Full text of Commercial and Financial Chronicle : October 17, 1963, Vol. 198, No. 6308

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Reg. U. S. Pat. Off.
THE

Volume

Number

198

LEADING

AND

INFORMATIVE

MOST

6308

New York

PUBLICATION

THE

FINANCIAL

FIELD

ESTABLISHED

1839

7, N.Y., Thursday, October 17, 1963

Price

Cents

Copy

EDITORIAL

As We See It
It is

sad

commentary

give, the Soviet Union

that

upon our common sense

much has been made of

our

determination to

portion of

plus wheat and probably.

our

sell, not to

mountain of

sur¬

By G. Russell Clark,* Chairman of the Board, Commercial

of the other surpluses

some

should

Russian

gain by refusal to do

bids

their

imagine. Other countries,

in,

are

our

nations,' and indeed would be free to buy

wheat, grind it and sell the flour at
Union. Our past

official policy in such matters

to have been born of and

nourished

"never-never land"

far

Reserve

The author, former New York State

Clearing House Association, is recognized

Superintendent

now,

tional economic

■.

We have

appears

this

instance.

treated like any
p.;
#

who is

mergers —and

sold at the world

sold, there

such transactions

is in

can

subsidy

farmers.

for

sale of four

example, for

million

metric

estimated $250

tons

(Continued

seems

Public

are

su¬

Municipal

Securities

etc.,

the

enacted,

was

and

the

Bank

mergers

claimed,

legislation

long last,

G. Russell Clark

bank

the cornerstone

was

This

Act

complete picture of issues

now

which

advisory opinion

jurisdiction.

regulatory

Such

also required from each

advi¬
of the

■-

bank merger considerations.

the

legislative

examination

has

starting

can

be an

been

reposes

recently

the Department

commission outside

a merger

and

supervisors."

thinking

reflected

information

current

in the

this point

1642,

covering

(Continued

on page

26)

State,

Municipal

31.

page

the

stated:

adequate substitute for the

knowledge

presently

in corporate

review

amendments to the Secu-

over

In the

sessions,

supervisory field, of the facts of

registered with the SEC and poten-

Section,

other agency

The trend of Congressional

which,

authority

vested

Housing

STATE

Underwriters
•

AND

Lester, Ryons & Co.

MUNICIPAL

623

Dealers

So.

California

Members

Corporate & Municipal

Street, Los Angeles 17,

Hope

Members

New

York

American
Pacific

Stock Exchange
Stock Exchange

Coast

MIDWEST STOCK

Glen-

San

EXCHANGEjzf^

Diego,

Santa Ana,

Riverside,

Santa

135 So. La Salle Street

Bond

California Securities

Dept. Teletype: 571-0830

New

York

Correspondent

—

Pershing & Co.

T.L. Watson&Co.

Municipal

Bond Division

THE

MANHATTAN
BANK

Dealers, Banks and Brokers

Canadian Securities

Human Resources

CANADIAN

LUMBER
MEN

1832
•

Members

••

Block Inquiries Invited

BONDS & STOCKS

Commission Orders Executed On All
Canadian Exchanges

New York Stock Exchange

Stock

Notes

California's Diversified

Net Active Markets Maintained

American

Whittier

FIRST NATIONAL CITY BANK

Chicago 3, III. FRanklin 2-1166

ESTABLISHED

Bonds and

Monica,

Inquiries Invited on Southern

TWX: 212-571-1414

Agency

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

770-2661

Exchange

Offices in Corona del Mar, Encino,

Securities

MEMBERS

approval

were

background,

be given

positive direction would

mergers.

to the pos¬

in the bank merger

finally resolved by requiring the

preceding

transaction,

widely predicted in the publications of the day,

DEPARTMENT

•

of the

of the Bank Merger

passage

bank.regulatory agencies.

Justice,

the bank

tests for

was

"No

;

CHEMICAL BANK NEW YORK TRUST COMPANY

770-2541

The

national

of three members

then Chairman of the F. D. I.

Merger Act

bank

two

testimony

in that

seven

having

ing position

bank

MULLANEY.WELLS & COMPANY

NewYork
phones:

one

over

Substantial pressure was exerted in certain quar¬
ters to place the Justice Department in a command¬

like to

thoughts

was

opinions

other

dis¬

""'■81
York 8, N. Y.

jurisdiction

each merger before the Federal bank

sory

but

widely

tial undertakings in our "Securities in Registration"

Distributors

BOM)

action

and Public

jiAti'C

P.O. Box 710, New

sole

1960, great debates took place

Housing,

State and

affirmative

C., which has brought objection from the

agency

interest

should

of 1960 with its

26)

afforded

following

Justice Department to submit

SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors

securities

U. S. Government,

has

field, and it

including

applicability

wheat,

on page

that

few

that this

The

with

areas

most

area.

When

,"This transaction has obvious benefits for the United
States.

anchor

direction.*

•

the
is

direct

wheat the Government has already purchased
higher domestic market which is main¬
our

banking matters.

branching,

merger

and stored at the

tained to assist

agencies give their consideration

ture of the Justice Department

;

many

cussed

foreign purchaser, only a saving to the American tax¬
payer on

examinations,

rates,

the

need

concerned

are

chartering,

way

sail.

ions

like all wheat sold abroad, will be

price, which is the only

At the time of the

pervisory regulations and opin¬

one

"While this wheat,

D. I.

Act of

contrary, winds of supervisory opin¬

multitude

less

bargain with Amer¬

;

though

and

other cash customer in the world market

ican merchants.

proposals

merger

banker to keep abreast of the rapidly changing,

and at times

"Basically, the Soviet Union will be
a

banks and also sits

outlines

categories

chases.

commercial

restriction

banks

rating

changes

purchase agreements provide
times

banker

Nevertheless, to¬
the

even

always obtain

can

good

customer.

not

day
A

really

financing amounted to holdings
Because these re¬

$1,063,000,000.
cise

investment

have to do a little allotting
when he especially desires to re¬

these requirements very well and
will

course

have the time and staff to devote

instruments

Two

maximize

maneuver

the

disad¬

restrictions

legal

any

that

means

ment

and

beginning

the size and nature

but probably not of a bank. Banks

actuality most commercial

the

from

With

agreement

vantage

pected of the usual business firm

but

bank

the

market

grounds

sell to Russia while

government bond dealers.

the

In addition

pay.

commodities

than

wheat, the Administration

tively, in 1962; in 1963, $3.0 billion

with

get the wheat at

bushel

Americans would

groups

indicate for commercial banks and
for

sians
cents

FROM WASHINGTON

increase

(1499)

CO., INC.

Ex¬

f"'

The Commercial and Financial Chronicle

business

and Future
of Payments Crises

Balance

Shields,* Chairman,

MacKay-Shields Economics, Inc.,

New York City

four-point program to remedy our world
payments imbalance and the devaluation of gold to $70 an ounce to
solve future world liquidity needs once we achieve a $1-$2 billion
payments surplus. The former bank and now management consulting
economist contends that increased short-term fates and a modest
rise in long-term rates sufficient to thwart the dollar outflow, and
a 25% reduction in each category of both military and foreign eco¬
nomic aid, would not require new legislation, entail austerity nor
adversely affect our domestic policies. To forestall any inflationary
impact from devaluation, the economist would have the IMF receive
all gold profits in exchange for deposit reserves to finance future
needs of any country suffering a temporary deficit or to enlarge the

;

credit base for

firms

how

them

teach

done here.

exceeded

and, after get¬
ting

withdraw

creditors decide r to ,
their funds—motivated,-

either

apprehension, concern?

ing

billion

adjusting

now

policies or by
to employ their funds

desire

elsewhere
Our

financial

our

assets of $43

of life so
restore

way

health

po-

i t i o n. The

two

Our trou-

our

over

Shields

Murray

the
tVc' u'n"k haflr
U. S. will be back

interhatidnal

extended

but

that we are

short term ac-

finahciai

ing

•

Payments

has

Winn

this nation

years

many

waiking

^nto a ^an^e '?

rap
P
frightening to all

was

balance of

The total balance of pay-

(2)

deficit

ments

period has

that

amounted to almost $26 billion;

bal-

$8.4 billion and they have

added
of
S. and

$17.4 billion to their holdings

deposits
term

—all

the

government securities

the

later

claim

future

„

■

...

impreSsive 38% of the Western
total gold stock.
The

gold not held

our

reserves

against

Federal Reserve note and

deposit

legally required

amounted

liabilities
to $12
of

foreign
of

June

free gold

13 years ago

140% of our total
short term liabilities.

billion

this

our

year,

represented only 14% of

total short term liabilities.

our

this

Obviously
cannot

thing

sort

for

long.

the

trends of 1961 and 1962 were to be

continued,
be

our

exhausted in

and

that

this road is

feverish

demoralizing

Far

The

have

would

billion

constrictive

possibly

The eventual end of

$30 billion.

dollar,

only three years

period

increased

been

would

gold

free

short term foreign liabili¬

our

ties

run

gold

the

crisis,

devaluation

and

disasterous depression.

From

gold.

not that we are

It is that we have

Being Bankrupt

predicament

which

good—comparatively:'

We have been in the economic
doldrums for several years: Eu-

Fund 'so that it can continue "in*
deficit in its balance of international payments. 1 The: IMF was :
created to tide nations over.tempayments arid

harm than

the IMF is obligated riot to make

ib oougaiea noi. xo maKe
available

such

&ooa-

unless

credit

nations receiving it

\ Dangerous Suggestions
(1) jt has been suggested that
We

action to

curtain"

States

Wlth the world's central reserve
CU™ *>ul,sbe the«>rt
this death knell
0ff, it would

iron

take decisive

get their financial houses

* restrict* tourist&"ex^
f
expenditures
have
^ 3

the

can

retaliate

Some

gage

not

the

enviable

, every otner nation vill
get up to the trough as promptly
as

tour

en-

abroad and

then leaving

it there.

possible.
nossible.

wide variety of round-

getting their money

!"clmea to *etaliate- some tour

The Treasury has

(7)

invented
to

some

recently

ingenious

deiay the day when

devices

the basic

unenviable — position Besides, it would be a backward problem must be faced. It has
being the world s banker can step for the U. S. to go to the svs- done so by borrowing abroad on
ma"a£e ^eir
frna economies tern of tourist control nations are its own short term paper situation
from which
to make
Wlth legs respect to their interna- European
and other
balance of naVments
°r Perhaps

tional ^ion and image' ^y-ow happily freeing themselves, look better than it really is. This
ca!? -a
have on occasion e- After all, what we need is a West- js jn effect just a time bomb with
valuedor,lost that right when the ern freedom free of are the mark a short fuse and reallyThe foreign
re.v?^Uf . j?11 curi^n~ on World which the restraints equation much worse makes the
cies. We

urgently necessary that

job of-dealing

get

with

it.

world's

the

became

re-

such

cir-

serve currency. Under such cir-

Si bTnks

of communism.
""

where the whole structure can be Act in an effort to free the whole '
erosion

Western World
lations and

(3)
Jeopardizes
Grand
Another

came

of the

iniquitous

international system of trade restriction,

our

payments.

subsidies.

Opposes Special Tax or
:Inducements

(8) The idea has been advanced

by some that we should give some

apply discrimi-

special tax or other inducements
to entice foreigners to buy larger

thermore, that

Plan

natory tax

point which finally be-

■

It has been suggested, fur-

Kennedy's

apparent to the authorities

regu-

"
v

devices to reduce the

securities and to
Well, they step up direct investment in new

volume of foreign borrowing in amounts of U. S.

the

United

States.

plants in the U. S. which would,
of course, tend to ease our balance
of payments position. But this is
absurd. For what is proposed in
essence is that our government
continue borrowing money here
to give it away abroad so that foreigners can increase their investments here. We have enough overcapacity now without subsidizing
reduction, immense expenditures possibility that we could just stop f°rei§n competition, within our
for area development, urban re- buying gold. This is a form of OW11 market. Anyhow, Europe's
habilitation, roads and low in- partial demonitization of gold —- major problem is to expand its

should

soon

entering come housing, huge

period of doldrums; Our rate

money.

easy

This

are

the

end

deficits and for which the world is hardly own production to satisfy the
package is ready. But the basic absurdity in growing needs of its people,
of growth in the last half of the capable
of undermining confi-^it is that no one wants to sell us Therefore, its investments
P0^"
current
decade is sure to be dence among holders of dollars gold anyhow. It has been a long folio as well as direct—should be
higher than it was in the early in which event the "grand design" while since we have been on the in Europe, not in the U. S.
.
years of the decade; in Europe would be an economic shambles, buying side.
This would be just
It has been proposed by still
the rate of growth is just as Easy
money will simply drive another means of muddying the others that since the world s gold
sure to slow down; Our rate
of more money into foreign markets internatioal financial waters. And stocks are likely within a tew
wage inflation is on the wane; and increase foreign
borrowings since it might be regarded as but years to represent an inadequate
it is picking up some real mo- in the United States. Large-scale the initial step in a long series of monetary
base for the soaring
mentum elsewhere;
deficiteering, either through tax blocking operations the response credit needs of a world wnere
Our profit margins have been cuts
or large expenditure pro- 0f the foreign holders of dollars production and trade are rising
on
the decline for many years grams, can cause foreign — and might be spectacular.
vigorously, we should set up a
and are about to begin a slow domestic — holders of dollars to
^ There have been some argu- sa^ef. cen ra., an '+
rise; in Europe, the trend of seek protection by moving their ments for full demonitization of stltutl0n could create still r
profits I cannot
help
but - be funds abroad.
gold which means, I suppose, that reserves for use in international
downward
from
the
rarified
While we appear to be moving we- would stop either buying or settlements, the hope being that
levels of the past;
v
/ toward the peril point in this selling gold. This would leave the this would take us out of the
The rise in the cost of living whole
unsavory•, business, it is dollar floating and inevitably exresent situation where an atin many other inations has re- reassuring that the
Administra- poSe it to some quite wild fluctua. .,
.
cently been far more rapid than tion clearly is aware of the dan- tions at a time when the Western
P
t
in the U. S. and the divergence gers involved and gives evidence World desperately needs stability ternational payments into surplus
in trends promises to continue. °f a sobd determination to take in the exchanges.
And it would produces a deficit in some other
The resurgence of the politi- remedial
action. Several points be ridiculous for us to disregard nati0n. But this is nothing more
rope

its

find ourselves is serious and it is

with

that de-

would

is that the danger of a gold crisis won't work, for in practical apthreatens to obstruct the whole plication they would soon be full
"great design" of the Kennedy of loopholes. And what an anomaAdministration to get business l°us situation for the nation which
booming in 1964, to prevent a re- has led the fight for free markets,
cession in 1965 and to achieve a free enterprise and free finance
Favorable Factors
step-up in the country's rate to be engaging in this sort of
(3) If one takes a look at the of growth. The economic stimu- thing.
situation in the rest of the world, lants counted on to produce those(4) Some observers have even
and particularly in Europe, we desirable objectives
include tax gone so far as to talk about the

trouble

(4) Our free gold stock, i. e., the
amounts

gold

s*on *s to have'the U: S.'borrow
from the International Monetary-

considerations can lsts would be encouraged to
effect
on
domestic

and ^hat represents

-n

look pretty

gold;

about ways of

Nations

the

short
let our
ance
of payments deficits have labilities payable in gold at the
exercised their privilege of draw- option of foreign holders grow far
ing on our gold to the tune of too high.
-

short

•

fac^ do

that/jnclineci

considerations

put in jeopardy if we fail to stem

World's

(3) The recipients of the dollars

sent abroad as a result of our

bank

•

and

rateg

;

accouts

tain flexible interest rates to

ittil

0fgold in the past five years,
still have over $15 billion

the last 13 years,

been

a'f n°!

J3"4

payments deficit in every year but
one

bil-

losing gold at an

the facts?

(i) We have had

surA

w
are

in order,

nance.

What

monitization

danger is

(2) Another suggestion is that which buy this paper do so reluclion
This clearly is dangerous for cumstances, lit was flirting with we subsidize exports. This would tantly and are and will be very
hon Tms\c
J
fug
.j-trouble to permit our gold re- be quite something, for the nation nervous about a iong position in
dence that nations which borrow ^rves to run down with our lia- which has been trying to lead the the dollar if nothing fundamental
short and lend long are asking for blllties increasing ^ominously. We world to more trade freedom and [s done ab0ut our balance of paysnort ancf
g
8
are now approaching a position has adopted the Trade Expansion ments nosition
$25

liabilities

ifnowledae
knowledgeinternational fi- and

experts in

able

main

i"nte7nal budget and ~to" main- m™6 foreign countries would be «anization everv we raid that will
„lnt^estlng ^lde ef1f?c^s* for the IMF- If other nation orinternal Duaget ana to mam
Many

Under

CT
For

must

a*no^s'

toTafhLin bafance ^ tourist

international

kjg

banker

world>s

its normal count
our short term private
its normal
noco+c „urnaj up
traditional position of balance in and,government assets abroad be- doUar

been

into

the

our

assets,

ceed

years,

its

made

But

that our liabilities ex-

not

ble

four

,Tvt i.

wouj^

and

banker

world's

ntei national
of $80 bave their

other side of the

and bonds

sujcks
stocks

ana
and

now

that within

total

can

run

are-

After the War, we

the

Of S80

had only $8
billion
of direct investments in
the United States and $39 billion
in deposits, short term securities

international

prospect

and

foreigners

ledger,

our

payrhents

billion

On the

billion.

-inH

and short term foreign
total

h*ard SUggestions> many of which P°rary—not permanent--deficits';
palpably unworkable and in their'balance of

is
involvement .is- fundamen-•
un a
e

tally serious.

assets

countnes,

loieign

other long

they just stop the foolishness and

Another danger ^is that, if we
fa1^ a^ restoie balance in our in^ernatl°nal accounts, we may be
te™Pted to resort to some quite
sllly Panaceas- Already, we have

financial

our

the

We had

billion.

dollar

exceed-

5flanc^ of Payments' Sword of ipg which- there has been discus-

vulnerable .in case

are

foreign

our

investments of $37

private direct

fright, we are

been

with demands that

bal-

be in trouble on

may

where

foreign liabilities by

less than $33

real

1962 our foreign

our

;

have

generous

something far more severe than all of the high hopes centered in'
:ance of payments accounts, but
mdd recessions experienced the International Monetary Fund
economically we still carry a lot since the war.
for a Western World of stability
of muscle.
(3) It will be exceedingly dif- in the exchanges! We: would be
With all these strengths, it is a
Produce a major expan- a long while recovering from this
pity that we have permitted our- *lon in °"r rate of growth if we one.
;
^
; -- - ' ^ T
selves
to
drift
into
a
position ?*ave constantly to live under the - : (6) Another 'gimmick concern-

world expansion.

the end of

is complicated

ness

the

hemor- But this is not to say that the
douar emerged as the world's
We are U.S. is bankrupt. /major central reserve currency.
not yet out of danger, but finally
(D We are solvent or>>nterna- But we persistently refused to
the-professional e
under to "the rules by
the-proiessionai experts have tional investment account, for at }muckl
»
been called

occasions "we

ingly

(2) If the next slump in busi- get their financial houses

;

stemmed.

being

Thursday, October 17, 1963

would like to

power

remove.

of payments

Our balance

the party in

consulting

management

our

became

rhage is

Economist Shields urges a

massive form of economic dynamite which

management by employing

ness

By Murray

giving

vote of confidence to U. S. busi-

Solving Today's
•

(1500)

*
no

counterpart

political

scene;

and,

tnes^ has
U. S.

the

European

now

clear:

alL the advice

have given so

„ (1) The danger of a bone crush. copiously to other nations which
ing gold crisis in the pre-election permitted their payments position
p e r

obviously

represents

to get out of balance.

lesg than a meaps

a still

0f building

nvramid

of credit

laiger pyramid of .credit
already an adequate

On those over what is

The Commercial and Financial Chronicle

Number 6308

198

Volume

gold" base/This is just'asking for

lishment

United States amounted to $5 bil-

V'lion. • « •
- - •
the .point
(3) As for investment abroad

trouble later"on it"riot soon. ♦
-

reached

have

that

say

there is

people

abroad,

tax

and

the

nomic

make

such

po-

was

•

cash

the

aid

would

the

steps

budgetary deficts, maintenance of on private account,
artificially low interest; rates; and
still"

devaluation must ;be the-inevitable
result.

Well, if the Federal Gov-

whatever

into

just

of financial

the

might

inflation

of life, and join many .of

way

Latin

their

outflows
part

nations

American

not

exclusive

very

Furthermore,
continue

nancial

down

•

the road

materially

deficit

during

altogether

25%

our

government has

our

well

the

get to the nub of

matter.

Our

note

and

close to exhaustion. If.

deficit

$2.4

was

billion in 1961, $2.2 billion in 1962

our

and it may well be $2.5 billion in

deposit

already

our

(1)

To permit

there/will be

all .times

.available

stantaneous

use..

must

reserves

for "in-

corporations
abroad.

for

ducement

citizens

woud

advised

well

repeal the legal requirement that
Treasury cannot issue securi-

our

with

ties

that

rate

coupon

than 4%%
now

is senseless

which

—

Federal Government

our

has '"assumed

such

colossal

vcon-

Employment ~vAct " requires
the

that

spend

Government

e r a

required

resent

disaster.

;

The

short

real

have

~of

case

•

term,

been $1.1

to issue

huge-amounts

Security System.

The

capital

decided

term. interest

already

nudge

to
rates

guaranteed commercial bank de-

mortgages, etc., etc.

erosion

the

fail to

home.

This

our

will

economy

that-the

handsome

Treasury

will

of .funds.

amounts

that

event

have

complete

funds

quickly by issuing bonds at

whatever

require.

Treasury

our

freedom

rate

the

And

such

action

wait

until

gent

which

the

is now;
the

need

would

responsible

for

ternationab
13 years

•

$42 billion.

for the

same

than

term

easy

ac¬

refunds

floating

bludg-

into

reduction

dollars

through
'

tendencies

well

may

companies

already have production faciliscattered

tries

the

than out of

abroad.

and to ask such

payments surpluses.

that

coun-

future

made

earnings

subsidiaries

Furthermore,

when

operations,.

foreign invest-

get

may

asize,

Another probability is

sooner

later tourists ex..

penditures in the United States

New, Legislation Is Necessary

I do not believe that any

required

are;

balance.

note

Please

No new

be-expected

further

Europeans;

restore

fluent they

are

look

that--

take

cities

legislation—involving

this

rise.

become

af-

likely to decide
the

major

And

country.

the

hassle with

Congress—is

nec¬

The Administration has

essary.

the

power

needs

re¬

the floating debt.

The

which

the

supply

Europe,

have

past

scale of operation
to

markets

money

had

large-scale

operate in making the changes

increase

the

to achieve a moderate

interest

Administration

own

some

initiative—just
of

credit

needs

our

rates.

This

devising

its

mobilize

back

military ' forces

means

term

own

countries.

seem

now

inside

and

But

their

they

placed in

covere(j

?,i^ere °* S0 *GSS
Clearly

bank

returned

equalization tax

investors
stocks

from

bonds.

and

rates

prepared—if all

not

would

business
we

erations

•

and

having

through

refunding-

absorbs the

funds

the

down

over

three

years

economic
more

our

trou-

*rade relations
v;;

surplus, the total

period being $23 bil-

lion. ^Foreign capital entering the

aid

than

million

which

can

per

year,

The

ing the costs of

raining forces in those two
wouid

Qur
of

far

position

«full

Allies in

Many of

than

would

Create

At such

case

they

were

weU

private sale of the above Note.-

Incorporated

maintain their

own

defense estab¬

October 17, 1963

Reserves

raise

wQuId
the

the

one

Western

^
Continued

for purposes of record.

Schroder Rockefeller & Co.

they should

IMF

conference I should

which

our

have heard Europeans

and others agree that

international priee of gold to $v0

one

attacked.'

...

think that the first order of busi-

areas

with

bit

Favors Future Devaluation to

"token."

still

commitment"

outlays

and

monetary machinery of the world
so that it will be adequate to
e
task
supporting a really great
P for^ard ln Production, emPayment, income and trade.

undersigned has acted for the Company in arranging
the

military

ternationai monetary conference,
not to rescue ^ doll+ar' b+ut t(J
reorganize the international

military base

our

phase

two

Qnce we regaih a posi ion of
moderate surplus in our intern¬
*onal accounts, we can take the
^
^ the horns and ca 1 an 1 ^

Promissory Note due October 1, 1978

achieved by reduc-

addition,

peri0d

and

affect

referred to earlier.

Piggly Wiggly Southern, Inc.

result

States,

$750

enough

op-

which

short

Europe will

United

foreign

$1,500,000

otherwise might seek employment

advantageously

My preference is for doing the job

moderately

adversely.

cou}d

system of capital controls,

by lifting long term interest rates

balances

our

fails—to

else

others

and

be ...moderate

would

sh0uld

foreign

But

deter

buying

upward

of the bal-

Eurodollars

si0n and threats to apply an interest

Again the required rise in interest

about to reach for a

This announcement appears

1-1

rates

some

investments

term

interest

combination of persua-

•

advisable for

corporations

ances

have

environ-

to attract

savings

•

p0jnt where

have been far too slow in

-4.

be done by nudging our

can

short

n£ss

ment

"atl0nal Paym?n/, but to reach

operating

market

or deficit,

fol\a s"rplus
a ,least $1 blUlon
a"d perhaps f bllbon p<lr ,annum-

industry

common

And

can—at

draw

of for-

markets.

our

one-half

say

?.r

clearly is de-

our

prospect

shall hold

T oblect'ye tP be. "ot slmply to
elVmma e the dcIlc,tKInt °r Inter-

Federal Reserve will surely co¬

*u-

far too small

....

necessary

the
we

1 «"nk that it

completed

are
new

account

able lift.

major

funds shipped

new

earnings

ments

the

of the

many

our

well

outlays

start-up

of their

and

foreign

present

interna¬

minor

world

may

out

the

over

of the

investment

transfer

.more

will

favor,

our

Many

many

likely that

business

down.

ties

the

foreign investment

and

action

working

rate of

slow

since

violent

other

several

gifts,

lending institutions set up

actions

two j to
returning
international

Would Set $1 Billion-Surplus-Goal

balance.

have to do is to

obligations,

termined to stop the flood

imports.; of operations, etc., in Europe and
$164- billion,
japan by about one half. The re-

the rest of the world.

also Were in

foreigners

of the bloated

long

use

already in substantial

really

may
»,

skoidd do about the three related
Problems, i. e., balance of paymen^s' f°reign liabilities and gold.

/// (3) outlays abroad foreign miliTo reduce our by 25%
tary

(2) On private service accounts,
we

for

administration

The

•

the

tbe Prediction,
^ow * w°uld like to present my
Personal feelings as to what we
Tm?

our

only

were

moderate rise

Deficits
> ../

not in* our'in-

exported $206 billion

5i_1S J1'0 -111

with

into

risk

k^lion surplus
__

abroad.

trade, for in the past,

of,-goods- while

than

•

trouble

the

Reasons for Past

(iy

goods

•

stop the erosion

deficits of the past."
"

means

be" helpful/to 'list

will

factors

—

debt

international payments po--Treasury

sition/ it

ur-

advertise
.

we can

will

take

becomes

but

some

has used

dealing with the

by which

the

aid to countries willing

•

Treasury

raise

must not

will

the

eign borrowing in

market

time

rather

must

weakness.

Before

our

to stop the

here

borrow

range

have to go to the market for quite

necessary

incentive

interna-

adverse

our

experience

the

soon

loans

indicative

investments,

«•

that

thereafter that

private inter-

accounts

outflow

The

borrowing from the country

all

accounts, the eventual im-

our

in iong term rates in order to reduce

pact

short

upward

(2) To facilitate

pay-

unemployment.

our

intention to repay, to

finance

We have

force

called for

with the lowest interest rates, i. e.,

balance of

have

outflow;

try

economic

the U. S.-to nations with balance

outflow, has

our

a m o u n

shows to be

and

are

billion in the past three

authorities

nor

the government spigot.

less

"soft"

clearly

that purpose

own

annual

payments deficit by that amount,

posits, savings and loan accounts,

tional

the

investment

for

rep-

So by stopping the outflow

years.

Treasury whatever

our

/of bonds to provide funds for the

stop

flow

and -institutions to. shift

sense

average

moderate

the

of the responsibility for for-

tional

economic " trouble,

Social

eign

depressing factor for the

economy.

involving the

All

—

and

moderate

any

policies

make

abjure the right to expropriate

/funds

move

quite

•

would not in

to- prevent wisely

freely

money

economic

will

terms

our

The rise, in interest rates

tingent. liabilities and. guarantees* we would reduce
Our

growth

aid into loans instead of

necessary

the

surplus.

gold

our

eon

come

prosperous

aid, to shift

our

limit

in-/

rate

for

little

point

stem the

short term

our

interest rates to raise to

be permitted to rise still further, where

They

developed nations, to be less

ents

re¬

dangerous •gold; liabilites, are 'to

for

national

aggressive in seeking out recipi¬

—

our

The time has

neither

recession

quarter.

reduction

exceedingly

speeding

taken

ne^ position within

We do not need to
•

make larger contributions toward

Deficit Problems
now

than

•

now

1963. All we have to do toelimiand to do so long nate the deficit in our internafree gold, reserves are tional payments is:

Reserve

tion

by $750 million

make

austerity

to let the: other industrial nations

Curing the Nub of Our

And

assistance.

our

money

lavishly abroad.

able

Fed¬

gold

"requirements, 'against

liabilities

period

ments deficit through the adop-

means

entire

the

further

eliminate its balance of

Surely after having poured almost
that for all practical purposes the $100 billion into foreign economic
only reason we have been in aid since the war, we should now

of fi¬

to elimi¬

This

still

even

contemplated.

foreign economic aid expenditures and long

taxes

prediction.

our

desirable

our

per annum—or about one

to balance in
payments with

housing, etc.,

now

countries involved;

term loans abroad

drain, amounted

return

see

reduce

to people of

areas

(4) To reduce

for

accel-

common

erhment

would

to reduce

So,

^our years will

our

come

payments considerations,

the 13 years as a whole, the gov-

to fail

income

government

the

used

and other

pan

going

are

before

ac-

offset

has been that

all

billion

been giving and spending

irresponsibility

eral

courting disaster for

serve:

poured

now

longer

1 believe that enough of the remedial steps referred to will be

building roads, schools, low in-

reconstruc¬

should, for reasons
only having to do with bal¬

ance

repayments

club

financial irresponsibility. /

nate

loan

less

throw investment of $4 billion.

and

irresponsibility before

debacle,

the

On net military

well commit the final act less than $60 billion.

not

for

resoruces

Now

but also in

amounted

depression and then be

forced into devaluation. We

tion.

due to the government's expend

tures abroad.

for

wait

crisis

-deflationary

nancial

was

money

could

finan-

our

domestic programs for

/ erate

major run on the. dollar to spark

our

this

Japan needed all of their fi¬

sooner

the better.' There

gold

reason

all

offset to

going to be willing

-these trends, the

raise

The

the

abroad

justice to our
count the total was $31 billion,
On foreign aid it was $26 billion, long, suffering taxpayers, shift the
the international price In addition, government capital burden of defending Europe, Ja¬

ernment is not
to atop

(4)

i^reinflation of credit, tlren th6/ balance of payments deficits

fact,

So,

domestic

expenditures would be cuC

will

expeditiously and economically.

do¬

our

economy;

market

money market

that

the only one in the world
capa¬
ble of handling large new issues

suggested

adversely affect

mestic

cial

spending;

effectiveness

eco¬

and

higher degree of

basest

our

quietly slow down

None

$30 billion,- but- even aftef / lavish contributions to their own
are
in
sition.' It. is clear "that if-we "are substracting this from the total defense: establishments
going to go odr merry way with surplus trade- and service ac- great prosperity now. When we
first starteld to maintain huge base
continuing huge» deficts 1 in" our counts, we still had a surplus of
•balance of payments, even .larger $40 billion for the entire period establishments abroad. E u r o p e
tortious Jn'otut international

hard

military hardware at

Well,

so.

sell.for

v..

spend/the

reason

which

long

eager,

cannot work. 'We by ~U/S. business and individuals,
with the basic dis- the total for the 13 year period /nations in

must deal

now

money,

where panaceas

but

are

-.their

(1501) -13

on page

The Commercial and Financial Chronicle

(1502)

of Your

Solving Today's and Future

ductivity";

Continued

World's

base

With such

to $83 billion.

the means

would have

gold

monetary

reserves

might

from pape 13

expanding credit all over the

for

commercial

world

that

the

monetary barrier to economic ex¬

pansion

would

change

would

country

other.

any

devaluing

countries

would

chang¬

All

ing their relationships to gold by

precisely the
such

also

decided

profits

all

that

be: transferred

of gold would

in exchange

deposit ?reserves

be to set up

in¬

that

huge gold base for

into

of the IMF

expansion

central

capable

bank

clearing international transactions
able

and

through
in

its

market

operations

member

balance of

through

payments happened to

deficit

countries

operations

market

open

all

whose

country

temporarily I in

credit

expand

open

any

the

enlarge

credit base for world trade expan¬
sion.

cult
In

but

not

joint

IMF

gold of Rus¬

other than the

price—a

it would be better

permit the Russians to make

profit
to

their

than

gold

fail

enlarge the gold base for world

tra

The world is moving slowly but

surely

toward

the

international¬

important

served

Group

purpose

transferring

by
in

rise

the

be
gold

the

international

price

gold would be prevented from

profit" would simply be

sterilized in the IMF accounts
the

growth

trade

world

un¬

volume suggested to the Board of

institution

that

central

there

banks

was

dling

the

for

matter

developments

transporta¬

tion, communication
tion

the

And

transition

will

all

that

from

the

with

absolve

discipline
reserve

po¬

respect to its individ¬

ual balance of payments situation.
1

that

posals

aware

the

period
might

recommending

that

get

position

see

that

such

pro¬

be private

altogether

the

discussions

only to the gov¬

erning body of; the-IMF, need not
be prolonged and might be con¬
ducted
the

under

status

gold

quo

unt.il

agreement

positions

tained

been

central

would

the

that
bank

main¬

discussions

had

profits

the

International

with

the

therefrom

and

committed
consider:

is.

renc'es

true that while

course,

holding foreign

lieu

losses

revision of

"Case

they

the

gold

the

would

upward

international

gold

might

otherwise

Punched

Not

"T h

Banks

Card,

and

sustained

and

in gold.

However, the huge gains

their

reserves

result of

cur

have

been

the

Systems";

happy

months

Servicing

is not

un¬

changes but

A feature of the conference will

displays from
and

will

to it.

Walker

provide

tremendous

reputed to

hold

monetary

Russian

may

—

although

disclose

originate

smallness

But

aspect

this

are

huge amounts of

metal

failure

holdings

who

their

true

the

their
the

position.
matter

made her

too

was

busy

AT-?''','

St.

Reason

To be

executor

terests

than

friendly to

and

having

its

Univer¬

American

Association,
Thursday, Novem¬

might

you

You

will

Bankers

John's

St.

College

Administration,

Bank

and

that

ties at

appointing

Coombs

Robert

Dixon,

Johnson

and

tional

LaSalle

New

the

Conference

speakers

William

your

own

pro¬

executor

property

their

and

Outlook

for

Banking

mund

Mennis,

vice

o m p an y,

Philadelhpia, who will
Fallacies

speak

about

the

Co.

Com¬

Wellington

By making

Bank

Morris

Pittsburgh,

tor

topic

puter

"New

Those

Robert K. Wilmouth, Vice-Pres¬
of

the

First National

Chicago, will

serve

the

Bank

Speaker

Northcote
noted

will

Professor

and

discuss
L.

and

lecturer,

"Parkinson's

Reistad,

Among
presented

major
are:

/ r
subjects

'
to

pects

"Linking

Bank

Automation";
Banks

and

which

includes

both the luncheon and the recep¬
tion
which
concludes
the
day's

Abe

Farber

director

McKenna
New

has

been

retail
&

sales

Co.,

York

City,

New York

Stock

Herzig,

Broadway,

members

the

Exchange.

rent

sessions

Group

for

banks

two

with

groups.

computers

FAIRFIELD,
Co.

has

installed

sider:

direction

or pn
order, will con¬
"Getting Better Mileage Out

Conn.

opened.a

Unquowa
of

—

Place

Bruce

Putnam

branch

should

him

during a
will you

executor time and

your

his

use

other

could

NOT

other

Finally,

let

the
are

which

the

im¬

nobody

ex¬

cept the lawyer who draws
will

for

only

will

and

then

and

red

with

the

contents.

original

the

codicils,

these—sealed
your

its

know

you

your

you.

stress

letting

that

people

also

There

technicalities

portance

mentioned

codicils.

explain

and

should

take

wax—to

bank for safekeeping, getting

receipt. Have your lawyer make

only the
cils,

only

which

you

once

box

reread

also keep in your

can

will

your

LITTLE

VERY

codicils.

HAVE

NOW

YOU

sign

but

box;

duplicates of
EVEN

copy

The receipt for the

deposit

ONLY

codi¬

keep unsigned in

deposit

year.

original you
safe

one

can

safe

your

and

carbon

will

original

and

MONEY,

YOU SHOULD MAKE A WILL!

First Monticello Officers
ELLENVILLE,
Stern

judgment

people.

save

office

under
Wilcox.

the

—

Irwin
of

President

now

First

Monticello

Securities

Corp.,

122

Canal

EugeneGulsker

has

St.

and

Vice-President;

elected

been

and

Treasurer.

This

estate

your

With Stranahan, Harris
GRAND

Mich.—Jerome

RAPIDS,

Manett

representing

now

Stranahan, Harris & Co. in Grand
Cheshire

Drive, N. E,

417

offices

from

Rapids

;

With Richards Co.

Consider Leaving
5.

Reason

trust

sister
the

Money in Trust

making

that

money

brother

your

thus

may

spouse

full income during his

lifetime

then

and

may

wish to distribute

others.

children

her

abled

dis¬

handicapped. To do this,

must

you

make

will

Richards

Building,

add

Wade

—

members

York

Stock

tered

Trust

Union

Co.,

the

Exchange,

as a

New,
regis¬

representative.

With Wallace In v.

your prop¬

beneficiary

one

Pa.

Lowry has become associated with

You

erty in unequal proportion, espe¬

cially

PITTSBURGH,

have

the

will,

leave

arrange

can

Colo.

DENVER,
is

Weaver

Lester
of

Robert

connected

with

Investments,

Wallace

South

—

now

Inc.

Bend, Ind.

codicil.

Reason 6. If the estate goes to a

settled

family
which

ize

and
on

during this period.

will

author¬

you can

pay

Form Watts Associates
SAN

DIEGO,

and

Associates,

formed

with

Calif.
offices

Cajon Boulevard,
Watts is

your

has
at

2136

to engage

business.

securit'es

A1 Watts
»been

—

Inc.

Albert

El
a

principal.

certain amount each month

settlement
to

give her

your

unexpected illness

trouble should
Reason
some

wife

nothing

executor

your
a

may

before

your

have

live

By making

and

may

executor

two' years

being

tate,
&

thousands of dollars.

pending

New Putnam Office

concur¬

want

court

hurriedly

privilege

wife

puter; Facilities."
The agenda will feature

etc.,

without fear of

consult

and

take

appointed
of

you

see you

Sheldon A. Levine, Secretary
4.

give

enable

,■

Herzig, McKenna Names

Com¬

Street,

"The Common Lan¬

Small

$15

tell

deter¬

articles

would

you

court-appointed

Program"; "Supervisory As¬

guage

Jamaica,

events.

of his department's national auto¬
-

Central

Schermerhorn

program

Law."

Automation and Market Research,
B. A., will present the results

survey.

Business

Parkways,

Grand

Brooklyn, N. Y. The fee for the

who

Director

Utopia

Confer¬

Clark at the

College

them yourself,

can

attending

Business

contact Dr.

Administration,

Parkinson, of England,

author

Dale

John's

can

done

you

will

lawyer will explain to

edi¬

and

St. John's faculty,

interested

University's

Chairman of the conference.

Guest

St.

ence

General

associate

Magazine

"Capital Expenditures."

Services."

ident

Cohen,

member of the

Opportu¬

Banking through Com¬

clothing,

depression. By making

Pros¬

President, Mellon National

Fortune

you

certain

will certain

property

president

Dr.

Company,

will,

are

will

liquidate your estate, it might sell

pects for Corporate Profits," and

Trust

executor

your

Reason

topics

puter Usage"; and John A. Mayer,
and

will

litigation.

1964"; Ed¬

"The

securi¬

furniture,

Management

Philadelphia,

your

definite people and be sure things

the

Butler, vice presi7
Chase
Manhattan

Economic

for

includes

and

give

directly

can

following the lun¬

William F.

resi¬

witnesses must

witnesses

who

fair value instead of cash.

give

are

;

your

mining what property to sell and

chairman

President, The First Pennsylvania
Trust

dent ; of
the
Bank of New York, "The General

Kelly,

Vice-President

president

which

session

deciding various other things. You
of

are:

other

on.

Interna¬
Brunswick, N. J.,

cheon/Panelists

that

talk

JohnSpn

general

panel

Walker, Execu¬

will

can

then also

can

the

Reason 3.

Balance of Payments."

Such

complications

beneficiaries

New

feel

largely eliminated by making
will

vide

Charles

dis¬

may

can

announced

and

have heard of.

executor. You

has

discretionary powers,

tive Vice-President of the A. B. A.,

"Facts

your

die without

court

and

sign
these

original

estate,

never

many

Sign

If you

your

expense

Coombs, vice-president of the
Reserve

needed.

should

states.

how

your

writing

the luncheon which will open the

Associa¬

the

Hotel, Chicago. ■"/'

and

not

appoint

can

when

the

and

might

"Prospects '64."

Federal

Chairman-

Conference

13-15,

rather

judge perhaps

some

executor

burse

Alumni

According to Dr. John J. Clark,
Dean

Barr,

Automation

include

in¬

will,

your

whom

Reason

keynote speaker for the first Na¬

your

friend of his as executor

satisfied.

"The

having

would

who

one

with

appoint

sure

obliged to advertise for heirs you

and

birthday—

codicil

state; laws differ in

your

different

Business

John's

on
a

lawyer

dent of

go to a good law¬

Appoint Your Own Executor

'■

Annual

own

save

I reared my will once every

The

'■ ';'•■■■■

your

yourself to

dollars; but

yer.

get

will

program.

will

after your death.

Seventh

Business

Corporation,

Charles

few

will; but I would not let the exec¬
utor know what it contains until

Insurance

Dr.

days

ma¬

include

expected to attend.

are

Designate of the Federal Deposit

mation

windfall t? the Russians

She had

York, will be featured speaker at

Nov.

two

only

make

codicil

usually make

tion,

will

would have made many important

theme

Automation Conf.

The

few

proach"; "Evaluating the Various
Approaches to Automation."

will be held

For A. B. A.

tional

Good Lawyer

try

year—usually

Brooklyn. This year's Conference

gested

would

after

ago

Don't

had

suddenly

doorway thereto.

Consult

tion

Those whose are opposed to
any
increase in the international
price
of
gold argue that such action

died

of illness.

which

years

wish to

you

be done only

can

also

you

sity, sponsored by the University's
College of Business Administra¬

Topics & Speakers

reasonable to ask that they
accept
the disposition of the matter
sug¬

here.

long life,

she

suppliers

what

and the church holds the key and
is the

six years ago; but I am sure

jor

by executing a will. The only
hope of this old world is religion;

(especially in auto¬

live

together,

Processing";

ber 21, at the Hotel St. George

Joseph

why.

reasons

gift. This

Plan"; "The Service Bureau Ap¬

Conference

*An address by Mr. Shields before the
Mortgage Bankers Association of Amer¬
ica, San Francisco, Calif., Oct. 2, 1963.

foreign military and

programs so that it

seven

make

people die suddenly and

The

growth

and

friends, to whom

codicil.

Coming Conf.;

prosperity.

document

will

He expounds clearly

contain.

die next week. My wife, after

may

many

own

phase of rapid

economic

here

may

you

and

Is Theme of

to lift the whole Western
new

give

with

nec¬

into

such

will, and

make

now

unexpectedly

Using

Coupon,

Data

making

mobile accidents). While of course

Feasibility Study";

Correspondent

will

Automate";

World

have

made had their reserves been held

the

prlogram,

"Let's

Studies

cur-

price, they would forego the prof¬

aid

yet

"Prospects 1964"

provide
which

with

should

many

pleased

use

essary

Everyone should make

cor¬

Too many

sizes

Monetary Fund

resources

nities for

sustain

cooperative

then

maintain the credit base

can

whose

concluded.

central banks

its

about

should

international

raised

importance of making

the money involved may be.

their

studying automation but not

be exhibits and

interna¬

our

surplus,

the

gold

the

possibility

when

not

but most

would

the

under "active consid¬

were

eration

tidy,

processed

having

equipment. Some 500
v--V. computer
representatives
of
banks
of
all

how

respondent banks, and banks still

the

international

new

be.

brief is

price

facilitate

world, the better off wet

What;-1
tional

it is undesirable.

sooner

financial

produc¬

nationalism

economic

make

impossible

and

ma.ior

additional

would

gold and foreign

sition

the

world

the

of
need

natrnn

the

and

And this method of han¬

reserves.

banks

ventures, service bureaus,

having inflationary repercussions.
The "gold

til,

II,

"Cooperative

technologi¬

Babson cannot overstress the

matter how little

ing New Automated Services."

the

that recent

Mr.

Automation";

Small-scale ;Computer

profit' to the IMF would be that
of

Transit

Important

By Roger W. Babson

"Guidelines for Banks Offer¬

ization of business and finance for
reason

Infor¬

Reports";

of the
Computer in
Management Science";

"A Small Bank

and

Role

work

Thursday, October 17, 1963

Your Will Is

Line with Pro¬

Systems

"Proof and
and

"Management

„

"The

Bank

pres¬

diffi¬

tactic

impossible to police.

event,

any

The purpose here would

stitution.

super

Interna¬

the

tional Monetary Fund

the

the devaluation of the

international price

for

could

official

ent

the'part

sian origin at

cal

percentage.

same

conference

agreement

members not to take

its

simultaneously

currency.

simply

relation¬

any currency

that of

with

ship

once

would

action

Such

all.

for

and
not

leveled

with

dealt

Crises

Computer"; "Keeping Au¬

tomation Costs

mation

Balance of Payments

church

other

hope

you

GREEN

BAY,

duPont

branch

come.

F. I. du Pont Branch

es¬

money

will have

charities,

well

St.

office

under

Richard

WIS. —Francis

Co.
at

the

has

234

opened
East

Walnut

management

Seroogy.

Volume

198

Number

6308

The Commercial

and Financial Chronicle

(1503)

Not •U.S.S.R.'s Gold Reserves

Probably Exceed U.S.A.'s

;

for that solution^ Needless to
the

ideal

sian

point

retain

aid

the

grain

from

view

gold

imports

the

would

and

the

with

American

having larger

gold

than

reserves

A., after discontinuing short-term liabilities, is raised
by Dr.
Einzig. The well known international finance expert surmises that
the

warming U. S. A.-U. S. S. R. political

latter

climate has

States
to

induced the

dip into its gold hoard to avoid curtailing
imports than
take the alternative of
reducing present industrialization plans.

point

the U. S. A. could find this preferable

advantage of building up

renewals

the

LONDON, England —In quarters

sales

familiar

the trade deficit. The
explanation
lies Probably in the
increase in
the net

with

Communist
known

economics

bloc

for

has

time

some

the
been

past

that

the agricultural situation: there is
weak

spot.

Apart

altogether

from the accident of bad

the

trend

Soviet

agriculture '+in

Union

munist

and

countries

tinctly

other

has

unfavorable.

of collective

harvests,
the

Com¬

dis¬

been

The

farming,

system

far from

consolidating itself, has proved to
be

increasingly

unsatisfactory.

is difficult to find

but

the

probable

seems

improvement

tions

good

condi¬

other

European
banks

distinctly borrowers.
the

The

disposal

decline

quality.

manpower

Apparently it has
in

Moscow

the

benefit

and

"7. In

R Farm

any

tendency for
from

being

land

cake

our

achieving
of

keep

spectacular

that

achieved.

The

remarkable

the

short

very

Russia

end

world

with¬

capacity.

seldom

witnessed

Soviet

time.

Union

The

price

has to pay is the develop¬

ment of

of land

products. This in spite of

the

deficiency in the supply

remarkable

lize vast

areas

efforts

ferti¬

which had hitherto

Soviet

possible that the

course

Government

succeed

may

covering this deficiency through
stepping up! the use of tractors
and

other

methods

agricultural

bringing further vast
Much '»■

giving

priority than it has been

giving

lower

trialization

too

migut

mediate:

series

position.

however,

the

other

faced

Communist
the

large

good

the v;im-

Union

and

quantities

Fortunately for

pluses

are

North

America. "The

them

of
of

sur¬

available, especially in

one

problem

financing

the

im¬

ports.
Even
of<

the

chases
that

the

recent

large

there

were

the

balance

all the

year

grain

there

pur¬

indications

Communist

during the first
this

announcement

bloc

had

payments.

remarkable that
seven

were

months

hardly

any

Net

the

Gold

United

with

tion and

taught

Business

effort.

Administra¬

Dr,

Gatty

several
-

Dr. T. Edward Hollander of the

States

professors,
of

mayor

ministration
ate

including

Boulder,

Colo.,

work,

strengthen gradu¬
announced

was

Dr.

Leo

that

Corporation of America Airborne
The

Mutual

Funds

School

different

its

and

American

teaching graduate

Accounting.

associated

with

New

courses

previously

was

York

under

the

Leo

Riethmayer,

Monell,

Visiting Professor of Political Sci¬

Francis

ences-will

Congress

Guide

teach

courses

Professor

the

re¬

COR PORATION

DIVIDEND

October 15, 1963,

1963,

stockholders

gold

close of business

Central

and

Carter Hall

the

QUARTERLY DIVIDEND

September

E. K.DAMON

Corporation

same

inducement

The

sake

ing

with

ernment

gold

Sinclair)

can

ports

needed

there

is,

view,

avoid
for

from

free

policy

xty-three Consecutive Years of
Cash Dividend Payments

COMMON STOCK
DIVIDEND No.
On October

15, 1963

terly dividend of 50

NOTICE

DIVIDEND

132

Southern Railway Company

a quar¬

was

5P5

New York. N. Y., October 15. 1063.
?

cents per

declared

A dividend of

the
on

Corporation's Common Stock,
payable December 10, 1963
to
"V

stockholders of record

the close of business

'/<% (25f)

3,000,000 sho

not

the

and

and
in

for

glory

declared,

Gov¬

curtailing im¬
Russian

of Preferred Stock

December 15,

payable

point
•

said

nnyg

1963,

IS IVIII UN II

stockholders of record at the close of

business

Nov¬

November

15,

ft OTIC K

1963.

dividend of seventy cents (70<) per
on the Common Stock without
par

Common Stock IMvidond

value of Southern

today

SINCLAIR
OIL

net

fiscal

CORPORATION

600 Fifth Avenue

Railway Company has
been declared out of the surplus
profits of the Company for the
ended

year

payable

holders

New York 20, N. Y.

December

December
of

record

November

15,

31,

1962,

stock¬

1963,

the

busi¬

fto. U.~>
A regular quarterly dividend has
been
declared
on
the
Common

Stock

this

December

1963.

MAHER, Secretary

Company,
1963,

payable

holders

record November 15, 1963.

""Common

^Representing

^B1/^

per

dividend
rate i-crease from $1.06
per share
to $1.14 per share.

THE SOUTHERN COMPANY
(INCORPORATED*

The Board of Directors has de¬
clared a

THE SOUTHERN COMPANY SYSTEM

Serving the Southeast through:

quarterly dividend of
42K cents per share on the
outstanding shares of common
stock of the
Company, payable
on

part¬

shore

Railway Company of the par
$20 per share has today been

Soviet

reserve

per

of Southern
value

ember 8, 1963.

reserve

Soviet

everything

Secretary

SOUTHERN

industrialization

the

LYBROOK,

SERVES THE SOUTH

the

ruble

power

the

1963.
R.

is,

Washington

for

entails.

W.nston-Salein. N. C.

re¬

accumulate

the

Possession

October 10, 1963.

J. J.

there

declared

stockholders

November 15,

Rather Borrow

huge gold

been

Vice President and

impor¬

large gold

same

1963

WILLIAM

the

exposed

Moscow and

has

record at the close of business

Wilmington, Delaware

short-

for

Soviet

the Common Stock of the

Company, payable December

Treasurer

South West

ness

the

quarterly dividend of 45c

R. Would

Albert, George Washington

smoking tobacco

per

Secretary

bor¬

large gold

pressure.

Company

cigarettes
Prince

6, 1963.

reserve,

country with

improved

the

630

Makers of

NOTICE

re¬

•'

the

have

its

Co.,

YORK

stockholders of record

record

LEROY J. SCHEUKRMAN

gold

Union the main¬

which

the

im¬

was partly
explained by cold-war
considerations. Now that relations

retain

staff

St.

The Directors of Xerox Cor¬

October 31, 1963.

that the Soviet

very

accumulating

between

Pont

Tobacco

poration at a meeting held on
August 8, 1963, declared a
quarterly dividend of $0.25
per share on the common stock
payable October 1, 1963, to

Common
Stock.
This
dividend is payable November
29,

sudden

have

Soviet

not

Hitherto

the

DIVIDEND NOTICES

withdrawals

control.

U. S. S.

joined

Cornel, Winston, Salem & Cavalier

poration's

the

safeguarded against such pressure
by the
operation, of watertight
exchange. control
and
foreign
trade

Maine —George

has

DIVIDEND NOTICES

regular quarterly divi¬
dend of
twenty-nine and one-half
cents (29Hc)
per share on the Cor¬

American

figures

•v;F°r the Soviet

adverse

Dean

Rieth¬

is Director of the Graduate

ROCHESTER, NEW

meeting held

for

Joins du Pont Staff

level.

direction

PORTLAND,

the

of external

States,

ranging

Uni¬

University of Pittsburgh.

Professor

the

fields

Emanuel Saxe.

versity, Duquesne University and

Corporation at its

liabilities, is larger than

exchange

the

Investment

and South West

secret

that

net

corresponding

tance

courses

from
Accounting
to
IndustrialPsychology. The Baruch School is

Dividend

gold

Communists.

after reduction

has

offers

Insti¬

Common Stock

Even

Euro-dollars

the

Division

Baruch

DIVIDEND NOTICES

the

considerable

the

Government's

tenance

Laboratory.

Graduate

paid

why

would

therefore, probable

United

Human

the

Barnes, author of Your

Investments, Your Buying

only.

offset against.the

term

the

sixteen

mayer

declared

assumed

debtsof

Dunlap and As¬

headed

Divi¬

graduate

Dean Jerome B. Cohen.

gold in pay¬

through

are

Pro¬

Department at the Radio

Systems

by foreign Central Banks
holding
dollars, the only external short-

serve

was

Development

in
new

former

Reserves

is subject

reserve

portance

and

has

faculty

Dr. Zeitlin

gram Director of

em¬

Professional

The Board of Directors of Central

guarded

Moreover, while

term

with

programs,

graduate

psychology.

Factors

missile

the

sociates

consultant

Laboratory,

has

Rutgers University and has

served

Research

University

"Villanova

and at

graduate

help develop the School's

research

ants
Five

A.'s

amount

size

reductions

joined

courses

teach

has

psychologist
with United States
Army Medical

Committees

will

who

research

sion staff

reason

closely

elected

was

Lawrence Zeitlin,

phasis

tute of Certified Public Account¬

aid

sooner

gold.

generally

second

former

the

the grain imports.

Dr.

Chairman of the New York Jersey
Federal-State Marketing Research

could

with :the

have

to part

gold

from

credits

Government
before

adverse
was

countries

necessity

grain.

simply

stock

Meanwhile,

Soviet

with

importing

change

indus¬

armaments,

projects.

crops

expense

priority

-or

space

are

1 d

agriculture

receiving lately, at the

the

under

areas
c o u

for

Gatty,

since

Mayor of Boulder.

1956

during

Canada

partly

though

serve

achieved

higher

efficient

production i and

cultivation.'.

luctant

chief

served

Ronald.

Research

1960.

Conse¬

Government should be

rowed

been sterile..""
.

There
Soviet

indus¬

progress

trialization

reduction

agricultural

practice

increase

capacity

having to accept
our

land

ment

and

industrial

our

importer of

products. We would' all like

eat

out

being

and

Exceed

'change

exporter

products to

Governmental

asso¬

He also lectured at the

and

director of its Bureau

September;' Even* if

the form

country which be¬

large

markets

they will

Finance,

previously

business firms.

Five Join

reappeared

purchases

financed

the

gold

commercial

Dr.

applied

purchases.

natural

industrialized

comes

case,

been decided

-with

States

for in

and

New School.

School of Business and Public Ad¬

method

Output Problem

the

their exchanges.

able

was

large

later
S.

strengthening

City College's Bernard M. Baruch

not

-Western

United

inadequate

deprive them

result

this

August-, and
the

output of agricultural products.

that

connection

quantity

The result is

the

financed

have been added to the faculty of

would

financing

tends

agriculture

and

to defer the. gold
exports required
for financing the
trade deficit. '

Soviet

factories.

were

they

Soviet Government

to* in

farms

these

lenders

balance

quently

^inclined

are

collective

interests

economist.

finance

While

both

were

borrowers

grain

workers

would

was

University of Colorado

has served

markets.

autumn

from

the»resulting

currencies
by
Communist banks in the Western

drift

Euro

towns, the younger gen¬

erations
to

that, with

stand

borrowing of Euro-dollars

and

explanation,

gold

United

their

against

transactions

defenses

Soviet

through

the

reserves.

the
would

by credits which through repeated

to not taking immediate

their

Both

Canada

benefit

would

nor

gold.

and

strengthening ofjheir reserves. It

Ideally, Dr. Einzig points out, the Russians would prefer
borrowing
an
attempt to finance the import balance but neither Canada

ment

■

Barnes

Program of Public Administration
at the

Visiting Pro¬

fessor of Economics
Dr.

for

among

ciated with Prentice-Hall

however, there is every¬
thing to be said for receiving pay¬

the

Handbook

Forecasting,

others, is serving

the

borrowing.

and

Business

view,

Probability

Companies

say,

Rus¬

finance, the

entirely

external

From

Paul Einzig

solution

ers

December 6, 1963 to hold¬
of record at the close of

Alabama Power Company

Georgia Povvkk Company

L. H.

November 4,1963.

Jaeger,-

Vice President and Treasurer

IVeferrotl Stock

The regular quarterly dividends
have been declared oa all Series
Preferred

Stocks of this Company
payable February 1, 1964, to hold¬
ers of record
January 20, 1964.

Gui.f Power Company

Don

Mississippi Power Company

I). Loden

Vice-President and

Secretary

business

annual

October 15, 1963

Southern Electric
G en er a ting company

Southern Services. Inc.

SO ITT H W ESTER ft

I»IJBC1C

SEIIVICE

COM IV\ ft Y

The Commercial and Financial Chronicle

(1504)

Steel Production

Electric

Retail

through

plied

Trade

Food

TRADE and INDUSTRY

Price Index

Auto

Production

Thursday, October 17, 1963

The Market..

sup¬

Re¬

WALLACE

-"kO

And You

STREETE

ings of U. S. Government securi¬
ties.

Failures

Business

increases

Bank float and System hold¬

serve

principally through

outflows and were

currency

Cdrloadings

The State of

absorbed

were

Output

Commodity Price Index

Security Markets
mid

Between

the
supply,
quarter in highly satisfac¬ credit, the money
fashion,
with
a
further time and savings deposits at

Our

third

tory

through

came

economy

moderate increase in national out¬

said

services,

and

goods

put

The First National Bank of Boston
in

Bank

appreciably.

declined

sales

current

the

its

issue

mercial

while

the Fed¬

the recent findings of

are

the National Summary of Business
Bank said, the seasonally strong Conditions, industrial production
of the
fall period finds business to be in September was 126%
basically
healthy.
A
further 1957-1959 average, the same as in
advance

moderate

reason¬

seems

Aiter

difficult

mism,
in

ness

Clearings

Bank

1962

Above

Bank

of marked

upward power.

high

new

seasonally ad¬

billion, which

$26.8

billion

this

above

$1.4

was

January-March

$2.2 billion above

and

year

Auto

clined
in

models

1964

schedules

of -most

best

spread

four

profits, have

squeeze

the

from

arose

sorbing
for

lines

now

September output

other,

from

preciation

and

the

earnings provide
to rising

Analysis of the individual

sec¬

based upon

present known facts,

produces

convincing

could

1964

case
year

another

that

of favor¬

New

construction
a

figures,
that

the

New

remained

and

level

residential

September.

activity

that the

pect

ex¬

inconsiderable

not

struction edged

should
of

not

the

monetary

those who
can

neglect

lems.

One

sphere,

where

potential prob¬

some

consideration

bearishly inclined

are

point to

9.7

these

the

avail¬

ability and cost of funds, and its
effect upon business activity. An¬
other
is
the
concern
over
the

possible

deterioration

quality of credit after
period of

easy

credit

and

that

would

add

for

traction,

situation.

this

triggering
should

Others

high

nomic

activity in

year

the

Is-

and

1962's
to

Cumula-

comoiled

and

Steel

In-

the week

1,915,000 tons

was

against

1 183 000

trend

modest net gain in a

5.6%,

output

eighth -unspectacular
10

na-st

eain

out of

row

week*

The

amount*

manufacturing the average work¬

year—highest since the 112.7 mil-

week increased to 40.6 hours.

lion

August.

Bank

Credit, Money Supply, and
Reserves

Seasonally adjusted commercial

tons

1957.

The

1963

low

iaLt

the

equalled in mid-March,'; 1960. Ex-

somewhat

monthly

average

sion earlier this year.

in connection with the

advance

refunding.

Government

rapid

decline
week

Treasury's

securities

of
in¬

earlier

week's, 1:6%
uninterrupted

May

Aug.

for

until

the

The

in-

24.

hoped

had

vigorous

13
an

was

ending

and

yeaw

July

since

dustry

upturn

the

several weeks but will not be

slightly further, following

expansion

for

gain, there

rose

Holdings

two

past

cept

expanr-

Loans

happy

the

make up any

the

un-

succeeding, weeks

disappointment felt

uptrend.

quarter

dpmestic
monetary : and
fiscal
forces will needj more than
usual,

After

far, since the; Aug.-IT law for-the

creased

well

carefully scrutinized in ap¬
praising the course of business.

the

while holdings of U. S. Gov¬

slight reduction in August,

average

$400

savings

supply

money

in¬

Time

and

million.

deposits

at;

'■

)

Production

Index

banks
Gains

Disappointing One-Tenth
One

Per

Industrial production, construc¬
tion activity, and the-

uriemploy-

ment

rate

changed

were

relatively un¬
September* Retail

by
in

clined

while

were

about

reserves

member

rowings/from/the

amounts

bank

de¬

bor¬

Federal Reserve

unchanged.

Reserves

living

the

excuse

for

general list

the industrial

seen

they

the

whether

keep

the

classic
Since

split, and the dividend

were

has be-

company

something of a perennial
candidate for dividend improvecome

av-

mostly proving that the company's

have earned a new appraisal from the investing fraternity.

under its

slightly

hover

Bright Outlook

•

,for. some ,^ree

As usual, a good bit of the huntnot

indicators

Business

some-

thing

Profits Rising

gen-

pmfif

f
for

and into the

renort* made

readine

Polaroid

cases,

where

notably,

there

the

possible, such

better

May

Department, Stores which hud its;

was;

sometime

back

wherr it;

sufficiently encouraeed to ex-■

was^su.I"c:ienuy e

reports matfe, good reading, pand mto
in
few

the most. And

was a

new one.

eood

for

turn

might be

were

©rally • favorable, both for the rest heyday

0f the year

•

new geographicarHre-

gions
:

Th„

temporary drop in earnings

itself

thi

although
,

that

•

the

earnings

nafliral

hig

International

L..,-

to meet the

Ma-

costs

«rtrvrrio«;r

were-

voolirtrrokq

types of competi-

new

encountered,fthe

U(m

turned

Business

expansion

over, and the company realigned

brighter.

prospects*

Earnings

upflast year and the

gains

were1

con-:

chines, which has confounded its

tinued during the first half of this '

critics for years, was

year

new

able to make

high for the year although,

again, the price is well un-

the

quarters

prospect for

some

now a

dividend improvement and, if the
definite

peak.

where

company

turn

for

the

better has1

been neg°tiated, a promising in- •
B,rth Control Issues m Limelight vestment for the future;
Birth control pills, were the
There were some unknown ele-+
Powerful market stimulant but ments around that made certain :
this isn't exactly a new story since issues something of a gamble, in- *
G. D. Searle, which has been mar- eluding AVC Corp. which sold its
keting them for some time, had assets to Monsanto Chemical.* Aftersome wild P^ice moves in the the sale of its assets, the + old

counter market. _In listed trading, American Viscose unit decided-to ^
PJX f „^?ar
t redeem its own shares at net as1?^n ZZr
^
™

ng a lower-priced $77.22

version provided a definite fea- be in

ture *-his week.

share. The payment will
combination of cash,shares

last

of Monsanto and participating
After the company's plans to certificates which were indicated

market the

product

new

were an-

being valued at $2

share. The

Jam of several hours' duration
when, despite higher and higher
^id Prices, no offerings of stock
could be found. And when buy
orders were finally matched with
seB ones, a price appreciation of
some 20% was recorded.

:
;
•

;
v
;

:
-

;
;

mostly a matter of conjecture,

C44.

Auto Issues Static

known of the company's tax bill
or possible tax refunds, and the
increase in asset value, if any,
through Monsanto dividends and
interest on . short-term investments, makes the fixing of an
ultimate value of AVC stock
.International Minerals. &-Chem-

The active items were familiar ical Corpihas been busy expand-- 1

Chrysler and Sperry Rand,
but neither showed any Indication
ones,.

ing but, in view of the expenses ;

entailed, is not showing earnings •:

than, a tug^o-war commensurate with its broadened

between, the buyers and. the sell-

was

half

equalled in
latest

;

output was^^2.8- per-

weekly out-

the^ highest weekly

production- for
last

up:

of a record-breaking natureprice- taper off and the basicdmprQvemeptl in the company's profit^pppoints above the 1957-59
The other auto shares were ac- teniial+should then become nipre
;

•Last week's

put'and
-

became '

ac-" addingthe the -profit- potential.'
to
Once
ac"
WaS

weU under this year s mgn and
not .showing any inclination to

bullish- expectations ' ;Sa of anything more

base period's average

reserves rose

than ..the. usual

September. Excess

Only 10%.

commercials

July and August, r.

Required and total

could

outlook^r'Sciriie nf these expenses +
production., has-y advanced: ors: ■I Neither was, doin& anything are ^t-the point ^here they. Should

$800 million, somewhat centage

less than in

Cent

rose

while

far

year,

...

ready

past

ernment securities again, declined.

International

mainly

were

1,742,000 occurred in the week

bank credit increased $2.2 billion

.September,

dend

company

nounced, Johnson & Johnson was AYP stock since has held pretty
ended Aug. 17 arid the high of crippled by a flood of buy orders much in that general area.
How2,626,000 tons in the week ended with few holders willing to sell ever, the increase in the value of
May 25 which was uneaualled in the stock. It resulted in a trading its, .'Monsanto
holdings,the unof

year,

erage

eieht

will depend upon the vigor of the

wbich has

der its historic

wht^ piSendsT 100 miUioif tim

same

in offset- ment and even for another split,

It served, in

year.

staiemate

here

11.4%

Period

data

Iron

»
-

creased

eco¬

Output

week's

non

affect

Year's

upward

the

such

vitally

the

was

rate

about the

F0r\early mthM°of century
Lou^l M T.TdivD

discusstos

rate of $9 on the old shares.

indications

some

Ad¬

This long awaited fall week-to-

unemployment

stock market undergo any drastic
downward
adjustment.
Whether

factors

^.jle

Weekly

Row

production for

week

poten¬ sharply, reflecting in part tempo¬
business con¬ rary borrowing by security dealers
record

Eighth

Output

ing week.

slightly

list the

the

(*100.1% ) in the Oct; 5 end-

changeovers. The

aggressively used than the

improve the

tial

possibility

tightening and higher rates

might be
to

the

Steel

the

Oct.

ated with model

the persistent balance of
payments

deficit,

tons

was

+ 38.5

513,129 +

% Above Year-Ago Week

ended

lowing the August decline associ¬

614,885

541,040

stitute,

in the auto industry fol¬

A third is

money.

eventy

+28.3

the American

the

sustained

recovery

not unusual.

COUnt

+30.8

861,000

According

reflecting in part

September,

ahead

SdC^se^rtTSVeTgood
M0®®

1.004,314

I,io3;ooo

Above

higher.

the

more advantageous

joust with t

tive

increased

for

lies

+ 36.8

1,313,300
-

1.7%

While

con¬

establishments

the

pend-

up tempo

meetine of direc-

montn s meeting ot direc

rn—°r —•

Advance

Employment in. nonagricultural
early look ahead

cen-

city

vance

Employment

objective.
an

for

summary

ti7,957,9ttT $i3.m,474

(*102 8%)

ment will be directed toward this

how

what

were

any

wwo.

totals were
$25,313,-

851,881

Kansas

influence of the Federal Govern¬

In such

Woio

principal money

Boston.

public

unchanged

were

fare

will

and

year,

24.0%

against

comparative

York—

about

construction

may

quarter

business' pic.

the

indications

There

of the corresponding

of the

Private

and

year.

Chicago
Philadelphia

rose

September while business

year,; we

ts
for

Hes- ing next month's

Octoher

Wb?tEZt

revised

able business growth. And since it

election

ana]
ture

ting gains this

™ows

record season¬

basis

overall

tered

were

nroiiminaw

Our

ally adjusted annual rate of $66V2
billion,

mtlp

generai ^ax cut next year, would

figures

name out-

allE^nulchTn"? dTcis^eW
UMy prOSpCcts was been
Cen"v
items that have
States for
though
decisively tered on
that have nnf he«n ;'
the headlines and where
to obtain

possible

preliminary

Week's

activity

being recorded.

that investors were busy absorb- raised twice, the

tive

550 891 for xne same. weeK m 1962
oou,oai tor the same week in iyoz.

Construction

clearings

Gur

falling sharply in July and August,

3% in August to

tors of the economy,

fairly

markets

Output of iron and steel, after

strong support

our.

de¬

capital expenditures.

itant

a j3e
this

lull

the-United

some

retained

greater

•

oasic iact mat lime overall hag been picking

Teek^'ended aU"t,ime

the

$31,394;468,12S

some

liberal

and

had

Preliminary

above those

equipment.

passenger

progress was

jng ^.ax iosses which, if there is a

rnday

that8 for

goods- week last'

consumer

declined only 2% further in Sep¬
somewhat less tember.
Output of most other ma¬
Higher
sales
volume
terials, durable and nondurable,
with generally larger
remained at advanced levels.

flow

cate

weekly

cash

year

telegraphic advices from the

cities

appears

combined

tell

therefore,

which

further rise

economy,

with

same

Saturday, Oct. 12 clearings for

production of
began; production

October.-

„

equipment industries continued to

ab¬

price advances in

pressing.

The situation is the

mTves varlous of the other

wildnHce

l#'S ^Sko^^d^Se
wnere talk ot a dividend increase

upon

expand, reflecting gains in indus¬
the trial machinery and freight and

which

necessity

increases,

cost

need

year

week-days.

indicate

^d^onseoulnt

latest

forged ahead of

last

year,

years.

lessened

firms

many

even

the

th"f
camG
Saturday. The longer week

signifi¬ changed little. Activity in business

widened

cantly to 5% from 4.2%, to bring
Better

and

increased

August,

September

the

loss

24.0%

compiled by the Chronicle, based

assemblies, which had de-

the like 1962 period. For manu¬

margin

the

facturing firms alone,-the average

profit

Day

125.6% and economists were hop¬

picked

„

The index had

125.6% in August.

Surge

profits made gain.

justed basis in the second quarter
at

new

ago due to the tact that Columbus

from

September

for signs ing that last month would have

economy

After-tax corporate
a

Week's Volume

clearings

out

worked

actually

125.7%

the

examines the various

the

data

The
to

changes dropped
one
percentage
point
to lack decisive¬ from July (126.5%) to August's

for

seem

one

sectors

opti¬

great

generate

however,

prospect

reaching

tb! ^ ^ Expectatiol,s

again this week, the

final

statement

It is

view.

weakness

local

Trea«jnrv
Treasuiy issues increased slightly
increased clitrhtlv

August and 5% above a year ago.

ably expectable, with no clear-cut
areas

and

high jn late September, common
stock prices declined moderately.

According to Federal Reserve's

Neio

state

Continuing,

Letter.

England

those

changed little

government bonds and short-term
further.

System.

eral Reserve

and corporate bonds

and

Treasury

com¬

These

increased.

banks

and

September

yields

mid-October

---wise....

tiye but^ undistinguished in

price action and

any^ week-in the-sales

1962

and. was

of the new

their

reports of good
models failed to

.
_

apparent
The company bills itself4aaJhe
largest producer-jQf*-fer-

world's

>
•

last

stipaulaite much : in the division. tiU^r.:^pmtefihl^^ nndL.>lasttvX^iv*%'
mid-July, 1963. The Presumably the yearrend dividend teamed up with Northern 'Natural. i

statement-

week's

Continued

output

page*

action

is; what

is being

28 by the auto followers.

watched: G^yto,nnake. mtrogen

drous. anufnoniato make.itdhe+qnly

factor

major

fertilizer
It

industry that is

in the

company

Number 6308

198

Volume

all

has

been busy

including

potash

$100

half

million

George Barone, formerly Director

has

of Research of Ira Haupt & Com¬

into

gone

the

now

expansion
and

over

good

earnings

way,

increase

Students

erals

give

possibility

company

the

trainee

One

year

Haupt

analyst

and

became

staff in 1961.

istered

fiscal

that

cate that the company

instituted

weekly

representatives

and

part¬

of 14 branch offices compris¬

ing this

investment

York Stock

Exchange. He worked

there until his

move

to Ira

Haupt.

To Hear Ness
LOS

ANGELES,

Norman

career

Ness,

The

Angeles

Calif.

Dr,

—

Vice-President

Bond
a

Club

luncheon

Los

meeting

today, at the Biltmore Hotel,

To Admit Cohn
Effective

124

Oct.

Paul

the

topic

"Our
Is it

—

Balance

Threat to the

Cohn
Dollar?"

will be admitted to

Hertz,

Neumark

partnership in

Warner,

1944.

Chamber
tee

mem¬

university

■

analyst

aim-

was

ca¬

the

teaching,

Dr.

America's

important Fed¬

& Brass is that its half

Ormet,

fourth

own- •

ranking

aluminum producer, could become
valuable

the
has
In

contribution

aluminum
taken

turn

addition, this

for

that,

now

business

generally

the

better.

will

the
liquidation of the last of the bank
loans

year

originally made

see

finance

Ormet.
.On

out in this year's final quarter

run

give earnings that much

lift.

The

other

wise

has
and

proved

been

stirring
in

Revere's

the

that shows
a

shade

available

the

first

figure.

age

4%,

year

earnings will

assured

increase

the
into

show

chances

are

full

not

cide

year.

are

author

those

presented

good

any

those

the

George J. Brunjes has become

as¬

sociated with Francis I. duPont &

Co., 1 Wall Street, New York City,
the

New

York

Stock

Exchange, it has been announced.
will be in charge of

dealer relations in the investment

firm's

Trading Department.

Mr. Brunjes was with J. P. Mor¬
gan

& Company from 1938 to 1957.

Since 1957,

he has been with the

First Boston Corporation.

Appointments by
Smith,: Barney
Smith,

Barney

Co.,- 20

Broad

Street, New York City, have
nounced

the

an¬

appointment of Wil¬

liam S. Goedeeke

national sales-

manager; Russell M. Sanderson

administrative sales manager; Gil¬
bert

program

McDowell

manager

the main office sales department,
and L. F. Boker Doyle as manager

of the investment

geared

to meet

the needs of Puerto Rico's

economy.

Moreover, nearly half of each year's

soundness of its

ex¬

education, health and welfare.
is

basic factor in the

general obligation bonds. Free from both Federal and

State income taxes,
as

do the

revenue

they provide attractive

bonds of the

various

returns at current prices,

Puerto Rican Authorities.

Government Development Bank for Puerto
Fiscal

Rjco

Agent for the Commonwealth of Puerto Rico

the "Chronicle."
as

Francis I. duPont

Mr. Brunjes

dynamic

The Commonwealth's small indebtedness

time coin¬

Brunjes Joins

be utilized

that

only.]

members

revenues can

earnings will

year.

necessarily

ivith

They

that approximately 94% of all

com¬

last

[The views expressed in this article
do

means

second

that

over

the improvement in
run

price

better

seems

And,

above-aver¬

But

half

fortable

penditures is allotted

indicated return of

over

for

rapidly growing
in

earnings

are

this year's debt service—including both principal and

less than 6%.

alumi¬

half of this year were static so the

This

which,

largely due also to im¬

conditions

interest—is

market-

industry.

num

quirement for

half-owner

of Ormet is Olin Mathieson

itself,

re¬

ac¬

celerated depreciation charges will
to

the budget of Puerto Rico furnishes evidence of the

Commonwealth's sound fiscal policies. For example, the budget

bookkeeping basis, the

Year after year

advisory depart¬

ment.

1311

Ponce De Leon Avenue, San Juan, Puerto Rico

both

controversial

'A plus in favor of Revere Cop¬

ership

special U.

the

commit¬

request

of
on

45 Wall Street, New York 5, N. Y.

and

impartial

academic

and

fields, Dr. Ness approches

successful

ing.

per

tegrity of

forthright

problem

adviser

the balance of payments problem.

Ness has had many years of serv¬
as

Kennedy, to report

ice

Ex¬

change.

recently, Dr. Ness

Commerce

established

has turned

for which it

President

business

addition

Most

chairman

was

2
reer

Broadway, New York City,

and

gation to the International Mone¬

Anderson, Clayton & Co., will

address

Hertz, Neumark

agencies,

tary Conference at Bretton Woods

bers of the New York Stock

national firm.

Mr. Barone started his

indi¬

and

closed circuit program for the reg¬

good

earnings

requirement

Company,

departments,

missions, including the U. S. dele¬

left to join Van Alstyne,

eral

L. A. Bond Club

Payments

Min¬

current

con¬

double the indicated $2

corner

He joined

During his employment ait Ira

showing

dividend

the

security

ners

ytear
would

Poor's.

Exchange, 50 Broad¬

York City.

head of its research

International

the

Stock

New

the Haupt organization in 1953 as

are

chance for

sidered excellent.
'

1950

Company, members of the New

York

program

operations

nearing capacity

has joined Herzig, McKenna

pany,

years

expansion and plant improvement.
of

bankers and members of the New

deposit

dozen

Street

Standard

Noel

Herzig, McKenna

expanding its

situation,

Canada.

Much

Wall
for

(1505)

later

granulating plant and devel¬

opment

some

The Commercial and Financial Chronicle

ingredients.

phosphate
new

Barone Joins

aspects

balance

subject
of

it relates

our

dollar.

payments

to
;

the
,

in¬

Die Commercial and Financial Chronicle

(1506)

there

BANK AND INSURANCE

still

small

exists

place for

has been able to

maintain

Week

This

Insurance Stocks

—

bulk

the

ever,

of the

have

with

liance

Insurance

Company that it

approxi-

exchange

proposes

by Re-

mately $50 million of its common
all of the shares of two

stock

for

New

York-based

that

cerns

insurance

con-

managed

and

are

anticipated

Reliance's

premium

volume for the year,
The

desire

the

obtain

profitability.

has

increased

accel-

been

l^rgely owned by Corropu ah erated in recent years by the
p.orP* 1S anot"er 111 ^ ? heavy underwriting 1 o.Sses mlong list of insurance mergers t
have

been

and

consuiprriated

qently

Thus far

merged with

irgm$

Fund; Maryland

asua

quired Northern

nsurance,,

as ac-

on-

tinental Casqalty is m the process
of

acquiring;^American casualty

Company; and Hartlord r ire ana
Great

American

insurance

nave

purchased Hawaiian 1 n s u r a nee

highlights of the trend during tne

which

year

tually

and

mergers

quisitions have

occurred

weekly basis.

ac-

vir-

Reliance Insurance has been
of

the

.by several fire and

whose

concerns,

felt that the

casu-

directors

through
rent

the

move

acquire

the

one

ownership

cur-

seeks to

company

American

Equitable Assurance Company of
New York and New York Fire Insurance

Company, which are

the

der

control

Reynolds

unand

oh Corroon

organization,

and

ate

primarily writers of property
surance

Central

lines.

Life

Company of Chicago
in

in-

Earlier in the year,

Standard

exchange

Insurance

acquired

was

stock

through

life

the

1961

the

field.

became

company

writer

major

insurance

casualty

lines

through the acquisition of StandAccident Insurance Company.

ard

These moves,

acquisitions
have

$100

plus several smaller
the

resulted

million

interval,

the

will

addition

annual

the

reveals several

route

merger

significant background f

a c

o r s.

million

$113 7

comparable

losses

«all-line"

£jre

excess

months

proposition.

casuaity companies
bfe

insurance

through an affiliation
insurance underwriter.

tive necessity

jng

now

facilities

•

with

summer

heating

the

abil-

today, and is lead-

fire

seek

and

states

riod of
the

Secondly,

last

the heavy under-

run

well

high

expensive
m0re

been

due

increase

automated

efficient

„

VV OOQCOCKj lVlOy0T

losses,

Cjbties

can

0ver-all

duced

are

ratio

the

capacity

Fired

D—_

1 V

Basis

project

Corp.,

plan for capital investment

suited

needs.

This

and

West

Herbert

his

long

over-rides

range

precludes

the

salesman's

immediate necessity for making

"ego sales

drive."

men

have

known

with

engaging ability to find

very

also

Re-

13th

St.,

11, in. Y.
11^ N. Y. Their FresiTheir Presi-

Dr.

certainly

had

the

most

drive"

others.

They

powerful

"ego

imaginable.

They

finally sold themselves right out

Survey
175

acquired knowledge'

your

strong kinship with

Tests

business.

clients,

they

They

sold

their

and

their

oversold

timed

miserably,

offerings
careless

were

the choice of securities they sold.

Greenberg, Possibly

groups

can't

you

hurt

your

customers if you sell them life insurance

mutual

ranks

eiuuuenthu-

most

a r

in-

John E. Fricke
,

Samuel K. McConneli

■.

or,

ivr«

pun-jpijui.

but

weaker

they

the

agents

More important

which

funds

.but

Vnr-ir

Raitimorp

expressed
in

quired

arms

and

one

taking
the

any

merger

exception—the

divestiture

its

for

re-

proceed-

acquisition

Kansas City Title Insurance Com-

MINERVA LONDON

pany

likely
trust

that

becime

months

the
a

activities,

ago.

It is not

insurance

hot
as

spot

for

Chairman of the Repub-

Party

member

Lower

the

merger

field

anti¬

concentration is

trend

greatly

mergers

that

will

the insurance field.

emo-

'tune

in'

others

climate of understand-

The

second

quality

is,

the

trend

continue

Undoubtedly,

securities

sell

you

customers

your

problem

sented to
h[e

rise

must

powerful

ality

and

above

because
mUst

keep

there

own

person-

going to

clientele
times

from

when

making

sales

f0r

his

customers.

think

same

ciajm

who

surgeon

his

belly

for

looked

who had

everyone

upon

pain in

gas

potential

exploratory

victim

his insides.

Reselling When Wrong

ego

made for the tests

and

empathy

salesman

strong

has tested

inner
for

sales

people

out

drive

will

shortly be at the top of the sales
saiesman

with fine

padly bld too little drive

em-

may

b i 1 i t

People with

static

succeed

and

the

minds

te?_in the House.
much drive but too
f
^ongress ln will bulldoze his
k-eP^ern'3er» 1957, to become Na- sales, hut hp will
but he will
c,

tional

Executive

Director

the

many,

little empathy

Decisiveness

ness.

are

ket waits for

sold

and

one.

"idea"

elusion that

resell

your

sons

wrong." Do

line

were

you

the

you

where

xUmted Ce^bral/r ^alseyii^ssocia~

through his lack of understanding

manuhas

people."

where "technique selling"

JbecanJe

™"

Woodcock,

Moyer, Fricke and French in De¬
cember,

1961.

Some

the field

such

Courts Adds

Falls has been added

Courts

Building.

Co.,

into play.
out

other

problem?

sales-

This

comes

You have to sell with-

over-selling;

you

must

learn

A'-

Differing Conclusions

that

and
rea-

"were

anv
any

J!°n'

Vice-President

con^

go back

know

of business

yesterday

wrong, you

customer
vou
you

mar-

to the

come

why you believe

some

great

and will hurt his employer

courage

If you have

and today, you

miss

cannot

changing

also valuable assets. The

way

world that is the securities busi-

effectively. A salesman with too should know how to

nice fellow but will be unabie

versatility.

ever

J e Education and Labor Commit-

putting him in the category of

that

jf he is going to do a conscientious

otherwise would be the

this

pre-

his

and

are

refrain

of securities,

emotional

capacities

build

that

salesman

job

with

entirely different, complex and

changing

the+ sale V1 a Personal ego way,
+1 merely for the incentive of

coupled

long

makes a • salesman need to make

benefits. His feeling must

busi-

them. This is

own

to drive through to close his deals

CHARLOTTE,

likely

changing

the

investment

?! House of Representatives
:ar t, ,yea5.s
>'lla",man ,ot

accel¬

erates.

toward

ability to

He force

United

relatively low in the field, unlesi
the

and

blind agreement of ideas but

Merion

Telegraphic Address

some

politics, Mr. McCon-

Se-

ings against Chicago Title & Trust

will

was

Township Commissioner.

Justice, Fed¬

from

not

1959. empathy

Township and in Montgomery
aty and wa^ also Lower Merion

Commission,

detrimental

Company

nell

was

refrained

adjust

expressions

ever

•

mer-

recent

To date, the various

Trade

and

the m°ney t0 be gamed'.°r °ther

other

numerous

occurred

QTW,

Washing

Joined Woodcock

1*can

which

have

project

the

others.

the

;s that you have to live with

ness

Tbe Honorable Samuel K. Mc- drive, will enable him to home
Another
qualification
that
Jr' WaS e*ecte(J/r®S\d?nt in on the target and make the valuable in selling securities
of the firm, succeeding Mr. Fricke. sale."
Active

has

interest

with

flow

Chairman of the Board succeed b that he has to make the sale.
the late Harold P; Woodcock. The customer is only there to help
r°rrrlfr ? .a aawn
nb. aC i^jcQ
i
personal need. His

surviving

powerless to

are

halt.

re-

disruption

the

back'

attitudes,

Stock Exchanges, has become external

have voiced oppo-'

out

'feed

capacity

ing."

o u s

trend which has

and

and find

and

salesman

particular kind of ego drive which

certain

salesman must

strong persuasive empathy
people. This is the "ability to

Staff

—

goods

James
the

Liberty

staff

Life

lieve

specialty selling

automobiles,

and
there

life
is

conclusions

some

that

sales drive" to make

empathy

for

household

insurance,

people,

merit

be-

in the

how
out

to
on

motivate
a

make up

limb:

without

you

even

going

have to

people's minds for them

...

lettine

them

reaiize

that

wimow
lewmg^nem realize mat
the sale, plus
you dld ^ and they think they
strong

are

"ego

prereq-

add, for example, the
think ' logically
and:

thaj.

York
YorK

you

builder

prospect's financial situation

A:/—,./, v:
-v-.:
;of this
The originator of these tests is
weu

Marketing

qualifications

clientele

sales

better

^eueicuiy
generally

cue
are

accepted

action

Quit

55? tions and reactions of others. It

customers.

executives.

trend with

BURMA
ADEN • SOMALIA • EAST
AFRICA
AND THE RHODESIAS

ability

mood

time

providing

its

weeded

have

•

your

expense

curities and Exchange Commission

CEYLON

A—5
4

re-

company to provide in-

stability,

service

eral

•

4th

•

there

sale to satisfy an inner

3rd

B__

months:

Top

ac-

C___

for

and

can

Ver[od

of the Department of

PAKISTAN

six

out

performance

profession. First,

addition, higher volume

flexibility

years.

•

Top

have

fa-

eliminated,

thereby reducing

gers

INDIA

worked

sales

in-

that

ac-

duplicate

clerical costs
over

fields

Branches in

tested

I would
*

that

(D) 34. Here is how

other

also

qualities

the investment business..

into

test,

two

gen-

equally important if

want

were

the

understanding

ernment,

114

: were

group

opinion

several

follows: (A) 11; (B) 20;

men

Group

In-

these

the

are

49; and

end

positions.

that

securities,

that

are

made

sales

valuable assets. But I

clined

who,

wrjting techniques,

considerable

ZANZIBAR

has

sales applicants

feel

bring it to

•

There

market

are

much

claims that until his tests were
developed, many others failed to

addition,

is the attitude of the Federal Gov¬

UGANDA

sales

qUjrecj to handle improved under-

entity

the Government in

that

the

dent,

equipment
In

use.

highly trained employees

their

•

value.

successful

locate people with the potential you can ruin a clientele in a
greafer attention is being paid to PHILADELPHIA, Pa.—John E. to become successful salesmen be- short while with too much emexpenses.
Through merger and Fricke,
f ormer
President
of cause they overlooked what he pathy,. ego sales
drive, arid too
^he attainment of higher volume,
Woodcock,
Moyer, Fricke
& considers to be the two main es- little common sense.
companies are able to put their French, 123 South Broad Street, sential , qualifications
for
this
The trouble with being a great

are

(C)

New
JNew

lliXGC.

have

unc0ntr0llable

suited

KENYA

basis

graded

•

the

million,

$1,265

companies

sition to the

ADEN

success,

very

pe-

record

year's

-T-.

agency

22368-9

for

eluded

$869.8

the similar

certain to

are

wrjting losses of fire and casualty

surance

Telex Nos.

busi-

degree of

been

Total fire losses for

1962.

year

ahead

the

In the field of investment 7

counselling, and the sale of

wide study of their tests, covering
over 3,000 people, who were ap-

the

from

13.8%

ttt

siastically

Bankers

lines

heard

organization

estimated at $989.7 mil-

are

million figure for

The advantages of mergers and

Head Office

has

through

August, fire losses in the United

casualty

affiliation.

acquisitions

•ISHOPSGATE, LONDON, LOi

that

hazards cording

months

eight

some

have not

when losses the

year,

from

minimum.

For

life lion,

The

and more life Insurance

firms

the

other

fire mutual fund

million,

the

used

of plicants

Each

$100

men

and

0ffer

acqiUMUUUS

in-

July's

recorded

seen

iariy the results for

are

creased

period, approximately one-half of

has

year

select

for

career.

hess with

1962,

million.

$100.9

uisites

can

The testing in the investment business

ahead

management

been

they

un-

August.

month

12.7%

were

ent

virtually 90% of the leading stock

enabies

three-year

have

claim

possible

20.2% over the total for

crease 0f

resulting

premium

over a

rose

tests

that

been

month's figure represented an

First, insurance underwriting has
an

Approach to the Discovery of
Sales Aptitude
J

na-

that the

ability ,can be achieved through This is quite abnormal, particu-

volume upon consummation of the

present proposal

losses

DUTTON

eral

the first eight months of the pres-

examination

cioser

general belief that greater profit-

which Reliance bolstered its position

fire

JOHN

with sales ability. These tests have

usuapy bjgh midsummer level of I

total of

with

advocates

acquisition.

tion's

Rations jvasta

of ity to provide "all-line" service
growth and diversification has become practically a competileading

derwriters estimates

and

3°ln

New

written

help

The National Board of Fire Un-

method to. return to profitable op-

Many

August Fire Losses

quickest and easiest

stronger organization.

corn-

developed

become

These are merely tn

companies.

curred

o®e" alty

since

1963, American Insur-

has

ance

proposed

own

increasing

has been principally motivated by

are

difficult

petition with their larger, richer,

in the insurance industry

mergers

their

CORNER

ranks

years

and well-diversified brethren.

toward

trend

recent

increasingly

survive

to
The recent announcement

SECURITY SALESMAN'S

concerns

joined

others

finding

MERGER TRENDS IN THE INSURANCE INDUSTRY

not

Thursday, October 17, 1963

How¬

remaining

unprofitable independent
that

tnat

prof¬

itable underwriting record.

the

underwriter

specialty

did it." This takes diplomacy and

Volume

tact

addition

and

courage

decisiveness.

In conclusion,

(

salesman needs maturity. He must
evaluate his life

bit higher than

Year Seen for 1964
Auto makers

of at least

take

must

the

C careless,

they

emotional,

egotistical,

sive ones;

lazy,

people

are

impulsive,
compul¬

and

well as the trusting,

indolent,

careless

the

and

1964

and

grounds
estimates

there

firm points out

immature

re¬

the

third

actions to his environment. He

can

and

that

the

his

job

well

because

inner satisfaction that he achieves.

/If you add these qualifications to
the

twin

ing

Survey

that

assets

and

the

Market¬

Research

Corp.

tests claim they can uncover, you

have the makings

may

cessful

investment

career

the

rosy

accord¬

ing to the United Business Serv¬
The

Boston-based

year

have

economy

advisory

that this would be

big auto
sales

rather than from

auto

sales

rising

stimulus.

recent

now

financing

before

favorable,

next year.

the

employment
consumer

Household

years

they

undertake

Both

factors

and

tax

extra

for

cars

formations

1962,

million
built

rising

again, and the explosion in teen¬

and

salt

element

estimated

the

Because-

year.

1954

have

that

are

because

many

cars

costly to
roads

re¬

use

Moreover,
cars

are

likely

jthe

only

record

now

car

increase.

hitting the junk

pile in large numbers.

Scrappage

at the 1963 level suggest a

normal

extraordi¬

to 36

that

population boosts demand for

used

cars

re¬

months

car

United

families.

Service

demand

the

Over McGann Offices
SOUTH

Oct.

BEND,

South

Bend

Gann

Securities

office

also

points

McGann

of the

the

Bache

new

Also

associate

acquired

office

Street,

Elkhart,

Allan B. Stevens

eight million

car

years

1970.

Bache

were

South

Main

Ind.,

under

the

office

Niles,
as

attended

suc¬

sales¬

has

grossed

year

for

has

meeting

that

and

He
the

he is quite

think

per

years.

experience

years

I found several of his sug¬

man.

gestions

very

them

pass

$100,000

over

the past five

business,

[John
of

sales

with

deal

notes when

some

helpful

and

will

to you.—J. D.

Dutton is the

name

pen

registered representative em¬

ployed

member

large

firm

of the New York Stock Exchange.]

Loewi & Co., Inc.

Opens New Branch
MILWAUKEE, Wis.—Loewi & Co.,

Incorporated,
opening
fice

7401

announced

has

of their
W.

the

branch

of¬

new

Oklahoma
n u e

Ave-

This

BEHIND THIS CLEAN LOOK

change firm to
he located in

Roland C. Neumann

southern

the

half of the county. Roland C. Neu¬

who

mann,

with
25

the

for

manager

the

registered representatives

Donald D. Berther,

Ollmann

from

than

Associated with him in the

office.
office

associated

been

Co.

years,

are

has

Loewi

Michael J.

and Victor J.

the

downtown

Unrein, all

office

the

company.

addition

office

main
west

and

office,

branches

the

Loewi

at Mayfair

Silver Spring

downtown

Drive

South¬

new

operates

and

East

Whitefish

Bay, all in Milwaukee County; as
well

offices in Appleton, Beaver

Dam, Chippewa Falls, Green Bay,

New

IS THE LASTING LOOK OF ALL-BRASS

Madison,

Kenosha,

Janesville,

Monroe,

London,

Racine,

Waukesha, Wausau and Wisconsin
;

Rapids, all in Wisconsin.

;

All-Brass

for lasting beauty

and performance.
brass

Shaskan & Co.

resists corrosion

other metals.

To Admit Partner
On

Nov.

Broad

Shaskan

Street,

members

Exchange,
Buchman

New

Co.,

York

City,

the New York Stock

will
to

admit

partnership.

Joseph

brass last

In short,

We didn't say
a

advertisement
faucets

better than

fittings of

longer and work better.

Kohler did in

above.

agree

this. Kohler of

recent

magazine

featuring the
We, of

course,

with them wholeheartedly.

Brass has the

All-Brass because
to

stand up

strength needed

in tough johs like this

—keeps working like

new

Jong

industrial
you

want

value

—

copper

equipment

things

—

wherever

give lasting

brass, bronze, and other

metals

are your

best buy.

after other metals would call it

The

quits. And it's the ideal metal for

Broadway, New York 4, N.Y.

holding

on to a

finish.

Anaconda

Company, 25
6301B

bright chromium

plumbing fixtures,

builders' hardware,

appliances,

AnacondA

East

with

representative

charge.

conducted by a salesman who

was

will

week,

224

Mich.,

man.

specifics. I took

the

management of Thomas E. Black¬

Street,

seven

Al¬

manager

office.

500

and

that

Mc¬

Inc.,

Richard

manager

Main

be normal before

Albert

and

bert

burn,

will

Company,

125 West Colfax Avenue.

million, and General Motors pre¬

area

Ind.—Effective

14, Bache & Co., acquired the

dicts

and speeds the increase

multiple
The

suddenly

car

Bache & Co. Takes

1955

year

Cleary will be

has¬

tening body rust, replacement
demand

5.5

increasing

northern

cars

for the first time

cars

this

since

scrappage

Scrappage exceeded

and

accessories

income

are

five million

cut

excessive.

not

rising

important

auto outlook.

pair,

stimulus

consumer

that
an

are

Credit is adequate and

portion

going

This is in contrast

flected the increase
car

active

for

disposable

would' provide

with

grown

some

confident

row,

to the record 1955 sales which

high

are

long term debt.

age
nary

requirements

and

ample

are

reasonable,

are

He can't change the world but he
own

million

believing

for

ice.

change his

out

predicting sales, income, since most cars are sold
on
credit, and buyers must be
new cars

are

seven

intelligent investors he will meet.

can

brought many new customers into
Main

satisfying his inner "sales drive."
*

(1507)

the market.

Another Big Auto

security

good

The Commercial and Financial Chronicle

Number 6308

198

The

Commercial and Financial Chronicle

(1608)

Mobil

Socony

nance,

Our Reporter on

Oil

Co.,

rill

Lynch, Pierce, Fenner and

Smith Incorporated, New York.
Andre Meyer,

Richardson,

Dorsey

Investment

stocks

taken

1989/1994was

preciable extent yet. It is believed
quarters of the financial
district that the reverse is true

expected that this long-term gov¬
ernment bond would be too well
deal

into

equities

from

which

that funds which had

obligations

Treasury

bond;

es¬

4Vs%

that kind

1989/1994

appears

Strong Response

which

there

work

with

those

strong

which

security have come

this

switches

from

measure

some

put

been

have

dis¬

being

investment

forms

are

dent

Kennedy's
the

July

Balance

The

18.

and

for such

41/8%

long-term

separate Treasury De¬
partment release based on an Or¬
ganization Plan and working
gram worked out

the State Department.
At

the

conclusion

much

security

satisfactory

opinion

the

market

that the best quality obligation

capital

ment

market

bility

Garvin, Bantel
associated

with

the

these

between

securities

the

and

Federal bonds is

mitments

make

the

one

operating abroad. These questions
bear importantly upon the future
of the U. S. balance of payments.

non-

small that it is

worthwhile

very

com¬

The

longest

who

making

pension

funds

largest buyers of this bond.
The

4y8%

originally
last

This

did

100%
not

was
as

were

price,

far

bidding
yield

to
the

which
to

had

went

the

hands

This

was

and

raising
sour,

and

quite

Ralph

up new

money

way

not

market

that

although it

being

bought

vestors

though

long-term

the

summer

the

4y8s

little

made

the

side.

adviser

the

an¬

1956,

Fieldhas

house

been with

Richard C. Fieldhouse

Federal
Bank of New

serve
as

the

headquar¬

Successful Pioneer

market specialist.

was

gathering back in

gas

resourcefulness
the

successful

1955.

together the

come

with

technique to bring
relatively

numerous

searching

for

markets,

were

and

single

Beane,

New

York

They

for

foreign

operations

ager

of, the Fifth

sales

under long-term

fice

Broadway;

L'Hommedieu,
the

at the main of¬

manager
Two

man¬

office,

from

360 Lexington

to manager of the

Harvey

manager

Avenue office,

Force

Keith

George

the

Task

include:
M.

New

York
and

Stock

of the Lexington Avenue

office.

George Securities

partner

law

firm

However,

ness.

Sterling.

James,

Senior

the

ing to engage in

been

formed

Peyton Build¬

securities busi¬

Officers

plans

worth,
Vice-

planning and fi¬

President;
Vice

central gathering point,

sell,these
of

accumulated

also

gas

President;

that

cubic

also

are

sales.

held

was

the

company

the

remaining

exchange
70,000

States

for

approxi¬

Coastal

stock.

common

Future

Targets

Among the targets that Coastal

the

and,

recently,

mu¬

On June

capacity
the

1957
to

daily

had

year),

fiscal

totalled

sales

these
MCF,

States

Coastal

and

190,-

daily capacity of 1,977,000 MCF.
Fiscal

1963

gathering

$34,269,924 were

fiscal

sales

29%

over

the

dedicated to the company's

gather¬

level

the highest

States

history.

most

important

contracts

sales

used

tricity.

the

These

gas

new

fiscal

1963

others,
tion

to,

pe¬

average

ex¬

are

than

150,000 MCF daily over the life of
contracts.

the two

plant

power

Jan.

scheduled

were

1,^ 1964, it now

to
ap¬

that they will begin before

pears

that date. Gas is expected

LCRA's

Bastrop,

noteworthy

January

;

agenda

gas

San

proc¬

Antonio

This

plant,

„

for

1964.

comple¬

There

operation

by: .'Coastal

plants 7were

six

capital

States.

financed,

operated

are

such

others.

investment

Coastal

States

to flow

Texas

These

built

and

With

receives

njo

part,

its

between

40% and 55%

of the net proceeds

from

the

sale

removed

The

from

the

by-products

its gas.

growth of gas and oil

duction

the

overall

pro¬

Coastal

States picture was a natural

out¬

of its successful gas gather¬

established

Once it had been

that

represented

Coastal

States

significant gas pur¬

chaser, the company
as

repeat¬

was

partner in

ownership and property de¬

ated
the

This

prime

not

while

company,

tied

only

policy

taxable

consistently

reserves,

with

favorably

States'

gener¬

of income for

source

adding to proved

but it

Coastal

incdme.

Gas
of

and

21%

oil

contributed

year

13.4%

Even

with

serves

1963:

adva/nced

during

barrels

36,485,040

of June 30,

total

was

and

reve¬

produc¬

proved

re¬

.peaks

new

844,107,900

6,492,510

gas,

1963

before,

record

company's

the

away

production

fiscal

the

above

nues.

drilling

crude

$5,787,058

tion,

Although deliveries to Austin's
start

scheduled

presently

gas

20-year

for

deliveries

Total

riods.

pected

elec¬

intrastate

are

new

estimated cost

facilities.

velopment.

generating

contracts

sales

edly sought after

Contracts

New

ing operations.

MCF.

operations,

$800,000,

come

6,761,011,000

The

States'

installation

gas

started with

year

likely- Jo
this

•

Coastal

the

Furthermore,

Coastal

Also

the

accounting for 79.3%

year

revenues.

reserves

gas: able

net

amounted

2,031 miles of line in opera¬
or
under construction, with

tion
a

During- liquid hydrocarbon extraction
period - plants processing gas made avail¬

12-month

purchasers

-re¬

which may.be owned jointly with

35,327,000 MCF. In the 1963 fiscal,
773,000

States

full

the

MCF.

87,000

(the

Coastal

delivery

gathering

gas

for

its

combined

subsequent

sales

coming

business.

past is any indica¬

Editorial

30, ,1956 the company

miles

with

lines,

the

perform¬

States,

comment is hardly necessary.

for itself.

speaks

had

tion,

Starting-

area.

substantial quantity of gas

essing plant, at

Coastal

With

the gas markets in

are

Houston

newal.

pipelines, industrial con¬

ance

MQF

oil and

condensate,

1963.

steam
Cash Earnings Advance

Subsequent

de¬

respect

the

For

cash

1963

fiscal

48%

earnings

$14,014,791. Per

were

Austin market took place this past

cash earnings of $2.21

August. The company has entered

44% ahead of the comparable fig¬

into

with

contract to

distributor

sell

Austin

to
all

the

gas

the

999,

period of 20 years commenc¬

date

should ' the

Dorothy V. George, Secretary and

choose.

Treasurer.

new

the

first

at an earlier

purchaser

$1.41
47%

of this

As
were

years

were

year.

1963 was $8,952,-

increase of 52%

1962. On

contract, it is estimated that

preceding

Net income in

cal

the

ure

city's consumer gas requirements

Farns-

and

deliveries

acquire

long-/ gain

basis, to large users

ing April 1, 1967,
-

75%

for

Grover

are

George,

totalling

trillion

few weeks ago it

announced

will

Exchange.

for

Securities, Inc., has

two

of Alamo's outstanding stock.

generating plant in 1965.

Form

city's

Originally, Coastal States
25 %

sales

with offices in

Eaton,

Funston, President, New

President

the

intrastate

dedications, build lines from these

SPOKANE, Wash.—O. C. George velopment

members

Frederick

manager

systems

These

classified

newly acquired

York, who will represent

York

distributions

1966,

gas

Avenue

deliveries

contract

Bank

Reserve

Bank.

Private

the

for

the future

to purchase shut-

was

of the year were those, the City of Austin
Exchange, have and the Lower Colorado River
been announced by Alph C. Beane,
Authority (LCRA), to provide gas
Seymour Lubliner, former

the

States is apparently aiming at for

are:

Supply Co. Alamo has

Chairman and President Oscar S.

Stock

Chairman.

gathering

services

did, under the leadership of Board

City, members

New

providing

electric generating plants and gas

schedule. What Coastal States

ing

Broadway,

has been sell¬

contract with San Antonio call¬

ing

reliable, efficient deliv¬

ery

Three promotions in the expand¬

organization

April

of large amounts of

sources

gas

new

sales

Since

delivery

large

penetrated

company

and

gas

the, mately

major pipelines that were seeking

Names Managers

Its

small, capped gas wells that

prior

Williston & Beane

ing

period.

pioneer in

management had the foresight and

Re¬

York, serving

States.

maximum

year,

Since

manager

Vice-Presi¬

Coombs,

al¬

Stock

been

Mr.

Task

System, who will

Federal

New

in¬

New

guire, from assistant

the

prices

York

Atlanta, Ga., branch; William Ma-

Reserve

dent
,

reported
were

the

represent the Board.

for the

bonds

State.

Shearman

during

1989/1994
progress

was

these

Officer

Young,

Charles

readily digested by the

many

' where

than

feet of natural gas over a 20-year

Co., 120

eral

government. The 4y8s of 1989/1994
were

its

Ban¬

Board of Governors of the Fed¬

possibly

being this

retiring

Ambassador

Force, representing the Depart¬
ment of

the

that

De¬

Treasury

McKinney,

States

Executive

new

obligation

ended for the time

picking

the

Switzerland, who will serve as

opera¬

cut

1VI.

United

offering

are:

Chairman of the Task Force,

Robert

get the bonds out of the

underwriters.
money

the

nounced.

partment.

underwriters

De¬

the

has

ing

representing

4.08%.

successful

well

syndicate

public

Treasury

concerned because the issue

not

order

the

competitive

tion

the

the Task

of the Treasury, who will serve

;

when

Henry H. Fowler, Under Secretary

was

Texas,

has

ac¬

located

nicipalities.

Excha'nge, it

Williston

$300,000,000 of these bonds

under

price

Force

1989/1994

offered

April

floated

com¬

company

1962,

second

market

1962, the

well

Government officials

the

among

financial

the

States

munity.

these

purchases of the 4yss of 1989/1994
with

and private

officials

members

of 1989/1994. It is the institutional

both

includes

Force

Task

government

government bonds, like the 4Vs%
investor

States

United

Treasury

various

financing to
private companies

the

Christi,

sumers

Money

foreign

pro¬

ters.

Richard C. Fieldhoizse,has become

panies and to survey the availa¬

govern¬

Corpus

such

ties of United States private com¬

is the

operations

May,

term contract

City, members

Force

Task

amounts

New

13-man

money¬

the

was

Coastal

category.

the

are

wells to

Fieldhouse Joins

Austin

municipal

Alamo Gas

and

foreign investment in the securi¬

bond, and the yield differ¬

ential

report

study ways of promoting increased

specialists. It is being pointed out
the

work,

President.

Kennedy on October 2

also

are

important

Wyatt, Jr.,

Broadway,

President

capital

many

its

partment

named

considered

the Task Force will make

Investing in U. S.

corporate bonds, but when quality
is

pro¬

by the Treasury

York

is obtainable in

the return which

Message

Enlarge Foreign

is less than

Treasury bond

study

of the President's

Group Seeks to

The yield that
the

Force

1989/1994,

due

purpose.

available

back¬

tel &

obligation,

refunding

namely the 4J/8%

Payments,

detail in Sec¬

gations are using the new money
vance

Message

Garvin,

raising and more recently the ad¬

gas

25,000 MCF daily.

picture

and

purpose

of the Task

ground

is outlined in
tion

Special

posed of in this instance.

obli¬

this

Coastal States

the

that

reports

its

will

rate averaging

and

Stanley and Company,

case

with non-Federal bonds and other

is indicated

funds

invested in long-term

the

of investors. It

hands

that

homes

In this

bond.

which

interested in

are

also

are

monies

1989/1994 have been finding per¬
manent

who

annual

hydrocarbons

New York.

refunding,

is also

1973,

buyers

4Vss

the

came

being used
investment purposes by those
4%

medium-term

long-term

the

non-Fed¬

which

out of the last advance

government market has been the
way

Morgan

Department, in consultation with

Another; security

the

feature

opera¬

eral obligations.

for

The

exchange

from

tions this time from the

this time.

Investors'

are

measure

security at

of a

into this 4ys%
again coming in some
going

mow

are

pecially those who are interested
in the highest quality obligation
with a satisfactory rate of return.
The

the

that

con¬

investors

attract

tinue

by most capi¬

specialists. It is believed
long-term funds which

tal market

liquid

most

the

ensconced

considerably more than

was

had been looked for

stocks are now

common

$1,260,000,000

amount

the

with

government securities. The longerterm

Young, partner,

and

duction of gas and oil. Also in the

Coastal

is in line with Section 6 of Presi¬

indications
in

National

First

The creation of this Task Force

large demand as ever

been

liquid

from

Another

quired

City Bank of New York.
John

refinery which

Wriston, Executive

securities which surprise, of the financial district
the 4y8s of 1989/1994 were taken
the money market are

!
B.

the

The short-term

make

Corporation, New

Vice-President,

at¬

was

Much

priced.

tractively

bonds.

■U,

i t

though

even

Trade

starting deliveries
oil

crude

maker for the company

York.
Walter

lengthening

debt

this

taken

with funds being

in some measure

World

it was not

package deal,

this

in certain

transferred

re¬

sale

extracted

Institute,

Company

condensate and the proceeds from

included

Arthur K. Watson, President, IBM

the Treas¬

along and the 418 % of
reopened as part

came

ury

to any ap¬

market

income

fixed

from the

away

money

advance

operation

funding

President,

New Y ork.

Surprise

recent

the

When

the
has

to have for
minded buyer

Bit of

common

appear

appreciation
not

which

attraction

The

Thursday, October 17, 1963

Continued from page 2

transportation
the

Lazarcl Freres & Company, N.

CHIPPENDALE, JR.

JOHN T.

senior partner,

THE SECURITY I LIKE BEST...

Inc., New York.
George J. Leness, President, Mer¬

per

over

fis¬

share basis, the

earned was equivalent to

improvement.
of

June

30,

1963

there

6,352,046 shares outstanding.

Volume

Number 6308

198

The Commercial and Financial Chronicle

(1509)

1,814,289 shares
outstanding
202,454
stock

reserved for

were

stock

capital

outlay,"

employees'

for

options.

three-fourths—of

and

tinued,

"was

warrants

The

exercise

the

involve

decade

aggregate

purchase

made

increase

con¬

behalf

the

—

the

—

all

over

report

domestic operations.

these warrants and options would
an

the

sales

and

excise

revenue

taxes.

reach

flow¬

come

to various governments from

exceeded

result of

the

group's

quarter

expendi¬

operations

amounted

$7.8 billion—-more than double

the

which

$21,100,000,

over

would be added to the company's

tures

equity.

"In

It is relevant to
in fiscal

income
turn

point out that,

1963, Coastal States' net
equal to

was

said
to

the

lion—9%

ability to put its earnings

work

efficiently
has
Coastal States in obtaining

aided
money

for its growth. An even more in¬

gathering

company's
This

makes

taxes,"

group

paid

foreign govern¬
total of

than in

$2.3 bil¬
the

pre¬

equal
of

the

than

gain

in net

earnings.
"In its onerous role of tax col¬

extracted

most

the

The increase of $193

three-fourths

lector

characterizes

direct

"the

was

term contracts to buy and

which

and

1962

year.

million

fluential factor has been the long-

sell gas

were

for

"To

port

report,

ments in

vious

This

billion

form

domestic

stockholders'

average

$3.9

the

re¬

30.9%

equity.
to

highest ever."

government, the
from

its

group

customers

$5.5

its

stockholders,"

said,

billion

is 11.5%

dend

"the
cash

the

re¬

"Over-all,

than in 1961. Divi¬

the $177
was

1962

higher

earnings

than

Inc.,

has

thirds

combined

gain for the preceding
four years."
interval

flowed

foreign

from

activities,"

the survey.

the

group's

according

five

Co.,

Inc.

office

has

years," the report continued, "the

under

sroun

Walston

opened

New

saw

its earnings

the

Joyce &

branch

Merrimack

management

Street,

Nico-

Ohio

—

under

the

fering

Mortgage

Bonds

1963,

June

office

under

the

Minnesota

direction

made

in
se¬

the

behind

curity

bonds

these gas contracts.

par,

rose

further

States

Coastal

premium.

were

Issued at

bonds- immediately

the

An of¬

principal

was

strengthened'its financial; positiem

recently
bank

the

^negotiating

rfiye-l
j-ine;

$30,000,000: revolving

year

•

credit at

rate

i/4%j

plus

rate; equal to.

York City bank,

New

prime

but- notv less- than

4V2 %I'
Wither officers
and
directors

owning about 22%-.of the

outstanding,- 4heremanagement

for

centive

tinue with

cop

greater vigor

even-

The granting of stock

fine work.

options at all levels of the organ-.

added impetus.

ization provides an
: In

February 1961, Coastal States

Gas

Producing Company was

choice

Best."

Security

"The

stated

then

"As

that

caliber-

high

of\

situation

sound

affording excellent capital depre¬

prospects,, Coastal States
a well merited favor¬

ciation

has become

the financial com¬

ite throughout

munity."
taken

The events that have since

reinforced

have

place

high
list¬

regard for the company. Now
ed

the

have

appears

Coastal

Board,

Big

the

States

ex¬

perience,
management and
fi¬
nances
required to make the fu¬
ture

bright

the past.

Capital Outlays by U. S.

Oil Firms Totaled $5.2

SERVE

Billion Last Year
companies

petroleum
amounted
more

expenditures

Capital

than in 1961,

released

survey

Manhattan

A GROWING

14%

billion,

$5.2

33 .U.S.
in
1962

NATION...

according to a

the

Chase

Bank.
THE

gas

two-thirds,
total
its

oil and
represented almost
of

production

natural

crude

the

bank noted in
Analysis of

"Financial

annual

combined

The

Companies."

these

operations

companies constitute

major pro¬

portion of the world-wide activi¬
ties of the

petroleum industry.

"Historically,
penditures
ways

tion,"

the

group's

refining

for

report

1962 the pattern

first

OF AMERICA grow

and

grow

stimulated both

It is

prog¬

industry's task to anticipate and meet these needs.

said.

time

"But

the

HELP

THESE

MEET

operations, stepped
in

NEEDS

Cities

Service has streamlined

research, and invested substantial

sums

improving and expanding facilities. It has broadened its

services to all segments of our national economy
carbon energy,
and motor

and allied

changed, and the
exceeded

basic petroleum products, such

oils, and

...

as new

in hydro¬

gasolenes

ever-widening flow of petrochemicals

products ranging from plant foods to printing inks.

al¬

outlay for marketing facilities for
the

ress.

ex¬

have

ranked second after produc¬
the

NEEDS

by increasing population and by the insistent demand for

$3.3 billion, of the

outlay,

Petroleum

with

connected

Expenditures
the

re¬

THE RESULTS

are

reflected in benefits shared

investors, and customers. Of
achievements

dustry

...

will help

even

of this nation in the

by employees,

greater importance, these

united with those of all
assure

forward-looking in¬

the continued leadership and security1

challenging

years

come.

fining expenditure. The $788 mil¬
lion spent for
more

than

major

marketing

was

16%

1961."

portion

•—

much

CITIES

PAUL, Minn.—R. J. Steichen.

Company has opened

of 5%

the

and

Steichen Opens Branch
ST.

circumstances financ¬

$50,000,000

John

management

operations.

ing is greatly facilitated.

man¬

Company has opened

good insight into future earnings.
Under such

the

Joyce Branch

Meixner.

the

possible to have

Hart,
office

branch office at 507 West William

olas Panos.

again

D Avenue under

DELAWARE,

branch

Robert C. Fenwick, Jr.

Walston Opens Branch
—

agement of Jimmy Johnson.

Street

HAVERHILL, Mass.

Okla.—Clark

opened

those

the

a
substantial margin.
in fact, almost equal to the

once

LAWTON,
at 609

the

were

largest by

the

paid $1.7 achieved the year before. Of the
dividends, which total
earnings
increase,
two-

of the postwar years, but
million increase in 1962

"After

billion

group

payments have risen in all

It was,

approximately

high set in 1957."

nej, earnings of $3.3 billion."

Clark & Hart Branch

1962, totaling $3.3 billion

ing

price

record level. Net in¬

new

largest

domestic

billion

Altogether, the tax

©SERVICE/

branch

Building
Carl

The Com™ercial and Financial Chronicle

(1510)

"normal."

j-f

StOfK -LTXCtl. iivu (JUtiOOK
Market w
01/0IV
vaww

there

sure

elude late

Thursday, October 17, 1963

the last half of

1952;

opinion

just how

long-term

Bank

reserves

are

currently

of business activity than two-thirds of the way down
View jected. However, the fact remains J°wardAa further decline of this
?h°uld
COmpL!ted a"
pr0"
warning signal
type.
of be-

TT*ttt

IJ nOrtnOQOX
UUUi v/xxvyvA-w

1111

3
J

rnvtimiPd from vaae
Continued fiom page

the President a resounding

gave
s

proportions, either because
inflation was supposed
to take

minor

hold,
had

because^
market

when mo ey
Furtherm

bear

rates

low.

were

requirements

margin

since

Marcn, .wo,

1937

his

This led

infiattering terms.

pessimism in Wall
a
sharp
deciine in

extreme

and

miarkets^on reco

March

confidence

characterization of businessmen in

gtreet

the largest beai

shattered

president Kennedy

had

things turned out,, we

the market' was seen
gpring Qf 1962
At that

strong hands*-

were

temporariiy

which

development

political

dominated

investment

fa%'. a1SQOCQmxParwiT««siired°that
less
1929, we weie assured that
stocks

example of

in spite of the impii-

with

whj

the leading market averages siay-

cations of our Timing studies and
^ definitely favorable outlook

those who are

unpopular by

going against pre-

vailing opinion from time to time,
is to
find ways of deteimining

it is

when

just

to be

necessary

I shall try to summarize
limits of this paper some

contrary.
the

which I have found

of the studies

experiences confirm the
sense
conclusion
that

These

should

studies,

cgd

0£

Timing Cycles.

with

p*
f
First

resistance

jeast

and sub-

years,

sequently expounded in his book

Affairs

the

Tides

studies

these

ferred

of^ Men,

Mr. Smith re-

published in 1939.

the

inclined

Decennial Pattern, and is

that they have

to believe, as I do,

basis

weather

was

this subject of Timing

July,

that

there

wrjtjen
out

pointed
be

three

decline

the

1930.

appeared

overlapping[ten-year

one1

cyc es,

which^called tor-a

the1 stock marKet sxan-

third

year ,ot

every

fw ?in
S.frth vLr
Helw
Lroi-ith

^he sixth

either

,f.

dprade-

pfiph

vAnr

the

called

seronrt

The

th'

jTne ofTeas^eLtanceln^te st^k
downward
i

opinion>

dpronnifll

thrpp

-finpnppd

dnration
and/or

For

neak^

gets

under

ond

third

well

quarter

to be
or

reached

sec-

the fol-

the

v&ar

the

peak

late

the

early in the seventh

bigb

vir-

optimism

warranted,

were

was

by subsequent events. The

proven

touched

the

Industrial

Times

New

Stock

York

Average

than

the

Timing

Cycles,

This
0£

Timing approach

grea£ beip jn £be

was

also

;pap 0f 1939

in warning us to question the prevailing view which called for a
further

risq

stock

prices

be-

were

selling

and
at

when

only

be-

thffGno\tfnd11H^^^Hnwpvat"
President

Truman's

which there is

PTeat

^understanding

and

misleading

propaganda

attempts

are

about $40

share in prospect for

record

than gjven

recent years

rate

shows

rediscount

rate

Aug.

same

that

defi-

warning

was

1929, when

the

The

economy.

apparently
that

increased to 6%, as com-

was

spite of the underlying growth of
the

commentators

overlooked
the

over

past

there has been only

to the

rule

that

the

thirty

fact
years

one

exception

peacetime

economy, price/earnings relation-

ships

be expected

can

to decline

even

after they have declined by

rather

suddenly

the

from when the Federal Reserve Board

increased

3J/2%

within

few

permitting

was

sharp in-

very

weeks, with the result that there crease in excess bank reserves and

At present, the level of business

was

further

advance

only

lowered

the

rediscount

rate,

Timing
stock

the

warnings

studies

prices

the

that

our

risks

quite high,

trend

downward

The next

was

resumed,

rise in the redis-

100%

stocks

sold

earnings

above the

touched

times

10.8

the

year,

high

1953, even though earnings were
Business activity is about 11% 1946, when it was raised to 1% to rise by 4%.)
This generally
above the level which might be from
the
1A%
rate which had overlooked inverse correlation
are

now

considered "normal," as judged by

growth

trends

World War II.

that

our

since

end

It might be argued

trendlines

enough, but

the

are

not steep

equally good

case

count

from

Another

dou-

tionships has
course,

ary,

1953 and apparently helped to

level

off

occurred

decline

the

Janu-

stock

carried" into

which

the

years!

This

that

means

in twenty years.

the demand for goods in this post-

period

war

has

been' supported

enced to

basis,

inflU-

are

considerable degree by

earnings

rather

power

than entirely by earnings in arfy
one year.
Since
the
to

this

Dow

the

last

10%,

Dow

year's

earnings

Industrials

exceed

about

A decline in the rediscount rate

logical

stock prices

average

some quar-

public and private debt in recent ters by the election of a Repubyears —some $600 billion in the lican President for the first time
past

between year-to-year changes In
earnings and price/earnings rela-

market

been

1942.

this

that

has

late

bling of the rediscount rate from

touch

activity

April,

been in effect for about 3Vo years,

could be made for the conclusion
business

occurred

rate

year's

for

likely

seem

levels

should not expect

Industrials

sell

than 19 or 19% times earncause 0fwar orders from Europe by a rate of spending of borrowed a series of advances to the 3% ings at any time this year, as
and the inauguration of our own funds which can hardly be conlevel
by April> 1956> when the compared with 20 times earnings
armament program.
Instead, the sidered sustainable from alongleading market averages were re- reached at the high in 1962. On
in

1954j to 1.5%

was

followed by

[re"d °f the ?t0<[k m?KkCt Was t0 term point oI view'
cording the highest levels they the basis of this approach, the
downwaJd /°r three ?e®ra'
were to see for more than two contrarian may well conclude that
?0rf IT"!' this approach m-;
Third Approach
years; The fifth time"the redis- ' H is probably overly optimistic
dlcated the desirability of. quesA third approach I have found count rate was increased by 100% to expect the Dow Industrials to
txonmg Wall Streets hopes that helpful in telling us to be espe- from a previous cyclical low was get above the 760-780 range this
ZIZ™? sixities"
<***»
^?wing The in May, 1959. when it .was brought year..

™

k®s^eied a^ ^la^ time by the
y^espread propaganda of a lead+ng / ^
caV s^ryice ^at tke
^re
^ ^ ma ^ was kkely to
upward durff ^ *irst ^e or
months of 1960 because we

VT ^

d£es c°"tro1 the over"a11 supply

n7. Warn as ^at a.s"bstantial dewas .to be witnessed duiung
^ flr^. s\x ™n}h?u of 1J9^2,
Y
oiV1
?
Were
m av°f
a fairlY prompt
*

v. -

Second

Approach

point of view are based on (I) below

Z
do

keep this campaign pledge to imnnJcvnccc nrnWc invnrLn

monition

porations

re-

serves; and (2) increases of 100%

3% during the 1960-61 de-

cline in stock prices and in business

activity.

However, the ques-

in the rediscount rate. I have tions can properly be raised as to
found that any reduction of as whether interest rates would not
much as $1 billion in available have been forced down to near
bank reserves, or any increase of the 1958 low if it had not been
100% in the rediscount rate from for the balance-of-payments probthe level prevailing within the iem which started to have a maior
PrecedinS five 5'ears> should be influence on the Federal Reserve
taken- as a signal to stop and Board's monetary policies follow-

think. The fact that bank

m6 confirmed
our

reserves

reduced by SI billion during

the indications of

Timing Cycles, and suggested

A second basic study I have that the vast majority who

equities from the very high levels
which I personally favor most <Jf
the time because of the underly-

My own simple rules as to when warning of an impending peak in
developments in the credit field the stock market as was the May, ing growth of the country and the
should be taken as a warning to 1959 rise to the same level, since veiY long-term outlook for furlook carefully at the contrary the rediscount rate did not fall to ther inflation. I realize that I am

were

rediscount rate from 3% to 3.5%
cannot be considered as strong

f^racement of that decline, and changes in available bank
g

stock prices, has to do with the esting to note that the New York
Expects Cyclical Stock Market
supply of liquid funds. I believe Times industrial Stock Average
Peak Soon
everyone will agree that money reached a high about two months
I have touched on only four of
is the lifeblood of business. It is later which has not been exceeded the studies I have found especially
also generally conceded that the to date.
helpful in deciding when it is deFederal Reserve Board can and
The recent stepping up of the sirable
to deduce holdings of

While these Timing studies did of credit.

1964.

\ky. ^nuary, type of optimism which develops up to. 3.5% from the mid-1958
t ^PecJftlons wf^e after
extended advance in level of 1%%. It might be inter-

stocks

The

nj£e

the

exactly

ex-

would

following October in spite of the

was

quarter of

judged by

over

given

minor

one

calculation

optimism generated in

•

upward,

have

either

artificially stimulated by the ab-

1936

vpnre

our

time

ception,

normally sharp increases in both

early

months of the sixth year

have been

upon

deal

the earnings were 15% below those
five years. The recorded in both 1955 and 1957 in

not

November,

stock prices were likely to
above their 1961 peaks as
Thprp have heen two npvinds in
measured by the leading market
thp
last
1?
when
mainr avera®es before there was a dantiolitieal develonments have tern
gei"of. a real
market' They
norarilv offset tlTe^ indicatfons of n0Wf
Uf
an important
ouhTimihf Studies These neli.de ?
W f?°,k pnceS W.lU P™bablT
the first half of
1949
when the
See1 J" y S°°r' WI
SUb"
trend df the stork- market 'nhdull'-8**1!?®
downward toend likely to.
ot
stock
should
continue into the third
rather

year

equalled again for fourteen years!

way

of the

year

into

for

complacency and

really

noj.

studies

reasons

universal

tually

the

November, 1936, that the

setback

carries

sixth vear

the

when

sometime in the third

likely

declines

normally

in-

can

pvtpnf

thTnrPeedinL

decade

lowing

these

maiofoolit^

example,

which

ctfufiipc

rfS

enmp

the levels

the confirms

contrary

Timing

These

one

prevailing

vear

^nhcpniipnt

^^orie

tenth

the

question

jn jine with the theory of

first memo-

cycles.

randum

and/or

energy

This Timing

prevaiiing optimism or pessimism

few

that

much greater gain

desirable

cially

was

the

study

stock

the

Qf the time in calling atten-

which Mr. Smith did were
great deal of additional research fear>

approach
a

is the

upon

tion to periods when it was espe- activity in relation to "normal" 6% in the stock market before the two steps, by 25%. In that

working
with
Edgar Lawrence Smith, in 1929
and 1930, I developed a Timing

! I

While

originally developed 50% to 75% in the case of
£939^ bas been helpful about more volatile issues.

approach,
8q%

pproac

touch

of the probable line

jndicators

this point of forecasting formulae.
to do

turn in business activity, there is pared with a level of 3% touched from 'the previous year's levels
a tendency to conclude that stocks
1924.
Another danger signal when earnings increase, and vicemarket or "signals" to stop and are not attractive for either in- was
fiashed
in
October,
1931, versa. (I might mention that the
rather than as mechanical termediate or long-term holding when
the
rediscount
rate
was
one
exception occurred in 1954,
ag

possibly most
has

quotations
shown

used only have earnings. Following a down-

The first and

these

techni-

Timing Cycles, like other

relationship of stock prices Ho
earnings. This is another type of

lowest rate charged within

Unfortunately, the prevailing preceding four

warnings in the past.

view.

business is booming, even if stock

helpful from

controversial

rate of 100% should be considered

have

common

should

ning at substantially above pre- a danger signal, I must confress this year. We are reminded that
Ylous Peak le?fs> after allowing that x am not certain as to in 1961 the Dow-Jones Industrials
f°r a reasonable rate of growth, whether emphasis should be reached a peak equal to more
it.is only a question of time before piaCed on the increase from the than 23 times earnings. Nothing
there will be a letdown in activ- previous cyclical low, or from the is said about the fact that in 1961

the outlook for stock prices when

lf. and when production is run-

Timing Cycles

willing to risk being

The fourth and last approach I

sustainable on the basis of previ- change the reading of this bare- currently being told for examjfle,
ous rates of growth there is real meter from neutral to unfavor- that stocks are stin fairly prjced
afg^r
a r®ve,^a °, ? e Y£r~
because the Dow-Jones Industrial
able trends. Putting this another
In connection with my observa- Average at 740-750 is equal to
^a^ common sense tells us that tion that a rise in the rediscount less thn 19 times the earnings of

fact is that, with

facing

problems

the

Non-Mechanistic Use of

next eight years.

or non-contrary point of view is
usually one of rising optimism on

business.

ihg below their iy«5< nigns ior ine

One

business activity is at tween in bank reserves would
$200 million and $300 milhigher level than appears lion

that
much

Fourth Approach

alwa.yS room for difference of 1955; and the late Spring of 1959.

. .

were

n,.tfinw

th„

m« the ^ l

From a P'racbcal

«old ln 196L

being somewhat unorthodox (and
contrary) in basing my appraisals
the economic outlook on merely
four or five time-tested fundamental and technical f a c t o r s
rather than' going along with the
recently popular multiple indicator approach. It has been my experience that by doing this it is
Possible to make fewer mistakes,
and to avoid getting yourself in
the position where,
once observed, "If
confused,

you

is because

someone

are

not
have

you

and realistic point of view, there- not looked at all of the facts."
fore, I would currently look upon

you

have undoubtedly

con-

°Ptimistic °n tbe outlof10f^ stock the recent rise in the rediscount eluded from what I have told you,
^
"n' Prlces,tbe ®prmg of 1937 werf rate as only a minor negative tion theitrecent to begin to ques.thmk is time
especially on relatively treacherous ground.

sei]ious thi.nkin? fro™

downward

kept

stock

trend

prices

until

JCbndre<:ci

monUi™

some

■

growing

optimism

a contrary Subsequent periods in which development, but would consi ei ag tQ both the business and stock
iew> ?s.the relationship warnings were given by a decline a further increase to 4.0% as a market outlook, just as it was

P?m Y
of business

activity to long-term

of $1 billion in bank reserves in-

fairly definite warning signal.

necessary

question

the

pessi-

mism

which

1962.

Number 6308

198

Volume

developed

The Commercial and Financial Chronicle

June,

(1511)

778,409 and $17.41

MUTUAL FUNDS

cannot go along with the

forecasts which appeared in a re¬
cent issue of Business Week to the

JOSEPH

year

& Clark

ens

Fordham Wall St.

:|s

Total net assets of Scudder, Stev¬

POTTER

of the stock

effect that the trend

share,

earlier.

Ass'n

Common Stock Fund

Meeting

•' I V:'

■

.•

market may be expected to
tinue

for

upward

Industrials

Dow

short-term

are

near

the

well

get

above

As I have indicated,

the 800 level.
my

reaction of

is that

guess

cyclical market peak

time,

present

which

Keeping
chore.
New

The

senior

York

partner of the

Stock

that bears his

small

Exchange
is

name

firm

foremost

and

flow

outside

mutual funds, hence

the

always of interest to

the

within

whatever high is to be seen dur¬

in line

next few weeks,

the

ing

with the

experience of 1937, 1946,

1956 and

I also would keep

1959.

in mind

that the long-term risks

stocks

some

than

has

those

been

should

basis, just
I

market

every

made

selective

buying decisions.

as are

concerned

particularly

am"

This

Wiesenberger
for the

disclose that he

her

bought

end of

Napoleon,

the

since

war

had

world

the

once

every

days

the

war-time,
pent-up demands, and the coun¬
caught

tries

with

low

capacities which

oped surplus

stepping

permitted
ports.

costs devel¬

wage

their

also concerned

ex¬
over

the tendency to take seriously

propaganda that
compete

producers

foreign

with

whose wage scales are
one-third

there is

for

room

only about

where
rapid in¬

and

ours,

could

the United

little

States.

that

afraid

theorists who have the

attention,

ear

unrealistic

economists in the

leading

our

were

'20's.

late

year's political uncertainties,

the extent to which

and

our economy

one

French

imminent

the

victory

fresh

his London tri¬

from

umph (he was hailed as "the Sage
Wall

Street"),

turned

royal American surroundings—the
deep in the Catskills.
this time

sales

the 650-strong

was

of Investors

force

Services.

fied

His audi¬

Diversi¬
less

was

bullish in the heart of the Borscht
in the shadow of

have

was

the slightest doubt

not

that the mutual funds will emerge
from the

present period of inves¬

tigation and publicity larger and
stronger than ever, to rise to new
levels

and

heights

period

the

dustry also have long histories of

local,

investigation and punitive legisla¬

both

the

state

and

also

raise

current

public

and

Federal

our

Governments,

questions

assumption

the

about

further

both

consumer

year.

and

capital goods

The attitude of labor,

together with the tendency of
leading
with

politicians

stocks

times

peak

The

very

now

almost

along

really

are

earnings

long-term
as

wonder

worth

date.

outlook

inflationary

not

necessary

contrary

realize that inflationary forces

could

usually

are—until

such

emergency,
or

war

leash—and

under

kept

very

there

some

the outbreak

business

severe

depression.
I

not

ending

optimistic

this

talk

note.

Perhaps others
will be able to tell us why I may

turn

out

the

quarters

overly concerned

*An

first

two

of next year.
\

■

•'

economy
or

three

'Annual

audiences

ball

'•

at
the
Forum,

'■

With Thomson, McKinnon
ATLANTA, Ga.—Roy Collier, Jr.,
has become associated with Thom¬
son

ing.

McKinnon, Healey Build¬

Bank of

was

formerly

with

Georgia.

that

keeps

guarded,

air-

conditioned vault at his downtown

Broadway

market

bull

"on the

the U. S. economy, on

stock

tainly

sales¬

the

he remained bullish

world,
the

told

office,

cer¬

the mutual fund

swami

neither
but

conjure

man,

gifted investment leader en¬
with

dowed

colorful

His

nor

qualities.

showman
and

approach

lively

of the marketplace

to the subject

most

often

denied

attention

equally

that

project

the

Mr.

vestment

ca¬

has

totaled

assets

net

equal

$47.67

$40,736,111,

share,

per

com¬

with
of

John W. Pancoast, Jr.

$4.36

an¬

assets

$26,233,749,

against
share,

Nov.

1962,

30,

senior

tronic

Sept.

assets

taled

$6,022,037,

share.

This

to¬

$4.95

per

with assets

compares

equal

$2,601,722,

share,

Wall

able

for

demand

squeeze,

being

$4.28

Fidelity Capital Fund reports that
at

Aug. 31 net assets amounted to

$164.4 million, or $9.38 per share,

share,

technology"
to

research

National

Bank

Officer

Trust

until

Texas

american
shares
INC.

in¬

staff

Prospectus from your dealer or
Selected Investments Co.

joined

135 S. LaSalle Si.,

Chicago 3, III.

Houston

his

Fund

and

remained

association

Management

with

Com¬

pany.

Pace College Grad.
P. R. Program
new

in
*

ports

that

value

was

Trust

$11.68

year on

$11.98
the

Aug.

Boston

asset

net

re¬

Relations

has

share, against

the ; fiscal

Division curriculum

been in*

known

$75,611,724.

Fund

Stock

Growth

Investors

reports that on Aug.

31, marking end of the third quar¬
ter

the

fiscal

amounted to

share,

per

year,

net assets

$648,799,636,

Public

$8.68

per

share,
and

$231,726,000

well

public relations departments;

administration graduates
a

their

career

arts and

Clark

Fund

relations counsellors
nel:

men

and

women

Name.

who

Address.

top

person¬

who

com¬

A Name to Remember

When

knowledge of ethical and
standards

with

the

to solve problems

$77,-

operations.

WELLINGTON^

busi¬

FUND r7

■?'
—

•

investment

for

rising prof¬

its

growth

possibilities
of capital

upon

request

Chicago

—

for prospectus

write to

Los Angeles

—

Wellington Company, Inc.

Philadelphia 3, Pa.

Lord, Abbett & Co.
—

Ask your investment dealer:

seeking

and domestic environment is

Atlanta

Fund

reasonable current income.

Ptospectus

international

company

shareholders

lohg-term

and

—

Balanced

rent income, and
profit
possibilities*

Fund

New York

seeking conservation of
capital, reasonable cur¬

A Common Stock Investment Fund

bound to help the stock market,
lie notes, adding:

Investing

ability

arising from the

ness

against

a new

"Stocks, too, respond to the law

ONE_WALL STREET,_NEWJlfORK 5

'I*

Balanced

share,

busi¬

what

impact of public opinion

BULLOCK, LTD.

Established 1894

management seeks in their public

Sept. 30 were $102,104,942, equal
$19.68

CALVIN

guided in

attain

Total net assets of Scudder, Stev¬
&

owning stocks selected
quality and income
possibilities. Sold only through registered
investment dealers. Ask your dealer for
free prospectus or mail this ad to

public relations.

will

groups

studies

social
ens

fund

investment

corpo¬

recent

liberal

mutual

for

per¬

public relations and ad¬

and

bine
.

its

two

earlier.

a year

'*!»

planned
with

courses

rate

Both

reports

$278,592,000
$7.63

Relations

vertising firms

Fund

31 net assets totaled

with

the

dean.

of students in mind:

sonnel of

seek

that at July

compared

groups

Growth

Schiff,

newly appointed

ness

$8.56

share,

earlier.

Putnam

Col¬

made

with $511,-

compared

467,489, equal to $7.07
year

was

Faculty of the M.B.A. program

program

Massachusetts

Dr.

Division's

May 31. On Aug. 31, net

were

of Pace

lege, New York City, it

corporations coping
with the rising-cost
prospect of

******

graduate program of study

Public

troduced this fall in the Graduate
Investment

international tensions,
up with indus¬

favorable

Harris, Upham & Co.

Selected

Stock

group

Texas

investment

there

earlier.

year

formerly with A. C. Allyn

was

& Co. and

against $135.9 million and $7.63 a

improved labor-manage¬

staff

Farnam.

curve.

assigned

measured

capital-goods boom,
it

G. H. Walker & Co., 3002

firm

the

catching

successfully

Dimitroff

the

earlier.

year

• •

easing

was

case
his bullishness—things like an
a

John

added

been

New

Behind the Wiesenberger persi¬

there

Neb.

has

City

York

their

beyond

immediate bailiwick.

flage,

community

re¬

Fund

that

ports

Fordham

attend.

OMAHA,

dustries.

the

Ltd.

plans for
All

year.

Pancoast-sjpeefalized in the "elec¬

Returning

Growth

Company will

With G. H. Walker

•

analyst responsibilities with

Texas
Federated

and

attractive

invited to

are

Dominick,

New

After

Asso¬

Dominick & Dominick in 1959, Mr.

fiscal year.

the

end

$27,894,187, equal to $4.24

the

Exchange.

Business

share,

that at Aug. 31 net

nounces

totaled

members

earlier.

year

Firehouse

Street.

/Dominick

pared with $33,253,880, or $38.86 a
share,

and

evening

been

where

that at Sept.

Olde

alumni in the financial

associated

Burnet

in¬

Abacus Fund reports

who, unfortunately, are

unable

Pancoast's

spent

■

the

commands

Texan,

York

gentleman

the

course,

The Funds Report

industry."
Of

native

good.

Jr.

Although

reer

assets

ment relations,
'

had it

Pan-

coast

To hear him tell it, fund sales¬

this

Cedar

sea¬

party

Research

John

promise

Wiesenberger, who likes to

crystal

men

its

Department of

trial capacity,

v'-

address

by Mr. Gaubis
Contrary Opinion
Manchester, Vt., Oct. 4, 1963.
First

tell

as,to the outlook for the

diiring

Mr.

Streeters

hope I may be pardoned for

industries

growth

today."

in the Spring of 1937, but it

was

makes

group,

whether

shortsighted demands

many

of that

our

utility in¬

numbered among

are

leading

our

substantial rise in the demand for

Both

tion.

for stocks over the years."

insurance

life

the

Both

ahead.

part

addition

inexorably to the demand

never

Fund

Texas

Bldg., has announced

sav¬

its 1963-64

126

■

Asso¬

Said he:

deficit

the

add

Concord Hotel at Kiamesha Lake,

business and the public

American

recently, Mr. Wiesenber¬

has been bolstered by substantial

spending

investors—all

stitutional

17)

.■

Street

cpcktail

supper

announce

Management Company, Texas Na¬

of the

growth

over

Harold;"

Buckingham Palace.

of the

re¬

"perhaps conjured up

was

thoughts

second

Wiesen¬

although

would

suggest that the figure

Belt than he

President may turn out to be just
as

of 1066

ence

—

after

widespread

received

berger

Tex.

that the

press

stand at 1066 by 1966. Mr.

ger,

ings, the

outstanding
HOUSTON,

the

men

less

Industrials

Dow-Jones

economic

the

hardly

telling the British

with

increasing population of the mid¬
classes, the increases of

will open

with

son

Wall

ciation President John O'Brien of

Adds to Staff

tional Bank

dle

ciation

Tavern,

Texas Fund

tion, the increase of incomes, the

reported that he

was

the

in productivity than is

creases

c$se

the

able to

are

princess and

Bentley for himself.

editor did

following the

the

gift of

bridegroom, Mr. Angus Ogilvy,

spectful

major

brought

for

although it

about the outlook for 1964 because

tory

ball, Mr.

off to London

was

na¬

Fordham

(Oct.

pension
The public prints do not plans, mutual funds and other in¬

of the

implications of market his¬

after consult¬

wedding of Princess Alex¬

andra.

fund

time, the ris¬

same

The

buffet

supply of equities appears

ing standard of living of the

past spring,

ing his guarded crystal

thirty or forty

believe selling decisions

years.

others,

true

the past

peak in

much greater

are

present

the trade.

year

new

earlier.

ex¬

addition

large

sight. At the

early

financing to effect

Thus,

are

inclined to expect a second

corporations

large, there is less need to resort
pansion.

$8.60

equal

supply. With the

authority

somewhere

cash

his views

demand

zone

peak

with the fast-moving

Wiesenberger is

Comparative figures

year

$10.55

$46,026,070,

share,

the Dow Industrials. However,

likely to be in the 760-780
for
I

were

Wiesenberger's Crystal Ball
Arthur

$63,968,113,

Sept. 30.

likely until the

consequence

any

indefinite

period ahead, with

were

con¬

San Francisco

The Commercial and Financial Chronicle

(1512)

& Electric Company

Baltimore Gas
Baltimore

Gas

with

greater

$200

Electric,

power.

annual

revenues

million

(about two-thirds electric

one-third

and

amount of

and

total

with

gas,

small

steam) serves the City

Baltimore

with

nearly

adjacent

areas

of about

population

Thursday, October 17, 1963

ELY

OWEN

Ohio Valley IBA Group Elects

PUBLIC UTILITY

SECURITIES

economy-interchange

Construction
1962
and

expenditures

approximated

$40

million

expected to be about $34

are

million

this

year.

sold

company

$25

Last

the

year

million

bonds

1,900,000. The division of electric ,but this year bank loans may be
is 36% residential, 30%
relied
on
for
necessary
funds

revenues

commercial,. 33% ..industrial
1*%

while

miscellaneous;

and-(bank
is

gas

69%

residential,:. 9%r.commercial,

20%

industrial

the

per

this

than

Natural gas requirements are
purchased from Columbia Gas
under long-term contracts, and

showing

heated

homes
from

sold

nearly

electric

are

increased

1952 to 170,000

in
gas

and

sales

are

ex-

per

suburban
are

new

office

recently

buildings

either
under

com-.

construction

Baltimore, partially
urban

How-

areas.

many

Pleted

the result

redevelopment

New

industrial

busi-

commercial

and

acquired

last

year

ex-

was

ultimately

produce

$7 million annual

revenues.

pected

about
The

ing plants with
470,000

six

has

company

capacity of

one

1,-

Baltimore

third

allocated

Pennsylvania

Power & Light). A second 191,000
kw

steam

the

Crane

and

unit

for

installed

was

kw unit

sched-

completion in 1966. The

joined

has

company

companies

with

nine

survey

the Susquehanna River Basin, in-

Freight

Savings

From

the-large

Columbus,

Co.,

PJM for

utilities

network

In 1958 the company was granted

rate

return

base

centage

Thjs

fair

rajsed

return

vaIue

thg

net

called

(original cost) {rom 59% in 19g8
to

65%

19gg and

hag since

remained close to lthat Ievel
return

fair

coursej

centage.)

yalue

(The

wouW

somewhat lower

ing policy is conservative: it does
not use accelecated depreciation,

ings do not benefit by the invest-

ment
is

credit.
of

one

Also,

only

which does not

interest

(or.i

few

use

utilities

credit

for

will

75%.

and
The

raised
and

the
Oct.

current

payout is about

dividend

each

rate

latest

has been

since

year

increased

was

1954

$1.24 with

quarterly

payment

stock has been

sening

pay

of- operating

entitled

re_

$1.66

AUg,,311

L I?-10 ?s 21.1.

33-37;

Range -°f the stock thls
high

about 42 in

was

year has

the

erating'

340,000

use

capacity

portion
one

two
a

gen-

low'" cost

years

new

would ,otherwise

the

unit

con-

which

required

1968. The EHV inter-area ties will
>

contribute further savings through

lower

•_

:of

This will permit deferring
least

struction

investment

record

1961.

Paulsen
.

Seasongood

Vice-Chairman;

Co.,

left

and

right,

Lyons

Columbus, outgoing

Co.,

Gordon

Cincinnati,

Mayer,

and Donald

are:

Secretary-Treasurer;

new

Jr.,

Governor;

Co., Louisville, newly

Standing,

Crawford

reserve

requirements

the

and

Commercial

Murray

Two

industry,

important

scheduled and

ing

the

panels

attention

considerable
Review

are

that is attract¬

one

nancial circles relates to
of

and Operating

velopments

fi¬

Round-

Administrative

Principles and De¬

discussed:

Commercial

Personalize

ing of Clients

Handling
the

and

from

vs.

Fi¬

Methods

Personnel

of Bache

Noe

Secretary-Treasurer.

Cost

•

were

Beckman

New

York,

will be held

Keynote

Principal speaker at the Tues¬
Dr.

Bankers
be

Irving

this

Reiss,

;A.

Another

awards

commercial

The

instituted

by.the

use

flexibility

National

commercial
in

financing

the

Tuesday

Grand

evening,

22. The dinner guest

speaker

will be Mr. J. Lewis Powell,
will

address

the

topic:

the

final

"The

who

session

Challenge

Change."

was

Com¬

Bryan E. Simpson With

some

effectiveness

and

Oct.

Dinner

company

program

nine years ago to demonstrate the

Amos C. Sudler & Co.

especially

growth situations, and to date

min

Corporation

Capi¬

Presi¬

Corp.;- and

Executive
*

Vice-

have

will

;

Club,- Viti-

•

America,

EICO

Busch,

Commercial

Credit

Financing

held

Fraud
at

the

Tonka

The

DENVER, Colo.—Bryan E. Simp¬
has

son

become

was

associated

Sudler &

with

Bank

Co., American
Mr.

Building.

formerly with Brereton, Rice

Co.

be /-Herbert

made

Vice-President,

cott,

Inc.;

Robert

James

Tal-

Greenberg,

Sr. Vice-President-General Coun¬

The

Silverman,
Talcott,

order

President

awards

the

will .be

Eugene

President

and

investment

Denver.

■

business
'

&
in

Chicago Analysts

the

will

the

called

Hanson,

Conference, and

Northern

Minneapolis,

Finance

Minn.

commercial

re¬

finance

factoring industry in 1963 will

presented

the

delegates

William J. Drake, Executive VicePresident

the

after

convenes.;

Conference,
the

To Hear AAAAA A A

:-;

Inc.

W,:; P.--Gullander,

Convention

mediately

Jim

Manufacturers.

;

•

„

own

Dempsey-Tegeler

Co.,

and

James

sel, Walter E. Heller & Co.; John

Vice-President,

Inc.';-

President, National Association of

Corp.,

tive

Presentation

port

Execu¬

were:

and

Chairman- of .this -session

President

year

Instrument

Toys,

Walter Corporation.

ists

Culshaw,

last

Electronic

Inc.;

Financial

President,

received- awards... The

winners

award

morning session of Oct. 22. Panel¬

Rand,

finance

award

mercial Finance Conference

Real Estate Financ¬

Harry

con¬

growth made possible through
funds.

Convention will close with

Annual

his

Reserves, for Losses**

are

business

for achievement in business

cerns

The

the

tries

Executive

Prudential

Intentional

three

Con¬

presentation

dele¬

the

"Commercial

Financing: A Reappraisal."

Ballroom

of the

the

address

topic,

Co;, Inc. and in the past conducted

including
.

will

the

poration and Helene Curtis Indus¬

Problems

highlight

will

Oct 21, will be S.

topic will

"Economic Prospects."

vention

gates

Economist,

His

who

ence

Financial Corp..

Financing,

Co.

Co.,

United Artists, Buitoni Foods Cor¬

Roundtablq; Discussion

Current

Trust

Vice-

Armstrong

and Chairman of the Confer¬

which

Panel,

Concord

Herbert

Sr.,

Chief

Con¬

Seiler,

Corporation,. Diners'

Participations.

Finance

President,

Reierson,

and

the

Jacob

Simpson who has been in the in¬

Gerald Nickoll,
'

vestment business for many years

Goldstein,

Corp.;

Roy

President

Oct. 22 will be

Chairman,
Inc.

speaker

will

Natignal

dent,' Civic

President,

bering among them National Air¬

...

Seidman,

lines, Continental Motors, Lithium

Recognized Standard

man,

with

Silberfeld,

e r,

There¬

both

Murray

-"•>

u p

Danziger,

Amos

Armstrong Co.; and Nathan Schul-

•

formerly

nationally known concerns, num¬

Set-Up

President; Theodore A. Murray,
£ -c^
treasurer,
a£d Maxme R Francis Secretary.
Mr. Francis and Mr.
Co., Inc.'

Nathan

Saving Areas and

Safe-Guards

tal

Servic¬

Institutionalized

Problems Arising

...

Insurance,

!°rmed
^
offices at 29 Miller Avenue
°2ng3ge ln aJ!ec2r® business1^rs far!L
?
S
FianC1S'
t

Industry,

Waldorf-Astoria, Oct. 20-22, 1963.

ing

LLEY, Calif .—Francis &
'

Fi¬

the National Com¬

the

for

group

day Luncheon

mercial Finance Conference, trade

Standards

/
^

featured

Factoring

sponsored

Northern
H.

Building;, \

Partner,

factoring, Jones Financial Corp.

and

among

and

nance

Walter

Corp.' Moderator of the Panel will .will

Frank

form Francis &

com¬

speakers at the 19th Annual Con¬
vention

sole proprietor of the
business

plants and part of the

Vice-President,

earnings

accounting and govern¬

will

Lawrence

the

Baiti-; Ford.Co.,

lines,

transmission facilities and will be

Reis,
First

nancing. The following topics will

Dividends have been paid since
1910

andr| Ellis is. now

extra-high-voltage

the-cost

power.

Louisville,

Vice-Chairman;

company

construction,

authorities

financing

banking,

table

the

mercial

er.

The company's account-

approximated

Iersev-'

.freight costs)

the power

for

National

vention

Outstanding

ment

plant

(EHV). transmission
of

Commercial Finance Industry

Based

short) which is planning;;

minfes .(saving

Chairman.

elected
William

NCFC Announces Convention of

Group's

Seated, left

Company, Colum¬

Ohio

Louisville,

N. Y.

$350) mil-j "; ;A;
A'Cy
.
'
'
inter-area
project to build::
v
-« Now
Proprietor "A
generating stations near coal; SPOKANE, Wash. — Richard

new

the

Boyce,

William Alden of Alden &

bus, 1962 Chairman; Milton S. Trost of Stein Bros.

Plant

member;

pool

power

Interconnection

other

lion

Sr., of John B. Joyce

Second

new

George Rinker, Jr., The

centlv around 35 to yield 3,5%.

New

Pennsvlvania-New

with

America

to right, are John B. Joyce,

Appearing

Baltimore G. &. E, is a

Maryland

Net

rpbe
company
has no special
reguiatory problems at this time,

The

Locations/

the

Return

the hydro potential.

eluding

of¬

reve-

ness.

plant earlier this year

319,000

other

outgoing

been ' about

(the latter's

capacity

two-thirds

uled

and

meeting in Columbus, Ohio.

annual

hence there are no tax deferral
available from Safe savings to be normalized. Earn-

Harbor Water Power

400,000

generat-

supplemented

kw,

hydro power

and

have

would

nues

Association

Bankers

contract for supply

new

of gas to its blast furnaces
interruptible basis. Electric

an-

7%-10%. Much

gas

there

ness

under

Ohio—Incoming

ficers of the Ohio Valley Group of the Investment

7,000

About

6%-7%

gain

creases

COLUMBUS,

purposes.

$900,000 greater except for lower
summer temperatures which afexpected to be added fected the air conditioning busitripled.

the growth reflects population in-

ever,

high Btu oil gas plants are maintained for stand-by and peak load

dential customers and the sale of
gain of industrial gas to Bethlehem Steel

gas

electric

annually;
num

customers and 11,000 new

gas

pected

1953,

the total volume of

and

new

number

The

50,000 in

1962

year

conversion

The gain in gas reve2-for-l split nues in 1962 reflected somewhat
the gas di- colder weather, plus
new
resi-

1952.

over

estimated

are

with

particularly rapid,

revenues

175%

decade,

calendar

Growth

vision has been
1962

84 cents

with

1959.

1967

connection

after adjusting for a
in

contemplated until

debentures and sales to employees,

share have also al-

for

compared

common

later except for amounts issued

past

doubled—they

$1.65

January 1963). No sale of
stock

the

Earnings

repaid

were

revenues

doubling

outstanding

1962

enjoyed good

The company has

growth with

heating satu-

is 44%.

ration

most

miscel-

and

laneous. Residential

loans

im¬

Convention

Legal and statutory de¬

CHICAGO, 111,—Max Karl of the
Mortgage Guarantee Insurance
Corporation will be guest speaker
at the luncheon

vestment

meeting of the In¬

Society
of
Chicago to be held today (Oct. 17)
^

Analysts

in the Grand

Ballroom of the

Salle

Hotel.

Radio

Corporation

America

will be the subject of the Oct.

meeting

and

Crown

Corporation of the

Zellerbach

Oct.

meet¬

ing.

M. Rasmussen

BRIGHAM

CITY,

Opens

Utah —S'verre

velopments in 1963 will be noted
Inc.

President, The Mastan

Co.,

Moderating this Panel will be

securities business from offices at

Eli

Counsel

Silberfeld,
the

General

Conference

and

125

Rasmussen

engaging

East First North.

Volume 198

Number 6308

The Commercial and Financial Chronicle

(1513)

Clinton Trust at

NEWS ABOUT

Oct.

action
the

BANKS AND BANKERS

expected to

New Branches

•

Burgoon,
Edward

and

ham

have

Assistant
Chase

New Officers, etc.

•

James

been

ident in

Dunning-

the

Vice-Presidents

the

Co.

Bank,

Michael A.

Madden,

died Oct.

Brooklyn,

Madden began

in 1921 and

career

Manufacturers

Gaffigan, James

metropolitan

';'.V '

depart¬

made

•

Also made known

pointments

the ap¬

were

James

dian

investment officers in the

Personal Trust

Van

Thiel

William

Officer; Paul L.

Bank

John
H.

have

Chairman.

All

THE

FIRST

' 4

NATIONAL
NEW

■

Landolt

CITY

BANK

Cash

and

from

curity
Loans

The' Irving

1,339,778,596

1,534,328,750

Trust

James

5,569,848,714

157,405,171

Both

bank's

5,176,196,230

161,472,846

profits

mortgage

division.
A"

CONDITION

TRUST
'

Underwriters Trust

and

New

Total

"" 1

NATIONAL

■'

Y.,

30,

1963,

published

made

AND

Law

the

State

accordance

New

with

balances

'banks,

and

cash

process

United

with

profits-

4.4

underwriters

obligations,

political
Loans

ing

and
U.

23,114,660.73

States

subdivisions

3,516,636.87

premises owned, none,
••'furniture and fixtures—

profits-

1,033,289

The

York,

Savings

announced

Bank,

the

litical

States

from
24,971,410.56

signed

DEPOSITS

deposits
(b) Total time and savings
deposits
liabilities—

TOTAL

CAPITAL

par

fund..

Undivided

385,381.49

tional

$59,151,406.17

$2,000,000.00
1,033,289.20

TOTAL
.

pledged

<a) Loans
are

after

serves

are

above

deduction

after

,.-A

-v

best

'•

Plains,

knowledge

NICHOLAS F. PIOMBINO
-■

CHRISTIAN

JOSEPH

Saxon

^Directors

SUMNER FORD

40th

bank

First National

the

title,

tional Bank

Metropolitan

Syracuse, with

cago,

Edward

Worcester

Clifford, President of

County National Bank,

was

with

Clinton

the

County National Bank.

con¬

Trust

Worcester

Approval

Miami

Bank,

Miami

Beach,

with

initial

also voted by shareholders of

"San

Bank,"

capitalization
4

Ash

and

Harry

.appointed

were

deputy

general managers of the Bank of
Scotia.

Nova

A.B.A. Names

Leslie

Dr.

has

Peacock

Association

Bankers

director

the

Department
Economics

Research.

and

Chester

Assistant

dual

The

of Commerce,

made

been

appointed deputy manager of The

promotion is

im¬

effective

Vice-

Mo.,

Vice-Presi¬

Saxon

Oct.

for

Oct.

title,

with

and

Dallas,: Texas, with
Dallas,"

tion

cisco,

and

Division.' "

"•

a
*

•'•*-'

Bank, Chi¬

/'"

Vice-President.
*

Robertj H.

elected

111.,

/■ *

Board

Reserve

System

the;
Oct.

announced

Bank

its approval

of the

Bloomingdale,

Bloomingdale, Mich., and the
sumption

as¬

of its deposit liabilities

by Bank of South Haven,

South

the

continue

Executive

and

was

Directors

Vice-

been

for

Haven, Mich.

Policy Com¬

33, joined the De¬

of Economics and Re¬
in
1961.
In September,

1962, he was named Secretary of
Economic Policy Committee

the

and

associate

Government

given responsibility, for
purposes,

mittee and Economic
mittee.

his

Chairman of the Board since 1961

practical

the association's
International Com¬

Advisory and

active

member of the

has

the "State¬

partment

Committee.:

Peterson

Mr.

the Balance of Payments"

Beise,

as an

Board

ment

Dr. Peacock,

Officer.

Mr. Beise will retain

officer.

and

President

S. Clark

who will retire Nov. 1

;

Governors

Chief Executive

post

San Fran¬

15, named Ru¬

Peterson

He will succeed

Assistant

of that
1

included direc¬

of staff work

issued in July by

of America,

Calif., Oct.

dolph

assignments

cent

with

charge

department's., continuing
activities since February. 'His re¬

capitalization of $750,000.

tor

direc¬

the

Na¬

"Commonwealth

served

deputy

Dr. L. C. Peacock

initial

$1,000,000,

Bank

The Bank

promoted from:

Cashier

had

Beaumont," Texas, with

Presi¬

Peacock

Dr.

National

new

dent.

preliminary approval of

Executive,
Vice

an¬

initial

ac¬

ABA

Walker,

manage¬

tee/

secretary

Borrowing

the

Commit¬

He also served a number

months

acting secretary of the

Advisory and International Com¬
mittee.

ment of the bank last February.
,*

The

Bank

L. M.

California,

San

Francisco Calif., made the follow¬

ing .official appointments:

•

NEW

Huppeler Opens

YORK

CITY—Lambert

San

Francisco

Main

Office—

Huppeler is engaging in a secu¬
rities business from offices at 400

was

an¬

City,

title,

National

County
an

Redwood

the

tional

and Rich¬

"G,"

Central National

Federal

State

Mateo

with

of
4

Beaumont,"

promoted

to approve

Bank

California,

title, "Citizens National Bank

the

acquisition of the assets of Peoples

the

Peacock Dep. Mgr.

elected

was

voted

busi¬

the

promotions

shareholders

special

Oct.

preliminary approval of

Comptroller of the Currency

nounced

Chi¬

Saxon

nounced

Charles

Banks

Worcester, Mass., announced that
at

cording to Dr.

City,

James

Bank,

Vice-President

Division

Schroeder
V / '
'
The

the

mediately,

The

He was

Division "B."

Anderlik,

capitalization of $3,000,000.

444

Also, Alexander H. Glover, was

The

with

month.,

former

capitalization

Kramer,

Vice-President

Na¬

Bank,

Calif., is celebrating

dent.

;•'•''.

announced

111.,

Assistant

new

James

Randall

Texas

applications
4

ard E. Wilier was

an¬

Vice-President

Comptroller of the Currency

Springfield,

converted

Bank

Brewer,

promoted to Assistant Vice-Presi¬
Oct.

anniversary

this

and

Company

KORELL]
TAMNEY

his

Clifford

Division "D."

preliminary approval of

solidation

.■■/

Security

American

Dallas,

Vice-Presi¬

National

Assistant

dent

Scott,

Executive Vice-

Shore

Fisher

National Bank

John A.

belief.

Correct—Attest:

Walter M.

American

commences

The National Bank

Cleveland,

Director.

County

Nelson

cus¬

Kansas

meeting Oct.

and

Beverly Hills, Calif.,

Co.,

Florida,

effective Oct.

become

the

tomer relations officer.

suc¬

Frank

Vice-President

Y.,

Superintendent

application to organize

initial

will

has, joined

Hammond

;v;Vy;';'

444

National

in the official staff.

Brew¬

Cashier.

and

North

The

•

200,754.73

-■

re-*"''.'

the

Brewster,

Jan.

Executive

First

cago,

I, NICHOLAS F. PIOMBINO, Auditor of
the above-named institution, hereby certify
that- this report of condition is true and
correct

•

shown above

deduction

Comptroller of the Currency

with

123,081.78

National Bank under title of City

Bank,

The

Adamson

with capital of $200,-

4
■

re¬

of—

(b) Securities
serves

shown

$16,156,008.75

;

tion of $2,250,000.

National

elected

National Bank at Syracuse, N. Y.,

for

and

purposes

President

Middletown, N. Y.

nounced

assigned to

liabilities

secure

other

State

James

ACCOUNTS— $63,484,695.37
MEMORANDA

Assets

The

LIABILITIES AND

CAPITAL

III

National

initial capitaliza¬

President of Commerce Trust Co.,

Executive

Banks.

$4,333,289.20

approved by Oren Root, New

York

1,300,000.00

—

Bank," with

surplus of $100,000.

Va.,

of the Executive Com¬

formerly
dent

Oct. 15,

Beach,

who

but

President and

and

Officer; Edmond

White

TOTAL CAPITAL

ACCOUNTS

Burke

to merge the First Na¬

Bank

Company,
was

___.

Wilson

Capital

Ohio,

ster, N. Y., into the County Trust

ACCOUNTS

profits—

President

Comptroller

•'/

Capital:
Surplus

The

Murphy, from Vice-President

A proposal

30,730,590.24

Common stock, total
value

Commerce,

organized

Sterling Seaton,

Richmond,

Vice-President and Comptroller.

28,035,434.44

LIABILITIES-

Bluff,"

; E. H. Green, is President and
Chairman of the Board, and Y.

mittee.

Gretsch, Jr.

Michael

Board;

President

and

$58,766,024.68

(a) Total demand

Other

1,465,120.13

—

Fred.

Chief Executive

1,605^370.91

Certified and officers'
checks,
etc.
TOTAL

the

433,525.97

subdivisions

Jo¬

made

ceeding Johu S. Alfriend, who re¬

from Vice-President to Chairman

po¬

Deposits of banks

elections:

ing

8,647,680 76

and

Ana, California, with

"Commercial

$1,500,000.

Bank

000 and

effective

lyn, N. Y. announced the follow¬

(including
savings)
1

National

Director.

Richard

Chairman

Government

postal

Deposits

Va.,

Trusts,

Chairman,

The Lincoln Savings Bank, Brook¬

partnerships,
States

Santa

title,

The

Springfield, Mo.,

folk, Va., elected R. Cosby Moore,

elec¬

$63,484,695.37

deposits of individ¬
uals, partnerships, and cor¬
porations
$21,642,916.35
Time and savings deposits of
/
corporations
of
United

Demand

and

the application to organize a new

City, Mo.,

National

Vice-President.

J. Stewart as Trustees.

individuals,

the

Bank

newly

with

initial capitalization of $2,500,000.

Los Angeles,

Na¬

and

National

Burlingame,"

"First

Poplar

The

Greenwich

New

LIABILITIES

Deposits

30,404,730
977,708

tion of David W. Peck and Charles
—

"Peninsula

Bluff, Mis¬

Vice-Presidents.

head of

Merchants

made

17,852,600

Plaza

Kansas

The State-Planters Bank of Com¬

•

23,114,66130,123,886

The

The Virginia National Bank, Nor¬

268,638.33

ASSETS

na¬

St. Louis, Mo.

ness

•/ / '

•.

5,766,218

220,845.54

TOTAL

a new

capitalization

Redhead,

an¬

follows:

Metropolitan De¬

seph H. McConnell,

52,524,260

holdings

Undivided

Bank

assets

an¬

Director of First National Bank

succeeded

Hugh

Richmond,

Bank,

COMPANY,

30,123,886.34

Other

the

First

The

■

discounts

general officer of the,

Marketing Office.

merce

overdrafts)-

Government

Loans

and discounts (includ¬

$2,125.34

Henry W. Large, has been elected

7/"

from

security

and

/;■

6,240,028

due

the

58,766,024

and

banks

—

•«

Sep. J30, '63 Jun. 29, '63
$63,484,695 $57,053,724

resources

Cash

■

YORK

Deposits

$6,240,027.56

direct

guaranteed

Obligations

Total

30,568,225

rr;

TRUST

new

Government

head

29,559,289 ,29,570,435
124,085,120 118,798,163
2,406,330
2,340,198

discounts

other

items

Stephens

partment

: r

holdings.

Undivided

York.

collection

States

Oct.

title,

initial

P-;.'.

Vice-President,

who will also continue

Government

ASSETS

Cash,

Vice-Presi¬

National
Company, Pitts¬

Trust

staff of Ahamson Bank and Trust

the

Bank

with

Mellon

Howard will

Mr.

jjj.

31,143,122

security

call

title,

preliminary approval-of

with

tional

.bank.

and due from

Loans

by the Superintendent of Banks pur¬
to
the
provisions of the Banking

suant

Saxon

Banks

Bank

tional bank at Poplar

charge of the Metropolitan
of

Oct.

Burlingame, California, with

Howard,

and made a

Sep. 30,'63 Mar. 31, *63
200,293,585 182,155,399
-181,422,108 164,063,400

...

banks

September

souri,

9,004,917

9,391,126

profits-

application to organize

291,501,193 271,603,520

discounts

and

Bank

the

BANK

resources

Cash

York

business

tional

of Lawton," with an

estate burgh, Pa., has been promoted to

real

COMPANY, NEW YORK

•--.

Company
of

Na¬

Comptroller of the Currency

nounced

74,419,780

69,238,025

Saxon

■

108,034,572

97,614,343

the post of Senior

Deposits

Broadway,

an¬

title, "Cache Road Na¬

Bank

James

from

holdings

dent in

due
•

Department

;

STERLING

Vice-Presi¬

officers

are

;1;.'-v.-';;;

THE

the-close

HARTFORD, CONN.
Sep. 30, '63 Jun. 30, '63
$
$

Government

William

Company, New

V. Tomai

dents.

and

REPORT

The

460,282,098

Undivided

York, has made John L. Cataletto
and

2,366,388,618

se¬

hlds.

TRUST

AND

,1
4

Comptroller of the Currency

$612,500.

2,523,913,081

discounts—

tfndiv.

tional

banks

U. S. Govt,

BANK

and

Assistant

preliminary approval of
applications to organize new Na¬

preliminary approval of

the

with

532,404,207

security

Oct.

❖

due

Trust,

Clinton

538,647,046

and

banks

Interna¬

tional Division.

10,943,150,099 10,599,376,142
9,553,698,723
9,236,297,630

Deposits

the

Saxon

nounced

Senior Vice-Presi¬

J_—— 458,903,715

June 30, 1963

$
resources

Oklahoma,

Controller

McKelligan,
4

the

tional Bank in Lawton,

resources

Deposits

initial capitalization of $400,000.

Loans

YORK

Sep. 30, 1963
Tot.

who

a new

COMPANY,

Helm,

application to organize

❖

Metropolitan Division except Mr.
;;/■/,7

Edgar Heston

and

CONNECTICUT

THE

with the bank's

are

Comptroller of the Currency

James

dent.

been

elected

homa

The

office

Clinton

President

ner,

Total

Harold

Eugene

The

Office—

Head

E.^Seese,

James

Francis W. Fleisch-

Trust Company, New York, it was
announced

Francisco

Donald

Vice-President.

The National Bank of Tulsa, Okla-

Advisory Di-

become

will become

Ray

Vice-President.

Director.
based yP tr-;'?,

$204,569,000

the

its branches.

Vice-Presi¬

Assistant

will

pany

rectors

dents of Chemical Bank New York

418,500

Directors of Clinton Trust Com¬

Landolt,

McClean, Assistant Vice-

nounced

Sept. 30, 1963 figures.

$4,185,000

represented

will

bank

;

San

Capital

amount

was

Wilkinson

its

$3,285,000.

under

As¬
Wil-

51,061,068

Government

Loans

Total combined assets of the

$10.

years

Guiterman,

appointed

Manager in the Paris branch.
\

security

t h e Worcester County

will

which

Norton, Gerard M. Thompson and

Corporate Trust Officer;

Johannes

/■

Kelly, John P.

Vartabe-

department; John W. Fuller

and

niam

Garibaldi,

Vice-Presidentf and

President.
55,283,300

Drum

with the

merger

■■

Richard

Moynihan, Eugene E.

and H. Richard

•

;

Martin,

Ressler

due from

Profits

Vice-President in 1952.

a
.

509,288,488 468,294,548

Cash and

waukee, Wis., elected A. Greenlee

his banking

Trust Co.

through

■

Martin

Deposits

plus of $8,695,000 and Undivided

joined the then

Brooklyn National Bank.

Currency

shares of stock at a par value of

all

the

Eugene

ident;

The Marshall & Ilsley Bank, Mil¬

charge of 20 branches of

later

trust

504,714,842

resources.—

charter, and will have total capital
$16,165,000 including Sur¬

Vice-Pres¬

W. Herbert and Ralph L. Riehle,

Richard

554,219,269

sistant
Total

present

the age of 62.

New

Appointed Assistant Treasurers

;

Dec. 31, '62

holdings 237,005,863 220,748,159
discounts 216,162,112 184,805,636
Undivided
profits.
8,554,329
7,766,334

Stock
in

Mr.

ment..^

Joseph A. Henske, Jr., Vice-Pres¬

MICH.

from

come

The consolidated association will

operate

Manufacturers Hanover Trust

promoted

Manhattan

COMMONWEALTH,
Sep. 30, '63

banks

Revised Capitalizations

•

Edmund W.

York.

were

THE

DETROIT.

October.

National

Donan

the

funds of

Consolidations

William

approval

Comptroller of the

later

BANK

special meeting

Final

15.

Park-

Avenue.

New

York

City.

■

The Commercial and Financial Chronicle

(1514)

Thursday, October 17, 1963

those engaged in agricul- tangled web that was woven mergers, including mergers beture to find employment else- when farm relief began.— - tween banks. Our-previous posV
where.
Now, of course, to
ture, .under which, banking has
million, and additional sums nearly double our normal take advantage 0f advancesTlme T° Go to Work
,/ operated for so long a time, has
from the
use
of American consumption for the y ear. in
technology required funds,
It is obvious that the deci- UnderTh^bTlfef
shipping, will benefit .our-bah There are, as a matter
o^ ac , sometimes quite substantial sion to sell communist nations been for years closely regulated
ance:• of
payments and* gold: few- major crops which * ar& funds> ^ js here that govern- and communist
peoples grain and subject to supervision and:
reserve by that
amount and not now in excess supply in nient-sponsored credit and and other farm products can con^rols of governmental bank
substantiaHy strengthen the. this
A

Oa/\

TTTA

■

\txS W 0 U06 I t Continued.from page 1

thafbanklmThas

for

outlook

economic

countrypaid. SUD$ a are
and t.me„ t
being

those still

employed in producing, trans-jadd

these sto cKs.

ine

porting, handling and loading; budget for years pasti has alf.™ products.
•.

additional

bu, Kmpor.ry „„

our-tne aid oi, agriculture. ine
truth is that for naany-years,
billion£ even decades, the farmer has

tively slight effect upon this over-optimistically,
gain situation. Much more is re- belief that further
Here quired, and we should not unwarranted
and

secure

our

controls were*

...........

"Wheat,

moreover,

the extent of about one

dicated crystallized opinion on the

be worth

would

over

in reduced budget
expenditures.".
If there

was '

think

and over again in ettect

tak-

inl

The

so_calkd

such action and if these

nnt
not

have

it
lit,

remove
remove

then -we
then we

that

fluence if not control the
nf

tinnc

nther

much

sovereign

gov-.

Now

ac-

na-

1S>

...

rendered

•

phia

„

a
bv

National

had

effect

however> Within the

It should be mentioned here
that two of the remaining Justices-

Another agreed in part with
the dissenters.
....
,v

the

deeision

United

the

Bank

bank

which

case

apparent

practical

conclusive

mergers

from

F"rmshing

c es

for the third time, of the

> nmur Justice did not par- Senate's

•

ng ag

Philadel ''T"! the declsi°n'

removing

iudgments

States

Federal ba

ment

was

Federal0 tonking^fiencfes

the bas!s of ba"kmg factor(s and
factors andf
n0
S'"fr
g m
,T"
troll!ng( Si062was aclear sttata"

ers.

^tml CourlIn

Largely Commercialized has

expressed the view of the Senate,•
for tbe blrd dme' ' at baak

the Securities and dissented on the ground that SecCommission.
tion 7 did not apply to bank merg-

Qn Jung

the

in-

agen-

ph,ladelph,a Nat.onal Bank

agriculture is a

thought

could and should

agriculture

Qf oJd maintaim;d.,

With rthe

ourselves

to the Federal supervisory

students the idea that

by that much less reason

proud of our electorate, somenow
u
ithing < apart,
have long been deceiving

ixr

e§es hav?,for .™any decades cies as a
beetl Instllllng lnto the mlnds: Exchange

to be

iand.grant col- and tradinS in securities of banks

plain words of the President
d
do

agencies

bright, who with Senators Robert-

TV r*

I\| p-rrpT* I t$\Y\C\ OT K^fl

U has been Preserved at ln" proposes to give full and complete would represent of all bank recreasing cost to the rest of us. regulatory powers over disclosure sources in the city of Philadelphia.

"a
,

political risk

certain

com-

some

the

M PTCPTN Eon and Capehart, were sponsors
that farming is not a business ■'•'o V VI UtUlU "J. J_SCiXXXY XlXwl o
^ of the bill, said in presenting the
bld -a way of life that roust Continued from page 1
New York City bank resources bil1 for vote/,
be preserved at any cost and rities Act The Senate in this bill than 'he merger discussed here
"As it passed the Senate, S.1Q62.

taxpayer

Getting Out of the Never-"

government. He has been told

$200 million to the American over

question

SSI WML2
wheat

unnecessary.

de.a, ge.tihg „ the job.

today to

farm surplus

No.

momentum

« h« proved to he

rted ^ „

enables tbe revolution in
agricultural production to

view

that the

provisions

of Section 7 of the Clayton Act,

a partial background should not apply to bank mergers.

!°
decislon ls the historical The amendments to S. 1062 made
factJhat' prl°ru toTthf. institution, by the House do not change this;
0t thlS Case' the Justlce Depart- aspect of the bill. The House has

of the Present gen-«the^u^
action agreed with the Senatelhat bank^
agencies to the realm of legal de
y oneJ other ease—a case mergers should be controlled by
economic system in one way eration that
tills type OI g
es to t e e m of egal de whi h wag subsequently settled the Federal banking agencies, on
or another
The practice, we v ^a|s^ .phUOSppby,lias been .cqn-1
;
during the course of litigation.
the basis of both banking factors
certain' has done nothing verted into dollars, and cents
This decision, expressing the
To complete the background of and competitive factors, and that

^inkerine wifh
tinkering W|tn

bv
by

t on
tions

sPan

our
our

are

cx.nA*

to enhance our

other

of five members of the the case in the lower court it Section 7 of the Clayton: Act.
Coul% holds that Section 7 of the would be helpful to quote from should continue to be inapplicable
,clayton Act appiies to all bank the opinion Qf the presiding Jus_ to bank mergers."

for the benefit of the farmer views

-fl_

sranamg Wltn

peoples of the world. It

least

that

lar^e

Par^Ol it has thus oeen give mergers. To the mind of the tice:
The Bank Merger Act of 1960
is-a < dl^ePt cpmipei'CiaI ^.value.>average:banker it means that re"Generally, the complaint al- also received the following accothe beginning of a sort toward And we
fmbarked ufn thls: ^priate SSv Ztnciel legeS that commercial banking 'ade from the then Senator John-J
correction of this situation.
C0urse
atUtlrn® whence.and several of its integral parts ts°" °^xaE
'he day it passed
were on the.threshold of vast
h ll hp
bi
f t
Fpd
l
nti
compnse •,interstate
commerce; the Senate.
is well that

made

what

length have

must

hope

At the

time let the

same

imnression

Min

not

advances in

fyrminri

technology which
v

;]ess self

than extend certain

temporary support to
ternational

balance

our

cident

has

rron^

greatly enlarged l"une 'rom

heen

supervisory agencies are not mi-

no ac-

ill- production of most staple

pay-

that such mergers

more or approved by the appropriate bank

defeating. It is

that

trust laws and

•

impression not gain ground would render policies
that
this way we can do

challenge under such

•

Cites Sen. Robertson's Reaction

aecomnanied

7 accompaniea

-thf* commercialfills an essential
tanking with Its
integral parts

and

both bankin

uni

roIe

wlth

economy

-n

thfi

combination

"This bill standards, including
establishes . uniform
clear

and eompetitive fac- •.

tors, for the consideration of

servjces unduplicated by other fi-

pro-

posed bank mergers. It eliminates

nancial institutions; that existing a number of gaps in the statutory
and potential competition in com- framework, which now permits

merclai banking in: the Phila- many bank mergers to occur with
Sena-Jdelphia area would be substan- no review by any Federal agency.-,
people working to^ from Virginia, Honorable A. tially and unreasonably lessened; It provides for a thorough review
agricultural problem. Of on the farms. Not
only have ^lllis ^ertson, who has fully>that the merger would substan- by the appropriate Federal bank,/
course, shipments of the mag- a vast numbpr of new tvnes^^
nstr;ated^. .over ; ■tn<e years. a
and/unreasonably increase supervisory agency, under these
nit lid e now
contemolated
/
•
f
clear and objective view on bank- concentration in. banking in the comprehensive standards, and with:.:
u
; /
conxempiatea 0f equipment mow come • into- ung matters, has expressed himself ;Philadelphia area and that exist- the benefit of any information
in»an
appreciable common use—-most of it,; of' as shocked by the decision, and
|ng and potential^ competition in which may be supplied by the De- /
ments

nosition
menis.position,

less

even

and

nrohablv
ana prooaDiy

tor

basic

our

continual

reduction

The distinguished junior

the number of

measure

reduce

the

current

course,

most incred-

labor saving in nature

surplus of farm products that _but
improvements in modes
subsidizing

our

policy

has

CouHC*

cult;v®tlon> ™
mg and the

•

the commerce and industry served

by 'commercial abanks
Phhadelphm

area w0uld

be sub-

^,®ed" d°™"- • 1 ^as sho^ed>:,he
stantially and unreasonably lessavailability of fer-v both at the result and at .-the ened_ Parenthetically-'it may be
Strictly : temporary tilizers have all added their •-,Coui1s e?s.ual d'sregard for can" noted at the outset that the last
and
nothing worth mention- bjt to what in other industries gressl0nal lntent and purpose..
of these averments has not been
ing will have been accom- ;s usually termed "producIn the case at hand, the Court seriously presented by the plainplished in the way of putting Vh/itv " Then
nf
o' decided that inasmuch as the pro- tiff and, .for all practical puracrrimiltnr
a
•-W'
inen, oi c o u T s e, posed merger Would result in the poses, has been abandoned."
dgiicuiiure-on a souna wherever government has control, by one bank, of over 30%
Frnm
viA^ninf^f +1,
and self
supporting footing, succeeded in reducing acreage of the commercial bank business
lavman_and thp average bahker
Nothing short of that would devoted to
accumulated
accumulated,

but' the
bpt
the

held
help

nxust

n n

,,r

mar
j

crops,

will

suffice to relieve the

xaYna,.D„

taxpayer

the

burden

/'In the
r

;

will

SC11'

dTf e'h GijUrrent
?r S ouwe

amoun

"SJqcks^

PUr

continued

now

of
,

the

7'-

uif,_ZgS/j °f
ana,

would

have

dUU1

monopoly

xnuiiupuiy

for

iui

of ordi-

WOrkerS re*mre* t0
duce

oro

resulted

bank,

of Phila-

,g.

high-

fact'
*

that

°'her means which

are now and-,

will continue to be exempt froni
the anti-merger provisions of See-

tion 7 of the Clayton Anti-TrustJ

Act."
.

By comparison, in his dissenting

opinion, Justice Harlan, while say->

ing that Section 7 of the Clayton

did not apply to .a bank
alerger' said wlth, resfPTQ'to ,!h,e
Bank Merger Act of 1960' lts

Act

^"enactment

'his decision by the highest court
ln the land bas changed all the

one thrust we

Qrbjtant

turns out to be

waste

an ex-

Congressionai

time and energy."

In the hit show, "The King and
have been placed I."'he King sings a lovely song in

b\a

"mm1 bank the largest bank in the a ban er, e n emp ating
m
j .
operation, look only at the
p

g r

pro-

-bfba ^Telk

3
,

him will protect him out of all he

est bank__a state bank It wouid posal from
the standpoint of owns, and concludes that it "is a
also be able to retain this ranking long-range economic effect on the puzzlement." So it is with the
even th°ugh all the remaining 39 community or trade area in which average banker as he views the

Panks 111 the area were t0 merge
By

way

of comparison, in the

communist dusfrial product^. there IS -ob-■fkJand\hl^e1|rge^®r^^ovl|
inciaenta l iy, vioiis need for
large number

servesto

bank.i

mergers by asset acquisitions and -

mergers in the banking field. In
also

foregoing

outstanding

The merger

city

Pro" into the state bank'.

a given quantity of in-

_Jthe

area, Section

^mand

labor,

an reducing the number

all

7 would be violated.

a time when .d®lph'a'_™'tb .26^„ f
technology, stim- 34% 0f net loans It would
by determined
have resulted in maJng a

•^1§^er and ever higher wages
has for less Work, is drastically

expect to
and

Philadelphia

Now just at

workers reauired to

Soviet Russia

cul-

the, largest in the

at--IS several times

that which
sell

for

conducted in the
metropolitan ' trade

advances in
dlated

of wheat itself

case

natural selection nf the

land

tivation.

upon, his back

™

,'P y™ent for the production

of goods no one will
buy.

has

oeen a natural selection oi tne

of,best

carrying some millions of its
ib

been

there

partment of Justice in the report .;

the ^qfdred from: them, of the

produce

lower percentage of all

his

bank

now

a_v-s

is'located.

the

general

anti.trust

Banks

are

position vis-

statutes

any

judicial

legislative

the

decision

applies

all

supervisory

fog which surrounds his objective ,
merger

He is advised to "consult

Other corporate entity, inasmuch, competent counsel" and to take
as

•

advantage of the Anti-Trust Divi-

sion's
the

clearance

banker,

procedure.

the

agency;

Feaeral

the

Reserve

what

4—No

petition

may' be

little

heads to the Anti-

effect

therefore, it

now

effect

adverse

supervisory

agency

required to seek from the Depart¬
Justice

the intent of

longer to be

now

as' "advisory,"

exposing

substantial

effect

adverse

12
%

com¬

petition

13—Will eliminate

competition.
in

result

concentration—

but

The FDIC

primary agency is not parallel to

•;v

parison:

that of Justice,

then

suit may be

forthcoming.
A
'said

777.7-,

competition
would not be unfavorable
3—No effect on competition
on

adverse

2
1

6—Effect

would

plied

and

us,

soon

unfavorable—

has advised

of its

J shall advise such
parties

and the

proposed

the

of any

decision,

agency

merger

action that the Anti-Trust

Division intends to take regarding
the merger."

involved

consideration

is most important to

merger

a par¬

applications

cluding

and

mergers,

there

will

finalizing
if

and

effect, it

three
1

State

position

expect

that

average

namely,

initial

the

veto

•

and

power
may

approval

any

Board, the Board

assets

liabilities.

that

extend may be vitiated by

tors

land

concerned.

tiniest

far

that of the competi-

factor,

which

has

now,

ap-

nuance

never-

are

that

judgment

volved

may

way

the other.

throw

the

eral

a "merger

one

The absence of

between

the

gov¬

agencies involved

worthiness

led

the

merges

Congress, been assigned the
of

the

primary

factor

the

and

role

dominating

has

merger

atmosphere and has

proposals for

Commission

single Fed¬

rule

seven

controlling

including

banker,

therefore,

most

officer
our

minimal

serv¬

level.

ever reaches a

point

and

authority

the

finds

Group.

not

held at the 43rd Annual Meeting of the 7

was

Oct.

W. Va.

Elected with Mr. Kemp were

return and will mark
of

the

dual

11-13,

The

Greenbrier,

White

Springs, 7

Sulphur

the following officers:

Vice-Chairmen: W.Wallace Lanahan, Jr., Stein Bros. & Boyce, 7

banking

Baltimore, Md.; William D. Croom, First Securities Corporation,

system.

Durham, N. C.
Greatest

Secretary-Treasurer: Thomas L. Anglin, Mackall & Coe, Wash¬

Deterrent

ington, D. C.
The

greatest

deterrent

this

Members

is the capable and efficient
Bank

Supervisor., In

not

spite

McDaniel Lewis &
Scott &

who believes that the

one

either

conduct
bankers

visors.

nation from

have

Parker &

business,

our

Mr.

and

Convention

for

continuing

broader

tive

bank

and

under which

banks.

helped by

be hindered in

may

our

sition

against

progressive

at the Hollywood Beach

1-6,
,

at Saturday's

sessions

were

Amyas Ames,

Association

Bankers

America,

and

Avery

Committee,

Investment

Association

Bankers

Editorial

McKelway,

Washington '

Chairman,

":'7 ' 7:;7.

-7,7.'

7;.7

•

77?7.

'7777. '7

•'

and
If

disapproved

District

the

however,

such

the

If approved, notice

approval would be given
applicant

and

banks

Board of Review located, for con¬

can

not

than

This

Washington.

of Review

Board

system is the fulcrum upon which

tions7

venience,

appraisal of the needs of

sound and conservative banking

It is always possible,

ously made.

be terminated.

think¬

knowing what laws, rules, regula-

alorfg these lines have been previ¬

Committee, the application would

Your

•

Principal speaker at Saturday evening's banquet meeting

Evening Star.

prog¬

IBA

the

your

ing..
Submits Plan

Kidder, Peabody & Co., New York, and President

Benjamin

was,

and services if you take a po¬

ress

Governor

our

problems

our

elected

been

IBA, December

Investment

America.

Yours

operate

can

awareness
we

supervisors.

the

Education

man,

objec¬

the standards of judgment by

are

has

Rockefeller, Jr., Partner, Dominick & Dominick, New York, Chair-

develop¬

ment of the public interest

the

banking system have required

the

Senior Partner,

de¬

country through

our

Baltimore, Md.; Millard F, West, Jr., Auchincloss,

Featured speakers

world, the chal¬

opportunities

Gram, Jr.;

Redpath, Washington, D. C.

Hotel, Hollywood, Florida.

ian society to the foremost indus¬
trial power in the

Harvey B.

representing the Southeastern Group, effective with the Annual

essentially agrar¬

Committee:

Co., Greensboro. N. C.; Joseph J. Muldowney, 7

Muldowney

super¬

grown

Executive

Stringfellow, Richmond, Va.; Truman T. Semans, Robert "

Garrett & Sons,

way" is necessarily the best

way

the

Johnston, Lemon & Co., Washington, D. C.; Marshall H. Johnson,

long experience in this field,; I

"old

himself

position,

Election

Group,

demise

William D. Croom

Lanahan, Jr.

States

The

difficult

closs, Parker & Redpath, Washington, D. C., retiring Chairman of

sub¬

George S. Kemp, Jr.

bank

mergers.

matters

high

dual

banks, that will be the

State

over

parently, contrary to the intent of

indicated

supersedes

velopment of

mergers

appears

beclouded the

tive

Land

part of any one of the agencies in¬

tion of the Justice Department in
was

Comptroller

Banks are, therefore, in

the

authority

where

our

apparently delegated to the atten¬
mergers

the

Never-Never

ernmental

•

such

lenges

The only criterion which Congress

•

acquisi¬

and 38 reports to the FDIC.

never

the

assumptions' of

sent to

were

unanimity

governmental

•

This report also reflects

agency.

non-bank

•

ap¬

disapproved

that 94 reports on competitive fac¬

the

agencies

the

only

according

same year

consolidations,

Supervisor,

has

tions

year

confirms the thought that if Fed-

State

and

somewhat

comes as

court,

and

learn, particularly in

evaluates

with¬

was

effect.

to place

supervisory

Bank

that

merger,

action

appears

bank

the

delay in

the Division it would not
statement

prompt

that

unreasonable

seem

there

area

undue

opinion

taken by

trade

hoped

the

are,

practice

Government

trend

eral Reserve

the

the Annual Report of the Fed¬

shareholders

decisions,

emergency

During the
to

centennial

in¬

merger,

drawn.

proved

for

while denying 7, and

ticipating bank, its depositors, its
serves.

the

Comptroller approved during 1962,

The element of time

the

been

c^&t in the role of service

shock to

have

belief that

115

The report also reveals that

110

Jr., Partner, Auchin-

every

been

institutions.

the

the^

tradition

point of

having initial jurisdiction

the

•

agency

have

102

competition

favorable

5—Appears

regarding

effect

proposed merger has been sup¬

and

eral

—

4—No

recently that ''assuming that

all relevant information

competition——

effect

2—Over-all

;

•,

elected

was

Chairman of the Southeastern Group, Investment Bankers Associa¬
tion of America, announced Millard F. West,

an¬

industry in

ices

1—Enhancement

Division

for the

spokesman

■

concise, by com¬

was

Kemp, Jr., Resi¬

Richmond, Va.,

community

banking system, that,

:';7 v7:;:77:<.7;::vV

WHITE SULPHUR SPRINGS, W. Va:—George S.
dent Partner, Abbott, Proctor &
Paine,

one

facilities, the

bankers,

trained

.77777 of

and po-

present

Should

completely obvious.

preceded

compe-,

•

community."

have

that if the decision reached by the

would be

have

„_

tition_

rather, in the nature of a warning

without banking

between

eliminate

Southeastern IBA Group Elects

history of

whether any

industry would enter

remaining

11—Will

14—Will

States.

speculate

—

10—Will

tential

industrial

United

Historically, banking facilities

two

effect

adverse

banks

■'12—Will

the

swer

greater competition
eliminate some competition--

was

the

presence

banking facilities, has

have

banks

ignored

9—Will eliminate competition

that the advice which the

Congress, is

parties--

two

categorized

3
eifect

ever

com¬

—1

7—Might have

8—Might

To the layman,

7
33

adverse

competition

ment

adverse

competition

Final Veto Power

primary

eifect

___.

have

6—Probably
110
competition

Trust Division?.

appears

(1515)

ritory, because of the
absence

competition

adverse

serious

5—Will

unpardonable sin of going over

their respective

increase

1—Will

his State Supervisor;

commit

does

following terminology regard¬

2—May increase competition
3—No adverse eflect on competition

Board; the FDIC, or the Comptrol¬
ler following

The Commercial and Financial Chronicle

ing its advisory opinions:

first

supervisory

primary

the

Does

counsel,

his

consult

Number 6308

198

Volume

would

given

business

days

ing by the
these

would

which

alleviate
our

legislative body

proper

proposals would produce

pattern

from the

of ideas represented, a glean¬

sum

perhaps

that

the

serve

ferment

present

industry.

factors.

The

factors

traditional

have

been

banking

relegated

mergers

ize

where

few

have

not

some

bank
ele-

ap¬

the

situation

present

motional

one

confused with pro¬

are

tilt the

interpretations—in other

number

exist

mergers

words, interpretations of laws and

visory

but,

regulations

that

lessening of competition;
conversely, favorable
con¬

sideration
may

approval of
it
■4

the

justify

may

banking factors

have

granting

agency

though

merger even

adverse effect

one

illustrate

the

wide

terminology
•

upon

submitted

the

ment

in
'

for

the

115

mergers

Justice

comment,

recently

Depart-

published

released

annual

report of the Comptroller for 1963,
read the

•

zations of the oasis for Justiee De-

1—Favorable
■

•

2—No

effect—

adverse

3—Not

:i_

5—Adverse effect

tends

supervisors.

create

basis

upon

the

practice,

____

anti-competitive

and

vice

depending

versa,

degree

enforcement

tion

of the

add

fusion,

conversely, the relaxa¬

con¬

pas¬

escaped

your

.the

which

<-•

may

have

attention, and which"

Court

was

not

ment

impressed

attempts of the Govern¬
show

that

banking is of

minor importance in

the life of

litigation—

7
^____

community

most absolute

unimportance in the
of

generally

life

the

"115

The
"Total

it
.

adds

-as

On the

shown

the

report

although

123.

same

Government,
establish

testimony that
merger

proposals, the

"^Federal Reserve Board employed

individual
has

ever

this
no

al¬

community.
its

attempt

contention

single particular

industrial

entered

and

charter

then

that

system.

mittee would

Justice

the

Ac¬

Department

form

and

uni¬

understandable

to the Board

plications

than

cies:

';'

(1); That 'bank
charters

first

■

•

agen-

" .77

District Committee composed

of:

The

Superintendent

The Board

resentatives
%

organization

particular ter¬

views

the

seeking to

cated;
(b)

7'7

merge

The

FDIC

(d)

The

Chief

Bank

serve

district.

sentative
official

district
banks

any

for

are

his

pating

the

agency

above.

term

the

should

re¬

partici¬
^

part

leaders of
trade

our

telligent

understanding

both

the

bring

progressive, in¬

Supervisor

and

contribute much at

can

the grass roots
to

well

acting

associations,
State

legislators

The

segments.

industry

our

with

concert

level of each State

about

clearing

of the

ity to fully serve the free enter¬
prise
this

economy

country

pages

which

made

the

of history.

Annual Convention

FDIC
that the

has

outstanding

Mr. Clark at the 62ncl
of the National Asso¬

Supervisors of
Williamsburg, Va., Oct. 2,

State
1963.

Banks,

the

assuming

the

NASSB

namely,

not

that

the

member of

The Comptroller of the Cur¬

Peter

Speckman Opens

CHARLOTTE,

—

Peter

Speckman is engaging in a secu¬
rities business from offices at 1508

Dilworth Road,

specializing in the

sale of mutual funds.

require

would
%rd vote of the Board
a

merger

aware

New Walston Office

that many

proposals

BEACH,

Fla.—Walston /&

Co., Inc., has opened a branch of¬
fice at 235 South County Road,
under

of Review.
I

;

PALM

rency.

Disapproval of
would

field

hallmark of

We have need for

behavior.

better
the

of contact
representa¬

the FDIC Board.

(3)

applicant

those

our

ciation

Comptroller of the Currency

senior

controversy,

legislative

the Federal

member

adopted;

the

the repre¬

a merger

vote

their

mendation made in this con-

Re¬

located.

Approval of
quire

Federal

which

nection

case

would
of

rep¬

Examiner

shortcomings.

public

indeed, avoidance
our

the

are

previous legislative recom¬

Exam¬

iner of the district;

and

own

uncertainty that impedes our abil-*

appointed

Boards

Board,

,77

;

*An address by

(2)

district;

re¬

Reserve Board.

Chief

following

the

(1) A-member

The Chief National Bank

(c)

not

after

of Review would be

three years:

lo¬

are

furnished

of Review

Banks of the State in which the
banks

the

competitive

the

business^ days

composed

with the

ceipt of such notice.

and

mergers

considered

the District Com¬

effects of the merger ioe

course

supervisory

Act, notice of

also be furnished to

that

to be followed in bank merger ap¬

expressed

Department

provision

To carry out the in¬

the approval of

outline of

plan for

our

Avoidance

tives has long been a

cordingly, I submit the following
a

victims of

with

in the Bank Merger

effect

application; otherwise, the

tentions of Congress as

responsibility

merger

would stand.

system

suggestions
in

It has been said that

decision of the District Committee

bank

seems

Examiner of the

quote:
"The

for

District

business

9—Threat

undertaken,

(a)

collective

your

appears

Committee, to indicate

disapproval

respective

thought-provoking

its

seems

receipt of such approval of

the District

standards.

same

serious

effect——

banks

cause

opinion

who

equalizing privi¬

may

___.

adverse

deal

those

State to National bank

Court's

great

This

of sound and conservative banking

with the

7—Substantially adverse

8—Substantially

and

among

left without

shift from

3
J._

6—Significantly adverse

i
v

substantially adverse_________:

4—Slightly adverse

other

criticism

under

sage

J."
71

___

super¬

corrections

following characteri-

[ partment advisory opinions:

favor

been

designed to

and chartering by super¬

agencies.

exists

leges
of

range

of banks under

group

are

Terminological Differences

tend

have

consideration

visor against other groups of banks

dissatisfaction

competition.

which

There

proposals

log-jam which

ments of

break the

after

vitality and effects of

efforts.

our

appropriately character¬

can

relatively

that

say

statement, I believe,

fair

are

plicable to his proposals.

place of secondary importance.
It

interpretation

the

management of Robert

The Commercial and Financial Chronicle

(1516)

November

STATE of TRADE and INDUSTRY
9.7%

nearly

was.

that hayen't

•

cumulative

The

ingots

from

Jan.

tion

1-Oct.

13,

1962

with

cumulative index total
week's

114.2%

tally

both

rods,

tool

plate,
.

;

of the recent

absorbed.

the desire

shows that

universal,;
that

mean

do. it.

(1957-59=100).

makers

Automakers

September's Net Tons 8.4% Above

sheet:

Year-Ago Month

ket

doesn't

.'■))'

prices,

gearing

steel

coming into the steel

automakers

strongly,

mar¬

not

can

behind, the magazine said.
report from the European

Machine

E^ibition,; Milan)

Tool

Italy, Iron Age observed European

probably

they'll

pants

higher

absorbed

.means

now-

machine fool builders

insist that part suppliers do like¬

weeks

11,910

37,274

6.3%

A A');',
generated:

Production

221,917

% Gain
>

Week

electric

the

energy

electric

light

industry for the week
was

es¬

timated; at "17,255;000,000 kwh)

ac¬

Saturday, Oct. 12,

corresponding
1961)

cars

reported

1962

power

11.4%

one

225,447 •" 217,065.
232,567 .. 223,281 1

Oct.

increase of

over

v 236,157

ended

cording

17,471

amount

distributed

Institute.

were

Over

There

208,*899
221,254

1962

Electric Output Shows 5.7

5, 1963, are estimated at approxi¬

weeh. of i962 and .9.8%

1963;.

215,995

orders

mately. .14,0.. billion,
the

Sept. 28; ..I Oct. 6

;

car-

loadings in the week ended

over

the

Oct. 5

Shipments

and

feet,, for

1963

The

1961.

Ton-miles

-.'"A

1.2% below the corresponding

week

board

in¬

the corresponding week

loaded- with

well

cars

indicated.

19§2y;but~ar^
or

running

are

above

than

be far

This

are

announced.

increase

thousands

Association;, of

■

crease

buying to production. With parts

everybody is going, to

month.

the

Railroads

-The loadings represented

coming in

are

Thursday, October 17, 1963

New

stronger

cars) or; 1.9% above the. preceding)
;-)•'--- j - • -

noted that .orders from

one-third

makers

to pass the

that

but

almost

cars,

was

week.

climb;.in

production and shipments.

last

spot-

price increases along to customers

114.5%,

continued

auto parts makers

.)"

price hikes

Steel

see

Iron Age

check of representative steel users

week's

tin

wire

—

This

off, in those months.

could

other

and

Some

produc-,

faltered

products,

steels.

may

above

last;

wire-

tons

11.4%

78,274,000 net tons. In the;

comparison
this

Jan.:!-

87,235,000 t net

materials

domestic

output of

since

which is

(.*114.2%)
the

total

steel

632,049

con¬

shipments American.

Now, November and December

competition

face, fierce

imported

the

are

the year-ago period with:

total

castings

and

topped

that

ones,

for

that

above

the year-ago week.

been.bumped

December

tinued to inch upward,
eased

Continued from-page 16

and

;

revenue

behind; 1962 in new orders.
.The
steel
industry
produced wise on bars. Plate fabricators and
highway trailers or highway con¬
Production, is; more, than keeping
7,860,000. net. tons of ingots and- fastener makers hint that they'll
tainers piggyback) in the week
up
with
sales;
backlogs
are
steel for castings last month or try to boost prices.
ended Sept. 28, 1963. (which were
shrinking and delivery times are

the

kwh. : more
week's
and

Edison;) Electric

Output

total

149,000,000'

was

than
of

the * previous

17,106,000 ;) kwh.

938,000,000

kwh.

above

the

total output of 16,317,000,000 kwh..
in

the

corresponding

1962

week,

year-to-year gain of 5.7%;

8.4%
tons

than the

produced

1962.

the

totaled

tinuing. Look for the

September,

12,

they

of total
i

that

the

for

last

The

Av*
District—

Coast__

108" :

107

parade

records

Steel said.

year,

lead, zinc, and nickel

for

109

time

106

105

Western

120

114

103

109

___

110

equal

Total

weekly
:

industry_____

production

October

102.8

based

for

101.1

and

;

be higher,

month, thanks)

booming

auto

sales

and

operating

steelmakers

nally figured
would

October

10%

tember's

who

are

origi¬

the

Automakers, their biggest
customers,
are
working
extra
shifts
and

boost

dealer

maximize

They

planning to build 792,000
month—far

than

Age

support

Cars this
as¬

argued

steelmen

prices

who

most

important

industry,

great

weather

high for

176,106

record

Co.

last

cars

Truck

Intercity

assembly

car

big

Corp.,

its

below

ago, had

since

Ford

produc¬

plants;

some

two

some

weeks

planned its biggest yield

striking

this ,year.

have

General

falling

schedule

all-time high of

92,112 units made in

Eight

June week

car

week

ago

toll

truck

opera¬

1961.

Despite the

the

volume

American;

Trucking

announced.

Truck

1.4%

above

the

1939

truck

the

when

with

liabilities

late

year.

262

Among smaller casual¬

involving losses under $100,there

was

last

a v e

running

took

retailing

down to

where

the

30.

52, and in

services,

wholesaling,,

in construction,,

44 from

mercial

off

com¬

from

manufacturing:

contrast,

mortality mounted to 47 from 35
and,

tion

metropolitan

1962

levels.

the ATA

place

the

j
)
; »■ •downswing:

off to 23 from 30,

August of this

survey of 34

218*

toll dropped to 117 from 140. Mild,

dips

year.

occurred

the

conducted by

decline

Most of the week's

was

for

These findings are based

of:

dipped to 39 from.

or more

week earlier but still exceed¬

000,

slightly behind the 1962 level, the
yearly increase is the most sub¬
stantial since

pre-war

from 242 in the previous week and,

year.

tonnage

the

the 36 Of this size occurring a

ties

the

tonnage

reports

nu¬

cor¬

1962,

volume

to 237.

year ago.

the

2.8%

Associations

previous week of this
While ;: recent;

was

De¬

well,

was

which

the only func¬

casualties

topped

wholesalers

fact,

accounted for all of'

and

retailers

partment of Research and Trans¬

the

year-to-year decline

port

re¬

ures

tolls

com¬

year-earlier levels.

Economics.

flects

tonnage

The

report

handled

than 400 truck terminals

carriers

mon

general

freight

week

terminal

showed

remained

from

for

survey

increased

construction

—

service-

their

with

even

the

in fail¬

and

■;

eased

failures

Canadian

throughout the country.
The

up-

pattern of recent weeks,

came

tonnage

week,,

sharply from the 341

Failures

fell,

year-ago

than in the corresponding-

merous

Year

week

plants

Saturday's

set for last

year

re¬

Inc..

toll

the

casualties remained 8%

corresponding week

eight-year

after

one

ended;Oct.

areas

week

weekly

Motors

Tonnage Rises 2,8 % Above

Saturday's operations in 14 of its

said

with

Last

were

producer,

scheduled

week

recorded

originating this
this year's week

business

below

dropped

and down

from.

& V Bradstreet,

this

1961.

in;-. April,, shown,

period.

individual

systems

and 58 in the

year

week since

any

came

Dun

week,

level of 298 .in the similar

36.9%

61 Class I

were

ahead
a

since

industry's

such

cars

ports-

Oct.

preceding

moderately

13.4%

corresponding period in

compared

high. It ordered overtime for last

for

are

rolled

are

output,

Friday.

major

Iron

American

Age

market,

movement.

This

the
current,
temporary
easing in the recent uptrend.

in¬

users

Before the pause, the

had

cold

ume.

reached

out

rolled

reached

dustry then,

point

last

as now,

period

was

liquidation following

Price Increases Are Being

in¬

ing

fighting

hikes

indicate

justments

are

inventory

also

the

selective

price

being -accepted,

mal

Prices have been increased this

clustry's tonnage shipments. Items

vj)

5.8

million

mean

shipped.

million

prior

40'

weekv but:

inched ahead of the 37 chalked up*

last

in the similar week of 1962.

tonnage

Although

tons

were

production

than

of like

units

151-month

cars

Lumber

Over

the

week

'•"
.

■<.>

American

Motors

ended

6.3%

Oct.

-ij 3.a

counter¬

effect

not

was

result

of the De¬

partment

board

Oct.

products

net

their

Agriculture's

billion

the year

1963.

sugar

the

damage

hurricane

record

bushels

for

On the other hand,

Cuba

smaller Caribbean

added

" •£

was

3.2%

0.2%.

totaled
■

two

quota¬

the

probably

the

Compared with 1962 levels
fell

freight

that

each other somewhat so

forecast

208,899,000

week

for

Inc.

Bradstreet,

and

islands

drove

the

due to

sugar

prices

regional lumber associations. Out¬ up^ but not as strongly as corn had
pitched in the opposite direction.
put declined 7.3% from the pre¬
However,
mild rises in wheat
ceding week.

duction

Year-Ago
revenue

ended
,

the

7.3%

Week's

production

country totaled
in

Off 3.7%

and

programmed according to reports received from

Corp.. accounted

Freight Car Loadings Up

Rate

middle-

the

) great as their individual changes,.
Corn
prices / plunged downward,

;

1962

tions

Dun

movements

balanced

reported de-;

areas

Below Last

will

high, dating

Sharp

ton¬

From

4.9%; and Studebaker Corp 1.5%.

while 14

nage,

creases.

Lumber Production

51.4%; Ford, 29.2%; Chrysler

13.0%;

ported

increased

since

ciably to 268.68 this Monday, re¬

excess

registered

areas

effect

September, the wholesale com¬

modity price level dropped appre¬

terminal
in

1962,

planned

10%

Compared with the immedately
preceding week, 20 metropolitan

feet

passenger

vance

trucking

one

decline

amount.

October.

record

while only

reflected

this

other

increases

;

industry is also mak¬

139,000

Corp.

tons.

ahead

since

output

range

for

week,

for

nor¬

ship¬

October,

.5.6.

last

monthly rate of

Last year, the shipping peak for
the
second
half
was

yearon mill products that account
for about 75%
of the
steel in4 -when

yield, this would

ments

•

ad¬ .8.16 million tons. Based

Steel reported.

industry reports show

steel output

1,000,000th

to May of 1951.
Of

steel

units

bid

Some

settlement.

Current
reactions

October,

The truck

Accepted

Early

will

the

early this week. Also,

Four

showed

more,

area

according to present schedules.'

steel labor

end

500,000

above

The

year.

including

Jan.

recovery

well

in entire October this

cars

1964 model

will

said, is

all-time monthly high of some

year,

the outlook is for

says

centers
or

Still in prospect, Ward's

800,000

steel

15.4%.

—up

charge

follow
a

sheets, the
products stocked in greatest vol-

hot

for

Studebaker

Corp. ended the week's work last

upward

that

and

are

the

Iron

completed
for

prices

their

stated. :
In

consumers

orders

ex¬

quickdeliveries,

sign .they've

stepping

part

forced

mills

complete projects they hadn't
pected to finish;

pressing

sub-marginal

guns.

taking advantage
good

when

squeezed

steel, consuming

are

unusually

second

ventory adjustments. Some

159,589

in¬

ended

the

While

from

single week last

cars

responding

when ,184,277

imports- in

that foreign steel

pears

the

going

Contractors

sure

)

6.4%

American Motors and

Construction,

1963

week

(3) Smaller steel
1

that

for

cars

70,178

traffic

planned for

period

tion

orders.

on an uneven week¬

(723,600). •,:■ this country were not sound and tion.
from a year ago at 22
localities,
^Automotive
steel
stocks
are*' were not
Meanwhile,
Chrysler
Corp. with 12
Wholesale Commodity Price Index:
returning normal profits
points reflecting decreases
still above
maintained optimum output with
normal, but they are to
Falls Below Last Week and
from the 1962 level.7 Truck ter¬ V;
foreign suppliers.
dwindling rapidly. Some car com¬
five-day work slates at all but minals at Houston
Year Ago
jc:
With
the
registered the A))';'));'');')
spread of
dumping its Detroit Jefferson Ave.
panies may soon have to place
plant.
Ending the week-to-week ad¬
largest year-to-year tonnage gain
throughout world markets, it ap¬
supplemental
.

(2)
,

The

were

that

said

made

sliding prices

contentions

American

weeks

failures turned down to 257'

the

$100,000

);.);'

Motor

world

some

Auto¬

153,312 units in

1955,

magazine

for

above

made

sagging output has produced
operations

its highest

rising

weekly ; output

Age

592,608
of

There

type

made two weeks ago

cars

1955.

cutting

last

December, this week's output will

are

piggyback loadings

first

and

1961.

were

14.2%

cars

The magazine said this tends to

are

they

Iron

sembled last October
,

the

railroad

Ward's

corresponding

ago.

foreign steel companies.

inventories

sales.

Pinch

specialreport
competition, Iron

deficit

period,

also be

combination

and

(1)

assemblies

the

Feel

steel

15%

gain because:

Year's

year,

and

reported.

higher than Sep¬

the

164,625

last

Mills

scheduled

the

earnings of foreign

steelmakers,

shipments

predicting

top

output

Ward's

cutbacks

Output

The statistical agency said 175,-

price hikes is in

Steel

severely into

market, Steel magazine said.

Some

Auto

089

peace¬

Global steel price weakness and

sur¬

prising strength in ,the construc¬
tion

Financial

lies

motive Reports said.

Foreign

that

trial

287

for

Down

ly course, commercial and indus¬
in

Cumulative

1962,

•

wind.

markets

level

record.- Mag¬

round

the

;

week

Titanium

will

the

above the corresponding period of

tool

Highest Level

Prices have been strengthening,

1957-59.

Top Forecasts

year's

shipments

year's.

average

Steel Shipments Could

Steel shipments
may
than expected this

history.

above

29.8%

crease

Auto

shipments will about

last

nesium

♦Index

year

mill product

and

Continuing

the

1962

week.

above the

copper

industry will have its best

109

Southern

•

The

records.

9.9
141

__________

cars

1961

Failures

Latest Week

above

corresponding week of

Iron

size

13.4%

Business

over-all

increase

totaled

Week's

headed

St. Louis
r

possible

exhibiting,

staggering

ahead.

))'

are

139

Cincinnati

cars

week's

was

chine

U. S. consumption of aluminum,'

Chicago

the

2,069

that

This

the competitive struggle for ma¬

this

91
87

said

total).

4,010

1,200 .machine

industry is set to

Detroit

their

included- in

the show brought home to builders

scrap

week.

companies

Age

traditionally volatile, profit

Pittsburgh
Youngstown

Cleveland

straight

Buffalo

tool

)

grade

seventh

shatter

Production for
Week EndingOct. 5

Oct. 12

Referring to the

ending Oct.

nonferrous

•"■'Index of,Ingot

East

making, in¬

vestors keep their hands in

Record High Non-Ferrous Output

lean

North

of rising in--

flation in Europe, are

held at $27 a gross ton last week

tonnage sales.

...;,;■)A*;

■

The consequences

Steel's price composite on No. 1

for about 75%

were up

1963.. ;:

heavy, melting

Commencing last April, 1963
(not April, 1962), prices began to
selectively

in the week

poured

to 83,538,424 tons as against
74,621,305 tons for the 1962 period.

week

normal.,

output secutive increase in steel, ingot
compared' production this week.. Output will

tons

the first nine months of this year,
steel operations advanced
11.9%

rise

con¬

ninth con¬

tons; in the year-ago slightly /exceed; the .1,915,000 tons pockets,; Iron Age said.;
gain of 18.4%. For that Steel estimated, the industry

..jo 20,523,126

production uptrend is

past quarter,

24,295,104

period for

The

7,251,023 net

and

;

Following
:

off

3.7%,

are

•

;

the

'-tucbn.'-'i A?t ;v.c

shipments
orders

new
.

pro¬

fell

impetus

The daily
index

the

trend of the index.

upward
'

wholesale commodity

declined to 268.68

Mon¬

day, Oct. 14, from 269.38 last week

figures

-,'Av

and 270.29

the comparable data

Nevertheless, the in¬ parable

year ago.

dex

ahead of the 265.07

ran

;month ago.

Price

Food

Wholesale

Index

Bradstreet,
seventeen-week

Dun &

Inc., tumbled to a
low

$5.89

department store sales for Sept.
of the 1957-

statistics, the Department of
over-all retail sales

data

not

are

variations.

adjusted for seasonal
-

reached in Au¬

the all-time high

food

resents the

foodstuffs
general use. It is not

of 31

and meat in

cost-of-living

function

rep¬

total of the price

sum

pound

per

index

price

raw

index.

Its chief
show the general

trend of food prices at' the whole-

;sale level.

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

compete

Market countries

Month

new

retail

sales

stores

were

September 1962.
Office

The
nomics

Business

Eco¬

adjust¬

after

that

where

now

are

will

rapidly

chemical

noted

stores sales de¬
and nondurables 3%

Durable

goods

subsidiaries

relatively

Such

areas

im¬

less

world

and

the

structure

chemicals market puts the

larger

companies

equal

opportunities.

Market created

Free

economic growth

the rapid pace of

in the first years
a

of the. Common
sharp rise in the

demand for chemicals

Except

great¬

synthetic

ly increased demand for

However,

I think it is

competition.

and

chemical

is abl£ to shift produc¬

company

tion

from

another

area

one

without

significantly affecting

either overall sales

fibers.

ternal

raw

diversified international

pharmaceuticals and cos¬

metics and brought about a

large

the

sources,

sales of

in the United

proximity

for

material

Rapidly, rising
living
stimulated

the

Association,

Market,

States.

Community.

standards

Trade

Common

throughout

this broadening of
to 4%
last June 1. The fourweek N. Y. C. flash figure re¬ ment- for seasonal and trading day European markets brought with
vealed no increase over last year's differences, most major lines of it a sharp increase in the number
trade experienced a reduction in of
competing sellers. And this
period.
;
A broader set of data encom¬ sales from August to September. resulted in greatly increased in¬

firms

Not only are footing within each area, be it in
markets being opened, but Latin America, in the European

sales

the

major

between

become

of the

com¬

regional markets

local
trade

portant.

greatly expanded

sees

now

.the

the

through

Community, the Common

the

pany

Total

market ;; where

price

greater

becoming a single chemicals mar¬

$19.0 billion, the
Nevertheless, for the second con¬
U. S. Department of Commerce
117 recorded.a year. ago.
secutive week, the index outpaced
A flash figure for New York announced.
This advance figure,
a
year ago, this week by 0.3%,
after; adustment for seasonal vari¬
whereas it had trailed 1962 for the City's sales for the Oct. 12-ending sales week revealed a minus, ations and trading day differences,
seven previous weeks.
3%. No one can surmise, however, hut riot for price changes, was 2%
The
Dun
&
Bradstreet,
Inc.
how mqCh higher the New York below August 1963 and 2% above
wholesale

that,

By encouraging free trade with¬
in

September's Total Retail Sales
Rise 2% Over Year-Ago

the September

gust, and up two points from

cause

competition.

ket. Each European

;

This is 6 points below

59 average.

0.9% below the $5.94 of last week.

the

Commerce's

is estimated at 119%

15 running

Oct.

showed a gain
department

period

Unlike

3%.

store

They were up
beginning of this

compared to the same cumu¬
period in 1962.
The seasonally adjusted index

four-week

period.

since

lative

The wholesale food price index,

last year's

year

Tumbles to 17-Week Low

compiled

week's figure

ago

the

f our week

compared

and

of a

year

(1517)

Chronicle

Commercial and Financial

The

Number 6308

198

Volume

the world¬

wide structure of the firm. Thus
the chemicals company

will

ture

economic

of the fu¬
position

better

of regional

effects

the

absorb

tariff

groupings

national

arid " become less
particular national

policies

retail sales, com¬
correct to say that the persistent¬ dependent on
the Bureau
of the clined 2%
tariffs.
Census, U. S. Department of Com¬ between these months,. Based on ly weak prices of European chem¬
Reviving from the Indian sum¬
;
Implications
merce,
put
the
Oct.
5-ending the full sample, seasonally ad¬ icals are the result of this greater
mer languor of last week, retail
competition
within
the
week's total 6% above the com¬ justed sales of all retail stores in price
The implications of this general
purchases gained some zip in the
whole area of the Common Mar¬
parable week last year. The year- August 1963 were virtually un¬
conclusion
are
clear.
Although
total

passing

piled

Buying Rallies

Consumer

Sales of

1963.

tor in

latest

the

ket.

changed from July.

major fac¬

depart¬

Series.

World

women's

The Common Market

And Trade in Chemicals

.apparel continued to be slowed by

high temperatures, although men's

comparatively

moved

clothing

Continued from page

the

into

formation

com¬

the

difficult

selling at home also led to a re¬

European

emphasis

newed

firms

capital

investment

similar to

was

Market.

in¬

lower

and

of^ American

the

Common

children's

and

Europe

reaction

panies

the

However,

prices
the

companies to

competition

creased

international business—

with the major push in

establish¬

Common Market seems to continue

the

formation

the

chemical

pean

activity also

goods

despite the distractions of

ments,

pace

home

The reaction of the larger Euro¬

corresponding

Good

1962.

week

hummed

•

for

contrast

to-year

propelling volume strongly

ahead of that in the

the

model cars, off

new

heady start, were

Oct.

Wednesday,

ended

week

Market required many

policy

company

and

Common

changes in

competitive

American as well as
European firms, the ultimate re¬
of

strategy

sult is likely to be a lesser depen¬

and

individual

operations

policies

stability

greater

trade

national

dence' on

the
com¬

panies.
As

development,
will

corollary

Atlantic

chemicals

trade

ing footholds abroad and a rela¬ become relatively less important
so-called peaking
tively lesser effort to increase since the large chemical com¬
investments is not export sales of domestic factories.
—within the East North Central pean trade discrimination will be
panies will, on balance, export
yet in sight, despite frequent fore¬ Like American companies, Euro¬
substantial,, e s p e c i a 11 y in the
less
and depend more on their
Region, a limping pace in Chicasts to this effect.
chemicals industries. This is ex¬
pean firms began to realize that local
production facilities in the
•cago was offset by a fast sprint in
Today
a 1 m o s t
all m a j o r sales in foreign markets can often
tremely important to the chemical
various countries.
Cleveland, whereas on the Paci¬
American
chemical
companies be sustained only if supported by
industry because of the homoge¬
fic Coast, liveliness in California
In the long run, therefore, the
have manufacturing facilities in¬
Strong contradictory trends

well.

^prevailed within geographic areas

buying

was

pared by a sluggish to

tempo in Oregon and Wash¬

;poor

ington.
the latest

tail trade in

higher than

a year

of re¬

statement

7%
ago, according

from

ranged

week

spot estimates collected by Dun

&
:

volume

total-dollar

The

Regional esti-

Bradstreet, Inc.

mates

comparable

from

varied

adustment

ward

EEC

the

tariffs, the overall effects of Euro¬

nature

neous

important role in determining

who makes the sale—more impor¬

than in most manufacturing

tant

For

industries.

thing, price

one

comparisons can be made easily,
for

significant quality
between competitors'

another,

differences

the following per¬

products

often do not exist.

centages: East

South Central —3

general,

except

-fl; New England —1 to +3;
South Central and Pacific

+5; East and West North

+ 1 to

+6; South Atlantic
.and Mountain +4 to -j-8f; Middle
.Atlantic
to, -(-10.
•Central + 2 to

Year's

competition.

this ; reason,

For
wide

price

relatively

even

Department

store

sales

Board's in¬

the

Federal

Reserve

dex

were

3 % for the statement

with the like period in

compared
1962. The

week's

year

week

Oct.

ending

gain

the

over

ago

the 20th encourag¬

marked

week

ing weekly uptrend in a row. The
weekly sales index
sonal adjustment

remained

sales

without sea¬

shows, however,
unchanged from

unable

effect

small

even

completely

the

European trade

duction facilities did help the in¬
ternational

effects

the

companies
tariffs

to
and

expansion in overseas in¬
chemicals

This

vestments of European

companies is taking place all over
the
world,
with
Canada,
the

Latin America

United States, and

of investment funds

chemical firms outside
mon

other

over

to Eu¬

rope.

has

the last five years

the degree

the Com¬
occurred

illustrates

of internationalization

and

accomplished

already

also serve as a rough

may

indicator of
'

things to come.

much to
other competitive response

the American

chemical indus¬

try has been increased price com¬

neutralize

the Common

whole

cannot do so. This

ing GATT
ful in

United

negotiations be success¬

reducing overall EEC pro¬

tection.

This cannot be

achieved

concessions on our

without some

probably

Let

Market is the most

Common

States as a
country
must
earn
a
substantial surplus
on its trade balance with Europe
in
order to
balance its inter¬
national payments. It is therefore
of
utmost importance to the
United States that the forthcom¬
the

Market,

regionalization of world trade—a
expressing
process of which the formation of
the

ad¬

the trade discrimi¬

inherent

nation

not too
part.
claim that the increased

Thus

Price Competition
The

that

Market

can

But while private com¬
panies will, in the end, overcome

just to.

Directly Abroad

soften

the continuing

major reason for
flow

Yet the
eliminating

of the common external

tries and

avoid

adverse effects of

in tariff rates.

price

reason,

chemicals industries

the

European Firms Invest
■

United

the

from
this

For

world-wide chemical concerns are

tariffs between the member coun¬

•country-wide basis as taken from

shipments

States.

tariff wall is something

external

They there¬

and its common

Common Market

abroad.

supplement local production

trade restrictions. And this is the

of chemicals exports

range

threatened

are

•

usually limited.

fore

Still,

European-made product line

their

Market.

Common

In discrimination. But clearly, geo¬ being the major targets. The ex¬
of graphical diversification of pro¬ pansion of the large European

is always

exposed to the full force of

total

Level

case

processes,

chemical producer

changes

Above Last

Sales Rise 3%
-

Stores

Department

Nationwide

products

patented
the

the

side

facilities

manufacturing

local

chemical

many

products, particularly basic chem¬
icals. This means that price plays
an

direct

out

1962 levels by

'West

unabated, and

therefore conclude by

the hope that the
chemicals industry will

American

tariffs, will be substantial.
This
not have to bear an unduly large
has
the share of the U. S. concessions. Be-long
been
recognized
by petition. Ever since the formation prominent example — was
of the Common Market, European
companies, and
major factor motivating direct in¬
cause
clearly, in the short run,
chemical prices have tended to be vestments
abroad.
All major
their reaction to the formation of
tariff changes can hurt very bad¬
weak. For example, the price in¬ chemical companies, whether
the Common Market therefore has
dex
of
German
chemicals has American, British, or based in the ly, and European tariff discrimi¬
been very pronounced.
nation already requires many dif¬
fallen 5% since 1954 and the Ital¬ Common Market have found it
ficult adjustments on the part of
ian
index has
plumrrieted 15% necessary to expand into foreign
Leaping Over the Tariff Wall

American chemical

since
Most

companies

main

two

have followed

strategies

in order to

developments in

witnessed

that other¬

then—a period

wise

creases

substantial

and

wages

in¬

other pro¬

markets.
world
is

towards
networks
certain to continue in
trend

This

wide subsidiary

almost

the

But let me
complete confidence
American chemicals in¬

chemicals industry.

also

express

that

the

dustry—dynamic and modern as
last week and were up 2.5%.
the chemicals industries. As pro¬
it is
will rise to the economic
Europe.
The
more
spectacular
An early cause of the downward duction costs and technologies are
In the four-week period ended'
move was—and still is—the estabr
challenges that confront our na¬
Oct.
5,
1963, sales gained 4% lishmerit of manufacturing facil¬ pressures on European chemicals becoming more equal in the West¬ tion along with other free nations
over last year's level for the com¬
prices
was
competition from ern countries, tariffs and trans¬ on the road to economic cooper¬
ities in Europe, either through ac¬
counter the

period for the

parable
12

duction costs.

country's quisition or through new direct American exporters who found it portation costs account for more
increasingly difficult to maintain and more of the price differences
dis¬ investment.' Since
1958,
more

ation

and

mutual partnership.

leading department store

tricts.

than 200

So far this year

5), the
creased
rung

year

dollar

in¬

that

over

for corresponding period

New

the

Federal

department
York

City

Re¬

store

Metro¬

politan area for the week ended
Oct.

gained 5%

over

the com¬

new

production facilities

—either wholly-owned or

in part¬

their European market

shares. Yet

increasingly, the price competition
from

arose

the

rapidly

expand¬

international

trade.

Foreign

to
dis¬

direct investments are one way
overcome

competitive

such

firms—
advantages, and for this reason,
were
put
into
operation
by ing chemical industries within the
Common Market. This leads us to expansion to foreign markets will
American chemical companies in
with

nership

the six
most

System,

sales

dis¬

volume

(adjusted)

ago.

According
serve

(Jan. 1 to Oct.

department store

retail

tricts'

new

direct

EEC countries alone. The

favored

sectors

investments

chemicals
but

European

and

,for

were

new

petro¬

pharmaceuticals

another

experienced foreign in¬
vestments. This tremendous flow

—

the

aspect of

our

the

impact

Common Market on the

industries in Europe
The

practically all sectors of the

industry

important

discussion

impact

was

continue.

World Market

The ultimate result of

itself.

two-fold: it led

merging of the various na¬

be¬

chemical

companies to spread

production facilities
plnhp will

this trend

new

all over the
kind of world

address by

the 145th
ican

Forms McCoig
LAS

Coig
New Kind of a

chemicals

tional markets in Europe, and

Mr. Schoellkopf before
National Meeting of the Amer¬
Chemical Society, New York City*

*An

VEGAS,

is engaging

business

Maryland
the

firm

Co.

iNev.—David C. Mc¬

from

in a

securities

offices

Parkway South
name

of Dave

3521
under

McCoig

The Commercial and Financial Chronicle

(1518)

The

Indications of Current
Business

Activity

Week
Latest

IRON AND STEEL INSTITUTE:
and castings (net tons)
—
production based on average weekly

AMERICAN
Steel
index

•'

1957-1959

for

Unofficial

this

oil

fuel oil

Stocks at

—Oct.

gasoline
(bbls.)
fuel

(bbls.)

8,498.000

9,012,000

oils

Unfinished
ASSOCIATION
Revenue

30,790,000

32.343,000

COAL

(bbls.)

OUTPUT

(U.

coal

Bituminous

2,815,000

2,731,000

3,469,000

2,927,000

14,453,000

14,532.000

14,631,000

13.369,000

4,625,000

4,883,000

4,859,000

5,521,000

181,077,000

*182,227,000

34,845,000

35,180,000

175,175,000

173,774,000

52,060.000

52,350.000

83,367.000

81,713.000

Oct.

—Oct.

183,450,000

•

174,097,000

52,637,000

State

and

620.139

494,208 /
432,699

526,321

*9,875,000

393,000

397,000

8,110,000

$929,000

328.100

South

Australia

AVERAGE

SYSTEM—1957-59
EDISON

(in

output

281,500

(COMMERCIAL

FAILURES

100

10,600

$583,100

$337,700
204,700
<

562,000

183,900

380,800

177,800

BRADSTREET,

6,100

30,100

133.000

122

119

108

52.900

95 510

154,035

130,173

628

285

497

1,352

4,672

148

218

525

123

39,690,000

41,995,000

34,163.000

1,689,000

1.959,000

1,193,000

107,598

*107 301

111 072

133,162

,;,146!l6l

126!o63

117,029

*130,996

tons)

;

(BUREAU

_—

—

DUN

17,255,000

17,106,000

18,107,000

MINES)—Month
-

and

lignite

(net

tons)

tons)—

For

—

month

287

257

208

•/

2,000

(tons

pounds)
2,000 pounds)—

fabricators—

AND

84,004

LINTERS

DEPARTMENT

—

117,358

(tons

pounds)

of August
:
consuming establishments as of Aug.
public storage as of Aug. 31

Linters—Consumed
Aug. 31—
Cotton

spindles

DEPARTMENT

Oct. 10

Sept.:

*82,834 7

107,276

Consumer, month

16,317,000

——

COMMERCE—RUNNING BALES:

118

Oct. 12

INDUSTRIAL)

226,451

86,608
331,306

month

ERAL

298

667,382
31-

STORE

Aug.

SALES

RESERVE

DISTRICT

1,269,306

6,677,586
105,177

114,253

105,536

484,737

SECOND

692,589

1,214,944
9,684,685
553,574

15,757,000

15,692,000

____

active

690,272

1,086,606
9,911,933

August

Stocks,

AND

INC.

tons)

—

anthracite

2,000

COTTON

102,900

181,200

—Oct.

_______

(net

tons)

(net

(tons

Refined

RESERVE

kwh.)__!--—

000

212,417

73,426

—^

tons)

INSTITUTE

Delivered

INSTITUTE:

ELECTRIC

Electric

168,943

420,112

America

tons)

America

(net

OUTPUT

COPPER

345,000

367,100

—.Oct. 10

INDEX—FEDERAL

Central

(net

September:
Bituminous coal

8,831,000

363,000

399,200

$620,200
10

-Oct. 10

SALES

64,593

MINES)—

Copper production in U. S. A.—

74,512

92,540

55,356

In U. S. A. (tons of 2,000 pounds)
Refined copper stocks at end of
period

"oCt

—

77,173

87,103

(tons)

—

and

Asia

STORE

ENGINEERING

—

Europe

COAL

(000's omitted):

—

DEPARTMENT

(tons

594,775

508,265

9,700.000

~Scr

Municipal

Federal

period

tons)

North

,83,784,000

519,776

292,100
'

grades

pounds)—:—„

(BUREAU

54,705.000

80,455,000

Ago

of August:

Crude

planning by ownership—_—

advance

all

2.000

35,345.000

165,973,000

Year

Month

;

exports of Pennsylvania anthracite

177,241,000

36,024,000 "

632,049

5
5

(no. of cars)—.Oct.

iii

PLANNING

Total

output
of

EXPORT

Pennsylvania

Oct.

NEWS-RECORD—NEW SERIES

end

of that date:

77,866

(tons

(net

(tons)_

ADVANCE

CONSTRUCTION

smelter

Month

MINES):

(tons)

lignite

Oct.

____

BUREAU

and

anthracite

Pennsylvania

INSTITUTE, INC.—Month of

pounds)

Stocks

RAILROADS:

AMERICAN

zinc

29,671,'-00

freight loaded (number of cars)
freight received from connections

Revenue

Slab

8,372,000

130.978,000

—Oct.
—Oct.

at—,.—r

(bbls.)

ZINC

Shipments

7,346,010

8.860,000

Oct.
Oct.

oil

7,574,760

7,578.410

7.595,560

either for the

are

are as

September:

59.5

0.59

4
4

Residual fuel oil (bbls,) at————————Oct.

;
,

AMERICAN

93.7

Oct.

Distillate

96.8

0.615

of quotations,

cases

Month

--Oct.

(bbls.)

average

output

Finished

0.625

or,

Ago
1,746,000

COAL

output

Kerosene

date,

2.000

(bbls.)
>-*—■■
(bbls.)
—.—-—-—Oct.
refineries, bulk terminals, in transit, in pipe lines
fuel

Residual

1,804,000

(bbls.)

output

Distillate

•V

(bbls.

(bbls.) 0—-————————

output

Kerosene

101.1

production and other figures for the

cover

Dates shown in first column

output—daily average

gallons each)
—
runs
to stills—daily

102.8

Oct. 12

Crude

Gasoline

Ago

Thursday, October 17, 1963

Latest

(per cent capacity).
discontinued issuing

INSTITUTE:

condensate

and

Week

1,883,000

that

Year

Month

1,915,000

---Oct. 12

1960

PETROLEUM

oil

Crude

late

data

month ended

Iron & Steel Institute

The American

AMERICAN

month available.

production

■-

operations

steel

indicated

Week

--—.Oct. 12

ingots

following statistical tabulations

latest week

523,945

16,731,000

FED¬

FEDERAL

RESERVE

IRON

AGE

PRICES:

COMPOSITE

Finished

Scrap steel

(per

———

—

6.368c

6.279c

$63.11

.Oct.

—

ton)—

gross

.Oct:

.Oct.

steel
(per lb.)
(per gross ton)

Pig iron
*

BANK OF NEW YORK—1957-59
Average—LOO—Month of August:
Sales (average daily)
unadjusted
Sales
(average seasonally adjusted)

$26.83

6.196c

$66.33

•

PRICES

Electrolytic

(E.

QUOTATIONS):

Domestic

refinery at
Export refinery at
(New York) at__

.Oct. 11

30.600c
28.400c

28.400c

.Oct. 11

—_

30.600c

.Oct. 11

—

Lead

PRICES

(E.

(St.

tZinc

Louis)

12.000c

11.750c

(East

St.

.Oct. 11

(delivered

Zinc

at)

30.600c
23.375c

y
>

—

28.525c

11.500c

refinery (per pound):
refinery (per pound)-

Export

lL550c

11.800c

11.300c

9.300c

-Oct. 11

13.000c

•

•'

■

30.600c

12.500c

11.500c

23.000c

22.500c

24.000c

117.000c

115.375c

30.600c

30.600C

28.390c

28.409c
£234.125

£234.131

ton).

£234.975

£234.798

£232.600

(per pound)
Louis (per pound).

11.628c

11.354c

ftThree months, London

12.000c

_Oct. 11

—

£234.125

9.500c

107.375c

(per long

28.588c

•

Lead—

Common,

New

York

Common,

(primary pig, 99.5% )
Straits tin (New York) at

QUOTATIONS )-

Copper—
Domestic

30.600c

-Oct. 11

_____.—_—.—-

Louis)

Aluminum

117

•'

•

Lead

94
123

September:

copper—

102

127

$24.17
METAL

METAL

East

St.

MOODY'S
U.

BOND

Government

Average
•

PRICES

DAILY

AVERAGES:

Bonds-—-————————-——Oct. 15

_i-i

9.500c

Public

Industrials

;

89.92

88.67

88.54

88.95

87.32

84.30
86.51

86.51

89.64

89.51

Group______

Oct. 15

89.37

__^__h______

84.30

4.02

4.31

4.43

Railroad

Public

Oct. 15

—

Group

Utilities

Industrials

Group

COMMODITY

INDEX

(tons)

Percentage

activity-

4.42

REPORTER PRICE

AVERAGE—100

Quicksilver

4.49
4.84

■

4.64

4.45

4.46

4.40

368.8

357.9

361.3

372.0

406.017

99%

355,086

____Oct. 11

■

668,552

615,842

initiated

off

*99.36

99.33

sales_.
sales

;

Short

PLANTS

557,490

453.710

2,082,760

1,794,120

3,020,270

3,691,310

2,640,250

2,247,330

562,000

632,620

382.570

Sep. 20

sales

Total

50,000

672,900

531,830

608,290

767,300

581,830

1,081,743

796,043

SECURITIES

EXCHANGE

(customers'

f__

Other

ACCOUNT

round-lot

MEMBERS

4,477,823

3,411.623

807.640

1,013,020

827,400

4,795,761

3,553,072

3,036.488

4,810,765

5,808,781

4,380,472

Inner

702,760

4.003,125

3,739,248

$82,905,305

$99,096,142

1,359,620
$70,242,663

1,335.747

$64,030,756

1,959,698

2,345,966

1,674,895

18,385

12,110

1,945,870

2,327,581

1,662.785

1,486,497

$98,816,593

$117,136,733

$81,095,551

$74,172,809

810,100

Sep. 20

926,240

355,220

659,610

557,990

•

6~5~9~610

5571990

425,430

321,660

DEPT.

Processed
Meats

Group—

1,340,860

1,018,650

1,103,830

27,281,790

19,972,110

28,622,650

20,990.760

$309,000,000

$308,000,000

306,635,039

306,534.617

299,498,292

693,071

674,131

487,334

$307,328,111

$307,208,749

$299,985,627

366,332

367,054

373,498

$306,961,779

$306,841,694

$299,612,128

2,038,220

2,158,305

8,387,871

$307,328,111

$307,208,749

$299,985,627

GOVT.

face

•Revised1 figure.

than

fNumber

farm

and. foods

orders

not

reported

100.2

amount

95.1

97.9

101.7

100.8

since

that

may

LIMITATION

outstanding

j__

intro<

Total

public

gross

debt—

obligations

not

owned

the

gross

public

debt

Deduct—Other

gations

hot

guaranteed

outstanding public
subject

total

face

debt

debt obli¬
limitation-

outstanding

amount

above

obligations

issuable

authority

100.6

95.7

Oct.

-ucc.

other

DEBT

30 (000's omitted):

time_

any

under

100.3

95.9

~Oct.
~~Oct

foods

commodities

STATUTORY

1,371,657

Outstanding—

100.4

1,228.093

3,569.687

___

18,293.800

Oct.

16,030.000

3,990,528

Total

17,189.970

24,393,430

43,350,000
42,895,000

17,073,000

;

1,258,007

Grand

_____

All

(pounds)

As of Sept.

■

(Number of)—

3,831,333

Balance

All commodities
Farm products

Tires

Bus

3 9,358.000

;

obligations

1,040,230

LABOR—(1957-59=100):
Commodity

and

Total

23,353,200

•

39,643,000

1,420.568

8,772,352.

17,377,000

3,209,728
3,025,768

9,818,070

41,772,000

(Camelback)—

3,649,818
3,021,322

41,328,000

Treasury

_Sep. 20
S.

3,031,871
9,576,464

Rubber

1,540,177
1,254,716

U. S.

320,530

Sep. 20
Sep. 20

976,860

Inventory

STOCK

1__

297,758

2,792,177

;

(pounds)

926.240

310,617

256,675

Production

41,429

338,737
1,054,343

(Number of)—

(pounds)

Truck

TRANSACTIONS
(SHARES):
■

NEW SERIES —U.

Tubes

Inventory (pounds)

1,527.926

13,828

8,830.030

254,578

Shipments

1,881,835

9,493.422

22,963,530

263,060

inventory

1,523,434

11,141.159
8,927,591

24,839,290

1,048,861

Production

Total sales

WHOLESALE PRICES,

8,136,940
8,110,367

24,fj"20,506

Shipments

Tread

"Sep.

Short sales

■

£49,642,000

Passenger, Motorcycle, Truck and Bus

sales—

Other sales
~

£65,933,000

;

Guaranteed

85,322

Implement Tires (Number of)—'
Shipments

THE

471,170

82,613

Production

IIISep.

~~~

sales

556,492

156,962

Inventory

167,250

5,924,584

$2.25

239,575

Tractor

STOCK

Total

$2.25

986,168

""Sep.

ROUND-LOT STOCK SALES
EXCHANGE AND ROUND-LOT
FOR

79.000c

£35,880,000

Augustc—

818,918

Sep. 20

TOTAL

219,910

sales

Round-lot purchases by dealers—Number of
-

22.500c

79.000c

ASSOCIATION,

938,482

Sep. 20

;

sales

BANK—Month

1,158,392

*~Sep.
I~Sep.
II_~Sep.

Round-lot sales by dealers—
Short

24.000c

22.500c

BRITAIN

210,910

shares—Total

GREAT

MANUFACTURING

Shipments

—

1,350,171

Sep. 20
;

Dollar value

ISSUES

Production

(customers' sales)—
Number of orders—customers' total
sales—
Customers' short sales—
Customers'
other
sales_
.'

Number

$1.50000

22.500c

505,228

Shipments

COMMISSION

Odd-lot purchases by dealers

„

$1.50000

Passenger & Motorcycle Tires (Number of)—

purchases)—t

Dollar value

■

$1.80000

115,533

coaches—

1,139,261

$82,000

$1.75000

$2.25

vehicles

141,890

—Sep. 20

sales

MANU¬

1,182,205
4,850,629

$77,682

Sept.:

1,040,315

Isep.

Odd-lot sales by dealers
Number of shares

_sep. 20

—

$80,000

36.250c

620,761

AUTOMOBILE

ASSN.—Month

Inventory

sales

EXCHANGE

33.000c

FROM

BTOCK TRANSACTIONS FOR
ODD-LOT ACCOUNT OF ODD>
LOT DEALERS
AND
SPECIALISTS ON N. Y. STOCK
...

32.500c

33.000c

22.500c

INC.—Month of August:

81.800
423.450

SALES

passenger cars
trucks and motor

CAPITAL

MIDLAND

505,250

1,431,104

Sep. 20

36.250c

32.500c

22.500c

~Sep.

sales_

Total

94,400

545,490

Sep. 20

$35,000
$192,000
'

$2.35000

export.

~Sep.

___

Short

62,800

1,112,979

$35,000

$182,455

$2.40000

Production

sales

Other

RUBBER

712,910

Sep. 20

.$2.50500

lots.

FACTORY

number
or

NEW

the floor—

sales_

Other

initiated

Number

2,233,010

707,710

Total round-lot transactions for
account of members—
Total purchases——
i

2,763,460

2,983,600

—Sep!
Sep!

108.480c

Number

3,780,570

602,950

114.892c

33.000c

—

——.

floor—

99.206d
S2.80095

•

79.000c

pig

FACTURERS'

$2.79959

,$1.50000

small

VEHICLE

Total

2,417,320

98.98

Sep. 20

the

-___

536,369

98.20

3,175,650

115.461c

111.077d
•

■

(per pound)

.610,968

Sep. 20

sales

transactions
Total purchases

$187,000

♦"•Nickel

MOTOR

sales

Other

boxed

primary

326,8.90

—Sep. 20
—Sep. 20

purchases—

Short

pounds)
" •'
'

grade ingot weighted

284,732

;

Other

Aluminum—

367,134

128.782c

111.488d

'$2.79767-

...

$2.45500

378,520

>_Sep. 20

transactions

Total

flask of 76

(per

pound)

435,786

Oct.

sales

Total

£64.900

(Per

381,406

INDEX—

—_

—

sales

Other

(check)—___—_

4.85

: I'

of period--—

end

purchases

Short

£75.914

36.250c

Laredo,

4.99

4.67
4.44

12.000c

£76.393

32.500c

.4.61

TRANSACTIONS
FOR
ACCOUNT
OF
MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
registered—

Other

Exchange

Antimony—

BOUND-LOT

Total

ton)—.

£64.038

4.41

4.52

11.500c

13.000c

£76.363

$35,000

3.78

4.67

_Oct.

12.500c

13.000c

129.260c

Oct.

(tons)
DRUG

Total

12.500c

...

Sterling

__Oct.
;

Unfilled orders

£51.956

OIL, PAINT AND
1959

three months (per long
Sterling Exchange—

99%

—a.

Production

•

ftLondon,
Silver and

4.57

4.44

—Oct. 15

NATIONAL PAPERBOARD ASSOCIATION:
Orders received (tons)

£66.851

:i £76.643

4.27

4.84

3.98

4.32

MOODY'S

■'::

89.37

Oct. 15

pound)—

(per

84.17

Oct. 15

;

—

Louis

St.

—.

90.20

Oct. 15

Group

East

82.40

4.52
'

4.43

4.51
:

4.53

4.31

84.30

3.97

4.52

Oct. 15

r_.

9.300c

£67.670

£51.900

116.088c

Baa

89.44

86.91

Oct. 15

—1

—

MOODY'S BOND YIELD DAILY AVERAGES:
'^
r
U. S. Government Bonds___i^_l__——L———Oct. 15
Average corporate
1—

Oct. 15
_Oct. 15

—

Group

ton)

long

90.06

Group

Utilities

89.78

(per

92.06

89.78

months, London

11.154c

£67.060

Zinc-—

87.86

91.34..:.

Baa
Railroad

88.80
88.54

91.48

—

.____

88.93
88.40

91.48

Oct. 15

—_—

88.54

-Oct. 15

—

88.74-

—Oct. 15

Oct. 15

corporate-

A
f;

ftThree

Aaa

118.125c

11.428c

£67.818

-Oct. 11

101.2

101.3

UNITED

STATES

GROSS

DEBT .DIRECT

AND

GUARANTEED—(000's omitted):

101.6

93.4

91.6
,

94.6

100.5

100.7

General

Zinc

Net

Monthly Investment

Plan.

JPrime Western
available.

Sept.

30—

funds

balance—

debt

Computed annual average

:—

9,783,378 '
!

$297,544,733
3.428%

6,845,784

9,268,346

$300,362,965

$290,717,281
3.285%

3.403%

Volume

Number 6308

198

The Commercial and Financial

(1519)

Chronicle

* INDICATES

Securities Now in

ADDITIONS

SINCE

ITEMS

•

REVISED

ISSUE

"
-

Bay State Exchange Fund, Inc.

NOTE

—

the SEC

icle"

Registration statements filed with
carried

now

are

company's

and in the index,

name,

re¬

underwriter but'

not, in general, firm offering dates.

Also shown under the

Registrations"
this

effective

and

offered

were

•

Techniques,

of which 80,000
are
to be offered by company and 70,000 by* certain
^stockholders. Price—By amendment (max. $25).-Busi¬
ness—Manufacture of various types of aerosol products.
Proceeds
For acquisition, equipment, debt repayment
and working capital. Address—Bridgeport, Conn., Under¬
writer—Laird & Co., Corp., New York.
•
common,

—

filed 165,000 common. Price—$3. Businessof

line

new

speed controls

motor

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

additional

Hotels,

Airway

Springfield, Ohio. Underwriter—Consolidated Securities
Corp., Pompano Beach, Fla. Note—This registration was
withdrawn.
•

Bradford

July

♦

1963

22,

filed

common being offered to
General Industries, Inc., parent,

Bradford share for each two Atlas

one

shares held of record

14.

Oct.

Rights will expire Nov.
Price—$11.05. Business—Company holds a 40% stock

interest in Maryland Logging Corp., which conducts log¬
ging operations in Liberia and will acquire from Atlas,

Kliklok Automated Packaging Division, engaged in the
manufacture and leasing of packaging machinery. Brad¬
ford also

owns 69,509 shares (9.59%) of Foster Wheeler
Corp. Proceeds—For selling stockholders, Atlas General.

William St., New York. Underwriter—BurnCo., New York.
;

Office—62

Inc.

April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,

ham

Dec.

Price—At par ($1,000).
Business—Company plans to
offer management and consultant services to motels and
furnish

them

with

equipment. Proceeds—For general
Office—1068 S. Ocean Blvd., Pom¬

corporate purposes.

Beach, Fla.

pano

Underwriter—None.

Celanese Corp.

of America (10/25)
27-, 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).

Sept.

Business—A

major

Boston
•

specializing

company

Corp., New York.

Chemair

Dec.

28,

Corp.

1962 filed $150,000 of 6%

debentures

due

offered in units
common.

sale

tion

1973

and

30,000

consisting of

subordinated

income

common

$10 debenture and two

one

Price—$12

per unit. Business—Production and
designed to control odors, bacterial

chemicals

and

air

and' sale

pollutants;

and

development,

electronic vaporizing

produc¬

unit for dis¬

pensing such chemicals;

Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office

—221

N. La Salle Street, Chicago. Underwriter—To be
named; Note—This company formerly was named Chem¬
air Electronics Corp.* Offering—Indefinite.
Chestnut Hill
Nov.

225,000

are

Industries, Inc.

filed

29,' 1961

300,000

class

common,

of which

to be offered by the company and 75,000 by

stockholders./ Price—$5. Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment ,and working capital. Office—2025 McKinley
St., Hollywood, Fla.. Underwriter—Clayton Securities

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

he mi

in production of synthetic structural materials.
Pro¬
ceeds—For expansion and other corporate
purposes.
Office—522 Fifth Ave., New York.
Underwriter—First

growth

699,380

Atlas

the basis of

Speed Packaging & Development Corp.

stockholders

13.

Aerosystems Technology Corp.
Oct.- 4, 1963

Manufacture

Inc.

(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 purposes. Office — 350 South Fountain Ave.,

(11/4-8)

Inc.

150,000

filed

1963

20,

Aircraft,

16, 1963 filed 600,000 common. Price—By amend¬

ment

•V

Aerosol

Bede

July

pub¬

licly.

Sept.

by counsel

shares. Offering—Indefinite.

capition "Effective

those issues which became

are

week

Exchange is believed

be tax-free for Federal income tax purposes.

parentheses alongside

flect the expectations of the
are

for the Fund to
Business—
A
closed-end investment company seeking long-term
growth of capital and income. Proceeds — For invest¬
ment.
Office—35 Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬
ties are deposited and accepted. This means that the
Fund expects to issue a minimum of 1,000,000 capital
ties.

separately at the end

tion." Dates shown in

•

the "Chron¬

"Securities Now in Registra¬

of this section

the

issue of

the last

since

filed

1963

29,

Castle Hospitality Services, Inc.
;
14, 1962 filed $500,000 of 8% debentures due 1969..

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¬
May

Offering—Indefinite.

„

apartment buildings and a shopping center.
For

Proceeds—
other corporate
Office—901 Fuhrmann Blvd., Buffalo, N. Y.

loan

expansion

repayment,

purposes.

and

Underwriter—None.
•

Allen Electric &

Equipment Co.

For

(10/29)

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

for stock:

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

Allright Auto Parks, Inc. (11/4-8)
Sept. 24, 1963 filed $2,000,000 of 6% sinking, fund sub¬
ordinated debentures due 1978, 240,000 common shares

purchase an additional 80,000
in units consisting of one $100
debenture, 12 shares and warrants to purchase an addi¬
tional 4 shares. Price—By amendment (max. $230 per
unit). Business — Operation of 558 parking lots in 40
cities.. Proceeds—For debt repayment and working capi¬
tal. Office—825 Esperson Bldg., Houston^ UnderwriterEquitable Securities Corp., Nashville.
and

5-year

common,

warrants

to be offered

Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price 50<?.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction,
exploration and
general corporate ex¬

Office—80 Richmond St., W., Toronto.
writer—E. A. Manning, Ltd., Toronlo.
penses.

American-Israel World's Fair Corp.

Under¬

(10/17)

Aug. 26, 1963 filed $500,000 of 7% subordinated partici¬
pating debentures due Dec. 31, 1965. Prire—At par. Busi¬
ness
Company will operate a pavilion at the New
—

York World's Fair for the purposes

of depicting the his¬

tory and culture of the Jewish
sell arts, products and services
landscaping, construction and
building, and working capital.

people, and promote and
of Israel. Proceeds—For
later demolition of> the
Office—3 East 54th St.,

New York. Underwriter—H. S.

Caplin & Co., New York.

American Vitrified Products

Co.

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.

repayment,

improvement,

property

Office—700 Park Ave.,

and

working

Plainfielc^, N. J. Under¬

writer—S. Schramm & Co., Inc., New
Atlas

York.

Management Co.

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

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

writer—None.

Income Fund,

Balanced

Inc.

Price — Net asset
value (max. $8.72) plus 8 ¥4%. Business—A new mutual
fund. Proceeds—For investment. Office—120 S. LaSalle
St., Chicago. Underwriter—Supervised Investors Serv¬
ices, Inc.- (same address).
'
.

.x.

eo4:--*

•'

xx j**;

■

:J.

office

Office—7373 North Cicero Ave.,

•

Road, Gladwyne, Pa. Underwriter—None.

Brewer

(C.) & Co., Ltd. (10/30)
Sept. 30, 1963 filed 146,735 common to, be offered for
subscription by stockholders on the basis of one share
for each five shares held of record Oct. 28. Rignts will

expire

Nov.

Business
and
and

15.

Price

—

(max.

admendment

$50).

marketing

Rico,

activities.

other

Proceeds

—

black

debt

For

Citadel
March
for

Life

Insurance

types of musical in-

plant expansion.
Chicago. Underwriter-

Co.

New

York

the basis of two
Price—By amendment

stockholders

shares for' each three held;

(max. $26).; Business—Writing of life, accident, health

disability

expansion.

repayment

insurance, and annuities. Proceeds—For
Office—444 Madison Ave., N. Y. Underwriter

—Alex. Brown & Sons, Baltimore.

827 Fort St., Honolulu. Underwriters — Blyth
Co., Inc., New York, and Butcher & Sherrerd, Phiia.
—

Offering—Indefinite.

Coleridge Press Inc.
June 19, 1963 ("Reg. A")
50,000 common. Price-1—$5.
Business—General book publishing.
Proceed s-r-For
,

Bridges Investment Fund, Inc. (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.,

East 42nd St., New York.

Omaha. Underwriter—None.

rities, Inc., New York.

Brockton

Sept.

20,

Edison

1963

filed

Co.

working capital and purchase of equipment.

Colorado

(10/29)

60,000

preferred

($100 par). Business—Transmission of electricity and in¬

Edison Co.

(10/29)

/V/Vy"

Office—Creede, Colo.« Underwriter

—None.

Brockton

Imperial Mining Co.

20,

operating expenses.

cidentally, the sale of electric appliances. Proceeds—To
refund outstanding 5.60% and 5.48%
preferred stock.
Office—36
Main
St., Brockton, Mass. Underwriters—
(Competitive). Probable bidders: Kuhn, Loeb & Co.Salomon Brothers & Hutzler-Wo®d, 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.
/

Office1-^
Underwriter—Hannibal Secu¬

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

Sept.

stock

•

;

Commercial Life Insurance Co. of Missouri

(10/18)
Nov.

("Reg. A")

26, 1962

46,000 common to be offered

for

subscription by stockholders on the basis Of one
share for each 3.36 common shares held of record Oct. 8
Rights will expire Oct. 30.

Price

—

$6. Business

Continued

—

Sale

page

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

trust

bonds

electricity and
ances.

due

1993. Business—Transmission

incidentally,

the sale of

Proceeds—To refund outstanding 5 ¥4%'

appli¬

electric

first mort¬

Office — 36
St., Brockton, Mass. Underwriters—(Competitive).

and collateral

Main

Probable

Webster

bidders:

trust bonds due

Halsey,

Stuart

1989.

Stone

Inc.;

Co,

& Co.

V>v

Securities

Corp.; Kuhn, Loeb & Co.-Salomon
Brothers & Hutzler-Wood, Struthers & Co., Inc. (joint¬
ly); Kidder, Peabody & Co.-White, Weld & Co.-Shields

over-the-counter securities

(jointly); Eastman Dillon, Union Securities & Co.
29 (11 a.m. EST) at 49 Federal St., Boston.
Meeting—Oct. 25 (11 a.m. EDST) at same

....

specializing in

Bids—Oct.

Canaveral

Hills

Enterprises, Inc.

tfNEW

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

BOUGHT-SOLD-QUOTED
Brokers, Institutions

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
and

Bldg., Miami, Fla. Underwriter—Willis E. Burnside
Co., Inc., New York. Offering—Indefinite. ,

for Banks,

•

Capitol Food Industries, Inc.

yUntvu, stf. SIEGEE ¥

ESTABLISHED 1942

Members of New
39

par.

Business—Company is

;

York Security Dealers Association

(10/23)
•

supplier of fruit concen¬

Broadway, New York 6, N. Y.

TWX: 212-571-0320

Olgby 4-2370
'V

Direct Wires

trate

bases, syrups* toppings, flavorings and other food
ingredients. Proceeds—For loan repayment and working
capital.

Office—105 South La Salle St., Chicago.

writer—Walston & Co., Chicago.

/
•"

XjK.VvX

'.X- •;i,'

V
*>'i

i- >•

INC., Los Angeles
WOODCOCK, MOYER, FRICKE 6 FRENCH, INC., Philadelphia
R. J. HENDERSON & CO.,

Under¬
.

•

•'

XV'sr X"'-.-J-'-

v-•.

r;J

r-S-.'

and

26, 1963 filed 40,000 capital shares to be offered

subscription

and

molasses

strap

—

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

new

Growing and processing of sugar in Hawaii

Puerto

Office
&

—

Proceeds

Business—Manufac¬

various

For

House

t»"-V

(max. $26).

and/or distribution

Sept. 20, 1963 filed $1,700,000 of 6V2% sinking fund con¬
vertible subordinated debentures due
1978.
Price—At

7, 1963 filed 2,000,000 common.

.7 »v

ture

struments.

near

March

Oct.

Price—By amendment

address.

Atlantis International Corp.

capital.

cents. Business—

Price—50

held.

light two-place helicopter. Proceeds—

Information

April 30, 1963 filed 100,000 common. Price—$4. Business
—A real estate development company.
Proceeds—For
debt

(10/22)

Sept. 27, 1963 filed 190,000 common, of which 50,000 are
to be sold for company, and 140,000 for stockholders.

debt

gage

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

Chicago Musical Instruments Co.

repayment, product development, working
capital and other corporate purposes. Office—1129 Club

Amerel

•

each

Production

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

shares for

•

•J' '■ .}'■

'
.

:,yj

The

(1520)

Continued from

•

page

health,

ern

Market

Common

Fund,

7, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8.5%.
Business—A new mutual fund

Co.

Monroe Ave.,

Buena Park,

Cabot &

Calif.

Community Health Associations, Inc.
April 12, 1963 filed 150,000 common, of which 100,000
are to be offered by
company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
None.
•/
.'C

Eagle's Nest Mountain Estates, Inc.
Sept. 26, 1963 filed 360,000 common, of which 300,000
to be offered by
company and 60,000 by stockhold¬
ers.
Price
$4. Business—Company plans to develop
—

land for

Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common. Price — $40.
Business
Company plans to acquire, organize, and
manage life, accident and health,.insurance
concerns.
Proceeds—For

•

New York.

Craft Master Corp.

Sept.

subsidiaries.

investment

corporate

purposes. Office—2042 S. Atlantic
Ave., DayBeach, Fla. Underwriter—Alpha Investment Secu¬
rities, Inc., Atlanta.
^

Eberstadt Income Fund, Inc.
May 31, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8^%.
Business—A new mutual fund
seeking current income. Proceeds—For investment. Of¬

will offer the securities to the public. Price—
To subscribers, $20; to public, $22.25.
Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium

fice—65
&

and deuterium

Office—328 N. Westwood Ave., Toledo. UnderwritersFulton, Reid & Co., Inc., and William T. Robbins & Co.,
Inc., Cleveland, ;
.
V.Vv
;
Defenders

Insurance

Co.

Jan. 30. 1963 filed 100.000

common.
Price—$12.50. Busi¬
plans to write automobile insurance.
Proceeds—For general corporate purposes.
Office—146
Old County Rd., Mineola, N. Y. Underwriter—None.

ness—C

o m

p a n y

NEW ISSUE CALENDAR

Price—By amendment (max.
Business—Research, development and construc¬

tion

experimental

certification

helicopters.

Proceeds—To

models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—The SEC has issued a stop
order
.*

suspending this registration statement

Donaldson Co., Inc

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

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

fering—Postponed.

•

World's

October

(Monday)

Corp

(H. S. Caplin & Co.)

Debens.

Plohn

Underwriter—Linder, Bilotti & Co., Inc., (same-

address).

'.V

November

Co.)

$450,000

<i:

Life Insurance Co. of Florida
(Pierce,

$500,000

Wulbern,

Murphey,

(Stifel, Nicolaus & Co.,

(Friday)

Mohawk

stockholders—underwritten
Jones

Co.)

Edward

$276,000

(Smith,
<B.

c.-Morton

Old Florida
;

October 21

Denny's

(Dempsey-Tegeler

Inc.)

400,000

(Thursday)

Common

Co.,

Inc,)

167,000

^-Preferred

EDST)

100,000

(William

Staats

Common
Co.)

$32,800,000

Common

(Bache & Co, and J. M.

Dain

Co., Inc.)

Inc.)

November

Units

„

338,755

Consolidated

Debentures
Corp.)

October

(Smith,

General

'■

Household
(Lee

Barney

Artists

Co.,

Inc.)

Co.,

Common

Inc.)

Debentures

Co.)

Blair

Hutton

Co.)

Weld

Co.;

William

(Bids

Redman

Inc.)

79,477

EDST)

(Bids

Units

Brewer

(White,

Weld & Co.,

Co.)

Inc.

Securities

Co.

Iowa

Beef

(New

York

Securities

Kidder,

First

Eastern

First

Securities

Nebraska

Securities

State

Aerosol

Bonds

Allright

Celanese

Debens.

Co., Inc.)

200,000

Donaldson
(Paine,

Blyth

146,735

<fc

Parks,

964,390

O'Malley Investing Corp
(O'Malley Securities Co.)

Midland

$300,000

Securities

/ /

(Tuesday)
12

EST)

noon

November 20

Debentures

Preferred

EST)

a.m.

Bonds;

$10,000,000

(Wednesday)

Union Electric Co

Preferred

$893,300

150,000

(Bids

20,000

Systems

Curtis)

Co»)

145,000

(Bids 12

noon

(Wednesday)
to

Common
Co.)

Co.)

$300,000

(Bids

December 10
Northern

—;

$10,000,000

Bonds

noon

Equip. Trust Ctfs$3,600,000

EST)

(Tuesday)

Pacific Ry
12

Equip. Trust Ctfs-

noon

EST)

$4,800,000

Virginia Electric & Power Co.
V

(Bids

December 11

Common

Consolidated

be received)

Bonds>'•

$30,000,000

Potomac

(Wednesday)

Edison Co.

(Bids

March

Equip. Trust Ctfs.
EST) $8,970,000

Co.—

received)

Common

$900,000

150,000

(Bids
&

Debentures;

$50,000,000

EST)

a.m.

Electric

(Bids

(Tuesday)

Southern Pacific Co._

New York Central RR.__

Producing Co

Common
160,000

Corp.—

(Bache

(Tuesday)

December 4

Massachusetts

Common

Anderson

$30,000,000

EST)

a.m.

Bonds

——_—^

(Bids

units

Capital

200,000

$20,000,000

Units

Corp)

Inc

named)

Inc

Jackson

Pacific Northwest Bell Tel. Co.—

Homes, Inc

November 6
Common

$3,000,000

and

New England Power Co.—.

—.Common

Securities

(Peter Morgan

'Ultronic
Common

(Offering to stockholders—underwritten
by First
Corp.)

Units

Inc.,

Co., Inc.)

(Bids

Common

underwriting)

Co.,

(V.

(Friday)

Corp. of America

& Co.,

Capital Shares

103,500

New England Power Co.__

$150,000,000

Juniper Spur Ranch, Inc

$5,000,000

Union Electric Co._.

(The Milwaukee Co.)

Corp.)

Bonds

Co.,

(Monday)

Webber,

Great Lakes

Co.)

(Laird & Co., Corp.)

(No

717,408

$22,000,000

(Monday)

Cochran

Common

Bridges Investment Fund, Inc

(Thursday)

Boston

(Milburn,

Ctfs.

November

Techniques, Inc

$40,000,000

EST)

a.m.

EST)

noon

(Sterling, Grace & Co.)
San Morcol Pipeline, Inc

(Friday)

(Equitable

Corp.....

Co., Inc.)

Space

;

Telephone Co

Auto

RR.-___

December 3

Common

Lane,

$6,420,000

Sherrerd)

Stanley &

.Natural Gas & Oil
October 25

Trust

(Offering to stockholders—No underwriting)

$7,000,000

First Railroad & Banking Co. of
Georgia..Debens.
(Johnson,

Intra

——

Transmission

October 24

November

Bonds

Acceptance Corp.

(Morgan

CDST)

a.m.

Stone &

Motors

Common
and

Line

(Thursday)

November 1

.Debentures

Nebraska

Products, Inc
(Hayden,

November 4

50,000

(Dillon, Read &

Wen

Peabody & Co.)

„

Otter Tail Power Co
(Bids

Common

Missouri National Life Insur. Co

$3,172,000

Corp.

stockholders—Bids

(Bids

$70,000,000

EDST)

noon

Butcher

(Underwriter to

Packers, Inc
Corp.)

Texas

General
Common

and

Corp.)

(Offering

$550,000

Equip.
12

$5,000,000

Co.)

PST)

a.m.

$7,000,000

(Wednesday)

—Debentures

Iowa Beef Packers, Inc.
York

-—Equip. Trust CtfsEST)

noon

Pacific Power & Light Co.

Common

Wilkins

(Bids

$1,700,000

and

received)

$5,100,000

(Wednesday)

(Bids

Seaboard Air

stockholders—underwritten

and

October

Inc

400,000

(New

60,000

(C.) & Co., Ltd

(Offering

(Wednesday)

(Tuesday)

Norfolk & Western Ry

__Bonds

8:30

(Bids

Capitol Food Industries, Inc
(Walston

received)

Ry. Co

October 30

12,000 units

Debentures

Pacific Gas & Electric Co.___

Inc.

Securities

Debentures

Industries, Inc

Insurance

(Arnold,

Southern

$40,000,000

(Eppler, Guerin & Turner, Inc.)

October 23

Common

100,000

(Alex) & Sons, Inc

Common

Co.,

a.m.

$100,000,000

Public Service Electric & Gas Co
-

(Bids

.Debentures

White,

Pacific Southwest Airlines
(E.

Co., Inc.)

Preferred

$1,050,000

Corp

Corp.;

November 12

November 13

$1,200,000

(Bids

190,000 shares

Forst

Higginson

Edison

Common
&

Corp

(Bids 12 noon CST)

Equipment Co.—

(Dempsey-Tegeler

Brockton

Corp

$2,000,000

Brockton Edison Co.

(Burnham

Finance

Master

(Tuesday)

Allen Electric &

(Dempsey-Tegeler

Chicago Musical Instrument Co

Common

Chicago, Burlington & Quincy RR.-Equip. Tr. Ctfs-

179,500 shares

(Tuesday)

(Monday)

(Fulton, Reid & Co., Inc., and William T. Robbins & Co., Inc.)
$1,000,000

$4,375,000

Ramo, Inc.

(Fulton, Reid & Co., Inc., and William T. Robbins & Co., Inc.)
125,000 shares
/

Craft

Allen Electric & Equipment Co..

October 22

Units

Securiies

Common:
350,000 shares

Craft Master Corp

$10,000,000

Inc

Nebraska

$7,000,000

Co._

(Blyth & Co., Inc.)

$6,000,000

Co.,
.

Corp.)

—,—Preferred

(Bids to be received)

Safe

$300,000,000

Ben. Int.

Underwriters

stockholders—underwritten

Downs,

Tonka Toys, Inc

Co.,

received)

Debentures

Rum Co

(First

Subscription Television, Inc

160,000 shares

Mosler

Bonds

Georgia Power Co
:"

Common

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

noon

Pocono

Inc.)

Power Co
(Bids, to

Realty Trust

Funds

Securities

Inc
&

Gulf States Utilities
(Bids

(Offering

(Monday)

Restaurants,

Barney

Morton (B. C.)

Georgia

Common

Airlines, Inc.—

Commercial Life Insurance Co. of Missouri—Com.
(Offering to

nance
various types of ventures in the theatrical and
entertainment fields. Proceeds—For working
capital, and'
other corporate
purposes. Office — 50 Broadway, New

•

Mid-West National Life Insurance Co
October 18

/
—

-Common
(Charles

Fair

(Thursday)

American-Israel

,•

(max. $19). Business—Company manufactures air clean¬
Equity Funding Corp. of America
\
ers and mufflers for
heavy duty internal combustion en¬
March 29, 1962 filed 240,000 common.
Price—By amendgines, and special seals, filters, bellows and pumps for1 rment (Max.
$6.50). Business—A holding company for
use in aircraft and missiles.
Proceeds—For selling stock¬
firms selling life insurance and mutual
funds. Proceeds;
holders. Office—1400 West 94th St., Minneapolis. Under ¬
writer—Paine, Webber, Jackson & Curtis, New York. ■
.••/•rContinued on page 33'

Heck's, Inc.

October

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

■

'*■

Elite Theatrical Productions Ltd.

York.

(11/4-8)

Oct. 4, 1963 filed 145,000 common.
Price—By amendment

Business

Chipping machine,,

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

obtain

Broadway, New York. Distributor—F. Eberstadt
Co., Managers & Distributors, Inc., New York.
Electronic Dispenser Corp.

$1.25).

(11/11-15)

ordinated debentures due

Inc.

shares for each three held.

filed

1963

Doman Helicopters,

April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new

Underwriter—None.

$1,000,000 of 6% convertible sub¬
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.
30,

: i

Office—114

year-round amusement resort. Proceeds—For

construction, debt repayment, working capital and other

—

East 40th St.,

tona

company

oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For
working capital,
construction equipment and other corporate purposes;
Office—360 Lexington Ave.;- N. Y. Underwriter—None.

Busi¬

vehicles

are

basis of 3 units for each 5%

Price—$1.

electro-mechanical

Underwriter—None.

warrant) on the
prior preferred share held,
one
unit for each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the

(same address). Offering—Indefinite.

and
devices for medical and marine
purposes.
Proceeds—For working capital,
equipment and debt re¬
payment. Office—2222 S. Centinela Ave., Los Angeles.

Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be of¬
fered for subscription by holders of its stock
and deben¬
tures in units (of one share and one

Office—9465 Wilshire Blvd.,

Underwriter—Kennedy,

Calif.

7051

—

Thursday, October 17, 1963

electronic

Deuterium Corp.

specializing in securities of foreign and American com¬
panies operating in the European Common Market.
BfevfeYly. Hills,

Office

ness—Manufacture

Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.

March

Dynapower Systems Corp.
Sept. 28, 1962 filed 750,000 common.

United States. Proceeds—For general corporate
pur¬

poses.

Inc.

Proceeds—For investment.

(10/21-25)

Aug. 26, 1963 filed 167,000 common, of which 111,110 are
to be offered by company and 55,890 by certain stock¬
holders. Price—By amendment (max. $10). Business—
Operation of 71 Denny's restaurants located in the west¬

accident, life and hospital insurance. Pro¬
ceeds—For working capital. Office—3570 Lindell Blvd,
St.
Underwriter — Edward
D.
Jones
&
Co.,
Louis.
St. Louis.
'
'
*.
■
of

Denny's Restaurants, Inc.

Commercial and Financial Chronicle

10,

a.m.

1964

Edison
(Bids

Bonds

$60-$75,000,000

(Tuesday)

Co
10

New York

EST)

—

a.m.

EST)

$12,000,000

Bonds

Volume

198

Number 6308

Continued from page

The Commercial and Financial Chronicle

.•.

sition

and

development

real

sales

new

offices, advances to subsidiaries and
Office—5150 Wilshire Blvd., Los An¬
Offering—Indefinite.

working capital.
geles.

Underwriter—To be named.

Fedco

Corp.

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

—By;, amendment
manufacture of

(max.

$15).

Center, Miami, Fla.
Greater

Proceeds—For

du Pont Plaza

Underwriter—None.

Operation of meat packing plants. Proceeds—For/con-,
a new plant, equipment, debt repayment and
working capital. Address—Denison, Iowa. Underwriters
—New York Securities Co., New York and First Ne¬
braska Securities Corp., Lincoln, Neb.
struction of

Nebraska

Corp.
Feb. 20, 1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance, finance, etc. Proceeds—For gen¬
eral corporate purposes.

and ./ Building,

Business—Design

estate.

Office—811

general corporate purposes.
—For

Lincoln, Neb.

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

—Fund

Underwriter—None.

tools, dies, molds, beryllium castings and
plastic, metal and glass products for

investment.

// Gulf States Utilities Co/(10/21)
home use. Proceeds—For a recession offer to stockhold-,* Sept. 17, 1963 filed 100,000 preferred (par $100). Pro¬
ceeds—To repay short-term loans. Office—285
Liberty
ers and reduction of accounts payable.
Officje—3600 W. *
Ave., Beaumont, Tex.
Underwriters — (Competitive).
Pratt Ave., Chicago. Underwriter—None.
Probable

First American Israel Mutual Fund

Aug.

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
companies. Proceeds—For investment. Office—141 Milk
St., Boston.
Underwriter—Paine, Webber, Jackson &
Curtis, Boston* Note—This registration was withdrawn.
•

15,

Lehman

1962

First Railroad &

Banking Co. of Georgia (10/24)
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
Office—701 Broad St., Augusta, Ga.
Under¬
writer—Johnson, Lane, Space Corp., Augusta.
—

purposes.

•

Alai, Inc.
June 28, 1962 filed 300,000

Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutueJ
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern
Park, Fla. Underwriter—Consolidated Securities Corp..
Pompano Beach, Fla. Offering—Expected in mid-Nov.
common.

—

• Florida Power Corp.
Sept. 10, 1963 filed 457,265 common, being offered for
subscription by common stockholders on the basis of one

for

each

held

record

Oct.

10.

Rights
will expire Oct. 31, Price — $40. Business—Production,
distribution and sale of electricity in northern and cen¬
tral

Florida.

Proceeds—For

loan

repayment, and con¬
struction. Office—101 Fifth Street, South, St. Petersburg,
Fla. Underwriters—Kidder, Peabody & Co., Inc., and
Merrill Lynch, Pierce, Fenner & Smith Inc., New York.
Forst
March

(Alex)

23,

Business

1963

—

& Sons, Inc. (10/29)
filed 100,000 common.
Price

Wholesale

Stone

Israel

Webster/ Securities Corp.;

Corp. (jointly);
Glore, Forgan & Co.-W. C. Langley & Co. (jointly); Lee
Higginson Corp. Bids—Oct. 21 (12 noon EDST) at One

investment.

20, 1963 filed 360,763 common being offered for
subscription by stockholders on the basis of one new

Price—For

Company

share for about each 10 held of record
Sept. 25. Rights
will expire Oct. 24. Price—$19.50. Proceeds—For
expan¬
sion. Office—1130 Alakea

Israel

distribution

Heck's, Inc. (10/28-31)

—

$5.50.

and games.
Address — New

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

ing capital and debt repayment. Address—West Highway
50-Winter Garden, Fla. Underwriter—Prudential Invest¬
ment Corp., Miami.
'
,
'
u
•

General Artists

Corp.

(10/22)

Sept. 6, 1963 filed 150,000 common. Price — $7. Busi¬
ness
Company
acts
as
representative
of
actors,
performers, writers, directors and producers in all
areas
of
the
entertainment
industry. It also acts
as
sales representative for television programs and
—

program

series.

Proceeds

—

For

loan

repayment

and

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

(I.)

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

by stockholders

for each 100

common

the basis

shares held.,

of $700 face amount
Price—By amendment.

March 27, 1963 filed $1,250,000 of Ql/z% conv. subord. de¬
bentures due 1978, hud 75,000 common to be offered in>

liston
not

Beane, New York.

withdrawn

Note—This statement

"Isras"
June

also

Proceeds—For general corporate pur¬

Office—216 E. Monroe St., Springfield, 111. Under¬
writer—Horace Mann Investors Inc., (same address).
Household Finance Corp.
(10/22)

consumer

finance

business.

Proceeds—For

Insurance Securities Inc.

fund

and

owns

of California.

debt

Co.,

stock

Life

•

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. (4th
floor), New York.

Georgia
Oct.

Power

Co.

—Indefinitely postponed.

(11/7) V-

1963 filed 70,000 preferred

(no par). Proceeds—

For construction and loan repayment. Office—270 Peachtree St., Atlanta.

Underwriters—(Competitive). Probable

bidders:

design
a

First Boston Corp.; Lehman Brothers; Blyth &
Eastman Dillon, Union Securities & Co.-Equitable
Corp. (jointly); Morgan Stanley & Co. Bids—
Nov. 7(11 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., (4th
floor), New York.

annuities. Proceeds—For investment and

of operations.

Office—120 Delaware Ave.,
Underwriter—None.

Lakes

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¬
ers. Price—By amendment
(max. $10). Business—Manu¬
facture of custom-designed,
factory built homes. Pro¬
ceeds—For debt repayment and
working capital. Address
—Sheboygan Falls, Wis. Underwriter—The Milwaukee
/.Co., Milwaukee, Wis.
Industrial Park,

Feb.

25, 1963, filed 136,094
subscription by stockholders

Inc.
to

common
on

the

basis

offered

one

for

for each 4V2 shares held.

Price—$5.50.

Business—Acqui¬

—

expansion

Buffalo, N. Y.

Key Finance Corp.

• Intra State
Telephone Co. (11/1)
Sept. 5, 1963 filed 8,983 common to be offered for sub¬
scription by stockholders on the basis of two new shares

for each five held of record

Oct. 21. Rights will

July

asset

value

which

will

Inter-Continental

filed

1963

Fund, Inc.
3,000,000 capital shares. Price—Net

plus IVz%.
succeed

Business—A
business

new

mutual

Investors

fund

Group

Canadian Fund Ltd., and invest in securities throughout
the Free World.
Proceeds—For investment.
Address—
1000 Roanoke

Bldg., Minneapolis. Distributor—Investors
Diversified Services, Inc. (same address).
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
—A

real

struction

estate investment
and

investment.

trust.
,

Office

Ave., N. W., Washington, D. C.
•

Iowa Beef

Packers, Inc.

—

Proceeds

—3315

$10. Business
—

June

7, 1963 filed 80,000 common. Price—By amend¬
(max. $5). Business—Operation of a small loan
business, in Puerto Rico.,Proceeds—For loan repayment,
expansion and other corporate purposes. Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
& Co., New York. Offering—Imminent.
ment

expire

Nov. 16. Price—$100. Business—Company, 36.8% owned
by Illinois Bell Telephone, furnishes telephone service
in Illinois. Proceeds—For loan repayment, and other cor¬
porate purposes. Office—100 North Cherry St., Galesburg, 111. Underwriter—None. Note'—This statement has
become effective.
'
r.

Investors

Co.

1963

Sept.

share for each four held.
Price—By amendment (max.
$32). Business—Sale of various forms of life insurance
and

30,

Kentucky Fried Chicken, Inc.
27, 1963 filed 25,000 class A voting, and 25,000
class B non-voting common. Price—$10. Business—Com¬
pany franchises certain restaurants in the U. S. to pre¬
pare and sell Kentucky Fried Chicken. It also sells or
/
leases equipment used in preparation of this item. Pro¬
ceeds
For the selling stockholder, Harland Sanders,
Chairman. Address—Box 67, Shelbyville, Shelby County,
Ky. Underwriter—None.
/
/

Sept. 26, 1963 filed 125,900 capital shares to be offered
subscription by stockholders on the basis of one new

Greater Miami

Dallas.

for

Co.;

Securities

Great

Rd.,

("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.

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

Merrell

(11/4-8)

("Reg. A")

Jurgensen's

Sept.

Business—Development,

Inc.

/•

for

Office—2925

Juniper Spur Ranch,

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.

International Data Systems. Inc.

stockholder.

Ave., Palo Alto, Calif. Underwriter
Distributors, Inc. (same address).

Business—Construction

Proceeds —.For

manufacture of electronic devices. Proceeds—For

'
,

May 27, 1963

Insurance

.,-v

and

W.; N. Y. Underwriter—R. F. Dowd
York.
Offering—Indefinitely post¬

—Mutual Fund

California St.,

Price—At-the-market.

New

Office—467 Hamilton

New York.
•

Co., Inc.,

Fund, Inc.
v
April 10, 1963 filed 500,000 capital shares. Priori — Net
asset value plus 8^%. Business—A new mutual fund'
seeking capital appreciation. Proceeds—For investment.

selling stockholders.
San Francisco. Underwriters
—White, Weld & Co., Inc., and Kidder, Peabody & Co.*
Office—100

designing, the design of teaching machines
and the production of teaching programs.
Proceeds—
For expansion, new facilities and working capital. Office

(10/23)

the

all

Business

—Industrial

Janus

—

Co.

(11/7)

repayment.
St., Atlanta. Underwriters—(Com¬
petitive). Probable bidders: Equitable Securities Corp.Eastman Dillon, Union Securities & Co.
(jointly); Blyth
& Co.-Kidder, Peabody & Co.-Shields & Co.
(jointly);

Jaap Penraat Associates, Inc.
1962 filed 100,000 common. Price—$3.

poned.

Sept. 20, 1963 filed 400,000 common. Price—By amend¬
ment. Business
Company manages and distributes a
mutual

citrus

purposes.

Jan. 30,

repayment. Address—Prudential Plaza, Chicago. Under¬

•

Ave., New York.

Investment Co., Ltd.
filed 60,000 ordinary shares. Price—$55.
real estate
development company which

—315 Central Park

Oct. 4, 1963 filed
$100,000,000 of debentures due 1991.
Price—By amendment. Business—Company is engaged

the

owns

porate

1, 1963 filed 200,000 common, of which 80,000 are
and 120,000 by stockholders.,
Price—$12.50. Business—Writing of life, accident and

writers—Lee Higginson Corp., and White, Weld &
New York; William Blair & Co., Chicago.

Third

plantations. Proceeds—For general cor¬
Address—Tel-Aviv, Israel.
Under¬
writer—Rassco of Delaware Inc., New York.

previously reported, but will be

Horace Mann Life Insurance Co.

850

Israel-Raasco

28, 1963

Business—A

will

Feb.

health insurance.

—

Underwriter—None.

International Life Insurance Co. of Buffalo

Office—270 Peachtree

common. Price—$104.
ness—A closed-end investment company engaged

—For investment. Office

consisting of $50 of debentures and 3 shares; Price
Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
debt repayment,
construction, and other corporate pur¬
poses. O f f i c e—4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. Wil-

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

Co.

units

ment, and other corporate purposes. Office—112 Powers
Bldg., Rochester, N. Y. Underwriter—None.

Power

Corp.
Sept. 26, 1963 filed 100,000

—$68 per unit.

selling

Georgia

Investors

Busi¬
in in¬
vesting in private industries located in Israel. Proceeds

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

Oct. 4, 1963 filed $30,000,000 of first mortgage bonds due
1993. Proceeds—For construction, and loan

to prepare and market baby food in
abroad. Proceeds—For loan repayment, con¬

Israel

poses.

store. Proceeds—For expansion of the newspaper, work¬

plans

and

Hayward Ave., Baltimore. Underwriter—Inves-;
Planning Corp. of America, New York.
,
-

tors

Holiday Mobile Home Resorts, Inc.

Frazure, Hull, Inc.
Aug. 21, 1963 ("Reg. A") 133,333 common. Price—$2.25.
Business—Fruit growing, publishing of a farm news¬
paper, citrus fruit brokerage and operation of a retail

For

debentures, $100; for stock $10. Business—,

—4200

to be offered by company

—

Distributor
Distributors, Inc. (same address).

common. Price—$12.50. Busi¬
ness—A closed-end investment company which plans to
invest in Israeli firms. Proceeds—For investment. Office

New York. ;

selling stockholders.
Hyde Park Road, New Hyde Park, New York. Under¬
writer—Arnold, Wilkens & Co., New York.

Proceeds

Proceeds—For

St., New York.

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

12, 1963 refiled 180,000 class A common. Price—
Business—Operation of discount stores. Proceeds
—To provide fixtures and
inventory for a new store, and

$2.50.

amended.

toys

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

St., Honolulu. Underwriter—

St.

Israel Baby Food Co. Ltd.
Sept. 12, 1963 filed $190,000 of 8% subordinated deben-/
tures due 1975 and 14,000 8% preferred ordinary shares.

Telephone Co.

Aug.

for

Office—54 Wall

—Israel Fund

(47th floor), New York. Information Meetings—
Oct. 15 (11 a.m.
EDST) same address.

•

Under¬

Diversified

izing in Israeli and American securities.

Wall St.

None.

American

St., New York.
(same address).

Fund, Inc.
April 22, 1963 filed 550,000 common. Price—Net asset
value plus 8 ¥2%. Business—A new mutual fund special¬

Brothers-Equitable Securities

Hawaiian

Office—17 East 71st

writer—Israel Securities Corp.,

June

Florida Jai

new

bidders:

{•

Office—1107 Federal Securities

the distribution of

•

(1521)

For

con¬

Connecticut

Underwriter—None.

(10/23),

Sept. 27, 1963 filed $3,172,000 of 6% subordinated sink¬
ing fund debentures, series B due, 1978 (with warrants);
also 50,000 common to be offered
by stockholders. Price
—By amendment (max. $20 for common). Business—

Keystone International Fund, Inc.
Aug. 13, 1963 filed 200.000 common. Price — Net asset
value plus lxk%. Business—A new mutual fund which
will acquire assets of Keystone International Fund, Ltd.,
a Canadian corporation, and invest in securities through¬
out the Free World. Proceeds—For investment. Office—
;50

Congress St., Boston. Underwriter—Keystone Co. of
'

/.Boston.
•

Krasnow

June
ment

Industries,

Inc.

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

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

purposes.

Office—33-00

Northern

Blvd.,

Long'

City, N. Y. Underwriter—T. W. Lewis & Co., Inc.,

New York. Offering—Indefinite.
Life Insurance Co. of

Florida

(10/28-31)

16, 1963 filed 400,000 common. Price—By amend¬
ment (max. $6). Business — Writing of industrial life,,
accident and health insurance as well as ordinary life
Aug.

Continued

page

The Commercialr a»<L Financial Chronicle

34r (1523)

Continued

from page

Mohawk

Airlines,r Inc.

investment and eventual ex- V

Proceeds—For

Insurance.

debentures due Nov.

Lord Jim's

Morton

named

Inc.

1963 ("Reg. A") 100,000? common. Price — $1.;
r Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment
and working capital.
Office—
1601 Mandevilie Canyon Rd., Los Angeles.
Underwriter
—Keon &

Co., Los Angeles.

; r-

Lunar

Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and " production and working capital.
Office—
543 Madison Ave., New York.
Underwriter — Ingram,
Lambert-&
Stephen, Inc., 50 Broad St., New YOrk.

(same address)

14,

/ National

7/7?7,.;??7--7':-

Mahoning Corp.

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

•

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

equity

National Fence Manufacturing Co.,

Okliana

Co.,

•,

z,'"

7' 77;; 7''■■'■■■ 7. 7

will

Oct.

the purchase of stock in an

•

—

$1.

Busi¬

—

Underwriter—To

initely postponed.

$1.25.

class B common.

1,000,000

Price—

Proceeds—For

loan

repayment,

operating

derwriter—Lincoln

Medical
Oct.

Securities Corp.

•

(same address).

become

Industries Fund, Inc.
-

- end.
Proceeds — For investment in the
industry and capital growth situations.
Office
Lafayette St., Denver. Underwriter — Medical As- :

open

sociates, Inc. Denver.

Manufacture

medical

Price

—

$1.

Busi¬

electronic

asset value plus 5%.

Business—A

new

Price—Net

mutual fund to be

search Corp., (same address).
-

Middlesex Water Co.

ment

1963

certain

areas

New

Jersey-

held

Price

13.

of record

—

$12.

Oct.

Business

Sept,

—

Proceed^—For

ers

•

Busi¬

ness—Company plans

parks

develop

arid

residential and commercial

For

general

Atlanta.-

corporate

Underwriter—Overseas

Seville, Spain.

mobile homes,

real estate.

purposes.

Wor|d(FuiMl» Inc.

•

Proceeds—

Office—82 Baker
Investment

Underwriter

St.,

Service,

—

(same address).

...

Norrdon

July

29,

Corp. Ltd.
1963 filed 60,085

New World Distributing Co.
,

;

u
.

•

capital shares.

Price

—

Pacific Gas & Electric Co.

'Pacific Mines, Inc.
7
r;-'&^
July 24, 1963 filed 100,000 common. Price—$1.50.
7

value

Angeles.;

(jointly). Bids—Oct. 23 (10 a.m. CDST)
Fiedly, Austin, Burgess & Smith, 11 So. La
St., Chicago.

—

Mobile Nome Parks Development
Corp.
Jan. 28, 1963 filed 1,250,000 common. Price—$2.50.

Hutzler

(10/29)
4, 1963 filed $70,000,000 of first and 5 refunding
mortgage bonds due 1996. Proceeds—For loan repayment
and construction. Office—245 Market
St., San Francisco.
Underwriters
(Competitive). Probable bidders: Hal¬
sey, Stuart & Go. Inc.; Blyth & Co.; Fifst Boston Corp.
Bids—Oct. 29 (8:30 a.m. PST), at above address. ?

Co., New York.

Oct.

1963, filed 250,000 coriomon. Price—Net asset
plus 8%%. Business—new mutual fund. Pro77'? 77 ■'? ceeds—For investment. Office—4680 Wilshire Blvd., Los

& Co. (jointly); White, Weld & Co.; Mer¬
Lynch, Pierce, Fenner & Smith Inc.-Salomon Broth¬

Inc.
28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal.
Address—Creede, Colo. Underwriter—None.

(11/19)

21,

Proceeds—For loan

Outlet Mining Co.,

lr 1993;.Proceeds — For loan repayment and constructibri.. Office-^441 Stqart St., Boston. Underwriters—

New

(10 23) 77"7

$7,000,000

Feb.

Nov.

Feb.

1993.

Salle

dent and health insurance policies. Proceeds—For an
acquisition and working capital. Office — 1006 Grand
Ave., Kansas City, Mo. Underwriters-Sterling, Grace &

filed

at office of

repayment.

Power Co.

1963

O'Malley Securities Co. (same
•• 7.. ..,7
.■£■*.^.7,

Co.-Kalman
rill

Office—52 Main St.-. Woodbridge/ N. J. T (Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; Lehman Brothers-Equitable Securities Corp. (joint¬
Underwriter^—Kidder; Peabody & Cd:, Inc., New York.
ly); Kuhn, Loeb & Co.-Eastman Dillon; Union Securities Offering—Indefinite. 'V;'*-7'" C7',;77 - ' 'V'i'\>
& Co.-Salomon Brothers & ttutzler-Paribas Corp.
(joint- f
Midwest National Life Insurance Co. (10 28-31)
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-Kidder, ;
Sept. 17; 1963 - filed? 160,000 common. Price—BY amend- ;
Peabody &> Go.-White, Weld & Co, (jointly); First Bosment (max. $7). Business—Sale of life insurance. Pro- £
ton Corp. Bids^-Nov. 19 (12 noon EST), at above address.
ceeds—For working capital.;?. Address — Empire Bldg.,
Information Meeting—Nov.-14 (11 a.m. EST) at above
Springfield, Mo. Underwriter—Stifel, Nicolaus & Co.,
address.
^ /"
.;v?'./'-r" -V1
Inc., St. Louis; /
,'/? / .// ;
//..j
'-7?./7 77\;7;v,;
New England Power Co. (11/19)
r ;7'7:7.
Midwest Technical Development Corjp*
\
•<*
Oct. 7, 1963 filed 100,000 preferred (par $100). Proceeds 7
Feb. 26, 1962 filed 561,500 common to be offered for
—For loan repayment and construction. Office — 441 •«
subscription by stockholders on the basis of one share • Stuart
St;, Bostons Underwriters— (Competitive). Prob¬
for each two shares held.
Price—By amendment (max.
able bidders: First Boston Corp.; Dean Witter & Co..$7). Bus in e s s—A closed-end management investment
Smith, Barney & Co.- Wertheim & Co. (jointly); Equi¬
company. Proceeds-—For genera 1 corporate purposes. - table
Securities Corp. - Kidder, Peabody & Co. - Lee
Office—2615 First National Bank Bldg., Minneapolis.
HigginsOn Corp.-White, Weld & Co, (jointly); Lehman
Underwriter—None.
."
Brothers; Merrill Lynch, Pierce, Fenner &
Smith Inc.• Missouri National
Life Insurance,Co. (11/18^-22)
(jointly). Bids
; Eastman Dillon, Union Securities & Co.
—Nov. 19 (11 a.m. EST) at above address. Information
Sept. 27, 1963 filed 103,500 capital shares.
Price — By
amendment (max; $6); Business—Writing Of
Meeting—Nov. 14 (11 a.m. EST) at above address.
life; acci¬
debt

16,

and

of first mortgage bonds
repayment, and construc¬
tion. Office—215 South Cascade
St., Fergus Falls, Minn.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co. Inc.;
Glore, Forgan &
due

14.

$10,000,000 of first mortgage bonds due

;?;'^-^

common.

investment

..r.:,;-,.7.;

Otter Tail

Washington

Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, Of which 400,000 are
to be offered by the company and 75,000 by a stock¬
holder. Price—50 cents. Business—Exploration, development arid mining. Proceeds—General corporate purposes
Office-r-90 Industry-St., Toronto, Canada. Underwriter—
A. C. McPherson & Co., Toronto.
England Power Co.

estate

Phoenix. UnderwTiter—

Gas & Oil

Oct. 7, 1963 filed

real

address).

New

!!;/ V;
e—By amend¬

Business—Collecting and distributing V

(max. $36).

water

•

filed 35,000 common.

Co.

•

(10/25) 7'

Price—$10. Business
development company*;
Proceeds—For investment. Office—1802 N. Cehtrai Ave.,

Rights will expire?
Writing of fire, ma¬
rine, casualty and property insurance. Proceeds — For
general ,corporate purposes. Office—1511 K St., N. W.,.
Washington, D. C.
Underwriters—Ferris & Co.. Wash¬
ington, D. C., and McDonnell & Co., Inc., New York.

offered initially to members of the medical profession.
Proceeds—For i investment, s Office—714
Boston
Bldg., ;
Denver.
Underwriter—Centennial Management & Re¬

June 5.

rum

alcoholic

O'Malley Investing Corp;

—A

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

Meridian

Fund, Inc.
March 4, 1963 filed 500,000 capital shares.

Insurance

-7

other

beverages. Proceeds—For working
capital, loan repayment, sales promotion and aquipriierit....
Office—1035 N. W. 21st Terrace, Miarni. Underwriter—
Consolidated Securities Corp., Pompano Beach, Fla.
•

—For

—

Union

7.:

Price—By amendment (max. $4).

Aug. 9, 1963 filed 300,000

Producing Co. (11/4-8)
Sept. 7, 1962 filed 180,000 class A common. Price—$5.
Business—Production of natural gas and oil.
Proceeds

equipment.
Proceeds
For general corporate purposes.
Office—
Studio
City, Calif.
Underwriter, — Financial Equity
Corp., Los Angeles.
/
—

each

Natural

Medical Video Corp.
Nov. 13, 1961 filed 250,000 common.
ness

National

Nov.

medical
—677

■

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

23, 1961 filed, 25,000 common. Price—$10. Business
clpsed-end investment company which plans to

—A

and

28, 1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15.
Business—A mortgage
loan company. Proceeds — For general corporate purposes. Office — 113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
Note—This offering will be fnade only in the State of
Kansas.

and investment in other insurance concerns.
Address—714 Medical Arts Bldg., Oklahoma City.
Un¬

expenses,

Rum

filed

1963

Business—Company is engaged in the production of

National Mortgage Corp., Inc.
/

Florida

each three shares held.

Proceeds—For general corporate pur¬

Dec.

Business?—A holding company for three life insur¬
firms.

ance

•

Medic Corp.
Feb. 28, 1963, filed

concern;

Office—13 S. Broadway, Red Lodge, Mont.? Un¬
derwriter—Security Brokerage Co., Billings, Mont.
*
poses; 7

Offering—Indef-

named.

insurance

Old

July 29,

Marshall Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proeeeds-r-For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,

and

Co.
(10/28-31); - 7 7"7. >
338,755 common, and warrants to
purchase an additional 338,755 common, to be offered
for subscription by common stockholders in units Of. one
share and one warrant, on the basis of one unit for

77'?'' 7 7/7 7

11, 1962 filed 4,750,000 common. Price

existing insurance company.

acquisition of above stock, loan repay¬
working capital. Office—2201 Northwest 41st
St., Oklahoma City. Underwriter—Equity Underwriters,
Inc. (same address).
"/- "7??- " ■ v'-v-'"'. ;7\'v'-V':'- '
ment

with¬

Price—$35 per unit. Business—■

Proceeds—For

Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability.,
ness

Corp.

Company plans to engage in the life insurance business
through the formation of two subsidiaries,; Or through,

National Memorial Estates

None.

;

filed >100,000 common. Price—-By amend¬

and five common shares.

Inc.

Note—This registration

York.

New

drawn.

1963 filed

12,

ferred

Proceeds—For construction of a plant in • Ire¬
land, and working capital.
Office—4301 46th St.,
Bladensburg, Md. Underwriter—Netherlands Securities

capital

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

Sept.

products.

fields, and

Underwriter

withdrawn.

working

1962 filed 100,000 common. Price—$8.75. Busi¬
ness—Manufacture of
galvanized chain link fence,
welded concrete reinforcing fabric, gates and related

to firms in the atomic, space and
provide advisory and management
counseling services on a fee basis. Proceeds—For re¬
payment of loans, and general corporate purposes. Office
—130
Fulton
Federal
Bldg., Atlanta.
Underwriter—
nish

missile

White-Henry-Stuart Bldg., Seattle, Wash.
—Henry D. Tallmadge Co., Seattle.
7

and the

Nov. 29,

Management Irivestmentx Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬

activity measurement; production of radioactive isotopes
furnishing of consulting arid radiation measure¬
ment services.
Proceeds—For equipment, debt repay¬
ment, expansion and working capital. ; Address-^P. O.
Box 10901, Pittsburgh. Underwriter—Johnston; Lemon &
Co., Washington, D. C. Note—This registration will be

Ill Broadway,

in early 1964.

Equipment & Plastics Corp.

and

■

—

March 29, 1962

capital/ Address—Portage,. Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
Note—
This registration will be withdrawn.'
pansion

Ira Haupt & Co.,

ment, (max. $15 >. Business—Research arid development
on
contracts using radioactive tracers; precision radio¬

Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and afnliated stores.
Proceeds—For debt repayment, store ex¬

—

Inc.

Nuclear Science & Engineering Corp.A

April 28y 1963 filed $10,000,000 (10,000 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of states, counties
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor

Hydrofoil,

Sept. 3, 1963 ("Reg. A") 60,000 common! Price — $5.
Business
Design, construction, sale and operation! of
hydrofoil vessels. Proceeds—For working capital,; office
expansion and? other corporate purposes/ Office — 428

Municipal Investment Trust Fund, Series B

New York. Offering—Expected

Offering—Indefinite.

•

Sept. 30 1963 (4<Reg. A") 100,000 capital shares. Price—
$2.50. Business—A broker-dealer. Proceeds—^For work¬
ing capital and expansion. Off ice—680 Wv Peachtree St,,
N. W., Atlanta. Underwriter—The company. v? 7 ? 7
Northwest

(10/28-31)

Realty Trust

(B. C.)

21, 1963 filed 1,000,000 shares of beneficial inter¬
est. Price—$10. Business—A real estate investment trust...
Proceeds—For investment. Office—141 Milk St., Boston.
Underwriter—B. C. Morton Funds Underwriters Co.,

Inc.

Service Systems,

repayment and

June

Y. Underwriter—Filor, Bullard &

: Jan.

North American Investors,
,

Oneida County Airport, Utica,

1962 filed 250,000 capital shares. Price — By
amendment (max. $10;. Business—A diversified closedend investment company. Proceeds—For investment. Of¬

Smyth, N. Y. Note—This company formerly was
Bogus Financial. Ltd. Offering—Indefinite.

1978. Price—At par. Business—

equipment. Address—
N. Y. Underwriter—Smith,
Barney & Co., Inc., New York.
,
loan

ceeds—For

Logos Options, Ltd.
April 11,

fice—26 Broadway, N.

Company provides short-haul air transportation service
in 50 cities in the eastern half of the United States. Pro¬

pansion. Office—2960 Coral Way, Miami. UnderwriterPierce, Wulburn, Murphey, Inc., Jacksonville.

1963

Thursday; October IT;

—5455 Wilshire Blvd., Los Angeles. Underwriter^Gregory-ivlassari, inc., Los Angeies. Offering—indefinite. 7

(10/28-31)

$6^000,000 of convertible subordinated

Sept. 24; 1963 filed

...

merit and operating; expenses.
Office-^1218 N; Central:
Ave.,. Phoenix. Underwriter—None;
; ''.% y.

Pacific Power &

Light Co.

Sept. 27, 1963 filed 717,408
subscription by stockholders

(11/13)

;

to be Offered for
on the. basis of.'one, share
for each 20 shares held, of record Oct. 30, 1063V7Rights
will, expire Dec. 5, 3963. Proeeed;»---Fpr debt repdymeht.
common

Office—^920

S. W. Sixth' Ave,,; Portl^d^ v C3^e^x>Uj^ierbiddersj Kidder; Pea¬
body & Co.; Blyth & Co.; Ladenburg, Tftalmann & Co.; 3
Lehman Brothers-Eastman Dillon, Union Seciirities' &
Co.-Bear, Stearns & Co.-Dean Witter & Co. (jointly).
writers—-• (Competitive). Probable

Bids for

Compensation—Nov. 13 (11 a.m. EST) at Ebasco
Services, Inc., 2 Rector St., New York. Infoimiatioh Meet¬
ing—Nov. 7 (3:30 p.m. EST) same.address?:';;:• .v,u;^

• Pacific Southwest Airlines
(10/22)
" 7:'7>:
Sept. 13, 1963,filed 79,477 common. Price—By amend¬
ment (max. $40). Business—Company provides daily air
passenger service between the Los Angeles/ Sari Fran^

cisco and

San

Diego metropolitan

Proceeds—For
selling stockholders. Address—3100 Goddard Way, San
Diego. Underwriter—E; F. Hutton & Co., Los Angeles.
areas.

People's Insurance Co.
.7 7-7;-"7.
1963 filed 100,000 common. Price—$10. Business
—Company plans to engage in the writing of; general
liability insurance, including automobile, property* dam- J,
age and personal injiiry; Proceeds—To increase capital
and surplus. Office—307 Lenox Ave, New York.'-Under¬
Oct. 3,

writer—-None.

amendment

(max. $3.25). Business—Acquisition of oil
and gas properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. .Office,

Busi¬

ness—Company plans to explore iron deposits:rin its
property:? Proceedsr-^For rriining? operatidhs, defbt; fepay- -

• Pocono
Downs, Inc. (10/28-31-) •• 7-7
Sept. 10, 1968 filed $2,50$,000 of 6 (^ subordinated, sink¬
ing fund debentures duq 1978, 375,000 common and 250,-

Volume

000

warrants

198

Number 6308

The

Commercial and Financial Chronicle

purchase additional common, to be of¬
one $100 debenture, 15 shares

fered in units

to purchase an additional

Security Title & Guaranty Co. 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

consisting of

and

warrants

construction, and

loan

10 shares. Price

Address

repayment.

First National Bank

Bldg., Wilkes-Barre, Pa. Underwriter—Suplee, Yeatman, Mosley Co., Inc., Philadelphia. /
Princeton

Research

Lands,

March 28, 1963 filed 40,000
ness—Purchase and sale of

improved land.
quisition

Provident

Price—$25. Busi¬
property,';chiefly uo-

real

Inc.

B and C stock of Selective Life Insurance

Priced-Net

common.

872%. Business—A

fund; Pro¬
ceeds—For investment. Office—316 North Fifth
St., Bis¬
marck, N. D. Underwriter — Provident Management Co

(same address)..

7nance

Public

Hutzler

&
22

Ultronic Systems Corp.

general fiProceeds—For general

businesses.

Cleveland.

Co.,

O f f

e r

securities
—For

Price

—

subsidiary life in¬

surance company.

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

poses.

due

Un¬

Unified

Mutual Shares, Inc.
1963 filed 750,000 capital shares. Price r— Net
value plus 872%. Business—A new mutual fund.

Aug. 22,
asset

1969.

Price

Indianapolis. Distributor
(same address).

—

($100),

par

—

Unified

Underwriters,

Inc.,

Business—Company

recently formed and
Fund, Ltd., a Canadian
investors a means of in-

United Investors Corp. (Minn.)---i.V
7'
July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered for subscription by stockholders

was

will succeed to New York Capital

common.

N. J.

Unimed, Inc.
7
Business —
pieces. Proceeds— > Sept. 3, 1963 filed $300,000 of 572% convertible subordi¬
For new products and working capital. Office—-328 S
nated notes 4uel9737^ice-~Atp'ar. Business—Develop¬
ment and manufacture of ethical drugs and pharmaceu¬
Beverly Dr., Beverly Hills, Calif. Underwriter—Samuel
B. Franklin & Co., Los Angeles.
ticals. Proceeds—For marketing of existing products, and
research and development on new preparations. Address
■Stein Roe & Farnham Foreign Fund, Inc.
—Route 202, Morristown, N. J. Underwriter—None.
July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value.

der writer—N one.

Racon Inc. 7
Oct. 3, 1963 filed. 1,250,000

quotation systems. Proceeds
other corporate purposes.

and

Proceeds—For investment. Address—207 Guaranty Bldg:,

bentures

common.

commodities

repayment,

Manufacture and sale of custom hair

(28th floor), New York.-

Quality National Corp.
Sept. 16, 1963 filed 200,000 class A
Business—Company .plans to form

and

loan

Office—7300 N. Crescent Blvd., Pennsauken,
derwriter—Bache & Co., New York.

Co.; Goldman, Sachs & Co.-Harriman Ripley
/>
Squire For Men, Inc.
Co. (jointly); First Boston
Corp. Bids—Expected Oct.
July 9, 1963 ("Reg. A") $135,000 of 8% convertible de¬
(11 a.m.

Plaza

Sept. 25, 1963 filed 150,000 common. Price—By amend¬
(max. $12). Business—Manufacture of electronic

definite.

EDST) at above address. Information Meet¬
ing—Oct. 17 (2:30 p.m. EDST) at One Chase Manhattan

( 11/4-8).

ment

g—In¬

finance, ;mortgage,

Business—A real estate investment trust 7
Proceeds—For investment and working capital.
Office
—1956 Union Commerce Bldg.,
Cleveland, Ohio. Under¬
writer—McDonald

July 31, 1963 filed 465,000 common. Price—By amend¬
$5). Business—Company plans to sell general
life and disability insurance policies. Proceeds—To in¬
crease
capital and surplus. Office—609 Sutter St., Saa

ment (max.

Francisco. Underwriter—Alex. Brown & Sons, Baltimore*

Price—$15.

(jointly);

Blyth &

and

consumer

Offering—Indefinite..

Properties
.71/
19, 1962 filed 215,000 shares of beneficial interest

Oct.

tion.

Brothers

Shaker

Office—80 Park Place,
Newark, N. J. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.-Leh-

Brothers-Salomon

the

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

ment

Trans World Life Insurance Co.

-affili- '7

corporate purposes. Office—830 N. Central Ave., Phoe¬
nix.
Underwriter—None.

Service Electric & Gas Co.
(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¬

man

gage

Cq,,

scribed shares will be offered publicly. Price—To
public
$6: to stockholders, $5. Business—Company plans to en¬

asset

mutual

new

are

;ate, on the basis of 4 company shares for each class A oi
B share and two-thirds share for each class C share ol
Selective Life held. Remaining 94,822 and any unsub¬

Underwriter—None.

Fund,

Financial. Corp.
j
777* ./•'• 7.;'1
1962 filed 500,000 common, of .which .405,000.
to be offered for subscription by holders of the A. V

Feb.. 28,

Proceeds—For debt repayment, and ac¬
properties.
Office—195 Nassat

Stock

York...V-'7''■ 7;'7',7i777'7:7;777;777:7';

Selective

common.;

April 11,/1963 'filed f ,000,000
plus

Grande, Ariz.

writer—None. 7

Corp.,

—

New

additional

St., Princeton, N. J.

value

Inc.

Lake, Shore copper deposit near Casa

Proceeds—For equipment, exploration and working cap¬
ital.
Office—201 E. 4th St., Casa Grande, Ariz. Under¬

examines and insures titles to real
property. Proceeds—
For general corporate
purposes. Office—17 E. 45th St.,
-New York. Underwriter
New York Hanseatic

504

—

the

Oct.

$175 per unit.
Business—Company plans to operate a
harness racing track in Luzerne
County, Pa. Proceeds—
For

(1523)

Price—$ 1. Business

corporation. It will provide
vesting in Canada, Western Europe and

other

foreign

unlimited

basis.

Price

—

par.

Business—

Proceeds—For investment. Office—135 S. LaSalle
A holding company for United Investors Fund Corp. (a
—Company plans to manufacture fluorocarbons for sale
to refrigerant
Wholesalers, the aerosol industry and other 7 St., Chicago. Underwriter—None. / 77/'Z7 777/?:7 7' * '• ' broker-dealer which sells mutual funds) and United
users, proceeds W For construction
• Subscription Television, Inc.
of a new plant, and
Capital Life Insurance Co. of Minnesota. Proceeds—To
(10/21-25)
working capital. Office—11 North Jackson St., Houston;
increase- capital and, surplus of United
Aug. 22, 1963 filed 1,900,000 common. Price-r-$12. Busi¬
Capital Life
areas.

Underwriter—None.
•

Ramo Inc.

Sept.

1.963

filed

$2,000,000

outlets. Proceeds—For

construction

metropolitan areas. Proceeds—To complete
developmental work, and establish the initial system

plant, and working capital. Address—84th
St., and West
Dodge Rd., Omaha, Nebt\ Underwriter—First Nebraska
Securities Corp.,

Lincoln, Nebr.

-"'ivv• v77-

Rassco Plantations Ltd.

Aug.

27„ 1963 filed 400,000 ordinary shares.

amendment

vates,

(max. $3,166).

Business

Price—By

Company culti¬

—

processes and markets citrus fruits in Israel.

Pro¬

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

Staats

Co., Los Angeles.

Proceeds—For investment.

Office—4900

7 Los Angeles. Underwriter—None.

Industries, Inc.

1963

filed

7777:77'%^-4'

(10/22)

$1,200,000

;r:

convertible

general. corporate purposes.

Office

—

7808

Inc., Dallas.

er,

Blvd.

Urethane of

corporate

Albuquerque.

purposes.

Office—221

Underwriter—S.

San

Fuller

Pedro
&

—2300

;

Offering—Expected in March, 1964.

Tecumseh

Investment

Co.,

Offering—Indefinitely postponed. 7
Vallov

Inc.

company.

and

new

subsidiary.

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

ment, and advances to

Resort Corp. of Missouri
Nov.

27,

warrants

1962 filed 125,000 class A

common

and

National

three-

Read &

purchase 1,250 class A shares to be
offered in units consisting of four shares and one war¬
rant.
Price—$32 per unit.

Business—Company,

erect
and

and

operate

sell 80

luxury hotel and

resort

nite.

—

of land for home sites. Proceeds—For
Office—3615 Olive St., St. Louis. Under¬
R. L. Warren Co., St. Louis.
Offering—Indefi¬

;1 ■./,/

7;;-/7'

1 >7-'777 .,7--

•

are

Office—235

ice

Proceeds

—

For construction.

Shelby St., Santa Fe. N. M. Underwriters

Office
—

—

;

common,

which

Business—Operation of

Products, Inc.

(10/23)

Steel, Inc.
17, 1963 ("Reg. A") 245,000 common. P r i c e—$1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
—For
poses.

Wyo.

Transarizona

plant construction and general corporate pur¬
Address—Suite 412-413 Hynds Bldg., Cheyenne,
Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
SEC has issued an order temporarily sus¬

Note—The

pending this issue.

Price—$1.50./

and

Wen

Sept. 13, 1963 filed 200,000 common. Price—By amend¬
ment (max. $Jb0). Business—Manufacture of electrically
powered hand tools, including electri'c saws, soldering

Western

selling clothing, housewares, etc. Pro¬
expansion, equipment and working capital.

development

•

Joseph St., Mobile, Ala.
Under¬
Co., Inc., N. Y. Note—This registra¬

be withdrawn.

Jan.

Florida Ave., Jasper, Ala.
UnderwritersAlstyne, Noel & Co., New York, f Offering—Tem¬
porarily postponed.
\
/
7

May 28,

tion will

Saint
&

sanders, planers and drills. Proceeds—For selling
stockholder, Nickolas T. Anton, President. Address—
5810 Northwest Highway, Chicago.. Underwriter—Hayden-, Stone & Co., Inc., New York.

stores

Business—Exploration,

expected to be withdrawn.

guns,

chain of self-serv¬

Resources, Inc.
1962 filed 500,000 capital shares.

Office—71

writer—Shields

129,5007

Van

219

exchange for certain acceptable
the basis of one unit for each $100 of de¬

Waterman

ital.

(10/21-25)

Dollar

retail

o£ participation in the

Steamship Corp.
v 777 77777''
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.
Proceeds—For the purchase of vessels, and working cap¬

Proceeds—For working capital.
Underwriter—To be named. Of-;

179,500

offered

This statement is
/■'

Office—2220

Milburn,

Cochran & Co.. Inc., Wichita.
Kan., and Midland Securi¬
ties Co., Inc., Kansas City, Mo. %
•

filed

—

offered

ceeds—For

transmission

pipeline for the
cities of Las Vegas, Wagon
Mount, Springer, and Max¬

well. N. M.

Price—$6.

offered in units of $500 face amount of
debentures and
75 shares. Price — $500.
Business—Construction of
gas

1963

Afl-

be named.'

come. Office
3001 Philadelphia Pike, Claymont, DeL
Distributor—Wellington Co., Inc., Philadelphia. Note—•

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

•

natural

(to

Top

inch

Dillon,

Address—Mound, Mich. Underwriters—-Bache &
Co.,"New York and J. M. Dain & Co;, Inc., Minneapolis.

Underwriter—John D. Ferguson, Oover,
Offering—Indefinite.
7
'

San Morcol Pipeline, Inc.
(11/18-22)
Sept. 27, 1963 ("Reg. A") $300,000 of 6V2% subordinated
debentures due Nov, 1, 1983, and
45,000 common to be

eight

23,

Underwriter—To

Business

investment.

securities. Business — A new exchange type
mutual fund which plans to continue indefinitely to
exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and in¬

poses.

Lockermar

St., Dover, Del.
Del.

Toys, Inc.

Price—$1.

Proceeds—For

posited

subsidiary. Address—Southern
—

securities

by company and 50,000 by certain
Price—By amendment (max. $28). Business
—Company manufactures various types of toy trucks and;/
other related plastic toys and accessories. Proceeds—For
acquisition, working capital and other corporate pur¬

Proceeds—For working capital, construction
purposes.

Fund

Underwriter

fund.

June 17, 1963 filed 300,000 units

stockholders.

operate retirement centers for the use of rent-free
private homes and apartments t>y members upon their
corporate

Underwriter—

Plastics, Inc.

Tonka

Sept.

will

other

Ind.
.

Houston.

Co., Inc., New York.

packaging products.

Foundation, Inc.
.7/77'
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Pcice—$10 per. membership. Business—Company

and

Bldg.,

Address—Elsa, Texas.
fering—Indefinite.

Retirement

retirement.

Lafayette,

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

i 11

facilities

acres

..7/v>

Bank

Texas

construction.
writer

Bldg.,

(same address).

mutual

Warwick Fund

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¬

Inc.

new

dress—Sidney, Mont.

Office—801

ness—A small business

Life

Amosand

investment company. Proceeds—
investment.. Office—2909
Bay-to-Bay, Tampa, Un¬

Inr*

328,858"common.

Jan. 23, 1963, filed

Price—$100. Business
which plans to organize a life in¬
Proceeds—For investment in. U. S

company

Lafayette

year

Ini/Actnrc

—A

holding

Government Bonds

Vvv/;r;-77';77,'17; 7/

Republic National Bank Bldg.; Dallas. Under¬
Nebraska Securities Corp., Lincoln, Neb.

—A

surance

Turn¬

■

writer—First

Co.

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

For

Texas, Ino.

Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.
Price—

Jan. 21, 1963 filed 48,50Q common.

Carpenter

Freeway, Dallas, Underwriter—Eppler, Guerin

other

New York.

Price—By amendment (max. $175.25 per unit) Business
—Manufacture and sale of mobile homes. Proceeds—For

investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddeli & Reed, Inc., Kansas City; Mo. 7

Teaching Machines, Inc.
'
April 1, 1963 filed 150,000 common. Price—$5 Business— 7 $5.05 per unit.
Business—Manufacture of urethane
foams.
Proceeds—For equpiment,
Company develops and sells teaching machines ex¬
working capital,
leasehold expenses and other corporate purposes. Office
clusively for Grolier Inc. Proceeds—For loan repayment
and

sub¬

ordinated debentures due 1975 and 204,000 common
to be
offered in units of one $100 debenture
and 17 shares

Wilshire

in November.

Fund, Inc.

7 !
77
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund.; Proceeds—For

Mortgage Investment Trust «
Feb. 1, 1963 filed 30,000 shares of beneficial interest
Price—$100. Business — A real estate investment trust

For

16,

United Variable Annuities

Sutro

—

Redman

—
For debt repayment,
and-Working capital. Office—3501 S. Parkway, Chicago.
7 Underwriter—None.
J

Nov.

Sept.

•

for
systems. Proceeds—For inventory, sales promotion, note
subscription by stockholders on the basis of one share
7 for each three shares held.
prepayment and working capital. Office — 410 Fourth
Price—$30, Business—Sale of
life, health and accident insurance in 12 states and the / Ave., Brooklyn, N. Y. Underwriter—M. H. Meyerson &

selling stockholder. Address—Tel-Aviv. Is¬
rael;* Underwriter—Rassco of
Delaware, Inc., New York
Recreation Industries, Inc.
^

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

Minneapolis. Underwriter—None.

U. S. Controls,

Supreme Life Insurance Co. of America
Sept. 30, 1963 filed 42,089 common to be offered

2600, One Wall St., New York. Under¬

writer—William

ceeds—For

23, 1962 ("Reg. A") 75,000 common. Price
$2
Business—Sale of travel and entertainment. Proceeds—

Bank Bldg.,
71

Inc.
*
Aug. 8, 1963 filed $210,000 of 634% 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
manufacture of heating equipment and automatic control

Address—Room

new

Francisco

67i% subord; sinking
fund debens. Due Oct. 1, 1975. Price—At
par. BusinessCompany processes domestic and imported nutmeats for
sale to food distributors, supermarket chains and
other
wholesale

Insurance Co. of Minnesota. Address—1300 First National

ness—Company plans to establish and operate a sub¬
scription television system in the Los Angeles and San

(10/28-31)

production

-•

/
.

7
Continued on page 36

The Commercial and Financial Chronicle

(1524)

Continued from

Business—Manufacture

Transmission Corp.

Western

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

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

$1* Business—Companyplans to operate a natural gas
gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs. Proceeds
—For construction, working capital, and other corporate
purposes. Office — 1907 Chamber of Commerce Bldg.,
Underwriter—None.

Houston.

Association

William Penn Racing

Mirch 8, 1963 filed $1,000,000 of 6Vz%
bentures due 1978 and 100,000 class A

mdn shares to be offered in units of
and 10 shares.

sinking fund de¬
non-voting com$100 debenture

metal

forms

the

for

'—None.

auto¬

Feb.

derwriter—None.*

★ Life Affiliates Corp.

1963 ("Reg. A") 55,000 class A

common.

Price—

Business—Company is an operating, holding and man¬
agement company specializing in the life insurance in¬
dustry. Proceeds—For working capital. Office-^-40 Ex¬
change Place, N. Y* Underwriter — First Philadelphia
Corp.; New York.

$5.

16, 1963 filed 350,000 common. Price—By amend¬
ment. Business—Manufacture of safes; bank vault equip¬
ment, arid mechanical and electronic security products.
Proceeds—For selling stockholders. Office — 320 Park
Ave., New York. Underwriter—Blyth & Co., Inc., N. Y.

Dec. 28, 1961 filed

125,000 common. Price—$4. Business

and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
poses.
Office-^-1005 First
Underwriter—To be named.

Ave.,

Park,

Asbury

Proceeds—For debt repayment,

construction and work¬

Address—P. O. Box 670, Thermopolis, Wyo.

ing capital.

Underwriter—Northwest Investors Service, Inc., Billings,
Mont.

t e—The SEC has issued an order temporar¬

ily suspending this letter.

Industries, Inc.

Young
Sept. 30,
rants

1963 filed 100,000 class A common and war¬
purchase an additional 50,000 class A shares,

de¬

& Hutzler;

details, where available, will be carried in the

& Co.
•

Speed Packaging & Development Corp.

Columbia

will

Rights

14.

Columbia Gas System, Inc.

shares of guarantee stock offered at $14 per
share by White, Weld & Co., Inc., New York. (Issue was
exempted from SEC registration.)
125,000

Dorchester Gas

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

Aug.

Producing Co.

chase 25 shares. Price—$501.25 per unit. Business—Com¬

—(Competitive). Probable bidders: Morgan Stanley &
Co.-First Boston Corp. (jointly); Merrill Lynch, Pierce,
Fenner & Smith Inc.-White, Weld & Cc. (jointly); Hal¬

by Francis I. duPont & Co., Chicago.

development of real estate, primarily

shopping

centers, in Kentucky, Indiana, Ohio and Tennessee. Pro¬
ceeds—For

debt

Office—508

West Jefferson

writer—None,

and

repayment

property

acquisitions.

St.,, Louisville, Ky. Under-

General

Issues Filed With SEC

sey, Stuart & Co.
Salomon Brothers

;~✓
457,265 common being offered to stockholders at $40
per share, on the basis of one new share for each 20 held
of record Oct. 10. Rights will expire Oct. 31. Kidder,
Peabody & Co., Inc., and Merrill Lynch, Pierce, Fenner
& Smith Inc., New York, are the principal underwriters.
Power Corp.

Florida

and

99.40%

of 4%% debentures due
accrued interest to yield

offered

1983,
4.92%

This Week

General

Materials

★ Bank Leumi le-lsrael B. M.
Oct. 16, 1963 filed 1,793,750 ordinary shares and 5,147,500

"A"

ordinary shares to be offered for subscription
by stockholders on the basis of one new share for each
two like shares held. Price—By amendment. Business—
A general commercial bank. Proceeds—To increase cap¬
ital funds.

Address

Tel-Aviv, Israel.

—

Underwriter—

Corp.

Kuhn, Loeb & Co., Inc., New York.

scription by Stockholders on the basis of five new shares
Price—By amendment (max. $3.50).
Business —'Manufacture of extruded plastic pipe, and
molded and fabricated plastic pipe fittings. Proceeds—

for each three held.

For debt

repayment, working capital, and other

rate

purposes. Address—P.
U nderwriter—N one.

Box

corpo¬

133, Aurora,

Ohio.

★ Central Mutual Telephone Co., Inc.
1963 filed 38,564 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each three held. Price—$23.50. Business—Company
furnishes telephone service in Prince William, Stafford

Rights will expire Nov. 13. Ferris &

Washington, D. C., and McDonnell
York, are the principal underwriters.

Co.,

bidding. Business—Company was 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¬
ton. Underwriters—To be named.

New

Co.

Power

41/2% first mortgage bonds due Oct. 1,
1993, offered at 99.186% to yield 4.55% by White, Weld
& Co., Inc., New York.
of

Life

Tennessee

Consolidated

500,000 capital shares offered at $17.50 per share by First
Southwest Co., Dallas.

Do you

D. C.

to know about it

similar

you'll

Would

1963 ("Reg. A")

16,750 common. Price — $17.50.
special purpose safety equip¬
ment and electric utility, general industrial and scientific
Business—Manufacture

products.

Proceeds

write

For

offer

issue you're planning to register?
News Department would
like

those

you

that

telephone

can

find
us

prepare

15, 1963. Business—-Consolidated is engaged in the
manufacture of a wide line of food products and the

Jan.

item

hereunder.
REctor

at 25 Park Place, New York

2-9570

operation of three retail food chains and one retail drug
store.
Proceeds — For acquisition of Booth Fisheries.
Office
135 So. LaSalle St., Chicago. Underwriters—

7, N. Y.

—

new

Oct.

Motors Acceptance

16,, 1963 filed

Price—By
company

Corp. (10/31)
$150,000,000 of debentures due 1985.

amendment.

Business—A

specializing in financing

consumer

new

products

finance
manu¬

factured by General Motors Corp. Proceeds—For
general
corporate purposes. Office- 1775 Broadway, New York

Underwriter—Morgan Stanley & Co., New York.
16,600 units, each consisting of
five shares and a warrant to
purchase one additional
share. Price
-$15 per unit. Business—Manufacture, de¬
velopment and sale of an installation tool, a
repeater
balling gun, and microprojector motivation kits.
Pro¬
ceeds—For debt repayment,

inventories, advertising, and
working capital. Office—5532; Harlan Arvada, Colo. Un¬
derwriter—-Nemrava & Co., Denver

•f>

•

Associated Truck

Co., Inc.,

and Lehman Brothers, N.

stated that it had postponed
to raise additional capital.
Earlier, the company said that it planned to sell $20,000,000 of debentures. No decision has been reached on
the type or amount of securities to be sold in 1964.
7, 1963 the company
until'Mid-1964 its plans

Lines, Inc.

reported that 110.000 common shares
of Associated will be sold publicly, of which 40,000 will
be sold for the company and 70,000 for certain stock¬
holders.
Business
Company is a short haul motor
common
carrier operating in Michigan, Ohio, Indiana
and Illinois. Proceeds—To retire outstanding 6% cumu¬

Sept. 18, 1963 it

was

Office

Grand

par

shares to stockholders

for

each

.•

—

Jackson, Mich.

Un¬

(Competitive). Probable bidders: Halsey,

held-of

record

1964. Price—$45.

thelDasis of

Oct.

15.

one

/expire
increase/capital

7*"

fe.

Co.

Inc.;

White,

Weld & Co.-Shields

Control

Data

Corp.

16, 1963 it was reported that the company plans
sale of $25,000,000 or more of securities sometime

Sept.
the
in

new/share

Rights will

Proceeds—To

(jointly); Harriman Ripley & Co.

★ Bank of the Southwest N. A. (Houston)
Oct. 16, 1963 it was reported that stockholders had ap¬
proved a 2-for-l split and the offering of 100,000 $10

212 West Michigan Ave,,

& Co.
Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &
preferred stock. Office — 15 Andre St., S. E.,
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
Rapids, Mich. Underwriter — Hornblower &v Pierce, Fenner & Smith Inc. (jointly).
Stuart

Weeks, New York. Offering—Indefinitely postponed.

Jan.

—

derwriters

—

Oct.

Prospective Offerings

lative

★ Grand Corp.
Oct. 7, 1963 ("Reg. A")

Loeb

//Consumers Power Co.

Industrial

—

★ General

102,000 to 350,000 common shares,
Booth Fisheries Corp., on

publicly from

following the acquisition of

Kuhn,

plant and equipment.
Park, Charleston, S. C. Un¬
derwriter
Johnson, Coleman, Manning & Smith, Inc.,
Charleston, S. C.
Address—Stark

—

have

Corporation

Our

★ Charleston Rubber Co.
Oct. 3,

★ Consolidated Foods Corp.
Oct. 10, 1963 it was reported that the company plans to

ATTENTION UNDERWRITERS!

Counties, Virginia. Proceeds—For construc¬

tion and loan repayment. Address--Manassas, Va. Under¬
writer— Folger, Nolan, Fleming & Co., Inc., Washington,

(12/11)

writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Morgan Stanley & Co.; First Boston Corp.
Bids—Expected Dec. 11 (11 a.m. EST), at above address.

Oct. 11,

and Fairfax

Edison Co. of New York

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¬

Co.

Insurance

utilities which

jointly own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Actto 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

of Washington

Co.

Insurance

Co.,

$11,000,000

equipment and other non-communi¬
II will be issued to FCC-ap¬

/ Series

April 23, 1963 it was reported that the 12

64,000 common being offered to stockholders at $12 per
share, on the basis of 1.78 new shares for each share held

Nevada

concerns.

Connecticut Yankee Atomic Power Co.

debentures series due Oct. 1, 1988,
yield,4.54%
by First Boston Cprp., New York.

14.

December

telegraph, television and other communications. OfficeKlingle Rd., N. W., Washington, D. C. Under¬
writers—To be named. Offering—Expected in early 1964.

of 4%%

of record Oct.

^ Carlon Products Corp.
Oct. 9, 1963 filed 304,293 common to be offered for sub¬

Satellite Corp.

—3029

offered at 101.262% and accrued interest to

Union

Brothers-

Indefinitely

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,

Jersey Central Power & Light Co.

National

—

was

exploration

cations

Co., Richmond, Va.

$9,000,000

filed

space

130,000 common offered at $7 per share by J. C. W^heat
&

Offering

reported that a registration statement'
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

Curtis, and Eastman Dillon, Union
Co., New York.

Stone

Hutzler.

Oct. 7, 1963
will

Webber, Jackson &
Securities

Communications

Paine,

Inc.; Blyth & Co.-Lehman

postponed.

Acceptance Corp.

$20,000,000

Probable bidders: Salomon Brothers &
Inc. Bids—Nov. 12 (12

Hutzler; Halsey, Stuart & Co.,
noon
CS'T) at above address.

& Loan Association

Savings

(Competitive).

expire Nov. 13.
Burnham & Co., New York, is the principal underwriter.
Oct.

record

(11/12)

the company announced plans to sell
1-15 year equipment trust certificates.
Office—547 W. Jackson Blvd., Chicago.
Underwriters—

1963
$5,100,000 of

699,380 common being offered to stockholders of Atlas
General Industries, Inc., parent, at $11.05 per share, On
the basis of one Bradford share for each two Atlas shares
held

Chicago Burlington & Quincy RR

Oct.

to be offered in units of 50 shares and warrants to pur¬

(Competitive). Probable bidders: Salomon Brothers
Blyth & Co.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co.
Equitable
Securities
Corp.
(jointly);
Lehman
Brothers-Bear, Stearns & Co; (jointly); White, Weld,
ers—

Offering

$3,500,000 of 5V2%;subordinated convertible debentures,
due Aug. 1, 1975, offered at par plus accrued'interest

mercial

plans

$20,000,000 of bonds in the third quarter of 1964.
Office—607 East Adams St., Springfield, 111. Underwrite

Monday issue of the "Chronicle."

Bradford

May 10, 1963 ("Reg. A") 120,000 common. . Price—$2.50.
Business—Production and sale of petroleum products.

;;;

Public Service Co.

to sell

Wyomont Petroleum Co.

;

1963, it was reported that the company

On Oct. 2,

Effective Registrations

other corporate pur¬

debt repayment and

ceeds—For

Proceeds—For expansion. Address—Tokyo,
Underwriter—Yamaichi Securities Co. of

Central Illinois

The following registration statements were

equipment.
Japan.

clared effective this week by the SEC.

—Design

Co.

26,

New York, Inc.

Price—$220 per unit^Business—Company

Winslow Electronics/ Inc.

1963 it was reported that the company plans
to sell $5,000,000 of convertible bonds in the U. S.\Busi¬
ness—Manufacture of cameras and other photographic
June

lia$ been licensed to conduct harness racing

Offering—Indefinite.

Underwriter
'/'v\

1963, Arthur B. Homer,

26,

Canon Camera

Oct.

one

with parimutuel betting.
Proceeds—For debt repayment and
working capital. Office-r-3 Penn Center Plaza,^ Philadel¬
phia^ Underwriter-—Stroud & Co., Inc., Philadelphia.

■

York.

(11/7)

★ Mosler Safe Co.

St., Houston, Tex.

;;'■

Chairman, announced
that the company will embark on a $750,000,000 capital
improvement program to be completed by 1965.
He
said that approximately two-thirds of the financing for
the program will be generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
would not be required until at least 1964. O f f i c 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

industry.

Oct. 14,

v: '

Bethlehem Steel Co.

Proceeds—For a selling.'stockholder.
Office—1159 S. Pennsylvania Ave., Lansing, Mich/ Un¬

motive

Thursday, October 17, 1963

funds. Office—900 Travis

★ Lansing Stamping Co.
' /
Oct. 3, 1963 ("Reg. A") 6,229 common. Price—About $8.

page

1964.

company

spokesman stated that the

Underwriter—To be named.

The last sale of debentures

1;.,'

timing

^nd type oL.issuq, will depend on market conditions at
/the time. Office — 8100 34th Ave., South, Minneapolis.

vjl.

Volume

198

1962

Aug. 28,
Chicago.
on

Power

Duke

Number 6308

The Commercial and Financial Chronicle

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

handled by Dean Witter & Co.,

was

Co.

Sept. 17, 1963 it 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

Plaza,

New York.

bidders:

able

Underwriters—(Competitive). Prob¬
Stuart

Halsey,

Co. Inc.;

First

(jointly).

Boston

Corp.

April 3, 1963 Attorney General Robert F. Kennedy
Justice

the

that

nounced

out-of-court

Department

had

agreement with Interhandel,

reached

an¬
an

Swiss hold¬

ing company,-designed to settle the 20-year old dispute
control of the 540,894 class A and 2,050,000 class B ~
shares of General Aniline seized by the U. S. Govern¬

over

ment

98%

1942

German

asset.

The

stock

Mexico

New

NeW

Jan.

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.
Irving Air Chute Co., Inc.
Sept. 11, 1963 it was reported that the company plans
to file a registration statement shortly covering $1,810,convertible debentures due 1975 to be offered

for

subscription by stockholders. Office—1315 Versailles
Rd., Lexington, Ky. Underwriter—S. D. Fuller Co., New

Japan (Government of)
May 1, 1963 it was reported that the Government plans
to sell an additional $35,000,000 of external loan bonds
in the U. S. during the fiscal year ending March
31, 1964.
It is expected that the majority would be sold by Dec.
31, 1963. Underwriter—First Boston Corp., New York.

sell

$18-$20,000,000 of first mortgage bonds in January
1330 Baltimore Ave., Kansas City, Mo.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Lehman Brothers-Bear, Stearns & Co. (joint¬
ly); Equitable Securities Corp. - Eastman Dillon, Union
Securities & Co. (jointly); White, Weld & Co.-Shields
& Co. (jointly).'
—

2, 1963, it

—To

posed

merger

•

reported that following the pro¬
Lanvin-Parfums and Charles of the

Aug.
mon

Oct.

Light Co.

it was reported that this subsidiary of
Utilities, Inc., plans to issue $25,000,000 of
bonds in second quarter of 1964. Proceeds—For construc¬
tion. Office—142 Delaroncje St., New Orleans. Under¬
16,

1963

Middle South

Co.-Harriman

Potomac

Electric Power Co.

gram and

part

expects to do permanent financing in the early
the year. However, it has not determined the

amount
E

or
type of security to be offered. Office—929
St., N. W., Washington, D. C. Underwriters—To be

named.
of

bonds

Feb.

19, 1963 the company sold $50,000,000
Dillon, Read & Co., Inc.; Lehman Bros., '

Eastman Dillon, Union Securities &
Co., Stone & Web¬
ster Securities Corp., and
Johnston, Lemon & Co. Other
bidders on the issue were Kidder,
Peabody & Co.—Mer¬
rill

Lynch, Pierce, Fenner & Smith, Inc.—White, Weld
Hutzler (jointly); First Boston

& Co.—Salomon Bros. &

Corp.; Halsey, Stuart & Co.

;

Public

Service Co. of Colorado

June 4, 1963 it was reported that the
company
sell $35,000,000 of 30-year first

plans to
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.-Merrill Lynch, Pierce, Fenner & Smith Inc.-Dean
Witter &
Co.
(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld' & Co. (jointly);
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).

Rayette, Inc.
7, 1963 it was reported that this firm plans to sell
about $10,000,000 of securities in
January. The type or
terms of the offering have not yet been decided.
Busir
ness—Manufacture of cosmetics, supplies and equipment
Oct.

for beauty salons. Office — 261
Minn. Underwriter—Allen &

East Fifth St., St.
Paul,
Co., New York.

Rochester Telephone Co.
May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first quarter of 1964, but
may

earlier if market

Proceeds

—

For

construction.

conditions
Office

favorable.

are

Franklin

St.,
Rochester, N. Y. Underwriters—(Competitive). Probable
bidders:

—

First Boston

Corp.; Eastman Dillon, Union Se¬
Co.-Kidder, Peabody & Co. (jointly); Kuhn,
Halsey, Stuart & Co. Inc.
'

curities &

Ryder System, Inc.
Sept. 10, 1963 it was reported that the company plans to
offer its stockholders later this
year, the right to sub¬
scribe for

about

debentures

firms

due

the

$5,400,000 of convertible subordinated
holding company for

1983. Business—A

trucking,

the company announced plans to offer
right to subscribe for additional com¬
in mid-November. The number of shares,
price^ and
1963

the

manufacturing and

equipment
Bayshore Bldg., Miami, Fla.
Underwriter—Blyth & Co., Inc., New York.

leasing fields. Office

Power Co.

16, 1963 it was reported that the company plans1
30,000 shares of $100 par preferred stock in the

27,

So.

San Diego Gas & Electric Co.
Sept. 10, 1963 it was reported that the company is con¬
sidering the sale of about $20,000,000 of debt securities

mid-1964.

Office—861

Sixth

Ave., San Diego, Calif.

Underwriters—(Competitive). Probable
Stuart

bidders: Halsey,

Co.

Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill
Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler
Seaboard

Air

Line

RR.

(jointly).;

•

(11/13)

—Furnishing of telephone service in Washington, Ore¬
Sept. 24, 1963 the company announced that it plans to
gon and Idaho. Proceeds—To reimburse the^ company's
sell $22,000,000 of first
mortgage bonds due 1988 at comtreasury for construction expenditures.
Office — 1200
f; petitive bidding in November. Proceeds—For loan re¬
Third Ave., Seattle. Underwriter—None.
payment and working capital. Office—3600 W. Broad St.,
Pacific Northwest Bell Telephone Co.
(12/3)
Richmond, Va. Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-White, Weld & Co.
Aug. 27, 1963 the company announced plans to sell $50,(jointly);
First Boston Corp.; Eastman Dillon, Union Securities &
000,000 of debentures due Dec. 1, 2000. Proceeds—To re¬
Co.-Merrill Lynch, Pierce, Fenner & Smith Inc.
pay $48,700,000 debt due Pacific Telephone & Telegraph
(joint¬
Co., former parent.
Office — 1200 Third Ave., Seattle.
ly); Halsey, Stuart & Co. Inc. Bids—Expected Nov. 13
(12 noon EST) One Chase Manhattan Plaza, (54th floor),
Underwriters—(Competitive) Probable bidders: Morgan
New York.
Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—Dec. 3
;v
'
(11 a.m. EST) at 195 Broadway, New York. Information
Sears, Roebuck & Co.
Meeting—Nov. 26 (2:30 p.m.),
address.
•

Co.y Inc.-First Boston Corp. (jointly); W. C. Langley
Power &

Un¬
,

the ratio to shares held will be announced later. Business

Long Island Lighting Co.
Aug. 29, 1963 the company announced plans to issue
$25-to-$30,000,000 of first mortgage bonds in each of the
years 1964 to 1968 inclusive, to help finance its $285,000,000 5-year construction program. Office — 250 Old
Country Rd., Mingola, N. Y. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Blyth

Louisiana

pre¬

sell

stockholders

ers—Goldman, Sachs & Co., and White, Weld & Co., Inc.,

•

Pacific Northwest Bell Telephone Co*

New York. Offering—Expected in late December.

Vv ^/

announced tentative plans

of preferred in early 1964. Proceeds

quarter of 1964. Office—215 So. Cascade St., Fergus
Falls, Minn. Underwriter—To be named. The last sale of
preferred on March 8, 1950 was handled by Glore, For¬
gan & Co., New York and Kalman & Co., Inc., St. Paul.

was

;-v

50,000

Loeb & Co.;

first

and other fragrances, as well as cosmetic and toiletry
products. Office—767 Fifth Ave.,'New York. Underwrit¬

refund

Otter Tail

Oct.

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

& Co.

company

of outstanding 5.75%
Portland,/Ore.
derwriter—Lehman Brothers, New York. .

Lanvin-Charles of the Ritz, Inc.

ferred. Office—735 S. W. Morrison,

was

—

1963

1963 the

to sell 50,000 shares

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,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co., Inc. (jointly); Eastman Dillon, Union Securities
Corp.-Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly). /
'
'
Sept. 30,

Lynch, Pierce, Fenner & Smith

Northwest Natural Gas Co.

Sept. 25,

Kentucky Utilities Co.
On Oct.

1964.

(Minn.)

•

Halsey,

July 30, 1963 the company stated that it will need $50,000,000 of new money in 1964 for its construction pro¬

—

Inc., New York.

bidders:

(jointly);

curities

Oct. 1, 1963 it was reported that this road plans to sell
approximately $7,000,000 of 4-15 year equipment trust
certificates in November. Office
8 N. Jefferson St.,
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.

underwritten by Merrill

(3/10/64)

reported that this

was

Ripley & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly). Bids—March
10,
1964 (10 a.m.
EST) at 320 Park Ave., New York. '

—

May 14, 1963 it was reported that the company plans to
offer about 771,110 additional shares to stockholders on
a l-for-20 basis in 1964, to raise an estimated $25,000,000:
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last rights offering in July 1959 was

-^'Kansas City Power & Light Co.
Oct. 16, 1963 it was reported that the company plans to

con¬

bonds

Langley & Co.-First Boston
Stuart & Co. Inc.; Equitable
Corp.; White, Weld & Co.-Shields & Co.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬

(11/13)

Northern States Power Co.

16, 1963 it

Corp.

(12/4)

Northern Pacific Ry.
(12/10)
July 2, 1963 it was reported that this road plans to sell
about $4,800,000 of equipment trust certificates in De¬
cember.
Office—120 Broadway, New York.
Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co., Inc.; Salomon Bros. & Hutzler.
Bids—Expected
Dec. 10 (12 noon EST).

York.

1965. Address

Norfolk & Western Ry.

Kidder,

Halsey, Stuart &
(jointly).

'Securities

(Competitive)
Probable bidders: Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore.
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harrimar
Ripley & Co.; Blyth & Co.
;
;;

and

coin*

Office

Potomac Edison Co.

Probable

ac¬

$20,000,000 of debt securities to finance its construc¬
tion program for 1964 and >1965. Office—108 East Greer

Light Co.

were

The

subsidiary of Allegheny Power System, Inc., plans to sell
$12-$15.000,000 of first
mortgage bonds due 1994. Office—200 East;
Patrick St., Frederick, Md.
Underwriters—(Competitive)

sell

16, 1963 it was reported that the company plans
$10,000,000 of bonds in the last half of 1964.
Of¬

000 of 6%

•

Oct.

Underwriters—Kuhn,

St., Ithaca, New York. Underwriters

bidders

named.
won

.^9®® Chestnut St., Philadelphia.
Underwriters—(Competitive). Probable bidders: Morgan

reported that the company plans tc

was

White,

Other

1961 was
Weld &fCo.,

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

York State Electric & Gas Corp.

April 3, 1963 it

Nov, 29,

mortgage

roid-1964.

7, 1963 the company announced plans to offer
$3,600,000 of 1-15 year equipment trust certificates.
Office—466 Lexington Ave., New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co., Inc. Bids—Dec. 4 (12
noon EST), at above address.

Co., Inc., New York, v

to sel

Underwriters—To

Philadelphia Electric Co.

Pet.

Milling Co.

Power &

Central

bonds

Sept. 18, 1963 it was reported that the
company is
sidering the sale of $50,000,000 of first

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

bidding
PtHbody & Co.

(Government of)

of bonds in the U. S. and abroad.
Loeb &

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—For expansion, re¬
search and debt repayment. Address —1200
Investors
Bldg., Minneapolis. Underwriter — Kidder, Peabody &
Iowa

over 2,300
St., New York.

sale

Co. Inc.; First Boston
Corp.-Drexel & Co.

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

Light Co.

April 30, 1963 the company announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Boston
Corp., New York;. Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven.
International

last

positive

ity of "going public." He added that, "when the time is
appropriate," Merrill Lynch will request the governors
to recommend that member firms approve the required
changes in the Exchange's constitution to permit this.

count executives. Office—70 Pine

For construction and the
retirement of $8,bonds.
Office—9th and Hamilton

maturing
3L>., Allentown, Pa.

Bids—Expected Dec. 4.

in the U. S. with 139 domestic offices and

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

—

000,000

Industry sources believe that the move is several years
away. Business—Company is the largest brokerage house

Boston Corp.

Electric

Proceeds

(12/4)

Aug. 27, 1963 it was reported that this company plans to
sell $10,000,000 of bonds in the fourth quarter. Office—
441 Stuart St., Boston. Underwriters — (Competitive)
Probable bidders: 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).

staff of the New York Stock Exchange as to the feasibil¬

lion, the Government would receive about $140 million
and Interhandel about $60 million. The settlement terms,
recently approved by Interhandel stockholders, also
must be approved by the U. S. District Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
—(Competitive). Probable bidders: Blyth & Co.-First

was

tendered by Morgan
Stanley & Co.
1
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.

Pierce, Fenner & Smith Inc.
Aug. 19, 1963, Michael W. McCarthy, Chairman, stated
that the company has held informal discussions with the

of the voting control of the company. Mr. Kennedy

16, 1960 was under¬
by Halsey, Stuart & Co. Inc. One other bid1 on

written

the issue

Electric Co.

gomery St., San Francisco. Underwriters—To be named.
The last issue of debentures on
Feb.

Merrill Lynch,

represents

said that if General Aniline should be sold for $200 mil¬

Hartford

;

Massachusetts

Corp.; Morgan Stanley & Co.; Stone & Webster Secu¬
rities Corp.
;
General Aniline & Film

(1525)

same

'•

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
means

Feb.

19,

nounced

mutual

1963, Allstate Enterprises, Inc., subsidiary, an¬
that it had delayed its plans to form a .new

fund

until

received

clarification

SEC

ruling which "has been construed by some to mean that
registered investment companies could not purchase

that the company must sell about $217 million of

securities

year,

was

stated. Office—140 New Mont¬

Continued

page

The Commercial and Financial Chronicle

(1526)

Thursday. October 17, 1963

Continued from

Tokyo

page

\be required to divest themselves
owfhed a mutual fund." Earlier, All¬
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.
Sears' stock or would

of it

said

the furid

that

Soutnern California

sell

Oct.

Edison Co.

1964. 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.rSaloinon
Brothers & Hutzler (jointly).
of

Southern Co.

//;/r//•/'■'

■
_

'"V/:.

1964

Office—1330 West Peachtree St., N. W., Atlanta,
Ga. Underwriters—To be named. The last sale of com¬
gram.

Feb.

mon

1961

15,

made, to

was

headed by

group

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

registration

Utah

Office

Power

July 2, 1963 it
about

one

share for

new

600

—

South

•-

•'/"

Light Co.

reported that this utility plans to sell

was

$20,000,000 of bonds

stock" in

Spring St., Los Angeles.

the second

and

$10,000,000 of preferred

quarter of 1964.

Office—1407

West

North Temple

St., Salt Lake City. Underwriters—(Com¬
petitive). Probable bidders (bonds)/ Salomon Bros. &
Hutzler; Halsey, Stuart & Co., Inc.- Kidder, Peabody &

Co-/ Merrill

Brothers.

man

*}'

it was reported that this subsidiary of Paci¬
fic Lighting Corp., plans to sell $27,000,000 of first mort¬
gage bonds in the fourth quarter. Address—P. O. Boi
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers— (Competitive) Probable bidders: White/Weld
& Co.; .Blyth & Co. Inc.; Merrill Lynch, Pierce, Fennel
& Smith Inc.; Halsey, Stuart & Co. Inc.; First BostoD

Jan. 2, 1963

1963 the

company

'v' v-

;

•

/;//: •%-■;'///'

Valley Gas & Electric Co., would sell its entire 400,000
Valley Gas to stockholders of Black-

shares holdings of

stone and Eastern Utilities

Associates, the latter' parent.

Price—At book value ($11.15 per share
Business

Company

Apr. 30,1963).

formed by Blackstone to take
its gas properties. Proceeds—To the
selling stock¬

over

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).

(11/6)
Oct. 15, 1963 it was reported that this company plans
to sell $8,970,000 of 1-15 year equipment trust certifi¬
cates. Office—165 Broadway, New York. Underwriters—
(Competitive). Porbable bidders: Salomon^Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Nov. 6 (12 noon
EST), at above address.
/

Aug. 28, 1963 it was reported that the SEC had scheduled
a hearing for Oct: 10 on a
plan under which Blackstone

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.-

Corp.

Valley Gas Co.

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¬
itive bidding, as in the past. Office—315 N. 12th Blvd.,
St. Louis. Underwriters—The last issue of preferred in
17,

(11/20)

Union Electric Co.

Sept.

Gas Co. of Calif.

Southern Counties

funds.

Underwriter—None.

1963 it was reported that

thfe basis of

of record

construction pro¬

its $570,000,000

finance

help

held

Lynch, Pierce, /Fenner & Smith Inc.
(jointly); White, Weld & Co.-Stone & Webster Securi¬
ties Corp.
(jointly); First Boston Corp.-Blyth & Co.
Transcontinental Gas Pipe Line Corp.
..."
(jointly); Eastman Dillon, Union Securities & Co.Sept. 25, 1963 the company announced that it plans to
Smith, Barney & Co. (jointly); Lehman Brothers-Bear,
sell $50-$55,000,000 of first mortgage bonds and
possibly^ Stearns & Co.
(jointly). (Preferred Stock) White, Weld
some
preferred in the first half of 1964.
-Business—
& Co.-Stone & Webster Securities
Corp. (jointly); First
Transmission of natural gas. Proceeds—FOr loan repay- <•
Boston Corp.-Blyth & Co.
(jointly); Kidder, Peabody &
ment. Office—3100 Travis St., Houston, Texas. Under¬
writers—White. Weld & Co., and Stone & Webster Se- - Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
ney & Co.-Salomon Brothers & Hutzler
curities Corp., New York.
(jointly); Leh¬

;•

;

tal

Inc.

Lynch, Pierce, Fenner & Smith Inc., New York. Offering
—Expected in late November.
•v

sale of $35

the

Airlines,

Sept. 13. Rights will ex¬
pire Oct. 22. Price—$62.50. Proceeds—To increase capi¬

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

Aug. 12,

World

the right

tional cohimon shares

each

(Los Angeles)

reported that the bank is offering
to subscribe for 431,014 addi¬

was

its stockholders

state¬
ment will be filed later this month covering a proposed
secondary offering by Hughes Tool Co., of approximate¬
ly $80,000,000 of this firm's 6l/z% subordinated income
debentures due June 1, 1978. Business—Company provides world-wide air-transportation services
Office—
380 Madison Ave., New York; Underwriter — Merrill

1963 it was reported that the company plans
$50,000,000 of first mortgage bonds in the first

quarter

Sept. 17, 1963 it

Trans

21,

Aug.

United California Bank

during the fiscal, year ending March 31, 1964.
Under¬
writer—To be ndmed. The last issue of Tokyo bonds ir.
March, 1927, was handled by Kuhn, Loeb & Co. Offer¬
ing—Indefinite.-

if Sears' itself

state

(City of)

May 1, 1963 it was reported that the Diet had authorizeo
the sale of $20,000,000 City of Tokyo bonds in the U. S

—

was

holder, Blackstone Valley Gas. Address—Pawtucket, R. I.
Underwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.; Stone & Webster Securities Corp.

it Southern Pacific Co.

•

(10/29)

Co.

Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in October. This
is the second instalment of a proposed $12,840,000 offer¬
ing. Office — 70 Pine St., New York. Underwriters—

Oct.

1963

reported that

was

plans to

Underwriter—Dillon,

Dallas, Tex.
Co., Inc., New York. I

and

Normal Growth

(4)

substantial

In respect to tourism,

Seen for Hawaii

forecasts

levels
Bank

forecast
sible

annual /economic

Hawaii's

total

1963

400,000

and

tourist

trade

sees

two

1962

over

12%—indicating

10/to

pos-

Hawaii

growth

tourist arrivals

spots more than offset by

for

soft

the report

totaling

165

but

estimated this year in ex¬

are

cess

East)

100,000.

developing

totaled

This

and

relations

Pacific

only

than 11,000 in 1955,
other

throughout

the

cosmopolitan /community—

based

170

Far
more

excess

dollar-volume

Pacific

slightly

will

make

Hawaii

technically

ad¬

Hawaii;
Federal

normal

strength

fiscal year 1963-64.

envisions

portance
■

with

tries.

the

growth

economic

island

state

Pacific

Report

matic

Long range view

strategic

relations

assure

business

year

also

im¬
in

Ocean

its

coun-

documents

dra¬

changes in the Island's economy
in

the

Bank

As-

vanced,

over-all

result

Hawaii's

estimates

the^
to

research

.'a

five

Six

nual

Economic

1963

(just

Report

leased) forecasts

An¬
re¬

normal year of

percent

Hawaii

omy are noted:
in

pineapple

(1) A leveling off

output

due

largely

the

(1) The broad¬
economy

diversification

manufacturing,
service

agriculture,

enterprises;
unification

(2)

The

and
con¬

the supply of

and

hotel

1963-64 because

housing, office
has

rooms

space,

caught

organization; (3) The in¬

tegration

Hawaii

with

the

economy

progres¬

Hawaii; and (6)

offset

by factors

cluding (1)
high this
ume

are

growing

pop¬

year

the

in¬

other

relations

ing
a

(2)

the

long

range

expansion
with

countries

Pacific

basic

developing

has

and

con¬

tinuing growth in manufacturing;
further expansion in public
and

view, the

point

Hawaii's
border¬

now

become

dollar-vol-

sugar;

»<3)

utilities

with
increasing incomes
rising living standards.

From

than

strength,

that

services;

comprise

the

economy

(extending from population, labor
force,

income

and

various fields of

ices,

trade,

estate

and

climate

through

production,

and

finance

taxation);

(2)

real
more

(4)

statement

The
cov¬

ering "Hawaii's account with the
mainland

and

returns

investors

dent

growth

ample,
New

factor.

eastbound

clearly
As

visitors

evi¬

ex¬

(from

Zealand, Australia, and the

The

"The

(

with

reveals

areas

changes in the
1962.

overseas

dramatic

some

between

economy

On the credit side

(1) A pronounced rise in de¬

fense and other
tures

advance

Federal

(2)

Hawaii;
in

penditures;
increase in

and

(3)

the

marked

expendi¬

tourist and

351.4%

crew

ex¬

168.1%

payments made to Ha¬

waiian investors in
On

Changes

debit

overseas areas.

side

increase

are

(1);».A

imports

into

Hawaiian

paid

also

with

covers

of Hawaii's

particular
basic

four

and

services

will

"Export"
thus

continue

has

outstanding element of growth in
Hawaii's postwar economy.

Named Branch

em¬

periods

Manager

three

presents

The increase in the

Hawaiian

been

over¬

The first

Corp.; Halsey, Stuart

in¬

Growth Pattern

freight

185.7%

report

phasis

10.

EST) at One Chase

a.m.

MAPLE WOOD,

has

been

manager

the

local

Halle

Stieglitz,

field

Jay

—

Tabatcjhnick

appointed
office

1808

Spring¬

Ave.

postwar development.
The second is

cent

its

changes

outlook

each island

for

fiscal

the

"Invisible
counts

the

title

port—"Services
Island
that

into
lion

while

1952

tive

indicates

imports

trade

basis

$748
sist

that

commodities
thus

have

such

nega¬

magnitude

Exports"

sold

within

dollars

lines;.,,

this,

firm

name

Entman

Crosse

Co.,

Inc., 37 Wall St., New York City,
has

been

Entman

changed

Frederick

Inc.

Now

Milbrook Sees.

BALTIMORE,

services

Md.

name

of Barrette &

West

21st

St.,

has

—

The' firm

Co., Inc., 114
been

changed

Securities Co., Inc.

however,
These
Hawaii
the

for

armed

Ball, Burge

CLEVELAND, Ohio—Richard L.
Johnson

staff

has

Ball

large

been

the

west

Stock

added

Burge

Union Commerce
bers

•.'■'•/
play

With

con¬

largely of goods and services

air

Now Frederick
The

million in 1952 to

forces, to tourists, and to shipping
and

management of Charles

Dunn.

to Milbrook

million in 1962.
are

alone,

from $356

mainland

Whitman

opened

$294

quickly would become in¬

"Invisible

under the
M.

over¬

supportable.

rose

—

rose

would

balance

that it

the

mil¬

exports

million

$239

Miss.
'has

Co.

re¬

million

$548

commodity

from

Hawaii

Export for

commodity

CITY,

Securities

ac¬

Hawaii grew from $338

—

rise

(which

This

YAZOO

branch office at 315 East Madison

given the
an

Growth").

million.
seas

and

year

postwar

Exports"

for

re¬

1963-64,

special feature this

section

Whitman Branch

analysis of the

by islands, indicating

economy

only

account

163%

role.
of

in Hawaii.

Economy,"

1962

areas."

other

Decade's Dramatic
This

(4)

and

the

(3)

the

serv¬

Hawaii;" and

traditional annual

are

prospective all-time

of Hawaiian

tors

Long Range Expansion

Strength

These, however,

known,

indicating the 1950 to 1962

1952 and

'•

table

other basic services; (5)
rising volume of investment in

ulation

become

ities and
A

and

Factors

has

including (1) A detailed statistical

(3) An appraisal of the "business

ual

ings.

the

analytic sections

business

with

demand—resulting in a grad¬
increase in competitive offer¬

which

for

contains

report

velopments in each of these fields;

pective ' moderation
tion during fiscal

1963

accompanied by improvements in

sively higher levels; (4) Continu¬
ing improvements in public util¬

construc¬

The

usual factual and

'•*'

^payments

special sections.

detailed review of the 1962-63 de¬

the

mainland

fied, economy.

Inc.

travel

overseas

crease

diversi¬

Islands,

the competition of low-wage
foreign producers; and (2) a pros¬

far

growth of each of the many fac¬

through

tinued

Two soft spots in Hawaii's econ¬

four

during the fiscal

ening of the base of the

fiscal

1963-64.

for

underlying trends continue

business growth in the islands for
/

advance

general

economy

department

1963-64.

past decade.
Hawaii's

these

varying rates of expansion, Bank

to support growth:

The

and

Co.

government;

residents;
seas

Expected Dec.

—

der, Peabody & Co.; First Boston

rise in payments fqr ocean
and

Bids

Union Securities & Co.; Equitable Securities
Corp.; Kid¬

other

factors

Securities Corp.

(2) A 106.6% increase in

and

million dollars.

Webster

tax

Sts., Rich¬

Probable bidders:

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,

advances

tourism.... V

Franklin

Cp.; Stone

Information Meeting—Dec. 5 (11
Manhattan Paza, New York.

Ave., Memphis. Underwriter—To be named.

and

Securities & Co.—Merrill Lynch, Pierce, Fenner & Smith
Inc.—Lehman Bros, (jointly); White, Weld &

share for each 7V3 held of record

one new

Address—Seventh

Underwriters—(Competitive).

Halsey, Stuart & Co., Inc.; Salomon Bros. & Hutzler—
Goldman, Sachs & Co. (jointly); Eastman Dillon, Union

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

Read

the basis of

Nov.

approximately $15,000,000 of first mortgage bonds
in the first quarter of 1964. Office—720 Mercantile Dal¬

Bldg.',

mond.

Planters National Bank (Memphis)
20, 1963 it was reported that the Bank plans to *
150,000 additional common shares to stockholders

offer

issue

las

December.

Union

Co.
company

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

EST) at Bankers Trust Co., 16 Wall St., New York.
Information Meeting—Nov. 18 (11 a.m. EST), same ad¬
dress.
..- v:
./
"

Sept.
the

--V-

(11/20)

a.m.

EDST) at 70 Pine St., New York.
Public Service

Co.

17, 1963 the company stated that it plans to sell
$30,000,000 of first mortgage bonds due 1993. Office—315
N. 12th Blvd., St/Louis. Underwriters—(Competitive).
Probable bidders: 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.
(jointly); First Boston Corp. Bids—Expected Nov. 20 (11

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 29 (12 noon
Southwestern

Electric

Sept.

Southern Railway

Union

New

Building,
York

Exchanges.

the

Kraus,
mem¬

and
,

Mid¬

^Number 6308 V-

-Volume "198

■;"The Commercial and Financial Chronicle

(1327) : 30

TAX-EXEMPT BOND MARKET
Continued from

If*

School District

cate

Trust

ine

York
i
K

for

coupon

3;10%

made

was

Boston

Corp. account.

Other

major

the

3.20%

Wood

Co.,

Dominick

Struthers
Dominick,

and

Island,

1.90%

yield from

3.25%

the present balance

count

totals

$1,903,000.

Friday and

Monday

ac¬

1.95%
000

ing

dull

issues

importance
for

was

financing

new

and

of the

other,

bravely

After

ings,

all
an¬

important loans.

underwrite

Bank,
.

The

Philadelphia

and

Bank and

National
Illinois

Continental

Co.

Trust.

for i $35,000,000

bidder
wealth

the high

was

Common¬

Pennsylvania

State

Highway
<

and

Revenue

Bridge

(1964-1983)

bonds

bid,

runnerup

est

cost,

net inter¬

made by the Drexel

was

& Co. account.

bid,

3.041%

made

was

by the Halsey Stuart & Co. syndi¬
cate.
"••••

major

members

Dallas,

Memphis,

burg,; Thalmann

Co.,

Republic

of Dallas.

National

Bank,

Bank

Na¬

LadenSeattle-

Mercantile

Dallas,

Banco

Credito, Clark Dodge & Co., First

The-

National

Bank

Rhode

bonds

2.90s

and

the

Seattle,
Bank

The

National

Shawmut

Boston,, National

State

Bank, Newark, New Jersey, Spen¬
Trask

cer

Co.,

The

National

ported

involves

of Louisiana

by the

sale

Bank

City

sas

Bank

and

The

and

the

from

various

First

reoffered

1.95%

the

3.20%

Stuart

the

all

Meadowbrook

taken.
National

bidding alone,
bidder

for

the

was

$7,325,000

successful

Hempstead,

New York various purpose

(1964-

1977) bonds at 100.132 for

2.90%

The

coupon.

for

second

3% coupon,

was

bid,

made by the

First National City Bank

sociates.

The

bonds

offered.

100.25

and
not

were

as¬
re-

•

Green

Bay,

Wisconsin awarded

$3,100,000 corporate purpose 19641983)

bonds

the

account

Other

3.074%

bid

cost,
Co.

bid,

Co.,

This

Blunt Ellis &

success¬

Harriman

Braun,

Bosworth

Ripley
&

Co.,

Simmons, Roosevelt
!

BOOKSHELF

K 'i

that

Trust

Co.,

Loeb

Co.,

Eastman
&

Co.

Dillon

and

Scaled

3.40%

White

for

yield

Co.,

Kuhn

Weld

Co.,

2.00%

the

coupons,

balance of $19,-

syndicate

Society—John

Galbraith—A
—The

Mentor

New

American

Madison

N. Y.

10022

Library,

Avenue, New York,

In this

taxes

express

general

the

Data-Processing

Sys¬

of Oregon

against
taxes.

oc¬

oppor¬

themselves

recently

one

would

have

increases. >The

the

cut

defeat

$400,000,000
by

about

will

budget

14%

operations

are

law.

pity that there

It's

precluded

overtones

mean

will

deficit

by state
are

implied.

accounting problems;

approach

directed

required—Wadsworth

Basic

Bibliography

Research—Hugh

East

Hartzmark

Ohio

Building,

the New York Stock

the

Inc.,

members

edition

Wales

and

Ferber— American

Association,

Mar¬

North

230

Chicago,

Avenue,

Exchange.1

10036

(paper),

the

Club

Yearbook,

111.

National Consumer Finance Asso¬

1000

16th

Street,

Government

Fiscal

(paper).

Policy, Cycles and Growth

—Michael
dustrial

Levy—National

Conference

In¬

Board,

845

Avenue, New York 22, N. Y.

(paper), $2.50.

Crisis—Richard

Freeman, October 1963—Contain¬

Articles

Economic

Perceptual

Growth,

Basis

etc.—Founda¬

tion for Economic Education, Inc.,

Irvington-on-Hudson, N. Y. 10533
(paper), 500.
Future

back—Colonial

Press,

Inc.,

Clin¬

ton, Mass. (paper), 950.
Future
and

;

the

Dollar:

Prospects

Precautions—Guenter

Government
nomic

Finance:

Analysis

keting—H

o w

ficulties with success, based on 50

and

most

—

Madison

Documents

attorneys

Data

the

tested

...

t;.

10022

Book

Life
ern

Insurance
Gold

Stocks:

1963

Discussion

life

growth—Citadel

Street,

Mod¬

Milton—

stocks

for

Press,/ 10

New

York,

East
N.

(cloth), $2.95.

Merriam

The

Rush—Arthur

Webster

edition

new

words

new

Seventh

New

Dictionary—Complete¬

complete

containing

and

new

definitions

20,000

meanings,
with

usage

examples to illustrate fine shades
of

meaning;

synonym

etymologies;

special

paragraphs

also

biographical

contains
and

geo¬

graphical sections, rules for spell¬
ing and punctuation; forms of
address; abbreviations; etc.—G. C.
Merriam

Mass.

Company, / Springfield,

01102—in

ranging from
plain

various

$5.75

edge

for
to

bindings

tan cloth

$15.00

for

pigskin.
Nickel:
B.

—

John

development

nickel

from

the

early

day—D.

present

Van

Street,

Princeton,

F. Due

—

Popular
Robert

Export, Import
compendium
overseas

mar¬

Financial

Delusions—

Smitley—Roland Swain

p a p y,

Philadelphia,

Pa.

(paper), $3.95.
Punctuate It
—

Right!—Harry Shaw
authoritative quick-refer¬

ence

guide to modern punctuation

—Barnes &

Noble, Inc.,

105 Fifth

(paper), $1.25; cloth, $3.75.

York,

ternational
and

Estate

Cusack

guide to

organization
for

and

estate

complete

pro¬

Englewood

marketing

lay

down

techniques

precise

lines to enable private
to participate

guide¬

enterprise

profitably in

over¬

markets—McGraw Hill Book

seas

Company,
Street,

Inc.,

New

West

330

York,

42nd

How

Make

■

J •;si

tion;

Hobby
A.

Tax De¬

Rump f—
i.

York,

N. Y.

Electrification

Garwood

and

1012

—

14th Street, N. W.,

ton, D. C. 20005
Insurance

investment
&•

Co.,

John

Tuthill—

Institute,
Washing¬

(paper), $1.
Companies—An;

review—Philo

Inc.,

10003

•

Administra¬

Evaluation

American Enterprise

Title

ductible—Howard

n..vh

Rural

New

10036

(cloth), $17.50.

Alexander Hf milton Institute, 235
•

the

(cloth),

ferences between domestic and in¬

'.1

Nostrand

Avenue,

for

planning

use

times

Company, Inc., 120 Alexander

C 0

practices in

Review—F.

Eco¬

Overseas—Alexander

Stanley—A

Historical

$6.95.

International 4 Mar¬

Howard-White—An account of

keting designed to clarify the dif¬

system, sample forms, etc.

■

Year

recent

Snee—A

Company,

—Prentice-Hall, Inc.,
Cliffs, N. Y., $15.
.

in¬

Avenue, New

and

Irtvest

(cloth), $4.50.

Thomas J.

cedural

corpo¬

eight

crises

Doubleday

N. Y. 10022

giving
of

significant

years

575

and

analysis

Madison

Rei-

111.; (cloth), $10.60.

rations which have had great dif¬

histories

575

the; economy, secu¬
business, and Japanese in¬

rities

the

Smith—A study

dividual

running

Economic

with

Federalism—Nelson

Handbook

case

Stock.,

club—Double-

New York,

—Review

and

?■'/;.

;■

Richard D. Irwin, Inc., Homewood,

(paper), 400.

Austin

and

Company.

W./ Collegiate

York, N. Y. 10003 (paper), $21.

Report—Superintendent

Corporations

Japan

1963—

First

20402

Way

investment

10017

Facts

mann—International Reports, Inc.,
200
Park
Avenue, South,, New

and

Batchker—

Bankers Pub¬

—

organization

43rd

Consumers Advisory Counci 1—

Rebates

Marketing Rockefeller—An Atheneum paper*

60601, $6.

assist

Co.,

Publishing

systematize

the

Company, Belmont, Calif, (cloth).

practice including

staff

previous experience

Benson' has

added

Liberty, Great Britain is at Age of

the

and

been

business and

Planning—Lawrence

Hartzmark Adds

Com¬

data-processing systems used in

Printing Office, Washington, D. C.

Oregon. The citi¬

Throop

Book

ing

Such

celebrated

yoted three to

measure

to automatic

Documents,

increased the state income tax by
about $50,000,000 with other tax

that

hensive Introduction

$2.45.
Finance

tax

compre¬

$60,000,000 rise in state

The

complete and

for

Business—Carl

Inc., 330 West 42nd Street,

Third

and revised edition of

new

offering

Michigan

people

condition.

was

State

the

given

are

occasion

zens

Rebel

period of expanding debt,

casionally

Taxpayers

and

tunity
the

keting

Oregon

America:

Washington, D. C. 20036

Automated

York,

ciation,

(paper), 750.

•

de-

Market Success—Helen J.
McLane
and Patricia Hutar—A
handbook

Kenneth

Paperback

n—University Bookstore,
dustries—The Oriental
Economist,
Lehigh University, Bethlehem,
Tokyo, Japan, $7.50.
Pa., $4.

pany,

Robert

press.

d d

New

Affluent

requisites

from

Small

pur-

Computational

Charges,

Investment

Opportunities

Smith—McGraw-Hill

Securities* student and layman, with no pre¬

Co.

,various

account reports a

Northern

Ripley & Co.,

Union

Blair &

Bank

Latin

and

Federal Tax Reform—Dan

Bank.

winning

Problems

;

under-

lishing Company, 89 Beach Street,
Boston, Mass. 02111 (paper) $7.00.

prospect's

Credit

Yields,

Revised

of declining

presence

Exporting

CLEVELAND, Ohio —William B.
of the

the .fact

the

Earnings—Nathan

skills.

Businessman's

Insur¬

insurance and the forces

Instalment
for

able to exact higher

in the

Life

underwriter

(paper), 950.

was

managed

the

Peabody/ &

Halsey Stuart and

are

bid,

interest

net

associates.

account

the

cost,

Chemical

Kidder

favorably with the
3.077%

made by

and

cost.

wages

these

for

Avenue,

501

Manhattan

include

York

Federal

Other members

ful
&

interest

compared

second

■.

net

Bank

was

interest cost

by the group

members

account

man¬

aged by the Northern Trust Co. at

for

re¬

jointly

runnerup

interest

Chase

budget

Bank, West Hempstead, New York,

higher

ever

tems—Principles and Procedures
C. J. Devine & Co. and Ira Haupt ,—Robert H.
Gregory and Richard
Co. '
L. Van Horn—Second
Edition—

but

with

just not retainable,

not

are

cision—Prentice-Hall, Inc., EngleCliffs,-N. J. (cloth), $6.60.

displacement problems

were

ap¬

bonds

worker

our

great

State

City

& Co.

net

submitted

for

demand

and

widespread,

$3,575,000
The

National

East/

wood

aptitudes

Industries, Inc.

Highway (1964-1988)

and the

3.329 %

500,000

were

coupons

peared

Co., Kan¬

Miami.

bonds

yield

Trust

and

to be

$30,000,000

First National

of 3.2969%

City Bank of Cleveland, City Na-o
tional

York,

Hugh Russell and Ken¬

influencing

///

intelligence, education and

Co.

This week's final

Trust Co., Harriman

chase

likely to reduce rather
are

New

standing the motivation for
John I. Snyder, Jr.

day

balance

$3,820,000.

tional

Commerce

monopolistic labor unions

of Detroit.

present

New

levels

*;>■

sea-

Black, Jr.—A guide for the

insurance

have

Job

Miner-—A

Behavior and

are

reoffered

were

Island, Henry Harris & Sons, Na¬
Bank

neth

paying

studies

yield from 1.90% to 2.90%» for all

National Bank in St. Louis, Indus¬
trial

demand

Trust

(cloth), $4.50.

ance—G.

SA, Mel¬

and

and the National Bank

high bidder at

Bank

NT &

Bank

First

Bank
Bank

National

and Halsey

tional

First

the

their

The

underwriters

of America

First Na¬

tional

National

Bank
lon

major

include

winning group

and

We wonder if

interest

net

bonds. The account headed

./■'%

Other

2.83%?

cost.

Executive'

placing himself
job—Harper & Roq,

new

Associated with the First Boston

The third and final

3.048%: net cost,

The

skills

money.

would

made by the Harris Trust

was

Corp.

Authority

if- net interest cost of 3.0327%.

bid,

various

associates

interest

Street,

Bank

National

net

age."—John I. Snyder, Jr., Chairman and President

bonds to the

Corp. . and

jobs

higher

due

of credit .rat¬

$6,200,000

Human

retrained

and, besides, many workers

infre¬

Savings Bank account.

state which

Get

40—Charles

10011

than increase the demands for skills and

worthy

Publishers, Incorporated,

put into other jobs requir¬

care

their

ing

public bidding.

(1964-1983)

2.82%

cost

jointly

City

by the First National

highest

Bosto7i

second

Revenue

the group managed

bonds

took

Vermont,

awarded

First

Currency Saxon allowing National
Banks

bank

the

purpose

ruling by Comptroller of the

can

shown, automation is

State

carries

lose

and

$600,-

were

who

the

myth that needs to

automation

cost

public reoifer-

quent borrower and

commer¬

bought

those

Boston

soned executive in

be laid to rest is the belief that

the

interest

On Wednesday two sales

The

banks once again flexed their

muscles

First

there

left for

of mention sold

Tues¬

banner day

from

Scaled to yield from

to 3.00%

after

bought

its needs.

market

the schedule.

however,

day,

cial

of general

The

2.953%

bonds

been

cheaper

for this issue.

days in the underwriting business
with

have

integrat¬

Cliffs, New Jer-

33rd

"Another

volume designed to guide the

jobs eliminated by automation.

the

Your

(paper).

After

case

New

Affect

Prentice-Hall,

—

Englewood

How

called 'sijent

are

workforce

Inc.,

who would have been hired for

(1964-

York,

ing

sey

firings' in reference to workers

City,

in the

keep in mind that automation

only displacing people di¬
but also indirectly

through what

net interest cost

bidder.

bid

group

District

Here,

could

second

were

School

considerably

Week's Business

Current

Boat¬

the successful

was

Hempstead,

the

also

rectly,

of St. Louis,

Relations

Business—Theodore W. Kheel—A
booklet designed to assist in
cop¬

than 40,000

Race

ing with the problem

"We must

for

sweep

Tuesday

major factor in eliminating jobs

week.

$465,000.

clean

bonds at

bonds

Kenower, Mac Arthur & Co.

.Scaled

banks

1983)

Brown

Rhode

make

of 2.91619%.

Bros./Harriman & Co., Industrial
National:.; Bank

balance

Missouri

Co.,

"Automation is

How

2.00%

bidder for $2,900,000 Kansas

the

yield from

the account reports

bidding alone,

»*

members

Street, New York, N. Y.
(paper), $2.50."

10017

in the United States at the rate of

man's National Bank

First

the

/•'««

not
To

winning account are Kuhn, Loeb
&

3.15%,

unsold

and the

coupon

101.25 for

bid,

runnerup

New

Western

the high bidder at 100.-

was

139%

Co.,

Channer New¬

Co., and

Reoffered

Baiik and the Mar¬

Co.

Wells

Securities Co.

man

The syndi¬
managed jointly by the First

National City

bonds

(1964-1992)

Mullaney

Cross,

Loewi

for sale on Oct. 10.

up
I 4

page

East 42nd

We Wonder!

Atlantic

Stamford, Conn.—$10.00.

Smith

Street,

■

The Commercial and Financial Chronicle

(1528)

„

Thursday, October 17, 1963

Dec. 2-3, 1963 (New York City)

WASHINGTON AND YOU

National

Association

Mutual,

Savings Banks 17th Mid-Year
meeting at the Commodore Hotel.

behind-the-scenes interpretations

April 8-9-10, 1964 (Houston, Tex.)

from the nation's capital

Texas Group Investment Bankers
Association Annual Convention at
VC"

.■

WASHINGTON, D. C.- Out in

claims

which

Winnipeg,

city, there

Canada's fourth largest

metropolis

this

miles

The

just

60
the

border

the

above

United States.

ince

/yCCV

greatest wheat center

in the Americas. Canadians in the

lobby

city's

the

Fort

Garry

discussing Can¬

and Eaton's, were
ada's

sale

wheat

$500,000,000

the Soviet Union.

Officials of Winnipeg and bank¬
in

ers

city

the

that

agreed

wheat sale is going to be the big¬

gest economic shot in the arm for

however,

bankers,

Some

years.

Provinces

Prairie

Canada's

apprehensive

that

the big sale would bring on a

mild

were

Hotel

would

agree¬

was

half billion'

Canadian wheat

prove

good

thing

for the Canadian economy which
needs

uplift at this time.

Back in

ing

Rockefeller

there is

than passing interest

country to the Soviet

our

bloc.

the

buy

Soviet

wheat

bloc

its final stop

hoped

for

will

marked economic effect in

the wheat growing states.
A few

days

ago an

check showed there

terest
Russia

favor

out

wheat

sales

North

in¬

keen

Communist

her

and

countries

was

bloc

and

sas,

there

of interest

was

ready

elect

tives in

Del

Nygaard.

Year

highway
Pierre

town

offending

interest

No.

our

farmers

that most

ers

Goldwater

choice,"
there

said

might be

There

supporters

livestock

Pierre

small

them

Quintuplets

including the

Aberdeen,

D.,

and the political fortunes of Presi¬

Senator

named

Barry

Goldwater.

region where there

were

and

rates,

interest

Charles Hotel.

There

was

some

the

City,

sentiment at Rapid

Zone

Time

Mountain

In the Cornhusker 'Hotel at Li n-

coln, Neb., and in the restaurant
the

Capitol

skyscraper

blocks

husker

the

over

few

unbeaten

Goldwater

Mr.

between

Mr.

Goldwater,

the

held

Oct

the ranches for hundreds

and hundreds of miles, the ranch¬
ers

and the farmers were talking

politics and about the big

crop

ringed-necked pheasants in South
Dakota.
;

ing State Capitol could be
the

away,

seen

for

official ventured

delegates

Convention

Democratic Gov¬

Guy)

(William
but

now,

"Yeah—.

mistake about that," he

said. "We have
ernor

certain to be for

Goldwater.

Senator

there's

Republican

the

are

this

office

Republican

same

story in ef¬

state."
This

Meantime,

the
the

concerns

wave

fect

"I'll
is

the

tolfl by a rancher as he ate

but

1963

(New

York

Association

Invest¬

Lyndon

the

dumping

there

making

the

First

Omaha,

In Iowa where some

$300

agriculture

tion.

The

President

will

say

answer

National

for

governprs;

rounds

there is nothing to
rumors

and

lation.

v.';;-:

the scene"

the

Automation

Con¬

reflect

may

finances
are

healthy

big,

of the fine

land

Stock

new

TRADING

and

with
&

Bond

Maxson

Electronics

Official
Standard

and

Dinner

1-6, 1963

ai
Our

New

York

telephone

CAnal

number

6-4592

Fia.)

America

at the

Films

Fruit

Waste King

V-r

(Hollywood Beach

MARKETS
Industries

Botany

Exchange

officers

Governors'

Investment

coincide with the "Chronicle's"

Bankers

Association

Annual

Convention

viewsJ

LERNER & CO., Inc.
Investment

Hollywood Beach Hotel.

CHRONICLE'S Special Pictorial

Supplement Dec. 19.

10 Post Office

Securities

Square, Boston 9, Mass.

Telephone
HUbbard

Teletype

2-1990

617

451-3438

Major Pool
Equipment

sells

Corporation

for

Carl Marks

government

usual, and there is

Co. Inc.
Bought—Sold—Quoted

FOREIGN

SECURITIES SPECIALISTS

20 BROAD STREET

TEL: HANOVER 2-0050

you can

the State

formerly

Co.

Goodwin Inc.

University Club.

Dec.

interpretation

from the nation's Capital and

specu¬

YCXata.A'

[This column is intended

was

Allyn

Association

Meeting of members

election, of

likeli¬

all

Firms Annual

the specula¬
in

Doggett
C.

Nov. 20,1963 (New York City)

get it, the
control state politics. The

an acre,

Street, members of the New

Attention Brokers and Dealers

(Chicago, 111.)

Bankers

Association

Kennedy probably will, be called
upon soon

Bank

ference at the La Salle Hotel.

President

rounds.

bustling, prosperous looking city.

black

with

Tyson,

Hotel.

13-15, 1963

American

sound

Association

Americana

Nov.

John¬

conference at the Sheridan Fron-

associated

Dabney

Mi*.

(Bal Harbour,

think

don't

other folk were attending

hotel

become

York and Boston Stock Exchanges.

20-24, 1963

going to get the nomination,"
said a Nebraska matron as she and

tenelle

has

Townsend,
State

he is

some

gett

Women 41st annual convention at

basis for the speculation, but it is

hood

17-18-19,

National

his running mate next year.

Joins Townsend, Dabney

Rockefeller if

nominated,

Mutual

Supporter

Rockefeller

support

ing at the Hotel America. ^

Club

a cup

■-/.

Association

Savings Banks 47th Annual meet¬

Oct.

Washing¬

possibility

Kennedy

Apparently

own

high-legged stool drinking

party—dinner at the

Miami Beach, Fla.)

latest

political speculation

state," said the man as he sat on

farmers
was

apparent

National

Asso¬

ment Clubs annual Convention at

Johnson

may not

fall

Dealers

the Statler Hilton Hotel.

the "behind

the

Mutual

ing at the BellevueStratford Hotel.

(Atlanta, Ga.)

Security

National

Speculation About Lyndon B.

choice of most Republicans in this

Doubtful

expression that North Dako¬

ta's

"Goldwater

of coffee.

Gold water's Popularity

of the Uni¬

versity of Nebraska.

At Bismarck, where the tower¬

miles

football team

City)

•

cattle

Association

BOSTON, Mass.—Samuel D. Dog-

senator

were

Corn¬

Hilton

Top of the Mart, Oct. 17; outing

Kennedy

the

Nebraskans

away,

faced Herefords and black Angus

is definitely

Vice-President

city of Western South Dakota and
in the Black Hills country.

excited

herds

ciation

GOP's

the

17-18, 1963

Georgia

Republican staff

heads

Washington

May 22-23-24,1967 (Boston,Mass.)

Capital, I.

was

substantial amount

Goldwater

INVESTMENT FIELD

Oct.

Potter.

Peer)

people

Mutual

Oct. 18.

South

and

their annual *cShvention
they discussed farm prices,

white-

tremendous

are

convention.

tomorrow

city, the South

estate

real

the St.

Out in this

the

who

politics on the side as they met at
President
the Holiday Inn Motor Hotel and

dent John F. Kennedy and a Re¬

publican

are

territory. If the election

Republi¬

(pronounced

capital

Savings Banks 46th Annual meet¬

and dinner at the Standard

son

discussing other things

of interest

Potter,

ton

Wheat

states, the people out in this vast
were

lead¬

party in that state

the

National

would win the South, declares Mr.

Association

Pa.)

Senator

"Operation Dixie," maintains that

it."

the

(Washington,

May 16-17-18, 1966 (Philadelphia,

is out

the

but I have not heard about

cans,

the

Iowa

in the Nation's

member

Michigan.

the

wing

party

San Francisco

their Lee

Rockefeller

some

among

the

Here

"And

would

Romney

conservative

the

Re¬

had

them.

of
that

few

are

they
one

1965

Hotel.

already seeking to get things in
line for the Arizona senator for

were

the

17-18-19,

C.)

ing

COMING

holding

■is the economic life blood of these

area

political

Goldwater. Some of the top

publicans around here would take

rising
While agriculture and

national

lending vocal support

and delivered mail to the

guess

where

Bigger Topic Than

the

'The

gathered at the post office.

and

corn

Republican

16 communities along

some

Mutual

Savings Banks 45th Annual meet¬

Lawrence

post offices. When it stopped

National

plies between the Capital

Strasburg

May

and

scene.

customer."

Welk," the band leader. The little

the way

meeting at the Commodore

Hotel,

little too far to avoid

the

visitors

welcomes

goes

1,200

Bismarck

between

that

"home

the

big sign

think he

of Strasburg,

D., of perhaps less than

Association

Savings Banks 18th Annual Mid-

"Personally,

people, there is

the"

',XC'

Coronado Hotel.,

National

Con¬

little town

Security Traders ^Asso¬

Dec. 7-8, 1964 (New York City)

this District, HjaL*

gressman frorp.

(Coronado Beach,

suc¬

Republican

late

the

ceed

mer

National

Representa¬

special election to

Mutual

ciation Annual Convention at

getting

Republican

Calif.)

the

was

House

the

Dakota

hog state of Iowa.
A

businessman
Dakota

deal

great

Plaza

Country

(New York City)

Association

Oct. 12-16, 1964

prediction

that the big First District

North

Dakota,

South Dakota, Nebraska and Kan¬

Park

Echo

ing at the Commodore Hotel.

in North Dakota be¬

local

plane

Governor

informal spot

Chase

Glen

Savings Banks 44th Annual Meet¬

makes

landing shortly thereafter at

fore

countries

wheat farmers,

many

have

much of the surplus United

States

•

the

and

National

the

where

Rapids,

Orient Airlines

Northwest

stopped

States

Municipal Dealers spring

May 16-24, 1964
Grand

the

United

Louis,

Club.

state."

bus that

in what the future held in wheat
sales of

cities of North and South Dakota

"little

has

(St.

following at all in this part of the

great wheat grow¬

the

states

Governor

that

1964

St. Louis

by the Red River,
Nelson

conviction

ment that the sale of

Mo.)

party

In the

Nevertheless, there

22-23-24,

qualified observer expressed the

spring.

dollars worth

city

Canada be¬

inflation in

round

fore

little

Section April 30.

Apr.

which is separated

Dakota

Winnipeg, there was

CHRONICLE'S Special Pictorial

Bis¬

largest

the

Fargo,

from Minnesota

Hotel, and in the city's outstand¬

ing stores of the Hudson's Bay Co.

Hotel

Patterson

the

North

capital of Manitoba Prov¬

is the

the Shamrock Hilton Hotel.

marck.

air of optimism a few days

was an

ago

r.7'V''A

•:]$ "/>stack of hot cakes and sausages

-a

•

NEW YORK 5, N. Y.

Memorandum

available

request

TELETYPE 212-571-1685

MILL, THOMPSON & CO.,

INC.'

70 Wall Street, New YorkJS* N, Y.
Tel. WH 4-4540

Tele/2212 571-1708

Full text of Commercial and Financial Chronicle : October 17, 1963, Vol. 198, No. 6308

FRASER