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V
ESTABLISHED 1839
unweRSJTY
OF
MICHIGAN
In 2 Sections
Section 2
—
sjK* Commercial and
Financial Chronicle
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»
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,
A
v
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Convention Number
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Reg. U. S. Pat. Office
New York, N. Y.,
Thursday, October 19, 1950
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Price 30 Cents a Copy
COMMERCIAL and FINANCIAL CHRONICLE
THE
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Thursday, October 19, 195C
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Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
1
N. S. T. A. Officers and Executive Council
5 1
19
J
SECRETARY
19 5 0
V
PRESIDENT
FIRST
FIRST
PRESIDENT
VICE-PRESIDENT
SECRETARY
VICE-PRESIDENT
/
John
Morton A.
Cayne
&
Cayne
F.
Egan
H.
First California Com¬
pany,
Co.
San Francisco
Russell Hastings
Crouse
Cleveland
&
Company
Detroit
H. Frank Burkholder
Morton
Cayne
A.
&
Cayne
Equitable Securities
Corp., Nashville
Co.
Cleveland
SECOND
TREASURER
John
Harry L. Arnold
M.
VICE-PRESIDENT
Hudson
Equitable Securities
Corp., Nashville
Quigley
Quigley & Co., Inc.,
Cleveland
Portland, Ore.
Harry L. Arnold
Paine, Webber,
& Curtis,
Uhlmann & Latshaw
Kansas
Jackson
City, Mo.
New
York
H. Frank Burkholder
Co.
TREASURER
John Latshaw
Thayer, Baker & Co.
Philadelphia
Paine, Webber,
& Curtis,
Jackson
Jay L.
r
SECOND
VICE-PRESIDENT
New
Donald C. Sloan
Donald C. Sloan &
Landon
William
&
A. Freear
N.
Edwards
Co., Ft.Worth, Tex.
Donald C. Sloan
Donald C. Sloan &
Co., Portland, Ore.
Lex
Jolley
Johnson, Lane, Space
& Co., Inc.
Atlanta, Ga.
Edward H. Welch
Sincere
<ft
Chicago
Co.,
John F. Egan
Robert L. Mitton
First California Com¬
Robert L. Mitton,
pany,
San Francisco
Jay L. Quigley
Quigley & Co., Inc.,
Cleveland
Investments,
Richard
H.
Denver
Walsh
Newhard, Cook A
Co., St. Louis
York
R. Victor
Stroud
Mosley
&
Co., Inc.,
Philadelphia
Edward
Sincere
H. Welch
&
Chicago
Co.,
THE
COMMERCIAL and FINANCIAL
R.
Welch
H.
Edward
H. Frank Burkholder
Victor
Stroud &
Sincere & Co.,
Equitable Securities
Corp., Nashville
1945-1946
1944-1945
Thomas Graham
Edw. E. Parsons, Jr.
1946-1948
1949-1950
1950-1951
Mosley
Bond Co.,
Louisville
Bankers
Co., Inc.
Philadelphia
Chicago
Thursday, October 19, 1950
CHRONICLE
Wm. J. Mericka
&
Co., Inc., Cleveland
1941-1942
1942-1944
Contents of This Issue
and
Articles
Index
News
■■■
NSTA
Executive
and
Officers
Council
1951)
(1950 and
Page
3
__
Past Presidents of NSTA
.
Security
tising Committee)—Harold B. Smith
Boston
Carolinas, The Security Dealers of the.,
Chicago, Bond Traders Club of
47
Cincinnati Stock and Bond Club
24
5
Securities
Cleveland
Dallas
Wm.
Regulation
Perry Brown
Free
Co., New Orleans
to Stay
McDonald
Is
—Harry
Here
A.
6
.—
Best Security!
Enterprise System—Our
Harry F. Byrd
—Senator
Municipal Bonds as
Inflation—Phillips
of
Our
Investments
Barbour.
Financial
Rearmament
M.
—Eugene
in
Present
8
Grafver
10
Program
Zuckert
__
Shadow-Boxing—Melchior
Responsibilities of Investment
agement—A. Wilfred May
—__
Palyi
Trust
12
13
Man¬
14
•
New
NSTA
Golf
Winners
Report of
Nominating Committee..
at
—_
Convention
Legislative
16
16
Committee.
17
Report of Public Relations Committee
18
Report of National Municipal Committee..—19
In
Attendance
at
NSTA Affiliates
1951
Convention
NSTA
and
to
Convention
20
Members
Be
Association
38
36
Held
21
Coronado
at
Beach, Calif.
Security
Bond
Detroit
and
51
Michigan,
22
._
Securities
of
32
Security Dealers Association.
Georgia Security Dealers Association..
Houston, Investment Dealers Association of.
Kansas City (Missouri), Bond Traders Club of
Los Angeles, Security Traders Assn. of
Louisville, Bond Club of____
Memphis Security Dealers Club
Nashville Security Traders Association
New Orleans Security Traders Association
New York, Security Tiaders Association of
Philadelphia, Investment Traders Assn. of.
Pittsburgh Securities Traders Association...
Portland
(Oregon), Security Traders Asso¬
ciation
St.
of
H.
Blizzard
35
Herbert H. Blizzard
&
Co., Philadelphia
26
65
70
21
23
61
1940-1941
72
71
41
57
37
21
;
Louis, Security
Herbert
Traders
Florida
Traders Club
of
28
San Francisco Security Traders Association..
Seattle Security Traders Association
72
Syracuse, N. Y., Bond Club of
City Bond Traders Club
34
Twin
Local
of
73
(Minneapolis-
St. Paul)
Members
54
31
56
Club._
Denver, Bond Club of
Association
7
The Television Industry—R. A.
Scope
1941-1942
Traders
Traders Association.
Connecticut, Security Traders Assn. of__
•
Newman, Brown &
Dealers
5
F. Egan
(on behalf of Adver¬
Thanks to One and All!
Affiliates
i
4
...
Presidential Greetings—John
to
'
'
P»Se
Association
60
Baltimore, Security Traders Association of__
30
■
.
Alabama
54
the
NSTA
Organizations
Unaffiliated
With
73
Joseph W. Sener
John C.
Company,
1939-1940
Jones
Co., St. Louis
Deceased
1936-1938
1938-1939
Edward D. Jones
Edward D.
Thomas A. Akin
Legg &
Baltimore
&.
Willis
M.
Troster,
Summers
Currie
&
Summers, N. Y. C.
Arthur
H.
M.
E.
1936-1937
Farrell
Byllesby
&
Co., Inc., Chicago
J.
H.
Gentry Daggy
M. Byllesby &
Co., Philadelphia
1935-1936
Henry J. Arnold
H. B. Cohle & Co.,
Cincinnati
1934-1935
W. W. Cruttenden
Cruttenden
&
Chicago
Co.,
I
.
*
v
""
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*
THE
Convention Number
COMMERCIAL and FINANCIAL CHRONICLE
ftte5iden tlai
1950
The
Convention
Association
Traders
It
count.
every
is
of
has
the
been
to
persons
its
so
therefore, to extend
fitting,
tions
in the handling of private investments.
We
will, therefore, need to exercise wisdom and courage
Security
successful on
heartfelt thanks and
all
congratula¬
officers
as
to be
The
other
and
(fteetinal
skill
National
very
who have contributed to
focused
nancial
ginia Beach. This is the second
year
in which the
National
has
has
coverage
on
the
news
attention
which have
Convention.
The Commercial and Fi¬
deserves plaudits for a job well
therefore,
proof of
coming year,
help but feel that working with my fellow
officers and 3,700 members of the Association, we
should complete another significant and successful
milestone.
All of our efforts must be geared to
I cannot
con¬
tinuing good cooperation.
To me, this year's Convention
met
on
events
the
in
threshold
the
making.
Chronicle
As events unfold themselves in the
the spon¬
been
It is further
sor.
of
great
I refer
achieving better understanding of each other's prob¬
lems and bringing to the investors throughout the
country helpful guidance; all of which should
redound to the benefit of the profession.
effort in Korea and our
The
implications of these developments include tremen¬
dous future government financing and regulation
of the economy, all of which will call for great
our
Chronicle
done.
Association
specifically to
national
Accordingly,
ship of the Convention at Vir¬
Egan
Financial
and
through publicity' and
particular
is to be thanked for its sponsor¬
F.
helpful to the investing public.
Commercial
exerted its customary effort in helping to make the
1950
Convention
successful
and
has
done this
success.
The Association in
John
5
war
accelerating rearmament for national defense.
J. F.
National
EGAN, President
Security Traders Association
Thanks to One and All!
By HAROLD B. SMITH, Chairman, NSTA
the
history.
meeting
at
Virginia
Beach is
One of the outstanding features of
the attendance of many of our
the first time.
It was gratifying to
was
members for
see
Convention
NSTA
The
now
of them participate in
various sports events and
off first honors.
carry
Cincinnati claimed the
largest
tion, but I saw marvelous rep¬
resentation from St. Louis, Dal¬
It
Seattle, Philadelphia and
New York, too; and while the
market was not a disturbing fac¬
in the
Harold B. Smith
Financial Chronicle staff
production of ads in which our Association
participates financially through the most gener¬
ous offer of Herbert D. Seibert, Editor and Pub¬
impossible for me to give here a
detailed account of the operation of the editorial
staff and advertising solicitors which cover the
lisher.
It
is
past ten months or so, but I can assure you we
are indebted in no small way to all concerned.
complete roster of officers and members of
incorporated herein and in a manner
make for ready reference and should be of
A
affiliates is
to1
great value to our members. The complete con¬
vention reports, including the various talks given
by outstanding personalities, makes this issue the
"Book of the Year" of the financial industry.
Those of
work
us
that the
in
advertising
this
revenue
re¬
Convention
constitutes your treas¬
Your
chairman
has
been identified with
this
project since its inception and every year when
I make my report, I find it' quite beyond my
feel¬
towards Herb Seibert, his entire staff and
capacity to put in words my admiration and
ing
those remarkable
producers, Messrs. Ed Beck, Hal
Murphy, Vince Reilly, Fred Gray, the local chair¬
men
of
our
various
the members of
selves to make
our
affiliates, listed below, and
association who exerted them¬
this issue the success that it is.
Our hats should go
off to them all!
HAROLD B. SMITH,
Chairman, NSTA Advertising Committee
Pershing & Co.,
120 Broadway,
New York
5, N. Y.
who have been identified with this
Vice-Chairmen—John F.
Egan, First California
Calif.; John L. Canavan,
Rauscher, Pierce & Co., Dallas, Texas; John Latshaw, Uhlmann & Latshaw, Kansas City, Mo.;
Donald C. Sloan, Donald C. Sloan & Co., Portland,
San
Co.,
Ore.;
cago,
Francisco,
Glen A.
111.
Darfler,
Kneeland
Local Affiliate Chairmen—Lex
& Co.,
Chi¬
Jolley, Johnson,
Space & Co., Inc., Atlanta, Ga.; George
Placky, L. J. Schultz & Co., Cleveland, Ohio;
Henry J. Blackford, A. M. Law & Co., Spartan¬
Lane,
burg, S. C.; Clair S. Hall, Clair S. Hall & Co.,
Cincinnati, Ohio; Hubert Bernard, Jr., Schirmer,
Atherton & Co.,
Boston, Mass.; Everett W. Sny¬
der, E. W. Snyder & Co., Syracuse, N. Y.; John
W.
Bunn, Stifel, Nicolaus & Co., Inc., St. Louis,
Mo.; Joseph H. Weil, Weil & Arnold, New Or¬
leans, La.; Chas. B. Murphy, Merrill Lynch,
Pierce, Fenner & Beane, New York City; Sidney
J.
Sanders, Foster &
Marshall,
Seattle, Wash.;
Orville C.
&
Neely, Merrill Lynch, Pierce, Fenner
Beane, Denver, Colo.; John M. O'Neill, Stein
Bros.
&
Boyce, Baltimore, Md.; Paul Moreland,
Mich.; Henry G. Isaacs,
Moreland & Co., Detroit,
Securities Co., Norfolk, Va.; Fred K.
Hermitage Securities Co., Nashville,
Tenn.; Albert W. McCready, Geyer & Co., Inc.,
Los Angeles, Calif.; E. C. Hawkins, Rauscher,
Pierce & Co., Inc., Houston, Texas; Clyde C.
Virginia
Kirkland,
Pierce, Clyde C. Pierce Corp.,
Chas. C.
Jacksonville, Fla.;
King, The Bankers Bond Co. Inc., Louis¬
ville, Ky.; Leslie B. Swan, Chas. W. Scranton &
Co., New Haven, Conn.; Early F. Mitchell, First
National Bank,
Memphis, Tenn.; Oscar M. Berg¬
Allison-Williams Co., Minneapolis, Minn.;
Herbert H. Blizzard, Herbert H. Blizzard & Co.,
man,
indeed pleased
Committee Members—In addition to Chairman
increased interest displayed and assis¬
Smith, the Advertising Committee consists of the
Philadelphia, Pa.; Harry J. Steele, Fauset, Steele
& Co., Pittsburgh, Pa.; Alonzo H. Lee, Sterne,
following:
Agee & Leach, Birmingham, Ala.
for the
with the
remembered
ury's main source of income and makes possible
the sponsoring of our convention by your national
organization.
combined its efforts with those
of The Commercial and
be
from
number of the Chronicle
your 1950
Convention
marks the twelfth year
advertising committee has
must
ceived
tor, the weather was.
your
members to continue their efforts to help in
development of this type of advertising for
future issues.
las,
This,
affiliates exceeded
only four last year.
contrasted with
age
the
attendance of all at the conven-
Issue,
revenue
as
our
quotas, and will share in the gross
the NSTA receives from the Chronicle,
basic
May we call your attention to the corporate
advertising in this issue? Some of these ads are
the result of last year's work. This may encour¬
many
the
their
of
that 11
by the fact
Advertising Committee
tance rendered
past
by
12
our
years
are
members. This is indicated
'6
THE COMMERCIAL and
FINANCIAL CHRONICLE
Thursday, October 19, 1950
Regulation IsjHere to Stay!
I don't want to miss this oppor-
statute
By HARRY A. McDONALD*
tunity
of
discussing
something
which might be mutually benefi¬
cial and interesting. No doubt to
,
n
£
.
t
,
£
,
.
.
...
deaiersSi re"01
resent% type
by action of the Con¬
The Commission, you must
remember, cannot change the law.
Acts. Invites constructive criticism rather than fear. Says securities business
f
is
have
honesty of security traders.
no
regulatory statute; and I want to
point out the difference.
I
ever
known
Washington we undoubtedly
some
people who are just
naturally regulators. They love to
regulate. And then there are other
people who are administering a
public favor and more young men should go in
the industry. Urges security traders to make views known to SEC and praises
jectionabie.
There
In
have
should work for restoration of
times'1 is°obregulation
gress.
missioner McDonald defends administration of the Securities and Exchange
regulation
wasn't politics.
tion-
(I
was
It
a
was
the situa-
come
from the
produced a remedy in the form of
of
entirely palatable.
stabilize
rience) that is
Harry A. McDonald
I
to
to
frankly about this matter of
regulation. I want you to think
you
wan
There
me.
times
when
undoubtedly
are
would rather be
you
tne
regulations that
you
have from the Securities and Ex-
Commission;
cnange
the
believe
but
securities
statut?
protective
wouldn't
I
tional
I
stocks for
wasn't
I
You
was
a
You
of
addi-
it
I
do
the
have
wasn't
sold
had
been
done
the
in
se-
I sold
..
know
that
experience
lot to do with the
followed.
so
acute
tuted
tions.
tion
The
that
had
a
I don't think it
New
Deal
was a
ques-
legislation.
the
a
fair airing.
want
case, we
.,
prob ems
of the
industry
as
it
rwLii
La
,.
.
Securities and Exchange Commission, it would be that they shou
not fear the Commission, nor
should they iso ate themselves
fi°.m.c0.nu?cil«lth the Commls"
would
is
unnecessarily
plish more, I think, if
you
would
Virginia
Beach,
Va.,
1S
Sept. 27,
'
the aC-'Sire Of the Commission there
(I think I
can
speak with author-
lot to be done
IS a
direction.
in
this
know.
believe
You
as
^
there
he
^
on
|sti
make
an
bad
wants
to it
see
with
the
probiems
•-Jf--'-'-'
To the individual
comes
the
a
wants
everybody to believe just
exactly what he says. As a matter
of fact, you can't blame the staff
if they are going to make an in¬
vestigation and bring it before the
Commission.
is
their
job.
They are charged with the duty
of coming to the Commission with
MARKETS
their
INDUSTRIALS
recommendations.
Commission
WITH
That
COMPLETE
decide
in
which
the
light
It
must
of
finally
what
the
I think you
good job. I
are doing
personally proud
am
of my contacts with the
industry.
personally feel a great respon¬
sibility in my position at the SEC.
If anybody in this whole indus¬
try gets anything that they think
is
not
a
fair
bring it to
see
deal,
our
we ask you to
attention. We want
to it that the SEC is
doing
the fair thing by every individual
in the business.
May I say for Mr. McCormack,
fellow Commissioner, and for
my
myself that
with
you
tions
you
you
we
are
happy to be
this afternoon. Regula¬
have and regulations
must accept,
will
and regulations
because we are in a
help
business
Congress
never
be
which
has
needs
so
regulation.
willed.
changed in
your
It
will
lifetime
and mine. The
I
this
is
lot of odor
I
to
Commis¬
bad
individual conduct and
own
many years.
issue
the
little differ-
security dealer
before
a
of
security
.1 have watched you for a
good
that
ent to them than it does to
make
can
lot
reputation, but for the reputation
of the entire industry.
at
a
a
bad
lot of conversation. That is
a
your
honestly live with?
situation becomes
one
you individually bears
high responsibility, not only for
a
jjave regulations and statutes
which y0u can
Some of
make
why each of
you to
don,t
wh
can
and
egg
and
record with alternative
?
confidence of your cus¬
used to say that one
We
transaction
sion, his problem at the moment
PRIMARY
high on the average
business you can point to.
any
tomers.
organisation,
effort to
sincerity and honesty
engaged in the securities
On the other hand, you are in
position to take advantage of the
a
compXy with. Why don't you make
y0ur views known?
Why don't
£
that again, and I
result of experience. I
business is as
as
certain reguiations that
sometimes it is difficult for
the
say
the
friends,
who
UTILITIES
a
as
of those
and will give nothing.
an
know
is the greatest problem of his life.
He
wants
quick action and he
wants
favorable
action
and
he
PUBLIC
I
it
everything
gecause
conceived
honesty in the indus¬
high as in any industry
as
trust and
you
message I
Congress
avSer^
hyvwfthoutplrtkipatog dTei
Plai s
xhe
_
ch'SZZ 'm's,h':mrrk"
4mPe.di?8 honest business then it exert your efforts to improving
.i™ oT,KcNa?i„„ai Secu°i.y YV.de" a"
13 ™ssl"g .lts call!"g' Certainly it he regulation you have. I think
1950.
I
say
.
It
today
sociation,
try is
•
+
carrying
would be wrong. I would say that
a
i
as
the average
ul"°0nVCanTake ,a pParTfnTt—thlt
ia^ion*
t
.
upon
intention of Congress. At
SEC we try to be adminis¬
When
Sisi
the
counted
Securities Act, they sought to re¬
store confidence and to spell out
for the industry the practices that
administered, then I think the in- leave with you this afternoon, it
have had contact
dustry has a definite ground to is the suggestion that you do not with the sta£f and some of you
become disgruntled.
fight regulation, but try to im- haven't. Some of you have fine
Jh? statute was not designed to prove it. You are always going to contact with the staff but
!?ter4eJa T4]1 ho.nest buslness- If h?.v® regulation. You can accom- must remember that, in dealing
the SEC
became
study was instilong before the 1932 elec-
of
is ever
tbmg to complain about. On the sion or the staff.
°fber hand, if they are unfairly
If there is one
a
legislation which
situation
If that
Public confidence in our free should
markets and our other institutions
If there is any one thing that
which we witnessed m the depres- I P°"ld'suggest.to_ the traders
directly for
a company.
You couldn't do that s10"today, and you shouldn't be able
As security traders you should
to do that today.
bo interested in a fair and honest
I don't have to go back through administration
of the laws. If
the familiar history of what hap^ey are fairly administered, I
any of you
pened in the roaring twenties. We do"4 4hmh a"T ?£ y?U.Lv®a"y:
all
mTn comiLTnto
nc
adminis¬
trators, not regulators.
hard to achieve. Some people be- ness. The average age seems to be
come disgruntled with what they
have moreyounfenercall "red tape" and some people we snouia nave more young, ener
may feel that the SEC does not &etic men.
try does not again suffer the loss
time in Illinois and I
any
the h'
complexity of
twenties, the Securities Act was to hear about it We want to know
enacted to assure that this coun- whether the SEC is handling the
regulations,
registered with
the
but
can,
are
the
the
subject sometimes makes the goal young men coming into tne pusi
damage
as
registered with the State.
curities dealer.
and if the Korean
ble, and that is why, after the give their complaints
that
say
situation
young man I
a
procedures as simple as we
be
out
sell this business short,
In the securities business, it
seems to me that we need more
than anything the restoration of
g0°d Public relations in favor ot
«"d it increasingly difficult to
hold this great country of ours
our democratic people, in line with
a war economy. That is our trou-
You
it.
advocate
accent
is.
now
When
without
an
regulations.
must
vou
it
do
not
am
our
about Korea
can
great American institution called
"business" going. You shouldn't
situation is stamped out, you will
some
today
without
do
is not simple. We try to make
You heard a few moments ago
business
rould think of being without
couldn't
ness
who
trators, on the other hand, I think
be sharp, he has a great chance a vital part of that great industry
to take advantage of the unsus- that gathers capital to keep that
pecting and the inexperienced
buyer. The SEC is here to prevent
that sort of thing.
The SEC necessarily has a very
intricate procedure. Modern busi-
Those
stances.
strong organization. You represent
the operator is fast and wants to
anc* get it in under control and to
restore public confidence in the
markets. The result was that with
the passage of time (and in this
country of ours things only hapPen because they must happen)
there developed the need for reg-
don't
I
curb the speculation
ulation.
going
am
speak
or
even
may
legislation.
You must admit that the selling member when the Traders AssoCertainly the Hoover Adminis- of securities is a game, if I may ciation was formed. Individually
tration was striving feverishly to call it a game. It is a business. If and collectively, you are a very
expe-
to regulate are
harsh and tough. They
be unfair in some in¬
going to be
we
iield
without
Those who love
on this point) to see to it that
There are a great many things
do nothing to the industry that that your organization, your indiis not fair and just.
vidual members, can do. I re-
ity
condition which
not
not proper,
are
it that they are
see to
made proper
,
.
Condemning tear of over-regulation by members of securities industry, Com-
o
should
you
security
you
says you may or may
do. If the statutes
Chairman, Securities and Exchange Commission
intelligent attitude,
think, is not to be antagonistic
to
regulations, but rather to
to
improve them.
strive
RAILROADS
TRADING FACILITIES
BANK
AND
INSURANCE
U. S. Governments
BONDS
•
STOCKS
PREFERRED
•
COMMON
STOCKS
Industrials
Municipals
Railroads
Canadians
Blyth S. Co., Inc.
New York
boston
Springfield
•
Louisville
Oakland
San Francisco
•
Detroit
•
•
eureka
«
•
Chicago
Philadelphia
•
•
Minneapolis
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•
•
Los Angeles
Pittsburgh
•
Houston
•
Fresno
•
•
San Jose
•
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•
•
Dallas
Pasadena
•
Equipment Trusts
Preferred Stocks
Bank
Cleveland
Public Utilities
Acceptances
Portland
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•
•
•
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&
Hutzler
Members New York Stock Exchange
San Diego
Sixty Wall
Street, New York 5, N. Y.
Private wiru
ti
BOSTON
PHILADELPHIA
CLEVELAND
HARTFORD
CHICAGO
SAN
FRANCISCO
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Free
I welcome you
I
am
as
curity at home and the only
By HON. HARRY F. BYRD*
a
Sen¬
a
tection that
U. S. Senator from Virginia
two of the
greatest Pres-
Veteran Virginia Senator, asserting preservation of
is best
country has
rats,
e m o c
Jefferson
government spending.
unnecessary
great Virginia
D
security at home and abroad, attacks socialistic legislation
had; two
ever
nation is
Says
with New Deal at home.
as
well
not
am
a
"misdirected
war
with Russia is
carry
Urges strong defense
charity."
Deal
New
Democrat
world
not
on our
program,
inevitable but
She
been faced with in the
part of the
We have
tisticians
not
from
time
on
me
the
other
salaries.
statistics
good
gotten
up
time
to
the
and
last
"Byrd voted more
was
Republicans
than
any
Senator."
Democratic
ever
In
66%
want to
the
Republicans
and
Democrats;
but the fact is that my name be¬
gins with a B, so I voted first and
the Republicans voted with me.
34%
I have no
tion
is that
the greatest na¬
in all the world.
Why is it
that
after
that
to
shoulder
with
government
Republican Senator,
Taft, to resist the repeal
the Taft-Hartley Act. In order
political debt, the Presi¬
dent asked Congress to repeal the
to pay a
and
foremost
the
all
that
supreme
the
in
nations
have
We
the
of
because
of the
only 6%
It is not
population of the world.
area
that
we
We started with the land
possess.
now
we
we
is not because of our popu¬
lation.
have.
We still have that.
We have never sought to
property
acquire
as
other
nations have done.
great
Senator
of
only 160 years of con¬
stitutional
I other people's
apologies to make.
shoulder
stood
the
with
ask you why it
America today is
It
with
the
give the reasons why
we are in tnis peril,
I
selves.
only
on
think that
they said that I voted more stand
the
Republicans than the among
Republicans
voted
with
them¬ world?
past six months I voted
I
Before
I
with
the
to drive
continue
can
fact
In
country. I feel that
are at the crossroads.
our
It is not because of our natural
which as you business¬
know, are rapidly being de¬
pleted in these various sideline
resources,
men
other
and
wars
wars
that
we
are
Taft-Hartley Act. Let me say that and have been engaged in.
it
was
due
the Southern
to
Sen¬
16 Southern Senators, who
ators,
left their Party and stood
that
Republicans
with the
prevented the
repeal of the Taft-Hartley Act.
Every now and then we South¬
erners
and
perform
had
a
useful service;
Taft-Hartley
the
Act
repealed in the political at¬
mosphere in which that request
was made, I think it would have
been a catastrophe to this country.
been
would
It
the
been
have
green
light to such labor leaders as John
L. Lewis, Murray, and others to
stop the very necessities of our
existence
in
this
country,
the
trains, coal mines, etc., had we
yielded to their demands. So, I
am glad to stand in that category.
I think today our nation con¬
fronts the greatest peril that we
*
An address by Sen. Byrd at the
vention of the National
curities
Con¬
Association of Se¬
Virginia
Traders,
Beach,
Va.,
Sept. 30, 1950.
It is
because
of the free enter¬
system.
That system has
been a vital spark in the heart of
prise
every
American.
It gives to us,
the only people in all the world,
the opportunity to start at the
bottom of the ladder and climb to
the
top
our
own
by our own industry, by
thrift and perseverance.
free
enterprise
system and you have destroyed
the heart of America; and that
that
Destroy
very
hand.
of
she
if
had
wanted
friendships. She knows it is not They landed about three hundred
going to hurt her and it is not and some years ago.
have
accumulated
this
We have spent 35 billions of wealth by industry and thrift over
American dollars since the war a period of this long time; yet we
They
of
now
war
she is not ready for
I
do
not
think
Let me say to you that charity
is the best thing in the world, but
it
can
if
it
is
be
one
of the worst things
improperly and unwisely
administered.
You and I know in
personal relations or anything
else that if we give a check to a
person
there will come a time
when he or she thinks they have
a vested right in that contribution.
What is going to happen when we
stop sending these contributions to
Europe? What is going to happen
when we stop sending these bil¬
our
year.
I ask
how long
you
is
we
can
inevitable
be
a
continue to do that?
the
have.
ace
external
great
Not
Baltimore
Correspondent Wires to:
We
have
an
internal
of
the
the
effort
of Virginians
from
day that the first permanent
English settlers landed right out¬
side
this
hotel
on
Cape
Henry.
Russia
fears
is
our
free
produce only twenty million tons
of steel.
That is what she fears
and that is what I want to discuss
tonight. The preservation of our
free enterprise system is our se¬
I
am
for
a
this country.
costs
carry
so
radar
that
bombs
or
come
Continued
we
charity that we
Exchange
Stocks
1865
Exchanges
Chicago
Offices
Lowell
Scranton
New Bedford
Springfield
Newport
Wilkes-Barre
D. C., Buffalo
care
planes
men¬
120 Broadway
screen
I don't
spreading around the world,
this money that we are spending
to fight off Communism and buy
Philadelphia
would
ourselves strong internally, mili¬
tarily, physically strong. Have a
70-group air force. I have always
enterprise that can out-produce
favored that. I favor compulsory
all the rest of the world combined
lions
and
billions
of
dollars in military equipment and things military training.
We should not permit the occa¬
abroad?
that kill people. That is what she
sion
to
arise
again when this
The State of Virginia, notwith¬ believes in; in engines of war, in
country sends troops (as was the
standing this bad weather, is a airplanes and atomic bombs and
case in Korea) into war untrained.
good state. I can bear witness to things like that. You destroy that
I think compulsory military train¬
that and others who come from free enterprise system, ladies arid
different
which
we
have in ing would be a substitute in some
places would say the gentlemen,
measure to a great standing army.
same thing.
When I must vote on America and you have destroyed
The standing army costs $4,000 per
things, I try to translate them the very thing and the only thing
soldier and no democracy in all
into my native state. The wealth that will make us secure in these
the history of the world has been
terrible
days that I think are
of Virginia is estimated at $5,000,able to maintain a great standing
ahead pf us in the years to come.
000,000. That is not the wealth of
army in time of peace over a long
That is the only thing Russia
this
generation.
It is not my fears. She fears the fact that we period of years without seriously
defecting and weakening perhaps
wealth or the wealth of those that can produce a hundred million
the economy of that country.
live today. It is an accumulation tons of steel a year while she can
What
are
Branch
that
and then attack.
that is almost as great. Russia
does not fear this
Dallas, Seattle, Atlanta, Washington,
with
those
That is
menace
Cjw York Qiirb Exchange
Reading
war
When you fight Russia, you are
what does Rus¬
fighting a nation of people that
things. She
it is nearly impossible' to reach.
is glad to see us weakened.
She
You would have to police them.
has begun against this country a
war of economic attrition.
She is You couldn't conquer a nation and
then permit them to rearm and
not going to attack us while we
start again. I say the way to pre¬
are
strong. She is only going to
vent a war with Russia is to keep
try to soften us up, make us weak,
fear?
Misdirected Charity
j^ew York and 'Boston Stock
Altoona
Providence
that
I started to say,
sia
you,
What does Russia fear?
FOUNDED
Albany
it.
because
KIDDER, PEABODY &CO.
and
thinks
gloomy outlook indeed.
Municipal Bonds
Sales
to
outbreak
she
Russia is
enterprise system, let me say
and you know it, is in
grave danger today.
to
Preferred and Unlisted Common
Boston
had
With Russia Not Inevitable
War
Corporation Bonds
New York
She
to.
because
Trading Markets in
and
she
careful not to give cause
been
Members New York Stock
tjftembers
had
that
could have sent to Northern Korea
Wertheim & Co.
State and
I
careful not
Russia
airplanes
free
n—«
*
r.
Urges Congress abandon partisanism and vote
going to be effective.
the
inevitable. I would hate
the road to strengthen and concluded in this effort to pur¬ have given away to Europe seven
to think, as one who had three
revitalize the private enterprise chase the
friendship of people to states of Virginia since the war
sons
in
the last war and five
system which has made America fight off Communism here and ended and we are giving away
grandsons, that war with Russia
the greatest of all nations.
there.
one
new
state of Virginia every
know, except that I know
very
been
her
thousands
go on
quite a number of sta¬
Washington on the
draw
have
with
Party.
in
they
They
one
road to state socialism or we can
a
Exactly what they do I
payroll.
do
We
principles of
Harry F. Byrd
history of
today we
fundamental
the Democratic
have
New Deal is
of
War.
this country to have an
believe the
I think
strong.
member
opportunity to know
of the inside of the
has
show
to
but calls European
I do not
cause
a
an
something
Korean
shoulders, along
solely for nation's interests.
be¬
am
Armed Services Committee and
as
son.
aid
as we are
I
War.
have had
being weakened by attempting to
and
Woodrow Wil¬
I
pro¬
have abroad.
she has shown that in the Korean
free enterprise system
our
this
idents
long
as
taught by
were
we
Russia is not going to attack us
in those things
ator who believes
that
Enterprise System—Our Best Security!
to Virginia
Democratic Senator.
7
New York 5, N. Y.
around
what it
that
may
with hostile
on
page
74
THE COMMERCIAL and FINANCIAL CHRONICLE
8
Municipal Bonds
Investments in Present Inflation
as
can
economic
suffer.
like
it
a
diseases
nation
a
In many respects
cancer,
it is
this
entire
farm
lands, commodities and equities.
because they
be
not
of avoiding
been discovered, Mr. Barbour considers
body and fi¬
nally kills. Trie
economic bod;*
can
no sure way
are secure
popular suggestions such
as
sides
real estate,
Finds municipal bonds in the picture
they
ent, so it is as
wise and nec-
income factor and contends records show
inflation
students
i
i
n
cure
or
for
a
cluded
p r e-
and
Phillips Barbour
for
reasons
emergency
specific to relieve the human
been suggested as
circumstances,
no
ages
of
way
to
of inflation,
avoid the rav¬
sure
way
i
is not in¬
for the mal¬
Our discussion today,
in¬
units,
patriotism
block
kinds have
suitable in these
many
but
I
repeat
that
to avoid trie ravages
the
practice.
perfect
The
bles.
be
to
hedges.
bought is often the
which the buyer stum¬
over
A decision must be made
to the
as
particular farm, commodity,
more
solution
in
art, or stock, which should
after the die is cast, as
wnich is practi¬
cable for l the investor to employ.
All oil sioqks don't invariably go
be bought
to
the
up
or
prove
category
all real estate always im¬
value.
in
Municipals Fit Into the
gestions include real estate, farm
Picture
lands, growing trees, aging liquor,
ady, however, but to point out
breeding live stock, jewels and
Now, let's see how municipal
some
of the reasons
municipal
precious stones, works of art and, securities fit into this picture.
bonds, in my opinion, will aid the of
course, commodities and com¬
American
investor
(1) They are secure: Municipals
greatly
in mon stocks or
equities.
are
the only form of investment
maintaining an investment port¬
The
ideal
investment,
under among those mentioned, that the
folio in as healthy a condition as
is possible in the present inflation present conditions, is one which investor can be as sure, as he can
be about anything these days, that
and why he should not put all of provides:
(1) Safety of principal—that is he will have his principal re¬
his eggs in the equity basket.
the most important requisite.
turned to him in full on a speciA repetition of the tragic ex(2) Dependability of income— iied date in future.
tended to find
perence
France
a cure
which
Germany
had with
and
inflation imme¬
diately after the first World War
tends
to
compensate
the larger the better, but regard¬
(2) Income is dependable: With
less of size, it should be depend¬
few exceptions among those men¬
for
loss
of
individual investor because
not
taxes
instance.
in
the
will
we
when
And
tax.
as
we
quantity of dollars
receive
the
buying
of
during inflation."
of
hitch
picking
ment
than
in
satisfactory
a
that
category is simpler
in any other I
the
cause
invest¬
there
portant.
underlying ail municipals is sub¬
among
stantially the
can't
(8)
out
Most
of
taxes
same.
municipals
and
are
paid
exactly how
home
to
many
do. with
he
as
the
go¬
you
im¬
so
municipals,
in
one
positively what the fu¬
will
value
be
at
specified
a
time.
Stocks
Record of Common
As
stocks
common
are
a
popular
suggestion for investment at this
time, let's
what
see
learn
can
we
from the record made by a group
200
of
such
Moody's
stocks
years
and
during
by
Service
in
immediately
the last
1945 inclusive.
prior
to
1937
to
war,
I have chosen that
period because it is the most
cent
now
one
like
that
find ourselves.
take preparing for
pieases.
warlike
who knows the amount of his
compiled
Investment
the
municipal investor is the only
one
are
the investments listed,
may
he
dollar
the
course,
Timing is
Except
tell
ture
be
must
taxes
Of
is, when
ing to cash in?
know of, be¬
security
fundamental
prin¬
our
for the loss in
up
power
(7) While municipals may not
be bought
blindly, the problem
and
income
in
have cashed in
cipal, to make
loans.
such
The
•
graduated
rise,
crease
(6) They are an ideal collateral
for making quick loans and banks
are in no way restricted in making
able.
UNDERWRITERS
the
the value of the tax
exempt security tends to rise also.
or sell.
Banks and brokers every¬
Of course, the usuai rejoinder
where are accustomed to handling
made to these arguments is "You
such transactions.
The supply is
have no chance of appreciation of
greater now than it has ever been principal or income in municipals,
before and tneir ownership does
which
those
other
investments
not
present
problems
such
as
mentioned have." Summed up that
those presented by farm or real
estate ownership or breeding live¬ means: "We have hope of an in¬
tioned, municipals alone, provide paid before dividends. Thus these
anticipated in this country
(3) Opportunity for growth—in a regular income.
securities have a prior claim, as
and is not considered in what I
both principal and interest.
(3) They are the only income- it were,
have to say. Neither are munici¬
over
dividends. When
(4) It must be realistic. There
producing investment in which not paid out of taxes they are
pal bonds presented as ideal in¬
is a limit to the number of in¬ Ihe investor
can
know not only paid from revenues received for
vestments for the average smali
vestors who can breed cattle, for
tho number of dollars he will re¬ vital services rendered, such as
investor at the present time. They
instance.
ceive on a certain date, but how sale of water, on which they have
should be included in the port¬
folios of the well-to-do, however,
Obviously, the majority of the many of those dollars he may a monopoly.
to the extent of 20% to 50%, de¬ suggestions I have mentioned do keep
for himself to use as lie
The Certainty of Income Factor
pending upon the investor's tax not fit entirely satisfactorily into wishes.
the pattern of requirements spe¬
bracket and to the exclusion of
(4) There is opportunity for
Now these are the points I hope
all
other fixed
interest-bearing cified. Where they may possess growth in market value of munic¬ you will keep in mind throughout
one
good feature, - they are de¬ ipals, because as inflation grows this discussion.
securities
I want to stress
except
governments.
ficient in others.
taxes usually grow, as
a
result chiefly that only in municipals
♦An address by Mr. Barbour at the Na¬
Even
after
determining
the the value of the municipal in¬ can one have the assurance of
tional Security Traders Association Con¬
come
grows
because it is tax- receiving a given number of dol¬
vention, Virginia Beach, Va,, Sept. 27, category to be used, the problem
of choosing the particular unit, or exempt.
195Q.
Thus,
tax' exemption lars on a given date and know
is
first consideration,
principal.
the great¬
is the value of tax exemption
of
purchasing power.
(5) Municipals are easy to buy
stock, for
popular sug¬
How
be higher,
The higher the income,
work of
,
of inflation has been found. None
if present, has
supplies
yet been discovered.
be
because of
marketabil¬
and
their high quality and
the
body.
sure
should
as
after that of security of
er
latter
economic body as it is lor the ity.
Investments of
medicos to continue their search
No
be given
must
always good
to the
the
of
Some
ventive of this
a
not
are
high
as
as long as you ana I live,
the amount of the take home pay
tiie
scourge on
for
stocks
taxes
and with every in¬
now
possibly
con-
u e
search
common
income
are
dication that they will
ideal collateral. Stresses certainty of
that
essary
should
are
pays
that investment
or
Federal
and give dependable income due to tax exemption.
having good marketability, they
stock
that
or
7%,
Says there is opportunity for growth in market value of municipals and, be¬
in¬
oi
flation is pres¬
of
6% or
produces
a certain return, giving the gross
figure.
That is not an accurate
way to put it. The take home pay
is the only thing that counts. With
of inflation has yet
ravages
healthy if the
cancer
is
fact
We are too
much in the habit of sajdng that
in that if left alcne
Though pointing out
That
pay.
importance.
prime
Editor, "The Daily Bond Buyer"
pervades
the
home
take
By PHILLIPS BARBOUR*
Inflation is one of the most viru¬
lent
Thursday, October 19, 1950
war.
a
which
We
are
We have
and
economy
looking into
in
future,
re¬
we
now
a pre-
are
we
when
the
DEALERS
Listed and Unlisted Securities
LISTED
&
UNLISTED
SECURITIES
Dealer
on
Inquiries Invited
Pacific Coast and Hawaiian Securities
Teletype NY 1-750
Telephone WOrth 4-4300
Direct Private Wires
.
•
■
Dean Witter
&
i
\
Pershing
Co.
New York Stock Exchange
MEMBERS
NEW YORK STOCK EXCHANGE
NEW YORK CURB EXCHANGE
SAN
LOS ANGELES STOCK EXCHANGE
FRANCISCO
STOCK EXCHANGE
HONOLULU STOCK EXCHANGE
and other
BOSTON
120
BROADWAY,
of
NEW
Trade
YORK
5,
N. Y.
MIDWEST STOCK EXCHANGE
Private Wires
leading Security and Commodity Exchanges
SAN FRANCISCO
New York Curb Exchange
Chicago Board
Atlanta
NEW YORK
Co.
&
Members
LOS ANGELES
Pittsburgh
SEATTLE
PORTLAND
Boston
Providence
Chicago
Rochester
Cleveland
Toledo
HONOLULU
..mm.
Detroit
Toronto
Montreal
Youngstown
WH,f,
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
will doubtless be
economy
more
closely controlled than it is
even
now.
Here
years
are
the figures for the rich
philosophy
immediately
before
and counted upon to
during the last
Price
Dividends
Per Share
Index (Average)
Top Bracket
Bond Buyer's 20-Bond
Per Share
Year
1937
$44.04
Income Taxes
Corporate
79%
15%
1938
33.25
1.43
3.01%
79%
19%
1939
35.72
1.48
2.83%
79%
19%
1940
33.84
1.78
2.56%
79%
24%
1941
30.50
1.90
2.13%
81%
31%
1942
26.66
1.77
2.25%
88%
40%
1943
35.36
1.73
1.93%
1944
38.12
1.84
1.85%
1945
46.02
1.92
vestments which will suffer least
entire roll
94%
1.50%
1937
price ranged
40%
of
living,
on
or
stocks.
As the cost
profits rise,
months
labor's buying equities, or will yqu sug¬
gest that they place a good por¬
tion of their funds in municipals
and
After
the
the
war
1946
picture
was
increased-number-of-dollar
the
of
number
many dollars he will receive at
regular intervals in future, and
how many he can take home.
Controls and rationing and
strictions of various sorts
the
around
All
corner.
In
these circumstances munici¬
bonds are obviously the in¬
pal
and
provide the greatest peace of
As a matter of fact, those
bonds will benefit, because their
mind.
value
market
increase
will
extent
of the
levies and the de¬
in supply of bonds caused
by the expected controls.
crease
What About Deflation?
Up to this point we have been
a
talking chiefly about inflation.
price-earnings
investor
ratios
did before the postwar
than they
commodity
But to
inflation got started.
"In
25
du Pont
1945
and
times
31
sold
between
earnings; today
it. sells around 14 times 1950 esti¬
mated
earnings. Aluminum Co. of
America, a war baby, sells at
about
nine
earnings.
between
times
estimated
In 1945
and
13
it
was
times
22
1950
selling
will
be
in
position
to
benefit.
The
get back to our subject:
body is in a pre¬
position compared with the
industrial
corporation,
for in¬
stance, in the present inflation.
While, of course, the cost of the
things it buys goes up, so does
its revenue, and there are not the
public
ferred
Continued
earn¬
on
77
page
*
5
Carl M.
Loeb, Rhoades & Co.
Members Hew Tor\ Stoc\
61
Exchange and other leading Exchanges
BROADWAY
london, england
hotel st. regis, new york city
new
batavia
elmira
geneva
york
hornell
S
NEW YORK 6,
.
N. Y.
memphis, tenn.
state
ithaca
middletown
syracuse
utica
watertown
CORRESPOHDEH? S
STATE
HI
Farwell,
Be. « Company............
Waller
Betta,
Borland &
C. Bradford ii Co
W. L.
Knoxville,
Mead,
Mashville
{Jackson. Memphis
W.
Clark
Co
BONDS
\Philadelphia, Lancaster.
A. G. Edwards & Sons
(Washington D. C.
Miller
&
Louisville, Danville, Lexington
.Baltimore
Co
Peet 6? Co
Kansas City,
Elder y Co
Prescott ej" co
Louis* Clayton,
Cleveland
|San Francisco, Los Angeles.
Sutro V Co
ISan Jose,
Houston
.Chattanooga
4-
H.
C.
The,National City Bank
City
of New York
Bell
Teletype NY 1-708
PRIVATE
WIRE
Providing immediate
access to
SYSTEM
.
Primary Mar\ets
through Branch Offices and Correspondent Firms
in 80 Cities
across
the Continent
Beverly Hills
Boston
Wainwright & Co
insurance corporation
Municipal Bond Department
Omaha
Piper, Mray «P Hopwood
Hartford, Waterbury
fSpringficld,
♦
Lyons & Co
ITork, Germantown
Cooley & Co
member
H- O.
Pittsburgh
Chaplin & Co
E.
Chicago
:..
.Charleston, Parkersburg
Hardy V Co
IAlexandria, Lexington Park
:V{^C^W
Boettcher if Co
MUNICIPAL
federal deposit
Chapman y Co...
C.
Chicago
Co..
Johnston, Lemon & Co
and
Established 1812
New York
I
sad
D '
Office:
ap¬
proximately in proportion to the
'
Wall Street
de¬
mations of these beliefs.
$
auburn
55
are
to
1949, the turn, capital gain, from common
average prices of this list of 200 stock
investment, for
instance:
stocks were higher each year, as There are at least two forces which
were also
the dividends, than in are sure to interfere materially
any one of the years from 1937 with the realization of that hope.
to 1945.
Municipal prices on the One is the government and the
contrary have declined from 1946 other labor.
to 1949, although in 1946 the aver¬
We are living no longer in a
age price was highest, yield the laissez faire economy.
The New
lowest, in history. Today the 200 Deal took care of that. The phi¬
stocks'
average
price is higher losophy
of
government
under
than it has been since 1937, two which we now live is a soak-the-
Head
just
signed to make it difficult to make
large profits. The President's re¬
cent speeches and the actions of
Congress are replete with confir¬
§
re¬
re¬
are
fact, but true, that so think we should consider for a
moment what would be our posi¬
many people who have never had
experience in such matters will tion should we find ourselves in
put their hard-earned savings into a period of deflation. I am one
real estate or stocks, often per¬ who believes we will have such
a period, sometime in the future;
mitting their emotions to dictate
just when, I have no idea.
I be¬
the choice.
lieve it will surely come, however,
The popular idea that stocks are
and it will start possibly when we
the best hedge in an inflation, is
not proven by the record. In fact, begin paying off our debt. When
that time comes, the holders of
inflation can be
bad for stock
stocks will not be sitting very
prices. Dividends determine stock
prices over the long run and infla¬ pretty, whereas the holders of taxexempt bonds will be in a more
tion can be bad for dividends.
comfortable position. The obvious
Rising replacement costs, in addi¬
reason is that the income of the
tion to higher wages and taxes,
latter will be fixed; the value of
frequently cause corporations to
tax-exempt bonds will be high,
cut down the percentage of earn¬
because taxes will be high, and
ings they pay out in dividends.
the buying power of the dollar
"Business Week," in a recent
will grow.
number (Sept. 2) pointed out that
In view of such a possibility,
the current inflation in commodity
but chiefly for the reasons given
prices is a threat to the present
previously, I suggest the purchase
bull market in
stocks.
It says
of average grade municipals, with
that in times of commodity infla¬
staggered maturities, say, 10, 15,
tion it takes higher corporate
20, 25 and 30 years hence. Then
earnings to attract the investor.
if deflation comes the municipals
Stocks now sell at much lower
It's
year
From
of
sure
they will have to spend,
regafdless of taxes and labor? The
municipal investor can tell you
two
things which none of the
others can. He can tell you how
Such
a
bond
If you sell, what are you going
law. Under that law a bank earn¬
to do with the proceeds and what
would, in 1942,
ing above $25,000 will have to
have 15 years to run and in the
If the
have a taxable income of 3.69% will yob do for income?
market then in effect would be
price goes down, what are you
to net 2%.
worth 102.57, a profit of about
going to do in that event?
13
Government and Labor as Cuts
points.
By 1945, when this
If you buy an equity because
bond would have 12 years yet to
Into Income
*
run, it would have been worth
Now let's try to be realistic and
approximately 111.
*
see how justified is this hope of
reversed.
be
dollars
89.06.
was
bought in that
other simi¬
from these levies and restrictions
40%
;
are many
record investors have made when
40%
94%
demands rise also, and if wages
excepted,
whereas
the should be frozen in isolated cases,
from $44.04 in 1937, to $46.02 in municipal average is below the
the indications are that demands
1945. This was the high point in price of 1946—it is 1.83% now,
for a share in the management
that period and the low point was compared with
1.29% then.
In will take the place of demands
$26.66 in 1942. Dividends ranged August, the average stock price for wage increases. It will be ex¬
from a high of $2.04 in 1937 to a was $56.80, the average dividend,
tremely difficult, and in many
low of $1.43 in 1938. Stocks bought estimated on annual basis, was
places impossible, to deny those
in 1937, at
$44.04, could not be $3.63, the highest ever, and the demands. When that day comes,
sold at a profit until 1945 and yield was 6.39%. This is indeed a and it is
already here in some in¬
the dividends received would be tasty dish to set before the in¬
dustries, the stockholders' posi¬
less every year for eight years, vestor, but how long is that divi¬
tion, precarious as it is today, is
than they were in the year the dend likely tp last?
How much likely to suffer even more.
will increased taxes and wages
stocks were purchased.
A good
The production of capital gains
illustration of the way dividends cut it down?
Obviously, if the involves
the factor of timing, of
fluctuate, so often to the disad¬ dividend is reduced and stocks are course. When
are
you going to
bought at the present level, the
vantage of the stock owner.
buy and when are you going to
Stocks bought in 1938 could have yield will decline. Municipal in¬
sell? To make the investment suc¬
been sold at a profit, in five years vestments, of course, when made
cessful, you must be able to sell
out of the next seven; those bought at a definite yield basis, continue
at a price high enough above that
in 1939, could have been sold in that yield during the life of the
paid for the equity to care for
two years out of the next six at investment.
the 25% capital gains tax, which
a
Now compare
for a moment
profit, and those bought in 1940
might
be
hiked,
and
produce
could have
been sold in
three how devastating are the demands
enough additionaldollars to offset
These
years out of the next five, at a of Federal income taxes.
the possible decljJafc in their buy¬
calculations are based on the old
profit.
ing power.
Are you going out
rates
for taxpayers
filing joint
However, Federal income taxes
today to buy stocks, or commodi¬
were
being raised also in that Returns. The new rates are 10% ties, or land, and pay present
to 20% higher than the old.
The
period.
Individual
taxes
were
prices, which are as high as they
investor in
the $50,000
bracket have been for
boosted from a maximum of 79%
many years, in some
could keep only 48% of his in¬
in 1937, to 94% in 1945 and cor¬
cases the highest ever, and then
porate taxes from 15% to 40% come; the $100,000 bracket only be able to sit back confident that
34%; and incomes of $400,000 and you
in those years.
will
them
in
the
future
up, could keep only 17.87%.
The for
enough profit to make the
Municipal
bonds
acted
very
$50,000 income had to earn 4.16% venture worth while?
much better, price-wise. The aver¬
taxable income to net 2.00%. The
age
yield in the year 1937, as
When you buy a municipal bond
$100,000 person 5.88% and the
measured by "The Bond Buyer's"
due in, say 1955, you
may be con¬
topmost
bracket
had
to
earn
20-bond index, was 2.98%. Prices
fident that you will receive $1,000
11.19%, to net 2.00%. The $100,rose, yield decreased, above that 000
for that
bond
on
the
specified
person had to earn 7.35% to
point, every year, except one net
date. You can't possibly tell what
$2.50. Remember, those are
(1938) to 1945, when the index
you will get for an equity then.
the old rates.
The individuals in
registered 1.50% yield. Applying the
If you buy an equity and it goes
top tax bracket may keep
this yield scale to a 20-year, 2%%
than you antici¬
about $130 out of each $1,000 of up even more
bond, we find that the price in taxable income under the new pated, are you going to sell or sit?
The average annual
ings." There
lar illustrations.
and
even
reasonable do, because of the tax on the divi¬
profits; and labor, with the gov¬ dends, and they are disappointing,
aid, will do all it can what do you do then?
to take for itself an increasing
Facing wartime restrictions, in¬
share, whether the profits grow creased taxes, labor dominance of
or not.
After these prior claims the Government and the economy
have been served, I believe it is as we are today, are you going to
doubtful if enough will be left advise your customers to brush
for the stockholder, except pos¬ aside those deterring influences
sibly in rare cases, to make worth and put all investible funds in
while the gamble of betting his equities alone, in spite of the poor
93%
-
be you want the dividends, which so
often is not a profitable thing to
any
ernment's
Individual
2.98%
$2.04
can
away
abnormal
war:
Municipal Yields
Average
and
tax
9
THE COMMERCIAL and FINANCIAL CHRONICLE
10
The Television
Thursday, October 19, 1950
Industry
Later I'll
By R. A. GRAVER*
The past of commercially prac¬
ticable television dates from April
Vice-President,
York
the
area
first
Mr.
electronic
an
Right
televi¬
system.
then,
war
defense program,
and
t
next
on
with
itself,
All
on
those
its
of
had
tre-
this great
new
who
us
faith
mendous
particularly
way,
in
art.
shelf.
Everybody
R. A. Graver
elec¬
tronic
distribution. Estimates there
are now
line receiver manufacturers, have
manu-
was
friendly
not
There
television.
toward
were
lifted.
107 telecasting stations located in 63 cities.
.
until
the had authorized. The FCC's action
autumn of 1947, just three years is
called "The Freeze."
It has
ago,
although preparations had been just that,
been under way for several years.
What had happened was that
television
receivers
share of the total receiver
production in 1947 therefore was
Our
the demand for television had expanded so rapidly that room could
type
„
had
what sort of standStates would use
ards the United
television
system.
been
ui0Us
cast programs,
and very few sets
had been installed nationally.
During
months
remaining
eight
television
atattention, but
the
of
1947,
tracted considerable
compelling interest it attracts now. By the end
of the year, however, 14 stations
nothing
like
nine
the
cities
telecasting
were
with more or less rfgu~
lanty, though the less said ahflut
Even
better.
of
the
as
were some
late
as
I cife these
network
who said that sponsors
is
A
short
digression
150,000
mirai became
associated
marks
♦An addreKs
of
by Mr. Graver before the
the
National
Securities
Traders Association, Virginia Beach, Va.,
Sept. 27, 1950.
whole
Ju" if'
,
can
Mv
+
point
the
about
first
fuL I
of
a
place
world's
largest
television
com-
will zealously guard and advance.
The progress made by Admiral
and the television industry in the
latter months of 1948, and in 1949
and
1950. takes
cance
when
September
of
added
on
you
recall
looks now
1948
the
in
Federal
television
In 1949,
television programs improved im¬
measurably.
The public discov¬
ered
that many sports events are
seen
as
more
telecast-
ing stations than those it already
sion
satisfactorily
than
screen
Methods
service
televi¬
a
on
the
on
scene.
for
presenting
programs for the
useful
house¬
wife and the male home hobbvists
significantly improved. Ways
were
for
making educational and
dramatic
urograms
ing
news
interest¬
and
developed.
were
The
tech¬
began the parade of big names of
radio, the movies and the stage
to television.
in
Also,
important
1949,
Here
following reference to the
FCC "freeze" is the place to speak
color television, a subject that
has been agitating the industry,
the FCC and the public for many
0f
a
has been
plan
proposed
adoption of the
developed
tern
the
hv
is very
by
sys-
Columhia
much in the tentative stage
with many ramifications.
of today's telecasting
stations is equipped to telecast a
color
system.
In addition, two
today,
Only
did
im¬
sev¬
previously needed.
1949
volume
pro¬
12%, 16 and
even
came
of
19-inch
picture tubes
the
to
pioneer
today's trend to larger tube sizes
that
expected
are
and
24
High
30
to
go
as
high
inches.
quality
entertainment,
operation, and
big, clear pictures were what the
ease
receiver
of
public
discovered
the
television
industry had for him in 1949, and
they responded with
Even
one
other
one
job for which
the
been
in
And
was
that
so
duction
as
months.
FCC for the
simplified,
greatly
eral had
is to Communiratirm<? Cnrnmi^inr, hoU
If
«ev^Opeq Py me UOlUmPia
iJf communications Commission halt- Broadcasting Co. However, that
fact that Admiral Corporation ed the erection of
in
really began.
if it will be next perfected. Receiver operation
as
reference
did not begin the rnsnufacture of
up
my
1949, when the boom
vision in
knob
signifithat
now
"freeze," and he made the same provements were made in tele¬
statement that day, so your guess vision receivers. Circuits for pro¬
*s as &ood as mine as to when this viding clearer pictures and for
"freeze" will be lifted. It certainly minimizing interference were
Color Television
we
to
historical re¬
view and what happened in tele¬
Back
to nine months at least to lift the
phonograph and television — an
industry position which we have
relinquished, and which
held
mysteries were greatly advanced.
Comedy and "Quiz" shows found
the
"know-how"
for
providing
laughter and thrills. And in 1949
spring, and we certainly hope so.
never
a
as
earn
being
band, that
Very High Frequency
the FCC is now studying,
binations—' three-way units that
include FM-AM radio, automatic
up my re-
industry
the
manufacturer
re-
am
Television
in 1947.
to
sion industry.
ceiver manufacturer with whom I
and installed
areas
avail-
were
the leaders in the televiAlso, in 1948. Ad-
among
from my
here. My
occasional reference to the
100,000 sets
over
programs^ trrer subject is the television industry,
Approximately
those
in 1943, Admiral built and sold
any
main theme is necessary
in
1948
of
end
station
300-odd
now
niques for presenting dramas and
Fejpjral Communications Corn-
able.
no
television receivers had been built
Convention
the
a
the
well as allocations in the
mi^Sioner, Wayne Coy, in a speech
iwChicago, just the day before
yesterday, said that two years ago
he said it would take from six
was
alone where telecasts
television programs,
are selling out daytime,
also, and every big-name star in
the entertainment field is clamoring for a spot on television. The
sponsors of television shows are
highly pleased with the results
they are obtaining. It is a tremendous advertising medium, as
I will go into a little later.
today for
and they
as
the potential for
the
would
available
time
evening
figures to show how
band,
the sale of television receivers at
tremendous
last year, there
could not carry the load. I
like to tell you that there
programs
quality
required to prove how ridicwere the clamors raised by
television's early enemies.
April, 1947, FCC gave us the
green
light.
On that comparatively recent date, less than three
and one-half years ago, television
as we know it today, began.
Five
or six stations were ready to tele-
the
run.
be
approved.
were
.
however, had receiving sets,
975,000 of the sets built in 1948.
Less than three years have
s^age
In
in
pilot
a
Growth of Television Industry
.
.
Communications Commission
our
small—only
_
to decide just
for
if
against
nation,
provided with
of
part
would
television
the
regret
we
believe it should be
discriminates
It
considerable
not be found in the Very High
Frequency wave band for all the
television stations needed to proequipment that we were called suffer eye strain, program quality
The good beginning made by vide national television service,
upon
to manufacture was of a WOuld never attain the quality of the television industry in 1947 The Very High Frequency wavenature;
alti- other entertainment media, and was sharply accelerated in 1948. band provides room for only 12
sight
and
sound
meters, radar and various other even if it
would, sponsors would By the end of the year, 54 sta- commercial telecast channels.
types of detection equipment. We never
able to pay the cost of tions in 30 cities were on the air, With more channels needed, the
learned much about this type of
programs that would compete sue- making
programs
available
to only wave-band available for them
equipment during the war years. cessfully with the entertainment some
18,000,000
families.
Only is the Ultra High Frequency, and
Following tjie war, the Federal offered
by radios, movies and the about 1,150,000 of these families, it is channel allocations in that
the
However,
work.
people who doubted the
tremendous growth that it has enj0yed.
Some said people would
many
facturers, as you know, went into
war
build,
could
they
"freeze" and
and^predicts, barring hold-up of materials due to
are
sell all the receivers
been able to
about
these will have producing capacity of eight million sets within
Estimates there
year.
really
was
television
the
color television and expansion of co-axial cable
as
program
applications
prepara¬
war
Discusses
which
tions, and then
put
of
100 television manufacturers
growth
were
ready to be¬
gin. However,
the
developments, such
develop-
e n
in
history and problems of television industry.
and micro-relay system
sion's spectac¬
ular
Graver reviews
recent
Fre¬
I have brought
the two subjects in here only to
point out that even though Ad¬
miral, and virtually all other first-
regular
telecasting
service
using
Ultra High
for
color.
quency and
30, 1939, when NBC started in the
New
speak about Admiral's
preparation
Admiral Corporation
Division, The
Electronic
a
though the FCC
rush.
"freeze"
held up construction of television
stations
ized
other than those author¬
before
types of color telecasting
systems have been presented to
FCC, and agitation continues for
CANADIAN
their approval.
SECURITIES
new
of to¬
tion
zoomed
industry does
sets.
Demand for receivers during
Actually,
day, the television
as
the air in 1949.
not
know what kind
all
for
color will
exceeded
of a system
finally be adopted.
September,
51
1948,
stations in 40 cities went
on
Receiver produc¬
to
about
3,000,000
but three months of the year
supply.
Tremendous
as
It does know that color will come
BONDS
just
STOCKS
was
allocations
less than 4,000,000 of the approxi¬
UHF, but what kind and when
wide-open
subjects
as
of
mately 24,000,000 families within
in
Government
channel
the range of telecast programs had
today.
receivers at the end of 1949.
Industrial
Corporation
will
are
Public Utility,
Municipal
as
the increase in receiver sales,
Mining
Traded in American Funds
W. C. Pitfield &
.CANADIAN '
Co., Inc.
30 Broad Street
Phone:
HAnover 2-9251
Government, Municipal and
Teletypes:
NY 1-1979
NEW YORK 4
NY 1-3975
Corporation Bonds
Affiliated With
W. C. PITFIELD & COMPANY, LIMITED
F. B. Ashplant & Co.
MONTREAL
Halifax
Moncton
Vancouver
Two Wall Street
Saint John
Ottawa
Kingston, Jamaica
Coast
to
Coast
in
Canada
Cornwall
London, England
Toronto
NEW YORK
Rector 2-1545
5, N. Y.
Bell System Teletype—N Y 1-69
The
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
potential
market
in the
huge, and
large part of the United States
telecast
a
still
solely
remained
area
without television.
was
dustry
production, Admiral
to build 1,000,000 sets.
pects
of
Cable
Co-Axial
and
One
Hundred
was
importance
great
in
1949
the extension of the co-axial
cable
and
micro-relay
system,
through which network television
programs
transmitted
are
from
station to station. Already, in 1948,
the cable connected a few cities
the
on
East
Coast; but not until
1949 could it be ex¬
January of
tended to the Middle West. Since
then it has been extended to ad¬
ditional
cities
the
in
East,
near
South and Middle West, and now
is in process of extension to the
Pacific
Coast,
where
a
relay
al¬
100
continue
tumn
and
relay links to 15
cities
more
this year.
The
witness
what it is to
station
television
to
radio.
It
enables
be telecast from
to
program
is
the network.
on
a
any
By mul¬
tiplying the audience it increases
the money that can be spent for
s
at
year
an
This
pace.
au¬
least
Admiral
one
dealer.
television
big audiences.
command
shows is
States makes plain,
Why?
television
proved
actual
profitable
s.les and
169% in earnings
the first half of 1949.
the
from
effective
how
in
has
Better programs for
identical
caused
The
instances
Memphis.
sales
Louis
and
each
city receiver
far below the
lagged
national average because each
city
had only a single station, and the
quality
program
network
quality.
program
of the
nouncement
station
would
go
with
list
of
on
network
pro¬
each would telecast, caused
grams
receiver sales to mount
t^at
An¬
day that each
the cable,
the
a
not equal to
was
dealers'
cleared, and
stocks
so
rapidly
soon
were
large pile of back-
a
so
clusive.
We have two
net
That
Now, for the present year, and
first thing to say about it is
that television has
arrived.
In
one
than three years, tele¬
more
vision
has
earned
recognition
as
of the most important factors
American
life, and perhaps the
greatest advertising medium ever
m
offered
great
sion
American
business.
So
the demand for televi¬
was
receivers,
FCC
"freeze"
and
all, at the beginning of 1950, that
some
predictions
were
made
that
shows
experience
from
con¬
advertising
an
To
give you an example: When
advertise a specific model re¬
frigerator on our Thursday eve¬
ning program, "Stop the Music,"
we
by
careful check of retailers,
the public is asking to
a
know
that model.
in
provided
are
branches.
operated.
"d
We
show
can
j
conditions cbnsidered, 1 am coners and friends
&dent our stock.ml
you
wlAAA nat be disappointed.
(ast
t
Ar.d now to make the audacious str0'ng
forecast that was specified.
fe'vefs
I
can
assure
are
efficiently
addition,
they
are
celery that
is
kept
testing
sales
in
areas
for
all
evtn come
j
You
uncovered
can
old
worth
see
adage
a
dishes
the
in
what I mean,
that
thousand
"a
that
picture is
words"
is
so
true, and television brings it home.
Of
5
to
10
have just
en
described.
tha
demand
fo?
there
for
several
The forewill
television receivers
in
the
only about 6,000,000 receivers
can
would
be
built,
100%
built
be
an
over
and
sold
increase
1949.
almost
of
tears
at
Another
brief
reference
Pl^es> which
I'm
you'd like to have is Admiral
advertising. Admiral always has
sure
°I
u
Of the total in¬
has
products
established
sumer,
the
many
con-
I do know, of
thousands of American fam-
Admiral
ilies wi h their first television
won
has
It
made.
total pro:uction is not likely to
production capacities. I'm willing
to guess, however, that at the
Facing television manufacturers, moment, total industry capacity
It therefore, is the job of supplying is about 8,000,000 receivers a year,
of
national
ceivers. First sets, however, are
only Part of the huge potential
market. Already a replacement
market is developing. Families
that bought sets with 7 inch tubes
in 1947, and 10 inch tubes in 1948,
quality
the
products.
are
with
interest to
television
the
24 and
30 inch tubes
are
course,
the extent
to which our own capacity has
been expanded. In the last three
re-
Admiral has invested an
additional
$5,500,000
in
plant
quality, and win further acceptequipment and increased plant
ance for the Admiral name, $15,space 1,000,000 feet. In January,
000,000 is being spent to advertise
1948. when we went into the line
Admiral products this year.
now want receivers with larger production of television receivers,
picture tubes; and this replace- our production rate was 100 reAdmiral's Earnings
ment market is bound to grow, ceivers a day. Now, little more
A
name.
be of interest to you
ings in
1951, but you gentlemen
investment experts, skilled in
interpreting the future from the
are
past,
and
so review of Admiral sales
earnings for 1947, 1948, 1949
and the first half of 1950 may
you
help
to form your own opinion as
to what our next
years,
-iust.as » dic! in radio, to become than-two and one-half years later,
?n, ,mPortant part of each years it is 5,000 a day.
t0AaA potential.
The
enormous
the last three
Another developing potential is
increase during
years
in television
all receiver production facilities is of
members of all families want to great significance when considsee and hear the same television ered in connection with the re¬
program at the same time. Sec- quirements likely to be put on
ond sets are the answer to these the electronics industry by the
families' needs, as they have been n a t i o n's military preparation,
in radio.
Parts and materials shortages, as
the second set market.
year's prospects
Not
I.bave told
still another potential is export.
Admiral
are.
already
has
established
in
offing.
Before I offer the forecast that
STOCKS
BONDS
Markets maintained in all
Stocks
Bonds
Utility,
Orders
Municipal,
Canadian
Corporate
at
External and Internal
net
executed
Exchanges
New York
on
classes of Canadian exiernal
and internal bond issues.
or
prices
Stock orders executed on ihe Montreal and Toronto
Exchanges,
Inquiries Invited
or
nei New York markets
quoted
DIRECT PRIVATE WIRES CONNECT
A. E. Ames & Co.
on
Stock
request.
OUR
TORONTO AND MONTREAL OPPICES
NEW YORK,
BELL
SYSTEM TELETYPE NY
1-702
Incorporated
Two Wall Street,
New York 5
•
Fifty Congress Street, Boston 9 •
WOrth 4-2400
Dominion Securities Corporation
CApitol 7-5471
Philadelphia
Affiliates in:
MONTREAL
TORONTO
VICTORIA
VANCOUVER
and other Canadian Cities
40
EXCHANGE PLACE, NEW YORK
London, Eng.
WINNIPEG
LONDON, ENG.
Ottawa
CalgaryHalifax
»
much exceed 6,000,000, because of
a shortage of critical parts and
materials. I can't know exactly
how much other receiver manufacturers have expanded their
Canadian
Government,
lest
000 000 television receivers would
be built during the year, but that
,
the size of
the
a
re
families in telecast areas..
that has made the name, Admiral,
dominant in all fields for which
Admiral
*
TV
even
be
television
industry's ability to increase
picture tubes to provide
clearer pictures.
Right
single year. Given the breaks, the larger,
industry probably could have built now, the 16 and 19 inch tube is
standard.
Last year it was the
that number. But the breaks went
The year before, the
the other way, and now, because 12Y2 inch.
10 inch. Next year it may be the
of the shortage of critical parts
20 inch, and as I told you earlier,
and materials, it looks as though
8.000,000
to
vears
you, will hold televlsl0n YfCeiV-eruuPru^Uj^rl
pro¬
In
1947, Admiral sales of all distributors in Havana and Mex- year to the neighborhood of M00,through 1950 has been the products were $47,899,938, and net ico City.
Others in Latin and
Continued on page 77
comparable
improvements in
grams
lfter it^ stni
ab~east of the notential
Ad-
topic that I know will
Dual-Temp is edible after weeks;
cold cuts soft and as they were
put in, in the Dual-Temp.
the
on
and
third
two
conventional refrig¬
looks
but
As of today, there are 107 teletor several years at lest,
merchandising casting stations in 63 cities. Applans, and pilot operations for our Plications for 300 more are being
other distributors. Each of the 76 held
up
because of
ihe
FCC Elght ^llh-on ^VXTRe?ex\vers to Be
independent distributors is a siz- "freeze."
Within receiver range
Produced Next Year
able
company,
with substantial °f the 107 stations, about 7,500,000
Some moments
ago, I said that
annual income.
Some employ as families have television receivers, at the
beginning of' 1950, some
many as 40 salesmen.
with another 1,175,000 in public predictions were made that 8,miral
is Admiral's
limp; while it is
earnings. No one, I am sure, would
fresh and crisp in the Dual-Temp.
dare risk a forecast of our earnFood
tof^h
U3trv^ from
the
Ad-
knowledge of Admiral
by demonstrating with an actual
picture in front of them what hap¬
to
though
soon
^oumaLT^evis&Lltr
our
the full year, bu ,
of
acceptance for the Admiral
au¬
an
tele-
no
own
a
wjii
as
To extend
famous
pens
it
I
leant anticipate
earnings for
Ad-
than
Five
five
In
81
greater
operated
are
those
by
we
conventional refrigerator, or
Admiral Dual-Temp,
a
the
has
have
to
SSZm thVS
HSfJSfJL"
JY
Sales for all of 19J0 will exceed
$200,000,000—100%
see
dience just what happens to food
erator—it
the
is
standpoint.
weeks in the
orders accumulated.
little
experience
our
television
increases.
St.
are:
In
had
year,
presently
expected
over
means that less than
e. amines in those areas
.Ye teAevi£1°n. Additional teleimmediate sales response in prof¬
more people is the result.
known how potent an influence
Y1^0]1 receivers are being bougnt
itable volume to TV commercials.
The effect of the extension of
advertising is in its industries, and Lnn nrfn
areas at a rate of about
We, as sponsors, and one of the
the
cable
on
receiver
sales
is
always has advertised aggressively au">uulA a month. Thus, at the
sponsors,
having
started and
amazing.
Two recent instances early
effectively.
Second only to Present receiver production rate,
with the "Broadway Review," the
come to mind, although virtually
management and quality of prod- 1
would take four and one-half
first of its kind, know the value
every other extension of the cable
uct, advertising has been the force year®> °r
to supply receivers
of
the program.
is
it
r*
are.
works, "Stop
the Music," at 8 p.m. Eastern time
on
Thursdays, and "Lights Out,"
a 9 p.m. Eastern time on
Mondays.
We
sponsored
both shows
last
on
however, how
distributors.
vhat
3y%
1950, sales company's earnings
$103,295,000, and earnings,
If
nati0n's militarv nrena
58,485,000, an increase of 94% in ratTon
shouU not reauir7a sinele
cealer coverage.
our
distributors
miral
of
were
non-
Sales and service to Admiral m im
business special
knows
experience
shows
Simply
commercials
Admiral
,
dealers
The de¬ miral
television
great that no network
so
has time available.
builders.
now
increase
For the first hali of
Ob-
dealers in
complete is
In addition,
an
may
sales and 67% in earnings.
border
cities now
receive 'proIn 1949, sales were $iiz,000,000, grams from the American side
and ranges—Admiral has and net earnings,
$8,239,000, an anci saies 0f television receivers
retail dealers.
In
every increase over 1948 of 68% in sales
by Admiral's Canadian subsidiary
in the United States is at and 118% in earnings.
contribute substantially
to that
movies and the stage.
mand from sponsors for
Canada
countries
products—television,
radio-phonographs, refrig-
viously, Admiral
many newcomers wno first provea
on
were
For all its
782,825,
36,000 retail dealers in the United
themselves
South American
follow.
were
$66,764,000, and net earnings, $3,- casting stations of its
pattern
fairiy typical.
vision of almost every major star
of radio, and many more from the
TV commercials
network
Admiral
re-
win.er's programs will television areas do not handle Adthe appearance on tele¬ miral television.
That we
have
have
Immediately ahead
television
ana
Los Angeles.
is the extension of the cable
becat.se it is
television
of
this
accelerated
cite
about
are
radio,
make- plain the industry orators
position Admiral has achieved.
38,000
Improvements in television pro¬ coun.y
grams
I
ceivers.
earnings after all charges
$2,248,186.
In 1948, Admiral
sales
outline of the distri-
pattern for
quoted
even
specified, I think you'd
brief
a
The figures I have just
because
us
there
manufacturers
ready connects San Francisco and
of
like
Manufacturers
together,
receivers.
Micro-Relay System
Of
Ed Welch
bution
AH
Extension
ex¬
11
Telephone WHitehall 4-8161
5
Toronto
Montreal
Winnipeg
Vancouver
Victoria
THE COMMERCIAL and FINANCIAL
12
CHRONICLE
Thursday, October 19, 1950
Scope of Our Rearmament Program
I
had
intended to
"Air Force Speech."
make this
an
I
my
changed
want
talk
to
you
as
repre-
a
Pentagon official, asserting
most
all the Armed
Forces,
Armed
Forces
of
team
i
a
good prize fighter,
a
termine
r
says
to
marshal all
our resources
in present sit¬
more
expensive than people realize and national needs will de¬
channel of investment capital.
As you
fabulous
tagon.
the
Korean hostilities and
know,
defense
Pen¬
all
jokes
building
—
the
apology
building
five years proved to us?
I
think the front pages of our daily
last
of ramps
its lost
M. Zuckert
Eugene
end, I
enough
am
that
to
sure
there would be
material for
comedian
to
for
use
radio
every
half
a
life¬
time.
I sometimes
think, though, that
give the jokes and gags a much
we
wider circulation than
facts—facts that
For
only
facts
face
the
courage,
we
do the
citizens need.
citizenry that has the
a
and
our
understands
future,
them
only
not
can
with
There
Today, the men who are work¬
ing in the Pentagon building are,
to my mind, contributing their ef¬
is
for
need
no
answers
generation.
me,
or
of the
had
globe. As a result, we have
choice today but to pre¬
are
all
own defenses as
against advancing
our
pare
tection
and
ambition.
Such
a
a
pro¬
greed
re-activa¬
military might cannot
be taken by Russia as a threat to
her
our
security.
own
We
are,
as
military strength,
of
us
determined to
"Bring the boys back home,"
"demobilize
when
we
Marine
melting
forever"
found
Corps,
—
the
should
our
be much
as
I conceive it,
like
the
natural
own.
There
days
be
can
no
provoked
A
Army, Navy, show-down.
positive
show¬
and Air Force down will not give us a quick or
our
effective
away.
answer
to the present in¬
stalemate.
Such
a
They melted away, we quickly ternational
found out, much too soon.- They show-down, if that should mean a
resort to force, is not in conso¬
melted away when, at the very
same
time, another nation was nance with what you and I under¬
stand to be the fundamental be¬
building with determination.
liefs of a democracy. Some mod¬
*An address by Sec. Zuckert at the
ern form of trial by combat would
National
Security
Traders
Association
Convention, Virginia Beach, Va., Sept.
be
27,
answer.
1950.
erations.
neither
a
moral
nor
practical
tremendous.
women.
ginning
more
to
to
turn
are
already be¬
over
more
and
of their
productive capacity
goods.
Employment, al¬
war
Part
of
our
all-out
effort in Korea is due to unifica¬
tion.
And
I
can
truthfully
say
that, although unification has been
a
big
headache,
headache
has
it
been
a
new
much
ment
of
the
capital.
There will be
direction
of
con¬
invest¬
They
have the men—the
did not
we
in the line outfits—who
men
were
capable of carrying out the job.
I would like to point out tonight
that has been over¬
those who write and
comment on our military opera¬
tion in Korea. I regard the men
something
looked
by
fighting there—and I include all
branches
our
service
the
of
praise—as
courageous
military history.
as
this
in
any
as
an
agent of the United Nations,
entered that conflict, we were able
When I
talk about sacrifices, I to
using words idly. A man to
quickly. Critics are apt
that we started from
can't take out a substantial insur¬ something less than
a
standing
ance policy without
curtailing his start against a capable enemy.
other savings and his spending on
Greatest Supply Movement in
food, clothing, shelter and recrea¬
am
not
move
forget
One
the
men
Tarawa,
the
who fought and died at
Okinawa, the Battle of
and
Bulge,
over
the
Ploesti
fields.
oil
I
this
make
statement
because
of
one
the
boys who fight today in Korea.
the
thing:
psychology
of
In World War II the men left this
country to enter combat with the
bands
of
the
greatest
history
of
men
and
was
material
supply
instant¬
that
went
into Korea within the short time
of
90
days
greater than any
our history.
was
similar mission in
The
united
planning of Army,
Navy,
Marine
Corps,
and Air
Force, was already in operation.
It
has
been
a
thrill
to
see
the
spirit of "can do" that turned the
tide in Korea.
"pretested
One result of this
joint
a
strange,
bloody
planning"
was
country, into
vicious,
troops.
There had
rugged
combatv-hgainst
well-trained
been
no
time for orientation, for
building the spirit of combat.
Yet, what did these men do?
They fought, most of them for
stretches
of
48
without
time
-
ly thrown into action. The amount
84
to
hours
at
bravery.
They were, I sincerely believe,
of the bravest men we have
some
ever
had defending freedom.
They
have met the test.
But the real test for those of us
who haven't been
in the foxholes
is yet to come. It will come when
the battle for Korea is won—as it
definitely will be. Without Korea
as a daily reminder of imperialis¬
tic communism's threat to us, will
we be willing of sustain our effort
(Continued
on page
69)
Specialists in
Established 1922
Foreign Securities
Foreign Investments
ijdbtlAclcl and SP. SB/eic/tAoedeA, dnc.
INVESTMENT SECURITIES
30 Broad Street
New York 4, N. Y.
FOREIGN REPRESENTATIVES
Adler & Co., A. G., Zurich, Switzerland
a
relief, with gallant
Company
NEW YORK 4, N. Y.
in
I make that
statement with deep reverence for
were
movements in
&
if
playing on the piers; they
left a
country burdened under
indications that the shortages and rationing;
they saw
trols, irksome but necessary.
pressure of unification was forc¬
everyone
extending
a
helping
All
of
this
effort
will
cost ing the resolution of basic issues hand to the man in uniform—the
that
could
have
previously re¬ USO's were open 24 hours a day.
money. It will be your money and
submerged
indefinitely Our
my money.
The inevitable result mained
people were clearly warbecause
of this preparedness effort and the and
submerged, would minded. Our soldiers were psy¬
taxation it implies may be less of have weakened and increased the chologically prepared for war.
the better living we have been cost of our defense structure.
What about the soldier of June
As a result of the process of 25, 1950, in Japan? The men who
enjoying, and that effort will in¬
evitably bring dislocation of our unification, we were in good con¬ went into combat in Korea were,
personal lives and. occupations. It dition, within budget limitations, for the most part, peacetime sol¬
will markedly affect those of you when the
Reds
laid
down
the diers, doing routine, occupational
who deal in securities.
National challenge in Korea.
guard duty in Japan.
Suddenly
needs
will
necessarily
channel
When the United States, acting they were thrown into a war in
edness effort.
History
qAllen
planning would have meant little
a
of the difficul¬
because
high in our his¬
ties and the differences that have
tory, will be stepped up even
been aired in public.
more.
Manpower, as a result, will
But why have these things been
become scarce, and channeled into
activities relating to the prepar¬ aired in public?
ready at
To¬
proved the underlying strength of
our organized teamwork.
But this
did for "total war."
Manufacturers
perfectly
executed
land¬
modern military history."
we had to pay for such per¬
actions in the last few weeks have
preparation.
Our only answer must be, as tion. By the same token, a nation
Secretary of State Acheson has can't take out an insurance policy
said,
"total
diplomacy."
That in defense without cutting back—
means
a
marshalling of all our without, to use a statement that
resources towards the accomplish¬
may
sound trite but is all too
ment of our national objectives, true, "tightening the belt."
perhaps even more fully than we
Those are some overall consid¬
no
exploit to the fullest that chance. equipment of a good prize fighter.
And we can only do that through We should be strong enough to
possessing force in being. For the fend off any blows, while at the
thinking of late 1945 and early same time being strong enough to
1946 is over. Those were the days strike out with telling blows of
of
up
This will be expensive to an
to
be squeamish
Korea
about naming that power.
It is extent perhaps not fully compre¬
I would like now to pin-point
Russia.
A glance at the map of, hended by our people today. As
what I have said by referring to
the world will clearly show how only one example, we are bring¬
Korea.
imperialistic communism has cast ing into the Services substantial
Our effort in that battle has been
its shadow over so large a portion qauntities of additional men and
all democratic na¬
fort and devotion to realization of tions should be, without any ter¬
the last chance for peace in our ritorial ambitions of our own. Our
We
still keep
must
we
else,
anyone
tion of
but with faith.
are eloquent
question.
newspapers
and found victims—were laid end
to
was
But what have these
for defense.
long, rambling
corridors, i t s
and
first
At
its
maze
there
that this power was only
this
at
day, we can point with pride to
the achievements in Korea.
Our
If
about
ago
smoothing out unification.
of
Praises supply accomplishments in
after end of the episode
warns
in the
week
fection with the earlier heartaches
power.
I work
in
ing
But
uation will be
land,
and
sea
of
ment
the
a
over
ings, called it the "best planned,
military strength should be like natural equip¬
our
little
Inchon.
One experienced correspondent,
who has witnessed many such land¬
mind and tonight I
to
a
the landings at
Assistant Secretary of the Air Force
ntative of
s e
seen
By EUGENE M. ZUCKERT*
originally
Soiinur, S. A., Montevideo, Uruguay
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Financial
One
basic
trouble
with
every
13
Shadow-Boxing
By MELCHIOR PALYI
the
managers
eye
with
U.
der
printing
press,
thus pouring fuel
re¬
bor¬
process,
fire of monetary
on
expansion. Says both Treasury and Federal Reserve believe in "cheap money"
.un¬
and contends recent fractional rise in short-term rates has little effect.
system
a
Says Government, in recent refunding
rates.
rowed billions from the
of
S.
Palyi discusses controversy of Treasury with Federal Reserve Board
garding interest
man¬
agement
of
Dr.
Often, they
at
pur¬
nancial
Holds
controlled
inflation
and
money
credit offers
a
can
bank
reserves
and
Sees
no
through qualitative
necessity for tightening
predicts iriterest rates will be kept low.
be¬
of their
earning assets. In view of
possibility that long-term
the
bonds might depreciate some day,
Re¬
with
"orderly
System
serve
Treasury
(Morgenthau)
Dr. Melchior Palyi
is
era
still
story. This is the
time, however, that the two
first
bureaucracies have engaged in an
battle that began with verbal
open
skirmishes about
a
year
has
a
sort
reached
now
ago
and
of show¬
government
1930's and became institu-
tionalized
since
Pearl
Harbor,
what
does
the
conflict
of
further, perhaps to 1 V2 %. The Reserve
has
but it is
to
a
take up
member
which
to venture much
maturities.
change in the short rates reflects
itself as a major factor in those
banks'
The
banks
fuel
ternity
refused
to
buy—
that the government
pansion.
tune of
pile up bonds to the
$92 billion. One conis that the policy of low
to
borrowed
over
no longer can be abandoned
without endangering the liquidity
billion directly
the fire of monetary ex-
some
sequence
$1
from the printing press, pouring
on
II/
a
commercial bank loan,
is the case? (The discount on
60-day commercial paper has been
raised to—13A%.)
Booms have
not been halted in the past by
rates on prime paper of as high
as
8%.
The Treasury will not
as
Theoretically, the Reserve Board borrow one cent less if it has to
couid raise +he long-term rates
PaY %% more, nor can more bonds
and
IS s™ak pS
and
solvency of
thousands
of vateiv ahout dojne iust that
The
giant bureaus in charge of the
smaller banks. Their holdings of
purse
portend from a
practical point of view, other than interest-bearing securities-up to a pure
the dominant
maturities — amount
on
as
a
clash of power-minded and 10-year
fac£or ;s tbe mice at which the
the average to as much as five
mutually jealous public bodies?
a
ent
times their combined capital and
the
p^vaitog^
national
of rising prices and skyrocketing
214% for
artificiality,
obligations
p™c|nf1
government
profit
be placed with ultimate investors.
The banks may be induced to be
and
Reserve's
also
rates
of
accounts.
loss
efforts
mean
to
bolster
higher in¬
business loans, the vol¬
terest on
won
the first round, profit margins, how much differPyrrhic victory: it had ence does it make to a borrower
the "slack" which the if he has to pay 2%% instead of
means
During the War, the guarantee of
fixed bond prices
(and interest
rates) induced the banking fra-
rates
down stage.
Just
in
an
has evolved as part and
parcel of the Cheap Money policy
of the
Roosevelt
unwritten
an
market"
irony,
paper; it
(Eccles> and
the
in the F. D.
unconscious
can afford
beyond two-year
Therefore, a minor
they do not feel they
the
Federal
metropolitan
They
carry
short,
low-yield
which constitutes up to 60%
ume
tween
big
paper
those
skir¬
mishes
be controlled without rise in interest rates,
discrimination in making credits available.
good example.
The
the
banks.
eye-to-
see
The fi¬
poses.
the
another.
one
operate
cross
not
do
of
power
Managed Economy is the fact that
which,
incidentally,
has
risen in four months at the recordbreaking pace of $2 /2 billion. The
banks profit all down the line,
,e. banks certainly need
additional mcome to build up their
capital-cushion wnich has sunk to
less than 10% of their noncash
assets. (They need it all the more
J*> as " ls expected, the member
banks reserve requirements
should be boosted.) Could that be
attRnde^MOTe^ikelv
Its number
attitude. More likely, its number
one«jn».dm'tion ™ay be-a *udt
complex.
In final analysis, the
a
^i^L^uSheLr^neof
proportionately, there is no inducement to loan less to customers
or to refrai„ from purchasing cor.
the banks with government paper
bit more cagey in their lendings;
but since all money rates go up
and the consequent stymying of
its own policy into a virtually
accounts.
A substantial ow"sd"ynsnorate bonds
frozen pattern of Cheap Money,
*n Plain language, the central
With a runaway boom under way,
Let us recall the prime facts decline of the longest outstanding
marketable issue (the 2y2% Vic- bank has become a machine that
1wnat matters even more tnan it ig deprived of its classical
underlying this situation. To be¬
weapon of money market control:
gin with, the Federal Reserve still tory "tap" bond due in 1972/67) responds to every piece of gov- ns Pric® }s ine r; i D ?y
is an independent agency—one of to appreciably below par, and of ernment paper thrown in by emit- credit. As long as tne Hoard con- the uge Qf the discount "screw."
other
issues
accordingly, ting a piece of paper money.
P provide all tne money
q£ course>
js most discouragthe very few central banks which the
would
spell terrifying losses if Thereby, it maintains the level wanted by purchasing an tne gov- jng £or a self-respecting central
as yet have not been nationalized,
not widespread bankruptcy.
and pattern of interest rates, which ernment paper ottered—and it bank to gtand by with f0jded arms
openly or otherwise. Its Board of
surplus
,
appointed for
Governors,
a
long
term
by the President, subject to
Congressional approval, is respon¬
sible for monetary and banking
policy. On the other hand, man¬
aging the national debt is or
should be
ury
a
function of the Treas¬
which is
ernment
of the Gov¬
naturally
"fiscal"
an arm
and
minded, while the Reserve's role
is that of a guardian of monetary
stability.
since
However,
abandonment
of
the
the
de
facto
automatic
gold standard, the two fpnctions
overlap. Our postwar monetary
system is best defined as an auto¬
matic bond standard. All govern¬
could be changed by a mere push could not do otherwise lest the an(j wa£cb helplessly as the tide
of- a button, so to speak. But in entire financial structure collapse rjgeg £0 wasb out the monetary
practice, 2 Vz% is and must remain —a fractional tightening of the pinars. The ineffectual gesture of
borrow is politically more expe- the limit for marketable securi- interest rates has no influence on sightly penalizing the Treasury
dient—on top of a $256 billion ties of the government. To go be- the volume of money, or the prosjts future borrowings may be
national debt—than to tax. And, yond that to any extent, even as Pects of business and the demand
understood as a warning signal
of course, the Treasury prefers to little as 2%%, might bring
an for capital.
to shake the Administration out of
Presently, the Defense Economy
enters, with the prospect of new
deficits and rhore inflation.
To
borrow at low rates. Notwithstand-
retary Snyder,
backed by
President, made up his mind that
he will carry out his financing
operations by way of 13-month
certificates at 1 V\ %. He
to "roll over"
proceeded
$13.5 billion in cur-
maturities
rent
offering
the
(by Oct. 1)
certificates in
sold
bonds, long or short, can be
any time and at a guar¬
at
depends mainly on the amount of
its irresponsible lethargy,
The Board takes the very sensible attitude that controls need not
ag
contempiated
Berth Treasury mean resorting to police methods,
To experiment with minor ups and Federal Reserve believe in such as price-fixing and rationing,
and downs merely would upset the "cheap money," though the former Its spokesmen point out that unmarket without contributing any- means a little cheaper than the der present circumstances, it is
thing to the control of inflation. ]atter. But that slight difference even more difficult to police the
^g £0 £be short rates: in the face is quite significant to the earning
Continued on page 161
To
basjc
be
g
no
cbange
financial policy
is
the
much
in
as
by
ex¬
change for diverse short and me¬
coming due. Ap¬
anteed minimum price to the Re¬ parently, he expected the central
bank to go along supporting the
serve Board, and monetized there¬
market as it always did hereto¬
by. The money volume now is not
anchored to gold or to the busi¬ fore.
This time, the Reserve authori¬
ness community's demand for selfliquidating, commercial credit. It ties rebelled. After having raised
ment
III
avalanche of bonds to the central
bank's windows and wreck the
national credit, also sabotage the
the Treasury s financial program.
ing the Reserve Board's warnings
about inflationary hazards, Sec-
dium-term paper
the
rediscount
rate
from
iy2
Clearance Facilities
\ ,!
to
for
bonds the central bank has to ab¬
sorb
so
as
to
maintain
1%%, they let the short maturity
rigidly market drop a little. The 13-month
a
low level of interest rates.
This system
rate
is called officially,
tions
now
are
is almost 1%%.
that
it
may
New York and Out
Indica¬
of Town
be raised
OVER-THE-COUNTER
brokers and dealers
Inquiries
Adler, Coleman & Co.
Members
New
York
Stock
New
York
Curb
are
of
invited regarding
our
facilities.
Exchange
Members
use
Exchange
Trust Company of North America
15 Broad
Securities Clearance Division
Street, New York 5
HAnover 2-9780
115
BArclay 7-1300
Broadway, New York 15
Complete Domestic and Foreign Banking Facilities
Member Federal Deposit Insurance
Corporation
THE COMMERCIAL and FINANCIAL CHRONICLE
14
Thursday, October 19, 1950
Responsibilities of Investment Trust Management
The
of
fulfillment
its
broader
(a
statutory
requirement;
especially its implications are
highly relevant.
Its implications should be frank¬
ly discussed with the prospective
buyer along with appreciation of
the necessity for the incurrence
of a sales charge.
For example,
load
By A. WILFRED MAY*
and
responsibilities by the investment
industry
is
becoming
important—for its own
company
ever
more
benefit
well
broad
entire investment community,
rpallv
pr0gressjve income taxation, sup-
:f
ment
_a_
ing of age
a bang.
The
to
over
the
In
billion during
$2
fnH
9^
o
the oast
the
decade, and a 25% g ow h by
closed-ends.
them
around.
i
left
un-
contained
Company
sjons
all
multiple-pyramided
spheres, the public's
of
acceptance
brackets
ben-
investment
hv
of disclosure,
tection
bPforP
Mav
Utility registration
of
1933
is
even
a
now
of
and affording pro-
33rdAnA„ld:r Conbvy.„"o„
Detroit^Mich!,
itself with the trust share-
holder-both already
existing and
prospective-through the Securi-
confer
the
effec-
on
power
Defines types of trust.
officers
directors,
and
Exchange
Securities
via the National
the SEC,
gives
Act
the registration provisions of
the
jurisdiction
statute,
etc. thority
over
/0.
D
.
.
and
au-
the underwriters and
registration-re- dealers,
of
power
ing
the
of
<3) Restrictions on the proper-
legislation,
states
almost
the
all
and non-uni-
individually
time
selling, major changes in policy, sale
Investment Bonds and Stocks
organizations
of fraudulent securities, re-
censing of dealers and brokers.
company.
(5)
Prescribes
structures;
simple
barring
The; Void Remaining for
capital
Outside the
capitalization by open-end funds.
Federal
proper
manner
of div-
idend payments.
can
dispelled
Insuring
of
adequate
re¬
porting to shareholders, with balsheet
and attain-
and
income
informa-
That
hard-boiled
the
ma¬
here
too
viewpoint,
selling of trust shares, this thought
recently
was
of
Severe penalties
of viola-
tions.
advice
"There
detrimental
the
aspects of what they are selling.
happens
in
face
right
and
turn them
line.
every
Nothing is perfect.
But you can
to the rough spots
up
into less potent
objections by bringing them up
yourself.
You can turn a seem¬
ing objection into
for
reason
a
for
reason
not
buying
.
.
.
tell
man
a
them the bad points as well as
It
good.
kind of
the
is
strongest
salesmanship. When you
by
the
human
beings
planations
sell
in
the
anything
of the merits of the
being
pro
—
straight
There
open.
are
out
enough advan¬
tages in the fund to more than
make
arguments
later
apologies
and
That is the only way to
on.
up
widely
for the disadvantages
acquisition cost and modest
is beyond the
and con the "load"
paper.
space
limitations of
Past
But disclosure of the
Performance
Over¬
emphasized
Comparative performance dem¬
State, Municipal and Revenue Bonds
Railroad
White, Weld
Members of
40
Bonds and Stocks
&
Co.
the New York Stock Exchange
Wall Street, New
to be expected
another
ness
York 5
use
shares, constitute
phase of the funds' busi¬
where great responsibility for
self-discipline rests
Company Stocks
We maintain active markets
misleading
from
creating
a
not
those
on
by the statutes
tions. Not only should
from
Foreign Bonds
is of course
in the competitive
effort to sell the
covered
Canadian and
as
salesmen who shy
are
from
away
onstrations, whose
Bank and Insurance
salesmen
to
lay it on the line first, you won't
Development Bonds
•
the
have to worry about making ex¬
Discussion
various
this
International Bank for Reconstruction
Utility
in
expressed
professional heart-
some
return." i
(10)
Public
In the
practices which
Acquisition Cost Item
advanced
United States Government Securities
be
that
honesty is the best policy.
of
ti°n.
the
on
should
realization
by the
terialistic
the
a
composing the industry.
ment plans.
here
within proper bounds
ke
obligation
pay¬
action
from
even
a
only by fulfilment of a sense of
(8) Regulation of periodic
turnover.
"idealism"
of
People like to hear
state—are naturally
or
wide miscellany of
(7) Definition of
*
f°rmal regulation
scope
(6) Barring of senior securities
ance
shareholder
buying, or at least nullify it as
Self-Regulation
leverage
abuses, cross-holdings, etc.
(9)
the
ations of the trusts, and the li-
and
sponsor
preventing
formation, organization and oper-
their assignment,
or
between
as
quiring disclosure of pertinent in-
long-term contracts with advisory
dealings
matters
the
at
and
the fund by re¬
serve
Cynicism over the possibility of
formly have statutes dealing with
margin trading, short- such
help the
would
load
its
ducing
This
as
or
follows:
In addition to the regulatio„
Pr°Vk,ed by thC above"cited Fed"
trust.
a
overage
y
cash-in
investor,
long-time
same
to-heart
„
ue
(4) Prohibition against specified
•
equivalent
buyer in keeping him in line as a
course
,
,.
kers, underwriters, and investment eraj
activities;
Industrial
an
early
an
constructive
The
rowing provisions, investing poli-
advisers, affiliated with
and
purchasing
Such further understand¬
ground
Commission, with full infor- Association of Securities Dealers
cies,
in
tailed
switch.
its wishes for changes in practice,
f
fish-bowl mation about capitalization, bor- and
beyond that possessed
a
considerable
SEC
(2) Prescribes registration with
the
and, if
supplemental
year,
a
filings
recurrent
1940.
The Federal Government con- vocation by the Commission.
cerns
thP
a
constitutes
charge
calculation
his
of
deduction from his future income
tively to impose on the industry
.
'
filing
necessary,
are:
.
^
Act
once
prospectus during the year. Such
epochal In-
important of its provi-
more
by the investor in other securities. —with
mid-century
our
Mr
business
trust
finds itself living in
efiting from the redistribution of
capital through
de-
vices, and other shenanigans—the
the
ening the ownership of securities
lower income
trading
the
passed
political, boom of the 1920s—the blind pools,
social,
1ft/in
Public
Congress
panying the roaring stock market
legitimization
the
Act
payment
flexible
the
in
vestment
g
^
Securities
The
concerned primarily with the offering of securities for sale to the
Invest-
Holding Company Act of 1935, the
Following the avalanche of in-
indicating possibilities of
717
still
touched.
a
filling some vital needs; os broad-
among
conduct
The
n
In
increasing
A„+
vestigation and regulation which
and economic
trusts is
n
continuing
followed the awful abuses accom-
enjoying
the
1934,
of
ment Company Act of
constantly
and
i n c r e as
as
our
employment by fidu-
vehicle for
ciaries
accepted
investment atti¬
an
necessitates
(one of 9% will consume
the
9 0, a
public.
This chiefly affects the
adminis- open-er.d companies, who con- fund's throw-off of investment in¬
Existing Formal Regulation
trative procedure of the Securities tinually sell new snares and hence come for two years).
He must
order to view the picture in and
Exchange Commission
must file periodic registrations also understand the penalty en¬
area
Qualitatively, we see
becoming
combating
Act
perspective, let us first
'
and prospectuses. An arrangement
note the lormal sanctions now beBased on the findings of an ex- has been worked out whereunder
ing imP°sed by the Federal and haustive four-year investigation an open-end company can have a
State statutes and administrative .
the SEC following instructions current prospectus in circulation
reSulations, and then consider the Dy ^ne
101^
g s "J®
permanently by filing a new
funds
ooen-end
business.
own
prospective buyer should un¬
tude
Pr()Per
encedaouin
tunlingof the
of
and
the
Quantita¬
assets
needs,
secular socialization process.
tively,
we
have experi-
net
and the trusts'
ties Act of 1933, the Securities Ex-
P]ying the nation's capital invest- change
rnm
with
May
the
derstand that
the
United States
A. Wilfred
the
economy,
that
indus¬
in
a
Holds avoidance of
necessity be left for self-discipline.
the
For
trust
.
of
importantly further the constructive interests of the national
terest.
try
must
questionable practices in selling, portfolio management, and reporting, will
in¬
national
much
asserts
that
as
the
of
Citing the formal Federal and State regulation of the trust business, Mr. May
as
regula¬
or
they abstain
and
statements
horserace-doping
atmosphere; but affirmatively, the
item
in securities
Underwriter
•
Distributor
•
of
Dealer
Companies
ks
sets—should
stressed.
the
Philadelphia
Boston
Pittsburgh
«
Cleveland
San
management
expense
Chicago
In
be
at
the
continuing
least
final
expense
to
all
offices
equally
analysis
ratio
is
crucially important to proper ap¬
Francisco
Boston
praisal
Chicago
from
a
true
investment
viewpoint and should be
Private JVires
—
comparatively from fund-to-
fund and in relation to gross as¬
Natural Gas
New York
of
both
Philadelphia
New Haven
London
Providence
ceded.
Performance
so
tied to
con¬
capi-
Amsterdam
1 From
—•by
nancial
"Securities
Salesman's
Corner"
John Dutton, Commercial and
Chronicle, Sept. 21, 1950.
Fi¬
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
tal
gains
can be largely a for¬
phenomenon, while man¬
tuitous
agement
incurrence of expense—
s
ranging from 1.03 to 0.35% for the
open-end funds and from 1.94 to
0.38%
the
for
panies—is
closed-end
Of course, the
duction
in
com¬
controllable item.
a
re¬
expense
injuring results must not be over¬
looked.
importance
of
the item
of
management expense can be par¬
ticularly
appreciated
closed-end
the
of
in the
case
companies,
for
product—is
cating
sponsible
leaders
business.
lund
at
the
Where
selling
are
is
wnicn
own
market
the
wnicn
discount
a
amount
trust's
in
exceeds
tne
from
deducted
management ex¬
gross income for
pense, the actual result is tnat the
snarenolder
is
being given the
of
benefit
service
management
gratis.
Moreover, this and other advan¬
tages attached to the ownership of
closeu-end
in
ested
should be
those inter¬
companies
conceded
freely
the
by
of
promotion
tne
premium (as
well as by Stock HiXcnange bro¬
kers)
when
the subject arises.
open-end funds at
a
While tne open-end
have
wise
mutuals like¬
number
a
of
advan¬
tages (such as liquidity at under¬
lying asset value), they should be
weighed in the light of their price
of 100-plus cents
of
assets
of
75
cents
so
or
closed-end companies.
for many
of
size
running
from
fund
to
60%,
($134,437,000
$45,707,000), and amounted
versus
to
by
of the
52%
their
windows"
stocks"
in
possible
concurrent volume
sales.2
This
selling
device
tical
the
and
need
baby
a
salesman's
for
earnings
pair
new
seemingly
will
of
prac¬
to
shoes,"
it
impossible
be
as
ing away.
in any event,
in
ratio
be
as
can
encouraged
by
construc¬
tive correspondence from sponsors
the
phenomenal promotional ability.
"Blue
The
the
of
of
technique
selling
escape"
is
an¬
growing practice calling for
other
seif-restraint
by
promoters
fund
in their own best interest as
of
cashing-in
I
see
while the "let-
example,
past
about
claims
per¬
form,
intra-company
far
Although
practice
good
in re¬
While
this
they
promises to prevent
does not affect the very
important
activities of salesmen in their di¬
by way
business.
id
cern
ities.
minority
the
dustry
as
—
well
as
attention
the
its
of
by
the
of
aroused
have
and
in
in¬
their
con¬
They
calibre leads
a
yjltal
must,
and
to
me
believe
they will, fulfill it!
leaders
4 In
the regulatory author¬
Indicative thereof is the
This constitutes
responsibility.
tion
the
so-
substance, it is
the fair
of
Securities
partial codifica¬
a
intentment
of Sec.
Act of '33*
responsibility
major
regulation,
engaged
growth—and
tightly definitized by statute and
for the overall effect
is necessarily
still vouchsafed in the trust man¬
from
Forbearance
agers.
ir¬
pictorial excesses, textual
of
self-interest
well
via
2 Source
of data:
Investment
Robert
"A
Rich
Sept. 28,
ease
with
by
the
the
avid
prevalent
investment
National
coincides
practice
with self-interest.
High-sounding language, includ¬
Reynolds & Co.
Underwriters—Distributors
ing implication of similarity be¬
investment
trust
tween
and
safety of government bonds or
insurance,
com-
Association
subject fund
industry. Here again
good
ethically
repurchase
foibles
throughout the
3 Cf.:
The
accentuating several
are
prevailing
of
the
spring
the
the long-term benefit
as
the
life
should be avoided.
Members
Likewise refrained-from should
be the
dressing-up of staff econ¬
New York Curb Exchange
New York Stock Exchange
Companies.
Shareholder's
in
"Mutual
and
Loyalty"
Funds"
Financial
by
column,
Chronicle
omists,
power
exaggeration
and
of the
Philadelphia-Baltimore Stock Exchange
of technical gadgets to beat
ot
New York Cotton Exchange
Midwest Stock Exchange
the market.
1950.
us-take-care-of-you" appeal is be¬
Commodity Exchange, Inc.
Chicago Board of Trade
ing applied to the layman's worries
over
portfolio-management prob¬
lems
quite justifiably, at the same
time
"inflation"
the
is
bugaboo
-Private Wires-
seemingly being oversold. Not only
is the unwarranted
blithely made
120
BROADWAY
NEW YORK 5, N. Y.
•
assumption be¬
in some cases
ing
BALTIMORE
assets
terest
tutes
DAYTON
fixed-in¬
or
EASTON,
and
LEXINGTON, KY.
PHILADELPHIA
PORTLAND, ME.
complete
dollar
against
ME.
LEWISTON,
PA.
LOUISVILLE, KY.
protection
DETROIT
funds consti¬
the
to
automatic
an
CHICAGO
BOSTON
CINCINNATI
transfer of cash
that
depre¬
SAN
Branch
the
timing of such placement
only
into equities,
as
well
as
of
partial ' satisfaction
Empire State Building
of
effected
on
•
New York 1, N. Y.
Chicago, III.
its
the strength of
•
DISTRIBUTORS
•
BROKERS
sions and historical experience
Winston-Salem, N. C.
Syracuse, N. Y.
will
hurt all concerned in the
Bridgeton. N.J.
Moiristown, N. J.
East Orange, N. J.
other than sound economic conclu¬
York, Pa.
pottsville, PA.
Scranton, Pa.
UNDERWRITERS
Lancaster, Pa.
Allentown, Pa.
Philadelphia, Pa.
this
function, are entirely disregarded.
Sales
Offices
FRANCISCO
ciation, but the important factor of
money
Lumberton, N.
C.
run.
I
to hold
happen
that
for
most
ownership of
the
owners
some
long
Pinehurst, N. C.
conviction
of
capital,
amount of in¬
vestment companies as of
W. E. HUTTON &
individ¬
conclusion
on
my
CO.
Direct Private Wires to
All Branch Offices
ESTABLISHED 1886
ual common stocks is advisable—
but this
DETROIT,
Members New York Stock
Exchange
and other Leading Exchanges
part is
ing,
as
a
NEW
guide to
it might be
proper
sell¬
well to refrain
from
offering long-term time pay¬
ment
plans to older people (as in
the case of U. S.
savings bonds).
Philadelphia
Easton, Pa.
CINCINNATI
YORK
Baltimore
Portland,
Me.
Boston
Dayton
Lewiston, Me.
MICH.,
Lexington,
liy.
Hartford,
Conn.
and
BALTIMORE,
DES
irrespective of the inflation-hedg¬
ing advantage.
Also
of
and content of supple¬
questionable promotional devices
reaching the public through the
medium of the written word, it
the sporadic
or
the
standards
mental sales literature and adver¬
on manage¬
battles
use
forth
tising.
manage¬
how
either during
only
Reporting to Their Shareholders
as
evils
combined
exerted
Commercial
For
Just
in checking
an
administration,
its
for
over-
Chip-Itis"
switching evil.
salesman,
and
"scare
body
shareholders'
the
with
committee of underwriters
document sets
management
companies whose stocks
hold.
should go
the
the ques¬
in fulfilling obligations
vis-a-vis
of
ments
trust
in
discussions
extended
NASD
and dealers and dependent on that
extravaganza, and general sugar-
ancillary
agreement
Scare Technique
Over-use
the
in
they
formance.
of the entire
Several
from the
pressure
it.
persuasion
salesmen.3
Window-Dressing and
disadvantages
well be merely the result of
may
far
National Association of Securities
coating, should be followed for the
of
advantages. Phenomenal growth
money-back
resides
there
privilege,
pressure
trustees
ments
all
by
community
pre¬
Dealers, and released by the Com¬
mission Aug. 14, last.4
Based on
wide and care¬
constituent
their
porting to the shareholders is quite
appreciably curtailed and long-
management expense, bigness can
entail just as many
of switching
face
the
and the shareholders'
to
Possibly the switching evil
against
the
how
should go
paper
"buy
stop the abuse.
zealous
in
tion
losses
on
which
might require nettlesome explain¬
ations,
tive
nature
Except for the
reduction
suing
constructively
investment
Policy,
of
real benefit derived from en¬
very
"elite
consideration
ful
of
pared jointly by the SEC and the
management a fundamental re¬
rect oral contact with the public,
sponsibility to gear its investing of continuing routines is prob¬ which must of
necessity primarily
making a prospect dissatisfied with policy to judging available hold¬ lematical—but surely it is against
be a conscionable mattci.
ings according to
standards of public
his
existing
holdings
(without
policy as well as the legiti¬
business-value appraisal, in lieu of
having a sound investment rea¬
mate interests of their sharehold¬
attempting to outguess the crowd
son
for
doing so) as the pre¬ in timing the short-term market ers to dis-franchise them by en¬
During the coming years the
liminary to a new sale, is the coun¬ gyrations of the popular issues. In tirely washing their hands of the
leaders of the investment trust in¬
terpart of the practice long prev¬ this way, in addition to serving status of public shareholder.
dustry will be possessing. an un¬
their shareholders' real self-inter¬
alent
in
life
insurance
selling
paralleled opportunity to further
est, they would be supplying the
The Statement of Policy
wherein
the
solicitor's
entering economy with real venture capital.
the constructive interests of the
Abuses more recently coming to
wedge is the picking of flaws in a
Switching-pressure furthermore
national economy, of their invest¬
prospect's existing policy. And in greatly accentuates the temptation light, no doubt as a natural ac¬
ment community, and of their own
10 push the questionable competi¬
both fields, in the light of human
companiment of the industry's rap¬
of
of misunderstand¬
source
by tne public.
of
lieu
the
with
I would submit for
digging out investment-value situ¬
relevant
ing
operations to pla¬
public by "dressing
their
it is the firm con¬
redemptions viction of this observer that even
another to shareholders, bulwarking them
is
fund
a
trust
demonstrated by the cur¬
holding
The emphasis on the growth or
mere
the
re¬
rently large amount of repur¬
chases. Durmg the first six months
of
1950 while
gross sales
were
for every dollar
versus
by tne
Quantitatively, this situ¬
of
is
alarm
trebled those in 1949
value.
gearing
their portfolio
with
viewed
increasing
shares
intensively
more
be
there the income
yield is obvious¬
important man the asset
ever
whose rapid growth should indeed
ly
more
practice
a
Statement
called
In language as well as illustra¬
munity.
Importantly,
windowextravagance
should
be
technique of making dressing and "blue chip-itis" are tion,
a
sale—that
encouraged.
Conscious minimized!
is, persuading the thereby
prospect to cash in his previously- of continuous questioning scrutiny
Their Stockholders' Trustee?
existing holdings of another fund by
their
potentially-redeeming
A word on error of omission:
to pay
for the purchase of the shareholders, fund managers are
ation
The
Switching Evil
The switch
salesman's
possibility of
management
The
15
MOINES
to
our
MD.,
AND
Correspondents in
LINCOLN
SIOUX
CITY,
AND
IA.
OMAHA,
NEB.,
17
of
THE COMMERCIAL and FINANCIAL CHRONICLE
16
Continued
from
New NSTA Nominating Committee
Thursday, October 19,
1950
13
page
Financial Shadow-Boxing
than it was under actual
economy
conditions.
war
the
They
necessity of
budget,
restrictions.
the
be
Board
eliminate
to
him
on
reckless
the
the
use
con¬
financing, to restrain the
equally
reckless
expansion
of
housing credits, etc.
sumer
Aionzo H. Lee
J. W.
Means
Josef Phillips
But the President is a
His
politician.
counselors
economic
are
not
overly concerned about inflation;
as a matter of fact, they seem to
expect an early tapering-off. And
the
Reserve
more
itself
Board
courage
shows
in speaking than in
acting. Virtually nothing has been
done
market commit¬
expansion, in
Aug. 18 solemn an¬
by the
open
tee to restrain credit
spite
of
its
nouncement to curtail the expan¬
sion
of
Board
loans.
So
the
both
far,
have
President
the
and
refrained from using their powers
in any way that would
"hurt."
Clamping
Stanley Roggenburg
Alonzo H. Lee,
Lee
Co., Atlanta, Ga.
Phillips, Pacific Northwest Company, Seattle, Wash.
on
more
in¬
than
inflation
by
part
fears.
be
controlled
the
interest
without
rates!
"qualitative"
methods
of
job,
so-called
its
into
be
it
ultimate
resort,
policies
of
is
Nor
ing
ment
New York Curb
Chicago Board of Trade
WOrth
Bell
System
an
1-319
To
Wire System
to
is
that
a
$20 billion
to
gress
for
A fresh deficit
on
the
cur-
Should anything
or
to effective credit restric-
can
but rise,
The
when
crucial
question
public
resentment
against inflation reach the boiling
point, forcing the politicos to apply the brakes on lusty spending
and
lending? An early "peace" in
Korea should help, too.
CALCUTTA:
Team:
2nd
all
and
seems
John French, A. C. Allyn &
Co., N.Y.C.; Louis P.
Singer, Troster, Currie & Summers, N.Y.C.—
Dallas; Joe W. Ellis, Rauscher, Pierce & Co.,
Dallas
Wilbur
bonds
to
141 net
R.
Wittich, Grimm & Co., New York
City; Paul Monroe, Hunnewell & Co., Boston
Phillips, S. K. Phillips & Co., Phila.;
Gilbert Lothrop, W. E. Hutton &
Co., Boston
141 net
6th Team:
Mark
Stuart, Cowen & Co., N.Y.C.; John H.
Rauscher, Jr., Rauscher, Pierce & Co., Dallas
143 net
LOW GROSS:
Josef C.
interest
Phillips, Pacific Northwest Co., Seattle
71 gross
LOW NET:
John
French, A. C. Allyn & Co., New York City
MUNICIPAL
the
64 net
CUP:
Russell N.
Ergood, Jr., Stroud & Company, In¬
corporated, Philadelphia
investors
NATIONAL
banks; and to Con¬
80 gross
QUOTATION CO. BOWL
(For Four-Man Team)
controls to be put
own
141 net
Samuel K.
sundry
to
140 net
3rd, 4th and 5th Teams (Tie Score):
William A. Jackson, First Southwest
Company,
to realize
of
136 net
Team:
Gustave
Levy, Goldman, Sachs & Co.; Stanley Roggenburg,
Roggenburg & Co.; John French, A. C. Allyn & Co.; and
Lawrence Wren, Allen & Co.—all of New York
City
discretion.
And the Board knows only too
that an appreciable decline
well
Common and Preferred
Dealers
Analysis
Francis I.
upon
du
Members New York Stock & New
ONE
Tel.:
WALL
DIgby 4-2000
Wilmington
Los
8TREET
Angeles
Elmira
Cable:
'
Charlotte
Newark
•
•
Miami
•
Brokers
HANOVER 2-1266
TELETYPE NY 1-3238
,
Exchanges
5,
•
Minneapolis
•
Co.
Teletype:
Chicago
•
San Francisco
&
YORK
Rhetpont
Philadelphia
White Plains
York Curb
NEW
•
W. L CANADY & CO., Inc.
request
Pont
•
N. Y.
NY
52
1-1181
WALL ST.
Cleveland
NEW YORK
Rochester
Miami Beach
5, N.Y.
London, England
Direct Private Wires to:
Boston
Buffalo
Cincinnati
'
Washington
*
Columbus
•
Atlanta
NYACK
remains:
will
Mosley, Stroud & Company, Incorpo¬
rated, Philadelphia; Milton Isaacs, Straus &
Blosser, Chicago
necessity for
require¬
admonishments
more
slow
are
tion,
tions—while institutional liquidity
R. Victor
practically insignificant
at the Board's
fiscal
Winners in the Goif Tournaments
the
sell
same
until toward the end of
monetary controls, including
efforts
below
expenditures
rent fiscal year.
reserve
rather than to
the
far
major scale is not likely to arise
reserve
finance
in
is
increased, while the colossal
1st
-
PEEKSKILL
-
of
savings bonds asking for redemption. In any case, the real showdown on interest rates is to come,
By that time, the Treasury will
have to force the issue so as to
cut the cost of servicing a national debt of unmanageable size,
There can be little doubt as to
the outcome. Interest rates will be.
kept low. The Reserve Board may
have to swallow its pride and
reverse itself. At any rate, business need not worry about higher
costs of borrowing. As a matter
of fact, mortgage credit may even
ease somewhat next year, when
the housing boom slows downdue either to consumer resistance
against high costs, to material and
to materialize.
a
In addition,
be faced with a flood
labor shortages, to demand satura-
to
comes
are skyrocketing
boom, and tax rates have
"defense"
huge deficit.
the
it
deficit
year's
been
Administration for effective fiscal
and
current
a
may
January maturities,
when
so
in the
procedure. This is expressed in its
Company
1935.
of Fed-
own
period. Revenues
credits,
in doing
what the
to
minor increase
constant
do
Its
to
stiffer
rates is a
Christiana Securities
of
refinancing itself at the best rate
can fetch, and it
may continue
to
way
any
the
The Board itself
Correspondents in Principal Cities
aban-
was
—
legislation
For the time being, the Treasury
let things ride. So far, it keeps
who work for "defense"?
LAfayette 3-4620
Direct Telephone to Boston and Private
bonds
the
around
investsupport
an
and
can
by monetiz¬
equivalent amount out of
what
posed
19 Congress St., Boston 9, Mass.
hold
Making it responsible for debt
management, as the well-meaning
but naive Senator Paul H. Douglas
suggested, would not change the
picture materially.
requirements.
purpose of pro¬
viding such powers when the
banks to be regimented are sup¬
But
Teletype NY
should
portfolio
the Reserve System is, in effect,
nothing
but
the
"kite
to
the
Treasury's tail," squirm as it may.
their bond holdings. The Reserve
Board clamors for powers to im¬
Commodity Exchange, Inc.
it
bank, not
to
eral securities in its
selves with the cash
ing
Broadway, New York 5, N. Y.
4-5000
in
that
—
government
With
the legally permis¬
(by another 4% for the
big institutions) is totally inef¬
fective: the banks provide them¬
Exchange
dele-
or
control—over
long
there
them
pose
120
trust
doned
sible limit
MEMBERS
Reserve,
original idea underlying
construction
the bankers'
ments of member banks. Increas¬
New York Stock Exchange
In
Federal
the
mortgage
contrary
tightening
Josephthal & Co.
political
Congress determines the
textbooks preach.
BABY BONDS, SCRIP & RIGHTS
v
ap¬
The
have
may
discriminatory
or
etc.—can go a
the
boosting
The
credit
and
consumer
•
political
are
System up to $5 billion,
serve
gates the power to the President,
ambitions.
last
IV
without raising the in¬
terest rates? A very significant
lesson of our postwar monetary
experience is this: inflation can
SECURITIES
it
the
savings bonds—it has at its disposal $4 billion "Treasury cash,'
plus the newly confirmed right
to borrow directly from the Re-
But given Uncle Sam's superpropensity to spend for Defense
as well as for the Welfare State,
at home and abroad, his budget
is bound to burst sooner or later
and
December and
in
be stopped
REORGANIZATION & "WHEN-ISSUED"
Yet,
blame
to
Its independnominal than real.
governors
motivated
ing commodity prices and wages
Yarrow, E. F. Hutton & Company, Chicago, 111.
late.
too
unfair
more
pointees
a
But could the drift into mount¬
Staib, Geo. Eustis & Co., Cincinnati, Ohio.
Paul
no
The
is
it
Stanley Roggenburg, Roggenburg & Co., New York City.
Lee
margin
10%
a
stallment loans is
is
ence
been during
it
Now
war.
symbolic
move;
and
virtually
nothing has been done to stem the
unprecedented rush of speculative
dwelling constructions, which are
Sterne, Agee & Leach, Birmingham, Ala.
J. W. Means, Courts &
Josef
Paul Yarrow
Staib
that line
the last
altogether.
wished
have
along
would
be
incisive powers conferred
to
something
far-reaching disin¬
accomplished if
a
could
President
the
done
would
of
matter
a
moderate
a
budget,
flation
credit
energetic
of
bond
prices would
spell a unforeseen occur — such as a
catastrophe that could not be per- multibillion demand of the public
mitted to occur. The time to have for the redemption of outstanding
fact,
deficit in
As
with
even
pay-as-you-go
a
for
and
for
argue
ROCHESTER
-
SYRACUSE, N.Y.
-
SUMMIT, N. J.
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
17
Report of Legislative Committee
Following is the text of the
Report of the NSTA Legislative
Commi tee submitted by Chair¬
J. L.
man
Chairman J. L.
activities of year were concerned
Report
objectional Clause 3 of Section 12F removed from
Mosley:
The
with Frear Bill.
Quigley and R. Victor
activities
Legislative
date
of
have
of
Committee
been
up
to
agreement of
the
Jbill.
Convention
present
our
National
the
approved at the Convention ap¬
as
Quigley and Committeeman R. Victor Mosley reveal main
pears
in having
success
NATIONAL
thus leading to
measure,
below.]
Respectfully submitted,
NSTA, along with other organizations in industry, to support
Stresses need of protecting over-the-counter market from
practically confined to
LEGISLATIVE
COMMITTEE
J.
R.
legislative
L.
Quigley, Chairman
Mosley
Victor
Resolution
attacks.
On
this, the 30th day of Septem¬
1950,
ber
Washington to establishing
the
position and views of the National
,Subsequent
the
Our work is cut out for us.
Be it Resolved,
Clarence R. Mills, General Man^pmrifv TradSecurity Traders Association with new and formidable opposition ager, Department of Governmental ers
Association, Inc., in Conven¬
Senators and Congressmen whose appeared
which had
not
been Affairs, of the Chamber of'Com- tion
assembled at Virginia Beach,
committee assignments, directly or aware of the far reaching effects merce of the United States, ir. a
Va., is convinced, the continuing
of
the
indirectly, affected the day to
legislation even
in
its letter to Senator Frear, which let^
fu
i
effort, through the introduction of
ter is set forth in the hearings
day activities of the members of amended form,
amen(jing legislation to the Secuour organization.
After a careful survey, a brief report in our judgment states the ritieg
Exchange Act of 1934^ wni
The wisdom of this procedure confidential report by your Chair- procedure
^to be followed when eventually destroy the only origiwas
amply
demonstrated
we
as
to
hearings,
which received national publicity,
was made to our members
to the probable fate of the bill,
man
he writes: "The Chamber of Com-
R. Victor Mosley
Jay L. Quigley
counter market.
have been
Convention
the
since
activities
Our
in
last
continu¬
a
ation of the work initiated by our
national
the introduction of Senate
240'8 in the first session of
Bili
thorough study and investiwas
made of the back-
SjJ of those who nrf
jectives AfAwtAtf/hA are
the 81st Congress, on Aug.
actively
supporting the legislation separate
the SEC.
and distinct from
organization and its legis¬
lative committee immediately
upon
A
gation
It
became
soon
other
quarters
of the
aware
menace
ation contained
that
evident
were
becoming
to free oper¬
the bill
in
Currency headed by Senator Bur¬
Maybank of South Caro¬
lina, the Chairman. Senator Maybank then appointed a subcom¬
headed by J. Allen Frear,
mittee
and Senators
Glen H. Taylor of Idaho, Charles
W. Tobey of New Hampshire, John
Sparkman of Alabama, and Ralph
as
Chairman
Flanders
E.
limited facilities.
which
Vermont,
of
Now
it
market.
of
was
passage,
redraft
clause
by
On
Aug.
2,
in
1950
lecture
a
Vice-President of the
a
York
New
rdainlv
Frear
It's
that
a
and with a proposed
the SEC, eliminating
of Section 12F, we
three
Curb
for+h
set
Exchange,
he
(""Commercial
ment
1950)
let
it
be
said
venture
think.
of
We
of
07ihe
,
*
employment.
ers
Legislative
at once to
contact all parties interested
in
the preservation and firm estab¬
(with the approval
lishment
ter
obvious that
Text of the resolution
Market,"
and
to accomplish this objective,
TRADERS!
Quotation Bureau, Inc., m
given on Aug. 4, 1950,
lecture
IIIIII
great deal of preliminary to the statement re- Annual Meeting of the American
to a lating
to
our
stand
on
the Bar Association, Section on Corproper presentation of the position amended
legislation before the poration, Banking and Business
of our national organization.
We Senate subcommittee:
Law, at Washington, D. C., again
acted with the continual advice
was
would
time
be
"I would
Executive Council.
to
the
like
to
committee
ciation is not
a
house
it clear
asso-
our
in
the investment industry.
By
Mosley had been in close
that I mean, the IBA is a house
on very cordial rela¬
and
underwriting
organization.
tions with the SEC, while they
were domiciled
in his home city The NASD is a dealers and house
Mr.
Philadelphia for quite a period,
while your
tions
with
the
Chairman's rela¬ distinctly
Commission
were
felt that Mr. Mos¬
ley would be of the utmost value
cordial, it
our
Our organization is
organization.
tion.
an
individual organiza-
In other words, we are the
due
to
his
past experience and it so proved.
working
men
in
the
a
former SEC Attorney.
It
is
originated
which
the
and
consummate
his
time
in
the
and
out
of
political
Boston
strategy
Dealers,
by the New
if a story is repeated
often enough and by various
wrwrw *****•«.
wm:'-
it.
Added
to
this
is
... "
—
Los
Angeles.
-
TWX
All
peo-
PAINE,
pie the public will begin to be-
lieve
—
""
to
System
all offices from
the
principal offices.
Operating
WEBBER,
lawyers in the hope that they will
ally
on
is,
old
line in the securities trading business
Chairman,
the
strategy employed in telling it to
other
of
is
We constitute the front
industry.
hand, had devoted the major por¬
Your
investment
Private Wire
Connecting
lecture of Aug. 2, 1950. Mr. Spear
was
deliberations
Offices
33 located in 30 cities.
covered the ground, only in legal
phraseology, .hat was set forth
organization hy the Curb Vice-President in his
make
that
contact and
and
FACILITIES
a
necessary
counsel of the President and
your
tion
"Over-the-Coun-
(with the ap¬
proval of the Executive Council)
to take whatever steps necessary
public hearing dates on the that the National
Security Traders answers about all the points raised
and
Association appeared in the na- by the Curb Vice-President,
held from Feb. 7 to the 10th, of
tional legislative picture as a facHowever, on Sept. 19, 1950, a
1950, in the Senate Office Build¬
tor, which from now on should be Mr. Spear, who is a Special Assisting.
consulted whenever the protection ant to the U. S.
Attorney General
Your committee was streamlined of the investor and the working
(although it is noted his views
to the minimum" and was com¬ members of our profession is at do not necessarily reoresent the
views of the Justice Department
posed of past ^President Victor s^ke.
Mosley and your Chairman. This
At this point we quote from the or any other government agency)
was decided for the reason that it
remarks made by your Chairman in an address delivered before the
in
the
of
1951
proceed
These hearings were set
bill.
in
the
and
Committee to
■a-; 1
important to
"Chronicle," Sept. 7, 1950, Louis
Walker, President of the Na-
uled
and
Association, Inc., instruct its
present
executive council; 10 xaKe
note that in the same issue of the
a
a
,
Executive Council) to take
showdown,
a
At this point it is
to
high level
necessary
so
of
That the National Security Trad-
"over-the-counter
the
of
enterprise
maintenance
Therefore, Be it Resolved,
establish¬
firm
new
the
than'develop,
----capital, and —
produce a
handicap to the growth
definite
are necessary to
accomplish this objective. [Edi-
that
selves for
tional
record
we
and
market," and
E<
the
tend to stifle, rather
recommend a resolution by this
"over-the-counter
agreed, along with the other two
organizations in our industry, to
For
piecemeallegis"a-
' PIecemeal leSlsla
S.2408, the so-called
than
later
the burdensome
a*
inasmuch as the ourdensome
Bill, should be deferred."
the raiding of the
market,"
by tor's Note:
must be effected if the Curb Exchange is a must, and
to have any chance we might as well prepare ourobvious
rocninori
inasmuch
^rFinancial Chronic" srpt whatever steps
support the bill at that session.
subcommittee in due course sched¬
made
tlon such as
ls maa
tion
preservation
given by
7,
became
compromise
the bill
^on^s
free enterprise system* and
our
legislation,
in
its
original Convention instructing your presform, scattered to the four winds? ent and the 1951 Legislative ComThat we do not believe.
Already m;++ee to nroceed at once to conthev are gathering for.a new as
they are gathering for a new as- mittee to pr<?ceed at once t0 COn
tact all parties interested in the
sault
on
the
over-the-counter
8,1949.
troduced, and needless to say our
of
was introduced in the field
necessary
issary
activity
and
Senate by Mr. Frear and referred contact was immediately broadtent
taxed our
to the Committee on Banking and ened to an extent which taxed our
Jr.,
Are the forces that generated
this
in¬
as
This bill
nett R.
If the Frear Bill, as now seems
to be the case, dies in committee
over-the- ground of this legislation, its origi- with the present session of the
nation, sources, objective, and the Congress, what of the future?
the
of
industry
our
preservation
and
defense
the
as
market within
j venfure caDitai
merce of the United States lavors
To this date nothing has occurred a comprehensive examination by
team work was developed within to change the prediction made at Congress of the operations of sea minimum length of time.
that time.
eunties laws " and he further
proceeded with our representation
of this body, and a high degree of
are
men
the
who
don't
JACKSON
of tell them the truth of the matter
%
experience.
& CURTIS
actu-
trading
In 21
stocks and bonds."
believe it.
as
we
They will if
know
it from
we
states.
■Mi,
m
Trading Depart merits
Corporates and Municipals in
all
principal offices.
Established 1879
Members New York Stock Exchange
TRADING MARKETS IN
Producers
353
men
experienced in the
distribution
PUBLIC
UTILITY
NATURAL GAS
G. A. Saxton
t
Co., Inc.
DETROIT
CLEVELAND
and
INDUSTRIAL
70 Pine
St., New York 5, N.Y.
WHitehall 4-497Q
SECURITIES
Private Wire Connections to Philadelphia, San Francisco
and Los Angeles
AKRON
CONCORD
of
secondaries and
new
issues,
specials.
DULUTH
Telemeter
GRAND RAPIDS
Teletype NY I-609
CHICAGO
NEW YORK
BOSTON
HARTFORD
LYNN
MILWAUKEE
MINNEAPOLIS
Direct
PHILADELPHIA
PROVIDENCE
LOS ANGELES
BEVERLY HILLS
ST. PAUL
PASADENA
SPRINGFIELD
WORCESTER
connection
Francisco.
with San
Thursday, October 19, 1950
THE COMMERCIAL and FINANCIAL CHRONICLE
18
»
Report of Public Relations Committee
The report of the NSTA
lic Relations Committee
ing the past
Pub¬
John M. Hudson of
cover¬
activities of year, among
delivered
year was
Thayer, Baker & Co., Philadelphia, Chairman, reveals
to the NSTA Convention at Vir¬
with staff of
ginia
Beach, Va., by John M.
Hudson, Assistant Secretary of
Thayer, Baker & Co., Philadel¬
phia, Pa.
The text of Mr. Hudson's re¬
Bill"
port follows:
would
Your Public
Relations Commit¬
in com¬
plete
with
accord
the
As
y y
Council.
il
remain
not seem
as
s
i
study
if it
eompreheri-
work
of
years.
the
but
mission)
ber.
effort
every
John M. Hudson
has been made
foster
to
tual
the
between
Our
SEC.
our
during our
as
the
that
a
set
was
modified
delegates
ate
the
the
"Frear
use
sources
some
our
wide
va-
literature
you
hesitates
to
for fear
enumer-
of
over-
In most
one.
is
sponsor
extend
a
will take
to advantage. Your
hope
we
Committee
on
up
number of
a
educational
0f
looking
Committee
basis
of
cases
self-evident.
We
sincere thanks to those
lot
a
ciates
the
write
to
San
column
in
the
delphia "Inquirer"
the
only paper in
is currently
the country
service
organizations
and
ether
their
constructive
part
we
work
emphasize
current series of sketches
on
the
com-
contained in the N. Q. B.
Index presented in the "Digest."
panies
Also
BROKERS
the
"Chronicle"
is
present-
ing its readers the lecture series
on
the
"New
York
Securities
Markets" sponsored jointly by the
Vilas & Hickey
49 Wall Street
Exchange
Exchange
and
letter of Aug. 21
the members of the
I v
#
Chairman of the Georgia
Security Dealers Association Pub¬
lic Relations Committee and
to
any
as an
individual, am very much interested in the public relations angle
of the securities business, but I
am afraid that I have very little
a tangible nature to report this
Year-
Stock
territory
this
in
mem¬
York
New
have
which
booklets
not
only explain the workings of the
York Stock Exchange, but
New
which also describe to the
the
ease
listed
with which
or
a
public
transaction,
unlisted stocks and bonds
can
be made and the benefit which
can
accrue
to the owners of stocks
and bonds.
We have,
publicize in
course,
tried to
local newspapers
and in national magazines any im¬
portant participation in civic ac¬
tivities by members of securities
of
our
organizations in this part
of the
country.
From the
above, John,
that while
see
we
had
you
will
definite
no
the
Depart-
tee will continue its efforts in the
New York 5, N. Y.
educational
field.
In
\° Set the officers of corporations
l°i?ppr.ecl,ate *he advisability of
better stockholder relationships. I
trust
I
and I
am
this
is
only
what you
that
sorry
we
wish,
don't
closing, we
®.
believe we have made progress have some outstanding example to
appeal, particularly to the officers aiong this line.
present
or
some
revolutionary
of affiliates, for a greater degree
We, 0f course, read the local thoughts to pass to the members
of our organization along the lines
of cooperation with this phase of
newspapers, and where items ap-
Telephone: HAnover 2-7900
Teletype:
as
or
Lex Jolley, the President of the project or projects on which we
Georgia Security Dealers Associ- worked this year, we have not
ment of Commerce and Economics, ation,
as well as others
in this been completely "asleep at the
The
latest
lecture
reported
[at organization, have contacted the switch" and have taken an oppor¬
this writing] was by Lou Walker presidents of corporations in this tunity to improve the position of
of National Quotation Bureau.
part of the country in an attempt the securities business whenever
an opportunity presented itself.
The Public Relations Commitindustry in New York
University of Vermont
York Curb
Co.,
the
of
Exchange
of your
Among
and
effort
other
Our firm, as well as
bers
distributed
addressed to
an
particular security.
Dear John:
I received your
in
made
not
"sell" the particular firm
a
to the wel- £ kv t£i ?
Association and our
9 R.e a .10ns
Jj!fe ou^
industry. Your Committee would Association in regard to the report
be remiss if it did not particumade at the Annual Conlarly mention the "Commercial venuonI, as a member of your Comand Financial Chronicle," "Dealers
and
"National
Quote." mittee, as a Partner of Courts &
Digest"
BOND and STOCK
Members New
Hudson
the
business
securities
the
were
August 25, 1950
which
firms
other
the
speakers represented, most of them
were of a general nature explain¬
ing
Atlanta 1, Ga.
M.
the
of
members
that
know
and
SUPPLEMENTARY REPORTS
John
member,
and I believe we obtained the de¬
these talks benefited Courts & Co.
Portland, Ore.
Mr.
company
a
civic clubs, Associations of Ac¬
countants, etc. While admittedly
a listed review edition
Thayer, Baker & Co.
quarterly basis and a summary of unlisted securities semi®"*g.
Philadelphia 2, Pa.
annually.
publishing
tributed substantially
Members New York Stock
Co.
Atkinson-Jones & Co.
interested to know that the Phila-
on
the "ad" was
ran
organization, as well
others, have been called on to
make talks before ladies' clubs,
E. T. Parry
delphia "Evening Bulletin" (Jan.
and more recently to be
a
guest columnist in the Phila¬
delphia "Inquirer." You may be
the
which
who
I
Hartford, Conn.
Phila-
Savings and Loan Asso¬
of
as
Graham
E.
was
Courts & Co.
Atlanta, Ga.
Brainard-Judd &
newspaper in
run and also
the
sired results.
John F. Glenn
John
with
ciation,
George A. McDowell & Co.
Detroit, Mich.
3, 1950)
on
up
with the
was
We took this mat¬
business.
which the "ad"
Francisco, Calif.
"ad" which
"poke" at the securi¬
ter
George J. Elder
presented
ran an
a
ties
Courts & Co.
opportunity
a
small town
Schwabacher & Co.
The preSs has
fare
industrial
the
to
definitely
Frank Bowyer
either As-
than
more
trade periodicals have again con-
public utility
wording, such items are called
attention of the publisher,
or
along this line.
Thayer, Baker & Co.
Philadelphia, Pa.
smaller affiliates,
All
railroad
this
the standpoint
and some progress
fellow¬
good
Elder has reported
of a joint party of the
do
to
mem-
constructive nature,
a
home and
of the
members
some
of
which
Commission.
Our
matter
George
of
general letter point-
the value of
up
articles
rjety
Washington. We are honored
by the presence here at our Con¬
of
mailed to each
a
Convention
the year
recent day
in
vention
and
copy
have made available to the
filiate meetings through
well
as
ing
goodwill
at various af-
has been indicated
as
the
cooperated in relament the lack of comporting our activities all through
requested. This was fol- the year. Your Chairman appre-
lowed with
members and the Commission and
of
was
We
ments
mu-
understanding
staff
educational
an
killers of the Federal Trade Com-
SEC
annual
dinner
In
sociation could have done indi"Is
Business
Bad?"
by Phelps vidually.
This idea may prove
Adams
(an expose of the giant worthwhile, particularly
to the
discontin¬
of
of
public relations nature. A
regret
uance
matter
the next Con¬
ship,
literature
Many of you
the
this
upon
before
Chairman,
inspired
by the success
Mort Cayne, and with a substan¬ Detroit Traders and a non-affili¬
tial assist by Republic Steel Corp., ate, the Bond Club of Detroit,
inaugurated a program featuring pointing out that they were able
previous
may
act
comes
educational and public
not to the best
business, either
of substance
are
of
interests
has been made
One of our local
newspapers carried a daily column
written by a nationally syndicated
who cooperated in this endeavor, your "National's" program in the
financial writer. It was the con¬
Affiliate activities have carried coming year,
census of opinion of those here in
on this year, as in the past, furWe extend our thanks to the
Atlanta that this column was in¬
thering the interests of our Asso- officers and members who as¬
accurate and for many reasons did
ciation and the industry at large. sisted us, and for the opportunity
much more harm than good, not
Supplementing this
report are presented to work for this group.
only to us in this business, but
three letters which evidence what
Respectfully submitted,
also to the investing public. This
our members are doing, or should
column no longer appears in our
PUBLIC RELATIONS
be doing, if our business is to
COMMITTEE
paper.
In
another
instance a
survive.
Savings and Loan Company in a
John M. Hudson, Chairman
Your
compared
with
guard and be ready to
on
and
gress.
when
v e
with
the
of protests on the part of effected
corporations. We should, however,
program
may
As
not passed principally because
was
■
result
a
our
to carry on
executives.
developed, this legislation
economy
DroerarrT set"forth"hv*voiir
tive
ma*tar
an
Gives information of affiliate activities.
nature.
might
be
passed,
which
give the Committee a vast
corporation
this year is working
tee
efforts to foster mutual understanding
were
SEC, and distribution of literature of
relations
educational job
which
which
pear
from
.
NY 1-911
,.
-
i
.
,,
of Public Relations.
If I
I
hope
or
Chairman, Georgia Security
Utility and Industrial Issues
MEMBERS
120
Relations Committee.
Corporate and Municipal Bonds
St. Louis, Mo.
September 1, 1950
Investment Preferred Stocks
NEW
YORK
STOCK
EXCHANGE
DIRECT
Atherton
Co.
&
Street
Boston, Mass.
Street
Springfield,
Mass.
DU PONT BUILDING
WILMINGTON, DEL.
Bell Teletype NY 1-1248-49
M. Hudson
Thayer, Baker & Co.
Commercial Trust Bldg.
Philadelphia 2, Pa.
the
of
CONNECTIONS TO
Brothers
Lewis
Hartford,
Tifft Brothers
Main
Tifft
John
Mr. Haworth
—
WIRE
9
Mr.
Dear John:
BROADWAY, NEW YORK 5, N. Y.
Telephone BArclay 7-3500
1387
t
Dealers' Association Public
Laird, Bissell & Meeds
Congress
so
JOHN F. GLENN
Trading Markets Maintained in
Trading Department, LOUIS A. GIBBS, Manager
50
to
"
Sincerely,
Bank and Insurance Stocks
8chirmer,
won't hesitate
you
advise.
Public
give you further infor¬
help in any other way,
can
mation
Day,
Stoddard
Street
95
Conn.
New
Crowell,
650
Los
S.
&
Elm
Williams,
Weedon
Spring
&
Conn.
Union Securities
65
Co.
Corporation
Broadway, New York 6
St.
Angeles, Cal.
LINCOLN LIBERTY BUILDING
PHILADELPHIA, PA
BOSTON
HARTFORD
BUFFALO
•
•
PHILADELPHIA
CLEVELAND
•
•
SYRACUSE
and
Hoch, Chairman of
Relations
Committee
Security Traders
St. Louis, is
Inc.
Street
Haven,
Public
the
since
Club
of
presently out of town,
he
is
not
expected
to
return to this
city for another two
weeks, thought it advisable to
"pinch hit" for him with regard
to
Public Relation
Louis
affiliate
during this past
In
my
letter
(Continued
work
has
the
St.
accomplished
year.
to
you
on page
64)
dated
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
19
Report of National Municipal Committee
The NSTA National
Committee,
of
Municipal
John G.
which
John G. Heimerdinger,
to
the Convention covering
relating
and municipal bonds:
committee
Your
the
in
de¬
municipal bonds
reviewing
has
high
municipal
obligati on s
making
it
three years in
that
row
have had
t i
,
,,
.
should
,
increase,
Frank Meyer of the First
of
Michigan Corporation of Detroit,
f
a
taxes
too low at this time.
set
in the issuance
o
,
the
spread would narrow considerably
mdicating
that
either govern—
ments are too high or muncipals
an¬
been
,
imp^anfbearingon the'munid-
all-
imporiant
oearing on xne
future
John G. Heimerdinger
ence
and
figures
do«b*?
my
Michigan
bonds
erally held
as
by the
"Daily
Bond
Buyer" for municipal financing in
1949 as against 1948 are set forth
below (1950 figures are not as yet
contamination of
in
Michigan
the
For
ppn-
Supreme
Court
"Port
Huron
so-called
Case."
nrettv
is the decision
This
of
compiled
the
are
pollution and
Michigan rivers,
years
.
.
of
-yoVgaUon'or equity" olTny
tion for which
registered with the Securities debt
and
Exchange Commission if a
an-
«S.'Sg SSSUStoH
«.
ited
solely
to
sewage
exclwnge 11 It U
Inasmuch
purposes,
as
case
•
committee
less there be
a
feels
that
i
,
*
with
$3,994,459 $4,328,261
un¬
serious curtailment
^
by
strong
;
as
•
•
i
to
Since public health
involved, the State
when
a
faw
nroviding
providing
law
municipality
by a court of
a
Supreme"Court
PnfSI
Court)
Pirmiif
Circuit
that
tnat,
under
competent
was
Countv
ora
lw r^lJESi
tn
to build required
treatment facilities, the
sewage
'
to
Owned
and
ved
hospf
operated
ex-
el"s(^1^e^ounnt^perated ex
Y2' Uwned and operated
sa&rt.srstk
ex
.
".<•> P— *•«•% W • «"»
city;
.n
and
the field for
in—
"(4) Owned by non-profit gen¬
t2»5e
hospital
hereouirementf^ tolawTu
,
thought that municipal prices will
continue at a relatively high level.
The present strength of the mu¬
nicipal market is attributed to the
Korean situation and the implica¬
tion of higher taxes. In addition
consideration
of
which
has
was
given to
housing
expected to be
fng°opinfons^so the lawVwasPnever
aid
the
t*
re i
tmnr
in
tntxri
n
5??
i
of
,^i,n i. r?
w
n
.
1111111
i
*-i ■
v
11 hi i
i
i
.
the
iih
funds for investment may invest
the same in the kinds and classes
Henry Harris of Goldman Sachs
_
Question
pr0poSed
was
bonds
of
ofTennessee toaidthe
would be valid
provision of Article
31, of the Tennessee
program
nf
Qpni
Ht'to* dpcorihpd
in
thp
^Ld^nfraS6 of
ceeding paragraphs
cup—
snh-
'
'
Constitution, which reads: 'The
credit of this State shall not be
hereafter owned or given to or in
aid of any person, association,
National Committeethis submen' calls to our attention recent division, provided that investment ^0™pany' corporation,
jegjsia^on in Ne
York
State ls made only in such securities as pa«ty, ...
uSizing
the
junjyes
investment
fiduciary
would
oopor-
trusts
be
men
and
" law all
{"
nuZZ-1
„
new
to
previous
debt
unoer tne
restrictions n
interna¬
^
^
A
in
etc.,
governing
obligations
public expenditures
which would also lead to a sharp
reduction in the supply of new
municipal
issues.
Then
again
deficit financing may be necessary
with inflation of bank deposits,
sewage
another bullish factor.
et
lution
Commission) to complete
treatment works decided
to test the 1927 Act
by
a
Supreme
mv x«»»
«
— -—
Frank
vs.
Earl
The decision
municipals and Treasury
to
levy
unlimited
taxes 000,000,
a
reasonable
(Continued on page 66)
portion of
At Your Service!
is historically on the high
June,
side at the present time. However,
1950,
Trading & Buying Department Personnel
O. Staiger, Mayor
Madell, Treasurer).
was
handed down in
sustaining
right to issue the
the
Bertram
city's
bonds for
Goldsmith, Partner in Charge
Mgr. Municipal Syndicate Dept.
Carrington, Jr.
Leon S. Lees,
distributors
Dealers
M.
the
William G.
underwriters
Mgr. Corporate Syndicate Dept.
Jr.
Harry J. Peiser
brokers
Robert W.
Sharp
Municipal Trading Dept.
Wesley Warren
Corporate and Municipal Securities
Milton F. Lewis
Public
Special and Secondary Offerings
Research and
Joe
Advisory Service
Goldenberg
Utility Stocks
Railroad Bonds
W. W. Veazie
Commodities
Personalized Trading Facilities
Ira Haupt & Co
Shields & Company
Members New York Stock Exchange
Members New York
Members New York Stock Exchange and
NEW YORK 5, N.Y.
Municipal Dept. Teletype NY 1-1052
Uptown
CHICAGO
•
•
•
WHITEHALL 3-5300
111
Office—HOTEL BILTMORE
•
LITTLE ROCK
Exchange
Broadway,
New
York
6,
N.
Y.
Corporate Dept. Teletype NY 1-1680
BEVERLY HILLS
HOUSTON
Curb
(and other leading Exchanges)
other principal Stock and Commodity Exchanges
44 WALL STREET
BOSTON
•
•
LOS ANGELES
1
NY
1-1920
(Municipals)
NY
Teletypes:
BUFFALO
> -
Landon A. Freear of William N.
legally restricted investors in New
Able
legal counsel
represented both sides in the case
al
,
the P°wer of the issuing York State at present is $1,000,- Edwards & Co. of Fort Worth, a
and
thereunder.
(titled
state
ulation, and supervision, and that
the fact that title to the particular
hospitals is not vested in the state
or even jointly therein does not
cash alone available for invest- change the character of the purment by trust funds and other pose as a state purpose."
Court decision and to issue bonds
The spread
a
u
Ttlis law should further broaden
the market for municipals and be
of interest to municipal dealers
as an estimate has been made that
of
United States-Canadian Anti-Pol¬
and
hospital
limitation, population, m
records,
investments
Port
civilian
)
a"thonzed under aidChapter 74
vest in fixed income obligations seeking a reasonable income and on the theory that the
f limited categories
Under the tbe preservation of their capital." project is in reality for
a
tional situation; and there is also
the possibility of curtailment of
or mumci-
acquired by prudent
"The court held that the prodiscretion and intelli- posed state bonds could/ be validly
trustees previously obliged to in- gence in such matters who are
However, in 1949 the City body
Huron, which was under
Michigan Supreme Court order
(and also the order of a Joint
used.
heavy volume but will prob¬
ably be held down by the author¬
of
yonni i roo
nvix.
electorate, such bonds states and their
political subdinot to be chargeable against the
visions are removed and in olace
debt limit of the municipality. In
thereof are substituted the few
the absence of a Michigan
Su- and ^eral
requirements of (1)
preme
Court decision clarifying a full fajth
and credit pledge; (2)
and sustaining this Act, municipal
a
minimum population of 10,000
in
account
,
,
vote of the
been
Federal
r i f 111 r
J?1"1
tl(^;
default
_
bonds
nvo
The S'TSton
f „i ra]!on _proYlde, .f,or
as
the trend of municipal bond prices
will indicate there is considerable
between
it
eral welfare corporations.
w/ ||
i
Commission
powers.
enacted
A review of opinion among the
on
since
and then only where court or- vestment has been greatly inder<rd, the credit of the municipal- creased and the restrictions re^y involved should not be abused, duced to a minimum, there are
* Company
Lelh!lature'as'7arVback*as Tq27 one of y°u?
volume for the next 12 months.
committee
.
State
vitally
public and private order
purposes the outflow of munici¬
pals will continue in fairly heavy State
members of the
a
which tha t otficiotnro has granted
the Legislature hac arantprf
of materials for
ities
js of interest to mu-
^classified as to ownership as
Section
(000's omitted)
bonds
indebted to
are
statoaid to
1949
Long-term financing- $2,989,731 $2,995,425
Short-term financing
1,004,728
1,332,836
flow
&
of the
1948
the
we
dealers
available):
Your
Chapman
case
them:
"(1)
ren-
der unqualified leeal ooinions
which
T
any
legally created
tax supported authority,- commission, department or
gations
municipal
the* way for*theiTto
cleared
Sd
ih?
purposes
,
revenue or
.-ursris,
refer¬
.
w
ing Michigan cities are preparing district, the new law also permits
to. use this; sameJo fi- ^stmg of up to 35% of the
Supreme Court of Michigan which
we
on
Cutler, Chicago municipal bond
against real property. In addition attorneys have been so kind as
to permitting investment in obli- to gjve Ug the following informa-
,
,
stated purpose and as a result the
City of Port Huron sold, earlier
this month, an issue of $1,300,000
unlimited tax, general obligation
sewage bonds. Several other lead-
For immediate
interest
obligations.
rn°U™rtrsNofa0nd1c™?he; *5 SSJMfSSK his
highs.
m e
Tennessee Supreme Court decision upholding state
as
exempt
Acts
.,
if
other all-time
record
and
hospitals. Calls attention also to other decisions and legis¬
lation affecting state and municipal
of
finds that
well
as
bonds issued in aid of
municipal obliga¬
tions during the latter part of 1949
and for 1950,
up to this time,
output
likely to find its way into
municipals, particu¬
larly revenue bonds.
Herbert Pettey of the Equitable
Securities Corporation, a member
of the National Municipal Com¬
mittee, calls to our attention a de¬
cision of the Supreme Court of
Tennessee in December, 1949, re¬
garding validity of bonds of the
state for hospital purposes under
Chapter 74 of the 1949 Public
tax
Reveals implications of Port Huron Case decision, and
relatively high level.
liberalization of New York State law regarding trustee investment in state
State
to
which is
munic¬
new
ipal obligations, holds trend indicates municipal bond prices will continue at
Heimerdinger, partner of Wal¬
ter,
Woody & Heimerdinger,
Cincinnati, Ohio, is Chairman,
presented the following report
velopments
Chairman, after noting all time record of
1-2708
(Corporates)
THE COMMERCIAL and FINANCIAL CHRONICLE
20
19, 1050
Thursday, October
In Attendance at NSTA Convention
COULSON, CHARLES G.
L. W. Hoefinghoff & Co.,
BROWN, WILLIAM P.
Baker, Simonds & Co.,
ARMSTRONG, EDWARD J.
Stein Bros. & Boyce,
Detroit
Baltimore
phis, Memphis
CUMMINGS, PATRICK J*
Bear, Stearns & Co., Chicago
DUCKEL, HARRY B*
Manley, Bennett & Co.,
V*
Marshall,
BIJNN, JOHN W.
Stifel, Nicolaus & Company,
Portland, Ore,
Incorporated, St. Louis
porate!, New York
Edward
Co.,
St. Louis
DIXON, ROBERT B.
DOCKHAM, GEORGE A.
Hincks Bros. & Co.,
McDaniel
New
CANADY, LLOYD E.
Lloyd E. Canady &
Mackie,
pany,
BERTSCH, ARTHUR*
G. A. Saxton & Co., Inc.,
Com¬
Raleigh
A.
G.
Becker
&
Co., Inc.,
Chicago
BISHOP, WESLEY M*
Smith-Bishop & Co.,
CASEY, FRED J.
Doyle, O'Connor & Co., Inc.,
Chicago
Syracuse
BLIGH, ROBERT A*
CAUGHL1N, EDWARD J*
Edward J. Caughlin & Co.,
Philadelphia
Fahnestock & Co.,
Torrington, Conn.
BLIZZARD, HERBERT H*
Herbert H. Blizzard & Co.,
DOTTS, RUSSELL M*
Woodcock, Hess & Co.,
Philadelphia
DRINKARD, OSCAR B.
Scott, Horner & Mason, Inc.,
Lynchburg
EARNEST, GEORGE H*
Fewel & Co., Los Angeles
EGAN, JOHN F.
San
Cayne & Co., Cleveland
CHISHOLM, FRANK A.
Varnedoe, Chisholm & Co.,
Inc., Savannah
Brush, Slocumb & Co.,
Francisco
Amos C.
Francisco
George A. McDowell & Co.,
ELLIS, JOE W.
Co.,
BOWYER, FRANK
COHAN, H. D *
Denton & Co., Inc., Hartford
Stroud
COLWELL, SAMUEL F.
W. E. Hutton & Cb.,
New York City
Baltimore
HUNT, WILLIAM P*
W.
Inc.,
Jr., RUSSELL M*
Company, Incor¬
&
Philadelphia
City
Louisville
FITZ-GERALD, JAMES F*
W. L. Canady & Co., Inc.,
New York City
FREEAR, LANDON A*
William N. Edwards & Co.,
Worth
Fort
Norfolk
GRAHAM, JOHN E*
Brainard, Judd & Co.,
ISAACS, MILTON J.
Straus & Blosser, Chicago
Hartford
GREEN, SAM*
JACKSON, WINTON A*
Pledger & Company, Inc.,
First
Los Angeles
Dallas
GREENE, IRVING ALLEN
Greene and Company,
New York
Atlanta
JUSTICE, FLOYD E.
Kidder, Peabody & Co.,
Philadelphia
York City
KEANE, J. FRANK
Elmer H. Bright & Co.,
Scott, Horner & Mason,
Richmond
Boston
KEARTON, J. G.
National Quotation Bureau,
,
Gardner,
Philadelphia
HALL, Jr., CLAIR S*
KEEN AN, JOHN J*
Company,
Morgan &
Cincinnati
KELLY, JOSEPH M.
Francisco
J. Arthur Warner & Co.,
HARRIS, HENRY*
Goldman, Sachs & Co.,
New York City
New
Hattier &
KING, CHARLES C*
Bankers Bond
Sanford,
KING, MARTIN I.
Sutro Bros. & Co.,
New York City
KING, THOMAS E.
Thomas E. King & Co.,
Chicago
Co.,
LATSHAW, JOHN
Uhlmann &
LEAHY, CRANDON
National Quotation Bureau,
HINES, JOHN D*
&
Boston
Co.,
(Continued
City
Chicago, and
to
62)
direct private lines to
in United
in New York
States
funds.
charles king & co.
Members:
New
York Stock
New York Curb
Incorporated
Exchange
Exchange
Toronto Stock Exchange
Montreal Stock Exchange
Montreal Curb
89 Devonshire
St., Boston 9
Exchanges at
regular commission rates or traded
Morgan & Co., Los Angeles
J. Arthur Warner & Co.
Telephone WOrth 4-2300
page
CANADIAN STOCKS
Orders executed on all Canadian
Broadway, New York 5
on
Investment Trust Shares
Coast-to-Coast Wire Service through
120
Latshaw,
Kansas City, Mo.
Milhous, Martin & Co.,
New England Securities
Paul H, Davis & Co.,
Co.,
Louisville
HILL, CARL E.
Dean Witter
Co.,
Durham
HATTIER. Jr., GILBERT
New York
Bank & Insurance
City
J. Lee Peeler &
HECHT, JOHN C.
Dempsey-Tegeler &
Los Angeles
Railroad Securities
York
KENNEY, JACK
HASTINGS, H. RUSSELL
Crouse & Company, Detroit
White,
&
KELLY, JAMES F.
Kidder, Peabody & Coi,
New York City
Atlanta
Atlanta
Public Utilities
Co., Los Angeles
KELLY, EDW. J*
Carl M. Loeb, Rhoades
Co., New York City
HAMMELL, ELMER W*
Caswell & Co., Chicago
San
Company,
Johnson, Lane, Space & Co.,
GREGORY, Jr., WM. H.
Bonner & Gregory,
New
Southwest
JOLLEY, LEX*
City
HAWKINS, DANIEL
Otis & Co., Cleveland
Natural Gas Issues
Co.,
City
ISAACS, HENRY
Virginia Securities Company,
Cincinnati
HAUSER, HERBERT M.
Hooker & Fay, San Francisco
Industrial Stocks
&
Hunter
New Orleans
Primary Trading Markets
Sibley & Co., Boston
New York
GRADY, GEORGE T*
John E. Joseph & Co.,
HARKINS, CHARLES B.
Blyth & Co., Inc.,
& Beane,
E.
HUNTER, WELLINGTON*
HANCOCK, ROY W*
Hancock, Blackstock & Co.,
CORNELL, JR., JOHN B.
Dallas Rupe & Son, Dallas
•Denotes Mr. and Mrs.
City
EVANS, J. HERBERT
Florida
Securities Co.,
St. Petersburg
ner
CONLAN, PETER J*
Hornblower & Weeks,
Chicago
BROWN, M. E*
Shields & Company,
Los Angeles
porated,
Thayer, Baker & Co.,
Philadelphia
FERGUSON, Mrs. ORA M.
Merrill Lynch, Pierce, Fen-
COLLINS, GEORGE L*
Geyer & Co., Inc.,
New York City
BRADLEY, R. EMMET*
John C. Legg & Co.,
York
Co.,
HUDSON, JOHN M.¬
GRACE, IRVING P.*
W. C. Pitfield & Co.,
New
&
Cincinnati
GOODMAN, RICHARD H*
Shields & Company,
Clair S. Hall &
CLEAVER, JAMES P.
ERGOOD,
Westheimer
William R. Staats Co.,
St. Louis
Rauscher, Pierce & Co.,
Goodbody & Co.,
New York City
tion, Detroit
HUDEPOHL, HARRY J*
GLASS, Jr., CHESTER M.
Reinholdt &
Sudler &
BOGGS, WILLIAM H.
Hill, Thompson & Co., Inc.,
New York City
BRADY, H. NEILL
Blyth & Co., Inc.,
New York City
Laird, Bissell & Meeds,
New York City
HAGENSIEKER, EARL
Dallas
Schwabacher & Co.,
San Francisco
GIBBS, LOUIS A.
New York
City
HORN, CLARENCE A*
First of Michigan Corpora¬
GUNN, M. CARTER
Detroit
Denver
Baltimore
Company,
ELDER, GEORGE J*
CLARK, PHILLIP J.
BODIE, Jr., CHARLES A.
Stein Bros. & Boyce,
California
First
CAYNE, MORTON A*
Philadelphia
BLUM, ERNEST E.
Haven
DOYLE, LEO J.
Doyle, O'Connor & Co., Inc.,
Chicago
CANN, MAURICE J*
York City
Lewis & Co.,
Greensboro
Baltimore
San
&
BUTLER, J. WILMER*
Baker, Watts & Co.,
BARYSH, MURRAY L.
Ernst & Co., New York City
New
Jones
BURKHOLDER, H. FRANK
Equitable Securities Corpo¬
ration, Nashville
Eastman, Dillon
New York City
BEAN, JULES
Singer, Bean &
New York City
D.
Grimm & Co., New York
Co.,
Los Angeles
DEPPE, RALPH C*
May & Gannon, Inc., Boston
City
FREDERICK
& Co.,
BARTON, D.
CUNNINGHAM, FRANCIS J.
Kidder, Peabody & Co.,
New York City
BURKE, Jr., WM. J*
Co., Incor¬
duPont, Homsey & Company,
Boston
Chicago
Orleans
BAILEY. DAN
BAIR, JOHN W.
Blair
Rollins &
HOOD, IRVIN*
William A. Fuller &
Detroit
&
FULLER, WILLIAM A.
First National Bank of Mem¬
New
AUSTIN, J. HOLLIS*
J. W. Tindall & Co., Atlanta
Foster
HOMSEY, ANTON E*
Newman, Brown & Co., Inc.,
&
City
Curtis, New York
CROSSETT, E. GORDON
BROWN, WM. PERRY
ARNOLD, HARRY L*
Paine, Webber, Jackson
Cincinnati
FRENCH, JOHN S.
A. C. Allyn & Co., Inc.,
New York City
61
Broadway
•
Market
New York
6, N. Y.
TWX-BS 208-9
Telephone:
Branch Offices:
WHitehaU 4-8980
Royal Bank Bldg., Toronto, Ont.
Teletype NY 1-142
TWX-NY 1-40
Telephone LAfayette 3-3300
Aldred Building, Montreal, Que.
Direct private telephones between New
Yorht Philadelphia, Boston, Hartford,
DIRECT PRIVATE WIRES CONNECT NEW YORK
Providence, Portland, Me., and Jersey City, N. J.
WITH OFFICES IN TORONTO AND MONTREA"
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
21
NSTA Affiliates and Members
Security Traders Association of Los Angeles
LIVINGSTONE, CHARLES
Crowell, Weedon & Co.
McCREADY,
Geyer &
Jr.,
McOMBER,
Revel
A.
Co.
&
WILLIAM
Fairman
A.
Co.
&
RICHARD
O'NEIL,
W.
S.
Miller
MILLER,
Security Traders Association of Portland, Ore.
ALBERT
Co., Inc.
R.
Edgerton, Wykoff & Co.
O'NEIL, THOMAS D.
Hoflman & Goodwin
Walston,
PAISLEY,
California
First
PIKE.
FOSTER
J.
WILLIAM
Company
C.
& Co.
Morgan
POIVDEXTER,
CLIFFORD E.
Wagenseller & Durst, Inc.
PULLIAM,
A. W. McCready, Jr.
Jack H. Alexander
LAWRENCE
Weeden
Richard R. O'Neil
N. B. Van Arsdale
&
Akin-Lambert
Secretary: Richard R. O'Neil, Edgerton, Wykoff & Co.
Governors: William A. Miller, Fairman & Co.; Thomas J. Euper,
du Pont &
Francis I.
Durst
Pacific
Company
Inc.
Marache Sims &
Sims
Took Office: January,
1950.
JACK
ADAMS,
E.
otherwise
William
indicated)
PAUL
Pacific
Goodwin
Hoffman &
ASCUKAR.
Co.
&
Co.
Wagenseller
PAUL
California
of
Company
GREEN,
BABICli, LEO B.
Company,
&
Donald
DONALD
&
Durst,
TURNER, STEPHEN C.
Wagenseller & Durst,
TUTTLE,
SAM
Pledger
Hill Richards & Co.
SCOTT
SUMMERELL,
GREEN, ROBERT M.
Pledger & Co., Inc.
H.
Dempsey-Tegeler
Staats
GOLDSCHMIDT,
ALEXANDER, JACK
Walston,
R.
Edward
J.
EDWARD
Foster
Inc.
Dean
Inc.
BLAKELY,
GORDON B.
WALKER,
BRITTAIN, MILTON C.
Shearson, Hammill & Co.
Shields
&
First
HENDERSON, ROBERT J.
HENRY, CONRAD
Barbour, Smith & Company
D.
DAVIES,
Holton,
WILLIAM
Dempsey-Tegeler & Co.
R.
& Co.
DIEHL, ROBERT
Paine,
Webber,
R.
Jackson &
Curtis
Sutro
Fewel
THOMAS
Francis
I.
du
Fairman
&
FRANKLIN,
Samuel
B.
Dean
Lundborg
&
Balfour
Bank
&
Beane
of
California, N. A.
H.
Blakeley,
&
McJURY, RUSSELL
Inc.
J.
Hoffman & Goodwin
McNARY,
First
FRANK
Butchart
&
Company
WILLIAM
COLLINS,
William
&
E.
Canadian
of
Co.
&
PRESTON
Adams
M.
Co.
&
ROBERT
Blyth
Commerce
&
Co.,
Inc.
Bateman, Eichler & Co.
DAGGETT,
Pacific
Waggenseller & Durst, Inc.
FIELD
Field
William R. Staats Co.
Lester
&
HESS,
L.
Hess
Co.
ZIMMERMAN,
W.
&
ROBERT
Northwest
Campbell
National
Conrad,
TRIPP,
Bank
of
Chas.
Portland
&
Co.
DONALD
Donald
C.
C.
Sloan
Jr., CHAS.
N.
Tripp
&
Co.
N.
&
Company
WERSCHKUL, Jr., LESLIE J.
PIERRE A.
Bruce
&
Camp
SLOAN,
J.
U.
&
SHIELS, LAWRENCE
STEWART
S.
Robbins
Company
McFaul
KOSTERMAN,
WILLIAM J.
GILBERT
Co., Inc.
JOHN
&
BOBBINS, J.
A.
GLEN
KIDD,
Walston, Hoffman & Goodwin
Staats
Witter
L.
Co.
J.
Werschkul
&
Sons
Co.
& Co.
KOLBERG, WILLIAM R.
Harbison
KRAFT,
B.
&
Franklin
&
Oscar
Company
Henderson
OSCAR F.
F.
Kraft
&
Co.
RAILROAD
KRAFT, OSCAR F., JR.
G.
Oscar
F.
Kraft
&
Co.
FRANK
Harris, Upham & Co.
LINK,
of California
LIPPMAN, W.
PIERCE R.
A., JR.
Akin-Lambert
Dempsey-Tegeler & Co.
Co.,
Inc.
BONDS
and
STOCKS
Lee Higginson Corporation
NEW YORK
McGINNIS & COMPANY
Members New
61 BROADWAY
TRADING
JOHN PENNY
JOHN BARKER
York Stock Exchange
NEW YORK 6,
N. Y.
DEPARTMENT
THOMAS S. EVANS
Portland
Co.
PITT,
Bank
of
Bank
T.
Atkinson-Jones
COLTON, E. L.
WEBSTER, WILLIAM
E.
PHIPPS,
J.
Collins
J.
JACK
National
PARRY,
COLE, VERGIL R.
Daugherty, Cole & Co.
Co.
WILLIAM
&
Co.
JOHN F.
R.
Fenner
G. R.
THOMAS H.
Co.
SAMUEL
Company
Handel,
MARTIN,
& Co.
C.
Stern, Frank & Meyer
Pacific
&
Pierce,
KIRWAN, NICHOLAS P.
GALLEGOS, JOSEPH F.
GARRETT,
&
Co.
William
L.
J.
Pont
FRASER, JAMES
Richards
PAUL A.
Lynch,
& Co.
KELSEY,
CHARLES
FRANKEL, HAROLD
Fenner
WRITER, JOSEPH
& Co.
&
KELLER,
Bateman, Eichler & Co.
EUPER,
Pierce,
Bingham, Walter & Hurry
Co.
Staats
Jr.,
EBNER,
C.
JOHNSON, WILLIAM A.
Co.
Fewel &
Co.
Colburn &
Fairman
D.
GEORGE H.
EARNEST,
L.
IRISH, HERBERT
DORROH, WILLIAM W.
William
Frank
J.
Lynch,
WRIGHT,
NORMAN
HUDSON,
DEFOE, RALPII E.
Fairman
CHARLES L.
Hull & Co.
HOLTON,
Term
Bruce & Co.
Merrill
Co.
Gould
LESLIE
BUTCHART.
WESSENDORF, JR., HOMER
Crowell, Weedon & Co.
1950;
LUNDBORG, HUGO
WILLIS
Walston,
WELLER, JOHN T.
Co.
&
Bourbeau & Co.
J.
Hill
1,
Dean Witter & Co.
BOIIRER,
WILLIAM C.
Bruce & Co.
FRANK
Merrill
&
V.
Blankenship,
WARNES, ROY C.
Edward
JAMES
Conrad,
Co.
&
JOHN C.
Dempsey-Tegeler & Co.
T.
Floyd A. Allen
Witter
HECHT,
CARLSON, THEODORE D.
Geyer & Co., Inc.
COCKBURN,
.
WARD
BROWN, WILLIAM E.
E. F. Hutton & Co.
ROBERT
Company
PARKMAN
IIARDCASTLE,
Company
Dean
CASS,
California
E.
MAXFIELD
BROWN,
HANSON, WARREN B.
Conrad,
LU.DLUM,
BALFOUR, DAVID A.
Russell, Hoppe, Stewart
ARSDALE, NIELAND B.
Blyth & Co., Inc.
Witter & Co.
January
LANGTON, DICK
Co.
Marshall
&
Inc.
Gross, Rogers & Co.
HALL, MAX
& Co.
Bourbeau
J.
&
Sloan
C.
BAILEY, DAN
E.
VAN
BOURBEAU,
EDGAR M.
Adams
M.
ADAMS, RICHARD H.
Morgan & Co.
CHESTER M.
GLASS,
Angeles unless
Took Office:
1949;
ROSTER OF MEMBERS
J. A. Hogle & Co.
(Members in Los
December,
Expires: December 31, 1950.
Webber, Jackson & Curtis
Paine,
STOUT,
Atkinson, Jones & Co.
Alternate: Donald C. Sloan, Donald C. Sloan & Co.
SPILLANE, TIM D.
ROSTER OF MEMBERS
Co.
Richard Langton, Conrad, Bruce & Co.
Co.
&
Mitchum, Tully & Co.
SILLICK,
Atkinson, Jones & Co.
National Committeeman: E. T. Parry,
W.
Elected
George H.
McJury
Russell M. McJury, Dean Witter &
Secretary-Treasurer:
SHROPSHIRE, PAUL J.
Delegates: John C. Hecht, Dempsey-Tegeler & Co.;
Earnest, Fewel & Co.
Alternate: Maxfield Brown, Shields & Company.
E. T. Parry,
Vice-President:
Co.
FOREST
Marache
Russell
Parry
President
California
of
SCHNEIDER, JAMES F.
SHIPLEY,
T.
A.
Co.,
RYONS, JOSEPH L.
Co.; Stephen C. Turner, Wagenseller &
Inc.
E.
JAMES
REEVES,
Walston, Hoffman & Goodwin.
Vice-President: Albert William McCready, Jr., Geyer & Co., Inc.
Treasurer: Nieland B. Van Arsdale, Blyth & Co., Inc.
President: Jack H. Alexander,
Richard Langton
S.
Co.
Dlgby
4-4933
Bell
Teletype NY 1-310
Beane
THE
22
FINANCIAL CHRONICLE
COMMERCIAL and
Thursday, October 19, 1950
ROSTER OF MEMBERS
Bond Club of Denver
(Members
in
located
otherwise
ADAMS,
The
unless
Denver
CLARK,
Colorado
Indicated)
EUGENE
International
Trust
CLARK,
Co.
HAMMER, LLOYD
Coughlln and Company
GLEN
B.
State
HANIFEN,
Bank
Amos
Sudler
C.
Se
Co.
CLARKE. GEORGB P.
Merrill Lynch, Pierce, Fenner Si Beane
GEORGE H.
Denver
ALFF,
National
JOHN
Amos
C.
ALLEN
CODY,
RAYMOND P.
Colorado National Bank
II.
Sudler
C.
Bank
Co.
Si
WALTER
COLE,
Garrett-Bromfleld
ALTMAN,
Si
EDWARD
Edward
F.
Pueblo,
Co.
WILLIAM
Company,
Founders
AVERY,
Norman
Barwise
George
S.
Writer
R. L. Robinson
Phillip
J.
The
Clark
or
President:
&
Norman
C.
Barwise,
Merrill
Lynch,
Pierce,
Fenner
Beane.
Vice-President:
George S. Writer, Peters, Writer & Christensen,
Inc.
Secretary:
Raymond L. Robinson, Sidlo, Simons, Roberts & Co.
Phillip J. Clark, Amos C. Sudler & Co.
Treasurer:
Robert L. Mitton, Robert L. Mitton Investments; Glen
Clark, Colorado State Bank; Gerald D. Bachar, J. A. Hogle
& Co.; Donald L. Patterson, Boettcher & Co.
National Committeemen: Phillip J. Clark, Amos C. Sudler &
Co.;
Ernest E. Stone, Stone, Moore &
Company, Norman C. Barwise,
Merrill Lynch,
Pierce, Fenner & Beane; Robert L. Mitton,
B.
Donald L. Patterson, Boettcher & Co.; Jerry B.
Peters, Writer & Christensen, Inc.; Orville C. Neeley,
Merrill Lynch, Pierce, Fenner & Beane; Bernard F. Kennedy,
Elected:
December, 1949; Took Office: December 31, 1949; Term
Expires: December 31, 1950.
United States National
!fort
Chapln & Co.
Collins, Colo.
&
Colorado
Co.,
BARNHOLT,
VICTOR
V.
Bank
United
States
National
Management Corporation
W. Hughes Si Co.
Colorado Springs, Col.
Co.
&
HUNT, HARRY
E.
Founders Mutual
Depositor Corp.
INMAN, LARRY C.
J. A. Hogle Si Co.
TREVOR
GEORGE
Harris, Upham Si Co.
JR., R. M.
Perry & Co.
IRION, WILBER H.
The International Trust Co.
BARWISE,
DAVIS,
NORMAN
Merrill Lynch, Pierce, Fenner Si Beane
C.
Merrill Lynch, Pierce, Fenner Si Beane
NORMAN
Colorado
JOHNSTON, FLOY F.
Sidlo, Simons, Roberts Si Co.
DINES, THOMAS M.
BENWELL, OSWALD
National
United
Bank
National Bank
States
of Denver
JORGENSON. O. JERRY
Peters, Writer & Christensen, Inc.
BOSWORTH, ARTHUR F.
Bosworth, Sullivan Si Co.
DODGE, DAVID C.
J. A. Hogle Si Co.
BRERETON, WM. H.
Brereton, Rice & Co.,
DOOUTTLE, CHARLES
Merrill Lynch, Pierce, Fenner Si Beane
KING, NEIL
FISHER,
KIRCHNER, ROBERT
v
BROWN,
Inc.
C.
WALLER
DONALD
and
C.
BRUNTON,
Sidlo,
and
GEORGE
Simons,
BUCHENAU,
Colorado
Roberts
RALPH
Si
Co.
Forbes
Si
Si
Co.
Calvin
Bank
Denver National Bank
&
Co.
Colorado State Bank
LAKE,
Company
S.
Standard Si Poor's Corporation
K.
Mullen
Investment
Boettcher
J.
Otis Si Co.
and
GREENE,
Company
J.
CHAPIN, DON A.
Don A. Chapln Co.
Fort Collins, Colorado
A.
Mullen
LLOYD
Merrill
RICHARD
Hogle
K.
LINVILLE,
GRAY, GRAY B.
Walter Si Company
CARROLL, HOWARD
Company
Investment
LORENZO
Co.
W.
Jr., KENNETH
Lynch, Pierce, Fenner Si Beane
Si Co.
MACART.
GRIFFIN, LYNNE
J. A. Hogle Si Co.
LEON
Macart-Jones
MANNIX,
Si
Co.,
Pueblo,
Col.
ROBERT
D.
Earl M. Scanlan Si Co.
MARBLE,
Members New York Stock Exchange
PRESTON M.
Colorado Grain Exchange
Exchange
MATLOCK
Railroad Securities
Y.
Teletype NY 1-1110 & NY 1-1111
Public
WOODFORD
Broad
Telephone HAnover 2-5000
Co.
LEE, WILSON B.
GOODE, J. H.
CAMPBELL, DONALD
J. A. Hogle Si Co.
and
J.
LAWRENCE, DAVID
G.
Harris, Upham & Co.
Boettcher
P.
LASCOR, L. A.
The
ERNEST
ROBERT
Sidlo, Simons, Robert Si Co.
lullock
GODFREY.
Bank
KULLGREN, ELWOOD M.
ALEXANDER
,
National
KUGELER, HENRY A.
D.
RUSSELL H.
FORSYTI
E.
Sullivan
First
Boettcher and Company
Bank
WILSON
Bosworth,
FORBES,
W.
National
BULKLEY,
FLUGSTAD,
Company
HARRY
Sullivan
First National
F.
Company
DAVID
KENNEDY, BERNARD F.
Bosworth, Sullivan & Co.
FLOYD, CLAYTON O.
Co.
FRED
J.
Boettcher
New York 5, N.
Bank
HAROLD
DAVIS,
John G.
Boettcher
Wall Street
Springs
OSCAR
Grain Exchange
E.
Sullivan
K. Mullen Investment Co.
CURRIE,
BROWN,
11
Springs
HUGHES, MRS. ARLEEN W.
LAWRENCE
The J.
Garrett-Bromfleld Si
Members New York Curb
Colorado
B.
Denver
HUBER,
CRIST, B. P.
BARKER, FREDERICK F.
Garrett-Bromfleld Si Co.
BROMFIELD, DONALD
Asiel & Co.
Upham
Hamilton
Bosworth,
Since 1878
The
COXHEAD, J. WALLACE
Bosworth, Sullivan Si Co.
The J. K. Mullen Investment Co.
Brokers and Dealers
Co.,
A.
A.
BRINKER,
Servicing
&
Colorado National
of
COUGHLIN. WALTER J.
Coughlln and Company
Bosworth,
Co.
Co.
HERSHNER, JOHN D.
Coughlln and Company
CRILEY,
Don
Harris,
HAWKINS,
COUGHLIN, EDWARD B.
Bank
Upham
Colorado
B.
Denver
BAKER, ROBERT R.
Ryan,
Bosworth, Sullivan & Co.
J.
BAKER, DUDLEY F.
Bosworth, Sullivan & Co.
Robert L. Mitton Investments.
Alternates:
A.
&
Si
HASSELGREN,
Peters, Writer Si Christensen, Inc.
BACHAR, GERALD D.
J. A. Hogle Si Co.
Directors:
.
ROBERT
Corp.
J.
Rice Si Co., Inc.
COPELAND.
LEE C.
National Bank
Sullivan
HARRISBtJRGER,
Depositor
ROBERT
Brereton,
Harris, Upham & Co.
ASHLEY,
First
Mutual
CONNELL,
H.
Company
HAL
Harris,
COLLINS, LOWELL O.
&
and
LORING
Bosworth,
HARMAN,
Perry Si Co., Inc.
Colo.
ARGALL,
Altman
HANSCOM,
HARDEY, PAUL
Amos C. Sudler
CYRIL
John G.
F.
A.
Hanifen
HANNON, HOWARD
Stone, Moore & Company
ADAMS, FREDERIC A.
ALFF,
EDWARD
McCabe,
PHILLIP J.
Sales
New
Street
Corp.
York, N. Y.
MAY, WM. J.
Stone, Moore Si Company
MAYER, KARL L.
J. A. Hogle Sc Co.
Utility Bonds
McCABE. WILLIAM E.
McCabe, Hanifen and Company
McCONNELL, FRANK A.
Boettcher and Company
McCONNELL, FRANK T.
Harris, Upham & Co.
Adams & Peck
McKINLEY, CARL D.
Greeley, Col.
Established 1924
A. L. STAMM & CO.
MIDDAUGH,
Boettcher
63
Wall Street
New York 5
•
HARRY
and
W.
Company
MITTON, CHARLES E.
Mountain States Bank
120
MITTON,
Broadway, New York 5, N. Y.
Robert
ROBERT
L.
L.
Mitton
Investments
MUCH, Jr., FRED J.
The International
Trust
Co.
MULLEN, JOHN J.
Garrett-Bromfleld
New York Stock
Exchange
New York Curb
Exchange
New York Cotton
YORK STOCK
NEW YORK CURB
Exchange
COMMODITY
LEWIS R.
Boettcher and Company
EXCHANGE
EXCHANGE
EXCHANGE,
(ASSOC.)
NEELEY
ORMSBEE, JACK
Exchange
Peters,
BOND BROKERAGE SERVICE
Sugar Exchange, Inc.
New York Cocoa
Springs,
O'DONNELL, CANTON
Exchange
New York Mercantile
C.
Pierce, Fenner Si Beane
NEWMAN, ROBERT
Newman Si Co., Colorado
Commodity Exchange, Inc.
New York Coffee &
ORVILLE
Merrill Lynch,
INC.
Chicago Board of Trade
New York Produce
Co.
NANCE,
MEMBERS
NEW
&
MYERS, J. HAROLD
Harris, Upham Si Co.
Mclaughlin, reuss & co
MEMBERS
Writer
Si
Christensen, Inc.
PARKER, EVERETT
Exchange, Inc.
Specializing in Railroad Securities
Chicago Mercantile Exchange
PARELLA, WILLIAM P.
Garrett-Bromfield & Co.
PATTERSON, DONALD L.
Boettcher and
Company
PERKINS, CARSON
Denver
ONE
Telephone
Teletype NY 1-2129
REctor 2-6800
WALL
STREET
NEW
Cables "STAMAL"
Telephone
HAnover
2-1355
YORK
5
Bank
PETTIBONE, Jr.. C. ARTHUR
Earl
Teletype—NY 1-2155
National
PETERS, GERALD P.
Peters, Writer St Christensen, Inc.
M.
Scanlan
Sc
Co.
PLEASANTS, AARON W.
The International Trust
QUINN, ARTHUR
Co.
.
Quinn Si Co., Albuquerque, N. Mex.
Col.
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
KA1CHLE, JOSEPH L.
Boettcher
REFSNES,
and
Stein Bros. & Boyce
GRAHAM, THOMAS
Bankers Bond
The
Phoenix, Arizona
Co.,
Inc.
MAJOR, EARLE E.
Stein
HAAS, WILLIAM G.
CHARLES J.
Stein
Bros.
&
W.
Sidlo, Simons, Roberts & Co.
E.
v
Sidlo, Simons, Roberts & Co.
HANNAH,
The
GERALD
Peters,
B.
Christensen,
Writer &
SARGEANT.
Inc.
Earl
E.
The
Henry Christman, Jr.
Investment
J.
Clarence
L.
E. G. Molter, Jr.
Jones
Bond
Co., Inc.
miller,
The
EARL E.
&
Moore
Bankers
Inc.
Co.,
Bond
Service Corp.
ner
THOMAS
A. Hogle &
Sidlo, Simons, Roberts & Co.
Pierce, Fenner & Beane; Thomas Graham, Bankers Bond Co.,
SIMPSON, BRYAN E.
Inc.
& Company
Alternates:
Harris, Upham & Co.
SMITH, CHARLES
Berwyn
T.
Moore,
Berwyn T.
Chester A. Lucas, Stein Bros. & Boyce.
SIPLE, H. W.
Moore
&
Co., Inc.;
perry r.
Bankers
Bond
Co.,
Inc.
Jr.
MOORE.
Inc.
MOORE, TOM
Berwyn T. Moore & Co., Inc.
Inc.
Co.,
BERWYN T.
Berwyn T. Moore & Co.,
Matthews, Ky.
PARKS, JOSEPH
W.
Berwyn T. Moore & Co.,
Inc.
PAYNE, DEXTER
Boyce
Berwyn T. Moore & Co., Inc.
KING, CHARLES C.
POWELL, EDWIN
The Bankers Bond Co., Inc.
Secretary: Clarence L. Jones, Almstedt Brothers.
Treasurer: Edward G. Molter, Jr., Wagner, Reid and Ebinger, Inc.
National Committeemen: Mrs. Ora M. Ferguson, Merrill Lynch,
Co.
E. Simpson
& Beane.
&
Inc.
Wagner, Reid and Ebinger, Inc.
KAUFMAN, IRVIN
Bros.
Bond Co.,
MOLTER, EDWARD G.,
Almstedt Brothers
Stein
Bankers
miller, J. hugh
J. J. B. Hilliard & Son
JONES, CLARENCE L.
Conliffe
Wm. J.
President: Henry Christman, Jr., O'Neal-Alden & Co., Inc.
Vice-President: William J. Conliffe, Merrill Lynch, Pierce, Fen¬
SIMONS, BURDICK
B.
& Beane
Pierce, Fenner & Beane
SCOTT, JR., RICHARD M.
SIGLER,
Fenner
JOHNSTON, Jr., ROBERT H.
G.
Merrill Lynch,
Pierce,
Liberty National Bank & Trust Co.
& Co.
M. Scanlan
The
Sanitation District No. 1 St.
EARL M.
SCHLENZIG,
T.
Boyce
McNAIR, WILLARD P.
HOPKIN, W. HOWARD
Harris, Upham & Co.
SCANLAN,
Ky.
HELCK, CHESTER L.
E.
RAYMOND
Lexington,
Co.,
WOOD
Bankers
HARDAWAY,
Savings Bank
Berwyn
RYAN,
&
Merrill Lynch,
RUBLE, FRED
Midland
Hutton
HAMPTON, GARRETT
ROBINSON, RAYMOND L.
&
Blyth & Co., Inc.
HAGIN, HART
MALCOLM F.
ROBERTS,
Bros.
Mcdowell, robt. b.
Boyce
Brereton, Rice & Co., Inc.
Co., Inc.
LUCAS, CHESTER A.
Wyatt, Grafton & Grafton
Refsnes, Ely, Beck & Co.
RICE.
The Bankers Bond
GRAFTON, ARTHUR W.
E.
JOSEPH
LOUDEN, HOWARD
GIES, ANDREW P.
The Bond Club of Louisville
Company
23
W.
Berwyn T. Moore & Co., Inc.
KIRBY,
SAMUEL B.
reimer, J. berges
LINCH, DALE F.
Berwyn T.
Berwyn T. Moore & Co., Inc.
Moore & Co., Inc.
ROSE, JR., BOONE
LONG, EDWIN A.
Russell,
Ky.
Merrill
Burkholder,
Long &
Lynch,
Pierce,
Fenner
&
Beane
Lexington,
(Continued
on
page
24)
Elected:
July 8, 1949; Took Office: January 1, 1950; Term Ex¬
pires: December 31, 1950.
F.
Investment Service Corporation
SNOWDEN, W. L.
ROSTER OF MEMBERS
Peters, Writer & Christensen, Inc.
SOD EN,
B. J.
(Members
in
Louisville
The J. K. Mullen Investment Co.
A.
ALDEN,
&
WM.
The Bankers Bond
ALDEN,
Jr.,
CREGOR, BEN
Merrill Lynch,
O.
O'Neal-Alden
Hogle & Co.
STONE, ERNEST E.
Stone, Moore
&
Co., Inc.
Company
& Co.,
SUDLER, AMOS C.
Sudler
Merrill
&
Lynch,
Bosworth, Sullivan & Co.
The
United
Pierce,
Fenner
Beane
&
National
Denver
Bank
of
Stein
BROCAR,
Peters, Writer
Jr.,
Christensen,
&
Citizens Fidelity Bank
Inc.
The J.
K.
EBINGER, RUSSELL
Hilliard & Son
Wagner, Reid and Ebinger, Inc.
FEHRIBACH,
R.
Co.
BURKHOLDER, III, JAMES R.
Russell, Long & Burkholder
THARP, J. L.
King Merritt & Co.
FERGUSON, MRS. ORA M.
Merrill Lynch, Pierce, Fenner
TROUTMAN, WILLIAM
Bank
E.
Trust
&
&
Beane
Lexington, Ky.
FETTER, JAMES M.
CHRISTMAN, Jr., HENRY
Central
URBAN H.
Linooln Bank & Trust Company
Almstedt Brothers
Investment
Mullen
& Trust Co.
Blyth & Co., Inc.
BURKHOLDER, Jr., JAMES
TETTEMER, FRANK L.
GROUP SECURITIES, INC.
DURHAM, Jr., J. H.
ALBERT C.
BURGE, JOHN M.
J. J. B.
SPONSORS OF
& Boyce
Eskew, Gresham & Diersen
Inc.
J. WILLIAM
Investment Service Corp.
Bros.
DULANEY, WOODFORD H.
J. J. B. Hilliard & Son
TEMPEST,
DISTRIBUTORS GROUP, INC.
DIERSEN, J. H.
BOHNERT, HECTOR W.
The Bankers Bond Co.,
*
SWEET, WILLIAM
Beane
DESMOND, C. G.
Wagner, Reid and Ebinger, Inc.
States
&
WILLIAM R.
J. J. B. Hilliard & Son
Lyons & Co.
BITTENBACK, D. N.
SWAN, HENRY
Fenner
DERING,
BIRCHLER, EDWARD L.
W. L.
Pierce,
The Kentucky Trust Company
Inc.
Co.
SULLIVAN, JOHN J.
COMPLIMENTS OF
Co., Inc.
DEARING, ANDERSON
WM. O.
O'Neal-Alden
ALLEN, HORACE
Amos C.
CONWAY, POWHATAN M.
indicated)
STITT, CARL E.
J.
otherwise
unless
O'Neal-Alden
Co.
& Co.,
The Bankers
Inc.
TRUGLIO, NICHOLAS L.
Stone, Moore & Co.
Lynch,
Pierce,
Co., Inc.
WELLINGTON
FULLER, ASA W.
CONLIFFE, WILLIAM J.
Merrill
Bond
Fenner
&
Liberty National Bank & Trust Co.
Beane
<J^FUND
TSCHUDI, FRANK N.
Bosworth.
Sullivan
VANDERVORT,
Denver
VERNER,
Co.
&
RUSSELL
G.
Bank
National
OGDEN C.
Merrill Lynch, Pierce, Fenner & Beane
VINEY, F. H.
Harris, Upham & Co.
WALSH,
LORD, ABBETT & CO.
M.
JOSEPH
INCORPORATED
1928
Investment Managers
Harris, Upham & Co.
WALTER, FREDERICK D.
Walter &
Company
W.
WEBB, CHARLES W.
U. S. National Bank
AFFILIATED FUND, INC.
WEBB, JOHN TRUMAN
Otis
&
L.
Morgan & Co.
National
Distributors
Co.
WILLARD, E. WARREN
Boettcher and Company
AMERICAN
BUSINESS SHARES, INC
WOOD, GERALD C.
WRITER,
Peters,
WRITER,
GEORGE
Writer
&
HAROLD
1420
WALNUT
PHILADELPHIA
STREET
S.
Christensen,
Prospectuses
Inc.
on
2
Teletype Ph 743
PEnnypacker 5-0851
Bosworth, Sullivan & Co.
Request
D.
Peters, Writer & Christensen, Inc.
YOUMANS,
Bosworth,
Lord, Abbett & Co.
PAUL
Sullivan
&
Co.
YOUNG, RALPH S.
Colorado Springs, Colo.
63 Wall Street, New York
YOUNG, REX E.
Founders
Mutual Depositor
CHICAGO
Corp.
ATLANTA
LOS
ANGELES
NATIONAL
SECURITIES
SERIES
YOUNG, WILLIAM A.
Merrill Lynch,
Pierce, Fenner & Beane
BONDS
BOND
BALANCED
INSTITUTIONAL
SERIES
LOW-PRICED
BOND
SERIES
BALANCED
SERIES
•
INCOME SERIES
PREFERRED STOCKS
SPECIAL
PREFERRED
SERIES
SPECULATIVE
SERIES
STOCK
SERIES
COMMON STOCKS
STOCK
SELECTED GROUPS SERIES
SERIES
LOW-PRICED STOCK SERIES
INDUSTRIAL STOCKS SERIES
AUTOMOBILE
BONNER & GREGORY
Members New York Stock
Exchange
SHARES
AVIATION SHARES
BUILDING SHARES
CHEMICAL SHARES
METAL SHARES
OIL SHARES
FIRST
RETAIL TRADE SHARES
RAILROAD EQUIPMENT SHARES
RAILROAD SHARES
MUTUAL
Prospectuses
TRUST
upon
STEEL SHARES
FUND
request
NATIONAL SECURITIES & RESEARCH CORPORATION
120 Broadway, New York
5, N. Y.
THE
24
COMMERCIAL and FINANCIAL CHRONICLE
New NSTA Officers and
Senator Byrd: Morton A. Cayne, Cayne & Co., Cleveland,
Ohio, Secretary; John F. Egan, First California Company, San Francisco, President;
Sen. Harry F. Byrd (Virginia); H. Russell Hastings, Crouse & Co., Detroit, Mich.,
First Vice-President; Harry L. Arnold, Paine, Webber, Jackson &
Curtis, New York
City, Second Vice-President; John M. Hudson, Thayer, Baker & Co.,
Thursday, October 19, 1950
New NSTA Executive Council:
Edward H.
Welch, Sincere & Co., Chicago; H. Frank
Nashville, Tenn.; Landon
A.
Freear,
Wm. N. Edwards & Co., Ft. Worth, Tex.; Lex Jolley, Johnson, Lane, Space & Co.,
Atlanta, Ga.; Jay L. Quigley, Quigley & Co., Cleveland, Ohio; Don C. Sloan,
Donald C. Sloan & Co., Portland, Oreg. (not in picture)
Burkholder,
Equitable
Securities
Corp.,
Philadelphia, Treasurer
Bond Club of Louisville
CART WRIGHT,
Cincinnati Stock and Bond Club
Cartwright
WILLIAM
&
Co..
JAMES
D.
Co.,
(Continued from page 23)
CHAMBERS,
ROSTER OF MEMBERS
CLANCEY, W. POWER
RUTLEDGE, WESLEY
Stein
Bros.
SCHULMAN,
Louisville
SEDLEY,
&
VAN
Boyce
J.
SOL
MRS.
Journal
SOMMERS,
Lincoln
WAGNER,
ANTHONY
Bank & Trust
Ky.
Wilson-Trinkle
WATKINS,
Merrill
Fenner
&
&
Ebinger, Inc.
STANLEY
Samuel
CUMMINS,
T.
Edw.
Pierce,
Fenner
&
L.
II.
ALLEN
Otis
Lyons & Co.
1I0LMAN
WILSON,
Wilson-Trinkle
&
&
Inc.
Co.,
Joseph H. Vasey
First
Harry J. Hudepohl
DEHNER,
Fred H. Becker
Paul
W.
Glenn
GOVERNMENT
Joseph H. Vasey, Geo. Eustis & Co.
Vice-President: Harry J. Hudepohl, Westheimer &
Secretary:
STATE, MUNICIPAL AND
Treasurer:
Trustees:
SECURITIES
Com¬
Lyn»h,
Pohl
Fred H.
Becker, Field, Richards & Co.
Paul W. Glenn, Edward Brockhaus & Co., Inc.
James F. Moriarity, W. E. Iiutton & Co.
Paul Hood, Seasongood & Mayer; Robert A. Jameson,
&
Company, Inc.;
Jack Neumark, Middendorf & Co.;
Lloyd W. Shepler, Merrill Lynch, Pierce, Fenner & Beane;
Charles H. Snyder, J. E, Bennett &
Co., Inc.; Robert Weiss,
Montague, W. E. Hutton & Co.;
Field, Richards & Co.; Harry C. Vonderhaar, Westheimer & Co.; Joseph H. Vasey, Geo. Eustis & Co.
Alernates: Franklin O. Loveland, Harrison &
Co.; George Phil¬
lips, W. D. Gradison & Co.; Lloyd Shepler, Merrill Lynch,
Pierce, Fenner & Beane; Joseph R. Work, Geo. Eustis & Co.
Charles A. Richards,
Incorporated
ROSTER OF MEMBERS
44 Wall Street, New York 5, N. Y.
NY 1-763 (Mun.)
(i
NY 1-764 (Corp.)
NY 1-1109 (Trad.)
Philadelphia
Other offices in
Detroit
(Members located In Cincinnati unless
otherwise Indicated)
ARMBRUST, JOHN J.
Harrison
Pohl
H.
&
Chicago
St. Louis
principal cities throughout the country
B.
Company,
Cohle
&
Inc.
J.
E.
Hutton
J.
L.
The
A.
&
Company
WILLIAM
Einhorn
ELLIS,
Ellis
&
&
The
Co.
DAVID
Jr.,
W.
Co.
ENGLER,
HERMAN
Samuel
lumbus,
J.
&
Engler
Company,
Co.
Co.
Eustis
Geo.
Ellis
&
&
Co.
Co.
FISCHER,
JR.,
Merrill
JOHN
Lynch,
J.
Pierce,
Fenner
&
Beane
FITZGERALD, LAWRENCE S.
Merrill Lynch, Pierce, Fenner
&
Beane
BYRON
Company
& Co.,
WILLIAM
and
W.
C.
Inc.
T.
&
Ladd,
CHARLES
Harrison
&
Bartlett
GERDING,
Edward
Company
&
Co.
Co.
J.
Devlne
& J.
&
&
Co.,
Inc.
Co.
SAM
Frank
H.
Co.
GLENN, PAUL W.
Edward
A.
Company
H.
PAT
GERTZMAN,
A.
J.
Middletown,
EDW.
Brockhaus
GERRABJ),
C.
Thornburgh
ROBERT
D.
FUERBACHER, JOHN
Walter, Woody & Heimerdinger
E.
Brockhaus
GRADISON,
D.
&
WILLIS
Gradison
Co.,
Inc.
D.
&
Co.
GRADY, GEORGE T.
John E.
19ZO
/
/
^afmeuom
SUa/t/tifw/
dhmlert
1950
Joseph & Co., Inc.
GRAHAM,
GORDON M.
Middendorf
oner
GRAY,
w.
tr
&
Co.
WALTER
Standard
&
U.
Poor's
Corp.
GREENE, HARRY T.
1881
MUNICIPAL
(o'xcAary* and
Greene
BONDS
&
GREENE,
Greene
/■eadiny. SxcAanpel
Ladd
JOHN
&
B.
Ladd
GRISCHY, CLIFFORD H.
Field, Richards & Co.
GUCKENBERGER, EDGAR F.
L. W.
Hoefinghoff & Co., Inc.
Brokers in
Stocks
•
Bonds
HALL,
Clair
Jr.,
S.
CLAIR
Hall
HAPPLEY,
Commodities
•
C.
H.
Harrison
3c
S.
Company
GEORGE
Reiter
HARRISON,
E.
&
&
R.
Co.
WEBSTER
Company
HARTMAN, W. STEWART
Nelson, Browning & Co.
65
£$rca</uMy, j\ew ty/orA 6,
30
0fyaya, j\L
190A
Chicago, Illinois
Connecticut:
^uatif Sflwt,
*
13,
•
Waterbury
Danfcury
•
•
Merlden
Boland, SafSin & Co.
Established 1920
20 PINE ST.
5V
NEW YORK
•
London, England
Torrington
•
HEAD, Jr., HUGH
Harrison
9
jV. ty/.
20,
ty/ord
Memphis. Tennessee (Cotton)
New Haven
ty/.
Walter,
TELEPHONE
5, N. Y.
WHITEHALL 3-3414
&
Company
HEIMERDINGER, JACK
Woody
&
Heimerdinger
HEIMERDINGER, JOHN G.
Walter, Woody & Heimerdinger
HILKER, J. KENNETH
A.
Lepper & Co.
Hartford
Bell
Co¬
O.
FILDER, Jr., HARRY A.
W.
ori
Beane
Lepper & Co.
EINHORN,
BenJ.
&
ROBERT
Greene
BUTZ,
BartU
J.
Bennett
BROWN,
& Co.
BARTH, JOHN L.
The
E.
BRINK,
Aub & Co.
E.
Richards
Westheimer
BARNARD, REGINALD
W.
Fenner
R.
Co.
FRIEDLANDER, ALFRED
Field,
BERLAGE,
Co.
AUB, A. EDGAR
A.
&
Westheimer &
BECKER, FRED H.
BENNETT,
ARNOLD, HENRY J.
Private Wire Connections With
&
DOIIRMANN, WILLIAM F.
FOSTER,
'
Boston
Reusch
EUSTIS, GEORGE
National Committeemen: Arch F.
Blair, Rollins £> Co.
Pierce,
HERBERT
DUBLE, WILLIAM D.
Geo. Eustis & Co.
Teletype
W.
WALTER J.
Merrill
Fox,
pany.
Second Vice-President:
Telephone DIgby 4-4000
Inc.
Harrison & Company
R.
President:
CORPORATE
Co.,
Co.
DITTUS,
STATES
&
SPENCER
DAVIS, GILBERT A.
Inc.
S.
Boyce
Engler Company
Taylor
CUNNINGHAM,
W.
UNITED
&
WILLIAM
G.
Beane
Beane
WATTS,
G.
Columbus, Ohio
Ebinger, Inc.
WILLIAM
CHARLES
Hoetinghoff & Co., Inc.
CRUM, JAMES F.
DUNLAP
Lynch,
Inc.
Stanley Cooper Co., Inc.
The
Ebinger, Inc.
&
Clancey & Co.
L. W.
Wagner, Reid and
Co.,
MILTON
P.
COOPER,
G.
Diersen
WILLIAM
WAKEFIELD,
Company
H.
Reid and
Bros.
Lexington,
Chambers
COULSON,
TRINKLE, WALTER
Stein
WARREN
Wagner, Reid and
STERNBERG, BERT
Merrill Lynch,
Pierce,
TROST,
ROENN.
D.
CONNERS, CHARLES F.
Pohl & Co., Inc.
,0.
Co.,
ELINORE
JOHN
Wagner,
JAMtfS
Hooser
Eskew, Gresham &
The Bankers Bond Co., Inc.
SPIERS,
Van
J.
W.
IIOOSER,
D.
VON
Courier
A.
Inc.
System
Teletype—NY 1-S3S
HINSCH,
Chas. A.
CHAS.
A.
Hinsch &
Co., Inc.
HIRSCHFELD, OSCAR
W.
Stranahan, Harris & Co.,
Inc.
Convention
THE
Number
COMMERCIAL and FINANCIAL
Past
Welch, Sincere & Co., Chicago; John Latshaw,
Mo.; Corwin L. Liston, Prescott & Co., Cleveland,
Breakfast: Edward H.
Past Officers'
Uhlmann & Latshaw. Kansas City,
&
Company, Seattle; Paul Yarrow, E. F. Hutton & Company, Chicago;
H. Frank Burkholder, Equitable Securities Corporation, Nashville, Tenn.
JOHN
Westheimer
MORIARTY,
G.
and
W.
Company
HOAGLAND, ARTHUR M.
Hugh W. Long & Co., Inc.
HOEFINGHOFF,
L.
Middendorf
NEWBURGII,
Mayer
W.
&
REIS,
Co.
REIS,
Gradison & Co.
D.
J.
HUDEPOHL, HARRY J.
Westheimer
and
W.
NORMAN
Hutton
E.
OETTINGER,
D.
W.
JAMES
Jr.,
&
Co.,
Inc.
Harrison,
Hall
&
OTTO,
&
MIILLIPS,
Inc.
W.
Dayton,
O.
John
Co.
&
Pohl
WILLIAM
&
POOR.
Joseph & Co., Inc.
E.
&
STAIB,
Co.
E.
RUZICKA,
& Company,
C.
Thornburgh
C.
Co.
TRITTON, THOMAS
Co.
&
Bennett
&
Co.,
&
Company
LEE
JOSEPH H.
VASEY,
Inc.
Eustis
Co.
&
R.
Eustis
&
VONDERIIAAR,
Co.
Westheimer
H.
The Cincinnati Stock Exchange
HARRY
and
C.
Company
STEFFENS, Jr., CIIAS.
WAGNER, ROBERT L.
The W. C.
Co.,
Inc.
ALBERT J.
Browning & Co.
Thornburgh Co.
STENGER,
(Continued
page 26)
on
Joseph & Co., Inc
RUDOLPH
Geo.
CARL
Eustis
&
UnJ erwriters, Distributors
Co.
Inc.
HENRY E.
Lynch, Pierce, Fenner & Beane
SCHWARTZ,
W.
Merrill
JEROME L.
Breed & Harrison, Inc.
W.
CHAS. II.
A.
&
WESLEY
Co.
L.
JOSEPH, JOHN E,
John
The
B.
CHARLES
SCHIRMER,
<
Pierce, Fennev & Beane
W.
ROBERT
Thornburgh Co.
ROHAN, HOWARD
Benj. D. Barlett & Co.
GEORGE
Gradison
D.
C.
ROBERTS, HAROLD
Ladd,
S.
POHL,
W.
Geo.
Brockhaus
Edward
F.
H.
The
THORNBURGH,
GEORGE C.
RILEY,
Company
PAULY, Jr., R. CORWIN
Harrison & Co.
CAMPBELL
JOS.
E.
Company
KENNETH
Hutton
E.
SNYDER,
Co.
Field, Richards & Co.
GEORGE
Co.
Harrison
&
Bartlett
D.
RICHARDS,
B.
T.
E. Hutton
Benj.
C.
Nelson,
JAMESON, ROBERT A.
Pohl & Company, Inc.
&
Co.
Brockhaus &
S.
Greene
Breed
REYNOLDS,
II.
OSWALD,
ISPHORDING, ROBERT B.
Doll & Isphording, Inc.
JOHNSTON,
HERBERT
M.
M.
& Co.
Jr.,
Reiter
H.
Geo.
Clair
JOHNSON,
C.
&
JACK
REITER,
Co.
CLETUS
Edward
Hutton
Merrill Lynch,
SMITH,
Mayer
&
RICHARD
Thayer, Woodward & Co.
Beane
Fenner &
J.
Co.
CHESTER T.
Hall
S.
THAYER,
SMALLEY, ROBERT
THOMAS
&
Clair
.
&
THORNBURGH,
Reinhart
Bohmer,
Mayer
Inc.
JACK
SIEGMAN,
W.
&
Seasongood
C.
&
Gradison
D.
OLLIER,
E.
Mayer
&
ROBERT
REIS,
Inc.
Detroit,
Mich.
HUTTON,
GORDON
Jr.
Co.,
JUSTIN
JR.,
Hutton
E.
TERRELL,
&
SHEPLER, LLOYD W.
Merrill Lynch, Pierce,
J.
Inc.
Funds,
Custodian
Keystone
J.
Hinsch
A.
Co.
Seasongood
& Co.,
HARRY
O'BRIEN,
J.
Edward Brockhaus & Co.,
HUMPHRIES,
LEO
Madigan
Charles
R.
EARL
SHAFFER,
L.
W.
Seufferle & Co.
C.
Wm.
W.
Company
THOMAS
HUGHES,
E.
&
Cleveland, Ohio; R. Victor
Paine, Webber, Jackson
STEVENSON,
SEUFFERLE, WM. C.
Co.
Seasongood
LOTH
M.
NUSSLOCH,
Browning & Co.
Nelson,
W.
Hill
&
ROBERT
REED,
RICHARD
HOWES,
W.
Bache
Jay L. Quigley, Quigley & Co., Inc.: Cleveland, Ohio;
Woodcock, Hess & Co., Philadelphia; Paul I. Moreland, Moreland
Breakfast:
Co., Detroit, Mich.; Morton A. Cayne, Cayne & Co.,
DONALD
J.
RAYMOND,
F.
Co.
NEUMARK, J. H.
Hoefinghoff & Co., Inc.
W.
HOOD, PAUL
Seasongood &
&
MUEHLENKAMP, JOHN C.
Doll & Isphording, Inc.
/
W.
L.
JAMES
Hutton
E.
25
Mosley, Stroud & Co., Inc., Philadelphia; Harry J. Arnold,
& Curtis, New York City
Northwest
HITZLER,
Officers'
Russell M. Dotts,
Pacific
Ohio; Clair S. Hall, Jr., Clair S. Hall & Co., Cincinnati, Ohio; Josef C. Phillips,
CHRONICLE
D.
DANIEL
Gradison
&
1),
Deal ers and Brok ers
Co.
KAHN,
KATZ, ARTHUR V.
Cincinnati Municipal
ROBT.
KEELER,
Clair
Hall
S.
RANSICK, NEIL
Chas. A. Hinsch
SCHWINDT,
& Co.,
Seasongood
Inc.
PETER
&
in
Mayer
Corporation
Eond
Industrial, Railroad, Pu blic Utility
B.
&
Company
IRWIN B.
KLEIN,
Westheimer
and
and
Company
Westheimer
and
Company
Members New Torl{
GEORGE
KOUNTZ.
&
Widmann
Members New Yorl{
Co.
Stocl{ Exchange
Curb Exchange
HERBERT F.
KREIMER,
Eastman, Dillon & Co.
Assel, Kreimer & Company
DON D.
KUEMMERLING,
MUNICIPAL
LAHAM, ROBERT
The
C.
W.
Thornburgh
BONDS
MEMBERS NEW YORK STOCK
Co.
EXCHANGE
Street, New York 5, N. Y.
15 Broad
FREDERIC F.
LATSCHA,
Eustis & Co.
Geo.
Greene &
39
Ladd, Dayton
Broadway, New York 6, N, Y.
MATTHEW
LENHOFF,
E. Hutton
&
Bell System lei. NY 1-752
Tel. Bowling Green 9-3100
MAURICE
LAUFERSWEILER,
W.
JMunicipal Securities
Bacon, Stevenson & Co.
KORROS, FRED
Philadelphia
Telephone DIgby 4'4100
Co.
Chicago
Hartford
Direct Private Wires to
our
Reading
Paterson
Easton
correspondents in San Francisco, Los
Carlisle
Angeles,
Chicago and St. Louis
LEPPER, MILTON
A.
&
Lepper
FRANKLIN O.
LOVELAND,
&
Harrison
Co.
Company
FRANCIS J.
Cincinnati, Municipal
LYNCH,
Corporation
Bond
ALFRED
Westheimer and Company
MACK,
M.
JAMES
MADIGAN,
J.
Cleveland
MATRE, EDWARD E.
Merrill Lynch, Pierce,
W.
McCOY.
or
Disclosed
L
Basis
&
—
Commodities
Beane
Complete margin, bookkeeping, cashier
McCune
C.
Securities
BROKERAGE SERVICE
Fenner
T.
CHARLES
McCUNE,
C.
Columbus
Corp.,
department functions.
Browning & Co.
Nelson,
Clearing Facilities
Omnibus
HOYT B.
First
The
STOCK 6- BOND
& Co., Inc.
E. Madigan
MAHONf Jr.,
Brokers'
E.
C.
Company,
&
Dayton,
O.
for Banks, Brokers and Dealers
Statistical assistance.
Direct Wire to
STANLEY G.
Weil, Roth & Irving Co.
Chicago
McKIE,
The
Other wire facilities
MEINERS, EDMUND B.
Braun, Bosworth & Co., Incorporated
JUSTIN
MEYER,
A.
Lepper & Co.
Charles
A.
MIDDENDORF,
Middendorf
Co.,
,
Inc.
WM. B.
&
Members
Co.
E.
30 Broad
ARCH
Hutton &
MORGAN,
Geo.
New
York
Curb
Exchange
F.
Telephone DIgby 4-7800
Co.
GEORGE
C.
V.
Eustis & Co.
•
1
1
* 7 New York 4
St.
,
4a£jyT«l$type NY 1-733
FAROLL & CO.
MEMBERS
New York Stock
JYfembers New York Stock Exchange
Lepper & Co.
MONTAGUE,
W.
&
LLOYD
MILLER,
A.
R.
Hlnsch
JOSEPH
Hardy & Co.
|
ROBERT
MEYER,
Exchange
Commodity Exchange, Inc.
Midwest
Stock Exchange
29
Chicago Board of Trade
New York Curb Exchange (Assoc.;
New York Cotton Exchange
New York Produce Exchange
New York Cocoa Exchange
BROADWAY,
Telephone IIAnover 2-6600
NEW YORK
6, N. Y.
Teletype NY 1-2534
San
Joseph W. Sener, John C. Legg & Company, Baltimore, Md.;
Past Officers' Breakfast:
John C.
Breakfast: Phillip J. Clark, Amos C. Sudler & Co., Denver;
Past Officers'
Chester M. Glass, Jr.,
E. Blum, Brush, Slocumb & Co.,
Francisco; Harold B. Smith, Pershing & Co., New York City; Jerome F. Tegeler,
Dempsey-Tegeler & Co., St. Louis, Mo.; Wm. Perry Brown,
Newman, Brown & Co., New Orleans, La.
Hecht, Dempsey-Tegeler & Co., Los Angeles; Ernest
Thursday, October 19, 1950
CHRONICLE
THE COMMERCIAL and FINANCIAL
26
William R. Staats Co., Los Angeles; B. W. Pizzini,
Co., Inc., New York City
W. Pizzini &
B.
BOYD,
Georgia Security Dealers Association
Cincinnati Stock and Bond Club
HUDSON
Johnson, Lane, Space 8c Co., Inc.
Augusta
BRAY,
(Continued from page 25)
ROBERT M.
Company of Georgia
Trust
BROADWELL,
ROSTER OF MEMBERS
Courts
WANNER,
LOUIS
Seasongood
WHITE,
C.
WHITING,
WEIL, JOSEPH B.
Westhelmer
Geo.
and
Otis
Company
Eustis
&
Eustis
&
WELLINGHOFF,
WOODWARD,
T.
RICHARD
WHITE,
D.
S.
Westhelmer
CO.
DONALD
White
&
H.
BROWN,
Courts
Co.
and
Westheimer
Company
and
Company
Jolley
Alex.
Yearley,
James
IV
S.
Budd, Jr.
Lex
Jolley, Johnson, Lane, Space & Co., Inc., Atlanta.
Alexander Yearley IV, The Robinson-Humhrey
Company, Atlanta.
Secretary-Treasurer: James S. Budd, Jr., Citizens and Southern
GRACE NATIONAL BANK
National
Bank, Atlanta.
Executive Committee:
Evans,
Clement
Byron
OF NEW YORK
Brooke
John F. Glenn, Courts &
Co.; Clement A.
Inc.; Byron Brooke,
Company; J. Robert Neal, Wyatt, Neal &
A.
&
Evans
&
Company,
Waggoner.
National Committeemen:
James W. Means, Courts & Co., Atlanta;
Jolley, Johnson, Lane, Space & Co., Inc., Atlanta; Frank
Chisholm, Varnedoe, Chisholm & Co., Savannah; Roy Hancock,
CLEARANCE FACILITIES
Hancock, Blackstock & Co., Atlanta; Alexander Yearley, IV,
The Robinson-Humphrey Company, Atlanta.
FOR
Alternates: J. Hollis Austin, J.
W. Tindall & Co., Atlanta; Jack
Morris, Norris & Hirschberg, Inc., Atlanta.
LOCAL AND OUT-OF-TOWN
Elected: June 10, 1949; Took
Brokers and Dealers
call
Office: July 1, 1949; Term Expires:
located
In
Atlanta
unless
BARFORD,
otherwise Indicated)
Clearance
Department
Beer
HANOVER SQUARE, NEW YORK 15, N. Y.
Clement A.
R.
Evans & Company,
Inc.
Co.
BEAVERS.
Trust
BAKER
Underwriters, Brokers and Dealers
The
H.
W.
Tindall
CLARKE, HARRISON
I
Johnson, Lane, Space & Co., Inc.
CLISBY, JOSEPH R.
Courts 8c Co., Macon
Co., Athens
COURTS, MALON C.
Trust
&
Co.
RICHARD
&
W,
Co.
Company of Georgia
8c Co.,
Johnson,
Inc.
ALLEN
Lane, Space 8c Co., Inc.
Savannah
CRAWFORD,
French
Jr., ALLEN C.
Crawford, Inc.
&
CRAWFORD,
KARY
JAMES
T.
The
Jr.,
Company, Inc.
L.
Clement A. Evans 8c
Jr.,
LLOYD
J.
W.
B.
Tindall
DENNY.
&
Co.
RICHARD
&
Courts
DICK,
Co.
A.
Co.
JACKSON P.
8c Company
Jr.,
Beer
BOUNDS, JAMES W.
Courts 8c
Company
,
1
Co.
JR.,
BLANCHARD, SCOTT
Goodbody & Co.
Company
S.
Robinson-Humphrey
DEAN,
J.
E.
C.
Pierce, Fenner 8c Beane
ED.
J.
Company, Inc.
W. HUGH
The Citizens and Southern National Bank
Company
WILLIAM
Merrill Lynch,
CROFT,
DAVIS,
BLACK WOO®,
E.
&
Co.
Savannah
Courts &
EARL W.
CARROLL
&
CLARKE, HAGOOD
Johnson, Lane, Space 8c Co., Inc.
CRAWFORD,
Augusta
Co.
Tindall
W.
Courts
M.
Clement A. Evans &
Co.
Robinson-Humphrey
BANKS,
J.
&
J.
BLACKSTONE,
&
BAGGERLY, JR.,
Courts
J.
CRAFT, GEORGE C.
Company of Georgia
BEESON,
H.
Tindall
CHESTNUT, J. D.
CHISHOLM, FRANK A.
Varnedoe, Chisholm 8c Co., Inc.
Augusta
ATKINSON, JOE
Courts & Co., La Grange
W.
E.
CRAIG
Lane, Space
BATTEY, ALFRED
ARMSBY, J. W.
Wyatt, Neal & Waggoner
J.
Company
COX, E. P.
Jr..
Johnson,
ALLISON, C. R.
AUSTIN, J.
&
Co.
Savannah
Deposit Insurance Corporation
Dobbs &
8c
McKinnon
&
BARROW,
ALLEN, G. LEONARD
Johnson, Lane, Space & Co., Inc.
Member Federal
Brooke
Courts
Courts & Co.
BARRETT, JULIAN N.
Beer 8c Company
Company
EDWARD
FRANK
Byron
COURTS,
PHILIP
Thomson
ALLISON
&
ADAMS,
The Citizens and Southern National Bank
BURT,
Courts
jor details
(Members
McKinnon
BUDD, Jr., JAMES S.
Courts 8c
December, 1950.
ADAMS,
8c
COOPER, HOMER G.
ROSTER OF MEMBERS
or
Thomson
BUCKLEY, Jr., JOHN H.
Clement A. Evans & Company, Inc.
CARTER, Jr., HUGH D.
Lex
Write
ARNOLD
BUCHANAN, C. SHELTON
Lex
Company
Vice-President:
I
Co.
&
BRYANT, EVERETT C.
Courts & Co., Newman
President:
COMPLETE
8c
BROYLES, NORRIS
Beer & Company
ZIEGLER, ALLAN
S.
Co.
&
STOCKTON
Jr., JAMES F.
Groover, Macon
Brown
WARREN
&
Jr.,
BROWN, JOSEPH E.
WORTH, WILLIAM P.
WHEELWRIGHT, RICHARD F.
&
Eustis
Erooke
Stockton Broome 8c Co.
Thayer, Woodward & Co.
Geo.
F.
McKinnon
BYRON
BROOME,
WORK, JOSEPH R.
WESTHEIMER, ROBERT
Westhelmer and Company
Ellis
C.
Company
Field, Richards & Co.
C. J. Devlne & Co.
&
BROOKE,
Byron
ALBERT
&
WILLIAM F.
Co.
HENRY
Thomson
CHARLES A.
WILLIS, FRANK
Co.
8c
BROCK,
Co.
Wldmann
Co.
WEISS, WILLARD C.
Geo.
&
WIDMANN,
ROBERT
WEISS,
AUSTIN
J. A. White 8c Company
Mayer
&
J.
DOUGHTY,
Clement
W.
W.
A.
Evans
8c
Company, Inc.
Augusta
LISTED and UNLISTED
DULANEY,
SECURITIES
DURRETT,
The
J.
LANDON
C.
Robinson-Humphrey Company
H.
FRAZER
J.
Hilsman
&
Inc.
Co.,
ESLINGER, VASSAR L.
Johnson, Lane, Space & Co.,
HAY, FALES & CO.
MEMBERS
NEW
NEW
YORK
YORK
STOCK
CURB
(Associate)
EMANUEL, DEETJEN & CO.
New
York
Curb
A.
Inc.
A.
Beer
&
Evans
&
Company, Inc.
Company
FLEMING, WILLIAM S.
Courts & Co.,
Albany,
Ga.
FORD. A. C.
Milhous, Martin 8c Co.
FRENCH, J. McCREA
French & Crawford,
Exchange
SNew York Stock Exchange
Midwest Stock Exchange
CLEMENT
Clement
FLEMING, STROTHER
EXCHANGE
EXCHANGE
EVANS,
l
FROST,
J.
Commodity Exchange, Inc.
H.
Inc.
JAY D.
Hilsman
&
Co.,
Inc.
GARRETT, HENRY B.
120
Broadway
New
York 5, N. Y.
71
BROADWAY, NEW YORK 6, N. Y.
Telephone BOwllng Green 9-7026
Teletype NY 1-61
Clement A.
Evans
Augusta
GAY, Jr., EDWARD
Courts 8c
Co.
GLENN, JOHN F.
Courts 8e Co.
&
Company, Inc.
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Lou
WaiKer, National Quotation Bureau, New York City; Harry A. MacDonald,
Chairman, Securities and Exchange Commission, Washington, D. C.; Edward T.
McCormick, Securities and Exchange Commission, Washington, D. C.
KNELLER, G. C.
Johnson, Lane,
GRADY, Jr.,
HENRY W.
Robinson-Humphrey Company
The
GRIGGS, Jr., JAMES R.
Courts 8c Co., La Grange
Merrill
Courts
Co., Inc.
Fenner
&
Beane
Georgia
of
HANCOCK,
Hancock,
LEE, R. E.
HARRIS, J.
Goodbody
&
LEVINS.
H. P.
Robinson-Humphrey
The
HENDERSON,
Courts
&
HENRY,
Courts
CULLEN
HOFFMAN,
Columbus
Courts
&
HUGER,
Courts &
HULL,
J.
Merrill
Co.
G.
Lynch, Pierce, Fenner & Beane
E.
HUME,
8.
&
Co.,
Merrill
Blair
THOMAS M.
Lane, Space & Co.,
H.
Inc.
Hilsman
&
W.
Lynch, Pierce,
Merrill
Inc.
Co.,
ROY
Jr..
Fenner & Beane
WEIGAND,
Bank
THOMAS
JR.,
A.
Co.,
Columbus
&
F.
M.
Athens
Co.,
CHARLES F.
Co., Athens
WEIRAUCH,
Courts
SAM
W.
J.
W.
JULIAN W.
Tindall & Co.
&
Company
MARSHALL J.
Rome
WELLBORN,
Courts
T.
TOMPKINS, HENRY B.
The Robinson-Humphrey
&
Co.,
(Continued
Company
page
on
28)
GRADY
&
Co.
&
Courts
&
Jr.,
Co.
Underwriters, Dealers and Brokers
Inc.
ZAHNER
Co.
SIDNEY
A.
B.
HIRSCH
.
& Company,
Evans
ROBERTS.
BEN
Courts
Inc.
Members
New
York
CO.
&
Stock Exchange
and Other
Principal Stock and Commodity Exchanges
Co.
8c
Clement
A.
ROBINSON,
The
Inc.
E.
25 BROAD STREET, NEW YORK 4,
Evans
8c
Company,
Inc.
ROBY
Robinson-Humphrey
Company
RUDOLPH, BEN A.
Johnson, Lane, Space 8c Co.,
Inc.
&
Varnedoe,
SETTLE,
Co., Inc.
Courts &
Inc.
J.
FONVILLE
J.
&
H.
Chisholm
&
Co.,
Inc.
H.
SHOUN.
Co.
Merrill Lynch,
Space & Co.,
Clement
MILHOUS, JAMES F.
Milhous, Martin 8c Co.
Inc.
LUDLOW
Merrill Lynch,
Tel.:
National 2545
238 Commercial
Keyser Building
Baltimore 2
Tel.:
Gastonia,
Tel.:
Lexington 7861
Building
N. C.
—
Wire Service
Representatives:
—
GENEVA
GAstonia
5-2317
AMSTERDAM
.
York, Washington and Baltimore
New
Inc.
R.
Inc.
C.
Pierce, Fenner & Beane
ARTHUR
A.
LONDON, ENGLAND
Evans
B.
&
Company,
Inc.
Savannah
milstead, andrew j.
Co
Co.,
& Co.,
MURRAY
SIMKINS.
Courts 8c
8c
ROYSTON
Hilsman
w.
edward
Co.
meill.
Company
Eye St.,N. W.
Washington 6
Direct
FLEMING
J.
Hilsman
SETTLE.
Co.
james
1624
N.Y.
Teletype: N.Y. 1-210
Telephone: HAnover 2-0600
SAUSSY. WILLIAM H.
J. LAMB
Robinson-Humphrey
Courts &
Company,
E.
F.
Tillman-Whitaker
ROBINSON, H. ENGLISH
Co.
McWHORTER,
means,
JOLLEY, LEX
Johnson, Lane,
JORDAN,
TILLMAN,
FINLAY
D.
McRAE,
Pierce, Fenner 8c Beane
Courts
The
8c
Macon
Courts
Savannah
Savannah
JOHNSTON,
Jr..
Clement
Lane, Space & Co., Inc.
8c
Courts
HARRY H.
JOHNSON,
Johnson.
Jr..
H.
WALLACE
Evans
Co.,
WALKER, SAMUEL G.
J.
A.
Inc.
WAGGONER, T. REUBEN
Wyatt, Neal 8c Waggoner
Lane, Space & Co., Inc.
National
W. ARTHUR
Griggs & Richardson, La Grange
HOWARD S.
McNAIR,
Martin & Co.
Milhous,
Co., Inc.
IRVIN
Clement
Fulton
REYNOLDS, JOHN C.
French & Crawford,
RIVES,
Jr., J08EPH A.
Lynch, Pierce, Fenner & Beane
McCORD.
Inc.
GARNER A.
Merrill Lynch,
Company, Inc.
&
Courts
M.
&
Co.,
JOHN F.
RICHARDSON.
'
McClelland, john e.
J. H. Hilsman 8c Co.,
Inc.
Savannah
JOHNSON,
&
Robinson-Humphrey
Courts
MATHEWS. Jr., ROBERT C.
Trust Company of Georgia
& Company,
Evans
JELKS, FREEMAN N.
Johnson, Lane, Space
JOHNSON,
Johnson,
TATUM,
Evans
Co.
REYNOLDS,
Augusta
Jr., WALTER 8.
A.
Company, Inc.
&
Evans
james
Johnson,
ROGER M.
Clement
VIRGIN,
Macon
Hancock, Blackstock & Co.
JAMES,
A.
Inc.
w.
MARTIN, Jr., JUSTUS C.
Thomson & McKinnon
mason,
Company of Georgia
JACOBS,
Company,
WAYNE
Milhous, Martin & Co.
HUNERKOPH, CLOVIS
Trust
&
MARTIN,
Courts & Co.
E.
Hilsman
L.
&
REVSON, Jr., ALFRED F.
w.
Evans
Jr., waldo
MANNERS. PAUL E.
First National Bank
E.
H.
SAMUEL
Chisholm
Savannah
TINDALL,
PRESTON,
The
A.
Clement
Co., Columbus
WILLIAM
Clement
mallory,
CABELL
W.
&
REEVES,
Courts
Co.
waldo
mallory,
J.
Cullen J. Hoffman Company,
HOPKINS,
&
A.
RAGSDALE, IRVIN
maddox, joseph j.
Courts
VARNEDOE,
Varnedoe,
Co.
Hancock, Blackstock & Co.
Columbus
Johnson, Lane, Space & Co., Inc.
UNDERWOOD. L. DEAN
Norris
8c
Hirshberg, Inc.
Bank
Savannah
PERKINSON, TOM
Courts 8c Co.
Inc.
&
TAYLOR,
Courts
Inc.
Co.,
luttrell, w. r.
HIRSHBERG, JULIAN R.
Norris & Hirshberg, Inc.
Inc.
PENDERGRAST, T. J.
&
Company
SUMMERS, J. C.
Co.,
Macon
W.
Savannah
W.
D.
J.
FRANK
Clement
LIVINGSTON. LORTON S.
Varnedoe, Chisholm & Co.,
CARL
Milhous, Martin & Co.
HINDSMAN.
PEEPLES,
Courts
&
JAMES
STEWART,
Savannah
Co.
Hilsman
J.
Courts & Co.
HILL.
8c
C.
Crawford
&
Evans
STEINHAUER, R. E.
Norris 8c Hirshberg, Inc.
PAULSEN, GROVER
Johnson, Lane, Space 8c
lindsey, edw. ii.
Co.
FRANK
Lynch, Pierce, Fenner & Bean*
French
WILLIAM
LEWIS.
Company
L.
J.
STAMPS,
TRAYWICK, HOWARD C.
Trust Company of Georgia
JACK
A.
SPEAS, J. W.
First National
G.
PARKER, LAWRENCE
WILLIAM
8c Co.
Courts
HEID,
Co.
LESSER, norman
Stockton Broome & Co.
HATCHER, LLOYD B.
Trust Company of Georgia
McKEE
GEORGE
Courts & Co.
Wyatt, Neal 8c Waggoner
RALPH
& Co.
Clement
PANAGOS, JAMES A.
LAYTON, BUXTON L.
Dobbs
OBERRY,
Merrill
LAY, J. E.
Trust Company
& Co.
SPALDING,
Co., Athens
Courts & Co.
Pierce,
GROVES, RICHARD M.
Hugh W. Long and Company, Inc.
ROY W.
Blackstock
Welcoming Eugene M. Zuckert, Assistant Secretary of the Air Force, at the Airport
R.
8c
NUNNALLY,
Lynch,
T.
&
Brown
&
KONTZ, JOHN T.
DENMARK
Groover, Macon
GROOVER,
NOELL, J.
Space
Savannah
27
SITES. FRANK B.
Pierce, Fenner & Beane
For
Courts & Co.
Banks, Brokers and Dealers
KABLE. JOHN R.
Clement
A.
Evans
8c
Company,
george w.
monk.
Inc.
Clement
LESTER
Varnedoe, Chisholm
A.
&
Evans
Company,
Inc.
KAROW,
KEY,
La
Courts &
Norris
Grange
Courts
ANDREW J.
Courts
The
M.
&
joseph
Company
barnard
8c Beane
MYERS, FRANK
J. H. Hilsman
NEAL.
C.
J.
Wyatt,
Co.
J.
&
A.
M.
Evans
Courts
Company,
Inc.
FOREIGN
8c Co.
WILEY J.
Johnson, Lane, Space 8c
Augusta
SMITH,
Co.,
Inc.
ROBERT
Neal 8c Waggoner
SPACE, Jr., JULIAN A.
Johnson, Lane, Space 8c
Co., Inc.
SECURITIES
Co.,
Inc.
Savannah
Seligman, Lubetkin & Co.
MEMBERS NEW YORK
8c
SMITH. WALTER
l.
Courts & Co.
Co.
SIDNEY
Clement
Inc.
Robinson-Humphrey
murphy.
KING. RICHARD W.
Merrill Lynch, Pierce, Fenner
KISER,
morris.
JOSEPH
&
SMITH,
Hirschberg
(
KILPATRICK, Jr.,
Augusta
KINARD,
&
Inc.
Co.
jack c.
morris.
C.
R.
HILTON L.
MORRIS,
Inc.
& Co.,
Savannah
SLATTERY, JOSEPH
Johnson, Lane, Space 8c Co.,
Augusta
STOCK EXCHANGE
MODEL, ROLAND & STONE
Members
STREET
NEW YORK 4, N. Y.
York
Stock
Exchange
76 BEAVER STREET
NEW YORK 5,
41 BROAD
New
LONDON
20-24
WHITEHALL
TELETYPE
N. Y.
OFFICE:
NORTHGATE
MOOREGATE,
Private
LONDON,
HOUSE,
E.
C.
Teletype to London, England
2.
NY
3-3900
1-2525
THE COMMERCIAL and FINANCIAL CHRONICLE
28
Mr.
K.
Mrs.
and
Victor
Co., Inc., Philadelphia, and
Mosley, Stroud &
.
Harold Smith, Pershing & Co., New York City; Mr. and Mrs. John D.
Mr. and Mrs.
the Misses
Thursday, October 19, 1950
Hines, Dean Witter & Co., New York City
Louise and Margaret Mosley
ASHER, SIDNEY L
Security Traders Club of St. Louis
Georgia Security Dealers Association
A.
Edwards
G.
Sons
&
AYERS, C. T.
Merrill
(Continued from page 27)
Lynch,
Pierce,
Fenner
&
Beanc
BAKEWFLL, EDWARD
OF MEMBERS
ROSTER
Stix
-
&
Co.
BARKAU,
WELLS,
WILLIS, FRANCIS D.
Merrill Lynch, Pierce,
PAUL
G.
Hancock, Blackstock & Co.
WEYMAN.
GEORGE
BARKLAGE,
I.
F.
WILSON,
Byron Erooke & Company
JAMES
Tlllman-Whitaker
J.
MARIE
W.
Tindall
WISE,
Athens
WHITTLESEY.
Courts
<fc
LAMAR M.
JR.,
WOOD,
Company
Paul Brown &
Lynch, Pierce, Fenner & Bfcanc
GEORGE
Albany
JR.,
O.
BITTING,
B.
Merrill
National Eank
The Citizens and Southern
S.
WOODWARD.
Courts
&
Fusz-Schmelzle
ANDY
Co.
BLEWER.
WILLIAMS. JOHN W.
Courts
&
Co.,
Clement
Rome
"■;
WYATT,
JOS.
C.
J.
The
CHARLES J.
Co., Augusta
WILLIAMSON,
IV.
J.
W.
A! EXANDER
Robinson-Humphrey
H.
Edward
Morfeld
W.
T.
B. L. Schlueter
Kitchen
Company
J.
Devine
BOND,
&
Co.
RAYMOND
Bankers
Bond
C.
Securities
&
Co.
Williamson &
ZIMMERMAN,
WILLIS,
BOHAN, WILLIAM
C.
YEARLEY,
Co.
&
CLARENCE F.
Heitner & Glynn
Blewer,
HENRY
Wyatt, Neal & Waggoner
H.
Evans & Company, Inc.
A.
Co.
KENNETH H.
Lynch, Pierce, Fenner & Beanc
BLAKE, WILLIAM J.
Co.,
WILLIAMS, Jr..
Co.
WALTER A.
BECKER,
0.
&
Securities
American
L.
Co.,
Merrill
WHITE,
Co.
CHARLES
BAUCOM,
Company
North
WHITAKER,
LOUIS
Simon &
M.
ARTHUR Y.
<fc
Beer
ELMER
Taussig, Day & Co., Inc.
Fenncr & Beanc
EUGENE
Tindall
Clement
F.
& Co.
A.
BOSCHERT, DANIEL C.
Morfeld. Moss & Hartnett
WILLIAM H.
Evans
&
Company,
Inc.
Columbus
Jr.,
BOYD,
Albert
SHAPLEIGH
Sons, Inc.
A.
Theis
&
BRAMMAN, EDWARD O.
Bramman-Schmidt-Busch.
Inc.
BRECKENRIDGE, HUNTER
McCourtney-Breckenridge & Co.
Our Retail Department is interested
in
I3RENNAN,
EMMET J.
Brennan, Kinsella & Co.
offerings of
BROCKMEYER, E. H.
Goldman, Sachs & Co.
BROCKSMITH, H. L.
Stifel, Nicolaus & Company, Incorporated
HIGH GRADE
BRONEMEIER, JOSEPH
Midwest
UNLISTED STOCKS
Stock
Exchange
BUNN, JOHN W.
Stifel, Nicolaus & Company, Incorporated
BURTCH, B. W.
which
we
can
Henry,
place for long-term
C. F.
Elliot
Corley
N. Stein
Eugene V. Koch
investment
President:
Edward H,
First Vice-President:
Second
Morfeld, Morfeld, Moss & Hartnett.
W. T. Kitchen,
Vice-President:
Bernard
L.
Scherck, Richter Company.
Schlueter, Newhard, Cook
Morris Cohon & Co.
CADLE, CHESTER J.
Central Republic Company
CANAVAN, JAMES M.
Smith, Moore & Co.
Members:
National
42
New
York
Association
Security Dealers Association
of
Securities
Dealers,
Inc.
Broadway, New York 4, N. Y.
Charles F. Corley, C. J. Devine & Co.
Elliot H. Stein, Mark C. Steinberg & Co.
Treasurer:
Eugene V. Koch, St. Louis Union Trust Co.
National Committeemen:
John W. Bunn,
Stifel, Nicolaus & Com¬
Incorporated; Earl Hagensieker, Reinholdt & Gardner.
Teletype NY 1-2187
CLOONEY.
October 19,
1950; Took Office: October 19,
LEO
1950; Term
Expires: October 18, 1951.
R.
Services,
Inc.
R.
Gardner
&
CONDIE, Jr.. HERBERT D.
Newhard, Cook & Co.
COOK,
HENRY M.
Newhard, Cook & Co.
CORLEY,
Elected:
GEORGE
Diversified
Reinholdt
Secretary:
pany,
Telephone DIgby 4-5460
Investors
Third Vice-President:
Co.
R. EMMET
Morfeld, Moss & Hartnett
CARPENTER.
& Co.
&
Franc
BYRNE,
C.
J,
C.
F.
Devine &
Co.
CREELY, WALTER J.
Goldman, Sachs & Co.
CUMMINGS, JOHN P.
Newhard, Cook & Co.
DARMSTATTER, E. W.
Stifel, Nicolaus & Company, Incorporated
Over 50 Years
DEMPSEY, DUMONT G.
Newhard,
Cook & Co.
DEMPSEY, TIMOTHY F.
Dempsey-Tegeler & Co.
AS TRANSFER AGENT
Michael j. Heaney & Co.
DEPPE, RALPH
Edward D. Jones & Co.
DONNERBERG, E. H.
Olson, Donnerberg &
in
Wm.
Members New York Curb
Exchange
Co.,
Inc.
DOWDALL,
NEW
YORK, N. Y. and JERSEY CITY, N. J.
WM. F.
Dowdall &
F.
DOWDALL,
Wm.
F.
Jr.,
WM.
Dowdall
Co.
F.
&
Co.
DRUMMOND, KENNETH
One Wall Street
k.
Telephone:
We afford
New York 5, N. Y.
7
advantages to underwriters, distributors,
corporations and their stockholders.
Calvin Bullock
ENGMAN, WALTER C.
A.
A.
Tibbe
&
Co.
ERKER, GEORGE H.
WHitehall 4-2484
Hill
REGISTRAR and TRANSFER COMPANY
50 CHURCH STREET
-
New York 7, N. Y.
BEekman 3-2170
Established
1899
15 EXCHANGE PLACE
Jersey City 2, N. J.
BErgen 4-8525
Brothers
EVANS, CHARLES D.
Redden
and
Company
FELSTEIN, SAM
Henry, Franc & Co.
FISCHER, JOSEPH S.
Goldman, Sachs & Co.
FRAHM,
HERBERT
Mississippi Valley Trust Company
FRANEY, FRANK
Newhard,
Cook
&
Co.
-
•
.....
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
29
i1
Edward
Sincere & Co., Chicago; John Latshaw, Uhlmann & Latshaw,
John M. Mayer, Merrill Lynch, Pierce, Fenner & Beane, New York
City; William R. Newsom, Jr., Sanders & Newsom, Dallas; Harry L. Arnold,
Paine, Webber, Jackson & Curtis, New York City
H.
Welch,
John Latshaw, Uhlmann & Latshaw,
Kansas City, Mo.;
FRIEDMAN, WM. STIX
FUSZ,
FIRMIN
Jr..
GABLE,
The
Stifel, Nicolaus & Company, Incorporated
Inc.
.
/
Co.
Paul
Barrett
Slayton
G.
G.
Sanders
&
C.
H.
H.
C.
&
Co.,
Walker
&
O'NEILL,
&
Co.
Co.
Merrill
Petersen
Lynch,
L.
SUECK,
Newhard, Cook & Co.
The
&
Co.,
Inc.
TAUSSIG,
Taussig,
SCHREIBER, Jr., JOHN A.
Pierce,
Fenner
&
Beane
Edward
D.
Dail
&
SENTURIA, ED.
Newhard, Cook &
•
G. H. Walker & Co.
DAVID
MATTHEWS,
u.
Walker
H.
S.
Reinholdt
H.
PAVELEK,
Gardner
Midwest
JOHN F.
Dempsey-Tegeier <fc Co.
Co.
TAUSSIG,
Merrill
Co.
HAHN,
JOSEPH F.
Municipal
C.
J.
Walker & Co.
EDW.
A.
J.
&
&
Inc.
TEGELER, JEROME F.
Dempsey-Tegeier & Co.
Sons,
(Continued
Inc.
on
page
30)
FRANK
Devine & Co.
Eckhardt-Petersen
&
Co.,
REDMAN, W. G.
St.
E.
&
Louis
NEWELL,
Blewer, Heitner & Glynn
BANK STOCKS
I. M. Simon & Co.
A.
A.
G.
G.
INSURANCE STOCKS
Edwards & Sons
REIMAN, WM. L.
Edward
Company
NEWCOMB, LOWELL
Co.
Inc.
POPPER, ELVIN K.
RICHARD
Edwards & Sons
REDDEN, TARLETON
Redden and Company
White
E. E.
NORMAN
HEITNER,
G.
NEUWOEHNER, HIRAM
Sons
Edwards &
Moore &
C. J.
Morfeld, Moss & Hartnett
HARVEY, JOSHUA A.
HAVERSTICK, Jr.,
Smith,
J.
Fenner
PETERSEN, JOSEPH G.
MOSS, MORRIS
Morfeld, Moss & Hartnett
G.
Pierce,
Co.
MORFELD, EDWARD H.
Morfeld, Moss & Hartnett
HARTNETT, WM. H.
A.
PELTON,
Corp.
Newhard, Cook & Co.
MOREY, Jr.,
Co.
&
Devine
Bond
MILLS, ANDREW S.
HARRIS, IRWIN R.
Scherck, Richter Company
HARTNETT,
Theis
Union Trust
RICHTER,
Scherck,
Co.
JAMES E.
D.
Jones
REIS, GEORGE J.
Mississippi Valley
Edwards .& Sons
&
Co.
PUBLIC UTILITIES
HENRY J.
Richter Company
Trust
Co.
HELLER, IRVING A.
Cook
Newhard,
Co.
&
HENRY, OLIVER B.
Co.
Franc &
Henry,
HEUBNER,
CHARLES
Exchange
Stock
Midwest
HOCH, HAWORTH F.
McCourtney-Breckenridge & Co.
Chemical and Drug
GEYER & CO.
Stocks
INCORPORATED
63 WALL
STREET, NEW YORK 5, N. Y.
HOFFMAN, HAROLD
Reinholdt
&
Gardner
G.
H.
Sold
Bought
HMLSTEIN, EDWARD
Private
Quoted
BOSTON
CHICAGO
wires
connecting branch offices in
CLEVELAND
LOS ANGELES
SAN FRANCISCO
Walker & Co.
UON1G, THEO. C.
Dempsey-Tegeier
& Co.
DEPARTMENT
TRADING
HORNING, BERT
Stifel, Nicolaus & Company,
Incorporated
HOROWITZ, NATHANIEL B.
Edward
D.
& Co.
Jones
JANSEN, KENNETH J.
Edward D. Jones & Co.
JONES,
EDWARD
Edward
JORDAN,
G. H.
D.
NEW YORK 6, N. Y.
39 BROADWAY
Teletype N- T. 1-618
INDUSTRIAL, PUBLIC UTILITY, RAILROAD
& Co.
Jones
ROY
f. eberstadt & co. inc.
Telephone WHiuhall 4-8787
D.
°
'
and MUNICIPAL SECURITIES
W.
Walker & Co.
KAPLAN, MAX
Co.
Semple, Jacobs &
KEANEY,
1950
1924
KAUFFMANN, JOHN R.
FRANK X.
UNLISTED TRADING DEPARTMENT
Dealers and Brokers in
Stifel, Nicolaus & Company, Incorporated
KELLY, FRED S.
Stifel, Nicolaus & Company, Incorporated
KERR,
A.
G.
KENNETH
Railroad, Public Utility & Industrial
Edwards & Sons
Bonds & Stocks
KINSELLA, J. REID
Brennan,
Kinsella & Co.
KITCHEN, W. T.
Scherck, Richter
Laurence M. Marks & Co.
Mgr. Over-the-counter Trading Dept.
D.
Company
Howard Brown
Members
New
New York Curb
KLEIN, ELMER B.
York Stock
Exchange
Exchange (Associate)
Harvey, Klein & Co., Inc.
KNICKMEYER,
G.
H.
Walker
Ingalls & Snyder
LESTER W.
&
Co.
KNIGHT, NEWELL S.
Mercantile-Commerce
Members
New
New
York Curb
Bank &i Trust
Company
KOCH, EUGENE
St. Louis Union Trust Co.
100
7-6800
Exchange
Street, New York 5, New York
Telephone HAnover 2-9500
NEW YORK 5, N. Y.
BROADWAY
COrtlandt
49 Wall
York Stock Exchange
Members
—
Bell
System Teletype
NY
1-1459
St.
WILLIAM H.
Lynch,
TAYLOR, MEL M.
Semple, Jacobs & Co.,
Simon & Co.
Albert
of
GARFIELD J.
Day & Co., Inc.
SHUEY, LEE G.
Exchange
Peltason, Tenenbaum
MEYER, EUGENE J.
CHARLES W.
H.
Bank
Gardner
&
HAHN,
G.
•
MICHAEL
National
PELTASON, PAUL E.
MATYE,
Reinholdt
LEO
Stock
Co.
HAGENSIEKER, EARL
1. M.
Scherck, Richter Company
ROBERT
&
SESTRIC,
PAULI, ROBERT A.
ROBERT J.
Boatmen's
Louis
ALBERT M.
Fusz-Schmelzle & Co.
PIERRE LOISEL
PATKE, JAMES
B.
SCHMELZLE,
THOMAS
Eckhardt
PAPIN,
White & Company
KENNETH
E.
HAGEMANN,
Division
Dept.
STUEBE, EDWARD
Newhard, Cook & Co.
Smith, Moore & Co.
VINCENT
MATTHEW,
& Co.
Treasury
SCHLUETER.
Paul Brown & Co.
WALTER C.
Brown
S.
SCHIRP, GREGORY J.
Taussig, Day & Co., Inc.
Co.
Newhard, Cook & Co.
Paul
Savings Bond
U.
Co.
Inc.
C.
S.
STEIN, ELLIOT H.
Mark C. Steinberg & Co.
Inc.
P.
Walker
MALONE,
HAEUSSLER,
ELMER
U.
SCHERCK, GORDON
Scherck, Richter Company
G. H. Walker & Co.
ROBERT H.
II.
Co.
Company,
OHLSEN, IRVING R.
Mark C. Steinberg & Co.
MAENDER, CLARENCE J.
RUDOLPH
DONALD
&
HOVEY E.
&
OLDENDORPH, EDWARD
Herrick
Mc KINNEY,
RUSSELL H.
H. Wibbing & Co.
Brown
SLAYTON,
Henry, Franc & Co.
McKEE, LOGAN
GOODING,
Edwin
Nordman & Co.
& Co.
Dempsey-Tegeier
GUION,
SHAPIRO. SUMNER
ROBINSON, SPENCER II.
Hill Brothers
SANDERS
O'BRIEN, JAMES
Mississippi Valley Trust
McHUGH, JOHN B.
EDWIN
Vogel &
GODBOLD, EARL
GRAF,
HERBERT M.
Wibbing & Co.
H.
SMITH,
McCONNELL, JOSEPH M.
Rollins & Co.,
GLASER,
Glaser,
O.
B,ank of St.
LOTTMAN, CIIAS. S.
Kerwin, Fotheringham & Co., Inc.
HAROLD
Biair,
0.
NOR.DMAN, JOHN
Gardner
&
ROACH,
Louis
GARDNER, FRED W.
Reinholdt
S.
NIEMOELLER, JOHN J.
National
Day & Co., Inc.
Taussig,
G1GER,
Boatmen's
CHAPIN
Texas;
Newhard, Cook & Co.
LEWIS, HUGH W.
Co.
JOHN
L.
NEWHARD,
Newhard, Cook & Co.
D.
&
Fusz-Schmelzle
LEVIS, EDWIN
& Co.
Friedman, Broxaw
Kansas City, Mo.; Mrs. John H. Rauscher, Jr.,
Phillip J. Clark, Amos C. Sudler & Co., Denver, Colo.; John H.
Rauscher, Jr., Rauscher, Pierce & Co., Dallas; Vincent Reilly,
Commercial and Financial Chronicle, New York City
Dallas,
Teletype N.Y. 1-344
Beane
FINANCIAL CHRONICLE
THE COMMERCIAL and
30
Rooert A.
Fauli, Scherck, Richter Co., St. Louis, Mo.;
Mr. and Mrs. Kenneth L.
Mr. and Mrs. Roy W. Hancock,
Hancock, Blackstock & Co., Atlanta, Ga.; Mr. and Mrs. Patrick J. Cummings,
Stearns & Co., Chicago, 111.; James W. Means, Courts & Co.; Atlanta, Ga.
Stanford, F. S. Smithers & Co., New York City; Edwin J.
Markham, Wertheim & Co., New York City; James P. Cleaver, Goodbody
New York City; Mrs. Wesley Bishop, Syracuse, N. Y.
Bear,
Baltimore
Security Traders Club of St. Louis
Thursday, October Id, 1950
HOFFMAN.
Security Traders Association
John
JOHN
M.
Hoffman
M.
& Co.,
Company
HORAN, WILLIAM E.
(Continued from page 29)
JENNINGS, ARTHUR G.
Stein Bros. & Boyce
ROSTER OF MEMBERS
Peltason,
WEBER, VINCENT C.
V. C. Weber & Co.
HARRY
TENENBAUM,
Tenenbaum
TENENBAUM,
L.
Co.
WHITE,
JAY
Theis
&
&
Alex. Brown &
KUDD,
WHITE, Jr.,
TIBBE, ANTON A.
A.
Tibbe
A.
VOGEL,
White
& Co.
&
LEONARD
The
Sons
Bros. &
Boyce
KLEIN, GUSTAV
JULIAN
Mead, Miller & Co.
Company
KOLSCHER, JACK A.
WILLER, ERNEST D.
Glaser, Vogel & Co.
Exchange
C. NEWTON
Stein
WHITE, JULIAN
White & Company
JOHN R.
Blair, Rollins & Co., Inc.
TH0MA8,
Stock
KELLERMANN, HOWARD L.
Goldman, Sachs & Co.
Sons, Inc.
Balto.-Phila.
c/o
A.
Company
WHITE, F. HOWARD
III. ALBERT
Albert
EDWARD
White
Peltason, Tenenbaum Co.
THEIS,
KEAGLE, O. JOE
National
Boatmen's
Bank
of
St.
George G. Shriver & Co.,
Inc.
Louis
KRIEGEL, LEO
WALSH,
RICHARD
H.
YATES,
A.
H.
Brothers
Hill
Newhard, Cook & Co.
Jr., JAMES
William
WAL8H, ROBERT A.
Dempsey-Tegeler &
WEBB,
FRANK
C.
Devine
J.
Co.
Bramman-Schmidt-Busch,
X.
&
J.
J.
Herr
ZAEGEL, JOHN F.
Inc.
ZINZER, HERMAN J.
Dempsey-Tegeler & Co.
Co.
Carl
Frank
David
Henry B. Fout, Jr.
Stein
William J. Herr, Alex. Brown & Sons.
J. Carl Frank, John C. Legg & Company.
President:
Vice-President:
Secretary:
Henry B. Fout, Jr., George G. Shriver & Co., Inc.
Treasurer:
David H.
Gilbert, Harry M. Sheely & Co.
Elwood
E.
Governors:
McClure, Stein Bros. & Boyce; William
Roberts, Jr., C. T. Williams & Company, Inc.; J. Wilmer
Butler, Baker, Watts & Co.; H. Mitchell Bruck, Baumgartner,
Downing & Co.; Allison M. Berry, Robert Garrett & Sons;
Charles Gross, Harry M. Sheely & Co.
National Committeemen: Howard L. Kellerman, Alex. Brown &
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John
C.
Jr., C.
GERARD
Legg & Company
NIEMEYER, HARRY J.
Robert
Garrett
&
Sons
O'NEILL, JOHN M.
Stein Bros.
&
Boyce
PIET, Jr., HARRY R.
Harry M. Sheely & Co.
John D. Howard & Co.
Oil
ROSTER OF MEMBERS
at your
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can
Sons; J. Wilmer Butler, Baker, Watts & Co.
Alternates: William J. Herr, Alex. Brown & Sons; Charles Gross,
quotations
Cainadian Industrial, Mining
any
Bros. &
McCLURE, E. ELWOOD
MITCHELL, C. BENJAMIN
C.
CANADA
Landon Davies
H. Gilbert ' LIST, ROBERT
PINKERTON, CHARLES H.
Baker, Watts & Co.
you.
ARMSTRONG, EDWARD
Stein Bros.
&
Mercantile
Jones
&
Trust
Co.
of Baltimore
Kidder, Peabody & Co.
Co.
RIEPE, J. CREIGHTON
EBERWEIN, BERNARD E.
BERRY, ALLISON M.
REIN, HOWARD E.
Equitable Trust Co.
CRUNKLETON, Jr., JOHN R.
BANEY, ARTHUR L.
R.
Philip L. Poe & Co.
CRUNKLETON, JOHN R.
Baumgartner, Downing & Co.
Montreal and New York
E.
POE, PHILIP L.
Har^y M. Sheely & Co.
BAMBERGER, E. CLINTON
Direct Private Wire Service to
WILLIAM F.
COLEMAN,
J.
Boyce
Alex. Brown & Sons
Alex. Brown & Sons
Robert Garrett & Sons
ROBERTS, Jr., WILLIAM C.
jMilner, Ross
Members:
The Toronto Stock
&
Co,
Exchange
of Canada
and The Investment Dealers' Association
FOUT, Jr., HENRY B.
George G. Shriver & Co., Inc.
BLOCHER, THOMAS 8.
BODIE, CHARLES A.
Stein Bros. & Boyce
FRANK, J.
John
C.
CARL
Hamilton
TORONTO
Brantford
Brampton
Sudbury
Windsor
John
C.
Legg
&
Trust
Inc.
H.
Company, N. Y. City
SENER, JOSEPH W.
Peck & Co.
BROWN, J. DORSEY
J. Dorsey Brown & Co., Philadelphia, Pa.
BRUCK, H. MITCHELL
Baumgartner, Downing & Co.
John
GILBERT, DAVID H.
GRAY, E. GUY
Mercantile
BUTT, LEONARD J.
c/o Balto.-Phila.
George G.
Harry
Co.
of Baltimore
B.
Shriver & Co.,
Inc.
GROSS, CHARLES
Harry M. Sheely & Co.
GUNDLACH, LOUIS P.
Merrill
Lynch, Pierce, Penner & Beane
Brooke
&
Co.
Alex. Brown
&
Company
Sheely & Co.
JACK
Mead, Miller & Co.
Mead, Miller & Co.
SPILKER, C. ALFRED
Equitable Trust
Sons
Co.
STROHMER, JOSEPH G.
John
HERR, WILLIAM J.
CHENOWETH, Jr., JOHN G.
Baker, Watts & Co.
&
SOWERS, J. CLAIRE
Stock Exchange
CHAPIN, BEDFORD
Legg
M.
SNYDER,
Trust
GRESSITT. MORDECAI
CHAMBERS, ROBERT P.
John C. Legg & Company
C.
SHEELY, HARRY M.
Harry M. Sheely & Co.
Baker, Watts & Co.
Govt, of Canada Internals
Williams & Company,
CHARLES
Bankers
Legg & Company
FREEMAN, EDWARD B.
Company
BUTLER, J. WILMER
CANADIAN SECURITIES
T.
BRADLEY, R. EMMET
Lockwood,
330 BAY STREET
C.
ROCK,
C.
Legg
&
Company
SUNDERLAND, EDWIN P.
John
C.
Legg
&
Company
TAYLOR, PRESTON A.
Canadian
Oil, Mining
Mead, Miller & Co.
WARREN, ROBERT A.
Public Utility & Industrial
Stocks & Bonds
Baker, Watts
Starkweather & Co,
Members New York Stock Exchange
& Co.
WATERS, CLINTON C.
Kidder, Peabody & Co.
WATTS, Jr., SEWELL S.
Baker, Watts & Co.
Goodbody & Co.
ESTABLISHED
Associate Members New York Curb Exchange
WEILEPP, WALTER
Stein Bros. &
MEMBERS
York
New
Other
115 BROADWAY
New York
Tel.:
BA
6, N, Y.
7-0100
Direct Wire
'
Stock Exchange and
Principal Exchanges
111 Broadway, New York 6
Chicago 3, 111.
Greenshields & Co., Montreal
Uptown Office
292 Madison
Avenue, New York 17
Lynch,
Pierce,
Fenner
&
WILBUR, LeROY A.
Stein Bros. & Boyce
WILHELM, F. OSBORNE
C.
T.
Williams
&
Company,
and Milner, Ross & Co., Toronto
T.
Boyce
WHITE, GEORGE M.
Merrill
105 WEST ADAMS ST.
Tel.: CE 6-8900
to
M.
WHITAKER, HAMILTON
1891
YEAGER,
G,
THOMAS
Baker, Watts & Co.
Inc.
Beane
Monroe, Hunnewell & Co., Boston, Mass.; G.
Mr. and Mrs. Paul B.
Mr.
Harold Pearson,
Pierce
Co.,
&
Dallas,
and
Mrs.
W.
Elmer
Hammell,
Texas;
Mr. and Mrs. James
Mrs. Charles G. Scheuer,
& Co., Chicago;
Caswell
Fitz-Gerald, W. L. Canady & Co., New York City; Mr. and
Dempsey-Tegeler & Co., Chicago
Mr. and Mrs. C. Rader McCulley, First
Southwest Co., Dallas; Mr. and Mrs. Wilbur R. Wittich, Grimm & Co., New York City
Rauscher,
31
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
GUNN, CLEMENS E.
Gunn, Carey and Company
Security Traders Association
PROSSER, GUY W.
Merrill Lynch, Pierce, Fenner St Beane
SHORSHER, FRED A.
QUIGLEY, JAY L.
Quigley St Co., Inc.
SIEGLER, EDWARD N.
HAWKINS, DANIEL M.
Cleveland
REID, FRANK B.
,
Maynard H. Murch St Co.
SMITH,
ROSS, LEONARD
SOUDER, WILLIAM G.
Otis & Co.
HLIVAK, STEPHEN E.
Wm.
Mericka St Co., Inc.
J.
Jaffe, Siegler and Company
ROWLEY,
-
St
Geyer
HUBERTY. Jr., GEORGE
Goodbody & Co.
O.
STIVER, ALVIN J.
Saunders, Stiver St Co.
SUMMERGRADE, IRVING
A.
Francis I.
Ledogar-Horner Company
JAFFE.
E.
CEYLON
Wooster,
C.
GEORGE E.
Saunders, Stiber & Co.
KOESER, ORIN E.
Blyth St Co., Inc.
Warren
L.
Don W. Plasterer
WARDLEY, RUSSELL G.
Maynard H. Murch & Co.
WEAVER,
SCHULTE, Jr., FRANK J.
Ledogar Horner Company
SCHULTZ, LEO J.
L.
J.
Schultz
&
Co.
L.
Otis St Co.
Placky, L. J. Schultz & Co.
Vice-President: Don W. Plasterer, Hornblower & Weeks
President: George
B.
Weeks
&
'
ZEMAN, TED
SCHWINN, LESLIE B.
JOHN A.
ROBERT
Hornblower
WITT, JOHN P.
John P. Witt & Co.
Harry Gawne
Foster
KRUSE,
Treasurer: L. Warren Foster, Otis &
ULLMAN, RUFUS M.
Uliman St Co., Inc.
Gottron, Russell St Co.
Toledo
KING, EVERETT A.
Maynard H. Murch St Co.
George Placky
Co.
SCHROEDER, FRANKLIN L.
Braun, Bosworth & Co. Incorporated
ROBERT
JONES,
&
RUSSELL, JAMES N.
Siegler and Company
Jaffe,
Devine
J.
du Pont St Co.
TAYLOR. JAMES N.
Ceylon E. Hudson, Wooster
RUNG, EDMUND J.
Ohio
Elyria, Ohio
Collin, Norton St Co., Toledo
RUSSELL K.
Co., Inc.
RUDIN, HARMON
R.
PIERRE
P. R. Smith & Co.,
Gordon Macklin & Co., Inc.
HOPKINS, HAROLD C.
H. C. Hopkins & Co.
HUDSON,
Ball, Burge St Kraus
j
Prescott St Co.
Schwinn & Co.
LAFFERTY, ALAN E.
Hornblower St Weeks
Co.
Secretary: Harry J. Gawne, Merrill, Turben & Co.
Governors: Carl H. Doerge, Wra. J. Mericka & Co., Inc.;
LEWIS, MILTON B.
A. W.
Jaffe, Siegler and Company
De Garmo,
Merrill Lynch, Pierce, Fenner & Beane; Charles
Nadeau, Gottron, Russell & Co.; Russell K. Rowley, Geyer
LISTON, CORWIN L.
Co., Inc.;
rated, Toledo.
LONG, MARTIN J.
The First Cleveland Corp.
S.
&
Carl F. Bargmann, Braun, Bosworth & Co. Incorpo¬
Committeemen: Jay
National
Quigley, Quigley & Co., Inc.;
L.
Russell K. Rowley, Geyer & Co.,
Inc.
St
Co.
MASTERS, OLAN B.
Butler, Wick St Co.,
Youngstown
McLeod,Youhg,Weir & Compaky
McGINTY, JOHN
Alternate: Daniel M. Hawkins, Otis & Co.
McDonald
January 1, 1950; Term Expires: December
Took Office:
Prescott
St
Company
31, 1950.
LIMITED
McPOLIN, BENJAMIN J.
McDonald St Company
ROSTER OF MEMBERS
Members of The Investment Dealers' Association of Canada
MELODY, THOMAS A.
located
(Members
Cleveland unless
In
indicated)
otherwise
Merrill, Turben St Co.
CARL F.
DAVID
BARHYTE,
Corp.
Incorporated
J.
Prescott, Hawley, Shepard & Co., Inc.
BELLE, CLAUDE
METZENBAUM,
GELBACH, MYRON
T. H. Jones St Company
MORROW, FRANK W.
GIBBS, WILLIAM S.
Halsey, Stuart & Co. Inc.
NADEAU, CHARLES S.
Gottron, Russell St Co.
GIER, BERNARD H.
Merrill Lynch, Pierce,
McDonald St Company
DEALERS IN ALL
CANADIAN SECURITIES
ARTHUR
GEGGUS. EDWARD B.
Curtiss, House St Co.
ELTON
Hayden, Miller St Co.
BARBER,
Braun, Bosworth & Co.
The First Boston
MERICKA, WILLIAM J.
Wm. J. Mericka & Co., Inc.
GAWNE, HARRY J.
ASBECK, FREDERICK M.
Olderman, Asbeck & Co.
BARGMANN,
GAITHER, PAUL
Gottron, Russell & Co.
WU1 S. Halle & Co.
St
Morrow
NASH.
Fenner &
Beane
Direct
Co.
CHARLES
Montreal and
private wire to
The First Boston
Corporation, New York
Stock orders executed
on
all Exchanges
J.
Ceylon E. Hudson. Wooster
Head Office
BLAINE, PERKY T.
Blaine
T.
Perry
&
Co., Ashtabula
& Co., Ashtabula
Blaine
Perry T.
Ledogar-Horner
PARSONS,
Wm.
Paine,
GOTTRON, RICHARD A.
Cayne
Gottron, Russell &
Montreal
Ottawa
Hamilton
London
Winnipeg
New York
PERKO,
FRANCIS J.
Webber, Jackson & Curtis
JOHN
F.
J. F. Perko St Company
PERRY, WILLIAM J.
Cook
GRAY, WILLIAM S.
Wm. J. Mericka St Co., Inc.
& Co.
HERBERT H.
Ripley St Co., Incorporated
COVINGTON,
Harriman
E.
St Co., Inc.
Arthur V. Grace St Co.
Co.
&
Co.
GRACE, ARTHUR V.
A.
COOK, LAWRENCE
Lawrence
Jr., EDWARD
J. Mericka
PATRICK,
Co.
MORTON
Company
King Street West, Toronto, Canada
Correspondents in London, England
OLIVER
Goshia & Co., Toledo
CAREY, WALTER J.
Gunn, Carey and Company
CAYNE,
50
GOSHIA,
BOWDEN, PAUL S.
&
F.
Branch Offices
GLEASON, JOHN M.
Curtiss, House St Co.
Corp.
GEORGE
OPDYKE.
ROBERT
BLAINE,
BOCK, ROY E.
Dodge Securities
Otis
GINTHER, NELSON D.
Ginther St Company
Midwest
GREEN,
Green,
ALBERT B.
Erb & Co.,
L.
Inc.
DAVIDER, ROBERT H.
GREEN,
Nelson, Browning & Co.
GARMO, A. W.
Merrill Lynch. Pierce, Fenner
J. Schultz
PLASTERER,
WILLIAM
Exchange
& Co.
DON
Hornblower St
Green, Erb St Co., Inc.
DAVIS, CLARENCE F.
The First Cleveland Corp.
Stock
PLACKY, GEORGE
W.
Canadian Securities
Weeks
Provincial
Government
DE
St Beane
Wm.
J.
Mericka
St Co.,
Public Utility
Municipal
DOERGE, CARL H.
Inc.
DOERGE, JACK O.
Saunders, Stiver & Co.
DRNEK, JAMBS J.
C.
J.
Devine
St
Securities
Co.
EAGAN, FRANCIS J.
C. J. Devine & Co.
EBLE, HOWARD J.
Wm. J. Mericka St
Co.,
EILERS, STANLEY M.
Hornblower St Weeks
FISCHER,
VAN ALSTYME,
NOEL a CO.
Members
New York Stock
ERB, ROBERT L.
Erb &
New York Curb Exchange
Exchange
Wood, Gundy & Co.
Incorporated
Co., Inc.
ALBERT
52 Wall Street,
.
New York (5)
14
Paine, Webber, Jackson & Curtis
Bros. St Hutzler
FOSTER, WARREN
Otis St Co.
Wall Street, New York 5
Affiliates
FLEEGLE, CHARLES
Salomon
Municipal Bonds
Inc.
EHRHARDT, EDWIN F.
The First Cleveland Corp.
Green,
State and
Van Alstyne
Noel Corporation
Delaware Fund Distributors, Inc.
Toronto
Montreal
Winnipeg
Vancouver
-
London, England
THE
32
COMMERCIAL and FINANCIAL CHRONICLE
i M. nauser, Hooker & Fay, San
Francisco; Frank Bowyer, Schwabacher & Co.,
Francisco; Kermit B. Sorum, Allison-Williams Company, Minneapolis, Minn.;
Walter Saunders, Dominion Securities Corp., New York City; Maurice J.
Cann,
A. G. Becker & Co., Chicago; Milton J. Isaacs, Straus &
Blosser, Chicago
fci'Dti
William E. B. Lyon, R. S. Dickson & Co., Charlotte, N. C.; Mr. and Mrs. Henry L.
Harris, Goldman, Sachs & Co., New York City; Arthur C. McCall, Alester G. Furman
& Co., Greenville, S. C.; Logan V. Pratt, R. S. Dickson & Co.,
Charlotte, N. C.;
San
*
Security Traders Association of Detroit
And
Directors:
Mark
&
Co.;
Charles
Committeemen:
Bechtel,
C.
Herbert Schollenberger,
National
A.
Smith, F. W. Craigie & Co., Richmond, Va.
The officers, and Harry A. McDonald, Jr.,
Moore
Michigan, Inc.
Thursday, October 19, 1950
McDonald,
Wailing, Lerchen &
Co.;
land, Moreland &
Co.;
&
Hastings,
Crouse
&
Com¬
Clarence A.
Horn,
First
of Michigan
Carr
Corporation.
CLARK,
P.
Meyer,
First
Michigan
of
Corporation;
Wm. C. Roney & Co.; Claude G. Porter,
Elected:
September 5,
John
K.
Roney,
Baker, Simonds & Co.
A. McDowell
MINTON
&
Bache
Detroit unless
in
Battle
Creek
CLOUD
Matuey,
ADAMS,
WILLIAM M.
Braun, Bosworth & Co. Incorporated
Bennett
RAY
EF.RNARDI,
Nauman,
&
J.
George
Harry B. Buckel
George A. Reuter
Edward J. Miller
Elder
H.
Hentz
&
S.
BOLGER,
Hornblower
P.
Co.
&
&
&
President:
George J. Elder, George A. McDowell & Co.
Vice-President:
Edward J.
Miller, Andrew C. Reid & Co.
BOLIIOVER,
Charles
M.
E.
E.
George A. Reuter, Baker, Simonds & Co.
Harry B. Buckel, Manley, Bennett & Co.
A.
Parcells
ALLISTON, FREDERICK H.
Wm.
BOWYER, MERLE J.
C. Roney & Co.
ALLMAN,
N.
Braun,
C.
J.
Bosworth
CR4BSON,
Roney
&
Co.
Smith, Hague & Co.
Co.,
&
Incorporated
JOHN
YOUNG, NEIL
Young-Torgna Co., Grand Rapids
De
DILLMAN,
AXTELL,
WILLIAM J.
EROWN,
WILLIAM
Baker,
Simonds
P.
&
Charles
BAIRD,
E.
Bailey
George
A.
BUCKEL, HARRY B.
&
MACKENZIE
Co.
Manley,
C.
McDowell
Co.
&
Ripley & Co.,
&
HAROLD
R.
C;
&
CALICE,
Co.,
R.
&
R.
Incorporated
H.
ANTHONY
O'Donnell
C.
CAMPBELL,
First
Company
BECHTEL, CHARLES C.
Watling, Lerchen & Co.
retail distribution
Incorporated
II.
Company
DOIIERTY, Jr., JOHN E.
Smith, Hague & Co.
&
A.
IRA J.
H.
Vogel & Co.
Company
EARLE,
BARNARD,
Crouse
Offerings for
Bosworth
&
Co.
J.
DUCEY,
Braun,
LAWRENCE
O'Donnell
Watling, Lerchen & Co.
BARGMANN, FRED. A.
Interested in Block
Bennett
BURROWS,
C.
GEO.
Harriman,
Co.
DILWORTH,
BAILEY, CHARLES E.
UPSTATE NEW YORK SECURITIES
Co.
Goodbody & Co.
While, Noble & Company
TRADING SPECIALISTS IN
&
Bailey & Co.
DELANEY, ROY F.
Wm.
Secretary:
|
JOHN
Charles
DE
Treasurer:
Company
Co.
DANIELS,
ALLEN, ALONZO C.
Blyth & Co., Inc.
Weeks
GILBERT S.
Crouse
Bennett
&
Company
Company
G. L.
Manley,
Company
Co.
CHARLES B.
Crouse
&
&
CROOKSTON, RALF A.
Co.
CROUSE,
McFawn
&
I.
Bennett
CURRIE,
GEORGE
L.
McFawn
CREECH, DONALD
BENNETT, Jr., EDWARD T.
otherwise indicated)
ALLARDYCE,
Blosser
COLEMAN, MARK H.
First of Michigan Corporation
Manley,
(All members located
Co.
Co.
&
Nauman,
ROSTER OF MEMBERS
&
M.
COEN, JOSEPH T.
CRAY,
1950.
Company
WILLIAM E.
George
Straus
George J. Eider, George A. McDowell & Co.; Frank
Co.
ROY F.
&
CLUTE,
Alternates:
Company
CHAPEL, HAROLD R.
CHAPIN,
Russell
Miller, Titus-Miller & Company; Paul I. More-
pany; Don W.
HOWARD F.
Carr
McDonald-Moore &
Campbell, McCarty & Co., Inc.
H.
CARIt,
of
CARMAN,
Manley,
DOUGLAS
H.
HENRY
First
of
Michigan
Corporation
Michigan Corporation
RICHARD
Bennett
&
A.
EIS, VALLETTE R.
Moreland & Co.
Co.
ELDER,
GEORGE J.
George
A.
McDowell &
Co.
EVERHAM, EDWIN M.
Smith, Hague & Co.
STANLEY PELZ & CO.
Members
National
Association
40 EXCHANGE PLACE
Tel.:
of
•
Securities
Dealers,
Inc.
NEW YORK 5, N. Y.
We
we
are
pleased
announce
have completed 28 years at the
with the
same
firm
FAULKNER,
same
the
name,
EXLEY, CHARLES E.
Charles A. Parcells &
that
address
same
and the
same
Co.
L.
Stoetzer, Faulkner & Co.
C.
Roney
business
Bell Tele. NY 1-3089
GEORGE
FISH, JACK V.
Wm.
partners
BOwling Green 9-5580
to
&
Co.,
Saginaw
FISHER, DONALD B.
SPECIALISTS IN
UNLISTED
SECURITIES
FLOYD,
Jr., C. A.
Roney &
C.
Wm.
Co.
GARCEAU, FRANK J.
JOHN J. O'KfiNE JR. & CO.
ESTABLISHED
1922
Wm.
Members
Roggenburg
Members
New
York
Security Dealers
&
Co.
Nat'l
New
Association
York
of
Security
Securities
Dealers
Roney & Co.
GARDNER, BRACKETT
A.
Members
C.
H.
Vogel & Co.
Dealers
Association.
GATZ,
JOSEPH
F.
McDonald-Moore
DIgby 4-6320
42
Broadway, N. Y.
Co.
&
GILBERT, NELSON R.
Donovan, Gilbert & Co., Lansing
Association
GILBREATH, Jr., W. S.
First
Brokers and Dealers
All
Michigan
Titus-Miller
CORPORATE SECURITIES
Corporation
&
Company, Ann Arbor
GIRARDOT, ALFRED J.
Wm.
OVER-THE-COUNTER
Specializing in
of
GILLEN, JOHN W.
C.
Roney & Co.
GOODRICH, RUSSELL II.
Investment Securities
Company
Jackson
GORDON, WILLIAM H.
SECURITIES
Foreign Bonds & Stocks
Shader-Winckler
&
Co.
GREENAWALT, H. SAMUEL
MacNaughton-Greenawalt &
FOREIGN BOND COUPONS
Grand
HASTINGS, H.
FOREIGN BOND SCRIP
Crouse
&
RUSSELL
Company
HASTINGS, PIERCE A.
29
BROADWAY
Telephone: WHitehall 3-3840
NEW YORK 6
Bell
Teletype: NY 1-1928
FRANK C. MOORE & CO.
42
Broadway, New York 4, N. Y.
Telephone WHITEHALL 3-9784-5-6
Teletype NY 1-2623
Straus
&
.
Blosser
HEALY,
WILLIAM B.
Comstock & Co., Chicago,
higbie,
peter
Bradley
HILL,
J.
Co.
Rapids
Higbie
c.
&
Co.
GORDON
Watling,
Lerchen
&
Co.
111.
-
*
h
Milwaukee
& Co., New
Fenner &
MEYER,
HINSHAW, JOSEPH
Watling, Lerchen
First
& Co.
Rapids
FRED
Andrew
MOONS,
HURLEY,
Baker,
HYDE.
MOORE,
WILLIAM L.
Simonds & Co.
H.
W.
H.
Protiva Company,
CLAUDE
PORTER,
MURPHY.
& Curtis
A.
£
Paine,
KAUnL, HERMAN
REID.
C.
Nauman,
kelly, ernest
Charles
&
REILLY,
Corporation
E.
Bailey & Co.
VOGEL,
Co.
RAYMOND W.
Bennett
Straus
H.
Andrew
McFawn
&
A.
M.
C.
C.
Roney
Reid
&
Co.
STRINGER,
RALPH
Goodbody
W.
H.
Jr., CLARENCE J.
Protiva Company, Pontiac
NEWMAN,
PERCY P.
SATTLEY, HALE V.
H. V. Sattley & Co..
Stoetzer, Faulkner & Co..
OLSON. LOUIS
White, Noble & Company,
Smith,
Co.
page
34)
Inc.
'
Hague &
SCHNEIDER.
Underwriters
ELWOOD H.
Kalamazoo
E. H. Schneider & Co.,
Co.
Grand Rapids
Dealers
Distributors
RUSSELL A.
KUHNLEIN,
Goodbody
&
71
n
Co.
Wholesale and Retail Distributors
RAYMOND A.
Smith, Hague & Co.
KUPFER,
of Investment Securities
LESTER C.
LANTERMAN,
&
Titus-Miller
Company,
ELMER
Lynch, Pierce,
Detroit
Fenner
& Beane
Active
UNTER & CO.
trading markets
LEPPEL, BERTRAND
Chas. A. Parcells & Co.
LERCHEN,
Watling,
52
Lerchen & Co.
Blair F.
SEABOURN R.
Claybaugh & Co.
Livingstone & Co.
Established
Member
LONGSTAFF, RALPH S.
Tracy, Inc., Chicago,
Rogers &
LUDINGTON,
Philadelphia-Baltimore Stock Exchange
Y. Security Dealers Assn.
52 WALL
BERT F.
Syracuse
PRIMARY
STREET, NEW YORK 5, N. Y.
Tele. NY
Tel. HAnover 2-7064
REGINALD
MacARTHUR,
TELETYPE NY 1-1371
TELEPHONE DIGBY 4-2787
1932
Member N.
111.
Blosser
<fe
Kenower,
BROADWAY, NEW YORK 4
WM. G.
LIVINGSTONE,
Pittsburgh
Harrisburg
MacArthur & Company
Own
MACE, ROBIN G.
Washington, D.
1-2177
C.
Markets Maintained In
Miami
Private Wire System
NEW YORK BANK STOCKS:
i.
Golaman, Sachs & Co.
MacPHERSON, PETER
National City
Manley, Bennett & Co.
R. M.
Mcdonald,
Guaranty Trust
Public
Co.
Irving Trust
New York Trust
Chemical Bank
in
Bache & Co.
mcdonald, alex
McDonald-Moore &
Bank of Manhattan
Manufacturers Trust
Trading Markets
manley, milton a.
McCONNELL,
Bankers Trust
Chase National
Charles A. Parcells & Co.
mahoney, j. albert
Bennett, Smith & Co.
C.
&
on
HARRY
KRISTENSEN, EDMUND F.
Moreland & Co.
f
McDowell
(Continued
Watling, Lerchen & Co.
L.
Shader, Winckler Si Co.
SCHAFER,
RAYMOND C.
R. C. O'Donnell & Company
CHESTER M.
KOLKOSKI,
Straus
GEORGE J.
A.
MAX J.
RUBINER, JULIUS
Bache & Co.
O'DONNELL.
Co.
&
KISCH, JOSEPH J.
Hornblower & Weeks
R.
WALKER,
LEO
KING, W
S.
Co.
Baker, Simonds & Co,
Stoetzer, Faulkner & Co.
& Co.
&
WAKEMAN, WYNN F.
George
ROTSTED.
4
NEPHLER.
KING, CYRUS H.
Merrill Lynch, Pierce, Fenner & Beane
Merrill
ARMIN H.
Vogel & Co.
Goodbody
Kidder & Co.
STOETZER, ROBERT R.
RONEY, JOHN K.
Company
H.
VOORHIES, FRANK E.
Co.
&
GEORGE A.
Detroit Stock Exchange
FRANK H.
O'Donnell & Co.
LARSON,
A.
Blosser
&
STEIN, MYRON D.
REUTER,
McFawn & Co.
Nauman,
VERRAL, CLIFFORD E.
S. R. Livingstone & Co.
MARION J.
STANWOOD, FRANK
NEIL, ROY W.
Halsey, Stuart & Co. Inc.
C.
Reid
NAUMAN, ARTHUR P.
A.
Grand Rapids
Lerchen & Co.
Watling,
STANKO,
ANDREW C.
Wm.
R.
SPADE, WAYNE M.
Curtis
Rapids
Baker, Simonds & Co.
Goodbody & Co.
KEMP.
TORGNA, HERMAN
De Young-Torgna Co.,
Blair, Rollins & Co., Incorporated
C.
Hague & Co.
Smith,
Arbo"
Ann
THOMSON, EDW. D.
Hornblower & Weeks
Moreland & Co.
NAU, HENRY
LEE
C.
Baker, Simonds & Co.
Company,
&
ComDan*
SNOWDAY, H. TERRY
K.
Jackson &
Webber,
Manley,
JONES.
Titus-Miller
Investment
SNELL, ROBERT L.
G.
JOHN E.
Michigan
L.
Sm'*h, Hague & Co.
Kales-Kramer
Kidder & Co.
M.
Andrew
of
Kalamazoo
VANDERVOORT, HENRY
Paine, Webber, Jackson & Curtis
First
Vogel & Co.
Inc.,
Co.
TEMPLIN, RAYMOND
Goodbody & Co.
SMITH, PHIL H.
& Co.
RAUCH, MONTGOMERY
LESLIE
Mulhall,
Shader-Winckler
Baker, Simonds & Co.
Pontiac
&
Olmstead
TEMPLE, FRANK
SMITH, Jr., HAL H.
BYRON L.
POWELL.
Co.
MUSCHETTE.
RAYMOND A.
SWIAT, LEO A.
Co.
RALPH W.
SIMONDS,
Baker, Simonds & Co.
Fenner & Eeane
Grand
&
Bennett &
Manley,
Lynch, Pierce, Fenner & Beane
Merrill
Co.
Co.
GORDON O.
SUTTON,
TITUS, DEAN W.
WILLIAM
Moreland
&
McFawn &
Nauman,
SIMMONDS, CHARLES M.
RICHARD W.
PENDER.
ROBERT-
Co.
Higbie
Bradley
ROSS W.
SUTHERLAND,
Campbell, McCarty & Co., Inc.
SHOEMAKER, WILLIAM E.
Jr., CHARLES
Parcells & Co.
S. R. Livingstone
J$jftch',/'Pierce,
Curtis
PARMENTER, EUGENE A.
W.
MORELAND, PAUL i.
Co.
JARVIS, LEROY O.
Paine, Webber, Jackson
JOHNSON,
Manley,
|
&kCo.
McDonald-Moore &
HAROLD
R.
Smith, Hague &
A.
Merrill
Funds
&
HOWARD L.
Bennett & Co.
PARKER,
Co.
RAYMOND
McDonnell
HUMPHRIES, NORMAN D.
Keystone Custodian
&
MONTGOMERY,^HAROLD G.
& Co.
Lerchen
Watling,
Reid
Paine,, Webber, Jackson & Curtis
Co.
VICTOR M.
HUGHES,
C.
A.
Louis, Mo.
SCHOLLENBERGER, HERBERT
Jackson
PARCELLS, EARLE W.
Chas. A. Parcells & Co.
EDWARD J.
MIOTTEL,
&
Chas.
Corporation
TituS-Miller ^Company
Andrew
W.
Reid
C.
PARCELLS,
DON-W.—
MILLER,
CLARENCE A.
Michigan Corporation
First of
St.
Webber,
Paine,
Warmath, Equitable
& Co., St Louis,
Richter Co.,
Greensboro, N. C.; Edward A. White, White
Mo.; Robert L. Mitton, Denver, Colo.; Robert A. Pauli, Scherck,
MILO O.
OSBORN,
St. Louis, Mo.; John T.
Hagensieker, Reinholdt & Gardner.
Securities Corporation,
•
EDWIN
C.
FRANK P.
of Michigan
MILLER,
GEORGE R.
White, Noble & Company, Grand
HITHER.
'v v-
*
George A. McDowell & Co.
Goodbody & Co.
HORN,
Beane, New York City
MERCIER,
HINDES, HOWARD
HOLLISTER,
Earl
Fred G. Morton,
Eastman,' Dillon
York City; Mr. and Mrs. Robert A. Torpie, Merrill Lynch, Pierce,
Hauser, Hooker & Fay, San Francisco; Mr. and Mrs.
Company, Milwaukee, Wis.; D. Frederick Bafrton,
Herbert M.
The
33
FINANCIAL CHRONICLE
THE COMMERCIAL and
Convention Number
First National of N. Y.
Public National
Central Hanover
Utility Securities
National
Brooklyn Trust
Safety
claude g.
G. McDonald & Company
Mcdonald, harry a.
Securities <fe Exchange
Commission
Washington, D. C.
(Honorary Member)
Mcdowell,
George A.
george a.
McDowell & Co.
Mcdowell, Jr.. george a.
George A. McDowell & Co.
McFAWN, JOSEPH J.
Nauman, McFawn &
Company
Kugel, Stone
VOGTELL & Co., INC.
37
Wall
Street, New York 5, N. Y.
Telephone
Teletype
WHitehall 4-2530
NY 1-3568
&
Co.
Incorporated
|
20 BROAD STREET
H
Telephone: WHitehall 3-2050
NEW YORK 5, N.
Teletype: NY
Y.
1-1822
f
34
THE COMMERCIAL and FINANCIAL CHRONICLE
John
W.
Martin &
Bunn, Stifel, Nicolaus & Co., Inc., St. Louis, Mo.; Carl E. Hill, Milhous,
Co., Atlanta, Ga.; Samuel Magid, Hill, Thompson & Co., New York City;
Landon A. Freear, Wm, N. Edwards & Co., Ft. Worth;
Pauli, Scherck, Richter Co., St. Louis, Mo.; Gustave J. Schlosser, Union
Securities Corp., New York City; Wm. H. Boggs,
Hill, Thompson & Co.,
New York City
And
Mr. and Mrs. Henry L. Harris,
Goldman, Sachs & Co., New York City; Wm. Perry Brown, Newman, Brown & Co.,
Orleans; Mrs. Landon A. Freear, Ft. Worth, Texas; H. Frank Burkholder,
Robert A.
Security Traders Association of Detroit
Thursday, October 19, 1950
New
Equitable Securities Corporation, Nashville, Tenn.; Russell M. Ergood, Jr.,
Bond Club of
GEORGE W.
Deposit Co.
GEHM.
Syracuse, N. Y.
First Trust &
GIDLEY, DELWIN H.
George D. B. Bonbrlght & Co.
GOODELLE. CLARENCE A.
Michigan, inc.
(Continued from page 33)
GRABAU, ALVIN J.
Grabau-Buchman
-ROSTER OF MEMBERS
GRAVES.
-
WALLACE, ROBERT
Wm. C. Roaey & Co.
WILLIAMS, JOHN
WALLER, HERBERT L.
Charles E. Bailey & Co.
WILLIAMS.
WATLING, JOHN W.
Watling, Lerchen & Co.
WINCKLER, FREDERICK
WATLING, PALMER
Watling, Lerchen & Co,
WOCHIIOLZ,
George
Paine,
A.
M.
McDowell
&
N.
Webber,
Herrick
Jackson
&
Curtis
WEAVER,
William
ORLIE
JOHNSON.
ROBERT A.
Securities
H.
B.
Company
Lapham
LeVF.ILLlE,
STANLEY M.
WOOD, WARREN A.
Baker, Simonds & Co.
McGURK.
WORBOY8.
MILES.
WELCH, EDWARD L.
Baker, Simonds & Co.
WRIGHT, JOHN C.
G.
McDonald
&
Company
JESSE
&
Alvin
G.
Norman C. Schmidt
Hageman
Stoetzer, Faulkner & Co.
Francis
F.
Coulter
Charles T.
Heaton
Treasurer: Francis Q. Coulter, Syracuse Trust Co.
DISTRIBUTORS
DEALERS
Secretary: Charles T. Heaton, William N. Pope, Inc.
Governors: Robert T. McGurk, Stone & Webster Securities
Corp.;
John P. Miles, Blair F. Claybaugh &
Co.; Edward J. Smith,
Smith, Bishop & Co.; Everett W. Snyder, E. W. Snyder and Co.;
Roy H. Stokes, Merchants National Bank.
Elected: February
GENERAL MARKET MUNICIPALS
Rollins
B.
SCHMIDT, NORMAN C.
Syracuse
Reld-Bullock
ISSUES
CANDEE,
Carl
M.
J.
EDWARD
Bishop
Loeb,
Reynolds
F.
Rhoades & Co.
George
D.
EASTMAN,
Eastman
HARRY
&
Trust Co.
George D. B. Bonbrlght & Co.
DAY, MARSHALL W.
CARY, DANIEL W.
Reynolds & Co.
COPELAND,
J.
Co.
&
LEO
V.
Smith & Co.
SMITH,
CUMMINGS, ERNEST M.
Co.
HORACE
Claybaugh & Co.
F.
V.
COULTER. FRANCIS Q.
Cohu & Co.
EDWARD
Goodelle
A.
Clarence
SHIPMAN, RICHARD
Leo
BILLINGS, PEAENE W.
BULLOCK,
NATURAL GAS
K.
SCHELLENBERG, LeROY H.
William N. Pope, Inc.
SMITH.
ROSTER OF MEMBERS
Inc.
Pope,
KARL B.
& Co.
ROLLINS.
Blair
23, 1950.
N.
ROBERTS, JAMES
Smith,
RAILROAD, PUBLIC UTILITY, INDUSTRIAL
& Co.
POPE. WILLIAM N.
William
President: Alvin G. Hageman, Syracuse Savings Bank.
Vice-President: Norman C. Schmidt, Clarence A. Goodelle.
UNDERWRITERS
Corp
P.
Claybaugh
MULCOCK, ERNEST R.
E. R. Mulcock & Co.
Q.
*
r
H.
& Company
N.
JOHN
Blair
Co.
G.
ROBERT T.
Webster Securities
Stonew
V.
.McDonald-Moore
D.
Bonbright & Co.
BEVERLEY
LAPHAM.
WEDTHOFF, GUY G.
First of Michigan Corporation
C.
Inc.
CHARLES T.
N. Pope, Inc.
HEATON,
J.
Co.
George D. B.
Investment
Co.,
&
HAGEMAN, ALVIN G.
Syracuse Savings Bank
VICTOR
Shader-Wlnckler
Inc.
Pope.
WILLIAM H. C.
Earrett
Co.
LLOYD
J.
William
GRIMES.
C.
B.
Bonbrlght & Co.
DREW
&
G.
Reynolds
&
E.
W.
Snyder
Merchants
THORNE,
Syracuse
Co.
and Co.
H.
ROY
STOKES,
Co.
EMMONS. EDWARD L.
Co.
EVERETT W.
SNYDER.
Bank
National
WILLIAM J.
Trust Co.
i
TICKNER, RULAND L.
Foster & Adams
WALLACE, WARREN R.
Fayettevilie, N. Y.
WELLES,
M.
FRANK
Reynolds & Co.
GORDON GRAVES 6- CO.
30 Broad
Street, New York 4, N. Y.
Telephone Whitehall 3-2840
Teletype NY 1-809
To those interested
in
the
relationship of
Pflugfelder & Rust
Members of the New York Stock
Exchange
The United States
61
We
Offer
BROADWAY, NEW YORK 6, N. Y.
a
and
the
COMPREHENSIVE INVESTMENT
...
•#
•
Canadian Dollar
AND
Telephone BOwIing Green 9-4900
DEALER SERVICE ".V
in
We maintain active markets
ALL CLASSES
OF BONDS AND
STOCKS
in
including
PUBLIC UTILITY
—
RAILROAD
FOREIGN
—
—
INDUSTRIAL
p. f. fox & CO.
BROADWAY. NEW YORK 5,
issues
of
Canada.
SPECIALIZING IN ODD LOTS
(Amounts
Telephone
of
MUNICIPAL BONDS
up
to
uYour Inquiries Solicited
REctor 2-7760
Internal
Dominion
MUNICIPAL
We Are Particularly Adapted to Service Firms
With Retail Distribution
120
the
the
N.
Y.
Teletypes
NY 1-944 & NY 1-945
$10,000)
LEBENTHAL8 CO.
135
BROADWAY, NEWY0RK 6,N.Y.
Voidest House In America
•
Members
York
New
Curb
Security
York
Stock
Exchange
and
and
Commodity
Exchange,
other
New
leading
Exchanges
REdor 2-1737
120
Specializing in |
fODD LOT MUNICIPAL BONDsf
Bell
Ernsts. Co.
System Teletype NY 1-2272
231
Broadway, New York 5,N.Y.
So. LaSalle
Private
Wires
St., Chicago 4, III.
to
Principal Cities
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
and Mrs. George E. Lestrange,
Frank M. Ponicall, Jr.,
Singer, Deane & Scribner. Pittsburgh
Reed, Lear
Lear,
New York City; Mrs. Lee Staib, Cincinnati,
Ohio; Mr. and Mrs. Wellington Hunter, Hunter & Co., New York City; William H.
Boggs, Hill, Thompson & Co., New York City; David Magid Hill,
Thompson & Co., New York City
Parker, Kay, Richards & Co., Pittsburgh; Mr. and Mrs. James
and Mrs. H. Sheldon
C.
Louis A. Gibbs, Laird, Bissell & Meeds,
Mr.
M. Byllesby & Co., Inc., Pittsburgh, Pa.;
Mrs. William G. Simpson, H.
Mr. and
Co., Pittsburgh,
&
Mr.
Pa.;
Arthurs, Lestrange & Co., Pittsburgh; Mr. and Mrs.
HARRISON, JOHN H.
Florida
Security Dealers Association
Allen
&
PETERS, JOHN N.
Merrill Lynch, Pierce,
Orlando
Co.,
Van Ingen & Co. Inc.,
PETERSON,
St.
Gordon
Lynch,
Pierce,
Fenner
&
Petersburg
Kidder
M.
JACKSON,
EDGAR
Thomas
W.
&
CLYDE
KENDRICK,
Thomas
McKinnon, Tampa
E.
Sterling
Palm
Co., Inc., Miami.
& Alleman
F. Boice Miller, B. J. Van Ingen &
President:
Inc., Orlando.
Secretary-Treasurer:
&
Co..
Norman E. Sterling, A. M. Kidder &
Miami
1949.
Or¬
lando
T.
ANDERSON, WALTER T.
Cook Company,
Palm Beach
D
Arries
E.
&
Co.,
St.
Tjampa
BARNES, DAVID
Ranson-Davidson
The
Miami
Company,
Inc..
'
B.
Merrill
Jacksonville
C.
CLAYTON
Thomson
Jacksonville
Merrill
Co.,
JOHN
B.
Co.,
Van Ingen &
Pont
&
Co.,
Fenner
GUNBY,
A.
M.
HALEY,
& Beane,
W.
Co.,
&
ROBERTS, Jr., ALBERT
A. M. Kidder & Co., St. Petersburg
&
(Continued
on
page
Orlando
36)
Rights
Inc., Miami
Fenner
&
Scrip -Warrants
-
Beane
J.
Van
ARCHIBALD
REORGANIZATION SECURITIES
R.
O'Rourke, Inc., Daytona Beach
H. F.
Ingen & Co.,
CARL
Inc., Miami
L.
Sullivan, Nelson & Goss, Inc.
MCDonnell & P.O.
NEWBY, BETTY A.
T. Nelson O'Rourke,
Chicago,
HI.
NOEL,
Pierce,
Fenner
&
Beane,
Members
Inc., Daytona Beach
Jr.,
New York Stock
NOWELL,
KIRK
Co.,
D.
&
SIDNEY
Co.,
O'ROURKE,
T. Nelson
DeLand
McKinnon, Ft. Lauderdale
T.
120
Gordon
Curb
BROADWAY, NEW YORK 5
Tel. REctor 2-7800
NELSON
BRANCH
O'Rourke, Inc., Daytona Beach
PATTON, NOEL R.
W.
Orlando
Exchange
York
E.
ROBERT
&
Exchange
New
W. J.
OLDFIELD, JOHN W.
Oscar E. Dooly, Miami
Cook & Co.,
Beach
A.
M.
JOHN
Kidder
Graves
Buhl Building Detroit, Mich.
'
&
Co., Miami
254 Park
OFFICES:
1
—
Press Place, Asbury Park, N. J.
Ave., N. Y. C.
Produce Exchange, N. Y. C.
&
PEPPER, CECIL B.
J.
Co.,
Fort
Thomson
Lauderdale
&
McKinnon,
Miami
Prompt Wire Service
Inc.,
FOR BROKERS AND DEALERS
Miami
We
Company,
To
are
LOS
ANGELES
•
Western
SPOKANE
*
Markets
in
DENVER
•
SALT
LAKE
CITY
buyers
MORA
Pierce, Fenner & Beane
Lynch,
Cook
and
Petersburg '
Beane,
The Crummer Company, Inc., Orlando
Kidder
&
Ingen & Co.,
KNEALE
Lynch, Pierce,
Thomson
COURTNEY, WILLIAM
Merrill
Beach
Miami
Palm Beach
W.
Miami
SLAUSON. MABEL WHITE
Slauson, White & Rowe, Inc.,
A.
ROBERT H.
J.
Company,
STANLEY C.
Slauson, White & Rowe, Inc., Orlando
St. Petersburg
CLARKE, JR., HAGOOD
Atwill and Company, Miami
COOK, THOMAS M.
Thomas M. Cook &
&
Tampa
D.
Kidder & Co.,
W. Palm Beach
Lynch,
HARBRECHT,
COOK,
Miami
Orlando
M.
Thomson & McKinnon, Daytona Beach
CHRYST,
Pierce, Fenner
GLEASON. J. LEO
Grimm
J.
McKinnon,
&
Miami
Co.,
McKinnon.
FRANKLIN
Davis
West Palm
CHILDRESS, FRANCIS B.
Childress and Company, Jacksonville
CHRYST,
E.
M.
Kidder & Co., Jacksonville
M.
NELSON,
Thomas M.
GEORGE
Pierce Corp.,
CARRISON, H.
Clyde
B.
L.
J.
Van
MURCIIIE,
Miami
M.
Pierce, Fenner & Beane,
Lynch,
A.
GIVENS, J. J.
Lord, Abbett & Co., Atlanta, Ga.
HENRY
&
MORLEY, JOHN J.
Petersburg
Welsh,
J.
T. Nelson
Lynch,
GARNER,
Petersburg
CARRERE,
&
C.
Miami
Petersburg
Freeman, Hough & Co., Ft. Myers
WALTER L.
Walter Baynard & Company,
DONALD
du
MORRISON,
Company
FREEMAN. HOWARD
BAYNARD,
BRAYSHAW,
Inc., Daytona Beach
FLINN, EMERY
Oscar E. Dooly, Miami
St.
Inc.,
Daytona Beach
St.
Securities
Merrill
BARR,
T.
CARLTON O.
Nelson O'Rourke,
FOISY, M.
TRACY B.
Nelson O'Rourke,
U.
Pont
Beach
Merrill
Daytona Beach
EVANS, J. HERBERT
Florida
ARRIES, DON E.
C.
T. Nelson O'Rourke, Inc.,
ERICKSEN,
Emerson
I.
MORGAN,
ARTHUR
ERICKSEN
Inc.,
Alleman,
&
St.
BARNARD
MILLER, F. BOICE
MONROE
F.
Wheeler
Atwill
Beane,
Lifsey Company,
HOBERT B.
Merrill Lynch, Pierce,
B.
Leedy,
du
SLAUSON, DON W.
Fenner
Beach, Fla.
Francis
ROSTER OF MEMBERS
ALLEMAN,
Beane.
ROGERS, ROBERT C.
Company
SHAVER,
Kidder &
&
McKAY,
Jacksonville.
Elected: November,
M.
Fenner
LINK, Jr., HARRY W.
Howard S. Wheeler, Leedy, Wheeler
Vice-President:
A.
I.
Thomson
Petersburg
READ,
TRUMAN
Truman
Inc.
«.
ROGERO, A.
S.
Pierce
Pierce,
GEORGE
Francis
Shaver
A.
Beach
LIFSEY,
Norman
Howard S. Wheeler
Miller
S.
PRESCOTT,
Lakeland
A.
F. Boice
ROBSON,
EMORY L.
Co.,
LESTER, KENNETH
Merrill Lynch, Pierce,
Palm
St.
Lynch,
Orlando
Co., Coral Gables
C.
THOMAS
PIFRCE,
&
Merrill
&
Graves
PIERCE, PAUL L.
Leedy, Wheeler & Alleman, Inc., Orlando
Company
Wheeler & Alleman,
Orlando
Miami Beach
Clyde C. Pierce Corporation, Jacksonville
DeWITT T.
Thomson &
Allen
Leedy,
B.
Co.,
Beach
Palm
JESTER,
&
Miami
M.
ROBINSON. HUGH B.
PIERCE,
W.
Cook
M.
LEE
Jr.,
Graves
Gordon
Clearwater
Co.,
R.
Hough & Co., Ft. Myers
Freeman,
ROBINSON, A.
PHELPS, ORIN M.
&
WILLIAM
HOUGH,
ROBERTSON, LEWIS B.
Gordon Graves & Co.,
Beane
Beane,
HOPPER, HARRISON
A.
&
Miami
HOLDER, O. J.
Merrill
Fenner
Beach
Miami
HODGE, EDWARD C.
B. J.
35
Jacksonville
OF
CRANFORD, JAMES A.
ville,
of Jackson¬
National Bank
Atlantic
The
BLOCKS OF STOCKS
Jacksonville
CROOKS, EDWIN B.
Thomson
&
CROUCH, LEO
Thomson
&
McKinndh, Miami
P.
McKinnon,
Jacksonville
DeLANO, OSCAR L.
A.
CLAUDE J.
Thomson & McKinnon, St.
Corporations whose position can be improved through
better management, merger,
& Co., Sarasota
Kidder
M.
of
financial assistance, or a
broader distribution of their securities.
DUELL,
Petersburg
DUNN, EDWARD R.
Allen & Co., Orlando
DUSKIN,
JOSEPH H.
Thomson &
McKinnon, Palm Beach
DYER, Jr., JAMES B.
Merrill Lynch, Pierce,
Fenner
& Beane,
Fenner
& Bean*-
Orlando
R.
J.
ELLIOTT
•rill
Merrill Lynch,
Palm
Hill, Thompson & Co., Inc.
J. A. HOGLE & CO.
ESTABLISHED
Pierce,
Beach
70 Wall Street,
New York 5, N. Y.
Members
and
EMERSON. W.
Merrill
St.
WHilehall 4-4540
A.
Lynch,
Pierce, Fenner
50
& Beane,
Petersburg
ENGLISH, EDWARD
Tel.:
L.
Gordon, Graves & Co., Coral Gables
BROADWAY
WHitehall
3-6700
New
other
York
1915
Stock
Exchange
Principal Exchanges
NEW
YORK
5,
N.
Teletype
Y.
NY
J-1856
,
COMMERCIAL and FINANCIAL CHRONICLE
THE
36
and
V.
Patrick
King, Bankers Bond Co., Louisville, Ky.; Mr. and Mrs.
Marshall, Portland, Ore.; Mr. and Mrs. Don W. Miller,
Titus-Miller & Co., Detroit, Mich.
C.
Charles
Mrs.
B.
McGinnis,
McGinnis
&
Company,
New
Gustave L.
Levy,
Sachs
Securities Dealers of the Carolinas
Florida Security Dealers Association
City;
York
& Co., New York City; Henry Oetjen, McGinnis & Company,
New York City; John G. Preller, McGinnis & Company, New York City
Goldman,
&
Bailey, Foster
Thursday, October 19, 1950
CALHOUN,
~
ALAN C.
Calhoun
&
Company, Spartanburg, S. C.
CALHOUN, JULIAN
Calhoun
(Continued from page 35)
&
ROSTER OF MEMBERS
James
—
Company, Spartanburg, S. C.
JAMES
CONNER,
Conner
Charleston,
VAN
STEELING, NORMAN E.
A.
M.
Kidder & Co.
Merrill
Palm
Jacksonville
ERNEST
STEVENS,
A.
M.
RYN,
Kidder
&
Lynch,
Pierce,
Fenner
&
Beane
Myers
Sullivan,
JAMES
Nelson
B.
&
WHEELER,
Goss, Inc.
Citizens
Corporation,
HOWARD
RAVENEL B.
Trust
Co., Greenwood, S. C.
ROBERT
S.
H.
A. M. Kidder & Co., Lakeland
Merrill
Lynch,
Pierce,
Fenner
&
C.¬
DIXON, ROBERT B.
McDaniel Lewis &
LINTON
.
L.
Dargan & Co., Spartanburg, S.
WHITEHEAD, C. S.
TERRY.
Jr.,
DARGAN,
Leedy, Wheeler & Alleman, Inc., Orlando
W. Palm Beach
D.
Durham, N. C.
CURRY,
Jacksonville
SULLIVAN,
Company,
C.
Securities
First
Beach
and
S.
WILLIAM
CROOM,
WELLBORN, H. C.
Clyde C. Pierce Corporation,
S.
Co.. Ft.
JOHN
Co., Greensboro, N. C.
EWING, ALLEN C.
Allen C. Ewing & Co., Wilmington, N. C.
Beane
Miami
GARIBALDI, LINN D.
THROM, HAROLD J.
Thomson
&
WINTERS,
McKinnon,
Gordon
Miami
JONATHAN
Interstate
H.
Graves & Co.,
T.
John
Robert B. Dixon
Warmath
John T.
President:
Corporation,
Warmath, Equitable Securities
Malcolm
Vice-President:
M.
Manning,
c/o Vivian M. Manning,
Greenville, S. C.
General 4s
Convertible
1975
Treasurer:
ROBERT
S.
Dixon, McDaniel Lewis & Co., Greensboro,
H. T. Mills, Jr., Henry T. Mills, Greenville, S. C.
Elected: October, 1949; Took
Office: October, 1949; Term Expires:
October, 1950.
Hays & Company,
N. C.
PHIL
30
BROAD
&
CO.
Merrill
N.
C.
BARNES, JAMES
Kirchofer
Raleigh,
&
N.
BARNWELL,
A.
M.
Law
Associates,
Inc.,
BLACKFORD,
A.
KENNEY, JOHN J.
J.
Peeler
Lee
HENRY
&
G.
Inc. Charlotte, N. C.
J.
N.
Law
BURNETT,
Co.
&
Company,
Inc.
C.
Jr.,
&
&
Company,
H.
Crawford
&
Co.,
Inc.
Columbia, S. C.
R. S.
C.
Dickson & Co., Inc.
Charlotte, N. C.
MANNING, MALCOLM M.
HENRY
J.
Company
Vivian
M.
Manning, Greenville,
Investment
Charlotte,
Co., Greensboro, N. C.
N.
Co.,
Inc.
C.
MCALLISTER, HARRY L.
R. S. Dickson & Co., Inc.,
McCALL,
r
S. C.
MATTHEWS, DAVID A.
Southern
OSCAR W.
Oscar Burnett and
Lewis
LYON, WM. E. B.
Company,
S.
Spartanburg, S. C.
WM. H.
Huger, Barnwell &
Charleston, S. C.
M.
Corporation,
C
LUCAS, D. JENNINGS
G.
Arnold
F.
Securities
Durham, N.
Greensboro, N. C.
Dickson & Co.,
Spartanburg,
C.
Jr.,
R. S.
BLACKFORD,
Lynch, Pierce, Fenner & Beane
Charlotte,
Teletype NY 1-1965
!
NEDD
BEMAN, C. E.
Laurlnburg, N. C.
BIGGER, RICHARD A.
Reynolds & Co., Winston-Salem, N. C.
BALL,
STREET, NEW YORK 4
Telephone WHitehall 3-3388
Charlotte, N. C.
CHARLES H.
BABCOCK,
BATKIN
MURREV
J.
Inc.
P.
CHARLES
Durham,
Dickson & Co., Inc.
Beane
& Co.
JONES,
McDaniel
R. S.
&
LEWIS, McDANIEL
ROSTER OF MEMBERS
ATKINS,
Fenner
S.
Durham,
JACKSON,
First
Secretary:
Common A and Preferred—When Issued
HAYS,
Hirsch
Robert B.
N. C.
5Y2s 1949
Corporation
GRUBBS, JAMES B.
Merrill
Lynch, Pierce,
Columbia, S. C.
R.
Greensboro, N. C.
MISSOURI PACIFIC
Securities
Charlotte, N. C.
Miami
ARTHUR
Alester
G.
Charlotte, N. C.
C.
Furman 'Co.,
Greenville, S.
C.
MILLS, JR., H. T.
Henry T. Mills, Greenville, S. C.
NELSON,
R.
DOMESTIC AND FOREIGN SECURITIES
S.
MRS.
K.
Dickson
Charlotte,
D.
&
N.
Co.,
Inc.,
C.
NISBET, Jr., W. OLIN
Interstate
Securities
Corporation,
Charlotte, N. C.
NORRIS,
EDGAR
Greenville,
S.
M.
C.
PEELER, J. LEE
J.
Frank Ginberg & Co.
Lee
Peeler
Durham,
POOLE,
Members New
York
Security Dealers Association
.
52
S.
BROADWAY, NEW YORK 4, N. Y.
WIEN
ESTABLISHED
Members New
Telephone: WHitehall 3-1580
•
Teletype: NY 1-2952
York
& CO.
R.
S.
LOGAN
Dickson
PRINGLE,
Security Dealers Ass'n
Company,
VINCENT
&
Co., Inc., Charlotte N. C.
ERNEST
H.
E.
40 EXCHANGE PLACE, NEW YORK
Telephone HAnover 2-8780
5
Teletype NY 1-1397
H. Pringle & Company
Charleston, S. C.
READ,
I.
MAYO
Frost, Read
& Simons,
Charleston,
S.
SANDERS,
Jr.,
Incorporated
C.
JOE
H.
The
Robinson-Humphrey
Columbia, S. C.
SIMONS,
Primary Markets
Inquiries invited by
Unlisted
on
and
our
Blocks
Trading Department
of
Listed
Maintained in Over-the-Counter
KEATING
Charleston, S. C.
SMITH,
ALLEN
Jackson
&
Vance
Weston
S.
WARD,
YORK
6,
N.
THEODORE YOUNG & CO.
Y.
40
Telephone
WOrth
4-261)1
Teletype
NY
Gastonia,
Securities
Exchange Place, New York 5, N. Y.
N.
C.
Co.,
R.
Corporation,
C.
CHESTER
D.
Ward
& Covington,
Spartanburg,
WARMATH, EARL
Equitable Securities Corp.,
Greensboro, N. C.
WARMATH
JOHN
Teletype NY 1-3236
S.
C.
T.
Equitable Securities Corp.
Greensboro, N. .C
I
WILLIS, BEN S.
1-3337
WHitehall 4-2250
N.
&
C.
CHARLES
Greensboro,
NEW
H.
Smith,
Charleston,
VANCE,
BROADWAY,
L.
Huger, Barnwell & Company,
Townsend,
Securities
149
Company
TOWNSEND, JOHN C.
Securities.
Griffin, Kwvpew & Co.
Inc.
Dickson & Co., Inc., Greenville, S. C.
PRATT,
R. S.
1919
&
C.
N.
FRANK
Alex.
Salem,
Brown
N.
WULBERN.
&
Sons.
Winston-
C.
EDWARD
B.
R. S. Dickson & Co., Inc.,
Charlotte, N. C.
COMMERCIAL and FINANCIAL CHRONICLE
THE
Convention Number
Forgan & Co., Chicago; Murray
Lester J. Thorsen, Glore,
DEPP, GEORGE
Pittsburgh Securities Traders Association
Chaplin
Edward Welch, Chicago; Mrs. Joseph
Mrs.
Barysh, Ernst & Co., New
Thomas E. King,
Mrs.
Chicago;
City; O. H. Strong, First National Bank of Chicago;
Thomas E. King & Co., Chicago
York
Lear &
Geo.
Co.
y
DORBRITZ, ERNEST O.
DOYLE,
C.
Johnson
and
Company
,
Reed,
Lear
EMERY,
H.
M.
&
Pa.
JOHNSTON,
Reed,
KEIR,
R.
'
EVES,
H.
C. Lear
James
Harry J. Steele
Earl E. Sweitzer
Sheldon Parker
fc.
& Scribner
H. Sheldon Parker, Kay,
Treasurer:
R.'V.
'j
Richards & Co.
Secretary: Earl E. Sweitzer, E. E. Sweitzer Co., lite.
John D. Ballard, Hemphill, Noyes, Graham, Parsons
George E. Lestrange,
Arthurs, Lestrange & Co.; William G.<Simpson,- H. M. Byllesby
and Company, Incorporated; Anthony E. Tomasic, Thomas &
Company.
'
;
•••
/
Co.; Richard Everson, Reed, Lear & Co.;
Frank M. Ponicall, Jr., Singer, Deane
Committeemen:
National
Scribner; William G., Simpson, H. M. Byllesby and Company,
Incorporated; James CJ Lear, Reed, Lear & Co.
Alternates:
George E. Lestrange, Arthurs, Lestrange & Co.;
&
Richard
Reed, Lear & Co.; Earl E.
Everson,
& Co.
SwdtzsT
December 17,
Elected:
1949; Took Office: January 1, 1950; Term
A'HEARN, R. B.
Reed, Lear & Co., Butler,
WM.
Pa.
R.
JAMES
Schmerz
C.
Singer,
&
Parsons & Co.
Chaplin
C.
R.
PAUL
K.
LEAR,
GRAHAM, E. W. STERLING
Graham
&
Grubbs, Scott & Company, Inc.
GURCAK, FRANK J.
Thomas
IIAMSHER,
R.
C.
Trust
Co.
McKelvy & Company
MOWRY,
Co.
&
WILLIAM
J.
Singer, Deane & Scribner
EUGENE H.
NUTTALL, RICHARD
-
•
,
R.
•;
GEORGE
P.
V.
Nuttall &
H. SHELDON
PARKER,
;
V.
Co.
Kay. Richards & Co.
,
(Continued
Lear & Co.
Reed,
&
Chaplin and Company
LEATHERBURY,
Company
&
Bank
KENNETH
MOSER, WM. H.
V.
Lear
National
Mellon
MOIR,
LEAR, JAMES C.
Reed, Lear & Co.
M.
Company
,a
Cunningham & Co., Inc.
Reed.
Company
M.
\
METZMAIER, Jr., ALBERT J.
i
C.
Blyth & Co., Inc.
S.
Company
&
Moore, Leonard & Lynch
,
„
McKee
S.
McMOIL, WM. J.
V..
CYRIL
Masten & Company
LANE,
and
McKEE, CARL S.
W.
KRAFT, OWEN
GEORGE H.
a.
McGUINESS, FRANCIS J.
T.
EDWARD
E.
e.
Leonard & Lynch
Moore,
Inc.
Co.
Reynolds & Co.
A.
W. BRUCE
& Scribner
Deane
Mcdonough,
Walston, Hoffman-& Goodwin
GRUBBS,
>■
on
page
38)
ROY M.
Schmertz
&
Co.,
Inc.
HARRISON, JOHN T.
Thomas
&
Company
HEFREN, ARTHUR R.
HOY,
JOHN
HULME,
Glover
&
W.
Co.
MILTON
&
ii
G.
MacGregor,
any
Inc.
Members
i
Philadelphia-Baltimore Stock Exchange
J.
Reed, Lear & Co.
ANFANG,
Jr.,
Inc.
Company
&
McCONNELL,
-
—
-
Lear & Co.
KOST,
GENKINGER, JACK M.
J. M. Genkinger & Co., New Castle, Pa.
Parrish
DeCOURSEY, JOHN A.
Chaplin and Company
ROSTER OF MEMBERS
ACKERMAN,
Sweitzer, E. E.
December 31, 1950.
Expires:
■it
Co.
GUY P.
Nuttall &' Co.,
GLEESON,
McKelvy
.
H.
JOHN
Reed,
KNOCK,
GAMBLE, JR.
Directors:
&
&
FRANK
KLIMA,
Deane & Scribner
Lear
Stuart
KIRKPATRICK,
FOLEY, WILLIAM R.
Reed,
J. Steele, Fauset, Steele & Qo.
Vice-President: James G. Lear, Reed, Lear & Co.
President: Harry
•
MAY, GUSTAVE E.
*
Hemphill, Noyes, Graham,
Company
Deane
CHARLES D.
Lear & Co.
Halsey,
FITZGERALD, Jr., JOHN L.
Singer,
-
FRANKLIN
Rollins & Co.,
Blair,
Company
& Co.
Lear
MARONEY,
•
HAROLD K.
Nuttall & Co.
KIRK.
PAUL F.
Singer,
L.
V.
i
Trust
Peoples First National Bank & Trust Co.
Reed,
ROBERT
KELLE¥r BERNARD- C.
EVERSON, RICHARD
Reed, Lear & Co.'1'
CHARLES
.
LONSINGER, EUGENE R.
E.
Johnson,
&
KALBACK,
JOHN L. ?
Byllesby and Company
Fidelity
LEWIS, GUY W.
r
v
Butler,
Co.,
Incorporated
FISHER,
&
McKelvy
DUNNE, RALPH E.
Company
WILBUR
JOHNSON,
ROBERT
Childs
F.
&
Hemphill, Noyes, Graham, Parsons & Co.
■.if.V
,
LESTRANGE, GEORGE E.
Arthurs, Lestrange & Co.
JOHNS, HERBERT G.
'
rv
,
T.
FRED
Arthurs, Lestrange & Co.
Applegate & Co.
FRANK H.
McKelvy
V-.
J:
V
& Lynch
Leonard
G.
HUNTER,
DODWORTH, W. STANLEY
Mc-ore,
LEECH,
HUMPHREY, ARTHUR F.
A.
and Company
DINWIDDIE, CLYDE M.
Reed,
Weil/New Orleans; Mrs. Maurice Cann,
Grady,'* Cleveland; Mrs. Kermit Sorum, Minneapolis; Miss
vr
Karen Sorufti, Minneapolis
George
^
:
•
37
»
J.
&
120 BROADWAY
Dealers in
,
NEW YORK 5, N.Y.
■
Inc.
Co.,
Tel. WOrth 4-3113
APPLEGATE, A LOWRIE
Geo. G. Applegate & Co.
Bell Teletype N. Y. 1-1227
•
Unlisted & Inactive Securities
ARTHUR, LAIRD M.
Arthur & Guy, Inc.
OVER-THE-COUNTER
Bank, Trust Co., & Insurance Stocks
ARTHURS, ADDISON W.
Arthurs, Lestrange & Co.
Parrish
W.
Co.
&
WALTER II.
& Co.,
BABBITT,
Incorporated
Babbitt
H.
BALDRIDGE,
RAY
J.
Leonard
Moore,
J. K. RICE, Jr. & CO.
Lynch
&
JOHN
BALLARD,
SECURITIES
SHIRLEY
JAMES
AUSTIN,
D.
ESTABLISHED
Hemphill, Noyes, Graham, Parsons & Co.
DUANE
BARBOUR,
Merrill
Pierce,
Lynch,
Fenner
&
Beanc
120
Richards
Kay,
Co.,
&
Telephone REctor 2-4500
Scribner
^
Jr., JOSEPH
HOWARD
Howard J.
E.
&
CONNOR, THOMAS
BANK and INSURANCE
Co.
S.
S.
CURTIS, KARL W.
Reed, Lear & Co.
DAVIS,
A.
DAY,
E.
THOMAS
Masten
PAUL
Glover
&
&
speciality
our
such
items
.
.
inactive Bank and Insurance Stocks.
.
K.
,
friends by our attitude
every move
embraces complete
in their behalf.
Plus the bene¬
of
to their customers from our many years
field covering the Stocks of over 15,000 Bank
Companies.
we
can
not
Stock
be of value to you
call
us
on
your
next
if given the oppor¬
inactive Bank
or
inquiry.
„
EDWIN L. TATRO COMPANY
v
R.
D
RAYMOND KENNEY & CO.
Member National Association of Securities Dealers, Inc.
'
Company
;
A.
MacGregor,
some
that attitude
Inc.
Co.,
&
a
gained
because
.
accrue
Why
Insurance
.
.
our
We know
tunity.
SAMUEL
Cunningham
K.
in
and Insurance
/
STOCKS
JAMES E.
Leonard & Lynch
CUNNINGHAM,
I
'
experience in
Moore, Leonard & Lynch
Moore,
'
fits which
COOK, MILES PIERCE
Reed, Lear & Co.
CREHAN,
■;
disclosure of
& Schoyer
Powell
>'
in
MARKETS in ALL
SAMUEL C.
CARTER,
■
We like to feel we've
Burgwin & Co.
Watt
Preston,
Elmer
rf-
J.
ALBERT R.
CARTER,
y
Specializing, to us at least, means Hard Work, Sincerity
of Purpose, Competence, Creative Ability, and, above all,
winning the trust of those who favor us with their inquiries
Arthurs, Lestrange &" Co.
BURGWIN,
■
FREDERICK W.
&
Deane
BUFFINGTON,
Bell System Teletype NY 1-714
,
.
Inc.
BROCKSCHMIDT,
Singer,
SPECIALIZING
BROADWAY, NEW YORK 5
Co.
&
BODELL, G. CLIFFORD
Young
1908
Members New York Security Dealers Assn.
LEE
S.
BEAR,
G.
DEAKINS, ROBERT G.Reed. Lear & Co.
it)BROADWAY, NEW YORK 4, N. Y._
Teletype: NY 1-3430
Inc.
> ,'■
;
.
.
Telephone DIgby 4-2420
SUITE 801
-
41 BROAD STREET, NEW
BOwling Green 9-2822 NY 1-2918
YORK 4, N. Y.
Box 343, Gettysburg, Pa., Gettysburg 554
;
THE COMMERCIAL and FINANCIAL CHRONICLE
38
F. Boice
Miller, B. J. Van Ingen & Co., Inc., Miami, Fla.; J. Herbert Evans, Florida
Securities Co., St. Petersburg, Fla.; Charles M. Zingraf, Laurence M. Marks &
New York City; John S. French, A. C. Allyn & Co., New York City
Pittsburgh Securities Traders Association
NATHAN K.
PARRY, HERBERT B.
Reed,
Lear
&
POWELL, ELMER E.
Co.
Elmer
CHARLES G.
Blair, Rollins & Co., Inc.
REED.
PEELOR,
E.
Powell
&
Pa.
Tyson
&
WARD,
WILLEY,
&
SCHMERTZ, ROBERT
R.
C.
Schmertz
&
NORMAN
Norman
Stroud
WOLF,
C.
Company,
FRED
&
Walston,
YOUNG,
Co.
YOUNG,
Incorporated
Young
W.
JR.,
Bank
FRED
&
Trust
Co.
W.
Hoffman & Goodwin
GEORGE R.
&
Co.,
ZINGERMAN,
Hoffman & Goodwin
P.
National
Walston,
W.
Company,
JOHN
Mellon
B.
Ward &
JOHN
WOODS,
Inc.
Merrill
Company, Inc.
Inc.
ROBERT J.
Lynch,
Pierce,
Fenner
&
Beane
SCHUGAR, MAX N.
Co.
McKelvy
PAUL
Graham
VORSANGER, WILLIAM
Erie,
Moore, Leonard & Lynch
PONICALL, Jr., FRANK M.
Singer, Deane & Scribner
Richards & Co.
REITZELL, CARROLL F.
Reltzell, Reed & Co., Inc.,
Preller, McGinnis & Company, New York City; Mr. and Mrs. Joseph E.
& Co., Philadelphia; Charles A. Bodie, Stein Bros. & Boyce,
Baltimore; Martin I. King, Sutro Bros. & Co., New York City
Newburger
SATLER, Jr., FRANK L.
ROSTER OF MEMBERS
Kay,
G.
Smith,
REYNOLDS, II, WM. W.
Reynolds & Co.
(Continued from page 37)
PARKER,
John
Co.,
Thursday, October 19, 1950
&
Company
Boston Securities Traders Association
SCOTT, JAMES H.
Company
James
H.
Scott
&
Co.
SCRIBNER, JOSEPH M.
Singer,
Deane
&
Scribner
SHANAHAN, CHARLES V.
Singer, Deane & Scribner
SHEPPARD, JOHN S.
Fauset, Steele
&
Co.
SHERIDAN, GEORGE W.
McKelvy & Company
Textile
—
I ndustrials
SHIREY, ORA M.
Arthurs, Lestrange & Co.
SIEGRIST,
Banks-Utilities
New York Bank
COHNTE^ Insurance Stocks
SKmARKEISH
■/'V/%
a c;
CONNECTICUT
1 ndustrials—Insuranc
J.
simpson, William g.
H. M. Byllesby and Company
Incorporated
SINGER. 3RD., G. HARTON
Singer, Deane & Scribner
STEINECKE,
K.
Tyson
Members New York and Boston Stock
Congress Street, Boston 9
•
Exchanges
Liberty 2-8852
Teletype BS-144
New York Telephone—BArelay 7-3542
Portland, Me., Providence, R. I.— Enterprise 4280
Private telephone wires to New York, Springfield, Mass., Hartford, Conn.
Gilbert
Bernard, Jr.
M.
Lothrop
Burton
f
Whitcomb
W.
Cunningham & Co.,
STOLACK,
50
STEPHEN
N.
H.
STEELE, HARRY J.
Fauset, Steele & Co.
S.
Schirmer, Atherton & Co.
MORGAN
Reed, Lear & Co.
Inc.
SYDNEY
&
Company,
Inc.
STOUT, FREDERICK L.
Stout
&
Co.
STUBNER, CHRISTIAN J.
Stubner
&
Co.
STUREK, FRANK T.
Mellon
National
%
Bank
&
Trust
Co.
SUCCOP, JOHN C.
Fidelity Trust Company
SULLIVAN, JOSEPH H.
R.
C.
Schmertz
SWEITZER,
E.
E.
&
EARL
Sweitzer
Company,
Inc.
E.
Co.,
Inc.
TAYLOR, RAYMOND M.
Wilfred B. Perham
TERESI, SAMUEL H.
Thompson & Taylor Co.
NEW ENGLAND GAS AND
ELECTRIC
TIERNAN, FRANK
Preston,
Watt
President:
M.
Preston,
TITUS,
R.
C.
S.
Watt
& Schoyer
&
J.
Schmertz
&
Company,
Governors:
J.
M. Byllesby and Company
Incorporated
UMSTEAD, S. AUSTIN
Masten
&
Arthur
Curtis S. Bates, Draper, Sears & Co.
Powers, Hodgdon & Co.; Leo Newman,
F.
Warner
&
Co., Inc.; Timothy D. Murphy, Chace,
Sears; Frederick L. Harson, Fraser,
Phelps & Co., Providence, R. I.; W. Henry Lahti, Matthew
Lahti & Co., Inc.; Henry E. Tabb, Jr.,
Townsend, Dabney &
Tyson.
H.
E.
Edward
Whiteside,
TUNNELL, PAUL
A.
Co.
Recording Secretary:
Inc.
TOMASIC, ANTHONY E.
Thomas & Company
VOIGT, LOUIS
Bernard, Jr., Schirmer, Atherton & Co.
Gilbert M. Lothrop, W. E. Hutton & Co.
Treasurer: Burton F. Whitcomb, Blyth & Co., Inc.
Corresponding Secretary: Wilfred B. Perham, R. H. Johnson
TIERNAN, Jr., FRANK M.
ASSOCIATION
Hubert N.
S. Bates
Vice-President:
Schoyer
&
Curtis
National
Company
Hubert
N.
Bernard, Jr., Schirmer,
Co.; Joseph Gannon, May & Gannon, Inc.; Anton
Homsey, du Pont, Hom.sey & Company; John E. Sullivan,
E.
Hemphill, Noyes, Graham, Parsons & Co.
Active
&
Committeemen:
Atherton
W.
Warren
&
Trading Markets in
UNLISTED SECURITIES
B.MAGUIRE & CO., INC.
J.
75 Federal
A
SYSTEM
OWNED
BY
11,000 SHAREHOLDERS
AND
Street, Boston 10, Massachusetts
Direct
SERVING 339,000 CUSTOMERS IN 105 COMMUNITIES
Telephone
Wire
to
New
York
New York—CAnal 6-1613
Boston—HUbbard 2-5500
Bell
Providence, R.
I.—Enterprise 2904
System Teletype—BS-142
Portland,
Maine—Enterprise
2904
Hartford, Conn.—Enterprise
6800
THE COMMERCIAL and FINANCIAL
Convention Number4
Hornblower
Burr, Incorporated.
Paul
Co.; Wallace L. Mossop, Barrett &
Company, Providence, R. I.
Elected: December, 1949; Took Office: January 2, 1950; Term
Expires: December 31, 1950.
B.
KEANE,
The First
Monroe, Hunnewell &
Hutchinson
INGALLS,
(All members
are
Frederick
indicated)
DAY,
C.
Adams
C.
DAY, Jr., LEON E.
Chas. A. Day 8c Co., Inc.
located in Boston unless
otherwise
FREDERICK
Co.
8c
Sachs
Goldman,
A.
Albee & Co.,
L.
ALTMEYER,
W.
JOHN
Devine
&
Newton
&
Co.
Inc.
Lerner 8c Co.
Brown, Lisle & Marshall,
8c Co.
Providence,
R- I.
LEVINE,
JORDAN,
R.
W.
L.
CARL A.
Putnam 8c Co.,
KIRWAN, THOMAS A.
JONES. WILLIAM
Boston
Inc.
LERNER, LOUIS C.
KILNER, GEORGE M.
ROBERT W.
LAND, ALAN C.
Geyer & Co.,
Arthur Warner 8c Co.,
Thomas
Globe
Kirwan &
A.
H. Goddard 8c Co.. Inc.
KUMIN, EMIL
Jr., G. C.
Pressprich Co.
Inc.
LINDSAY, HERBERT N.
Co.
(Continued on page 40)
Estabrook & Co.
E.
DONOHUE, JOHN J.
Schirmer, Atherton 8c Co.
Donohue 8c Sullivan
ATKINSON, Sr., JAMES V.
J.
M.
Le
J.
DONNELLY, JOHN P.
Salomon Bros. & Hutzler
ATHERTON, H. HALE
C.
E.
Union Securities Corporation
Stone & Co.
Hayden,
S.
.
DODSON, PAUL
Co.
8c
IRVING C.
May 8c Gannon, Inc.
KENT, RODNEY P.
BERT L.
Hunnewell
DIAMOND, CLEMENT G.
Tcwnsend, Dabney 8c Tyson
ALLAN, WILLIAM V.
Hunnewell
Co.
8c
Inc.
Minot Kendall 8c Co.,
J.
ARTHUR C.
Midd.ebrook, Incorporated
8c
The First Boston Corp.
F. BRITTAIN
Brittain Kennedy & Co.
P.
Denton
Inc.
ALEXANDER,
Coburn
JAMES,
/
GEORGE R.
DENTON,
ALBEE, ARTHUR L.
F.
LARSON, N. HENRY
KENNEY, PHILIP F.
L.
Halsey, Stuart & Co. Inc.
Day 8c Co., Inc.
Mixter
Co.
8c
A.
Jr., JOHN
Blyth & Co., Inc.
JACOBS,
N.
RUSSELL
& Company
DEAN,
ROBERT H.
ADAMS,
WILFRED
Chas.
Inc.
LeBEAU,
INGHAM
ADAMS.
Co.,
LAWRENCE, EDWARD W.
KENNEDY,
P.
8c
Co.
Lang & Dadmun, Inc.
Hodgdon & Co.
ROBERT U.
Tucker, Anthony 8c Co.
8c
LANG, HAROLD
C.
KELLER, HERMAN J.
Peck
INGALLS,
ROSTER OF MEMBERS
GEORGE
Lamont
National Bank
Second
Lahti
LAMONT, NICHOLAS
FRANK
H. Bright 8c Co.
J.
KEALEY,
Jr., JAMES A.
8c Company
JEROME M.
8c
Adams
Elmer
Boston Corp.
HUTCHINSON,
Matthew
Bank
Shawmut
National
Weeks
HUSSEY, EUGENE R.
William E. Creamer, Schirmer, Atherton & Co.;
Alternates:
&
LAHTI, W. HENRY
JULIAN, JAMES
HERBERT E.
HURLEY,
Co., Inc.; Sumner R. Wolley, Coffin &
Putnam &
Jr., F. L.
39
CHRONICLE
DONOVAN, WARREN
Co.
8c Co., Inc.
Dayton Haigney
BAILEY, BENJAMIN A.
Dayton Haigney & Co., Inc.
DOUCET, LESTER T.
Salomon Bros. & Hutzler
BAILEY, WALTER R.
DUFFY,
Josephthal 8c Co.
BAKER, ALBERT Q.
Lyons & Shafto, Inc.
duPont,
JOSEPH
Hunnewell 8c Co.
CLIFFORD B.
ELDRACHER, THEODORE
Providence, R. I.
Barrett & Company,
R. W. Pressprich & Co.
BATES, CURTIS S.
Draper, Sears & Co.
Richard J. Buck & Co.
HAROLD
Josephthal & Co.
BEACHAM,
EMERY, FORREST S.
FAY, NATHAN C.
Nathan
White,
Corp.
CHARLES A.
C.
2nd, DUDLEY H.
Hemphill,
Graham.
Noyes,
Parsons &
'
ROGER
Co.
Corporation
Lee Higginson
GALVIN, JAMES J.
FRANK S.
F.
8c Co.
Schirmer, Atherton
May & Gannon, Inc.
Baldwin, White & Co.
GIBSON, Jr., CHARLES E.
Whiting, Weeks & Stubbs
BURKE, Jr., WILLIAM J.
May 8c Gannon, Inc.
GILBERT, JOHN M.
BURNETT, PETER
H.
Walker 8c Co., Providence,
BURNS, WALTER T.
Burns, Barron 8c Co., Portland,
New
R. I.
England
Estabrook 8c Co.
Me.
GLEASON, SHERMAN
Sherman Gleason
Co.
Trust
J.
Cannell 8c Co.
J.
GRIMM,
CARR, RALPH F.
du
Ralph F. Carr 8c Co., Inc.
Securities
Draper,
Corp.
&
G.
Exchange
31 Milk Street
BOSTON 9,
Co.
MASS.
Telephone HAncock 6-8200
S.
Baldwin, White & Co.
HARSON, FREDERICK L.
Fraser, Phelps & Co., Providence,
Wellington Fund, Inc.
Teletypewriter BS-424
R. I.
Private
HASTINGS, FRANCIS
telephone to New York—CAnal 6-8100
HERLIHY, EDWARD
CONWAY, JAMES J.
Draper,
8c Cabot
Sears
& Co.
HILL, KENNETH B.
Kenneth B. Hill & Co.
RICHARD
Chas. A. Day 8c Co.,
& Co., Inc.
HARRIS, HOWARD
CONNOLLY, JR., WALTER J.
Walter J. Connolly & Co., Inc.
Inc.
Perrin, West 8c Winslow, Inc.
■
WILLIAM E.
HIXON,
Draper,
Moseley 8c Co.
Sears 8c Co.
Pont, Homsey 8c Company
Weston
Adams 8c Co.
HOUGHTON, CHARLES G.
A. L. Albee 8c Co., Inc.
.
Arthur
Warner
Incorporated
8c Co.,
Inc.
HUNT, WILLIAM P.
W. E. Sibley & Co.
IIURLBURT, C.
DAW80N, JOHN H.
New York
HUGHES, FRANCIS J.
J.
DAVIS, DONALD
Donald Davis 8c Co.
WORCESTER, MASS.
HORMEL, EDWARD F.
CURRIER, RICHARD D.
Frederick C. Adams & Co.
Putnam & Co., Inc.
340 Main Street
SPRINGFIELD 3, MASS.
HOMSEY, ANTON E.
du
DARLING, RODNEY
Moors & Cabot
95 State Street
FITCHBURG, MASS.
HOHMANN, LAWRENCE F.
CROSBY, ALBERT
D'ARCY, JOHN J.
REGINALD T.
Hooper-Kimball, Inc.
Schirmer, Atherton & Co.
CROCKETT, HARRY W.
Coffin & Burr, Incorporated
Co., Inc.
520 Main Street
IIINES, EDWARD F.
ALFRED R.
Weeden & Co.
Coffin 8c Burr,
Boston Stock
Co., Worcester
8c
H. D. Knox
CONNELL, LAWRENCE
F. L.
V.I--.
HARRINGTON, FRANK T.
Warner 8c Co., Inc.
DALEY, JOHN L.
J. B. Maguire &
v
Exchange
v
^
LEAMAN F.
8c Co.
Estabrook
E.
CONARY, WILFRED
S.
New York Stock
A.
Sears
Hanrahan
& Company
Kenneth M. Jones
CREAMER,
•
•
HARKNESS, ROBERT B.
Homsey
CRAMPTON,
-
_
HANRAHAN, PAUL B.
COLBY, GERALD S.
Moors
.
„HALLIWILL, BIRNEY S.
F. S. Moseley 8c Co.
Weld 8c Co.
COPELAND,
Members
:
Paine, Webber, Jackson 8c Curtis
COGGHILL, FRANCIS R.
COLLINS, FRANK
Company
Worcester
Company,
HALLETT,
Inc.
CALVIN W.
J. Arthur
8c
HALEY, DAVID
ASA F.
Pont,
&
E.
Dayton Haigney & Co., Inc.
Inc.
Co.,
Wise, Hobbs & Seaver,
White,
Company, Inc.
Homsey
HAIGNEY, DAYTON P.
CHERRY, A. ERNEST
Clayton
HENRY F.
Pont,
Reed
Company
CHAMBERLAIN, RAYMOND E.
CLAYTON,
'
GUTHRIE, ELWIN A.
FRANCIS E.
CLARK,
,
Inc.
Townsend, Dabney 8c Tyson
Hutton 8c Co.
Emery &
Co.,
RICHARD
GUNN, IRVING
CARTER, HERBERT F.
S.
Inc.
8c Co.,
Warner &
A. C. Allyn and
Hayden, Stone 8c Co.
&
Goddard
Arthur
GRIFFIN,
CARR, JOHN F.
Mixter
H.
GOODHUE, DONALD S.
F. S. Moseley 8c Co.
CARR, FRED R.
Tucker, Anthony 8c Co.
W. E.
Inc.
GOLDBERG, HAROLD S.
CARR, ELMER J.
Frederick C. Adams & Co.
CASEY,
8c Co.,
GODDARD, JAMES H.
CANNELL, JOHN
John
Co.
P. Wood 8c
GILMAN, HARRY A.
LLOYD
CANFIELD,
8c Co., Inc.
L. Putnam
GANNON, JOSEPH
BRUGGEMANN, LESTER G.
G. H.
& Company
Vance, Sanders
Sachs 8c Co.
Goldman,
F.
&
FOSTER, Jr., IIATIIERLY
BREEN,
du
J. Devine
FOSTER, FREDERICK H.
Co.
BRAGDON, J.
F.
Cabot
FIELDING, JOHN S.
Portland, Me.
8c Company,
Bowers
BRADLEE,
Co.
FERRIS, Jr., WILLIAM M.
Chas. A. Day & Co., Inc.
Corp.
MAURICE A.
BOWERS,
8c
Moors
B.
Street Sales
Broad
Me.
B.
Weld 8c
FERGUSON, WM.
Boston
First
The
& Co., Portland,
C. Fay
FAZIOLI, CLIVE
Co.
BOND, EDWARD L.
BOSS,
ARTHUR E.
Goldman, Sachs 8c Co.
Atherton 8c Co.
8c
Emery 8c Co., Inc.
ENGDAHL,
ROBERT
Hunnewell
S.
F.
R.
BERNARD, Jr., HUBERT N.
Schirmer,
REGINALD B.
ELWELL,
BAXTER, GEORGE F.
Second National Bank
BLAIR,
& Company
Homsey
EAGAN, WALTER F.
Long & Nash
BARRUS, Jr.,
Brothers, Harriman & Co.
Brown
DYKES, ALVIN A.
Co.
Safe Deposit 8c Trust
BARRETT,
R.
DUNCKLEE, WILLIAM S.
BAKER, HARRY O.
Boston
JAMES
Paine, Webber, Jackson & Curtis
Henry
GRAHAM
P. Briggs 8c Co.
HURLEY, EDMUND J.
Wise,
Hobbs 8c Seaver, Inc.
Clearing Agent: GRACE NATIONAL BANK OF
NEW YORK
Moreland, Moreland & Co., Detroit, Mich.; Mr. and
Mr. and Mrs. Paul I.
Phillips, Pacific Northwest Co., Seattle, Wash.; Mr. and Mrs.
Woodcock, Hess & Co., Philadelphia
Thursday, October 19, 1950
FINANCIAL CHRONICLE
THE COMMERCIAL and
40
Varnedoe, Chisholm & Co., Savannah, Ga.; Mr. and Mrs. Theodore
J. Arthur Warner & Co., New York City
McVEY, FREDERICK V.
Childs, Jeffries & Thorndike, Inc.
PROCTOR, EUGENE F.
H. C. Wainwright & Co.
SULLIVAN, JOHN P.
Smith, Barney & Co.
MERIGAN, THOMAS F.
Boston Securities Traders Association
PUTNAM, JOHN A.
SULLIVAN,
Boston
(Continued from page 39)
W.
Bureau
News
MONROE,
Co.
&
Boston
W.
GILBERT
Hutton
E.
MANN, Jr., GEO. p.
WILLARD R.
Safe Deposit & Trust Co.
LOCKE,
Mann
MAX, RICHARD
FRANK E.
Hunnewell & Co.
H. C.
W. F. Rutter,
A.
Webber, Jackson & Curtis
McCUE,
MADARY, HAROLD
May &
JOHN A.
Co.,
Inc.
A.
E.
Ames
&
Co.,
Inc.
&
'*
Smith,
Inc
Scribner
R.
L.
R.
W.
&
John
Beane
Shea
'
;
,
Walter
Moors
PARDEE, MILTON I.
Members New 1 ork and Boston
Stock Exchanges
CARL
Incorporated
V.
•
E.
REGINALD
M.
Spencer Trask & Co.
Co., Inc.
WHITTEMORE,
C.
Adams
&
D.
H.
DONALD
Whittemore
H.
& Co.
Co.
WILLIAMS, T. EDMUND
W.
Hooper-Kimball,
FREDERICK
Robert Hawkins
&
Inc.
Co., Incorporated
WINSLOW, Jr., A. N.
Perrin, West & Winslow,
SPORRONG, STANLEY
Inc.
Burgess & Leith
WOGLOM, ALBERT G.
PILLSBURY. E. P.
STANLEY, Jr., GEORGE A.
Webster
Inc.
Burr,
WELLS, RAYMOND
Bishop-Wells Co.
C.
Wainwright & Co.
&
&
Paine, Webber, Jackson & Curtis
Investment
Frederick
Weston W. Adams & Co.
Securities
Schirmer, Atherton & Co.
Corporation
STEMBRlDGE, ALFRED R.
POPE, ROBERT W.
Putnam & Co., Inc.
Distributors
POPE, WILLIAM A.
F. S.
WELLS,
SPELLMAN, VINCENT L.
PIERCE, RALPH W.
L.
Coffin
Providence, R. I.
SPENCE,
F
Geyer & Co.,
WEEKS, Jr., ROBERT S.
WHITCOMB,
Michael
PERHAM, WILFRED B.
R. H. Johnson & Co.
Stone
B.
WARREN, ROBERT H.
WHITCOMB, BURTON F.
Blyth & Co., Inc.
Securities Corporation
Townsend, Dabney & Tyson
C.
LLOYD
SOFORENKO, MYER M.
Corporation
PECKHAM, N. H.
H.
V.
Wainwright & Co.
SMITH, J. PERRY
;
du Pont, Homsey & Company
PATNODE, WESLEY P.
BOSTON
'•
Kidder, Peabody & Co.
Inc.
Blyth & Co., Inc.
FREDERICK
PARSLOE, GEORGE S.
WALL STREET, NEW YORK
M.
Co.,
Co.
&
SMITH, HERBERT
V
Tripp & Taber, New Bedford, Mass.
FOUNDED 1851
DANIEL
Cabot
&
C.
H.
SMITH, CHARLES H.
j
E.
FRANCIS
WARD,
WARING,
Sides, Morse & Co.,'Inc.
J..B. Maguire & Co., Inc.
Stone. & .Webster
Co.
Connolly &
Paul D. S'heeline
Co.
WALSH, FRANCIS P.
A. G. Walsh & Son
SIDES, W. RANDOLPH
<
Pressprich & Co.
Higginson
&
&
FRANK
White, Weld & Co.
Inc.
SHEELINE, PAUL D.
PAUL J.
Devine
J.
WALKER, HARRY R.
Meredith,
JR.,
J.
Co.
Kidder, Peabody & Co.
H.
Co.
Company
SHEEHAN,
*
OPPER, EDWARD J.
Lee
C.
VOYSEY,
&
Sessler
G.
&
&
Co.
&
TUCKER, LESLIE A.
L.
SHEA, Jr., JOHN L.
Day & Co.
PARENT,
Weeden
SESSLER, JOHN G.
Fenner
Atherton
Schirmer,
TOWNSEND, CURTICE N.
P.
& Co.
&
S.
Ralph F. Carr & Co., Inc.
THORNTON, CHARLES J.
New York City
SCRIBNER, PAUL A.
NOONAN, THOMAS II.
O'LEARY,
Issues
Portland.
Co.
Barney
B.
WILLIAM
TOOHEY, CARROLL W.
SCHUERHOFF, ROLAND
/J. Arthur Warner & Co., Inc.
Ge„..»l<toke,ReVe°Ue
Inc.,
Co.
&
VINCENT
Raymond
Inc.
r
NEWTON, DEXTER
H. P. Nichols, Inc.
Devlne
SAUNDERS, MALCOLM
NEWMAN, LEO
M™'"1'*''
Co.,
&
Hunnewell & Co.
Inc.
Company,
NEEDHAM, CARLETON
Merrill Lynch, Pierce,
ANO
J.
RYAN,
Whiteside, Warren & Sears,
Chace,
15 STATE STREET,
Ross
RYAN, JOHN
Goodbody &
Adams, Mudge & Co.
MURRAY, RAYMOND M.
Tucker, Anthony & Co.
40
THOMPSON,
MUDGE, JOHN G.
C.
MUNN, P. JUDSON
Jackson
EngW
K.
ROBERT
Wise, Hobbs & Seaver. Inc.
Stubbs
&
RYALL, EUGENE J.
MURPHY, TIMOTHY D.
New
Weeks
CARL K.
Carl
JOHN R.
Jr..
THOMAS,
Maine
MURPHY, ARTHUR C.
A.
C. Allyn and Company,
Call Us on
Taylor & Co., Inc.
TAYLOR,
F.
MOYNIHAN, JAMES E.
J. B. Maguire & Co., Inc.
McTAVISH, WILSON C.
Ganiion, Inc.
ROSS,
Parsons &
Mass.
Taylor & Co., Inc.
JOSEPH
Whiting,
Providence, R. I.
C.
TAYLOR, JOHN R.
A.
Moseley & Co.
ROBBINS,
Co.
'
Arthur Warner &
J.
Maguire & Co., Inc.
MAGUIRE, JOHN E.
Townsend, Dabney & Tyson
MOTLEY, JR., EDWARD
Hemphill, Noyes, Graham,
& Co.
Mcdowell, lewis d.
MAGUIRE, JAMES B.
B.
Allyn
Co.
&
Lerner & Co.
MOSSOP, WALLACE L.
Group, Incorporated
Clayton
G.
E.
M.
Woglom & Co., Inc.
Newton
&
Co.
WOLLEY, SUMNER R.
Cofiin
SULLIVAN, D. BRADLEY
Moseley & Co.
A.
WOLL, ALBERT J. T.
&
Securities Corp.
Burr,
Incorporated
JR., A. VERNON
f
Noyes, Graham, Parsons &
WOOD WORTH,
SULLIVAN, JAMES E.
POTTER, J. RUSSELL
Arthur W. Wood Company
e<M
&Rdo.
Members
New
SULLIVAN,
Hodgdon & Co.
H.
C.
F.
WILLIAM
Hemphill,
Co.
Baldwin, White & Co.
POWERS, EDWARD F.
PRESCOTT.
S.
L.
SULLIVAN,
Wainright & Co.
Jr.,
Putnam
JOHN
&
JOHN
Co.,
YOUNG,
E.
Inc.
Brown
HERBERT W.
Brothers Harriman
The
Keystone Company of Boston
Exchange
Complete Listed and Unlisted
Brokerage and Investment Service
V
COFFIN & BURR
INCORPORATED
Purchasing and Distributing
State, Municipal, Corporation
and Public Service
Company
Founded 1898
Securities
BOSTON
JHin vestments'^.
NEW YORK
STATE
^
CHICAGO
General Distributors
STREET
HARTFORD
PORTLAND
BANGOR
BOSTON
Fall
v
Manchester
Lowell
New York Correspondent E. F. Hutton & Co.
NEW
YORK
CURB
EXCHANGE
(ASSOCIATE)'
MIDWEST STOCK EXCHANGE
NEW ENGLAND FUND
.
MEMBERS—BOSTON STOCK EXCHANGE
River
Co.
Exchange (Assoc.)
Boston Stock
53
&
YOUNG, R. T.
J.
W. E. Hutton & Co.
York Stock Exchange
New York Curb
I.
TABER, RICHARD D.
Tripp & Taber, New Bedford, Mass.
RINALDI, JOSEPH M.
MORRISON, JAMES A.
May & Gannon, Inc.
Geyer & Co., Inc.
J.
C.
F. S.
R.
E.
Townsend, Dabney & Tyson
JOSEPH
RICHARDSON,
GEORGE P.
Providence,
Cummings,
Jr., HENRY
Tripp & Taber, New Bedford,
RICE, FRED W.
R. W. Pressprich
W. Pressprich & Co.
Joseph
TABER, ELLIOT
H.
Josephthal & Co.
MOORE, GEORGE E.
Barrett & Company,
M.
TABB,
REILLY, ARTHUR
Hayden, Stone & Co.
McCORMICK, Jr., JAMES F.
MacDONALD, J. RENWICK
Inc.
Warner
SWENSON, CARL J.
Inc.
Preston, Moss & Co.
Inc.
R.
McAllister, Jr., henry p.
Frederick C. Adams & Co.
Shea & Company
&
Co.,
MOREY,
F.
May & Gannon, Inc.
Incorporated
LYNCH, JAMES J.
x-aine,
L.
Wainwright & Co.
WILLIAM
MAY,
JAMES E.
& Co.
Arthur
MOORE, FREDERICK S.
J. Arthur Warner & Co.,
J.
Gould, Salem, Mass.
Brothers Harriman
Brown
& Co.
LYNCH,
LYNCH
&
MARCHESE, EDWARD
M.
ROBERT W.
Donohue & Sullivan
Co.
REED, LESTER F.
MOORE, ALEXANDER W.
LOTHROP,
E. Hutton &
PUTNAM, WILLARD S.
A.
C. Allyn and Company,
PAUL B.
Hunnewell
ROSTER OF MEMBERS-
-
Cnisnolm,
E. Piumridge,
Allen & Company, New York City; Fran* A.
and Mrs. Lawrence Wren,
Mr
Mrs. Josef C.
Russell M. Dotts,
Organized 1931
,
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Anton E. Homsey,
du Pont, Homsey & Company, Boston, Mass.; William S. Thompson,
Ralph F. Carr & Co., Boston, Mass.; James B. Maguire, James B. Maguire & Co.,
Boston, Mass.; Paul B. Monroe, Hunnewell & Co., Boston, Mass.
Mr. and Mrs. Frank T.
Mackessy, Abbott, Proctor & Paine, New York City; John J.
O'Kane, Jr., John J. O'Kane, Jr. & Co., New York City; Samuel F. Colwell,
W. E. Hutton & Company, New York City
First Vice-President:
Security Traders Association of New York
Leslie Barbier, G. A. Saxton & Co., Inc.
Second Vice-President:
&
41
R.
Gilliland
M.
Co.
&
BARNES, RICHARD M.
Curtis.
A.
Secretary: John J. Meyers, Jr., Gordon Graves & Co.
Treasurer:
PHILIP T.
BARMONDE,
Harry L. Arnold, Paine, Webber, Jackson
Kidder
M.
Co.
&
BARRETT, FRANK D.
H. C. Wainwright &
George V. Hunt, Starkweather & Co.
Co.
BARTOLD, HENRY S.
Eastman, Dillon & Co.
Directors: Richard H.
Goodman, Shields & Company; T. Frank
Mackessy, Abbott, Proctor & Paine; John D. Ohlandt, Jr.,
J. Arthur Warner &
Co., Inc.; D. Raymond Kenney, D. Ray¬
mond Kenney & Co.
BARTON, D. FREDERICK
Eastman, Dillon & Co.
BARYSH, MAX
Ernst
,
National Committeemen: Stanley L.
Roggenburg, Roggenburg &
Co.; Henry Oetjen, McGinnis & Company; Gustave L. Levy,
Goldman, Sachs & Co.
'
'
&
Co.
BARYSH, MURRAY L.
Ernst
&
Co.
BASTIAN, WILLARD
Geyer & Co., Inc.
Alternates: Charles M. Zingraf, Laurence M. Marks &
Co.; Wil¬
BATKIN, ELY
liam H.
Boland, Boland, Safjin & Co.; Irving P. Grace, W. C.
& Co., Inc.; Edwin J. Markham, Wertheim &
Co.;
Harold B.
Smith, Pershing & Co.
Batkin
&
Co.
Pitfield
John
M. Mayer
Leslie
BEAN, JULES
Singer,
ROSTER OF MEMBERS
Harry L. Arnold
Barbier
1
<
C.
Aal
JEROME
BARBIER,
& Golkin
ABBE,
G.
RICHARD
Shields
&
A.
LESLIE
Saxton
&
Co.,
.
BARKEN,
/'
&
i
Inc.
I.
Co.
4.V.
:
'
V
BECKER, FRANK H.
!
Guaranty -Trust! Company of
Inc.
F.
Company
Mackie,
EDWARD
Reynolds
f
AAL,
&
Bean
BECKER,
(Continued
PETER
on page
■
-
New
42)
ABELOW, ALFRED I.
Mitchell
&
Company
ACKERT, PHILIP H.
Freeman & Company
AIELLO, MARK T.
Spencer Trask & Co.
AIGELTINGER,
Aigeltinger
&
FRANK
Co.
W.
ALBERTS, CHESTER A.
Chas. A. Day & Co.
C. A. Alberts & Co.
ALLEN.
Allen
Company
ANDERSON,
GEORGE
LISTED and UNLISTED
T.
BONDS and STOCKS
ARNOLD, HARRY L.
John J. Meyers, Jr.
Paine, Webber, Jackson & Curtis
George V. Hunt
AVERELL. ALFRED
Baclie
President:
John
M.
Mayer,
Merrill
Lynch,
Pierce,
Incorporated
4
HERBERT
&
Fenner
&
Particularly of
B.
Co.
NEW ENGLAND CORPORATIONS
&
BAIR, JOHN W.
Blair, Rollins & Co.,
Beane.
Inc.
Inquiries invited from Dealers
and Financial Institutions
Maintaining
a
Retail -Department
with Distribution in New England
Established
1926
H. D.
WASHINGTON AT COURT STREET
Member Boston Stock
KNOX
&
L
/
'
L
148
STATE
STREET, BOSTON 9, MASS.
CO., Inc.
•••••
*
'
Telephone
New
York
Telephone
WOrth 4-5000
CApitol 7-0425
Bell System
Teletype
—
BS 259
New
UNLISTED
X
* !i
•
•
Secondary Distributions
.*
«!
->
Banks and Insurance Stocks
DAYTON HAIGNEY & CO
11
England Markets
Underwriters and Distributors
SECURITIES
\
Exchange
INCORPORATED
Broadway
Industrials
—
Utilities
1
NEW YORK 4
Inactive Securities
75
Telephone DIgby 4-1388
Bell
FEDERAL
STREET, BOSTON
System Teletype NY 1-86
41
•'
*
'
1
L. PUTNAM & CO.. INC.
F.
"4
Member
27 State
Street
BOSTON 9
.
,
.
Teletype
*
,
New
--
System
Teletype
BS
169
York
Boston
Stock Exchange
596
77 Franklin
Telephone CApitol "7-8950
Bell
BS
Telephone—WOrth
4-2463
Tel
Street, Boston 10, Mass.
Teletype BS 497
Liberty 2-2340
Portland, Me.
•
Providence, R. I.
York
THE COMMERCIAL and FINANCIAL
42
Jack
John
Mrs. Robert A. Torpie, Merrill
I. Rohde, John R. Lewis, Inc., Seattle; Mr. and
E.
Thursday, October 19, 1950
Graham, Brainard-Judd
&
Co., Hartford, Conn.; Mrs. James B. Maguire
E.
Graham; Mr. and Mrs. Allison W. Marsland, Wood, Gundy & Co., New York City
CONLON, BERNARD J.
HERBERT
BUSCHMAN,
Security Traders Association of New York
P.
Newborg & Co.
(Continued from page 41)
J.
Geyer & Co., Inc.
Hirsch
Philadelphia
BRANDIS, WILLIAM C.
IIANS E.
New
Hanseatlc
York
M.
Corporation
M arkets
BERWALD,
OTTO
&
J.
Co.
American Marietta Co.
Berkshire Fine
Spinning
New
Freedman
Du Mont Laboratories "A"
Germantown Fire Ins. Co.
Hamburg Broom Works
Hytron Radio & Electronics
Pfd. & Com.
Kaiser Aluminum & Chemical
Edelmann
Corporation
CAREY,
&
E.
Ira
Co.
No/them Indiana Pub. Serv.
Penna. & Southern Gas
Philadelphia National Bank
Stone
O'Kane,
The
First
Jr.
&
Co.
Thompson & Co.,
BRUGGEMAN, CHARLES
Inc.
Dean
Boston
CHAVE,
H.
BOLOGNINI, RINALDO A.
HENRY G.
G.
Bruns
Trask
Spencer
Witter & Co.
BRUNS,
Boland, Baffin & Co.
W.
T.
Co.
&
Merrill
Lynch,
Co.,
WILLIAM
H.
DAVIS,
F.
& Co.
GERARD
DAWSON-SMITH, STANLEY
L.
A.
Daniel
BURKE,
BOUTON, HOWARD R.
F.
Rice
COLEMAN,
and
Allen
Company
HAROLD J.
Geyer & Co.,
Allyn
&
BRADY, FRANK J.
BUSBY, ALFRED
COLTHUP,
Merrill Lynch, Pierce, Fenner & Beane
W.
Freeman
COLWELL,
Si Co.
W.
E.
SAMUEL
Hutton
&
Blair,
Welsbach Corp.
Greetings and Best Wishes
from Philadelphia
Si
R.
Victor
Mosley,
A.
A.
C.
vice
JOHN
B.
LAWRENCE
P.
Boucher Si Co.
F.
Reilly &
Co.,
Inc.
DOYLE, LESTER T.
Hardy & Co.
Frank J. Laird
DUGA, J.
S.
Merrill Lynch,
L. Wister Randolph
DUNNE,
Railroad
Allen B. Foard, Jr.
Dunne
Bonds
Pierce, Fenner Si Beane
FRANK
Si
Co.
.
DURNIN, JAMES B.
H. D. Knox & Co., Inc.
Utility
Public
Thomas F. O'Rourke
Bonds
8c
EAGAN,
Stocks
JOSEPH
Frank
Industrial
C.
EATON
Guaranteed
8c
Leased
R.
R.
C.
Masterson
&
Co.
STANLEY C.
Bendix, LultweUei Si Co.
EBBITT, KENNETH COOPER
Shelby Cullom Davis & Co.
Municipal
ECKLER,
Bonds
PETER
Chas. E.
Gordon W. Pfau
duBOIS
Quincey & Co.
ECKSTEIN, J. FRANCIS
Interstate
John R. Hunt
Sales Order
Statistical
Department
Securities
Corporation
Department
EGENES, BERGER
Edward F. Hirsch
Felix E. Maguire
Field
Merrill
Representative
EIGER,
Members
York
Inc.
Kidder Si Co.
M.
DONNELLY, Jr., JAMES A.
Reynolds & Co.
president
Michael J. Rudolph
New
J.
Allyn and Company,
DONADIO, JOSEPH F.
Russell M. Ergood, Jr.
Lynch,
Pierce,
Fenner
& Beane
WILLIAM
Goodbody & Co.
Stock Exch.
New York Curb
Co.
DOHERTY, WILLIAM H.
Equipment Trust Certificates
Frank J. Laird
BIOREN & CO.
&
Dixon
DOHERTY
R. Victor Mosley
Alan Wood Steel 5s, 1963
Established 1865
Purcell
WILLIAM G.
Cutter
1956
41/gs, 1962
A.
W.
Inc.
T.
Dreyfus & Co.
J.
5s, 4s, 3s
RICHARD
RALPH
DIXON,
J.
5y2s, '65
Co.
Roilins & Co.,
DIMPEL,
Gas
Lippincott Co. 4y2s, '52
Co.
E.
Si
DENTON, Jr.,
F.
Co.
DOLAN,
Scranton Transit Co.
JOHN
Bros.
Sutro
F.
Company
TRADING DEPARTMENT PERSONNEL
Leeds &
Co.
Si
&
DITTELL, LEONARD
Whitehall Cement
Penna. & Southern Gas
E.
Gregory
Inc.
JAMES
Si
Inc.
DELAIRE, ALVIN J.
McLaughlin, Reuss
DEMAYE,
BURKE, JOHN FRANCIS
Fahnestock
EISELE,
(Associate)
STROUD & COMPANY
Phila.-Baltimore Stock Exch.
FREDERICK R.
Freeman
Si Company
ELLIOTT, FRANK L.
Incorporated
1508 Walnut Street
123
Paine, Webber, Jackson & Curtis
South Broad Street
ENGLANDER.
Marx
PHILADELPHIA 2, PA.
Beane
JOSEPH
Co.,
Si
DEDRICK, GEORGE
Blair F. Ciaybaugh
C. MERRITT
Company
COLLINS, GEORGE L.
Auchincloss, Parker & Redpatn
Roggenburg & Co.
Si
THOMAS
C.
Bonner
White, Weld Si Co.
BURIAN, ARTHUR
B. Boucher Si Co.
&
Eberstadt & Co. Inc.
DAVIS,
Edward
5%s, 1952
Fenner
MARTIN
CLEAVER, JAMES P.
Goodbody Si Co.
BURBANK, BERT
Inc.
BURCHARD,
Virginia Coal & Iron Co.
Berwick Gas Co. 4s,
Goodwin
Si
Pierce,
COLANDRO, JOSEPH N.
United Brick & Tile
Central Public Util.
A.
DANEMEYER, JOHN J.
Stonega Coke & Coal
Suburban Propane
ERNEST
DALY, DONALD A.
Walston, Hoffman
R. W. Pressprich Si Co.
Spencer Trask Si Co.
&
Corporation
Incoroprated
Adams Si Peck
Corp.
WILLIAM F.
CHRISTOPHER,
BOUCHER, JOHN B.
J.
Baker Si Co.
& Co.
WESLEY T.
Bonn
Amott.
Paine, Webber, Jackson Si Curtis
White, Weld & Cu.
BONN,
Webster Securities
DALE, CALVIN D.
Hornblower & Weeks
BRYAN, CHARLES F.
Lasser Bros.
Si
DAHLGREN,
TABER J.
EDWARD L.
CHAPMAN,
BOLAND, WILLIAM H.
CURRY, THOMAS L.
CUSACK, JOHN T.
Taber J. Chadwick Co.
BROWNE, HOWARD S.
Tweedy, Browne & Reilly
Harris, Upham & Co.
McLaughlin, Reuss Si Co.
Riverside Metal
G.
Co.
BRADLEY, WALTER V.
B. W. Pizzini Si Co., Inc.
Pfd. & Com.
J.
Lear & Co.
Troster, Currie Si Summers
Haupt & Co.
John
Si Co.
CURRIE, Jr., JAMES
CASPER, HARRY D.
Charles King Si Co.
Leeds & Lippincott
Reed,
Capper
Durieu
CARRINGTON, Jr., WILLIAM
Co.
Hutton &
Laurence M. Marks
CROWLEY, JOHN B.
CHANNELL, CLIFFORD K.
BOGGS, WILLIAM H.
Mericka
&
&
CHADWICK,
W.
McDermott & Co.
Goodbody Si Co.
WILLIAM G.
Murphy
BROWN, THOMAS J.
BLOCKLEY, JOHN C.
J.
Hanseatic
HOWARD
Hirsch
Peter P.
CRONE, EDWARD A.
Bendix, Luitweiler & Co.
BROWN, JULIUS D.
Company
Blyth Si Co., Inc.
COURTNEY, HARRY S.
CRAIG, JOSEPH J.
CAPPER, MILTON
,
Ingalls Si Snyder
BLAIR, FRANK H.
Wm.
of
Morris Cohon & Co.
Cohu & Co.
BOND, JOSEPH V.
Industrial Trust Co.
Jr., DAVID H.
Michigan Corporation
Company
York
BROWN,
BIRNBAUM, NAHUM
Hill,
First
BROWN, HAROLD L.
BIRD, JAMES F.
Allen &
&
Paine, Webber, Jackson & Curtis
Birnbaum Si Co.
Benjamin Franklin Hotel Co.
CORLEY, EDWARD M.
Corporation
CALLAWAY,
Co.
BROOMHALL, ALLEN
Gude, Winmill & Co.
Belmont Iron Works
Company
Bradford Si
Co.
&
CAPPA, MICHAEL
BIRD, HENRY
Bellevue-Stratford Co.
C.
Allen
BILLINGS, JOSEPH H.
Billings &
&
Cahen
S. K.
BROOKS, GEORGE F.
& Co.
Sutro Bros.
SAMUEL K.
The Dominion Securities
BROCHU, PETER
Laird, Bissell Si Meeds
BEZER, CHARLES A.
Valley
Legg
CORKEY, DONALD B.
E. F. Hutton & Co.
CANOVA, THOMAS A. D.
BESWICK, SAMUEL F.
Altoona & Logan
C.
Inc.
Smith, Barney & Co.
Co.
CALEF, JOHN C.
BRINKERHOFF, Jr., JAMES WALTER
A.
Berwald
Grady,
John
Co., Inc.
&
Inc.
BREWER, III, JAMES R.
ARTHUR W.
Saxton Si
A.
Abraham
Co.,
Co.
BRENNAN, JAMES I.
J. G. White Si Co.,
Abbott, Proctor Si Paine
G.
Si
CAHEN,
BENTLEY, HAROLD W.
BERTSCH,
Dorfman
A.
&
COPPLE, LIVEY E.
JOSEPH C.
CABBLE,
BEN,
A.
Warner
Hardy Si Co.
Co.
Si
JOHN
Arthur
COOKE, RENE J.
BYRNE, HENRY W.
-
F. Fox & Co.
CONLON,
BUTLER, JOHN
ROSTER OF MEMBERS
Mass.; Mrs. John
Boston, Mass.; Crandon Leahy, National Quotation Bureau, Boston,
Bishop,
Lynch, Pierce, Fenner & Beane, New York City; Mr. and Mrs. Wesley M.
Smith, Bishop & Co., Syracuse, N. Y.; Hugh R. Schlicting,
Wm. P. Harper & Son & Co., Seattle
CHRONICLE
PHILADELPHIA 9
Si
SAMUEL
Co.
ENGLE, TRACY R.
Knickerbocker Shares, Inc.
,
"""tv new york
pittsburgh
allentown
scranton
lancaster
ERICKSON, WILLIAM T.
Shields Si
\
Company
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr. and Mrs.
Miller, Titus-Miller & Co., Detroit; Lawrence N. Marr, Ames, Emerich & Co.,
Don W.
EVANS,
Lee
GOLDSCHMIDT,
THOMAS S.
Higginson Corporation
Wm.
&
Inc.
Co.,
GOLDWATER,
Hettleman
FARRELL, JOHN J.
Securities
Farrell
Co.
&
Company
GOODMAN,
Shields
FELDMAN, ARNOLD
Hettleman & Co.
GRACE,
W.
Spiegelberg, Feuer & Co.
FISCHER,
Robert
L.
Co.
Summers
Van
& Beane
F.
P.
Bonner &
FRANK,
&
Company
B.
Seligman, Lubetkin & Co.
Lee
HINCHMAN, ROBERT M.
Ira Haupt & Co.
Co.
HINES, JOHN D.
Wm. L. Burton & Co.
Inc.
HOFFMAN, GEORGE W.
H. Frazee, Olifiers & Co.
J.
WILLIAM
F. Reilly & Co.,
Jackson
&
Curtis
Lazard
Alsberg &
Co.
J.
Frazier
Laurence
FREDERICK,
Paul
<fc
F.
1529 Walnut
Inc.
Established
H.
M.
LANCELOT
Byllesby
and
Company,
rated
Co.,
Los Angeles,
Calif.
HUFF,
•/
ASA C.
&
Georgeson
Specializing in
Incorpo¬
*'
V
PENNSYLVANIA TAX EXEMPT SECURITIES
PHILADELPHIA
Co.
(Continued
Company
Incorporated
CLINTON G.
HOWARD,
Corporation
WILLIAM
1907
Schafer, Miller & Co.
on
page
44)
O.
BANK
GUARANTEED
PENNA.
Co.
&
Street, Philadelphia 2, Pa.
UNDERWRITERS & DISTRIBUTORS
Co.
Reynolds & Co.
HOUGH.
Co., Inc.
Hanauer &
Allen &
Co.
&
PAUL
Frederick
B.
&
HORTON, CHARLES C.
Braun, Bosworth & Co.,
ARTHUR T.
HARDER,
Freres
& Otis,
HORN. EDWARD A.
Incorporated
FRAZIER, LAURENCE S.
JANNEY & CO.
HOLTZMAN, SYDNEY
J. F. Reilly & Co., Incorporated
HANAUER, JACK B.
FRENKEL,
Witter & Co.
Dean
GURDEN
Higginson
York
Clark, Dodge & Co.
Kaufmann,
Pizzini
3-4000
Lancaster
Germantown
GEORGE FARRELL
HIGGINS,
KIngsley 5-4000
WHitehall
York
Inc.
Herzog & Co.,
Inc.
Mackie,
&
W.
W.
HAMILL,
FRANKEL, HERMAN
Telephones:
New
HERZOG, ROBERT I.
IRWIN
HALSEY,
FRANKEL, ADRIAN A.
Bean
Co.
GUTTMAN, RUDOLPH
White, Weld & Co.
ROBERT R.
Reinholdt & Gardner
'
HOBLITZELL, BRUCE C.
Webber,
K.
'
STREET
16th
AT
Philadelphia
Helbig & Co.
HORCH. ERNEST M.
Richard
(ASSOC.)
PHILADELPHIA
J.
,
H. FRASER
GUTTAG,
FRANK,
Singer,
Baron G.
j
HOOPER, EARL H.
Gearhart, Kinnard
Paine,
Gregory
ISADORE
Frank
THOMAS
Glore, Forgan & Co.
FRANK, HAROLD W.
EXCHANGE
•
LOCUST
GUTBERLET, EDWIN S.
BARTON
B.
STOCK
EXCHANGE
EXCHANGE
CURB
YORK
NEW
JOSEPH F.
GURLEY,
STOCK
YORK
Co.
&
HELBIG, BARON G.
S.
Craigmyle, Pinney & Co.
Co.
Fox &
S.
Graff &
Affiliates,
GUITON,
James T. Fox Co.
FOX, FRED P.
Heaney
NEW
Hardy & Co.
GRONICK, SAMUEL
York
MEMBERS
PHILADELPHIA-BALTIMORE
Greenhall, Heck & Co.
Company
&
J.
HEFFERNAN,
ALLEN
NATHANIEL
Walker
H.
,
HECK, JOHN
GROWNEY, E. MICHAEL
Co.
FOX, JAMES T.
FOX,
Co.
Garfield & Co.
JOSEPH
Pont &
du
&
GRIMSHAW, FREDERICK M.
G.
1837
Bendix, Luitweiler & Co.
Griffin, Kuipers & Co.
Co.
;
HECHT, JOSEPH T.
Inc.
GRIFFIN, OSCAR D.
FOOTE, GORDON R.
Francis I.
Co.,
Inc.
&
—
Bleichroeder, Inc
MICHAEL J.
HEANEY,
GREGORY, Jr., WM. H.
Bonner & Gregory
DOMINICK A.
Noel
S.
and
& S.
Michael
Inc.
FLECKNER, WILLIAM L.
Merrill Lynch, Pierce, Fenner
FLORENTINE
IRVING
ESTABLISHED
Mathey & Co.
Arnhold
P.
&
A.
HATZ, ARTHUR
Co.
Purcell
Townsend,
F.
Pitfield & Co.,
Alstyne,
H.
Unterberg & Co.
GREENE,
JAMES
FIT/PATRICK,
E.
Greene
Byfield
Canady & Co.,
C.
A.
GREENE,
FitzGERALD, JOHN M.
W.
L.
GREENBERG, THOMAS
EDWARD A.
S.
FitzGERALD,
W.
&
C.
Currie &
IRVING
Pitfield
C.
Edward
WALTER
Troster,
&
E. W. CLARK & CO.
Burnet & Co.
W. E.
HARVEY, EDWARD A.
Company
Hill
.
HARTIGAN, RAYMOND A.
I
GRAHAM, FRANK C.
WILLIAM C.
M. Loeb, Rhoades
Carl
RICHARD
&
Benjamin,
FEUER, ABRAM J.
FILKINS,
1
Co.
GOURSE, WILLARD S.
FELTMAN, IRVING L.
Mitchell & Company
FILAN,
&
■>;.
HART, MAURICE
1 '
New York Hanseatic Corporation
LEO J.
GOODEVE, CHARLES W.
F. B. Ashplant & Co.
FARRELL, JOSEPH V.
McGinnis
HARDY, HARRY J.
Hardy & Hardy
Newburger, Loeb & Co.
SEYMOUR
Pollock
E.
SAM'L
GOLDSTEIN, DAVID
George T. Grady, John E. Joseph & Co., Cincinnati; Mr. and Mrs. Arch
Montague, W. E. Hutton & Company, Cincinnati; Mr. and Mrs. Harry J. Hudepohl,
I
Westheimer & Co., Cincinnati
Clarence A. Horn, First of Michigan Corp., Detroit; Paul Yarrow,
E. F. Hutton & Company, Chicago; Paul I. Moreland, Moreland & Co., Detroit
Chicago;
FABRIC ANT,
43
AND
INSURANCE
AND
MARKET
GEN'L
STOCKS
RAILROAD STOCKS
MUNICIPAL
BONDS
FREDERICKS, Jr., PAUL C.
W.
Warren
York
&
Co.,
Inc.
Frederick
L.
Free
DEALERS
DISTRIBUTORS
FREE, FREDERICK L.
Co.
&
Phila.
FRENCH, JOHN S.
A. C. Allyn and Company, Inc.
Gersten
Railroad
FRANCIS
Public Utility
W.
Edwards & Sons
G.
Telephone
WOrth 4-2140
Frenkel
&
FRINGS, J. GEORGE
Sterling, Grace & Co.
A.
New York
Teletype
PH 80
LESTER
FRENKEL,
FROST,
Bell System
Telephone
RIttenhouse 6-7700
FUCHS, AUGUST G.
George B. Wallace
&
Industrial Securities
Co.
GAHAN, JOHN P.
Schoellkopf, Hutton &
Pomeroy,, Inc
GANNON. LESTER F.
Batkin &
Co.
Active Markets Maintained
GANSER, EDWARD N.
First of Michigan Corporation
JAMES
GAVIN.
E.
J. W. SPARKS & CO.
established
1900
C.
Blair, Rollins & Co., Inc.
members
GEARHART, Jr., FREDERICK D.
Gearhart, Kinnard & Otis, Inc.
Philadelphia Transportation Co. Issues
new
york stock
new york curb
phila.-baltimore stock exchange
exchange
chicago board of
exchange
trade
GERSTEN, HENRY B.
Gersten
Frenkel
&
GERTLER, JOHN H.
&
Bros.
Barr
Co.
STATE
GEYER, GEORGE
Geyer & Co., Inc.
A.
GHEGAN,
Edwin
L.
LOUIS A.
Laird, Bissell & Meeds
GISH,
Co.
Boettcher
Kirchofer
MEMBER
DIRECT
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
and
A.
Company
THOMAS W.
& Arnold Associates,
GOLD, SAMUEL
Arthur
Warner &
GOLD, SAMUEL
Lilley & Co.
Co., Inc.
I.
GOLDENBERG, JOSEPH
Ira
GENERAL MARKET and PUBLIC
CARL K.
GLEASON,
J.
Henry B. Warner & Co., inc.
THOMAS P.
Gill &
MUNICIPALS
KINGSTON
Tatro Co.
GIBBS,
GILL,
OBLIGATIONS
PENNSYLVANIA and NEW JERSEY
Haupt & Co.
123 South Broad
Inc.
Philadelphia Telephone
PEnnypacker 5-2857
New York
T.
WIRE
&T.
TO
NEW
REVENUE BONDS
YORK
TELETYPE-PH 622
Street, Philadelphia 9, Pa.
Bell
System Teletype
PH 771
City Telephone: BOwling Green 9-4818
50
210
broadway
New
York
dlgby
4.
4-0230
N. Y.
Western
Broad
a
Philadelphia
kingsley
Savings Fund Bldg.
Chestnut
7,
Sts.
Pa.
5-8515
THE COMMERCIAL and FINANCIAL CHRONICLE
44
Mr.
Mrs. Morton
and
Denver,
-
ROSTER OF MEMBERS
Herzog & Co., Inc.
HUNT,
HUNT,
Weld
GEORGE
&
D'Assern
&
CHARLES
Hunter &
Co.
JOHNSON,
Battles
HUTCHINSON, ALMON L.
Cohu
&
Co.
G.
Van
H.
WALTER
Kidder,
R.
Saxton & Co., Inc.
KELLY,
Ginberg & Co.
KELLY,
Peabody
James
Siegel
Co.
&
Warner
&
Co.
John
Gregory
Group,
Co.
The
LA.DIN,
KING, CHARLES
&
Co.
Hill
Allen
&
HOPE
YOU
ENJOYED
THE
1950
CONVENTION
&
King
FELIX
strenuous
economic
made
to
LUBETKIN, LLOYD E.
Seligman, Lubetkin & Co.
LUDWIG, FREDERICK W.
Bacon, Stevenson & Co.
'
LUTTERMAN.
H.
Blrnbaum
KIRTLAND,
GEORGE
life
important days affecting
lie
ahead
—
many
our
social and
sacrifices
Today is Guaranteeing
must
your
be
W.
S.
Allen & Company
Company
Invest¬
AMERICAN FREEDOM.
EARLE
Ellis
Weeden
Stanley Heller & Co.
&
MacCALLUM, Jr., HARRY
MacCallum & Co., Mount Vernon,
E.
Anderson
&
Co.,
ROY
LARSON,
H.
Co.
KNAPP, REGINALD J.
ment in tomorrow's
JOHN VINCENT
Shields & Company
MacCULLEY, IRA B.
Equitable Securities
Inc.
LARKIN, THOMAS
Goodbody & Co.
KLEIN, LEROY
&
J.
Co.
LYONS. LAURENCE H.
LANGDON, PHILLIP C.
KLEIN, CHARLES E.
Lebenthal
MORRIS
&
Corp.
ELMER
Green,
Filor, Bullard & Smyth
and
the G I of
—
sincere and cautious hard work-
LAND,
Delafield
&
M.
McKinnon
&
Hayden, Stone & Co.
KIRK, JOSEPH J.
Delafield
Let's settle down
Securities Corp.
Co., Inc.
Company
Thomson
LYTLE,
King
Summers
LOPATO, ALLAN
J.
Ladin
S.
S.
Co.
,
Marks &
LOPEZ,
EDWIN
LALLY,
Currie &
Co.
&
Carl
Claybaugh Si Co.
Edward
I
KING, SAMUEL H.
&
LOELIGER, FRED V.
C.
Co.
First Boston
Curtis
LITZEL, CHARLES M.
Jr. & Co.
3rd, EDWARD
LADD,
&
BENJAMIN
Litchtenstein
S.
Troster,
& Co.
&
Jackson
F.
Co.
LIPSKY, CORNELIUS
Bendix, Luitweiler & Co.
WILLIAM
Bros.
Edair F.
Starkweather & Co.
King
A.
E.
PHILIP
HERBERT
LACY,
Incorporated
KIMBERLY, OLIVER A.
Charles
B.
LACHMAN, JR., CARL F.
Eastman, Dillon & CO.
KIMBALL, CHARLES E.
MILTON
Haupt &
LIENHABD, ERNEST
LACY
Sutro
Hardy & Co.
To The Traders and Sweethearts
Jr.,
O'Kane,
J.
Dunne
KUX,
Raymond Kenney & Co.
Distributors
J.
KUMM,
KILMER, HUGH
n. s. t. a.
NATHAN
&
Co.
&
LICHTENSTEIN,
Company
HANNS
KULLMAN,
KENNEY, D. RAYMOND
D.
Ira
KUIPERS, HENRY G.
Griffin, Kuipers & Co.
Incorporated
KENNEDY, WALTER V.
Coffin & Burr, Incorporated
JUNGER, SAMUEL H.
LEWIS,
C.
Kuehner
Joyce,
Co.
&
MARTIN L.
lewis, david J.
Paine, Webber,
Gregory
Co.
&
KUEHNER,
Co.
_
Lee-Willen
D. Cleland
KRUMHOLZ,
&
ROBERT J. J.
Bonner
JOYCE, WILLIAM H.
Joyce, Kuehner & Co.
Corpn.
LEVY,
WALTER
KRUGE,
Noel & Co.
JOSEPH M.
J. Arthur
gustave l.
Goldman, Sachs &
KRISAM, WILBUR
Geyer & Co., Inc.
Co.
&
Alstyne,
V.
Company
Pollack
&
Leone
& Co.
&
&
levy,
Securities
Bonner
c/o
S.
Co.
LEONE, GEORGE V.
»
KRASOWICH, JOSEPH D.
KELLY, JAMES FRANCIS
Courts & Co.
JACKSON, BERNARD
Henry Clews & Co.
Cohu
Co.
FRANCIS
KELLY, EDWARD J.
Carl
M.
Loeb, Rhoades
STANLEY J.
Company, Inc.
JONES, JAMES E.
ITTLEMAN, IRVING
Frank
A.
&
Moore
Co.
&
Cowen
&
JOHNSON,
ISAAC. IRVING H.
Stryker & Brown
C.
THOMAS
LOUIS
&
KENNETH
Mitchell
KRANZ. GEORGE
KASSEBAUM, JOHN E.
Estabrook & Co.
HUNTER. WELLINGTON
Inc.
KANE, WALTER
Joseph Janareli & Co.
Lebenthal
Inc.
LEIBERT,
J.
WILLIAM
Dominion
GERALD F.
Ernst
Co.
JANN,
LEBENTHAL,
Co.,
KOLLER, Jr., FRANK IJ.
Dreyfus & Co.
Frank
JOSEPH
JANARELI,
Starkweather
&
KORN,
KANE,
Co.
HUNT. GEORGE V.
KAHL, CHARLES A.
KANE,
JACOBUS, ROYDEN E.
Vilas & Hickey
B.
Knox
D.
KOERNER, IRVING
Allen & Company
KAISER, CHARLES M.
Grady, Berwald & Co., Inc.
JACOBS, SIDNEY
Sidney Jacobs Co.
JANSEN
& Co.
E.
White,
H.
Inc.
KALES, DAVIS
Wood, Gundy & Co.,
-
JACOBS, EDWIN
Stanley Pelz & Co.
HULSEBOSCH, GERARD F.
Co.,
and Mrs. Gustave Schlosser,
Corporation, New York City
KNOX, HERBERT D.
ALLAN
Charles A. Kahl & Co.
(Continued from page 43)
Company, New .'YbfeCity; Mr.
&
Union Securities
O'Connell &
Homer
Norfolk-^Southern Railroad; Patrick B. McGinnis,
Dalton,
Mrs. John F.
McGinnis
Ora M.
KADELL,
Security Traders Association of New York
and
Mr.
Cleveland, Ohio; Robert L. Mitton,
Cayne, Cayne & Co.,
A.
Don W. Miller, Titus-Miller & Co., Detroit, Mich.; Mrs.
Ferguson, Merrill Lynch, Pierce, Fenner & Beane, Louisville, Ky.
Colo.;
Thursday, October 19, 1950
D.
LAX,
Wertheim & Co.
Knox
MACDONALD.
A.
Y.
Corp.
M.
Securities Corporation
The Dominion
«
MACKESSY, T. FRANK
Abbott, Proctor & Paine
R.
&
JOHN
N.
Co.,
Inc.
MACKIE, ROBERT
HERBERT
A.
Singer, Bean & Mackie, Inc.
Stanley Pelz & Co.
MacLEAN,
JOHN
S.
Shearson, Hammill & Co.
M
g
ESTABLISHED
CHESTNUT
1912
=
1
herb blizzard
1421
M
BROOKE
ST.
&. CO.
H
1
MADDOX,
Jr.,
WILLIAM T.
W. E. Hutton & Co.
MADER, HENRY J.
Adams
Peck
&
MAGID,
SAMUEL E.
Hill, Thompson & Co., Inc.
manney,
irving
OF PHILADELPHIA'S
formerly Brooke, Stokes & Co.
Manney & Co.
1
ONE
H
MANSON, JOHN N.
H
TRADERS
1
Investment Bankers
H
Hardy & Co.
MARACHE,
HAROLD
J.
Joseph McManus & Co.
1
n
WHOLESALE &
RETAIL
m
DISTRIBUTORS
MARKHAM, EDWIN J.
MARSLAND,
H
A
Continuing Interest in the Following Stocks:
B
N. E. Cor. 15th & Locusts Sts.
300 N. Charles St.
Philadelphia 2, Pa.
H
Baltimore 1, Md.
1
g
Southern Colorado Power
m
H
Southern Advance Bag & Paper
Illllllllllllllllllilllllllllll!
Company
Wertheim & Co.
ALLISON
W.
Wood, Gundy & Co.,
Inc.
MARTENS, GEORGE
Cohu & Co.
'
MARTIN, RALPH
Bear, Stearns & Co.
masterson,
Frank
C.
frank
C.
Masterson
&
Co.
MAXFIELD, N. IRVING
Cohu
&
Co.
Talon, Inc.
MAYER, JOHN M.
Merrill Lynch. Pierce.
Grinnell Corporation
McCABE, MATTHEW J.
J.
Butcher
Cannon Mills "B"
Sherrerd
&
ESTABLISHED
W.
Gould
&
McCALL, FRANK J.
Stuyvesant F. Morris, Jr. & Co.
1910
Union
Securities
Merrill
Underwriters, Distributors, Dealers in
Members
Corporation
Exchange
W.
York Stock
Walnut
5-8200
Bell System
PH
Teletype
30
(Associate)
Street
E.
&
Fenner
&
Beane
Co.
Stephen
Burnet
&
r.
Co.
&
Peck
McGFVNEY, FRANK G.
Bendix, Luitweiler &
Co.
McGFVNEY, JAMES T.
1500
Philadelphia 3/ Pa.
PEnnypacker
Witter
Adams
Exchange—Philadelphia-Baltimore Stock Exchange
New York Curb Exchange
1616
Dean
Mcdonald,
New
(Associate)
F.
Pierce,
Mcdowell, robert b.
MEMBERS
Philadelphia-Baltimore Stock Exchange
Members New York Curb
Lynch,
McCORMICK, FRANK T.
CORPORATE AND MUNICIPAL SECURITIES
Boenning & Co.
Beane
&
McCarthy, daniel d.
McCLUSKEY, JAMES
ESTABLISHED 1914
Fenner
Co.
New
York
Telephone
COrtlandt 7-1202
WALNUT
Philadelphia Telephone
PEnnypacker 5-2700
STREET
-
PHILADELPHIA
Teletype
•,
PH-4
2f
PA.
New York Telephone
BArclay 7-4641
Hornblower
&
Weeks
,
McGOWAN, ALFRED
Seligman, Lubetkin & Co.
McKENNA, FRANK V.
Grimm
&
Co.
'
.
■
Mclaughlin, john f.
McLaughlin,
Reuss
&
Co.
*
'
>
'
/
THE
Convention Number
Edward
J.
Greene
s.
john
JAMES
Carl
Merrill
Marks
NOKE, G.
J.
Lynch, Pierce, Penner & Beane
Co.
&
Inc.
du
&
Co.
McNULTY, EDWARD
PARSONS, HOWARD
O'CONNELL, EDWARD J.
H. D. Knox &
Harris
Hall
McVEY,
&
D.
Co.
McGinnis
McGinnis
D'Assern
J.
&
Rose
Gordon Graves
&
John
&
O'Kane.
Jr.
Roberts
&
Co.
PIZZINI,
J.
Incorporated
Co.
Co.
Co.,
samuel
W.
B.
WINTHROP
Pizzini & Co., Inc.
EDWARD
Primary Markets In All
H.
PLUMRIDGE,
Philadelphia Bank Stocks
THEODORE E.
Arthur Warner
&
Co.
J.
Incorporated
RAILROAD
&
Brothers &
RAILROAD
Co.
M.
C.
&
on
page
SECURITIES
New Jersey & Delaware Bank Stocks
46)
Philadelphia Transportation Co. Issues
Incorporated
Co.,
&
Pennsylvania,
Pollack
(Continued
Co.
b.
Warne-
&
MILTON
Osborne
REORGANIZATION
POLLACK. HAROLD J.
Leoiie
OSBORNE,
Inc.
BONDS
PLUNKETT, ALTON B.
Goldman, Sachs & Co.
V.
Arthur
•
Stern, Lauer & Co.7
Goodbody & Co.
C.
milt,
MILTON
PLOTKIN.
FRANK
Bell Teletype PH 84
,
Telephone to Asiel & Co., New York
Troster, Currie & Summers
&
Orvis
Herrick
Barrett
Direct
O'ROURKE, EDWARD JOSEPH
RICHARD
MILLER,
N. J.
PEnnypacker 5-1570
Troster, Currie & Summers
PINKUS,
J.
MILLER, JOHN
Amott, Baker &
Industrial Securities
PIKE, BERTRAND F.
OPITZ, FRED W.
ORLANDO,
Railroad, Public Utility and
PHELPS, ROGER S.
Byrne and Phelps,« Inc.
Incorporated
B.
Company
Dealers, Brokers and Underwriters
& Co.
PFLUGFELDER, WILLIAM H.
Pflugfelder & Rust
O'MARA, JOHN J.
Goodbody & Co.
MILLER, HARRY D.
Nugent & Igoe, East Orange,
STOCK EXCHANGE
Co.
Garvin, Bantel & Co.
Co.
&
Ohio;
PA.
MEMBERS OF PHILADELPHIA-BALTIMORE
PETKE, RUDOLPH J.
Co.
MICHELS, HARRY A.
Allen
Company
O'Kane, Jr. & Co.
J.
Cincinnati,
Co.,
&
MURREY
S. K. Cahen
O'KANE, Jr., JOHN J.
MEYERS, WILLIAM T.
Graves
J.
PHILADELPHIA 9,
HARRY J.
PERLMAN,
Arthur Warner & Co.
John
Co.
MEYERS, Jr., JOHN J.
Gordon
Company
O'KANE, EDWARD R.
S.
MILTON
Shufro,
Richards
123 S. BROAD STREET
EDWIN F.
Ashplant & Co.
Ira Haupt &
OHLANDT, Jr., JOHN D.
Gruntal & Co.
MEYER,
&
Field,
e. w. & r. c. miller & co.
Quincey & Co.
PELZ, STANLEY
Stanley Pelz & Co.
Thomson & McKinnon
Co.
HERMAN D.
MEYER,
&
B.
E.
PEISER,
.
O'HARA, WALTER T.
WALTER
&
Co., Inc.
Ogden,-Wechsler & Co.
ANTHONY S.
MEWING, H.
&
OGDEN, CHARLES D.
Co.
&
F.
OETJEN, HENRY
EDWIN JEFFERSON
MeDermott & Co.
Laidlaw
PEET,
O'DONNELL, JAMES
MELVEN, SYDNEY R.
MERCOVICH,
In' >rporated
Company,
Fitzgerald & Company, Inc.
Murphy, Jr. & Co.
P.
Chas.
O'CONNOR, WILLIAM D.
MELLIN, WILLIAM T.
Peter
&
Homer O'Connell
GEORGE M.
MENDEL,
W.. Rich
C.
PAVIS, FRANK A.
O'CONNELL, HOMER J.
Lehman Brothers
Walter
S.
Freeman & Company
Co., Inc.
Richards,
Peeler, J. Lee Peeler & Co., Durham, N. C.
White, Weld & Co.
NYE, JOSEPH
McPHEE, THOMAS
A.
The Dominion Securities Corporation
Pont
McMANUS, JOSEPH V.
Joseph McManus & Co.
C.
Charles
Joseph H. Vasey, Geo. Eustis & Co., Cincinnati, Ohio; Mr. and Mrs. J. Lee
OXLEY, A. E. C.
HAROLD
Francis I.
Mrs.
45
OWENS, JOSEPH E.
NIEMAN, BARNEY
White, Weld & Co.
and
Mrs.
Co., New York City; Robert JT. Topol, Greene & Co., New York City;
Fred J. Casey, Doyle, O'Connor & Co., Chicago, 111.
Mclaughlin,
McLEAN,
Mr.
Stein Bros. & Boyce, Baltimore, Md.; Irving Allen Greene,
Armstrong,
&
COMMERCIAL and FINANCIAL CHRONICLE
MITCHELL, DAVID R.
Blair F. Claybaugh & Co.
JOSEPH
MITCHELL,
Merrill
gerald f.
Duffy & Co.
monahan,
Edward
J.
M.
Finance
and
Byllesby
Company,
In¬
Bell
corporated
Marks
M.
Laurence
B.
RICHARD
MONTANYE,
&
Co.
Tyson
EDWARD
MONTE,
Building, Philadelphia 2, Pa.
New
Philadelphia Telephone
RIttenhouse 6-8500 & 6-3295
GILES
MONTANYE,
H.
F. J. MORRISSEY & CO.
A.
Lynch, Pierce, Fenner & Beane
&
Telephone
2-0300
System Teletype—PH 279
Company, Inc.
INVESTMENT
Newborg & Co.
York
HAnover
SECURITIES
moore, allen f.
H.
Hentz
&
LEWIS
Co.
TOWER, LOCUST AT 15TH ST., PHILA.2
PE. 5-8005
SAMUEL K. PHILLIPS 6- CO.
MOORE, MELVILLE L.
Finch, Wilson & Co.>
.■
ESTABLISHED 1904
morton, paul S.
Peter
P.
MeDermott & Co.
Members
Philadelphia-Baltimore Stock Exchange
MORTON, ROALD A.
The Blue List Publishing Company
HERCULES JOHN
MOTTINO,
Harris, Upham & Co.
MUELLER, Jr., WILLIAM C.
A.
M.
Kidder &
MULHOLLAND,
USTED AND UNUSTED SECURITIES
Co.
WILLIAM R.
McLaughlin, Reuss & Co.
MULLIGAN,
FRANK E.
Joseph McManus & Co.
1915 Packard Building, Philadelphia 2, Pa.
Underwriters
MULLIN, DANIEL G.
and Distributors
Tucker, Anthony & Co.
Merrill
C. Legg &
Bonner &
Co.
CORPORATE SECURITIES
Special Situations in
REVENUE AND AUTHORITY
Co.
Burton &
MURPHY,
MARKET MUNICIPAL BONDS
Gregory
MURPHY, RICHARD J.
L.
-<$>
<£-
GENERAL
MURPHY, HAROLD I.
Wm.
New York
COrtlandt 7-6814
CHARLES
Lynch, Pierce, Fenner & Beane
MURPHY, CYRIL M.
John
Teletype
PH 375
LOcust 4-2600
PENNSYLVANIA MUNICIPAL BONDS
White. Weld & Co.
MURPHY,
Bell System
Philadelphia
MULLINS, THOMAS J.
BONDS
OVER-THE-COUNTER
KENNETH P.
Blyth & Co.,
Inc.
MURPHY, Jr., WALTER
Walter Murphy, Jr. & Co.
SECURITIES
MURPHY, WALTER A.
Murphy & Durieu
MURPHY,
Merrill
.
WALTER
Kindly Show Us Your Block Offerings
J.
Lynch, Pierce, Fenner & Beane
MUSSON, JAMES F.
B. J.
Van Ingen & Co.
Inc.
Members Philadelphia-Baltimore Stock
Exchange
MYERS, ELMER E.
George B.
Wallace & Co.
1421
CHESTNUT
STREET, PHILADELPHIA 2
NELSON, GEORGE E.
Bonner
NESTER,
&
New York Phone
Gregory
WALTER C.
The First Boston Corp.
NIELSEN, SOREN D.
New
York
Hanseatic
Corp.
for Retail Distribution.
Aspden, Robinson & Co.
Teletype
Philadelphia Phone
COrtlandt 7-6814
PI1 313
Edward J. Caughlin & Co.
RIttenhouse 6-8189
FINANCE
Teletype—PH 788
BLDG., PHILADELPHIA 2, PA.
Telephone—RIttenhouse 6-4494
THE COMMERCIAL and FINANCIAL CHRONICLE
46
Thursday, October 19, 1950
ifwill
IMR
Mr.
J.
John
Mrs.
and
Keenan,
Mr. and Mrs.
and Mrs.
Co., Los Angeles, Calif.; Mr.
Arthur Warner & Co., New York City
Morgan &
Theodore Plumridge, J.
Harry B. Buckel. Manley, Bennett & Co
REILLY, JOHN F.
Security Traders Association of New York
J.
F.
H.
IRVING
PORTER.
F. S.
Bennett
Goldman, Sachs &
R.
REDMOND, HERBERT T.
rOWELL, ALFRED L.
Alfred L. Powell Company
Frederick S.
REED.
CHARLES F.
PRELLER,
Carl M.
Eastman. Dillon & Co.
Co..
Inc.
Loeb, Rhoades Si Co.
Louis H.
Eastman, Dillon & Co.
JOHN
&
REEVES,
G.
Whitehead
Andrews,
McGinnis Si Company
Co.
SIMS
R.
Posner
Pulls,
RICHARD C.
Ames & Co.,
&
Schoellkopf, Hutton & Pomerov. Tnc.
York
Affiliates,
Eisele
Co.
Stamm
&
VON
"The
(JACK)
K.
Members
Pittsburgh Stock Exchange
Cohu
&
HERBERT
Rollins
C.
"The
S.
SALMON, 3rd, ARTHUR C.
Union Securities Corporation
1812
First
National
Bank
Bldg.
PITTSBURGH 22, PA.
1-3883
Teletype PG 381
Grimm
Digest"
Si
Co.,
Inc.
C.
E.
Stoltz
Merrill
Cowen
R.
M.
Gilliland
A.
f.
j.
Straus
&
Cohon
&
M.
Kidder
&
Co.
Siegel & Co.
Moore, Leonard & Lynch
«
SULLIVAN. ALOYSIUS
Co.
Wm.
WALTER F.
J.
A. A.
Hay,
Fales
&
A.
White, Weld & Co.
Mericka & Co., Inc.
SILVERHERZ,
a.
Co.
stryker, edward v.
IRVING
sullivan.
Merrill
J.
Co.
john
joseph
Lynch, Pierce,
Fenner
&
Beane
SULLIVAN, WALTER E.
Haupt Si Co.
summers, willis m.
Troster, Currie Si Summers
Complete Facilities for
SWENSON, CARL
G.
Clearance Accounts
H.
Walker &
and invite
inquiries
Zuckerman, Smith Si Co.
edwin
Edwin
STOCK EXCHANGE
l.
L. Tatro Company
taylor, j. blyth
Taylor, Deale & Company, Inc.
local situations
on
Co.
swords, william j.
tatro,
On the PHILA.-BALTIMORE
REED, LEAR & CO.
TETMEYER, WILLIAM j.
Dominick
NEWBURGER & CO.
(Assoc.)
York
Stock
Branches
Greene
Exchange
1342 Walnut
NEW YORK 5
HARRISBURG
14 Wall Street
Telegraph Bldg.
and
Company
tini, henry r.
R.
Street, Philadelphia 7
Telephone: KIngsley 5-4500
Dominick
thompson, william f.
Exchange
New York Curb Exchange
Philadelphia-Baltimore Stock
&
thompson, EDWARD i.
Smith, Barney & Co.
MEMBERS
New
PITTSBURGH
GEORGE
Co.
curtis
strothmann, nelson
NEW YORK CITY
•
Co., Inc.
Co.
Heimerdinger
Co.
SIKORA,
FRANK H.
H. Walker &
Incorporated
Lynch, Pierce, Fenner & Beane
&
Morris
SHORTELL, THOMAS O.
Rothschild
We Offer
YORK, N. Y.
BUTLER, PA.
MEADVILLE, PA.
WASHINGTON, PA.
Co.
Co.
STRATTON,
Sherman & Co.
DIRECT PRIVATE WIRE
NEW
&
G. A. Saxton &
Ira
New York Curb
Inc.
&
STRAUSS. ABRAHAM
The Dominion Securities Corporation
Exchange
Co.,
stonebridge, charles l.
Company
SIEGEL, SIDNEY A.
SAUNDERS.
Members Pittsburgh Stock
&
Warner
stoltz, charles e.
Robinson
SANDBACH, JAMES A.
Union Securities Corporation
G.
•
Allyn
stolle, carl
SASSA.
GRant
C.
Arthur
STOLL, O. R.
RICHARD
Blair F. Claybaugh & Co.
SAMMON, JOHN F.
Posner &
A.
SHIPMAN,
I.
Co.,. Inc.
Co.
straus,
& Saltzman
Andrews,
&
SHIPMAN, C. E.
Halsey, Stuart & Co. Inc.
•
DAVID
Gruntal
J.
Co.
SHERMAN, LEE D.
L. D.
Corporation
&
stillman. harry a.
&
SHERIDAN, CORNELIUS B.
Si
Hatch
STEVEN, Jr.. ANDREW R.
Incorporated
SHEPPARD, EDGAR K.
Mitchell
Torple
L.
Investment Dealers'
Frederick
York Hanseatic
STERN, FREDERICK M.
Co.,
Graff
New
Frederic H.
SHARP, ELIOT H.
Capper
Glore. Forgan & Co.
SALTZMAN,
&
Frank Ginberg & Co.
STEINDLER. P. J.
Josephthal & Co.
Union Securities Corporation
Securities
Co.
Company
SALISBURY, WILLIAM H.
Corporate and Municipal
Stout &
H.
SERLEN, LEWIS H.
RUSSELL, Jr., PARIS SCOTT
Underwriters, Distributors & Dealers in
&
Townsend,
Co.
&
King, Libaire,
SELIGMAN, BERTRAM
RUSSELL, EDWARD WILLIAM
Edelmann
Co
steindecker, otto h.
Commercial & Financial Chronicle"
SEIJAS,
Blair,
Co.
Witter Si Co.
RUGEN, FRED
FAUSET, STEELE fit CO.
& Co.
Smithers &
S.
STEIN. JOHN R.
V
SEIBERT, HERBERT D.
RUBIEN, EVERETT R.
Dean
&
Seaver
ARCHIBALD
L.
b.
Merrill Lvnch, Pierce. Fenner Si Beane
SCRIMGEOUR, JOHN
J. K. Rice, Jr. & Co.
ROSENBAUM, HARRY
A.
HAROTD
STEIN, IRVING
Stein & Company
MacBride, Miller Si Co., Newark, N. J.
ROSE,
Company
william hart
Smith
Hart
F.
SEAVER, CHARLES
Inc
&
stanford, kenneth i.
Company
SEARIGHT, GEORGE A.
Si
Pont
Brown
Pershing & Co.
smith,
Bache & Co.
Roggenburg Si Co.
REID, R. VICTOR
WILLIAM
RAYMOND
SMITH,
&
SCHWARTZ, ARTHUR E.
ROOS, J. WILLIAM
PYLE,
Stryker
ROGGENBURG, STANLEY L.
Roggenburg Si Co.
Hardy
Mackie, Inc.
STARK.EUGENE
Inc.
ROGGENBURG, HARRY F.
Rothschild
&
du
SCHWADRON, J. JAY
Burke Si Company
Roberts & Co.
E.
&
I.
smith, elbridge h
Dowling & Co.
Frank
Bean
clifton b.
Francis
SCHRANK, JOSEPH
ROBSON, FREMONT W.
A.
Singer,
smith,
Palmer
ROOME, KENNETH A.
REEVES. JOHN H.
PRELLER. FRED W.
PRELLER.
Robinson
HARRY
C.
&
.
singer, herbert
Laird, Bissell & Meeds
Paine, Webber, Jackson & Curtis
ROBERTS,
W.
Inc.
SCHMITT, HENRY R.
ROBB, ERNEST N.
White, Weld Si Co.
Postley Si Co.
Co.,
SCHMIDT, WILLIAM T.
Hickey
Walston, Hoffman Si Goodwin
Co.
REARDON, WARREN V.
GILBERT J.
Gilbert J.
&
RIGGIO. ANDREW F.
RASCHKIND. SOLOMON
WILLIAM K.
Hemphill, Noyes, Graham, Parsons Si Co.
POSTLEY,
Vilas
Moseley Si Co.
&
GUSTAVE J.
SCHMAUDER, ROBERT H.
RETALLICK, ARTHUR B.
RAPPA, SALVATORE J.
POOLE, HORACE I.
Eisele & King, Libaire. Stout & Co.
Knox
Union Securities Corporation
Newborg & Co.
-
D.
SCHLOSSER,
J. Arthur Warner & Co. Incorporated
REISMAN,
ROSTER OF MEMBERS
SCHAEFER, EDWARD
Reilly & Co. Incorporated
REILLY, THOMAS J.
(Continued from page 45)
-
Detroit; Mr. and Mrs. George
Elder, George A. McDowell & Co., Detroit
J.
LEBANON
ATLANTIC
Day
&
Co.
tisch, alfred f.
Fitzgerald Si Company, Inc.
Teletype: PH 306
Farmers Trust Building
L.
CITY
Central Pier
titolo, joaquin
Harris, Upham Si Co.
titus, Jr., william
Wertheim &
a.
Co.
torpie, james v.
Torple & Saltzman
Public
Utility—Railroad—Industrial
UNION
TRUST
PITTSBURGH
BUILDING
19,
PA.
c.
New Jersey and General Market Municipal Bonds • Electronic
and Television Securities • Guaranteed and Leased
Line Stocks • Equipment Trust Obligations
Bank and Insurance Stocks
Securities
Philadelphia-Baltimore Stock Exchange
Investment Securities
1500
Lynch, Pierce, Fenner & Beane
Unterberg Si Co.
trager, thomas j.
Merrill
Lynch, Pierce, Fenner Si Beane
TREFCER, GEORGE
Cutter
&
d.
Dixon
"The Investment Dealers'
Digest"
Chailes A. Taggart & Co., Inc.
Members
E.
trigger, raymond
Mutual Funds Shares
Municipal and Corporate
Merrill
TOWBIN, BELMONT
SECURITIES
THOMAS & COMPANY
TORPIE. ROBERT a.
troster, oliver j.
Troster, Currie Si Summers
TUZO, LAMAR K.
Union Securities
Corporation
unterberg, clarence e.
Walnut St., Philadelphia 2
Phila. Phone
Teletype
New York Phone
KIngsley 5-1716
PH 677
DIgby 8-3000
C. E.
Unterberg Si Co.
valentine, john h.
Shearson, Hammill &
VANDERBECK, JAMES
Carreau &
Co.
Co,
THE
Convention Number
Mr.
and
Mrs.
George
L. Collins,
Mrs. Daniel
VANDEE
NOOT, IIARRY
Mr. and Mrs. Paul W.
City;
Geyer & Co., Incorporated, New York
Hawkins, Cleveland, Ohio
Cincinnati
CANN,
BLANEY,
CARLTON, FRANK A.
J.
P.
JAMES
A.
P.
F.
Blaney & Co.
MAURICE J.
A.
Incorporated
Becker & Co.
G.
Carlton
Co.
Si
RIPER, MILTON
C. Legg & Company
BLOHM, MILTON R.
Glore, Forgan & Co.
CASEY,
TUYL, E. EVERETT
BLOMBERG, CARL X.
CASSERLY, Jr., THOMAS D.
John
VAN
Yarrow, E. F. Hutton & Company, Chicago; Mr. and Mis.
BINZ, A. A.
Shearson, Hammill & Co.
Chicago
KEEGAN, BENJAMIN H.
Frank C. Masterson & Co.
VAN
47
Clair S. Hall, Jr., Clair S. Hall & Co.,
Bond Traders Club of
Pell Ac Co.
VAN
COMMERCIAL and FINANCIAL CHRONICLE
Thomson
Van Tuyl & George
VARE, ARTHUR
McKinncn
&
FRED
J.
Doyle, O'Connor & Co., Inc.
Doyle, O'Connor Si Co., Inc.
AUDRAN J.
CAVANAUGH,
Hourwich & Co.
BLUMENTHAL, HAROLD
Swift, Henke & Co.
VERIAN, FRANK R.
BOBLETTER. HEVRV T.
CERF, Jr., FLOYD D.
Floyd D. Cerf, Jr. Company,
Incorporated
Salomon
Merrill Lynch, Pierce, Fenner & Beane
VERMILYE,
G.
Lamson
&
Central
Co.
Hemphill, Noyes, Graham, Parsons & Co.
Treasurer: Fred O. Cloyes, Cruttenden & Co.
Joseph McManus & Co.
Co.; George R. Torrey, Kebbon, McCormick & Co.
Casey, Doyle, O'Connor & Co.,
LOUIS
Quotation Bureau
National Committeemen: Fred J.
Inc.; Leonard J. Wolf, A. G. Becker & Co., Incorporated; Law¬
rence N. Marr, Ames, Emerich & Co., Inc.; Paul Yarrow, E. F.
Hutton & Company; Glen A. Darfler, Kneeland & Co.
Alternates: Lester J. Thorsen, Glore, Forgan & Co.; Fred Rahn,
The Illinois Company of Chicago; Milton J. Isaacs, Straus &
WALLACH. HERMAN K.
&
Newman
Co.
WARNER, FRANK
Saxton
A.
W.
& Co., Inc.
WASHER, HERBERT R.
Roberts & Co.
Richman & Co.
Bond.
W. FOSTER
(Members
Hardy & Co.
located
in
otherwise
WECHSLER, ARNOLD J.
ALLYN.
Ogden, Wechsler & Co.
A.
THEODORE
Hay, Fales & Co.
WECHSLER,
ALM,
C.
Chicago unless
A.
First La
David
BACHAR,
MORTON N.
Betts,
& Co.,
Warner
Arthur
Yantis
S.
&
A.
Company
and
JOHN
COLNITIS,
J.
WALLACE
COMBITHS,
Incorporated
Co.,
William
BURKE. HERBERT J.
Rogers Si Tracy, Inc.
A.
Fuller
&
T.
Co.
CONDIT. CECIL O.
F. S. Yantis & Co., Incorporated
BUSBEY, HON. FRED E.
CONDON,
CAMPBELL,
EDWARD
Continental
Trust
J.
Illinois
B. J.
National
RAYMOND V.
& Co. Inc.
Van Ingen
&
Bank
CONLAN, PETER J.
Hornblower & Weeks
Co.
CANN, JULES F.
Lehman Brothers
(Continued on page 48)
BECKER.
Dickson Si Co., Inc.
Incorporated
& Co.
Co.
WILLIAM J.
Tell
about the "security you
us
GEORGE
B.
pass
it along to
our
like best." We'll
clients—and hope to place
Swift, Henke Si Co.
STEPHAN A.
& Co.
Allyn and Company, Inc.
M.
Borland & Co.
BERGREN,
Trust
on
name
your
books and
your name on ours.
MAYNARD
C.
Continental
Co.
our
RODNEY
Betts,
G.
BARCLAY, HAROLD
Barclay Investment
Washington St.
SYRACUSE, N. Y.
Noyes Si Co.
JOSEPH
E.
120
GARY
L. F. Rothschild Si Co.
BERG,
A. C.
E. W. SNYDER & CO.
Borland
BALLISCH,
Siegel Si Co.
S.
Simmons
Rice
F.
Co.
BAY, JAMES N.
Thomas E. King Si
Incorporated
BERNARD
WELCH, FRANK H.
R.
A.
J.
Rollins
BENSON,
Herzog & Co., Inc.
J,
F.
NORMAN B.
Blair,
ARTHUR, JOHN
WEINGARTEN, LOUIS
WEISSMAN,
Daniel
BAX, PAUL J.
Barclay Investment Co.
ANDERSON, WILLIAM A.
Lee Higginson Corporation
Co.
WEINBERG, SAMUEL
S. Weinberg & Co.
WEISS,
TIMOTHY
COLLINS,
J.
Harris, Upham & Co.
BAUM,
ANDERSON, JOHN A.
Anderson, Plotz Si Company, Inc.
White, Weld & Co.
&
O.
& Co.
Co.
Salle
BARTHELL,
C.
Noyes & Co.
WEIFFENBACH. WILLIAM L.
Young
G.
Co.
Si
FRED
Cruttenden
COCHRAN, LOREN A.
William Blair & Company
G.
HORACE
La Salle
First
BARNHART, WILLIAM 8.
ANDERSON, ALFRED E.
Faroll Si Company
WEHMANN, GILBERT H.
BARNHART,
indicated)
JOHN W.
Allyn & Co.
WALTER
David
WECK, ALBERT H.
Albert H. Week Co.
Theodore
Kneeland & Co.
CLOYES.
Blosser; William Hunter, Lee Higginson Corporation; Fred O.
Cloyes, Cruttenden & Co.
WASSERMAN. IRVING
WEBSTER,
Ellis
J.
A. A. Harmet Si Co.
Darfler, Kneeland & Co.; Lester J. Thorsen, Glore, Forgan &
WALKER, GRAHAM
Blunt
Sc
DAVID
Brothers
THOMAS
CLINE.
BURKE, EDWARD M.
Joseph G. Ballisch, A. C. Allyn & Co., Inc.; Glen A.
Directors:
Co.
FRANK
Kneeland
BURKE,
Co.
E.
GEORGE
CLEAVER,
Lehman
Company
BULLER, FRANK H.
Hickey Si Co., Inc.
BURCH,
Incorporated
Secretary: Orville H. Strong, First National Bank of Chicago.
Grimm & Co.
National
Frederick O. Cloyee
Strong
President: Fred J. Casey, Doyle, O'Connor & Co., Inc.
WALDRON, STANLEY M.
WALKER,
H.
Orville
Vice-President: Leonard J. Wolf, A. G. Becker & Co.,
WALDRON, D. KINGSLEY
G.
Leonard J. Wolf
Casey
& Beane
WALDRON, CHARLES H.
Bull, Holden & Co.
&
&
Salomon Bros. Si Hutzler
Fred J.
SCHAUMBERG, GERALD
Merrill Lynch, Pierce, Fenner
Wertheim
Blair
Si
CLARKE. JOHN W.
John W. Clarke, Incorporated
(Incorporated)
BROWN, HARRY M.
VOLK, WILLIAM
VON
Republic Company
William
Hill & Co.
Fuller
A.
CHAPIN, RALPH
Reynolds & Co.
BREWER, G. FABIAN
JOHN J.
Benjamin,
Co.
BOWKER, HERBERT H.
Harris, Hall & Company
VOGELL, FREDERICK W.
Vogell & Co., Inc.
VOGRIN,
,Hutzler
Si
Bros
BOEDEKER, ROBERT F.
VOCCOLI, Jr.. MICHAEL A.
King
&
BODEN. JOHN L.
LATHROP
Vermilye Brothers
Charles
Bros.
William
Iillinois
National Bank Si
Company
WENDLER, EVERETT F.
Mitchell & Co.
WERKMEISTER, JR., JOHN O.
Gilbert
J.
&
Co.
r
EDMUND A.
WHITING,
Loeb,
M.
CONNECTICUT
Primary
FIFTY-NINTH YEAR OF DEALING IN
& Company
Frank
Carl
Postley
RALPH H.
WESEMAN,
Rhoades
&
MARKETS for Dealers everywhere
Co.
WHITLEY, J. B.
We
Halsey, Stuart Si Co. Inc.
CONNECTICUT
WIEN, MELVILLE 8.
M. 8. Wien & Co.
Insurance
WILLIAMS, CARROLL W.
SECURITIES
Laird, Bissell Si Meeds
WINSTON, LOUIS
Frank
&
-
particularly invite
inquiries in:
your
Industrial-Utility
AMERICAN HARDWARE
ASSOCIATED
SPRING
CONN. LT. &
Bank
POWER
CONNECTICUT POWER
State &
HARTFORD EMPIRE
Municipal
Company
HARTFORD ELECT. LIGHT
LANDERS
WIRTH, HOMER
Securities
Primary Markets
& Co.
Mabon
Witkowski <fe
Si
Co.
Heller
&
& MlDDLEBROOK
COBURN
Co.
THOMAS F.
Herbert Onderdonk Co.
INCORPORATED
WORTHINGTON,
C.
WREN, LAWRENCE
Allen
&
YOUNG.
YUNKER
Chas. W. Scranton & Co.
Company
Young
&
ROSWELL J.
ZINGRAF, CHARLES
209 CHURCH
Co.
Hemphill, Noyes, Graham, Parsons & Co.
Laurence
NEW
MEMBERS
THEODORE R.
Theodore
CO.
VEEDER-ROOT
WITTMAN, DAVID
Stanley
C.
MACHINE
SOUTH'N NEW ENG. TEL.
Statistical Information
Co.
WITTICH, WILBUR R.
Grimm
&
RUSSELL MFG.
WITKOWSKI, JOHN
John
F.
NEW BRITAIN
M.
M. Marks & Co.
ZINNA. EDWARD
Smith, Barney & Co.
YORK
London 2-4301
Hartford
7-2669
EXCHANGE
Hartford
Tel.
Bell Teletype NH 194
New
York
REctor 2-9377
Bridgeport
4-2151
Waterbury 3-3166
Danbury
3-2734
Lewis
Street, Hartford 1
N. Y. Tel. DIgby 4-6713*
7-3261
STREET, NEW HAVEN 7, CONN.
New Haven 6-0171
New
STOCK
37
Teletype HF 464
New York
New Haven
Providence
Norwich
Niantic
*Direct
Portland, Me.
Brattleboro
Hartford-New York 'Phone
Joe
FINANCIAL CHRONICLE
THE COMMERCIAL and
48
W.
DAY,
.
Chicago
I
ROSTER OF MEMBERS
RICHARD
Thomson
WM.
Cruttenden
CULLEN,
H.
Goshia
LEONARD
&
Co.,
)
Co.
CHARLES
Langlll
PATRICK
w
J.
Co.
* *
Ohio
Phoenix,
DAHLIN,
Bacon, Whipple St Co.
GEORGE
DARFLER,
Kneeland
Cruttenden
&
FULLER,
GALE.
(Associate)
FRED
The
First
GARTMAN,
GAVIN.
JOHN
/■
&
Francis
W.
Co.
<
c
FALVEY,
ROY
Thomas
Sheerin
D.
&
Co.
I.
Co.,
Indianapolis
(Associate)
Bank
&
of
Chicago
Co.
Farwell,
Abner K.
Harold H. Dane
Northrop
Louisiana and
H.
James J. Plauche
John Dane, Jr.
M.
ARTHUR E.
Byllesby
and
Thomson
GOODMAN,
Bache
E.
GORDER.
JAMES
Sills, Fairman
HAYS,
Incorporated
Stone
St
HENRY
Company
A.
K.
Republic
Co.
HEALY, WILLIAM B.
Comstock
New Orleans Bank Stocks
and
CARL
EDDE
Central
E.
Harris,
&
A.
Co.
Gorman, Peck & Co.
WILLIAM D.
GOODWIN.
St
WILLIAM R.
HARTWIG.
Link,
Freehling, Meyerhoff St Co.
FEIL, PETER V.
Langlll & Co.
Co.
Co.
Thomas
W.
St
W.
ALFRED
Harmet
A.
HARRELL.
EDWARD
GOODMAN.
FELLEGI, JULES
Farwell, Chapman & Co.
Southern Corporate Issues
McKinnon
Co.
&
ELMER
Caswell St
Company,
Incorporated
FAUST, JOHN N.
Kidder, Peabody St Co.
Mississippi Municipals
&
L.
J.
Chapman
HARMET.
A.
Inc.
J.
Moseley St Co.
HAMMELL.
Co.
J.
JOHN
Jr.,
Chicago
of
A.
Co.
&
and Company.
Allyn
S.
Bank
WILLIAM
HALLFORD,
J.
GLOSSER, EARL C.
FARRELL,
H.
D.
Co.
DONALD
C.
HACK,
F.
W.
Co.
GIESEN, ELMER J.
David A. Noyes &
St
Nuveen
GUILD,
A.
duPont
&
Henke
GRIGSBY,
GEORGE
JOSEPH
Goodbody
GORDON
JOHN H.
First National
The
O.
Jr.,
Co.
Security
Swift,
John
National
J.
A.
GRIER.
A.
St
Ky.
Co., Incorporated
GREENBERG, MORRIS
Hallgarten St Co.
GREGORY.
JOHN T.
EUSTICE,
Co.
Union
Incorporated
Co.,
Company
Fuller
A.
Louisville,
Co.,
WILLIAM
GREEN, ARTHUR
J.
&
E.
Bond
Blair, Rollins &
T.
LEONARD
and
Bankers
The
GRATZA,
Ripley
Co.
&
THOMAS
(Associate)
A.
Halsey, Stuart St Co. Inc.
GAMON,
GLEN A.
&
Chicago
Company
WILLIAM
William
Company
of
JOSEPH T.
A. Fuller St Co.
ERZBERGER, ELMER W.
Smith, Burris & Co.
DAVIDSON, HOWARD I.
Zippin St Company, Inc.
Co.
Co.
St
and
E.
Cruttenden
CRONIN, DOMINIC C.
FULLER,
CHARLES E.
Thomas E. King & Co.
Langlll St Co.
COUTTS, RONALD M.
A. C. Allyn & Company, Incorporated
Ariz.
Co.
A.
Ellis
FRED
Boettcher
William
EGNER, ADOLPH C.
Shearson, Hammill
Goodbody
GRAHAM,
Co.
DONALD
FRIEDMAN,
ENYART,
W.
HOWARD
Co.
St
GEORGE
&
Harriman
!
KENNETH
Inc.
C.
EARLE
GOTT,
W.
Co.,
&
Blair St
FOLLMER,
GILBERT E.
A.
Hentz
FLETCHER.
P.
Bolger
Kenneth
CUNNINGHAM, JAMES W.
Reynolds & Co.
(Associate;
William
FINLEY
Shilllnglaw,
FITZSIMONS,
H.
Co.
Mich.
J.
Doyle, O'Connor & Co., Inc.
ELLIS,
J.
'
McMaster Hutchinson &
Co.
Stearns St
Bear,
Rapids,
Emerich
Ames,
FITZGERALD, GERALD E.
The First National Bank
NEIL
LEO
EGBERT,
J.
CUNNINGHAM, BERNARD
Goldman, Sachs & Co.
C.
Toledo
St
CUMMINGS,
(Associate)
CORNELIUS.
St
Co.
Young-Tornga
Grand
ARTHUR
FENTON,
&
JOHN F.
YOUNG,
DUNNE,
•
Alfred O'Gara & Co.
COONEY, WALTER E.
Kidder, Peabody St Co.
COOPER,
!
Cruttenden & Co.
McKinnon
&
Devlne
DOYLE,
CRUTTENDEN, Jr., WALTER W.
R.
W.
JAMES
J.
De
1
CRUTTENDEN. WALTER W.
FREDERICK J.
& Company
Shields
COOLEY,
Scheuer, Dempsey-Tegeler & Co., Chicago; Col. Herbert H.
Blizzard, Herbert H. Blizzard & Co., Philadelphia; Mr. and Mrs. Elmer W. Hammell,
Caswell & Co., Chicago
Detmer St Co.
De
•
COOLEY,
C.
bETMER,
(Continued from page 47)
COOK.
Mr. and Mrs. Charles G.
Ellis, Rauscher, Pierce & Co., Dallas, Texas; G. Harold Pearson, Rauscher,
Pierce & Co., Dallas, Texas; Mr. and Mrs. Edward J. Kelly,
Carl M. Loeb, Rhoades & Co., New York City
Bond Traders Club of
Thursday, October 19, 1950
&
Co.
A.
Webster
Securities
Corporation
HERMAN.
The
FRANK
First National
Bank
Chicago
of
HICKEY, Jr., MATTHEW J.
Hickey St Co.. Inc.
HICKEY.
RICHARD
Kneeland
JOHN
DANE
HIGGINS.
Specialists in
Teletype
NO
A.
HIRSCHBERG, EDWARD A.
louisiana municipals
Greenebaum
Investment
Co.
i
HITCHCOCK, JAMES E.
Cruttenden
Telephone
465
LARRY
Hulburd, Warren St Chandler
Members New Orleans Stock Exchange
NEW ORLEANS 12, LA.
J.
Co.
&
Canal 9321
HOBBS,
Dealers in
Co.
&
WILLIAM
Russ
&
Co.,
G.
Antonio,
San
Tex.
(Associate)
Municipal and Corporation Securities
HOFER,
CHARLES
Ernst
St
Co.
-
HOFER, RAYMOND
Morris W. Newman
Wm.
John
Perry Brown
E.
Kerrigan
Ernst & Co.
HOLT,
Barrow, Leary & Co.
Dealers in
SHREVEPORT
LOUISIANA, MISSISSIPPI and
Telephone 2-8351
—
80,
H.
HORACEK, JEAN A..
First-, Securities, Company of
LOUISIANA
HORDER, EARL R.
Bell Teletype SH 82 & 83
L. D. 64 & 65
LESTER
Eastman, Dillon St Co.
■'
Chicago
... •
Halsey, Stuart St .Co. Inc.
-
-
HUMMEL,
OTHER SOUTHERN MUNICIPALS
GEORGE F.
Securities Company
First
WILLIAM
HUNTER.
of
Chicago
S.
Lee Higglnson Corporation
HUTCHINSON. HERBERT A.
McMaster Hutchinson' & Co.
newman, brown & co.
INC.
325 Hibernia Bank
IKE
SCHARFF
JAMES
E.
RODDY
JOHN
J.
ZOLLINGER,
JR.
Building
NEW ORLEANS,
Long Distance 345
D.
JACOBSON.
FRANK
E.
Mercantile^ National-Bank
12
JACOBSON.
Teletypes NO 189 & NO 190
.,
ISAACS. MILTON J.
Straus St Blosser
R.
DONALD
>
<
Smith, Burris &;Co.
JANSHOFF. ROBERT
Otis & Co.
W.
JOHN8ON, FREDERICK F.
Barcus,
Kindred
JOHNSON,
The
UNDERWRITERS
—
DEALERS
—
BROKERS
TOGE
First
KANT.
HERBERT
Greenebaum
Schorff L Jones
INCORPORATED
TELETYPE
BUILDING
NO
Branch—Jackson, Miss.
219
Teletype—NO
175
CARONDELET ST.
L.
D.
"
KFFGAN,
Co.
^
"
Investment; Co.
&
181
(Ground
Floor)
R.
KFGLEY, WTLLIAM C.
Rogers St Tracy, Inc.
235
MAGNOLIA
1271
Stern
JOHN
F.»
Brothers
St
Co.
KEITH. CLYDE F. >
Cruttenden -"St Co.
NEW ORLEANS 12
SHREVEPORT, LA.
BERNARD
Hickey St Co.,vine.
KEHOE,
180
ORLEANS 12, LA.
Bell
H.
KEARNS, HUGH T.
Doyle, O'Connor, &'.Co., Inc.
WEIL & ARNOLD
Raymond 0711 & LD 419
Corp.
KANE, VINCENT T.
Aim,. Kane, .Rogers &
Corporate Securities
NEW
Co.
JONES, WILLARD C.
C. J. Devine &.Co.
Municipal and
CANAL
St
V.
Boston
JACKSON, MISS.
KELLY. FRANK'S.
KELLY.
JOHN
*
.
*
A.
Smith, Barney St Co.
j
,
.
*
Convention
THE COMMERCIAL
Number
and FINANCIAL CHRONICLE
Alonzo
Cleveland; Mrs. Ora M. Ferguson, Merrill Lynch, Pierce, Fenner
Mrs. Morton Cayne,
H.
Lee,
Portland, Ore.
MAHER, RAYMOND A.
A. C. Allyn & Company,
KENT, EDWARD L.
Kneeland
Co.
&
JEROME
KERR, WILLIAM D.
Bacon, Whipple & Co.
MARQUARDT,
KING, GEORGE F.
White, Weld & Co.
KING, THOMAS E.
MATHEWS, HENRY T.
Doyle, O'Connor & Co.,
Thomas
E.
King
& Co.
Becker
G.
w.
kitchen,
Scherck,
Cruttenden
Incorporated
Co.,
&
MATZ.
t.
Richier
Louis,
St.
Co.,
The
J.,
Marshall
C.
Milwaukee, Wis.
Company,
(Associate)
PHILIP
Childs
F.
C.
Devine
&
Sincere
S.
Moseley
Comstock
R.
Harriman
LANGILL, BANFORD
Langill & Co.
&
Co.
Bache
&
Bank
B.
Sills,
A.
Leason
Chandler
&
50)
YORKji
and wire system
Hutzler
&
HENRY P.
Goldman, Sachs & Co. '
Inc.
LAWRENCE
C.
Blair
William
&
NASHVILLEjJ^^^WiJfjQxvlLLE
Spink
Miller,
&
GREENSBORO
Company
Co.
MEMPHIS
Co.,
Inc.
Weeks
MOELMANN, EDWIN J.
Spencer Trask & Co.
g.
Co., Inc.
harvey
Co.,
I
glen
1
/
I
MOFFAT, DONALD L.
C. F. Childs and Company
!• ATLANTA
® BIRMINGHAM^
/
<
J
_
DALLAS
Inc.
MONTGOMERY,
Glore, Forgan
LEE, ARTHUR D.
Goldman,
Inc.
on page
Lynch, Pierce, Fenner & Beane
Salomon Bros.
harvey
&
Harris,
Offices
william j.
Jr.,
Warren
MILLER, SAUL R.
leason,
&
MEYERS,
LAWLOR, Jr., WILLIAM J.
&
Fairman
Co.
W.
(Continued
Betts, Borland & Co.
MIEHLS, DON G.
Leason
ARTHUR
MEYER, JULIEN L.
RAYMOND F.
Wheelock & Cummins,
leason,
P.
&
Co.
&
Merrill
Co.
&
PARKER.
Company
JOHN
O'Rourke
Equitable
Co.
MELL, HERMAN G.
LaPAK,
Hornblower
P.
Co.
GEORGE W.
&
Hulburd,
LANNAN, J. PATRICK
&
J.
O'CONNOR, HUGH J.
LOWELL
Co., Inc.
McHUGU. JOHN D.
James J. McNulty & Company
Bros.
and
& Co., Inc.
O'ROURKE,
NEW
F.
McGregor,
Lamson
Inc.
—Hartford
KRELL, ROBERT B.
Bacon, Whipple & Co.
ROCCO,
Blyth
Reltzel,
Inc.
LANE, WILLIAM H
Harris Trust & Savings
LA
&
J.
McGREEVY, JOHN
&
Mitchell
Co.
KOONTZ,
Brothers
R.
Co.
MAYER, ERNEST A.
Dayton & Gernon
McGHIE. Jr.,
Kneeland
Remer,
O'BRIEN, EDWIN P.
&
&
OLDERSHAW, HALLOCK B.
CHRIS. J.
Merrill Lynch, Pierce, Fenner & Beane
Inc.
Upham
Harris,
Inc.,
McFARLANE, LAURENCE B.
Company
HARVEY
O'DONNELL, CHARLES
j.
(Associate)
NORTON, LAWRENCE H.
F.
NEWPART,
T.
Cummins,
Fla.
McCOTTER, DONALD C.
Lee Hlgginson Corporation
Inc.
F.
and
J.
&
KOERNER, STAR C.
Mitchell, Hutchins & Co.
Brown
Inc.
NIEBUHR,
CHESTER
MAYER,
Jr.
KOEHLER, THOMAS S.
Sills, Fairman & Harris,
KOENIG,
NEWELL, EDWARD
Langill & Co.
Co.
&
CHARLES
Wheelock
Mo.
,
OTTO
NELSON,
Leason
(Associate)
KOCH,
F.
Co.
&
Orlando,
MATHEWS, MURRAY C.
KIPP, JOHN D.
A.
Fuller
A.
LAWRENCE N.
Ames, iiimench & Co.,
WILLIAM
The Crummer Company,
WILLIAM A.
Bear, Stearns & Co.
MARR,
William
NOEL,
NELSON, HARRY L.
Blyth & Co., Inc.
Incorporated
Sterne, Agee & Leach, Birmingham, Ala.; Carl E. Hill,! Milhous,
Mayes, Hendrix & Mayes,, Inc.,
Birmingham, Ala.; Mrs. Alonzo Lee
Martin & Co., Atlanta, Ga.; Harold B.
Louisville, Ky.; Mr. and Mrs. Donald C. Sloan, Donald C. Sloan & Co.,
& Beane,
49
THOMAS
& Co.
R.
Sachs & Co.
RUSSELL F.
Shearson, Hammill &
MOON,
LEE, JOSEPH M.
Daniel
F.
Rice
and
Co.
Company
MORRIS,
ORION
Continental
LIENING, EDWARD
Miller, Spink & Co.
Trust
Inc.
EVAR L.
Paine, Webber, Jackson
Co.
MORTON,
LINDER,
The
& Curtis
of
MORTON.
FRED
&
NEW ORLEANS
g.
Company
(Associate)
Wis.
HOWARD
1
C.
McMaster Hutchinson
LOX,
Bank
Chicago
Milwaukee
Milwaukee,
LONGSTAFF. RALPH S.
Rogers & Tracy, Inc.
National
Illinois
& Co.
WILBUR
Bacon,
DONALD R.
Harris, Upham & Co.
MULLER,
Whipple & Co.
LYNCH, PHILIP A.
James
MAGEE,
H.
M.
E.
Bennett
&
L.
Byllesby and
Co.
MURPHY, JAMES H.
Dempsey-Tegeler Co.
MARTIN
Company,
MURPHY,
JOHN
D.
Paine, Webber, Jackson & Curtis
Incorporated
^
Firm
Underwriters
Firm
Distributors
Bids
•
,
SERVING SOUTHERN MARKETS
Offerings
Equitable's
extensive
communication
Immediate
all
States
Government
Securities
•
General
direct wire system gives instant
throughout the Southeast and Southwest.
quotations
M teT Mmmi
8-5193
•
LD-311
:%w;:lh7:
#
t^/^tty/j\ A
•
TELETYPES ME-283
Securities
available to
•
ME-284
322
UNION STREET,
T T7
.
"
greensboro
Corporation
Vice President and Manager Municipal Department
Herbert Pettey,
TENNESSEE
LD-312
#
H. Frank Burkholder,
MEMPHIS
MEMPHIS 1,
are
Equitable customers.
birmingham
OF
and executions
Market Municipals
nashville
TELEPHONES
'
Quotations
Dealers
United
WIR
PRIVATE
SYSTEM
'
Manager Municipal Trading Department
NASHVILLE 3, TENN.
TWO WALL STREET, NEW YORK 5, N. Y,
THE COMMERCIAL and FINANCIAL CHRONICLE
50
Murray Barysh, Ernst & Co., New York City; George Phillips, W. D. Gradison & Co.,
Cincinnati; Mrs. E. W. Snyder, Syracuse, N. Y.; James Cleaver, Goodbody & Co.,
New York City; Jack Rohde, John R.
Lewis, Inc., Seattle, Wash.
Bond Traders
W.
C.
PECK,
W.
C.
Uibson
PULVER,
Co.
&
Gibson
Hornblower
Sincere
Brothers
I'ODESTA,
&
&
Co.
A.
J.
P.
O'Rourke
&
FRED
EDWARD A.
Salomon
Bros.
RENIER,
T.
Mitchell,
The
Co.
Comstock
&
Blunt
Co.
Detmer
&
Straus
&
Co.
D.
Blosser
National
Chicago
SAWERS, ARTHUR R.
Chesley & Co.
Insurance Stocks
Rice
1899
and
Company
GIRARD
SCHUBERT, DONALD D.
Smith, Barney & Co.
JOHN C. LEGG & COMPANY
Established
F.
SCOTT, MORTIMER W.
Scott &
Members
of New
York
The
Stock
Exchange
Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
New
York
Weeden
A.
Wyandt, Incorporated
Illinois
Company
Curb
BALTIMORE
NEW
SEMBACH, HAROLD J.
Remer, Mitchell & Reitzel, Inc.
YORK
SENNOTT, WILLIAM J,
Shields
&
Company
J.
Co., Inc.
Securities
Cruttenden
&
WARE,
Devine
Co.
&
Betts,
&
Sincere
Henke
Paul
&
F.
Co.
Rogers & Tracy, Inc.
and
Company
WILTBERGER, ALFRED
The First National Bank of
Chicago
WINTERHALTER, LEROY F.
Investment Co.
The First National Bank of
Turley
&
WILLIAM
Stifel,
H.
Tegtmeyer
The
convention
every
and
a
Cavalier
perienced
needs
'round Cava¬
new
activities extended
and
ex¬
the
meet
of your group.
meeting
year
at
the
A
com¬
lier
means
and
recognition for
prestige
'M
your
.
.
.
and
pleasure long-remembered
THE^O
•
&
Company
HERMAN
Z1PPIN, ISRAEL
Zippin & Company, Inc.
(Associate)
ROBERT C. JONES & CO.
M EMBERS
NEW
YORK STOCK
EXCHANGE
NEW YORK CURB
WASHINGTON STOCK
EXCHANGE
(ASSOCIATE)
EXCHANGE
to
delegates •
ity from all Eastern cities
250
and
acres
of seaside
country
estate
•
Write for convention
details.
HOTEL,
AND
COUNTRY,
CABANA
METROPOLITAN
BANK
BUILDING
WASHINGTON 5, D. C.
METROPOLITAN 2922
TELETYPE—WA 67
BEACH
CLUBS
BEACH, VA.
Firm Markets in all
Sidney Banks, President
y*t*:
Hutton
all
Accessabil-
VIRGINIA
u
F.
YOUNG, RAYMOND W.
Remer, Mitchell & Reitzel, Inc.
•
•
organization
Inc.
FEATURES:
Accommodations for
400 delegates
*
2 50
perfectly
appointed
rooms with private baths
2 championship golf
courses, fishing, swim¬
ming, and other popular
sports
•
Banquet space
for 600 guests • Superb
entertainment and social
to
Co.,
YARROW. PAUL
DeYoung-Tornga Co.
Mich.
Nicolaus &
THE CAVALIER
facility
staff specifically con¬
vention-trained
plete,
offers
Incorporated
WYANDT, OWEN H.
Scott & Wyandt, Incorporated
E.
Rapids,
Co.
Kneeland & Co.
TORGERSON, FRANK S.
Link, Gorman, Peck & Co.
Grand
&
WRIGHT, CHAPIN N.
LESTER J.
Glore, Forgan & Co.
TORNGA,
Becker
G.
WOOLARD, FRANCIS C.
THORSEN,
SEASHORE
WASHINGTON SECURITIES
LOCAL BANK STOCKS
DIRECT
Francis
WIRE TO
i. Du Pont 8c Co.,
New York
MEMBERS NEW YORK STOCK EXCHANGE
i
Chicago
WOLF, LEONARD J.
STANLEY
P. O'Rourke & Co.
TEGTMEYER,
VIRGINIA
S.
Blyth & Co., Inc.
SUNDELL, ROY B.
SWEICH,
THE
Co.
WILLIAMS, GEORGE P.
Langill & Co.
STRONG, O. H.
J.
74e rttitfoviat OF
&
WILLIAMS, ANDREW R.
Blosser
Rice
Davis
WILKIN, JOHN N.
Baker, Walsh & Co.
STRAUSS, ROBERT
Daniel
H.
Inc.
STRAUS, FREDERICK W.
&
and Company
WERNECKE. RICHARD A.
STRAIT, WALTER L.
Swift,
Co.
WELCH, EDWARD H.
STONER, HARLEY H.
Halsey, Stuart & Co.
Straus
R.
Forgan &
Co.
SWEENEY, IRA J.
F. S. Moseley & Co.
■
Co.
&
WAUCHOP, RAYMOND C.
Doyle, O'Connor & Co.. Inc.
Co.
Borland
JAMES
Glore,
A.
•
O'Rourke
Doyle, O'Connor & Co., Inc.
of Chicago
STIRLING. LOUIS J.
Greenebaum
The Cavalier
P.
WALSH, THOMAS D.
Company
Carter H. Harrison & Co.
to
& Co.
Allyn and Company, Inc.
WALLACE, WILLIAM M.
Francoeur & Company, Inc.
-
SWANSON, KNUTE G.
IVelcome
C.
WALKER, FRED M.
<
SELLERS, PAUL A.
Weeks
WAKELEY, THOMPSON M.
STEPHENS, DONALD B.
J.
Wis.
WALLACE, RICHARD J.
Dempsey-Tegeler & Co.
SPINK, PAUL W.
Miller, Spink &
C.
W.
Racine,
WAHLQUIST, GEORGE R.
STEWART. JOHN W.
Wayne Hummer & Co.
Co.,
Carlton & Co.
First
SCHMITZ, JOHN F.
Daniel
A.
&
Hornblower &
Chicago
STEPHAN, EDWIN A.
John Nuveen & Co.
SCHOETTLER, F.
F.
Meulen
V.
Co.
JOHN
VOGEL, DENES D.
Swift, Henke & Co.
SCHEUER, CHARLES G.
Dempsey-Tegeler & Co.
Specializing In
First Securities Company of Chicago
STEFFES, JAMES W.
SAYRE, BYRON J.
Government, Municipal &
Corporate Securities
Co.
(Associate)
Mitchell, Hutchins & Co.
of
MEULEN,
Ver
SPARKS, ALLEN K.
Bank
Norris & Kenly
Dealers
Ver
SORENSON, OLAF A.
SANDBERG, LAWRENCE
Underwriters
&
VALLELY, EDWARD
Simmons
SOMMERS, FLOYD J.
Blyth & Co., Inc.
-
~
MOREY
SACHNOFF, SAMUEL
Distributors
&
JOSEPH A.
The First National Bank of
Co.
The First
Ellis
SMOLE,
Inc.
C.
Co.
F.
Simpson
VALLEAU, HARRY O.
Harry O. Valleau a Co.
Blosser
SMITH, GEORGE W.
Company
RUSSELL, MERTON A.
Halsey, Stuart & Co.
P.
Co.
Inc.
JAMES C.
Webber,
Rogers & Tracy, Inc.
C.
Trust
SACCO, ARTHUR
RAYMOND
VACHA,
Inc.
M.
John Nuveen &
MARVIN
SACHNOFF,
REVELL.
Co.,
NATHAN
SKEPNEK, Jr., PAUL J.
Hutchins &
Northern
Stifel, Nicolaus &
&
&
E.
Rogers & Tracy,
SIMMONS, RICHARD W.
Hutzler
Company
EDWARD
Comstock &
W.
&
ROSS, CONRAD J.
Mason, Moran & Co.
P.
WALTER
J.
Company
RANDALL, RALPH G.
Co.
UNGEHER, FRED
Swift, Henke & Co.
Straus
Co.
McCormick
W.
SILBERMAN,
RUGGLES,
Harriman
Kebbon,
Inc.
BRADFORD
SHERWOOD, DONALD B.
RAMING, H. PHILIP
Glore, Forgan & Co.
Swift, Henke & Co.
PROSSER,
&
TORREY, GEORGE R.
Carter H. Harrison & Co.
ROGERS, JOHN C.
Hickey & Co., Inc.
P.
THOMAS
and
The Illinois
W.
ROBERT
Cruttenden
POLLICK, JOHN
RAHN,
Weeks
PETRIE, GEORGE
Brown
HENRI
PURCELL,
& Co.
&
SHAW,
ROOB,
EDGAR A.
C.
SHALES, GLENN S.
ROBINSON, ELDRIDGE
Sills, Fairman & Harris, Inc.
McMaster Hutchinson
PERRIGO, CHARLES R.
Boston, Mass.; Lloyd E. Canady,
& Co., Raleigh, N. C.; Robert B. Dixon, McDaniel Lewis &
Co.,
Greensboro, N. C.; John J. Kenney, J. Lee Peeler & Co., Durham, N. C.
Canady
REYNOLDS, T. LEO
Dempsey & Company
ROSTER OF MEMBERS
DON
Mr. and Mrs. J. Frank Keane, Elmer H. Bright &
Co.,
Lloyd E.
ROBERTSON, CLARKE J.
Sills, Fairman & Harris,
Club of Chicago
(Continued from page 49)
PEAESON,
Thursday, October Id, 1950
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Co., Detroit, Mich.; John Graham, Brainard-Judd & Co., Hartford,
Thomas King, Thomas E. King & Co., Chicago
&
John
Egan, First California Company, San Francisco, Calif.; H. Frank Burkholder,
Equitable Securities Corporation, Nashville, Tenn.; Mr. and Mrs. Alonzo Lee,
Moreland
Conn.;
Baker, Simonds & Co., Detroit, Mich.; Paul I. Moreland,
William P. Brown,
Sterne, Agee & Leach, Birmingham, Ala.
DICK
Trust
CLARK, Jr.,
Dallas Bond Club
JOHN
R.
DUNLAP,
Harris, Upham & Co.
Binford
Carothers
&
William
JOHN F.
COLE,
&
EDWARDS,
Inc.
Co.
FOSTER,
HUGH D.
Ft.
WILLIAM N.
Edwards & Co.,
Worth,
Investment
Central
Company
of
Texas
B.
Jr., JOHN
CORNELL,
Dallas
ELLIS, JOE
GEORGE
Rupe & Son
,
,
•
EDGAR
w.
Dittmar & Company
N.
FREEAR, LANDON A.
William N.
Edwards
Texas
Dallas Rupe & Son
COOPER,
ROBERT K.
Blyth fc Co., Inc.
Dunlap
FRANKLIN,
OWENS S.
COKE, Jr.,
FOSDICK, JOHN J.
First Southwest Company
DUNLAP, HUGH D.
Binford & Dunlap.
Company
Union
Dallas
CLARK,
51
Ft.
W.
Rauscher, Pierce & Co.
Worth,
&
Co.,
Texas
FROST, ROLAND
Merrill Lynch, Pierce, Fenner & Beane
EPPLER, WILLIAM B.
Dallas Rupe & Son
GARRETT,
Jr.,
HARRY J.
First Southwest Company
EVANS, ROGER
COTTON, EARL
Harris, Upham
Otis &
& Co.
Co.
(Continued
.
on page
52)
COYLE, JOHN J.
Dallas
Rupe & Son
W.
CROMWELL,
REX
Dallas Rupe & Son
WE
CUTTER, FRED C.
William
Ft.
W. R. Newsom,
O.
Jr.
Cecil
V.
.
Rader McCulley
Harry
N. McConnell
O.
Vice-President:
V.
&
INVITE YOUR INQUIRIES
Co.
DAVIS, J. EDWARD
Central
President: William R. Newsom,
Edwards
N.
Worth, Texas
Jr., Sanders & Newsom.
Investment
Company
of
Texas
DAVIS, JAMES W.
Cecil, Merrill Lynch, Pierce, Fenner &
Dallas
Union
Trust
Company
Beane.
DAVIS, N.
McCulley, First Southwest Company.
Secretary: Clayton R.
McConnell, Central Investment Company
N.
Harry
Treasurer:
Merrill
Lynch, Pierce, Fenner & Beane
DEATON,
FRED
R.
Central Investment Company of Texas
of Texas.
Allen L. Oliver, Jr.,
Directors:
R.
i.
DEATON, Jr., FRED. R.
F. Button & Company; John
Central
Jr., Dallas Rupe & Son; John L. Canavan, Rauscher,
Pierce & Co.
Investment
Company of Texas
B. Cornell,
ROSTER OF MEMBERS
cartvvright,
Merrill
DeSHONG,
HAROLD E.
Dallas Rupe & Son
edwin o.
DOUGLASS, BRUCE H.
Merrill Lynch, Pierce,
Lynch, Pierce, Fenner & Beane
Stein Bros.&Boyce
Established
Fenner
&
Beane
ORVILLE G.
Allen & Company,
Lynch,
Inc.
Pierce, Fenner & Beane
Merrill Lynch,
ASKEW, L. E.
Mead, Miller & Co.
Members
Dallas Rupe & Son
New
AUSTIN, Jr., FRANK E.
Walker, Austin & Waggener
Southwest
First
New York Stock
York
Curb
Direct
Private
Wire
Exchange
Exchange
Philadelphia-Baltimore
M.
WALTER
BADER,
NEW
LOUISVILLE
A.
R.
ALMON,
CARL
M.
Neu)
to
York
Washington, D. C.
and other
Exchange
Company
PHILADELPHIA
YORK
Cumberland, Md.
MEMBERS OF NEW YORK STOCK
(Associate)
Stock
2, Md.
Philadelphia, Pennypacker 5175
Baltimore, Saratoga 8400 New York, Rector 2-3327
Jr.,
ALLEN,
1853
6 S. Calvert St., Baltimore
ALEXANDER, t. R.
R. A. Underwood & Co., Inc.
EXCHANGE
leading exchanges.
Correspondent
LOEB, RHOADES
&
CO.
BAILEY, C. ALFRED
Bailey, Scott & Company
BASS,
R.
J.
HUGH
Edwards,
Inc.
Active Markets in Local Issues
w.
Rupe & Son
james
beard,
Dallas
*
BECKETT, THOMAS
First Southwest Company
Dallas
111 E. Redwood
CARROL M.
BENNETT,
Rupe
Son
&
Telephones: Baltimore—Lexington 0210
BERNET, Jr., ALBERT E.
Bernet
Schneider,
Bell Teletype
Hickman
&
—
New
York—WHitehall
3-4000
BA 270
M.
EDWARD
BEYER,
/'
St., Baltimore 2, Md.
Harris, Upham & Co.
W. E.
B1L1IEIMER, Jr.,
R.
Underwood
A.
Inc.
Co.,
&
BINFORD, JOSEPH B.
Binford & Dunlap
BLACK, A.
C.
Henry-Seay & Company
BOBO, JULIAN
Rauscher, Pierce &
BAKER, WATTS & CO.
Co.
BOYLE, FRANK M.
Merrill
ESTABLISHED
Members
Southwestern Securities Company
E. KELLY
Kelly Brown Investment
Members
BROWN,
E.
Beer
EDMOND
&
Co.
New
York
Stock
ESTABLISHED
Exchange
1840
Philadelphia-Baltimore Stock Exchange
Associate
Members
New
York
Curb
Exchange
L.
Company
Government and Federal Land Bank Bonds
BROWN, JACK P.
Trust
Union
Dallas
ROBERT GARRETT & SONS
HUGH
BRADFORD,
BROWN,
1900
Lynch, Pierce, Fenner & Beane
Company
Maryland
BRUCK, EARLE E.
Garrett and Company, Inc.
U.
MEMBERS
Municipal Bonds
New York Stock
New
Active Trading Markets in
BUCHANON, B. F.
Walker, Austin & Waggener
BUCKNER,
County and
Listed and Unlisted Stocks and Bonds
Curb
Exchange
Exchange
Philadelphia-Baltimore
Local Securities
T.
York
(Associate)
Stock
Exchange
Rauscher, Pierce & Co.
BURT,
C.
N.
BUSH,
Bush
C. NESOM
Burt &
JOHN
&
CALVERT
Company
Company,
SID
Merrill Lynch,
&
REDWOOD STREETS
BALTIMORE
F.
Ft.
Worth,
3,
MD.
Texas
GARRETT BUILDING
CADE,
CANAVAN,
Pierce, Fenner & Beane
JOHN
West
L.
CAROTHERS,
Carothers
&
CHARLES
Co.
Carothers
Co.,
&
B.
Inc.
EARL
Representative,
Union
National
Bank
Bldg.
BALTIMORE 3
Clarksburg, W. Va.
Rauscher, Pierce & Co.
CAROTHERS,
Virginia
T.
Inc.
Telephones:
New York—CAnal 6-7162
Teletype—BA 395
Baltimore—Mulberry 2600
MARYLAND
THE
52
4. z:
;
...
-
COMMERCIAL and FINANCIAL CHRONICLE
-r
Winton A.
&
Thursday, October 19, 1950
Jackson, First Southwest Company, Dallas; Russell M. Ergood, Jr., Stroud
Co., Inc., Philadelphia; Mrs. Ludwell A. Strader, Lynchburg, Va.; Phil Strader,
Strader, Taylor & Co., Lynchburg, Va.; Mr. Roald A. Morton,
Blue List Publishing
Walter
G.
Mason, Scott, Horner & Mason, Lynchburg, Va.; Mr. and Mrs. Graham
Walker, Joseph McManus & Co., New York City; Mr. and Mrs. Arthur W. Bertsch,
G. A. Saxton & Co., New York City; John S. McLaughlin, White, Weld & Co.,
New York City
Co., New York City
Dallas Bond Club
IIALSELL, EDWARD F.
Merrill Lynch,
Pierce,
Ft.
(Continued from page 51)
UNDERWRITERS
DISTRIBUTORS
DEALERS
-
ROSTER OF MEMBERS
C.
N.
JOHN
Burt
GUERIN,
GRANOWSKI,
DORIAN
HAGBERG.
Carothers
Co., Inc.
.
VIRGINIA
MUNICIPAL BONDS
&
Dallas
M.
A.
&
C.
DEAN
Rupe & Son
N.
WILLIAM
Burt
HARTMAN,
MANLEY
Hagberg &
Merrill
A.
Co.,
Inc.
&
Beane
Fenner
&
Beane
M.
Company
-
HAMILTON,
GOODMAN, E. A. B.
Schneider, Bernet & Hickman
Fenner
Worth, Texas
HAMILTON,
&
S.
Company
MERRILL
Lynch,
F.
Pierce,
HEMENWAY, W. P.
Dallas Rupe & Son
Active
Market
Unlisted
in
All
Local
Stocks
and
Securities
HEMMINGSON,
Central
Bonds
GEORGE
Investment
T.
Company
of
Texas
HENDRIX, PHILIP L.
Dallas
c. F. CASSELL & COMPANY, Inc.
Member Midwest Stock Exchange
Miller
MEMBERS
&
STOCK
2-8157—2-8158
Bell
Company
HICKMAN, J.
WESLEY
Schneider, Bernet & Hickman
EXCHANGE
IIILGER, ALBERT
Charlottesville, Va., 114 Third St., N. E.
Phones
Trust
HENRY, LOUIS B.
Henry-Seay & Co.
Patterson
RICHMOND
Union
Dallas Rupe
S.
& Son
Primary Markets in
Teletype—CHARVL 95 & 96
HILGER, JOHN
First Southwest
VIRGINIA MUNICIPAL AND
CORPORATE SECURITIES
Dallas
Union
HUDSON,
LOCAL BANK & INSURANCE STOCKS
Securities
Company
HOUSTON, B. FRANKLIN
for
R.
S.
Trust
JOHN
Hudson
Co., Inc.
HUDSON, ROBERT S.
R.
203 Mutual Bldg.
Richmond 11, Va.
S.
Hudson, &
HULSEY,
EARL
Merrill
Investment
Bell
JACKSON.
First
Jr.,
Co.,
Pierce,
First
IVEY
&
CO.
Local and
300-302 Bankers Trust Bldg.
Beane
A.
Company
JACQUES, JAMES
L.
&
C.
Company
WINTON
Southwest
First
Fenner
WILLIAM
Southwest
JACKSON,
Inc.
H.
Lynch,
System Teletype RH 81
—
C.
Company
K.
&
F.
Southwest
Company
JAMES, Jr., JUDSON S.
General Market
Judson S. James & Co.
JARRETT, CHARLES P.
Issues
Carothers
&
Co., Inc.
NORFOLK, VA.
Telephone—2-6301
TWX-NF
40
JOHNSON,
Dealer
.
SAM
Southwestern Securities
Inquiries Invited
Company
JOHNSON, WILLIAM M.
Garrett and Company, Inc.
For Local Markets
JONES, HERBERT M.
KELLER,
VIRGINIA SECURITIES CO.
618-620 ROYSTER
BLDG.
Worth, Texas
KLECKA, JOSEPH
First
NORFOLK
VIRGINIA
Company
LYNCH, WILLIAM
Lynch, Allen &
LYNE,
NORTH CAROLINA
-
Southwest
10, VA.
Telephone 29240
WEST VIRGINIA
HENRY
Keller & Ratliff
Ft.
LEWIS
Merrill
F.
Company,
Inc.
F.
Lynch, Pierce, Fenner
MALONEY, THOMAS
Rauscher, Pierce
MANNING.
W.
&
&
Beane
E.
Co.
K.
Harris, Upham & Co.
Municipal Bonds
MAYES, HARLAND
Rauscher, Pierce & Co.
and Corporation Securities
McCALL, JOHN D.
McCLANE, JOHN S.
Barron
McCulloch,
Ft.
Worth,
Texas
McCLURE, Jr., FRED L.
R.
—
S.
Hudson
&
Co., Inc.
McCONNELL, HARRY N.
Central
CALL US FOR FIRM MARKETS
Municipal Bonds and Corporate
Investment
McCULLEY,
First Southwest
Securities
Utility Stocks
McEWEN,
E.
F.
Central
&
D.
Company
WILLIAM
Investment
E.
Company
Retail Distribution
McMAHON, FRANK B.
Almon
&
McMahon,
Rauscher,
Norfolk, Va.
Roanoke, Va.
STRADER, TAYLOR & CO., INC.
Bluefield, W. Va.
LYNCHBURG, VIRGINIA
MILLER,
Frank
*
Inc.
MERRILL, SAM
Richmond, Va.
of
McKINNEY, MUNSON
Rauscher, Pierce & Co.
Investments
LYNCHBURG, VIRGINIA
Texas
Company
HAROLD
Hutton
McFARLAND,
Trading Markets
-
SCOTT, HORNER & MASON, Inc.
of
R.
McCULLOCH, BARRON
Ft. Worth, Texas
—*•
Local Industrial &
Company
CLAYTON
t.
Pierce
&
Co.
FRANK
Miller &
Co.
MOORE, MURRAY W.
LD 39
TWX LY 77
Moss,
MOSS,
Moss,
Moore
JACK
&
Company
G.
Moore
&
Company
Texas
Convention
THE
Number
John I. Rohde, John R.
&
Sanders
NOBLES,
First
&
WILLIAM
R.
SHEA,
Newsom
EDWARD
Southwest
OBENCHAIN,
E.
B.
O'NEIL,
&
OSBORNE,
Dallas
Company,
Southwest
R.
LOUIS
Hudson &
S.
R.
JACK
Co.,
W.
&
Austin
&
First
Waggener
Dallas
R.
Pierce
&
Jr.,
THOMAS
Southwest
Company
of
Texas
Merrill
C.
Lynch, Pierce, Fenner & Beane
J.
ALBERT
A.
Underwood
&
Co.,
Inc.
(ichmw
F.
Hutton
&
Abbott
Rauscher, Pierce & Co.
Company
UNDERWOOD, ROBERT A.
R.
Company
A.
Underwood
&
Co.,
ROANOKE
/
Inc.
PETERSBURG
Proctor
-DANVILLE
BRISTOL
'
Established May 20, 1893
.-•v
NORTH CAROLINA
/
Members
Scott &
A.
Stringfellow
New York Stock
SOUTH
CARQLINA \
Exchange
Principal Exchanges
Private
connects
Richmond Stock Exchange
Exchange
New York Curb
JIM
& Other
x
"
'"V
E.
Co.
New York Stock
'n ©CHARLOTTE
.
Co.
SAM
& Paine
f'
TENN.
KHomu*
Company
JOHN
Jr.,
our
Exchange (Associate)
Marion
N.
JOHN
James H. Scott
Walter S. Robertson
Buford Scott
Ratliff, Ft. Worth, Texas
RAUSCHER,
Fitzgerald
Eldridge
Thomas
D.
L. Thornton Fleming
Neal
Stock and Bond
Joseph J. Muldowney
Longest
in Public
H.
wire
System
12 offices with
New York
Office
General Market Issues.
115
ROGERS
Rauscher,
Pierce & Co.
WILLIAM
Mutual
Richmond, Virginia
Building
Telephone 2-7234
Teletype RH 190
Company
Private
Wire to
Clark, Dodge & Company, New York City
KEITH B.
Dittmar
&
911 E. Main
R.
Southwest
Brokers, Participating Distributors
Utility, Industrial, Municipal, and
Rauscher, Pierce & Co.
REED,
E.
National Bank
TUCKER, W. ROY
ALLEN
TAYLOR, W.
Inc.
R.
First
Company
Investment
Edwards, Inc.
Keller &
READ,
ZIVNEY,
B.
Co.
STORIE. WILLIAM STEWART
RATLIFF, HARRY
RAY,
DELBERT
Southwest
Central
Equitable Securities Corporation
TOOLE, Jr.,
W.
Upham &
RAMBIN,
J.
WRIGHT, CARL
Walker,
Members
Harris.
& Son
WILLIAMS,
WALKER,
Newsom
Co., Inc.
Texas
&
PONDROM,
H.
Rupe
WAGGENER, NELSON
Rupe & Son
Sanders
S.
J.
PIERCE, CHARLES C.
Rauscher, Pierce & Co.
Pondrom
I.
Dallas
JACK
Thomson & McKinnon
Company
Union Trust
PONDROM,
Rupe
F.
HARRY
Worth,
WEIL,
Inc.
/
&
Southwest
Dallas
ROGER
Edwards,
TOM
PHILLIPS,
T.
Dallas
Inc.
VAUGHN,
Company
HAROLD-
G.
PERKINS,
R.
J.
Co.,
Pierce & Co.
Rauscher,
STONE,
Son
E.
Ft.
UPSHAW,
L.
Inc.
&
JOE B.
& Son
WARREN,
ROBERT A.
Underwood
TUCKER, R. G.
&
Hudson
First
Dallas
STEWART, FRITZ
First
S.
Co.
A.
THWEATT, JEAN E.
Rauscher, Pierce & Co.
R.
&
R. B.
Dallas Rupe & Son
P.
Rauscher.
PEARSON,
Carothers
Beane
S.
Rupe
PENICK,
&
Inc.
WILLIAM
First
Co.
CLIFFORD J.
ED
R.
THOMAS,
and
STAYART.
Pierce &
Rupe & Son
Dallas
LOUIS
THALHEIMER,
Fenner
Jr.,
UNDERWOOD,
D.
THOMPSON, GROVER C.
Company
DONALD
Rauscher,
OTTO,
Garrett
T.
Walker. Austin & Waggener
Company
SMALLWOOD,
ALLEN L.
Hutton
&
SHILG, J. ERVIN
Dallas Union Trust Company
F.
Hutton
SHIELDS, Jr., E. A.
Merrill Lynch, Pierce,
Company
THOMAS H.
OLIVER, Jr.,
TEMPLE,
JOSEPH
F.
53
Wm. Perry Brown, Newman, Brown & Co., New Orleans, La.; Mr. and Mrs. John F.
McLaughlin, McLaughlin, Reuss & Co., New York City; Mrs. Anton E. Homsey,
Boston, Mass.; Henry Oetjen, McGinnis & Co., New York City
Lewis, Inc., Seattle, Wash.; William J. McCullen, Hendricks
Eastwood, Philadelphia; Mr. and Mrs. Irving P. Grace, W. C. Pitfield & Co.,
New York City
NEWSOM, Jr.,
E.
COMMERCIAL and FINANCIAL CHRONICLE
R. C.
Company
14 Wall
St., Richmond 14, Va.
Phone 2-4774
Street, New York 5, N. Y.
REctor
Teletype RH-851
2-8080
T. F. Mackessy, Mgr. Trading
Mclntyre, Mgr. Bond Dept.
Dept.
REAHEY, C. F.
Dallas
Rupe & Son
RODGERS,
LEWIS
F.
Investment
Central
Company
of Texas
Brokers and Dealers in
ROUNSAVILLE, Jr., GUS
Thomson
RUPE,
Jr.,
Dallas
McKinnon
D.
GORDON
&
LISTED & UNLISTED
& Son
Rupe
SAMUELL,
Beer
&
Sanders
—
Dealers
—
Distributors
SECURITIES
Company
SANDERS,
Underwriters
MURRAY
Jr.,
&
JESSE
A.
Newsom
HI, JESSE
Upham & Co.
SANDERS.
Harris,
First Mortgage Real Estate Bonds
SCHERMERHORN, STANLEY
Merrill Lynch, Pierce, Fenner
&
Beanc
J. C. WHEAT & CO.
SCHNEIDER, JULES E.
Schneider, Bernet & Hickman
American
Bldg., Richmond 11, Va.
SCOTT, WALTER R.
Bailey, Scott & Company
SEAY,
WILLIAM
Henry-Seay
&
Corporate Bonds
Preferred and Common Stocks
Telephone 7-1984
Teletype RH 196
H.
Co.
We Specialize in Financing
VIRGINIA-WEST VIRGINIA
Virginia Corporations
NORTH and SOUTH CAROLINA
by Private Placement
MUNICIPAL BONDS
F. W.
Galleher & Company,
CRAIGIE & CO.
DEALERS
STATE and
616
EAST
Telephone 3-9137
MAIN
1235 Mutual
IN
Building
Richmond
MUNICIPAL BONDS
STREET
RICHMOND
15, VIRGINIA
Teletype RH 83
James E. Galleher
&
84
,
•
Inc.
Telephone 3-7324
Virginia
Frank M. Galleher
THE COMMERCIAL and FINANCIAL CHRONICLE
54
Some of the Hosts of
The
the Virginia Room: Oscar B. Drinkard, Scott, Horner & Mason,
&
Thornhill, C. F. Cassell & Co., Charlottesville, Va.; M. Carter Gunn, Scott,
Mason,
ESTABLISHED
Co.) Philadelphia—1933; Mrs. Morton A. Cayne (Cayne & Co.) Cleveland, Ohio—
1933; Mrs. Samuel K. Phillips, Jr. (S. K. Phillips & Co.) Philadelphia—1941; Mrs.
Donald C. Sloan (Donald C. Sloan & Co.) Portland, Ore.—1927
Inc., Lynchburg, Va.; Mark Smith, F. W. Craigie & Co.,
Richmond, Va.; Henry G. Isaacs, Virginia Securities Company, Norfolk Va.
&
Horner
Mrs. Edward Welch (Sincere & Co.) Chicago
Passing Show in Bridal Apparel:
—1935; Mrs. Harry L. Arnold (Paine, Webber, Jackson & Curtis) New York City—
1927; Mrs. George E. Lestrange (Arthurs, Lestrange & Co.) Pittsburgh, Pa.—1936;
Miss Cornelia Francis modeling 1950 creation; Mrs. John M. Hudson (Thayer, Baker
Strader, Strader, Taylor & Co., Lynchburg, Va.; Garnett O.
Lee, Jr., Scott, Horner & Mason, Lynchburg, Va.; Thomas H. Wyllie, C. F. Cassell
& Co., Charlottesville, Va.; Walter G. Mason, Scott, Horner & Mason, Lynchburg, Va.;
Inc., Lynchburg; Phil
G. Ernest
Thursday, October 19, 1950
NSTA 195! Convention Twin City Security Traders Association, Inc.
1894
To Be Held at
Georgia, South Carolina,
Goronado Beach,
Tennessee, North Carolina,
The
Alabama, Louisiana & Florida
Calif.
delegates at the
cent Annual Convention
re¬
of
the National
STATE AND MUNICIPAL BONDS
Security Trad¬
Association at Virginia
ers
Beach,
Va.,
voted to
hold
the 1951 Convention at the
CORPORATE BONDS AND LOCAL STOCKS
Hotel del Coronado at Coronado
tive
Beach, Calif.
date
for
Tenta¬
next
year's
gathering is the week of
Oct. 14. Despite the splen¬
i
The
Robinson-Humphrey Company
did attendance at the recent
meeting, the newly-elected
officers
of
the
Association
John J. Delaney
President:
Arthur H. Rand, Jr. Robert K. Pillsbury Donald N. Anderson
John J. Delaney, Delaney & Company, Minneapolis.
Vice-President:
Arthur
H,
Rand, Jr.,
Woodard-Elwood
&
Co,
Minneapolis.
Treasurer:
Robert K. Pillsbury, First National Bank of Minne¬
apolis.
HAVERTY
RHODES
BLDG.
Teletypes—AT 288 and AT 142
ATLANTA
1,
GEORGIA
Long Distance 421 and 422
anticipate an even better
showing at the 1951 con¬
clave.
The
cludes
29 affiliates and
aggregate
Association
membership
in¬
an
of
Secretary: Donald N. Anderson, First National Bank of St. Paul.
National Committeeman;• Kermit B.
Sorum, Allison-Williams
Company.
Elected:
October, 1949;
Took Office:
October,
1949;
Term Ex¬
pires: October, 1950.
3700.
ROSTER OF MEMBERS
(Members
ALDRICH,
Central
located
in
Minneapolis
otherwise indicated)
unless
ARMS,
J.
MALCOM M.
Republic Company
P.
JAMES
P.
Arms, Incorporated
BABCOCK, Jr., CARROLL H.
Piper, Jaffray & Hopwood
ANDERSON, DONALD N.
First National Bank of St. Paul,
St. Paul
BERGMAN, OSCAR M.
Allison-Williams Company
POWER OF THE SOUTH
The four associated
power
companies
The
Southern
of
Company system
Alabama,
serve
Georgia, and parts
of Florida and Mis¬
sissippi—a
prosper¬
ing,
progressive
area
as
shown
by
comparing impor¬
ad¬
economic
tant
vances
states
COLONIAL
STORES
of these four
with those of
the nation
as
a
whole:
y>
«
Per
—
deposits
Electric energy
Power
plays
a
■sales
(1940-48)
up
207%
up
145%
(1939-48)
capita income
Bank
up
302%
up
155%
(1940-49)
up
181%
up 109%
vital role in the
rates.
THE GUARDIAN OF
BY
Throughout the nation, more than 80,000 stockholders of The Southern Company
and power stride forward in the South.
Alabama
Power Company
Birmingham, Alabama
Georgia Power Company
Atlanta, Georgia
are
Gulf Power
as
progress
QUALITY FOODS
DISCRIMINATING
THROUGHOUT
THE
HOMEMAKERS
SOUTHEAST
Company
Pensacola, Florida
Company
ATLANTA, GEORGIA
watching
1
Mississippi Power Company
Guifport, Mississippi
The Southern
of Quality
THE CS ROOSTER IS RECOGNIZED AS
of the South. By coordinating their power-producing sources and
companies serving this area are able to provide adequate power at
progress
distribution facilities, the four power
reasonable
Guardian
Distinctive Emblem
COLONIAL
of
STORES
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
The Rebel Room:
Jolley, Johnson, Lane, Space & Co., Atlanta, Ga.; Mr. and Mrs. Roy
Mr. and Mrs. Lex
Hancock, Hancock, Blackstock & Co., Atlanta; Mrs. Ted
W.
New York
H. Frank
55
Burkholder, Equitable Securities Corporation, Nashville,
Tenn.; James W. Means, Courts & Co., Atlanta, Ga.; John Egan, First California
Company, San Francisco; William H. Gregory, Jr., Bonner & Gregory, New York
City; Herbert Pettey, Equitable Securities Corporation, Nashville, Tenn.; Wm. Perry
Plumridge,
City
Brown, Newman, Brown & Co., New Orleans, La.; John C. Hecht, Dempsey-Tegeler
&
MAHONEY,
BISHOP, MORLAN H.
M.
H.
C.
Bishop & Co.
Webber,
& Curtis
Jackson
C.
D.
J.
Dain
M.
&
JOSEPH
Charles
A.
HOMER
Collins
Homer
Paine,
&
E.
PAUL
Webber,
Jackson
E.
Curtis
&
J.
&
MILLER,
STILLMAN.
Bank
of
Minneapolis
RAND, Jr.. ARTHUR H.
Co., Inc.
JOHN
&
J.
&
RICE, IRVING J.
Irving J. Rice & Company, Inc., St. Paul
SORUM.
H.
&
&
Co.
SPACE,
ROWND, CHESTER M.
Paine, Webber, Jackson & Curtis
Paul
Company
A.
LLOYD
Bank
of
Minne¬
C.
Tarras &
Co., Winona
WICIIMAN, EDWARD
M. H. Bishop & Co.
Paul
W.
Company
WITTENBERG, WILBER W.
Blyth & Co., Inc.
1
Woodard-Elwood &
WIKMAN, DALE R.
Merrill Lynch, Pierce,
Co.
FInner
&
Beane
1924
—
MUNICIPAL BONDS
Warrants
Local
Corporation
Securities
EMIL
Co.
Bishop &
H.
STERNE, AGEE & LEACH
GEAR1NO, E. R.
Marquette National Bank
MEMBERS
BIRMINGHAM
3,
Long Distance 9983
Branch—Montgomery
du Pont
I.
FRED
Irving
2,
BANK
BUILDING
ORLANDO, FLORIDA
BELL
TELETYPE—OR
LONG
10
DISTANCE
27
Alabama
DONALD F.
GOODMAN,
Francis
Incorporated
FLORIDA
ALA.
Teletype BH 97
Bishop & Co.
LEEDY, WHEELER & ALLEMAN
MIDWEST STOCK EXCHANGE
GIFSEN, WILLIAM H.
GOTH,
National
CORPORATE SECURITIES
Co., St. Paul
&
Nuveen
Bonds
\y
WALLACE K.
H.
St.
Inc.,
WALTER P.
L.
HAROLD
FLODIN.
M.
Incor¬
State—County—City
&
Jamieson & Co.
M.
Company,
O. JACK
BUSINESS ESTABLISHED
Piper, Jaffray & Hopwood
John
H.
and
1IIIIIIIIIIIIIIIIHIIIIIIIIIIII!
GRANT A.
FELDMAN,
FISK,
GEORGE
Byllesby
Co.
&
FIELD,
M.
KERMIT B.
Allison-Williams
Jamieson
Curtis
TARRAS, A. C.
Company,
RIEGER, CHARLES J.
Inc.
&
apolis
Jamieson & Co.
SIVERSON,
Co.
Inc., St. Paul
Company,
porated
Minne¬
TALBOT,
DEVINE, OWEN C.
Otis
of
SHUTE, PRESTON B.
Kalman
MYERS, THEODORE A.
Mannheimer-Egan, Inc., St.
Bank
National
apolis
ROBERT K.
National
S.
JOSEPH R.
& Company,
H.
Northwestern
Gernon
&
Delainey
Kalman
Paul
SHAW, W. F.
Prescott & Co.
Woodara-Elwood
ROBT.
of St.
National Bank
&
STEICHEN, ROMAN J.
R. J. Steichen & Co., Inc.
SEMPF, WALTER J.
First
N.
EDWARD
Johnson-McKendrick
Kalman
STEELE, JOHN F.
Paine, Webber, Jackson
Northwestern
Williams-McNaghten Co.
DAYTON, LEONARD V.
DELANEY,
ALFRED
PRESCOTT, E. W.
E.
Prescott & Company
Dayton
M.
HARRY W,
STARN,
Piper, Jaffray & Hopwood
RUE, MAYNARD W.
J. M. Dain & Company
Harris, Upham & Co.
PILLSBURY,
McNAGHTEN.
CURTIN, JOHN S.
E..J.
GUYBERT
PLUMLEY.
Fuller & Company
McKENDRICK.
Cook, Inc., St. Paul
&
Mlnne-
Caldwell, Phillips Co., St. Paul
St. Paul
Duluth
Co.,
C.
CHARLES
Greenman
of
,
PHILLIPS,
First
COOK,
Bank
Company
MATSCHE,
COLLINS,
National
apolis
Mahoney & Co.
MASEK,
MERRILL M.
COHEN,
RUDD, COLDEVIN C.
PELTON, THEODORE W.
D.
Mahoney & Co.
MAHONEY, JOSEPH C.
BOOTH. HOWARD
Paine,
CORNELIUS
Northwestern
D.
Co., Los Angeles, Calif.; Jerome F. Tegeler, Dempsey-Tegeler & Co., St. Louis, Mo.
& Co.
S.
Distributors
Underwriters
Rice & Company, Inc.
J.
Dealers
St. Paul
Fenner & Beane,
Pierce,
Lynch,
Merrill
St.
SOUTHERN
C. JOHN
GRANT,
Paul
and
ALPHONSE J.
GRUN,
HENRY
HENNINGS,
Northwestern
B.
National
South
Bank
of Minne¬
General
apolis
JOHN
HUNT,
Midland National
V.
&
Dayton
JOHNSON.
Securities
1892
SPARTANBURG,
S.
C.
Bell
Long Distance 51
KENNETH C.
JOAS,
Municipals
Corporate
A. M. LAW & COMPANY
Lynch, Pierce, Fenner & Beane
Merrill
Carolina
Established
Bank
GEORGE
JACKISH,
PROPERTIES
Minneapolis
of
Bank
National
First
SECURITIES
TEXTILE
Teletype ZP 67
Gernon
EMIL
Johnson-McKendrick & Co.. Inc.
CARL J.
KALL,
First
KINNARD.
John
UNDERWRITERS
National Bank
G.
JOHN
DEALERS
—
BROKERS
Municipal & Corporate Securities
BANKERS
INVESTMENT
Klnnard & Company
G.
—
of Minneapolis
i
Members New York Stock Exchange
KLEMOND, EMIL J.
Merrill
Lynch,
KLINGEL,
Juran
LAU,
J.
&
Pierce.
Fenner
& Beane
LEWIS,
THIS
Bank, Insurance, Textile & Industrial Stocks
Exchanges
MacDONALD,
Specializing in Southern Issues
N.S.T.A.
AT
CONVENTION
BY
Interstate Securities Corporation
STATE & MUNICIPAL BONDS
Pierce, Fenner & Beane
GEORGE A.
National
1950
REPRESENTED
J. W. MEANS
WARDWELL
Merrill Lynch,
First
ARE
Moody
Dain & Company
W.
Trading Markets in
and
JAMES
WILLIAM J.
M.
Other National
Bank of Minneapolis
Telephone
LD-159
ATLANTA
Teletype
MEMBERS
Charlotte, N. C.
MACH,
R.
J.
ROBERT F.
Steichen & Co.
MIDWEST
STOCK
EXCHANGE
\
AT-1 87-1 88
New York, N. Y.
THE COMMERCIAL and
56
Yarrow, E. F. Hutton & Company, Chicago; Lawrence N. Marr, Ames,
Paul
&
FINANCIAL CHRONICLE
Thursday, October 19, 1950
Securities Corporation, New York City; Jack C. Morris,
Atlanta, Ga.; Ludwell A. Strader, Strader, Taylor & Co.,
Walter F. Saunders, Dominion
Emerich
Norris & Hirshberg, Inc.,
Co., Chicago; Clarence A. Horn, First of Michigan Corporation, Detroit; Ludwell
A. Strader, Strader, Taylor & Co., Lynchburg, Va.; Paul I. Moreland,
Moreland & Co., Detroit, Mich.
Lynchburg, Va.; Gilbert Hattier, White, Hattier & Sanford, New Orleans, La.;
Harry Arnold, Paine, Webber, Jackson & Curtis, New York City
ROSTER OF MEMBERS
lillllllllllllllllllllllllllllllllllllllllllllli:
Security Traders Association of Connecticut
(Members
located
otherwise
in
Hartford
unless
indicated)
HIncks
AUSTIN, GEO. L.
&
FAUST, HAROLD E.
Torrington
Co..
BOWMAN, ALFRED H.
Fahnestock
Di-Noc
finish,
BRESLAV, WALTER
incor¬
Marx
&
Co.,
natural
easily
and
subjects,
Donald
applied
and
composition board. A finish
for
every
product.
industrial
B.
Jacobs
Don E.
Super-Service Decalcomania
For Point-of-Sale
Brainard-Judd
Co., Hartford.
Donald E. Hungerford, Robert C.
Displays
CLARENCE
B.
New
CLARK, MYRON H.
Estabrook
&
color brilliance,
in
HOLMAN,
Gordon H. N. Libby, Coburn &
Middle-
L.
ROBERT
H.
transparency,
Secretary-Treasurer: Adolph E. Starkel, Putnam & Co., Hartford.
Governors: Leslie B. Swan,
Chas. W. Scranton & Co., New Haven;
Day & Co.
HUNGERFORD, DONALD E.
Committeeman:
Frank
J.
Murray,
HARRY
D.
Stoddard
&
E. T.
CONNER, EARL W.
Maples & Goldschmidt. South
Day,
HURLBERT,
Denton & Co., Inc.
Hartford.
COOK, AARON
Putnam &
Co.
Williams, Inc., New Haven.
of wood grains,
warm
Elected: October, 1950.
Takes Office: October 20, 1950.
New
Haven
C.
Co.
DONALD
B.
Marx
&
Co.,
Bridgeport
LIBBY, GORDON H. N.
Coburn
&
Jr.,
W.
Coburn
Middlebrook,
Incorporated
WILLIAM D.
Scranton &
MAIGRET.
masterpieces.
&
JOHNSON. A. MAURITS
Chas.
nature's
reproducing
faithfully
Company
Conning & Co.
LYON,/
leathers, and interesting marbles
and
GORDON
Andrews
JACOBS,
Norwalk
COX, FREDERIC R.
37 patterns
W.
WILLIAM D.
Robert C. Buell
Robert B. Calvert, Tifft Brothers,
Paper Extraordinary
ARTHUR
Putnam & Co.
Haven
COHAN.
National
Di-Lon Wall
R.
New
durability and printing.
E.
Haven
Hegeman & Co., Stamford
Co.
brook, Inc., Hartford.
outstanding
Valances,
and
Co.
Whaples, Viering & Co.
Buell and
CLEMENCE,
Second Vice-President:
&
REGINALD
HEGEMAN,
First Vice-President:
Transfers, Window Signs, Reverse
Signs
Co.
&
JOHN E.
GRAHAM.
CLAPP,
President: Donald B. Jacobs, Conning &
Britain
New
W.
Walker
H.
G.
Co., Hartford.
Di-Noc
Frazier,
Brothers
Tifft
Gordon H. N. Libby
Hungerford
plastic
wood,
steel,
to
E.
Co.
CHARLES
GRAHAM,
CALVERT, ROBERT B.
of
&
Bridgeport
authentic reproductions
porating
W.
GOULD.
all-lacquer-film
an
Earle
Haven
New
Corporation
NICHOLAS
FRAZIER, EARLE W.
Edward M. Bradley & Co., Inc.
For Industry
Securities
EISEN,
Fahnestock
BRADLEY, E. HOLBROOK
Synthetic Veneer
Equitable
FON
Co.
&
I.
Cooley & Company
BLIGH, ROBERT A.
Fahnestock
A.
Inc., New Haven
Co.,
ENGLISH, JAMES P.
Kennedy-Peterson, Inc.
DI-NOC
PRODUCTS BY
&
Eddy Brothers & Co.
H.
BBUCE
GEORGE
Bros.
HAROLD
DYER.
G. L. Austin & Co.
BEAL,
DOCKHAM.
Co.,
New Haven
NORMAN
&
Middlebrook,
Incorporated
McNULTY, EDW. J.
Di-Noc
for
Photographic Products
Chas, W. Scranton & Co.,
T.
Dinoreflex,
L.
Watson
&
Dinobase,
Film,
Dinographic
Dinoloft,
Process
Materials.
New Haven
MORGAN, DANIEL J.
and Industry:
Graphic Arts
THE BINGHAM-HERBRAND CORPORATION
Co., Bridgeport
MORRIS, ROBERT S.
Robt.
Morris &
S.
Co.
MURPHY, WILLIAM A.
Toledo and Fremont,
Pre-Grained
Transveneer
Hageman & Co., Stamford
Ohio
Finishes
MURRAY, FRANK J.
Day, Stoddard & Williams,
For the Home Craftsman
New
Inc.,
Haven
Easy to apply over enamel, var¬
new
wood, for furniture,
Manufacturers of automotive brake lever assemblies,
RITTER, LEONARD O.
plaster walls, interior woodwork,
precision stampings, drop forgings and "Van-Chrome"
RYBECK,
nish,
and
almost
plastic
drop forged hand tools.
composition surface.
or
WILLIAM
SAMUELSON,
George
J.
complete product information,
write
Inc.,
New Haven
WYLLIS
Arthur
McClure
THE DI-NOC COMPANY
Warner
&
THE
The R.
BILLINGS
AND
SPENCER
and Shaw
F.
.
STARKEL,
Putnam
ADOLPH
G.
& Co.
STEINER, 8. JACKSON
Jackson
Steiner &
CLEVELAND 12, OHIO
SWAN,
Chas.
Sales Offices:
LESLIE
W.
Co., Inc.
B.
Scranton
&
Co., New Haven
SWEENEY, WILLIAM J.
York,
Los Angeles,
Chicago,
Detroit
Precision aircraft and commercial forgings,
and "Life Time"
"Vitalloy"
drop forged hand tools.
Sweeney & Company, New Britain
TACKUS.
Putnam
WFISKE,
A.
iimiiimiiiiiiimiiimiiiiiiiiiiiiiiiiiiiii!
.
Griggs Company, Waterbury
COMPANY
Hartford, Connecticut
New
^
Co.
:
SKILTON, PEARL J.
1700 London Road
Rochester,
O.
SHAW, JOHN H.
to:
Subsidiary
Cleveland,
Company, Meriden
ARTHUR
C. Lane & Co.
SCRIBNER.
For
H.
William H. Rybeck &
wood,
metal,
any
Paine, Webber, Jackson & Curtis
M.
WILDE.
ANDREW
&
F.
L.
Co.
RICHARD
Kidder &
RICHARD
Conning & Co,
Co., Bridgeport
W.
r
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
The
Virginia Room
All from Cincinnati
ROSTER OF MEMBERS
Investment Traders Association
Of
ABELE, EDWIN A.
Philadelphia
Reynolds
ALLEN,
&
Arthur
RAYMOND T.
Hecker
&
Charles
Taggart
&
Co.,
Herbert
Inc.
J.
LEWIS
Armstrong & Co.
Lewis
AYRES,
Weld
Pierce,
Fenner
&
BARBER.
H.
&
Son
Dolphin
&
Co.
ALFRED F.
Miller & Company
Jones,
NEWTON
II.
& Boyce
JR.,
BRACHER,
ERADBURY,
B.
Newbold's
Co.
THOMAS A.
Yarnall
Beane
Co.
&
SAMUEL
Stein Bros.
Incorporated
LEONARD
White,
/
Co.,
H.
&
Blizzard
Co.
&
BOWERS,
Lynch,
BAILEY,
W.
Drexel
PERCY
Merrill
irj
&
Co.
&
PAUL W.
BORTNER,
Ripley
Co.
HERBERT
H.
BODINE,
EUGENE
Harrlmnn
&
SAMUEL
Newburger
BLIZZARD.
ARMSTRONG, J.
ARNOLD,
Bender
J.
BLAUSTEIN,
Co.
A.
ARTHUR J.
BENDER,
Co.
ANDERSON, TOWNSEND C.
JOHN L.
Co.
&
Co.
BRADLY, CHARLES C.
BARNES,
JOSEPH
Kennedy
BARTON,
William J. McCullen
McFarland, III
Fenstermacher
A. H.
57
F.
P.
&
0.
E.
Co.
JOHN
Ristine
&
Clark
W.
BRITTON,
Co.
Drexel
BAYUK,
HAROLD
Bayuk
&
Co.
CHARLES
Blyth & Co., Inc.
J.
ERENNAN,
G.
Brothers
WILLIAM
&
N.
Co.
M.
(Continued
on page
58)
t
%
SERVICE
fij".
,
-
Ohio and Midwest Markets
Joseph E. Smith
Bernard Tobias
President: Albert H.
and
CLEVELAND
Fenstermacher, M. M. Freeman & Co., Inc.
Vice-President:
First
James
B. McFarland, III,
Second Vice-President:
Facilities
Warren Foster
Dan Hawkins
William J. McCullen, Hendricks & East¬
"CHICAGO OFFICE
Treasurer: Bernard H. Tobias, Gerstley,
Sunstein & Co.
Telephone CEntral 6-7400
Teletype CG 417
•
Joseph E. Smith, Newburger & Co.
Company, Incorporated;
Samuel K.
IN 1949
Phillips, Jr., Samuel K.
Phillips & Co.; Edward J. Jennings, Jr., Boenning & Co.
National Committeemen:
Newton H. Parkes, Jr.,
John M. Hudson, Thayer,. Baker &
OTIS & CO.
Co.;
(Incorporated)
Bioren & Co.; George J. Muller, Janney
Samuel K. Phillips, Jr., Samuel K. Phillips &
Russell M. Ergood, Jr., Stroud & Company, Incorporated.
Co.;
Alternates: Joseph E.
Established 1899
HOURS A DAY (SINCE 1936)
SPEED
Harold F. Scattergood, Boen¬
ning & Co.; William J. McCullen, Hendricks &
Aspden, Robinson & Co.
THREE SHIFTS WORKING 24
CLEVELAND
Co.;
Smith, Newburger & Co.; R. Victor Mosley,
Stroud & Company. Incorporated;
69,611,495 CHECKS HANDLED
Bob Janshoff
of Governors: Joseph R. Dorsey, Merrill Lynch, Pierce,
Fenner & Beane; James J. McAtee, Butcher & Sherrerd; Joseph
A. Zeller, Bankers Securities Corp.; Gordon Pfau, Stroud &
Board
New
York
Chicago
Dallas
Denver
Toledo
Buffalo
Eastwood, Inc.;
Cincinnati
Elwood S. Robinson,
Elected:
Clearing
H. M. Byllesby
wood, Inc.
&
Dealer
OFFICE
Teletype CV 496 & 497
Telephone CHerry 1-0260
Company, Incorporated.
Secretary:
FASTER
CHECK COLLECTION
111.
m
NO
September 15, 1950; Took Office: October 1,
*
Columbus
1950; Term
YOUR
THE
HANDLING
OF
INCOMING AND OUT¬
GOING
CHECKS
AT
OHIO'S
LARGEST BANK
Expires September 30, 1950.
WM. J. MERICKA 6- CO.
N S T A
INCORPORATED
MEMBER
FEDERAL DEPOSIT INSURANCE
CORPORATION
INVITE YOU TO USE
29
AFFILIATES
CV 594
FOR YOUR OHIO MARKETS OR
INQUIRIES
Resources Over
Direct Private Wire to
3700
MEMBERS
Members Midwest Stock
Union Commerce Building
CLEVELAND
14
Telephone MAin 1-8500
New
York
One Billion Dollars
Exchange
150 Broadway
NEW
YORK
7
BArclay 7-3550
THE COMMERCIAL and FINANCIAL
58
York City; Mr. and Mrs. William P.
Louis A. Gibbs, Laird, Bissell & Meeds, New
Hunt, W. E. Sibley &
Fahnestock &
COLWELL,
Of
Merrill
BENJAMIN
E.
W.
&
BROOKS,
Stroud
& Co.
Miller
C.
R.
G.
Schmidt, Poole & Co.
GEORGE
A. Webster
CALL,
Bayuk
Janney &
CAMPBELL,
Edward
A.
&
DAFFRON,
H.
M.
Byllesby
and
Caughlin & Co.
Company,
CHARLES J.
Waters & Co.,
COLFER, LAWRENCE J.
DART, GEORGE
Rufus
Waples
&
Marvin
Co.
&
Incorpo¬
&
Co.
A.
Co.
Riecke
&
Co.,
Inc.
WILLIAM B.
Eastman, Dillon & Co.
TRADING MARKETS
Warner
&
Co.,
lllLc<X
Blyth &
DORSEY,
UNION COMMERCE BLDG.
CLEVELAND
TELETYPE
Members
14
of the
CV
CHerry 1-5050
Midwest Stock Exchange
OHIO
-
L
D
500
565
L.
Weeks
W.
Kirkland
LONG,
EDWARD
Geo.
EDWARD J.
LUTZ,
H.
Stroud
SAMUEL
&
E.
&
Carstairs
&
Incorporated
HARRY S.
&
Co.
Co.,
Inc.
JOSEPH
W. Smith
Co.
Butcher
&
"
Sherrerd
McBRIDE, ALFRED R.
Wright, Wood & Co.
Inc.
McCANN, THOMAS J.
WILLIAM S.
&
E.
Company,
McATEE, JAMES J.
M.
FREDERICK W.
Bogan Paul & Co.,
KETCHEM,
Co.
Co., Inc.
FELIX
MARKMAN,
Co.
&
B.
Montgomery, Scott &
FLOYD E.
Peabody & Co.
Co.
CARL F.
A. Riecke
MAGUIRE,
Co.
&
THOMAS J.
E. Snyder & Co.
MANN, NEVIN
Halsey, Stuart
KERSLAKE,
Sons
Co.
Elkins, Morris &
LOVE,
Co.
H.
WILLIAM
Jr.,
Lilley &
Incorporated
&
Newbold's
H.
LILLEY,
C.
ST.
Weeks
Gerstley,
Sunstein
R.
Co.
Johnson
H.
&
Co.
ARMOUR W.
McCAULLY,
Co.
&
Inc.
Co.,
C.
The First
JOSEPH
Jenks,
KIELY, Jr., JERRY J.
F.
Co.
Co.
JOYCE, THOMAS J.
Woodcock, Hess & Co., Inc.
Hornblower
DOLPHIN, LEO M.
Dolphin & Co.
DONOVAN, ROBERT
&
MANEELY,
Sheridan
Blair, Rollins & Co., Incorporated
Co.
Hutton &
E.
Drexel
JONES, WILLIAM W.
Sheridan, Bogan Paul & Co., Inc.
Yarnall
Inc.
WILLIAM
DOERR.
JENNINGS, Jr.,
KENNEDY,
DEVOLL, Jr., FREDERICK V.
B.
&
HUNT, JOHN R.
Stroud & Company,
JUSTICE,
Kidder,
DERRICKSON, Jr., JOHN H.
Blair, Rollins & Co., Inc..
Henry
&
ALLYN R.
LESCURE, JAMES
JONES, GEORGE E.
Kidder, Peabody &
DAVIS, EDMUND J.
Rambo, Close & Kerner, Inc.
DENNEY,
W.
Boenning & Co.
W.
DAVIS, ALBERT J.
H.
Ristine
P.
RASH,
LARSEN, DONALD
Inc.
JACOBY, Jr., LEWIS P.
Thayer, Baker & Co.
DARBY, DONALD W.
Hallowell, Sulzberger
Inc.
F.
LA
HUDSON, JOHN M.
Thayer, Baker & Co.
rated
CHRISTIAN, EDGAR A.
Janney & Co.
M.
LAUT,
Hornblower
E.
Co.
Incorporated
Company,
JOHN
HOLDSWORTH, ROBERT M.
C.
ROBERT
&
J.
HOERGER, CHARLES E.
A. Webster Dougherty & Co.
B.
Waber
&
&
B.
Co.
LAND, C. EDWARD
Sherrerd
&
RICHARD
Janney & Co.
DAGGY, J. GENTRY
J.
Philadelphia;
Penington, Colket <fc Co.
JAMES
Butcher
HARRY
JR.
Harrison
Stroud
HISCOX, ARTHUR G.
Hiscox, Van Meter & Co.,
GRANT
Co.
Co.
Co.
Dackerman
J.
EDWARD
J.
&
HEWARD,
DACKERMAN,
Brothers
CAUGHLIN,
Miller
C.
JAMES
Brooke
CARSON, JOSEPH R.
Kidder, Peabody & Co.
D.
R.
CUNNINGHAM, HAROLD
Kennedy & Co.
CAPLAN, ALBERT
Co.
CAMPBELL,
Dawkins,
Inc.
Dougherty & Co.
THOMAS
Lilley &
Co.,
S.
&
S.
CUMMINGS, JOSEPH
Walston, Hoffman & Goodwin
BROWN, LLOYD B.
Arthur L. Wright &
HEWARD,
GEORGE
Wurts, Dulles & Co.
Company, Incorporated
CANTWELL, JOHN
Janney & Co.
LAMB,
W.
CRAM,
Incorporated
BROWN, LESTER C.
BURGESS,
&
HEFFELFINGER, HARRY L.
Samuel K. Phillips & Co.
&
FRANK
LAIRD,
CORSON, SPENCER L.
Elkins, Morris & Co.
57)
CAMPION, RICHARD R.
H. M. Byllesby and Company,
ROBERT
Bioren
Eastman, Dillon & Co.
HARRISON, GEORGE R.
Laird, Bissell & Meeds
E.
CAMPBELL, ROBERT J.
A.
THOMAS
KRUG,
RUSSELL A.
HARRIS,
P.
CONNOR, JOHN
Blddle, Whelen & Co.
ROSTER OF MEMBERS
page
CHAUNCEY
Lynch, Pierce, Fenner & Beane
COMPTON,
Philadelphia
(Continued from
E.Graham,Hartford,Conn.; Mrs.Herbert H.Blizzard,Philadelphia; Felix E.
Maguire, Stroud & Co., Inc., Philadelphia; Mrs. Harold F. Scattergood,
Mrs. Edw. J. Caughlin, Philadelphia
Co., Torrington, Conn. (Note license plate on car)
Investment Traders Association
BROOKS,
Mrs. John
Co., Boston, Mass.; Mr. & Mrs. Robert A. Bligh,
Thursday, October 19, 1950
CHRONICLE
A.
Boston
Corp.
DORSEY, JOSEPH R.
Merrill Lynch, Pierce, Fenner & Beane
KNAPP, ALFRED S.
Wurts, Dulles & Co.
McCOOK, ROBERT
Walston, Hoffman
KNOB, JOHN
McCULLEN,
Drexel
E.
Hendricks
Co.
&
Goodwin
&
WILLIAM J.
&
Eastwood
DOTTS, RUSSELL M.
Woodcock, Hess & Co., Inc.
Open Wire to
Troster, Currie & Summers, New
York City
DOWNS, CHARLES
Kennedy & Co.
DUBLE,
E.
A DIVERSIFIED BUSINESS
FORREST H.
Parrish
&
SELLING
Co.
ERGOOD, Jr., RUSSELL M.
Stroud
Underwriters and Dealers
&
ESSENTIAL
Company, Incorporated
TO
INDUSTRIES
EVANS, EDWARD
F. P. Ristlne & Co.
FAHRIG
MUNICIPAL and CORPORATION
Jr., HARRY
Reynolds & Co.
SECURITIES
Based upon
M.
M.
Freeman
FREDERICK
FISCHER,
H.
N.
FITCH,
THE FIRST CLEVELAND CORPORATION
MIDWEST STOCK EXCHANGE
A.
W.
Co.,
&
Nash
6th BLDG.
CLEVELAND
pers
S.
For
FIXTER, WALTER D.
J. W. Sparks & Co.
Telephone
Teletype
PRospect 1-1571
Bell System CV 443 & 444
W.
&
Co.
box
have
an
interest in
Hiscox,
CLEVELAND BANK STOCKS
For
Securities Listed Midwest Stock Exchange
Co.
Members New York, Midwest and Other
Principal
Stock Exchanges
101 National
City Bank Building
CLEVELAND
Telephone: PRospect 1-6300
M.
&
Co.,
Inc.
WM.
&
wraps,
flexible
laminated
electrical
the
films,
combinations.
industry
.
.
.
ROBERT
For
the
graphic arts
.
.
.
high-
inated
cover
stock, label
paper.
textiles
Lurex
ments,
.
.
.
non-tarnishing,
metallic yarn,
draperies,
decorative
any
for
gar¬
upholsteries,
textile
industry
.
.
fabrics.
.
CUStom-
laminated films, foils and other
materials
for utilitarian
or
decorative purposes.
products for essential industries
are
manufac¬
tured in
GRIFFITHS, W. LAWRENCE
DeHaven & Townsend, Crouter & Bodine
HARDY, RUBIN
Corp.
Company, Cleveland 1,0.
Incorporated
EAGER, MALVIN R.
Montgomery, Scott & Co.
Bell Teletype—CV 97
Cleveland, Ohio, and Berkeley, Calif. If you would like
to know more about us, write for brochure "The Most
Fascinating
Business in the World". The Dobeckmun
N.
J. Arthur Warner & Co.,
The First Boston
of ultraviolet light.
For
For
farms, homes, buildings and
glazing (glass
substitutes); enduring weatherbarriers which permit passage
fine
These diversified
Co.
HAINES, FRANCIS J.
W. H. Newbold's Son & Co.
14
in
finish, hard-wearing, film-lam¬
Inc.
GRANT, FREEMAN G.
GREENE,
&
covers;
For
for wire, cable and motors.
GREEN, HARRY
Merrill Lynch, Pierce, Fenner & Beane
CORB LISTON
Prescott
Meter
Van
Harper & Turner,
Dolphin
call
bags, package
CHARLES
GOODMAN,
wrap¬
industry.. .plastic
light-weight, space-saving insu¬
lation, in tape and sheet form,
GORMAN, FRANK J.
H. G. Kuch and Company
or
...
pharma¬
tobacco,
Incorporated
FRANK J.
GABEL, ALBERT G.
Burton, Cluett & Dana
GESING,
OHIO SECURITIES
products
foils,
FOX, HOLSTEIN DeHAVEN
A. C. Wood, Jr. & Co.
When you
chemicals,
material, labels, package
-v
FOARD, ALLAN B.
Stroud & Company,
FOGARTY,
foods, confections,
metal
JOHN M.
Clark
from the original creators of cellophane cigar
to a national business serving essential industries with many
ceuticals,
Geo. N. Fleming & Co.
E.
many kinds of transparent films,
Dobeckmun Company has grown,
diversified products. For instance:
& Co.
EDWARD M.
Benkert & Co.
FLYNN, 2nd,
14
in 23 years,
Inc.
FLEMING, GEORGE N.
NATIONAL CITY E.
the processing of
foils and other materials, The
ALBERT H.
FENSTERMACHER,
MEMBER
H.
FANT, JOHN FITZSIMONS
Penington, Colket & Co.
Branches
at
Atlanta, Berkeley, Boston,
Chicago, Cincinnati, Detroit, Indian¬
apolis, Los Angeles, Milwaukee,
New
York,
Philadelphia, Pittsburgh,
Portland, St. Louis, St. Paul and
Seattle. Representatives
everywhere.
i
DOBECKMUN
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Thomas E. King, Thomas E. King & Co., Chicago; George
Roggenburg, Roggenburg & Co., New York City; James Kelley,
Mr. and Mrs. Stanley
JOHN
WALLACE H.
Hemphill, Noyes, Graham, Parsons & Co.
RUNYAN,
J.
Wellington Fund, Camden, N. J,
Mcdonald,
Paul
6c
william
SAILER,
m.
A.
Lynch
Barney
&
J. Sailer
Boenning
Co,
McFARLAND, 3rd, JAMES B.
H. M. Byllesby and Company,
Rambo,
Co.
Close & Kerner,
Inc.
UNDERWOOD,
Martin
6c
WALTER
Woodcock,
Soliday & Co.
Hopper,
J. Meaney,
Hecker
6c
MILLER,
E.
W.
Morrissey
RUSSELL
SCHULER,
6c
McE.
C.
C.
HARRY
Yarnall
E.
Jones,
DeHaven
Miller
MOSLEY,
R.
6c
Incorporated
H.
Fenner
&
Beane
6c Co.
Townsend, Crouter & Bodlne
A.
6c
Drexel
W.
Reynolds
N.
NASH, HAROUD
H.
Nash &
N.
DAVID
M.
W.
Co.
CHARLES
Byllesby
and
L.
Company,
Incor
Cayne
&
CLEVELAND
WILLIAM
J.
Co.
&
FRANK L.
WHITLEY,
6c
Co.
GEO.
WILLIAMS,
H.
WILLIAM
NICHOLS,
Butcher
Co.
LEWIS
H.
Schmidt,
WILLIS,
TOBIAS,
J.
Sherrerd
6c
&
Serving Dealers9 Banks and Brokers
Kennedy 6c Co.
ROY C.
E.
COIT
From Coast to Coast
Poole 6c Co.
Hemphill, Noyes, Graham, Parsons & Co.
Co.
BUILDING
H.
WILLIAMSON,
TILGE,
Blddle
Moncure
Co
&
COMMERCE
Co.
WHITEHEAD,
Camden, N.
Inc.
UNION
HENRY C.
Jr.,
Lilley 6c
Co.
NECKER, CARL
Suplee, Yeatman 6c Company, Inc.
Co.
WELLER, JOHN F.
Herbert H. Blizzard & Co.
Inc.
Co.
Ristine
P.
ZUBER, ETHAN G.
WILLIAM
Hornblower 6c Weeks
F.
K.
porated
Bioren
THOMAS,
WALTER
c/o Philadelphia Stock Exchange
YEATMAN, Jr., POPE
Suplee, Yeatman 6c Company, Inc.
H.
6c Co.
Smith
WELSH,
Taggart & Co.,
CLAYTON
TERRELL,
MURPHY, JOHN W.
ZERRINGER,
Co.
RAYMOND L.
TALCOTT,
MURPHY, JOHN A.
Reynolds 6c Co.
&
WELLS, ALFRED D.
Lilley 6c Co.
Co.
Yeatman & Company,
Charles
Hecker
Henry B. Warner & Co., Inc.
B.
TAGGART, CHARLES A.
MUNDY, JAMES E.
Reynolds 6c Co.
A.
Securities Corp.
WARNER, HENRY B.
B.
WILLIAM Z.
SUPLEE,
Suplee,
MULLER, GEORGE J.
Bankers
\
WARNER, ALFRED S.
Swain & Company, Inc.
SUNSTEIN, JR., LEON
Gerstley, Sunstein &
VICTOR
Company,
&
HOWLE
Morgan 6c Co.
ZELLER, JOSEPH
WURTS, JOHN W.
c/o Wurts, Dulles 6c Co.
YEAGER, WILLIAM F.
FREDERICK
J.
WALLINGFORD,
Co.
PHILLIPS
STREET,
ROBERT P.
& Company
MORRISSEY,
6c
6c
WALLACE,
SMITH, JOSEPH E.
Newburger & Co.
SNYDER,
C.
L.
Herbert H. Blizzard & Co.
& Co.
Miller
C.
W.
Wright, Wood & Co.
VOSE, JOHN C.
ARNOLD
6c Company, Inc.
Merrill
CONOVER
R.
Devine
J.
Drexel
Corp.
CHARLES P.
Lynch, Pierce,
SHAW,
MORRISSEY, FRANK J.
F. J. Morrissey & Co.
Janney
Boston
First
Herbert H. Blizzard & Co.
YOUNG,
Co.
Co.
R.
Stroud
&
YEATTS, ALBERT H.
GEORGE C.
Colllngs & Co., Inc.
Co.
8c
VOORHEES,
Battles
Inc.
JOHN A.
MILBURN,
J.
SERVICE,
meaney, thomas j.
T.
Boenning
SCHUMANN, WALTER H.
Dolphin & Co.
JOSEPH A.
McNAMEE,
F.
The
B.
& Co.
Hess
WILLIAM
SCHREINER,
Incorporated
Co.
&
VEITH, FRANK
Co., Inc.
McKEE, FRANK T.
Stroud 6c Company, Incorporated
McLEAR,
Biddle
C.
WOOD, 2nd, RICHARD D.
Harriman Ripley & Co., Incorporated
SCHAUFLER, CHARLES A.
McGARVEY, Jr., JOHN N.
C.
Co.
TYRRELL, LEO D.
rated
Moncure
6c
TREVINE, ROY
SCHAFFER, RUSSELL W.
Incorpo
WILLIS,
Brothers Harriman
Brown
ROBERT A.
Harriman Ripley & Co.,
6c Co.
&
HAROLD
TODD,
TORRENS,
SCATTERGOOD, HAROLD F.
McFADDEN, JOHN P.
Smith,
JACKSON
A.
Phillips, W. D. Graaison
Co., Cincinnati; Murray L. Barysh, Ernst & Co., New York City;
Donald B. Stephens, Cruttenden & Co., Chicago
&
Kidder, Peabody & Co., New York City; Francis J. Cunningham,
Kidder, Peabody & Co., New York City
McCULLOUGH,
59
BERNARD
Gerstley,
H.
H.
M.
ALFRED
Byllesby
J.
Company,
and
Incor
porated
Sunstein & Co.
O'BRIEN, JOSEPH F.
O'Brien
Raab
6c
THOMAS
O'ROURKE,
Stroud
&
Members
Midwest
JOHN T.
PAIRMAN,
6c Co.
Poole
Schmidt.
PARKER, JOHN E.
H. a. Riecke 6c Co.,
COMPANY
L. J. SCHULTZ &
F.
Incorporated
Company,
EATON MANUFACTURING
COMPANY
Private
Stock Exchange
Wire to New
Inc.
PARKES, Jr., NEWTON H.
Bioren
6c
Inc.
New York
Cleveland
C
Co.
parsly, l. fuller
Parsly Bros. & Co.,
York
76 Beaver Street
Union Commerce BIdg.
;
ervina
the automotive,
aircraft,
PATTISON, CARL T.
Stroud
PFAU,
6c
K.
Samuel
PHILLIPS,
Samuel
PHILLIS,
Coffin,
Incorporated
Company,
Phillips
Jr.,
6c
SAMUEL
Co.
Raffel
FRED
K.
J.
L.
Inc.
Free
valves; turbo-jet engine blades, tappets,
valve
WISTER
Incorporated
Company,
FRANCIS X.
Devine &
We
are
pleased to
business of Weiss
the
election
as
announce
that
we
have acquired* the
Work & Co., effective October 1,
officers of the former owners as
and
follows:
i
Co.
6c
springs; stampings; permanent mold gray
rings, cold drawn steel; sodium cooled, poppet,
WILLIAM
RANDOLPH,
REGAN,
heater-defroster units; leaf
castings; rotor pumps; spring washers; snap
iron
C.
Betz & Co.
6c
Stroud
truck axles and axle parts;
and coil
K. Phillips 6c Co.
QUINTARD, ROMEYN B.
Suplee, Yeatman & Company,
RAFFEL,
important industries, including motor
EDWARD J.
PHILLIPS,
C.
marine and other
GORDEN
Stroud
,
Incorporated
6c Company,
hydraulic
lifters, valve seat inserts; Dynamatic
brakes and
and
drives,
WILLARD C. WEISS
Vice President
JOSEPH R. WORK
Vice President
Assistant Secretary
ROBERT WEISS
dynamometers; and other similar products.
Co.
•
reilley, joseph f.
Jones, Miller & Co.
RENNEISEN,
Ohio
General Offices: Clevelandr
IRWIN
Hecker 6c Co.
t
ROBINSON, ELLWOOD S,
PLANTS:
Cleveland, Massillon, Ohio • Battle
Aspden, Robinson 6c Co.
Creek, Detroit, Marshall, Saginaw, Vassar,
RODGERS, J. LESLIE
Blair,
Rollins & Co.,
Inc.
ROGERS, H. WHITNEY
Elkins, Morris & Co.
RUCKDESCHEL, JOHN K.
Boenning 6c Co.
RUDOLPH,
MICHAEL
Stroud 6c Company,
Michigan
J.
Incorporated
PLANTS OPERATED BY SUBSIDIARY
COMPANIES:
Kenosha, Wisconsin ' London, Ontario
GEO. EUSTIS & CO.
Cincinnati's Oldest Investment Firm
Member Cincinnati & Midwest
508 Traction Bldg.
Stock Exchanges
Cherry 4070
—
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr.
and Mrs.
Sam
Green, Pledger & Co., Inc., Los Angeles,
Maxfield E. Brown, Shields & Company, Los
Calif.; Mr. and Mrs.
Angeles, Calif.
Mr. and Mrs. Mark J. Stuart, Cowen & Co., New York
City; Mr. and Mrs. Maurice J.
Cann, A. G. Becker & Co., Chicago
Alabama
The
Place
Market
Thursday, October 19, 1950
BOSWELL, GRADY
Security Dealers Association
Merrill
BOYCE,
CINCINNATI
Lynch,
&
Beane,
&
Beane,
MILTON S.
Merrill Lynch, Pierce, Fennere
Birmingham
j
SECURITIES
BRODNAX,
and
;
.
:*v :■/'
Brodnax
MARION
&
J.
Knight, Inc., Birmingham;
BROWN, C. BLYTHE
RHINELANDER PAPER
GIRDLER CORP.
Pierce, Fenner
Montgomery
for
Cumberland
Securities
Corporation,
Bir¬
mingham
BARECO OIL
BRUNSON, RAMON J.
Merrill
Pierce, Fenner
Lynch,
& Beane,
Mobile
BUSH,
(OHLE
&
@
Securities
Mobile
CANBY, YARDLEY
Merrill
Lynch,
Pierce, Fenner
&
Eeane,
Birmingham
CARLISLE,
Member Cincinnati Stock Exchange
900
PEYTON
Company,
A.
Bush
J. M.
Alonzo H.
James
Thornton, Jr.
S.
Crow,
Jr.
C.
JUDSON
Sterne, Agee <Sc Leach, Birmingham
CARLSON, ROBERT H.
Carlson & Co., Birmingham
UNION TRUST BLDG., CINCINNATI
CARLSON, Jr., Robert H.
Carlson
&
Co., Birmingham
COHEN, MORTIMER A.
Sterne, Agee & Leach, Montgomery
CONVILLE, KNOX A.
CINCINNATI
Conville
COX,
Courts
SECURITIES
&
Birmingham
Company,
JOHN
&
Company,
Birmingham
CROW, Jr., JAMES S.
Listed
First
Unlisted
National
DARBY,
Bank,
Mobile
NOLAN
Merrill
Pierce, Fenner & Beane,
Lynch,
Birmingham
EDDINS, JOHN
Merrill
J. E. MADIGAN & CO., inc.
FORMERLY W.
Members
E.
FOX & CO., INC.
Cincinnati
Stock
Stubbs, Jr.
Alonzo H. Lee,
First Vice-President: J.
18 E. 4th Street, Cincinnati 2, Ohio
Steme, Agee & Leach, Birmingham.
Thornton, Mohr &
Mills Thornton, Jr.,
Pierce, Fenner
«Sc
Beane,
Crow, Jr., First National Bank,
Mobile.
FORE,
Drayton Nabers, First National Bank, Birmingham.
Alonzo H. Lee, Sterne, Agee & Leach;
National Committeemen:
Harold B.
B.
Lynch, Pierce, Fenner
& Beane,
ROBERT B.
First
Secretary: George H. Stubbs, Jr., Stubbs, Smith & Lombardo, Inc.,
Birmingham.
Mayes, Hendrix & Mayes, Inc.
Alternates:
DAKIN
Mobile
Second Vice-President: James S.
Treasurer:
Selma
FERRIS,
Merrill
Co., Montgomery.
Teletype CI 494
Lynch,
Birmingham
Nabers
Drayton
ELIASBERG, JULIEN
President:
Exchange
Telephone Main 1627
Geo. H.
Miles A. Watkins,
Stubbs, Smith & Lombardo, Inc.;
Sidney J. Mohr, Jr., Thornton, Mohr & Co.
Took Office: July 1, 1949; Term Expires: December 31, 1951.
National
Bank
of
Birmingham,
Birmingham
FRAZER, FRANK B.
Shropshire & Company, Mobile
GAINES, WALTER B.
Gaines
&
Company, Birmingham
GAUNT, WILLIAM
First National
Bank, Montgomery
HALEY, FRED
Merchants
National
Bank,
Mobile
HAMEL, BEN. F.
ROSTER OF MEMBERS
Merrill
Lynch, Pierce, Fenner & Beane,
Mobile
ADAMS, RALPH
Berney
Perry
mingham
&
Inc.,
Company,
Bir-
BACON, ROBERT
.
AGEE, RUCKER
Sterne, Agee &
ARMSTRONG, ERNEST
Sterne, Agee & Leach, Montgomery
First National
Leach,
HAWORTH, HOWARD H.
S.
Bank
of
Mobile, Mobile
Birmingham
BAXLEY, MARION
ALLISON,
CHARLES J.
Equitable
mingham
Securities
Merrill
Corporation,
Blr-
Lynch,
ANDREWS, J. WARREN
First
National
Bank,
Merrill
Montgomery
Lynch,
Pierce,
Pierce, Fenner & Beane,
Pierce,
Fenner
&
Beane,
Pierce,
Fenner
&
Beane,
&
Beane,
Merrill
Lynch,
Birmingham
Merrill
Lynch,
Montgomery
Merrill
Lynch,
Birmingham
are
Pierce, Fenner & Beane,
Hendrix
&
R.
Mayes,
Inc.,
Birmingham
HERZBERG, BERNARD F.
Odess, Martin
mingham
We
Pierce, Fenner & Beane,
GEORGE
HENDRIX, JAMES
BLAIR, DWIGHT
Fenner
Birmingham
Lynch, Pierce, Fenner & Beane,
Birmingham
HECHT,
C.
Mobile
ANDREWS, LAMAR
Merrill
Lynch,
Merrill
HAYES, WILLIE
Montgomery
BLACKSTONE, F.
HAMRICK, LEON
Steiner, Rouse & Company, Birmingham
&
Herzberg,
Inc.,
Bir¬
HUGHES, PATRICK E.
Steiner, Rouse & Company, Mobile.
actively interested in
HYDINGER, EB S.
Ohio
•
Kentucky
Municipal
Bids
—
West Virginia
•
Revenue
Offerings
Information
—
on
WALTER, WOODY and
HEIMERDINGER
Quotations
403 Dixie Terminal
Hinsch
Emery Eyler
Neil Ranslck
Robert R.
Investment Securities
Cincinnati 2, Ohio
Meyer
Earl R. Shaffer
Union
Trust
CINCINNATI
STOCK
EXHANGE
System
American National
KING,
Bank
&
Trust
Com¬
Mobile
pany,
Teletype
Birmingham
PORTER
Steiner, Rouse & Company, Mobile
KING,
CI
Jr., PORTER
Merrill
188
Lynch, Pierce, Fenner &
Beane
Mobile
Building
Telephone MAin 5353
Bell Tele.
MEMBER
Bell
Company,
JOYANT, A. W.
Phone Main 5072
Charles A. Hinsch & Company, Inc.
&
JEMISON, Jr., JOHN S.
Marx & Company,
Birmingham
Building
request
Co., Birmingham
W. E.
Courts
Bonds
CINCINNATI 2, OHIO
Charles A.
Carlson &
INMAN,
CI 399
Specializing in the purchase and
sale of municipal tax and revenue
securities of all states.
KNIGHT, Jr., ROY W.
Brodnax & Knight,
Inc., Birmingham
KNOWLES, BEN
Merrill Lynch,
Montgomery
Pierce, Fenner & Beane,
LANG, Jr., DUDLEY W.
Steiner, Rouse & Company, Mobile
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
William
Mrs.
Burke,
Boston, Mass.;
Mr.
Wilmer
Mrs. J.
and
Butler,
Mr. and Mrs. Joseph H.
LEACH, EDMUND C.
Sterne,
lee;
Agee
Leach,
&
alonzo
THOMAS,
ROBERTS, JACK D.
Bullington-Schas & Co.
Memphis Security Dealers Club
Montgomery
Weil, Weil & Arnold, New Orleans; Mr. and Mrs. Joseph W.
Sener, John C. Legg & Co., Baltimore, Md.
Baker, Watts & Co., Baltimore, Md.
h.
Memphis
ROSS, HOWARD C.
Leftwich
Sterne, Agee & Leach, Birmingham
&
Union
Ross
SAUNDERS, M. A.
Herzberg,
Inc.,
Tus¬
M.
A.
Saunders &
J.
Co., Inc.
caloosa
SAUNDERS, ROBERT
M.
LOMBARDO, JOSEPH P.
Stubbs, Smith
mingham
Lombardo,
&
Inc.,
Saunders <fc
Co., Inc.
Company
R.
Nat'l
Bank
&
Trust
FRED
C. Bradford & Co.
WALKER, Jr., THOMAS B.
Equitable Securities Corporation
WARD, B.
Bir¬
B.
F.
FRANK
Ward
&
Co.
SCHAS, FRANCIS D.
Martin
Herzberg,
&
WHITMAN, A. L.
Bullington-Schas & Co.
MARTIN, ELBERT H.
Odess,
A.
NICK
J.
Securities
Planters
TREXLER,
LESLIE, OWEN C.
Odess, Martin &
Jr.,
THOMPSON, EDWARD F.
Inc.,
Bullington-Schas &
Co.
Bir¬
SPRAGINS,
mingham
R. W.
R.
WENDELL
WOOTEN.
R.
Spragins & Company
B.
ROGER
Wooten
&
Company
marx, v. hugo
Hugo
Marx
Company,
&
Birmingham
MARX, Jr., V. HUGO
Hugo
Marx
Company,
Birmingham
Company,
&
Birmingham
MARX, WILLIAM
Hugo
Marx
&
MASTERS, ERNEST
Merrill
Lynch,
Birmingham
Penner
Pierce,
& Beane,
President:
mates, harold b.
Hendrix & Mayes, Inc., Birmingham
Mcknight, h. neil
Merrill Lynch, Pierce,
Fenner & Beane,
&
Carlson & Co.,
Birmingham
Alternate:
mohr, sidney j.
Jr.,
—ROSTER OF MEMBERS
Birming¬
& Company,
DRAYTON
Herzberg,
Bir¬
Inc.,
Loeb, Rhoades & Co.
Lynch,
Inc.,
Bir¬
Company,
Inc.,
Bir¬
Perry
Pierce,
&
Fenner
Saunders & Co.,
Inc.
1100
Securities
Mid-South
Co.
Union
Planters
Bank
Nat'l
Union Trust Building
CINCINNATI
LANCASTER, JAMES C.
Bullington-Schas & Co.
THE W. C. THORNBURGH CO.
&
Trust
2, OHIO
Co.
Union
LEFTWICH,
Planters Nat'l
Bank
Trust Co.
&
WILLIAM
GROOM
Leftwich & Ross
„
LIMERICK, AYLETT B.
CROSSETT, E. GORDON
C. J.
PERRYMAN,
&
The
LOUIS
Martin
First
National
Goodbody & Co.
Bank
Inc., Montgomery
Mayes,
SCHULHAFER.
Odess,
Beane
COBB, MAX
&
mingham
Hendrix
A.
JORDAN, ROBERT H.
BROWN
CARNEY, W. HARDING
Company,
&
,
M.
,
PERRY, W. BERNEY
Berney
BURCH.
Merrill
perry, tunstall b.
Perry
HUDGINS, JACK L.
Merrill Lynch, Pierce, Fenner & Beane
Carl M.
odess, lewis j.
Berney
S.
HARRIS,
BANKSTON, Jr., W. L.
*
Odess, Martin &
mingham
V
RICHARD
ALLEN, HARRY
Merrill Lynch, Pierce, Fenner & Beane
Birmingham
First National Bank,
mingham
Leftwich, Leftwich & Ross.
January, 1950; Term Expires: January, 1951.
Hugh
Morrow
ham
NABERS,
Bonds
Bullington-Schas & Co.
Early F. Mitchell, First National Bank
William Groom
Took Office:
Thornton, Mohr & Company, Montgomery
Watkins,
A. L. Whitman,
of Memphis.
McREE, S. A.
MORROW,
Municipal
Roger Wooten, R. B. Wooten & Company.
National Committeeman:
Birmingham
Company,
Saunders & Co., Inc.
Secretary: Aylett B. Limerick, Goodbody & Co.
Treasurer:
McQueen, jr., giles
A, L. Whitman
Aylett B. Limerick
Richard S. Harris, M. A.
Vice-President:
Mobile
Courts
Roger B. Wooten
Richard S. Harris
CURD, H. PRICE
Herzberg,
&
MITCHELL, EARLY F.
Bir¬
Inc.,
Federal
Securities
Co.,
The
Inc.
First National
Bank
mingham
SELLERS, PHILLIP
Thornton-Mohr
JOHN
SHEARER,
Montgomery
Co.,
&
Carl
S.
M.
Loeb, Rhoades
&
Co.
Meeks,
RISON,
FREDERIC, FRANK D.
National Bank, Mobile
Merchants
REDDOCH, JAMES N.
FOSTER. WALTER T.
Equitable Securities Corporation
Reddoch
&
Company
SAM
Standard Securities Co.
SHROPSHIRE, OGDEN
Shropshire & Company, Mobile
SMITH, HENRY M.
Smith
Stubbs,
Lombardo,
&
Inc.,
Bir¬
mingham
STANSEL, ARTHUR
Courts & Company,
MERVYN
STERNE,
Birmingham
i
h.
Sterne, Agee & Leach, Birmingham
STUBBS,
GEORGE h.
& Lombardo,
Jr.,
Stubbs, Smith
mingham
THORNTON,
J.
Inc.,
Bir¬
CINCINNATI'S
MILLS
Thornton; Mohr & Company, Montgomery
THORNTON, Jr., J. MILLS
Thornton, Mohr & Company, Montgomery
OLDEST
INVESTMENT FIRM
TURNER, LEO C.
Marx
Birmingham
Company,
&
ULMER, CLYDE
&
Courts
88th YEAR
Company, Birmingham
VINCENTELLI, JOHN
Merrill
Lynch,
Pierce,
A Full Line
of Meat
Food Products
Fenner & Beane,
Montgomery
WALKER,
Marx
CULLOM
&
Company,
Birmingham
WATKINS, Jr., MILES A.
Stubbs,
Smith
&
Lombardo,
Inc.,
Bir¬
mingham
WATKINS,
Watkins,
WARNER S.
Morrow & Company, Birming¬
ham
W ATKINS,
Watkins
WOOD,
W ARNER S.
Morrow & Co., Birmingham
Jr.,
GEORGE M.
George
M.
&
Wood
Company,
Mont¬
Company,
Mont¬
1
gomery
WOOD, Jr., GEORGE M.
George
M.
Wood
&
gomery
GEO. EUSTIS & CO.
Preferred Stock and Common Stock Traded on the
Cincinnati Stock
Exchange
Co.
THE COMMERCIAL and FINANCIAL CHRONICLE
62
and
Mr.
Mrs.
Charles
C.
J. Hollis
King, Bankers Bond Co., Louisville, Ky.;
Austin, J. W. Tindall & Co., Atlanta, Ga.
In Attendance at NSTA Convention
(Continued from page 20)
LEAR, JAMES C*
Reed, Lear & Co.,
Pittsburgh
MAGID, SAMUEL E.*
Hill, Thompson & Co., Inc.,
New York City
LEE, ALONZO H*
Sterne; Agee & Leach,
Birmingham
MAGUIRE, FELIX E*
LESTRANGE, GEORGE E*
Arthurs, Lestrange & Co.,
MAGUIRE, JAMES B*
James B. Maguire & Co.,
Boston
LEVY, GUSTAVE L.
Goldman, Sachs & Co.,
New
York
New York City
W.
E.
Hutton &
Co., Boston
R. S. Dickson &
New York
City
Merrill
♦Denotes Mr. and Mrs.
ner
Co.,
Greenville
St.
Petersburg
Exchange Com¬
City
Corpora¬
Detroit
MILLER, F. BOICE
B. J. Van Ingen & Co., Miami
MITTON, ROBERT L.
MONROE, PAUL B*
Hunnewell & Co.,
Boston
MONTAGUE, ARCH F*
W. E. Hutton & Co.,
Cincinnati
Mcdonald, jr., harry a.
McDonald-Moore and Co.,
Detroit
First
J. J. B. HILLIARD & SON
Founded
Co., Detroit
MORRIS, JACK C *
Norris & Hirshberg, Atlanta
MORTON, FRED G*
The Milwaukee Company,
York Curb
Bell
Exchange
Exchange (Associate)
419 IV. Jefferson St.
System Teletype—LS
Midwest Stock Exchange
Hilliard Bldg.
284
Louisville 2, Ky.
Long Distance 197 & Western Union Phone
OWENSBOEO, KY., OFFICE
York City
Publishing Co.,
New York City
MOSLEY, R. VICTOR,* and
Margaret and Louise
—
Stroud & Company,^ Incorpo¬
rated, Philadelphia
White, Weld & Co.,
New York City
MOSS, WILLIAM F.
National Quotation Bureau,
New York City
MEANS, JAMES W.
Courts & Co., Atlanta
NELSON, HARRY L.
NEWSOM, Jr., W. R*
Sanders & Newsom,
Dallas
OETJEN, HENRY
McGinnis & Co.,
New York City
John
New
J.
O'Kane, Jr. &
Co.,
York City
OLIVER, Jr., ALLEN L.
E.
Hutton
F.
&
Co., Dallas
OPDYKE, GEORGE F*
Cleveland
PARKER, H. SHELDON*
Kay, Richards & Co.,
Pittsburgh
PARKES, Jr., NEWTON H*
Bioren & Co., Philadelphia
Atkinson
Blue List
Mclaughlin, john s.
Members
New York Stock
New
Dallas
Williams,
Stoddard &
Inc., New Haven
Day,
PARRY, EDW. T*
MORTON, ROALD*
Co.,
Mclaughlin, john f*
McLaughlin, Reuss & Co.,
New
1872
Southwest
Lynch, Pierce, Fen-
Beane, New York City
Ledogar-Horner Company,
MORELAND, PAUL I*
Milwaukee
McELYEA, Mrs. R. G.
&
O'KANE, Jr., JOHN J.
Investments, Denver
Moreland &
ner
Blyth & Co., Inc., Chicago
Company,
Robert L. Mitton
Mcdonald, harry a.
Securities & Exchange Com¬
mission, Washington
MURPHY, CHARLES O'BRIEN
MURRAY, FRANK J.
Titus-Miller &
Company,
Dallas
Lynch, Pierce, Fen-
& Beane, New York
Michigan
MILLER, DON W.
McCLEARY, GEORGE M.
Florida Securities
of
tion, Detroit
Philadelphia
MASON, WALTER G.
Scott, Horner & Mason, Inc.,
Lynchburg
MAYER, JOHN M.
MACKESSY, T. FRANK *
Abbott, Proctor & Paine,
MEYERS, Jr., JOHN J.
Gordon Graves & Co.,
New York City
McCULLEY, CLAYTON R*
First Southwest Company,
New York City
Co.,
Charlotte
McCALL, ARTHUR C.
Hendricks & Eastwood,
MARSLAND, A. W*
Wood, Gundy & Co.,
LYON, WILLIAM E. B.
MEYER, FRANK P.
First
MULLER, GEORGE J*
Janney & Co., Philadelphia
Merrill
McBRIDE, ALFRED R.
Wright, Wood & Co.,
Philadelphia
McCULLEN, WILLIAM J.
Ames, Emerich & Co.,
Chicago
McLaughlin, McLaughlin, Reuss & Co., New York City; Mr. and
Reuss, McLaughlin, Reuss & Co., New York City
W. Wendell
MERICKA, WILLIAM J*
William J. Mericka & Co.,
Inc., Cleveland
Birmingham
mission, Washington
MARR, LAWRENCE N.
LOTHROP, G. M*
Mr. and Mrs. John F.
Mrs.
Securities &
Wertheim & Co.,
City
Mrs.
McCORMICK, EDWARD T.
MARKHAM, EDWIN J.
L1STON, CORW1N L.
Prescott & Co., Cleveland
and
Alester G. Furman &
Stroud & Company, Incorpo¬
rated, Philadelphia
Pittsburgh
Mr.
Thursday, October 19, 1950
Jones &
Co.,
Portland, Ore.
PARSONS, Jr., EDWARD E*
Wm. J.
Mericka &
Co., Inc.,
Cleveland
PAULI, ROBERT A.
Scherck, Richter Company,
St. Louis
PEARSON, G. HAROLD
Rauscher, Pierce & Co.,
Dallas
MASONIC TEMPLE
PEELER, J. LEE*
Active Markets In
All Local
J.
INVESTMENT SECURITIES
Securities, Kentucky and
General Market
Municipals
LOCAL
—
LISTED
—
Lee
Peeler
&
Company,
Inc., Durham
PETTEY, HERBERT
Equitable Securities
UNLISTED
Corpo¬
ration, Nashville
Private Wire to
Wood, Walker & Co., New York
PHILLIPS, GEORGE
Bought—Sold—Quoted
W. D. Gradison &
Co.,
Cincinnati
PHILLIPS, JOSEF C*
Pacific Northwest
Prugh, Combest & Land, Inc.
1016
"TO BUY WHEN OTHERS ARE DE¬
SPONDENTLY
SELLING, AND TO
WHEN OTHERS ARE AVIDLY
SELL
BALTIMORE
PHILLIPS, Jr., SAMUEL K*
AVENUE
Samuel
AND
PAYS
THE
K.
Phillips
&
Co.,
Philadelphia
KANSAS CITY 6, MO.
PIZZINI, B. WINTHROP*
Teletype KC 191
Telephone Victor 2841
BUYING,
B. W. Pizzini &
New York
REQUIRES THE GREATEST FORTI¬
TUDE
Company,
Seattle
Co., Inc.,
City
PLUMRIDGE, THEODORE E*
J. Arthur Warner & Co. In¬
GREATEST
corporated,
REWARD."
New
York
City
PON1CALL, Jr., FRANK M*
Singer, Deane & Scribner,
Pittsburgh, Pa.
Kentucky Securities
PRATT, LOGAN V.
Active Markets in All Issues
R. S.
Dickson &
Co., Inc.,
Charlotte
PRELLER, JOHN G.
m
BANKERS BOND
McGinnis &
ca
INCORPORATED
1st FLOOR, KENTUCKY
HOME
LIFE
BLDG.
LOUISVILLE 2, KENTUCKY
Bell
Teletype LS 186
Long Distance
Company,
New York City
Wagner, Reid and Ebinger, Inc.
)
Cleveland
RAHN, FRED T.
415 W. JEFFERSON STREET
The Illinois Company,
LOUISVILLE 2, KY.
238
QUIGLEY, JAY L.
Quigley & Co., Inc.,
Chicago
BELL
TELETYPE
LS
292
WABASH
4191
WESTERN UNION
PHONE
RAUSCHER, Jr., JOHN H*
Rauscher, Pierce & Co.,
Dallas
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
REED, KEITH B.
Dittmar &
Co., Dallas
REILLY, F. VINCENT
Commercial & Financial
Chronicle, New York City
J. F.
Reilly & Co., Inc.,
New York
City
REUSS, W. WENDELL*
McLaughlin, Reuss & Co.,
New York City
and
Mrs.
Mr. and
STALKER, ALFRED
Kidder, Peabody & Co.,
New York City
STRADER, LUDWELL A*
Strader, Taylor & Co., Inc.
STANFORD, KENNETH C*
F. S. Smithers & Co.,
STRADER, PHILLIP
Strader, Taylor & Co., Inc.
New York
REILLY, JOHN F.
Mr.
George L. Collins,
Joseph M. Kelly, J. Arthur Warner & Co., New York City;
Geyer & Co., Inc., New York City
Edward
63
Jr., Wm. J. Mericka & Co., Cleveland;
Mericka & Co., Cleveland
E. Parsons,
Mrs. Wm. J. Mericka, Wm. J.
STUART, MARK*
Cowan & Co., New York City
SULLIVAN, LEONARD R.
STRALEY, JOHN A.
Hugh W. Long & Co., Inc.,
Glore, Forgan & Co., Chicago
TITUS, WILLIAM A.
Wertheim & Co.,
TEGELER, JEROME F.
Dempsey-Tegeler & Co.,
New York
St. Louis
First National Bank of Chi¬
New York
Ralph F. Carr & Co., Inc.,
Boston
Chicago
cago,
Wertheim & Co.,
THOMPSON, WILLIAM S*
STRONG, O. H.
City
TITUS, Jr., WILLIAM A.
New York City
STEPHENS, DONALD B.
Paul H. Davis & Co., Chicago
Co.,
THORSEN, LESTER J.
Phelps, Fenn & Co.,
New York City
Lynchburg
STARK, EUGENE*
Merrill Lynch, Pierce, Fen¬
ner & Beane, New York City
C. F. Cassell and
Charlottesville
Lynchburg
City
THORNHILL, G. E.
City
(Continued
on page
64)
RICHARDS. CHARLES A*
Field, Richards & Co.,
Cincinnati
louis
st.
ROGGENBURG, STANLEY L*
Roggenburg & Co.,
Our
New York City
Local Listed And Unlisted Securities
ROHDE, JOHN I.
R. Lewis,
John
And Invites Your
Inc., Seattle
"If there it
RONEY, JOHN J.
Wm. C.
markets
Trading Department Is Active In All
We
Roney & Co., Detroit
Market
a
Inquiries
UNDERWRITERS
find it''
we can
DISTRIBUTORS
Specialize In Orders For Banks And Dealers
ROWLEY, RUSSELL K.
Edward D.
Geyer & Co., Inc., Cleveland
SACCO, ARTHUR C.
Detmer & Co., Chicago
Jones & Co.
ESTABLISHED
1871
MEMBERS
SANDERS, SIDNEY J*
Foster & Marshall, Seattle
New
York Stock Exchange
Midwest Stock Exchange
New York Curb Exchange, Associate
Chicago Board of Trade
SAUNDERS. WALTER F*
The Dominion Securities
300 North Fourth St.
Central
Newhard, Cook & Co.
Saint Louis 2, Mo.
Bell Teletype
7600
SL 593
—
Corporation, New York City
SCATTERGOOD, HAROLD F*
Boenning & Co., Philadelphia
Direct
Private
Connections
Wire
with
Members
New York Stock
Josephthal & Co., New York, and James E. Bennett & Co., Chicago
New York Curb Exchange
—•
Exchange
Midwest Stock Exchange
(Associate)
SCHEUER, CHAS. G*
FOURTH &
Dempsey-Tegeler & Co.,
A. G. EDWARDS & SONS
Chicago
SCHLICTING, HUGH R.
Wm. P. Harper & Son & Co.,
Bell
Established
1887
Seattle
409 NO. EIGHTH
SCHLOSSER, GUST AVE J*
Union Securities Corporation,
New York
L. D. St. Louis 340, 341 & 342
Bell Teletype—SL 475
Clark, Dodge & Co., 61 Wall St., New York 5, N. Y.
City
SENER. JOSEPH
John C.
Teletype—SL 151-152
Correspondent and Private Wire System
ST., ST. LOUIS 1, MO.
Telephone CEntral 4744
OLIVE
ST. LOUIS 2, MO.
Private Wire to Carl M.
W.
Loeb, Rhoades & Co.
Legg & Co.,
61
Baltimore
J*
Shields & Company, Chicago
SENNOTT, Jr., WM.
Members
Broadway
NEW YORK, N. Y.
Tel.
WHiteliall
Midwest
3-9394
New York Stock
SHAW, HERBERT I.
Vance, Sanders & Co.,
New York
City
Walter J. Connolly & Co.,
Tel. 7826
Exchange
Chicago Board of Trade
8015
SHEEHAN, Jr., DANIEL M*
Myers Bldg.
SPRINGFIELD, ILL.
Stock Exchange
CLAYTON 5,
Tel.
New York Curb
Forsyth Blvd.
N.
MO.
Y. Coffee &
Exchange
323 Bankers
Sugar Exch.
Tel. BEacon
Commodity Exchange, Inc.
Delmar 6692
Mortgage Bldg.
HOUSTON 2, TEXAS
3-8831
Boston
SHEPLER. LLOYD W*
Merrill Lynch, Pierce,
Fenner, & Beane,
Cincinnati
SHIPMAN, RICHARD
Blair F. Claybaugh & Co.,
New York City
SIMPSON. WILLIAM G*
H. M. Byllesby and Company,
Incorporated. Pittsburgh
"li
SINGER, LOUIS P.
Troster, Currie &
New York
Uhlmann &
MEMBERS
BOARD
Latshaw
STOCK
NEW
YORK
OF
TRADE
KANSAS
CITY
6.
SCHEPCk, RICHTEF
^
EXCHANGE
BUILDING
,
COMPANY
/
MISSOURI
Summers,
City
SLOAN, DONALD C*
Donald C. Sloan & Co.,
Portland, Ore.
St Louis
pRtv
SMITH. HAROLD B*
Pershing & Co.,
New York City
SMITH, JOSEPH E*
Newburger & Co.,
CO
'Asr
TO
C°AST.
Philadelphia
SMITH, MARK A.
F. W. Craigie & Co.,
Richmond
SNYDER. EVERETT W*
E. W.
Snyder and Co.,
r
FOR
TRADING
AND
SOUTHWESTERN
Syracuse
KC
KERMIT B*
Allison-Williams Company,
Minneapolis
SORUM,
STAIB. LEE
Geo.
R*
Eustis & Co., Cincinnati
L
MARKETS
67, 68,
IN
LOCAL
SECURITIES
AND 69
BALTIMORE
3600
THE COMMERCIAL and FINANCIAL CHRONICLE
64
Inc., Cleveland; Daniel M. Hawkins, Otis & Co.,
(Continued from page 63)
TORPIE, JAMES V.
TOPOL, ROBERT M.
Greene and Company
New York
City
VALLELY, EDWARD V.*
John Nuveen & Co., Chicago
VER
TORPIE, ROBERT A *
Merrill Lynch, Pierce, Fenner & Beane, New York City
♦Denotes Mr. and Mrs.
Lilley & Co., Philadelphia
New York
Rafinp
&
San Francisco
(Continued from page 18)
WHITE, EDWARD A.
White & Company, St. Louis
WILLIAMSON, E. COIT
Schmidt, Poole & Co.,
Philadelphia
Co., Inc.
Wi?
WAKELEY, THOMPSON M.
A. C.
WITT1CH, WILBUR R*
Allyn & Co., Inc.,
and
Brokers
Listed
and
Distributors
Joseph McManus & Co.,
New York City
Unlisted
WALKER, L.
National
E.
Quotation Bureau
City
WYLLIE, THOMAS H. *
C. F. Cassell & Co.,
WALSH, RICHARD H. *
Charlottesville
Newhard, Cook & Co.,
York
New
Stock
New
Exchange—Midwest
York Curb Exchange
135 South La Salle
Stock
Exchange
Street, Chicago 3, Illinois
Teletype CG 650-651
Kansas City
Milwaukee
Grand Rapids
St.
Louis
initiated.
This
has been continued this
year and up to the present time
we
have made thorough inspec¬
tion tours of the following com¬
panies:
Fischer
Motor,
ite
Company,
Body
Chevrolet
and
divisions of
General
Mo¬
Monarch Co.; Gran¬
Steel
Co.;
Monsanto
It
YEARLEY, IV, ALEXANDER
The Robinson-Humphrey Co.,
Atlanta
Laurence M. Marks & Co.,
New York
Weil & Arnold, New Orleans
City
ZOLLINGER, JOHN J.
WELCH, EDWARD H*
Sincere and Company,
Chicago <
might be well to mention here
that the officers of the firm being
inspected
the
ZINGRAF, CHARLES M.
WEIL, JOSEPH H*
City
Chemical Co.
Chicago
Henry B. Warner & Co.,
Philadelphia
(Associate)
Telephone ANdover 3-5700
Detroit
E. F. Hutton &
WARMATH, J. T.
Equitable Securities Corpo¬
ration, Greensboro
WARNER, HENRY B.
Members
Your
was
tors; Knapp
YARROW, PAUL
St. Louis
STRAUS & Blossek
"Know
as
program
WREN, LAWRENCE*
Allen & Company,
New York City
New York
Investment Securities
Louis
Industries"
New York City
WALKER, GRAHAM*
of
September 27, 1949, which was in¬
cluded in your Public Relations
report to the National Association
at Colorado Springs, I explained
that a program known here in St.
Grimm & Co.,
Chicago
Underwriters,
Relations Committee
Davis, Skaggs & Co.,
Cincinnati
MEULEN, JOHN W*
Ver Meulen
Report of Public
WHITAKER, EMMET K.
Geo. Eustis & Co.,
New York City
City
WELSH, Jr., HENRY C.
TRIGGER, RAYMOND
Investment Dealers Digest,
VASEY, JOSEPH H*
Torpie & Saltzman,
Inc.,
John J. Meyers,
Cleveland
In Attendance at NSTA Convention
Atkinson-J ones & Co., Portland, Ore.; Mr. and Mrs.
Jr., Gordon Graves & Co., New York City
Mr. and Mrs. Edward T. Parry,
Co.,
Co., Cleveland, Ohio; Russell K. Rowley, Geyer &
Corwin L. Liston, Prescott &
Thursday, October 19, 1950
Scharff &
Jones, Inc.,
present at the time
are
is
made
have
and
been
cooperative not only on the
itself, but also in answering
questions regarding the financial
tour
status, etc., of their companies.
There
still several trips to
during the current year
but, unfortunately, the names of
the companies to be visited have
not been decided, consequently I
be
New Orleans
tour
most
are
made
can't mention them here.
SINCERE
AND
*TRAILMOBILE CO.
COMPANY
We have put forth considerable
effort here in St. Louis in
Common Stock
an
at¬
tempt to work with the different
MEMBERS OF
companies who do not have their
New York Stock Exchange
Despite
and all
little
Principal Stock and
recent strength
over
still available at
twice 1950 estimated
net
income.
Commodity Exchanges
securities
listed on a recognized
exchange in regard to divi¬
stock
dend declarations.
has been
*Brief analysis available
on
request
ord
In the past it
experience that rec¬
our
dates and ex-dividends dates
coincided, which,
CHICAGO
quite
Stifel, Nicolaus & Co., Inc.
Telephone
Teletype
STate 2-2400
CG 252-656 & 657
Founded
105 W. Adams
1890
from
ber
as you know, is
in our industry
trading standpoint. A num¬
confusing
a
of these
plaining
St.
314
Chicago 3
N. Broadway
St. Louis 2
pany
companies, after
our
reasons
to the
officials, have given
cooperation and
are now
sufficient
us their
allowing
between
time
ex¬
com¬
the
ex-
dividend date and the record date.
Trusting the above is the type
of information that you are seek¬
ing,
Sills, Fairman
DAYTON 6» GERNON
member
midwest
stock
&
Harris
INCORPORATED
Members
Midwest
Stock
there
to
you,
be
occur
please do not hesitate to
call upon me.
Exchange
Branch
52
-
should
exchange
New
BROKERS
however,
anything else which might
DEALERS
Wall
York
Thanking
Street
5, N.
209 South La Salle Street
Y.
Direct Private Wire
Chicago 4, Illinois
to
Sutro Bros. & Co., N. Y.
ward
to
you,
seeing
and looking for¬
you
at
Virginia
Beach, with kindest personal
re¬
gards,
Cordially,
DISTRIBUTORS
JOHN W.
Underwriters and Distributors of
ALL WISCONSIN
Club of St. Louis
Municipal, Public Utility, Railroad and
ISSUES
Industrial Securities
branch
eau
claire
•
fond
du
st.
main
105
SO.
lac
paul
office
LA
-
la
6-0780
San
Francisco, Calif.
September 12, 1950
Mr. John M.
Hudson, Chairman
Public Relations Committee
offices
crosse
-
minneapolis,
and trading
SALLE
Phone—CEntral
-
BUNN
President, Security Traders
madison
-
w'ausau
minn.
National Security Traders
^Telephone Vm
Teletype
whom 2-1421
CG 864
department
STREET, CHICAGO 3, ILL.
Teletype—CG 262
Complete
/'w.
specialists
trading
in
local
facilities
markets
Association, Inc.
c/o Thayer, Baker & Co.
Commercial Trust Building
Philadelphia 2, Pa.
Dear Sir:
"Public
of
Relations"
tremendous
is a subject
importance to our
Convention
THE
Number
Mr. and Mrs. William R. Newsom, Jr., Sanders &
Mrs. Landon A. Freear, Wm. N. Edwards
industry, for if
and
respect
our
liveiinood.
welfare
and fails with the public's
of
The
public's
BYRD, CLIFTON
our
B.
and
public
on
but
piane
Rotan, Mosle and
dealings with the
the highest
possible
also
must
we
be
DAVIS, LAWRENCE
McClung & Knickerbocker
EARL G.
Fridley & Hess
GOODWIN, RICHARD H.
R. H. Goodwin & Co.
HARRELL, Jr., SAMUEL N.
Moreland
Merrill
CRERIE, FRANK H.
our
& Company
FRIDLEY,
V. Christie & Co.
COOPER, ARTHUR C.
therefore, not oniy conduct our¬
selves
E. H.
CHRISTIE, BYRON V.
B. V. Christie & Co.
not
We must,
making.
own
Lynch, Pierce, Fenner & Beane
CAMPBELL,
change in the
toward the in¬
vestment business may or may
be of
Shields
CROCKETT, CLAUDE T.
Moroney, Beissner & Co.
Blyth & Co., Inc.
regard
a
attitude
CROCKETT, A. GORDON
HENRY M.
Moroney, Belssner & Co.
Merrill
lor
reason
Mrs.
Bailey, Foster & Marshall, Portland, Ore.; Mr. and
Walsh, Newhard, Cook & Co., St. Louis
BROWN, ROBERT D.
rises
profession.
our
65
Richard H.
Investment Dealers Association of Houston
of tne puolic we lose
Our
Mr. and Mrs. Dan V.
Newsom, Dallas, Texas; Mr. and
& Co., Ft. Worth, Texas
BEISSNER,
lose the esteem
we
COMMERCIAL and FINANCIAL CHRONICLE
Lynch, Pierce, Fenner & Beane
(Continued
Harris, Upham & Co.
on page
66)
on
guard to counter any threats from
witnout.
Realizing this, our members, in¬
dividually, have taken every op¬
portunity
to
public
tne
service
present our
through
before
ciubs, luncneon clubs,
and
classes
education
adult
like.
the
They have joined forces with local
stock
member houses and
ter" markets as
York
explained the
"over-the-coun¬
the
of
workings
New
and
exchange
cational programs.
President: E. Clyde
Unusual
interest¬
or
called
been
Crockett
Gordon
Vice-President: A. Gordon Crockett, Shields
Committeeman:
Investment
Alternate:
& Company.
John DeC. Scott, John D.
Secretary-Treasurer:
National
ACTIVE TRADING MARKETS IN
Hawkins, Rauscher, Pierce & Co.
Jesse
R.
Phillips, Jr.,
UNLISTED SECURITIES
Scott & Co.
J. R. Phillips
Company, Incorporated.
Crockett, Shields & Company.
A. Gordon
to
the
at¬
ALLEN, ROBERT F.
ABERCROMBIE, LOVETT
Abercrombie
Lovett
&
Harris, Upham & Co.
Co.
Blyth & Co., Inc.
Merrill Lynch, Pierce, Fenner & Beane
ALLEN,
Established 1916
BEEBE, H. WARD
JAMES W.
Harris,
Paul I-LDavis &<3'o.
BAYNE, JOHN M.
WILLIAM C.
ADAMS,
Fridley & Hess
Upham & Co.
Members Principal
tention of the press.
"Public"
Our
includes the
also
Underwriters
—
Dealers
10
Distributors
—
closer
cooperation with them
with
relations
better
our
in
active
other
tours.
Iflltmleti %w
November
1949, at the
29,
suggestion of one of our members,
the Pacific
of
Intermoun-
was
Bay
Express
Area facilities
arranged and expanded to in¬
IJorl Sloclt Cxclancjt and OfIt tr PrincipalCxc
A.C.ALLYN«®COMPANY
209 South La Salle Street
OMAHA 2, NEB.
tlNCOLN 8. NEB
Trust
tain
Trading Dept. Teletype CG-405
CtumnM 8Co.
organizations in jointly conducted
tour
Rockford
Peoria
Trading Markets in (Unlisted Securities
inspection
sponsoring
trips ourselves and joining
a
3
To this end we have been
clients.
On
South La Salle Street
CHICAGO
and their officers and executives.
spells
Stock Exchanges
Chicago Board of Trade
companies whose stocks we trade
For
Inquiries Invited
Your
ROSTER OF MEMBERS
Several of our
ing conditions in the unlisted mar¬
kets have
A.
part of their edu¬
members have lectured at the local
universities.
WE MAINTAIN
to
story
talks
Tel
Building
Tel. Webster 4555
2-3349
DIRECT
Incorporated
204 South 17th St.
Chicago 4, Illinois
TEL.
PRIVATE
DEarborn 2-0500
WIRES
TO
EAST
AND
WEST
COASTS
clude members of the Bond Club,
Investment Securities
Analysts Association, bankers and
the press.
In
on
Public
April of this year we joined
the local stock exchange
an
members
Industrial
Utility
Railroad
Municipal
inspection trip through the
plants of the Permanente Cement
Co. and the foil mills of the Kaiser
Aluminum
at
In
Chemical Company
&
Los Altos,
California.
June, the Pacific Gas & Elec¬
tric
Company
their guests
Moss
invited
on a
us
to
be
tour of its new
Landing steam-electric gen¬
Affiliated with
William A. Fuller & Co.
Members
AjC.ALLYN & CO.
of Midwest Stock Exchange
Members of
erating plant at Monterey Bay. We
were
joined
on
Analysts Association and the Bond
activities
fine
influence
and the
to
us
to
have
all
been
STREET
Midwest Stock
CHICAGO 4,
Exchange (Associate)
ILLINOIS
100 West Monroe
concerned
all.
New York
Boston
Kansas City
Very truly yours,
Spokane
BOWYER
Reporting for San Francisco
Security Traders Association.
Exchange
Exchange
a
resulting publicity helpful
FRANK
209 SOUTH LA SALLE
New York Curb
Club and members of the press.
These
New York Stock
this trip by the
I
Portland, Me.
Peoria
Decatur
Waterloo
Elgin
Street, Chicago
Milwaukee
Moline
Rockford
Omaha
Aurora
Madison
THE COMMERCIAL and FINANCIAL CHRONICLE
66
xr. lvxeyer, txrst
oj Michigan Corporation, Detroit, Mich.; Mr. and Mrs. George
Grady, John E. Joseph & Co., Cincinnati, Ohio; Mrs. George H. Earnest, Fewel & Co.,
Los Angeles, Calif.; Herbert
Pettey, Equitable Securities Corporation, Nashville, Tenn.
Investment Dealers Association of Houston
(Continued from
HARRIS, J. WYLIE
J. Wylie Harris & Co.
page 65)
Merrill Lynch,
Pierce, Fenner & Beane
HEDRICK, Jr., L. W.
JOHNSTON, DOUGLAS E.
Fridley & Hess
R.
JOOST, OSCAR H.
Fridley & Hess
Harris, Upham & Co.
Company,
In¬
Rauscher,
J.
Pierce
Co.,
&
Inc.
Harris,
Merrill
Company,
In¬
Co.
&
Sr., CHARLES I.
Upham
Co.
&
Lynch, Pierce, Fenner & Beane
R.
Phillips Investment
Company,
In¬
MIDDLE
WESTERN
Shawell & Company
V. Christie & Co.
SMALL, Jr., GEORGE A.
Rowles, Winston & Co.
MOORE, Jr., F. ALDRICH
J.
SECURITIES
R.
Phillips Investment
corporated
MORONEY,
ROBERT
Company,
In¬
J.
39 South La Salle
Street, Chicago 3
Telephone ANdover 3-7055
Teletype CG 1384
R.
E.
B.
Phillips Investment
Company,
In¬
corporated
NEUHAUS, JOSEPH RICE
Neuhaus
&
B.
V.
Christie
&
&
CORBETT
A.
G.
Edwards
&
Co.
Sons
WEGIIORST, HENRY F.
Merrill Lynch, Pierce, Fenner & Beane
Chas.
B.
White
"
&
Merrill Lynch,
Co.
Pierce, Fenner & Beane
YEAGER, JAMES H.
Co.
Harris,
bonds, particularly
be
reasonably com¬
plied with by investment dealers,
bearing in mind always the pro¬
such
as
with
the
105 West Adams
the
bank
interest
in
also
bank
WEBBER - SIMPSON &
CO.
of
2-6363
Teletype: CG 385
the
for
develop
securities.
tne
At
the
availability of
financial
to
project
broaden the
market
for
re¬
conditions
on a revenue
serve
sec¬
all
large number of dealers
a
would
be interested in
buy¬
revenue
securities.
In
this
have
connection
same
been
continued
there
efforts
by
various associations, national and
Trading Department—James C. Vacha
state, and various officials dili¬
gently working toward a broader
understanding on the part of the
bank examining officials as well
Telephone ANdover 3-1811
Teletype CG 1268
investors
municipal
from
that
EXTERNALS
Bonds
OVER-THE-COUNTER
-
-
-
Scrip
Utilities
-
Industrials
-
Real
Traders Asso¬
and' hopes
arranged on each
be
bond
revenue
issue
which
of the
prospectus covering such issue can
be sent to the
supervisory banking
a
copy
Examiner
in
each
Federal
Reserve District, the district chief
national bank examiner of the of¬
fice of the
Comptroller of the
DOMESTIC SECURITIES
Public
Security
can
be handled that
Bank
SPECIALISTS
SINCE
well-managed
authorities including the district
supervising examiners of the Fed¬
eral Deposit Insurance
Corpora¬
tion, the chief Federal Reserve
INTERNALS
Stocks
and
recommends
it
new
SECURITIES
of
To the end of furthering
National
FOREIGN
merits
of
information, the Na¬
Municipal Committee of the
ciation
may
the
bonds payable
understanding by the dissemi¬
nation
tional
Over'The-Counter Markets In—
to
as
revenue
sound
projects.
1926
to
as
obligations
easier
to
ing and selling municipal
this
CHICAGO
the
types of
municipal revenue obligations by
making the statistical data avail¬
as
Telephone: DEarborn
the
earnings
who
STOCKS
REVENUE BONDS
with
tend to increase
it
time the
able to
EXCHANGE
Underwriters and Dealers
•
and
municipal
make
examiners
value
CHICAGO 4
MUNICIPAL BONDS
customer
procedure should
same
208 South La Salle Street
•
of
set
banking authorities and with
other governmental officials. This
Upham & Co.
St., Chicago 3, Illinois
BONDS
a
to be filled out and filed with
are
ondary
MIDWEST STOCK
authorities
municipal
obligations which
tax and revenue
should
MEMBERS
banking
that state have worked out
of forms covering both
and
Investment Securities
be
can
tection of the bank and the
public.
The Texas dealers in
cooperation
ports
KETCHAM & NONGARD
bonds,
revenue
be standardized and may
may
and
WIGGIN, Jr., JACK
Co.
kind
so
state
NATHANIEL
WHITE, CHAS. B.
NEUHAUS, PHILIP ROSS
Underwood, Neuhaus
NORMAN, W. L.
M.
V. Christie & Co.
WARE,
LOUIS
Underwood,
STOVALL,
Merrill Lynch, Pierce, Fenner & Beane
TODD, WALTER
E.
Moroney, Beissner & Co.
MORRIS
JOHN De C.
SHAWELL, WILLIAM J.
MILLAR, ESTELLE A.
B.
SCOTT,
Committee, has been
as
to report on the activities of
the Texas dealers to the end that
investment by banks in municipal
Christie & Co.
John D. Scott and Co.
corporated
Trading Markets in
V.
member of your National Municipar
Lynch, Pierce, Fenner & Beane
Rowles, Winston & Co.
MILES, ralph
J.
In¬
RIEGER, HERMAN
B.
Upham
(Continued from page 19)
Company,
RITCHIE, CHARLES J.
Merrill Lynch, Pierce, Fenner & Beane
ROGGENKAMP, LeROY P.
Harris, Upham & Co.
ROUGH, THOMAS H.
Harris, Upham & Co.
ROWLES, RUSSELL R.
CHARLES I.
McNEAR, TOM W.
Merrill
Municipal Committee
Company, In¬
REYNOLDS, ANNA
corporated
Harris,
Investment
corporated
McCLUNG, CLINTON C.
McCiung & Knickerbocker
McLEAN,
Phillips
PHILLIPS, Jr., JESSE R.
J. R. Phillips Investment
White & Co.
Mcdonald, john a.
J. R. Phillips Investment
R.
corporated
MASTERSON, Jr., NEILL T.
Jr.,
Report of National
PEARCE, Jr., CHARLES D.
Merrill Lynch, Pierce, Fenner & Beane
PHILLIPS, JESSE R.
MAGILL, Jr., A. E.
McLEAN,
BARCLAY INVESTMENT CO,
LEARY, ANDREW L.
Harris, Upham & Co.
Phillips Investment
Chas. B.
Lynch, Pierce, Fenner & Beane
O
McCiung & Knickerbocker
corporated
JOHNSTON, Jr., CYRUS T.
Merrill Lynch, Pierce, Fenner & Beane
Merrill
and Mrs. Ralph C.
Deppe, Edward D. Jones & Co., St. Louis, Mo.;
Mr. and Mrs. Sidney J.
Sanders, Foster & Marshall, Seattle, Wash.
KNICKERBOCKER, WALDO E.
J.
HAWKINS, E. CLYDE
Rauscher, Pierce & Co., Inc.
HESS, WILBUR E.
Mr.
LICHTY, A. H.
HULL, DAVID P.
Thursday, October 19, 1950
Estate
Currency and the chief supervi¬
sors
of
ticular
state
areas
banks
in
lieved the bonds
in
which
or
likely to be sold.
those par¬
it is be¬
obligations
are
The purpose is
to let the bank
ities
SWIFT, HENKE & CO.
MEMBERS MIDWEST STOCK EXCHANGE
examining author¬
Washington and in the
in
field be
INCORPORATED
208 SO. LA SALLE ST.
Telephone RAndolph 6-4696
informed of the particu¬
issues.
This your
committee believes will tend to
lars
CHICAGO 4, ILL.
Bell
Teletype CG 451
of
such
broaden
the
securities
of
market
for
revenue
particularly
among
"Daily Bond Buyer"
New York City
h§£ been assist-
banks.
The
Convention
ing in this program and they have
available
forms
information
to
erence
filing of
particularly with ref¬
Copies,
bonds.
revenue
believe,
we
the
for
be obtained from
can
slight cost and would
them
at
assist
considerably in disseminat¬
a
information on munici¬
the
ing
pals, particularly revenue obliga¬
The
tions.
has also been kind
lisn
reports
earnings of rev¬
on
if
have any of such re¬
you
ports it might be well to
forward
most cooperative
has always been
the municipal
with
working
Meyer of Foster &
A.
Donald
Seattle, one of your
Marshall of
calls
to
Municipal Committemen,
the
on
to
Court holds favor¬
to purchase
autnonzed
in areas in
electric properties
favorable
A
exist.
decision
probably lead to a comple¬
tion
Com¬
vs.
the
of
as
Corporation phone
State
Light Company proper¬
utility
ties to one or more puoiic
process
During the year 1950
term
year
municipal bond
Tax-Exempt Securities
"(1) Adjustment for Bond Pre¬
computing
mium—In
the
in
paragraph (2)
for
sale
(Continued
gross
in the or-
of
nature
•
SOUTH DAKOTA
offering
BONDS AND STOCKS
mail, tele¬
telegraph in states in
ing to the powers of state corpo¬
not
be registered.
ration and/or state
securities
missioners
the
under
Another matter which
com¬
We
jurisdiction of Virginia
the
to
serve
tered
the association by regis¬
outside
mail
curities
tion
was
the proposed legisla¬
MINNEAPOLIS
K.
B.
O.
SORUM
M.
BERGMAN
by Congress known as Sec¬
which section
covers
the "Treat¬
ment of Bond Premium in Case of
Virginia was Dealers
upheld in the Court's opinion on
the
Allison -Williams Company
municipal and tax-exempt se¬
to
tion 202 of House Resolution 8920,
hereinabove mentioned:
.
came up
Sky during the current year pertaining
Blue
in
Tax-Exempt
under the
ties"
revenue
Securi¬
act.
The
ground that its contacts with provision would apply to taxable
Virginia were sufficient to sustain
such
jurisdiction,
beginning after Dec. 31, 1949.
year
[Editors
the association
Note:
The
provision
is
Kalman & Company, Inc.
part of the new tax law.]
now
Investment Securities
legislation
amendment to the
an
Act,
Housing
Federal
permit
would
by
loans
A
namely
Market Place for
Endicott
which
2246,
Resolution
Senate
IOWA SECURITIES
Federal
McKnight Building
Building
MINNEAPOLIS
SAINT PAUL 1
departments and tnrough Federal
funds
educational
to
institutions
ESTABLISHED
housing at 2V2%
providing
able
a
over
period of 40
National Committee
Your
tnis matter as did
and
tions
made
be
shall
MEMBERS
on
DEALERS
other organiza¬
such
finally adopted provides no
loans
T. C. HENDERSON & CO.
and its
result the law as
a
as
1930
pay¬
years.
voiced their feeling
members
unless
the
—
THE
DM
EXCHANGE
UNDERWRITERS
—
MOINES 9, IOWA
EMPIRE BLDG., DES
Teletype
STOCK
MIDWEST
DISTRIBUTORS
Telephone 4-4289
97
Burlington, la., 312 N. 4th St.
—
Phone 24
—
Teletype BZ 281
Direct Wire To:
Cruttenden & Co., Chicago, Reynolds & Co.,
Chicago & New York
educational institution shows that
is
Piper, Jaffray & Hopwood
unable to secure the neces¬
sary
funds for such housing from
otner sources upon
ditions
the
generally
terms
able
to
loans
ESTABLISHED
comparable
to
INDIANAPOLIS
•
BOND AND SHARE
CORPORATION
or
EAST
MARKET
BUILDING
MEMBERS
such article is that
the loan shall bear
INDIANAPOLIS
6,
INDIANA
★
rates specified in
*
★
•
•
in issues of Indiana Tax
I
Securities. We invite your inquiry.
•
Teletype IP-298
ties
of
ten
determined
years
the
or
day
for the loan is made
be
more
to be
Exempt and Corporate
the contract
plus lU of 1 %
repayable in not exceeding
YORK
YORK
CHICAGO
STOCK
EXCHANGE
(ASSOCIATE)
CURB
STOCK
EXCHANGE
Investment Dealers and Underwriters. Specialists
recently issued Federal
most
NEW
NEW
interest at the
government bonds having maturi¬
the
UNDERWRITERS & DISTRIBUTORS
•
under such article
129
annual rate
1895
terms and con¬
conditions applic¬
and
(a provision of
to
68)
on page
MONTANA
MINNESOTA
accept
NORTH DAKOTA
it may involve the
or
short-
(A)) primarily
to customers
proposed by Congress in the
was
it
a
(as defined
the Secre¬
on
which the offering dealer may
systematically soliciting new mem¬
districts.
taxpayer who holds
of enforcing
of municipal bonds by
monwealth of Virginia at the Re¬
lation
a
We call this case to your atten¬
Sound
tion of the sale of tne Puget
&
sub¬
"Dealers in
tary of State."
Thereof and in His Personal
Appellants,
of
'
of
service
ciation and R. E. Pratt, as Treas¬
and oper¬
which public utility districts do
amendment of the revenue act:
v-
urer
income
proposed during the taxable
this
provision which re¬
the association to
Court quires
Health Asso¬
"Travelers
entitled
.
Power
least for the purpose
the statutory
decision by
a
the United States Supreme
ably, public utility districts wUl be
would
attention
your
call
to
wishes
Chairman
Your
to
jurisdiction of the Commission, at
longer maturities, plus *4 of 1%.
or
pertaining
of the association to the
jection
government bonds of ten years
now
case
If the Supreme
not
is not violated by Virginia's
government rate
in the quote pertinent parts of the United
State Supreme Court. States Supreme Court decision
Washington
ate
claims in Virginia.... due process
private sources at a rate compar¬
able to the going
benefit
investigating
and
mail,
Herewith follows certain verbi¬
age
through the
insurance certificates
that
is not obtainable from
money
attention tne public laws of the different states.
our
district
utility
stitutions only to the extent
delivering
already members,
are
permitting loans to educational in¬
Commission, 94 L. Ed. 835," relat¬
fraternity.
National
was
which Capacity,
copies to such publication
in
time
projects from time to
enue
and
enough to pub-
In other words, the bers, usually through the unpaid
changed prior to passage activities of Virginia residents who
years).
law
Buyer"
Bond
"Daily
40
Checking the golf scores
Convention
9—daugnter of Lex Jolley, Atlanta—youngest at the
Mamma Jokey, age
67
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Telephone MA-4321
ST. PAUL
MINNEAPOLIS
BILLINGS
•
GREAT FALLS
1
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr. and Mrs. George J. Muller, Janney & Co.,
Philadelphia; Mr. and Mrs. John M.
Hudson, Thayer, Baker & Co., Philadelphia
Charles
R.
B.
Crouse
H. Russell
Lockhart Wilbur
Mr. and Mrs. C. Rader
his trade
course of
or
busi-
valued
tion
"(A) if the
gross
income of the
ness
is
computed
or
the
by
busi-
other
than
sold
(B))
any
cost
of
an
amount
amortizable
are
equal
bond
to
the
premium
that
(a)
(2)
deduc¬
a
'bond' did not exclude
section
125
(d)
of
short-term municipal bond;
"(B) if the
to
if the defini¬
in
the
such
or
income of the
gross
taxpayer from such trade
busi¬
or
is computed without the use
ness
inventories,
ventories
CROUSE & COMPANY
by
or
valued at
of
use
in¬
cost, and the
short-term municipal bond is sold
MEMBERS DETROIT STOCK EXCHANGE
otherwise
or
McDONALD-MOORE & CO.
BLDG., DETROIT
Teletype DE 313
125
as
pursuant
year
tion
of
766 PENOBSCOT
disallowed
such
term
during such year shall be reduced
of by
use
inventories and his inventories
basis
securities
on
the
cost,
be
for
section
(as defined in paragraph (2)
ness—
taxpayer from such trade
Trading Markets in Local Issues
would
(Continued from page 67)
dinary
BONDS and STOCKS
McCulley, First Southwest Co., Dallas; Robert M. Topol,
Greene & Co., New York City
Report of National Municipal Committee
Hastings
Gilbert S. Currie
MUNICIPAL and CORPORATE
Thursday, October 19, 1950
such
disposed
the
year,
of
during
adjusted
basis
(computed without regard to this
Telephone WOodward 2-8670
subparagraph)
Municipal, Corporation, Government Bonds
of the
short-term
municipal bond shall be reduced
by the amount of the adjustment
that
1566
MORELAND & CO.
MEMBERS
MEMBERS
MIDWEST
STOCK
STOCK
EXCHANGE
DETROIT
|
STOCK
such
(1)
'bond'
under
(H)
did
if
125
section
short-term
"(2)
EXCHANGE
in
term
required
(b)
(d)
not
the
of
exclude
municipal bond.
Definitions—For the
pur¬
EXCHANGE
DETROIT
the
3-9565
be
113
definition
DETROIT
WO
would
section
PENOBSCOT BUILDING
FLINT
GRAND
RAPIDS
of paragraph (1)—(A)
poses
term
1051 Penobscot
Building
DETROIT
Tel. Woodward 2-3855
means
obligation issued by
any
government
MICHIGAN
26,
The
'short-term municipal bond'
sion
thereof
a
political subdivi¬
or
if
the
interest
on
such
Titus-Miller & Company
DE 75
MEMBERS DETROIT STOCK EXCHANGE
MIDWEST STOCK EXCHANGE
GOOD
NUMBER
TO
gross
income; but such term does
not include such
.
A
obligation is excludable from
(i)
TELETYPE
Markets in
FOR MARKETS ON MICHIGAN ISSUES
it is
posed of
DETROIT and MICHIGAN
30
sold
BAY CITY
LANSING
days after the date of its
Detroit 26, Mich.
WOodward
ANN
ARBOR
1-9804
maturity
date
Miller, Trading Department
MUSKEGON
-
dis¬
by the taxpayer within
liest
Don W.
OFFICES
otherwise
quisition by him, or (ii) its
SECURITIES
BRANCH
obligation if
an
or
more
the date
or
than
on
call
five
which it
date
years
was
ac¬
ear¬
is
a
from
acquired
Teletype DE 559
by the taxpayer."
—
LANSING
—
TRAVERSE
CITY
The
National
Municipal
Com¬
mittee wishes to take this
oppor¬
tunity
thanking
of
BUHL BUILDING
MICHIGAN UNLISTED SECURITIES
Detroit
Traders Association for their
operation throughout the
COMMITTE
John
NASD MEMBERS ORDERS
TENANTS
BUHL BUILDING
solicited for Detroit Stock
Baker, Simonds & Co.
Campbell, McCarty & Co., Inc.
List of stocks
Ferriss, Wagner & Miller
of
Michigan
H. Hentz
Carlton
M.
&
issues
Corporation
also
Heimerdinger,
Chairman
Thomas Graham,
rates.
Vice-Chairman
Herbert
Pettey,
Vice-Chairman
traded—including 171 diversified
traded
upon request.
G.
Exchange execution at
60% of regular commission
Blyth & Co., Inc.
First
Oscar M. Bergman
NYSE & N. Y. Curb—sent
Round lots & odd lots handled.
Russell M.
Co.
Landon A. Freear
Geo. A. McDowell
&
R. C. O'DONNELL & COMPANY
Co.
Members Detroit Stock Exchange
625
Wm. C.
PENOBSCOT
BLDG.
Roney & Co.
White, Noble & Company
Phone WOodward 3-7040
DETROIT
Henry L. Harris
Gilbert Hattier,
Jr.
Harold B. Mayes
McDonnell & Co.
26, MICH.
Bell Teletype DE
J. W.
*
Ergood, Jr.
Higbie Corporation
Manley, Bennett & Co.
co¬
year.
NATIONAL MUNICIPAL
★
IN THE
various
Respectfully,
DETROIT LISTED STOCKS
An Address of Distinction
FINANCIAL
the
members of the National
Security
Means
Donald A. Meyer
Frank P. Meyer
Edward V. Vallely
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
John W.
Hattier
John
Bair, Blair, Rollins & Co., Inc., New York City; Gilbert Hattier, Jr., White,
Sanford, New Orleans, La.; John B. Cornell, Jr., Dallas Rupe & Sons,
F. Egan,
Dallas, Texas; Peter J. Conlan, Hornblower & Weeks, Chicago
no
The
Scope of Our
Rearmament Program
(Continued from page 12)
attain
to
strength?
flow
will
Or
ebb
we
as
evi-
it is in evidence today
we
in the Far East.
Only
a
sacrifice,
triumph
really understand the fun- ultimate
assure
can
of
elected President
being congratulated by H. Frank Burkholder, Equitable Securities
Corporation, Nashville, retiring President
steady,
resolute effort, in the face of
tinued
in Korea.
If
us
those
con-
the
who
damental issues at stake, then we
adeauate military
MICHIGAN UNLISTEDS
believe in the dignity of the in-
will
dividual and the sanctity of hu-
measure
and
Russia turns the pressure
as
tangible goal will be in
dence,
First California Company, San Francisco, the newly
of the NSTA,
&
69
are
now
to the
up
fighting
men
dying
and
who
for
man
life.
Teletype DE 100
off and on?
Let
make the point in terms
me
illumining
that you as men of finance clearly
understand—money.
For
this fiscal
for
$11.5 billion
i
the Presi¬
year,
dent has asked for
over
and
above
the
of
rate
expected
to
June may
defense
to
DETROIT
CORPORATION
Battle
Creek
26
Grand Rapids
Saginaw
spending
reached by next
be
not be the top limit of
the military establishment
years
6- CO.
812 BUHL BLDG.
GERITY—MICHIGAN
roughly $13 billion in the basic
military budget. That's $24.5 bil¬
lion; and the President has indi¬
cated
that even the $30
billion
annual
WM. C. RONEY
appropriations
in the
come.
The important
point is that this
$11.5 billion
was
not solely related
to Korea.
was
partly for Korea,
It
ADRIAN, MICHIGAN
Active Markets Maintained in
but, also, to provide a basically
bigger military establishment. In
the case of the Air Force, the first TiiiHMiiiiiiMiiiiiiiiiiiimiiiiiiiiMiiiiiiiiiiiiiimiiiiiiiMiiiiiiiiiiiiiiiiiiiiiiiiiiiiir;
increase was from the present 48-
MUNICIPAL BONDS
CORPORATE SECURITIES
level to a 58-group level,
projection towards
69
group
with
a
grouns.
It is irrmortant to dissociate this
size of
the
in
increase
force
our
Members of the Detroit Stock
War,
BROKERS
MICHIGAN
hapnens in Korea, the
condition in the world today de¬
mands
this increased
and con¬
what
of
tinued
DETROIT
We
cision
expenditure for prepared¬
size of
to the
as
mili¬
our
establishment upon a cold,
long-term calculation of our needs,
and not on the day-to-day fluctu¬
Solicit
—
Exchange
DEALERS
UNLISTED AND
LISTED
\
SECURITIES
First of^Jiciiigan Corporation
Split Commission Orders From
N.A.S.D. Members in Over 200 Stocks
We must predicate our de¬
ness.
Michigan Bonds and Bank Stocks
ANDREW C. REID & CO.
and to
realize that these added expendi¬
tures are caused by the present
international outlook. Regardless
Korean
the
from
Listed
Odd
on
Member Detroit Stock
the Detroit Stock Exchange
Round
Lots
Lots
Detroit 26, Michigan
tary
of world
ation
events.
nicture
tarily
brighter,
lulled
into
rity.
Until
a
DETROIT
inter¬
Phone:
Buhl
26, MICH.
Bell Teletype:
WOodward 3-9385
Grand
New
York
Two
Bldg.
Rapids
Battle
5, New York
Wall
St.
Creek
Chicago 3, Illinois
135
Lansing
S.
La
Bay
Salle
City
DE 119
momen¬
seems
we
Ford Bldg.
When we
win in Korea, or when the
national
615
Exchange
Member Midwest Stock Exchange
must not be
false sense of secu¬
the
tensions
basic
immmmmmmmmmmmmmmmmmmmmmm
the Commu¬
nist-dominated areas and the free
world are substantially reduced,
which exist betyeen
would play into
we
WATLING, LERCHEN & CO.
the hands of
destroy us if we
road of cutting our
defensive strength.
those who would
took the easy
Must Keep Up
If
we
lost
War Preparations
fall back after the
Korea
for
Investment Bankers
is over, we will have
the advantage.
haps, to never
Members
battle
Lost it, per¬
regain it.
That, then, is when our
New York Stock
George A. McDowell & Co.
New York Curb
Members Detroit Stock Exchange
Detroit Stock Exchange
test will
Midwest Stock Exchange
come.
Can
we
BUHL BUILDING
meet it with the same
devotion
unselfish
met their
as
the
boys
DETROIT
26, MICHIGAN
MUNICIPAL AND CORPORATE SECURITIES
test in Korea?
Only you and I can answer
that
question.
We will answer
and action after
is
have
confidence
that
W. E. Hutton & Co.
present policy even when
r?av! r?y\i r^vi
rTavi r?»vi
r/sti rrsvi ffgvi
rvigvi fygvi rygvi r/gvi
r7i>v!
Bldg., Ann Arbor
120 W. Michigan Ave., Jackson, Michigan
the
will continue to
Building, Detroit 26
Ann Arbor Trust
Private Wire to
Teletype
DE 195-6
American people
back our
Ford
it by our deeds
the war in Korea
over.
I
Exchange
(Associate)
r;
St.
THE COMMERCIAL and FINANCIAL CHRONICLE
70
Thursday, October 19, 1950
Phelps, Fenn & Co., New York City; Henry L. Harris, Goldman,
York City; Herbert Pettey, Equitable Securities Corp., Nashville,
Tenn.; Phillips Barbour, The Bond Buyer, New York City
Sachs & Co., New
Varnedoe, Chisholm & Co., Savannah, Ga.; Wilbur .Wittich, Grimm & Co.,
New York City; Paul B. Monroe, Hunnewell & Co., Boston, Mass.
PRUGH, BYRON E.
HUNTER, HAYWARD H.
George K. Baum 8c Company
JENNINGS, FRANK H.
Bonds, Incorporated, Kansas City, Kans.
CLAYTON, HARVEY A.
Harvey A. Clayton & Co.
City (Missouri)
CARROLL, LAURENCE B.
Prescott, Wright, Snider Co.
CHARMLEY, JOHN A.
B. C. Christopher & Co.
Bond Traders Club of Kansas
JONES, GERALD
Prugh, Combest & Land, Inc.
jones, kneeland
A.
COLEMAN, HARRY L.
Inc.
COMBE8T, EARL L.
Prugh, Combest 8c Land, Inc.
Merrill
Commerce
DONALD
Trust
Compan;
Beecroft,
Cole
Inc., Topeka, Kans.
J.
&
Topeka
Co.,
RUSSELL
K.
K.
STEPHENS. JASPER F.
Pierce,
Lynch,
Fenner
&
Beane
LATSHAW, JOHN
DILLARD, JACK
FRANK
Uhlmann & Latshaw
O. Peet 8c Co.
KLINGER,
Seltsam & Company,
SPARKS.
Weltner & Co.,
E.
SELTSAM, DONALD A.
SNYDER,
City National Bank & Trust Co.
COLE, WALTER I.
Beecroft, Cole & Co., Topeka, Kansas
H.
Mich.; Frank A. Chisholm,
Clarence A. Horn, First of Michigan Corporation, Detroit,
Leonard R. Sullivan,
Uhlmann
&
Waddell
&
STOENNER,
Latshaw
Reed,
Inc.
ARTHUR
W.
Prescott, Wright, Snider Co.
WILLIAM
DYER,
Uhlmann
&
J.
LUCE,
Latsha*'
Jr., MILTON H.
Burke
8c
SYLVESTER, W. CLYDE
McDonald
W.
EISEN, ERWIN H.
Lucas, Elsen & Waeckerle
J.
F.
Stephens
President:
Donald D. Belcher
Russell K. Sparks
Laurence B. Carrol)
Burke
EVANS, HAROLD D.
McDonald, Evans & Company
Martin-Holloway-Belcher.
Treasurer: Russell K. Sparks, Uhlmann & Latshaw.
Secretary: Laurence B. Carroll, Prescott, Wright, Snider Co.
National Committeemen: John Latshaw, Uhlmann & Latshaw;
Jasper F. Stephens, Waddell & Reed, Inc.
Elected: December, 1949; Took Office: February 1, 1950; Term
Expires: January 31, 1951.
D. Belcher,
located
In
otherwise
Kansas City
Indicated)
unless
B.
Brothers
McDonald,
HALL,
Harris,
Co.
Evans
&
Upham
8c
Co.
WAHLSTEDT, JOHN R.
Waddell
McKIM, JAMES M.
City National Bank 8c Trust Co.
Company, Inc., Topeka, Kans.
MEYER,
H.
Inc.
Peet
&
Securities
Corp.,
Topeka
The
Merrill
Commercial National
CAMPBELL, HERB C.
B. C. Christopher &
Kansas
Lynch,
Pierce*
HILLMOND, A. W.
Bank
HUFFAKER,
LEONARD A.
Wahler, White 8c Co.
Barret, Fitch 8c Co., Inc.
WYMAN,
Fenner
&
Beane
1
Waddell & Reed, Inc.
Kansas City. Kansas
BEECROFT, HARRY
NORTH, FRANK W.
HARRISON, WILLIAM A.
Co.
BJORKMAN, J. D.
BAUM, GEORGE K.
George K. Baum 8c Company
Beecroft, Cole 8c Co., Topeka,
O.
Reed, Inc.
Harris, Upham & Co.
CARL A.
WHITE,
Co.
&
WELSH, MERLE L.
HANNI, ARTHUR R.
8c
& Co.
Wahler, White & Co.
McDonald, Evans 8c Company
Trust Company
Upham
UDham
WAHLER, JOHN E.
Mcdonald, claude m.
Company
EMMA M.
Commerce
WAGNER, THEODORE F.
Christopher 8c Co.
Harris,
&
GRUMBINER. ALTON
Harris,
FRANCIS
BERTRAM,
ADAMS, CALEB F.
Waddell 8c Reed,
PAUL
MASHETER, CLYDE W.
GLOBUS, RICHARD B.
Stern
C.
Columbian
BELCHER, DONALD D.
Martin-Holloway-Belcher
Jr..
MacDonald
&
HARRIS, CHARLES M.
(Members
Sylvester Investment Co
MADER, EDWARD
Seltsam 8c
ROSTER OF MEMBERS
C.
UHLMANN.
Uhlmann 8c Latshaw
FRITZ, R. E.
Topeka, Kansas
Jasper F. Stephens, Waddell & Reed, Inc.
Vice-President: Donald
MacDONALD, FREDERICK H.
T. BATES
PAULY, ELMER W.
Stern
FRANCIS A.
Brothers & Co.
Prescott, Wright, Snider Co.
PESELL.
YONTS, JOHN
WILLIAM B.
Estes 8c Company, Inc., Topeka
City
National
Bank
&
Trust
Co.
Merrill Lynch, Pierce, Fenner & Beane
Co.
ZAHNER, VICTOR H.
PRICE, EARL W.
E.
W.
Price
& Co.,
Inc.
Soden-Zahner Company
FINANCIAL INDUSTRIAL FUND, Inc.
Fund Shares
Cumulative Investment Certificates
Periodic Payment Plans
INVESTMENT SERVICE CORPORATION
THE COLORADO FUEL AND IRON CORPORATION
Principal Underwriter
■
.
has been made
cooperative effort of
United States,
customers,
possible by the friendly and
many
people throughout the
including security holders, employees,
suppliers, and other friends who
interested in
our
650 Seventeenth St., Denver 2, Colorado
welfare and
are
confident of
Eastern Wholesale Distributor
R. M,
HORNER & CO., 52 BROADWAY, NEW YORK CITY
are
our
continued progress.
ROBERT L. MITTON, INVESTMENTS
Q
ft
behalf of the entire C.F.&I.
best wishes
to
"Family,"
we
extend greetings and
the
Municipal—SECURITIES—Corporate
Specializing in Western Stocks
NATIONAL SECURITY TRADERS ASSOCIATION
338 U. S. National Bank
Building
DENVER 2, COLORADO
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
71
£
G.
Ernest
F.
W.
Thornhill,
C.
Cassell
F,
&
Co.,
Charlottesville,
Va.;
Mark
>hillip J. Clark, Amos C. Sudler & Co., Denver; David H. Magid, Hill, Thompson
& Co., New York City; Jules Bean, Singer, Bean &
Mackie, New York City;
Richard Goodman, Shields & Company, New York City
Smith,
A.
Co., Richmond, Va.; Robert Dixon, McDaniel Lewis & Co.,
Craigie &
City
Greensboro, N. C.; Leonard Sullivan, Phelps, Fenn & Co., New York
New Orleans
Security Traders Association
BROWN,
KINGSBURY, J.
PERRY
WM.
Brown
Newman,
&
Co.,
Kingsbury
Inc.
BUCKNER, ERROL E.
The National
Bank of Commerce in New
John
LA
Weil
D.
WM.
Woolfolk
SMART,
MORSE,
The
N.
CHARLES
of
JOS.
B. Wheeler
Macrery
Shelby
Arthur
Friedrichs
J.
Keenan
T.
J.
T.
Friedrichs
and
Company.
•
& Co.
Delegates: Jackson A. Hawley, Equitable Securities Corp., Win.
Perry Brown, Newman, Brown & Co., Inc.
Alternates:
Joseph P. Minetree, Steiner, Rouse & Co.; Gilbert
Hattier, Jr., White, Hattier & Sanford.
Elected: October, 1949; Took Office: October, 1949; Term Ex¬
Secretary-Treasurer: Arthur J. Keenan, St. Denis J. Villere
Weil
JEFF
pires: October,
1950.
Whitney National Bank of New Orleans
VILLERE, ERNEST C.
St.
C.
Denis J.
&
of
Commerce
in
New
Well
WEIL,
Howard, Weil, Labouisse,
Company
Well
Arnold
Friedrichs and
&
8c
unless otherwise
New Orleans
Newman,
&
Indicated)
Howard, Weil, Labouisse,
Well
ROBERT D.
Brown
George
&
Co.,
Inc.
Lynch, Pierce, Fenner & Beane
Wheeler
Friedrichs and
Weil, Labouisse,
Howard,
Company
ALVIS, A.
Hattier
White,
&
Beer
Woolfolk,
&
Inc.
A.
RAPIER, EDWARD D.
Company
WILLIAMS,
B.
FRANK
The National Bank
Scharff
&
Jones,
Securities
Corp.
Newman, Brown & Co., Inc.
of Commerce
In
Orleans
Inc.
SANFORD, J. B.
JACKSON A.
A.
FRANK B.
M.
Smith-Wood
Co.
White, Hattier 8c Sanford
,
SCHARFF.
Scharff
WOOLFOLK, ROBERT M.
IKE D.
&
Jones,
SCHWEICKHARDT.
KERRIGAN, JOHN E.
Sanford
&
MICHEL
WILLEM,
RODDY, JAMES E.
HATTIER, Jr., GILBERT
KEENAN, ARTHUR J.
BOUCHE, LOUIS, J.
Woolfolk
Inc.
ERWIN
Shober
ZOLLINGER, Jr., JOHN J.
Schweickhardt, Landry & Co.
..
&
Scharff
8c
Jones.
Inc.
BREAUD, Jr., J. CHARLES
LESTER
Newman,
Kingsbury and Alvis, Jackson, Miss.
Brown
8c
Co.,
Inc.
SERVING
-
INCORPORATED
A
GROWING
FAST
STONE, MOORE & COMPANY=
AREA
INVESTMENT BANKERS
U.
S.
NATIONAL
DENVER 2,
BANK
BUILDING
COLORADO
jOHH«OWN«S
Teletype DN 580
Telephone KEystone 2395
«
PIAT«V11U
FINANCIAL STATEMENT
FOR
ft.
ERNEST E. STONE, President
|
WM. J. MAY,
"
tUPTOW'p
•
HUDSON
Sales Manager
12 MONTHS ENDED
HOWARD J. HANNON, Sales Dept.
June 30, 1950
mmoiptvmm
hrwGitwooo
■
We maintain active markets in the securities of
Ideal Cement
&
Company
Co.
Fisher Stores Co.
Potash Company of
Denver Tramway
t
ANNUAL REPORT
j
America
Corporation
Mackinnie Oil
Mountain Fuel
Frontier
Mountain States Tel. &
°
Colorado Central Power Co.
& Drilling
Supply Co.
Kinney Coastal Oil Co.
Golden
Tel. Co.
FOR 1949
Equity Oil Co.
Utah Southern Oil Co.
Kutz
AVAILABLE ON REQUEST.
Refining Co.
Cycle Corp.
Canon
Oklahoma Oil
Argo Oil
Denver
National Bank
United States National Bank
Colorado Central Power Co.
Amos C. Sudler & Co.
First National Bank Bldg., Denver
cj
AND
umnoN^j
United States Potash Company
Colorado Milling & Elevator
Daniels
DN 490
--J--*- Rocky Mountain Region
"The Friendly
KEYstone 0101
Securities
■
and
WHEELER, MACRERY B.
H.
OGDEN, FRED N.
Merrill
HAWLEY,
Arnold
&
Friedrichs
HARDY, FORD T.
St. Denis J. Vlllere 8c Co.
ALEXANDER,
Arnold
W.
Nusloch, Baudean & Smith
Company
H. WILSON
ARNOLD,
Arnold
ROSWELL J,
WOOD,
in
•
WEIL, Jr., WALTER H.
Co.
MORRIS
NUSLOCH,
GLAS, R. JEREMY
Equitable
(Members
Co.
8c
Company
NEWMAN.
White, Hattier 8c Sanford
ROSTER OF MEMBERS
Vlllere
WEIL, JOS. H.
NEWMAN, LEON
Feibleman & Company
&
New
Orleans
FRIEDRICHS, G. SHELBY
Glas
in
TIIIBODEAUX, PAUL J.
W.
P.
RICHARD
Kohlmeyer
Macrery B. Wheeler, Wheeler & Woolfolk, Inc.
Vice-President: G. Shelby Friedrichs, Howard, Weil, Labouisse,
President:
Bank
National
Kees
WALTER
FEIBLEMAN,
Hibernia
Orleans
New
NEWMAN, A. B.
DUNBAR,
G.
F.
Orleans
The National Bank
DUCOURNAU, JAC. P.
Shober
LAWRENCE
STOUSE, JAMES A.
Steiner, Rouse 8c Co.
Derbes
&
M.
American Bank
MINETREE,
CLAUDE
&
A.
Merrill Lynch, Pierce, Fenner & Beane
Arnold
&
Newman, Brown & Co., Inc.
SHOBER, JOHN B.
CHARLES
MANION,
VERGNE, J. H.
Ducournau
Jr.,
National
Dane
Couturier
Miss.
Kingston & Co.
LOUQUE,
HAROLD
DERBES,
W.
LOB,
G. PRICE
&
Jackson,
Barrow, Leary 8c Co., Shreveport
DANE, JOHN
DE
"
LEARY,
CORRIGAN, Jr., CHARLES E.
DANE,
SCRANTON, JACK
Alvis,
KINGSTON, WALTER D.
Orleans
CRANE.
W.
and
3470 SO. BROADWAY
People"
ENGLEWOOD, COLO.
New
THE COMMERCIAL and FINANCIAL CHRONICLE
72
Nashville Security
Jack
M.
&
Bass
J.
Company
J.
S.
Bradford & Co.
HUDSON, TOM
Merrill Lynch,
Jack
Pierce,
MERVYN
M.
&
Bass
Beane
6c
Fenner
FILCHER,
J.
SHILLINGLAW,
Company,
J.
President: Fred K. Kirtland,
E. L, Kirkpatrick, Jr.
Key
Hermitage Securities Company, Inc.
street
&
Edward L. Kirkpatrick, Jr., Clark, Land-
Kirkpatrick, Inc.
Burkholder, Equitable Securi¬
Alternates:
Carr
Landstreet
Payne, Cumberland Securities Corp.;
III, Clark, Landstreet & Kirkpatrick, Inc.
Elected: October 19, 1949; Term
B.
W.
Expires: October 18, 1950.
Equitable Securities Corporation
Equitable Securities Corporation
Equitable Securities
Pierce,
Fenner
&
W.
Beane
Co.
THOMAS
Corporation
Conrad, Bruce Ac Co.
CHARLES B.
Blyth 6c Co., Inc.
H.
Securities
GEORGE G.
J. Barth 6c Co.
As
Corporation
HECHT, JR. JOHN C.
Blair, Rollins Ac Co Incorporated
Company, Inc.
HEFTER,
HENRY
Securities
MARTIN,
Temple
Third National Bank
Co.
M.
Cumberland
F.
Webster
Webster & Gibson
Securities
Corporation
ROBERT C.
WEBSTER,
As
First Caliiorma Company
HILL. Jr., HOUSTON
J.
S.
Strauss
MITCHELL,
WILEY, DAVID W.
Wiley Bros., Inc.
H.
T.
Cumberland
Securities
Corporation
NELSON, FINIS
Jack M.
Bank
National
Bass 6c
6c
Cumberland
Beane
F.
HOWARD. McBURNEY
The First Boston Corp.
G.
Company
WORKE, Jr., ROBERT H.
Fenner
Co.
ALANDER
Brush, Slocumb 6c Co.
WILEY, JAMES K.
Wiley Bros., Inc.
WILSON, BUFORD
American
&
Gibson
HOGLAND.
e.
Company
ALBERT A.
HEWITT,
WARTERFIELD, CHARLES W.
RAY G.
Securities Corporation
Trust
C.
JAMES
Securities
IMHOF, JAMES
Waldron
ISAACS,
Corporation
R.
and
Company
PAUL
E.
Sutro 6c Co.
JENKINS, ROBERT
San Francisco
Security Traders Association
First
California
Company
KAMMERER, GEORGE G.
J.
Strauss
S.
&
Co.
EASTON, PORTER L.
6c
Securities
Co.
ELKINS, O. C.
Mid-South Securities
Co.
Mid-South
Company
BELL, WALTER E.
Equitable Securities Corporation
BURKHOLDER, H. FRANK
Equitable Securities Corporation
CARRICO, CHARLES B.
EVANS, N. PEYTON
Cumberland Securities
KANE, CHARLES B.
Geyer & Co., Inc.
LAMPERTI, ANGELO
EVANS. JESSE H.
J.
GIANTI, RICHARD
MARION F.
Estes
N.
WARD,
DERRYBERRY, LOUIS
Hermitage Securities Company, Inc.
BA8S, JACK M.
Bass
Bradford &
DAVENPORT, C. EVAN
ANDERSON, Jr., WILLIAM J.
M.
C.
THOMAS,
NELSON, II, WILLIAM
Merrill Lynch, Pierce,
ROSTER OF MEMBERS
ANDERSON, JOHN
JACK
Douglass Van Der Naillen 6c Co., Inc.
American
First
Jack
Co.
Mclaughlin, thos.
Wiley Bros.. Inc.
Corp.; Herbert Pettey, Equitable Securities Corp.
Hannaford 6c Talbot
HARKINS,
J.
C.
FAZACKERLY, KENNETH
Irving Lundborg 6c Co.
GUMBEL,
TEMPLE.
Temple
WILLIAM
FINNEGAN, JOHN FRANCIS
SMITH, H. LAIRD
Equitable Securities Corporation
National Bank
&
Mejia
Wulff, Hansen Ac Co.
STEMPFEL, ROBERT
Inc.
MADDEN, BERT F.
McDANIEL,
National Committeemen: H. Frank
ties
Bradford
Mid-South
Vice-President: Martin B. Key, J. C. Bradford & Co.
Secretary-Treasurer:
C.
LUSKY, IRA L.
Merrill Lynch,
RICHARD
Securities Co.
Mid-South
Inc.
Ac
FAULKNER.
Co.
ALFRED D.
Alfred D. Sharp As Company
Inc.
LEDYARD, QUITMAN R.
B.
B.
Da vies
Company
WILLIAM
FARRELL,
FORD,
LAUPER, RUDOLPH
Martin
MATTHEW.
Mid-South Securities
SHARP,
LANDSTREET, III, BEVERLY W.
Clark, Landstreet & Kirkpatrick,
Kirtland
PETTEY, HERBERT
Equitable Securities Corporation
Company
KIRTLAND, FRED K.
Hermitage Securities
Fred
Corporation
PHILLIPS. W. W.
Hermitage Securities Company, Inc.
KIRKPATRICK, Jr., EDWARD L.
Clark, Landstreet & Kirkpatrick,
First American
Securities
Cumberland
KEY, MARTIN B.
J. C. Bradford 6c Co.
KINGINS.
CARR
PAYNE,
ALBERT
C.
First C'alilornia
Bradford As Co.
C.
PAYNE, BRUCE
Cumberland Securities Corporation
HALE, Jr., R. WALTER
J. C. Bradford <5s Co.
HILL,
EGAN, JOHN F.
NICHOLS, R. H.
GOAR, Jr., FRANK R.
Traders Assocation
Thursday, October 19, 1050
C. Bradford
&
Co.
Lawson, Levy
Securities
Cumberland
LARZELERE, JOSEPH
H. Irving Lee Ac Co., San Jose, Calif.
Corporation
MACRAE, Jr., COLLINS L.
Wulff, Hansen 6c Co.
EVE, PAUL F.
CLARK, HAROLD W.
Clark, Landstreet & Kirkpatrick,
Paul
Inc.
Eve
6c
Co.
CLAYTON, EVERETT M.
Merrill Lynch, Pierce, Penner & Beane
MAY, J. EARLE
J. Earle May Ac Co., Palo Alto, Calif.
FARRAR, RUDOLPH S.
Temple Securities Corporation
CURREY, Jr., BROWNLEE O.
GIBSON, Jr., JO
Webster 6c Gibson
Equitable Securities Corporation
6c Williams
Corporation
McCLINTlCK, JAMES E.
Wells
Fargo
Bank & Union
Trust
Co.
McMAHON, J. B.
Merrill Lynch, Pierce, Fenner 6c Beane
III
MORONEY, BEISSNER & CO.
Established 1919
i
Henry Hefter
Hill, Jr.
Emmet
Whitaker, Davis, Skaggs & Co.
K.
Houston Hill, Jr., J. S. Strauss &
Board
Paul E. Isaacs, Sutro
of Directors:
Co.
Henry Hefter, American Trust Company.
Secretary-Treasurer:
& Co.; Rudolph T.
Sandell, Shuman, Agnew & Co.; Walter Vicino, Blyth & Co.,
Inc.; J. B. McMahon, Merrill Lynch, Pierce, Fenner & Beane.
TEXAS MUNICIPALS
TEXAS CORPORATES
Elected:
1949; Took Office: December, 1949; Term
November 4,
Bell
Teletype—HO 94
Capitol 1282
located In
ABRAHAMSON,
Weeden
I
&
RICHARD
W.
Conrad, Bruce & Co.
Schwabacher Ac
American
Trust
Dean Witter Ac Co.
TEXAS SECURITIES
Co.
DAVIDSON,
BARKER, STEWART S.
PERENON, HENRY
William R. Staats Co.
PIKICH, EMIL
H.
Pont &
du
Co.
McAndrew
&
Incorporated
Co.,
QUINN,
JOHN J.
Stone & Youngberg
RABER, WILLIAM
Stewart, Scanlon
6c
Co.
RICH, LOUIS
BUICK, JOHN E.
FRED A.
RICHARD
Geyer Ac Co., Inc.
PAYNE.
PRICE, THOMAS W.
Brush, Slocumb 6c Co.
BOWYER, FRANK
I
Elworthy & Co.
(Honorary Member)
BAKER, Jr.,
BLUM, ERNEST E.
BOURNE, ROBERT K.
Co.
ACHARD, ELIZABETH
Co.
POWELL, JAMES
Harris, Upham 6c Co.
ROSTER OF MEMBERS
San Francisco
unless otherwise Indicated)
(Members
Denault 6c
PALMER, JACKSON H.
Conrad, Bruce 6c Co.
Francis I.
Expires: December, 1950.
Call Us About Any Texas Securities
812 Rusk Avenue, Houston 2, Texas
MORRILL, CLIFTON W.
Walston, Hoffman Ac Goodwin
O'REILLY, JOHN J.
President:
Vice-President:
Underwriters and Distributors
Houston
Whitaker
K.
Emmet
Company
HODGE
Schwabacher
Ac
Co.
RICHMAN, ANTHONY J.
Davies 6c Mejla
Bailey Ac Davidson
Crocker First National Bank
SANDELL, RUDOLPH T.
ACTIVE TRADING MARKETS
Stone
Longhorn Portland Cement Co.
Argo Oil Corp.
Kirby Lumber Corp.
San Antonio Transit Co.
,
El Paso Electric Co., Common
Houston Natural Gas, Com. & Pfd.
De
BAUM, Jr., BENJAMIN J.
Ac
MARTINI,
LEONARD
DEMPSEY, TERRENCE M.
BELKNAP, WILLIAM F.
Merrill
Walston, Hoffman 6c Goodwin
Lynch, Pierce, Fenner Ac Beane
Pickering Lumber Corp.
Texas Eastern Transmission Co.
Lone Star Brewing Co.
SAYRE. KENNETH H.
Irving Lundborg 6c Co., Palo Alto, Calif.
SCHAG, WALTER
Davis, Skaggs 6c Co.
SCHMID,
Jr.,
HARRY L.
Company, Sacramento,
William D. James
East Tenn. Natural Gas
Sommers Drug Stores, Com. & Pfd.
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THE COMMERCIAL and FINANCIAL CHRONICLE
74
Continued
Korea has,
Enterprise System—
Our Best Security!
purposes
may
be detected and the military force of the United
States combined with such help
something be done about it.
I am lor an impregnable de¬ as we got from 55 other nations,
incidentally, was practi¬
fense at home and a strong de¬ which
cally
fense every other way.
nothing.
of
timately
from page 7
Free
Thursday, October 19, 1950
that
10,000,000 people. Ul¬ they would have their property
had to win; but lei confiscated.
us not forget that it took quite a
England socialized steel and the
other day I read about their so¬
military effort to do that.
Suppose Russia should start an¬ cializing lawyers. That seems to
other sideline wars. She could do me a bad thing to do. Some peo¬
it tomorrow and she could do it ple naturally want to get in a
in
a
half dozen
places in the row and if you give them free
world; and in accordance with our lawyers, as the English Govern¬
commitments to fight with those ment now
proposes
to do, you
we
arm
(some of wnom haven't would have the courts of England
got the will to fight), suppose we cluttered up with lawsuits for
scatter
to
nave
five
we
forces
our
over
generations to
six different places as we
had to do in Korea.
That
When
or
it
for
am
a
In
have
long period of time.
the
jubilation
in the
lose
that
successful
of the Korean
War,
We
pursuance
must not
we
and
Of course, we
all
we
fought
we
were
size
of
all
the
sight of the fact that it took
won
war.
had to do it because
fighting
New
this
York
people
a
State.
population
the
That
that
is
North
us over
the years to come
Germany; start them in
Iran, if need be, and in
or
Czechoslovakia and around Greece
U. S.
and in the Far East
Development, Limited
It
Finishing Co. Common & $4 Preferred
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Information available
request
R. Lewis, Inc.
John
1006
SECOND
AVENUE
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on
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105
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us
well.
as
that these perils
me
make it
imperative that
more
and
do what
we
is necessary and do all we can to
fight to the bitter end to prevent
a weakening and a destruction or
a softening of the free
enterprise
system of America, which as I
have said, is the strength that we
do
commit
in
people
day
my
to
see
happening in England.
years
boasted
ago
that
no
his
one
castle
was
could enter
I
as
come.
Instead
he
shall
raise
or
then his
London
day,
SE 234
ber
what
he
property
shall
is
con¬
apples in England
was a
of
"Times"
the
notification to
farmers
by
other
back
ways
and
proceeded
lines of good
expressed
founded 1892
G35?.R Harper
Son & Co.
Investment Securities
150* Third Ave,
Tacoma
up
be
state
no
re¬
invective
of
speech
in
of momentous decisions
shape the destiny of
day
will
country, the President should
our
these
answer
why
Congress
pressure
If he is
questions.
socialism,
against
to
does
adopt
he
so¬
cialized medicine?
If the President does not realize
that
medicine
socialized
the
ex¬
medicine.
mate because when we get
Socialism
to
that he
in this
in
have
giving facts to
statement.
These
that
I have
17
over
a num¬
along
husbandry,
in
this
as
it
the
in
been
the
seen
way
years.
single
a
in
to
one
They all
these
seen
a
I have
go
We always
have.
$20 billion.
This statistician
in five
billion
to
never
I
or cur¬
$1 trillion.
can
At
campaign
socialism
than
says
years
that
I agree with that.
calculate that far,
50 times
is trillion of dollars piled up on top
it
of each other would extend
is
a
statement
a
man
in
000
2,096,-
miles, which would reach the
public life ought not make unless
moon
he
have enough left over to pay
can
sustain it; but I make it.
The President said recently that
was
advertisement, it is
an
insult
to
$20
will amount
verify his statements that one
to
coun¬
today.
That
a con¬
estimate, it would cost
forward; but $20 billion amounts to $1 trillion.
I have never I would like some of you experts
17 years,
better planned
state
to
here.
17
socialism start
stopped
start to pay the cost
birth, then to bury them, pay¬
servative
Senate
irrevocably commit this
try
you
.
here and there
I have seen the
bureaus established.
seen
'
know.
we
ing all the medicine costs to the
150 million people here, nobody
can figure
the cost of it because
we do things in a grandiose way
the road to socialism,
on
small
a
When
at
started
country, we don't stop half
you
way,
believes tnis
/>
years.
in Eng¬
name
land that unless they mended their
'
Road
facts, briefly, I will give to
tailed.
I used to sell
the
—
this
which
without
do.
J
they used to send me in¬
formation from time to time. In
Teletype
the
statement
a
law; but today if an English far¬
mer doesn't
obey the mandate of
bureaus as to how many chickens
he should raise or how many hogs
and
Bell
can
England in 1945 and he gave
Mr. Churchill charged socialism
delegation of Senators a sup¬
and Mr. Atlee admitted it. There
per.
He was confident of being was no
question about it at all.
elected. Yet he was defeated be¬
These statisticians that I have
cause the people
of England had
referred to have given me these
decided
to
try
the
socialistic
figures. I wouldn't vouch for the
change. They thought they could
accuracy.
I don't vouch for the
try it and then change it.
They
accuracy
of any statisticians.
I
thought they could stop it. If you
know this.
We are told it will
go so far, you can't retreat.
You
cost around $20 billion a year for
can't turn it off and on like a
this
socialized
medicine, and I
spigot of water.
think that is a conservative esti¬
A country is
English¬
an
fiscated.
Quoted
socialistic
a
there
trenchment.
comes
now.
plant,
—
the
in
that home without due process of
Sold
to
us
which
say
that
the
On
what is
man
—
people to
realize
not
from
is
his home and
Bought
and 1
to you
say
say
insult to the intelligence of
American
I want to just mention a few
happening? I think it
is the most tragic thing that has things because it isn't a proper
ever
happened to a democratic thing for any public man to make
What
thousand
PACIFIC NORTHWEST SECURITIES
to
the road
on
the trouble.
have.
loving
SE
to
that confront
more
Washington Gas & Electric Co. Com. (New)
I
is
the
that they
adoption
of the present program now be¬
fore the Congress will irrevocably
an
cialized
eastern
Placer
socialism.
to
people
country
periment in England is socialism,
People in this country he should inform himself from the
and
perhaps destroy us without seem to think you can turn so¬
debates that occurred in the last
firing a Russian gun or losing a cialism on and off like a spigot.
election in England.
All he has
Russian soldier because she can They thought that in England.
to do is read them. It was frankly
make her satellites over whom
Mr. Churchill spent a week in
admitted by the Labor Govern¬
she
has complete control,
start Virginia in 1930 and he went over
ment that Britain did have so¬
these wars. She can start them in the battlefields. 1 went to see him
weaken
Iraq
TRADING MARKETS IN
American
this
submit to the President that it is
to carrying so¬
have
cialism to the point that if you
perfectly frank to say to
War. We followed the flag of the would create
a
you that I think if we continue
very
dangerous want to have a law suit with
this policy of spreading our mon¬ United Nations, but no nation suf¬ siuation.
somebody and you are given a
fered any casualties but America
tree
ey all over the world, giving it
lawyer, that is going pretty
Russia's Strategy
and South Koreans, whom I think
here
and
far.
giving it there, that
We
are
when the time comes to cut it off, fought very slightly and when the
facing this peril.
It
Anyway,
when
England
so¬
the result we will have might be truth is told, did not fight prac¬ seems to me the Korean War, un¬ cialized steel, she took the final
at all
the losing of friendship of those tically
although we had fortunately for us, gives Russia step. There is no retreat now in
that you have given
formula
money
to armed them and had trained them. a
whereby
she
can England from socialism.
That is
I
We fought alone in this Korean
the
the
seven
times, and we would
the
present national debt.
intelligence
I
am
so
busy
in
Washington
r
Seattle 1 Wash.
Brokers
Yakima
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THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Winners of Old-Time
fighting
New
tne
naven't got
Deal
I
that
time to figure it out.
Federal
Slates
That
The
Brannan
Plan
was
Trurnan
Mr.
socialism.
against
is
Way auvocate a Bran-
Plan
nan
he
says
agriculture,
lor
which
inevitably, socialized agri¬
Tnis plan would not only
means,
culture?
contribute
to
bringing bdnxrupicy
America, but wouid create sucn
in
chaos
to
trie
production and sale
distribution
and
of
make it necessary
take
to
ment
should
that
goods
to
as
the
functions
competitive
the
United
something
is
the
Brannan
Plan.
It
I
are
about
farms that I know of.
be.
They
country.
The
not
are
Kline
Bureau
the
has
this job
a
long
England
that
quite
been.
I
haven't
out
lieve
in it.
Socialized
The
President
says
ap¬
ized
Mr.
through;
gone
the
length
and
three programs
not
housing.
against
—then
we
couldn't estimate
it.
So, it is difficult why the pol¬
mitted
to
Washington,
In
l
iticians
democratic
a
that have not.
are
only 67 Britons today
he
is
op¬
42 million
population.
cost, Mr. Brannan said, '1
I couldn't attempt to
Of
it doesn't always
The former Labor
Food Commissioner, now the Seccourse,
work that way.
Continued
That is the
on
page
would
want
to
are
over our
heads
irrevocably
can
Edcerton, Wykoff & Co
com¬
socialism,
from
state
which there
impose
get these
we
be
no
MEMBERS
ANGELES STOCK
LOS
EXCHANGE
retreat.
Trading Markets
great merits of the Brannan Plan.
When he was asked how much it
would
coun¬
what has occurred
He has advo¬
if
food, and the roof
it.
was
you see
receive, after taxation, over
$16,800; only 67 Britons out of
socialized—health,
The farm granges are
of
free country, not
a
purpose
of socialism, to have a
leveling off of everybody in the
country; to take from those who
have, destroy the incentive for
profits, destroy the free enterprise
system, and then give it to those
Part of it has gone
now
so
it.
there when he explained the
lit¬
a
in England.
see
that
Housing
posed to socialism.
my
was
It
There
we
free, perhaps, as we have
as
they want to get something try, but
of the Treasury, if they be¬ there.
Plan.
Brannan
has
in
what
by
cated another extension of social¬
Farm
proved
in
I think we should benefit
tle
found
There may
up
been
and
farming.
operating
CIO's
no
which
when
particularly successful in
conducting the things they have
to
do
with, but certainly they
nothing
have
time,
not
There
farmers
groups of our citizens are bashful
promoted by the CIO, I am
The CIO, in my judgment,
know
the
on
they don't want.
breadth of the land talking against
is that he
cost
was
the
Bathing Suit Contest
said about the Brannan
only sincere tning that Mr.
Brannan
Plan
is
for tne govern¬
over
remain
and in private hands.
The
told.
Government,
Treasury, the taxpayer.
75
DEALERS
DISTRIBUTORS
pacific coast securities
BROKERS
don't know.
estimate the cost of it."
is
It
hard
in
Plan
simple
Plan
grower, as
I
has
the
am
never
this:
Brannan
apple
an
am
Government.
taken
salary; and
main in the
Established
tne
my
long
as
Top Floor, 618 South Spring St., Los Angeles 14
CROWELL, WEEDON & CO.
Bell Teletype LA 107
Telephone TRinity 1694
Bell
1932
Teletype LA 20
I have
irom
except
cnecK
a
Government
Federal
but in
I have said. Neverthe¬
an apple grower that
taken a subsidy from
Federal
never
own
the
I
R. R. O'NEIL
Brannan
language;
language,
means
less,
put the
to
simple
as
I
650 SO. SPRING ST.
LOS ANGELES 14, CALIF.
Telephone TRinity 0281
Teletype LA 38
Serving Southern California since 1927
re¬
Senate of the United
LONG
States, I will never accept a check
BEACH
PASADENA
SAN DIEGO
from the Federal Government ex¬
that which I receive in my
payment because I do not
believe that a
Senator 015 Con¬
cept
MEMBERS
LAGUNA BEACH
LOS ANGELES
WagenseIter 6 Durst, Inc.
STOCK EXCHANGE
salary
Investment Securities
who must vote oh these
of spreading these sub¬
the charity of the 150
people
of this country
gressman
measures
sidies
and
million
should
themselves
be
626
beneficiar¬
for Southern California Markets
ies, because I think they are inter¬
ested parties in it.
S.
SPRING
TRinity 5761
Here is what the Brannan Plan
I raise
means:
a
TELETYPE: LA 68—LA 35
••
MEMBER LOS ANGELES STOCK EXCHANGE
bushel of apples
neighbor raises a bushel
of apples.
I can sell the bushel of
apples at $1.00 without any trou¬
and
ST., LOS ANGELES 14
CLAREM0NT
GORDON B. TUTTLE
my
Manager
—
•
PASADENA
•
REDLANDS
SANTA MONICA
•
Trading Department
I can make a favorable sale
ble.
without trying to make it attrac¬
tive to the
public to buy. Assume
the govern¬
I took payments from
Gross, Rogers & Co.
ment, I could go down to Wash¬
ington and get $2.50 a bushel.
50
My neighbor would get only
cents, but he would go to
MEMBER
458 South
LOS
ANGELES
Spring Street
STOCK
.
EXCHANGE
MARKETS MAINTAINED
Los Angeles 13, California
Bell System Teletype LA 57
Tucker 2541
IN
Washington and get the same as
anyone
else, $2.50
a
bushel.
250
MORE THAN
All
the incentive of the private enter¬
system would
prise
ACTIVELY TRADED
be removed.
SECURITIES
would get the guarantee by
You
the Federal Government of parity
payments on apples and every¬
thing else regardless of whether
you made any effort to put up a
good product* advertise it, sell it,
etc. That would apply to all the
farm
ACTIVE TRADING MARKETS
-
WEST
IN
COAST
SECURITIES
purpose
Members Los Angeles
of that plan is to
give cheap food to the consumer
and
for
634
S.
SPRING
ST.
•
Stock Exchange
LOS ANGELES
14
•
Ml 6421
give the farmer a good price
his
product.
Teletype LA 146
I submit to the
intelligent person that there is a
Oscar F. Kraft & Co.
big gap between the two, cheap
food and good prices to the farmer.
Somebody has got to pay for that
gap,
MorganS Co.
products.
The
and in this instance it is the
530
WEST
SIXTH STREET
TELETYPE
LA
075-678
•
LOS ANGELES
14, CALIF.
TRINITY 2529
BEVERLY HILLS
-
SANTA MARIA
-
LONG BEACH
DIRECT PRIVATE WIRE TO NEW YORK
76
THE COMMERCIAL and FINANCIAL
76
Continued
from
Therefore, the Committee hasn't right to demand that the govern-
75
page
been
able
should
Free
Enterprise System—
Our Best Security!
retary of War, or whatever they
call
it
England, admitted
in
over
Communist. He said
was a
that
incomes
socialistic achievement,
a
Redistribution has gone farther
England than many people real-
ize;
the
have got before
we
now
so
know
all love England
is
Virginia
I
as
there,
the strongest
of
one
I
England.
of
example
you
My people came from
do.
pro-English states in all the Union
it
because
the
was
first state to
be settled.
against all these loans
voted
I
When I came up for
England.
for
it made quite
election,
these
I would be willing to
gifts.
give them
hump over the hill,
a
That is what
We
Senate.
this
made
be
would
we
to
England
further
no
they
we
there
in
trouble
the
before
loan
was
coming
cannot
it
made,
was
That is
simply
but
people,
what is non-es-
nothing to criticize
ing.
They
should
public works.
colleagues; but they say they
states are running into
for
dollars
of
Some
economy.
them
and
out
cut
these
billions of
other
America.
zen of
solution.
no
can't
You
If
charity.
giving
by
couldn't
bought
have
England. The
bble
.„
,
T
furnished
,
.,
.
,
All I have got to say is
to
seems
me
stupidest
world if
we
that
we
would
in
people
.,
.
all
be
the
don't recognize what
,
people; the peoples
.
„
descended
get
into
the
Spending
in this
must
to
He must sub-
time
the
me
come.
T
*
where
He didn't
say
two
a
We
have
and
know
are
to '
10
Hnpcn't
inrlnHp
nrmpd
thp
etc
i
A
dlsmissed' but mstead>
*he other day the P^sident said
e was g01r^* 0 a
'
CAA nn
,
,
1S going to have 2,500,000 because
election is coming on pretty
an
6
*
people
have
'
any
I
non-essential.
Communism here at home.
I
dont "ndeistand it at all. I know
from being on the Armed Serv"
ices Committee that 375 people
in high P°sltions were dismissed
Irom Ibe armed services because
ihey were poor security risks,
That doesn,t include the State DePa™ment.
How anyb°dy can reconcile the
fact that we are fighting Communism and our sons are dying on
so
such
strong
as
burdens as
to
that
all at one time,
don't
I
think
could
we
carry
the
just a little more of the same;
and then to put on top of that, to
try to carry the world at the same
of military exhave lost many
lives. The Korean casualties will
astonish many people. Suppose
we haVG undertaken more than
we can
accomplish. England tried
to police the world. She collapsed,
Sad to say, but England today
is a second-rate nation.
Suppose we fail. Who is going
to take the torch from us? What
nation or group of nations can
come in and say, "America, you
have done the best you could. You
the batUefields^ in Korea (We have exhausted yourself. We will
that?
Permitted Communists to be in There is not one single one. There
the public service- Tbe Bill was are only two really democratic
regarding the registration of Com- nations in the world today. One
mumsts*
is America, the greatest of all
Tbey would be willing to reg- nations, and one is little Switzerliter if they weren't ashamed It land.
s
y couldn t be ln the
we
shoulders
government service, yet Mr. Tru- more than we can bear, we will
man vetoed it:' Incidentally> he be Just like a man who defreus f°
only got 11 votes to sustain his be charitable and desires to help
his fe]Iowman; but we are not do-
vetQ
There is one thought I would
like
to
leave
with
Let
you>
us
recQgnize thig beiore it .g t0Q late
We must recognize that we can-
g
in8 the wise thing when we
undertake more than we can ac-
complish. You take a man in the
community that does help the
community Suppose he takes on
a burden that crushes him. Finally,
support and influence in
shoulders abroad and the New „iiv. his snnnort .and influence in
,
carry
on
our
me
worm
our
on
this
backs at home.
community
are
gone.
the
Stone & Youngberg
MEMBERS
STOCK EXCHANGE
Shipping Containers and
Home Comfort
Appliances
Investment Securities
Provision
Earnings
Net Sales
been
are obllgated to flght Communism take the burdens."
a11 °ver
world) ye* we ^ave
What other nation can say
SAN FRANCISCO
Year
two
are killed fignting Communism billion, exclusive
lhen we.are not willing to fight penditures. We
Deal
think
RHEEM MANUFACTURING COMPANY
Manufacturers of Steel
be-
time would bankrupt and destory
in any nation that does it for any
order to try to prevent the voting length of time,
on the President s veto. I was
We must strip off the luxury
one of those tnat stayed there be- 0f socialistic ventures and the bid
cause 1 wanted my vote registered for votes by spending money,
to over-ride the veto of the PresWe are trying to carry the torch
ident's Anti-Communistic Bill.
for democracy. We are making a
We go to Korea and our sons sincere effort. We have spent $35
®ffeat that ®00'®00 of t,he"1
™
^
are
just Federal employees.
'
Many of the Senators
expenditures
you
Our Committee made a report
II is called "The Com-
Congressmen don't think
Federal
million
That is
Those
ator McKellar are on this Com^
this
awful ,ot of people
an
George and Sen-
Senator
years.
for
reduce
spending.
empi0yees jn this country
services
Committee
the
seems
should
sacrifices
the
should
They
I think I say this with some auo£
crisis, it
money
thority because j have bfien chair_
man
of
government
sacri- nonessential
Government
ernment is permeated with waste That/
penditures.
conditions
Presi
show the way to the people of this
MamrftMy,0<s0naiA™
...
same
y0u
the United States Senate."
we
from, and try not
the
J £
yet he didn't say one word about
^
own
and
95
port
country
mittee.
is going on across the water from
going on across the water from
odier
mnvp
and extravagance.
that it
doesn't want
economy
J
coal fense spending to the extent that
did all this.
that he
wd;b
don>t get
the Pe°Ple-
They ficing anything.
the
money we
their government
were
item
reducedj ad ke kas t0 do is com-
mines, the utilities, the Bank of every single agency of this gov-
the
is interested in some par-
ticular
They word about reducing the non-de-
socialize.
get g6 senators and ev_
yQu
eryone
th®n there is no alternative but
®
support him on all
the destruction of democracy, and thpse'moves tha^ will prepare
that will come. We must not fool
~
.
f
th
* *
ourselves.
,
confronts us and for the prosecuThat is going to come unless we ^ion 0f thjs war or any other war
change the present trend. I think, tha^ we may get in or prevent any
in this day of great crisis> we are other war For this he has my
called uPon> as Mr- Truman said, m% COOperation and support,
in his "state of the Union" talk> regardless of how often he says
to make sacrifices on the part of that there are «too many Byrds in
Federal
to the days of the
be interested floor of the Senate at 3 a.m.
may
in.
.
If we haven't enough sense to
see such things as I have mentioned regarding socialism, then
we deserve to have our free enterprise system taken away. If you
are not willing to assert yourself against the march of socialism which the leaders of this
country are trying to force on us,
the
ever
carry
different
submit thing
man
back
ginning of civilization, no nation
that we must have economy; things. Furthermore, I am for the New Deal alone, certainly not
but it is always "economy but."
fighting Communism at home the Fair Deal, which I think is
.
I
In the history of the world, going
the has
These grants to the
my
intelligence of the average citi- somebody else
submit to controls.
problems of great nations
this money to
_
on
say
reduce their non-essential spend-
are
mit to tremendously greater taxes,
solve the
to
I
They should
r'tJrth^anintenigLce1Sofn the
He said the business
now.
our
agree
they
because
ment show the way.
our say
.
.
Non-Defense
in worse condition
are
su^
in much worse
were
trouble than
and
told that if
When
made, they
told in the
were
were
loan
England.
issue.
an
don't believe in
I did it because I
use
rapidly
are
Scotland, on Feb. 5 American
at Dundee,
last,
us
which
waY-
accomplish
sential.
what it
accomplish
to
They are not for that Particular just as well as fighting Communthat is before the Senate ism abroad.
when the election was held, that the strength of America and at that time. They are for some
Friday night a week ago, one
he regarded the leveling of the strength of a democracy is the other economy down the line that of the speakers collapsed on the
that he
that
in
Thursday, October 19, 1950
CHRONICLE
Before Federal
for Federal
Income Taxes
Income Taxes
Net
Earnings
Earned per
San Francisco
Russ Building
Com. Share
Telephone SUtter 1-5460
Teletype SF 492
1946
$39,268,335
$2,010,448
1947
60,258,287
$
811,500
$1,198,948
$1.06
5,691,915
2,085,000
3,606,915
3.48
4av^wwwwwv\wwwvvwwwvwwwwvwwwvwvwwwwvwv\>
1948
58,744,097
5,027,903
1,865,000
3,162,903
3.04
1949
49,754,531
4,175,862
1,550,000
2,625,862
2.51
6 Mos. 1950
29,239,000
3,188,647
1,220,000
1,968,647
1.91
.
PACIFIC COAST
MARKETS
Common Stock Listed
on
Los Angeles
—
Bayonne, N. J.
New York, San Francisco and
Stock Exchanges
PLANTS
Richmond, Calif.
RUSS BUILDING, SAN
Houston, Tex.
Chicago, 111.
South Gate, Calif.
WULFF, HANSEN 8 CO.
—
Sparrows Point, Md.
New Orleans, La.
COLLINS
MACRAE
Stockton, Calif.
Private
W. E. HUTTON
Argentina
Australia
Brazil
Canada
England
Peru
Straits Settlements
FRANCISCO
COOKE FAULKNER
'
Wire to
& CO., N. Y. C., Members
With
to
use
of their
other
wire
trading
facilities
centers
N. Y. S. E.
THE
Convention Number
mustn't take
We
we
will
into
go
then this world
down,
go
down? I ask
American dollar goes
that in all seriousness.
the
remember
I
used
to
sell
to
England.
brother's
It
and
When we would get
English pound, we thought it
an
like
was
We
put them in a safety
would
deposit
Gibraltar.
of
Rock
the
in
and
box
they
time
two or three pounds,
would go up
price
it can't be sold for the
Now
payabl^solely1 ^rom revenue° received for services rendered and
it.
these
is
going
tonight
is
make
Thomas
they
as
me
Madison and John Marshall; those
tag that issueright of theirsecurihome
town to the
tax-exempt
ties be taken away?
and
of
Democratic,
vote
not
is
United
the
must vote Amer-
States Congress
lean,
what
answer
my
in
us
I
not
_
vote Republican;
the
What
does
to
amount
United
T
They
us
as
are
they were then.
,.
i
,
,
.
Let
always remember, ladies
dom
America?
party is simply an incident
gentlmen, gift tohuman freethat man. It is
is not
achieyement
an
It
wag
,
...
,
t have never
meeting and don't
If you doubt that mu-
expect to.
nicipals will continue to be taxexempt, you had better buy yourRplf
* ' ' of thoafi now
self some of those now outstandmg, in as long maturities as pos-
though issueS) b t on tbe new
It has
be lost by if"™ be^ o ly a few months since
supineness; and I want to Congress passed the Housing Act
y vlglla"ee and struggle
14
and
of
tQ
.
_
empted the income from housing
.
.
which specifically ex-
1949
°£ BenJaminhjs country saves "He taxes from all Federal income
Hl11 o£ Georgia: all bonds
whQ
saves
but
who
he
lets
it is difficult enough to invest
his satisfactorily during
The country die, lets all things die and
in the all things dying shall curse him,"
normal times.
Municipal Bonds as Investments
In Present Inflation
power
of
a
on
the
vilian
production.
are
and
that parts
its
and
attempted to give you
to substantiate the tele¬
industry's position today,
future,
but frankly, gen¬
tlemen, television is so fantastic
ficient supply, a reasonable fore¬ in its potentiality, that I say you
cast is that the television industry can let your imagination run wild.
I am firmly of the belief, and
build from 4V2 to 5 million
and if Admiral I would believe practically any¬
can
maintain the percentage of thing
anybody
would
tell
me
the total production it reached about the possibility or possibili¬
this year, it will build 1,000,000 ties of fabulous
things that might
may
receivers in 1951;
receivers in
1951.
furnishing
happen electronically, in particu¬
component
parts for government
equipment,
Without
this
figure
do
the
of
5,000,000
lar
of
sets
our
share,
expanded
believe
was
remained
we
born
a
giant and
giant.
a
from
now
on,
Its force
educational,
an
as
entertainment and
news
enjoy.
One final forecast: When I
mention
later
I
Admiral
is
saved
one
the
for
that
to them in
the
I do not think yet
seas.
today
man
can
all of that which
I feel
their homes.
time, it will link countries
across
is
opportunity
forecast about which
secure.
it
In
I
both.
because
that provides me
a
people will have television
preparations available
making
mention
predict that in five years, 90%
of the
I told you I would
the
informa¬
tive medium.
spoke
about the FCC "freeze" and about
color television,
will
comprehend
come
That forecast television.
in the center of the mess.
After
earning
public body as on pri-
municipal
all,1 the successful investment of
money
Most
music.
particular character and suitabil-
an
of
but
tune,
without regard to its
is
only
play
artists
the
sounds
The
to
learn
can
made
^afbo^^makeP^
tP b,e "vmChonies to X
for ity as investment in a particular
lim- bank, it is indicative of the high
Trading Markets in
art and not a science.
us
a
CORPORATE
make
by the
ears
of
Stocks & Bonds
REAL ESTATE ISSUES OF
vately owned industry. Except
a
limited number of cases, no
the taxing power
scope of that power,
If values rise, the tax base rises,
and as an increasing number of
its
are
nor
placed
on
the
on
and municipalities
States
are
us-
ing one or more forms of income
or sales taxes, revenues rise auto-
matically
the cost of things the
as
public bodies have to buy rises.
In 1949, States and municipalities received 46.1% of their tax
revenue from other than property
'1,
.
,
'
.
..
,
.
.
quality and standing which these
state and municipal bonds are
securities as a class have and prime investments. They are iswhich no other except Govern- sued by public bodies which are
continuing entities. When once
man rule" established, cities cannot fold their
investment law for trustees in tents "like the Arabs, and as siNew York State recognizes the lently steal away.
They have to
unique position occupied by State stay on the job, and if they run
and municipal securities. It places int° trouble, w°rk out some way
no limit on those of municipals to pay their debts,
ments can boast.
The new "prudent
It's so easy to buy municipals,
and they are so satisfactory, we
taxes and licenses, compared with
population must be at least 10,000. must not let the hope of big profits
43.3% from property taxes alone. 0n bonus outside the State, pro- from equities cause us to omit
Sales taxes
produced over 30% of
for State
PACIFIC COAST
NEW YORK
&
♦
J. S. Strauss & Co.
155 MONTGOMERY
STREET
SAN FRANCISCO (4)
in New York State, which a trustee may own and only one limit,
,d d
th
ca
f ith
fuI,
tb
them from well-rounded invest-
Telephone EXbrook 2-8515
Bell Teletypes:
Corporate Department SF 61 and 62
portfolios at the present
and local governments.
The ten- and taxing power of the issuing time. They should be included by
dency is for the use of these taxes community.
This includes dis- all means,
the tax revenue last year
to
»
..
.
ment
increase.
While
sales
tax
revenue
may
™"'———————
pledged for bond service,
it may be used to pay expenses
and
thereby free property tax
revenue for payment of principal
not
be
State
interest.
and
In view of
I think we are
justified in saying that State and
municipal bonds can be bought
with less investigation than can
are
Municipal Bonds
United States Government
Obligations
Incorporated
prudence of a
UNDERWRITERS
have
securi¬
national banks is note¬
No statutory limitations
affecting investment
of
been placed
of
the
amount
that
is
may
be held by a
by Congress on
these securities,
which
national bank.
general obligations,
While this
Bell Teletype
TRADING MARKETS
"generalobligations of any State or
political subdivisions there¬
of"
are
exempt from the usual
statutory limitations and restric¬
worthy.
SAN FRANCISCO 4, CAL.
reasonably
in
if any
ties
DISTRIBUTORS
Telephone EXbrook 2-7900
intelligent man familiar with such
matters
is used.
The fact that
tions
8c
1900 RUSS BUILDING
other form of investment we
considering,
provided only
that the
McAndrew & Co.
their magnificent rec¬
ord over the years,
any
and
legislation is not rec¬
ognized by banking authorities as
blanket approval of every single
OVER-THE-COUNTER
ISmtk of Atttmra
NATIONAL
SECURITIES
savings ASSOCIATION
Direct Private Wires to
Bond Investment
Department
San Francisco
G. A.
Saxton
of
will be felt throughout the world
un¬
that
distribution
paralleled
and
piece
sound
and
Television
has
with
me,
facilities
sight
a
equipment.
could go up, and we will
course,
absolutely
and
figures
vision
here
Assuming
and I have
materials will be available in suf¬
® brfd7tods ftselfT/'a
mess
industry's
receiver
Never before have financingcom¬
and
financial problems been so
from page 9
limitations
television
facilities will be available for ci¬
for
plex and difficult to solve.
same
the
H°w much more difficult is itin
we
Continued
a
sible. The chances are that taxes,
ined if they should be levied on this
income, will not be on the old
a
the bless him;
to
compared
of
as
the heard of such
into
them
language.
,
party things, and all things saved shall
political
any
as
States
American
of party lines
01 parry lines.
regardless
regaraiess
people
people
wrote
wise today
but vote for the
of
interests
best
English
.
,,
,
,
to people,
I eo around '
and
do
can
those
,
James zens meeting together and insist-
and
Jefferson,
But so
sets.
the expansion of
those fundaJust a word about the permamentals of the government handed fte^eh°frla3[ne3i?^,ptl^
down to us by the great men of constitutionally sound. State and
the past, some of whom were local government officials have
Virginians. Let me say to you banded together and fought to
that those principles are just as ^ tt
valid today as they were in the mand for
elimination. Did you
days
of
George
Washington, ever hear of an irate body of citi-
is
This
this:
what I give in answer
ask
that
plea
The
to
happen
to
things?
that
eligible
munici-
whereas that
s ls n0 linl
being
What
Industry
is that Admiral will be ready for
great has been
electronic manu¬ the second wave band and color
television
when
each comes.
I
While common stocks may be facturing facilities, because of the
can't give you the details for ob¬
that has given to us a prestige boughtunder that" law7 the^per- rise of television, that even though
military preparation should re¬ vious reasons. I can only tell you
and power that no nation in the centage of such holdings must be
quire as much production from that we see new opportunities in
world has ever yet achieved.
limited,
of
the electronic industry as it did both and mean to take full ad¬
for the last war,
only 25% of vantage of these opportunities.
Therefore, what we should be
today's present industry facilities
In conclusion, I know that you
concerned about is to preserve
Will Exemption Continue?
will be required.
Thus, 75% of men like to deal with figures,
000
standards;
highest living
the
us
,
who
The Television
Port of
great men who brought them into
government has fixed
the English
for
have
that
for those principles and
business
had agents all
We
Europe.
over
I
of my
part
was
my
years.
many
when
days
great many apples
a
of
made
principles
fundamental
government
under this new law.
anyone's currency if the
in
surprise some to learn that Reve-
interna- America the greatest nation in all not from taxes, such as
Who will have the world and that has given to New York Authority, are
of
era
an
darkness.
tional
faith
concerned about is to preserve
are
Continued from page 11
Furthermore, it may
What we tricts also.
of this nation.
welfare
the American those
America fail, should
dollar
than
more
on
discharge because should
can
77
COMMERCIAL and FINANCIAL CHRONICLE
- :
& Co., Inc., New York
Akin-Lambert & Co., Inc., Los
Angeles
SF 370
from
J
78
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 19, 1950
Roster of Advertisers in NSTA Convention Issue
Page
Page
Colonial Stores
Courts
...........
Co
&
54
64
66
McDowell (George A.)
Moreland & Co
Webber-Simpson & Co
Zippin & Company, Inc
Atlanta, Ga.
McDonald-Moore
Swift, Henke & Co
69
64
Straus & Blosser
Gerity-Michigan Corporation
66
55
Robinson-Humphrey (The) Co.,,.
54
Cohle
54
(H. B.) & Co
51
51
(Robert) & Sons........
begg (John C.) & Company
51
Stein Bros. &
51
Boyce
Madigan (J. E.) & Co., Inc
Thornburgh (The W. C.) Co......
Walter, Woody & Heimerdinger..
Cayne & Co
Incorporated
du
Estabrook & Co
Otis & Co
41
1
Co...'
(F. L.) & Co., Inc
57
56
Prescott &
38
Schultz (L. J.) & Company
58
59
41
Raymond & Co
68
(Francis 1.) & Co
Eastman, Dillon & Co
25
69
Eberstadt (F.) & Co., Inc
29
Emanuel, Deetjen & Co
26
Ernst & Co
34
Englewood, Colo.
Central
Power
Co
71
Coburn
&
Dallas, Texas
41
Central
Fahnestock
&
Co
Middlebrook, Incorpo¬
rated
47
(Joseph) & Co
First (The) Boston Corp
Fox (P. F.) & Co
England
Gas
&
Indianapolis, Ind.
Indianapolis Bond
Corporation
Share
and
67
36
26
34
Kansas City, Mo.
62
36
Brooke & Co
Co
Griffin, Kuipers & Co
Hardy & Co
..
63
Angeles, Calif.
Akin-Lambert Co., Inc..
Crowell, Weedon & Co.. J.
Edgerton, Wykoff & Co..
Gross, Rogers & Co....
Kraft (Oscar F.) & Co
78
75
26
75
75
75
75
75
Co
27
Hogle (J. A.) & Co....
35
Hunter
33
35
Co
Hutton
(W. E.) & Co
lngalls & Snyder
15
29
Association
Louisville, Ky.
73
Bankers (The) Bond Co., Inc
62
62
Lebenthal & Co
Corp
62
Cassell
(C. F.) & Company, Inc..
Colorado Fuel & Iron Corp
52
70
Allyn (A. C.) & Co
Barclay Investment Co
66
Des
65
Henderson (T.
Davis
2
Dayton & Gernon
(William A.) & Co........
Nongard
Sills, Fairman & Harris, Inc
Sincere and
Company
Baker, Simonds & Co.....
66
Buhl
64
Crouse & Co
First of Michigan
Building
2
49
(The) National Bank.
Minneapolis, Minn.
Company
Kalman & Company, Inc
Piper, Jaffray & Hopwood
67
67
67
Nashville, Tenn.
Equitable Securities Corporation.
49
La.
48
.......
J
Weil & Arnold
48
now
the second
population and first in percentage of gain.
Reflecting the all-time high earnings record of
this bank, the annual dividend has been in¬
$1.60 —the seventh dividend
increase within six
The
generous
bank's
22
Adler, Coleman & Co
Ames
13
12
11
Ashplant (F. B.) & Co
10
22
Company
(A. E.) & Co., Inc.
Arnhold & S. Bleichroeder, Inc...
25
Bacon, Stevenson & Co..
Batkin
36
Co.........
&
Blair, Rollins & Co., Incorporated
Blyth & Co., Inc..., 4f..
•
•
•
Boland, Saffin & Co^
•
•
Bonner & Gregory
years.
12
Canady (W. L.) & Co., Inc....
.
24
6
24
23
16
32
9
2
23
0'Kane, Jr. (John J.) & Co......
(W. C.) & Co., Inc
Registrar and Transfer Company.
Reynolds & Co
Roggenburg & Co
6
Company
19
22
&
30
Co
37
2
13
Tatro
(Edwin L.) Company
Troster, Currie & Summers......
Company of North America.
Union Securities Corporation....
Trust
Alstyne, Noel & Co
Vilas & Hickey
Van
18
31
18
.
33
Vogell & Co., Inc
services commends this stock
to
&
Wheat
53
Co., Inc
Patterson
52
—
(J. C.) & Co..
St. Louis,
Edwards
Mo.
(A. G.) & Sons
Jones
63
Scherck, Richter Company
63
San Antonio, Texas
Russ
&
Company, Inc
San Francisco, Calif.
Bank of America. N. T. & S. A...
77
First California
78
Company
McAndrew & Company, Incorpo¬
rated
77
Rheem
Manufacturing C»>
San Francisco Stock Exchange...
Stone & Youngberg
Strauss (J. S.) & Co...
Wulff, Hansen & Co
investors
76
77
76
Seattle, Wash.
74
74
74
74
Shreveport, La.
for
SYSTEM
BELL
LA
48
24
Established
Spartanburg, S. C.
INC.
EXCHANGE
FRANCISCO STOCK EXCHANGE
LOS ANGELES STOCK
LA
23
Law (A. M.) &
Company
our
OF AMERICA
WIRES
G. A. Saxton
STOCK"
Raggio,
San
TO:
Trading Markets in
INVESTMENT TRUST
City
&
Co.,
Reed
&
Inc.,
Co.,
PACIFIC
SHARES
Bingham-Herbrand
COAST UTILITIES
CALIFORNIA
OIL
STOCKS
Francisco
EASTERN
First California Company
Toledo, Ohio
& Co., Inc.
New York
McAndrew
&
MID WE STERN
Corp
McLeod, Young, Weir & Company,
Ltd
31
Milner, Ross & Co
LOS
Phone
ANGELES
Vandike
UTILITY, WATER
Montgomery Street
647 South
SAN FRANCISCO
SECURITIES.
Virginia Beach, Va.
,
Washington, D. C.
Teletype L A 533
IN
50
Spring Street
LOS ANGELES
Teletype S F 431
30
AND NATURAL
1071
GAS
SECURITIES
56
Toronto, Ont, Canada
Cavalier Hotel
INVESTORS
47
folder
"THE GROWING YIELD FROM
INVESTME NT
55
Syracuse, N. Y.
1921 *
Snyder (E. W.) & Co
PRIVATE
79
Pacific Northwest Company
actively buy and sell this stock
SERVING
76
Communication
Ask for
OFFICES
72
Harper (Wm. P.) & Son & Co
Lewis (John R.), Inc
TELETYPES
23
63
Foster & Marshall
MEMBER-
300
2
(Edward D.) & Co
Newhard, Cook & Co
Barrow, Leary & Co
BANK
63
new
everywhere.
We
53
53
Fusz-Schmelzle & Co
T
Wertheim & Co
yield of around 6% plus the
enterprise in perfecting profitable
53
Miller
20
(J. Arthur) & Co., Inc...
Warner
Galleher &
27
(A. L.) & Co
Starkweather
53
17
(G. A.) & Co., Inc
Seligman, Lubetkin & Co
Stamm
Richmond, Va.
37
32
Rice, Jr. (J. K.) & Co
Shields &
2
Abbott, Proctor & Paine
Craigie (F. W.) &Co...
32
17
32
8
34
10
28
15
(Stanley) & Co
Pershing & Co
Pflugfelder & Rust.....
Saxton
Adams & Peck
& Company
Young & Co., Inc...
Scott & Stringfellow
Salomon Bros. & Hutzler
Asiel & Co
dynamic growth of California,
Pittsburgh, Pa.
37
27
& Research
Pitfield
48
48
&
National Securities
York.
Pelz
47
Newman, Brown & Co., Inc
Allen
National City Bank of New
National Quotation Bureau
Paine, Webber, Jackson & Curtis.
Conn.
W.) & Co
Scharff & Jones, Inc
(Laurence M.) & Co......
Corp
New York City
STOCKHOLDERS HAVE PROFITED with the
43
22
Dane, John
Bank of America
(Henry B.) & Co., Inc....
46
McLaughlin, Reuss & Co..
Mitchell & Company
Model, Roland & Stone.........
Moore (Frank C.) & Co
Memphis, Tenn.
68
69
Warner
Thomas
35
New Orleans,
to
Morrissey (F. J.) & Co..........
45
Newburger & Co................
46
Philadelphia "Inquirer".. .Back Cover
Phillips (Samuel K.) & Co
45
Riecke (H. A.) & Co., Inc..
2
Sparks (J. W.) & Co
43
Stroud & Company, Incorporated
42
Taggart (Charles A.) & Co., Inc..
46
Tyson & Company, Inc
45
46
21
68
Corporation....
45
23
46
McGinnis & Company
New Haven,
creased
43
43
Reed, Lear & Co....
McDonnell & Co
Scranton (Chas.
state in
45
29
52
Allison-Williams
65
44
44
Fauset, Steele & Co
Strader, Taylor & Co., Inc
67
Detroit, Mich.
—
Sherrerd
Janney & Co
Miller (E. W. & R. C.) & Co
Morgan (W. L.) & Co
9
Marks
Moines, Iowa
C.) & Co
64
Ketcham &
<
&
Caughlin (Edward J.) & Co......
Clark (E. W.) & Co...
23
52
First
64
Fuller
Butcher
44
44
Higginson Corp
Loeb (Carl M.), Rhoades & Co...
Lord, Abbett & Co
Scott, Horner & Mason, Inc
71
65
(Paul H.) &Co....
Lynchburg, Va.
71
65
Cruttenden & Co
70
.
...
(J. J. B.) & Son
70
Simpson (B. E.) & Company.....
Stone, Moore & Company
Sudler (Amos C.) & Co
Chicago, 111.
Wagenseller & Durst
Wagner, Reid & Ebinger, Inc....
Investment Service Corporation..
Mitton (Robert L.) Investments..
Charlottesville, Va.
Co
21
Company
Denver, Colo.
55
Morgan & Co
73
Charlotte, N. C.
Interstate Securities
42
&
Blizzard
34
Lee
72
73
Sanders & Newsom
38
45
Bioren
19
28
&
Philadelphia, Pa.
25
.
Heaney (Michael J.) & Co
Hill, Thomson & Co., Inc..
&
55
Aspden, Robinson & Co
30
Hirsch
Uhlmann & Latshaw
.
(Herbert H.) & Co
Boenning & Co
(Gordon) &
Haupt (Ira) & Co..
Hay, Fales & Co
Prugh, Combest & Land, Inc.....
Los
29
Graves
72
Geyer & Co., Inc
73
of
Rauscher, Pierce & Co
Electric
Orlando, Fla.
Leedy, Wheeler & Alleman, Inc..
Ginberg (Frank) & Co
Goodbody & Co
Schneider, Bernet & Hickman....
Company
Texas
New
52
34
Josephthal & Co
16
Kenney (D. Raymond) & Co
37
Kidder, Peabody & Co
|.
7
King (Charles) & Co
20
Kugel, Stone & Co., Inc
33
Laird, Bissell & Meeds..........
18
38
Cambridge, Mass.
52
Virginia Securities Company.....
14
Hilliard
Co.......
&
Norfolk, Va.
Grace National Bank^f New York
Houston, Texas
36
Ivey (C. L.) & Co
25
Southwestern Securities
Atherton
Schirmer,
Investment
8
31
24
Faroll
Hartford, Conn.
57
41
(H. D.) & Co
Maguire (J. B.) & Co., Inc.......
Putnam
39
40
Haigney (Dayton) & Co
Knox
61
(The) Company
58
Manufacturing Company...
59
First (The) Cleveland Corp......
58
Gottron, Russell & Co
2,58
Mericka (Wm. J.) & Co., Inc
57
40
...
Watling, Lerchen & Co..
Eaton
41
Pont, Homsey & Company.
11
36
.
16
60
Dobeckum
40
Day (Chas. A.) & Co., Inc
Draper, Sears & Co
ration
14
S.) & Co..; .(:,
Witter (Dean) & Co
Wood, Gundy & Co., Inc
Young (Theodore) & Co
23
du Pont
59
(The) Trust Company.
Company
Di-Noc
Wien (M.
69
61
60
J
White, Weld & Co
28
69
Moroney, Beissner & Co...
Cleveland
Coffin & Burr,
68
33
68
Colorado
Cleveland, Ohio
Boston, Mass.
69
60
Kahn's (The E.) Sons Company..
55
& Co.....
Claybaugh (Blair F.) & Co.......
Cohon (Morris) & Co
Distributors Group, Inc
Dominion (The) Securities Corpo¬
O'Donnell (R. C.) & Co
Reid (Andrew C.) & Co
60
(Charles A.) & Company,
Birmingham, Ala.
Sterne, Agee & Leach.
68
59,61
Inc
50
Mead, Miller & Co
60
(Geo.) & Co
Hall (Clair S.) & Company
Hinsch
Baker, Watts & Co
Garrett
Co
Titus-Miller & Company
Eustis
Baltimore, Md.
&
Roney (Wm. C.) & Co
66
Cincinnati, Ohio
Southern (The) Company
Page
Page
Stifel, Nicolaus & Co., Inc
Adrian, Mich.
639 South
CALIFORNIA
end
NEVADA
Spring Street, Los Angeles 14, California
Jones
(Robert C.) & Co
50
Youngstown, Ohio
Butl?r, Wick & Co
2
@FedFRASER