1.20

2.4

49 / 10.00

300

3.3

floor

—

1.20

24%

4.9

1.25

6.3

oil

ctfs.

0.25

•

(Denver)

*17

Central

Coke Corp.__
royalty

0.80

22%

1.10

40%

2.7

Wood

2.25

0.94

27%

Plastic

3.4

1.8

—

4.00

Bank

7.7

115

Title

85%

Co—.

|0.75

20%

Chilton

3.6

public utility

■

4.0

trench

Details

not

complete

possible longer record.

splits, etc.

851/2

2.80

PAGE

;

'V/

BANK'S

3.3

1.40
PAGE

3.5

29.

Coca-Cola

7.50

1.25

3 3

1 00

1.5

t0.76

1/2

0.40

1.95

»109

,5"3

1.0

4 8

3.4

29%

1.4

0.40

mechanical

5.0

f5.73

27
ON

PAGE

339

1.7

35.

'■>,

0.50

_____

1.00

3.4

4.00

4.2

5.3

Bottling Co. of

and

*48

Manufacturer

4.1

and

cable

Colonial
Retail

;

and

2.5

0.20

5.00

>1.00

4.2
3.0

0.70

21%

3.2

0.75

16%

4.5

0.40

9.1

wire

Stores
food

stores

Southeast

Midwest

Products, Inc

Wallcoverings

magazines

Details

not

complete as to possible longer record,
dividends, splits, etc.

t Adjusted for stock

splits, etc.

Trinity Place, New York 6, N. Y.

to:

Hartford

Philadelphia

Pittsburgh

Cleveland

Indianapolis

Portland, Ore.

Dallas

Kansas

Dayton

Los

City, Mo.

one-third

for

one

General

Motors

common.

Continued

predecessors.

Angeles

insulated

Color-Craft

120

Wires

/ ;/'••

cutting Implements

lum¬

Products

Collyer Insulated Wire—
30%

Houston

San Antonio
San Francisco

Louisville

Rapids

21%

Angeles

4.9

Atlanta

Grand

0.71

—

Collins Co

153

Chicago

Detroit

1.8

(San Fran.)_

Company

Farm

101

Private

1.8

107%

Cleveland Union Stock Yards

34.

Troster, Singer & Co.
74

94%

1.90

Co.

Los
IS

Co.

Including

1,70

Operates livestock yards

t Adjusted for stock dividends,
:

1.8

excavators

d Plus

t Adjusted for stock dividends,

CLEVELAND TRUST CO.—

business

1.70

Insurance

Manufacturer

0.16

Cleveland Trencher Co

molders

Publisher

Trust

Diversified

3.0<

telephone company

boxes,

3.2

-----

Service Employees

UNADILLA

corrugated

55%

City Trust Co. (Bridgeport,

1.80

insurance

^.C.?*?-)
Civil

•

Molded

-V

utility

Insurance Co.

2.60

73%

City National Bank & Tr. Co.
(Kansas City)
*35
City Title Insurance Co.
27

Chicago Title & Trust Co

public utility

gas

fl.38

2.55

£hi0)

4.9

(W. Va.)

5 9

? U

City Nat. Bank

Maintenance

Corp.

Gas Co

Natural

20%

1.00

carrier

and

Chicago

Central Illinois Electric &

Public

2.6

ber, crude oil

5.0
;

Indiana Gas

0.50

Chicago Mill and Lumber—

basis

Cold Storage Co

Operating

5.2

Sav¬

(Savannah)

Chicago, Burlington &
Quincy RR. Co

3.5

Refrigeration

Central

53/4

BANK

COMPANY'S

Midwest
mines

0.30

(Charleston)
Citizens Utilities
Co., CI. B—

sales yarns

Operating

10.5

v 1.30

(Los Angeles)

Bank of S

4.2

TELEPHONE CORP

Central Bank & Trust Co.

Leases

25%

Engineering._

Citizens & Southern National

2.4

1.08

BANK'S

4 8
3 3
'

Citizens & Southern National

Manufacturing Co.,

CHENANGO

wells

Central Coal &

46%

fl-12

NEW YORK TRUST CO.—_al34
•

Corp.—

Owning and operating apartment
house (Washington, D. C.)

Texas

Blankets, apparel cloth, upholstery

coverings

Cedar Point Field Trust,

Class A
and

52
224

*44

trust

CHEMICAL

Apartments

2.7

utility

gas

2.50
d7.45

Citizens National Bank

bus operations

Chatham

4.7

Co.)

(Cinn.)

Manhattan

Chase

Carthage Mills, Inc

Gas

1963

Downs, Iruc
Commercial

Bank

(A. B.) Co

W. Va.

Underwear

Felt base

fO.99

Charleston Transit Co

7.8

and

(William) Co

(subsidiary

Charleston Natl. Bk

Operates telephone exchanges

Cavalier

58%

1963

*37

(Louisville)

3.8

Construction

Line

4.5

Carolina Telephone and Tele¬

Carter

2.50

Based 1 n
tion
Paymts. ts
Jun. 28,
Jun. 28,

manufacturer

ings Bank (Flint, Mich.)—
Citizens Fidelity Bank & Tr.

3.2

36%

f2.24

Manufacturing products for Utility

1.25

375

presses

equipment

Cannon Shoe Co

12.00

Forging hammera, hydraulic

Bakery chain

graph

and

Chambersburg

Campbell Taggart Associated
Bakeries, Inc
*17
*

Bank

Corp.

Investment

Cameo, Inc.
Gas

;

Central West Co.

California-Western States
Life

;

Citizens

135

yarn

Quota-

"Kentucky Derby"

3.3

distribution

and

service

Power

55%

f 1.86

Vermont Public

Service

0.72

public utility

Operating

National

Central Trust Co.
Central

—

Christiana Secur. Co

28,

1963

Holding company

(Des Mcines)—

Telephone

utility-water

Telephone Co.

4.1

processing

Western

Churchill

Central Telephone Co

3.4

products

California Water Service Co._

1.60

Combed

(Philadelphia)
Metal

53
lime

2614

China Grove Cotton Mills Co.

Central Steel & Wire Co..

Co,
and

0.90

utility

Portland

California

2.8

utility

Central-Penn

service

California-Pacific Utilities—

Cement

0.80

38%

utility

Central National Bank &

,/./

Telephone Co.

Operating

electric

Public

1.09

Central National Bank of

1963

Telephone

water

Central Maine Power Co

Paymts. to
Jun. 28, JUn. 28,

Jun. 28,
1963

and

gas

Cleveland

California Interstate

Public

Electric,

tion

Years Cash

■

Central Louisiana Electric Co.

Approx.
% Yield
Based on

% Yield

Extras for

V'5
Cash Divs.

Appro*.

Including

«*,

Paymts. to
Jun. 28,

1963

St. Louis

Minneapolis

Washington, D. C.

page

The Commercial and Financial Chronicle

(1402)

Cash Divs.

OTC Market: Shopping Center

No. Con-

For Quality

Securities

No. Con-

Extras for

secutive

12 Mos. to

Years Cash

Divs. Paid

Jun.

28,

1963

Quotatlon

Jun. 28,
v 1963

mixta

2.00

PAGE

3.0

(Nashville)

Life,

47
15

1.00
0.60

33%

5.5

r
metal products, hydraulic
equipment and forgings
7

16%

0.80

Commercial Trust Co. of New

Jersey (Jersey City)

4.8

-58

(Pittsburgh)

fi.64

50%

3.3

1.45

2.9

4.25

Insurance

Insur¬

Life

22
aocldent

(no

59%

0.26

fl.00

138%

0.7

1.50

75%

2.0

Motor

2.3

Detroit
tunnel

—

t0.73

26%

3.75

4.8

Real

4.5

4.7

*10

0.12

12%

1.0

Office

0.8

Discount

Life,

(New Eng.)—

Concord Elect.

Operating public utility
Conn (G. C.), Ltd
Top
manufacturer of band

2.40

4.7

0.30

11,

2.7

Diesel

Tr.

Co. 104

f2.02

72%

2.8

and

Sewer

0.85

165 %

Co.

Insurance

1.29

34%

0.5

accident and health Insur¬
(group and individual)

Local

3.7

Commercial

ice

*22

0.80

19%

4.0

fO.54

63 %

0.9

f0.78

Inc

1.08

3.1

0.10

3.1

0.80

6.2

0.70

0.31

Decker Nut Manufacturing

2.20

2.9

dustrial

8.%

Dravo

27
IS

36%

1.35

headed

3.7

44%

3.0

1.40

33%

4.2

Dicta¬

and

12.00

215

5.6

12.00

210

5.7

t.7

1.45

5.0

Treasury

se-

Crucible Co.

Trust

Co.
23

3.7

23%

2.5

dispensers

and

0.60

3.25

61%

5.3

specialties,

chemical

sprayers

1.46

*30

Co
-

*27

Enterprises, Inc.

Drovers

„

metals,

industrial supplies'

tools

1.00

17%

and

Details not

as to possible longer record.,
stock dividends, splits, etc.
'

complete

t Adjusted for

offices

to engage

Officers

120

are

—

Form R. C. Smith Inc.

Lakeland Secu¬

East

and

Secretary

and

Papaik

Maumee

St.,

PHOENIX,

Ariz.

Oliver G.

Papaik,

offices

Miller,

Treasurer.

Mr.

Road,

221

Officers

business.

Smith,

President

formerly with Grant

and

Credit

Information

•

data

call

are

and

securities
Robert

Smith, Vice-President

DIEVEL0PING THE ELECTRIC SPACE HEATING

MARKET IN NEW ENGLAND

Rapid Check Clear¬
Trust Facilities

•

36,000

32,000

28,000

including plant sites, transportation,
on

request. Write

24,000

George J, Hossenlopp, Senior Vice President;

EH<

George Youilg III, Vice President;

Ralph A. Corbin,

20,000

s
0

Jr., Assistant Vice President, New Jersey Bank and

16,000

Trust

Company, Passaic, New Jersey—(201) 473-5600.

12,000

8,000

4,Q00

<"..
HMD OF

1957

1958

1959

I960

1961

1962

1963

Total kilowatts of electric space heating installed in
homes,
stores and factories which use no other heat source.

Western Massachusetts Electric Co.
Principal Electric Subsidiary of
member

federal

deposit

insurance

corporation

member

federal

reserve

system

Treasurer,

banking facilities. Current

labor pool, water/utilities, etc.
or

was

Camelback
a

com¬

Foreign Department, and ail

other full-service business

market

•

Secretary.

plex that is Northern New Jersey, you can
depend on alert and knowledgeable correspondent
-

Robert

East

engage

Securities and LSJ Securities, Inc.

Jersey Bank

—

Smith, Inc. has been formed with

securities business.

William

President,

Investment Services

5.8

0.85

" *

rities, Inc. has been formed with

•

2.8

(Chicago).

Form Lakeland Sees.

service from New

6.5

Natl. Bk.

Distributors

in¬

distinctive industrial-business

21%

fl.40

manufacturer

Ducommun, Inc

6.7

0.20

ANGOLA, Ind.

ance

•

graphite

all

and

Corp

Drexel

fl.34

tiles

34.

PAGE

fasteners

complete

2.8

not

Heavy engineering projects, marine

possible longer record,
t Adjusted for stock dividends, splits, etc.
Details

1.07

Household

3.8

*
•

complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.

0.22

Corp. of New York

Furniture

Corp.

Details not

8.0

sale

Savings &
(Youngstown)

5.8

-■

equipment
—

cold

5.8

Dollar

equipment

and

(Joseph)

plastic

1—

Manufacturer

17%

;

Corp.

pencils
products

aluminum castings

COMPANY'S

•

warehousing

Consolidated Financial Corp.-

steel

1.00

Bridge-

Windsor

culvert nipes,

Lead

3.9

display

equipment and bank equip¬

Drackett

Co.„

6.2

Dixon

facilities

transit

IRON CO.

Iron,

—-

oil,

3.2

mouldings, cabinets

Manufacturing

printing

Connohio, Inc.

53%

overcoats

Darling (L. A.)

3.8

16%

28
22

curities, bankers acceptances and
negotiable time certificates of de¬
posit

DAYTON MALLEABLE

Connecticut National Bank

Connecticut Printers,

Doors,

fl.73

Dallas Transit Co

Connecticut Light & Power.
Operating public utility

(Bridgeport, Conn.)

and

suits

57%

l.GO

Co._

finance business

and

Dealers

engines

Dahlstrom Manufacturing Co.

2.20 :

& Trust

ment

255

2.08

Curlee Clothing Co
Men's

Connecticut General Life

4.8

phone,
dictating,
recording
transcribing machines

insurance

gas

Dickey (W. S.) Clay Mfg. Co.

also

Cummins Engine Co

in¬

0.95

financing

Dictaphone

Diversified

& Brass— *27

Windsor

Consumer

sickness;

5.7

international

Manufacture

Crum & Forster

struments

Bank

and

10%

Diebold, Inc.

insurance

accident

annuities

0.60

ultra¬

and

Tunnels—

estate

21 %

Pa., hotel

3.3

Dial Finance Co.___-

1.00

Insurance Co.

36%

—_

(Boston)

1.20

operates

Operates bridge

Crown Life

Industries,

Detroit Mortgage & Realty
Co.

0.9

Diversified

3.9

Canada

2.3

2.8

14%

International

54%

Corp.-

*16

and

Detroit

Shoe manufacturer

Connecticut

Owns

25%

Shoe

3.9

0.55.

equipment

Detroit Bank

175%

4.00
,

chemicals

10%

Bearings and bushings

0.60

Industrial

0.40

sonics

f0.48

Mfg.

5.3

Bank

Detroit Aluminum

Craddock-Terry

2.6

——

Chemicals,

Co.

117

United States

National

Trust

3.00
2.00

carrier

common

Inc.

Craftsman Life Insurance Co.

Community Hotel Co. (Pa.)—

Denver

1.35

Telephone service

Sale

2.5

health

Illinois

—

0.4

1963

Chicago Trucking Co.,

Detrex Chemical

Cowles Chemical Co.

<Ky )

Insurance

(Dallas, Pa.)

ance

Operating public utility

health)

Life,

1.70

paid $4 annually.

6.3

1963

Paymts. to
Jun. 28,

Inc

County Trust (White Plains) *59

Commonwealth Telephone Co.

York.

3.2

2.7

Corning Natural Gas Corp.—

Commonwealth
Co.

25%

split four-for-one
in Sept. 1963 by converting $33%
par
to $10 par on a 3% for
1
basis
to
be
followed
by
20%
stock dividend on $10 par stock.
Bank intends to pay $1.20 annual
dividend on new stock, equal to
$4.80
on
old
stock which
had

Commonwealth Bank & Trust

Life

0.80

(Del.)

and

1963'

28,

Hand
lanterns
and
auto
type
switches, bicycle lamps and horns
marine
lights and horns

f1.15

NOTE:

tion .v

Jun.

Leased and operated by P.R.R.

insurance

and

Properties Co

Railroad

Delta Electric Co

*38

Chicago

Pressed

ance

6.7

Casualty Co

Continental

Stamping

Title

1.20

Denver

Co.

accident

Bank

Commonwealth Land Title

fer¬

Diversified

3.0

Dealer financing

Insurance

Co._

scrap,

American Life

Continental

Commercial Banking Corp.—

Co.

meat

Continental Assurance Co

37.

Based

Real estate

Participating life

Commerce Union Bank

oil

4.3

sand

Continental

TRUST CO.

Commercial Shearing &

32%

1.40

Monte

11
and

Insurance

BANK'S

Holding co.

5.2

lor

(KANSAS CITY)
•

Divs. Paid

Del

hides and skins

Gravel

3.2

19%

1.00

1963

paper

Rendering

grease,

Quota-

secutive • 12 Mos, to
Years Cash
Jun; 28,

Jun. 28,

Consolidated Rock Products

baking

COMMERCE

and

paper

Co.

prepared

Extras for

Consumers Water Co.

Milling &c Elevator 18

Jun. 28,
1963

Approx.
% Yield

Including

Delaware

Tallow,
tilizers,

transmlsaion

and

28,

1963

■

•

Consolidated

Paymts. to
Jun. 28,
1963

39%

1.25

Jun.

Cash Divs.

No. Con-

products

;:r;;.'
Colorado Interstate Gas Co.—

Flour

•

Manufactures

Approx.
% Yield
Based on

Including

Colorado

Consolidated Papers, Inc.
Cash Divs.

Paymts. to

12 Mos. to

Divs. Paid
,

Natural gas

secutive
Years Cash

Continued from page 25

tlon

Extras for

Thursday, October 10, 1963

Approx.
% Yield
Based on

Quota-

Including

WESTERN MASSACHUSETTS COMPANIES

0* ?'

Number

198

Volume

6306

The Commercial and Financial Chronicle

OTC Market: Shopping Center

(1403)

Cash Divs.

.•

Approx.

Including

;

No. Consecutive

Quota-

12 Mos. to

For Quality Securities

tion

Years Cash

•

Jun.

Divs. Paid

28,

% Yield

No. Con-

Extras for

Quota-

secutive

12 Mos, to

Based

1963

■-tV'V'Cr.
Industrial

Co.——r

and

Publications

and services for man-

Dura

■'

Electric Co., Class B_
CO.

22%
27%

1.20

231%

COMPANY'S

f0.50

resistant

Cormsion

Public

1.10

Corp

DURIRON

2.2

equipment

4.8
1.8

production

Fire

and

(Texas)

—

Cash

Consecutive

Over-The-Counter

Dividend

Payers From 5 to 10 Years Appear in the
Table

Second

Starting

page

and

Casualty

'•
2.40;

16 ;

0.50

57
39

Faultless

3.9

,20%

f2.91
t0.97

1.40

Miscel.

2.5

325

Fearn

431/2

1.7

Equity Oil Co

■

Fed.

124

0.40 /

12%

Kalamazoo

Leased

Variety

Oil

chain

Oil

Eason

and

Eastern

South

•'/.

16%

3.6

0.30

28%

1.1

V,.

0.23

Water

5.0

Utilities

Holding

Associates—

2.20

49%

4.5

Chemical compound

Inc.—

f0.99

2.2

manufacturers

line

co.—brewing
rolled

wheels

and

tires,

0.72

8.3

signs,

steel

3.00

20
25

4.0

—

jT-50

?. 32%
30

glass

1.25
1.60

Edison

Sault Electric Co.—

Electric

Electric Hose & Rubber CoRubber

0.90

20%

4.4

Fall River Gas

utility

3.6

1.50

31%

t Adjusted

; '

0.10

1.70

52%

3.2

1.83

39%

and

extra

Yield

based

Bonds

•

NEW

Publications,
Bank

2.30

4.3

Inc._

and

11.55

3.2

Trust

2.8

89%

3.1

(Newark)

1.70

52%

3.2

Trust

2.50

2.8

50.00

1600

3.1

3.75

4.6

0.50

15%

3.1

insurance

Third

Union

paid

regular

Co.

real

Real

estate

Co.

estate

and

Pennsylvania
securities

Financial Corp. of America.__
Title

insurance

'//■

Fireman's Fund Insur.
line

Multiple

t Adjusted

June

yl .19

36%

3.3

fl.17

40%'

2.9

Insurance

(Nashv.)

for stock dividends,

splits, etc.

Continued

payment.

Preferred Stocks

Wertheim & Co.
cJfCembers V\[ew York Stock

4.3

lights/traf¬
signs
•; t /

First Amer. Nat. Bk.

Dec.

6.0

4.6

was

16%

f0.94

Corp.

2.75

Finance

t Adjusted for stock dividends, splits, etc.
Dividend rate is 50c semi-annually. An extra of $1

1.00

screws

2.05

1.9

/.•/;

4.8

for stock dividends, splits, etc.

and

Boston

1.3

Fifty Associates (Boston)-

Operating public utility

hose

5.5

78%

Fifth

4.2

21%

1.05

• • r

sirens,

(Cincinnati)

(Stamford, Conn.)

1.20

forgings

2.1

newspapers

Diversified

abrasives

etc.

5.5

23%

warehousing

Co.

Co. (New York).
Fidelity & Deposit Co. of
Maryland

fabrics

artificial

Fidelity Union Tr.

4.6

'y-A

1.20

f0.49

Fidelity-Philadelphia Trust._

;.--:

Fairfield County Trust Co.

and

Electric

Manufacturing Co

Valves,

4.7
v

;

to mills

Fairbanks Co.

7.0

railroad

rings

0.95
el.00

7.2

compounds,

Signal

highway

and

Federated

6.7

co.

and magnetic separators

interests

steel

.17

—.

and

Electric

Michigan

operating

Hampton

Manufacture

Edgewater Steel Co
E.

insurance

Sign

Federation

Exolon Co.

Corp., Ltd.
(Bahamas)
Holding

3.00

power

Cotton

Ecuadorian

Circle

114

Operating public utility

Exeter

Economics Laboratory,

and

Company

England

New

company,

utilities

public

holding

Exeter

Downs

Eastern

Textile

and

Cold headed products

Federal

Central

Essex Co.

production

gas

RR._

by New York

Erlanger Mills Corp.—

•.

Racing Assn. Inc

Suffolk

0.60

Eagle Stores Company, Inc.—

seasoning

compress

Erie

1.15

Compress & Warehouse

Multiple

3.2

Common Stocks

•

Distribution

Exchange

Retail distributing facilities

YORK

through 29 offices
located in principal
financial and business centers.
Coast to Coast

UNLISTED

TRADING

DEPARTMENT

Primary Markets
Industrial and Public Utility
Banks and Insurance

Francis L duPont & Co.

Companies

States, Municipalities and Public Authorities

Unlisted securities covered nationally

United States Government and

Agencies

Complete Trading Facilities
Markets maintained in

CHRISTIANA SECURITIES CO., Common and
and

Preferred,

Leading Bank and Insurance Stocks

We also service

inquiries in connection with

Blyth 6. Co.. Inc.

the stocks of banks in all of the cities—New York to

Honolulu—in which

maintain offices.
New York

Boston

•

Louisville

Main Office:
Members
and

One Wall
New

York

Street, New York 5,;N.Y.
Stock

commodity exchanges

Cable: RHet.pont

•

Exchange

and

other

•

principal

DIgby 4-2000
security

Over ICO Offices Nationwide and Abroad.

Teletype 212 571-1862

San Francisco

Philadelphia

•

Pasadena

•

San Jose

•

4.6

sharpeners

fic

——

goods, sponges

Federal Screw Works

production

43%

Cotton

0.8

5.0

lawn-

t0.96

>'*

and

Federal Insurance

2.5

locomotives,

Rubber

rubber

bases,

etc.

2.2

1963

diesel

saw

2.00
'

Foods, Inc

Soup

0.9

80%

1.85

Jun. 28,

1963

0.40

machinery

and

mower

;

Paymts. to

28,

re¬

Corp.

ceramic

insurance

(Bait.)—

11
and

Fate-Root-Heath Co.

;;

Multiple line reinsurance

oil

2.5

Insurance

Employers Reinsurance Corp.

Crude

25%

refining

Equitable Trust Co.

38.

3.1

0.64

1963

tion

Jun.

Based

Manufactures

Employers Group Associates.
Diversified

&?i/2

Empire Trust Co. (N. Y.)___
Employers Casualty Co.

HG.

1.15

utility

Oil

roast

Mfrs. of heavy machinery
NAT
Formerly Farrel-Birmingham Co.
Name changed in
April 1963 to
Farrel Corp.

State

Co
coiffee

products

Farrel

5.6

El Paso Natl. Bank
Oil

PAGE

110%

products

gas
distributing
Electric Co

Brothers

Wholesale

crucibles, refrac¬

utility

Empire

5.2

Pasc

28,

% Yield

Quota-

Farmer

4.5

lated

yO.59

Jun.

■

24%

Abra¬

Gas Co.
E1

/'•

///

agement

Duncan

abrasive

12 Mos. to

Years Cash
Divs. Paid

Elizabethtown Consolidated

7.3

62%

1.40

1.10

Manufacturer
tories

equip¬

Bradstreet Inc

sives Corp

Dun &

Extras for

secutive '

1963

■

3.00

signs

Refractories

Natural

ment

•

and lifting

Jacks

Electro

Paymts. to
Jun. 28,
Jun. 28,
1963
1963

Jun. 28,

Divs. Paid

Duff-Norton

Electrical

tion

Years Cash

„

Electrical Products Consol

Approx.

Including

No. Con¬

Jun. 28,

1963

Approx.

Including

Paymts. to

Cash Divs.

Based

Jun. 28,

1963

-,':v
; 1 \

Cash Divs.

% Yield

Extras for

Detroit

Spokane

•

•.

•

Chicago

Milwaukee
•

Palo Alto

•

Oxnard

Eureka

•

Seattle

*•

Cleveland

Minneapolis

Sacramento
>

Los Angeles

•

Pittsburgh

•

Kansas City

•

Tacoma

San Diego
•

Portland

•

Indianapolis

Salem

Oakland

•

Fresno

•

••

Reno

page

The Commercial and Financial Chronicle

(1404)

Cash Divs.
No. Con¬

Securities

For Quality

3.00

641/2

4.7

Florida Telephone

3.1

24
25

1.35

86V2

5.8

tO.99

1.9

First

City Natl. Bk. (Houston) 30
Bank of Akron— 24
First Natl. Bank of Atlanta— 97

*t 1.17

623/4

1.9

First Natl.

t0.97

(Birming.)- 20
Natl. Bank of Boston.—179
Natl. Bank (Chicago)— 28

11.26

Cinn._—100

2.00

—-—

First

(N. J.)

First Natl. Bank of

First Natl.
First

National

Bank

873/4

673/4

First
First

and

f0.29

3.1

1.20

37%

3.2

3.4

food

1.9

Frontier

581/2

2.4

5.00

185

2.7

27
Natl. Bank of Oregon— 92
Natl. Bank of Passaic

1.00

2.4

2.20

671/4

3.3

1.40

exploration

and

Refrigerated

1.60

433/4

3.7

Shreveport, La
First Natl. Bank (Wichita)—
First Natl. Bk. T. (Okla. City)
First National Bank and

1.50

10.10

390

2.6

1.75

3.5

2.2

1.8

f0.24

71.00

2.7

refining

Storage.

Bank

0.90

gaskets,

2.8

f 1.23

59
packings,

6.4

1.00

611/2
25%

2.0
3.9

oil

(Tulsa)

—

0.20

500

41/4

1.2
4.7

501/2

•{"2.96

2.9

General

1.40

2.8

General Industries Co

Missouri,

1.80

43%

4.1

serving
Oklahoma and

1021/2

6.00

distributor

150

Kansas,

Mfrs.

Diego

1.00

47%

Oil

All

casualty,

motors

for

1.40

30%

3.9

bonding

5.1

fire

received

3.9

36%

3.3

0.45

6.8

1.00'

45%

2.2

Goderich

1.2

;

„

held

Elevator

Transit

Hose,

1.50

15%

9.8

f0.50

5.4

*35

0.65

18%

3.6

1.80

3.3

1*0.44

1.0

0.90

1.1

600

7 0.7

2.00

226

0.9

Radio

and

television

financing

Govt.

Employees Insurance

Insurance—casualty and fire
Grace Natl. Bank of New York

4.00

2.10

Co.*38

1.60

151

6.10

755

0.8

*26

2.25

5.5

1.00

18%

Diversified

Life,

0.56

24%

2.3

fO.99

35 %

2.8

;

accident

and

Co.

Details

Adjusted for stock dividends, splits,

possible

longer record,
etc.

1.1
./A'

accident

and

health

Green (Daniel) Co.
House

slippers

Green

(A. P.

Fire Brick

Manufacturer

refractory

Co.

5.4

prod¬

ucts

*39

373/4

2.6

193/8

4.1

0.70

16%

4.3

10.59

17%

3.4

11.97

99%

2.0

1.20

2.3

1.00

50%

2.0

10.48

55%

0.9

0.50

12%

1.25

3.0

utility,

0.98

0.80

1.00

4.5

canning

1.00

17%/

5.7

*58

2.00

2.3

320

distribution

Green Mountain Power Corp.
electric and

gas

Vermont

Stud

Utility

—
Distributor
In Connecticut

gas

welding equipment and weld¬
studs

Pipe

Corp

fittings,
sprinkler
piping systems

and

systems

Inc.

"The

Book

Knowledge"

and

Americana"

Gulf Insurance Co. (Dallas)
Fire

and

casualty Insurance

Gulf Life Insurance Co.
Life

CENTRAL EAST TEXAS

3.4

health

(Winnipeg)—

"Encyclopedia
as

Ins.

Great West Life Assurance

Grolier,
20

62%

insurance

Great Southern Life

GrinneJ.1

complete

broadcasters

Pumps, Inc

Pumps and Water systems

ing

belting and packings

(Jacksonville,

WHEN YOU CHOOSE

71%

1.20

under¬

Greenwich Gas Co

and

production
not

insurance

Gregory Industries, Inc..

Corp

etc.

each

Public

Georgia Marble Co
Marble

2.75

America

Stockholders

natural

for stock dividends, splits,

19%

Automotive parts

3.7

1.20

1.00

electric

Genuine Parts Co
27

2.7

lines

allied

1963

6.7
«

Merged Dec. 1962 into American
Equitable Assurance Co. of N.Y.

Public

General Reinsurance

First New Haven National

(Conn.)

36 3/4

phonographs,
automobile
heaters
and
home
recording
assemblies.
Custom-molded plastic parts

2.1

First Pennsylvania Banking &
Trust Co. (Phila.)
135

1.00

producer

small

Republic Insurance

Vegetable

Crude

Southeastern

0.50

line

Green Giant Co.

Nebraska

Bank

manufacture

paper

(New York)

Life,

Gas Service Co
2.6

gas

—

Great Amer. Ins. Co. (N. Y.)_

(Atlanta)

1.31

Formerly First National Trust &
Savings Bank of San Diego to

t Adjusted

0.4

Transportation holding company

Natural

—_

writer

Auto

(Indiana)
Gary Railways, Inc

First National Bank of

Bank

0.68

Gary Natl. Bank

Formerly First National Exchange
Bank of Roanoke to Dec. 1962

March

f0.24

seals, mechanical seals and plastics

Virginia

San

3.6

warehousing

Mechanical

2.5

Corn

Government Employees Corp.

Garlock Inc.

First National Exchange

Co., Class A_„

Natl.

130

■;;//

Goodwill Stations, Inc

10
distributor

and

Fulton Market Cold

Co.

1.00

agency

Brushes

Fulton

3.25

Manufac¬

Glens Falls Insurance Co.

Goulds

production,
marketing

3.4

Insurance

Goodall Rubber Co

Fuller Brush

IOII/2

York

1963

Co., Ltd

Refining Co

3.50

New

2.4

products

Trust

1963

Grain elevator

Petroleum

County (Paterson, N. J.)
First Natl. Bank in St. Louis.
First National Bank of

First National City Bank

insurance

731/2

2.00

and

Globe &

11.16

Frito-Lay, Inc.-.

tl.40

3.5

(Albert) Guenther

Life

Trust

Co.

Franklin Life Insurance Co.—

3.6

60
68
97

f 1.14

*38

Professional, advertising

1.6

156

(Miami)
Natl. Bank of Memphis
Natl. Bank (Mobile)
Natl. Bank (Omaha)—

4.5

Trust

Wyoming Oil Co

Manufacturer
—

—

1963

—

Bennett

Multiple

—

production,
development

1.7

1.9

73/4

units

Bank

Oil

Frank

First Natl. Bank

Paymts. to
Jun. 28,

Brick and concrete products manu¬
facturer

for

Franco

2.2

104

0.35

2.9

Gloves

2.0

281/2

0.75

Fownes Brothers & Co

3.1

265

11-63

(Maryland)

Law, Inc.

City)

First

lighting

Natl.

1.00

service

bus

Co., Wichita

2.0

First Natl. Bank (K. C.)——

Jun. 28,

cloth

Pulp

Worth

Industrial

3.5

t0.49
11.53

First Natl. Bank (Jersey

National Bank

Worth National Bank

Fourth

of Fort

Worth

First National Bank

2.4

1.60

1.36

tion

Jun. 28,

Glen-Gery Shale Brick Corp.

Fostoria Corp.

1.5

15.90

Springfield, Mass.

Fort Worth Transit Co

2.6

3.10

88
Bank of Denver.. 78

12 Mos. to

Exchange
Bank
(Philadelphia)
127
Glatfelter (P. H.) Co._
19

5.6

Fort

62V2

1.60

Bank of Dallas.—

First Natl.

2.5

Ft.

First Natl. Bank
First

21%

(Indiana)

banking

Wire

Girard

1.75

Corp., cl. A

turing

1.4
3.0

0.54

Fort Wayne

Camden National Bank

& Trust Co.

44
24

Dent/store,

3.5

5.00

(South Bend)
Investment

0.60

f 0.71

Telephone company

First Bank & Trust Co.

First

Forbesy& Wallace, Inc., Cl. B 27

65%

holding company

First Boston Corp

Based

Insurance

allied lines

and

Gilbert

Fire

Company

Fire

(Jacksonville)

Bank

Quota-

Divs. Paid

Germantown

electric company

and

Operating public utility

2.05

First Bank Stock Corp...

secutive

% Yield

Extras for

Years Cash

3.6

Florida Public Utilities Co.—

1963

Bank

Florida National Bank

Based on
tion
Paymts. to
Jun. 28,
Jun. 28,

Jun. 28,
1963

National

2.00

Gas

Quota-

12 Mos. to

Approx

Including

No. Con-

Paymts. to
Jun. 28,
1963

% Yield

secutive

tion

Jun. 28,
1963

Fitchburg Gas & Elec. Light. 104

Approx.

Including

Divs. Paid

Cash Divs.
»

"•

Cash Divs.

Years Cash

Based

Quota-

Jun. 28,
1963

Divs. Paid

Continued from page 27

Exttas for

12 Mos. to

Years Cash

First Trenton

No. Con¬

Extras for

secutive
'

Thursday, October 10, 1963

Approx.
% Yield

Including

Center

OTC Market: Shopping

and

Fla.)_

accident

Hagan Chemical & Controls
Name

changed
Corp.

Calgon

April

1963

Natural

Plumbing,

heating
supplies

Halle

.11

and

air

condi¬

Bros

Retail

Department Stores

Hamilton

Mfg

Home

laundry
appliances,
professional furniture

Hamilton

National

and

Bank

(Chattanooga, Tenn.)
Hamilton

National

Bank

Insurance

and

casualty

2.20

55
28

Co._

8.00

110

Knoxville, Tenn
Hanover
Fire

•

4.0

supplier

gas

Hajoca Corp
tioning

Hagerstown Gas Co

2.00
3.00

2.5

51%

4.3

insurance

Harris Trust and

See how this rich

Savings
(Chicago)
Harrisburg Hotel Co
Bank

farming region is developing Into

of highly diversified economy!

an area

Penn-Hflrrls Hotel

Hart-Carter
Grain

■§■

Healthy business
climate

s|s
'

Market accessibility

■§■

Excellent .utilities

AGRICULTURE

X77

Diversified

Nominal building costs

Wonderful

'LUMBER

'round

'OIL AND

climate

government

777 ALL
GAS
'
/

Abundant natural

Stable local

year

Fire

resources

Transportation

■

Cultural-educational

crossroads

*§■

Productive labor pool

Stimulating recreation

MANUFACTURING

centers

MEDICAL CENTERS

information
served

are

the

quarterly

'WAREHOUSING-

reports giving further

Hartford Gas Co

113

tl.38

39%

3.5

1.95

66%

2.9

and

Insurance Company-—
and

machinery insurance

(Cambridge)

Co.—

Gas

Company's, operation and the territory

»DISTRIBUTION

Holding

OPERATED BY TEXANS

Shewmake, President

Executive
•

Offices:
..

hPtr

4.3

11.19

18%

6.4

Creamery
products in

dairy

2.50

5.8

Penn-

Hibernia

(San Fran.)__

National

3.00

91 %

3.3

Bank
—

284

1.50

2.8

Orleans)

1.20

33%

3.6

'22

1.00

4.0

Department store

Hines

(Edward)

Timber logging

Lumber

Co.

and processing

SERVING TEXAS CITIZENS

Mercantile

j. ' f.

37%

sylvania

♦Details

John T.

3.6

1.63

3.25

company

Hershey

(New

A TEXAS COMPANY

service

Haverty Furniture Co.l.

Higbee Co.

SOUTHWESTERN ELECTRIC SER VICE COMPANY

2.3

130

3.00

92
'

Harvard Trust

Hibernia Bank

available upon request.

1.9

Hartfprd Natl. Bank & Trust 134
Steam
Boiler Insp

Produces

Copies of the annual and

64%

insurance

Haverhill

Choice industrial sites

1.21

•

Hartford

Boiler

'PROCESSING

)

equipment

Insurance

5.7

1.25

handling

Hartford

2.0
7.7

102
39

•

■

Bank

li. •'

Bldg., Dallas, Texas

not

complete as to possible longer record.
dividends, splits, etc.
■"

t Adjusted for, stock
f Plus

17<

class

common.'

„

Volume

198

Number

6306

The Commercial and Financial Chronicle

(1405)

Cash Divs.

OTC Market: Shopping Center

secutive

Cash Divs.

■

Extras for

Quota-

secutive

:.'

12 Mos. to

Divs. Paid

and

dustrial

steam

Home

hydraulic
and

Insurance

Fire,

Co.

1.55

Diversified

Title
•

2.9

' 2.30

and

long

distance

'9%

0.38

Corn

33 %

Inc

14.00

590

Natural

1-20

4.0

Gas Corp.—

f0.72

27
14

and

cents

1.9

4.3

;

,-i

1.60

3.00

sion

5.5

1.60

6.2

109

papermakers' felts,
precision
ln-

1.8

0.60

14%

0.40

gas,

steam

2.3

Life

First Natl.

15%

(Boise)

refining

1.60

56%

3.00

1.25

2.8

1.00

1.64

27%

3.6

Kerite

49%

Co., Inc.

fO.99

National

Bank

Indiariapolis Stockyards Co.—

3.00

46%

3.4

1.00

18%

5.3

2.20

Operates livestock terminal market

Indianapolis Water Co.—
Operating

0.40

0.25

11%

offset

and

"
3.7

32%

1.20

9.2

Mortgage &
(Ontario)

Trust

6.3

Book

color

5.00

165

al71

2.00 '

Standard

2.30

64%

Details

not

t Adjusted
a

complete

for stock

Including

possible

dividends, splits,

Interested

For

3.6
r

any

Ins.

10.79

251/4

3.1

1.10

95%

latest

18%

8.1

f0.71

18%

3.8

f 1.28

18%

6.9

-1

f2.12

62%

3.4

0.50

20%

2.4

1.00

19%

5.1

1.40

5.4

1.20

29%

4.1

0.8O

12%

6.3

8.00

1.28

28 %

4.6

1.60

5.7

;

Savings
(Chicago).—
*43

1.60

150

1.1

{

(M. H.) Inc

0.50

0.40

Company
insulated

wire

molded

and

pulp and

Portland

Cement

N. Y.

drap¬
refrigeration

and

Kittanning Telephone

1.2

Mortgage

1.50

4.5

Communication

Knudsen

Creamery Co. of

Wholesale

a29

1.64

37%

melting

5.00

5.6

*28

1.45

and

air

2.7

Laclede

-V

Basic

communication

2.6

utility

(electric

Superior

View

Bank

145

5.5

manufacturer

and

Co.

Trust

store

water)

10%

4.7

chain

5.6

Lang

pole

6.7

Investments

1.50

38%

3.9

Langendorf United Bakeries.

V.'. West Coast baker

shoes

Details

not

Including

•Details

complete as to possible longer record,
stock dividends, splits, etc.

not

complete

1.00
'

17%

" 5.8

V."

to possible longer record.

t Adjusted for stock dividends,

for

splits,

etc.

Continued

predecessors.

page

these pages?

prices, quotes,

UNDERWRITERS AND DISTRIBUTORS

injormation,

simply contact—
Marketing Department

H MERRILL LYIMCH,

PIERCE, FENNER a SMITH INC

MEMBERS

NEW YORK STOCK

70 PINE

EXCHANGE AND

Active Markets Maintained

OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES

STREET, NEW YORK 5, NEW YORK

Southwestern Issues!!

FOR FIRM BIDS

C&U

WIRE OR

New York State

Serving Central

TELEPHONE
Norwich.

invite

copy

New

you

our

CORPORATION

York

write

for

Annual Report.

TEXAS

MUNICIPALS

WRITE:

CALL,
'

BOND DEPARTMENT
TELEPHONE

Rl 1-5587

■

TWX

1-214-899-8544

REPUBLIC
NATIONAL BANK OF DALLAS
CAPITAL AND SURPLUS J1 14.000.000

Chenango & Unadilla Telephone Corp.

Norwich, n. y.

Ishpeming

Railroad Co
Lake

3.00

metal

Operating railroad

transformers,

Steel

Variety
—_

furnaces,
fabricate
alu¬
products and packaging

steel

Public

0.60

products

Lake Superior Dist. Pwr.

conditioning

dairy

Electric

Manufacturer

4.4

Lake

t Adjusted

etc.

...

1.50

Kuhlman

Women's

stock

;'" '

longer record.

•

supplier

hardware

ery

line equipment

predecessors.

•f

...

55%

3.3

Manufacture Venetian blinds,

3.6

Life

Bros.

Electrical and

3.0

4 8

27%

i 0.89

stone

hardware

Julian & Kokenge Co.—

Industrial Natl. Bank (R.I.)_

—

Company

Lamston

Savings, trust and mortgages

■-

equipment

manufacturing

Kirsch

manufacturing

Joslyn Manufacturing &
Supply Co.

*36

2.50

Kings County Trust
Company, Brooklyn,
Kingsport Press, Inc

3.4

optical comparators; precision bor¬
ing machines; die heads and chas¬
ers; tape controlled equipment

Utility

water

Industrial
Co.

Manufactures cement

mowers

Turrets;
automatic
and
tracer
lathes; thread and form grinders;

3.1

3 7

fl.13

tools

Co.

Jones & Lamson Machine Co.

24%

Keystone

f 1.58

controls

| Indianapolis

f0.90

Manufacturer

stores

Temperature

3.4

Natural gas and water utility

Indiana

fibrous plastic articles

Johnson Service Co.

;

29%

5.5

Inc

Keyes Fibre Co

Indiana Gas & Water

1.40
'

25%

3.3

Mortgage banking and real estate

2.9

3.9

compositions, cutting

(The)

minum

Jersey
43

Coke

31 %

specialties

Electricity

Multiple line insurance

Indiana Gas & Chemical Co.—

1.24

Kentucky Utilities Co

July

now

Jersey Insur. Co. of N. Y

7.5

}

its products

California

0 5

14.00 3060

Crushed

2.5

Valves

Imperial Sugar Co

and

Insurance

Jenkins

transmia-

Kentucky Stone Co.

devices

Bk.

and

Special service

4.1

Utility, water supplier

Sportswear

fabrics,

control

Oilier Engraving Co.

Jefferson

2034

0.48

petroleum

tools

Jantzen, Inc.

1.8
'

51
*
--

distribution

Hard carbide

»■

Producing, refining and marketing

positives

2.00
fO.62

1963

Kent-Moore Organization
22

Jamaica Water Supply Co.—

products

1963

production,

gas

and

Kennametal
16

Corp

rate

Photo-engraving

3.5

28,

199

and

Kendall Refining Co

bak¬

Manufacturing Co._

lawn

Public

—

and

3.7

annually.

Power

5.3

Sugar

Jahn

(Tom) Peanut Co.

struments

natural

Department

products

paper

Confection and food

industrial

21%

cake

Irving Trust Co. (N. Y.)
Ivey (J. B.) & Co

■

1.26

producer

Manufactures

and

utility, electric, gas
split two-for-one in

Jacobsen

Huston

Idaho

3814

0.73

'^ '

Huntington National Bank of
Columbus (Ohio)
:

0.80

chain >.

Dividend

1963.

Based

Paymts. t<*
Jun. 28,
Jun. 28,

1963

47
restaurant

Kansas-Neb. Natural Gas Co.

37.

Manufacture

utility
_—

Huyck, Corp.

PAGE

home

Iowa Southern Utilities Co.—

I.//''

gas

and

Financial

Electricity,

2.4

—

Hugoton Production Co

3.3

paper

Co.—

Iowa Public Service Co

Pulp & Paper Corp.,

Class
Pulp,

1.10

ilo

Public

Texas

refining

Hudson

1,5

Hubinger Co.
T

1-ou

■•/>

Natural

Southern

water

Syracuse,

Houston
*

Textbook

bread

Restaurant

City

rooms

4.9

Small loans

cleaners

York

Hotel

*>4

Hotel Barbizon, Inc

606

Interstate

3.3

Co., class A

Vacuum

Jun.

Kansas City Life Ins. Co
*39
Non-participating life and partici-

Natural

Interstate Hosts, Inc._.
——

twine

and

Hoover

New

30%

1.00

insurance

Ropes

0.88

Corp.

Hotels,
motels,
laundry operator

eries

3.3

Interstate Bakeries Corp,

(Brooklyn, N. Y.)_
Allison

tion

Years Cash
Divs. Paid

1963

Telephone

publishing
schools

study

4.1

phone

Home Title Guaranty Co.

Wholesale

Hooven

Printing,

1.90

12 Mos. to

service

Title

COMPANY'S

International

Home

Local

28,

Quota-

pating life

Operating public utility

3.0

Casualty and Life

Telephone and Tele¬
graph Company of Virginia

1963

Jun.

Extras for

secutive

Paymts. to

Company

Y.)

28,

insurance

Inter-Mountain

estate

(N.

Jun.

No. Con-

GUARANTY & MTGE. CO.

1963

insurance

INTER-COUNTY TITLE

in-

power,

real

Jun. 28,
1963

Approx.
% Yield

Including

Kahler

Pennsylvania

'U,//

■

Holyoke Water Power Co

Based

1963

;

Electric

Jun. 28,
1963

tion

Insurance Co. of the State of

tion
Paymts. to
Jun. 28, Jun. 28,'

Years Cash

••

12 Mos. to

Based

No. Con-

'■/.

Quota¬

Divs. Paid

Approx.
% Yield

Including

...

;;

Cash Divs.

% Yield

Extras for

Years Cash

For Quality Securities

Approx.

Including
Con-

No.

LARGEST

l°N

THE SOUTH

■

MEMBER FEDERAL DEPOSIT

INSURANCE

CORPORATION

<"[*»

frWfttfMHVN-tp I

•flw,

mj"'

sVi4Wf*ti^-^*>1-J vh *m. I p,

'?{) V

(1406)

■:■*'"* 9

Cash Divs.

page

v.
Louisiana
Cash Divs.
Extras for

Quota-

secutive

12 Mos. to

tion

Years Cash

Jun.

Divs. Paid

28,

Based

1963

Salle Natl. Bk.

18%

3.2

and

vacuum

melted

Lau Blower Co
Manufacture

moving

Retail food

Mfr.

sportswear,

uniforms

and

work

Leece-Neville

western

Ludlow

wear,

0.40

11%

aircraft

Electronic

N.Y.C.

real

f0.59

0.35

estate

1.75

10.19

Wire,

3.8

Loan

Consumer

Liberty

0.6

Corp

Co.

Natl.

42%

2.8

Bank.&

2.70

Insurance Co.
Lile
.,

3.2

11.05

54%

1.9

(Birm,, Ala.)

10.28

0.4

10.53

31%

1.7

Retail

(Fort Wayne)

fl.38

1.00

164%

Insurance

(Rochester)

.—

f2.65

3.00

5.3

0.30

3.2

1.03

51%

of
v

59 %

tl.19

4.3

10.97

25%

3.8

6.7

Accident

2.30

(The
and

39J/4

Longhorn Portland Cement_.

Cement

Co._,

utility

1.50

a67

22%

5.9

for stock dividends, splits,
Including predecessors.

11.83

Paul

6.7

1.25

and

1.00

2.6

1.80

39%

4.6

1.80

55%

3.2

(Indianapolis)__ *38

and

general

Bank

National

Bank

Co.

1.3

Syracuse.—

4.0

1.40

25%

5.5

National

Co.

and

radio

and

sales

religious
greeting cards

1.10

Natural

0.30

11.96

and

10.51

18%

>22

10.90

1.00

Electric Co.

2.7

gas

2.1

uvllity

2.7

distributor

gas

Michigan National Bank

%! ■"
5.2

(Lansing)
Michigan Seamless
Steel

t t { v t * '
c' x •
y
not;complete as to possible longer record,
t Adjusted fot stock dividends, splits, etc. :
,

Tube

Co.

33%

2.7

5.6

tubing

•Details

etc.

Including -predecessors.
Plus 15 cents paid to trustees of Maryland

•

Details

not

t Adjusted

Affiliate Corp.

complete

HARTFORD ELECTRIC

Of Sutro Bros.
Stone

Broad

Exchange,

five present
&
to

REPORTS...

erates

;

Co.

St.,

York

acquire

all

offices of Sutro Bros

announcemet

macte

of Hay¬
/

offices,

by ,<A1-

Pine

and

Washington,

Palm

these

the Hayden,

offices

will

become

part

'
<

Sutro

Bros.

business

member

Stock

Co.

will

remain

independently

firm

Exchange.

the

New

12 Months Ended

1963,
Total

Operating Revenues (000's)
Operating Expenses (000's)

BROKERS

•

DEALERS

& NEW ISSUES

51,670

8,879 ;

Earnings Per Common Share

7,187

2.43
.

BANKS

$ 62,367

54,40-1

Equity Per Common Share, June 30

SPECIALISTS IN
PHILIPPINE SECURITIES

1962

$ 66,635

(000's)

Utility Plant, June 30 (000's)

June 30

S.WIEN & CO. INC.
1

1.94

22.71

.......

21.86

234,075'

EXCHANGE PLACE

JERSEY CITY 2, N. J.
Established 1919

222,638

Members New York Security Dealers Association
Direct wire to
For

copy of the 1962 ANNUAL REPORT write

the Secretary.

THE HARTFORD ELECTRIC LIGHT COMPANY

BOX 2370

HARTFORD

1, CONNECTICUT

Kleiner, Beli & Co., Los Angeles & Beverly Hills, Calil.
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

York

FOR

All

Stone network.

■
.

C.,

Beach, Fla.

UNLISTED SECURITIES
■'

CONTINUED GROWTH

St.

Broadway in New York

Incorpo¬

New

will

President
'

five

1350

City,

Co., effective Nov. Ivaccording
an

Coyle,

Miami and

Hayden,

Stock

den, Stone.

Sutro Bros. & Co. at present op¬

City, members of the New York

LIGHT COMPANY

fred

and

rated,

etc.

predecessors.

Acquire Offices'
THE Investor-Owned

to possible longer record,

for stock dividends, splits,

Including

Hay den Stone To

Net Income

calen¬

Michigan Gas Utilities Co

3.2

insulating
"

5.6

funeral

service,

and

Electric

13%

0.75

Decalcomania8

life

.7/4

Michigan Gas

televi¬

and

Meyercord Co

0.25

Corp.

Manufacture

1.5

Bank

broadcasting

director

In-

Corp..

National

1.80

123

held

one

10.86

dars

1.85

each

■

29
26

for

Messenger

Conveying equipment

3.0

sion

Conveyor Co

3.5

Bank

loans

Trust

6.8

■

24
.

Mathews

3.0

insurance

brick

3.6

51%

National

Acceptance Corp.,.

Merchants

As¬

Ins.)

1.80

2.9

Meredith Publishing Co._____

4.0

subsidiary

Life

Revere

group

2.80

(St. Louis). a63

Trust

Chicago

Trust

sickness

1.30

Mobile

through

3.6

Publishing

___

2.5

Deposit and
(Baltimore)

Co.

Merchants

46 %

g2.50

insurance,

siding

t Adjusted

a57

Mastic Corp

-.'i,". 'v

1.40

Protective

2.00

Bank

Merchants Fire Assur.

2.0

350

products

and

surance,

7.00

6.7

Corp. of N. Y.

lines

manufacturer

and

National

Merchants

conversion,

Exchange offer made in Nov. 1962
by U S Fidelity & Guaranty Co.

wholesales

construction,

2.00

transient

financing
Merchants Fire Assurance

3.4

"18

and

V.
:1'7:1National Bank of

Merchants

chain

Casualty

•

Mercantile

3.9

2.00

3.9

2.00

Co.__

residential
'

Small

2.00

Trust__ a68

Dallas

4.5

6.0

Mercantile-Safe

2.6

1.00

Chicago

30%

3.5
'

Hotel

Mercantile

1.65

kindred

Imprinted

Mercantile

0.9

sociation, Inc

Lager beer

4.4

(Buffalo, N. Y.)_
(Los Ang.)—

and

industrial

4.9

;

Operating public

13%

Melrose

%■

Bank

Merchandise

Drydock Co

3.6

0.20

the candy field

Brewing Co

Telephone

0.60

Massachusetts
'

Candy Co.

Portland

Dallas

Maryland National Bank
Maryland Shipbuilding &

3.2

82%

0.40

Grocery chain

4.0

Loblaw Inc.

Manufacturer

al09

market

repairs

Telegraph Co.

Lorain

1.00

printer

manufacturer

Natl.

and

Ship

Operating public utility

Mellon

Multiple-line insurance

0.6

'Lincoln Telephone &

Leader

3.6

rolling stock

Maryland

Lone Star

1.3

34%

and electric

hardware

3.3

iLincoln Rochester Trust Co.

Loft

1.25

Trust

Manufactures

Trust Co. of Central N. Y._a28
'Lincoln Natl. Life Ins, Co.
'

y0.10

Lumber

Marshall-Wells Co.__

Lincoln National Bank &

Life

Market Basket

Life, accident and health

Operating public utility
Medford Corp

2.6

etc.

2.10

cables

Trust Co.

insurance

distributors

tea,

3.7

32%

0.23

Manufacturers & Traders

Life & Casualty Ins. of Tenn.

0.85

hotel

Detroit

107

Textbooks and duplications

(N. Y.)

4.00

Meadville Telephone Co.__..__

Manufacturers National Bank
28 '

2.9

6.9

products

gas

extracts,

Stores

McCormick-Armstrong Co.

products

1.10

processing

0.7

& Co., Inc.___

meat

Manufacturers

spices,

4.6

14%-'r

1.00

drug chain

Public utility,

•Co.

Trust'

City

Liberty National Life

3.8

Manufacturers Hanover Trust
22

Oklahoma

20%
52

1963

equipment

and

McCormick & Co. Inc

Inc._

Magor Car Corp

Trust

Co. of Louisville

Liberty

1.20

2.9

Drug

Railroad

Bank

12.38

Paymts. to
Jun. 28,

0.05

Madison Gas & Electric Co.__
v

credit

Natl.

steel

rope,

Mading

Non-participating

Liberty

1.00

10.78

Corp.

;* Houston

(Greenville, S. C.) Voting..

30%

supplier

Macwhyte Co.
-

Based

"McCloud River Lumber Co.__
Western softwbod lumber

' 4.6

1.40

construction and four sub"
r
"
' sldiaries
''I-', ;lv:"•

7.8

rug

electrical

Meat

2.1

Heavy

Buffalo (N. Y.)
Liberty Life Insur. Co.

93%

'•

equipment

gas

fabricated

2.0 %■-

Macco

& Co

Liberty Bank and Trust Co.

and

Lyon Metal Products, Inc

instruments

(Fred T.)

Typograph

Natural

Electronic

4.0

Lynchburg Gas Co

3.5

Leeds & Northrup Co

Ley

20
18

Automotive

Pacific Coast

Luminator-Harrison,

clothing

Co.__

(Ky.).w

plastics

paper,

Typesetting

4.4

Starting-light equipment for autos
and

chain

cushions

4.9

211/2

0.95

Co.

Ludlow Corporation

>•

Lee (H. D.) Co. Inc

>■'

0.25

equip.

real estate

Trust

Textiles,

air

alloys

1963

Jun. 28,
1963

Quota-

Mayer, (Oscar)

Lucky ^Stores, Inc—.

High speed, tool and die, specialty
steels

Jun-. 28,

Divs. Paid

by-products

Title Insurance

2.3

0.60

tion

Years Cash

Louisville

fl.14

12 Mos. to

1963

% Yield

Extras for

secutive

Maxson Electronics
1.00

and

Approx.

Including
No. Con¬

v" "

2.00

1963

'1963

(Chicago)

tLatrobe Steel Co.C_

1963

...

Louisville Title Co

Jun. 28,

....

Rice

Paymts. to

Jun. 28,

•;
Milling

.•.-.r

State

:•<><'

Cash Divs.

Paymts. to
Jun. 28,
Jun. 28,

28,

Louisville Investment Co.

% Yield

IMo. Con-

Jun.

Based

»wwwwnwww

Thursday, October 10, 1963

tion

—1

Co.

Approx.

Including

't"

Quota-

Divs. Paid

29,

•"■

-v0i'.

...'

% Yield

Extras for
12 Mos. »o

Years Cash

For Quality Securities
from

'<<"i

,"Vr-•('*•'."l;

i^«i ^wpwwim^

Jllhi

•

Approx.

Including
IMo. Consecutive

.' Continued

»"*'•'

The Commercial and Financial Chronicle

OTC Market: Shopping Center

•

198

Volume

•

Cash Divs.

OTC Market: Shopping

Center

No. Con¬

Securities

Divs. Paid

Based

Quotation

Years Cash
Divs. Paid

Jun. 28,
1963

Oil

2.2

production

Natl. Bank
4.3

—..-27

1.15

Water

Middlesex

2.30

(Mass.)

back

3.3

Midwest
Mfrs.

reclaimed

Rubber

Miller Mfg.
Tools

auto

for

engine

and

(Va.)

Moore

4.0

1.20

Moore

•

in the
38.

Second Table Starting on page

gas

(Bait.)

1.10

fo.19

gym

Industrial

loan

Rolled glass,

22V2

1.15

5.1

Co.

——

Commercial

carrier;

freight

Natural

gas

Holding

25V2

1.20
4.20

Natural

and

4.7

company

•

31%

5.0

Natural

grade

4.0

130

4.00

National

3.1

31%

4.1

Details

2.75

6.1

1.00

561/2

1.8

•

—

2.00

3.07

3.3

27
%

1.60

591/4

2.7

57%

2.8

■

; 1.60
1.60

121

1.3

0.80

4.4

211/2

5.6

Corp.

■

Oil

■>' .'a

1.20

Corp—

yy-'
-v,

(Nashville)

60 '

0.30

97%

0.3k

0.40

3.6

(Newark)—158

f 1.39

health

and

Co.

3.1

36%

3.8

0.70

3.5

2.38

361/2

6.5

(Boston) *66

2.60

66%

3.9

feeds

animal

National Screw &

Mfg< Co...

bolts and nuts

Shawmut

Natl.

hi.80

Oats

Bk.

of
Details not

complete as to possible longer record,
t Adjusted for stock dividends, splits, etc. ^

record,

7";''

h Plus

one

for

one

American

Assets,

7/r:"
Continued on page 32

Inc.

splits, etc.

for stock dividends,

Including

Cereals,

Screws,

to possible longer

oil

Lock

National
--,7

complete

2.1 f

insur.

National Newark & Essex

distributor

Orleans
not

Pennsylvania-

and

Co.*

Banking

Bank

2.00

f0.97

Mortise locks

'
1.30

Texas..

American

2.8

chain food

Gas &
gas

crude

accident

Life,

■

Insurance

Co..

3.0%

70 y4

of Hartf'd

Co.

company;

surance

421/2

1.70

23
,/y

petroleum treatments
chemicals

and

33%

National Life & Accident In¬

Corp,....

Chemical

1.00

2.00

insurance

National

2.2

(Albany, N. Y.) 108

Ins.

stores

industrial

t Adjusted

predecessors.
t Adjusted for stock dividends, splits, etc.
Including

4.6

1.60

Holding

551/4

casualty

National Food Products

oil

gas

New

2.6

164

42 !/2

Mills Co

Co.

Cottonseed

Water

3.2

contractors,

general,

Finance

National

Pipe Line..

1171/2

company

financing and

Murray

Nalco

distributor

Missouri-Kansas

Motor

Mississippi Valley Gas Co....

if 9%

heavy, construction

3.5

;///A;'/'.-

rivers

14V4

0.50

0.60
/

of California

Co.

Fire

1.20

Casualty Co. (Det.)_

Diversified

f3.73
fl.97

Mystic Valley Gas Co
21

Natl.

6.1

Morrison-Knudsen Co., Inc.

wire glass, etc.

Mississippi Valley Barge Line

5.9

1.00

3.3

Detroit—

of Tulsa-

health,

Toledo

City Bank of Cleveland

Trust

wholesaler

National Commercial Bank &

forginga

drop

Morris Plan Co.

Auto

Co.__

Mississippi Glass

4.0

Natl.

1.7

2.00

Commerce'

National Bank

Antonio..

Accident,

11V4

1.5

Orleans.

Bank

National

(Ohio)

5.7
1.0

107

Forging Co.....

World-wide

4214

1.68

—a44

Gas

distributor

17 %

1.00

Commerce

f 1.43

New

San

Bank

Sulphate pulp and paper
Natural

1963

...

Bank

National

3.5

*11

girls'

machining

Mosinee Paper

Minneapolis

4.7

National

Morgan Guaranty Trust Co.. a71

;

25%

q.45

Paymts. t®

Jun. 28,
Jun. 28,
1963
'
1963

Commerce

Memphis

A/v-v/i

gowns,

Hardware

Consecutive Cash Dividend

1.20

tion

28,

Based

Commerce

Bank

National

Drop

Light

Payers From 5 to 10 Years Appear

1.3

Houston

Moore-Handley Inc.

Over-The-Counter

Bank

National

(E. R.) Co.

ware, etc.

department store

National

camel-

Co.

Life Ins.

insurance1,

Academic

repair

Miller & Rhoads, Inc
Richmond

5.9

0.40

3.4

feeds

Monumental
Life

18 ;

Co..

Flour Mills

and

6.1

16%

1.00

^mfg.; tires, tubes,
repair materials

Montana

rubber

National

and

Flour

Reclaiming.

Rubber

3.6

Thoroughbred horse racing

Operating public utility

27%

tl-03
'
0.40

Monmouth Park Jockey Club,
Common and VTC
-

Telephone Bervlce

Middlesex County

Divs. Paid

1963

Jun.

Quota-

Mohawk Petroleum Corp

Rubber

41%

0.93

12 Mos. to

1963

Operating public utility

Telephone Co.

Illinois

secutive

Years Cash

1.00

Mobile Gas Service Corp

Paymts. to

Mohawk

States

Middle

Paymts. to
Jun. 28,

28,

and natural gas

Electricity

% Yield

Including
Extras for
12 Mos. to

tion

% Yield

Extras for

Jun.

28,

Missouri Utilities Co.

Approx.

secutive

No. Con-!

Cash Divs.
No. Con-

Based on

12 Mos. to

Jun.

Approx.

Including

Quota-

Extras for

secutive

Cash Divs.

Approx.
% Yield

Including

Years Cash

For Quality

(1407)

Financial Chronicle

The Commercial and

Number 6306

predecessors.

NY IBA Group

Interested...
...

in any

stock

these pages?

B. Baldwin,

Robert H.

BROKERS IN

Elects Baldwin

STOCKS AND BONDS

of Morgan

Company, was elected
Chairman of the New York Group
Stanley &

For

latest

prices, quotes, or information,

simply contact—

f '

Marketing Department

cia ti0
>

f the

ing.

meet-

NEW YORK STOCK EXCHANGE AND OTHER
70

PINE

System to all of the

Principal Cities in the United States

suc¬

r -■

•4

ceeds H. Law¬

PIERCE, FENNER &

MEMBERS

Private Wire

group's

annual

H MERRILL LYNCH,

300 UNLISTED STOCKS

America

PRIMARY MARKETS IN OVER

Asso-

Bankers

Investment

the

SMITH INC

PRINCIPAL STOCK AND COMMODITY EXCHANGES

STREET, NEW YORK 5, NEW YORK

Bogert,

rence

Jr., of East¬
Dillon,

man

rrycjw

Securi¬

Union

ties & Co.
Robert

4<> 9<«SSU>/,e*/

Krumm, of W.
Members New York Stock Exchange

Morton

Co.

Robert H. B. Baldwin

Incorpo-

rated,

Telephone WHitehall 3-7600

was

Vice-Chairman

elected

Corporate Teletype: 212-571?.!740

Sid¬

and

Lanier, of Morgan Guaranty

ney

Trust

Company

Union Securities &

Maitland T.

♦

s ft

•

<■

■"

Municipal Teletype: 212-571-1741
'•

^
'

x""

*
•>

"•

in
*!

v V ,x<< * -' *7
••

elected

the

FOUNDED

1885

BROKERS

executive commit¬

tee.

C. O.

INCORPORATED

McCartney Opens

SPOKANE,

Wash.

—

business

North

Fox,

of C. O.

Forms
GRAND

from

offices

303

and commodities in the
-

under the firm name

United States^ and Canada

McCartney & Co.

Michigan Sees. Co.
RAPIDS,

L. De Looff is

listed, unlisted securities

Clifford O.

McCartney is conducting a securi¬
ties

THOMSON & M? KINNON

Mich.—James

engaging in

a secu¬

2 Broadway, New York 4

rities business from offices in the

INDIANAPOLIS

CHICAGO

TORONTO

Building and Loan Building, un¬
the

der

firm

name

Michigan

offices in the United States and Canada

Securities Company. Mr. De Looff
was

formerly with Wm. C. Roney

MEMBERS HEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL
.

/
&

f, <■ ■.%

Co.,
Ijams, of W. C. Lang&

ley & Co., and Wallace C. Latour,
of Francis I. duPont & Co., were

WM V. FRANKEL & CO.

I",

•

Dillon,
Co., Robert M.

Reynolds

Gardiner,

Eastman

Jr.

4 "X

York,

New

Secretary-Treasurer. H. Lawrence

Bogert,

I | i^tj

Co.,' Straus,

Blosser

Mc-

Dowell, and Walston & Co., Inc.

SECURITY AND COMMODITY EXCHANGES

(1408)

The Commercial and Financial
Chronicle

Cash Divs.

OTC Market: Shopping Center

Quality Securities

Quota-

12 Mos. to

from

Based

Jun.

28,

1963

Northern Ohio Telephone Co.
Cash Divs.

Including

Operatirig public utility
Northern Trust Co.

Approx.
% Yield

Wo. Con-

Extras for

secutive

12 Mos. to

Years Cash

Jun.

Divs. Paid

Quota-

Based on

tion

Paymts. to

Jun.

28,

1963

National State
National
/

1.35

1.20

18%

Natural

3.1

6.4

sells

and

oil

storage

Corp

Fire

National Union

;

Plastic

Nazareth

2.20

—

1.00

utility,

2.10

Now Britain Machine

1.00

4.2

six

wholly-owned

ating utilities
•
COMPANY'S

oper-,

Operating

public

Haven

Operating

NEW

•

New

BANK'S

2.00

32%
46%

Real

3.9
4.3

;

BANK

4.1
,-m

'/.//,

tl.52
lGE

Jersey Natural Gas Co._

peril

New

insert

3.5

Publishes

42%

2.3

1.73

45%

3.8

Island

Nicholson

File

0.20

4.70

Chio

4.7

1.30

Life,

1.30

26%

5.0

Chicago--

2.50

63%

public

gas

f 0 09

32%

0.5

/v0.80

5.6

14%

1.00

41%/

2.4

100

0.90

17%

5.2

0.60

125

,1.70

4.6

and

San

0.50

Life,

2.50

51;.;

0.60

hoists

Life

Insurance

Co.

2.75

205

and health

Details

1.00,

f0.33

and

—

2.0

Peerless

221/4

4.5

Penn

not

complete as to possible longer
for stock dividends,
splits, etc.
Including predecessors.

•

1.60

■

1.50
0.90

371#

Steel

4.3

cal

■

291/2

parchment,

;

/•

12%

•

36%

f 1.54

and

waxed

1.40

26%

5.4

1.50

6.0

1.00

64%

1.6

1.20

26 %

4.6

insurance

Inc.—

automatic

electric

Engin'g

oil

Corp._

refineries;

;ZZ.

chemi-

0.40

/■'/.

a51

51%

Life

0.8

and

Insurance

t0.39

31%

1.55

481/2

——

27
sterling,

t0.86

0.50,

Soft

2.6

2.50

Peter

5.6

Co.

0.16

tl.34

of industrial
foundry machinery

31/2

Industrial

1.6

0.94

3.4

.:'/

f0.59
1.00

12%

■

17%

5.7

transfer

Bankers,

Paul

Natural

4.7

4.8

0.09

2.6

fl.40

33%

4.2

finance

Inc

//ZZ

■

tl-16;

3.5

3.75

5.4

1.40

20%

6.8

1.00

4.0

1.50

3.0

gas

Petroleum

Exploration

Producing

crude

petroleum

and

natural gas

1.00

15%

Petrolite Corp

6.5

Chemical compounds

sets

and

fl-25

14
heat

Petersburg Hopewell Gas Co.

4.6

28%/

Bottlers,

■//

Popular candles

office-theatre bldg.

4.1

Z:.v,;/-./.f.-.- '/

37
,

Inc.

"/.;■'/■ -v//' '/ Z /

Consumer

Manufacturing

matched

drinks

Personal

1.7

14%
'

/ / /products

sllverplate

0.60

■

2,1

;

General

Manufacturer

publications

Perfex Corp

tableware

and

Publishing Co

Inc.

3.2

|0.14

sulphite

Telephone utilities

1.2,

health

Pepsi-Cola
a27

and

Peoples National Bank of
Washington (Seattle)
/Peoples Telephone Corp. (Pa.)

2.6

0.40

:
soda

2.9

>
-•

bleached

woodpulp

2.4

4.4

Co.

■

Business

health

Pettibone
25

t0.93

distributing

24%

Mulliken

Corp

Railroad
track
equipment,
ing and machinery

3.8

forg¬

energy

Exhibition and office building

complete

as to possible
longer record,
dividends, splits, etc.

Including predecessors.

•

2.3

Insurance

mills;

5.4

27%

papers,

Voting

5.1

Insurance Co.

t Adjusted for stock

and

plants

♦

Details not complete as to possible
longer
t Adjusted for stock
dividends, splits, etc.

record,

Our Forty First Year

1963

UNLISTED SECURITIES

Corporation
SPECIALISTS

Jewett City, Connecticut
"

hydraulic

•

1922

...

components

Manufactures

/
27

——

(Chicago)

Francisco

Details not

The Plastic Wire &
Cable

185

aetata

Philadelphia Bourse

record,

./.

Controls,

Mfr.
—

Building . Co

Generating

0.56

crank¬

controls

0.8

Otter Tail Power Co

1.3

0.64

5.4

producers

wholesales

Complete line of work clothing
.

10.00

6.0

drop die forgings

Pennsylvania

(Milw.)
and

t Adjusted
a

f0.88

Co.—_ *39

tableware

electrical
•

4.8

-10

1.25

die-forged

made

Diversified

Oshkosh B'Gosh

6.9

Brewing Co.

Beer

Manufacturers

4.9

Peden Iron & Steel Co

Corp

Life

stainless

brushes

Engineering Works *23

accident

2.9

Pennsylvania

Natl. Bank & Trust Co.— alOO

Northern

Pearl

16%

oilseeds

Forge

vpn

Vegetable

Penton

accident

Osborn

;

manufactures
and

system

coal

Orpheum

custom

*21

Coal

Republic

China

held

and

6.3

etc.

Onondaga Pottery Co

(111.)

3.7

2.7
.

'•;Z'"/" ZV

Paterson Parchm't
Paper

heating

Oneida, Ltd.

3.9

26%

Penobscot Chemical Fibre Co.

Manufacture

43%

Reinsurance

Cranes

metal

Omaha National Bank

utility

oil

Drop

fluid

3.3

'5.3

0.97

shafts & large

company

Brewing

Northeastern Ins. of Hartford

Northern

1.50

-11%

Manufacturer

water;

America

Life,

insurance

Northeastern

Olympia Brewing Co

hard¬

advertising

3.3

0.60

23%

10.96

Panama Coca-Cola
Bottling— *34
Beverage bottling

'// /

Service

treated

Life,.accident

Exchange offer made in Dec. 1962
by Peoples Gas Light & Coke Co.
Three-quarters
of
a
share
for
one

Water

Line

Advertising

Hardware

Company

North Shore Gas Co.

each

Old

—

North River Insurance Co
Diversified

Co.

Old Kent Bank and Trust Co.

3.9

ware

Natural

0.78

•

0.80

3.2

Ben

Refractories

variety

Gas

speed reducers,

Marked

North & Judd Mfg. Co

Penn

Trust

(Grand Rapids)

■/. Charlotte, N. C

North

-3.8
>

Parker-Hannifin Corp.

Hydraulic machinery

Old

Fire brick & refractory materials
North Carolina National Bank

Manufacturing

3.00

4.4

315

Manufactures

•

products

Park

Oilgear Co.

saws

accident & health

American

1.4

untreated

Life

Insurance Co. of
:■>

insurance

for

lumber

Park-Lexington Co.

State Life Insur.

Ohio

3.9

rasps

American

1.25

3.1

58%

2.60

12.00

_T—

vegetable

Cosmetics

Co._r

Crankshafts,

Retails

County Trust Co.
(Brookline, Mass.)

North

Pacific Vegetable Oil
Corp.-„

Fir

Foreign trade

Tannery

2.4

Norfolk

North

4.0

Life, accident and health

files,

Girl

Ohio Leather Co

utility

Manufactures

3.0

17i/2

Shaving

Forge & Machine Corp.

Gears,

Yorker"

New

0.70

purposes

In¬

Newport Electric Corp
Rhode

lines

Magazine

"The

estate

tionfacilities

screening

Yorker

fl.44

electric)

2.0
,

——

Co.—_

Pacific Power &
Light Co
Public utility
(predominantly

equipment for Die¬
sel and heavy duty
engines, and
electrical
high frequency
induc¬

26.

t0.99

13
30

N. Y. Wire Cloth Co.
Metal

Cover

Crankshaft

Ohio

multiple
allied

and

4.2

30%

manufactures

a94

marine,

and

Besides

Natural gas distributor

surance,

Cream,

Citizens

Ohio

AND

New York Fire Insurance Co.
Fire,

1.30

cement

(Toledo);—

Co.

Casualty Insurance Co.

Ohio
3.45

(CLIFTON,

Skin

Diversified

84
Conn.

0.7

of Portland

Noyes (Charles F.)

37.

PAGE

1.28

Conn.

J.)—

Service

Pacific National Bank of
Seattle

3,4

36V2

1.00

insurance

Lumber

Outdoor

Public

sale

Noxzema

Ohio

utility

CO.

[

11*3

utility

JERSEY

TRUST

(

New York,

Pacific Outdoor

Noxzema Chemical Co., CI. B

3.9

34%

except life

Water

public

1.34

New Haven Gas Co
New

/•"■■'

Insurance

Multiple line
Redwood

1.08

and

Cream

lines

;

In¬

(Milwaukee)-

New Hampshire Insurance Co.
insurance

4.1

Furniture and bedding springs

ELECTRIC ASSOCIATION

All

National

No-Sag Spring Co

NEW ENGLAND GAS &
of

•

SINCE

1922

Manufacturers of
INQUIRIES

INVITED

Electrical Wires, Cables & Cord
Sets

Paying Dividends Since 1952

JOHN J. O'KANE, JR. & CO.
i

Members

42
,

to"

Pacific Insurance Co. of

insurance

Mfr.

Machine tools

Parent

2.9

0.30

Insurance

Jun. 28,
1963

1963

1.84

Pacific

Northwestern States Portland
Cement Co.

4.3

distribution

gas

36%

Electric and gas public utility

Light Co.— 104

Co.

Northwestern

7.1

producer

New Britain Gas

1.04

Plastics, Inc.—

National Life
Insurance Co. (Minn.)

4.7

Life

Co.—

Northwestern

Insur.

Cement

Gas

products

surance

Employers

Multiple line

Paymts.

Jun. 28,

•

Co.

6.0

Multiple-line insurance

insurance

Pennsylvania

Public

5.2

19%

(Pittsburgh)
Diversified

1.00

facilities

2.1

36%

Heavy duty trucks, railway refrig¬
erator cars, heavy
manufacturing

Pacific
2.20

Foundry Co._

Based

tion

28,

Pacific Car and

distributor

Northwestern

Terminals

Midwest

2.9

Quota-

1963

'•

132

gas

Northwest

field

equipment

National

Northwest Natural

Bg) (Newark) 151

Tank

Manufactures

f 1.58

Jun.

Divs. Paid

Excavating machinery

1963

Class

Jun. 28,

12 Mos. to

Years Cash

(Chicago)
Engineering Co.,

Northwest
<

28,

1963

Extras for

secutive

Paymts. to
Jun. 28,
Jun. 28,
1963

% Yield

Wo. Con-

Divs. Paid

Approx.

Including

tion

Years Cash

page

Cash Divs.

% Yield

Extras for

Continued

Thursday, October 10, 1963

Approx.

Including
Wo. Con¬
secutive

For

New

York

Security

Dealers

Association

Broadway, New York 4, N. Y.,

Phone-—DIgby

4-6320

Teletype 212 571-1396

6306

Nurhber

198

Volume

Chronicle

The Commercial and Financial

(1409)

Casn Dlvs.

OTC Market: Shopping Center

No. Con-

Extras for

Quota-

secutive

12 Mos. to

tion

Years Cash

For Quality

Securities
Quota-

secutive

tion

Jun. 28,

1963

Transportation

Phoenix

Insur.

4.0

Reed

-17y2

4.6

Reinsurance

30%

ifO.87

115
'

life)

(except

Pictorial Paper Package Corp.

■■•//■.

0.40

2.6

7.00

5.3

Rail

transportation

Financing

West

Serves

West

-4 :

2.7/

<—

1*2.25
1.52

a96

2.1
3.6

105

Kansas

2.7

WIRE

41%

CORP.

0.10

57%

0.2

covered

Plastic
•

wire

0.60

—

11%

5.2

0.60

2.70

82%

f 1.08

3.8

COMPANY'S

Plymouth Cordage Co
Manufacture of rope,

twisted paper products,

lets,

extruded

ticides

6.6

Interccastal steamship service
Coast lumber mills

f0.86

Paper

industrial

1-0 /,

lated

4.5

35%

bolt

tools,

4.1

14%

0.60

and

25%

0.84

t0.95

keyboards, piano
hardware,
small

organ

piano

actions,

4.6

3.3

Co.

—

3.00

6.8

1.00

22%

'■/■//"''

1.90

128%

1.5

3.00

102

2.9

(

2.50

3.5

fl-53

84%

1.8

fl.95

68%

2.8

Service

2.40

3.6

0.60

223/4

2.6

26%

3.9

3.50

mfg.-

products

Insurance

1.40

3.2

0.60

11%

5.2

fti.84

20y4

4.1

1.00

6.3

1.10

19y4

5.7

0.25

11.1

0.24

5.2

0.88

35%

2.5

2.00

32%

6.2

2.00

0.60 ./ 21%

2.8

1.60

7.3

1.70

insurance

carbonated

beverages

Electric

and hoists

cranes

Sherer-Gillett

5.5

Co.

Manufacturer

commercial

refrig¬

eration

2.40

Sick's Rainier

423/4

5.6

•

"Rainier"

and

Brewing Co

and

"Brew 66"

"Rainier"

18%

5.3

0.40

Operating public utility

Sioux

6.2

1.00

17%

City Stock Yards.
livestock

Iowa

N. Y., bus lines

beer

Ale

Sierra Pacific Power Co

t0.98

Corp.

■

Co.

Vulcanizers

fans,

- ;

and

Shepard Niles Crane & Hoist

pumps

Co.

ollwell

Fishing reels, rods and lines

Corp.—

exploration

Shaler Co

4.5

1.03

a30

*10-

construction

Transit

Shakespeare Co.

Rock of Ages Corp
Granite
quarrying and mfg.
of
granite
cemetery
monuments,
,markers, building and construction
granite
//:■■ ...

5.3

Bottler

'//:"

Rochester,

utility

Pratt, Read & Co
Piano

343/4

Buttons

Portland General Electric—
Electric

1.60

Rochester Button Co...

Rochester

(Mich.)

(Branchville, N. Y.)___

■■/'/

Inc.

(H. H.)

3.1

Seven-Up Bottling Co.
(St. Louis)

fiiofprifllft

cut¬

body and fender repair tools
equipment and hydraulic power

tools

and

cranes,

Robertson

ters,
&

Risks

Diversified

motors,

Manufacturing
hoists

Manufacturers of

hand

4.1

gas

Robbins & Myers,

copper

(H. K.), Inc. (Mass.)— *25

Mechanics'

natural

Distributes

products

Porter

33 %

River Brand Rice Mills, Inc.—
Leading rice miller and packager
Roanoke Gas Co.

equipment,

products,
steel
and alloy
metals,
refractories,
saws
and
tools, fittings, wire rope and re¬
steel,

21%

f 1.37

—__

rubber

tool

and

1.15

1.60

(H. K.) Co. Inc. (Del.)

Manufactures electrical

stampings

metal

Small

1.45
,,

services

electronics

Selected

—

Risdon Manufacturing

/'■

Lightweight papers

Porter

2.7

Corp._

generators

steam

Power

3.7

26%

1.00

and

West

Port Huron Sulphite &

41%

5.3

Riley Stoker Corp.

Pope & Talbot, Inc.—-——

1.13

•

steel drums and pails

Closures for

1-9

13*/2

0.25

5 3

Rochester

products

Products

Metal

11%

Louis,

—

Saginaw

wire-line

34
textile

line

Wide

Rieke

0.60

(G. D.) & Co

Seismograph

Riegel Textile Corp.

specialties

rubber

and

plastic products

and

Denver

Geophysical

Operates Atlanta department store

'///V''-

'/ •"

31
and

chemicals

Rich's, Inc.

fertilizers, pes¬

Plymouth Rubber Co........
Plastic

4.6

tacks, eye¬
plastic re¬

plastics,

materials,

inforced

rubber

3.70

105

harvest twines

32.

PAGE

Security Trust Co. of

Co.
of

7 4

New Haven

3.3

28 y4

Manufacturers

15 V*

6.1

1 15

Security First National Bank
(Los Angeles)
Security Insurance Co. of

—

Richardson

303/4

;•/

cable

and

9 n

1.88

Second National Bank

Rhode Island Hospital Trust.

5.1

19%

1.00

.....

2.7

St.

stores;

City,

(Chicago)

metals,

Racing Assn

iO 98

Sears Bank & Trust Co.

Revere

CABLE

1.60

Pharmaceuticals

29.

PAGE

62%

Searle

Dog racing, near Boston

PLASTIC

manufacturer

Seaboard Surety

water

plies

4 1

knitting machinery

Department

fl.66

36%

Diversified insurance

(Dallas)

distributor

1.50

Scruggs-Vandervoort-Barney

;

0.80

4.1.

works materials, oil
field equipment and industrial sup¬

Pioneer Trust & Savings Bank

(Chicago)
Pittsburgh National Bank

Builds

cleaner

4 2

Scott & Williams, Inc.

34%

;..//•'
26

hardware

2.5

1.40

1963

1.10

■

Coast

tubing,

builders'

and

Vacuum

(Dallas)-

fornia

2.9

Texas

operator

sugar

0.60

Republic Supply Co. of Cali¬

•

34%

1.02

Pioneer Natural Gas Co

4.5

11
-*•

company

Refining

26
19

1963

Scott & Fetzer Co

..X..

28,

1963

20 *

tools

5.1

casualty insurance

Co.

ance

0.50

Pioneer Finance Co._

and

29%

reinsurance

BANK'S

locks

1.50

Republic National Life insur¬

Schenectady Trust Co. (N.Y.)
Schlage Lock Co.—j-.

// DALLAS
•

5.8

121

1.4

REPUBLIC NAT L BANK OF

Paper boxes

Piedmont & Northern Ry

35V2

Cane

3.7

Jun.

/ //v,//.v. •:..■//$

■

Corp. of N. Y.

only

and

Fire

////

Locks

(C. A.) Co., class B

Republic Insurance

3.00

16%

tion
Paymts. te
Jun. 28, Jun. 28,

Sargent & Co

4.6

Paints, varnishes and enamels

2;8

///■'

;;

f0.50

—^

machines

Reliance Varnish Co.__

;

(Hartford)

carrier

Insurance

Writes

public utility

hole

button

Crepe paper

Philadelphia Suburban Water *22
Operating

(Mass.)

Corp.

Makes

0.80

by
//.'

persons

street railway and motor bus

Reece

Savannah Sugar

0.60

12 Mos. to

Divs. Paid

'•/V;:!//:':

Based

Years Cash

1963
.

54%

% Yield

Quota-

Jun. 28,

etc.

valves,

Pumps,

2.15

Philadelphia National Bank__ 119
Philadelphia Suburban
Transportation Co
23

Hydraulics &
Machinery, Inc.

1963

28,

Approx.

Including *"*"*
Extras for

secutive

Paymts. to

1963'

Cash Divs.
No. Con-

Hardware,

Racine

Jun. 28,

Divs. Paid

Jun.

Based

operation

Boston

Pavmts. to

12 Mos. to

Years Cash

••

V':/. //; /,<■:/
5
21
2.50

% Yield
Based on

Including
Extras for

1963

Quincy Market Cold Storage

Approx.

No. Con'

Jun. 28,

Divs. Paid

Cash Divs.

Approx.
% Yield

Including

' '

614

5.8

market

Superior Co

Rockefeller

Cleveland

Bldg.,

•

/Skil Corporation
electric

Portable

/ 45
'

4.4

tools

Smith-Alsop Paint & Varnish

aircraft woodwork

tools,

Princeton

Water

Rockwell Manufacturing Co._

2.00

—

;

2.2

Operating public utility

Providence
Multiple

Bank

Provident
&

power

Washington

Ins._

(Cine.)

Tradesmens
Co.

Trust

3.00

Owns

0.72

Women's

2.50

7.4

f0.47

26%

1.8

Manufacturer of

and

■'

Cold

——

Oil

Co.

Quaker
Co.

City

Life

(Pa.)

Insurance

f0.71

0.10

2.5

■/

candy

St. Paul Fire &
Fire

and

complete as to possible longer record.
for stock dividends, splits, etc.

i Plus

one

PRIVATE

WIRES

Marine Insur.

>'*'

Public

Treatment

Corp.

common.

0.25

51/4

0.20

143/4

1.4

3.3

•

-f0.97

0,50
1.00

1.25

2.0

1.30

3.6

5.7

2.9

f0.69

13%

5.0

1.00

4.5

fl.24
f0.82

53%
34y4

2.3
2.4

f0.99

,,28%

3.4

;

0.76

19y4

3.9

[

0.04

5y2

chain

Sorg Paper

lines

and

Stock

specialty

papers

South Atlantic Gas Co
1

Operating public utility

South

National

Carolina

Bk.

—

Operates Louisiana
tions, refinery and

sugar

plantar

oil producer

Southeastern Telephone Co.__
Telephone service

utility

Fire

and

(Knoxville, Tenn.)
36

1.10

Schneider, Bernet &

0.7

Casualty Insurance

t Adjusted for

/■

stock dividends, splits, etc.

Continued

splits, etc.

page

Denver

PITTSBURGH

Company, Inc.

19,

PA.

Co.

52 Wall St., New York 5, N. Y.

WHitehall 4-4970

Crowell, Weedon) & Co.
ios Angeles
-

Remington, Inc.

St. Louis

Stewart, Eubanks, Meyerson
Francisco

Public
& Co.

Municipal and Corporate
Securities

Trading Markets in

Reinholdt & Gardner

BUILDING

Teletype 212 571-0232

Underwood, Neuhaus &
Houston

THOMAS & COMPANY
PORTER

Hickman, Inc.

Dallas

Utility, Natural Gas and Industrial Securities

]

Paper and paper products

/ Operating public

Members New York Stock Exchange

San

2.9

0.40

Drug Stores

drug store

Southern Fire & Casualty Co.

Cleveland

Hess, Grant &

and

(Charleston)
35

3.6

tools

fO.85

service

Southern California Water Co.

G. A.Saxton&Co., Inc.

Sullivan

6.3

23%

25
of

distribution

and

hand

Southdown, Inc.

Taylor, Rogers & Tracy, Inc.
Chicago
Ball, Burge & Kraus

Bosworth,

items

Sommers

4.8

3.7

46%

Co., Inc.

Atlanta

fountain

Sonoco Products Co

company)

for stock dividends,
Including predecessors.

mechanics'
related

Stockyards

(water

soda

fruits and flavors

Snap-On Tools Corp.

Retail

insurance

Water Works

utility

Co.)—

(J. Hungerford

Manufacturer

J. H. Hilsman &
:

3.7

t Adjusted

predecessors.
for eight
in Water

Including

78%

Details not

-t Adjusted

2.87

Merged with Union Stockyards
/Corp on Aug. 1, 1963.

San Jose
*

-22

varnishes

Manufacture

bleachers

casualty

St. Paul Union

9.7

manufacturers

Paper

0.8

•

*17

—

bar and bulk

4.8

■
.

Queen Anne Candy Co
Packaged,

;

accident & health

Life,

12%

0.60

—

Insurance

steel scaffolding,

St. Croix Paper

Diversified

——

Safway Steel Products, Inc.—
grand stands and

(Phila.)

0.40

royalty interests

Greeting Cards Co.

Manufactures

Quaker City Insurance

1.00

4.3

Greeting Cards

1.7

0.20

—

and gas

Sabine Royalty Corp
Oil Sc gas royalties

facilities

storage

23%

and

Ice cream

with producers of many

Rust Craft

household

detergents

nations

Quaker City Cold Storage Co.
:

Co.

Royalties Management Corp.-

plants

printing

Smith

2.5

1.40

coats and suits

Affiliated

31% / 2.3

Paints
-

gears

Corp. vot

rotogravure

cleaners

3.8
4.2

(N. Mex.)

Purex Corp./-

79%
26%

steering

Royal Dutch Petroleum

utility

Publication

Public Service Co.

Co.

'4.5

Rothmoor Corp.

utility

26%

tools

3.4

1,12

public

1.20

24 *

regulators, and

Rose's Stores, Inc
Operates 151 stores in the South
Ross Gear & Tool Co. Inc
Manufacturers

Public

3.3

59%

2.05'

(Phila.)—

Electric

30%

Bank

Public Service Co. of N. H.—_

1.00

line insurance

Provident

Meters, valves end

The Commercial and Financial Chronicle

(1410)

Thursday, October 10, 1963

Cash Divs.

Center

OTC Market: Shopping

Manufactures

% Yield

12 Mos. to

tion

Jun. 28,
1963

State

2.20

51 %

4.3

State National Bank of

1.00

31 %

3.2

1.00

0.7

Steak

Loans

-v

services

dis-

87%

2.1

Inc.

■■■■■'••

supplier
ADVERTISEMENT

financing, consumer
casualty insurance

0.60

2.7

4.3

loans,

Life

(Dallas)

shelves

0.43

24*4

t0.68

Corp., CI. A

16%

1.00

6.1

Electronic

+1.19

64%

1.8

111

1.20

31%

3.8

components

Distribution

natural

'96

1.00

1.90

Cotton

16 %

spring

Standard
"k

Sulphite bonds & coated

Standard

4.00

casualty

0.50

1.2

0.60

28%

2.1

2.00

9.5

1.25

67%

15
marine

and

Fiber

papers

Screw Co

+1.17

31%

3.7

(Wm. J.)

Catamenial

Internal

1.8

,+1.48

32%

4.5

ties

1.00

14%

0.80

+0.71

36%

1.9

f0.40

2.8

"Sports

—

of scientific

Details

2.0

3.25

80%

4.0

*17

2.00

36%

5.5

4.1

loans

Illustrated"

Products, Inc

Title

compressors,

2.50

t0.59

3.6

27%

land

holdings

Details

title

Latta

has

Neb.—William S. Latta,

been

casting production
'

■

...

..,/■•

■ •

.'.

v '•

G.' H.

office

members

Mr.

the

in the heart

ills®"

of industrial America

Omaha

Co.

ated

with

Walker

was

Co.,

Street.

formerly

office »of A.
was

York Stock

Farnatn

3002

Latta

Omaha, Neb.

New

the

Exchange,
'

new

has

Douglas

joined

the staff of
South

Dain & Co., Inc., 110

Street, members of the New
Midwest

and

York

Stock

ly with the investment division of
Diversified

Investors

Co.,

and

Services

prior thereto for many years

was

with

Fenner

Merrill

Smith

Lynch,

Pierce,

Incorporated.

■'

' >,

•

•••'

•.

',/•_.

■

' '

•

U. S. Government, State,
and Public

Municipal

Housing Securities

CASTINGS produced in MALLEABLE IRON, PEARLITIC
MALLEABLE IRON, GRAY IRON,
ALUMINUM,
CARBON STEEL and STAINLESS

MAGNESIUM,

STEEL.'

PLANTS located in Dayton, Columbus, Ironton
(Ohio), Buffalo
and

Cedarburg (Wisconsin).
CHEMICAL BANK NEW YORK TRUST COMPANY

Some dividends paid each year since 1935.

BOND DEPARTMENT
20 Pine

E3IN/II

liiy

/GOVERNMENT

DAYTON MALLEABLE IRON

COMPANY
,

DAYTOIM 1, OHIO

Tel:

■*'.

Ex¬

changes. Mr. Ettinger was former¬

Allyn

Inc.

[

Sixth

with

previously associ¬

John

assistant

appointed

the

manager of

record,

MINNEAPOLIS, Minn.—Hugh M.

Co.

Ettinger
Jr.

Joins Dain Staff

Joins

Walker

OMAHA,

3.3

predecessors,
in class A stock.'

3G>

j Plus

estate

complete as to possible longer
stock dividends, splits, etc.

not

Including

60%

2.00

69
real

Adjusted for

not

William

i"/

3.6

• -

■

113

4.10

a55

Insurance

(Los Angeles)

•.

37.

2.1
♦

A&n&iitflfliik.

PAGE

Title Insurance & Trust Co.

small

Versatility

Insurance Company

Minnesota

Tiile

Co.

1.10

'
ADVERTISEMENT

COMPANY'S

•

complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.

Anpual dividend rate has been increased to 80 cents.

2.4

12%

"Time."

insurance

Title

instruments

Products

etc.

California

37%

(NEW YORK)...—

poles

Tejon Ranch Co
•

splits., etc.

0.90
0.25

Nuts"

"Speed

Adjusted for stock dividends,

26
28

TITLE GUARANTEE CO.
and

Refrigeration

Food colorings and seasonings
t

Temp

finance—personal

Insuring

14%

3.7

chain

"Life."

6.7

reinforced

inc.
of

6.8

5.0

0.32

(Ky.)__.__

"Fortune"

*28

Co.

3.5

store

Publishers

Sanitary

35%

1.40
>

drug

Tinnerman

(The)

fabricators

fiberglass

Finance Co.

Time,

De¬

f 1.22

Fiber Glass

nflrtR

California

Time

ranges

engines,

38.

page

*22
products

cotton

(H.I.)

glass,

nlsjQti/

operator

Tampax,

Tecumseh
:

Thrifty Drug Stores

Incorporated.,

Railroad

Screws and screw machine products

Stange

Thompson

Protection.

Mfr.

Starting

Mills

range

Consumer

7.3

1.7

Third National Bank of

Wide

Taylor Instrument Cos.

ing Co

5.9

Grey iron alloy castings

Paper Manufactur-

f0.50

Hampden County (Spring¬
field, Mass.)—-l

Taylor & Fenn Co.

bleaching

101

0.37

assys.

Pa.)

Taylor-Colquitt Co.

spinning, dyeing and

1.3

3.8

refrigerator

foams,

Manufacturer

5.5

;

(Dayton, Ohio)

insulation.

bus

Tampax,

Gas

1.00

Payers From 5 to 10 Years Appear in the

Wholesale food distributor

Local

4.6

0.90

Operating public utility

JStandard-Coosa Thatcher Co.

Over-The-Counter Consecutive Cash Dividend

condensers

and

Tappan

Stamford Water Co

5.1

Syracuse Transit Corp

1.9

Multiple line insurance

13%

Inc.___.
store

Second Table

Super Valu Stores, Inc.——

vices.

Springfield Insurance Co..

Brothers,
department

25%

+0.98

back

and

fire,

Auto,

gas

5.8

6.1

Springfield Gas Light Co

0.70

yarn

4.5

1.00

Yarn-dyed fancy fabrics

Sprague Electric

2.2

National Bank & Trust

Co.

insurance

+1.62
+0.98

gears.

0.50

Co.

Operating public utility

Mills, Inc

4.7

(Houston)., 51

reduction

Bank

cotton

Thomaston

2.8

4.8

Third

Clothier

(Allentown,

Telephone Co

1.70

Third Natl. Bank in Nashville

Stuyvesant Insurance Co.

Southwestern States

Spindale

Makes

4.6

0.7

151

1.00

4.3

0.25

nylbn fabrics

and

polyurethane

—

Philadelphia department

Cushion

Nonpartlcipating life

0.40

store

Insurance

4.1

*27

Textiles, Inc.

4.2

1.10

Stubnitz Greene Corp.__

and

Southwestern

4.5

and

Natl.

hardware

Wholesale

Large

3.8

boxes

Stratton & Terstegge
,

14%

Manufactures

Strawbridge

ON TAGE 28.

investment Co.

Southwestern

21 </$

m0.80

COMPANY'S

rayon

Textile

Turbines

Richmond

Textiles, Inc.__

Stonecutter Mills

0.60

Lines,

financing

Silk,

4.4

ELECTRIC-SERVICE-.—
Electricity

Auto

/// '7

SOUTHWESTERN

391/2

fO.29

Stern & Stern

18%

1.50

3.8

0.80

Corp

Drug

drugs

Wholesale

3.4

castings

Thalhimer

and

0.9

Manufacturing Corp.

1.9

430

8.00

Gas

Terry Steam Turbine Co..
Texas

Sterling Discount Corp.

in¬

for

lubricants

12-.4

0.48

Inc.

Southwestern

4.1

chain

packets

0.75

carrier

common

—

inn

Corp.

24%.'

1.00

Shake, Inc

Labels,

j 0.36

Pipe lines

Stecher-Traung Lithograph

;

Jun. 28,
1963 !"'•

1963

Terre Haute Malleable &

business

Paso

Restaurant

Newsprint

Co.

fl.83

...

finance

and

Jun. 28,

28,

1963

co.

Tennessee Natural

Corp.

2.2

137

3.00

Southwest Grease & Oil

Sales

5.1

(Boston)

150

accident insurance

Southland Paper Mills, Inc

life

,19%

State Street Bank & Trust Co.

Finance

Class A

Southland Life Insurance Co.

•

1.00

160

3.5

Jun.

Divs. Paid

Ohio, Class B

Southern Union Gas Co
.Natural gas production and

Manufactures

5.1

Holding

33%

dustry

2.25

Railroad

Paymts. to

Loan

tion

Tenn., Ala, & Georgia Ry. Co.

of Albany

retails water and Ice

Telephone Co. —1

Co.,

building trades, etc.

Dank

12 Mos. to

Based oil

Years Cash

1963

personal

State

fl.16

Southern New England

Life, health and

for

Hardware

Quota-

Telephone Service Co. of

toiletries/
Stanley Works

Southern Gas & Water Corp..

Communications

Jun. 28,

brushes,

and

polishers,

waxes,

Paymts. to

Jun. 28,
1963

secutive

Divs. Paid

sells

Extras for

secutive

and

ApproXi
% Yiekl

Including
No. Con¬

Paymts. to

Jun. 28,
1963

28,

1963

(Non-Voting)

Based on

Extras for

Years Cash

•

Jun.

Cash Divs.

Quota-

No. Con-

gas,

tion

Divs. Paid

Approx.

Including

Wholesale

12 Mos. to

Based

Stanley Home Products, Inc.
Cash Divs.

Quota-

secutive

■.

Continued from page

Extras for

Years Cash

Quality Securities

For

Approx.
% Yield

Including
No. Con-

Street, New York 10015

BONDS

MUNICIPAL BONDS

(212)770-2541

TWX: NY (212) 571-1414

•

Tel: (212)770-2661

TWX: NY (212)571-1416

117 Convenient Offices in the New York Area

/
/

Volume

198

Number

The Commercial and Financial Chronicle

6306

(1411)

Cash Divs.

OTC Market: Shopping Center

Extras for

secutive

12 Mos. to

Years Cash

For Quality Securities

■

Approx.

Including
No. Con-

Jun.

Quotation

Cash Divs.

% Yield
Based on

1963

Divs. Paid

1963

1.08

Including'

■

Manufacturers

No. Con-

Extras for.

Quota-

Based on

secutive

:-v

Twin Disc Clutch Co.

Approx.
% Yield

12 Mos. to

tion

Paymts. to

and

reduction

Jun. 28,

tool

clutches,

Years Cash

Jun. 28,
1963

Divs. Paid

-%:
Tobin Packing Co.
'

Meat

Gasoline

1.40

reduction

294

4.7

1.70

1.50

3.8

wheels

Towle

Union

and

fan

Mfg.

Sterling

Fork-lift

Motor

24%

fl.96'

1.00

0.85

27%

f0.88

244

Union

system

4.9

Co.

accident,

97'

(Hartford)

1.80

1974

health

0.9

Union

Products

Manufacturers

0.70

264

2.6

U. S. Life Insurance Co. in

"1.24

20
16

1.40
1.60

1.20

424

2.50

2.8

automotive

equipment

3.6

0.20

77%

0.3

*55

0.20

5.9

(Portland).

2.60

78%

3.3

0.25

4.5

,fO.99

2.8

3.00

1.26

3.2

Natl.

Real

114

0.75

6.5

U. S.

1.55

3.5

Life,

1.75

4.6

Tucson
and

164

3.00

1.8

Power Co

Electric

and

gas

1.70

22%

0.46

2.0

Life,

2.40

Trust

1.60

65%

1.50

364

4.1

and

fO.73

f Adjusted

Details not

complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.

Including

19%

5.1

t2.00

72%

t0.59

18%

3.1

fl.15

4.0

4.7

trusts,

distributor

and

opthalmic

glass

eye

60%

Electric

1.2
'

4,00

1750

blanks

lens

;

frames
-

public utility

0.75

22
wall-

fibre

interior

and

Exterior
board

0.2

health

•

Details

complete

not

t Adjusted

possible longer record,

f0.98

110

management,

Upson (The) Co

"^14%

2.8

Upper Peninsula Power

0.20

estates

multifocal

health

complete

(Del.)

Univis, Inc.

2.5

Co.

not

1.7

and

Co. of N. Y

Investment
and

a43

(Chicago)

accident

2.2

inspection

Lines

Truck

3.5

utility
Details

Testing Co.

2.7

of Maryland

operating utility

Insurance

Corp.

production

research,
engineering

United Life & Accident

Gas, Electric Light

min¬

Inter-city motor carrier

Illuminating Co

accident <fc

and

Testing,

National

Memphis

America

Bicycle saddles

Trust Co. of Georgia

V-

estate

Sugar

United Insurance Co. of

Manufacturing Co.:

group

Diversified insurance

Troxel

Bank

U. S. Sugar

;

Bank of Youngs-

Connecticut

and

land

company,

Manufacturer

United

health

interests

6.4

in Pitts¬

United California Bank

Trinity Universal Insurance
Company (Dallas)

U. S.

poles and

Planters

accident,

Holding
eral

*38

1.20

U. S. Lumber Co.,_,__

3.3
3.6

Manufacturing

Union Trust Co.

Life,

Co.

Bank

Natl.

Insurance

the City of N. Y

1.5

424
45

piling

Natl.

1.23

„

redwood

lighting

insurance

Realty & Investment Co.
of New Jersey

82%

utility

gas

Fidelity & Guaranty Co.

Diversified

Corp

U. S. Fire Insurance Co

Bank

Trico

14%

town, Ohio

Travelers Ins.
Life,

0.70
y

burgh

3.6

pipeline

gas

U. S.

Lumber

foundation

Union

4
12

natural

6.0'

forms

Outdoor

3.1

paper,prod-

Co.

carrier

Corp.

Interstate

1.9

;

envelopes, tablets,
other

334

refrigerators

Union Metal

3.4

Transcontinental Gas Pipe
Line

Union

3.5

29%

".v..,.

freight—common

63%

and

cups

California

4.0

Envelope Co

paper

Diversified

(Cleveland)
Gas System, Inc._

2.2

tableware

truck

Bank

Natural

Transcon Lines

0.60

etc.

2.00

blades

Towmotor Corp.

Ice,

Manufacturer

building

Union

5.9

office

(Los Angeles)—
Union Commerce Bank
'

■/-2.8

Oio^cr

Co.

silver

t0.54

umerunery,

6.8

Corp._____

ucts

and

Business

1.00

casualty

Manulactures

23%

1.00'

Bagley Corp.

Commercial

Torrington Mfg. Co.__

1.60

Uarco, Inc.

Toronto General Insurance
Fire

industrial
type
and hydraulic
and universal

1963

(J.

couplings

1963

28,

Car-icing,

and

reverse

Jun.

•

Tyler Refrigeration Corp

2.2

*10

marine

Paymts. to?

Jun. 28,

U. S. Cold Storage

joints

220

mowers

Co.

duty in¬
takeoff

Based

;

tion

Jun. 28,
1963

Divs. Paid
'

O.uota-

United Screw & Bolt Corp.—
Class B__

4.5

units, machine

converters,

torque

Theatre

Co.___

power

gears,

hyaraulic

4.3

pumps

lawn

heavy

gear

25%

.',

Manufacturing Corp

Power

1963

' t/

c.urp.

Toledo Trust
Toro

1963

1.10

packer

Tokheim

Jun. 28„

clutcnes,

dustrial

12 Mos. to

YearsCash

Cash Divs.

Approx.
% Yield

Extras for

secutive

Paymts. to
Jun. 28,

Including

No. Con-

Jun. 28,

28,

possible longer record,
splits, etc. %

for stock dividends,

for stock dividends, splits, etc.

Continued

predecessors.

page

Wiggins Joins

Butler,Wick & Company
(Established 1926)

Heber Fuger

dealers

security

DETROIT, Mich.—The investment
firm

counsel

Heber-FugCr'

New

York

Building,

Stock

Exchange
American Stock Exchange (Associate)
■/•••
Midwest Stock Exchange

Incorporated,

Wendin,

MEMBERS

Penobscot

)

SPECIALIZED—PROMPT

that Richard

announces

CLEARINGS

Wiggins has joined their staff.

Mr.

Wiggins

will

the

institutional

management

and

assist

Ajax Magnethermic

Ohio Leather

individual

Albee Homes

Ohio Water Service

We clear for dealers in
New York

joining Heber-Fuger-Wendin, In¬

portfolios.

Prior

Atlantic Business Forms

Sawhill Tubular Products

corporated,

Automatic Sprinkler

Union National Bank

sociated

C. F. M. Co.

Valley Mould & Iron
ment of The Detroit Bank & Trust
Youngstown Fdry. & Machine:"' Co.' in a similar
capacity.

Commercial Shearing & Stamping
Dollar Savings & Trust Co.

Youngstown

Mahoning National Bank

TELEPHONE

has

Bldg.,

30 years

active

been

the

insurance

companies,

ity.

Bank Wire: NCLV.

MS. U. $. FAT. Off.

in¬

past

advisory

the

OHIO'S LARGEST BANK

capac¬

the

Secretary of

both
U.

MARKETS

has

years

been

Treasury

the
over

retained

business enterprises

fair

for

and the

market

valuation determination.

Westheimer <& Company
UNDERWRITERS

Freight, Inc.

Monroe Auto

Equipment Co.

American MonoRail Company

Ohio Crankshaft

American Sterilizer Co,

Park

Barton

Penton

Distilling Company

Company

Drop Forge Company

Bloch Bros. Tobacco Company

Rand

Publishing Company

Development Corporation

Chicago Analysts
CHICAGO, 111.
Lellan
will

—

Bowmar Instruments Corp,

Roadway Express, Inc.

luncheon

Erie Tech. Products, Inc.

Steel

ment

Franklin Electric Co., Inc.

Sterling Seal Company

Stowe-Woodward, Inc.

Illinois

Tokheim

Hear

Glass

speaker

Hotel.

Improvement & Forge Co.

George W.;Mc-

Corning

guest

meeting

$1,600,000,000

Over

Assets

financial

Treasury of Puerto Rico, and

All States

the

Works

DISTRIBUTORS

•

Company

Harris Calorific Company

Corporation

United Screw & Bolt Corporation

Invest¬

;

subject
of the

2100

East Ohio

Co., Inc.

Oct.

the

and

Ohio

Teletype 216-574-9442

Valley

securities.

meeting

and

markets

welcome

Members
'

John

—

Westheimer
a n

dvCom pa

124

/■;

■

wide

list

Over-the-Counter
inquiries.

your

have

and

CLEVELAND,

IN
.

for

NEW

through

York Stock Exchange

Principal Exchanges'■

Code 513

•

Cincinnati, Ohio 45202

Phone 621-6800

577-1685

COLUMBUS, DAYTON, FORT

CHARLESTON

of the New York Stock Exchange

leading exchanges.

New

Fourth St.

Teletype 513:

Gerald R.

Wunder

other

Easf

Area

n y

Co., 124 East Fourth St., members
and other

Midwestern

and

joined the staff of Westheimer &

Telephone 216 241-1920

active

maintain

;

Two With Westheimer
Hice

MARKETS

PRIMARY

Oct. 24 meeting.

CINCINNATI, Ohio

Bldg., Cleveland 14, Ohio

LaSalle

Corporation of America

Fulton, Reid

the

Consolidated Foods will be the

and Radio

Inquiries Invited

Century

Prompt,
dependable placement of offerings
and underwritings through our' more than 100
account executives in 18 Midwest cities.

today (Oct. 10) in the

Room

DISTRIBUTION

AREA-WIDE

the

Analysis Society of Chicago

be held

DEALERS

•

Half

Serving the Ohio Valley for nearly

•

Halle Bros.

De¬

216 574-9254

pension

The firm also acts

advisors

PRIMARY

Chicago

Cincinnati

funds, other institutions and indi¬

4-4351

Alliance, Salem, Warren, Ohio; Franklin, Sharon. Pa.

MAINTAIN

and Securities

Loans

partment. Teletype:

Incorpo¬

California and West Coast

Address

and is retained by banks,

viduals

as-^

Depart¬

vestment counsel field for the

Youngstown 1, Ohio

BRANCH OFFICES:

was

Trust

Heber-Fuger-Wendin,
rated

Bank

the

Toledo

Research &

Development

6th Floor Union National

Mr. Wiggins

with

Pittsburgh

Cleveland

and

WAYNE,

OTHER CITIES

YORK, DIAL WOrth 6-2115

connection

our

Cincinnati office

The Commercial and Financial Chronicle

2018 term bonds

of Douglas County
1, Wash., Publicly Offered

$184 Million Bonds
P. U. D. No.

Continued from page 35

These 2018
retired

bonds also are to be

term

companies last

Kidder, Peabody

$227,-

around

enue

is expected that

1963.1'

Bonds, series of
issue,

total

Upson-Walton

proceeds from

Net

ing will be used to
electric

the financ¬
construct an

ciated facilities

Fire

Washington. ; The

generating

1, 1968.

will
have
an
installed
nameplate rating of about 542,000
kilowatts and a peaking capability
plant

The

by
1
of Douglas County with four lead¬
ing private power companies in
the Northwest.
Sound

These firms, Puget

Electric

General

bonds.

Company,

& Light

Power

Portland

ment Club
ney,

Paci¬

1963

redeemable

and
Water Power

& Light Company

Washington

The

contracted

have

Company,

serial

bonds

will

four

and

after

1971

DURHAM,

Term bonds

100%.

2018

will

after

are

due

Erwin

and

after

March

—

was

Mrs.

Building.

formerly with J. Lee

1.6

0.46

17%

2.6

*15

1.75

66%

2.6

,f0.77

1.50

'
48

1.6

4.7

46%

4.3

chemicals

apparatus

steam

genera¬

Veeder-Root, Inc.
Makes

counting

2.00

computing

and

devioes

Viking Pump

1.45

9.00

27%

5.3

Rotary pumps
soft

land

coal

and Kentucky

210

4.3

Virginia

;

•

•.

/>■•.,v".

—

Virginia Hot Springs, Inc.

hotels

Resort

■<"

? 14

1.50

5.4

Volunteer State Life Insur-

Co.

ance

20
onlj*

Non-participating

Metal

117

0.5

a40

0.80

fasteners

0.23

4.6

heels,

iron

0.20

3.1

28%

2.8

bowling pins, ete.

Vulcan Mould & Iron Co.
Cast

0.60

Vulcan Corp.
Wood

/•

VSI Corp

ingot molds and

accessories

•

Wachovia Bank & Trust

(Winston-Salem)

Walnut Apartments Corp
Owning
house

alloy

Wire

steel

-1.10

1.50

•

Peeler

oil

(Evanston, 111.)..

and

Details not

30%

4.9

1.0

strip

and

accident and health

Crude

4.3

wire

Washington Oil

Kern

25%

of high carbon and

rods,

Co.

ance

5.3

/.X

Washington National Insur-4 7.4

;

apartment

Paving contractors

Manufacturers

1.5

2.75

and operating
Philadelphia

Washburn

40%

0.60

•

Warren Bros. Co.

Co., Inc., Central Caro¬

Bank

lina

f0.98

thermostatic and electronic
devices, car heating systems

Mrs. Ann W.

staff

9.2

tors,

-v.

joined:'the

3 2

24%

(

Manufacturers

*V*

seafood

and scientific

Invest¬

•

2.25

Vapor Corp

redemption price of 103%

at the

1.00

industrial

Lite,

Sept. 1, 1978, in part, by lot,

redeemable

6.9

Own*

Kern * has

•

insurance

Wholesalers,

Joins; Erwin Staff 1

ranging from

Sept.

104%

tric utilities in the Pacific North¬

For

'•

prior to maturity as

at redemption prices

the
largest investor-owned elec¬
purchasers

power

1963

casualty

Lingerie

be
'

.—

Van Waters & Rogers, Inc

Theodore T. Whit¬

are

and

Canned

and

1963

0.65

Inc

Jr., Stone & Webster Securi¬

whole at the option of the Dis¬

trict

purchase 62% of the Wells proj¬
ect's output outright and the bal¬
ance of 38% on a reserve basis.
The

Boston

publicity chairman.

The

fic Power

;

Jun. 28, ■>

Vanity Fair Mills

ties Corporation, President; Loren
Northwest, according to the L.
Reeder, Blyth & Co., Inc., Viceconsulting engineer.
For Wells,,
President; Lincoln B. Hansel, the per kilowatt costs per year are
Townsend, - Dabney
&
Tyson,
estimated
at
$17.37,
compared
Treasurer; Richard B. Doyle* Win- with
$21.29 for Rocky Reach,
slow, Cohu & Stetson, Inc., Sec- \
$16.14 for Rock Island and $15.62
retary.
John H. Bartlett, Chace, >
for Wanapum, based on the 1959
Whiteside
&
Winslow,
Inc.,' is :

Utility District No.

Public

Project com¬

Wells

■',

Van Camp Sea Food Co.,

S. Department of

of The

Officers

of Arizona

Commerce.

kilowatt

1963

and

Virginia Coal & Iron Co

formerly [regional. econoU.

Jun. 28,

Ingot moulds and stools

cific

rev¬

into

entered

sales- contracts

the

' •

per

favorably with that of other

pares

by power

bonds are backed

enue

hours

cost

was

mist for the

hydroelectric projects in the Pa¬

hydroelectric

Wells

Construction

kilo¬

618,000

approximately
watts.
•/", %
of

Sept. 1,1967 and two more by Jan.

28,

Valley National Bank

Editor of the New England Letter.

operation by*

estimated will be in

in the State

Jun.

% Yield

Based

Paymts. to

tackle

Company

Department,

Research

ness

rope,

blocks

Valley Mould & Iron Corp.__

Boston ;; since
1947, is VicePresident in Charge of the Busi¬

Five generating units, it is

long.

site in Douglas

and Chelan Counties
of

the

the Columbia

wire

hook

crane

fittings

rope

and
west embankment 2,360 feet
each 46 feet wide;

openings

generating plant and asso¬

River at the Wells

with

and dinner at 6:45.

tion

Utah Home Fire Insurance

project in November
Benjamin F. Stacey, Vice-Presi¬
Seven generating units
dent of the First National Bank of
are to be
installed initially, .with
Boston, will be guest speaker. He
the principal
structures of the
will discuss the periods of pros¬
project to consist of an east em¬
perity and recession of the ; post
bankment 970 feet long; the hywar
economy, whether the pro¬
drocombine 1,130 feet long con¬
posed tax cut can'stave off a com- ,
sisting of two end walls each 67
ing recession. Mr. Stacey who has
feet wide, 10 generator structures
been with the First National Bank
each 49 feet wide, and 11 spillway

and 3%%, and
from 3.15% to
3.75%. The balance of $144,170,000 are term bonds with a 4%
coupon, due Sept. 1, 2018, and are
priced at 101.

Club,

5:30 p. m.

(The)

Manufactures

blocks,

10) at the
cocktails at

(Oct.

Harvard

the District will

today

Quota-

this year.

yield

priced

meeting

tract for the

of 3%, 3%

pons

Wenatchee.

award the main construction con¬

$39,830,000
are serial bonds due Sept. i, 1974
I to 1991, inclusive, carrying cou¬
the

from East

Extras for
12 Mos. to

Divs. Paid

Hold Meeting

stream

No. Con-

•.

Years Cash

Hydroelectric Rev¬

Approx.

Including
'/

datory

Inv. Club

Wash., Wells

Cash Divs.

secutive

principal amount by man¬

the

■

(Incorporated);
commencing Sept. 1, 1992.
The Wells Project is to be lo¬
& Co.; F. I. du
approximately 516
river
Pont & Co.; F. S. Smithers & Co.; cated
B. J. Van Ingen & Co. Inc.; Wm. miles from the mouth of the Co¬
Boston
P.
Harper
& Son & Co., and lumbia River, about 30 river miles
from
the
Chief
Foster & Marshall Inc., announced downstream
To
Oct. 4 the public offering of an is¬ Joseph Project, 42 river miles up¬
stream
from the
Rocky Reach
sue of $184,000,000 Public Utility
BOSTON, Mass.—The Boston In¬
District No. 1 of Douglas County, Project, and about 50 miles up
vestment Club will hold a dinner
Co.

Nuveen

Quality Securities

avail¬

funds

able for this purpose.

650,000.

For

the bond fund

excess

Shopping Center

sinking fund installments
accumulated in the bond retire¬
ment account in the bond fund,

amounted

year

certain

for the four

enues

irli,

tirement account
and

OTC Market:

the bond re¬

operating rev¬

Combined electric

managed by Blyth & Co.,
Inc.; Merrill Lynch, Pierce Fenner
& Smith Incorporated; John

credited

amounts

underwriting syn¬ west, serving an aggregate of 1,approximately 350 mem¬ 053,000 electric customers in 1962.

bers,

"may be redeemed

principal aihount only from

at the

A ^nationwide

dicate of

Thursday, October 10. 1963

...

(1412)

producer

complete

.l.

gas

0.80

2.50

"•

5.0

■

to possible longer record,
etc.

t Adjusted for stock dividends, splits,

& Co.,

1, 1969, the

Inc.

•

Including predecessors.

/.V

Banks, Brokers, Dealers, Financial Institutions

In the Over-The-Counter Market
'

■

«'•

•

Experience
Our

over

in the Over-the-Counter field,

years

highly experienced trading organization, plus

wire

private
contacts

help

system,

European

teletypes

our

large

NEW DURC0 MARK II "STANDARD

coast to coast

international

and

SPURS SALES TO CHEMICAL

of basic exterior pump

Call "HANSEATIC"

•

Pumps introduced in January,

ard

standardization

dimensions with the Durco MARK II Stand-

chemical industry's request for

Durco answered the

if it's Over-the-Counter

•

HANSKATIC

CORPORATION
'

Established 1920
Associate Member American Stock

:K- =;

>'•

BROAD

Telephone: 363-2000

STREET
_

•

NEW YORK

include 3
offering outand shock;.an over-all design

and high degree of interchangeability. Customers

maintenance

superior features perfected by our engineers. These

standing resistance to corrosion, wear
for minimum parts

benefit with lower costs, less parts inventory and less

■

CHICAGO

•

LOS ANGELES

•

Teletype: 212-571—1231-32-33-34

PHILADELPHIA •

Haven,
San

Duriron research, development and marketing

NOTE:

against corrosion".

you are

interested in knowing more about Duriron, we

will be pleased

latest financial report, upon request.

SAN FRANCISCO

Direct Private Wires to:
; ;
V . ; ... -- ;
v
Atlanta, Boston, Chicago, Cleveland^ Columbus, Dallas, Houston, Los Angeles, *
New

4, N. Y.
to send you our

BOSTON •

•

unique-impeller design; new.alloy composite shaft

at work in the "war

;

—another example of

Exchange

1963.

surpassing expectations, thanks

Sales of Durco MARK II pumps are

NEW YORK

INDUSTRY

locate the best markets everywhere.

you

;

PUMP"

THE

DURIRON COMPANY, INC., DAYTON, OHIO

Philadelphia, Pittsburgh, Providence, San Antonio,

Francisco,

Washington, D. C.,

Toronto, Canada

DURCO serves, as its

primary market, those companies around the

produce chemicals, use corrosives, or have

world that

corrosive waste disposal problems.

■

Number 6306

198

Volume

The Commercial and Financial Chronicle

(1413)

Cash Divs.

Extras for

secutive

Securities

For Quality

12 Mos. to

Approx.

secutive

1.00

Producer

Rold

Micro

Based on
Paymts. to

Jun. 28,
1963

Jun. 28,

183/4

Washington Steel Corp.__

tion

Jun. 28;
1963
$

Divs. Paid

1963

and

Oils

5.0

0.30

Welsbach

Corp.

street

lighting

only)

(

Both

ing

2.0

0.70

19V4

3.6

utility
'

company

Diversified

utility

Wiser
ducer

2.6

1.20

fire; & casualty *nd
fidelity and surety bonds

Bell

Co.

telephone!

Makes

equipment

System

Western

3.60

1.3

275

water

holdine

utility,

COMPANY'S

32 %

1.30

COS.

4.0

ON PAGE

33V2

$1.20

formerly

was

with

Kidder,

asso¬

Peabody v. &

Manager of their London,

HOW ARE YOUR OTC

STOCKS DOING??
3.6

Now,

the

for

first

0.73

65%

1.1

700

over

charts.

0.82

24%

3.4

There

figure
may

current

famous

charts

point

large

each

right

post

Ovcr-The-Counter

are

and

you

page

these

charts.

utility

SEE THE CHARTCRAFT

gas

10.99

FALL OTC CHART BOOK

3.7

Sent To You

By First Class Mail

natural

3.00

5.8

Fall

manual

I—* o o

2.2

this
192-page
September
27th

First Class

bank

OTC

The

Chart

you

the

book

mail

will

.traded

insurance

and

in¬

indus¬

stocks.

This

published 4 times
April,
and
July

January,

year:

charts

700

actively

October.

Co."

wallboard,

0.20

2.1

insu¬

——

3.50

4.0

and

engines

Before

Send
to

'make

you

decision,
assist

etc.

materials,

for

all

trial,

insurance

immediately.

;

cushioning

issue

posted

mailed

and

pro¬

gas

.....

controls

the

Organization, first in point
figure
for
over
16
years,
is
making available in one 8l/2 x 11 book
and

Company
and

time,

Chartcraft

let

you

your

today

CHARTCRAFT.

Ave.,

investment

your

Point

$12.50

West

musical
PAGE

Figure

timing
for

Fall

your

INC.,

chart

choice.

and

Dept.

Larchmonfr N.

issue

CF-3,
•

and. retailer
>

Steel

5.6

transportation

York

conversion

1.20

and

303/4

3.9

sale

ing

York

products

Details not

Adjusted for
1 r/o
stock

6.0

stock dividends, splits, etc.
dividend was paid on Oct.

record.

6.7

1.25

16%

7.7

CHARTERED 1883 —NEW YORK

stamping, wholesale plumb¬
heating supplies

and

f 1.50

4.2

149

1.48

4.2

County Gas Co
public

utility

Title

public utility
stock dividends, splits, etc.

Operating

Continued

COMPANY

York Water Co. "1

1962.

31,

1.20

Corrugating Co

Operating

complete as to possible longer

THE
TITLE GUARANTEE

Cold- finished- steels

Metal

1.50

plate fabricators and plastic
molded products

1.00

Weyerhaeuser Company
Manufacture,

4.9

rubber

directories

and

3.4

18%

Wyatt Industries, Inc.
2.6

1534

and

Corporation

castings

0.90

;

instruments

38.

0.41

2.00

3.1

32%

ntl.04

21
14

2(1.

equipment

Smith

American

and

England, office.

public

Manufacturer
IS

Utilities Corp.;
Holding company and publishing

forest

Mr.
ciated

In-

Worcester County National
Bank (Mass.)

companv

Western

3.7
.r

and

Woodward Governor Co.

Operating Electric and Gas. Also
telephone companies.
•
COMPANY'S ADVERTISEMENT

Steel

Life

natural

oil

lating,

controls

telephone

York

Exchange.

Gas

Manufacturer

and

WESTERN POWER & GAS—

Westran

3.00

Exchange

New

propellers

MASSACHUSETTS

5.2

2.4

insurance

;•

Speed

•

Conversion

Wood

377/8-3.4

1.30

WESTERN
Electric

1.70

Trust

Southern

Diversified

electric,; gas,
telephone service'

5.6

Co.,
(Battle Creek) Class A

for

Light & Telephone-

supplies

Wolverine Insurance
27

Electric*

1.00

Street,

Stock

clude

Multiple line,

Western

sickness

public

Oil

Crude

(Kansas)

1.20

Wall

The

insurance

Company

2.9

3.8

36 3,4

1.40

(N. Y.)

Casualty & Surety

Western

Bank

accident,

Operating

Westchester Fird Ins.

0.40

Co.—

Trust Co.

National

Wisconsin

City, members of the New York

Co.,

Candle

5.2

1.20

Mfg. Co,

Walker

Ohio)

hold¬

and

Wood,

3.0

manufacturing

Textile

Natl.

Operating

13%

cables

and

4.0

ap¬

0.40

Stock

* "V-'-v': '
3.25

been

metals

hospitalization

*40

has

Co.,

(distribution

Smith

(Del.)

(Dayton,

Life,

Vincent

7.0

cement

4.2

16%

10.69

Wood Walker

beeswax

Wisconsin

2.3
- *•

operating

and

Wilmington

utility

■

wires

Distributor

3.0

23%

0.72

fl 19

Portland

Baumer

Winters

Power Co

West Point

803/4

systems

■

Penn

1.60

West Ohio Gas Co
Natural
gas
utility
West

5.0

Dept. for

Department

Williams & Co., Inc.—

„

public

Operating

■

Telephone Co.——

West Coast

0.50

Candles

installation of

and

Maintenance

__—

4.3

Orleans banking

New

Bank

1963

Trambean,J chemical,
and railway equipment

Insulated

Will

Heads

S\-

...

Whitney Holding Corp.

greases

1963

Cement Manufac¬

turing Co.

foundry

glass

Wells Fargo

Whitehall

Whitney Blake Co.

varnishes,
industrial coatings, chemical com¬
pounds,
and
distributor
of flat

Waverly Oil Works Co.

Jun. 28,

pointed head of the International

Cranes,

stainless
28

Paymts. to

Whiting Corp.

5.3

of paints,

Manufacturer

products

Manufacturer

steel and strip

Watson-Standard Co.

tion

Jun. 28y

0.90

cable

Based

Quota-

12 Mos. to

Years Cash

automotive

Manufacturer

% Yield

Including
Extras for

Whitaker Cable Corp.

Quota-

Jun. 28,
1963

Divs. Paid

Cash Divs.
No. Con-

% Yield

l\lovConYears Cash

Appiox.

Including

Center

OTC Market: Shopping

f Adjusted for

page

t Inactive issue;

Insurance

New

Continued on page 38

for

owners

and

of Real Property in

mortgagees

doesn't trade.

York

State,

New

Jersey,

New England and Georgia.

Complete

Interested...

Continuous Cash Dividends

1955

Since First Quarter

...

For

SAVANNAH ELECTRIC AND POWER COMPANY
L. C. McClurkin,
P. O. Box

;

in any
latest

stock

Abstract

attorneys

for

Monroe, Niagara and Onondaga
on

Counties in New York State.

these pages?

prices, quotes,

information,

simply contact—

.OUNTY

Marketing Department

President

Service

real estate in Erie!,

TITLE

949*

GUARANTY

H MERRILL LYNCH,

Savannah, Georgia

PIERCE, FENNER &

MEMBERS NEW YORK

SMITH INC

STOCK EXCHANGE AND OTHER PRINCIPAL STOCK AND

COMMODITY EXCHANGE!
Our 36th

70 PINE

Year

STREET, NEW YORK 5, NEW YORK

Title Insurance
Connecticut

Our Five Year Record of Growth

Delaware

Throughout

Nassau, Bahamas
New

MUNICIPAL BONDS

Jersey

Dist. of Columbia" New York

1957-1962

Florida

GOVERNMENT BONDS

Percent

Norili Carolina

Increase

■

FEDERAL AGENCY SECURITIES

Maryland

Operating Expenses
Gross Income before F.I.T.,

Pennsylvania
Virginia^

Massachusetts

Operating Revenues

Ohio

Kentucky

Indiana

West

Virginia

Earnings Per Average Common Share

INTER-COUNTY TITLE

KWH Sold

(ommerce Trust (ompany
Kansas

Million Dollars

4-5

Deposit Insurance Corporation

NATIONAL DIVISION

111
New

GUARANTY & MORTGAGE CO.

50.8

City, Missouri

Capital Funds Exceed Fifty-Two
Member Federal

MCF Sold

Broadway, New York 6, N. Y. \

England Gas and Electric Association
130 Austin

Street

Cambridge 39, Massachusetts

Under

Supervision of

the Insurance

Deparwient of the State of New

York

;

The Commercial and Financial Chronicle

(1414)

Cash Divs.

No. Con-

% Yield

"'•v..

■

Barden

tjon

-1

Jun. 28,

1963

Paymts

Licorice

Years Cash'

1963

Divs. Paid

1963

0.82

1834

4.5

Oklahoma

Mississippi River
'// / Products Line, Inc

0.58

13%

4.3

0.15

28%

0,5

0.10

2.7

;

4.8

Leases

0.19

3.6

0.15

334

/ 4.6

Portable

and

Carnation

Co.,

Illinois

mines

Owns
/

/ 5

f0.37

934

Carpenter (L. E.) & Co.

and

0.30

3.9

4.1

Continental

Vinyl
/•'

Transportation

Lines, Inc.

12%

0.70

Electronic
office

OVER-THE-COUNTER

0.30

and

systems,

4.5

Cash

'; &

mouldings &

3.5

DIVIDEND

PAYERS

5.1

Government

icing

dential

Extras for

secutive

12 Mos. to

Jun.

28,

Quota-

1963

Divs. Paid

Based

tion

Jun.

Missile

1963

88%

3.9

Hanover

0.05

•/

....

1.1

Air conditioning and refrigerating
equipment

t0.29

Consumer

4.2

0.30

3.5

1.701

American

1.00

Measure

and

1.00

6.1

16.%:'

Water

0.45

10%

4.1

Shell

0.60

27%

2.2

Serves

Buffalo

0.60

20%

Niagara

not

Details

complete

t Adjusted for

to possiblle

stock dividehds, splits,

longer record,
etc.

•

Details not

complete

t Adjusted for

v.-

Soda

1232

2.6

0.45

13%

3.4

0.20

634

3.2

k0.15

3.9

pipeline

•/

and

•

—

charcoal

0.80

3.0
■'*/

0.38

1.43

7.8

pipe

29
/

controls

4.9

fO.19

1734

1.1

0.80

2134

3.8

0.85

2834

3.0

1.20

2.1

0.05

Kentucky Gas Co.—
public

utility

ash

and

products

Zero Manufacturing Co

4.6

Metal

containers

stock dividends, splits, etc.

Details

to possible longer record,

Adjusted

k Plus

COMPANY

and

become

not

1.1

complete

Seventeenth
was

TELEPHONE SUBSIDIARIES

Colo.
Ira

for

eighty

Wilbur
with

have

Collins,

Associates, Inc., 509
Street.

Mr.

Inc.;

Mr.

Wilbur

with Earl M. Scanlan & Co.

was

longer record.
etc.

Hemco Option Corp.

common.

Hemco
in

Option

securities

Corp.

engaging

business' from

City.

Officers

blatt,

President,

are

Nathan Rosen¬

Rosenblatt,

Secretary

and

Marion

and Treas-

urer.

Consolidated

■

•

■

•

earnings balance

Common, shares

outstanding at
end of year (2)

Year

1945
.

Year

for

& Gas

1,403,443
^

•

1950

common

Consolidated

-..of Western Power

2.084.242

earnings
,per

Company

■

(2)

share
13)

„

COMPLETE

CM OD

381,200

$1,944,344

96«j

INVESTMENT
.

Year

1955

2,263,849

$2,583,301

$1.15

FACILITIES

Year

I960

2,575,141

$3,853,154

$1.51

throughout

Year

1961

2,733,109

$4,021,450

$1.52

Wisconsin!

Year

1962

2,783,817

$5,020,863

$1.82

(1)

Includes

data

of. Southern Colorado Power

prior to May, 1961, date of

(2)

Restated

(3)

merger

Teletype: 414-2734333

Company for all periods

into Company.

225

On average-shares basis.

(4) "Year,"

reflect 6 for 5 stock split effective

used above, refers

East

Mason

fiscal

year

Street

Telephones:
Milwaukee:

April, 1961.

Milwaukee 2,
ended September 30.

Wisconsin

MEMBERS: NEW YORK STOCK EXCHANGE

•

BRoadway 6-8040

Chicago:STate 2-0933
OTHER PRINCIPAL EXCHANGES

* 4-

r <

of¬

fices at 115 Broadway, New York

Moore

formerly with Peters, Writer

Christensen,

possible

class

Thomas

—

for stock dividends, splits,

one

associated

Eatherton

1.1

Palls

AND

1.00

Wyandotte Chemicals Corp.__

Moore

GAS

f0.54

> /

forms

Operating

DENVER,

POWER &

homes

t0.58

4.0

revolvers

With Collins, Eatherton

WESTERN

734

Milling Co.
Voting

•

0.36

2.9

8
and

37.

supplier

Western

instruments

control

PAGE

Walter (Jim) Corp.

similac

pream;

3.4
' f

6.3

systems

System, Inc.

service

35%

Therm-O-Disc, Inc.
16

Niagara Frontier Transit

Mail Line Ltd-

Trans-Pacific

4.1

411/2

Holding co., heating equipment

1.20

4.2

Utility

Utilities ^Industries Corp.—

Moore Products Co.

Allied Thermal Corp.

934

vv',-v..-

Steel tubular

Sys«

foods;

0.40

walls,

ELECTRIC

Thermostatic
-

Communications

Infant

floors,

Tex-Tube, Inc.

flight

and

equipment

Shoe, Inc

terns, Inc.

3.5

131/2

f0.47

financing and insurance

5.0

CO.—

grain

Business

M & H Dietetics Labs_;

Aetna Finance Co.

Standard Register Co.

3.3

0.40

reinforcing items

'Communication

for

Flour,

shoes

Men's

Lynch

LOO

gas

Standard
Class

Acme Industries

Aircraft ^equipment

...

conditioners

test

3.1

and brake linings

puolic

and

Natural

instruments

Jun. 28,

1963

3.49

resi¬

Genisco, Inc.

Paymts. to

28,

air

Auto

Approx.
% Yield

Including

1.0

105

1.00

serv¬

for

Corp.

Frigikar
Cash Divs.'

market

and

Pistols

mortgages

Structural

0.40

;

Sprague Engineering Corp...

instrumentality

secondary

2.1

South Georgia Natural
Gas Co.

Mortgage

Florida Steel Corp.

No. Con-

4.4

accident & health

Association

Years Cash

0.70

Coal Co.—

Federal National

5 to 10 Years

934

Toiletry Items

coal

Casualty Co.
(Battle Creek, Mich.)——

for

0.40

Smith & Wesson, Inc

Federal Life &
Life,

c:9

Shulton, Inc., Class A & B___
11%

0.60

Horn

3.4

Engraving

Supplies Oak Ridge

Soft

18%

Co.

stampings

Co.

Elk

,0.63

/W Security Columbian Banknote
16%

t0.58

East Tennessee Natural Gas

Consecutive

414

COMPANY'S

•

equipment

Douglas & Lomason Co
Auto

1334

Tools, Inc.'

coverings

Operating

and

bank

tO-59

supplier

gas

POWER
J

Craig Systems, Inc.

5.4

loot.-

SAVANNAH

5.8

16%

;■

counters

commodities

Transports

5.1

Sandura Co.

utility

public

Operating
'

0.90

734

utility

public

Clutch facings

Chattanooga Gas Co.

1963

Russell Manufacturing Co

Vinyl plastic coated fabrics

Kentucky

TABLE

Jun. 28,

1963

0.36

Gas Co.-—

Natural

Electric

Natural

Co.

No. Carolina

3.8

1.00

Pavmts. to

;;

Robinson

Public Service Co. of

truck
and

subsidiaries

tion

1963

service

Operating

Co.

refrigerating

equipment

Midwest

Zeigler Coal & Coke Co

Based

Jun. 28,

23,

' 8

wholesaler

Piedmont

contract

Carnaco Equipment

Gamble

PortttuJe

2.00

Jun.

Quota-

products

Pacific Far East Line, Inc
Pacific

assemblies

Electronic

*16

stores

other, by

and

Cadre Industries Corp.

5.6

tobacco

Younker Bros.
Department

5.00

Drilling Co.

oil

operates

Steamship

health

and

lines

Pij,e

.■/,,/

— -

Life

Class

Brewster-Bartell
Marine

—.

for

paste

4.8

634

Park

National

Concessioner,

Young (J. S.) Co.

12 Mo:

V Yield

Extras for

sprutjt.p

Approx.

✓

Including

...

Jun. 28,

28,

Co.

Insurance
Accident

0.30

•

No. Con-

..Grocery

Curry Co._

Owns

Corp.

Beneficial Standard

Yosemite Park

Precision ball bearings

Paymts. to.

Jun. 28,

28,

1963

Divs. Paid

Jun.

Years'Cash

Based

Quota-

12 Mos. to

'secutive

\••

apparel

Apprcx.

Including
■

Based

and institutional service

Industrial
Cash Divs.

Extras for

tion

28,

Cash Divs.

/ "'% Yield

Jun.

1963

Thursday, October 10, 1963

Jun.

Divs. Paid

Angelica Uniform Co.__^
Continued from page

Quota-

12 Mos. to

secutive

Quality Securities

Extrds for

No. Con¬

Years Cash

For

Approx.

Including

Center

OTC Market: Shopping

If.*;

Volume

198

Number

The Commercial and Financial Chronicle

6306

Difference Between Listed &

Coast
that.

it's

k
even

Over

The exchange market is
often
tion

referred

market

auc¬

because

stock

exchange provides a focal
point for the concentration of
bids
tial

and offerings of poten¬
purchasers and sellers for

all

securities

listed

it.

Genuine auction

marketing in
a
security cannot be main¬
tained however, unless there
is sufficient activity in it. t

there

are on

the

Counter

the

Market

order

for

In other

count.

wranted

sell

his

order

else to

ac¬

words, if

you
100 shares of

XYZ stock and the
had

own

specialist

from

anyone

own.

V "

bid

his

often include individuals who

the amount of his commis¬

believed to have

are

found,

the

die.

not

does

transaction

Instead, negotiation
The

ensues.

buy

incentive

existence

mere

sell order is the

for

the

"counter"

ket thus has no
.

physical lim¬
'•

•

The

continuity of any mar¬
As
a
practical
matter,
largely de¬
though, individuals in any
pendent upon his financial re¬
city of 100,000 or more can
sources and his
willingness to
frequently pick up a phone
thus
ket thus created is

risk his

The

own

money.

call

and

get

Market

for

Over-the-Counter

dealer-broker

execution

unlisted

Here

there

are

Some

"Counter"

tremendous number of dealer

sell

firms from coast to coast that

themselves.

interest themselves in
market

for

making

unlisted

and

directly

and

order

security
mentarily—often while
On
the
Over-the-Counter
call is progressing.
Market the situation is quite
different.

mo¬

the

dealers

investors

other

cases

listed stocks and bonds.

try consisting of retail firms

Most

that

communi¬

can

cate with each other instanta¬

firmation.

dealer

counter

just

other

The

over

values, he may at times
money, but sooner or

make

later he will book losses. And

lines

dining

you
not

buy a
furniture,
what have
you

room

fountain pen or

you,

acts
does in

business.

other fields when
set

the merchant sells it to
at a flat price and does
add
any
commission

thereto. So with the "counter"
dealer.

It.

true

that: exchange

commission rates
than

not

profit

are

rates

dealers,

are

on.

lower than

the

obliged to operate

important

often

over-the-counter
reason

this is the fact that the
ices

are

securities

for

serv¬

the-over-the-counter

dealer,

besides

include the extensive search¬

always looking for ing for matching bids and of¬
from
potential buyers
that present good fers

neously through private tele¬ values to sell to their investor
,/
graph wires or other facilities clientele.
at their disposal.
Numerous exchange firms
-

Thus

many over-the-coun¬ also deal in over-the-counter
dealer-brokers, in New securities and any that do not
York, for instance, will be must buy from or sell to an
doing
business
throughout over-the-counter dealer to ex-'
the
day with other dealer- ecute customers' orders for
brokers in Boston, New Or¬ unlisted securities.
/
leans,
Chicago,
St.
Louis,
Many listed securities, too,
Denver, Los Angeles,
San are sold over-the-counter
Francisco, Seattle and other when the blocks are too

and sellers.

When
from

the

over-the-counter

task.

the

security is

taken

Over-the-Counter

Market and listed

stock

exchange, over - the - counter
dealers ordinarily lose inter¬
est in it, for they cannot make
a
profit trading in it at rates
comparable to the commission
charges of exchange firms.
Though the "counter" dealers'
profit rates may be somewhat
large
cities from coast to coast. As
higher, they may afford in¬
to make a,Quick orderlv sale
vestors "better" prices than
an
integral part of their op¬ on an
exchange possible.
the less expensive service oi
erations dealer-brokers stand
An investor need not con-;,
exchanges.
ready to buy and sell substan¬
tial quantities of the securi¬ cern himself with the intrica-'
Values
ties they are "quoting" and cies enumerated above, since
ter

maintain inventories in them.

his

Some firms, of course, choose

current market

quotations on
over-the-counter stock or
bond, and. handle all details

fact is that

any

will

not

solely

dealers.

brokers and
-

Because of competition, the

obtain

purchase and sale.
The

spread between the bid and

will

longer trading day in
figures on more the Over-the-Counter Market
active stocks is quite narrow. is often a distinct advantage
the

asked

For

len

for

one

thing, the basic
the price of over-

cognizant
of the elements, listed
above,

the

which

assuming such
positions. Although they must
be aware of and responsive

determinants of the

are

real value of the securities in

which he is

taking inventory

to the foibles of their custom¬

positions.

they cannot without un¬
warranted hazard buy securi¬
ties for inventory purposes
unless they take cognizance

consistently -be

out

with real values.

Particularly

ers,

basic

economic

mathematical

Some

elements

ele¬

portant

these

are

tied

accounting is an in¬
And liquidat¬
ing value may be largely of
academic significance, if the
corporation is going to con¬
science.

existenc

the

officers

and

the

corporation.
how

as' to

the

over-

the

and

their

account

own

entirely through
dealers

In¬

officers, of these in¬

stitutions, too,

are continually
buying and selling govern¬
ment, municipal and corpora¬
tion bonds and stocks through

Specula¬

tion

for

almost

vestment

directors

that

directors

banks

over-the-counter

non-nu¬

They in¬
clude the acumen, initiative,
imagination and forcefulness
concepts/

and

14,000

stock

may be capitalized nu¬
merically,/ but not without
many

positions
fact

major insurance companies of
country when "buying or
selling their own institution's

tion

the

average an¬
nual net income of a corpora¬

merical

from

Officers
the

anticipated future

reference

consciousness.

The

the

pricing must be
influenced definitely by in¬
trinsic
corporate value fac¬
tors. They must stress value
consciousness over quotation

fact that

tinue; 'in

their market

past, and subject to the

exact

over

inventory

results

liquidating value. But the
three

important

counter dealers who take im¬

gained by checking such
things as its. earnings and
dividend records, book value

to the

Therefore,

first

into

assume a

contribution

stock may

which

security in which he is
position, he must.,
as a
general rule, have knowl¬
edge superior to that of the
lay trader.

insights/,as to

the real value of

line

making of the real value

somewhat elusive, but
they are nonetheless real.
They consist of mathematical
non

cannot

the

values.

appear

ments.

prices

in regard to the non-numeri¬

Basic economic values may

and

His

cal

"counter"

present

dealers for the

and

count of their banks and

ac¬

panies.

possible future products
corporation will fare on
the markets may be handled
numerically only to a certain
a

Just

ues

When

sistently
without

individual

you

different

extent.

ness,

purchases
stocks
regard to basic eco¬

or in¬
and val¬

large and small

other

lines

of busi¬

with over-the-

Continued

Firm

WASHINGTON

Markets ' In
,

1920

Johnston, Lemon & Co.

Then, too, active listed stocks
and the

MEMBER

PHILADELPHIA-BALTIMORE-WASHINGTON

STOCK

EXCHANGE

the

UNDERWRITERS

Southern

DISTRIBUTORS

DEALERS

Building, Washington 5, D. C.
STerling 3-3130

Telephone:
/

Teletypes:
Trading Dept.

965

Branch Office:

■

•

Municipal Dept. 965 0887

0260-1-2
115

No. Saint

Direct Private

Carl M. Loeb,

page

SECURITIES

ESTABLISHED

Asaph, Alexandria, Va.
Wire

Rhoades & Co.

com¬

get good

treatment

from both

stores

con¬

by the premium the pub¬
ordinarily willing to pay
exchange-listed .securities.

exchange stock ticker
investor. On an' ex¬ system provide a ready vehi¬
the-counter dealer must find change,. securities
can
only cle for speculation and tend
contra-orders if he does not be sold in New York between to center buying and selling
wish to assume inventory po¬ the hours of 10:00 and 3:30; decisions on short-term price
sitions in / the securities in¬ in the Midwest between 9:00 swings in lieu of "real eco¬
volved. It is his business to and 2:30, and on the West nomic values." Many appar¬
know which other dealers in Coast between the hours of ently buy stocks according to
all parts of the country might 7:00 and 2:30.
However, in hoped-for price
movement
have a buying interest in a most instances unlisted secu¬ and not for true investment
rities can, be sold any time purposes, their interest being
given security.
One, five, ten, fifty or more between 9:00 and 5:00 in the merely "where is the price
over-the-counter
dealers
in Midwest,
and on the West going and when.".
In less active stocks the

For

scene.

survival he must be

lic is

act

dealer-broker

due

capital and

drive him from the

dealers'

take

must

forces

time exhaust his

the-counter stocks is not swol¬

They

initiative

and

economic

As pointed out before, the
assumption of inventory posi¬
tions is an integral part of

usually

merchant

the

frequently
they may have a dealer fol¬ necessitating his taking the
risk of an inventory position,
lowing throughout the coun¬
In

some

them

nomic

itations.

under

buy that stock, he him¬ dealer to find the opposite.
expected to en¬ The Over-the-Counter Mar¬

reasonable

that

"exchange
auction-spe¬
cialist system" the
spread be¬

••

self would be
ter

fact

mere

the

buying sion on
your
confirmation
or
selling interest in the in¬
slip. On the other hand the
stant
security, or investors over-the-counter dealer more
In those cases where less who might be induced to buy.
often than not
buys from and
The process of' constantly
active securities are traded on
sells to you "as principal" or
an
exchange, it devolves upon seeking out buyers and sellers on a' "net" basis, as it is
the stock specialist for each is characteristic of the Overtermed in the parlance of the
particular stock to create a the-Counter Market.
securities
business.
This
market, in the absence of suf¬
A major characteristic, too, means his
profit or loss is in¬
ficient public orders to buy of the "counter" market is
cluded in the price he quotes
or
sell, by, in effect though negotiation. If a gap in price
you and there is no commis¬
not in strict parlance, putting exists
Pafter
a
prospect
is sion charge shown on his con¬
in

The

than

job from 7:00 tween bid and ask prices is although he
may remain "in
in the,
morning until 5:00 in close or narrow is no indica¬ the market" for an extended
the afternoon.
>.
J;' //'//v' ':'.X tion that the investor gets period, he cannot do so after
different parts of the country
good value when he buys or his capital is exhausted.
I.
''
may
interest themselves in Stock Exchange Commission that the seller obtains a
price
Rates vs. Counter Dealer
in keeping with the intrinsic
"making a market" for a
Inventory Positions
given unlisted security. Pros¬
value of the stocks he wishes
Charges •/.
>.//
So it is with the over-thepects known to the first deal¬
to sell.
When an
Intelligent investors counter dealer. If he habit¬
exchange-broker
er, or known to those other
are
quick to recognize the fact ually assumes inventory po¬
executes an order for
you in
dealers
he
contacts
(either
that prices and values are two sitions at
an
prices out of line with
exchange-listed stock, he
locally or in other cities), may tells
basic
economic
you the cost price as well totally different things.
values,,, the

Over-the-Counter Trading

longer

Dealer-brokers,

(1415)

The Commercial and Financial Chronicle

(1416)

Thursday, October 10, 1963

Obviously,

SECURITY SALESMAN'S

Difference Between

drive

would

CORNER

tomers

take

time that he is neglecting

Continued from page

for

essary

by become an asset to society
and
not
a
problem.
The

oughly trustworthy and to
have good judgment with re¬
be

Just

beauty of it is that the cap¬
ital needs of both big and
over-thesmall business alike can be

investment values.

spect

Savings there¬

remuneration.

thor¬

the

sure

firm

counter

individual

not for the ex¬

were

and Over-the-Coun¬

changes

utation.

exaggeration to say ter Markets, investors of all
that both exchanges and the types would find it almost
Over-the-Counter Market are impossible to quickly retrieve
vital to our economic life. the capital they put at the
Through
the
medium
of disposal of governments, mu¬
or ? corporations.
stocks and bonds, idle capital nicipalities
of individuals, banks, insti¬ This is one of the many rea¬
tutions and the like flows into sons why it is socially im¬
engaged
trade and industry and makes portant that those
It is

An investment counsellor sent

the

following

"There

larity

thrive.

article

your

the

I not.

wrong

professionals

"This

cater

want

their

Most

possible

able

why I

the

The

advisor

about

grind

All

This

trades.

make

consultants

the

come

of 12 V2

selling
cents

handling

cents

for

per

and

than $40

12 V2

differential

also

share,

was

cents

which

receives

principle to

sion

the Exchange's

brokerage
*'•

handling

the

public's

the

floor

time, Mr. Funston

same

and

counts

been

advise

made
the

other subjects

—

the performance of

of the
of

evaluating

Securities

Commission's

will look

retained

has

these consultants in the belief that

they

provide helpful outside

may

viewpoints in three key
c u r r e n

areas

discussion, where

the

special¬

will

ana¬

consultants

Professor Joel Dean of

effectiveness

change

The

University.
into

firm

present and possi¬
of measuring the
which

with

specialists

perform

Ex¬

their

functions of endeavoring to main¬

tain orderly markets in stocks as¬

signed to them.

their

view,"

extensive

own

said.

Funston

Mr.

re¬

"The

all policies and positions on

these

and

other

into

consideration the findings of

subjects,

after

taking

the staff and of these consultants,
of the

and recommendations

its Special

and

SEC

E. S. Wilson Joins

The odd-lot cost studies will be
conducted by

Price Waterhouse &

Co., the national accounting firm
which devised the Exchange's in¬
come

and

member
ness.

different

expense

firms'
will

seek

types

studies

commission

busi¬

Stetson,

Incorporated,

Director

and

merly

manager

department
Co. and

of
W.

prior thereto

for¬

was

the
E.

research

Burnet
was

part¬

to invest

place

and have

...

"action."

These

business.

NOT investors.

static

They

make

few

They
for

trade

let

weeks

But

alone

of the

will

and

so,

warnings and "caveats"

(2)
mer

make

order

thing

else

profit in

security

have

and

commissions

buy

ring

so
.

one

him

some¬

two

that is what most

dictment, I would like to ask

this

business.

friend

Avenue,

New

York

City,

Vice-President
-4

the

in,

listen

well " in

the

friend

mentions

office has 20 men,
70%

over

30%.

Does

often

your

his

cus¬

the minority

30%

how

trivialities,

this

for

may

the

with

done

the

good

Does your
big sales¬

be too busy to represent

the office at
a

meetings,

him

part

for

each

that
it

whether

recommendation
the

for

backing

day

point Where he takes credit

everything

well,

office—but

"Sales,

widely used bearer, or "coupon,"
bonds.
These are not registered
holders'

must

tached

funds

sells
of

the

tax

twenty-five

past

has

tered

billions

exempt and

meetings

does

your

im¬

can

re¬

friend

have

bonds

delivery

where my correspondent

obtained

sold- in

count from the

special

at' a\: dis¬

transaction, / generally

regular market.

the

Under

bond

system,

new

coupon or

registered bonds; where

the issuer

provides fully engraved

interchangeable bonds which are
readily transferred and exchanged
without

cent

charge.

years

tions

■

rv.

;

that in re¬

number of corpora¬

reported

have

growing

bonds,

registered

for

demand

financial • institu¬
tions, which must cut and submit
thousands of coupons each time

especially

interest

comes

due.

holders also request reg¬

Some

istered bonds to

bonds

the

where
names

preclude the pos¬

missing

sibility' of

notices when

called in for payment.

are

bonds,

registered

case

the

issuer

holders'

has

and addresses,

direct noti¬

possible. ;

fication of calls is

Abelow Elected by

Manchester Terminal

know

say

for

what

the

salesmen

with the

Vice-Chairman

ration, Houston, Texas.

Corpo¬

Terminal

-A

Mr. Abelow succeeds R. J.

Mills

who has been elected Chairman of
the

Board.

Mutual Funds of P. R.
JUAN,

—

Schoen is engaging in a

friend

"honest

York, has

New

Company,
elected

Manchester

SAN

(Name deleted)
don't

the

for the honest salesman with

30%

rag-tag

business from offices at

under

the

firm

Funds

Richard

securities
Marti 801,
of

Mutual

of Puerto Rico.

name

of the business," but I think

-correspondent's

better

management.

office

needs

Any

office

that has the atmosphere of an "old

have at least

dis¬

had

have

re¬

rag-tag 30% of the business?"

time

are

Regis¬

exchanged for coupon bonds prior

been

offices can

upon,

corporate bonds to individuals, in¬
I don't know

payments;

interest

ell

fizzles?

the

certificates

the

ceive

Irving Abelow, senior partner in
the stock brokerage firm of Mitch¬

say

holders

and

names,

clip and submit coupons at¬

idea

new

atmosphere of the office, but

the

Exchange has

past, the

idea

purchase

a
a

trolled instead of letting them set

what

the

out

works

is
or

of anything that

proved

Or has he degenerated

up?

to the

for

to have

good word for the minority, who

spend

provide

registered bonds which meet Ex¬

because

maintenance

the

and

must

congenial atmosphere.
man

the

has re¬

with- important

time
or

the

the remain¬

among

friendliness

30%

the

billion

tributed every year?

Kelly,
firm.

broker 'So and So' is too busy? Of

firm

rules

..'

the

business,
course,

its

The Exchange noted

fill

reach

salesman's

invest¬

of mutual

Who

(vint¬

the masses of

,•

know

tomers

Governors

single market for both coupon and

We have

they

your

who

der

of the

worth

Park

'AV

them

dollars

twenty-one

dollars

office at 200

something

own.

men

that while his

Board

New Ybrk Stock Exchange

emporium.- It

her

ogle

would

during

necessary,

atmosphere

while

talk

correspondent who he thinks sold

ors

The

Bonds

ago) not today's mod¬

in¬

worth

"Sincerely yours,"

stitutions, and banks, that

custo¬

blanket

answer

our

talking

account executives do."
In

Rules

decorated, the masses can be con¬

just to have

...

years?

sell such lots for their own

years.

despite

them

for

under the management of Charles

buy

would

in the world.

has opened a brance

are

they have the right

Hayden, Stone & Co. Incorporated

ready

They do not desire

portfolio.

investment counsellor who

voted

friend mention that the
.

want

lot

stand

with

desire for

people

the floor of the Exchange by odd-

dealers, who

many

deal

compulsive traders

are

usu¬
on

who like to trade and do not wish

than

100 shares—are executed

brok¬

some

must

got

replace

was

venture through

"Finally,
6

constantly

are

trades made on the Exchange may
takes be
settled by the delivery of either
with plenty of gumption

woman

the

in Theodore Tsolainos & Co.

incurred

less

statistics

Possibly

Wilson

Mr.

never

people who trade for the fun of

Exchange,

Research.

analyze the

trading, which is

instances

Broad¬

New York City, members of

Vice-President

I have

let's not forget that in

ever,

all

Cohu

than investment accounts. How¬

as¬

Hayden, Stone Branch

(Odd-lots—orders
ally

Winslow.

the New York Stock

by odd-lot firms.

the unit of

with

their

accurate

any

Edward S. Wilson has become
sociated

;

prefer "trading accounts"

ers

want

brokers

customers to trade."

take up

cited

allegations

"Most

"trade."

ner

costs

the

years

process.

be some

let's

5 really

and

when

room

billiard

rough

Possibly most of them should not

Winslow, Cohu Firm

ern
a

charge

letter.

(1)

didn't

way,

Study."

the

Board, of course, would determine

age

and

may

the

However,

some

There

where

justified.

fire

Board and the Exchange staff are

making

instances

this subject.

economic

headed by

Columbia

times.

many

there

pool

This indictment has been heard

which

evaluating

ble future ways

Exchange

ac¬

firm

Securities Markets.

"The

performances

Study

Special

own

accounts

for

Methods

deleted)

reminds

only

many areas

Exchange Revises

"Your friend's office atmosphere

the

that

work

our

letters

two

of the

demanding creative action.

Letter

firm

meeting.

meetings

These

our

normally traded only in the more

our

with

when

desk,

floor

part

are

(Name

seen

Exchange

and

their

for

buying

trading

the

Study

SEC

trading, is

Floor

the

lyzed by Joel Dean Associates, a

Exchange's detailed review

the

con¬

they have Interests.
ists'

••/' *... :Y; / Sincerely, 'J:

spe¬

Exchange

The three studies

cialists.

two

floor trading and

methods

statistical

consultants

for

Exchange

;;Y

Popular View?

management

members

have

customer's

men) do."
•.

a ;

firm, will advise the Ex¬

selling

outright

That is what most account

(formerly

sales
away

with

two

breach

but

for

important to be discussed.

some¬
up

firm for handling his

trading

also announced that arrangements

customer

Group.

business.
At

change on the questions raised on

by odd-lot

and'honor

executives

Cresap, McCormick & Paget, an

sultant

Keith Funston

tial" : charged

paid

international

"differen¬

firms

the commis¬

order.)

regulating for

buy

and

security

one

him

have

faith

fraud.

commissions,

distinct from

and

problems

some

the

solving

work

there

through

change requirements.

Interesting

home.

our

ernorshas

profit

order

charge made by the odd-lot firm,

the

things

certain

counsel

will together and debated the value,of

There

commissions/ is not only

per

Board of Gov-

the; first time

hit

their

touched

business.

point out

achieved

merchandising

vised

turn.

your

column of Sept.

"Your

customers

thing else in order to ring

price.
The
represents :the * sole

regardless

differential

the

Before 1951, the

Mr.

agreed

day when

realize

25
share for those selling

actions.

that

per

less

Funston
said

years.

.,.t/./ v.....

Dear Mr. Dutton:

differentials (or maybe all stocks) should be
share on stocks sold, but .just to have a customer

at $40 and more.

trans¬

odd-lot

hardly

portfolios ; in

based

are

have

pre¬

floor, plus. or minus

of costs

study

have

who

the

next round-lot transactions on

President

announced that the Exchange has
retained

his.

Prices

accounts.

of the
Stock Exchange, has

York

New

for

does

rests.

Another

cooperative

axe

scribes for his client like the MD

NYSE to Make Odd-Lot Studies

But

statement of

it's

is perfect

would

are

accounts

self-appointed

defense

the

and

executives of

■

now

much

place,

firm,

NASD,

their

right,

his

were

against

Exchanges

unproven

his

problem.

opinion.'/

can

Stock

this

are

consider¬

for

the

SEC,

simply

otherwise

has

The
various

out of it in

cause

is 'proven

over-trading

modicum of

dis¬

There

indict most account

believe that only

customer

charge

aware

brokers

honest investment advisor

rep¬

this business

embarrasment

him.

prod¬

any

act.

well

this

for the customer.

success

That

defeat

overtrades

strict rules in

hurry,

living.

used, and he must

customers

None of

registered

any

that will take him

invest¬

that

unconscionable

the theory

vs.

demand.

will

if he can't do that, then

ager,- and

seek another connection.

very

for

trade,
and commissions arid related costs
alone

that

cretionary account is guilty of

that

say

order

public is right, for he sells
be

statement

guilty of what he

are

resentative that

always

the

exactly

can

for the

I agree

of the good merchandiser that the

uct that

proof

calls, "outright fraud."

only

public

I go further and

success.

Funston,

either

and

ment game to make a good

lead

Keith

unfair

implies that most registered rep¬

recent issue.

MUST

the

business

investment

the

possible for business to ob¬
tain
the wherewithal with

his

„

points of simi¬

are some

between

mine in

being

resentatives

letter:

Dear Mr. Dutton:

wrong,

If it

himself.

own

straighten this out with his man¬

believe

thus served.

dealer you contemplate doing
business with has a good rep¬

"What Do You Think?"

his

should

production; he

less hu¬

ever

effort and at ever more

man

firm to have a

dollars

provide jobs for ever

workers at

It is not nec¬

counter dealers.

million

which to

cus¬

much

another

with

When senior salesmen's

firm.

/' A

BY JOHN DVTTON

salesman.

surprised

landed

the

has

man
as

not

eventually

Listed and OTC Trading

this

succeed

chalk

pool room" should certainly
for

the

few extra pieces
cues

within

reach of the customers.

easy

Forms A & P Investors
Andreas

Psilos

conducting

securities business from offices at
52

Wall

under

Street,

the

Investors

firm

New
name

Service.

York

City,
P

of A &

The Commercial and Financial

Number 6306

198

Volume

Sales Manager, has been

and

NEWS ABOUT

(1417)

Chronicle

office of the Municipal

■■

•

•.

"-7

•

i.\

New Branches

•

The

State

Bank

Newfane,

•••

New Officers, etc.

•

Securities

effective Nov.

Department,

Close Dow Chemical Deb's Offering

pointed Manager of the New York

BANKS AND BANKERS
Consolidations

ap¬

Newfane, New York, and Liberty

Revised Capitalizations

•

National

and

Bank

Buffalo,

pany,

Trust

Com¬

merged

Y.,

under charter and title of Liberty

October 3, 1963

New York, N. Y.,

Election
as

Richard

vice-president

National

Bank

fective

the

Nov.

1963,

Lanman

Grace
ef¬

York

New

came

Vice-President

and,

its

the

man

Oct.

by Mr.

Bank,

1930

Board.

unced

Co.

Trust

to.

named

of Assistant Vice Presi¬

post

dent

elected Vice-Chair¬

anno

and

Lewis Pelczar has been

Columbia Trust

Bank

was

Bank

1915

in 1926 with

merger

Irving

Company,

National

be¬

Bank.

change;National

the

.77

was

the American Ex¬

for

ago

years

the

Concord

Concord, N.

Savings

II.

joined Emigrant Industrial, retir¬

Ralph
S t i 11
Pr

e n

in 1947.

ing

m a n

i d

e s

Mr.

Trust

of the

Director

The

the

BANK

FEDERATION

Sept. 30, '63
Total

Cash

C. Richard Lanman

the

Citizens

Atlanta

he joined

and

Jan.

the Atlantic Na¬

Vice-President.

❖

Varley

have

Kissane

Manhattan

Bank,

Mr.

Varley,

brokers

loan

Frank

Loans

Chase

York.

New

who

the

Vice-President

Assistant

1947.

the

and

1929

Assistant

metro¬

appointed

was

th e

1955

MANHATTAN

1961.

June 30, '63
$

Sept. 30, '63

j,
Tot.

from

•

banks.'-.2,656,169,799

2.434,824,892

Govt.

S.
sec.

Loans

control

lending

discounts

5,941,219,477

5,035,332,207

Trust

Co.,

John

Bank

New

York

appointed

York

New

Frank

and

Mencke

and

Total

Central Na¬

the

GUARANTY

TRUST

Sept. 30,'63

Govt,

37,175,365

and

A-

Govt,

rity

holdings..

47,755,139

50,996,827

and discts.

160,377,996

145,496,076

1,578,848

1,470,779

profits.

se-

Route

banks

Arthur

and

Mr.

has

in the

joined

Company

commercial division.

The

election

man

James

Hand

Alfred

Perl-

has

Marine

the

BANK

269,819,256

Deposits

Director of

due

Gino

banks

51.794,846

Loans

48,052,672

49,989,210

discounts

122,214,557

119,108,747

profits..

1,754,121

6,320,409

Undivided
'

Grenci

Walter H.

promoted

was

Vice-President.
•

•

Marine

nounced

•

that

Bank

York
in

retired

formerly

the

transferred

from

executive

effective

of¬

Chairman

Board,

Advisory

Bank,

Exchange

Virginia, and

Virginia

investment

association

area

with

of the

Bank

Albert

•'

The

yA'Lj

Comptroller of the Currency
Saxon

James

nounced

that

liminary

Oct.

has

approval

given

an¬

pre¬

organize

Bank

National

Weirton,

Virginia.

Initial
bank

will

amount

new

$500,000,

and it will be operated under the

title,

"First

Bank

National

Weirton."

with

cago,

initial capitalization

Saxon

Mr.

Bennett

of New York

the

went

age

Mr.

of 94.
work

Galvin also announced that

Edward L.

Brown, Vice-President

the

Saxon

Oct.

an¬

preliminary approval of

nounced

applications of groups to or¬

ganize

Banks,

National

new

'i A

was

Fifth Third

Company,
•

Ohio,

Oct.

y"A'

Iowa,

ap¬

and

assets

assume

000.

Savings Bank, West-

of The State

Iowa,

effective on

10.

after

Saxon

that

liminary

approval

has

Oct.

given

an¬

pre¬

organize

Joseph

Marguleas, a Director.

.'A

Y A A:

sis

Si;

si;

the

Canada

an¬

Directors

Board

The

Bank

Oct.

the

election

proved the application to merge
Woodbury Bank and Trust Com¬

man

Sioux City, Iowa, into First
Bank
in
Sioux
City,

National

City, Iowa, effective

after Oct. 9.
•

'.A'.

* Y"

AAY

•*

■

Comptroller of the Currency
James J.
Saxon on, Oct. 7 an¬

The

preliminary approval of

application of a group to or¬

ganize

a new

National Bank.

Clear

Lake, Iowa,

Community

with the

National Bank

with

initial cap¬
,'

;

The First

•

Sis

National Bank
ritv.

& Trust

Oklahoma

Rockefeller

Mr.

man.

Chair-,
Chair¬

of First National City

Bank,

New York.

the

same

Clifford

were

Executive

Vice

spectively.

Mr.

Vice-President

Bank

Robert

and

Vice-President

named

City

meeting,

Stewart B.
elected to the Board

MacFadden

and
*

■

San

Bank,

elected

James S. Rockefeller as its

nuaiinma

Calif.,

Mercantile

of Clear Lake,

;

italization of $300,000.
J.

sis

!;S
•

National

comptroller of the Currency
James J.
Saxon on Oct 2, ap¬

title,

Ohio.

nounced

*
.

Pacific

The

pany,

the

with

Texas,

Abilene,

title, Abilene National Bank, with
an
initial capitalization of $505,-

purchase the
Francicso,
the liabilities

the

with

Texas,

National Bank of
Amarillo, with an initial capital¬
Tascosa

The

Oelwein,

Bank

National

absorbed

Union Trust

Cincinnati,
&

;

Amarillo,

At'

application

the

proved

the

James

' ''

Comptroller of the Currency

James

Comptroller of the Currency

James

; '

dent.

"'*• '"A '

K«.

si;

ization of $600,000.

—----jr

m.-A;-

nounced

trial

Oct.

ap¬

'•

The Comptroller of the Currency

Savings Bank

been

has

Jr.

Miami, Fla.

title,

Sioux

capitalization of the

Sanderson, Executive Vice-Presi¬

' : A - * •',*

Officer of Pan American Bank of

follows:

sis

Lewis

nounced

Chairman of the Emigrant Indus¬

died

ad¬

pointed Vice-President and Trust

of Chi¬

National Bank

Virginia National Bank.

The

National Bank.

will

Harrison,

A A sis A:

Chicago, 111., with the title,

merged under charter and title of

additional responsibilities in

and

a new

Oelwein,

as¬

assignment

an¬

prelimiriary approval of

Columbia

Oct.

Nov,

continue

ganize

First

Bernard,

will

Oct.

application of a group to or¬

the

A ''

The

both boards.

St.

Stone

sis

Saxon

nounced

gate

of
Jr.,

sis

Comptroller of the Currency

The

Bank, Norfolk, Virginia,

National

an¬

Stone,

'-"A

The

Farmers

new

the

under

"The
American "National
Bank of Evansville."
A

Maryland

The Citizens Bank of St. Bernard,

present
sume

has

$750,000, and

operated

will

elected

visory Director.

;; -"

■

capitalization of the new,

of $750,000.

and

from
•ft

Abingdon,

and

charge

the

Buffalo,

the

Bennett, retired Board

Bank

Chestertown

has

Kent

for

counties.

his

Mr.

Company

York,

Fred

being

New

''.

•A

title,

and

Bank

Advisory Board

Director

National

•

West

Trust

New

Vice-President

69,322,839

holdings

Government

security

Deputy Controller, and

fices

from

Mary¬
Kibler

operations, Edward J.

O'Gorman, Jr., has succeeded Mr.

274,623,268

225,254,514 237,224,176

and

appointed Vice-President and

was

YORK

Sept. 30, '63 June 30, '63
resources

3, during an

time, Armand W. Cureau

Western

NATIONAL
NEW

Total

Oct.

committee meeting.

same

The

advisory Director

Whitworth,

White

Westchester,
Y.,

of New

announced.
*

GRACE

named

was

Company

been

Advisory

The

'••

Trust

Midland

bank will amount to

James

be¬

Mr.

National

Queen Annes

its
•

Initial

will

Bank

established

A 'i- '

out¬

ratio

Senior Vice-President of National

Cureau

Director of The

the

Assistant Secre¬

THE

'.A

;

Trust

States

of the

Manager

now

Bank.

Maryland

Chairman

replace

will

Farmingdale office.

Plains,

tary

York

office,

Erdmann

South

Bank

York

As¬
Bank's

the

Indiana.

issuance

stock

National Bank at Evansville,

new

Bischoffberger,

Secretary

its

National

the two

the

Vice-President

four.

will become

of¬

when

Farmingdale

Paul

154,220,162

New

Manager

the bank's South Farmingdale

559,812,719

Coles

come

fice, will become branch manager
East

Barney & Co. Incorporated.

stockholders

AA:Y/'A.AA

Chestertown

land

Bennett, Treasurer of Dow Chemi¬

Standing is Robert F. Seebeck, Vice-President of Smith,

observes.

Di¬

Comptroller

providing

for

interchangeably

Vice-President of Dow Chemical, seated, left,

Calvin A. Campbell,

Roger W. Simpkins, Cashier of
the

Assistant

Erdmann,

Vice-President

2,418,451,179

United

Thompson,

regional loan officer.

William

158,425,212

an¬

15,840 shares of Maryland Na¬

three

bonds.

Above, seated, center, R. B.

action
of

rules of the Exchange

revised

under the

Exchange

Stock

to, subject to the

contemplates

standing,

Assistant Vice President has been

executive

Vice-Presi¬

Tindle,

dent, has been appointed regional

488.844.590

James

was

Boards

the

The debentures

cal, is shown accepting a proceeds check from Charles W. Kennard,
Senior Vice-President of Smith, Barney & Co. Incorporated, as

the Chestertown Bank for the 21,-

Walter

2,616,560,688
*

banks..

originally issued only in registered form,
issue of this type and size.

expected to be the first new issue to be listed on the New

with coupon

tional stock to the stockholders of

120

discts.

Cash

named

important milestone along the road of
of coupon bonds. The $100,000,000

was

the anachronism

"first" for

are

Balti¬

that by

The agreement between

Farmingdale,

East

both

the west side of

110

N. Y.

Oct. 1

respective

approval

branch

profits

Undivid.

Maryland,
on

1988

Due

permitting listing and trading of registered bonds

Chestertown

the Currency and the

Long Island Trust Company,

The

hold'gs

curity

Loans

1,229,868,459 1,223,441,184

Hooper

Bank,

The

has been agreed

secu¬

due

banks

from

rectors of the two banks, a merger

Loans

Undivid.

the

5,173.834,613

also

Debentures

statement
National

Bank

260,496,464

25,357,394

4,259,461,127 4,070,423,895

Deposits
-Cash

'63

June 30,

5,384,037,709

resources

which is

90 days.

Year 4.35%

Dow debentures will be

and

Md. and J. Thomas Kibler,

nounced

due

banks

Lindenhurst

$
Total

»!•

closing

eliminating

Miles, chairman of the board of

more,

COMPANY

YORK

NEW

joint

president

sistant
MORGAN

16th

the public offering of $100,000,000 Dow

Sept. 24, 1963.

AThe

ap¬

opens.

Streets within

Maryland

Cleveland.

271,277,007

and

from

at
*

business

for

OF
LONG
NATIONAL BANK
ISLAND, HUNTINGTON, N. Y.
June 30, '63
[f.. Sept. 30, '63
resources.. $305,037,277 $285,536,186

Vice-Presidents.

Mutchler, Jr.,

public

The

92,361,953

103,089,514

Chemical

initial

$1,500,000.

Twenty-Five

Company

bear

York

credit

SECURITY

The

have

•ft

and

Undiv/ profits

will

and

Locusts

and

manager.

1,437,133,739

1,184,369,024

hold'gs

Chemical
took
place October 3 at the offices of Smith, Barney & Co. Incorporated,
manager of the underwriting group which offered the bonds to the

The closing

years.

will

plication they would be ready to
open

Vice-President

Manager

tional Bank

11,223,770,008 10,825,434,767
9,861,960,508
9,365,230,290

rfsource?

Deposits i___
Cash aijd due
U.

charter

Bank

title, "Lincoln National

of Nov. 1.

now

General

14,

BANK

YORK

NEW

new

organizers indicated in their

and

Vice-President

CHASE

than 30

institution

new

appli¬

for

the first applica¬

was

capitalization

Garden City, N. Y. will open Oct.
THE

announced

mid-city Phila¬

National

city in

Bank,"

Hempstead,

West

the

Treasurer

Assistant

program as

of the

politan department. He joined the
Bank

the

'■

bank's commercial

I.,

Cash

Brooklyn division

;:7

•

Meadow Brook National Bank, in

Deposits

Kissane is in charge

Mr.

A A;

Vice-President

sec¬

and

1,728,800

1,970,900
*

charter

for

The

145,898,600

129,680,200

profits,.

Senior

asset

administration

1945

tion

Douglas S. Clarke has been made

promoted to Assistant Treas¬
in

delphia.
in that

discounts

❖

the

tion, joined the Bank in 1930. He
urer

33,173,100

holdings

Undivided

charge

promoted

made

and

been

Vice-Presidents

was

33,389,400

for

National- Bank in

Government

George

30,373,200

cation

from

Southern

and

tional Bank of Jacksonville, Flor¬

ida,

38,638,900

due

and

security

began his banking career in 1937

1953,

222,795,800

222,550,000

banks

Mr. Lanman

Bank

251,585,600

Deposits

Washing¬

ton, D. C.

with

June 30, '63

$251,326,100

resources

Oct

preliminary approval of

YORK

Ad¬

ministration

Saxon

COMPANY

TRUST

NEW

Small

Business

Bank

Conn,

Comptroller of the Currency

James

Hartford,

Grace National Bank.

the

Deputy Ad¬

ministrator

Co.

National

Elmer C. Hopfner Vice-President.

Company and

of Manhattan

Bank

Lanman

been

had

Hartford

The

President,

and
re¬

MacFadden is a
of First National

heading its Canadian

business.
Mr.

Clifford, who has been an

Assistant

Vice-President

that

General
designated
Chief

has been appointed

area,

Manager

and

Executive

Officer.

Mr. Leslie W.

Bond, formerly General Manager,
has
been
named Consultant to
the

General

main?

Manager

Director.

and

re¬

The Commercial and Financial

(1418)

entrants

Providing S & L Assns. With

ket
to

the

into

mortgage

expected

are

invest

heavily

Broader Investment Powers
Continued

from page 20

smaller returns. Nevertheless,

■

until re¬
cently, tax considerations did not
weigh heavily on the choice of
Third,

period.

postwar

investments

alternative

tions

stant

result

these

sav¬

the

factors,

loan

able

associations,

rates of

higher

earn

the

funds into mortgages.

ever,

despite the unusual attrac¬

channeling

tiveness

bulk

yields

mortgage

market

How¬

since

investments

times

when

has

appropriate

been

taken

the

dens

account

tive

bank

ital

earnings

investments. This is

example, by data

rates

vestors
ment

ated

holdings

Institutional

the'

Mutual

Fund,

company

owned

savings

FHA

and

banks

In¬

New

bond
be

capital gains distributions and net

appreciation

established, and held through

15%
at

1963,

have

year.3

averaged

Later

over

the

3 Alfred J.

the

historical

accurate

available,
than

War

further

the

interest

rates

the mortgageappears

during
the

reduction

fronted

few

still to

much

mid-1930's,
may

occur

(Chart 3).

years

1-and

come

2-family

1960 and is not

increase

diate

greatly in the imme¬

other

general

the

banks

and

same

other

time,
new

sure,

institutions

the

loan

other

into

back

lending has

total

the

off

home

and

during

total

ings

and

<L X

1954

tors

1958

1960

1962

and

ines
g

Changes

National
securities

holdings of selected types of assets, compiled bv
of Mutual Savings Banks.
Corporate and other
state and local government
obligations.

Association
include
'
.

■

♦ i: *

was

St*

•

,'-Vu.S. Government

-i—

able

Yield

Basis points^

bonds

Spread

2501

affected

FHA and

S. Governments

200

than

associations.

loan

the

areas

expanding

the

affect

than

banks
Da ks

less

private

experience

corporates

the

fact
not
not

af-

reduced

many

fac-

growth

that
tiod
tied

investment

1956

J-

banks

sav-

to
to

a
a

outlet

important factor underlying their relatively steady growth
an

new

1957

1958

1959

1960

1961

1962

'63

de¬

severely

onset

were
were

sav¬

mortgage

institutional

stability,

FHA and

the

periods of

However,"savings
ihn

;

have

banks

loans^ during

been

largely to the less

savings

century,

relatively constant

building -and

growing

have

single
Note:

•

-v

pro¬

have

banks

housing activity. While

1956

turn

and

sharply
also

•

v'
3.00

V'V/

assets of savings banks have

mands.

1952

their

market. activity

the

footed
fectea

1950

••••

pro¬

were

grown at a slower pace

1.5

•••

rate. Restricted

sector

intensified,

strongly

Northeast,

—

4.00

v V v\.
I/-/u v\
,-.YvV.

not continue at such *

swings

rapidly

competition for ~

savings

increased

U. S. Government securities***

V\ x
\ r'\

pace. -

less

Since

and re-

postwar

growing

and

may

mortgage

-0.5

demand

off

savings

bank,

corporate bonds

savings.

rapid

V\onb-

phenom¬

public's

broad

1.0

savings

housing

been

—

r>'
!
/

rapid

sharply increased

Mutual

c„

^New

mortgage

the

associations'
a

mortgages

ent irom a savings

5.00

de¬

the

pur-

highest returns, savings

loan

growth

The basic

FHA mortgages

ex¬

Specializing

rapidly

tapering

However^ with

of existence is clearly differ-

total

capital market, which

portion

out its basic mortgage

lending function.
pose

only

necessary

6.00

asso¬

reached

proportions.
most

savings
6

Yields

the

—

growth of

boom

carry

savings

Capital Market Yields and

Per cent per annum

loan

marked

loans

encourage

Mortgage Yield Spread, 1956-1963

1900's and

1930's

leveled

the

to attract

Selected

1890's

from

and

rising

vided the

i960.

•

that amount

mortgage debt

savings
also

contrast

(Chart 4). In contrast, pe¬

of the

and

Savings

Ac¬

and
late

period

were

enal

Illinois, Fail,

mortgage

1890's to the early

and

0.5

needs

bility in the home mortgage debt

decade

tution,
bank,

CllB.T't 2

periods of decline or sta¬
the

history

building activity. During

are

movements

home

that

downs

Goldsmith,

the

major

Indeed,

securities/**'

have traced broad cyclical swings

relatedilto

and

ups

instability

savings

since

study-by the Federal Savings and Loan
Council

....

growth rate.

associations

level

home credit

Problem

compulsory

for

Raymond
assets

the

uses.

home

made

its long-run

fessor

anticipated

„

There

growth of savings and loan assets.

Corporate, and

the

Overchartering in Illinois? A special

ability

the

that

institutions

in cialized mortgage lending fnsti-

that

stated

4 Is

Loan

cording to data compiled by Pro^

housing

other

...

savings and loan industry,
evident

tively

the next flve years- the normal to

powers

their

view

specialization

the

ef-r

important

in stimulating the increased flow

by the

Loiig-Rini Stability of

Savings Banks, 1950-1962

are

1960

Council

lower demand for

earn-

and

the

are

their

investment

yields

Looking
of

the

in-

Savings and Loan Coun-tied

Savings Institutions

late

for

-«"—•.«-»«»*m

be-

may

severe.

shift funds

Effects

debt

Illinois,

riods

3.5

report issued late in
Federal

protected against reduction in

clined

Billions of dollars

ef-

essential

are

forts, furthermore,

withholding FSLIC

Pec^s *or savings and loans

flexible

mortgage

the

loan

and

cycle,

promotion

throughout the

the steady growth of savings
stitutions.
Such
continuous

sav-

"squeeze"

with

ciations

Capital Market Investments of

at savings

business

may

restrain

thrift

continuous

over-

associations, however, institutions

assets

whole.

Unlike .savings

ings.

Maximum

forts,

"earnings squeeze"

this

financial

—such

future.

commercial

likely

gr0wth

associations by

industry leaders have

and

Chart

Mutual

that

tended

marks before the

Net

ings

ffl'yzagygs

bond

time

sav-

appears

from existing uninsured of savings needed for accelerated
associations that normally would growth of the national economy,
mortgage funds af- qualify. This is illustrated by the They cannot be carried ori- effec-

problem

Numerous

facilities

loan

and

savings.

efforts

But

abundance of

and

even

dis-

mortgage funds.

loan

market, further-

savings

Indeed, at such times there

contribute

geographic

even

and

arrangements will not solve ;msurance

lower

are

Treasury

any

and

peak

Casazza, Role of Bonds and
Savings Bank Portfolios, re¬
Savings Banks Auditors
and Comptrollers Forum, New York City,
April 16, 1963.
:

Stocks

therefore,

static since

rising prices naturally provided
•'

residences has remained virtually

interest

(Chart 2). Neverthe¬

•Construction

: purchases

will

period frbm the beginning of

and

early

yield spread

World

purchased in 1953 when the Fund
was

to stimulate

short-

quality mortgages. Partici-,

pants -may,

The spread

1960

mortgage

higher

the

postwar

yields is well be¬

than

not

are

as¬

mortgages

currently

while

data

cannot

mortgage

bond

relation

less,

Yojrk. Aggregate dividend income,
unrealized

age of

iRgs

and otherwise reduce their efforts

facing

local

acute

subject to pressure

unusual

past decade

oper¬

particularly

are

yields

per¬

them.

indefinitely.

and

the

low

invest¬

municipal

lenders
the

that

cap¬

indicated, for

pre¬

institutions

acquire

between, FHA

mortgage

well

savings
to

continue

holdings of corporate stock,

with

sume

gains, have compared favor¬

ably

en¬

and

common

attractiveness

savings

including both dividends and

individual association

expansion of existing insured
the

programs, cut back dividend rates,

arrangements will be helpful

fecting the industry

tax-sheltered

year,

Moreover,

Furthermore, available evidence
on

v/.•>.,/;

bur¬

legislation

stocks,

mitted

ing periods of rising bond yields.

returns

the

To be sure' mortgage participa-

tion

tribution

have

bonds, will be increasingly attrac¬

for

of investible funds channeled

that

■;

last

ferred

into corporate bond markets dur¬

indicates

mortgage field.
,.

such

greater than their orig¬

investments

savings banks to increase the vol¬
ume

the

holdings,

value

asset

imposed

acted

servicing

earlier,

noted

net

their

In view of the heavier tax

This is indicated by

tendency,

considerable

ur-

pressure

re¬

charges and differences in liquid¬
ity and risk.

would

inal cost.

comparable

provided

turns

have

1953

June 1, 1963 would

been 48%

ing the postwar period, corporate
security

early

appreciation

value

the

dur¬

continued

and

likely to be strongest in the home

addition, institutions
these

unrealized

turn

from

experienced

re¬

their

annually

6.5%

demands

period

have

^investments

averaged

purchasing

been

have

con¬

mid-1963. In

savings banks, as well as savings
and

cost

average

monthly

IIMF

book

purchased through

ings institutions.

the

ing

prevents

Thursday, October 10, 1963

adequate to meet expected home
credit requirements." The Counassociations from adequately per- cil,
therefore,r concluded - that
forming the basic function of giv- "• • • it would be a legitimate objng continuous encouragement of jective of the FSLIC to sharply
thrift.
When housing demand is curtail the number of associations
sluggish, savings associations may receiving insurance of accounts in
have to,,curtail thrift promotion the next five years." :

In view of basic

banization, downward

mortgage

m0re,

Thrift

dependence

home

pres-

changes in the character of hous-

or¬

dinary and capital gains distribu¬

yields.

Virtual

mortgages,

thereby exerting downward
sure

Effects

mar-

continue

Chronigle

•
~

ment

bonds

_...

Note: Data

...;

•

FHA mortgages,

bonds and U. S. Govern-

yields. Yield spread is excess of yields
on FHA mortgages over yields on bonds. FHA
mortgages: computed by
Federal Reserve from average prices reported by FHA regional office
are

monthly

new corporate

average

directors, assuming a 12-year prepayment period and
maturity (light lines indicate periods when averages

a 25-year original
were adjusted to
changes in contract interest rates). New corporate bonds: estimated by
First National City Bank of New York, adjusted to an Aaa basis (figures

reflect changes in industrial composition, maturity and type of offering).'
u- s- Government bonds: Federal Reserve figures based on bonds maturing or callab,e in 10 years or more. Latest figures are for February 1963.

Volume

quires

Number 6306

198

different

kinds

activi¬

ties and powers.

adapt

the

national

area

prevent savings

powers

.and

associations

loan

from

mak¬

-the economy consistent with their
and

resources

nancial

in the fi¬

position

made

lead to unsound credit

would

-may

when

prac¬

demands

housing

are

relatively low, and could jeopar¬
the

dize

soundness

associations.
stantial

segment

industry,
isolated

individual

Instability in

could

and

large

not be

could

moreover,

sub¬

the

endanger

whole.

flexibly

respond

charter¬

ing legislation would not only
;

hance
but

financial

overall

would

of funds

the

' assure

cording

their most

Such

use.

heart

the

tem.

free

en-

stability,

savers

flexibility

ac¬

productive

the

enterprise

sys¬

through

precisely

powers

with

ciated

be attained

invest¬

can

traditionally

asso¬

institutions

banking

by an industry

so ex¬

mortgage lending?
here

the

attitude

the

Federal

Committee

generally for all

financial

types

endorsed
of

emphasizing

advantages of diversified in¬

vestment powers

institutions,

only limited broadening

savings

loan /authority.

and

changing price and yield relation¬
that

our

maximum

cation

efficiency

capital

Increased
thrift

ability

stimulate

flexibility

phasis

Apparently,
reluctant
hensive

the

Committee

recommend

investment

was

compre¬

flexibility for

/ "The

saving

/
em¬

Commission

and

regulations

application

directing their lending into
uses

where

tions also

have

and

turn

reduce

the
to

regula¬

which

in
of

financial

major

all

financial

institu¬

"In recommending only a

portfolio

present

its

Federally

would

been

associations

ful

they

able

were

invest

field.

outside

the

ings

sug-

—7—
An

that proposals lor-broaden-

gests

ing

savings

without

loan

and ;

provision

rela¬
of

system

mutual

The existence of

a system
alternative for

would provide
savings

an
loan

and

associations that desired to engage

diversified

investing,

under

pervision and

lending

and

appropriate

diversification

savings and loan associations
also

reflected

the

Report of the Committee

narrow

Financial
Institutions to the President of the United

States, April

the

Economic Progress
The

Government

Development

sav-

become

system

that

and

loan,

better

Bank

for

Puerto

Rico

address

Oct.

"Financial

Facts"

folder

which

presents

will

brief

Provision

for

form, with ac^companying

illustrations,

the

by
Dr.
Ensley at
the
Savings
Conference,
Colorado

progress

being achieved
in the

thriving"

Wertheim Team

the

Bill.

Mutual

Savings

behalf

of this

tion

meeting

are

here

Federal

port.

chartering

sup¬

legisla¬

tion would extend to mutual

ings banks the

same

privileges

ing

savings

now

and

loan

commercial

unions.
ment

dual charter¬

available

Oct.

banks and

Federal

banks-Tin

establish¬

mutual

where

areas

credit

savings

they

are

needed would stimulate increased

savings,

s a v

g s

throughout the nation.'This would
capital

spur

nomic

formation

not

groups'may

our

ad¬

society, proposals to significantly
liberalize

powers

of financial in¬

stitutions

are

not

likely to go far

one

industry

beneficiary.

proposals

group

This is

sponsored

broad

legislation

the

Fitterer

The

Shcarson,

Co. team
155

needs

serve

the

76.

the

principally

Hammill

net

Shearson,
honors

gross

total

the

teams

firms

won

with

day

from

tourney.

those

affected.

statistical measurements," Dr. Ra¬
fael

Pico, President of the Bank,
introductory comment.

"Rapid growth is its principal fea¬
ture.

the

For

Rico ^these

translate

ments

Puerto

measure¬

themselves

into

personal.

very

better

mean

people

impersonal

They

opportunities for

em¬

ployment, education, decent hous¬

ing,

health,

and

"Net

income

host

benefits, tangible

and

other

intangible.

Puerto

Rico's

has grown at the surpris¬

economy

ingly high rate of

■// V, V

outline

broad

participated in

is
in

by this limited sample of selected

something

low

for

Street

with

70, while Mr. Fitterer

low

Wall

over

10% during'

the two most recent fiscal years."

ernment

In San Francisco
—

Ap¬

office, located at 111 Sutter Street
in

San

Francisco,

dent

pany,,

D.
C.

been

Kenny,

Zeigler

West

nationwide

has

Bend,

an¬

Presi¬

and

Com¬

Wisconsin,

underwriter

&nd' dis¬

Prior

joining

firm, Mr. Maurer
for

seven

and

years

the

was

Ziegler

associated

with Dean, Witter

Company in their San Fran¬

cisco office.,

and

opened

the

"the

Rico

has

Gov¬

for

Bank

contributed

!«•

acquisition
Ziegler

office

company.

implications
the

people

for

better

life

of Puerto Rico.

ready

ever

contribute

of loan

velopment

its

will

Billions

and

t-Family Mortgage Debt, Mutual Savings Bank

Savings and Loan Association Assets,

capital for the de-.

and

continue

service.

full

expansion

in¬

dustry and commerce, it has
active

and

role

As fiscal agent and finan¬

cial advisor of the

Commonwealth,
municipalities, and public cor¬
porations, it can be expected to
its

continue its
and

history of developing

arranging soundly based bor-L

capital improvement and devel¬

opment

necessary

further

the

strengthen

foundations

economy.

the

'/'/■ Z

;

carrying

December 31>

•

I896-I962

out

for private

grams
Trends

for

share to future attainments.
source

"In

spread, 1905-1963
Assets

past economic growth, with all its

sales

that

rowing programs for the financing

The San Francisco office is the
16th

said

Development

Puerto

FRANCISCO, Calif.

nounced

Pico

Dr.

Ziegler Opens Office

well

chang¬

economic

sketched

Rafael Pico

states in

William

and

runnerup

Francis,
took

1963.

industries

total.

net

Eugene
with

the

was

low

Hammill,

sav¬

well

must

public interest

legitimate

Co.

154.

was

Kerr.

the tributor of
church, school, hospital
true of and retirement home bond issues.

those sponsored by others./ Major
financial

two-man team

Wertheim

by the

ings and loan industry

Club

sup¬

highly competitive

ing

was

Golf

pointment of John R. Maurer as
legisla¬ resident manager of a new district

chartering

shortcoming but

vantage. In

John

SAN

tion from different points of view
is

were

(eco¬

Federal

port

and

grow th.

That different

tournament

Baltusrol

evenly

m ore

Rico's

Hayden

Members of the Wertheim team

would, distribute

- a n

Charles

Their low net total

associations,

Furthermore,

sav¬

golf

the

representing

legisla¬

growing

annual

won

Bank

why the efforts of savings

bankers

33rd

memorial

Nor, obviously, is it the only

reason

"Puerto

profile
The

only desirable feature of the

Federal

Puerto Rico.

Wins Golf Tourney

in¬

broadened

chart

Chart 3
yield

distributed to investors its annual

managers

Chart

"mortgage-bond

vestment powers is not, of course,

the
6

that

help-

Federal mutual

and

Midwest

Conclusion

sole

powers

most

economy

su¬

safeguards."

University, Fort Collins, Colo.

powers,

conversion

for

Puerto Rico's

Mutual Savings Bank bill. I hope
that many will be among them,

Congress and the Treasury
.

Study Illustrates

mortgage*lend their support to the, Federal

rigid investment criteria

bank

savings

been

believe
a

understood

the insistence

Furthermore,

of the

and

benefits of

expand significantly their powers

influenced

chartered

savings banks.

Money and Credit,
(Englcwood Cliffs, New Jersey: Prentice
Hall, Inc., 1961).
on

cooperation has

savings and loan

accrue

these

regulations

endorsement

sucp

for

Money and Credit:
Their Influence
Jobs, Prices and Growth, The Report

has

token

finan¬

provisions

reserve

this legislation with leaders

closely

the savings banking industry. This

The effect of this defini-

the Act.

savings and loan associations, the

institutions

The

fol¬

Reluctance to permit more than

system would be better able

the Commission

including

tively modest deviation from the

contribution

the

economic growth.

5
on

profitable

The

competition,

private

cial

exist.

areas

often discourage initia¬

tive

heads

tions, explained its views

Committee

these

^handicapped these,'institutions in
and

agencies,

lows: 6

strong

restrictiveness

opportunities

the

Federal

which

supervision

from its Report: 5

unequal

savings

Committee,

those concerned with housing and

'their

The

included

greater investment

(investment)

mutual

Federal

moreover,

increased

the

passage

sion

banks.

ex¬

conver¬

encourage

Credit in the follow¬

Money and

ing

to.

received

from

allo¬

manpower.

capital formation.

The need for

achieves

in tjie

and

continuously,

would

and

economy

the

cept if achieved through

ships

cri-

from

barred

have worked

managers

tion is to restrict the benefits that

Financial

while

savings and loan associations

constantly

debt

bad

;specified

meet
be

invest-

Agencies

business

would

the Congress.,President Ken¬

responsiveness of individuals and
units

fail to

ments

whose

and

nedy's

If is for this reason that a growing number of savings and loan

would, face serious legislative ob-

crucial consideration
of

Bill is such legislation,

Com

definition, savings and

associations

home

with

identified

clusively

achieved

expeditiously?

most

Institutions,

placement

received from

and

the

changing

demands, Federal

this objective be

then,

How,

specifically, how

ment

By enabling savings institutions
;credit

flexible.

powers

should

institutions

soundly

.soundness of the financial system
as

investment

why

savings

/confinement to mortgage lending
tices

eco¬

nomic goals, there are strong rea¬
sons

system/ As noted before,

operations,

national

of broad

The Federal Mutual Savings Bank

loan as-

the

in the Revenue Act of 1962.

gress

teria

from the standpoint of

provided

sociations

loan

Powers,?

institutional

well

'' i'

Achieving Broadened

sum,

specific

ing the maximum contribution to

■

(1419)

definition of savings and

Under this
■''

Investment

nomic policy, rigidly limited in¬
vestment

econ¬

greater

granted

Means

eco¬

the

investing."

unforeseen

now

needs

were

flexibility

Efficiency and Growth
In

omy

Economic

the

credit

future

Contribution

Financial Chronicle

The Commercial and

its

loan

pro¬

enterprise,

the

Bank strives to maximize the im¬

pact of its assistance by

policy of

frank communication and coopera¬

dollars

tion

with

private

200

and

other

gov¬

ernmental lending institutions."

100

McDonnell Branch
SILVER

nell

SPRING, Md.

opened
Silver

Co.

—

McDon¬

Incorporated

branch; office

Spring Avenue,
of

management

has;

901

under the

Edward

Becker.
10

Townsend, Dabney Branch
5

WINCHESTER, Mass.—Townsend,

Dabney

Tyson

has

opened

at 47 Church Street

branch office

under the direction of Maurice C.
Bird.
■'

Savings

-o -

and loan association assets

Form

Superior Sees. Co. ;

(ratio scale).

CLEVELAND,
Securities

formed

J—L

Ohio

Co.,

with

—

Inc.

offices

Superior

has

been

the Supe¬

Note:

Spread is excess of yields on mortgages over yields on corporate bonds.
Mortgage yields refer to mortgages on properties of all types in Manhattan,
New York,1905-1952; FHA
mortgages, 1953-1962 (see note to Chart 2).
Corporate
bond

data

lowest

rates

indicate
from
-

refer
on

the

"basic yields"

1963 figure

National Association of Mutual

Economic

Research,

is for the first

Savings Banks,

quarter.

Data

National Bureau of

and National Industrial Conference Board.

are

1900

1910

1920

rior

19^0

1930

1950

i960

'62

Building

year

Data

for mutual

thereafter.

savings'banks

Data are

Savings in the United States,

are

of June

from Raymond W.

Volume

30,

1896-1930; end

Goldsmith, A Study of

I'(Princeton, Princeton University

Press) 1955,,Board of Governors of the Federal Reserve System,
Association

of Mutual

Savings Banks,

National

United States Savings and Loan League.

Nick

Billie,

urer;

Charles

business.

securities
Note:

30-year bonds,

generally speaking, the
highest quality bonds of this maturity.
Dotted.lines

change in series.

*96

engage

Officers

president and Treas¬

R. Billie, Secretary;
V.

Secretary.

a
are

Latsa,

Jr.,

and

Assistant
.

(1420)

TXT

T-t<

+•

to-yrjtgga
the

increased

.of a.number, of fo
eign countries.
■
liquidity

ST&S^VjS''S"?.,"!

betore w>r „ The

even

World War I.

imrriiitahfe

<"> *«?"* ments duri"g and after World

weak„„ln8

was

ing,. .to arar me

na,ion gr0l|p

early correction in our
international balance of pay-

But World War I and the ground. Whatever they do

talk and

act

thev
had
In revolu£'on
'n both thinking fortunately there is at present
eY
°P,,
and practice in international no feasible escape from it.
substantially Hence the Pres- any event the proposals they
.
y
lrnt Vln_ frlt it n„pcrarY
or
make about protecting "inf least wise, to assure the ternational liquidity" seem to
to
at Wt wke
assure lae

ments

drift

this

alter

may

■

fnr

JoctimWl

particularly>fcnose 9®;<
£
which feel somewhat more like the
of themselves, that if we live than

world

world, and
nations

Ijl^

'shall

fail

not

what

take

to prevent

steps are necessary

suffering abroad.as a

undue
■

nf,

• Rut

nnr

th./Cve

ll
manv
all this leaves many

course,

things

in the air. What
will the United

too Oitenmeasures O

lencj or adequacy are

1 *

1 •

-r-x

t-x

>
n

•

Bill Must Be Reconsidered

Continue from

-t—-m

- _

fUtGLGSu lliGURllZRLlOH J. SIX

wprjd in;w ic
that in which

3 '

page

ler

owned

are

Europeans

nnpratp in

friendly countries,
Besides the above, H. R. 8000

is illogical because it imposes
what is in effect a penalty tax
on the buyer of a productive in-

vestment m foreign securities. A
United States person can, however, buy abroad, free of tax, a

luxury item such as^for example,
yacht, which in addition to its
a

initial

avenues"

world

expected to operate m a world
where natural forces are no
longer permitted to operate if

recommended

the

Internaytional

^ Committee Qn

L B- M- are European-held than
shares of Olivetti, Machines Bull

capital

maintenance

outflow,

expenses

requires

yet is

un-

Productive,

;

appar

coming

SSS/SfJiJL nJeTr

S. persons buying for- than Americans own shares ; of
eign securities from non_u s Volkswagen, Fiat, Daimler-Benz,
more or less from experience persons. In other words, Instead Peugeot and Rolls Royce comof many years but which are of exploring the
bined. Many more shares of

duced

,uce

barriers and to
ain: as m"ch as P°ssible'the

Set the. sta®e for a comPlete experimental in nature. Un- goods and services between

„rg(a by u,.

will be treading untried international

•

«>> ™vi..bl, be

other financial

any

We would be setting a very bad

»nd the,

.But w. hope
that

'«"»'»»'

international nom c 1.11c o n nav

move-

and the city of London in in- Keynesian and related

Thursday, October 10, 1963

...

the same purpose. The domi- financial affairs. What was Zurich,
nance of the Bank of England left soon became a victim 0f'center-

rVS W 6 OGG lX> Contmued from pa9e 1
m,„d

The Commercial and Financial Chronicle

World Reaction

™ha£ has

^te
.e

/nm' nffJdii,

„

fom-ova Th,:
e? d aPPr°val. The

bteoid

b™eveRr-

w5*ln£
!he London Economist

Exchange and PaymentSi the biu. and Elliott Automation combined
q
States do in the event that
as pr0posed, tries to tackle the in American hands. Much Amen-'
tbd ,°
fS!
Twfi.IZ to shield other any way can be found to pre- problem at hand with excep- can Telephone and Telegraph
are
there IS heed to sh
d.
Vent them from doing SO.
tional
hstock is in European hands, but yb em ,
as cus,serusa " unilateral
.
.
countries from the effect of vem xnem. worn aomg a
,ast Qn Pl.ofessor Harris' sug- Americans find it very difficult ^ thcVe"d ?f July>jthe Ec"n?our
return to health?!,:What
We, of course, have noway gestions H; R.;:8000 goes even to buy a European counterpart,^ SThe°tobalai»cl
can it do? And, what if anyof knowing what sort of re- further than the suggestion of the lor this type of utility is nationprecisely

thing should be done by all port this tenl nation study
independ- group will come up .with a

the other countries

Joint Committee, for the Com-

v%*e

caused ms weakening over the

^S3 sm other Tet J™

the ^ do,,ar- " is

from now. What we do to
embody. tors of industry, the purchase of
rTlt,"«
the United States, to assure know is that they will have ing new an(j aiso outstanding is- which is restricted.
American efforts'to put
warcomfortable international fi- little basis in experience ;for sues, and equities as well as
Therefore, and particularly if torn world back on its feet fron^
nancial relationships in the estimating what the results of bonds
although its title refers confidence in the dollar were to Marshall Aid onwards, had not
vears to come9 A eroub of ten
what they clo will be. There on^ to equalizing interest and falter, the danger that foreigners, resulted in the vast hodrds of
years 10 come. n giuup ui icu
ent

of,

in conjunction with year

,-,1™

rpnrpQPrita-

+bcir

rrnUr^c

.nations,

or^thOT Tepresenta

tives, are now about to undertake

and

these

the

learn

been

have

2 °r'

new

given

thus madei to

are

This

ap-

pear

quite

habit

firmly fixed, and prob-

new.

ably little if anything
Hone

about

can

live

used

called by plain terms

are now

H
ail

+
to

compinea

give

fortunate merchant
facturer

who

has

pro-

the

....

■

TM/i{trWiinio

norinfi

Individuals

period

buy the latest motor
sometimes
to

adding by

current
x:

,57hrt'

who

car

rec-

ternatives of using comprehensive
controls covering imports on goods
and serviees and over capital
movements, in order to maintain

...

tion group, a

Ninth

Monetary

Annual

Con-

+1;

Association in Rome, May 18,1962,
djd not object to the purchase of

by American
thought of control, national or investors, but deplored
. . the
lies

ternational
.

evident in increasing use of

evervthinff that
.

was

mWashington- during

!hat ™e.etinS' apd certainly is

the New

York caPhal market by European
borrowers to raise funds for their
own internal purposes »'

R. 800o purports to defend
not suggest
efficient machinery at the

found m. all that emanates the dollar, but does
Frontier.

N
'

highest levels

Always

Problem

■' i'.r

NoW)

course,

claim
were

that

,one

natural

always given full

that

would

tackle

this matter multilat'erally which
'

"' n°

•

rtvOT-

..,r

age

opjr of grave concern to

,+ire Western worirf

tion

for

this

incompleteness,

and play at any time in history, that this is more
^
>

less only ja

as bean

long-

lend

much

And

^private

finance

money to
ments of

nelev.™ma
short-term

liquid but when

remain

they

mind

never

industry

ocean

ship-

goods they have by
lost

the

their

liquidity.

story goes.

¥T

„

Human Nature Still the Same
j
•.. .■■/
.

But, of

course,
are

these

econo-

-xp

•

tl0n °f hlgh tariffs, and van-

Oti& other devices were em-

engaged in the ployed

efforts

vaults

had
>

putting

its

'house

own

order

his f00- v°r;ly .very
rffdy' L,.th?
substantially improved his New York Times quoted the First

view*

National City Bank as saying, in

If H- R- 8000 becomes Law, it its monthly letter, "It is pennywil1 tend ihaterially and psycho- wise and pound-foolish to blame

logically to freeze U. S. persons' the balance of payments deficit
Portfolios of foreign securities on private investments overseas."
which are not only individual but It points out that private investNational Assets. The 15% tax on ments now mean "money back

pqajties' ,°„r .tbe effective rate on
?ebt obhgataons, is sufficiently
under normal circumstances to prevent transactions,
fspecially as this proposed Law
i

eunnnoorl

+r>

nffoet

for

with interest." The b.ank indicates
it would like to see Congress reject the Administration Proposal
to tax foreign securities bought
from foreigners rl lllro +n coc
bv Americans
Inctnnrl
if
umnl

is supposed to be in effect for a Instead, it would like to see
reiativeiy short period. Yet, under higher long-term interest.rates to
panic, even 15% will not be harrow the gap between the even

eh°ugh_°f a deterrent to prevent higher rates for money-abroad.
<he active buying persons. g se-• Europeans, insince Julyinstances,
of foreign
In practice
19 1963,
cunties by U. S.
many
fears,

in times of

measures

de-

can and
purchase leading 'international' issues at prices lower

than those paid by U. S. persons.

In this manner, 'dollar premiums'
6f Adam Smith and the
;
'
'„ x
have devel°Ped' which vary from
1
^ m
x
H* Doubts It Will Serve Its Purpose ^
Financial Center
:
instance to instance, with the reothers of a like mind in the
Today New York is the finan_ sult that a dollar invested in. such
political field never did suew?- XnnJlv cial market of the world. This is securities may be worth as little
cee(j fn removing certain beiieve it
may
not because
for of §reat ,economic and political as 85 cents.
,
deeply rooted ideas about in- the- following' reasons, it is in- importance. We displaced London
it is already evident that these
terfering with natural forces, consistent^with the permanent in- as
world's financial center perhaps unforeseen side effects
We ourselves for time Sfeiost terests of our country:
because of the World Wars and a"d other
of.^®o^es®^
out 0f mind saw to it that
Foreigners own many more tbe epsuing limitations that Great balance o{ payments/andi in fact)
our, industries had the protecdollars worth o£ u- s- securities Britain had to impose upon its threaten to aggravate the situa-

mists who

thos

every- generally been critical of H. R.

whether

that

l^nox

'LbstantiaUv fmprove^

full determina- ference of the American Bankers'

r0n n° J
permix natural
forces to have their way* The^foreign securities

forces

heavily in government

^01t

1
°
—o——- swing wwaiu nccuuni ut ctu- ments can be reached with the signed to prevent capital flight
Banks, when they continue to tion which followed the writ- other nations of the free World
have never been successful. >

Obligations

vn„it0

would

Tinrf

ine

And in the August 10 i issue,
.
.
the same publication said:
in in- „
America's difficulty is that

Retaliation is instinctive
.dividuais as well as in govern-

History shows that

invest

Knov

re-distributed, > it

111

Retaliation Is Instinctive

accentuated
T>

pnlfi

s°ia

^5?^ '.r' Domestic Press
standl"§ on,hls toes' the ongmal Even the domestic press has

\vould

everywhere and even m the tary of tbe Treasury, Douglas
meetmgs which resulted 111 Dillon, in his remarks to the

are

consumption
----

in-

much

„

quickly upsets its neighbors;
the giant cannQt mQve f
fear
of crushjng fte ordinary mortais
who are SQ bu
firing him with
,,ete and abu „ ,

capital investment of
•

d-Vio
the

government

ments. Tariff wars, unfortunately,
be accePted 01 acted uPon by this does not exclude the possi- a,e common m history. We are
any important nation of the bility of restraints on U. S. pur- bou"d to end up similarly as a
implicit chases of new issues of Western crowd gathered to observe a per*
beinS said European securities."
formance One spectator tries to
m mUCb that 'S beinS Sa'd
It is worth noting that Secre- ™p™ve bls
standing on'

Unwanted in-

The Bookmg Institute's study, duced, may sell or dump their being

a fixed exchange rate, although

ventory has added by so much
to

such

ommendation if

manu-

the market and willy-nilly ac-

-t0

misgauged

cumulated laree unwanted in

The un-

pensity to consiime.

makes no mention of dividends, voluntarily

to .suppose mat iney win sug <(The n g Balance of payments American holdings is ever-pres- mean
gest steps looking toward jn 1968," rejects
'•. the al- ent'
failed."

Ten-,.

preference.

which

dencies

sue.

the formation of the ten na-

» when hoardl«g 's a
liquidity

will

to sueeest that any .

problems

old

manv

.Which

obvious' that

names

related greater freedom for the play
of natural forces — and none

closely

nnestinns
quest ons.
-

answers

Q+

of COUrse, 110 reason at all

IS,

accomplish

than

U. S. persons own dollars capital markets.
£

-.u

worth of foreign securities. For
instance,

many

>■/

tion.
-x

we;ishould

not

much General Motors, Ford and Chrys- hegemony

lose
to

If we can help it, and we can,
our

Paris,

present

a Better Plan
What

can

done

to correct

London, this? The proposed legislation ef-

Volume

198

Number

6306

The Commercial and Financial Chronicle

(1421)
ifectively puts brakes
most of which

sues,

ligations which
the dollar;

equity
ings

issues

deflation

world

restrictions

not

and

clear

way

exempt

without

in toto the "Old" Issues, i e. those

defense

foreign

minishing

since

securities

before

outstanding

July* 19, 1963, there

alternatives.

are

the

assumption

that"

any

perately

years,-represent

than

this

the same period, Ex¬
change trading volume and share-

ownership in public corporations

construct

have

rolling

des¬

owners

from

the

aid

that

the,

under¬

entitled

know

that, if they do their part by in¬

creasing" defense, and

:it has

been

■along

suggestion

our

that Section

Exemption
clude, in

Prior

for

Ownership,

4918,

form

some

ligation

obligor,

•clear

and

entitled

American

amended

in¬

debt ob¬

foreign
is

other, the

acquisition of stock

right

issuer

evidence

and

its

expanding

part

strong

aid expen¬

the United

economy,

and;,

their

States will

maintaining
dollar

stable

economy."

' ,v

exchange, conversion, sub¬

stitution

re-investment of other

^Statement

by Mr. Boas submitted to
on
Ways
and
Means,
Representatives, Washington,
Sept. 16, 1963.

Committee

House
D.

C.,

foreign

held

securities

"throughout

ownership

even

S. ~ person
of

continuously
This

since

provision
if

re-investment

completed

within

davs.
R.

—provides
fU.

debt

from

partner
f

the

Salomon

Brothers

elected

positive

party

taxation

foreign

who

was

the

stocks

acquired

were

throughout

exemption

from

the

ownership

does

not

period

continuously

provide the correspond¬

ing/exemption
of

cases

from

exchange,

substitution

the

tax

York

Hutzler,

has

conversion

such

securities,

holdings ih other issues,
;whenever a U. S. person-owner
a

-made

was

portfolio change necessary

advisable. It would strengthen

About

from

300

the

dollar,-

H. R.

8000

and

much

would

ac¬

ceptable here and to the interna¬

the

will

his

service

this

jHe

the

foreign

intended

who

person

securities

July .18,

held

1963.

penalize

before

Our

his

country's

holders

(or

person-successors)

and

thg

their

should not

corresponding

S.
re¬

them

up-grade

from

such

their

attempting to

security

The

third

fourth

School

nal,

member of The New York

member

American
tional

the

Association

Treasury
of

member

He is also
dale

Division,

the

holdings

ance

tions

transactions

affect

board

Club

So¬

the

tend

re¬

sumption of orderly markets and
restore
away

confidence;

this

amendment

the

will

bill,

bill.

believe

prove

the
do

•-

suggested

much

lateral

approach is

are

Stock

the

Church

and

Committee

Finance

make

workable
table

R.
here

that

8000

Last

the

Town

Bernstein's

Administration

Payments
United
own

words

and

Problem"):

States

has

7.4

the

Dollar.

duty

The

its

people and to the (free world.

billion

witn

billion

one

13%

far

this

year

Trust

that

milestone

consists

in ,1,479,725

trading

additional

issues

are

accounting

million

cost,

also

for

has

Medical

com¬

and

market

num¬

from

Drive

rate

average
every

billion

two

value.

$224

billion

passed the

one

The lat¬

130

First

the

best

3.0442%

from

the

22-

value—computed at
in

March,

1956—

$400 billion point last

billionth

249

under the firm
Mr.

sales

Finance

Co.

office

York

for
of

purpose

net interest

the

merged

ac¬

the

Halsey,
Co., Inc., Lehman Bros,

major

National

Bank

Co.,

Kuhn,

Co.,

National

the

has

Trust

Loeb

Co.,

and

Lynch. Pierce,
Morgan

Shawmut

Co.,

St.,

man¬

Daniels.

The

commercial

collateral

and

Co.,

Stone

3.40%

Smith,
Webster

with

for

yield

Power

and

3.10s,

bank

big, with the

was

balance in account total¬
;

•

group /

led

jointly

000,000
due

1997.

3%,

The

and

term

bid

bonds

for

3.30%,

the

Harriman

Ripley

net

from

came

Co.-Smith,
t

Barney & Co. account.
'<

j ■
i

^ ■%

by Harriman

members

the

syndicate

in¬

Co., Inc.,

Sachs

Co.

Webster

and

Securities

yield

from

balance

present

Kansas

Sewerage

(1964-1993)
&

account

bonds

revenue

the Halsey>

Co., Inc.-Lehman Bros.

3.3566%

cost.

The runner-up

net

interest

Smith,

syndicate

City, Missouri awarded

$12,000,000
Stuart

1.95%

bearing various coupons,

totals $7,480,000.

Barney

interest

net

bid,

3.38%

came

cost;

sociates.

from

Co.

and

as*

the

Other

major

members

successful

account

Salomon

Inc.,

Hutzler,

Brothers

Co.,

Blair

are

Shields

Brothers

Co.,

Stern

Hornblower

Weeks, Bache & Co. and Bacon,
Stevenson
Scaled

3.40%,

Co.

yield

the

from

unsold

2.00%

This

week's

final

sale

portance to be reported
250,000
Tax

balance

totals $9,385,000.

group

Cincinnati,

(1965-1999)

im¬

$17.-

was

Ohio Limited

bonds.

The

ac¬

count led by the Chase Manhattan
Bank

submitted

100.91

for

second

the

3V4%

bid,

3*A%

Halsey,

best

also

for

made

was

Stuart

bid,
The

coupon.

100.85

coupon,

Inc.

and

Co.,

associates.

Chase

major

Bank

York

New

Co.,

Co., The Northern

Co., R. W. Pressprich & Co.,

3.30%,

yield

2.10%

from

balance

$11,-

360,000 remains in account
go

the

account

Braun, Bosworth & Co.

Reoffered

Bank

Co., Smith, Barney &

C. J. Devine &

and

members

Manhattan

Chemical

are

Trust

press.

Although the market's tone has
been

fairly steady, there is little

indication

dollar

quoted
easier

interest

substantially.
issues
over

have

the

The

been

past

nificantly
bids

market items

lower

than

for similar

are

the

two

and the bids obtainable

secondary
issue

investor

that

broadening

weeks

a,3.559%

The

interest

Co., Inc., Phelps, Fenn &

Reoffered

interest

bid,

net

Halsey, Stuart &

to 3.35%

the

which

for

associates.

Brothers

Goldman,

cost,

Corp.

coupons, 'is

annual net interest cost

runner-up

and

major

Stone

bonds

3.25%,
3.60%

$38,-

Bridge

serial

group

3.10%,

for

State

revenue

1967-1989

due

bid

York

New

Authority

best

bidder, at

bonds.

3.19%

Co.

Other

Trust

the

Brothers

interest

submitted

was

Lbhman

Lehman Brothers and Blyth & Co.
the

issues

Los

bid,

Ripley

The

Day

the high

net

variously

Lehman

was

were

another banner

(1964-1993)

second

Other

2.00%

from

not

Angeles,
Cali¬
Department of Water and

fornia

Co.,

bonds

Banner

three

$12,000,000

little

were

members

are

was

The

3.1813%

of 3.556%. This bid just nosed out

the

this

the

and

group

offices

9050 Westbriar Drive to
engage

but

among

syndicate
a

Weld & Co.

ing $8,125,000.

setting

Erhard

share, and the a securities business under
doubling of the list in less than firm name of Bank
Investors.
:U\V'V' 't \
-Tr .U- ,

3.40%, .3%%

Forms Bank Investors
opened

Boston,

White.

and

5%,

has

Na¬

Bank

present
a

headquarters jn

—

Co.,
of

Trust

Corp., United California

portfolio buying

bonds.

Tex.

Bank

Rothschild

Reoffered

opened

reof¬

,2.50%

bonds

$18,000,000 term

calendar.

brokers call loans; term
financing

municipal

Guaranty

Moseley

Co.,

Fenner

Paine, Webber, Jackson & Curtis,
Barney

William

handles

and

Mellon

Trust

Merrill

submitted

has

insurance,

DALLAS,

Trust

Securities

City, under the

which

Oregon, Glore,

Harris

Bank

name

director

& Co.

an accurate balance as

Co.,

members

Mostert

term

$12,660,000,

day

Bank,

Savings Bank, Kidder, Peabody &

Co.

agement of Dale H.

Bruhns

bid

managed

Co.,

Open New York Branch

and

Phelps, Fenn & Co.

Forgan

elected

securities

Brown

were

from

the

Wednesday

Boston

various

jointly

Illinois

;

November,

month.

The

about;

added

period

Market

The

City

Bank

Commonwealth

came

/ Other

is¬

Securities

bonds

yield

necessarily
the

The

National

Stuart

March, firm,

since

was

1961.

years.

offices

formerly

branch

day

by the Bankers

First

and

bid,

tional

conducting

American

New

big

Gerrit Mos-

—

AFC Investments.

was

Tuesday

schedule.

Manhattan

and

AFC Investments
is

the

successful group include Bank of
preferred America N. T. & S. A., Continental

been

Co.,

Salomon

Hutzler, Alex.

and

Co., C. J. Devine & Co., The First

Jeffries

President

Smet

syndicate

Chase

cur¬

some

3.50%

cost,

2.40%

coupons,

the

First

count

shares.

and

1,200 companies. About 380

these

Ashwell

ber

billion

In¬

Co.

from

submitted

other

2-for-l

manufacturing

1956, both in

est

Co.,

Inc.,

was. another

Co.,

Corp.

year.

1,560

clude

of Massachusetts

was

Big Board's list has about

(1964-2001)
bonds
setting
a
slightly under 3.026% net interest cost. The only

some

stocks,

shares of ACF Industries,

First

;

$39,610,000

Exchange's stock list

business

doubled since
of

Lee

various

Awards

Chicago

tert

estimates

pany's stock.
The

Walker

balance

Bank,

op¬

the ratio is

fered

Dominick

led jointly

group

14%/The high for the past
decade was 19%.
>

York

•

;

the

yield

importance

never

for the

Co.,

the

with two issues of general market

about

sues

Tuesday

shares, resulting in

serial

Blair &

Fund, Inc., 44 Wall St., New York
City.'

New

Incorporated, issued in
of

Corp.,

for

Big

an¬

average

The

the

Co., C. J.

Drexel

&Co., W./H. Morton & Co.,
Reynolds & Co., Shearson, Hammill & Co., Barr Brothers &
Co.,
Baxter & Co., A. G. Becker
&

divided

listed, reported

was

turnover ratio

paper;

("The New

3.60%

mark, the Exchange has CHEYENNE, Wyo.

billion

month

been

trading volume

internationally.

Scaled

average

has

the

Boston

JSons, Ira Haupt & Co., Hem¬
phill, Noyes & Co., Hayden, Stone

Horner, Barksdale & Co.

billion,

ratio"

Brothers &

Stone

are

: /

however,

traded

has

Chicago,

1.1

Weld

Another

members

Hannahs

present

volume

the

then,

year,

1956, shares listed have increased

May we close with Dr. Edward
M.

reported'

posite direction.

Since reaching 4 billion in

accep¬

Dominick,

the

1961.

"turnover

would

Michigan

$3,735,000.

■

multi¬

much

and

the

reached with the start

common

major

National

Exchange

Sept.

in¬

managed

Securities

the

and

November,

trend

Exchange have passed the

jointly

net

made

was

Smith,

listed

The

3.520%

which

group

Lyons,

Scarsdale.

billion

bid,

cost,

bonds to the account

account

1954;

1956;

1960;

exceeding

offing.

in the

convinced

Since

rently

Pass 8 Billion

im¬

there must

realistic and

June,

March,

volume

University Club.

NYSE Shares

split

unilateral approach and pro¬

vided

would

with present discriminatory

features

this

Named Fund President

bal¬

assure

revenue

Webster

December, 1958; the sixth

1929,

The

trustee of the Scars-

Taxation &

payments; such modifica-' the

would

February,

of governors

Congregational

member

Railroads, Eastern Sec¬

Group,

Airport

billion

Co.,

Co, and J. C. Bradford

before

years

First

Corp., Phelps, Fenn

Georgia

Other

plans

of exceeded either the 1929 figure

of Financial Analysts Jour¬

ager

Atlanta,

first

nual

Mr. Stevenson is Business Man¬

compared favorably with the

•

The

1928.

City

winning

in existence

was

are

White, Weld & Co. and Robinson- available in the Street.
Humphrey Co., Inc.

Exr

announced.

such

137

opera¬

U//-//'••///

terest

the total number of shares listed.

Obviously,

Exchange

some

John Stevenson

University's

adversely

purchase

acquisitions.

conduct

y//;'/1/

interest cost of 3.5169%. This

stock

new

buildings,

machinery, equipment

runner-up

added

Commerce, Accounts, and Finance

whenever that action is indicated.

could

the

net

growth has

the

use

bid

some

Exchange.

were

members

group

jointly managed by Phelps, Fenn reoffered at a 3.60% yield. The
& Co. and Ira
Haupt,. & Co. at a group reports an unsold balance

Ex¬

resulted

but

$5,000,000

listing of additional the

exemp-

relating to changes
or

new

119%.

existing portfolios by preventing
him

the

dends^ employee

economy would be harmed if such

security

the

financing, stock splits, stock divi¬

lishing

graduated
from

four

listings of

new

construct

the

The

number of shares listed and estab¬

trus¬

of the New York

We do not believe that the Ad¬
ministration

tion

1956

purposes

actually

later

tee

the

major

winning

annual/ &

from

Harvey will acquire

facilities and

tions/

the

obligations

repaid

(1966-1993)

charged to Harvey for

install

sold

shares traded reached

begin

NYU

such

ciety and the board

Owner

for

site,

and

shares by companies whose issues

U Mr. Steven¬

managers of the St. Andrew's

;

public,

added

since

original

seventh

Board.

son

the

expanding

The remainder of the

Chairman of

and

community.

Avoid Penalizing American

list

general

of this plant.

industry and in

billion

one

companies

fifth in

ceive

the

growing investing
Exchange said.

the

defend

the

Society of Security Analysts, Inc.,

wih

pace

Other

funds

listing terstate Securities
Corp., Howard,
billion shares in August,
Weil,
Labouisse,
Friedrichs
&
1929. The two-billion-share mark
Co.,
Rowles,
Winston
&
Co.,
was
reached in
September, 1948; Robert K. Wallace

the hand of the Administration to

tional

markeplace

page

provide

integrated aluminum

not

are

meeting the demand for shares of

its

George

are

illustrate / the

the

capital needs

for

The

such

make

keeping

been

Univer¬

month.

nor, in case of sale, for the taxfree re-investment of the proceeds

finds

vitality

alumni member of New

announcement

of Section 4918

since July 18, 1963; yet H. R. 8000

fir

(a)

obligations

person

Stevenson,

investment

Trustees.

persons

"thereunder

his.

John

in its present form

8000,

—Subsection

sity's Board of

"to

NYU Trustee

will

mill-

rentals

already traded
change. These shares

his

effective

substitution

"had

Stevenson Named

4.4

share-

and

million

statistics

been from the

which

period

1963.

18,

would

the

July
the

8.5

from

sale

in
Lewisport
for Define
Harvey Aluminum, Inc. The bonds White,

from

million

day,

this

million.

The

change's
the

2.2

were

taxable
were

billion, shares

that such acquisition is the result
of

average

than

growing

and

prosperous

established

convincing

ditures

The surplus

should be reduced to

minimum,

doubled—-volume

million

changes which might be proposed
a

also

di¬

world

arc

Continued

would

free

com¬

the

developed countries.

TAX-EXEMPT BOND MARKET

benchmarks, the Exchange
mented.

weakening

needed

something

reaching of statistical

im¬

investment,

the

countries

eight

that

stifle world trade and

its

pay¬

with¬

without

economy,

posed tax. If the Committee does
see

the

eliminated

spreading inflation in

posing

pro¬

that

see-

.inducing

the

portfolio hold¬

deficit

country

but in the process,
and

out

the real drain

are

task

ments

debt ob¬

also affected by the

are

Its

New Is¬

on
are

sig¬
new

obligations*

The Commercial and Financial Chronicle

(1422)

The

Indications of Current
Business Activity

week
Latest

i——Oct.
capacity).

Iron & Steel
in 1960

The American
this

late

data

Crude

fuel

Distillate

Residual

oil

gasoline
(bbls.)
(bbls.) at-Distillate fuel oil
(bbls.)
Finished

Unfinished

Revenue

(U.

8,498,000

8,509,000

8,934,000

32,517.000
3,059,000

14.966,000

15,118,000

4,883,000

4,740,000

5,234,000

East

13,596,000
5,000,000

182,487,000

182,421,000

184,139,000

/■

35,772,000

35,971,000

36,519,000

173,774,000

172,221,000

161,726,000

PERMIT

52,909,000

52,723,000

53,949,000

81,713,000

83,449,000

87,235,000

83,192,000

lignite

(tons)

620,139

596,325

582,841

(tons)

498.359

523,040

500,058

*9,880,000

9,680,000

397,000

415,000

417,000

New

Oct.

steel

100

$929,000

$619,500

INDUSTRIAL)

AND

$393,900

385,200

344,100
198,900

113,900

168,600
30,300

1,000

380,800

181,200

41,000

(fe.

17,285,000

17,239,000

15,987,000

and

287

254

:'-■>

;

208

6.279c

PRICES

6.279c

$63.11

$26.83

$27.17

30.600c

11.750c

11.500c

11.550c

11.300c

13.000c

12.500c

23.000c

22.500c

117.125c

115.125c

88.93

89.09

88.78

88.40

88.54

'88.67

91.34

91.62

90.20

88.54

88.67

88.95

84.30

86.51

86.91

89.64

89.23

89.37 > V

—Oct.

—-Oct.
—^—Oct.
——Oct.

Group—

—

Group—

3.97

;

3.95

4.£3

NATIONAL
Orders

PAPERBOARD

received

Production

Unfilled

(tons)——

(tons)

of ijeriod

at end

OIL, PAINT AND

DRUG REPORTER PRICE
AVERAGE—100
i

1959

SepSePSep.
Sep.

i—

activity

orders

4.52
4.67

4.44

4.46

TRANSACTIONS

FOR

Oct.

ACCOUNT

BERS, EXCEPT ODD-LOT DEALERS AND
Transactions

specialists

in stocks

Total

purchases
Short sales

Other

Total
Other

off

the

4.44

•
'

4.46

sales

358.5

367,134

379,156

370,057

the

381,004

370.697

100

610,968

621,947

574,454

sales

*99.33

99.12

3,780,570

3,305,630

707,710

2,983,600

726,430
2,601,110

3,691>310

3,327,540

2,957,460

Dollar

712,910

Customers'

sales

983,620

other

659,340

Number
•

Short

sales—

shares—Total

sales

332,070

155,630

230,560

1,139,261

1,170,440

1,036,876

1,326,070

1,267,436

STOCK

210,910

5,924,584
1,013,020

5,641,786
997,560

4,795.761

1,223,420

EXCHANGE AND ROUND-LOT
FOR

Total

ACCOUNT

round-lot

Other

2,459,907

5,360,690

4,962,576

Processed

1,528,043

$55,530,757

2,345,966

1,926,592

Sep. 13
Sep. 13

18,385

14,252

13,998

2,327,581

25,862

1,912,340

$117,136,733

$99,818,957

1,769,645
$87,379,508

figure.

tNumber

119

adjusted)-^

ultimate

DErT.

926,240

1,783,643

,.653.060

652,250

61,964,054

•

,61,873,804

60,668,010

$98.42

July 31

*$99.23

HOURS—WEEKLY
S.

DEPT.

August:

86.18

manufacturing

40.5

*40.5

40.4

41.0

*41.1

40.9

39.9

*39.8

39.9

$2.43

♦$2.45

$2.37

103.89
'

goods

■-

goods

•>

•■•■,
—

goods

OUTPUT

(BUREAU

2.21

(in
(in

387,300

397,740

28,622,650

24,784,740

short

tons)—2

tons)—-—

RECEIVED

farm

—

108.284

3,067,892

*104.986

1,243,270

22,005

*'24,124

23,950

*45,418

42,367

'242

—

INDEX

AGRICUL-

Aug.

15:-

22.101,670
23,344,940

—■

—Oct.

95.7

95.3
101.4
92.9

cent

pound

100.8

98.5

101.7

100.8

introduction of Monthly Investment Plan
one-half

275
151
226

241

256

245

207

182

499

511

249

——1
———.—-1'———

Livestock
./ Dairy products

205

278

255

—

——

249

257

173

and eggs—

TIN

239

248

303

309

319

141

137

143

271

253

27,125

26.960

OF PRIMARY; AND SEC-'
THE

STATES

UNITED

MINES—Month

249

—-r—

July

Stocks

■

beginning

of period-j

95.1

102.1
-

Not

available

32,140
v

Stocks

end

5,265

processed

31,610-

230

185

6,985

5.610

4.770

5.035

3,850

1,655

•-——

5; 795

110

6,425

—

t-—

7,215

6,535

———

manufacturing-—

Primary
Secondary

27,125

1,960

1,760

transactions—_—,

scrap

Consumed

37,405

26,290

period—

34,340

—

101.4
100.7

tPrime Western
(a)

7,380

32,825

but less than carload lots boxed.
§§Delivered where freight from East St. Louis exceeds 0.5c.
**P©rt Colburn, U. S.
duty included.ttAverage of dfcily mean and bid and fl.sk quotations per long ton at
morning session of London Metal Exchange,
• •• /
'*•••■ T
/
•

100.7

•

5,700

15,266,500

95.5

91.6

194

269
168

206

——

Intercompany

exceeds

264

14.373.430

100.3

Louis

—;

—

244
228

266

271

—

239

204

168

fresh-

vegetables,

245

234

products^——
-—i—

Poultry

893,070

100.3

100.7

102,725'

42,459

FARMERS

DEPT.

*125,887

*3,171,947

93,741

(in long tons):

100.3

101.2

2.16

108,360

—

284,490

27.281,790

2,933,382

—-

tons)

short

ONDARY

2.54
*

fine ounces)————
fine ounces)-—-

(in

Meat .animals

1,214.900
23,569.840

*2.22

MINES)—
v.;

TIN—CONSUMPTION

1.340,860

*2.63

2.61

:—

494

since

$95.75

*88.36

Oil-bearing crops

470! 500

i._Oct.

reported

64,972,059
$1,097,099

*108.09

Potatoes

470,500

652,250

Oct.

-TtJOi

AND

STOCK

freight from East St.
•

customers

67,586,558
$1,116,089

270

.1,321,621

,653,060

——Oct.
foods.

not

where

100

70,287,639

1,347,483

425,430

Oct.

orders

120

113

consumers—

———-————-———--—

„

centers

125

118

—

goods

BUREAU

basis

FEDERAL

September:
unadjusted

Feedr grain and hay__-—.———
Food grains

926,240

Sep. 13

;

delivered

419.1

FED¬

ESTIMATE —U.

Cotton

and

8,382,000

326.5

$61,984,568

farm

16,731.000

NEW YORK—1957-59

(in

Total

foods

19,505.000

8,162,000

INSTITUTE—

sales

ultimate

NUMBER

'1,145,158

$77,531,548

commodities other than

•Revised
eold

SECOND

DISTRICT
OF

daily)

•

;

Meats
All

SALES

seasonally

Commercial

Sep. 13

THE

commodities
.

19,306,000
15,692,000

7,870,000

—

TURE —1910-1914=100—As

Commodity

produots

19,300.000

88.18

PRICES

Farm

for

(in

All

IISep.

LABOR—(1957-59=100):
Group—

72.800

15,757,000

—

omitted) Aug. 31
spindles in place

Zinc

3,076,153

.-Sep. 13

Total sales

All

69,000

77,600

COMMERCE):

107.01

Copper

(SHARES):

—

42.000

393.5

(000's

EARNINGS

Silver

Sep. 13
I Sep. 13

SERIES

66,300

goods

Gold

616,246

4,363,130

5,808,781

Sep. 13
Sep. 13.
Sep. 13

NEW

91,800

production of recoverable metals in the
United States:
1
'

3,143,783

1,017,350
3,945,226

1,621,311

PRICES,

Lead

4,840,220

$90,223,575

sales

WHOLESALE

(DEPT.

Month of June:

138,616

STOCK TRANSACTIONS

MEMBERS

sales—

Short sales

manufacturing

METAL

717,193

1,881,835

•

SALES

75,200

130,900

91,900

—

—:

July

Nondurable

820,793

1,352,536

$99,096,142

;

purchases by dealers—Number of

ROUND-LOT

58.900

44.500

105,300

Hourly earnings—
Ail manufacturing
Durable goods

682,177

1,350,171

1,431,104

TOTAL

67.500

37,100

Mine

Sep. 13
Sep. 13

!_.

Crops

;

sales

;

33.800

53,900

—

hours

Nondurable

399,870

sales

Round-lot

Aug.

BANK

Durable

428,710

651,780

dealers—

Other

707,080

;

sales

All

1,855,490

767,300

;

Dollar value

Round-lot

All

67,800

;

short

142.900

LABOR—Month

409,830

122,610

(customers' sales)—
orders—customers' total sales

103,200

94.800

51,300

STORE

AVERAGE

purchases)—t

value

Customers'

94.200

71,300

36,400
—U_

ELECTRIC

Number

1,445,660

529,170

•

Odd-lot purchases by dealers
Number

459,800

187,300

133,500

31_

RESERVE

FACTORY

1,997,880

664,180

2,379,180
3,043,360

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT DEALERS
AND SPECIALISTS
ON N. Y.» STOCK
EXCHANGE — SECURITIES
EXCHANGE COMMISSION
(customers'

228.000

101,000 it

(000's omitted)_i_——
.Revenue from ultimate customers—Month of

98.78

115,500

...Sep. 13

shares—

407,300

152,800

*233,500

Weekly earnings—

99.38

Sep. 13
.Sep. 13
Sep. 13

by dealers

L_.
!_______

SPINNING

Month

485,804

Sep. 13
Sep. 13
Sep. 13

6ales

—

*183,000

372,000
154,800

:
,

Aug.

(average

591,580

sales

Number

359,400

11;

(bales)

(average

floor—

purchases

Odd-lot sales

Aug.

(bales)

Kilowatt-hour

363,568

368,411

•

transactions for account of members—

Short

spindle hours

EDISON

361.8

Sep. 13

Other

Total

365.9

94.400

sales

Total round-lot

■

Sales

4.46

672,900

sales

Total

28
28

Sep. 13
Sep. 13

2,709,889

PROD¬

Hours—

sales

Other

SEED

(bales)

Sales

4.41

Sep. 13initiated

$2,119,000

220,900

Aug.

(tons)

Nondurable

Short
Total

;

Sep. 13

purchases

$2,059,000

2,569,498

(tons)__„

Average=10O:—Month

4.98
4.84

floor—

transactions

Total

—

(tons)

Durable

;

sales

$2,062,000

3,690.900

YORK

(tons)

RESERVE

4.62

4.64

378,520

Sep. 13

Total
„,

368.8

—_Sep. 13
Sep. 13
initiated

50,400

4,065,051

(tons)

ERAL

4.57

4.40

which registered—

sales

*'•'

Sep. 13

transactions

NEW

COMMERCE—Month

(tons)

DEPARTMENT

MEM¬

purchases
Short sales

Other

*80,838
*2,618,098

COMMERCE):

<•

spindle
August 31

SPECIALISTS

Total

Other

COTTON

mills

Active

4.28

4.84

4.47

Active

90.06

4.49

4.64

4.44

4.40

4.83
N

3.80

4.30

4.51

4.84
''

84.30

INDEX—f

._——

BOUND-LOT

(DEPT.

ASSOCIATION:

(tons)

.Percentage

75,221
2,726,716

tons)

$1,161,624

———Oct.

INDEX——

COMMODITY

(net

Spinning spindles in place on Aug. 31
Spinning spindles active on Aug. 31

89.37

4.51

4.32
4.42

COTTON

82.52

3.99

4.52

4.31
4.43

84.30

MOODY'S

3,741,300

517,500

OUTSTANDING—FED¬

(tons)

Shipped

7 84.43

7 89.37

Utilities

month

BOARD

Meal—

Produced

87.18

Group———

running bales

(tons)

Stocks

91.96

89.92

—-r—Oct.
———t

918,700

*4,547,772
*4.466.934

(tons)

Produced

87.86

91.48

89.78

143,600

Aug.

tons)

AND

Shipped

89.27

Oct.

————

87,700

578,000
1.236,200
/

■

and

Stocks

(

AVERAGES:

Bonds———

SEED

Shipped

108.125c

—Oct.
Oct.
Oct.

984,600

Hulls—

24.000c

117.000c

Oct.
Oct.

——_—L.

YIELD DAILY

16,

$1,514.2G0

1,863,200
1,128.200

870,500

(000's omitted)—

GINNING

$2,991,400

958,200

4,278,355
4,203,134

Linters—

corporate-————

Industrials

40,091,160

1,708,000

11.500c

$2,6GG,200

tons)

(net

RESERVE

Produced

12.000c

Public

$621,746,477

______I

___.

MINES)—Month

(net

coke

August 31

Stocks

9.300c

.Oct.

,——:

Cake

9.500c

Oct.

——

Railroad

8661,837,637

August:

28.475c

Oct.
———■—•-—Oct.

Group—

Government

Average
Aa

30,998,251
161,218,186

tons)

(net

Received

30.600c

•28.400c

—

Group

Stocks

30.600c

28.350c

—:

—

Cotton Seed—

AVERAGES:

DAILY

•

BOND

50,419,246

51,407,707

:_A

municipal-

UCTS—DEPT.

$24.83

MOODY'S

53,834,030

199,460,825

PLANNING

_______

As of Sept.

$66.33

$26.83

.Oct.
—

—

Group

Industrials

6.196c

28.400c

Utilities

Public

58,368.879

.Oct.

■

Railroad

27,736,470
168,820,048

__7_7S_—___________

COMMERCIAL ,PAPER

318

.Oct.

York)

coke

COTTON

.Oct.

—

17,106,000

.Oct.

——

116

.Oct.

a—

Bonds,..,—,—
corporate—„—

Aaa

.Oct.

—

Government

Average

112,699,836

$672,855,694 *$784,072,736

City™.;

ADVANCE

construction

Crushed

—:

Louis)

BOND

126

.Sep. 30
.Sep. 30
.Sep.30

■

(New

York

coke stocks attend

COTTON

(primary pig, 99.5%)

119

Aluminum

MOODY'S

119

—-Oct,

.'>

New

(BUREAU

Oven

QUOTATIONS):

Straits

tin

134,453,628
*

$709,646,397 *$846,339,730
36,790,703
62,266,994

States_____

construction

Production

(St. Louis) at
(delivered at)—
(East St.

120,143,792

151,445,121

_________

COKE

Oven

-—

Export refinery at
(New York) at—

Zinc

100,911,439

83,178,014
130.334,644

41,783,945

City————

Federal

112,900

PRICES:

Lead

•

_____

280,000

562,000

234,300
193,300

DUN &

—

Electrolytic copper—
Domestic refinery
at

JZinc

$27,078,008

123,196,274

123,968,690

ENGINEERING

State

$543,000

367,100

-Oct.

(per

PRICES

METAL

•

outside

Private

———Sep. 28

lb.)
;Pig iron (per gross ton)
Scrap steel (per gross ton)

I
I

United

ERAL

INC.

COMPOSITE

AGE

•

Public

kwh.)——

000

(COMMERCIAL

Finished

SERIES—ENGINEERING NEWS REC¬
ORD—Month of September (000's omitted):
Total U. S. construction
__1

INSTITUTE:

BRADSTREET,
IRON

$70,474,608

83,831,783
74,240,920

—

York

CIVIL

INDEX—FEDERAL RESERVE

AVERAGE

(in

output

FAILURES

4,504.907

$37,819,420

DUN

—

—u—————_I—-I—
;——^i—i^I—^ ^.1 ■■■

Total

310,000

Sep. 2d

•——

—Oct.

ELECTRIC

Electrio

6.174,187

7,375,168

CITIES—Month

Central

Total

8,765,000

Oct.

SALES

STORE

SYSTEM—195,7-59

EDISON

VALUATION

INC.—217

Central

Beehive

10,365,154

6,459,994

Atlantic

Pacific

596,852

508,265

Federal

DEPARTMENT

8,651,000

tons)—

NEW

Municipal..

and

(net

170,480,000

52,350,000

"Trr

State

products

July

Mountain

178,161,000

35,180,000

9,825,000

Private

castings produced
July—;

Atlantic

South

MINES):

planning by ownership

advance

Month

Ago

for

England

Middle

CONSTRUCTION ADVANCE PLANNING — ENGINEERING
NEWS-RECORD—NEW SERIES (000's omitted):
Total

tons)

South

2,798,000

Sep. 27
Sep. 27
Sep. 27

anthracite

Pennsylvania

steel

Year

Month

August:

New

30,212,000

2,580,000

8,263,000

i30,604,000

Sep. 27

BUREAU

and

coal

Bituminous

7,340,060

2,731,000
14,532,000

of that date:

AMERICAN

OUTPUT

7,597,510

30,790,000

RAILROADS:
freight loaded (number of cars)
—Sep. 2d
freight received from connections (no. of cars)—oep. 2»

Revenue

(net

58.5

Sep. 27

-—

(bbls.)

oils

ASSOCIATION

COAL

(bbls.)

oil

7,597,510

are as

INSTITUTE—

West : Central1

fuel

7,578,410

0.58

Sep. 27

at—

Kerosene

STEEL

ingots and

Month

bulk terminals, in transit, in pipe lines

Stocks at refineries,,

Residual

0.61

-Sep. 27
Sep. 27
—Sep. 27

(bbls.)

output

AND

BRADSTREET,

(bbls.)

average

output (bbls.)

oil

fuel

93.7

IRON

BUILDING

output (bbls.)
output (bbls.)

Kerosene

AMERICAN

|eP- 27

stills—daily

runs

Gasoline

0.615

Sep. 27

gallons each)

95.3

either for the

are

Month

1,746,000

Shipments of steel

of quotations,

cases

Latest

(bbls. of

condensate

and

oil

Crude

1,775,000

100.9

or,

Ago

Steel

101.1

0°^-

INSTITWtE:
output-ltiaily average

PETROLEUM

AMERICAN

1,879,000

production and other figures for the

cover

Year

Ago

(per cent
fltetitute discontinued issuing

operations

steel

indicated

Unofficial

Month

Thursday, October 10, 1963

Dates shown in first column

that date,

production

1957-1959—™

for

Week

1,883,000

month available.

month ended

Week

AMERICAN IRON AND STEEL INSTITUTE:
Steel ingots and castings
(net tons)
—
Index of production based
on average weekly

following statistical tabulations

latest week

Zinc

*Revised

figure

^Domestic

five

tons

....

Number 6306

198

Volume

The Commercial and Financial Chronicle

Moderate

STATE of TRADE and INDUSTRY
Continued

highway trailers

from page 16

turing, the price will no doubt be
passed

on.

•

tainers

ended Sept.

■

included

Output Boosted total).

Record High Auto

the

Headstart

industry

auto

The
;

Model

roared

New

model

'64

with

season

2,120

/■

into

troductory selling rate nearly 33%

A above last
tive

the

over

most

the

which

productive

history

year

increase

rate

year-ago

launched

A model

cars

indica-

ported

increase

week ; of

4,898

1962;
above

lower

and

38.5%

the

Cumulative

v-'tive of booming sales and factory

the

first

totaled

575,137
of

crease

weeks

for

cars

68,109

above the

1962,

piggyback loadings

than

cars

1963

businesses

155,579

and

casualties,

37.1%

cars

above the corresponding period

vious

$100,000

from 30 in the

week

and

of this size last year.

several

re¬

makes

several

sale

last

their

placed

days earlier than

type

traffic" in

with

compared

and 58 in the

year;

year's

this
61

week

from

ago

year

one

ued

corresponding week
'

AJ >

service

statistical

The

said

A;Sept. 21-30 new car sales topped
b'21,000 daily vs. 16,210 last year
and

surprised

pleasantly

forecasters

sales

entire

boosted

September
or

ap-

above last year.

strength.

•

heavy

that

area

auto

this

industry

A; week headed into what is planned
to

the

biggest month

passenger
Ward's

said

September,

Never

year

at such

The

; 1950

has

new

launched

been

ever

fixed

agency

7.3%
in

Ward's

above

the

470,398

month

last

as-

ago.

10.9%

151,314 units

over

the

for

similarly

into

pressed

A Motor
A 16
A

Co.

Saturday;

several
also

may

The

work

other
have

last

industry

extend

schedules.

more
com¬

for

increased

last

tonnage

localities,

points reflecting decreases

from the 1962 level. One terminal

the

showed

change

year.1' Two
gains

trucking centers registered
of

10%

while

more,

showed

areas

four

decline

week,

while 11

increased

ton¬

reported de¬

areas

'/'/.A

creases.

Meanwhile, the U. S. truck in/

dustry,

toward

moving

record

Lumber Production Off

in its

timated

and

t ing

for

record

will

score

October,
Truck

units in

115,440

ber—a

right, built

own

high

Ward's.
is trend-

upwards

the

1,-

Lumber

the

output.

■

regional lumber associations. Out¬

Carloadings

'"A

Loading
the week

620,139

American

Sept. 28,

This

was

23,814

cars

totaled

Association

the

Railroads

today.

Tonnage

freight

revenue

ended

cars,

and.

1962-Week

Above

Push

increase

4.0%

above

2.7%

week

23,287

cars

below" the

3,9%

week in

corresponding

mately
of

8.5%

week of

There

estimated

billion,

13.2

over

the

approxi-

increase

corresponding

1962 and 7.3%
were

loaded with

17,613

one

the

are

board

feet

for

in
the

236,159

236,157

—

221,100

Over
/

The

247,362

over

1961.

cars

reported

revenue

the

electric
5,

was

es¬

17,106,000,000 kwh,

Institute.

light

industry for the week

Saturday, Oct.

cording

energy

the

Output

Edison

ac¬

Electric

179,000,000

was

kwh. less than the previous week's
total of
17,285,000; kwh. and

1,-

119,000,000

output

kwh.

above

15,987,000,000

the

kwh.

the corresponding 1962 week

year-to-year

gain of

total

7.9%.

in
a

model

cars,

not

;

the

volume

latest

from

ranged

higher than last

re¬

statement

below

accord¬

year,

Bradstreet,

Inc.

Regional

estimates varied from comparable

,1962 levels by the following

Pacific—7 to —3';

Central

—3

fourth

consecu¬

East

-f 2; East South Central —1

Monday,

reported „Dun

push

was

been

the

weeks.

with;

case

It is felt

the

and West South Central +3 to

few

wheat

through,

goes

exports

demand

deal

the

wheat

definitely expand this

year.

packers

cou¬

pled with slow to moderate
ketings by farmers caused
steer

mar¬
a

rise

Daily Wholesale Commod¬
to 269.38

Monday, Oct. 7, from 268.81
265.29

and

V Sales

rable date in

the

the index remained

the 270.08 of

compa¬

slightly below
ago.

year

Department

Price

Food

Ahead

street, Inc., reached

record

Oct. 8.

Reserve

week

ending

chalked

marking

More¬

last

time

first

the

index

the

high

1963
on

How¬

trailed

$5.98

the
it

which

week's

gain

this

steers,

while

curred

in flour,

lard,

cocoa

and

increases

lesser

oc¬

wheat,
coffee,

sugar,

and hogs.

corn,

rye,

cottonseed

Contrasting

this sizable list of advances,

the three items that slipped lower
in

wholesale

eggs

cost

butter,

were

and potatoes.

The

Dun

Wholesale

sales

remained

last week
In

the

Sept.

Price

Index

pound of 31

meat

raw

general

use.

index.

function

show

and

28,

parable

period

gained

the

It is
Its
the

6% Above

United

1962.

all

States

ret^iij

during Aug.
at

adjustment

variations

and

dis¬

■

■"

rung
a

that

over

for corresponding period

year

in¬

volume

(adjusted)

$20.7

billion,

above

Aug.

1962.

1963

the

sales

politan

York

New

durable-goods

stores

Sept. 28 gained 9%

over

year-ago

and

compared

period.
the

since

year

ulative
The

They

higher

1962.

Aug.

Adjusted

than

sales

able-goods stores

Aug.

nondur¬

1% higher

were

than sales for the previous moilth
and 5% higher than

August

a year

:-A-

ago.

Statistics Table A
Families

Americans

the streets and
record

$10 million

13%

Institute

over

that

first

same

Insurance

the ; upward

vehicle

at the

the

■■

Life

motor

continues

the

sharp increase of

year.

estimates
trend

during

1963—a

period last
The

tragedies

rate during

same

the rest of 1953, payments for
full

will

year

million.

total

about

The traffic toll

heavier in

the year.
Life

$86 million in life insur¬

payments
of

killed

highways received

t)ie

$185

normally

the latter half

insurance

claims

companies

paid

23,000 policies

result of traffic accidents during
first

1963,

about

claims than during the

period last year.

same

ber

half

The

policyholders

num¬

killed

was

somewhat lower than the number

claims,

holders

because

have

policy¬

many

life

several

insur¬

policies.

The

National

that

reports

Safety

18,990

traffic

Council

persons

accidents

first

half

the

were

during

year,vcom-

ipared with 18,010 during the same
period

last

year.

Now Burgwin,

year's
of

same

this
cum¬

PITTSBURGH,
of

name

Pa.

Howard

Biddle
The

—

firm

Burgwin

Co., Union Trust Bldg., has been

changed

to, Burgwin,

Biddle

Rogers.

period in 1962.

of department

59 average.

index

adjusted

of the 1957-

This is 6 points below

the all-time high reached in Aug¬

two points from

ust,

and

117

recorded

store safes for Sept.

is estimated at 119%

year

the

Loewi Co. Branch

MILWAUKEE, Wis.—Loewi & Co.
Inc. has

7401

the

opened a branch office at

west

Oklahoma

direction

Ave., under

Roland

Neu¬

ago.
mann.

figure

flash

how

for

sales

week

one can

much

for

the

York

New

Oct.

revealed

5-endplus

surmise, however,

higher the New

York

City sales might have been in the
absence of the sales tax

week aN.

last June 1.

flash

■

Try Not to Swell

com¬

figure

were

beginning

seasonally

general

the

last

compared to the

sales

Metro¬

week's

ing

chief

City

parable
7%

for the week' ended

area

3%.

not

Fedfc^al 'Re¬

department

System,

Adjusted sales

1963 decreased 3% from
July 1963
but were 6%

the

un¬

and

According
serve

sea¬

virtually

changed from July

killed

ago.

for

trading day

not
for
price
changes, Aug. 1963 sales amounted

1,000

(Jan. 1 to Sept.

dollar

stores

differences,: but

ance

creased

1962

retail

estimated

After

sonal

the

store

Sales

sales

$21.0 bil¬
lion, 2% higher than sales for July
1963
and
6%
higher than Aug.

country's

department

■

sales

AAA-

were

death

period ended

for

the

1963

from

2.6%.

sales

runs

sea-

unchanged

were

1963,

leading

Inc.

foodstuffs and

cost-of-living

The

a row.

without

four-week

rep¬

resents the sum total of the price
per

year-ago

encourag¬

last year's level for the com¬

over

City's

Bradstreet,

Food

The

adjustment shows, however,

price,

eased

bellies,

prunes

index

sales

compared

19th

ing weekly uptrend in
weekly

Leaders in the upturn were

barley,

the

Total

in¬

in 1962.

the

over

marked

week

gained

three

only

with the like period

four-week

July 23,.

foods

Fifteen

whereas

still

year,

since

July 30 that it has led 1962.
ever,

Sept.

Board's

eight-week

the index outpaced by 1.0%

$5.88

3% for. the statement

retail

;■

August's

Index, compiled by Dun & Brad$5.94

taken from

Federal

So far this year

Price

gain

department

28), the 12 department store dis¬

Wholesale Food

sales

Index

Advancing 0.7% from the prior

the

store

not

are

half

Level

were

tricts'

week,

the

statistics, the Department of

ance

the

Last

Stores

dex

<12

Week and Year Ago

with

-f-7.

3% Above Last

country-wide basis

last

September. However,

Department

Rise

Year's

onal

quotations.

ity Index stepped
week

Nationwide

has

last

latest
a

England

Atlantic -fl to +5; South Atlantic

Brad-

that whether

prospective
States

Strong

oil,

New

+3; Mountain 0 to +4; Middle

The strongest upward

Russia

will

exerted by wheat

the

not

the

and

week, the wholesale commod¬

ity price level reached 269.38 this

the

West

+1;

Central

to
,

Rising for the

for'

period showed

Unlike

com¬

per¬

North

year.

Rises for 4th Consecutive Week

tive

1%.

ing to spot estimates collected by

Wholesale Commodity Price Index

•

;

electric

the

week.

—2 to

comparable week of last

238,789

Week

power

ended

■

•

amount

distributed
and

1962

week

North

While

indicated

dollar

total

centages:

occurring

and

yet available
1964

reports

trade

ceding week and holding slightly

1962

235,373

232.567

orders

The

changed little,
pre¬

purchasing.

tail

year's

hams,

New

tial

year

edging to 45 from 47 in the

Sept. 29

1963

233,523

last

States.

score

buying

Dun

and

only zestful looking but substan¬

lines mortality

exceeded

Canadian failures

reached

Sept. 21

1963

225,447

Shipments

figures

Sept. 28
___

timated at

carload¬

ings in the week ended Sept. 28,

„

orders fell 1.1%.

indicated.

in¬

1961.

are

weeks

Production

decrease of 17,155 cars

Ton-miles generated by

i 1963,

thousands

pro¬

shipments

4.2%,

new

Following

the corresponding

1962, but

pre¬

Electric Output Shows 7.0% Gain

The loadings represented an

above

fell 5.9% and

the

off

other

Hardware

South' Atlantic

Central

scattered

fail¬

the

over-all

the

levels.

over,

was

announced

preceding week.

crease

the

Compared with 1962 levels

duction
> Rail

but in

board

Sept.'28,

from

South

tricts.

ceding week.

spurred

ago,

out of inter¬

apparel.

held

as many

in the similar week

furnishings

well

little

was

wholesaling

retailing had

nor

the

ended

3.6%

•,

Neither manufactur¬

Wholesale

according to reports received from
declined

and

Pushes

225,447,000

week

put

emergency

37,

ures

Fractionally

and

country totaled
feet

the

4.2% From

production

412,129 units made in 1951, when
Korean

ing

Below Last Week's

—

year

making this

toward

month

similar

es¬

Septem¬

the

according

Rate

1962

.year

against

The

metropolitan

registered

areas

nage

•

127, among construc¬

steady at 30.

of this amount.

Compared with the immediately

preceding

com¬

contrast

variations.

High

building maintenance items moved
•«

change in manufacturing; at 35

in
excess

Meanwhile,/there

United

Detroit,

A.**-:. :.*•

from

street, Inc.

survey

19.

re¬

freight

general

ago

year

Ford

showed
a

with 19

total of

terminals of

terminal

and

Corp.
such

report

throughout the country.

operation.

programmed

plants, for

plants

carriers

The

handled

truck

terminal

overtime

A General. Motors

being

are

by the ATA De¬

tonnage
400

from

a
'

Many assembly lines
v

ago.

year

flects

city,

counted

corresponding week

;

Economics.

est

above-the

this

partment of Research and Trans¬

week

was

volume

the

of 34 metropolitan

survey

earlier, contin¬

among service concerns to 30 from

1962

ago.

conducted

areas

from

153,549 made two weeks

over

heavy

year

weekly

9.3%

The total last week

show

the

These findings are based on the

week

trailing

140

equalled

climbing

cars,

year.

unusually

output last

fixed

167,812

was

year.

■

tonnage

level, this fact is colored

mon

and

Truck

tonnage

than

semblies

the

1962,

Associations

While the yearly findings
truck

high for the month since

cor¬

1.6% ahead of the volume for the

making at 504,525

car

the

1.4%

was

Trucking

announced.

port

statistical

units,
A

nor

week

home

tion contractors to 52 from 41, and

tonnage

Sept/ 28

responding
American

pace.;

September

as-

month,

model

800,000

some

end

before have
been produced in

cars

many

single

cars

Below

lower than the volume in the

are programmed for this

month.

and

truck

ended

time

^ semblies
^

the

Intercity

week

1964 model

produced

were

1.4%

previous week of this

that

today

A than 581,000 new

ever

production.

car

Tonnage

i- vf"

the

The year-

otherwise

than the rest of the country.

1962 level of 270.

•

28-ending

above

over-all

and

basked iiiNmore favorable weather

The toll among retailers bounced

Year-Ago Heavy Volume
7

week

Sept.

adjusted for seasonal

Southp^mi

On the other

considerably below their

parable
..

Truck

many

390,000,

nearly

proximately
The

their

with

This

1961.

224

the

data

Saturday,

weekend rains hurt sectors of the

models

new

com¬

Commerce's

1961. There were 61 class I U. S.
hand, failures with losses under temperattffds did not take as much
several railroad "systems originating this $100,000, although climbing to 242 starch 7 out of the ' demand for

quarter, despite the fact

the

four-week
of

output for October and the fourth
Y

put

total, 2%

to-year

store

The

Bureau

erally

pre¬

the

encom¬

sales,

religious holiday cut activity gen¬

but

the comparable week of 1962.

involved in 45 of the week's

were

corresponding period of

level,

data

parable week last year.

gions and categories sagged below

toll

pre-war

AAA' ;v
of

earlier

than

succumbed
the

279.

Liabilities

13.4%

when

some

weeks,

best, retail purchases managed
pull even with their year-

retail

Census, U. S. Department of Com¬
merce,

last year's

over

set

total

balmy, Indian Summer days of

318

short

But,

broader

the week ended Wednesday Oct. 2.

Inc.

when

fell

also

1961.

the

'• remained

ago

piled
Consumer buying wilted sadly in

re¬

Bradstreet,

year

and

1939

stood

in¬

330

casualties

occurred

the

preceding week,

Dun

However,

cor¬

week.

for

33%

the

said

was

13.7% above the

254 in the

plus 2%

passing

Purchases

(

ended Oct. 3 from their downturn

over-all

week's

vealed

period.

Indian Summer Sinks Retail

rebounded to 287 in the week

Reports said.

Ward's

This

cars or

responding

Ward's Automo-

year,

that

trend of food prices at the whole¬

sale level.

Commercial and industrial fail¬
ures

week

21, 1963 (which were

1961

in-

the

Upturn in Business
Failures

highway con¬

(piggyback)

(1423)

rise,

f^om

The four-

figure

re¬

W. L. Smith Opens
LUBBOCK, Texas
Smith

business

—

conducting
from

Fiftieth St.,

William L.
a

offices

securities
at

2345

under the firm narpe

of W. L. Smith & Company.

The Commercial and Financial Chronicle

Thursday, October 10, 1963

(1424)

* INDICATES
SINCE

Securities Now jn Registration
York World's Fair for

NOTE

—

Registration statements filed with
the last issue of the "Chron¬
now carried separately at the end

the SEC since

icle"

are

"Securities Now in Registra} tion." Dates shown in parenthesis alongside
\
the company's name, and in the index, re| fleet the expectations of the underwriter but
of this section

not, in

are

general, firm offering dates.
caption "Effective

shown under the

Also

Registrations"

are

offered pub¬

licly.

people, and promote and
of Israel. Proceeds—For
later demolition of the
Office—3 East 54th St.,
Caplin & Co., New York.

American Vitrified Products

Co.

Aug. 6, 1963 filed 79,137 common being offered for sub¬
scription by stockholders on the basis of one share for
each three shares held of record Sept. 26.
Rights will

expire Nov. 4. Price — $19. Business — Manufacture of
various clay and concrete products. Proceeds—For debt

repayment, plant improvement, inventories and accounts
receivable. Office—700 National City Bank Bldg., Cleve¬
land. Underwriter—None.

those issues which became

effective this week and were

the purposes of depicting the his¬

culture of the Jewish
products and services
landscaping, construction and
building, and working capital.
New York. Underwriter—H. S.

tory and
sell arts,

Atlantis International Corp.

April 30, 1963 filed 100,000 common.

Price—$4. Business

development company.

estate

real

—A

Proceeds—For

repayment, property improvement, and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
debt

writer—S. Schramm & Co., Inc., New York.
Inc. (11/4-8)
150,000 common, of which 80,000
are
to be offered by company and 70,000 by certain
stockholders. Price—By amendment (ma*. $25). Business—Manufacture of various types of aerosol products.

1963

20,

filed

equipment, debt repayment
Address—Bridgeport, Conn. Underwriter—Laird & Co., Corp., New York.
Airway Hotels, Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and other corporate
purposes.
Office—901 Fuhrmann Blvd., Buffalo, N. Y.
Proceeds

and

;

For acquisition,

—

working capital.

Underwriter—None.

Allegheny Ventura Corp.

1963 filed 37,231 outstanding common being
subscription by stockholders of Allegheny
Airlines, Inc., parent, on basis of one Ventura share for
each 25 Allegheny shares held of record Sept. 13. Rights
will expire Oct. 14. Price—$9.60 per share. BusinessCar rental. Proceeds—Allegheny will receive the proceeds and loan them to Ventura.
Address—Washington
July

12,

offered

•

for

National Airport,

Washington, D. C. Underwriter—None.

Allen Electric &

(10/14-18)

Equipment Co.

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

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

for stock:

28, 1963 filed $1,500,000 of 6% conv. subord. debentures due 1978. Price—At par. Business—A holding
March

for two insurance subsidiaries. Proceeds—For
loan
repayment, investment, and advances to sub¬
sidiaries. Office—112 California Ave., Reno, Nev. Under¬
company

writer—None.

Fund, Inc.
May 29, 1963 filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties. Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax purposes. Business—

Allright Auto

Sept. 24, 1963 filed $2,000,000 of 6% sinking fund sub¬
ordinated debentures due 1978, 240,000 common shares

warrants to purchase an additional 80,000
be offered in units cqnsisting of one $100
debenture, 12 shares and warrants to purchase an addi¬
tional 4 shares. Price—By amendment (max. $230 per
unit). Business — Operation of 558 parking lots in 40
cities. Proceeds—For debt repayment and working capi¬
and

5-year

common,

Bldg., Houston. Underwriter—

tal. Office—825 Esperson

Equitable Securities Corp., Nashville.
Amerel

Mining Co. Ltd.

1961

Proceeds—For diamond drilling,
exploration and
general corporate ex¬

velopment and mining.
construction,

Office—80 Richmond St., W., Toronto.
A. Manning, Ltd., Toronto.
■/

penses.

Under¬

writer—E.

American-Israel World's Fair Corp.

(10/15)

Aug. 26, 1963 filed $500,000 of 6% subordinated partici¬

pating debentures due Dec. 31, 1965. Price—At par. Busi¬
ness
Company will operate a pavilion at the New
—

means that the
1,000,000 capital

deposited and accepted. This
expects to issue a minimum of
shares. Offering—Indefinite.
ties

are

Fund

July 16, 1963 filed 600,000 common. Price—By amend¬
ment (max. $3). Business—Company is engaged in the
design and development of several airplanes, including
a light
sports plane. Proceeds — For debt repayment,
product development, working capital and other cor¬
porate

Office

purposes.

Fountain Ave.,

350 South

—

Springfield, Ohio. Underwriter—Consolidated Securities
Corp., Pompano Beach, Fla. Offering—Indefinite.
Bradford Speed

Packaging & Development Corp.

(10/14)

760,207

filed

1963

22,

common

to be offered to

General Industries, Inc., parent,
on the basis of one Bradford
share for each two Atlas
shares held of record Oct. 14. Rights will expire Nov.
of

stockholders

Price

13.

Atlas

By amendment /(max. $11.34). Business—

—

Maryland Log¬
ging Corp., which conducts logging operations in Liberia
and will acquire from Atlas, Kliklok Automated Pack¬
aging Division, engaged in the manufacture and leasing
of
packaging machinery. Bradford also owns 69,509
shares (9.59%) of Foster Wheeler Corp. Proceeds—For
selling stockholder, Atlas General. Office—62 William
Company holds a 40% stock interest in

York. Note—This

—

Burnham & Co., New

statement has become effective.

for each

Production

held.

Price—50

cents. Business—

light two-place helicopter. Proceeds—

For
debt repayment,
product development, working
capital and other corporate purposes. Office—1129 Club
House Road, Gladwyne, Pa. Underwriter—None.
•

Brewer

(C.)

each five

Hawaii

•<%

over-the-counter securities

WAN
SOLD

Office—827

Fort

St.,

Proceeds—For

Honolulu.

debt

repay¬

Underwriters—

Blyth & Co., Inc., New York, and Butcher & Sherrerd,
Philadelphia. Offering—Expected in late November.
„

Brockton

Edison

Co.

20, 1963 filed 60,000 shares of preferred stock
($100 par). Business—Transmission of electricity and in- 1
cidentally, the sale of electric appliances. Proceeds—To
refund

d SIEGEL. v & JU
ESTABLISHED

1942

Members of New York Security Dealers Association
39

Broadway, New York 6, N. Y.

7WX: 212-5714)320

Dlgby 4-2370

Direct Wires

outstanding 5.60% and 5.48% preferred stock.
Office—36
Main
St., Brockton, Mass. Underwriters—
(Competitive)/ Probable bidders: Kuhn, Loeb & Co.Salomon Brothers & Hutzler-Wood, Struthers & Co., Inc.
McDonnell & Co., Inc., (jointly); Stone & Webster Secu¬
rities Corp.; Kidder, Peabody & Co. Bids—Oct. 29 (11
a.m. EST) at 49 Federal St., Boston. Information Meet¬
ing—Oct. 25 (11 a.m. EDST) at some address.

Edison

Co.

(10/29)

Sept. 20, 1963 filed $5,000,000 of first mortgage and col¬
lateral

trust bonds due 1993. Business—Transmission

incidentally, the, sale of electric appli¬
Proceeds—To refund outstanding 5y4% first mort¬

electricity and
ances.

and

golf course, swimming pool and cabana club,
Cape Canaveral, Fla., and develop real estate*
erect homes, apartment houses, motels, etc.
Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, 'Fla. Underwriters-Willis E. Burnside &
near

Co., Inc., New York. Offering—Indefinite.

Capitol Food Industries, Inc. (10/28-31)
Sept. 20, 1963 filed $1,700,000 of 6V2% sinking fund con¬

^subordinated debentures due 1978. Price—At

Business—Company is a supplier of fruit concen¬
toppings, flavorings and other food
ingredients. Proceeds—For loan repayment and working,
capital. Office—105 South LaSalle St., Chicago. Under¬
writer—Walston & Co., Chicago.

par.

trate bases, syrups,

Castle

Hospitality Services, Inc.
14, 1962 filed $500,000 of 8% debentures due 1969Price—At par
($1,000).
Business—Company plans to'
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general,
corporate purposes. Office—1068 S. Ocean Blvd., Pom¬
Dec.

Underwriter—None.

Fla.

Beach,

pano

Celanese Corp. of America

(10/25)

1963 filed 964,390 common to be offered for
subscription by stockholders on the basis of one new
share for each eight held of record Oct. 25. Rights will,
expire Nov. 12.
Price — By amendment (max. $60)Business
A major
chemical company specializing;
in production of synthetic structural materials. Pro¬
ceeds
For expansion and other corporate purposesOffice—522 Fifth Ave., New York. Underwriter—First;

Sept. 27,

—

Boston

Corp., New York.

Chemair Corp.

1962 filed $150,000 of 6% subordinated incomedebentures due 1973 and 30,000 common shares to beoffered in units consisting of one $10 debenture and twocommon.
Price—$12 per unit. Business—Production and
sale of chemicals designed to control odors, bacterial,
Dec. 28,

and development, produc¬
vaporizing unit for dis¬
pensing such chemicals. Proceeds—For debt repayment,,
equipment, sales promotion and working capital. Office—221 N. La Salle St., Chicago.
Underwriter—Price In¬
vesting Co., New York. Note—This company formerly
was
named Chemair Electronics Corp. Offering — In¬
and

growth
tion

and

air

sale

definite.

pollutants;

electronic

Chestnut Hill

Industries, Inc.
1961 filed 300,000 class A common, of whichi
225,000 are to be offered by the company and 75,000 by
stockholders.
Price—$5. Business—Design and manu¬

Nov.

29,

facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,,
equipment and working capital. Office—2025 McKinley

Securities'

Underwriter—Clayton

Fla.

Hollywood,

St.,

Offering—Indefinite.

Chicago Musical Instrument Co.

(10/28-31)

Sept. 27, 1963 filed 190,000 common, of which 50,000 areto

for

and 140,000 for stockholders(max. $26). Business—-Manufac¬
of various types of musical in¬
struments. Proceeds
For office and plant expansionOffice—7373 North Cicero Ave., Chicago. Underwriter-—
sold

company,

Price—By amendment

ture and/or distribution
—

Smith, Barney & Co., Inc., New York.
Life

Insurance Co.

of New

York

March 26,

1963 filed 40,000 capital shares to be offered1,
for subscription by stockholders on the basis of twonew shares for each three held.
Price—By amendment;

(max. $26). Business—Writing of life, accident, health*.
disability insurance, and annuities. Proceeds—Forexpansion. Office—444 Madison Ave., N. Y. Underwriter
—Alex. Brown & Sons, Baltimore. Offering—Indefiniteand

v/,//';// /.//

Coleridge Press Inc.
June

19, 1963

Business

("Reg. A")

50,000 common. Price

—

$5-

General book

publishing.
Proceeds — For*
working capital and purchase of equipment. Office—60»
East 42nd St., New York. Underwriter—Hannibal Secu¬
rities, Inc., New York,
—

Mining Co.
filed 200,000 common. Price—$1. Busi¬
ness—General mining. - Proceeds—For exploration and!
operating expenses. Office—Creede, Colo. Underwriter
1962

—None.
.

•

Commercial Life Insurance Co. of Missouri

(10/16)

./;,/•

Nov.

26, 1962 ("Reg. A") 46,000 common to be offered:
for subscription by stockholders on the basis, of oneshare for each 3.36 common shares held.
Price
$6.
Business
Sale of health, accident, life and hospital
insurance. Proceeds—For working capital. Office—3570i
—

—

Lindell
&

Brockton

INC, Lot Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC Philadelphia
R. J. HENDERSON & CO.,

club

Sept, 20,

(10/29)

Sept.

Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country

Colorado Imperial

Omaha. Underwriter—None.

QUOTED
for Banks, Brokers, Institutions
-

activities.

and

ment.

(11/4-8)
July 25, 1963 filed 200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.
Proceeds—For investment. Office—8401 W. Dodge Rd.,

ISSUES
BOUGHT

other

lasses

Bridges Investment Fund, Inc.

....specializing in

all

amendment (max.
Growing and processing of sugar in
Rico, marketing of black strap mo¬

—

Puerto

and

address.

Citadel

shares held. Price—By

$50). Business

Corp.; Kuhn, Loeb & Co.-Salomon
Hutzler-Wood, Struthers & Co., Inc. (joints
ly); Kidder, Peabody & Co.-White, Weld & Co.-Shields
& Co. (jointly); Eastman Dillon, Union Securities & Co.
Bids—Oct. 29 (11 a.m. EST) at 49 Federal St., Boston.
Information Meetingr-Oct. 25 (11 a.m. EDST) at same

& Co., Ltd.

Sept. 30, 1963 filed 146,735 common to be offered for
subscription by stockholders on the basis of one share
for

Corp., Boston, Mass.

Brantly Helicopter Corp. ;
July 23, 1963 filed 588,780 common to be offered for
subscription by stockholders on the basis of three new
shares

Securities

—

Aircraft, Inc.

Bede

Webster

Brothers

seeking long-term

Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬

St., New York. Underwriter

filed 400,000 common shares. Price 50£.
Business—The company is engaged in exploration, de¬
July 31,

company

growth of capital and income. Proceeds — For invest¬
ment.
Office—35 Congress St., Boston. Underwriter—

July

t>arks, Inc. (10/15)

investment

closed-end

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

Bay State Exchange

ISSUE

ITEMS REVISED

gage and collateral trust bonds due 1989. Office — 36
Main St., Brockton, Mass. Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Stone &

vertible

Management Co.

Atlas

Techniques,

Aerosol

Sept.

•

ADDITIONS

Blvd., St. Louis.

Underwriter—Edward D. Jones-

Co., St. Louis.
Common Market

March

Fund, Inc.

7, 1963 filed 2,000,000 capital shares. Price—Net:

value

8.5%.

Business—A new mutual
specializing in securities of foreign and American
asset

plus

fund'
com-

Number 6306

198

Volume

operating in the European Common Market,
investment Office—9465 Wilshire Blvd.,

panies

Proceeds—For

Offering—Indefinite.

(same address)

Communitv

wflsnn

common'

150 000

filed

100 000

Business—Sale of hospital

Price—S15

President

Inc
of which

Associations

Health

offered

are

iQfi?

Anrn

Cabot & '

Calif. Underwriter—Kennedy,

Hills

Beverly

■

surgical insurance contracts. Proceeds—For investment
sales promotion
and other corporate purposes,
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—

and

'///'V
1
45,000 class" B common. Price

None.

Continental Reserve Corp

May 13, 1963 filed
Business
manage

life

$40.

subsidiaries. Office—114

For investment in

Proceeds

—

organize, and
accident and health insurance concerns,
to acquire,

plans

Company

Underwriter^—None.
Craft Master Corp
'
Sept. 30, 1963 filed $1,000,000 of 6% convertible subordinated debentures due 1973; also 125,000 common to ;
be offered by stockholders. Price—By amendment (max.
$11 for common). Business—Manufacture of paint- bynumber sets, crushed marble mosaic kits, hobby kits and
wooden picture frames. Proceeds—For debt repayment,
Office—328 N. Westwood Ave., Toledo: Underwriters—
Fulton, Reid & Co., Inc., and William T. Robbins & Co.,
St., New York.

East 40th

Inc., Cleveland.
Insurance Co.

Defenders
Jan. 30

Price $12.50. Bustautomobile insurance
purposes. Office—146
Mineola, N. Y. Underwriter—None.

1963 filed 100 000 common.

Company plans to write
Proceeds—For general corporate
ness

—

Old Country Rd.,

Inc. (10/15)

Denny'®! Restaurants

•

1963 filed 167 000 common of which 111,110 are
to be offered by company and 55 890 by certain stock-

Aug

holders

(max. $10). Business

amendment

Price

Operation of 71 Denny's restaurants located in the western United States. Proceeds—For general corporate purposes. Office — 7051 Monroe Ave., Buena Park, Calif.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.

Deuterium

Corp.

with attached war-

Sept. 28, 1962 filed 120,000 common

Chronicle

The Commercial and Financial

purchase an additional 120,000 shares to be offered for subscription by holders of its stock and debentures in units (of one share and one warrant) on the
rants to

NEW ISSUE CALENDAR

Price—$1. Business—Manufacture of electro-mechanical vehicles and
electronic devices for medical/ and marine purposes,
Proceeds—For working capital, equipment and debt repayment. Office—2222 S'. Centinela Ave., Los Angeles.
Underwriter—None., / '
v
Sept. 28, 1962 filed 750,000 common.

Heck's, Inc.

Dillon,

Eastman

Curtis;

Co.) $20,000,000

Common

Subscription Television, Inc
(William

Co.)

Staats

$32,800,000

Downs,

Pocono
,

$4,375,000

■*

457,265

Lines,

Truck

Associated

(Hornblower

(Monday)

Allen Electric

iDempsey-Tegeler

Corp.

$1,200,000

Inc.)

Co.,

Common

Equipment Co

Allen Electric &

Bradford Speed

Debentures

Equipment Co

(Dempsey-Tegeler

100,000 shares

Inc.)

Co.,

Packaging & Development

Common
Debentures

$100,000,000

Public Service Electric & Gas Co
(Bids 11 a.m.'EDST) $40,000,000

to stockholders of Atlas General Industries, Inc.
—underwritten by Burnham & Co.) 760,207 shares
Insurance Securities Inc,
Common

(Wednesday)

October 23

Weld & Co.,

Peabody & Co.)

and Kidder,

Inc.

(Bids

Common

Juniper Spur Ranch, Inc
(V.

Anderson

Aviation

National

(A.

Common

McDonnell

October

Securities

(Equitable

Denny's

$500,000

Weld

Inc.)

Co.,

125,000

Francis

Pont;

Metropolitan

Stone
(J.

Common

Inc.;

Allen
$3,500,000

Corp.)

130,000

Jersey Central Power & Light Co
(Bids

a.m.

EDST)

—Debentures

(O'Malley Securities

Tennessee Life Insurance Co
Southwest

Co.)

Capital Stock
500,000

-'".J

!_
Equip.
12 noon EDST) $2,925,000

' •

'■> (Bids

(Wednesday)

Commercial Life
r

(Offering to

Nevada

Old

Morton

Edward

(Offering to

11:30

a.m.

EDST)

$11,000,000

(Monday)

Artists

Corp

(Burnham

Common

Co.)

150,000

(Bids

noon

Co,

EDST)

100,000- shares

$10,000,000

noon

(Bids

EST)

a.m.

EST)

Co.)

(Hayden,

New York

(Bids

Forst (Alex)

Preferred

received)

60,000

received)

$5,000,000

Common

& Sons, Inc

(Arnold, Wilkins

& Co.)

$550,000'

•

Debentures

EST) $50,000,000

.Bonds

received)

$10,000,000

Equip. Trust Ctfs.

noon

$3,600,000

EST)

(Tuesday)

Equip. Trust Ctfs.

Pacific Ry.
12

Virginia Electric &
to

(Bids

Bonds

a.m.

to be

(Bids

Co..

Edison

Brockton Edison

./v///

$30,000,000

Central RR...

December 10
Northern

EST)

Electric Co

Inc.) 200,000 shares

(Tuesday)

Bonds

Z—
a.m.

Bell. Tel. Co.
11

(Bids

179,500 shares

——Common

Stone & Co.,

•

$20,000,000

(Wednesday)

December 4

Common

—Preferred
named)

(Tuesday)

(Bids

$5,000,000
_.

December 3

Massachusetts

Preferred

$10,000,000

Co...

(Bids

Pacific Northwest

Common

—

Bonds

$10,000,000

(Wednesday)

(Underwriter to be

.Units

Corp.

Power Co

Ben. Int.
Inc.)

and J. M. Dain & Co.,- Inc.);

October 29

Preferred

$6,000,000

Co.,

stockholders—underwritten by Pierce, Wulbern,
Inc., and Consolidated Securities Corp.)
v/V 'f 338,755 shares /.v/ ;/, '
•/

(Bids

Gulf States Utilities Co

Inc.)

Products, Inc

Brockton
October 21
General

Co.,

Underwriters

Toys, Inc

(Bache

Wen
.

Bonds

(Bids

——Bonds
EST) $22,000,000

(Tuesday)

November 20

Rum Co

Florida

Tonka

•

New England

noon

(Bids

Common

190,000 .shares

Common

England Power Co

...—Debentures '':
&

Barney

Funds

Research Capital

c'"' ;

New

717,408 shares

stockholders—Bids 11 a.m. EST)

November 19

(B. C.) Realty Trust

Morton

Murphey

of Missouri—Com.

Co.

Insurance

stockholders—underwritten
Jones & Co.)
$276,000

Power

Seaboard Air Line

—.Debentures

Inc

(Hensberry

October 16

(Offering

Union Electric

Airlines,

Mohawk

Trust Ctfs.

Maryland Ry._

Equip. Trust Ctfs.
$7,000,000

EST)

noon

Union Electric Co..

Western

Light Co.__

Pacific Power &

Life Insurance Co. of Florida..^
..Common
(Pierce, Wulbern, Murphey, Inc.) 400,000 shares

<B.

$3,000,000

Co.)

Mid-West National Life Insurance Co
Common
(Stifel, Nicolaus & Co./ Inc.) 160,000 shares
(Smith,

Common

$5,100,000

(Wednesday)

November 13

Norfolk & Western Ry

$1,700,000

11,000

Sons)

.;•>

Quincy RR..Equip. Tr. Ctfs.

(Bids 12 noon CST)

.Debens.

Common

Inc.)

S7,000,000

received)

(Tuesday)

November 12

International Data Systems, Inc
Common
(Offering to stockholders—underwritten by A. G. Edwards

$9,000,000

O'Malley Investing Corp

(First

Co.;

..Common

Corp

Co.)

& Co.,

Barney

$40,000,000

Inc
Co.)

Preferred
be

Chicago, Burlington &

(Monday)

Debentures

Allyn,

Materials

Wheat

Dallas

79,477

Chicago Musical Instrument Co
(Smith,

167,000

Inc.)

Co..

Dorchester Gas Producing Co

General

Common

——

stockholders—underwritten by First
Boston Corp.) 964,390 shares
,

(Walston &

Inc.—

Restaurants,

(Dempsey-Tep-eler

(Bids

Bonds

Capitol Food Industries,

Bonds
$30,000,000

be received)

(Friday)

October

Debens.

Corp

Co.)

Savings & Loan Assoc.__Guarantee Stk.

(White,

/"/<

150,000

Co.)

(Thursday)

(Bids

20,000 units

Corp)

Caplin &

(Bache

Units

Fair

World's
S.

(H.

Corp

Systems

November

$5,000,000

Corp. of America.

;-/'' /

Common
160,0Q0 shares

Common

(Bids

(Offering

145,000 shares

Georgia Power Co

$7,000,000

Co.,,Inc.)

Curtis)

Ultronic

Georgia—Debens.

Transmission Corp

October 25
Celanese

Inc

Parks,

American-Israel
Columbia

(Tuesday)

Auto

Allright

64,000

Co.)

Hutton

Homes, Inc

Georgia Power Co

:
CDST)

a.m.

(Dillon, Read &, Co., Inc.)

National Union Insur. Co. of Washington__Common
(Offering to stockholders—underwritten by Ferris & Co.,
and

Eastern

Texas

$300,000

Sons)

(E.

Inc

Pacific Southwest Airlines

$300,000

Co.)

Underwriters,

Edwards

Otter Tail Power Co

400,000

Jackson

Webber,

Lakes

—..Common

Inc.__.__—_>

Common

Units

Capital Shares

200,000 shares

underwriting)

Co.,

(Paine,

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

Redman Industries, Inc
—
(Eppler, Guerin & Turner/'Inc.) ' $2,067,000

First Railroad & Banking Co. of
(Johnson, Lane, Space Corp.)

150,000

Corp.)

Co.,

Bridges Investment Fund, Inc
Donaldson

Debenture!

(Offering

(White,

-Common

Inc.———

Techniques,
(Laird

$6,420,000

EDST)

noon

(Monday)"

(The Milwaukee Co.)

Corp

Higginson Corp.)

(Bids

Common

„

(Lee

(Bids

110,000

Equip. Trust Ctfs.

Ry. Co...

November 4

Great

Inc.—

Weeks)

Finance

Household

Southern

(No

(Tuesday)

Bonds

Pacific Gas & Electric Co.—
:. •/ ;•
(Bids to be received) $70,000,000

Corp.) ,$2,000,000

Securiies

Continued on page 50

•

Debentures

October 22

;

Aerosol

t___Units

Inc.—

Nebraska

Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for

Common
Securities

First Nebraska
shares
"•

shareholder. Price

be offered by company and 2,500 by a

—By amendment (max. $15).

;

Power

October

Inc.
/(First

Corp
Common
(Offering to stockholders—underwritten by Kidder, Peabody &
Co., Inc., and Merrill Lynch, Pierce,/Fenner & Smith)

(Suplee, Yeatman, Mosley Co.; Inc.)

„

Florida

land for a year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other
corporate purposes. Office-2042 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment Secu-

Securities

Nebraska

Inc._—

Securities Corp. and
Corp.) 50,000

York

Ramo,

(Friday)

October 11

——Debentures
and First
$3,172,000

Iowa Beef Packers,
(Nev;

$450,000

& Co.)

Packers, Inc
Securities Go.
//;
'
Corp.)

York

Union Securities &

Common

—.

"(Charles Plohn

(New

Debentures

Eagle's Nest Mountain Estates, Inc.

Sept. 26, 1963 filed 360,000 common, of which 300,000
are to be offered by company and 60,000 by stockholders. Price — $4. Business—Company plans to develop

and deuterium oxide, and to establish and equip a gen- rities, Inc., Atlanta,
eral research laboratory. Proceeds—For working capital,
Eberstadt Income Fund, Inc.
construction equipment and other corporate purposes.
May 31, 1963 filed 2,000,000 capital shares. Price—Net
Office—360 Lexington Ave., N. Y. Underwriter—None. > asset value plus 8V2%. Business—A new mutual fund
Doman Helicopters, Inc.
' seeking current income. Proceeds—For investment. OfApril 19, 1962 filed 418,680 common to be offered for fice—65 Broadway New York. Distributor—F Eberstadt
subscription by stockholders on the basis of two new
& Co., Managers & Distributors, Inc., New York.
shares for each three held. Price—By amendment (max.
Electronic Dispenser Corp.
$1.25). Business—Research, development and construeJan. 29, 1963, filed 50,000 common. Price—$2. Business
tion of experimental helicopters. Proceeds—To obtain
—Manufacture of the SAFER Butter Chipping machine,
certification of models, train service personnel, repay ./ and processing of tray-forming and chip-covering matedebt, etc. Address-Municipal Airport Danbury, Conn
rials. ,Proceeds-For operating expenses, equipment, in,
Widerwriter-None. Note—The SEC has issued a stop ventory and advertising Office-118 E. 28th St. New
order suspending this registration statement.
York. Underwriter—L. D. Brown & Co., New York. Of• Dorchester Gas Producing Co. (10/15)
fering Postponed,
July 25,1963 filed $3,500,000 of subordinated convertible
Elite Theatrical Productions Ltd.
debentures due Aug. 1, 1975. Price — By amendment.
Sept. 26, 1963 filed 400,000 class A common. Price — $5.
Business—Production of natural gas and its various byBusiness—Company plans to operate, produce and fiproducts. Proceeds—For debt repayment and working
nance various types of ventures in the theatrical and
capital: Office—1501 Taylor St., Amarillo, Tex. Underentertainment fields. Proceeds—For working capital, and
writers—Francis I. du Pont, A. C. Allyn, Inc., Chicago;
other corporate purposes. Office — 50 Broadway, New
Allen & Co., -New York;,. Metropolitan Dallas Corp., York. Underwriter—Linder, Bilotti & Co., Inc., (same
Dallas.
: r
address).
;
Dri-Zit Corp.
,
Equity Funding Corp. of America
May 29, 1963 ("Reg. A") 115,056 common. Price — $2.50.
March 29/1962 filed 240,000 common. Price—By amendBusiness—Manufacturer of dri-zit (a home product used ment (Max. $6.50). Business—A holding company for
to absorb odors and moisture); a cleaner for oven and / firms selling life insurance and .mutual funds. Proceeds
barbeque grills; and a diaper garment for infants. Pro—For new sales offices, advances to subsidiaries and
ceeds — For expansion, inventory and debt repayment.
working capital. Office—5150 Wilshire Blvd., Los AnOffice—2 Ryland St., Reno, Nev. Underwriter — First/ geles. Underwriter—To be named. Offering—Indefinite,
Nevada Securities Corp., Beno, Nev.
Fedco Corp..
Dynapower Systems Corp.
~
Oct. 29, 1962 filed 20,000 common, of which 17,500 are to

•

General Acceptance Corp
(Paine, Webber; Jackson &

(1425) 49

basis of 3 units for each 5% prior preferred share held,
one unit for each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bearing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—
T<> subscribers, $20; to public, $22.25. Business—Company plans to erect a small size production and ex perimental plant for the limited manufacture of deuterium

Iowa Beef

(Thursday)

October 10

noon

EST)

Power Co—
be received)

$30,000,000

Bond!

(Wednesday)

December 11

Consolidated Edison Co. of
TbnrrIV
-

$4,800,000

New York
t*nr\

tf-rc

f\C\f\

HA8

Bonds

TheCommercialand Financial Chronicle

(1426)

Continued fi om page

Proceeds—For

home use.

,Pratt Ave., Chicago. *

;

Office—811
Center, Miami, Fla. Underwriter—None.

Feb.

1,^ 1963 filed 76,773 ..common being offered for
subscription by stockholders of record Sept. 25.. Rights
Oct. 15. Price—$18. "Business — A holding

subsidiaries are engaged-in: the sales
and the writing of marine and credit
life insurance. Proceeds—For redemption of outstand¬
ing second preferred stock, working capital, and other
corporate purposes. Office — 1701 Pennsylvania Ave.,
N.'W., Washington, D. C. Underwriter—Mackall & Coe,
Washington, D. C.
; ■*
f'
First American Israel Mutual Fund
Aug. 15, 1962 filed "2,750,000 shares of beneficial in¬
terest. Price—$10. Business—A mutual fund which plans
to invest primarily in equity type securities of Israeli

' -

•' s/:;v;

.• *

Inc.

Under¬
-

Sept.

filed 457,265

1963

10,

•

Proceeds

•

Wholesale

—

distribution

—

and

toys

Address

selling stockholders.

For

Price

New

;

Hyde Park Road, New Hyde Park, New York. Under¬
writer—Arnold, Wilkens & Co., New York.
Frazure, Hull, Inc.

("Reg. A") 133,333 common. Price—$2.25.
growing, publishing of a farm news¬

Aug. 21,1963

eitrus fruit brokerage and operation of a retail,
of the newspaper, work¬

paper,

throughout

•

York.'
•

;

General

'•.

Vv-

150,000

series.

program

Proceeds

For

—

repayment

•

General

are

;

the

all

owns

Proceeds

—

(10/15)

and

Systems, Inc.

•_

Proceeds—For debt

'."7/

furnishes
loan

Jin

—100

Underwriter—J. C. Wheat

Co., Richmond, Va.

May 27, 1963

Realty Corp.
Sept. 27, 1963 filed $2,113,748 of 7% subordinated

/•

■•/

vertible debentures due
tion

by stockholders

July

Dallas.

the

basis

of $700

face

amount

Price—By amendment.

Business—General real estate. Proceeds—For debt repay¬
ment, and other corporate purposes. Office—112 Powers

Great

class B non-voting common. Price—$10. Business—Com¬

franchises certain restaurants in the U. S. -to pre¬
Chicken. It also sells or
in preparation of this item. Pro¬
ceeds
For the selling stockholder, Harlartd Sanders,
Chairman. Address—Box 67, Shelbyville, Shelby County,
—

Ky. Underwriter—None.

—

•

For
'

;

■■■

Key Finance Corp.

June

Inter-Continental

Fund,

World.. Proceeds—For

investment.

—A

Greater Miami

Industrial

y.Feb. 25, 1963, filed 136,094

Iowa

Milwaukee

Park, Inc.

common

also

to be offered for
v

filed

80,000'

common.

Price—By amend¬
small loan

International

Fund,

Inc. /

Net asset
plus lxk%. Business—A new mutual fund; which
acquire assets of Keystone International Fund, Ltd.,
13,

1963 filed 200,000 common. Price

—

Address—

estate

and

investment

investment.

trust.
.

Office

—

3315

For

common

Industries,

Inc.

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

—For

Connecticut

Underwriter—None.

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

ment

con¬

porate; purposes.

Office—33-00

Northern

Blvd.-,/ Long

City, N. Y. Underwriter—T..W. Lewis & .Co., Inc.,
York. ' "*
/...
/
••

Island

Beef

50,000

Congress St., Boston. Underwriter—Keystone Co.
''
--.VV
'■' "

Krasnow

$10. Business
—

World. Proceeds—For investment. Office—

Boston.

June

Proceeds

in securities through¬

Canadian corporation, apd invest

out the Free

Packers, Inc. (10/21-25) ;
Sept. 27, 1963 filed $3,172,000 of 6% subordinated sink¬
ing fund debentures, series B due 1978 (with warrants);

,3-

aubscription by stockholders on the basis, of one share
lor each 4% shares held. Price—$5.50.
Business—Acqui-*

real

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

working capital. Address

""I

will

Bldg., Minneapolis. Distributor—Investors
Services, Inc. (same address).

struction

Keystone

Aug.

Investors

ers.

1963

repayment,
expansion and other corporate purposes. Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
& Co., New York. Offering—Imminent.
v/''/;/

Free

Realty Trust
May 31, 1962 filed 200,000 shares. Price

Underwriter—The

ment
(max. $5). Business—Operation of a
business in Puerto Rico.. Proceeds—Fpf lean

value

Homes, Inc. (11/4-8) '
Sept. 27,» 1963 filed 160,000 common, of which ;100,000
will be sold for the company, and 60,000 for stockhold¬

—Sheboygan Falls, Wis.
Co., Milwaukee," Wis.
:

Inc.

Diversified

Lakes

ceeds—For debt repayment and

and sell Kentucky Fried

pare

leases equipment used

Co.

Price—By amendment (max.; $10). .Business—Manu¬
facture of custom-designed, "factory built homes. Pro¬

class A voting^ ahd 25,000

pany

1000 Roanoke

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

("Reg. A")

27,- 1963 ,filed 25,000

the

1974 to be offered for subscrip¬

for each 100 common shares held.

v y

Kentucky Fried Chicken, Inc.

Sept.

1963'filed 3,000,000 capital shares. Price—Net
asset value plus 7Vz%. Business—A new mutual fund
which
will
succeed
to, business of Investors Group
Canadian Fund Ltd., and invest in securities throughout

con¬

•

Business—Construction of

common

telephone service in Illinois. Proceeds

Investors

Rd., Morris-

300,000 common. Price — $1.
a
gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
For general corporate purposes. Underwriter — V. E.
Anderson & Co., Newhouse Bldg., Salt Lake City/

design

devices. Proceeds—For

repayment, and other corporate purposes. Office
North Cherry St., Galesburg, 111. Underwriter—

None;-

(I.)

Bowl

(10/14-18)

Juniper Spur Ranch, Inc.

Gordon

at Punch

•

to be offered for subscription by stockholders on the basis of two new shares
for each five held of record Oct. 21. Price—$100. Business—Company; 36.8% owned by Illinois Bell Telephone,

repayment, working capital, equip¬
ment, and other corporate purposes. Office—1401 Frank-

Avenue

Halsey, Stuart & Co. Inc.; White, Weld & Co.; First
Corp.; Eastman Dillon, Union Securities & Co.Salomon Brothers & Hutzler-Merrill Lynch, Pierce, Fen¬
ner & Smith Inc. (jointly);
Kidder, Peabody & Co.; Harriman Ripley & Co. Bids—Oct. 15 (11 a.m. EDST) at 80
Pine St., New York. Information Meeting—Oct. 10 (10
a.m. EDST)
at same address.
>
^

Underwriter—None.

Inc.

/Boston

(10/28-31)

Business—Development,

State Telephone

Fund,

ders:

Insurance

selling stockholder.
Office—2925 Merrell Rd.,
Underwriter—A. G. Edwards & Sons, St. Louis.

Intra

Indefinitely post¬

town, N. J. Underwriters—(Competitive). Probable bid¬

International Life Insurance Co. of Buffalo

;

—

Address—Madison

A") 11.000 common to be offered
stockholders on a pro-rata basis.

Price—At-the-market.

Y. Underwriter—R. F. Dowd

Offering

Jersey Central Power & Light Co. (10/15) ■
Aug. 21, 1963 filed $9,000,000 of debentures due Oct. 1,
1988. Price—By amendment. Proceeds—For construction.

Life

Ave., New York.

seeking capital appreciation. Proceeds—For investment.
Office—467 Hamilton Ave., Palo, Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc. (same' address). •

selling stockholders./

■

Data

Business— 'Sept. 5, 1963 filed 8,983

Price—By amendment (max. $8).

Janus

(same address).

stock

For

Third

April 10, 1963 filed 500,000 capital shares. Prico — Net
asset value plus 8V2%. Business—A new mutual fund

Sept. 26^ 1963 filed 125,900 capital shares to be offered
for subscription by stockholders on the basis of one new
share for each four held. Price—By amendment (max.
$32). Business—Sale of .various forms of life insurance
and annuities. Proceeds—For investment and expansion
of operations, Office—120 Delaware Ave., Buffalo, N. Y.

and

Company.is engaged in the sale of terrazzo and quartz
aggregate, marble, granite and related items and in the
production of certain: marble and quartz aggregates.

and

Aug. 2, 1963 ("Reg.
for subscription by

filed

Rd., S. W., Roanoke, Va.

fund

California.

International

130,000 common, of which 120,000
offered by company and ,10,000 by a stock¬

holder.

Stone & Materials Corp..

1963

poned.

accident

(10/14-18)

New York.

working capital. Office—640 Fifth Ave., New York. Un¬
derwriter—Burnham & Co., New York.
.
•

Aug. 26,

life,

Co., Inc.,' New York.

California St., San Francisco. Underwriters
—White, Weld & Co.; Inc., and Kidder, Peabody &, Co.,

Price—fey amend¬

loan

850

—

Central Park W., N.

—315

general corporate pur¬

Inc.,

Inc.

and manufacture of electronic

acts as represen¬
tative of actors, performers, writers, directors and pro¬
ducers in all areas of the entertainment industry. It also
acts as sales representative for television programs and

Proceeds—For

—

Jaap Penraat Associates, Inc. 'Vv/;
;* / •
Price-~-$3. Business
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office

Office—100

•

common.

Co.

7,\

(max., $7). Business—Company

Office

Jan. 30, 1962 filed 100,000 common.

—

mutual

(10/21-25)

Corp.

1963 filed

Sept, 6,
ment

V'';:-/

Artists

•

1963 filed 400,000 commpn. Price—By amend¬
ment. Business
Company manages and distributes a

Acceptance Corp.

Price—$104. Busi¬

Israel-Rassco Investment Co., Ltd.
1963 filed 60,000 ordinary shares. Price—$55.
A real estate development company; which
also owns citrus plantations^ Proceeds—For general cor¬
porate purposes. Address—Tel-Aviv, Israel. Underwriter
—Rassco of Delaware Inc., New York. •;•'•/ /:••■.
:

Sept. 20,

(10/10)
Sept. 12, 1963 filed $20,000,000 of senior debens. due Oct.
1, 1983. Price—By amendment. Business—Company is
engaged in the consumer finance business, also does gen¬
eral commercial financing. Proceeds—For loan repay¬
ment and working capital. Office — 1105 Hamilton St.,
AllentowivPa. Underwriters—Paine, Webber, Jackson &
Curtis and Eastman Dillon, Union Securities & Co., New
General

Investors

Securities

Insurance

common.

"Isras"

Office—216 E. Monroe St., Springfield, 111. Under¬

•

Fla. Underwriter—Prudential Invest¬
Corp., Miami. ■
:7///

1963 filed 100,000

June 28,
Business

Insurance Co.

Proceeds—For

ing capital and debt repayment. Address—West Highway
50-Winter Garden,

Corp.

Underwriter—None.

Inc.

Business—Writing

writer—Horace Mann

Underwriter—Inves¬

closed-end investment company engaged in

—For investment.

Business—A

insurance.

Ave., Baltimore.

Investors

Sept. 26,

Business—Development and operation of

store. Proceeds—For expansion

ment

Price—$3.

amended.

poses.

Hayward

Israel

27, 1963 filed $1,250,000 of 6%"% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price

health

company

tors Planning Corp. of America, New York.

March

Price—$12,50.

Business—Fruit

Price—$12.50. Busi¬
which plans to

common.

invest in Israeli firms. Proceeds—For investment, Office
—4200

company.
Proceeds—For in¬
Office—760 S. Hill St., Los Angeles. Under¬

Horace Mann Life

closed-rend investment

ness—A

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

?V'<7'

•

Fund, Inc.
July 18, 1963 filed 500,000

construction, and other corporate pur¬
poses.
O f f i c e-r-4344 East Indian School fed., Phoenix,
Underwriters—Boettcher & Co., Denver, and J. R.' Williston & Beanq, New York.
Note—This statement will
not be withdrawn, as previously reported, but will be

$5.50.

Israel

investment

home resorts

purposes.

in¬
vesting in private industries located in Israel. Proceeds

share-for-share basis.

Brenner^. Israel.

/.Co., New York.

debt repayment,

games.
—

dress—Givat

con¬

AdUnderwriter^Brager &

struction, equipment, and other corporate

Co.

Street

mobile

(10/29)

100,000 common.

23,; 1963 filed

Business

Food Co. Ltd.

Israel and abroad. Proceeds—For loan repayment,

ness—A

—$68 per unit.

Pierce, Fenner & Smith Inc., New York.
rMarch

;

debentures, $100; for stock $10. Business-^
plans to prepare and market;/, baby food in

Company

Holiday Mobile Krome Resorts,

—

Inc.

writer—None. Note—This registration was withdrawn,

$42).
elec¬
tricity in northern and central Florida. Proceeds — For
loan repayment, and construction.
Office — 101 Fifth
Street, South,
St. Petersburg, Fla.
Underwriters—
Kidder,
Peabody
&
Co.,
Inc., and
Merrill Lynch,
& Sons,

Hill

vestment.

to be offered for

expire Oct; 31.
Price—By amendment-(max.
Business
Production, distribution and sale of

(Alex)

address. v

Telephone Co.

working capital. Office—6400 MacCorkle Ave., S. W.,
Albans, W. Va. Underwriter—Charles Plohn & Co.,

nia

will

Forst

same

Israel Baby

Oct. 16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬

subscription by common stockholders on the basis of one
new
share for each 20 held of record Oct; 10. Rights

•

EDST)

a.m.

management

common

7;^%?

Inc.

Israel Fund Distributors, Inc. (same address). ;

New York.

(10/11)

Corp.

Power

Fund,

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

:Corp.;
(jointly);

Aug. 20, lj963 filed 360,763 cornmon being offered for
subscription by stockholders on the basis of one new
share Tor about each 10 held of record Sept. 25. Rights
will expire Oct. 24. Price—-$19.50. Proceeds^—For expansiori; Office—1130 Alakiea St.,.Honolulu. Underwriter—

St.

Underwriter—Consolidated Securities Corp.,
Beach, Fla. Offering—Indefinite.

Florida

Diversified

American

Under¬
7

Price—For

(11

Hawaiian

for

rPompano

Israel

Inc. (10/21-25)
June 12, 1963 refiled 180,000 class A common.
Price—
$2.50. Business—Operation of discount stores. Proceeds
—To provide fixtures and inventory for a new store, and

—

Park, Fla.

Office—17 East 71st St., New York.
Securities Corp., (same address);

April 22,

;• Heck's,

28,

ness

:'.';

writer—Israel

None.

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

June

investment.

Webster I Securities

;•;;

•

July 29, 1963 filed 300,000 coipmon. Price—$10. Business
—Fund plans to own stock of companies which will in¬
vest in securities of Israeli enterprises. Proceeds—For

(10/21)

Brothers-Equitable Securities; Corp.

Fund,- Inc.

Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8% preferred ordinary shares.

•

Office—701 Broad St., Augusta, Ga..
writer—Johnson, Lane, Space Corp.; Augusta. Florida Jai Alai,

Busi¬

Price—$2.

'C>y/v;

Corp., Lincoln, Neb.

Oct. 15

V* vr"'

purposes.

Stone

Securities

New York

Co.,

Glore, Forgan & Co.-W. C. Langley & Co. (jointly); Lee
Higginson Corp. Bids—Oct. 21 (12 noon EDST) at One
Wall St. (47th floor), New York/Information Meeting—

Sept. 24, 1963 filed maximum of $5,000,000 of 5% con¬
vertible debentures due Aug. 1, 1988. Price—By amend¬
ment. Proceeds — For redemption and other corporate

bidders:

Probable

Georgia

Railroad & Banking Co. of

(10/23)

;

braska

17,

Lehman

Milk
&

Proceeds—For investment.-Office—141

Sept.

York; Securities

1963 .filed 100,000 preferred (par $100). Pro¬
ceeds—To repay short-term loans/ Office—285 Liberty
Ave., Beaumont, Tex.
Underwriters — (Competitive).
.

Boston.
Underwriter—Paine, Webber, Jackson
Curtis, Boston. Offering—Indefinitely postponed, v.

St.,

First

—New

Israfund-lsrael

1963, filed 3,000,000 common.

20,

Underwriters
and First Ne-

working capital. Address—Denison,, Iowa.

•

Gulf States Utilities Co.

•

business

companies.

Corp.

finance, etc. Proceeds—For gen¬
eral corporate purposes. Office—1107 Federal Securities
Building, Lincoln, Neb. Underwriter—None. ;

whose

company

Nebraska

— For
duPont Plaza
;
;
f

•

of banking, insurance,

will expire
finance

purposes.

ness—Company plans to operate subsidiaries in the fields

;/■,;//

July

•

corporate

Greater

;

Underwriter—None*

development of real estate. Proceeds

and

general

Office—3600 W.

payable.

Services Finance Corp.

Federal

aition

V-

recession offer to stockhold¬

reduction of accounts

ana

ers

Thursday, October 10, 4963'

to be offered

New
•

by stockholders. Price

—By amendment (max.- $20 for common). Business—
Operation of meat packing plants. Proceeds—For con¬
struction of a new plant, equipment, debt repayment:'and

;
•

Life

Insurance Co.

Florida

(10/28-31)

1963 filed 400,000 common. Price—By amendment (max. $6). Business — Writing of industrial life,
accident and health insurance as well as ordinary life
insurance. Proceeds—For investment and eventual exAug. 16,

-Volume

Number

198

6306

Logos Options, Ltd.'
./;'•/
V;
April 11, 19o2 filed 250,000 capital shares. Price

ceeds—For

—

•

Lord Jim's

Underwriter—B.
Inc.

Price—$5.75. Busi¬

common,

v,;• "

■•

National Aviation

Underwriters, Inc.

(10/14-18)

("Reg. A") 24,000 common. Price—$12.50.
Business—Company represents National Insurance Un¬
derwriters, a reciprocal insurance exchange. Proceeds—
For expansion and working capital. Office—8030 Forsyth
Blvd., Clayton, Mo. Underwriter—A. G. Edwards & Sons,

production and working capital. Office-^
543 Madison Ave., New/ YOrk.
Underwriter •— Ingram;
Lambert/&; Stephen, Inc.; 50 Broad St.,v; New York

z''/z.'Y\' YYYYY': Y'/zY'Y:Y'YXY
z/; >*

St. Louis.

/;/'•

/V,'/,//Y/ Yz-

/ National Equipment
Plastics Corp.
Sept. 28, 1961 filed 105,000\common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬

Tower

ated

pansion

Fulton

Y '

None.

.Federal

Bldg.,

Atlanta.

This

welded

working capital. /Office—812 Greenwich: St'., ;
Underwriter—To - be named.
Offering—Indef¬

initely postponed.
Feb.

28,

ex¬

capital., Address—Portage, Pa..
Investing Corp., N. Y. Note—-/

working

;

Fence

reinforcing fabric, gates and related
Proceeds—For construction of a plant in Ire¬

and working capital.
Office—4301 46th• St.,
Bladensburg, Md. Underwriter—Netherlands Securities
Co., New York.
' Y'.. '
YY/'Y,tv

land,

;

and

Medic

store

concrete

products.

staff

repayment,

Manufacturing Co., Inc.
Nov. 29, 1962 filed 100,000 common. Price—$8.75. Busi¬
ness—Manufacture
of
galvanized chain link fence,

Underwriter—v

Press, .Inc.
Y- Y:;*':'Y'YYY'
May 29, .1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a/national sales:
N;; Y.

debt

registration will be withdrawn;

National

Marshall

and

Underwriter—Cortlandt

Aug. 29; 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the
atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis. Proceeds—For re¬
payment of loans, and general corporate purposes. Office ;
—130

Proceeds—For

stores.

-Y Y Yz/Y'''
/ Y'.YY''1*/'
Y YYY;YY'.Y'>■/;>£'YY/Y;tk';Y'v-Y'z

Corp.'

1963, filed.

1,000,000 class

common.

Price—

...,

National Memorial Estates

Oct/ 11, 1962 filed 4,750,000 common. Price
ness

$1. Busi¬
Company plans to engage in cemetery develop¬
and to establish and operate a life and disability
concern. Proceeds—For general corporate pur¬
Office—13 S; Broadway, Red Lodge, Mont. Un¬

insurance
poses.:

derwriter—Security Brokerage Co,,. Billings, Mont;

Mortgage Corp., Inc.
28; 1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. .Price—For cer¬
expenses, /and investment in
tificates, $762; for stock, $1.15. Business—A mortgage
Address—714 Medical- Arts Bldg., Oklahoma City. Un¬
loan company.
Proceeds — For general corporate pur¬
derwriters-Lincoln Securities Corp. (same address);
; •
poses.
Office — 113 S. Hydraulic, Wichita, Kan. Under¬
Medical Industries Fund, Inc.
Y/;- writer—National Mortgage
Agency, Jnc., (same address).
Oct. 23, 1961 -filed 25,000 common. Price—$10. Business
Note—This offering will be made only in the State of
—A
closed-end- investment company
which' plans to
Kansas;
zYY Y -YY' ' / ■'/./'
z/z/^ 5';z.." 1 ; ''z> vz;.'z.v'
become open - end. ; Proceeds — For investment in the
• National
medical industry and capital growth situations.
Union Insurance Co. of Washington
Office.
firms.

ance

..Proceeds—For

repayment, operating
other insurance concerns

—-677

Lafayette St., Denver.
sociates, Inc. Denver..... /
Medical Video Corp.
Nov. 13, 1961 filed 250.000

Manufacture

ness

Proceeds

-r-7

For

Studio

City; ;Catif.
Corp., Los Angeles.

Underwriter

Y /

corporate

•/

Nov.

Equity

initially.-to members of the medical profession.

Proceeds—For

.investment.

Office-^-714

Denver, ..Underwriter—Centennial
search Corp.,. (same address).

Boston

Middlesex Water Co.
June 5,

1963 filed 35,000

ment

(max. $36).
water in certain

..;•//

Price—By amend¬

New

held

Price

13.

—

Oct.

record

$f2.

" /

' '"'Y'/.

14.

Rights will expire

Business

& Oil

1962 filed

Producing Co. (11/4-8)
180,000 class A common. Price—$5.

Business—Production
—For

drilling

natural

gas

and

oil.

Proceeds

working capital and other cor¬
porate purposes. Office—Tekoil Bldg., Oklahoma City
Underwriter—Peter Morgan & Co., N. Y.
Nevada

Business—Collecting and distributing
areas

■

•>

common,

Natural Gas

Sept.

Re-;
z;

;

Underwriters—Ferris & Co.,-Wash¬
ington, D. C.; and McDonnell & Co., Inc., New York,
,

Bldg..

Management &
/ /

Washington, D. C.

.....

Meridian Fund, inc.
March .4, 1963 filed 500.000 capital shares.
Price—Net
asset value plus 5%.,- Business—A new mutual fund to be
offered

■'

— Writing of fire, ma¬
rine, casualty and property insurance. : Proceeds — For
general corporate purposes. Office—1511 K St., N. W.,

Office-

Financial

■

Aug. 12, 1963 filed 64,000 common to be offered for sub¬
scription by stockholders on the basis of 1.78 shares for
each

Busi¬

equipment.

purposes.

;

$1.

—

electronic

Underwriter
.

(10/14)

Medical As¬

—

Price

common.

medical

general,

Dec.

loan

expenses,

Power

Co.

furnishing of consulting and radiation measure¬
Proceeds—For equipment, debt repay¬
ment, expansion and working capital.
Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
services.

Note—This registration

withdrawn.-; ^z;Y'.-.: zz.-/*•• "YYz
Y Okiiana Corp.
Sept;

will

be/

1963. filed 500,000 common and 500,000 pre¬
($6 par).; to be offered in units of five preferred

12,

ferred

and five common shares. Price—$35 per

unit. Business—
Company plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in an existing insurance company.
Proceeds—For

acquisition of above stock, loan repay-'
working capital. Office—2201 Northwest 41st
St., Oklahoma City. Underwriter—Equity Underwriters,

ment and
Inc.
•

(same address).'

Old

Florida

Rum

*
Co.

(10 28-31)

29, 1963 filed 338,755 common, and warrants to
purchase an additional 338,755 common, to be offered
for

subscription by

share
each

and

one

stockholders in units of

common

on/ the

warrant,

shares held.

two

basis

one

unit

for

Price—By amendment (max. $4).

Business—Company is engaged in the production of rum
and other alcoholic beverages. Proceeds—For
working
capital, loan repayment, sales promotion and equipment.
Office—1035 N. W. 21st Terrace, Miami. Underwriters—
Pierce, Wulbern, Murphey Inc., Jacksonville, and Con¬
solidated Securities Corp., Pompano Beach, Fla.
O'Malley Investing Corp. (10/15)
Aug. 9, 1963 filed 300,000 common. Price—$10. Business
—A

real

investment

estate

and

development

company.

Proceeds—For investment. Office—1802 N. Central Ave.,
Phoenix. Underwriter
O'Malley Securities Co. (same
—

/"•

address).

Otter Tail

Sept.

•

Power Co,

(10/23)

16,

1963

(10/16)

Sept. 6, 1963 filed $11,000,000 of first mortgage bonds due
1993. Price—By amendment. Proceeds—For construction

filed

$7,000,000

of first mortgage bonds
repayment, and construc¬
St., Fergus Falls, Minn.
Underwriters— (Competitive), Probable bidders:
Halsey,

due

1993.

Proceeds—For loan

tion. Office—215

Stuart

South Cascade

Co.

Inc.; Blyth &; Co. Inc.; GloreForgan &
Co. (jointly); White, Weld & Co.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc,-Salomon Broth¬
ers 8c
Hutzler (jointly). Bids—Oct. 23 (10 a.m.
CDST)
at office of Fiedly,
Austin, Burgess & Smith, 11 So. La
Salle St., Chicago.,
'
/
&

Outlet
Feb. 28.

Mining Co., Inc.

1962 filed

900,000

Price—$1.

common.

Business

—Mining.

Proceeds—For equipment and working capi¬
Address—Creede, Colo. Underwriter—None.

tal.

Pacific

Mines, Inc.

July .24, 1963. filed

100,000 common. Price—$1.50. Busi¬
ness—Company plans to explore iron deposits on its
property. Proceeds—For mining operations, debt repay¬
ment and operating expenses.
Office—1218 N. Central
Ave., Phoenix. Underwriter—None.
Pacific Power &

Light Co. (11/13)
717,408 common to .be offered for
subscription by stockholders on the basis of one share
Sept.

for

27,

1963

each

filed

held of record Oct. 30, 1963. Rights
5, 1963. Proceeds—For debt repayment.
Office—920 S. W. Sixth Ave:, Portland, Ore.
Under¬
writers—(Competitive). Probable bidders: Kidder, Pea¬
body & Co.; Blyth & Co.; Ladenburg, Thalmann & Co.;
Lehman Brothers-Eastman Dillon, Union Securities &
Co.-Bear, Stearns & Co.-Dean Witter & Co. (jointly).

'will expire Dec.

Bids for Compensation—Nov. 13

(11 a.m. EST) at EbascoServices, Inc., 2 Rector St., New York. Information Meet¬
ing—Nov. 7 (3:30 p.m. EST) same address.
•

Southwest Airlines

Pacific

(10/23)

1963 filed 79,477 common. Price—By amend¬
ment (max. $40). Business—Company provides daily air
Sept.

13,

Jersey.
Proceeds—For
Office—52 Main S't., Woodbridge, N. J.

:and loan repayment. Address^—P. O. Box 230, Las Vegas,
Nevada. Underwriters—(Competitive). Probable bidders:

White, Weld & Co.; Eastman Dillon, Union Securities &
Co.-Kidder, Peabody & Co. (jointly); Halsey, Stuart &
Cp. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Salomon Brothers & Hutzler (jointly).
Bids—Oct. 16 (11:30 a.m. EDST) at 20 Exchange Place

passenger

(Room

June

debt

repayment.

Offering—Indefinite.
•

Midwest National Life Insurance Co.

;

(10/28-31)

Sept. 17, 1963 filed
ment

160,000 common/Price—By amend¬
(max. $7); Business—Sale of life insurance. Pro¬

ceeds—For

working capital.
Address
Springfield, Mo. Underwriter—Stifel,
Inc., St. Louis.
Y

Empire Bldg..
Nicolaus & Co.,

—

subscription
for

each two

by stockholders

the

basis

one

for

shares held.

Price—By amendment'(max
$7). B u s in e s s—A closed-end management investment
company. Proceeds—For general corporate purposes.
Office—2615

First

National

Bank

Bldg.,

Minneapolis.

Underwriter—None.
Missouri

Life

Insurance Co.

and

health

insurance

policies.

Price

By
acci¬

—

life,

Proceeds—For

acquisition and working capital. Office — 1006 Grand
Ave., Kansas City, Mo. Underwriter—Sterling, Grace &
Co., New York.
•/
.

Mobile

Home Parks

Jan. 28* 1963 filed 1,250.000

ness—Company
and

residential

For

general

plans
and

common.

develop

,•

purposes.

homes,

estate.

Office—82

Atlanta.

Underwriter—Overseas
Seville, Spain.
/
'•

Price—$2.50.

mobile

commercial real

corporate

Development Corp.

Baker

parks

Proceeds—

Investment
;

Busi¬

St.,

Service,
/'

Campbell

Mohawk Airlines,

Inc.

(10/28-31)
Sept. 24, 1963 filed $6,000,000 of convertible subordinated
debentures

due Nov.

1978.

Price—At

par.

Business—

Company provides short-haul air transportation service

Meeting—Oct.

Information

Island

holder. Price—50 cents.

Mines

Ltd.

C. McPherson &
New

World

21,

Business—Exploration, develop¬

Angeles.
Underwriter
(same address).
'

amendment
and

gas

filed

325,000

capital shares to be of¬
by U. S\ resident stockholders on
share for each two held. Price—By

ment,

new

Business—Exploration for oil

(max. 1 cent).

in the Philippines.

and

operating

New

Blvd., Los
Distributing Co.

World

Downs, Inc.

(10/21-25)

ing fund debentures due 1978, 375,000 common and 250,000 warrants to purchase additional common, to be of¬
fered in units consisting of one $100 debenture, 15 shares
and

warrants to purchase

—$175

per

an additional 10 shares. Price
unit. Business—Company plans to operate a

For

natural

Sept. 28, 1962 filed 100,000

selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles. Offering—Indefinite.
Proceeds—For

Northwest

Sept.

Hydrofoil,

Inc.

„

("Reg. A") 60,000 common.) Price — $5.
Design, construction, sale and operation of
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
3,

The

has become effective.

Ltd,. ,
;:;V;,.
Y Y
1963 filed 60,085 capital shares. Price — By
amendment
(max. $3.25). Business—Acquisition of oil
and gas properties, and the production of crude oil and
29,

gas.

repay¬

Address—Manila.

harness racing track in Luzerne County, Pa. Proceeds—

Nordon Corp.

July

Proceeds—For debt

expenses.

Philippines, Underwriter—None. Note—This registration
Pocono

Office—4680 Wilshire
—

1963

11,

for subscription

Sept. 10, 1963 filed $2,500,000 of 6V2% subordinated sink¬

filed 250,000 common. Price—Net asset
8%%, Business—A new mutual fund. Pro¬

ceeds—For investment.

San

Philippine Oil Development Co., Inc.

Co., Toronto.

Fundr Inc.

1963,

plus

and

the basis of one
z

mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A.

service between the Los Angeles, San Fran¬
Diego metropolitan areas. Proceeds—For
selling stockholders. Address—3100 Goddard Way, San
Diego. Underwriter—E. F. Hutton & Co., Los Angeles.
cisco

fered

ment and

Business
*

York.

Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬

value

New

EDST) at 55 Wall St., (5th floor), New York.

a.m.

Feb.

National

Sept. 27, 1963 filed 103,500 capital shares.
amendment (max. $6),
Business—Writing
dent

(11

1709),

New

Midwest Technical Development
Corp.
Feb. 26, 1962 filed 561.500 common to be
offered

■

development

tracers;

the

Underwriter—Kidder, Peabody & Co., Inc., New York.

and

precision radio¬
activity measurement; production of radioactive isotopes

Co.-Kalman

National

$1.25. Business—A, holding company for three life insur¬

using radioactive

—

ment

Business—Research

$15).

July

/•''• .z

July 26, 1963 filed 200,000 common. Price—$3. Business
-—Company plans to engage in the exploration and de¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes. Address—402 Central

Bldg., Youngstown, Ohio. Underwriter—None.
/Y Management Investment Corp. '

Engineering Corp.

Co., Washingtpn, D. C.

Aug. 26, 1963

filming and

Z'Y Mahoning Corp.-

»;

production of television films. Proceeds—For

Offering—Indefinite.

.■ ■.;

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests/:
Price—To. be supplied by amendment. Business—The ,
fund will invest in tax-exempt bonds of states, counties
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor — Ira Haupt & Co., Ill Broadway,
New York. Offering—Indefinite.
/.
"
r :
; z

,>Y

ness—The

Funds "

Morton

Y. V.;./ Y.l V'./v?/

(same address)

Milk St, Boston.
Underwriters Co.,

■

Mandevme Canyon Rd.,-Los Angeles; Underwriter =
—Keon & Go;, Los Angeles/;
',*"?/ Y4 :Y'''

Filmsr Inc.'
Aug.. 31t 1961 filed 125,000

21, 1963 filed 1,000,000 shares of beneficial inter¬
Price—$10. Business—A real estate investment trust. /

Proceeds—For investment. Office—141

1601

Lunar

(max.

contracts

ment

Systems, Inc. •
^
Jan. 14, 1963
;("Reg. A;') 100,000 common/Price — $1.
Business—Operation pf drive-in restaurants. Proceeds—
For leases, vequipment and working,
capital./Office—
:

and

ment

June

Bullard &
was named

Service

(10/28-31)

Realty Trust

C.)

Nuclear Science &

March 29, 1962 filed 100,000 common. Price—By amend¬

est.

Proceeds—For investment. Of¬

fice—26 Broadway, N. Y. Underwriter—Filor,

Smyth, N. Y. Note—This company formerly
Logos Financial,. Ltd; Offering—Indefinite,

half of the United States. Pro¬

loan

Morton, (B.

(1427)

repayment and equipment. Address—,
Oneida County Airport, Utica, N. Y. Underwriter—Smith,
Barney & Co., Inc., New York.

By
(max.-$10j,1 Business—A diversified closed*,

end investment company.

Chronicle

in 50 .cities in the.eastern

pansion. Office—2960 Coral Way. Miami. Underwriter—
Pierce, Wulburn, Murphey, Inc., Jacksonville.
•

amendment

Financiaf

The Commercial and

...

1963
—

White-Henry-Stuart Bldg., Seattle,
—Henry D. Tallmadge Co., Seattle.

Wash.
-

Underwriter
'

construction, and

repayment: Address

loan

—

504

First National Bank Bldg., Wilkes-Barre, Pa. Underwrit¬

er—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
•

Powell

—to

drill

Petroleum, Inc.
for

and

common.

operate

Price—$5. Proceeds

oil wells.

Office—418

Mar¬

ket

St., Shreveport, La..Underwriter—None. Note—This
registration was withdrawn,
Princeton

March

28,

Research

1963

Lands,

filed 40.000
sale

Inc.
Price—$25. Busi¬
property, chiefly un¬

common.

ness—Purchase

and

improved land.

Proceeds—For debt repayment, and ac^

real

Continued

page

The Commercial and Financial Chronicle

.//;;'

Fund,

Stock

Inc.

Underwriter

—

(10/22)
Sept. 26, 1963 filed $40,000,000 of debentures due Oct. 1,
•1983. Proceeds—To redeem $36,000,000 of outstanding
3% debentures maturing Nov. 1, 1963, and for construc¬
tion. Office—80 Park Place, Newark, N. J. Underwriters
.—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.-Lehman
Brothers-Salomon Brothers & Hutzler (jointly);
i Blyth
& Co.; Goldman, Sachs & Co.-Harriman Ripley
& Co. (jointly); First Boston Corp. Bids—Expected Oct.
22 (11 a.m. EDST) at above address. Information Meet¬
ing—Oct; 17 (2 p.m. EDST) at One Chase Manhattan
'Plaza (28th floor), New York.

•

Georgian Court, Lincoln, Neb. Un¬

Los Angeles.

Industries, Inc.

subsidiary.

:•>" •'•*»• *

(10/22)

fAWM

vf* 'A,

■7;1'

Djac-f

■

stockholders. P

(10/28-31)

Sept.4 3, 1963 filed .400,000 common. Price—$12.50. Busi¬

prect and operate a luxury hotel and resort facilities,
land sell 80 acres of land for home sites. Proceeds—For

nite.

St. Louis.

7:':

Van

:77/77/

St., Dover, Del.
Del.

•

Feb.

28,

1962

ital.

offered

which

405,000

ate,

the basis of 4 company shares for each class A or

corporate purposes.
nix.
,

businesses.

Proceeds—F

C share of-

o r

—For

1962 filed 215,000 shares of beneficial interest
Business—A real estate investment trust
and

working capital.
Office
Bldg., Cleveland/ Ohio. Under¬
Co., Cleveland. O f f e r i n g—In¬

writer—McDonald

Beverly Dr., Beverly Hills, Calif. Underwriter—Samuel
J3. Franklin & Co., Los Angeles. <

;/>/'//:'//

—

temporarily

order

sus¬

Transmission

Corp.

$1.

Business—Company plans to operate a natural gas
gathering system in the south central part of Wyoming.
The gas to be sold

initially,s will be purchased from U. S.
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S.

Natural for the company's
organization, financing and other start-up costs. Proceeds

—For
,

construction, working capital, and other corporate

purposes.

Houston.

Office

—

1907

Commerce Bldg.,

Chamber

Underwriter—None.

Proceeds—For investment. Address—207 Guaranty

Indianapolis. Distributor
(same address).

issued

Natural Gas Corp., on the basis of one share of Western
Transmission for each U. S. Natural share held. Price—r

William

Aug./22, 1963 filed 750,000 capital shares. Price — Net
value plus 8y2%. Business-^-A new mutual fund.

Squire For Men, Inc.

has

Sept. 16, 1963 filed 1,162,537 capital shares to be offered
subscription by holders of the capital stock and 6%
convertible subordinated debentures due 1977 of U. S.

Corp.

Shares, Inc.

SEC

for

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

Bldg.,

Unified Underwriters, Inc.,

and 10 shares.

has

Unimed, Inc.
~
^
Sept. 3, 1963 filed $300,000 of 5^2% convertible subordi¬
nated notes due 1973. Price—At par. Business—Development and manufacture of ethical drugs and pharmaceu¬

ticals. Proceeds—For marketing of existing

Penn

March 8, 1963 filed $1,000,000

asset

definite.

July 9, 1963 ("Reg. A") $135,000 of 8% convertible de¬
bentures due 1969. Price —At par ($100). Business —
Manufacture and sale of custom hair pieces. Proceeds—
For new products and working capital. Office—328 S.

Note—The

repayment,

Unified Mutual

—1956 Union Commerce

.//

pending this issue.

and other corporate purposes.
Office—7300 N. Crescent Blvd., Pennsauken^ N. J. Underwriter—Bache & Co., New York.
y
;
•;r/V

Price—$15.

Proceeds—For investment

loan

Steel, Inc.

Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
—For
plant construction and general corporate pur¬
poses. Address—Suite 412-413 Hynds Bldg., Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.

(11/4-8)
Sept. 25, 1963 filed 150,000 common. Price—-By amend¬
ment (max.-$12). Business—Manufacture of electronic
securities and commodities quotation systems. Proceeds

Office—830 N. Central Ave., Phoe¬

Nickolas T. Anton, President. Address—
Highway, Chicago. Underwriter—Hay-

Northwest

Western

electrically '

Jan.^ 17, 1963 ("Reg. A") 245,000 common. Price—$1.7;

Proceeds—For expansion. Office—520 S. W; 6th

Ultronic Systems

Underwriter—None.

19,

■

hand

Western

Offering—Indefinite.

general

Shaker Properties

Oct

den, Stone & Co., Inc., New York.

Trans World Life Insurance Co.

$6; to stockholders, $5. Business—Company plans to en-/
gage in the consumer finance, mortgage,
general fi¬
and

5810

July 31, 1963 filed 465,000 common. Price—By amend¬
ment (max. $5). Business—Gompany plans to. sell general
life and disability5 insurance policies. Proceeds—To in¬
crease capital
and surplus. Office—609 Sutter St., San
Francisco. Underwriter-^-Alex. Brown & Sons, Baltimore.

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

nance

Price—$1.50.
production of
Casa Grande, Ariz.

Ave., Portland, Ore. Underwriter—None.

of the A.
B and C stock of Selective Life Insurance Co., an affili¬
share and two-thirds, share for each class

continue indefinitely (to

plans to

stockholder,

•

deposit near
exploration and working cap¬
Office—201 E. 4th St., Casa Grande, Ariz. Under¬

pany.

guns,

Inc.

Transpacific Group, Inc.

for subscription by holders

are

j-. 7

tools, including electric saws, soldering
sanders, planers and drills. Proceeds—For selling

powered

July 26, 1963 filed 155,000 common. Price—By amend¬
ment (max. $15). Business—An insurance holding com¬

Corp. ' 7/7;./

500,000 common,

filed 800,000 units of .participation ;ip

(max. $10). Business—Manufacture of

ment

Offering—Tem¬

Resources,

writer—None. '

Office—235 Lockerman
Underwriter—John D. Ferguson, Dover.

filed

Underwriter-

Ala.

Jasper,

purposes.

Financial

—

^28) ;• Business

Proceeds—For equipment,

Offering—Indefinite.

v.Selective

Ave.,

the Lake Shore copper

private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
corporate

exchange its piiits for additionalX.cpntri1initiph.s bf/sebh-.
rities, and to seek 16ng' term growth - of capital/and ihcome. Office
3001 Philadelphia Pike, Claymont, Del.
Distributor—;Welliiigtpn Co./;Inc., Philadelphia. Note^
This statement is expected to be withdrawn'.
;

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

operate retirement centers for the use of rent-free

other

Florida

Alstyne, Noel '& Co.; New York.

Transarizona

Foundation, Inc.
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Price—$10 per membership. Business—Company

and

Underwriter—To be named.

Warwick Fund

June 17, 1963

of-'w^

-(max.

porarily postponed.

Retirement

will

manufai^res yaftdfet^esi^;t^

Office—2220

Under¬

Louis. Offering—Indefi-

,//.;7 ' .U;/////;// .-7/

/7\//;//

dress—Sidney, -Mont:

■

Resort Corp. of Missouri
*
27, 1962 filed 125,000 class A common an(j threeyear warrants to purchase 1,250 class A shares to be
vpffered in units consisting of four shares and one war¬
rant.
Price—$32 per unit.
Business—Company w i 11

Olive St.,

Inc.

Un,

Nov.

Office—3615

Valley Investors,

relat^ plasttc^toy and accessorles. ^
Waterman Steamship Corp.
7,,;_ ^
acquisition; wq^iqg i^pltai and other corporate/ purr'
poses. Address—Mound, Mich. Underwriters—Bache &
Aug. "29, 1961 filed 1,743,000 common. Price—By amend¬
ment. B u s i n e s s—The carrying of liner-type cargoes.
Co., New York .and J; M/DEuii & Co., In^^ ;Minneapoiis. ;;
Proceeds—For the purchase of vessels, and working cap¬
7/ Top Dollar Stores, Inc.///."/ --/.U///7 '//. /
ital. * Office—71 Saint Joseph St., Mobile, Ala.
Under- 1
May 1, 1962 filed 2O0",000 co^mmon, of which 100,000 are
writer—Shields & Co., Inc., N. Y. Note—This registra- ~
to be offered by compaiiy and 100,000 by' stockholders.
tion will be withdrawn.
Price—$6. Busiiiess-7-Operation of a chain of self-serv-V
ice retail stores selling clothing, housewares/ etc. Pro¬
Wen Products, Inc. (10/28-31)
ceeds—For expansion, equipment and working capital.
Sept. 13, 1963 filed 200,000 common. Price—By amend¬
other

R. L. Warren Co., St.

/<77

Jan. 23, 1963, filed 328,858 common. Price—$1. Business
—A hew mutual fund. Proceeds—For investment. - Ad-v.

tobe/QffetedTl^;?^^

—^Company

ness—A small business investment company. Proceeds^--

—

i t.

7 *'•• '■'?

23, 1963. filed7l7O;50O common/

Sept.

'• Research Capital Corp.

construction.

Proceeds—For

/mutual.

are

writer

per

.,^pcc.eds^Fqr -working c ap i t a 1. .Fund to rbe- offered, in, exchange for certain acceptable :
r
.'AddresSr—Elsa,'if
l5ev_name^;7pf * securities on' Lbe basis of one unit ior^ each $100
fering—Indetoita."v:''
r i'lC'//'•'// : .jposited;'■^secttrities: ^A:,- riew eichahge type /

fWaiter—Eppler, Guerin & Turner, Inc., Dallas.

Bay-to-Bay, Tampa.

packaging products:

Office—7808 Carpenter Freeway, Dallas. Under-

Office—2909

(J. 0/15)

July 27, 1962 filed .313,108 common. Price—$3.50. Business-^Qperatioh> ,bLfilm- and

investment.

—

Business—Manufacture of urethane •
equpiment, w o r k i n g capital,
leasehold expenses and other corporate purposes. jOffiee ;
—2300 Republic National Bank Bldg., D all as.: Under - i
writer—First Nebraska; Securities Corp., Lincoln, Neb.
Offering—Temporarily postponed.
$5.05

foams.

per unit. Business^Manufacture and sale
of mobile homes. Procecds-^For general corporate pur¬

For

Office—801

Underwriter—
7-/7
-

Sept.19;7196$ /filed/^OOO/^apitaL/shares. Price-4-By
(max/ $f8 J
of life* acci¬
dent and health •ihsurance;vBroceedsL-Fbf. selling stock¬
holder, Tenneco: Coj^:; \a ^
Gas
transmission Co:< Address; -V Tennessee Bldg^y Houston,,
Tex. -Underwriter—First Southwest Co., Dallas;
;

Address

Urethane of Texas, Inc.
Fqb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.
Price-r-;

amendment

•jprice—r$172.25

new

Tennessee Life "Insurance Co;

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

capital.

16, 1963 filed $1,200,000 of 6% convertible sub¬
ordinated debentures due 1975 apd 204,000 common to be
offered in units of one $100 debenture and 17 shares,

and in

related materials reinforced by/
repayment, and working
Commonwealth Ave., Bristol, Va.
'
?

fiber glass. Proceeds—For loan

Underwriter—None.

Life—Bldg./ Lafayette; Ind./
Amosand Inc7T(same address).- / \ y / .

Sept.

poses.

molding of plastics

& Co.,

Inc.

Co.,

Lafayette

capital

Redman

Investment

Government Bonds

investment, and working capital.- Office—
411 West 7th St., Los Angeles. Underwriter—Costello,
Russotto & Co., Beverly Hills, Calif* Offering—Indefinite.
•

;

filed 48,500: .c0mmon» -Price^$lOO: Business
company-which~plahs to organize a life in¬
company;- jlh'qceedsT^-Fbr investment in ; U. S.

surance

Delaware, Inc., New York.

Industries, Inc.

Aug. 23, 1963 filed 738,408 common being offered for
subscription by stockholders on the basis of three new
shares for each four held of record Sept.. 19. Rights will
expire Oct. 15. Price—$2.50,; Business—Production and /

—A holding

Nov.- 23, 1962 ("Reg, A") 75,000 common. Price—- $2
Business—Sale of travel and entertainment. Proceeds—
For

Jan. 21, 1963

27,

Recreation

/ Universal -Moulded Fiber Glass Corp.

Albuquerque. Underwriter—S. D. Fuller
in March) 1964.

Tecumseh

amendment (max. $3,166).

rael. Underwriter—Rassco of

which; sells

Controls, Inc.
/: ;
,
Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 war¬
rants. Price—$100 per unit. Business—Development and

New York. Offering—Expected

1963 filed 400,000 ordinary shares. Price—By
Business — Company culti¬
vates, processes and markets citrus fruits in Israel. Pro¬
ceeds—For selling stockholder. Address—Tel-Aviv,' Is¬

'Aug.

company

Bldg., Minneapolis. Underwriter—None.

and

Dodge Rd., Omaha, Nebr. Underwriter—Fifst Nebraska
Securities Corp., Lincoln, Nebr.
•*
>/
Rassco Plantations Ltd.

holding

Bank

Underwriter—None.

clusively for Groher/ln^
loan repayment
other 'corporate .-p^Ufposes; Office-—
San Pedro,.

domestic and imported nutmeats for
Sale to food distributors, supermarket chains and other
/wholesale outlets. Proceeds—For construction of a new
plant, and working capital. Address—84th St., and West
Company processes

sub¬

Teaching Machines, Inc.
April 1,1963 filed-150,000 common. Price—$5 BusinessCompany develops and - sells teaching machines ex-

Sept 16 1963 filed $2,000,000 of 6%% subord/sinking
1975. Price—At par. Business-

Busi¬

•

fund debens. Due Oct. 1,

■

Insurance Co. of America
Sept. 30, -.1963 filed 42,089 common to be offered for
/; manufacture of heating equipment and automatic control
subscription by stockholders on the basis of one share
systems. Proceeds—For inventory, sales promotion, note
for each three shares held. Price—$30. Business—Sale of
prepayment and working capital. Office — 410 Fourth
life, health and accident insurance in 112 states and the
Ave., Brooklyn, N. Y. Underwriter—M. H. Meyerson &
District of Columbia. Proceeds — For debt repayment,
Co., Inc., New York. Offering—Expected in November.
and working capital. Office—3501 S. Parkway, Chicago.
United Variable Annuities Fund, Inc.
Underwriter—None.
,
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
Sutro Mortgage Investment Trust
per share. Business—A new mutual fund. Proceeds—For
Feb. 1, 1963 . filed 30,000 shares of beneficial interest
investment. Office—20 W. 9tITStreet, Kansas City, Mo.
Price—$100. Business -—A real estate investment trust
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Proceeds—For investment. Office—4900 Wilshire Blvd.,

(10/21-25)

Ramo Inc.

(Minn.)

for United Investors Fund Corp. (a
mutual funds) and United
Capital Life Insurance Co. of Minnesota. Proceeds—To
increase capital and
surplus/of United Capital Life
Insurance Co. of Minnesota. Address—1300 First National
A

Supreme Life

Sept.-16, 1963 filed 200,000 class A common. Price — $5.
Business—Company plans to form a subsidiary life in¬
surance company. Proceeds—For general corporate pur¬

poses. Office—2904
derwriter—None.

United Investors Corp.

scription television system in the Los Angeles and San
Francisco
metropolitan areas. Proceeds—To complete
developmental work, and establish the initial system.
Address—Room 2600, One Wall St., New York. Under¬
writer—William R. Staats & Co., Los Angeles.

Quality National Corp.
1

preparations. Address

July 29, 1963 filed $500,000 of 6% convertible debentures
due 197,3 to be offered for subscription by stockholders
on
an
unlimited basis.'
Price — At par.
Business—
broker-dealer

Aug. 22, 1963 filed 1,900)000 common. Price—$12.
ness—Company plans to establish and operate a

Gas Co.

Thursday, October 10, 1963

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

—Route

(10/10) :

Inc.

Subscription Television,

•

Electric &

Service

Public

research and development on new

St., Chicago. Underwriter—Noiie.

Provident Management Co.

(same address).^

Inc.

capital shares. Price—Net as¬
set value. Business—Conipany was recently formed and
will succeed to New York Capital Fund, Ltd., a Canadian
corporation. It will provide investors a means of in¬
vesting in Canada, Western Europe and other foreign
areas.
Proceeds—For investment. Office—135 S. LaSalie

April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8V2%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—316 North Fifth St., Bis¬
marck, N. D.

Farnham Foreign Fund,

July 1, 1963 filed 1,000,000

Nassau

«quisition of additional properties. Office—195
St.,1 Princeton, N. J. Underwriter—None, t
Provident

Roe &

Stein

/.7;'

Continued from page 51

(1423)

products, und

been

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

licensed to

mutuel

betting.
Proceeds—For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia.
Offering—Indefinite.

"77

■

-V

Volume

Winslow

Number 6306

198

The Commercial and Financial Chronicle

ly); Kuhn, Loeb & Co.-Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler-Paribas Corp. (joint¬

Electronics, Inc.

28, 1961 filed 125,000 commorv Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment.
Pro¬
ceeds—For debt repayment and other' corporate pur¬
Dec.

First

Office—1005

poses.

Asbury

Ave.,

Park,

Underwriter—To be named.

Wyomont Petroleum Co.
'
May 10, 1963 ("Reg. A") 120,000 common. Price—$2.50.
Business—Production and sale of petroleum products.
Proceeds—For

debt repayment,

construction and work¬

Address—P. O. Box 670, Thermopolis, Wyo.
Underwriter—Northwest Investors Service, Inc., Billings,
ing capital.

Not e—The S*EC has issued an order temporar¬

Mont.

ily suspending this letter.

;.f;

Issues Filed With SEC

This Week

(1429)

ceeds—For

debt

Office—508

West

ly); Merrill Lynch, Pietce, Fenner & Smith Inc.-Kidder,
Peabody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. Bids—Nov. 19 (12 noon EST), at above address.
Information Meeting—Nov. 14 (11 a.m. EST), at above
address. V
'
7

writer—None.

if New England Power Co. (11/19)
Oct. 7, 1963 filed 100,000 preferred (par $100). Proceeds
—For loan repayment and construction. Office — 441
Stuart St., Boston. Underwriters—(Competitive). Prob¬
able bidders: First Boston Corp.; Dean Witter & Co.Smith, Barney & Co.- Wertheim & Co. (jointly); Equi¬
table
Securities
Corp. - Kidder, Peabody & Co. - Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch/;'Pierce, Fenner &
Smith Inc.Eastman Dillon, Union Securities & Co. (jointly). Bids
—Nov. 19 (11 a.m. EST) at above address. Information

of a new line of motor speed controls to
the speed of electric powered tools.
Proceeds—
equipment, leased facilities, advertising

/ Manufacture
govern
For

additional

and

working capital. Address

1275 Route 23, Wayne,
N. J. Underwriter—Chase Securities Corp., New York.
if Balanced! Income Fund,
Oct.

value
fund.

St.,

—

Inc.

1963 filed 2,000,000 common. Price

r—

Net asset

(max. $8.72) plus 8V4%. Business—A new mutual
Proceeds—For

investment.

Office—120 S.

Chicago. Underwriter—Supervised

LaSalle

Investors

Serv¬

ices, Inc. (same address).
Broad

Horizons,

Inc.

Sept. 30, 1963 ("Reg. A") 4,000 class A non-voting com¬
Price—$25. Business-—Company plans to develop
a mountain resort near Muncy Valley, Pa., for exclusive

mon.

use

of Christian Scientists and their immediate families.

Proceeds—-For debt repayment, construction, and

ing capital. Office

—

work¬

5612 Sonoma Rd., Bethesda, Md.

Underwriter—None.

if Donaldson Co., Inc

The

—

"ifPennichuck Water Works
w
Sept. 24, 1963 ("Reg. A") 9,800 common to be offered for
subscription by stockholders on the basis of one new
share for aech 5 held of record, Oct. 21. Price—$30. Busi¬
ness—A

public utility engaged in gathering and distrib¬
uting water in Nashua, N. H. Proceeds-—For debt repay¬
ment and working capital. Office—11 High St., Nashua,
N. H. Underwriter—None. 7 </
/-■.
7
ic People's Insurance Co.
Oct. 3, 1963 filed 100,000 common. Price—$10. Business
—Company plans to engage in the writing, of general
liability insurance, including automobile, property dam¬
age and personal injury. Proceeds—To increase capital
and surplus. Office—307 Lenox Ave., New York. Under¬
writer—None.

(The)

Nevada

Weld

petitive). Probable bidders: Equitable Securities Corp.Union Securities & Co. (jointly); Blyth
Co.-Kidder, Peabody & Co.-Shields & Co. (jointly);
Halsey, Stuart & Co. Inc.; First Boston Corp.; Harriman
Ripley & Co.; Morgan Stanley & Co.; Lehman Brothers.
Bids—Nov. 7 (11:45 a.m. EST) at Southern Services, Inc.,
115 Broadway
(Room 1510), New York.
Information
Meeting—Oct. 31 (2:30 p.m. EST) at Chemical Bank New
York Trust Co., 20 Pine St. (10th floor), New York.

\77,7;;r'.7777/7:7.'

due

1, 1983, and 45,000 common to be
offered in units of $500 face amount of debentures and
75 shares. Price — $500. Business—Construction of an

gas transmission pipeline for the
Vegas, Wagon Mount, Springer, and Max¬
well, N. M. Proceeds — For construction. Office — 219
Shelby St., Santa Fe, N. M. Underwriters — Milburn,
Cochran & Co., Inc., Wichita, Kan., and Midland Securi¬
ties Co., Inc., Kansas City, Mo.

eight

cities

inch

natural

of Las

rif Security Title & Guaranty Co.
Oct. 7, 1963 filed 125,000 common to be offered for
subscription by stockholders on a share-for-share basis.
Price—By amendment (max. $7.50). Business—Company
examines and insures titles to real property.
For

St., Atlanta. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly); Morgan Stanley & Co. Bids—
Nov. 7
(11 a.m. EST) at Southern Services, Inc., 115
Broadway (E6om 1510), New York/Information Meeting
—Oct. 31 (2:30 p.m. EST) at Chemical Bank New York
Trust Co., 20

Pine St., (10th floor), New York.

if Gero Metallurgical Corp.
Sept. 25, 1963 ("Reg. A") 840 common.
Price — $110.
Business—Company plans to exploit a new process for
vacuum
degassing of molten steel. Proceeds—For debt
repayment, and working capital. Office—75 Federal St.,
Boston. Underwriter—None.

,
,

if Household Finance Corp. (10722)
Oct. 4, 1963 filed $100,000,000'of debentures due 1991.
Price—By amendment. Business—Company is engaged
in

the

consumer

finance

business.

Proceeds—For

debt

repayment. Address—Prudential Plaza, Chicago. Under¬
writer—Lee Higginson Corp., New York.

if Jurgensen's Co.
"
Sept. 30, 1963 C'Reg. A") 12,000 6% convertible pre¬
ferred (par $25). Price—At par. Business—Operation of
credit and service type retail food stores in Southern
California. Proceeds—For debt repayment, and working
capital. Office—601 S. Lake Ave., Pasadena, Calif. Un¬
derwriter—Evans, MacCormack & Co., Inc., Los Angeles.

Proceeds—

general corporate purposes. Office—17 E. 45th St.,
New York. Underwriter — New York Hanseatic Corp.,
New York.

-—v

if Sheridan-Belmont Hotel Co.
Sept. 27, 1963 ("Reg. A") $300,000 of 6% convertible
debentures due Nov. 1, 1968 to be offered for subscrip¬
tion by stockholders oh a pro rata basis. Rights will ex¬
pire Dec. 1, 1963. Price—$10. Business—Operation of the
in Chicago. Proceeds—For debt repay¬
working capital. Office—3172 N. Sheridan Rd.,
Chicago. Underwriter—None.
/
Belmont

Hotel

^Telephone Utilities, Inc.
Sept. 30, 1963 ("Reg. A") 26,500 common. Price — $10.
Business—-A telephone holding company. Proceeds—For
advances to subsidiaries, debt repayment, and working
capital. Address—Ilwaco, Wash. Underwriter—None.

if Texas Eastern Transmission Corp. (10/23)
Oct. 3, 1963 filed $40,000,000 of debentures due Oct. 1,
1983. Price—By amendment. Proceeds—For debt repay¬
ment, and advances to, a subsidiary. Address—Southern
National Bank Bldg., Houston. Underwriter — Dillon,
Read &

Co., Inc., New York.
.

if Wallace

(W.J.)

Systems, Inc.

Oct. 1, 1963 ("Reg. A") 6,250 capital shares. Price — $25.
Business—Design, manufacture, sale and installation of
a new device "Tankleg" for use in the unloading of ma¬
terials from ships and other carriers. Proceeds—For debt

repayment, and working capital. Office—120 S. Batavia
Ave., Batavia, 111. Underwriter—None.

Oct.

Nov.

to be offered in units of 50

(Competitive). Probable bidders: Halsey, Stuart & Co.

chase 25 shares. Price—$501.25 per unit. Business—Com¬
mercial development of real estate, primarily shopping

Brothers-Equitable Securities Corp. (joint¬

centers, in Kentucky, Indiana, Ohio and Tennessee* Pro¬

(11/19)

7, 1963 filed $10,000,000 of first mortgage bonds due
1, 1993. Proceeds — For loan repayment and con¬
struction. Office—441 Stuart St., Boston. Underwriters—
Inc.; Lehman

offered at $36,875
Inc., New York.

share by Whitrt,

per

offered

share by

per

Tennessee

Inc., Nashville.'

Republic National
capital

Life Insurance Co.

offered

$63.75

per

United States Shoe Corp.
225,500 common offered at $29.50 per share by Blyth &
Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Inct,
and FahneStock & Co., New York.
'(

Wisconsin

Public

$15,000,000

Corp.

first mortgage bonds/due Oct. 1,
at 100.416% and accrued interest, to yield

offered

1993

Service

4%%

4.35%, by Halsey, Stuart & Co. Inc., Chicago.

ATTENTION UNDERWRITERS!
have

you

issue you're planning to register?

Corporation

know about it

similar to those

Would
write

that

can

item

would

prepare

you'll find hereunder.

telephone

you

Department

News
so

REctor

2-9570

at 25 Park Place, New York 7, N. Y.

Prospective Offerings
•

Associated Truck

Lines, Inc.

(10/22)

Sept. 18, 1963 it was reported that 110,000 common shares
of Associated will be sold publicly, of which 40,000 will
be

sold

the company and 70,000 for certain
Business — Company is a short haul

for

holders.

carrier

stock*

motoy

Michigan, Ohio, Indiana
and Illinois. Proceeds—To retire outstanding 6% cumu¬
lative preferred stock. Office — 15 Andre St., S. E.,
Grand
Rapids, Mich. Underwriter — Hornblower &
Weeks, New York.
7
common

operating in

Bethlehem Steel Co.
Feb.

1963, Arthur B. Homer, Chairman, announced
$750,000,000 capital
improvement program to be completed by 1965.
He
26,

that the company will embark on a

approximately two-thirds of the financing fdr
generated internally and the bal¬
ance
secured externally.
Mr, Homer added that thik
would not be required until at least 1964. O f f i 6 e—25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New
said that

the program will be

York.

7' '7/

Canon Camera

June

7777'"

~"7'7.;':

•

■

Co.

vX:

reported that the company plans
$5,000,000 of convertible bonds in the U. S. Busi¬
ness—Manufacture of cameras and other photographic
26,

1963 it was

to sell

equipment. Proceeds^—For expansion. Address—Tokyd,
Japan.
Underwriter—Yamaichi Securities Co. of
//• '/'' 77. ;

New York, Inc.

Central
On Oct.

Illinois

Public

Service Co.

reported that the company plans
to sell $20,000,000 of bonds in the third quarter of 1964,
Office—607 East Adams St., Springfield, 111. Underwrit¬
ers—(Competitive). Probable bidders: Salomon Brothers
& Hutzler; Blyth & Co.-Kidder, Peabody & Co.-Merrill
2, 1963, it

was

Pierce, Fenner & Smith Inc. (jointly); Halsey,
& Co. Inc.; Eastman Dillon, Union Securities &
Equitable
Securities
Corp.
(jointly);
Lehman

Lynch,

77//",77;:7

Sept. 20, 1963 ("Reg. A") 40,000 common. Price — $3.
Business—Manufacture, sale or lease of automatic record
vending machines called "Melody Vendor." Proceeds—
For manufacture and distribution of vending machines.
Address—Kaukauna, Wis. Underwriter—None.

if Young Industries, Inc.
)
Sept. 30, 1963 filed 100,000 class A common and war¬
rants to purchase art additional 50,000 class, A shares,

if New England Power Co.

compan^,

First Boston Corp., New York, and Sanders & Co., Dallas.

ment and

if. Vend-lt-Corp.

Co.

share by the

per

Co.

common

200,000

Nov.

tree

Insurance

",".-7-'7-'•/;■

Eastman Dillon,

if Georgia Power Co.
(11/7)
Oct. 4, 1963 filed 70,000 preferred (no par). Proceeds—
For construction and loan repayment. Office—270 Peach-

Drex&i
7 '

share by

working capital. Office—11 North Jackson St., Houston.'

debentures

if Georgia Power Co.
(11 / 7)
y
Oct. 4, 1963 filed $30,000,000 of first mortgage bonds due
1993. Proceeds—For construction, and loan repayment.
.Office—270 Peachtree St., Atlanta. Underwriters—(Com¬

Life

offered at'$4

common

& Co.,

Securities

—

if Fall River Gas Co.

Underwriter—None.

$17.75 per

Recording Industries Corp.

^ San Morcol Pipeline, Inc.
Sept. 27, 1963 ("Reg. A") $300,000 of 6V2% subordinated

River, Somer¬
set, Swansea and Westport, Mass. Proceeds — For debt
repayment. Office — 155 N. Main St., Fall River, Mass.

Power

297,000

3, 1963 filed 1,250,000 common. Price—$1. Business

St., Minneapolis. Under¬
writer—Paine, Webber, Jackson & Curtis* New York.

furnishes gas service to customers in Fall

without underwriting.

holders. Office—1400 West 94th

Sept. 30, 1963 ("Reg. A") 7,692 common to be offered for
subscription by stockholders on the basis of one share
for each 23 shares held. Price—$38. Business—Company

National

common

Our

Underwriter—None.

Inc.

offered

common

Beneficial

gines, and special seals, filters, bellows and pumps for
in aircraft and missiles. Proceeds—For selling stock¬

use

B. V. D. Co.,

200,000

—Company plans to manufacture fluorocarbons for sale
to refrigerant wholesalers; the aerosol industry and other
users. Proceeds
For construction of a new plant and

filed 145,000 common. Price—By amendment

statements were de-

Co., Philadelphia.

(max. $19). Business—Company manufactures air clean¬
ers and mufflers for heavy duty internal combustion en¬

Oct. 4, 1963

acquisitions*

Monday issue of the uChronicle.i

Oct.

property

Offering
details, where available, will be carried in the

if Racoit Inc.

(11/4-8)

and

St,, Louisville, Ky. Under¬

following registration

120,000

refunding
mortgage bonds due 1996. Proceeds—For loan repayment
and construction. Office—245 Market St., San Francisco.
Underwriters
(Competitive). Probable bidders: Hal¬
sey, Stuart & Co. Inc.; Blyth & Co.; First Boston Corp.
Bids—Expected Oct. 29.

Jefferson

clared effective this week by the SEC.

if North American Investors, Inc.
Sept. 30 1963 ("Reg. A") 100,000 capital shares. Price—
$2.50. Business—A broker-dealer. Proceeds—For work¬
ing capital and expansion. Office—680 W. Peachtree St.,
N. W., Atlanta. Underwriter—The company.

repayment

Effective Registrations

600,000

Meeting—Nov. 14 (11 a.m. EST) at above address.

/A: Pacific Gas & Electric Co. (10/29)
Oct.
4, 1963 filed $70,000,000 of first and
^ Aerosystems Technology Corp.
Oct. 4, 1963 filed 165,000 common. Price—$3. Business—

Stuart

Co.

Stearns

Brothers-Bear,
& Co.
•

Co.
X

7—

(jointly);
'■/./'• ■

Chicago Burlington & Quincy RR

Oct.

White,

Weld

•

(11/12)

announced plans to sell
$5,100,000 of 1-15 year equipment trust certificates;
Office—547 W. Jackson Blvd., Chicago. Underwriters—
7,

1963

the

company

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

CS'T)

at above address.

Columbia Gas System,

Inc.

Aug. 27, 1963 the company stated that it plans to sell
$25,000,000 of debentures to raise money for construc¬
tion. Office
120 E. 41st St., New York.
Underwriters
—

-r-(Competitive).

shares and warrants to pur¬

Co.-First Boston
Fenner

& Smith

Probable bidders: Morgan Stanley &
(jointly); Merrill Lynch, Pierce,
Inc.-White, Weld & Cc. (jointly); HalCorp.

Continued

page

The Commercial and Financial Chronicle

(1430)

Bldg., Minneapolis. Underwriter
Co., Inc., New York.

Continued from page 53

Stuart & Co. Inc.; Blyth & Co.-Lehman BrothersBrothers & Hutzler. Offering — Indefinitely

sey

Iowa Power &

Association

Columbia Savings & Loan

(10/15)

stock. Price—To be
determined. Business — A savings and loan association
engaged in the business of making loans, principally se¬
cured by first liens on real estate. Proceeds—For selling
stockholders. Address—5420 Wilshire Blvd., Los Angeles.
Underwriter—White, Weld & Co., Inc., New York.
'
sell

•

Satellite

Communications

•

exploration equipment and other non-communi¬
cations concerns.
Series II will be issued to FCC-ap¬

proved communications common carriers.; Price—Maxi¬
mum of $100 per share. Business—Congress has author¬
ized
the
company
to provide satellites . and ground
facilities for the international transmission of telephone,
telegraph, television and other communications. Office
—3029 Klingle Rd., N. W., Washington, D. C.
Underwriters—To be named. Offering—Expected in early 1964.
Connecticut Yankee Atomic Power Co.

April 23, 1963 it was reported that the 12 utilities which
jointly own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Act
to permit the negotiated sale of $55,000,000 of the firm's
bonds. The request has been opposed by a major under¬
writer who wants the bonds to be sold at competitive

formed in December,
1962, to own and operate a 500,000 kw. atomic power
plant at Haddam Neck, Conn. Proceeds—For construction
of the $70-$80,000,000 plant. Office—441 Stuart St., Bos¬
bidding. Business—Company

was

named.

ton. Underwriters—To be

Consolidated Edison Co. of New York

(12/11)

Sept. 17, 1963 the company stated that it plans to sell
$60-$75,000,000 of bonds in December. Proceeds—For
construction. Address—4 Irving Place, New York. Under¬

writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Morgan Stanley & Co.; First Boston Corp.1
Bids—Expected Dec. 11 (11 a.m. EST), at above address.

Oct.

Co.

Power

Consumers

1963 the company stated that it had postponed
Mid-1964 its
plans to raise additional capital.

until

said that it planned to sell $20,000,000 of debentures. No decision has been reached on

Earlier, the
the

type

Office

—

Co.

1964.

Michigan Ave., Jackson, Mich.

Un¬

amount

derwriters
Stuart

company

212 West

securities

sold

(Competitive). Probable bidders: Halsey,
White,

Inc.;

Weld

Co.-Shields

Co.

(jointly); Harriman Ripley & Co. Inc.-First Boston Corp

(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).
Control

Data

Corp.

16,-1963 it was reported that the company plans
of $25,000,000 or more of securities sometime
in 1964. A company spokesman stated that the timing
and type of issue, will depend on market conditions at,
the time. Office
8100 34th Ave., South, Minneapolis.
Sept.

the

sale

Aug. 28, 1962
Chicago.
on

The last sale of debentures

named.

was

handled

by Dean Witter
5

Co.,

31, 1963. Underwriter—First Boston Corp., New York.

Kentucky Utilities Co.

1963, it was reported that the company plans
to sell $8-10,000,000 of bonds in the third quarter of
1964. Office
20 South Limestone St., Lexington, Ky.
—

Underwriters—(Competitive). Probable bidders: Halsey,
Co. Inc.; Kidder, Peabody & Co.-White, Weld

Stuart &

& Co., Inc. (jointly); Eastman Dillon, Union Securities
Corp.-Merrill Lynch, Pierce, Fenner & Smith
Inc.

(jointly).'

Ritz, Inc.

1963 it was reported that following the pro¬
of Lanvin-Parfums and Charles of the
Ritz, to be voted on by stockholders Nov. 14, E. L. Cournand, President, and certain other Lanvin stockholders
plan to offer publicly 800,000 common shares. Business
—Company is the U. S. distributor of Lanvin perfumes
and other fragrances, as well as cosmetic and toiletry
products. Office—767 Fifth Ave., New York. Underwrit¬
ers—Goldman, Sachs & Co., and White, Weld & Co., Inc.,
New York. Offering—Expected in late December.
Sept.

30,

posed

merger

Long Island Lighting Co.
1963 the company announced plans to issue
$25-to-$30,000,000 of first mortgage bonds in each of the

Aug. \ 29,

1968 inclusive, to help finance its $285,Office — 250 Old
Country Rd., Mineola, N. Y. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Blyth

years

1964 to

Co., Inc.-First Boston Corp.

& Co.

■

(jointly); W. C. Langley

Power &

Light Co.
Feb. 20, 1963 it was reported that this subsidiary of
Middle South Utilities, Inc., may issue $25-$30,000,000
of bonds early in 1964, Proceeds—For construction. Of¬
fice—142 Delaronde St., New Orleans.'Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.- Kidder, Peabody & Co.-Harriman
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blytb
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart &
Co.
Inc.;
First Boston
Corp.-Glore, Forgan
& Co
(jointly); Salomon Brothers & Hutzler-Eastman Dillon
Union
Securities - &
Co.-Equitable
Securities
Corp
(jointly).
'
/ V' -'-y
'
: ' -\."v ■
Louisiana

Massachusetts

Aug. 27, 1963 it
sell
441

Electric

was

Co.

(12/4)

Power

Sept. 17, 1963 it

Co.
was

reported that the company has ten¬

tative plans to issue $50,000,000 of first mortgage bonds
in the second quarter of 1964. Office — 30 Rockefeller

$10,000,000 of bonds in the fourth quarter. Office—
Stuart St., Boston. Underwriters — (Competitive)

Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.:
Eastman Dillon, Union Securities & Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-Whtie, Weld & Co. (jointly).
Bids—Expected Dec. 4.
■./
^
■

■

Plaza, New York.
t

Underwriters—(Competitive).

Prob-

able bidders:, Halsey, Stuart & Co. Inc.; First Boston

nCorp.; Morgan Stanley & Co.;
rities Corp.

Stone

Webster

Secu¬
;

General Aniline & Film Corp.
April 3, 1963 Attorney General Robert F. Kennedy

an¬

Merrill Lynch,

Aug.

1942

88% of the voting control of the
company. Mr. Kennedy
«aid that if General Aniline should be sold for $200 mil¬
lion,, the Government would receive about $140 million
and Interhandel about $60 million. The settlement
terms,

recently

approved

must be approved

by Interhandel stockholders,
also
by the U. S. District Court at Wash¬

recommend that member firms approve the required
changes in the Exchange's constitution to permit this.
Industry sources believe that the move is several years

Business—Company is the largest brokerage house
139 domestic offices and over 2,300 ac¬

count executives. Office—70 Pine

Mexico

bidders:

Blyth

Co.-First

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

Electric

Light Co.

of bonds in the U.
Loeb

000,000

construction

program.

Office—176

Cumberland

Ave., Wethersfield, Conn. Underwriters — First Bostori
Corp., New York; Putnam & Co., Hartford; Chas. W
Scranton &

Co., New Haven.

International Milling Co.

July 8, 1963 the company announced that it expects to
file a registration statement
covering its first public
offering of common stock. The sale will include both a
primary and a secondary distribution. Business—Com¬
pany is one of the world's largest flour millers with op¬
erations in five countries. Proceeds-LFor
expansion, re¬
search and debt repayment. Address —1200 Investors

To be named. The last rights offering in July 1959 was

Inc., New York.

Pierce, Fenner & Smith

Northwest'Natural Gas Co.
*

Sept. 25, 1963 the company announced tentative plans
to sell 50,000 shares of preferred in early 1964. Proceeds
—To refund 50,000 shares of outstanding
5.75% pre¬
S. W.

Morrison, Portland, Ore.
New York.

Un¬

derwriter—Lehman Brothers,
Otter Tail

Power Co.

reported that the company plans
par preferred stock, some¬
time in 1964. Action is subject to approval by both com¬
mon and preferred stockholders. Office—215 So. Cascade
St., Fergus Falls, Minn/Underwriter—To be named. The
last sal,e of preferred on March 8, 1950 was handled by
Glore, Forgan & Co., New York and Kalman & Co., Inc.,
Sept. 10, 1963 it
sell 30,000

was

shares of $100

St. Paul.

Pacific

v,V V-",

V',

Northwest Bell Telephone

Co. /</
Aug. ■ 27, 1963 the company announced plans to offer
stockholders the right to subscribe for additional com¬
mon in mid-November. The number of shares, price and
the ratio to shares held will be announced later. Business

—Furnishing of telephone service in Washington, Ore¬
gon and Idaho. Proceeds—To reimburse the company's
treasury for construction expenditures.
Office — 1200
Third Ave., Seattle. Underwriter—None.
Pacific

Northwest

Bell

Telephone Co.

(12/3)

Aug. 27, 1963 the company announced plans to sell $50,000,000 of debentures due Dec. 1, 2000. Proceeds—To re¬
pay $48,700,000 debt due Pacific Telephone & Telegraph
Co., former parent.
Office — 1200 Third Ave., Seattle.

Underwriters—(Competitive) Probable bidders/ Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—Dec. 3
(11 a.m. EST) at 195 Broadway, New York. Information
Meeting—Nov. 26 (2:30 p.m.), same address.,
Pacific Telephone & Telegraph Co. /
June 19, 1963 the company stated that it will need $650
million of new money in the years 1964 through 1966 to

help finance its $1.3 billion construction program/ This
that the company must sell about $217

means

securities

million of

it was stated. Office—-140 New Mont¬
gomery St., San Francisco. Underwriters—To be named.
a

year,

The last issue of debentures
written by Halsey, Stuart
the issue was tendered by

on Feb. 16, 1960 was under¬
& Co. Inc. One other bid on

Morgan Stanley & Co. ;
^
Pennsylvania Power & Light Co.
March 18, 1963 the company stated that it expects to sell
$75,000,000 of bonds in the period 1963 through 1967.
000,000

—

For construction and the retirement of

maturing
Sts., Allentown, Pa.
last

sale

bonds

$8,Office—9th and Hamilton
Underwriters—To be named. The
bonds.

Nov.

29,

1961

was

won

at com¬

petitive

bidding by White, Weld & Co., and Kidder,
Peabody & Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).

Philadelphia Electric Co.
/
Sept. 18, 1963 it was reported that the company is con¬
sidering the sale of $50,000,000 of first mortgage bonds
in

mid-1964.

Office

—

1000

Chestnut

St., Philadelphia.

Stanley

S. and abroad.

1963

the

Underwriters—Kuhn,

(12/4)

announced plans to offer
year' equipment trust certificates.
Office—466 Lexington Ave., New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co., Inc. Bids—Dec. 4 (12
of

company

1-15

EST), at above address.

New York State Electric &

April 3, 1963 it

Gas

Corp.

reported that the company plans to
sell $20,000,000 of debt securities to finance its construc¬
tion program for 1964 and 1965. Office—108 East Green
St., Ithaca, New York. Underwriters — (Competitive)
Probable

was

bidders:

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

Potomac

Edison

Co.

Aug. 16, 1963 it was reported that this subsidiary of
Allegheny Power System, Inc., plans to sell $12,000,000
of bonds in the first quarter of 1964. Office—200 East
Patrick St., Frederick, Md.
Underwriters—(Competitive).
Probable bidders: W. C.
Langley & Co.-First Boston

Corp.

(jointly); Halsey, Stuart & Co. Inc.; Equitable
Corp.; White, Weld & Co.-Shields & Co.
(jointly); Lehman Brothers, Eastman Dillon, Union Se¬
curities & Co.-Harirman
Ripley & Co.-Merrill Lynch,
Fierce, Fenner & Smith Inc -(ioint.lv). ' ', '
Potomac

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

$3,600,000

noon

April 30, 1963 the ctpmpany announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,-

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

Securities

July 16, 1963 following the public offering of $40,000,000 of external bonds, it was reported that the Govern¬
ment
is authorized
to
sell
an
additional
$65,000,000

Oct.. 7,

W. 50th St., New York. Underwriters

St., New York.

(Government of)

terials. Office—111

Probable

reported that the company plans to

was

771,110 additional shares to stockholders on

Office—15

★ New York Central

Boston Corp.

& Co.

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

Chairman, stated

/<,"'• '

(Minn.)v

ity of "going public." He added that, "when the time is
appropriate," Merrill Lynch will request the governors

away.

ment

May 14, 1963 it
offer about

Power Co.

Underwriters—(Competitive). Probable bidders: Morgan

in the U. S. with

seized by the U. S. Govern¬
German asset. The stock represents

Pierce, Fenner & Smith Inc.

19, 1963, Michael W. McCarthy,

shares of

Aniline

States

that the company has held informal discussions with the
staff of the New York Stock Exchange as to the feasibil¬

nounced that the Justice Department had reached an
out-of-court agreement with Interhandel, a Swiss hold¬
ing company, designed to settle the 20-year old dispute
over control of the 540,894 class A and
2,050,000 class B

General

Northern

Bids—Expected

Inc.; Salomon Bros. & Hutzler.
10 (12 noon EST).
./ ; ■
>.

Proceeds

reported that this company plans to

in De¬

Office—120 Broadway, New York.

ferred. Office—735

On Oct. 2,

Lanvin-Charles of the

underwritten by Merrill Lynch,

Probable bidders:

Duke

Co.,
Dec.

:':>'

May 1, 1963 it was reported that the Government plam
to sell an additional $35,000,000 of external loan bond.*
in the U. S. during the fiscal year ending March 31, 1964
It is expected that the majority would be sold by Dec

—

Underwriter—To be

"''i;

(12/10)
reported that this road plans to sell
Ry.

Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &

(Government of)

Japan

000,000 5-year construction program.

cember.

subscription by stockholders. Office—1315 Versailles

York.

Pacific

July 2, 1963 it was
about $4,800,000 of equipment trust certificates

Rd., Lexington, Ky. Underwriter—S. D. Fuller Co., New

space

•

Northern

Irving Air Chute Co.,

for

registration statement

December covering about $200,000,000
of this firm's common stock to be issued in two series.
Series I will be sold to the public, firms that produce
filed

Light Co.

Inc.
Sept. 11, 1963 it was reported that the company plans
to file a registration statement shortly covering $1,810,000 of 6% convertible debentures due 1975 to be offered

Corp.

reported that

Oct. 7, 1963 it was

will

•

16, 1963-it was reported that the company plaru
$10,000,000 of bonds in the last half of 1964.
Of¬
fice—823 Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White.
Weld & Co.; Halsey, Stuart & Co, Inc.; Equitable Securi¬
ties
Corp.; Kidder, Peabody & Co.; Eastman Dillon
Union Securities & Co.; Lehman Brothers; Blyth & Co,

the company plans

1963 it was reported that
125.000 shares of guarantee

12,

Sept.

to sel

postponed.

Thursday, October 10, 1963

Roanoke, Va. Underwriters — (Competitive).- Probable
bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—Expected Nov. 13 (12 noon EST) at the
company's Philadelphia office.
h ) •
\

Kidder, Peabody &

Jan.

Salomon

•

—

Peabody & Co. - Salomon
(jointly); First Boston Corp.-Glore,
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co.
Kidder,

Brothers & Hutzler

Norfolk & Western

Ry. (11/13)
Oct. 1, 1963 it was reported that this road plans to sell
approximately $7,000,000 of 1-15 year equipment trust
certificates in November. Office
8 N. Jefferson St.,
—

Electric Power Co.

July 30, 1963 the company stated that it will need $50,000,000 of new money in 1964 for its construction pro¬
gram and

expects to do permanent financing in the early
part of the year. However, it has not determined the
amount

type of security to be offered. Office—929
W., Washington, D. C. Underwriters—To be
Feb. 19, 1963 the company sold $50,000,000
of bonds to Dillon, Read &
Co., Inc.; Lehman Bros.,
Eastman Dillon, Union Securities & Co., Stone & Web¬
E

St., N.

named.

ster Securities

Corp., and Johnston, Lemon & Co. Other
were Kidder, Peabody & Co.—Mer¬
rill Lynch, Pierce, Fenner & Smith, Inc.—White, Weld
& Co.—Salomon Bros. & Hutzler
(jointly); First Boston
Corp.; Halsey, Stuart & Co.
bidders

Public

the issue

Service Co. of Colorado

June 4, 1963 it

was reported that the
company plans to
$35,000,000 of 30-year first mortgage bonds in April,
Proceeds—For construction. Office—900 15th
St.,
Denver, Colo. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.;
Harriman, Ripley &
Co., Inc.-Eastman Dillon, Union Securities & Co.-Mer- '

sell

1964.

Number 6306

198

Volume

The Commercial and Financial Chronicle

rill

Ga. Underwriters—To

Co.

mon

Lynch, Pierce, Fenner & Smith Inc.-Dean Witter &
(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co. (jointly);
Blyth & Co., Inc.-Smith, Barney; & Co. (jointly).

Feb.

Eastman

named. The last sale

1961

15,

(1431)

made to

was

group

(jointly); First Boston Corp. Bids—Expected Nov. 26 (11
EST) at Bankers Trust Co., 16 Wall St., New York.

com¬

headed

a.m.

Dillon, Union Securities & Co.,

about

Blyth &■ Co.,
were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,
Fenner & Smith Inc. (jointly).

for

Jan. 2, 1963 it was reported that this subsidiary of Paci-fic Lighting Corp., plans to sell $27,000,000 of first mort¬

and

^ Rayette, Inc.
Oct.

7, 1963 it

reported that this firm plans to sell

was

$10,000,000 of securities in January. The type or
terms of the offering have not yet been decided. Busi¬
ness—Manufacture of cosmetics, supplies and equipment
beauty salons. Office

—

261 East Fifth St., St. Paul,

Underwriter—Allen & Co., New York.

Minn.

is the second instalment of

ing.

Inc.
Sept.; 10V1963 it was reported that the company plans to
offer its stockholders later this year, the right to sub¬
scribe for^abput $5,400,000 of convertible subordinated
debentures due .1983. Business—A holding company for
firms in the, trucking, manufacturing and equipment
leasing "fields; Office — So. Bayshore Bldg., Miami, Fla.
Undferwriter^-Blyth & Co., Inc., New York
Ryder System,

RR.

Trans World
Oct.

ruling which "has been construed by some to
registered/investment companies could not
would

Edison

the sale

of $35

;

bank

earnings
in

term
a

'■

Net

■"

"■

•

major

banks

cities,

for

first

earnings

located

the

nine

' "■

operating

///,■

itive

third

months

continue to

run

responding

1962

quarter
of

the

periods,

and
will

1963,

ahead of

cor¬

York

bankers

investment

specializing in bank stocks.
The

its

Stock

Quarterly

that

third quarter net operating earn¬

will

ings
than
nine

months

Union

same

ing New York
11

in
are

other

representative

cities

included in the survey.

The

the

investment

firm

attributed

the continuing favorable

trend in

member

loans

The Fed¬

raised

charge

banks—to

expenses

savings

'" / >;

...

that

currently

about

are

investments

and

are

above

last

"Although operating
with

up,

deposits

time

costlier

and

than

higher operating

reve¬

absorbing the added

ex¬

pense," the commentary said.
In

section

the

Setting

for

entitled

Bank

Credit,"

sustain

are

great

short-term

order

persisent

interest

contain

the

international

deficit.

The

the

foresees

rates

nation's

invest¬

possibility

the

(jointly); White, Weld & Co.: Stone

Securities

Co.

Western
Oct.

credit
and

expansion
avoid

yet

interest

term

reducing

which

executed
In

short-

through

rates,

repetition late this
neuver

underway,

now

Maryland Ry.

1963 it

fice

300

—

was

St.

Paul

would

moye

year

they

the
ma¬

successfully

ago.

year

release

lowered the reserves-banks

maintain

savings

and

are

against

re¬

time

deposits from 5%

4%, thereby releasing nearly $800
million
ber

usable

banks.

funds

result

Bank

mem¬

and

the

sequently
ury

Federal Reserve

was

program

open

market in

"It

reduce

which

quired

the

member

that by the end

Federal Reserve

the

cash
banks

maintain

fore¬

significant buildup

structure

Noting that protection of small

banking

tion

from

the

competi¬

primary

New

con¬

State

York

Legislature, the firm recommends
that
to

the

lawmakers

"allow

banks

expand beyond district lines by

merger,

alternative

holding

company

the

method

now

available."

institu¬

Named Director

tions."
V In

destructive

matter

discussion of

Court's

decision

the

Supreme
Philadel¬

the

Quarterly

merger

foresees

abolition

tons

bank

state

the

case,

"the

ultimate

Allan

American

inter¬

Harry

Mr.
of

elected to

been

Petrofina, Inc. Board of

Directors, it has
by

geographical restricexpansion,

has

Hoover

announced

been

President.

Jackson,

has

Hoover

Minera

Compania

President

been

Guate¬

mala, S.

Avfor the past 17 years,

firm's analysis concludes that "the

and

was

formerly associated with

extension of competition through¬

supplies

'/. ■;

•

is probable

the. year

will

designed to sustain both

reserves.

Bank

this

sub¬

able to sell Treas¬

bills in the

million

debt-type securities in the cap¬

ital

phia-bank'

action,

United Cali¬

$30

competition

monopolies."

re¬

million

$35

National
of

runners

Underwriters—

restricting

preserving

cern

publication

obligations by

fornia

and

Quar¬

capital deben¬

sale

the

thereby

banks

firm's

Franklin

November, 1962, the System

quired

article

the

gards
such

million,"

the

tures,

Baltimore.

Place,

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Oct.
15 (12 noon EDST) at
company's office.

$860

(10/15)

reported that this road plans to sell
$2,925,000 of 1-15 year equipment trust certificates. Of¬

The

Stuart

Inc.

terly commented.

bank

10.

EST) at One Chase

der, Peabody & Co.; First Boston Corp.; Halsey,

about

seasonal

support

Expected Dec.

—

a.m.

Union Securities & Co.; Equitable Securities
Corp.: Kid-

seek

Bids

(11

Washington Gas Light Co.
July 2, 1963 it was reported that this utility plans to
sell $20,000,000 of bonds in the second
quarter of 1964.
Office—1100 H. St., N. W., Washington, D. C. Underwrit¬
ers
(Competitive).- Probable bidders: Eastman Dillon,

present statutory minimum of

3%.

Corp.

Manhattan Paza, New York.

that the monetary authorities will

the

ever

firm

Webster

Information Meeting—Dec. 5

bill yields and the banks'

"Tighter

Schapiro Quarterly noted that the
pressures

(11/20)

of-payments
ment

Franklin

Stuart &

Inc.—Lehman Bros,

Louis.

St.

and

Underwriters—(Competitive).

Halsey,

bidders:

three

nearly

reported

banks

year's level.

ahead of

City banks and 18

in¬

Federal/ Re¬

•.

are

1962 period. Seven lead¬

further

years.

combined

the

Address—Seventh

Sts., Rich¬
Probable bidders:
Co.,, Inc.; Salomon Bros. & Hutzler—
Goldman, Sachs & Co. (jointly); Eastman Dillon, Union
Securities & Co.—Merrill Lynch, Pierce. Fenner & Smith
mond.

Underwriters—(Competitive).
Halsey, Stuart & Co. Inc; Lehman
Brothers-Blyth & Co., Inc.-Eastman Dillon, Union Secu¬
rities
&
Co.-Bear, Stearns & Co. (jointly); Salomon
Brothers & Hutzler; White, Weld & Co.-Shields & Co.

mid-July

Quarterly

December.

company

from 3%, a rate which had

The

Virginia Electric & Power Co. (12/10)
July 30, 1963 the company announced plans to sell $30,000,000 of securities, probably first mortgage bonds, in

Business—

1964.

in the past. Office—315 N. 12th Blvd..

Blvd.,

nues

1963, net operat¬

12th

in response

for

(11/20)

Co.

Probable

rate—the

effect

half

stated that it plans to sell
$30,000 000 of first mortgage bonds due 1993. Office—315

been

higher

4.6%

Co.

1963

firming of short-

first

Electric

17,

31/2%

ago,

ing earnings will be 5%
the

and that for the

ago,

advances

year

aggregate

year

discount

running

Schapiro firm predicted in

Bank

the

bidding,

Sept.

monetary policy.
Reserve

eral

accord¬

ing to M. A. Schapiro & Co., Inc./
New

Line Corp.

Pipe

St. Louis. Underwriters—The last issue of preferred in
November, 1949 was won by First Boston Corp. If the
company decides to sell the stock competitively, the fol¬
lowing groups are expected to bid: First Boston Corp.White, Weld & Co.-Shields & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Lehman Brothers
(jointly); Blyth & Co.-Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler (jointly).

restrictive

the

Electric

assets, coupled

rates

interest

serve

earning

with the recent

Continue to Top"...
,

Gas

Associates, the latter' parent.

over its gas
properties. Proceeds—To the selling stock¬
holder, Blackstone Valley Gas. Address—Pawtucket, R. I.
Underwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.; Stone & Webster Securities Corp.

17, 1963 the company stated that it plans to sell
$20,000,000 of preferred stock. It added that it may sell
the preferred on a negotiated basis instead of by compet¬

crease

West

Price—At book value ($11.15 per share on Apr.
30, 1963).
Business — Company was formed by Blackstone to take

air

preferred

Union

Co.

Office—1407

Eastern Utilities

stone and

June

due

Sept.

stated that it is considering

Bank Earnings

quarter of 1964.

Aug. 28, 1963 it was reported that the SEC had scheduled
a hearing for Oct. 10 on a plan under which Blackstone
Valley Gas & Electric Co., would sell its entire 400,000
shares holdings of Valley Gas to stockholders of Black-

state¬

Office—3100) Travis St., Houston, Texas. Under¬

to $40,000,000 of

1962 Levels

registration

writers—White/Weld & Co., and Stone & Webster Se¬
curities Corp., New York.

common stock early in
help finance its $570,000,000 construction pro¬
gram. Office—1330 West Peachtree St., N. W., Atlanta,

1964

Airlines, Inc.
reported that

Transmission of natural gas, Proceeds—For loan repay¬
ment.

.-v-..-/v./.'>;/;■

•

company

second

Valley Gas Co.

was

world-wide

some

21, 1963 it was reported that the company plans
$50,000,000 of first mortgage bonds in the first;
quarter of 1964. s Office—601 West Fifth St., Los An¬
geles. Underwriters — (Competitive). Probable bidders;
Halsey, Stuart & Co. Inc.; First Boston Corp.-Dean
Witter & Co. (jointly); Blyth & Co.-Lehman BrothersMerrill Lynch, Pierce, Fenner & Smith Inc.-Salomon
Brothers & Hutzler (jointly).
V
Aug. 12, 1963 the

the

Brothers..

man

1963 the company announced that it plans to
sell $50-$55,000,000 of first mortgage bonds and possibly-

sell

Southern Co;

Transcontinental

Aug.
to

Light Co.

reported that this utility plans to sell
of bonds and $10,000,000 of preferred

& Webster Securities Corp. (jointly); First
Corp.-Blyth & Co. (jointly); Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
ney & Co.-Salomon Brothers & Hutzler (jointly); Leh¬

—Expected in late November.

that

mean

was

& Co.-Stone

1, 1978, Business—Company pro¬
transportation services. Office—
380 Madison Ave., New York. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York. Offering

Southern California

1963

debentures

purchase
required to divest themselves
of it, if Sears' itself owned a mutual fund." Earlier, All¬
state said that the fund would be in operation late in
1963 on a "very small scale," and would be started on
a state-by-state basis as
approval was granted/Office—
925 So. Homan Ave., Chicago. Distributor—Allstate En¬
terprises, Inc., Chicago.j.
stock

vides

SEC

Power

Boston

covering a proposed
secondary offering by Hughes Tool Co., of approximate¬
ly $80,000,000 of this firm's 6¥2% subordinated income

Sears, Roebuck & Co.
1963, Allstate Enterprises, Inc., subsidiary, an¬
nounced that it had delayed its plans to form a new

Sears'

ment will be filed later this month

Feb.' 19,

Spring St., Los Angeles.

Sept. 25,

clarification

South

ing—Indefinite.

(11/13)

received

St., Salt Lake City. Underwriters—(Com¬
petitive). Probable bidders (bonds): Salomon Bros. &
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &
Co.;
Merrill
Lynch,
Pierce, Fenner / &
Smith
Inc.
(jointly); White, Weld & Co.-Stone & Webster Seeurities Corp.
(jointly); First Boston Corp.-Blyth & Co. Z
(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear,
Stearns & Co. (jointly). (Preferred Stock) White, Weld

$20,000,000 City of Tokyo bonds in the U. S
during the fiscal year ending March 31, 1964.
Under¬
writer—To be named. The last issue of Tokyo bonds ir
March, 1927, was handled by Kuhn, Loeb & Co. Offer¬

_■■■;V\/-v'

Read

;

North Temple

plans to
approximately $15,000,000 of first mortgage bonds
Office—720 Mercantile Dal¬

Underwriter—Dillon/

600

—

$20,000,000

stock

Tokyo (City of)
May 1, 1963 it was reported that the Diet had authorized

Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-White, Weld & Co. (jointly);
First Boston Corp.; Eastman Dillon, Union Securities &
Co.-Merrill Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); 'Halsey, Stuart & Co. Inc. Bids—Expected Nov. 13
(12 noon EST) One Chase Manhattan Plaza, (54th floor),

until

about

the sale of

Richmond, Va.

fund

Utah

St., New York. .Underwriters—
Probable bidders: Salomon Brothers &'

Bldg., Dallas, Tex.
Co., Inc.,. New York.

Office

funds.

July 2, 1963 it

in the first quarter of 1964.

the company announced that it plans to
sell $22,000,000 of first mortgage bonds due 1988 at com¬
petitive bidding in November. Proceeds—For loan re¬
payment and working capital. Office—3600 W. Broad St.,

mutual

tal

Pine

las

(Los Angeles)

Underwriter—None.

proposed $12,840,000 offer¬

Bank

each 12 shares held of record Sept. 13. Rights will ex¬
pire Oct. 22. Price—$62.50. Proceeds—To increase capi¬

it Southwestern Public Service Co.
issue

1963

New York.

—

California

Sept. 17, 1963 it was reported that the bank is offering
its stockholders the right to subscribe for 431,014 addi¬
tional common shares on the basis of one new share for

Oct. 6, 1963 it was reported that the company

> San Diego Gas & Electric Co.
Sept; 10,; 1963 dt was reported that the company is con¬
sidering "the; sale of about $20,000,000 of debt securities
in mid-1964," Office—861 Sixth Ave., San Diego, Calif.
Underwriters— (Competitive)Probable bidders-: Halsey,
Stuart' & CoV: Inc.; Blyth & Co,; First Boston Corp,Eastman Dillon;; Union Securities & Co .-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler (jointly).
Line

United

(Competitive).
Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 29 (12 noon
EDST) at 70 Pine St., New York.

Air

Office

(Mempnis)

reported that the Bank plans to
150,000 additional common shares to stockholders
was

one new share for each 7%
held of record
Rights would expire Nov. 27. /This offering is
subject to stockholder approval on Nov. 6. Price—$40.
Proceeds—To increase capital funds. Office—61 Madison
Ave., Memphis. UnderwriteiWTo be named.--

Nov. 6.

quarter.

(10/29)

1963

the basis of

of Calif.

Co.

20,

offer

Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in October. This

Loeb & Co:; Halsey, Stuart & Co. Inc.

Seaboard

fourth

Southern Railway Co.

Rochester, N. Y. Underwriters—(Competitive), Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Kuhn

Sept. 24,

the

Gas

Sept.

Address—P. O. Boj
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers—(Competitive) Probable bidders: White, Weld
& Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fennei
& Smith Inc.;., Halsey, Stuart & Co.
Inc.; First Boston
Corp.

May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first quarter of 1964, but
may do .so earlier if market conditions are favorable.
Prodeeds -—For construction. Office —10 Franklin St.,

Counties

bonds in

gage

Rochester Telephone Co.

Union Planters National Bank

Equitable Securities Corp. Other bidders

Southern

the

investment

out

Lazard

Freres

ently

Director of Pitney-Bowes,

the

tions

well

the

demolition

are

petitive,

against

time

balance-/! and savings deposits from,.4%

the

country
of

all

The

sec¬

requires the

archaic,

anti-com¬

state-created

effect

allocate

intrastate."

United-States

reserves
re¬

barriers,

which

territories

has

been

among

to.,

baij^j

Inc.,

State

banking
&

Co.

National

firm
is

pres¬

Bank

Connecticut, New York and HonRosario

Mining

Co.,

and

qmbined Metals Reduction Co.

The Commercial and Financial Chronicle

Thursday, October 10, 1963

(1432)

daily newspapers. But they

of the

will be there.

WASHINGTON AND YOU

[This column is intended to reflect
"behind the scene"

the

BEHIND-THE-SCENES INTERPRETATIONS FROM THE

interpretation

from the nation's Capital and may or

NATION'S CAPITAL

coincide with the "Chronicle's"

may not

views.]

oicn

— The
has helped ease opposition, the
Presidential elec- Administration now believes it
that finds an incumbent run- needs a better "salesman" to put

WASHINGTON, D. C.
months before a
tion

second term can be
among
the most
unpredictable
periods in the United States form
of republic.
Because if there is
anything at all that is predictable,
it is that there will be sudden and

ning for his

in policies by an
trying to stay in

changes

sharp

administration

another

for

power

changes

These

are

four

years.
in the >works

again.

Just who will

President's cabinet.

and who will stay is

of the

in the makeup

changes is

impossible,

But that there will be
change is
almost as certain as
sundown.
Not too much speculation has. come on the members of
predict.

yet

cabinet

the

—

it's a little too

—but most

early to name names

observers

Washington

will be changes.

vinced that there
There

several

are

for

reasons

The
administration

any

Not all cabinet
means

Mystery"

members by any

eager

are

Dean

to leave.

'■ '•

can.

Yet,

Mr.

Dillon

one

■

spent almost four years away
their normal jobs, and this
in-

consi

means

"retire"
life, and the White

private

back to

are

iney are

unhappy to

usually

not

Thpv

for most of them,

come

isn't unhappy to

House normally

another
"fresh start."
And usually, the
most controversial members of a
cabinet are especially vulnerable.
of

showing

the

make

are

red

the ink in our

He had fought long

Edward Day.

battles in his term

bitter

and

fought the

had

office.

pro-

and had
won most of his battles to try to
automate operations, cut down on
carriers,

mail

fessional

motion,

waste

install

cedures.

won

pro-

new

major postal

although not as big

rate increase,

cabinet member may
of voters

wouicj
But

one

sweep,

too many

much

publicity,

too

draw

the-lower

Oct.

impress lots

changes

level,

...

Cpnsider
seph

Federal

the

Commission.

—

what was

methods

business

tried to install

of biggest

one

com-

mercial5arms°of governme^t.^ 'lle
and

business,

private

to go back to

ready

was

White House
to see him go, al-

the

wasn't unhappy

though he is

considered one of the
his group by the

most effective of

Kennedy clan.

and

for

been

speculation off

more^than a year that
Luther

Secretary

created turn

than one happy

wondering

defense contractor

where

the

his policies..So

investors are also wonder-

good for

ing, and this isn't always

the'

money

political

machine that em-

Secretary.
Hodges was soon to go back to
These are the basic problems
his firm
and leave government that White House political strateto bureaucrats.
The only mistake gjsts are now weighing. Who will
Commerce

speculation

this

that it was premature.

likely

leave

next November.

praise from the
Hodges,

Mr.

the

post

before

And, again, with

Administration.

cabinet,

probably
He is very

than anyone

kept business op-

to the Kennedy policies
minimum—meaning as little

position
to

could

expected considering

that most of the
at

policies are aimed

wooing consumers, unions,

other

that

special interest groups
business.

But

dynamic personality, and

pioys the Defense

an(j wj1Q wdl stay js

much

jn the

Power to and voting for

publicans for state and local of-

caused

fices.

and

probably

Re-

recent
to

fight

interestate

questionnaire

natural

pipe-

gas

Other Question Marks
There are others in this boat

too. The Chairman of the Interstate Commerce Commission has
consistently refused to go along
with the President's transportation deregulation proposals. The
Chairman of the CAB has caused
several furors in his time in the
job. The Chairman of the Federal
Maritime Board has already been,
pushed aside, although he is still
a member of the body,
weed

the

out

vulnerable

"resignation."
.

install

predecessor,

years have

its

own

. ■

■

appointment tant, and they will be made. Some
might soothe the ruffled feathers will hit the headlines, others will
of the

be buried on the business pages

changes, but
mentioned are
vulnerable.
Public and political
reaction will be the final judge
of who goes and who stays,

Association

Automation

National

First

(Chicago, HI.)

Bankers

Con¬

ference at the La Salle Hotel.

City)

Nov. 20,1963 (New York

Association

Meeting of members

election of

(Hollywood Beach,

Fla.));'

" :

Investment
of

and

officers

University Club.

Dec. 1-6, 1963
7

new

Governors' Dinner at

governors;

the

Exchange

Stock

America

at the

Bankers

Association

Annual

Convention

Hollywood Beach Hotel.

CHRONICLE'S Special Pictorial

Supplement Dec. 19.

Attention Brokers and Dealers

MARKETS

TRADING
Botany
Maxson

Industries
Electronics

Official Films

Standard

number

Fruit &

Waste King
Our

New

York

telephone

CAnal 6-4592

LERNER & CO., Inc.
Investment

Securities

10 Post Office Square,

Boston 9, Mass.
Teletype

Telephone
HUbbard

617

2-1990

451-3438

Major Pool
Equipment

oniy be one or two
any

13-15, 1963

developed.

even a compromise

heavy Texas and Oklahoma

Nov.

American

peo-

changes will be impor-

These

For
■

Hotel.

the Americana

old policies of the

of the criticism that the first four

Thus, he has made himself extra

Women 41st annual convention at

Firms Annual

lines, in which he recently backed pie and get them to get things

panies.

Bank:

Association

National

for

dedicated govern-

over

(Bal Harbour,

1963

Initial patronage to any new
eiectric power utilities. A administration is important to

an^

20-24,

Miami Beach, Fla.)

Republican

'for President,

very

0f these men

this rebefore the

There is a lot more to

newing

the

image

cabinet

members

are

the

section and the most changes
occur

there.

While

Corporation

Darl Marks & Co. Inc.
FOREIGN

most

will

loss of a

Bought—Sold—Quoted

SECURITIES SPECIALISTS

20 BROAD STREET

While the

Presidential elections.

and dramatic possibilities, the second
layer of officials is the biggest

not

would be contributing

they

air. There' may

other

while he

worst

military machine, and made it down, caused some drop in their done. Patronage in the second insticky More than one top General securities because of changes and stance is important too, because
DoriUe director 6r ambassador a,leSations over rates^ of return it remakes a public image, tries
.corporate- director or amDassaaor u 1 investment for these com- to take away some of the sting
.
because of this conflict. And more

many

There has

election day; the

has

Swidler

the Swidler. is

ou*
be in quiet reflection, Mr.
McNamara has done one jobtaken firm civilian control of the

went as a result of

Line

pect at the moment would be that
they would stay away from the

Chairman Jo-

Here,

quiet uproar. A former Tennessee

ac s

Invest¬

the best the President could ex-

that

ment control advocate. He started
out his role by imposing thorough
control over natural gas producrevolt within the professional tion and * sales, thus alienating
military ranks. His policies on the many strong and. important oil
TFX.fighter contract has stirred and gas men.
.
*
up a heated and continuing ConLately, Mr. Swidler's zeal for
gressional probe. His research and tigHt government regulation lias
development and procurement irr|tated the State Public Utilities
policies have irritated some de- Commission members, the backers
fense contractors. He is cqntrover^ie Ruraj Electrification Adsial, tough, and businesslike.
ministration power cooperatives,

Hodges Next in

Mr.

that

through

talks

present,

the

polls
Controversial Mr. Swidler

gas

section of the country show that

theas to the political com- that job under controversy, left
commercial'community, Valley Authority official, who Mr.

controversies he has

had, in effect, done

He
asked

and

■

Status

Democrats to come
back into the campaign fold.
At
oil

well

a ever

he wanted.

York

the Statler Hilton Hotel.

changes possible replacement list is Dehas already taken place with the fense Secretary Robert McNamaresignation of Postmaster General ra- His policies have caused open
fact, the first of these

;;

Association

National

(New

ment Clubs annual Convention at

'"but"18 to "if party- D°"g!a„s
?'"°n may stlf> a"dhe
s to
bat be may "<*, and .f not, ,t will
not be a happy retirement.

1963

17-18-19,

City)

books!"

^as keen workiriff or con" needed campaign funds.

McNamara's

Club

the Standard

dinner at

Oct.

beautiful month, Mr. Cackles—the leaves

almost

of the

munity, the biggest,name on

First Departure

"October is

an °'1« line Democrat, not only a could still, .Bate-,-protests of whole
man Who would work in the party
precincts, but as a reward to one industries and bring back sorely
_

Asso¬

Oct. 18.

strongest spokesmen for

wll°

Dealers

party—dinner at the

Top of the Mart, Oct. 17; outing
and

all that he

it—accomplished

see

fall

ciation

House advisors

White

some

—as

(Atlanta, Ga.p

Security

Georgia

May¬

Oct. 17-18, 1963

...

whe?> after loining The Departmen* as a Republican, accepted
an aPP°intment to the top post
from
Democrats. He has sold
^ls *ax cud argument, for the most
Par^» to reforms into effect, and
business, has put depre¬
ciation

Sym¬

the

Taxes"

Hotel.

flower

America

"Alternatives to Pres¬

Federal

ent

mystery.

Institute

posium

He shocked the
Eisenhower Administration in 1960

C.)

Tax

Rusk is

(Washington,

1963

10-11,

Dillon is something

doubt safe.

—

now

Oct.

Rusk at stay. State Department
the So does Treasury
wants to

the New
cabinet
that start with a
new Frontier. His is a top spot, a deli¬
President take the, brunt of the cate
spot,
and
many
Kennedy
normal criticism that always fol¬
advisers would like to see it go to
o
lows changes. In addition, they've
from

INVESTMENT FIELD

IN
Dillon "A

that will come.

the changes

members

con¬

are

AY EVENTS

Administration.

Kennedy

the

Secretary Douglas Dillon.

most certain of these

One of the

COMING

before the public. And Mr. Hodges
has had his fling, and is probably
ready to go back to North Carolina as an "elder statesman" of

•

NEW YORK 5, N. Y.

Memorandum available

request

' TELETYPE 212-571-1685

TEL: HANOVER 2-0050

AILL, THOMPSON & CO.,

„\

70 Wall Street, New
......

Tel. WH 4-4540

INC.'

York R, N. Y.

Tele. 212 571-1708

Full text of Commercial and Financial Chronicle : October 10, 1963, Vol. 198, No. 6306

FRASER