Full text of Commercial and Financial Chronicle : October 20, 1955, Vol. 182, No. 5474

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V

i

OVER-THE-COUNTER MARKET FEATURED IN THIS ISSUE

New York

Number 5474

182

Volume

EDITORIAL

We See It

Reports of the recent conference of the Secre¬
tary of the Treasury with the President has
served to remind the public of the slim basis any
party will have for advocating tax reduction next
year-—slim basis, that is, in sound reasoning and
constructive public policy. It should, moreover,
put members of the President's entourage on
notice that problems are certain to arise in this
connection next year which at best could be re¬
solved constructively only by exercise of such
the

as

take full

to

account

of this

foresees continued prosperity for 1955-56 and

situation and,

and

constructive

national leaders should.

The elements of this

problem

Probably

obvious.

Barring substantial reduction in Fed¬
eral spending next year, which no one expects, a
balanced budget, or anything closely approaching
a balanced
budget, depends upon quite extraor¬
dinary business activity and prosperity. Not even
with a business boom is there likely to be a

benefits
To say

exist for assuring a wave

ing

avenues

upon

it

comes

too
too

about that at least two of the

omy

ity.

which the politicians are counting

upon

ning to give the farmers largesse which

plan¬
could not

sent

Continued

on

page

16

THIS

Traders

Security

by

Dr.

the

views
views

of

the

that

the

Association,

by Dr. Ensley

expressed
of

before

Ensley

Finance

Consumer

members

IN

PICTURES

address
The

Economic

Joint

patrons of

private enterprise can

all

listed

The

transactions.

enlightened individuals, that the unlisted section
is the native habitat of wide market spreads, and
secondary securities. Just a few more semi-annual
editions of this nature and we'll be in line for an
honorary degree for pegging away (not pegging
markets) at a much needed public relations job.

happy to note, much progress has
achieved in educating the public
the fine investment stature of the Over-the-

And,
Grover W. Ensley

41st

on

Convention

Boston,

Mass.,

of

to

We

hardly need stress again that most of our
governments, municipals, county,

debt securities,

the

Oct.

are

Counter Market's securities.

25

page

we

thus far been

highway, school and district bonds are traded

5,

do not necessarily repre¬
Committee
or
individual

Continued

Committee.

ISSUE—Candid shots taken at the Annual Beefsteak Party of
Association of New York appear on pages 33, 34, 35 and 36.

Public Housing Agency

STATE and MUNICIPAL

COPIES OF OUR

TAX SAVINGS

NEW

BONOS
WT

HAnover 2-3700
Our

Suggestions

on

BANK
BOND

DEPARTMENT

30 BROAD ST.,N.Y.

ARE NOW AVAILABLE
ON

j. r. WlLLISTON & co.
ESTABLISHED

MEMBERS

AND

OTHER

NEW

YORK

1889

STOCK EXCHANGE

THE FIRST NATIONAL CITY BANK

STOCK AND COMMODITY EXCHANGES

OF NEW YORK
115 Broadway,

Miami Beach

—

Rye, N. Y.

Dept. Teletype: NY 1-708

Active

Dealers,

T. L.Watson &Co.

Exchange

Orders

Brokers

Executed

Canadian Exchanges At

CANADIAN

Stock Exchange

On

FIRST

<§Ctd/lW€4t COMPANY
Dallas




BROAD

STREET

DIRECT

WIRES TO

•

perth amboy

CANADIAN

General Gas

Analysis

115

NEW

BROADWAY

NEW

YORK

upon

request

I

♦

DEPARTMENT

MONTREAL AND TORONTO

Goodbody & Co.
MEMBERS

bridgeport

bank

coast

Regular Rates

Public Utility Bonds,
25

from I coast to

BONDS & STOCKS
All

Teletype NY 1-2270

NEW YORK 4, N. Y.

offices

Chase Manhattan

YORK 5

Maintained

and

SECURITIES
Commission

American

Banks

34

BROADWAY, NEW

CANADIAN

Members
New York Stock

Markets

1832

established

THE

HARRIS, UPHAM & C9
120

Bond

DEPARTMENT

BOND

REQUEST

Members New York Stock Exchange

NewYork 6, N.Y.

Net

Preferred and

Bonds and Notes

REVIEW"

Request

To

Common Stocks

BOOKLET

"ATOMIC ENERGY

CHEMICAL
CORN EXCHANGE

20

and
It's Time to Think of

Municipal

Securities
telephone:

page

State, Municipal

in

State and

on

the

DEALERS
U. S. Government,

times the total
of this

purpose

analysis, as well as it predecessors, is to dispel
the old myth, still tenaciously held by many un¬

high, or that the general econ¬
is too prosperous relative to our productive capac¬
We have never been willing to settle for the

*An

1955.

where

glamor of the Dow Jones quotation kaleidoscope,
the Over-the-Counter Market handles a dollar
of

that investment is proceeding
rapidly, or that consumption is

National

brisk review of the big¬

volume of business each day many

Continued

ought to be. The Democrats apparently are

we essay a

i

place in all the major, and most of the sizable,
cities in our land. While lacking the spot-lighted

this generation
living stand¬

that credit is too high today,

traveling to office next year are closed, or

again

{

negotiate their buying and selling orders in a
swift, efficient manner, simply by closing the gap
between bid and asked. This gap closing takes

American consumer.

the

>

wide

simply because of the unprecedented
size of the figures alone, is like say¬

of inflation in circumstances of this sort.
sc

to

paid cash dividends from 5 to 171 consecutive
presented. How the Over-the-Counter Market
functions explained.

Once

price, variety, and service

provided

bal¬
anced budget based upon a boom in business, it
is very doubtful if tax reduction would be wise

!

gest market in the world. Once again we come
out with words of praise for a mart 30,000 issues

periods and which bolsters demand
during periods of individual, com¬
munity, and national adversity.
It
has made possible mass production
and distribution which in turn have

penditures. And even if there should be a

And

years

than consumer credit. Con¬
sumer credit is a private stabilizing
force which helps maintain and in¬
crease
total demand during normal

budget unless Congress next year re¬
from important increases in Federal ex¬

since few better ways

have

people

balanced
frains

single private program in

no

a

of the broad assortment of issues traded
of the unlisted. Completely revised
of unlisted common stocks of companies that

blue chip list

a

tabulation

greater contribution to raising
ards for the masses of the American

has made

simple and

are

and

credit restraint.

politics notwithstanding, respond as thoughtful

Copy

A panorama

(1) the role of the
government, (2) high level of private investment in
plant and equipment, (3) large over-all consumer de¬
mand, and (4) easing of international tensions. Views
potential trouble spots as: (1) unbalance between farm
and other commodity prices, (2) chronically depressed
urban areas, (3) excess of durable consumer goods,
(4) high residential construction, and (5) inflexible

thing for the country if the Democratic party
were

Economic Report

strength in prospects for 1955-56:

been able to exercise. It would be a good

years

on

spectacular gains by 1965 in the national economy. Says
no single private program has made a greater contribu¬
tion to living standards than consumer credit. Denies
consumer credit is too
large, and lists as elements of

late

of

has

himself

President

Dr. Ensley

Committee

a

World's Biggest Market
Continues to Flourish

GROVER W. ENSLEY*

By

Staff Director, Joint

Cents

Price 40

7, N. Y., Thursday, October 20, 1955

Business in 1956—And 1965

As

influence

Office

Pat

Reg, U, S

oF

YORK

STOCK

EXCHANGE

LA SALLE SL
CHICAGO

1 NORTH

Doxraox Securities

IRA HAUPT & CO.
Members New

(orporatioti
40 Exchange

Place, New York 3, N.Y,

and

other

111 Broadway,
WOrth 4-6000

Teletype NY 1-702-3

WHitehall 4-8161

York Stock Exchmnge

Principal

Boston

Exchanges

N. Y. 6

Teletype NY 1-2708

Telephone:

Enterprise 1820

2

The Commercial and Financial Chronicle

(1622)

For Banks,

The

Brokers, Dealers Only

American

Express
II

participate and give their

^,.

Great Western Corp.*

N. JAMES

Haile Mines
.

■

Home Insurance
Investors Div. Services "A"

Kearney & Trecker

the

Travelers Insurance of Hartford

to

try,

I

New York Hanseatic

WOrth 4-2300
Private

to

5

Principal Cities

until

Hills,
is

Specialists in

Since 1917,

and

its first fiscal year,
period that ended
July 31, 1954, sales were slightly
under $3 million.
For the second
fiscal
year,
just ended, volume
was
approximately
$9
million.
a

Rights & Scrip

Doug<as

James

com¬

In

systems.

nine-month

The

.

sales

current

$1,300,000

month

a

rate

is

some

and manage¬

ment

jffipONNELL & Co.
Members
New

York

American

1*0

Stock
Stock

Exchange

Exchange

BROADWAY, NEW YORK 5
TEL. REctor

2-7815

expects $18-$20 million for
the full fiscal year 1956. The sales
aim

fiscal

for

manage

im¬

an

until you realize
officials helped
that

concern

faster.
When the top management per¬
sonnel of Hugnes Aircraft left en

grew even

in

masse

American Furniture

1953,

several

them

of

about

to

Camp Manufacturing
Commonwealth Natural Gas
Daa River Mills

start small and build
company.

financial

started

quietly

Lynchburg, Va.

I.

LD 39

TWX LY 77

They obtained
backing
and

buying

small

up

order

in

concerns

ability

proven

well

as

that

products

for

a

elec¬

as

fitted

into

first

new

which

California, from
company's name was

The

taken.

Litton

was

of

the

stock

assets

or

of

eight other companies
(at
last
count) have been acquired.Charles
B.

(Tex) Thornton, former as¬
sistant general manager of

Hughes Aircraft, is President and

Trading Markets

Cutter Laboratories
Reeves

Tranter

Ely

Manufacturing

Chairman of Litton.

Vice-President

put
44

for

ler
and

H.

Wurlitzer

Corp.

Company

Hughes.

Staff

W.

Vice-President

Engineer

of

Litton

is

Jamieson, former co-direc¬

tor of

Ultrasonic

in

Roy L. Ash,
Charge of Fi¬

Hughes radar lab.

Litton is

an

important producer

of

magnetrons, the transmitting
tube employed in radar systems.
While it is not the largest manu¬

^TemeaniCompanu
37 Wall St., N. Y.

performance than

shares

ESTABLISHED

1929

Tel. HAnover 2-4850

the

competitors
Litton

alike

product

agree

total

the

would

larger,

gives

strons
makes

For Financial Institutions
FIRM

TRADING

MARKETS

Philippine Oil Development
Lepanto Consol. Mines
Mindanao Mother Lode Mines

Marinduque Iron Mines

Established

1919

Members
New York

1

Security Dealers Ass'n

Exchange Place, Jersey City 2, N. J.
Tel. HEnderson 5-9400
Teletype J CY 783
New York City Telephone
BArclay 7-0045




other

radar

and

in the year

ucts

There

preferred
stock

shares

options

circuitry.
to

came

etched

and

which

printed

through

acquisi¬

tion of other companies and
were
the result of Litton's

some

A

have

that

tremendous

Litton

20,

a

is

believed

to

potential is the

small

digital

com¬

Oil

Co.

the

to begin construction

of

investors with knowledge
of Japanese potential.

(Stand¬

within

1955.

135

days

the

a

of June

plant,

24,

recover

Also, SEC is to
of

Call

$1,000,day capac¬

000 plant (300 tons per

the

after

Yamaichi
Established

which

profit.
deposits

estimated

are

Home

Brokers <fc Investment Bankers

111

Broadway, N.Y. 6 COrtlandt 7-5680

about 1,000,000 tons, but it is
probable that total deposits when
proven
v/ill
amount
to
much
Based

more.

selling

price

BOUGHT—SOLD

conservative

a

on

QUOTED

$28

of

a ton,
it is
profit to SEC,
if one million tons are extracted,
will
be
between
$4,500,000 and
$5,000,000
after
recovering
the

estimated

that

net

Mexico. Second only to the U. S.

in sulphur

L. A. DARLING

Mexico

reserves,

M0REUND & CO.

production and proven

Members

Midwest

in the fore¬

may

be

the

known "dome"
sulphur deposits

further increases in out¬

acquired.

tions
in

stock

will

the

has

not

to

internally at
expects

after

of

If

to

$4

a

Litton

share

now

1958 Litton

taxes

to

ap¬

or

development

on

ex¬

materialize

projects,

it

as

is

envision profits

shares

not

of $2

perhaps two mil¬

within

a

few

very

At least I think the chances

years.

sufficiently good to have

are

as

about $1 a
further heavy

sales

management

rapidly

as

year

million,

despite

penses.

lion

a

net

difficult to

concerns

develop products
rapid rate.

fiscal

proach $1

share,

come

because

past

the

new

But future acquisi¬

the staff

For

as

hesitation in

recommending

ulative

purchase

current

no

spec¬

levels.

of

the

stock

at

1051

possess

ele¬

or

the

in

.

DETROIT

are

Tehuantepec
is

The

isthmus.

traversed

Mexico to

Pacific

by

Members

largest stockholder)

York

New

phur Co. and the acquisition cost
includes the cost of initial explora¬

by

Isthmus

be

to

and

andl

concession,

is

Exchange

exchanges

N.

Cotton

Y.

Chicago

Exchange

YORK

NEW
•

Detroit

Beach

Hollywood,

Fla.

•

Bldg.
Y.

Pittsburgh

Coral

•

•

N.

4,

Beverly

Gables

Hills,

Gal

Switzerland

Amesterdam,

Holland

the

offsetting

sulphur

other

Inc.

Trade

of

New Orleans Cotton

Geneva,

15, 1955.

By virtue of prior test drilling,
within

Exchange

Exchange,

Board

a

"practical" control of Isthmus Sul¬

drilling

Exchange

Cotton

Commodity
Chicago

Exchange

Stock

American

line.

amounts to

Stock

York

New

con¬

rail

1856

H. Hentz & Co.

Gulf of

a

ocean

Establised

This 30% ownership (they are the

both

'

area,

has

cession

1>E

now

Tehuantepec
these

'

Office—Bay City. Mich.

com¬

producing in the
and
one
of
recently become the
world's third biggest producer.
Sulphur Exploration Company
has acquired a
30% interest in
Isthmus Sulphur Co., a company
owning
a
35,000
plus
acres
sulphur-rich
concession
on
the
panies

[

26, MICH.

Woodward 2-3855

world.
Three American-controlled

Exchange
Exchange

Penobscot Building

Crunch

started before Nov.

STEINER

Sulphur Exploration Company

known

to

exist in vast quantities in several

Sulphur
the

States

Stock

Stock

Detroit

Miami

Woolfolk & Sliober, New Orleans 12
Members New Orleans Stock
Exchange

in

United

only

mental

tory

ALLEN M.

1897

Office Tokyo—70 Branches

at

the

some

write

or

Securities Co., Ltd.

each will receive 50% of the gross
Known

offices

to investors with vision—

April, 1955,
requires SEC

agreement

branch

our

have unusual appeal

may

SEC

ard Oil of Indiana) in
and

to

SECURITIES

lease :"rom

acre

Ala.

JAPANESE

Gal¬

surface.

Gas

&

NY 1-1557

Mobile, Ala.
Direct wires

Mexico

ico and

Exploration
opinion of the

Company
writer

sections.

The

concession

com¬

is

among the most attractive growth

pletely surrounds and dwarfs the

investment opportunities available

Texistepec

to

the

public

today.

;

Thumbnail

history:

11^

Com-

menced opertions

in

mid-

1954 with pub¬
lic sale of

300,000 shares
of

common

stock at

Total

$1.00.

author¬

ized

1,000,000
shares; out¬
standing 625,000
Allen

M.

shares, in¬
cluding stock
purchase
op¬

Steiner

Gulf

in

known

elemental

and

in¬
sul¬

phur deposits have been acquired.
(Elemental deposits

taining practically

are

those

pure

con¬

sulphur,

area.

1

cn

believed

Sulphur,

the

mineral,

wonder

Saving*

will be in growing demand in the

to come.

years
are

companies
for

are

and

major

seeking elsewhere
to

reserves

Chemical

Our U. S. deposits

depleting

rapidly

replace

companies

also

them.

desire

assured supplies of sulphur. What
would

oil

an

company

not

give

Over-tlie-Counter

Quotation Services
for 42 Years

for vast proven reserves of crude
oil!

By the

will

leases

Texas

of

proven

to underlie the Isthmus concession.

that

several

a

Three separate domes are

sulphur

time

concession

Sulphur Co.,

tions to certain key officers. Since

terests

product

exercised

own

research.

earth's

HAnover 2-0700

New Orleans, La. Birmingham,

seeable future become first. Mex¬

Some of these products
Litton

common

if

Members New York Stock Exchange

called

-

of

from

would increase outstanding shares
to 1,334,023. There will doubtless

counter-

or

convertible

some

Steiner, Rouse & Co.

cost of the entire investment.

incurred.

still

are

nication and navigation
equipment,
servomechanisms, microwave
components, potentiometers, delay
lines, electronic hardware, termi¬
and

much

double,
except
for
the
company's conservative
accounting practice of writing off
development costs of new prod¬

equipment,
automatic
flight
control
equipment, com¬
puters and controls, instrumenta¬
tion and test
equipment, commu¬

boards

profit

been

have

measure

nal

M. S. WIEN & CO.

magnetrons, kly¬
carcinatrons, Litton

and

This

the

Stanolind

stock

perhaps

higher

In addition to

of

year

share.

per

that

any.

through

exchange

facturer of these tubes, customers
and

increased

been

Preliminary
just ended
at $436,000, or about

profits
cents

used to be chief comptrol¬

nance,

on

company.

write-offs

purchase

Industries

by

estimates for

to

their overall plans.
The

STRADER,TAYLOR & C 9., Inc.

great elec¬

a

obtain scientists and engineers of
tronic

Life Insurance Co. of Va.

do at Hughes—

has

966,000

and

are

electronics

share

per

conversion of bonds and preferred
stock

so

Gulf
miles

30

acquired this 1,500

cost

stock

standing

eastern

patents

ity)

decided to try on their own what

tronics

Bassett Furniture Industries

<30 cents

or

they had helped

Trading Interest In

the

owns

631,000 shares then outstand¬
ing.
Within the last 12 months,

top

similar

a

$75-$ 100

like

seems

target

Litton's

that

is

1958

million—which

possible

thulium, its power

about

beneath

issued

N.

tronic

ponents

present short supply

the

elec¬

of

This

the

on

be attained
however, be¬

Litton

$229,000,

manufac¬

a

Island.

High

"island,"

will

this machine, also.
Earnings for the nine-month
1954 fiscal year amounted to

Calif.,

bearing sul¬
phur compounds). Of these leases
and interests, only the two most
important will be discussed al¬
though others also show promise.

veston, Texas, was formed in ages
past by the upward moyement of
a
huge dome of crystal-clear salt

of the

Bought—Sold—Quoted

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

to those

opposed

as

Volume

not

i«

Members American Stock Exchange

ago.

on

Beverly

M. Steiner, of Woolfolk
Shober, New Orleans, La.
(Page 2).

&

coast

year,

Louisiana Securities

—

produc¬

late this

source.

Cornnanv

into

cf radio-active

In¬

James

months

few

a

Inc.—N.

went

also

production

with
headquarters

turer

*

tion

dustries,
in

many

cause

Litton

Exchange

Teletype NY 1-40

Wires

A

12).

Member

Stock

American

ing

t, around

e

and patent applica¬
basic, on the comput¬
techniques employed.
portable, non-electric X-ray

patents

machine

Mar-

Counter
k

1920

Litton has over

large also.

tions,

close

a

be

at Litton

business is expected

civilian

ture

Alabama &

Allen

one

and does the

space

of

100

recom¬

Industries, Inc.
(Over - the -

Corporation

120 Broadway, New York

great indus¬

a

would

like to
mend

request

leader in

a

of

going to the military but fu¬

is

look

Associate

speculator,

long-range

foot

Industries,

Su'phur Exploration

other computers several
times as large, complex and cost¬
ly. At the moment all production

become

Texas East Transmission

Established,

cubic

about

occupies

computer

Thursday, October 20, 1955

Week's

Douglas, Analyst, Clark, Landstreet & Kirkpatrick, Inc., Nash¬
ville, Tenn. (Page 2).

nor

only

job
To

he,

to

.

Participants and

particular security.

a

intended

not

are

puter which went into production
a
few
months ago.
This

DOUGLAS

who is willing to slake his money
on
a
small company that might

Metal & Thermit

on

for favoring

offer to sell the securities discussed.)

Litton Industries, Inc.

Long-Bell Lumber of Mo.

Prospectus

as an

Analyst: Clark, Landstreet &
Kirkpatrick, Inc., Nashville, Tenn.
Member Midwest Stock Exchange

•

*

they to be regarded,

are

Gulf Interstate Gas
.

reasons

(The articles contained in this forum

.

Their Selections

Litton

Cnattahooga Cas
1J

This

Forum

A continuous forum iq
whirb, |acii week, a different group of experts
in the investment and
advisory field from all sections of the country

American Marietta
Bausch & Lomb

Security I Like Best

.

same

and

token the major

chemical

aggressively

companies

after

go

ample

National Quotation Bureao
Incorporated

present and future supplies. These
basic

needs

should

culminate

Established 1913

in

favorable connections and "deals"

46 Front Street
CHICAGO

Continued

on

page

8

New York 4,
SAN

N. Y.

FRANCISCO

Volume

182

Number 5474

.

.

The Commercial and Financial Chronicle

.

(1623)

What's New In Finance?

INDEX

By DONALD C. SLICHTER*

Vice-President, The Northwestern Mutual

Pointing

Articles and News

Life Insurance Co.

Business in

though there is nothing absolutely new in recent
developments, Mid-West insurance executive recounts
the growth of some new forms of
security issues. Reviews
out

financial

Treasury's long-term refunding policy, and its impact
securities market.

another

Finds the

interesting

in

area

contemporary finance.

What's

C.

Foresees

The

Market

and

through the slow
lution

and

not

of evo¬

process

the

by

dramatic

action Gf sud¬

—G. Keith

the

its

year

has

wit¬

nessed

new

finance

since

thirty

In that

cial

of

we
Donald

L.

a.icnter

be

type of security is
only an old device re¬
arranged a bit to meet present-day
Chinese

Historians

invented

tell

advantage of the

and

paper

has

been

105

Over the
man
has

D., 1850 years ago.
subsequent centuries
taken full

in

paper •

A.

the

us

of

use

busily

en¬

gaged in devising new and imagi¬
native financial arrangements. The

Arabs, Italians, Scotch and Brit¬
have

had

all

hand

a

this

in

progress.

Americans,

.

contribution
no,

no,

so,

down

no

have made a
including the

too,
or

payment

mort¬

sub

sub,

ordinated

-

Consumer

but not

of¬

Treasury
term of

a

over

It

offered

in

note

circulation

privilege.

rate of 3%

to what the

its

but

rate

000,

the issue

of

its

funds

of growth

and its capital

tunnels,
basis

In

revenue

bridges,

for

bond

the
pro¬

etc.

can

issues

to

supply funds for airports, express¬
and other unrelated munici¬

pal facilities.
bond

principle,
the

But municipal

issues

are

are

not

though

even

rev¬

in

new

of

some

for which

purposes

issued

they

are

new.

50

term

years,
to help

used

were

bonds
tion

offered

were

at

The largest volume of financing

in

out

in

distinctly

has

1955

occurred

different

areas,

namely, the United States Treas¬

basis

for

competitive

upon

Continues

available

Counter

Market.

convertible

industrial

companies.

and

issues

a

account of the

sale

securities

J.F.Reilly & Co.,Inc.

oppor¬

exclusively in the Over-the-

The

article

includes

unlisted

the

investment

numerous

traded

banks,

insurance

tabulation

a

Members Salt Lake City Stock Exch.

showing the

companies, public

Spokane Stock Exchange

utility

42

companies and industrial corporations which have paid consecutive
cash

dividends

for

those in the 5

10

171

to

10-year category

to

(Table 1,

years

(Table 11,

22)

page

well

as

DIgby 4-4970

Teletype: NYl-4643

as

Direct wire

51).

page

Broadway, New York 4

to

Salt

a

branch

Lake

office

in

City

Over

10,000 bids were received
and about 1,200 were accepted at

prices
a

averaging

a

about

2.905% yield basis.

joint

102

They

Bank

See It

American States Oil Co.

and

Business

(Editorial)

Insurance
Man's

Cover

Stocks

12

Corpus Christi Refining Co.

FoodFairProperties,Inc.* *
Gulf CoastLeaseholds,Inc.*

Bookshelf

68

Pacif icUraniumMinesCo. *
Coming Events in the Investment Field

14

Soil Builders

on

awarded

were

As We

or

The largest

of New York City

bid.

Regular Features

is of interest.

issue
at

Dealer-Broker

Investment

Recommendations

International Corp.

8

102.25, its highest bid.
The

First

Council

National

Bluffs, Iowa,

awarded

250.

Events

Fisk

of

names

and

Leach

The

bank

in

aly"

California

"America"

decided

From Washington Ahead of the News—Carlisle
Bargeron

11
58

rather than

"It¬

Mutual

57

News

and

Bankers

The

me

May

was

the

to

one

Our

Reporter

Governments

18

Our

Reporter's

on

successful
note

but

*An address by Mr. Slichter before the

"It is still

of

Report

66

Public

Utility

Securities

from

Securities

Now

in

Prospective

a

the

Security

Offerings

The Market

24, 1911:
possible, for consider¬

.

.

.

and

The

Security

Canal

The

State of Trade

Continued

on

page

30

Washington

51

You—By Wallace Streete

I Like

and

Best

2

and Industry

B.

1

Drapers'

Members New York Stock Exchange

Park

Nashville

•




TELETYPE N. Y. 1-5

Chicago

Schenectady

•

Glens Falls

COMPANY, Publishers

Place, New York 7, N.
2-9570

to

London,

second-class

as

DANA

SEIBERT, President

Thursday, October 20, 1955
Every Thursday (general news and ad¬
vertising issue) and every Monday (com¬
plete statistical issue — market quotation
records, corporation news, bank clearings,
city

news,

Worcester
Other

Chicago

HI.

etc.).

135| South La Salle St.,
(Telephone STate 2-0613);

Offices:

3,

C.

Eng¬

matter Febru¬

Y.

Subscription
Possessions,

in

Territories
Union,

Dominion

Canada,

Other

of

Countries,
Other

Bank

and

Note—On
the

rate

of

and

Members
per

$58.00
per

U.

year;
per

S.
of

year.

Record

of

exchange,

Monthly,

the

fluctuations In
remittances for for¬

eign subscriptions and advertisements must
be

made

in

New

York

funds.

BROADWAY, NEW YORK 6
WHitehall 3-3960

Teletype NY
Direct

—

(Foreign postage extra.)

account

39

in

year.

Publications

Quotation

$37.00 per year.

INCORPORATED

States,

$55.00

$62.00

WS V. FRANKEL & CO,

Rates

United

Pan-American

and

E.

& Smith.

ary
25, 1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.

9576

SEIBERT, Editor & Publisher

D.

WILLIAM

state
•

Reentered

Subscriptions
HERBERT

ST., NEW YORK 4, N. Y.
•

Gardens,

c/.o Edwards

68

Copyright 1955 by William B. Dana
Company

CHRONICLE

DANA

REctor

Spencer Trask & Co.

—I

—

Corporation

5

....

You

Reg. U. S. Patent Office *

25

•

Mercury

16

COMMERCIAL and

FINANCIAL

PREFERRED STOCKS

Boston

United

65

1

Corner

Salesman's

Securities

WILLIAM

•

Chicago • Los Angeles

59

land,

Albany

•

52

Registration....

Let

of time, to provide
financing of the Panama
through the Treasury's gen-

111.,

TELEPHONE HAnover 2-4300

Philadelphia

12

Securities

Published Twice Weekly

BROAD

Teletype NY 1-1825 & 1-4844
Direct If ires to

The

25

inc.

40 Exchange PI., N.Y.

the

quite

question.

the

1955.

have specialized in

Mackie,

HA 2-0270

in

circulation

sentence

over-the-counter securities

Commercial and Financial Chron¬
icle of June

for

For many years we

&

4

Railroad

sale

read

Wilfred

Request.

Singer, Bean

14

Observations—A.

able intervals

Chicago,

Banks

a

opportunities.

Convention,

Funds

About

Request.

on

forecast

its destiny.

addition

on

IFe maintain trading markets in more
than 250

the

appropriately

more

*Circular

22

have

disappeared from finance and the

Secretary

brief observation of near-term in¬

Life

Triangle"

**Prospectus

and

have had their impact.

years

faced with

and

having

more
pretentious but less de¬
scriptive name, the Bank of Italy,

financial

areas

Price-Wage-Profit

a

was

different

utility

"British

awarded

10 bonds arid another bank

offered

public

of

Bank

was

Einzig:

Indications of Current Business Activity..

but only received $1,000,000

the

My comments will be

confined to these two

14,

in

to the present-day
selling bills. Purely as
matter of financial history, the

was

of

Oct.

of

names

"The World's Biggest Market

cover page

Flourish" discusses the

to

tunities
•

the

on

similar

problem

ber

American

Gulf Coast Leaseholds

18

TO FLOURISH''
ARTICLE starting

subscrip¬

Treasury

financing and the great

vestment

—15

"WORLD'S BIGGEST MARKET CONTINUES

and:: the
pay for

bid

num¬

ury

by

American States Oil

14

method of

name

carried
two

13

credit

ties have found that

enue

Steers, Jr,______

Corpus Christi Refining

$50,000,-

was

as you

credit' requirements.

ways

Basic Atomics

Industry—Roger M. Kyes__ 10

"Human Relations": A New
Profession—Roger W. Babson

the cost of the Panama Canal. The

of public finance, municipali¬

the

9

Future World Demand for Oil—Albert Nickerson.

cor¬

& Company

and

be

Soil Builders Intl.

—David C. Bevan

How Wall Street Goes to Main Street—Louis Engel

rectly the artificially low rate of
2% carried by previous issues. The
amount

NEW YORK

WHitehall 4-6551

7

Geneva Atomic Highlights—Newton I.

in contrast

was

the

area

ducing

Telephone:
6

Outlook for the Home Appliance

The

Secretary termed

WALL STREET,

48

financing is not $10,000,000 of the bonds at 102.779.
know, 1955 is es¬ The National City Bank of New
tablishing all-time records for both York bid for the entire $50,000,000

new,

09

The Dynamic Future of the Railroad
Industry

the first U. S.

was

single allotment was made to Har¬
vey Fisk & Sons and A. B. Leach

debentures.

Obsolete Securities Dept.
6

McKinley

that did not carry the bank

the

(now abbreviated
to
negative no mortgage) and

gage

Stock Market

Rising Mercury—Ira U. Cobleigh___

^

ours!

are

5

1911, the Secretary
also made finan¬

year,

new

a

conditions.

ish

the

having

history.

coupon

actually

W.

ob-

your

soletes

4

Huber

the

nor

the his¬

years

from time

Market—Anthony Gaubis__

the Treasury

of

to time believe

to

term

years.

presume

what

may

non-callable

the

Government, bond

fact, I
that

bond

a

secu¬

matter

3%

has

1911

fered

rity issues. As
a

Year

rate is unique in

the

or

of

Forty

again in July of

Neither

-

form

concerned, was the offer¬

tory of Treasury finance,

of

area

as

coupon

startling
developments
the

important financial

bonds.

and

in

the

1955,

in February and

suggest

1955

of

are

3

FunstonJ

Treasury Offerings

far as life insur¬
company investment opera¬

ance

Behind the

Institutional Investors and the

ing by the United States Treasury

I do mot, there¬
that

One

Slichter

Outlook for Mortgage Loan Rates in 1956

New

events of

tions

den invention.

fore,

The

developed

the life of riley
Can be yours

Finance?—Donald

Outlook—August

—Gordon

devised

Cover
Cover

once

policyholders' funds.

Capital raising instruments have

,

in

New

Six Common Stock

'

been

Ensley

to Flourish

the

on

continuing large demand for new capital as new industries,
new
products and new services come into existence, and holds
life insurance companies will continue to find outlets for
,

1965—Grover W.

World's Largest Market Continues

corporate convertible issues

new

1956—And

Page

PHILADELPHIA

1-4040
Wires

& 4041
to

DENVER

SALT LAKE CITY

3

4

The Commercial and Financial Chronicle

(1624)

firms

recent

Six Common Stocks

year's income

$5

approximate

may

share

a

as

Observations.

with earnings of only
share reported for 19.54.

compared

Behind the Maiket

$2.77

Earnings for this three months
riod

By ANTHONY GAL BIS

the

Sept.

30,
as

new

cycle, it is particularly important
to limit purchases of equities to
the
stocks of companies which:
(1)

could

defi¬
behind

or

from
term

of

per

level of 7c
above the price maintained by the
primary
producers — including

rather than at

premium for
popularity, as
judged
by
current prices

constructive

(of
bringing
the
price
of
custom
smelted copper back in line with
its normal relationship to the of¬

to

and

ficial price charged

by the larger
mining companies), is helping to

Gaubis

Anthony

of

prospect

provide

re¬

tive

probable

increase in payments

An

would not be surprising.
Earning power of as much as $8
a share is still a distinct probabil¬
next year

re¬

within

ity

ports
indicate
that this year's
earnings are reasonably, certain to

three

certain

when
be in

exceed our esti¬
mate of $3.40 a share, which level
would compare with
income of
only $1.8.6 a year reported for 19,54.
There is a good chance that the

four years,
properties will

or

new

operation.

to

considerable

a

extent

by the acquisition of Westvaco in

quarterly,
since

effect

in

been

(4) Food Machinery: Food Ma¬
chinery is rapidly expanding its
chemical business, which was in¬
creased

Buffalo Electricin 1952. Earn¬

the

and

1948,

the
are

their

expansion program
concentrated in a

ing, and there is no reason to fear

different
type than is now being sold. This
will go a long way towards im¬
proving the long-term prospects

tion of labor-saving, food-process¬

plant
will

chemical

for

continued

a

of

product

a

in

increase

of

loss

be

leadership in the produc¬

Earnings for the
1955 were equal
to only $1.02 per share, as com¬
pared with 92c in the first quar¬

sales

1954.

Income

during the
It would seem to be
question of time before this second three months rose to $1.47
a
regain its former blue
share, as compared with $1.18
chip status, under its present ag¬ during the
corresponding three
months of last year. The full year's
gressive management.
income is expected to equal $4.50
(2) American Seating: At cur¬
With new prod¬
rent prices of about 31, this stock —$4.75 a share.

only

is

selling

for

only

about

ucts

the ma¬
chinery division, and with chemi¬

eight

times the earnings in prospect for
this year.
but

and

that

cal

demand
for

for

schools,
equip¬
further over

would

school

ment, will increase

are

excellent

that

will vote financial aid

be

to

seem

expectancy during

reasonable

a

1956.

Koppers: The earnings

(5)

Congress

re¬

port for the third quarter, which

to munici¬

was

released

on

Wednesday,

con-

(6)

The

Mueller Brass:

recent

ally

assures

substantial

a

upturn

profit margins from this point
The rapidly expanding

alumi¬

fabricating division is help¬

num

keep earnings

ing to

fiscal

current

above

May

$4

at

year

the

of

level

a

It is officially

share.

a

during

banking,

or

other

or

well

Costs

issuing bulle¬

or

services.

other

all

as

They,

investment

visers, are forbidden
compensation based

as

ad¬

receive

to

clients'
capital appreciation, and to act
as
a
principal in security trans¬
actions with their own clients, or
to act

payments

on

disclosure thereof.

for

equal to at least $2
common

stock,

chances

are

earnings
Nov. 1

have been
share on the

copper
a

after

taxes.

excellent

for

the

T

that

earning
three

when

years

be

share is

a

within

prospect

aluminum
will

of $8

power

distinct

two

certain

fabricating

completed.

An
a
or

new

facilities
know of

We

other company with as good a

no

is

and

growth

record

whose

currently

available at
only between six

times

seven

the

minimum

earnings in prospect for the next
12

In

months.

should

stock

due

again

this

course,

sell

for

least 12 times earnings.

(In

parable

that

to

of

in late

1952, when

recall

that

mended

we

term

a

strongly

because

growth

cause

clients

its purchase in

price zone,

com¬

Interchemical

our

of

Interchemical

was

may

recom¬

the 19-22
the

prospects,

The
to

long-

and

be¬

selling at

discount for unpopularity,)

N, Y.

Municipal Women
Municipal

Bond

-

tieing of his compensation
fee without being
to, transactions

portfolio changes,

results, has two vital and
It avoids the
wholly fictitious, if not definitely
harmful, correlation of an agent's
basic

advantages.

remuneration

activity.

season

on

John

S

3%

the

on

the

on

of the average

a

are

ar¬
ar¬

being scientifically

ren¬

dered.

investment

The

has

the

great

counsel

procedural

tage of constructing
expertly

system
advan¬

and keeping
a
complete

arranged

portfolio adapted to the client's
own
specific over-all needs; in¬
stead of merely offering sporadic

disjointed advice about individual
issues, usually coupled with at¬
tempts at timing.
emotional

the

In

and
apart from his expert technical
knowledge, the counsel provides
of

for

useful

most

the

area,

important

vitally
a

advantage

sounding board

harmonization

of

volved client's complex

the

in¬

subjective

problems and decisions.

levy
the

on the in¬
first $2,000,
$10,000 and 3%

above

12%.

number of other in¬

a

vesting functions rendered by the
banks, by way of trust arrange¬
ments outside of the testamentary
a medium for the
placement
funds, there is the increasingly
popular common trust which re¬
quires the placement of a mini¬

mum

amount of

$25,000

$50,000

or

through

which

annually

on capital value.
There
categories of these trust

from sev¬
eral
individuals is
grouped to¬
gether
into a
comingled fund;
the fee, typically, is about 0.3%
two

are

money

differing

funds,

restrictions.

to

as

investment

following

One,

Legal,

Man

the

keeps

oroportion

often

ratio

at

stock
maximum.

common

35%

a

of

the

component securities.

Advantages and Disadvantages
The investing advantages of such
media

trust

include

management

jectivity

impartiality and ob¬
in investing decisions;

and

fixed

experience;
the

fee

un-geared

The

main

is

disadvantage

and over-caution from

a

distorted

view of the fiduciary functioning.
it

But

must

until
ism

has

least

be

admitted

that

individual

the

For

investment counsel is

in

proveh

capital

successful

value-wise,

an

The Published

whom

for

inappropri¬

ample and sharply increas-

a

series

installment

summarizing

lectures

by the author in the course, "Your
Investment
the

New

Problems

School

for

Today"
Social

at
Re¬

search.

Published

Bond

media

for

advisory

DeAn Witter

Guests

^

be

of

•

San Francisco Stock Exchange

added

Exchonge

•

held

as

Again,
nical"

individual

Room

1703,

Chicago Board of Trode

a

CORPORATE BONDS
LOCAL STOCKS

15 Broad

Thomas H. Choate will become
a

■—Private leased

radiotelegraph circuit

to

Honolulu
40

•

PORTLAND

LOS ANGELES
•




HONOLULU

•
•

NEW YORK
AND

•

OTHER

CHICAGO

PACIFIC

•

BOSTON

COAST

•

CITIES

SEATTLE

partner in White, Weld
Wall

& Co.,

Street, New York

City,

members of the New York Stock

Exchange,

on

Nov. 1.

RHODES-HAVERTY BLDG.
WALNUT 0316

as

large number of "tech¬

services for market

and other leading commodity exchanges

SAN FRANCISCO

a num¬

issues.

are

in

The

ing with the overall portfolio
well

White, Weld Partner

los Angeles Stock Exchonge • Midwest Stock Exchange • American Stcvk Exchange
Honolulu Stock

Linen

afford

supervisory services deal¬

St., New York, N. Y., at 5:30 p.m.

^

Member i

Exchonge

S.

invited to the meeting which will

ScCD.
New York Stock

John

at

not

statistical ' organizations

leading

ber

also

service.

STATE AND MUNICIPAL BONDS

Busi¬

ness.

—

if

Services

services

ESTABLISHED 1894fc

.Municipal

up

the resultant Blue Chip-

now

Growth of the

•

the

great window-dressing temptation,

income-wise.

dents in the

DEALERS

to

transactions.

teresting Inci¬

DISTRIBUTORS

the

called

the Discretionary, per¬
mits complete latitude in the range

have in recent years

"In¬

the

Advisory Services

*This is the second

Mr.

of

the mini¬

as

on

next

balance

There

value

(with $300

fee); to
of 6%

come,

charge

The other,

f

topic

be

portfolio
mum

1%

market

service is

are

[

will

monthly

to

up

annual

an

one-half of

of

principal

on

from

in advance without re¬
spect to results, makes it emphati¬
cally clear to the client that the

.

Chase

Bank.

Equally important,
the fixed fee

ate, because of capital below the
minimum
or
otherwise,
there

Manhattan

Linen's

account's

his

ranged

Viceo

vary,

Prudent

Club of
56

with

rangement' of

Women's

New York will begin its
educational program for the 1955-

other

or

to eap'tal or

or

income

the

John Linen to Address

portfolio

the owner;

of

fixed

a

geared

the

some

higher

As

the

will be at least $5 a share,

trust

a

area.

Compensation Basis

Ideal

e

beginning

year

broker without written

a

as

by

other

some

The ultimate decision

in

$500,000,

with¬

estimated that this year's premium

The

BROKERS

each

of

an

review

or

statements,
including
data
re¬
quired for the income tax return.
A. Wilfred

engaging in other activities,
or
unrelated, as broker¬

tins

Linen,

1

the

client,

the

which, for a
small extra
charge, issues detailed monthly

dual

v i

needs

age

President

UNDERWRITERS

i

a

ii

with

continuing
expert officer,

tion,

the

of

basis
i

of

on

funds

this

portfolio is

a

changes is
with physi¬
custody left with the institu¬

cal

related

by

INVESTMENT SERVICE

investment

of

follows

periodic

vested

the

to

as

outset

consultation

committee

Invest¬

Service

supervision, via
with

ad¬

typical

a

There

regarding

out

on.

in

up

con-

premiums paid for this metal
during the past 12 months, virtu¬
in

the

at

client.

ac-

uous

in

Thursday, Oct.
20, with a talk

Complete

gaining

easing of the extreme shortage of
copper and the resultant declines

The

the next few years. The probabili¬
ties

sales

rising sharply, a further
gain in earnings of 10% to 20%

There is little question
the

therefore

being developed in

set

giving of
vice

a

stock will

kind,

authority.

dend

outlook for Mueller Brass is

of

ad¬

as

In

Advisory

the

tin

of recent years,
including year-end extras of 50c
a
share, are quite certain to be
maintained and provide a yield at
current prices of almost 5%.

ily

commercial bank via its trust de¬

through

expanding chemical division is
particularly good. The $2.50 divi¬
payments

of advisory services
Possibly the most eas¬
accessible in this line is the

partment.

counts,

respects, the current position and

ter

and earnings.

1940)

managing

year's levels. The long-term
outlook for the company's rapidly

first

of

Invest¬

ing number

ment

this

ing equipment.
quarter

=====

available.

of

Act

will be at least 15% to 20% above

the equivalent of

which

Counsel

the

from

that

likely to exceed those of the ma¬

major

is

major

income

there is an excellent
earnings during 1956

plants,

40c, and quite possibly to 45c, at
the meeting to be held late this
month.
It is
reported that Air
Reduction is now working on a

grow¬

adviser

Advis¬

ment

cal

stoc-K

latter is also

specialized

an

(under

visers

long-term

The

defined

and
as

counsel.

investment

ers

ings of the chemical division are

ori.

in

increase

substantial

broker

gineering department, as well as
completion of several new chemi¬

Chemical Company

chinery end of the business from

the

than

In view of the previously

reported

scientific

More

a

months

1951, will be increased to at least

now

$3.54

to

and might exceed $6 a share.

or

current dividend of 35c

has

disbursement of less

a

of this year's

50%

income.

ing.

which

a

than

long-term and intermediate hold¬

approximate

an

payments, which pro¬
return of more than 5%,

represents

opinion, are the most obvious pur¬
present time for both

Reduction: Recent

level.

vides

chases at the

Air

to buy
attrac¬
The current $2.40 rate

opportunity

Smelting at

of dividend

following six stocks satisfy
requirements and, in my

(1)

an

American

cording an increase in both earn¬
ings and dividends within the 12
months immediately ahead.

By A. WILFRED MAY

MORE INVESTING AIDS

inquiries being studied by the en¬

development

.

(3)
have a
reasonably good

The

a

Smelting. This super¬
ficial reaction to an inevitable and

earning

these

quotations to

American

demonstrated

power;

on

by custom smelters, who had

raised

a

relation

The

Smelting:

American

equal

was

for the first nine

chance

announcements
reductions in the price of cop¬

are

popularity''

in

a

the next two years
level, of $5 a share

cently sold off

"ex

(2)

point;

reach

January.

more.

(3)

stand¬

selling

in

non-ferrous metal stocks have re¬

leng-

a

purpose

convenes

Earnings for

market

the

which

sion

are

nitely

of building
schools, early in the new ses¬

palities for the

market

the

of

stage

snare

a

.

share in

a

compared with only $2.16

share

a

of 1954.

this

At

61c

seee=

corresponding quarter of 1954.

share,

behind the market, are selling "ex popularity,"
promise an early increase in earnings and dividends.

ings, which are
and

to $1.25

.

pe¬

Income for the nine months ended

for long-term and intermediate hold¬

Mr. Gaubis lists six issues

equal

were

compared with

as

Gaubis & Co., Investment Counselors

Anthony

a

Thursday, October 20, 1955

.

esti¬

management

the full

that

mates

.

.

ATLANTA

1, GEORGIA

LONG DISTANCE 421

timing

Volume

have

182

been

Number 5474

springing

.

.

These,

up.

r

generally are devoted to the dis¬

that crucial trend. They

covery Gf

Steel

The

frbm analyz¬

seek sacred "signals"

measuring
(who

is

State of Trade

market
psychology
doing what?)
through

Auto

and

Industry

etc., etc. On the other hand, some
"buck" that trend, in engaging in
cycle study and formula plans.
be said that

may

Price

Business

Commenting

uniformly

are

it

For

Some curtailment in output was
period

the

in

noted

ended

on

the

maintenance

thing,

one

problems are bound to grow. Blast

There was a slight increase in
claims for unemployment insuras

ance

result of sizeable lay-

a

in the
Scattered

offs for model change-overs

labor

League

disputes

were

textile

construction,

States

United

The

possible danger is

scrap. Mills have been using blast
furnaces to the limit both to im-

reported in
and apparel

industries.

Elects Officers

proach.
Another

prove
production
from
openhearths and to conserve scrap,
This also helps to keep scrap
prices within
reason,
continues
Department this trade magazine.
,

industry.

automobile

Investors

intensified

was

decline, at

slow

a

Holds, in the market outlook,
(1) the extent of decline

pace.

taken

that has

and

(3)

The

not

thing certain about a
sharp market set-back is that it
foreseen
The
of

the

had

it

if

occur

by

been

majority.

great

element

prise,
at a

s u r

13th

Annual

Meeting of

coming

time when the

reached

an

the increase was due primarily to

ping

earlier initial claims totaled

start

changeover

number
year

of

241,400.
the

In

week

ended

Oct.

1, the

of workers drawing

jobless pay dropped by 11,700 to

812,700—the lowest since October
10, 1953. Some 37 states repoi ted
as

Mrs.

Paul

Jackman

E.

Jackson

F.

Eskridge,

Heights,

Herold

J.

York;

New

Cathryne Gentry, Secretary, Invuuuju,
UV-..UJ,
vestors
League; Robert Gilbert,
Investment Counsel, New York,
N. Y.; William Jackman, President,
Investors
League;
Major
General Earl C. Long
(R.), Investor, Menlo Park, Calif.; Mrs.
Jessie R.

Muni, Investment Counsel, Orange, N. J.; Julian S. Myrick, Chairman, American College
Life
Underwriters,
N. Y.; Leo
Niessen,
Real Estate,
Philadelphia, Pa.; Walter W. Ziege, Kentucky State Manager World Insurance Co., Louisville, Ky.
.

Mr. Niessen joins the Board after

serving as Chairman of the
League's
Philadelphia
Chapter
since its inception two years ago.
At

the

Board

of

Directors

Meet-

ing, following the Annual Meeting. The following officers were
elected

for

the

ensuing

President—William

seasonal industries operated in

high gear.

Investor,

there

In the like 1954 wee c,
1,535,000 job se

£ u/tiTal

unemployment pay.

a

this

season

or

year,

late

a

both depending
weather, conceivably could put
next

year,

strain

heavy

on

iron

ore

sup-

plies next spring.
In sudh an
event, scrap would have to fill the
gaP)

^ adds.
themselves

mills

rpjie

up

are

against a steel procurement problem>
They're trying to expand

capacity to handle present and
anticipated demand. But for each
^
tons of new
capacity, about

output reached a new

2g tons are needed to build it. As
tn
^,,1 to time goes on this ratio will irieaslnS
aut0 oulPJ-u aue t crease because of the widespread
*Pode} changeovers, the F
requirements—from ore to finish■Keserve Boara staiea.
fng mills. Some mills are trading
*n its monthly summary of steel with other mills to keep conbusiness conditions, the board said struction projects going, "The
its preliminary unadjusted index Iron Age" reports."
°£ industrial production was 141 %
jn
aut0motive industry the
pi tae 1947-49 average.
lnis gjx_mjUionth new car of 1955 was
topped Augusts record figure by g0|(j
Tuesday of last week as
two Ppmts and was 15 points
United States car manufacabove September a yeai ago.
turers were either producing or
Taking seasonal and trading preparing to produce 1956 model
day differences into account, the automobiles.
board s preliminary adjusted inTuesday pin-pointing of
iso reached a new high ol ^jle six_miixionth United States
141%. This was a point above retail delivery, said "Ward's
Augusts revised index, the pie- Automotive Reports," is based on
y10Ps record, It, surpassed ^epa£Sumption that new car sales
'ember a year ago by 17 points, during the first two weeks in
i

Both these

of

Jackman.

were

drawing state

spite

year:

decreases

unemployment

insured
William

early close of the lake ship-

An

on

total number

s

strong.

lay-offs in a
automobile plants.
A

model

new

highs

came

de-

dip in auto production, one

a

the

past

Vice-President—Paul J. Herold.
Treasurer—Mrs. Jessie R. Muni.

Steel

bulwarks of over-all

output.

Secretary—Cathryne Y. Gentry, small,

consumers,

are

large and

carried

October

September's

on

26,300-unit daily sales pace. The
entire year of 1954 yielded 5,423,000
deliveries,
"Ward's" noted,

market
t h

motion

the

Herold

will

League's

in

be

charge

newly

created

vated

Member Relations Department

further

advancing

as

well.

assembled

the

The

cars.

an

total

industry
104.870
30.7% better
the

as

estimated
was

than the previous week's turnout
First Florida Investors furnaces and rolling mills beyond of 80,271 automobiles,
rated capacities in an
(Special to The Financial Chronicle)
effort to
Aiding the swift production reORLANDO, Fla. — Floyd N. cope with the situation.' Despite bound, said "Ward's," was ChevShaver
has ' become
associated the all-out push for production, rclet's
rapid upsurge into 1956
Steel

with First
21

Florida

recently
y
.

been
been

Mr

At
&

■HouSh.

pushing

inventories generally model assembly, plus substantial
are dropping. Even big companies increases at Pontiac and Cadillac
are having there are time placing as General Motors scheduled 26,a hard
orders and

qh-,vpr

Ri=«n
Beil

with
with

are

consumer

Investors, Inc.,

South Court Street

has

producers

danger signs

ahead, states this trade authority,

800

last

cars

week,

more

than

either

market—in

—psychology tends to

the

direction

veer

toward

During such periods the
basic factors of security evalua¬

excesses.

tion

often

are

ondary
In

relegated to

a

sec¬

consideration.

dated Aug. 2,

discussion,

Market

last

my

1955, I expressed the

view that:

(1) The over-all market, in its

long

advance

September,

from

1953, had moved from an under¬
valued level to a price area which
must be considered above equi¬

(2) On the basis of earnings,
dividends, and market price re¬
lationships, together with mount¬
ing private debt, in' conjunction
with the high level of industrial
activity,
the

to

with the realization
price advances from

market,
further

that

level

would

tend

to

aggra¬

vate the basic condition

of "over¬

increase

commen-

valuation" and

surately the ultimate risk.
(3)

The

that while the air of optimism

prevailing could extend the

upward movement somewhat fur¬
ther, a cautious market policy was
advisable since I envision the de¬
balance

during

sometime

of this year

the

of either (a)

general downward correction in
common
stock prices, or (b) an

a

price adjustments in

market

through

Administration,

its

to

confi¬

dence, with respect to the

highly

As

blow

resultant

a

sensitive stock market,
have

the effects

rapid and the adverse
in market
prices has

been

reflection

substantial.

already been

With in¬

vestment confidence running

stock

future,

been

Buyers

confidently

were

paying

prevailing premium prices for an¬
ticipated higher profits and divi¬
dends expected to eventuate over
the next few years.
The sudden revision of such in¬

vestment and speculative

has

thinking
The

impact.

initial

its

had

measured by the Dow
Averages,
has
from a high of
487 to a present level of 435.
In
attempting to look
beyond the
present cloud of uncertainty, it is
too early to gauge what the basic
effects may be on business and
industry generally. There is still
a full year
between now and the
Presidential election.
Meanwhile,
business leaders will do all they
can
to maintain economic equi¬
as

Industrial

Jones

declined

sharply

By

trial

the

same

token, the

temporarily over-run

at least
themselves.

market

evidence

gives

activity

In

pleased to

announce

that

addition,

moderately restrictive credit poli¬

cies,

(c)

and

supply

increase

through

in money

Federal

Reserve

actions.

Consideration must be given, in

appraising

nearer

term

market

corrections,

many

shares

Substantial
such

as

the

had

which

one

we

are

now

(1)

to

prospects,

the

extent of the decline

substantial

already wit-

Continuecl

wit¬

Ford Motor Co.
construction at a

We

tempo aiming for 47,500
units
the
past
week.
Chrysler
showed marked growth in sched¬

take pleasure in

rapid

JUDSON S. BLAKELY
BURT N.

car

on

page

MR.

EDWARD

has been
as

are

now

associated

with

Studebaker
in

our

Trading

Department.

ftremecmi'Com
Wall

St., New York 5




its

on

Packard

activity

week—its third of 1956

model

1929

IIAnover

2-4850

building.

admitted to our firm
General

Members American

nearly doubled
At

American

Motors, special Rambler assembly

Continued

on

HEANEY

Partner.

Michael J. Heaney

production on Monday last.

past

J.

feeder

big start

the

porvu

37

primed

lines last week for a
1956

ESTABLISHED

a

put since early May.

us

announcing that
I

uling, too, as Plymouth attempted
to turn out its largest weekly out¬

RUBIN

page

66

of

requiring stimulation. Among the
strings to this government bow,
among others, are (a) tax reduc¬
tion next year; (b) reversal of the

double the preceding week's out¬

continued
are

high

prices had
capitalizing
earnings
and
dividends as a relatively high rate.
the

for

put.

We

ac¬

policies, been restored.

and

tions

irregular consolidating movement,
characterized
by
cross-currents
and

has prob¬

Administration will aid if indus¬

therefore,

conclusion,

occurrence

librium.

I had stated that it is
recognize the position of

that

that this

growing realization

market,

librium.

well

the sym¬

on

givings
concerning
the
longer
range outlook for the business and
investment confidence which the

as

During

buying.

emotional phases of

more

stock

was

week

De¬

generated

had

prices

velopment

warehouses

F. N. Shaver Now With

last

overs

aggra¬

just

selling

aggressive

more

Buick, lOldsmobile
steel t.hey need Irom the mills' and Studebaker remained the only
according to "The Iron Age," na- companies idled by model changetional
metalworking weekly, this
This pressure extends to

then

usually

clining stock prices in themselves
stimulate

upon

ably removed him from the allimportant 1956 Presidential race.
Such a prospect has raised mis¬

August Hubet

by ebbing confidence.

then

over

the

in

are

burst

incredible shock.

an

impact

an

as

unfortunate

forces
set

u s

as

Eisen¬

President
attack

heart

pathies of those who admired him
as a man and President, and then

The

week.

Paul
of

First,

excesses.

case,

the nation

underlying

while sales in 1953 totaled 5,771,-

exerting pressure all 000.
G°dntry to obtain the
Meantime,

hower's

culative

p e

policies.

are

this

In

of Labor reported an increase

news.

usually touched off
by . some
sudden, unpredictable
development. The severity of the
ensuing market reaction depends
largely on the extent of the pre¬
ceding advance and the degree of
vulnerability which may have de¬
veloped from economic and in¬
nessing,

ternal market

had

market

year-end dividend

encouraging

one

would

place, (2) favorable last half-year earnings,

prospective

in
Scrap historically becomes area of vul¬
members of the Investors League, first claims for unemployment in- harder
to get in cold weather.
nerability, inInc., held Oct. 18, the following surance benefits.
Collection machinery slows up.
directors were elected:
Idle workers' initial claims for Transport
becomes a
problem. variably
brings in i t s
jobless pay rose by 23,400 to 193,- Scrap exports also are worrisome.
wake a rapid
600 during the week ended Oct.
The Commerce Department scrap
revision of in¬
8.
According to the department's export restrictions are relatively
vestment
and
Bureau of Employment Security, mild,
and
foreign demand
is
At the

by the element of surprise,

a

consideration should be given to:

the field of facts, particularly data

although popularly sought after,
necessarily are likely to be less
happy.

finds

time of ebbing confidence and price over-valuation.
Foresees interim market rallies but a further extension of

in

excellent

the current decline in the stock market, Mr.

on

Huber

Failures

Wednesday of last week in several furnaces, open hearths, and other
industries, but over-all production facilities are groaning under the
involving statistics. But the area of was noticeably above the level of strain
and
the
problem
will
forecasting entails results which the similar week a year ago.
worsen as the winter months apthey

Exchange

Members: N. Y. Stock Exchange and American Stock

Index

Production

coming at

appraising the job done by
services, it

Manager, Stock Depart., Spencer Trask & Co., New York City

Trade

Commodity Price Index
Food

tools, as the odd-lotters
transactions, volume pressure, etc.,

In

By AUGUST RUBER

Carloadings
Retail

various

these

The Maiket Outlook

Production

Electric Output

the character of the market;

ing

5

(1625)

The Commercial and Financial Chronicle

.

120

Broadway

& Co.

Stock Exchange

New York 5, N. Y.
Michael
Paul

J.

Ileaney

Sheridan

8

€

(1626)

The Commercial and Financial Chronicle

I

these

Institutional Investors

increasing role played by institu¬

value

market, New York Stock Exchange

perhaps

study of institutional buying, and forecasts in

value

economy,

the

•

institutional

of

Holds

double in next decade.

our

will

stockholdings

institutional investment, and new

techniques

almost

are

tional

o'clock

5

tions

of

this

the

afternoon

small financial institu¬

and

great

this

pected to

country

be

can

ex¬

connection

Connecticut

with

Life

General

the

Insur¬

millions

ownership o f
American

stocks

d d i ti

a

13, and,

pected

ex¬

ple

do

to

again on
Monday, and on
day of the year.
I would

from

Keith

of

walk

every

every

Funston

business

every

economic
of

economic

strata

have

life and

who,

by

stock

in¬

indirect

become

Implicit in the rise of financial

stitutions themselves. In the space

day,

relatively few

a

tional

investors

of

one

the

in

ences

likely
role

our

to

in

powerful

the

an

as

influ¬

They

economy.

play

decisive

institu¬

years

have emerged

most

are

larger

even

future, and perhaps
in

one

shaping

a

institutions is the fact that

that in

element

in

whether

believe for
can,

will,

ever

such

assume

The

stock

living

the

the

well

as

should
role.

that

exists

industry,
securities

of

relative

a

to

and
busi¬

institutions.

as

question

institutions

is, after all,

public,
of

don't

extensive

instrument

members

I

indeed

or

an

maiket

the

serve

ness

market.

moment

a

And

market

importance is something like the
question

negie

asked

of

Andrew

Car¬

whether he considered

as to

labor, capital

brains

or

the

most

important factor in industry.

sive

surance

savings

into

as

ship.

This

lars

has

face

to

that

has

brought
a

to

the market needs and

equally well its
investors.
It
is
from

real

lier

this

want

serve

many

types

the

press,

know

a

good

deal

more

And

opportu¬

nity to present
change's views

some
on

of

the

Ex¬

subject.

Balance of Economic Power
Shifted
All
an

of

us

here

have, I believe,
responsibility, of

enormous

which

we

are

well aware, for in¬

fluencing the country's economic
well-being.
of

In the particular

institutional

ever,

this responsibility

what unique—and it is

appreciate

in

view

of

is

one

case

how¬

managers,

some¬

I

my

well
own

in

*An

address

by Mr. Funston at the
f-Oth
Annual
Meeting of the American
Life
Convention, Chicago, III., Oct. 14.
*«55.




to

problem
in¬

and

lion

a

The

sharp

this

markets,

of

vestors.

you

I

would

of the

and

heavily in
thereby ' the

of

decade,

the

be

seen

in

like

to

report

what

is

institutions

—

life,

our

fire

casualty insurance companies,

pension funds, charitable and ed¬

and

investment

amounted

to

$85

Now, these net
at

pur¬

annual

an

over

the

near

United

riety

the

yourselves

who are charged
making daily investment de¬
We have

become

used

so

to

talking in millions and billions
that the figures themselves have
an
air of unreality about them.
But

in

about

this

case, we are talking
dollars — single dollars, if

will, invested by millions of
people. And as these dollars are

you

Tunneled

into

after

day,

them

into

swell

to

stagger
The

and

as

total

a

number
it

figure

is

great

so

down

I

to

at

during

day, and on
figures, U.
S.
net purchases of

the

start

the average
the basis of
institutions
common and

preferred stock of about $6 million.
I

all

of

have

wrestled

with

problems

in¬

volving the collective purchase of
additional
$2.2
million
in
equities of the country's industrial
enterprises.
And
these
figures
an

know

how

an economy

part of the

a

It

economy.

prosperity

reflects

depression

or

the

of

the

overall
economy,
and of course
contributes its own share to that

prosperity
Just

as

market

is

depression.

or

supplied

in the housing
closely to activity

tied

market

what

in

the

mortgage loan
a
reflection of

is partly
happening in the

is

ment securities

govern¬

market, in the

cor¬

porate bond market, and in all the
of

and capital markets

money

the

country.
There is really
one tremendous market for

in the United States, and
borrowing and lending is tied
into
and
affected
by the per¬
of

net purchases.
In
investing new money,

savings

banks,

companies
billion.

Now,

constantly

are

re¬

days when institutions will
be sellers of equities on balance.
many

of

Institutional

Will

this

overall

market.

is

true,

cf

Almost

we

study the next decade,
course, our projections assume

that

there

will

be

an

increase

population, production, the
ber

of

shares

and

in

num¬

shareholders.

But, in order to develop our esti¬
mates
conservatively, we have not
assumed
any
change
in
stock
prices beyond the levels of 1954.
We learned
no

long

ago that there

profit
President

to

prophet

to the future

the

as

a

market.

course,

Stock

attempting

be

a

course

of

recognize,
of
historically
stock

values do aopreciate

as

the

econ¬

omy expands.

ing

to

figures,

Since 1929, accord¬
Department of Commerce

the

real

growth

Continued

of

winch tve loans

Some

page

lenders

these

of

one

the

loans,

are

area

made, and

operate

in

sub-markets.

only
Some

savings and loan associations, for

instance,

are

geographic
make

limited by law in the

area

leans.

in which they

These

the

38

can

the

sub-markets

the

sub-markets

the

same

interest rates

into

one

and

even

sub-market,

all

nevertheless tied

are

to each other by the
possibility of
a flow of funds from
one market
to

another.

Now, while interest rates gen¬
erally move in the same direction,
some

are

sensitive and flex¬

more

ible

than

most

sensitive

States

from

others.
the

is

which

in

the

zero

the

United

Funds

rate,
violently

fluctuates

to

Reserve
in

Probably

rate

Federal

often

close

Next

to the Fed¬

up

Bank1 discount

line

rate.

of

sensitivity comes
the Treasury bill rate.
And after
that

the

rates

securities.

all

on

Still

government

less

sensitive, but
nevertheless
quite flexible, are
the rates on bankers
acceptances,
corporate bonds, and commercial

paper.

As

the

begin to

we

these

sensitive

sticky,
rate

the

mortgage

from

move away

rates,

come

to

end

we

of

slow-moving

.

the

spectrum.

Here

we

find

loan rate,

the pub¬
commercial bank

lished

prime
and, finally, perhaps stickiest
all, the consumer loan rate.

rate,

When

overall

an

interest

rates

ment

of

in

is

the

end

The

funds,

Treasury

slowly

will

ceptance,

other

will

per¬

uoward. More

move

follow

bankers

ac¬

bond,

and

corporate

commercial

spec¬

Federal

and

securities

haps begin to

reflected

on

bills

move¬

the

of

yields

Government

the

first

course

sensitive

in

movement

begins,

trum.

rates.

paper

If

the

movement continues

long enough,
changes will finally occur in mort¬
gage loan rates, and
the prime
commercial
very

the

bank
rate.
Only a
long and wide movement in

rest

of the

change in

a

associations

Now

therefore operate in a very narrow

many

of

market

consumer

will

there

course

in

movements

cause

loan rates.
be

can

the

flexible

sub-market which is not only lim¬

rates

ited

at all in the sticky rates.
We fre¬
quently have Government securi¬

to

which

the

the

geographic

association

but is also limited to
of

one

is

area

in

situated,

broad

type

loans, that is, to mortgage loans.

Apart from investment in govern¬
ment

have

securities, these associations
no

alternative

their funds beyond

outlet

for

*An
2nd

address

by Dr. McKinley at the
Mortgage Lend:ng Confer¬
Jersey Bankers Asso¬
Princeton, N. J., Oct. 7, 1955.

Annual
of

ciation,

the

ties

which

moving

are

rates.

This

is

never

reflected

and down with

up

apparent effect

on

no

mortgage loan

because

the

move¬

ment is not continued

long enough
and is not drastic enough to work
its way into the sticky part of the
spectrum.

the local mort¬

gage market.

ence

on

cf

according to the geographic

We

that

size

is

Exchange
to

the

a host of legal, tra¬
ditional, and other differences.

Measured against present activ¬
does the future hold?

of

to

according to

in

ity, what
When

cording
in

Double

tween

that this

course,

sub-markets, which have
important
and
unique
charac¬

Stockhold¬

Next 10 Years

all

within

of

It

of these

It is this

single money and capital market.
Although interest rates differ be¬

money

all

formance

one

response to yield,
risk, and cost differentials, which

ties

eral

activity

in other parts of the
economy, so
the volume of funds demanded or

only

country

to

its own—it is

overall

institutions

the

important

housing market is not

other

across

and

over

much money people have to spend
on
homes.
In
other
words, the

intrigued by the thought
that this is equivalent to $750,000
every working hour.
During our
three-hour meeting this morning,
am

out

although

is

residential construction, it is

the

at

that

It

family
extremely important
in estimating the volume of new
equally

can

sub-markets in
Gordon W. McKinley

pointed

again

formation

have

we

arrive

mentioned

talk:

my

make

they
enough to

big

business
1954

translate

you

shareownership,

anyone but an astronomer.

broken

of

institutions day

our

been

their funds from

va¬

and

fluidity of funds, moving between

States

is

over

wide

a

sub-markets,

sub-markets to another.

the

is importantly
affected
by
what

imply that these

invest in

can

of

move

mar¬

in

to

mean

institutions

ertheless

As all of you

ket

do not

are
not strictly
They are. But within
the limits imposed by law,
by reg¬
ulation, and by custom, they nev¬

future?

know,
housing

companies, for example, have

of possible outlets
their loanable funds. By this,

regulated.

expected

e

has

a

Exchange study,

mention

groups,

cf

I

like

as

securities

Ten years ago, the assets of

ucational

b

narrowly limited.

wide variety

latter

hap¬
pening to business in general.

ings

what the future holds.

and

much

a

people to
grasp what this last figure means
to our economy and to the men

in¬

our

perhaps more important: the in¬
sight the study provides as to

financial

as

Money Market

lending institutions, how¬

ever, are not so

for

strength¬
ening as can

were

purchases

It is difficult for most

Value

preliminary results to

then

enced

of

The

a

experi¬

adjusting their portfolios as con¬ teristics. The sub-markets differ
ditions warrant, switching in and from each other
according to the
cut
of
common
and
preferred term of loans, according to the
stocks. There may, of course, be
security offered for the loans, ac¬

beginning of this year —
knowledge of institutional in¬

some

ready

year.

Most

ance

perhaps al¬

we

:

fairly tight

Commercial banks and life insur¬

have

or

institutions

pur¬

the

our

in¬

1956,

overall capital market is made up

nearing
completion.
This
study brings up to date—as

new

higher

investment

last

best

can

New YTork Stock

institutions
net

into

move

of many

E.

the

to

to

stocks

affects

likely

immediate

no

a

Fluidity of Funds in Segments of

loan

have

growth

in

growth

rates

mortgage

are

only

Study Shows
Position of Institutions
Today

stitutions

Specifically,

concern

of American business.

S.

today about the
mortgage
loan rates.

term

running

are

of

talk

addition

people, by the tens of
have
become
indirect

N. Y.

of

of $1.5 billion.

rate

future

to

cf

result

a

set of sta¬

rate of about $250 mil¬

a

year.

chases

burden

to

dimensions

annual

stocks at

like
more

activity.

Ten years ago,

want

or

common

find

and

years

New

now

this

or
As

institutions

millions,

from

about institutional investors.
I am delighted at this

old

these funds to be

common

American

of

growing
that people

institutions

urgency

are

pressure

owners

and

year

in

to

must

dol¬

estate, government securities,

this

clear, though,
Fulbright hearings ear¬

the

notices

can

owner¬

of

work,

recent

I

in¬

should not be allowed to lie idle.
It must be invested—whether in

legged

Certainly

into

stock

an

bonds,

considerable safety

a

productively and
with reasonable safety,
day after
day, without let-up? The money

chased

vein.

new

tensity: how
put

as

impres¬

flood
our

face with

outlets,

same

direct

literal

stock.

stool?"

have,
an

banks, investment com¬
and other institutions, as

panies
well

is
ap¬

companies, pension funds,

preferred

by replying, "Which is
leg of a three-

With

they
pouring

quantity of dollars

the most important

reply in the

And

been

problem

academic

long-term

or

corporate

rendered

tomorrow

goal

Mr.

Carnegie

the

his

income,

preciation.

asked

the

arsenal of investment

our

result,

been

to¬

techniques the average man can
put
today's
dollar
to
work

recently if
institutions are not, in fact, be¬
coming the most important single

economic patterns.

have

en¬

but concurrently they are
also planning for the good life to¬
morrow.
They have discovered

safety,

I

pros¬

people are not only
the best possible life

perous

future

U. S.

a

the

on

making

with

of American business.

joying

of

shed

be

in¬

is, by all odds, the most
set of figures that can

stitutional

cisions.

like to speak with you

this

of

institutional

vestments,
owners

astonisning figure—
and what it implies for the coun¬
try, the stock market and the in¬

«

amount

virtue

G.

so

about

It

dramatic

And

authority and muscle. Institutions
today represent millions of peo¬

they

be

can

unwelcome

the

on

to

given you an incredible though
perhaps unanticipated and even

Oct.

average,

tistics.

the

of

institutional

of

market next

money
I

ground curing

much

for

holdings, 1 would
you. with just one

second,
savings have been institution¬
alized,
your
rapid
growth
has

1

o n a

money on

in the U. S.

power

shares.

our

value

as

much

shares

represent

Says 1956 will be

straint cn bank credit
expansion. Looks for
easing of mortgage loan rates, and predicts

pre¬

our

responsible

and

come

on

creased

the real balance of economic

hold

proximately
this

middle-income

of

working people who have

business. They
invested ap¬

and

rates.

record business year, and the demand for
capital funds will
continue to grow.
Forecasts continued Federal Reserve re¬
a

institu¬

Since rising markets have been

all,

the

segments of the money market, and the influence of business

fluctuations in the trend of interest

find that about

we

common

Company of America

McKinley, after describing the factors determining mort¬
gage loan rates, discusses the fluidity of funds in the various

of

value of all

former

ditional $6
in

behind

Prudential Insurance

Dr.

figures,

ropolitan Life Insurance Company

ance

ad¬

their

ferred

million

pur¬

an

shares

These

Exchange, and, in
fact, amount to some 14% of the

and

The

—

resulted

present association with the Met¬

Company. You are, first of
trustees of other people's
money—in this case the funds of

chase

look

we

of

listed

and

marketable

holdings,

75%

offset long-range institutional purchases.

needed to

total

When

equity financing and wider ownership of corporations is

Between 9 o'clock this morning

holdings

it—has

of

By GORDON W. McKINLEY*
Director of Economic Research

of 1954 held stocks worth $37 bil¬
lion.

being devel¬
oped by the N. Y. S. E. to meet institutional needs. Holds

more

Outlook for Mortgage
Loan Rates in 1956

and. others I shall refer to, do not
include personal trusts adminis¬
tered by banks, which at the <end

upward

problems will be created by

new

institutional

50%

American business.

types of investors.

many

of

Thursday, October 20, 1955

.

bil¬

rising markets. Institutional
holdings represent about 12% of

Says market must serve
Recounts N. Y. S. E.

single element in the market.

equally its

$175

year.

from

President holds it cannot and will not become the most impor¬
tant

a

institutions held
approximately $11 billion in com¬
mon
and preferred stock.
As of
early this year, their equity hold¬
ings were worth $32 billion.
Of
course,
much
of the
increased

President, New York Stock Exchange
an

to

growing at the

are

Ten years ago,

And the Stock Market

tional investors in the stock

amount

of $10 billion

rate

By G. KEITH FUNSTON*

Though acknowledging

assets

lion, and they

.

.

movement

be

sure

moving

But if the flexible rate
is

persistent,

we

can

that eventually the slow-

rates

will

follow

suit.

This sequence in the movement

New

Continued

on

page

42

.Volume 182

Number 5474

.

.

.

The Commercial and Financial Chronicle

(1627)

counter

Rising Mercury

prise

tering
Mine,

)

Enterprise Economist
A current
appraisal of this ancient metal—its

Mercury

action.

is

a

mysterious

and

magic metal.

It stays liquid from
degrees below zero (Fahren¬
heit) to 675 degrees above; and
you could take

batn

a

in

without

it

get¬

ting wet.

It's

heavier

than

lead; yet fluid
flood. It's

as

a

a

real

timer

-

-

old

among

For

example, in 1950 flasks of
mercury sold at $80. That was be¬
low ^production
costs, so many
mines

closed.

were

ent

open

and

a

market

there's

made

with

there's been

back

get

production.

attraction, but stems from the be¬
lief

that

the many

applications of

tle, around 330

a

B.

mining

C.

it

dubbed

"liquid

ver"

sil¬

and, with

due allowance
for translation
Cobleigh

from

called

since.
The
in

quick

Its

first

use

it's

silver

widely

ever

useful

too.

think

you

thermometers, clinical

romantic

of

and

is

me¬

of

There'll

rooms.

shiny-

new

and

uses

mercury

vista

open

up

long-term

profitability.
Mercury in the

new

There's

show

auto

also

be

lot

a

of

flasks

in

mercury

a

shortly!

the

Greek,
been

new

The largest American producer
the mine at New Idria, Calif.,

is

owned and operated

Mining
This

mine

and

by New Idria
Chemical Company.

and

still

is

100

over

old

years

60%

some

undeveloped.
months ended June 30,

teorological. When the "doc" takes
your blood pressure, and says it's

In

140/100, the figures relate to mil¬

flasks.

than

more

now

new

twice

and

these

they

is

be applied to

now

mines

more

profitable

than

proven

and

before.

were

ever

mand

there

The

de¬

for

search

con¬

additional

Wonder*metals
such

of

bodies.

ore

the

who

have been avidly sponsoring
directing activation of pro¬
ducing mines, are not wasting
their time. Mercury is rising not
only in barometers, but in price,
production, profitability and pub¬
and

lic interest.

Meyer Mgr. in Chicago

moment

titanium, thorium, seleni¬

as

um, and germanium may prove to
be but vanishing, comets, in the

mineral

production.

Further, United Mer¬

tested

has

CHICAGO,

111.—Salomon
members New

of

Corp.

cury
■

ore deposits throughout
world; suggests that bankers,
mining engineers and economists

the

and

price is
attractive, not only for present
mining, but conducive to eager

to the ton.

kiln

can

productive

test assays run¬

mercury

efficient

make

is of good commer¬

ore

cinnabar

(800

acres)

uranium

in

in

Nebraska.

acres

For

County,
of oil leases

those

informed

speculators,
mindful
of
mining
risks, the long run profit possi¬
bilities
well be

of

United

marts,
while
centuries of

mercury

time

(23

our total
existing needs. (Foreign
producers have to pay a tariff of
$19 per flask.) With the growing
variety and insistence of commer¬

Mercury might

explored.

One point to stress, for all those
seeking a mercurial rise in market
wealth, is that in this metal, the

cial

"wildcatting" is pretty well elimi¬

volatile fluid, it doesn't require an

nated.

Einstein to

Instead

of

exploring

demand,
strategic

and

ernment

and

hoping (basic ingredients of most

cury

mining

mand

the

companies),

properties

in

we've

most

Hutzler,

Stock

Julian

Exchange,'
L.

Meyer

announce

has

been

of

mentioned

added to
needs of

for

this

vital
gov¬

versatile

predict booming

mines.

This

factor,

relative

the
our

(and
mer¬

powerful

coupled

de¬

with

the

Joins Lincoln McRae

of

electric

There

mercury.

switches,

are

mer¬

lamps. It is used, in a frozen
state, for making mould patterns
(Mercasting).
Mercury might
cury

day

some

your

replace

radiator;

car

vapor

steam

in

be

can

plants.
To

water

and

in

thing

new

know

uses

been

what

Lincoln E. McRae, 449

Now

Main St.

Henry, Seay & Black

DALLAS, Tex.—The firm name
of Henry, Seay & Company, Kirby
Building; has " been changed to

but

We

we

do

tegic stockpile purchase list of the
There is lively

that

mercury may be
guided missiles; that mer¬
be used as a me¬

cury vapor may

dium in heat exchangers in atomic
units.

guessing.
cret

and

been

But

this

Government

is

pure

is

use

classified, and such

plications

as

the

foregoing

repeatedly

and

se¬

ap¬

have

officially

denied.

We

do know, however, that the
General Services Administration

has,

since

July 6, 1954, had an
order to purchase 100,000 flasks of
'mercury (U. S. produced) and
75,000 Mexican at $225 a flask,
good until Dec. 31, 1957.
The
government
hasn't,
apparently,
had

much

luck

filling this order-

since the open market price range
since December of last year has
been

between

this

curiously

$254

and

sized,

$325

76

for

pound

flask.

The demand today is brisk
there is strong suspicion that
much of the recent floating supply
and

of

the

metal

in

Europe, has dis¬

appeared behind the Iron Curtain.
At all events, the present demand
for this magic liquid is such that

experts in metal mining are now
combing North America for cin¬
nabar, the gaudy red ore that
produces mercury. This is logical,
since

if

metal,

mercury

should

we

is

a

not

Europe to supply

us

strategic

depend on
(as she has

been

doing) with some 70% of
needs. We should get the stuff
here.
our

of

of

the

largest

pro¬

has been the
(government
owned)
mine in Spain. This has been
go¬
ing strong for 2,000 years.
The
mercury

Almaden

Romans,

the

Moors all took

Visigoths
a

crack

and

the

at

mining
it, and altogether this mine alone
has probably delivered over
7,000,000 flasks, down through the
centuries.
duction

Other
comes

Its highest recent

pro¬

51,800 flasks in 1951.
major foreign production
was

from

Italy, Jugoslavia

and

Mexico.

Our

large

scale

Henry, Seay & Black.

4,121

is

also

and

of

$129,331.

an

offer of these Securities for sale. The offer is made only by the Prospectus.
——NEW

ISSUE

New

producer of tung¬

a

uranium.

Its

common

American

on

This is not

government interest)

The

Stock

is

Ex¬

Sonoma

duction,

production has flagged
until quite recently due to
price.




Mine

Buckman

pro¬

Laboratories

Inc. is turning out over 100 flasks
month.

Kennametal

Inc.

is

bringing back into production

an

a

old

in Central

mine

Abbott

mine,

duction

in

Oregon.

which

California

The

began pro¬
in 1860, is

being developed by Califor¬
Quicksilver Mines Inc. There's

now

nia

INDUSTRIE S

also the

Cordero mine, an impor¬
producer, owned by Sun Oil

tant

Co.

This

mine

is

in

Coijintv, Oregon, and
improbable

Jefferson

goes by

the

of Horse Heaven.

name

$30,000,000

U. S. Mercury Corporation, a sub¬

sidiary of Shawano Development
Corp., has a promising subsidiary,
U.
S. Mercury
Corp., with "ore
property in Oregon and Nevada.
The

Black

Butte

Mine,

producer in Oregon, will
shortly be reopened, and onerated
by Mercury & Chemical Corp.

Alaska,
in

its

too,

vast

riches';

includes

storehouse

There's

through October 1,1965 unless called jor previous redemption

of

mineral

Price

100% and accrued interest

gold

AX'

Copies of (he Prospectus

may

be obtained in

quite rich

exist

$50

underwriters, including the undersigned,

been

as may

Kidder, Peabody & Co.

believed

properties, and

have

Stale in which

lawfully offer these securities in such Stale.

claims thrown

ore are

these

on

ton

per

any

this announcement is circulated from only such of the

Several hundred thousands of

tons of
to

and

Convertible

an

cinnabar, since 1942, and has, in
addition, the Willis claim at Sleetmute (Alaska), and nine claims at
DeCoursey Mountain; plus a few
in.

Due October 1,1975

mercury

interesting
company, DeCoursey-Brewis Min¬
erals, Ltd. This outfit has opened
up the Red Devil group of mining
claims, intermittent producers of

uranium

4.25% Subordinated Debentures

second

largest

estimated

operating costs. A pilot plant
for treating 40 tons a day is near-

Fclger, Nolan-W. B. Ilibbs & Co., Inc.

Blyth & Co., Inc.

as

ing completion.
a

contract

Seattle
For

there's
at

the

around

buy

at

then

$1

at

The

at

the

*

$1,

1,500 flasks

on Aug. 1,
speculators here

the

till

has

$255

common

$1.50

company

deliver

to

1956.

Dec.

till

stock

selling
warrants
(to
31,

Dec.

sell at 40c and there's

a

1956

31,

warrants.

thus

sporting

Eastman, Dillon & Co.

Company

Incorporated

Glore, Forgan & Co.

i

Goldman, Sachs & Co.

Harriman Ripley & Co.

<;

Incorporated

Lazard Freres & Co.

Hemphill, Noyes & Co.

Lehman Brothers

Merrill Lyndi, Pierce, Fenncr & Beane

Smith, Barney & Co.

$1,000 6%

Mercury speculators

a'forded

highly

R. S. Dickson &

and

1957)

debenture, selling at 124 carrying
on its back
1,000 of the aforesaid

Stone & Webster Securities

Corporation

Union Securities Corporation

are

interesting, albeit
choices in secu¬

White, Weld & Co.

rities.
An

attractive

deserving
mercury

own

Quicksilver

Guerneville, Calif., is in

near

F.O.B.

Traditionally,
ducer

of

(further

contract

amount

listed

some¬

added.

it is

U. S. Government.

reactor

subsidy

the

in

sten

know that mercury is on the stra¬

used in

produced

scarcity

shares

of

minded

of

poration

American

exploration

United
now

is

found

entry
by

the

in

the

Mercury Cor¬
selling over the

.

ROCKLAND, Maine—Nathan C.

change and currently selling at 3.

has

conjecture

Idria

Minerals Exploration Adminis¬

tration

evidence

Idria

of

generating

these known

don't

&

mercury

<

.

New

ap¬

Fuller has become associated with

leading
to
here, is pro¬
ceeding, encouraged by a Defense

place

in

used

electric

all

the

1955,

12

that

(Special to The Financial Chronicle)

production

limeters
mercury

the

Bros.
York

them) is going stronger than pointed manager of the -firm's
ever.
Presently, the United States Chicago office, 231 South La Salle
produces but 20,000 flasks of mer¬ Street. Mr. Meyer has been with
cury a year—a mere fraction of the organization for many years.

acreage

Grand

Colo., and 14,000

by

&

Exploration,

greater

The

be

operations

esti¬

stantial and profitable quicksilver

is

not only because o& present price

quicksil¬

managed mine ready to enter sub¬

so

This

on

orebody

management and mining
methods, modern kilns and con¬
densers, and adequate money for

manage¬

concentrate

known

a

Modern

densing plant, recently completed,
have a capacity up to 125 tons of
ore per day.
Here, then, is a well

wholesale scurry to

a

in

the

ning 5 lbs. of

be

producer,

good

a

to

money

cen¬

Mercury
Mountain, Ne¬

caused

to

above, there is

which has waited only for a
prof¬ the
itable price, to be worked anew.

McCoy

Battle

The

price of $280
floor price of

real

enter¬

uranium

a

discoveries

cial quality with

With the pres-

government

$225,

the

This

as

Reserves,
originally
at 900,000
tons, are

believed

metals. Aristo¬

U.

to

mated

that.

38

Ira

have

in

ver.

its present and prospective producers; and its mercurial
market

near

ment

old and

uses,

1%.

out

company, but its

vada,

By IRA U. COBLEIGII

new,

around

started

7

OCTOBER 20,

1955

The Commercial and Financial Chronicle
8

..

Thursday, October 20, 1955

.

(1628)
dend

Payers."

the

In

issue of "Gleanings" there

current

Continued,

from

5

page

analyses of Public Utility Stocks and the Aircraft Man¬

are

ufacturers.

Dealer-Broker Investment

♦

»

Also available are

Street, New York 5, N. Y.

Recommendations & Literature
mentioned will be pleased
interested parties the following literature:

send

to

Fuel

Injector

American

Resources—Booklet

describing resources of area served

Power & Light Co., P. O.
899, Salt Lake City 10, Utah.

by the company—Dept. M, Utah

Energy Review—New

Atomic

booklet—Harris, Upham & Co.,

Analysis

Securities

Clayton

—

Company—Analysis—A. C. Allyn & Co., 122
Street, Chicago 3, 111. Also available is an
analysis of Merritt-Chapman <£$ Scott Corporation.

Automobile
120

Banking Corporation—Analysis—Reynolds

York

5, N.
analysis of Simmons Company.
New

Broadway,

Basco Oil & Gas Co.

821

Y.

available

Also

Hastings

tion
T

Atomic Fund

on

as

ment Securities Co., Inc., 1033

Thirtieth Street, N. W., Wash¬

Companies of New York—Comparative fig¬

and Trust

for quarter

ures

York 5r N.

New

Business

ended Sept. 30, 1955 on 14 New York City
Hanseatic Corporation,
120 Broadway,

York

banks—New

Babson

L.

and

Company,

Incorporated, 40 Broad Street, Boston 9, Mass.
Copper

Situation

—

Report

—

Bache

&

Street, New York 5, N. Y. Also available is a
Company and Clinchfield Coal.

Co., 36 Wall
study of Pitts-

.' Delaware Valley — Illustrated supplement from Philadelphia
Inquirer—Stroud & Company, Incorporated, 123 South Broad
Street, Philadelphia 9, Pa.

lows,
volume of trading, earnings and dividends, latest capitaliza¬
tion and 50 group averages for 12 years, up to date, on vir¬
tually every stock listed on the New York and American
Stock Exchanges—single copy, spiral bound, $10; yearly (six
revised books), $50—F. W. Stephens, 87 Nassau Street, New

Graphic Stocks—1,001 charts showing monthly highs and

38, N. Y.

Guided Missiles—Bulletin—Calvin

York 5,

New

Bullock, Ltd., 1 Wall Street,

N. Y.

Japanese-U.

Conventions

Taxation

S.

sions

of Bank

Outlook,

Ltd.,
and

and

— Nomura
N. Y. Also

Analysis

—

Securities Co., Ltd., 61 Broadway, New York 6,
in the same issue "Nomura's Investors Beacon"

of

Co.,

Ltd.

Street,

Company,

Corporation, and Telecomputing

Strategic Ma¬

Corporation.

Stocks—Earnings comparison for third
quarter 1955—Laird, Bissell & Meeds, 120 Broadway, New
York 5, N. Y.

Nippon

Electric Industry — Analysis
in current issue of
"Weekly Stock Bulletin"—The Nikko Securities Co., Ltd.,
6, 1-chome, Kabuto-cho, Nihonbashi, Chuo-ku, Tokyo, Japan.
issue

are

Apparatus Manufacturing

analyses of Fuji Communications
and

Mitsui Mining & Smelting.

used

Averages and the 35 over-the-counter industrial stocks
in the National

yield

Quotation Bureau Averages, both as to

and

National
York

4,

123

South

General Gas—Analysis—Ira Haupt & Co., Ill
York 6, N. Y.
W.

Grace &

R.

7

Hanover

market performance over
Quotation Bureau, Inc., 46
N. Y.

Resistance—Bulletin
&

La

Tax

13-year

a

Front

period

Street,

—

New

on

issues

resisting selling pressure—Cohu

Co., 1 Wall Street, New York 5, N. Y.

Savings—Suggestions—J. R. Williston

&

Co., 115 Broad¬

New York 6, N. Y.

Tire and Rubber

Industry—Analysis in current issue of "Mar¬
Co., 1 Wall Street, New

York

5, N. Y. Also in the same issue are an analysis of
Carpet Makers and lists of "Stocks for the
Future," "Stocks
on

Plowed-Back




Earnings,"

and

"Long Term

Divi¬

issues which

,

liar

individual

likely to warrant

themselves, the

tion of

a

appears

pecu-

reasons

continua¬

conservative market ap¬

Continued

fully warranted.

from page 2

The Security
I Like Best

5, N. Y.

Street, Boston 2, Mass.

International Harvester Co.

—

Memorandum

—

Talmage & Co.,

Broadway, New York 6, N. Y.

International

Railways

of

Central

America—Memorandum—

Laboratories, Inc.—Analysis—Loewi & Co., 225 East

Street, Milwaukee 2, Wis. Also available is a report
Dewey Portland Cement Company.

Lewisohn Copper

Corporation—Circular—George F. Breen, 115

— Analysis — Hill
Richards & Co., 621
Spring Street, Los Angeles 14, Calif.

Montgomery Ward & Co.—Memorandum—Shearson, Hammill
& Co., 14 Wall Street, New York
5, N. Y.
New

York Capital
Fund of Canada, Ltd.—Report—Carl M.
Loeb, Rhoades & Co., 42 Wall Street, New York 5, N. Y.

Hickory

Peabody

Copper Co.—Report—General
Street, New York 5, N. Y.

Coal

South La

Co.

Salle

—

Memorandum

—

Investing

Corp.,

Cruttenden

&

Co.,

209

Street, Chicago 4, 111.

Producing Properties, Inc.—Analysis—Saunders, Stiver & Co.,

Board of Trade

Riverside
Office

Square,

Co.—New

Boston

9,

of

patience, an exceptional oppor¬
to realize an appreciable
capital gain
may I repeat
.
.
an
appreciable capital gain. All

&

of

10

Gas,

Rauscher,

Sometimes

they

them.

see

Here is

other

or

are

opportunities.
before

are

simply and plainly but
a

us

fail to

we

that

company

have "found."

The facts

us

are

before

currently

to

and

see

shares

low-priced

upward bound.

seem

With Francis I. du Pont
MIAMI

Financial Chronicle)

Fla.— Arthur

BEACH,

has

added

been

O'Connell &

Co., 120 Broad¬

Southeast

121

the

to

Second

Avenue.

Two With Grimm & Co.
(Special to The Financial Chronicle)

Upham &

ORLANDO,
Pfantz

and

become

Fla.—Earl

William

affiliated

T.

Roe

Grimm

with

L.

have
&

Co., 65 East Robinson Avenue.

Gasoline Corporation
Analysis — Shearson,
Co., 14 Wall Street, New York 5, N. Y.
—

Electric

Pierce

&

Light

Co.,

&

Power

Mercantile

Co.

—

Bank

Memorandum

Building,

UNITED STATES

—

Dallas

LITHIUM CORP.

1, Tex.
Warner

time

many

staff of Francis I. du Pont & Co.,

Mass.

Company of Indiana—Review—H. Hentz & Co.,

&

some

to

.

.

Post

Street, New York 4, N. Y.

Texas Natural

at

us

blind

Burrell

Co.,

Singer Manufacturing Company—Analysis—Harris,

Oil

.

.

New York 5, N. Y.

60 Beaver

the

.

views—Lerner

Silex Co.—Memorandum—Homer

Tucson

Company
Over-theCounter
Market
and
recently
quoted at about $2, appears to of¬
fer the investor with a slight bit
in

(Special to The

Co.,

Shumway Uranium Mining—Circular—Frank C. Moore & Co.,
42 Broadway, New York 4,
N, Y.

Standard

sulphur and

13, Ohio.

Building, Chicago 4, 111.

Cement

S.

Exploration

traded

stock,

the

Exploration Company — Bulletin — Boston Securities
Company, Tower Petroleum Building, Dallas 1, Tex.

Tower, Cleveland

U.

has "explored." They

Pecos

Terminal

some

tunity

Industries, Inc.

80 Wall

between

chemical companies and the Mex¬
ican sulphur operators.

Sulphur

Oppenheimer & Co., 25 Broad Street, New York 4, N. Y.

Litton

to

proach

Hodgson Houses, Inc.—Analysis—Draper, Sears & Co., 50 Con¬

on

are

buying for certain

Inc.—Circular—Singer, Bean & Mackie,
Inc., 40 Exchange Place, New York 6, N. Y.

Ill

the

of

wake

market

either event, apart from

Gulf Coast Leaseholds,

Hammill

ket Pointers"—Francis I. duPont &

Cheap

Square, New York

the

report—W. R. Grace & Co.,

Co., 120 Broadway, New York 5, N. Y.

Exempt Income—Bulletin—John Nuveen & Co., 135 South
Salle Street, Chicago
3, 111.

way,

Co.—Semi-annual

Broadway, New

in

severe

spersed with rallies, 0V|er a period
of
possibly a few months.
In

Canada

Gary-General Telephone—Analysis—Gerstley, Sunstein & Co.,
121 South Broad Street, Philadelphia 7, Pa.

way,

Tax

Richard¬

Co.—Report—Schmidt, Poole, Roberts & Parke,
Broad Street, Philadelphia 9, Pa.

recov¬

market

Basic

slump, or
(b) a further extension of the de¬
cline but at a slower pace, inter¬

present

Long Island Lighting.

and

full-scale

a

movement.

movement

52 Wall
bulletin are

Co.,

Reeves Ely Laboratories, Inc.—Memorandum—Kneeland &

Over-the-Counter Index—Folder showing an up-to-date com¬
parison between the listed industrial stocks used in the DowJones

&

same

Foote Mineral

Old

City Bank

same

Oliver Corporation

Nordeman

Also in the

Y.

Co.—Memorandum—Blyth & Co., Inc., 14 Wall
Street, New York 5, N. Y.

South

N. Y.

poration, Rockwell Manufacturing

Also in the

Bruns,

Broadway, New York 6, N. Y.

Gas Industry—Analysis—Morgan & Co., 634 South
Spring Street, Los Angeles 14, Calif. Also available are an¬
alyses of Detroit Harvester Company, Great Western Cor¬

York

—

Mason

and

Natural

New

Data

repercussions

policy, I believe, should be geared
to the expectation of either (a) an
irregular
sidewise consolidating

Diamond Match

analysis of Business Results and
Mitsui Chemical Industry Co.,
Chemical Co., Ltd., Tokyo Gas Co., Ltd.,

Rates,

are

Municipal Bonds—Bulletin—Park, Ryan, Inc., 70 Pine

terials

—

York 5, N.

Sons, 173 Portage Avenue, East, Winnipeg,
and Royal Bank Building, Toronto, Canada.

Lakeside

Tokyo Electric Power

New York 5,

an

&

discus¬

analyses

Sumitomo

&

Street, Los Angeles 14, Calif.
Also
analysis of Southwest Gas Producing Co., Inc.

Seventh

Soup

on

Hull

Ltd.—Analysis—Holton,

Mines,

have

can

likely to delay the ma¬

are

terialization of
ery

and

earnings and

the market

50 Wall

Co.,

Canadian Pacific Railway Company—Review—James

gress

Japan—Circular—Yamaichi Secu¬
Co., Ltd., Ill Broadway, New York 7, N. Y.

Investment Opportunities in
rities

available is

Campbell

son

ton

York

Tungsten

W.

210

data

Review—Circular—David

"

Chilean

Hill

Co.,

Street, New

Y.

&

Pontet

De

—

arising from

dividend
Yet the shock suffered by

news.

Street, New York 5, N. Y.
Burnt

ington 7, D. C.
Banks

Memorandum

—

prices.

conditions

market

near-term

which

Paper

en¬

development of in¬

terim market rallies,

C.,

B.

1,

Vancouver

market

the

visualize

& Co.,
is an

Atomic Reactor Diagram in four colors with

Bowater

lower

technical

Street,

prospective

Recognizing these factors, I can

Canada.

portfolio informa¬
of June 30, 1955—Atomic Develop-

the

on

Ltd.—Analysis—C. M. Oliver & Company,

West

period of time;
half earnings

last

(3)

couraging year-end dividend news
and moderately improved yields

Salle

La

and

reports,

Atlantic Refining

Limited,

Broadway, New York 5, N. Y.

120

—

brief

a

favorable

(2)

Company

Express

in

nessed

Corp.

Corporation, 79 Milk Street, Boston 9, Mass.

South

Box

63 Wall
data on Saaty

understood that the firms

It is

Area

Market Outlook

*

Springs, Inc.—Information—d'Avigdor Company,

Air

Lambert

Pharmaceutical

Company—Laird, Bissell
Meeds, 120 Broadway, New York 5, N. Y.

and

&

EMPIRE PETROlEliM

CO., INC.
(a Colorado Corporation)
are
as

believed
"SPECIAL

to

merit

attention

SITUATIONS"

with

UNUSUAL GROWTH POTENTIALS.
ask

YOUR

broker.

Julius Maier Co., Inc.
15

Exchange Place, Jersey City 2, N. J.
BOwling Green 9-403S
HEnderson 5-1300

Teletype JCY 798

182

Volume

5474

Number

.

(1629)

The Commercial and Financial Chronicle

.

.

within

The Dynamic Future of
The Railroad Industry

Now

—

Railroad financial executive

Finance

ise cf
sive

Railroad Company

expresses

view that with the

of prosperity is

new era

and

prom¬

more aggres¬

a

companies must play

a

and

will

ence

as

as

to

is

In

some

whether

to

of

future

the

a

railroad

The

New

is not

industry

•

a

I

time

complacently
there

single

a

-

the

that

rail-

-T- -T- •
road security in
which he

was

account with

any

connected. Strange-

ly enough, he apparently was
tually proud
of being
able
make such
was

statement.

a

sad

a

commentary

To

ac-

to
it

me

his in-

on

readily admit that I have

often heard laymen in an offhand
talk about the dying rail-

manner

road

industry, and although I do
particularly like it, it does not

not

disturb

when we
the investment fraternity,

to

come

However,

me.

of

are

over a

.

.■

.

trucks

on

will

42%

population

Gross

of

National

million,

190

Product

of

Automobile

billion.

rail¬

lion,

of

to have

we

Committee

Cabinet

Eisenhower,

monly known

the

as

com¬

Weeks Re¬

port, which clearly recognizes the

importance of the railroad indus¬

a

try

the overall transportation

in

picture, and that it is

should

and

you

reasons

in

the

meantime

if

during this period. Think

we

do

it

economy

until

in

why

let

will

of the

one

tional

the

This

war.

are

transportation

hopeful that

report

in

changes
;

meet the needs of the

that

say

me

mean

peacetime

our

absolute necessity

an

of

recommends

think

we

time

of

the

will

we

soon see

recommendations

the

53%

more

out

more

™adG.n°f °ye^

fessionals in

directly
sumed

the

investment

we

must

pro-

field, and either

our

indirectly
responsibility

have asto a great

or

investors.

many

be

to

supposed

are

we

To be

credit to

a

fraternity I think

highest

the

to

possess

degree possible intellectual integ-

rity,

ability to be an indethinker, and above all
willing to dig for

the

pendent
else

we

the
tne

hard
nam

must be

reeard
regard

in
in

facts
iacts

to
to

anv
any

situation and not be satisfied with

year

[and

14%

than

they

have

ever

handled in

their

history, including the record

more

of 1944, a war year.

in

Second, the railroads today are

rubber, three-quarters of a million

a

.

ment would put that amount into
a "yin& industry.

for

Reasons

If

Optimism

aggressive than ever before

attempting to meet competition.
the

Weeks

Npw why do we expect
to

reverse

dowward

the

not only

will be placed

of

trend

more

participation

our

overall

the

usa^e 01 cement production pre¬
and steel> ancl
150 million ton

but to increase

handled by the

in

a

we

are

^eJ",y

tLthjf !J:EtjS,!
hat off to practically

all the lailanalysts whom I know. Tney

of

road

almost

any

their

on

to go anywhere at
time, including going

willing

are

own

time, in order to dig

out what they
tial

of.

facts

do

a

know

not

consider the essen¬
given situation. I
a
harder working

on

page

Good

or

in

are

a

of

undercut us

to

the

the

of

history

past

comfort

and

a

Common Stock

depend-

(Par Value 25^

abiiity

people, the record

manv

well-selected

of

ties

has

,

,

.

.

_

"k TvVf!? !°kg!
about that today, but

,

,

,

°

t

I

do

We

.

refer

can

to a most excellent coverage

you

of

securi¬

railroad

excellent.

been

thisr

pie,

by one of your
Sherwm Badger,

yiCj"?Gf fr
land Mutual Life
-f

who

pany,

^

peo-

own

Financial

T

Insurance Com-

covered the subject

the speech he made
at Swampscott, Massachusetts, in
1952, before the Annual Meeting
excellently

of

the

m

Treasury

Association

If

roads.
done so,
a

copy

Rail-

have

not

I strongly urge

already

you

to get

cf this speech and read it
,

..

you

the

of

Division
American

of

,

l^U8hiy»An

address

Financial

cai™ot d™v.G a*?n£ the highwavs
is

Convention,

of

Chicago,

Bev*n

b^re

the

American

Price $6 per Share

the

advent °f tructrain serv-

™ithr
on

Copies of the Prospectus may

ill.,

Oct.




14,

it#oo.

be obtained from the undersigned only in

legally offer these Securities in compliance

coordinated

in

involved

may

such States where the

with the securities laws thereof.

the prob¬

sound economics, to

lems

Johnston, Lemon & Co.

transport. We not only regain for

the railroads a substantial amount
traffic

^

but

we

operations

the

make

trucker more

actually

Blair & Co.

Auchincloss, Parker & Rcdpath

Incorporated

tl^e

of

profitabie. From the

Scott, Horner &

Van

Mason, Inc.

standpoint of the public, we take

off

boxcars

never

were

the

that

highways

constructed

to

them. This in turn decreases the
cost both of maintenance of present roads and construction of new
roads

and

available
In

to

the

we

more

passenger

this' .connection

that

them

makes

started

I
our

might

»

annually

say

a

this traffic.

,

in

this

& Co.

category,

G. H. Walker & Co.

George D. B.

Bonbright & Co.

Stroud & Company

Doolittle & Co.

Alstyne, Noel & Co.
Francis I. duPont &

Co.

Stirling, Morris & Company

and

A. G. Edwards & Sons

Atwill and Company,

Inc.

Incorporated

car.

m<?nth we have experienced
in

Hentz

Chace, Whiteside, West

& Winslow

Cruttenden & Co.

Incorporated

tructrain

service in March and that in every
substantial increase

II.

Jones, Kreeger & Hewitt

carry

[s at the rate of about $10 million
Life

Share)

beneficiary of
subsidies.
However,

also

At the present time our volume
by Mr

Section

per

Again, in the field of freight
transportation,
admittedly
you

undersigned
belief of

Long Island, Inc.

long
outdo them in

will for

we

continue to

h„e

rejaxed

substantial

Securities
As

meet

to

think

j

which

Railroad

Record for

buy any oj these securities.

Pepsi-Cola Bottling Company

charges to the traveler. How-

ever

offer to sell nor a solicitation of offers to
offering is made only by the Prospectus.

300,000 Shares

without growing truck industry,
being impressed by the
rapidly

gr0Up,
A

subsidies, they

position
on

an

The

Irving J. Rice & Company
Incorporated

October 19, 1955

we

embarking on a

present tirne> primarily be¬

cause

Particularly

analyses.

superficial

This advertisement is neither

travel, and to be perfectly honest
with y°" 1 think it will continue
to rise, and that we will be like
an ostrich hiding its head in thb
sand ^ we do not plan our future
Passenger activities on the basis
that the am lines are going to get
°t the travel over t,000
™des* There is no question that
they can ou1do us 011 speed' and

the

position to be

Continued

railroad industry?

of

carried out,

are

competitive.

Third,

be

to

percentage

recommendations

Report

come

at the

that

distinguished Committee.

last

than

country boy, but that still sounds more tons of aluminum and one
a
money to me for any million more tons of glass. Couple
company in any industry to spend, this to the $100 billion road high¬
Poes it not border on the ridicu- wayS program involving heavy
lous to assume that any manageg

pessimistic about the railr°ad industry primarily because
they see the rapid rise in air

We

carry

of

I believe that most people be-

so.

to

nation. We

legislation enacted that will

rail¬

na¬

policy

handle

would

roads

and

hope

wait

to

percentage is attainable, but

this

assets

certainly

we

have

get it. In a minute I will

to

give

mil¬

greatest

the total

of

year

is somewhat

situation

of

^

different; at least I like to think

I think the

have

we

complete

a

indication

best

President

to

Now

year.

has

get 55%

not

do

we

buses

and

last

than

to

registrations

trucks

and

3 million

1954

goal, and we believe in

tonnage,

a

The Pennsylvania Railroad lion more tons of steel than they
alone *n the postwar period has do today, 2 million more tons of
just

able

$535

expected to increase 20

The

future.

handle

to

of the railroads

case

1965

are

of

the

experts are correct, we will have
a

their

upon

everyone

minimum

what , this alone means' Based 011
td
the automobiles
ec°nomlcal bas's. we'ded rail, and today s averages the automobiles
80 on'
m servlce would requlre 35 ml1'

am

more

be

If

1965

although

expectation

right-about-face in the immediate

In that event, they

called

frankly,

;

mechanical reirigeration on an
leh-igearadtionmonOVan
mecnanical

Peihaps I

be

51%.
at

a

report of the

maintain

railroads

participation.

,

look

were al¬
economic

believe this situa¬

we

tion is changing

con¬

a

own

what I have in mind is the recent

the
Uc

than

rather

is

that

its

the

Of the trillion ton miles, the rail-

.et

more

me

industry

find

to

However,

miles

no

To

railroad

servative estimate. Second, assume

trillion is one thousand billion.)

Now

1965

ton

or

the

in

am

niche, starting tomorrow our only
problem would be to find the
equipment to handle the business.

next

by

17%

billion

year.

pessimistic

trillion ton miles

/n,

roads handled

years

the

basis,

this

650

last

than

tlon industry. (Please remember
a

ex¬

development

flatcars),

billion.

vestment ability
I will

we

in

unabated

On

years.

The average

with

movement

road

David C. Bevan

not

was

Product

intercity freight traffic, includ-

..

lightweight
trains, tructrain service (which is
perimenting

counsellor

state

had

ing all segments of the transporta-

25 years have been

items. At the moment

investment

an

of

equipment, freight cars, signaling
devices, and many other
such

hear

to

$357 billion.

somewhat

,

,

ating costs $500 million a year, not
to mention tremendous improvements
in
maintenance-of-way

justMn

room

a

and far-reaching. The diesel
alone has probably reduced oper-

the

into

came

10

income
after
taxes
amounted
to
$5,300. There was

many

in

York.

the past

over

long ago I atluncheon

continues

guide

I

transportation

trans¬

10

the railroads would be called upon

country

National

rail

now

lowed

handle

Gross

railroads

past

intercity freight

judgment. Technological developments
in
the railroad
industry

Not

tended

best

in

the

of

dying industry by any conceivable
stretch of tne imagination in my

I

not

skeptic.

the

and

participate
First, assume the

trend

in

portation

I

commercial

field, which I believe is the most
regulated,
but
what
makes
it
strangest of all is that we are
regulated as a monopoly while all
our
competitors, with the excep¬
tion
of the
pipelines, are sub¬
sidized. If each segment of the

to

expect

traffic?

downward

involved,
experi¬

family

railroads

am

unknown

be

this

to

totaled

is .d ynamic.

Personally,

in

that

say

the

banking field, which is regulated,
life insurance field, which I
consider to
be
more
regulated,

question!

the

can

in

work.

the

1954.

$64,000

extent

reasonably

many

are

the

for

what

To

than in

more

Now

a

a

.......

the

43%

expectations.
this

1954

are

not

or

pri¬

might

I

much

a

which to

in

worked

have

is

it

here

Right

background,

estimate

population of 162 million people.

realist to recHowever, that has to with the
bound to be past. Most of the skepticism arises
skeptics in this audience as as to the future outlook,
enough of

ognize that there

oftentimes

future

The
am

tne

this

we

anticipate

we

climate

better

here is
going to
mean
to
the
railroad
industry.
First, the intercity traffic in this
country should approximate one
and a half trillion ton miles, or

but I do believe that past

the railroad industry.
I

field?--There

which

earn

funds

Obviously,

uncontrollable
factors

enough to attract not only
well. Points out insurance
vital part in preserving and improving

they must be allowed to

With

what

will

portation

ahead for the railroads. Says railroads

bend money, but equity

pro¬

is,
how
much
the
railroads
be
carrying 10 years from now and
what
will
be
their
percentage
participation over-all in the trans¬

be freed from "the handcuffs" of unrealistic regulation

must

us

question

freight

merchandising, along with technological improvements,

let

moment

a

hence.

mary

equitable competitive conditions and

more

for

Business

Freight

for

First,

steel, plus the optimism
Further, fam¬
ily income is expected to rise to
$6,000 in 1965.
of the coal people.

ject the future of the railroad in¬
dustry and its participation in the
over-all
transportation field ten
years

The Pennsylvania

dicted for

hope it will

million figure.

Prospects

By DAVID C. BE VAN*
Vice-President

five years we

hit the $100

9

Varnedoe, Chisholm & Co.
Incorporated

54

i U

The Commercial and Financial

(1WUJ

This

Outlook for the Home

that

means

funds

consumer

and

more

for

Appliance Industry

that if

fa

Vice-President, General Motors

Asserting that

the next decade

over

there is

or so

nity to make the appliance industry

an

I

factor in

evolution

by

comes

rather than revolution. But evolulion

be

can

terribly slow,

or

it

one

un¬

derstands

this

better

tions.

As

you

porary

than

growing

year

meteoric

mind

in¬

some

hv-gcr

ivi.

Kyes

and

than

more

reporters.

and

to

You

impoitant

expect better

rrii

•

,

inJi^cfrv 3v6
dustry
amply
The

zines

and

programs

making,

are

factor

a
in

di-

and

American
u

,

hand.

the

means

You

K

mobiles

•

have

we

same

in

cepts

ob„

,

design

family;

per

.

,

auto¬

by

highways

a

then.

princi¬

,

.

process

of

five

ing

all around than

car

Cadillac

time

was

the

when

Cadillac

General

over

the

the

1955

better perform¬

a

the

Mean¬

new.

well

as

Motors

1950

cars

as

all

have

equally outstanding gains.

With

tial

improvements so substan¬
and coming so rapidly, the

market

rapidly—and that market in

automobile

appliances

business is lively.

sluggish, and so
used appliances.

are

I grant you a new car has more

Even

erator.

the roof has

vinced

the

be

can

her

the

a

refrig¬

new

TV

antenna

But I

more.

that

maker

"•"with

American

home-

persuaded

older

'

part
with

to

appliances

speaking for General Motors, we
mean to do just
that—you on the
editorial

side

will

have

new

of better homes and better

should

we

be

able

more

Press,

each

on

for the electrical appli¬
industry the same stature
now
enjoyed by the automotive
industry.
ance

V/e

going to do something
along this process of

are

else to help

dynamic

obsolescence.

is

What

we

orderly and
satisfactory method for arriving
at trade-in values of used prod¬
propose

a

ucts.

Our

point

had

believed

•

_j

a

1

may
m-

few

hence

years

consumers
n

enJOy a

t£a>5.

Ten

ago.

American

possible

r

well

^

dollar and

for every

a half Of lUCOme
dollar they have today.

Better Values in Automobiles

method

count of the

age

to

product

is

that

the

based

will

on

take

a

ac¬

and condition of

be

other pertinent
tomer will be

in

terms

himself.

traded

factors.
able

the

available.

market

are.

Why?

bile is

one

Because the

newspapers

among

automo¬

of the most written and

talked about subjects
In

customers

in America.

and

magazines,

high school boys at recess,

the

and

We

stilling

Of course, customers have to be
made aware of the better values

Automobile

in

and

The

to

cus¬

calculate

customer

can

determine

even

expect, by thus in¬

customer

trade-in,

coniidence

the

will

replacement

be

substantially

offer to sell or a solicitation of an offer
offering is made only by the Prospectus.

to

Incidentally, I see no reason
why we should not have two-re¬
frigerator families
families.

car

buy these securities.

well

as

About

families—not

two-

as

million

10

unrealistic

an

The Kitchen

as

add

Living Area

a

And this brings me to my third

point—the kitchen

living

as a

area

rather than

Worcester

mere work space. The
certainly spends more
waking hours in the kit¬
chen than in any other room of
the house, and other members of
the family more time than they

housewife

,500,000

of

County Electric Company

realize.

Due October

1, 1985

chen

the

is

But

to

room

build

why
kit¬

that

room

sells

can

mean

more

integrated kit¬
significant develop¬
the building and
industries. You in the

most

a

for

both

appliance

women's editorial field have been

rightfully
urging
that
more
thought and effort be devoted to
kitchen
design.
I am confident
you will recognize this as a great
stride toward improved kitchens
for American homemakers.

The fourth

point I cited to sup¬
optimism for the indus¬
try's outlook was research.
port

and

housewife

the

with all

kitchen

is

a

diffi¬

plan and arrange, to

install,

design

to

and

While there have been

to

solve

this

some

at¬

problem,

these have fallen far short of the

of today

the drudgery

got along

she had to

endure, than we today understand
our
grandmothers managed

how

with

woodburning stove and

a

a

washboard.
Consider

the

chores and
annoyances
today's
homemaker
submits
to
without question,
taking them for granted.
Mopping the floor for instance;
handling all forms of trash and
many

—

washing

waste;

the

windows;

cleaning everything in the house;
making the beds; the bother with
electrical
worry

connection

cords; the
the house

keeping

over

free of moisture, dirt and odors.

Why

should

take

we

these

|

things for granted?

Why not, for
example, a house that is 100%
climate
controlled, providing a
home
environment
of
always
agreeable temperature and mois¬
ture

content, with dust, dirt,

desirable

odors

and

even

un¬

germs

entirely banished?
That would

not

only be

healthful environment,
more
economical one.
the

reduction

in

a

more

but also
Think

cleaning

a
of

ex¬

and the added life and
utility of curtains, drapes, carpet¬
penses,

ing

the

and
alert

are

the

like. Moreover, we
inefficiencies in

the

to

of time and motion in the

use

household.

We have had long ex¬

in

devising processing
techniques and methods designed

to

conserve

We

dustry.

human

intend

experience in

our

in

effort

in¬

to

apply this
future develop¬

ments for the home.
In

General

Motors

distin¬

we

guish between product improve¬
ment, advanced engineering and
research.

The first has to do with

existing

products;

them

make

serve

how

we

still

you

can
more

efficiently and more economically
a year or two from now.
Advanced

engineering,

the

on

other hand, takes a proven process

principle and attempts to seek

or

out worthwhile commercial

cations.

Here

we

appli¬

with

deal

en¬

tirely
new
products,
new
proaches to old problems.
And

finally

research,

ap¬

in

the

broader

sense,

concepts

of living as they might
a
generation or so

deals

with

new

realized

be

from

now.

Whether

decorate.

tempts

my

It is my opinion that we have
hardly begun to explore the pos¬
sibilities for making the American
home truly a good place to live
in, and
a
good place for our
housewives to manage. I am cer¬
tain that a generation hence peo¬
ple will no more understand how

the

they have also discov¬

that the

ered

reason

that the

builders have found

cult

P,"ice 102.384% and accrued interest

doubt is the

no

home.

Dated October 1, 1955

that
new

either

We consider this

chen
ment

her

This

First Mortgage Bonds, Series D, 3%%, due 1985

That, too,
appliance sales.

perience

goal at all—should certainly
impetus to the market.
The

in

stimulated.

such

not an

is

accompanied or followed by
a
high activity in home moderniza¬

more

system

uct

along with the old.

of

as a nation is rising
rapidly than most forecast¬

years

1956

is

to

achieve

understand
comment

me

Our income

manufac¬

announcement

in¬

centive to spread the word to your
and ours.
And so to¬

customers

aP

these points briefly:

re-

Products,
General
Motors
Center, Detroit, Mich., Oct. 6,

This

on

con¬

am

greater rapidity than she is now
doing. If we on the manufactur¬
ing side provide the product—and,

gether

Thus

years.

period
activity in

any

construction

get chan¬

used-car

prestige value than

be,

automobile

Chevrolet V8 is

and

iiving

individual:

♦An address by Mr. Ifyes at the
Radio
and
Television
Preview
of

our

accelerating, particularly

made

appliances

also

will

industry pre¬
outstanding example of
what we mean by dynamic obso¬
lescence.
New
and
improved
models are brought out each year.
The rate of improvement has been
past

cars

the

mo.Su lmP°r^an^ ^or customer realizes he is better off along with the salesman, step by
l°n&er term, the vast amount investing in the new product, step. This new trade-in method
reserch being carried on look- compared to keeping his money will furnish an accurate apprais¬
lnS to new products, and new con- in the savings bank and struggling al of the value of the used prod¬

ers

Technical

on

..

^

Let

editorial

There

an

other

kitchen

,u

hand

gone

cre-

of

60

expect

dynamic obsolescence.

in eac'h home,

area

effec^

^

I

opportunities available
replacement
market

the

important part

an

of the livinS

,

turing

Frigidaire

as

its

ma£a~ number of
together

.

Eponsibility and
the

industry as
brings out new

our

t

also true of every

bear the

serve

replacement

rlsin£ Pew concept of

of communication.
who

.

vast

women s

,

is

.

the

°

solescence*

the growing use of
appliances
in
the

This

of

that

residential

war.

By comparison, replacement sales

air-

are

air-conditioned

of
on

1965

through stimulating the

improved products, thus
ating what we call dynamic

afPlla+r
this

or

to do with

in

having in

"

...

the

2Y4 mil¬

pal factor in making me optimis¬
tic on the industry's outlook, has

of Appliance

the

means

into

more

hundred homes to be

equipped.

millions

of

that awaits the enterpris¬

the kitchen
t

i

cooling

By

out of every

reasons:

Se;

manufacturer

+u

of

hundred.

so

as

before

that

substantial

sees

Research for New Products

This

conditioned—less than five out of
a

has 17 million
habitually
buy
against only seven

is the market for

form

been

who

cars,

million

air-condi¬

of now, .just about

some

contri¬

a

an(j

devoted to home-

home

rpi. •

specific

jng merchant in

products and

women's pages

mechanical
•

make

homemakers

in home

My second point, and

four

market

illustrates

of

rise

with

in

the

Second,

observ-

the manufacturer to supply them.
You pave the way for new ideas.

fact.

As

have the

we

be made

sents

,

are

evolution of progress. As thoughtleadeis you stimulate the consumer

or so

we can

to

_

,

But you

new

food

neled

The

wants, fell into lethargy.

double,

and

than quad¬

more

has

value

industry

customers

lion homes out of 50 million have

Over

year.

First, the looked-for growth

others, because they failed
to
anticipate and interpret customer

rect

by

I make this assertion

dustries while

than

more

dishwashers

disposers

the

mobile

tioning.

Industry

rise

„

will

before—

ever

Reasons for Growth

the

of

the

Volume of electric

Truly dramatic forward strides
opportunities

accomplishment in this field

have

you

watched

approximately

And
ap¬

of

Thursday, October 20, 1955

.

experience

He

value.

driving force behind rapidly ad¬
vancing automotive technology—
and, consequently, new car re¬
placement sales. Today the auto¬

million

a

customer.

demands

a

preciation

Strides in Home Air-Conditioning

America.

scene

by

and

.

.

tion.

is

customer

generally he gets it. Customer

ruple.

contem¬

e

ers

that
waste

greater

bution

reported

by

amount.

dryers should

tive

important,

have observed

sales

er

sales

are

lot about automobiles.

a

discriminating

increases

year,'and automatic wash¬

a

same

opportunity to make the appliance
industry as important a factor in
the
economy
as
the automobile
industry is today. But even more

are

communica¬

of

units

for service and construc¬

the next decade

in the field of

t h

ours

and

than

who

and

i submit that your

and

substantial

models"

Certainly few Americans
that they
do
not

well-informed

knows

for

refrigerator

particular

our

look

Specifically, I predict that
by 1965 the industry will increase

are

effort.

you

in

—

funds

A

"new

agree

know

get

can

these dis¬
channeled into

the American home-maker,

case

can

be speeded up by imaginative and
ts etermined
No

the customer

we

in the.sale of all household appli¬

automobile is today, General.Motors executive gives as reasons :(1) growth of the economy, with more
people earning better incomes; (2) the vast replacement
market; (3) the new concept of the kitchen as an important
part of each home, and (4) the vast amount of research aim¬
ing at new products. Concludes, all this will lead to better
living and a desire to utilize modern" conveniences.

Progress

work for it

we

ances.

the economy as the

;

would

industry.

our

opportu-

a

important

as

topic A.

convinced

firmly

am

the

—

for comforts and conven¬

cretionary
;

•

bus

or

larger percentage of

a

between strangers on a train

I

iences.

By ROGER M. KYES*

■

over

shop and office at lunch time,

even

discretionary spending—more

left

f|

in

more

available

will be

Chronicle

in

product

improve¬

advanced

ment,

engineering, or
broader research, our objective is
always to simplify.
We are not

desired solution.
The

Prospectus may be obtained in any State in which this announcement is circulatedfrom only such
of the undersigned and other dealers as may lawfully offer these securities in such State.

trying to turn the homemaker in¬

brings

to

you

Today Frigidaire
another "first" — a

practical, complete solution of this
problem.

I refer of

course

modular,

HALSEY, STUART & CO. INC.
WEEDEN

&

CO.

WILLIAM

BLAIR

&

COMPANY

WM.

E.

POLLOCK

&, CO.,

INC.

MULLANEY, WELLS & COMPANY

CLAYTON

SECURITIES CORPORATION

THOMAS & COMPANY




the

integrated
component for build¬

homes—pre-engineered, pre¬
designed, pre-styled, and internal¬
ly plumbed and wired.
When you consider that we may
be approaching the day when two
million homes

WALTER STOKES & CO.

in

this

ciate
October 19, 1955.

as

ers'

COOLEY &, COMPANY

INCORPORATED

a

to

completely

kitchen

mea/i
ance

a

country,

what such

year
you
a

will be built
can

appre¬

concept might

in terms of Frigidaire appli¬
sales.

Furthermore,

it

has

been

the

"kitchen

a

contrary.

ing

We

products

more

engineer."

On

the

try to make exist¬
less complex and

efficient.

We

try to come up with new
products that will do old jobs bet¬
ter

and

easier.

And

we

are

con¬

templating new concepts of per¬
fecting and integrating mechan¬
ized household services that would

make
crude

existing
appliances
by comparison.

I think you will agree

conveniences such

as

Continued

look

that with

the thinking
on

page

57

Volume

Number 5474

182

.

The Commercial and Financial Chronicle

.

.

(1631)

11

Brokerage Business Gomes to Medical Convention

From

Washington
Ahead
of the News
By CARLISLE BARGERON

To

understand

the

controversy

about Vice-President Nixon in his
State of

own

got

to

California,

have
back several years. In

go

you

in

was

the

being that

vein, his theme

same

icans

together, there are not really
issues, but you ought to vote

any

1946, just back

for

from

both good fellows.

he

the war,

-

all happy Amer¬

we are

knocked

and

me

Comes

Dewey because
1952.

now

off the nation-

Nixon

ally
known
leftist, Con¬

ren.

he did

gressman Jer¬

we are
-

■

•

—

•

•

Youngish

stand just

Far be it from
to

me

he

Warren
Warren

as

leftist

into

the

In
Carlisle

head

defeat

Jerry I
don't know. Jerry had a powerful
political following.
But, never¬
having

theless,

the
lawyer,

ington

served

the

into Nixon's head.

Leftists

the

Wash¬

in

government

in

young

idea

the

and

as

did

a

get

This inflamed
Communists

throughout the land.
It so happened that

had

I

an

opportunity to observe this fresh¬
man Congressman in his first year
as

member of the House Labor

a

The

Committee.

Committee

was

formulating the Taft-Hartley Act.
The Republicans had come into
in this Eightieth

power

there

and

was

the

sort

to

as

House

would

committee

The

doubt

the

bill

of

Congress

much

never

Committee

Labor
out.

report

held

long

hearings and the labor and indus¬
trialist leaders appeared before it
their various

with

1952

dential

could

and

songs

la¬

Ohioan.
was

the

questions

one

ple

in

But

he insisted

the

witnesses.

labor

It

was

all

meaningless. J
But Nixon, the newcomer, the
young lawyer, would ask pene¬
trating questions of both sides.
Months later, meeting him socially.

I

him that I did not want to

told

but I thought he was

be gratuitous

country

upon

vention battle.

the

Probably,

Taft

Bob

told

the

California

him

he

if

the Taft ticket. Had Knowland

done
and

But

two

in

terms

served

Congress

then

and

what the young
whippersnapper did?
Why, he challenged the beaute¬

do

know

you

ous

Gahagan Douglas,

Helen

the

darling of the Leftists, in her bid
for the United States Senate.
He did this without any

support

from then Governor Warren, now

Chief Justice of the United States

Supreme Court, who as Governor

controversy,

liked

never

liked

never

quarrels even between
Republicans and Democrats, and
any

whose attitude, even when he ran
Vice

the

for

Presidency

-

with

Dewey in 1948 was: oh, there are
differences between us Repub¬
licans and Democrats, no differ¬

no

between us and

ence

somehow Dewey

and

dent
dent.

be Vice-Presi¬

all patriotic Ameri¬

trying to do the best

cans

and

should be Presi¬

I should

We are

Truman, but

so

we can,

Knowland

(

him

between

ill,

to take

New York"

from

but

in

nated
same

1948
for

ridiculous,

was

having

second

nomi¬
with the

been

place

Dewey, he appeared on the

with these loyalties.

lieved

him.

paign

as

be¬

no

who

Warren,

the

Oct.

first

of

General

The

display

type

to

be

who

of the

Practice

shown

above,

presented

at

bond

quotations

of

automatic

the

literature

board,

on

wanted

never

own¬

prepared

are

vestments.
firm

Share

is

is

to

questions

answer

on

as

politics, such

CITY,

also

presenting

film

a

entitled

"Your

in America."

the

Philips

has

Hilda
associated

become

White & Co. Add

i

(Special to The Financial Chronicle)

Iowa —Mrs.

(Special to The Financial Chronicle)

'

ST. LOUIS, Mo.—Ralph G. Perry

with T. C. Henderson & Co., Inc.,

is

Sons,

Building,

members

of

Moines,

Des

the New

York

Stock

with

now

members

A.

North

409

Midwest

Exchange.

of

the

Stock

G.

Edwards

Eighth
New

&

Street,

York

and

Exchanges.

ST. LOUIS,
bala

has

added

been

White &

of

Mo.—Walter J. Gito

Company,

the

This announcement is not

Valley Building, members
Midwest Stock Exchanges.

offer to sell or a solicitation of an offer to buy these securities.
offering is made only by the Prospectus,

an

The

Senate

$30,000,000

Communists or
having

was

in the

late session

Southern Bell

1952

national

the

as

matter

made

decision.

a

long
of

a

summer

conventions

Nixon gave
thought
and
He

caught

Telephone and Telegraph Company

a

Forty Year 3M% Debentures

plane and went to Denver to en¬
list

Eisenhower

the

in

and

cause

Dated October

subsequently rode into the Chi¬
cago convention on what the Ei¬
senhower people were calling the
"victory" train, and that it turned

Due October

15, 1955

15, 1995

Price 101.125% and accrued interest

out to be.
So Eisenhower

plucked Nixon

as

his

running mate and after Eisen¬
hower became President, he recog¬
Warren's service in holding

nized
the

delegation

California
and

Taft

making

possible,

his

Prospectus may be obtained in any State in which this announcement is circulatedfrom only
of the undersigned and other dealers as may lawfully offer these securities in such State.

such

Chief

him

named

and

The

against

nomination

Justice. Thus all three of the Cali¬
fornia

big shots

taken

were

care

of, two at the instance of Eisen¬
hower, one, Knowland, at the in¬

HALSEY, STUART & CO. INC.

that Nixon had
to do with the

You
a

little something

a

& CO.

LADENBURG, THALMANN & CO.

L. F. ROTHSCHILD & CO.

posi¬

a

SALOMON

BROS. &

WERTHEIM

HUTZLER

&.

CO.

stumbling block. Any¬

would think they would

you

HALLGARTEN

MERLE-SMITH

&

recognition of War¬

Certainly he was in

ren.

tion to be

think

must

DICK

BLAIR & CO.
INCORPORATED

BEAR, STEARNS A CO.
'

Taft.

of

stance

W. C. LANGLEY

BACHE &

WEEDEN & CO.
INCORPORATED

& CO.

CO.

be satisfied.

That is,

except for the present
Governor, "Goodie"
When you consider his

CENTRAL

R.S.DICKSON & COMPANY

REPUBLIC COMPANY

Knight.

H. HENTZ &, CO.

NEW YORK HANSEATIC CORPORATION

......

acting up, you must get a down¬
right laugh. As Lieutenant Gover¬
he

nor,

The

was never

for

Democratic

Action

run

that

That is

ident

in

why they should run
Eisenhower being unavail¬

running mate

able.

1956.

one

AUCHINCLOSS, PARKER &.

of

HIRSCH

&. CO.

the
October 18, 1955.

VAN ALSTYNE, NOEL &. CO.

REDPATH

WILLIAM BLAIR &, COMPANY

they

Nixon for Pres¬

best

reasons

SHEARSON, HAMMILL &. CO.

WM. E. POLLOCK &. CO., INC.
/

.

loyal to Warren.

Republicans have been of¬

GREGORY L SONS

INCORPORATED

(INCORPORATED)

California

J. C. BRADFORD &, CO.

THE MILWAUKEE COMPANY

staff

Mississippi

LU".

other issues.

The

in-'

As part of its exhibit, the brokerage

A. G. Edwards Adds

Represents Henderson
SAC

un¬

in

any

are

stock

ing shares in America, and Bache staff members

Monday, Oct. 17 and continues

20.
its

of

Scientific Assembly

Academy

and

ex¬

with

Featured in the booth

version

under-sized

to be brought up

him,




through

an

connection

an

He had come

pleasant things

His subsequent cam¬

Dewey's

State

in

in California on his own and,
doubt, at the displeasure of

up

hee, hee, if anybody had told him
he would be nominated for Vicehave

York

which opened on

Knowland

delegated

had better not

wouldn't

New

sponsoring

are

Statler

his Senate leadership.

over

platform at the Philadelphia con¬
vention, giggling and saying hee,

he

Hotel

Scientific Assembly.

and

Taft

and

ficially warned by the Americans

President

Exchanges,

the

at

Seventh Annual

Securities

Young Nixon had nothing to do

all

years

the

leading

later disclosed when Taft, be¬

coming

way,

on.

before, Warren had
said in my presence that the idea
of his taking second place on the
ticket with "that young pipsqueak
Four

to War¬

think, young
refused,
though
the
I

Young

He

be

today

his loyalty

of

out

unnecessary

ren,

Commodity
hibit

other

Empire

would

Knowland

some

done.

won

President.

the

have

have

this, Taft would

approached.
I

he,

Knowland, would get second place
on

and

break

delegation

career.

That

was

Bache & Co., members of the New York Stock

Exchange

Knowland

would

and

very

offered

when he went to young

and

political

only

ever

able member of Congress
and that I intended to follow his
a

chance, he

a

who didn't.
holding the
large California delegation for him
through the preliminary stages of
the Taft-Elsenhower Chicago con¬

trade

*

he

of the few informed peo¬

was

of

very

a

the

If Warren didn't

know he didn't have

was

friendly questions of business wit¬
nesses and the pro-labor members

for-

insisted

Warren

candidate.

a

had

He

admiration

But

of

friendly

va¬

subsequently

nomination.

closeness

The pro-business members
the
committee
would
ask

ask

a

own right.
Knowland was

young

tremendous

ments.

would

*

Know-

for Taft for the Republican Presi¬

Bargeron

Nix¬
he

that

on

result,

a

fill

to

hands down in his

won

got it

of young

v

than

do

young

Senate

Knowland

cancy.

they come.
What

<

that '

with making
As

appointed
the

to

to

more
man

Governor.

land

was

about
as

felt

have, though I don't under-

any

Communist,

but

Knowland

"Tribune," had
other one

suggest

that Jerry was
a

allegiance to War-

no

why. Knowland's father,
publisher of the Oakland, Calif.

Voorhees.

ry

had

Senator

BAKER, WEEKS & CO.
BURNHAM AND COMPANY

' STERN BROTHERS &, CO.

of the

12

The Commercial and Financial Chronicle

(1632)

..

Thursday, October 20, 1955

.

Michael

Heaney Go.
Admits Edw. Heaney

Bank and Insurance Stocks

public Utility Securities
By OWEN ELY

Michael J. Heaney & Co., 120
Broadway, New York City, mem¬

By ARTHUR B. WALLACE:

bers

Maine

Central

Power

two-thirds

about

state

the

of

of

including
the cities of
Augusta, Portland and Lewiston.
With
46%
of revenues derived
Maine,

residential

from

rural

and

cus-

tomers, the company enjoys a
relatively stable business.
Revpostwar period.

planning

the

The company

install

to

in

doubled

about

have

enues

30,000

is

kw

118,000 kw steam ca(compared with the pres-

hydro and

parity

total

ent

of

indicating
anticipated future
growth,
The equity ratio was 32% following the recent sale of stock.
The
company
gained three rate increases

about

able

363,000 kw)

during
1953-54 totaling
$2.5 million.
With favor-

hydro

for 1955

earnings

conditions,

estimated at $1.82 on

are

the

recently-increased number of
shares, and future earnings (when
funds

new

estimated

are

recent

fully

are

employed)

around

$2.

At

price around 24% and

the

of

enues

with

Utilities,

Kentucky

serves

This Week—Insurance Stocks

million,

$36

The

better

known to
serves

company

ing

Revenues

areas.

holding

a

with

company

system

revenues
of
about
$37 million,
serving
Cambridge,
Worcester,
tricity to El Paso and a strip of New Bedford and the Cape Cod
territory
extending
230
miles area. About 54% of revenues are
along the Rio Grande Valley. It electric, 41% natural gas and 5%
is
one
of
the
smaller
growth steam heating.
While the corncompanies in the south; revenues pany receives natural gas from
of about $10 million are about two
two pipelines, it also has a very
and one-half times those of 1945.
efficient standby
manufacturing
Share earnings of $2.43 for last
plant used for peak shaving and
year compare with 79c in 1945—
for future expansion. Share earneach year of the postwar period
ings have remained within a narhaving shown a gain. This year row range in the postwar period,
may
prove
an
exception, how- the latest figure being $1.26 on
ever,
since only $2.35 was re- average shares for the 12 months

El

Electric

Paso

supplies elec-

39 the stock yields 4.1%

ended August. At the recent price
around 17, the stock yields 5.9%,
as compared
with industry av-

at

erage around

for

ported

July.

months

12

ended

At the recent price around
and sells

about

Iowa
with

$27

the

16.6

times

Electric

annual

earnings.

Light

&
of

is

million,

five

of

one

utilities of which four

the hydro-electric growth compa™es
of the Pacific Northwest,

about

Iowa

revenues

Share

roughly
equal in size. The company's operations include electricity, manufactured
and

hot? water.

includes
the

The

Cedar

central

are

natural

and

also

and

belt,

corn

5%.

con-

ing area.
Diversified manufacturing plants contribute 19% of
has

The

revenues.

shown

with current

and a-half those of

the

same

period

have increased

growth,

about three

1945.

share

During
earnings

A

An

equity
increase

appears

out

is

less

.

is

.,

in

the

about
,.

.

only

about

price

yields

than

13

64%.

At

24.%

tjon

of

in its

pay-

of

15, probably due to

Power

the

is

utility,

of

$11

small

a

increased

ot0*!!1

65%,

-

consistentlv

from

and the stock does not
as com-

^r0Wth utilities gen-

Texas
recent

Gas

Transmission

price

of

24

at

yields

the

regular feature, the
combined yield would exceed 6%.

It is

one

a

of the

area

we

serve

offers

Write for free copy

P. 0. Box 899, Dept. M, Salt Lake
City 10. Utah

to

times

those

of

1946

as

and
over

already existing casualty or
fire writer that would become a direct subsidiary, or to incorporate
a
new unit, the stock of which would
be held by the parent or
organizing company. Another was via the management route, in
which several companies turned over to a management organiza¬

underwriting qnd investment activities.
the Crum & Forster fleet of companies and

are

A fourth method was

the

the

Home Insurance

growth.
for

12

June

30

& LIGHT CO.




have

at

12:15

Room

in

p.m.

the

of

the

Midland

Hotel.

2 With

Townsend, Dabney

(Special to The Financial Chronicle)

BOSTON, Mass.—Helen
nedy and

Eric

M.

A. Ken¬

Wellman

have

become connected with

Townsend,
Dabney & Tyson, 30 State Street,
members

of

the

Boston Stock

for

large insurance

a

company

to take over

New

York

and

Exchanges.

With E. F. Hutton Co.

tively smaller units.

(Special to The Financial Chronicle)

Company's arrangement with some ten rela¬
This last arrangement was outlawed by the

KANSAS CITY, Mo.—Glenn K.

Supreme Court in 1944 and in this case it resulted in the consoli¬

Woodard

dation into

with

one

of all of the managed affiliates of Home

company

Not only

units

did fire companies either take

incorporate

or

has

E.

F.

become

Hutton

associated

&

Company,

111 West Tenth Street.

Insurance.

but,

new ones;

existing casualty

over

in the

as

of United States

case

Fidelity & Guaranty Company, casualty writers acquired
of fire companies as subsidiaries.

ard

was

with

Mr. Wood¬

formerly for

many

Francis I. du Pont &

years

Co.

control

And other casualty carriers have

REPORT

OF

CONDITION

OF

done this in more recent years,

L.eir agency
The

mainly to utilize more intensively
plants, and to give them a multiple-line status.
that

trend

continued

add

to

subsidiaries

more

Underwriters Trust

fleet

to

was rather
intensively competitive in the 1920's,
leading parent companies had as many as eight or ten
affiliates either wholly or largely controlled.
It peaked out in
1929 when there were some 90 fleets containing 357 separate com¬

Company

organizations

and

some

In the depression

panies.
and

in

reduction

a

period

which

in

1930's

number

a

number of these consolidated,

a

resulted.

numbers

of

This

companies

new

followed

was

by

a

fire companies writing casualty lines, or casualty

units to

into

go

the fire

field, and multiple-line business by a single unit became
possible. This has resulted in absorptions of subsidiaries by parent
companies, although the movement has not yet reached major
proportions. As one of the principal reasons for this shift to fewer
units in some fleets is operating economies, it is probable that the
move will grow.
Another factor present in this connection is the
legalizing of insurance stocks for investment by savings banks in
some states, notably some of those in New England.
As company
size is a consideration for legalization in some places, consoldations
will tend to get some units on the legal list sooner.
It

might be relevant to bring out that there

of

50

Broadway, New York 4, N. Y., at the

"lose

of

lished
the

business

in

of

are cases

moves

October

on

accordance

Superintendent

with

of

5,

1955,

call

a

Banks

the
provisions
of
the
the State of New York.

organized.

were

states let down the bars that had existed to forbid

some

pub¬

made

pursuant

Banking

Law

by
to

of

ASSETS

Cash,

balances

banking
cluding,
and
of

with

ether

institutions,
reserve

cash

in

process

collectionr

United

Government

direct

guaranteed
of

17.666,572.64

States

ing $212.71

Banking

Other

and

2,41)7,993.09

subdivisions...

Loans and discounts

(includ¬

overdrafts)...

premises
furniture

none;

and

.

Obligations

tures

$7,169,607.85

______

States

obligations,

political

in¬

balances,

items

and

13.572,809.32

owned,
and

fix¬

vaults...

99,906.30

....

assets.

TOTAL

192,207.30

ASSETS

the business, and

widespread

vice versa. But it is doubtful that this will be a
movement, as there are marked dissimilarities of

More probable will be an expansion
of the consolidation move within fleets; it is a trend of the times
as industry becomes bigger; and there is no reason why it may not
be expected to affect the insurance industry.
y
operation to be overcome.

..

$41,199,096.50

months

with

ended

39c

in

been

somewhat

erratic in recent years. The equity
ratio approximates 27%.

LIABILITIES
Demand

deposits

viduals,

of

indi¬

partnerships,

and

corporations

$20,747,768.86

Time

deposits of individuals,
partnerships, and corpora¬
tions

3.889,622.32

Deposits

of

United

States

Government

consolidation

Smith Polian Effects
Gas Cos.

Merger

also

in many

operation, and will

in

result

cause

will result

of

economies

other

new

savings

be¬

of the increased size of the

1955.

*

'

• -

;This

work.

verier,
the

Smith, Polian

and through

&

Deposits

of

ROCKLAND,
R.

Veazie

has

Maine

—

Edward

associated

become

repre- with The First New Hampshire

these

COMPARISON

13 N. Y.

two

ON

City

Bank Stocks

Veazie for

has been

BANK

of INDIA, LIMITED
Bankers

to

Kenya

the

Government

Colony

Office:

and

26

in

Uganda

Bishopsgate,

London, E. C. 2.
End
(London)
Branch:
St. James's Square, S. W. 1.

West

Laird, Bissell & Meeds

13,

120 BROADWAY.

Stock Exchange

NEW YORK 5. N. Y.

Bell

(L. A.

Teletype—NY

1-1248-49

Gibbs, Manager Trading Dept.)

Specialists in Bank Stocks

in

India, Pakistan, Ceylon,
Burma, Aden, Kenya, Tanganyika,

Uganda, Zanzibar, and Somaliland

Members New York Stock Exchange

American

475,297.47
614,043.49

206,025.71

LIABILITIES

$37,804,335.94

Surplus

*

ACCOUNTS

$1,000,000.00
fund

Undivided

...—

1.000,000.00

_____

profits

1,385,590.56

Reserves.....
TOTAL

....

....

9,170.00

r

AC-"7''

CAPITAL

COUNTS

$3,394,760.56

TOTAL LIABILITIES AND
CAPITAL

tThis

ACCOUNTS..

institution's
stock

with

$41,199,096.50

capital
total

consists

of

value

of

par

$1,000,000.00.
MEMORANDA

Third Quarter 1955

Request

insti-

.

TOTAL

of Concord, N. H. Mr.
many years

NATIONAL

Head

Members

banking

tutions....

Other deposits (certified and
officers' checks, etc.)_____

common

on

11,685,358.21

Capital t

"their'efforts Corporation

of

po¬

Hampshire

companies was completed. Such a associated with Lincoln E. McRae.

Available

and

CAPITAL

consolidation

EARNINGS

186,219.88

States

(Special to The Financial Chronicle)

logical merger was
after many months of

affected

of

litical subdivisions

TOTAL

very

intensive

Deposits

DEPOSITS $37,598,310.23
Other liabilities—•.

company.

Washington Gas & Electric Company
will be effective iNov. 1, With First New

result

$1.63

but

27

Adams

management of a group under contract. An example of this

was

Branches

construction, and
Share earnings of

1946,

meeting of the Invest¬
Analysts Society of Chicago

Oct.

on

the Chubb & Co. fleet.

Telephone: BArclay 7-3500

UTAH POWER

luncheon
ment

an

tion the operation of their

Examples of this

10

other

compared

CHICAGO,
111. — Charles
R.
Fay, Vice-President and Comp¬
troller
of
the
Pittsburgh Plate
Glass Company will address the

forbade

last

of mergers, new

the

Ed¬

and

buy out and take over entirely

important natural

gas pipeline companies,
year's
revenues
were

opportunity to industry.

the writing of certain lines by fire-marine
practically forced the incorporation of separate
units to enable the fire writers to share in the casualty lines.
Several forms of fleet organization came into being. One was
laws

state

companies

only

4.2%, but if the 2% stock dividend
paid in the last two years can be
considered

explains why

company's agency plant; and, finally, many

the Seattle Gas Company and the

unreasonably priced

erafly

tremendous

a

eve/the-4(1^Company, Omaha, Neb.,
seem

RESOURCES BOOK

additions to

new

rapid-growth

approximating

$1.72 recently. At

plus'factor

AREA

sive

OMAHA, Neb.—The merger of

Light

27, the yield is only 3.9% and the
■

of fleets

development

Ex¬

Chicago Analysts to Hear

and

newer

propor-

million

have

the

of the fire companies to participate

many

the

compared with only
$3 million in 1946. Share earnings

earnings.

behind

reasons

&

Electric

revenues

important

fast-growing division of the insurance industry,
casualty-surety lines; secondly, the desire to acquire further agency
outlets in a manner that would short-cut the establishing of expen¬

area.

Gas,

^

first, the desire of

heavy industrial business

Tucson

the

5% and sells for

times

revenues'

having

and the rather substantial

rate

Heaney to partnership.

S.ock

admitted

1

by life insurance companies into the casualty and fire portions of

below-average payout

33%.

_

dividend

around

over

around

1950.

likely since current

current
stock

ratio

Three
were,

possi-

appear

about $68 million. The stock sells
at only 13.8 times earnings compared with the general average

51c to $1.77,
being fairly reg-

ular except for a setback in

The

recently acWyoming utility

company

company

from

the improvement

from

Northern Indiana Public Service
is the largest electric utility company in the over-counter list, the

company

surprising
revenues

The

Quired a small
and other mergers
future years,

sidered the nation's richest farm-

electric

increased

to $1.60. At the recenj* price
around 25% the stock yields over

served

area

Rapids

Iowa

earnings

68c in. 1948 to $1.80 in 1952, but
following the merger with Mountain States Power have declined

steam

gas,

of

Oct.

manage¬

or

beginning of the decline in specialization in the

field, and tuis trend continues today with the steady drift toward
'«' ;:
;•

Then
one

of companies under single ownership

the

was

muItiple-line writing.

5%.

Pacific Power & Light is

Power,

It

in the

doubled during
1947-54.
Share
earnings have also shown an upward trend, the recent figure of
$2.16 comparing
with $1.01
in
1947.
The dividend
has
been
gradually raised from 80c to the
present $1.28, but payout is extremely conservative, amounting
to only 59% of share earnings —
further increases from time to
time would therefore be logical,
The equity ratio is 34%, after
sale of common stock last April,
At the recent price around 26
the stock yields about 4.8%, but
sells at the low price-earnings
ratio of 12.3.
Electric is

or groups

ment.

than

more

New England Gas &

$1.40, the stock yields 5.7%
—an unusually good return.

fleets,

investors,
Lexington,

the Blue Grass region of Kentucky, and some of the coal-min-

pay-

ing

only

slightly smaller than Louisville
G. & E. although the latter appears

American

on

of

The very last year or two of the nineteenth century saw the
start of the trend in the insurance business of the formation of

rev-

is

'

the

change,
ward J.

Interesting Over-Counter Utilities

Protectorate.

Authorized

Paid-Up
Reserve

Capital
Capital

Fund

£4,562,500
£2,851,562

and

(a)

are

-

also

after

of re¬

63,822.67

reserves

best

th^
of

as

after

are

above-named

that

$9,704,229.15

deduction

William

I,

exchange

D.

168,419.75

Pike,

Secretary

institution,

above

my

shown

deduction

of.—....

of

the

hereby

statement

knowledge and

certify

is

to

true'

the

belief.

WILLIAM D.

PIKE.

Correct—Attest:

business.

undertaken

for

above

Securities

above
of

and

shown

as

of

serves

(b)

assigned to

or

liabilities
purposes

Loans

C.

Trusteeships and Executorships
»„

pledged

secure

other

£3,104,687

The Bank conducts
every description o 1

banking

Assets

JOSEPH

•;

B.

W.
V.

JOHN

KORELL]
TAMNEYJ-Directors

E.

BOOTH)

Number 5474

182

Volume
"Ml'

.

Certainly,

Geneva Atomic Highlights

ergy

Mr. Steers reports on

the Russians is

Points out

atomic fuel

an

as
*

and

new

revelation

three items, important to

atomic

is

of

some

the

run

briefly

over

points

interest

of

came

century

cant in the atomic field were Nu¬

which stand out in my mind as a

ica

of Amer¬

clear Development Corp.

I attended the

Corporation,
High Voltage
Engineering, and
our own company, to name but a

Geneva Atom¬

few.

recent trip to Europe
which

during

ic

of
plea¬

regarding

find

available.

course, a

to

sure

that

the

at¬

mosphere

in

of

the

"summit"

con¬

not

ference which
had

in

ISewion

few

1. Steer*,

Many

the"

in

came

Eisenhower

had

outstanding

to

the
World

as

the

at

It

con¬

com¬

President

emerged

figure

table.

Counsel

that

fact

the

of

that

seems

all

Americans,

regardless of party,
in his ability to
deal with persons whose languages
take

can

pride

and customs
our

are

different from

so

Exhibits

Without

be

to

were

they

that has
hibited.

have

were

question

no

complete
anything

more

than

been

ever

previously

be

made

barded

with

only tnings wnich I
which even approached
while I

saw

was

United

States, I

think,

fairly be said to have had the
best all around exhibit, although
many
other exhibits were also

can

good.

In particular, our re¬
were
engaging the
interest of those scientifically in¬
clined, for they quickly conveyed
very
actor

models

wealth of information about each

of

the five

which

major reactor designs
Government

our

is

con¬

currently developing. The general
public, with little
background,
vated

scientific
to be capti¬
no

or

seemed

"real live" reactor,
which was in a separate building
next to the old League of Nations
by the

Building where the other Govern¬
mental

exhibits

The

were.

Rus¬

sian

exhibit, of course, attracted
great interest, not only because it
was an interesting and well
pre¬
sented display, but because of the
complete absence of any previous
information which had been avail¬

able to
the

the

world
be

to

the

Russians

not

abreast

States

at

atomic

Russian

seemed

large about
program.

agreed
were

of

the

technology.

It

all that
undoubtedly
by

latest

On

United

the

other

hand, cur margin of superiority
equally apparently is not so great
as

to furnish any

ground for

com¬

placency.
In addition to the governmental

exhibits I have already mentioned,
there

was

a

comprehensive indus¬

trial exhibit in downtown Geneva,
and

it

many

was

at

this

if

At

bom¬
Ge¬

of

duction

with

than

thorium

Breeding,

the

or

pro¬

fissionable

more

terial than

ma¬

is consumed, has been

before.

demonstrated

breed¬

But

It

ing cannot start with thorium.
uranium.

with

start

But

it

that thorium has a greater
advantage than heretofore real¬

ized
a

exhibit

that

as

fertile material—that is,

a

material in which breeding

take

can

place.
Prices

wares.

are

familiar showed

revelation
from

by
the
Government
commercial point of view

a

the announcement by Admiral

the

that

Strauss

I

touch

close

the. solar

on

very

are

and

fusion

so

is not expected

energy

to alter the fact that uranium is a

major natural

resource.

Rafstad

Laurence

Dr.

the

of

one

was

at
Geneva.
He
was
in
charge of the entire reactor devel¬
opment program at the Atomic
in

people

attendance
formerly

Commission,
including
military propulsion and ci¬
vilian power reactors.
He later
became Atomic Energy Adviser to

Energy
both

the

Manhattan

Chase

President

of

the

and

Bank

appointed

recently

was

Vice-

a

Motors

General

Corporation in charge of their en¬
research

tire

He ex¬
it happened
that his particular field of inves¬
tigation, back in the 1930's, had
included possibilities of fusion. He

plained

to

program.

they had met a stone wall in
fusion direction, and it was
this reason that they turned

the

for

that

through

uses

to which

this
restricted,

that

nor
a

pound.
which
will

One

enriched

is

of

pound

cost $2,700.

uranium

20%

to

U-235

Notice that 20%

enriched metal contains more than
28

times

much

as

U-235

as

the

$18-pound variety, which is only
0.7% U-235. The third price an¬
nouncement

would

It

sold

be

consists

hydrogen,
of

was

of

hand, it should be

dictable.

definition,

by

heavy

and

the heavy. variety

hydrogen is found in nature to
extent of one part in about

they

such,

they

because

than

it

ord¬

absorbs

relatively few neutrons, compared
to ordinary hydrogen.
Neutrons,
you

will

recall,

are

the

nuclear

particles
emitted
when
fission
takes place and which cause the
nuclear chain reaction to proceed.
If

insufficient

ent, the chain

neutrons

are

pres¬

reaction dies.

One

heavy
water is that it permits the chain
of

the great advantages of

reaction

to

unenriched

proceed with normal,
uranium.

This

is

ex¬

ceedingly difficult with ordinary
water,
although
graphite
and
tors of

The

newshawks

seized

the

must

ing

when

considered

be

"crash"

though

large

of

program.

It apoears
Governmental

wonders

advance in the march of science.

part by those leading the pack
the field of nuclear fission.

The fusion process gets
hot that it disintegrates what¬

anything.
so

In

in. The
fascinating container for the un¬
containable is not a tangible ob¬
ject with walls. It is a series of
electromagnetic fields. The fusion
reaction is trapped in space, as it
were, by creating fields of force
1930's,

experience to tell us how it will

in

recorded

been

creating

fields

tromagnetic

them

but

atomic

In¬

to

me,

high-temperature

of

new

a

too

and
now.

Fu¬

still

what will

or

its capabili¬

Certainly its horizons are too

broad

key has not been found.

is

shape it will

ties.

deed, it may never be found.
sion

or

maturity,

and

force,

of

at

be the limitations on

controlling these intangible elec¬

the

what size

grow,

has

progress

Chairman

industry is just being born. Since
it is of a new species, we have no

assume

the

should like to

AEC

from

in

Strauss, who said, just a year ago,
"We must not forget that atomic

around it.

Since

conclusion, I

quote

container it is placed

ever

This advertisement is neither

an

offer to sell

nor a

The offering is inade

NEW

.

.

.

energy

distant

to

chart

The significance of

for you, it seems

is at least a whole gamut
industries."

solicitation of offers to buy any of these securities.

only by the Prospectus.

October 19, 1955

ISSUE

303,407 Shares

.

New York State Electric & Gas

Corporation
Common Stock
(Without Par Value)

a

Holders of the

as
ex¬

both

with

connection

in

the atomic bomb and H-bomb.

Un¬

offered the
rate

stein

another

is

needed

is

flash

in

$1 billion dollar program, will

yield

an

than

sooner

ment

Einstein
the

Meitner any

or a

present

Should

plan.

ten

are

share for the above shares

being
at

shares of Common Stock held of record

the
on

1955. Subscription Warrants will expire at 3:30 P.M.,

Eastern Standard Time, on November 3, 1955.
The several Underwriters have
to

the

agreed, subject to certain conditions,

unsubscribed shares and, both during and following
subscription period, may offer shares of Common Stock as set forth

purchase

in the

any

Prospectus.

been accom¬

plished in 1939. There is no assur¬
that a $100 million program,

ance
or a

share for each

per

that

realizing

fission had

uranium

one

Ein¬

of

Meitner

Lisa

of

Company's outstanding Common Stock

right to subscribe at $37

October 18,

fortunately, in the case of fusion,

Copies of the Prospectus may be obtained from any of the several underwriters
only in Slates in which such underwriters are
in

securities

and

in

which

the

Prospectus

qualified to act as dealers
legally be distributed.

may

Govern¬

sufficiently

a

promising lead be uncovered, then
of course, we should not hesitate
to

throw

sources

entire

our

into

national

the remaining

re¬

prob¬

no

the reverse

The First Boston

Corporation

doubt, still

lems which

would,

be formidable.

or, | more

ments

great

done

decid¬

feasibility

the

to

as

nium

a

be

These facts

important to science.

of fission.
on

application of nu¬

the

and when it comes,
by companies with
nuclear know how—for the most

will

versal solvent that would dissolve

cumulative effect of which is also

heavy water.
Fusion

that

clear fusion, if

philosophers debated as to what
container might be used for a uni¬

among

Fusion is, of course,

beryllium are important competi¬

pre¬

containing
Centuries, ago,

milestones
the in¬
numerable smaller advances, the
out

insight which saw
the convertibility of mass to en¬
ergy.
What is needed is another
brilliant
deduction
like that of

moderator

problem

fascinating

the uncontainable.

our

point

constitute

stand

what

water

The

sented has been that of

a

clear

In fusion,

by discovering the key.

meantime,

financial

from

the door must be bashed down.

generally looked

are

5,000, but it makes a much more

inary

interest
of view
centers in developments which can
have an effect on profits in the
foreseeable future. We think it is
the

In

degrees.
unlocked

was

unusually quick advances
scientific technology," and, as

the

satisfactory

fission

mystery is ever discovered, fusion
will be as obsolete as fission.

temper¬

a

hundred

few

to

on

out¬

unpre¬

penditures can achieve great re¬
heavy water sults in developmental engineer¬
$28 per pound. ing and did, in fact, accomplish

oxygen

and

a

were

that

for

of

door

upon as

which

refined but unenriched, is $18 per

ature

The

accomplished at

re¬

charges is still almost a
mystery. If the key of this

pulsive,
total

that

since

occurred

On the other

items involved.

Metallic uranium,

set was

num¬

together

hang

offing.

in

are

Fission,

degrees.

can

despite their like, and hence

enormous

in the hundreds cf

there any signs
break-through was in the

time,

useful in identifying the
approximate cost level for the
they

of

How

nature.

they do in the atomic nucleus

as

been

never

in

them

of

He

practically

the

has

we

as

break¬

major

no

had

relief.

such

with

fission

important in atomic energy work.
Although

fusion

stated that the leaders in the field
felt

talk

now

how

me

conceded that break-throughs are,

material may be put are

that

thousands

associated

am

very

We

assurance

same

electrical
bers

is the

as

this difficult feat would be




potential

a

uranium has not displaced
is not expected to displace oil,

just

naturally early accomplishment of

corporations

or

be

strong reasons for believing that,

Machine & Foundry, and Ben-

industrial

then

front, but there

energy

fission,

American

in

developments

subject of controlled fusion, and

can

be

cycle.

neutrons and electrons

spoke of atoms.

once

fission

most important

the

with

Ein¬

the other hand, from the very

of
uranium
energy,
the financial organiza¬
which

with

house, General Dynamics, Ameri-

dix Aviation were among the large

to

many

keeping

sell

will

AEC

did

three items, each of which is very

their

General Electric, Westing-

by

competitor
and indeed

with

stock

heat

ficient

important differences
and fusion, and

are

temperatures,

Solar'energy is consid¬

stated

the most significant

doubt,

of the companies with which

readers

ered

to

Atomic
No

was

The

fissionable
neutrons.

with

uranium.

associated

with the Atomic Energy Commis¬
sion.

but

it was revealed that "ther¬
breeding" appears more ef¬

ficient

ex¬

The

seen

them. I

there

seen

far

were

exhibits

the

There is

informative

and

can

na¬

fissionable either,

not

in

appears

doubt,

a

outstanding.
that

is

must

own.

that

ture

mal

it

the U-235 variant
the other hand,

of the uranium found

neva,

as

On

99%

tact went out of their way
on

uranium.

nuclear

carry on a

with thorium

reaction

is possible with
of

people with whom I
ment

Jr.

Ge¬

j u s t a
days earlier.

neva

possible to

chain

taken

place

I

say that thorium, like ura¬
nium, is an element. Its ore is
radioactive, though it, itself, is not
fissionable.
By saying that it is
not fissionable, I mean that it is

extremely fa¬
vorable, par¬
view

field,

atomic

might

was

ticularly

those

the

with

familiar

was
made
of you not

thorium
For

AT&T

gigantic

accomplished except at

should

do I think

nor

that

dumped.

is

favorable information

New and

was,

telephone

The

ago.

result,

now

tion
Thorium

Conference.
It

a

Vitro

(NDA),

fact

not, however, become obsolete as
a

the

by

the

of

one

reality more than half a

a

without

and

parts,

may learn to get elec¬
directly from
the atom
going through the inef¬

we

tricity

factor.

between

be¬

radio

wireless

back,

the

is pushed

knowledge

of

But we are
just beginning to realize that these
sub-atomic particles, in turn, are

There

a

that

frontier

of protons,

stein

are,

tention

Other names signifi¬

result of my

There

a

multiplied

will

we

the

than

less

has

low-temperature
process
been
attained.
Indeed,
as

to

again,
the
energy
released
is
equivalent to the loss in weight

that

number of chastening
considerations. I draw to your at¬

work. Warns, atomic

represented.

velocity.

however,

'

„■

I would like to

weighs

years,

doubt

scientifically at an ever

increased

gamut of new industries.
i.

recent

no

high probability that

a

advance

industry "is just born," and in time may lead to a whole
.

be

about the nature of matter.

a

energy

Great advances

in

made
can

according

But this time the whole

combine.

have only just begun to learn
There

we

commercial point of view
Atomic Energy Commission will sell

by the government from

been

there

and

but most significant

made available,

was

the announcement the

was

have

margin of superiority
not so great as to lead to complacency.
favorable information regarding thorium
our

which,

and no break-through to

process

the
Einstein equation, equals the loss
of weight times the
velocity of
light (186,000 miles per second)
squared. In fusion, light elements

certain that fusion will not render

his impressions of the Geneva Atomic

Conference, which he attended. Says

category.

weight is converted into

energy,

be classified in
However, it seems

uranium obsolete.

in

ence

still to

are

that

Mutual Fund, Inc.

Development

President, Atomic

who have long been

we

among the optimists with respect
to the development of atomic en¬

By NEWTON I. STEERS, JR.

over

13

(1633)

The Commercial and Financial Chronicle

.

.

'

i

a

Both

accurately,
heavy

splits.
do

are

not

The

nuclear.

atom

like

In

ura¬

resulting frag¬

weigh as much as

the original atom,

Lehman Brothers

Wertheim & Co.

truly atomic,

and the differ¬

Merrill

Lynch, Pierce, Fenner & Beane

14

(1634)

J

The Commercial and Financial Chronicle

turers

A

Trust

the

News Aboet Banks
OFFICERS, ETC.

Mr.

Bankers

and

REVISED
CAPITALIZATIONS

The First National City Bank of

tive

responsibilities

in

Vizdos'

the

1927 when

pointments of

as

C.

Bush

of

of Oct.

31, 1955 under the early

the

Long Island

with

plan.

the

in

On

bank,
his

general

a

arrangement

consulting

and

will

and

consultation

be

available

with

all

on

as

director

a

it

Long

Bank

operating

Edge

Act

tions

outside

Mr.

and

matters
con¬

Chase

last

the

John

John

Love

Thilly

Department,

and

Thilly of the Fifth Ave¬

nue Office as Vice-Presidents. Mr.
Bush will continue in his
present

assignment.

Mr

main

bank's

the

at

Office
death

which,
of

has

of

Thilly

will

Fifth

since

Hobart

been

tion

Avenue

the

M.

re¬

recent

McPherson,

placed under the direc¬
Saxon

C.

President.

Barnes,

;

*

«

I-

■'

The First National City Bank of
York opened a new branch
13

in

21

foreign
of

ment

second

Beirut,

Lebanon.

overseas

This is its 60th

branch in

countries.

the

Beirut

in

step

a

Establish¬

Branch

is

to

move

the

bring

expanded world-wide banking fa¬
cilities to the Middle East. In
April
of

this

the

year

branch

in

Middle

East

It

was

opened

branch

it

is

said

a

that

head

York

period of
specialized in

merged

Chase

Vice-President

■

Oct. 17

on

of

it has established

military banking facility at the
Station, Iwakuni,

Forces

and

unit

will

banking
the

U.

civilian

pro¬

services

S.

Armed

components

living at the Air Station.

Love,

Vice-President
hattan

Bank

Executive

of The Chase Man¬

of

New

York,

asked to be relieved of his

has

execu¬

Side

Bank

TRUST

of

Oct. 14 the ap¬

Archie

pointment of William J. Vizdos.as
Assistant

an

Vice-Pres,"dsnt

Manufacturers

Trust.

Mr.

of

Klein

Eagle"

advanced

was

to

nancial Editor. He
of

Brooklyn

1930

at

the

the

1920

Assistant

s

Fi¬

joined the staff

Trust Company in
invitation of George

McLaughlin

who

At

Mr. Klein

served

tions

in

as

then

was

Brooklyn

Trust,

Public Rela¬

Representative and Research

Assistant to Mr.
became

an

McLaughlin.

officer

of

Bank

an

New Issue
..

to

...;r

buy these securities.

of

Preference Stock, 4% Series of
1955
value (convertible
prior to November 1, 1965, unle.s
previou.ly redeemed)

1955
20

to holders of its Common Stock
the right to subscribe
on the basis
of one share of 1955
Preference Stock
of Common Stock.
The Subscription Offer
will expire at

Preference Stock
shares

3:30

P.M., Eastern Standard
Time,

on

Westchester

Jr.,

President

Tyner,

a

of

may

offer and sell 1955 Preference
Stock,
by them through the exercise of

mortgage division of Na¬
Bank of Westchester. He is
associate member of the West¬

an

chester

County Realty Board and

member

a

of
the
Westchester
Builders Association.
President Tyner has also an¬

Home

nounced

that

open

ford

Subscription Price

Copies of the Prospectus
as

may

are

the

Currency

Bank of

N.

Underwriters, including the undersigned,
including stock purchased or to be pur-

set

obtainable from the
undersigned and such other dealers
these securities in
the respective
States.

in

CLEVELAND




ap¬

will

cept
reason

for the

one

fact that

peo¬

ple do not buy
stocks.
IgnoA

ranee.

n

abounding,
.

„

abysmal,

,

Engel

un-

believable

about

norance

our

business.

ig¬

That

tool

operating at
applications
have

and

*

*

First

CHICACO

We don't

N.

Y.

Bank

and

of

the

of

the

City

a

of

capital

of

Binghamton,

the

of

consolidated

formed

of the First-City

name

Bank

Each

uniting banks
$1,000,000. The

bank

with

has

been

capital of $2,500,000, in 125,000 shares of common
stock, par $20 each, surplus of
$2,500,000 and undivided profits
of not less than
$500,000.
a

election

the

board

17.

J.
J.

of

of

Trust

N.

Robert

Oct.

*

*

Allen

Vice-President

M.

directors

Mills

of

announced

Kiesling,
Mr.

Mills
and

President
is
a

the

this

Advertising.
the kind

mean

to sell

of

ad¬

graduate

advertising that

give people

or

when

course

post

a

they haven't

got out of kindergarten yet. Peo¬
ple are not going to put their
money at risk in new ventures, or
in

even

expansions
unless they

tures,

of

old

thing

about

General

General

Electric

Unless

they

securities

owning
some¬

Motors

and

own

ven¬

familiar

are

with the basic concepts of
stock.
Unless they know
U.

and

S.

Steel.

of

some

those

Security

to

make

ad

an

sprightly
but it
pull as well as a

to

own

with

investing with their
don't

money

they

want

to

feel

being high pressured or
that they are
being advertised-to.
In

are

business

our

other,
the

the

customer

is

just

to

more

absolute

than in any

confidence

vital

is

.

.

of

and

.

it

him.

possible

the

plain simple
type ad does something to bolster
his confidence.
It gives him the
feeling that we are just talking

Support From Other Businesses
I think the

when

we

sizable

day is going to

going to have

are

business

our

of

measure

The

nesses.

support

from

other

interest

corporations

have

come

a very

for

busi¬

which

shown

large

in

the

last half dozen years in
educating
their own employees througn their

house

when
too

is

organs

thing.

The

a

day

healthy

very

may

even

advertisers, if they

worried

the

about

selling their

stock,

come

are

not

SEC

in

going
to
say
in their advertising not
only that they have a good prod¬
uct, but that theirs is a pretty
own

good company in
like

to

case

are

would

you

buy stock in it.

The money we actually spend in

the

majority of

is

less

than

local markets

our

other

people are
spending, for which I
arji very
glad. The more money everybody
spends on advertising the more
we
are
all going to profit.
The
bigger we can make this pie, the
bigger our particular little piece
is

going to be.

reasons

to

see

money

That's

one

of

the

why Mr. Merrill is willing
us
use
our
advertising
just to sell this basic idea

of stock

ownership.

Ownership Primary

COMING

motion

EVENTS

here is to sell the

idta of

security ownership first, and very
secondarily the idea of buying se¬
curities

through

Merrill

fact

ask ourselves, "Is this
piece of literature—con¬

that

is

it

good

to

In

own

com¬

Nov. 16-18

ran

piece

"Times"

contained

small

of

York, N.
Stock

Exchange

Firms meeting of Board of Gov¬
ernors.

educational

seven

years

6,000 words

ago.

of

very

19,

1955

(New

York

City)

Security Traders Association of
New

York

cocktail

party

and

dinner dance at the Hotel Com¬
modore.

print under

a simple head¬
Everybody Ought to

"What

Know

About the

Business."

whole

The

series
the

about

was

Stock and
text

of

ad

inside

since

a

questions

business.

that succeeded
We

received

of

two

used

that

in

5,000

weeks.
same

We

ad

in

150 different papers and in "Time"

magazine

as

a

three-page ad. De¬

use

and

on

time

ran

in

it

re-use,

the

the

New

♦Summary

cf

an

address

by

Nov.

last

York

Mr.

En-

27-Dec. 2,

1955

(Hollywood,

Florida)

Bond

answered

basic

securities
an

spite of itself.
have

first

cur

full page ad in the New

as a

York

It

(New

Association

Nov.

We

ing,

Field

stock?"

mon

It

Investment

Lynch.

We must

spite its

of

more
seem

doing.

are

tried

So, the primary objective of all
of our
advertising and sales pro¬

Executive

director

is

first.

by

The Camden Fire Insurance Asso¬

ciation.

every

in

company

That's the kind of
tries

letters

Company of Cam¬

was

and

vertising that offers to sell stock
or
solicits people to buy stock.

Binghamton

consolidated, effective Oct. 3

Y.

had

N.

Motors

tributing to the acceptance of the

National

Bank

Electric

successful

ad—this

❖

General

country is using.

Plains,

•

General

other

in

Sta¬

that

we

have

cerned

that.
is

convincing evidence
people to know

straight simple type of ad. It must
be because people who are con¬

—

ac¬

There

The

located

Tarrytown and Montrose.

den,

READING

be

approved
for
additional
facilities in West White

Camden

Street, New York 5, N, Y.
DETROIT

Bed¬

been

to

Incorporated

October 19, 1955.

in

been

tion Plaza in Bedford Hills will
be opened in the near future. The
bank has 13 offices

The

Harriman Ripley & Co.
PHILADELPHIA

has

Washington.

which

*

63 Wall

office

Y.

of

Westchester

vicinity of the Railroad

were

Share

lawfully offer

BOSTON

application

branch

a

Hills,

The

Subscription Warrants, at prices not less
forth above less
any concession to dealers and not
greater than the highest known
price at which the 1955
Preference Stock is then
being offered by other dealers, plus the
amount of
any concession to dealers.
than the

an¬

tional

National

chased

has

T.

the

under

the several

Ralph

mortgage
activities, Mr. Prout is in charge

National

During the subscription period

not

We

un-

d erst and

does

White

nounced. A specialist in

November 1,1955

Price $100

at

directors,

Binghamton,

Subscription

National

at the October meet¬

of

present,

Corporation is offering

each

the

the

the

United Aircraft
Corporation

for the

elected

was

of

Plains, N. Y.

office,

for

—does not

to

proved by the Comptroller of the
v \

243,469 Shares

The

Shore

Prout

about what

evident,

doesn't

ing

He

Manufac-

E.

Vice-President

most

that

and

on

to

par

Bay

the

of the eagerness of

does not know

.

had

is

the great bulk
of
America

also announced

offer to sell nor a solicitation
of an offer
The offer is made
only by the Prospectus.

*100

self

Sept. 14 the

on

may

that

reports

System

that

you

the

of

State Banking Depart¬
authorized the South

the National
This announcement is neither

Although
think

same

President.
L.

is

stock.

own

$11,780.

V

V.

Edward

to

of

year

sjs

-

Telegram-Sun," about a
ago, it produced 10% more
inquiries than it did in 1948. This

socially,
economically,
personally—it is good for people

in-, fact has been documented in sur¬
COMPANY,
crease
NEW YORK
its
capital
stock
from
veys reported by the N. Y. Stock
Oct. 5,'55 June 30,'55
$250,000 to $487,500 and that ap¬
Exchange. One study shows that
Total resources
$3,450,071
$3,195,40(3
plication had been made by the
only 23% of the people in this
Deposits
503,740
025,439
bank to the
Cash and due from
Banking Department country had even the
vaguest idea
to change its name
banks
1,879,433
1,619,993
to the State of what
common stocks were and
U.
S.
Govt,
secu¬
Bank of Suffolk.
only 23% of those same people
rity holdings
431,321
431,333
*
*
Undivided profits—
486,523
373,866
would
consider buying common
Increased
from
*
❖
$750,000
the stock if they had the resources.
First National Bank in
Yonkers,
And that is our problem
The appointment of Harold F.
today.
N. Y. as of
Sept. 28 enlarged its We have
Klein as an Assistant Vice-Pres¬
got to sell a market that
capital to $1,000,000. The addition
is financially illiterate.
ident
And the
of
Manufacturers
Trust thereto was
brought about by a
only mass tool we have available
Company of New York was an¬ stock dividend of
$150,000 and the for a mass
nounced on Oct. 13 by Horace C.
selling operation is the
sale of $100,000 of new stock.
CORPORATION

"Brooklyn

new

complete

*

of

"World

litically,

stock

new

of Governors

noted

was

ment

Japan.
vide

it

of

after serving as a reporter for the

lor members of

other businesses.
No matter how you slice it, po¬

1182,

1

.

dividend

Reserve

New York

..

suade people to own securities, and
secondarily to use their
particular facilities. Expects important support to come from

Bank of Suffolk.
A branch was
established in the former location
of The Bank of
Amityville.
In
these columns Sept. 22,
page

Na¬

bank.
ijc

problem is to sell a market that is financially illiterate.
Maintains brokerage firms' principal interest should be to
per¬

of

result

a

for

reason

buying, Mr. Engel declares Wall Street's

main

insured non-member,
merged un¬
der the charter of the latter bank
and the new
title
of the
State

Company has been

Executive

an

the

Maintaining unbelievable ignorance constitutes main

the

Bank

EN GEL*

Charge of Advertising of Merrill Lynch, Pierce,
Fenner & Beane, Members N. Y. S. E.

that the Bank of Amityville, at
Amityville, Long Island, N. Y., a
State member, and the South Side
Bank, of Bay Shore, N. Y., an

Mr.

U. S. Naval Air
This

Federal

tional Bank, and since the merger
of that bank with
the Bank of
The Manhattan

stock

a

*

office

New

officers of The

figure.as

The Board

utility financing;
he was one of the

for many years

senior

$623,220,

National

in

resistance to stock

Flanigan, President. Mr. Flanigan

v

also announced

York

of

bank.

\.S<S

by the First National City Bank
New

a

Cairo, Egypt, the first

any American
-

bank

and

Partner

t-

$115,000 of

the

covers a

has

#

Island

named

and

States.

Street.

in

career

years,

corporate

THE

New

Oct.

40

over

Vice-

,

❖

on

whose

the

Pine

IB

banking circles

Bond

E.

E.

at

By LOUIS

opera¬

United

in

Bank

building

clerk in

a

City.
from

the sale of

Love will maintain his office

with
Rollin C. Bush

under

conducting
the

as

Ilicksville, New York now has
a capital as of Oct.
1, of $750,000.
The amount was enlarged to the

Bank, which is a wholly-owned
subsidiary of The Chase Manhat¬
tan

Goes to Main Street

with

was

Company in

Department,
at
Plaza Office,

sis

Increased

advice

The

of

How Wall Street

in

Queens
•••'

capacity

for

relating to the bank. He will
tinue

bank's

however, he will

association

job

Trust

Administration

retirement provision of the bank's

the

continue

bank's

first

he began

pension

of

Thursday, October 20, 1955

.

the

he
was
appointed
an
Assistant
Secretary. At present, Mr. Vizdos
is assigned to the Queens Branch

bank

and has therefore elected to retire

Division

of

been

the bank's 79th Street Office. He
later advanced to Chief Clerk and
to Assistant Manager and in 1951

New York has announced the
ap¬

Rollin

time

has

Advertising and Pub¬

Manufacturers

BRANCHES

NEW

Municipal

the

and

.

licity Department.

CONSOLIDATIONS
NEW

the

bank's

at

1950

in

merger

.

Investment Bankers Association
annual
Convention
at
Holly¬
wood

Dec.

Beach Hotel

2, 1955

(New York

City)

Security Traders Association of
New

York

Annual

Meeting

at

the Bankers Club.
Oct.

24-27,

1956

(Palm

Springs,

Calif.)
National Security Traders Association
NOV.

Annual

3-6, 1957

Convention.

(Hot Springs, Va.)

ffl Yo°£ it'. JaTaSS Ho°,™New

National Security Traders Asso-

York

ciation Annual

City,

Oct.

is,

1955.

Convention.

9

Number 5474

182

Volume

.

tillates and

Future World Demand (or Oil

increase

By ALBERT NICKERSON*

The

.

data regarding petroleum

duction and

of the heating season, and

in

United

the

rels

last

States

increase of only ?%

an

cate

the pre¬

from

in

39%

be

the

increase

next

six

pointment

Demand
think, will in¬
crease more sharply.
On the other
hand, demand for kerosene in 1960
is expected to be smaller than it
is today.
And our forecast indi¬

Domestic pro¬

remain

and

for

not

still

wholly understood disap¬
to
the industry.
duction
Albert

was

This

is

running

ahead

and

mates

barrels

occurring.

be

may

than

Demand

of earlier esti¬
exceed 8,300,000

is

of

good showing, and distillate fuels
are
running over 9% ahead for
the first eight months.
Domsst c

than

production is ahead 5.6% for the
same period.

rels

demand

The

these

explanation

simplest

not

for

is that b usiness

occurrences

expected
year and better than we ex¬
pected this year. I think you will
agree with me that the kind of
surprise we are getting this year
was

good

as

as

easier to

lot

a

the

Meeting
As

the

heating

we

this time of year.
cold

the
at

Are stocks too

to these

answer

in

is

industry

though

as

have

No one knows the
questions. It looks

enough?

soon

good

shape to meet the heating load if
have

we

in

weather

normal

the

And if
should all enjoy good

heavy consumption areas.
have, we

we

forgive
ter

us

if

our

not forgive

fail to meet

we

during

the demand

It

than

colder

a

at

1956

to

domestic

total

barrels

8,650,000

further

normal

ahead

Looking

forecast

mand

and

overflow

will

drop.

winter.
we

plan for nor¬
public
will

if during a warm win¬

tanks

our

prices

a

The

weather.

mal

us

must

We

business.

of

increase

de¬

daily,

4%

over

1955.

the basis of estimates made

On

expect steady
dur¬
ing the decade 1956-1965.
Cur
estimate for 1960 is 9,700,000 bar¬

by our

company, we

growth in domestic deirand

rels

daily,

or an

over

1955.

17%

forecast
crease

Shifts

And for 1965

1960.

over

in

increase ot nearly

additional

an

Pattern

we

in¬

10%

-

we

of

Consumption

compare

those

with

number

oil

States
a

forecast
shifts

of

1960,

the

pattern

a

consumption in the United
appear

basis,

for jet

replacement

in- prospect.

be

to

percentage

demand

the

for

in

striking of these is
in

the

most

gain of 93%

a

fuel, reflecting

of

conventional

piston engines by turbojet and jet
*An

the

8,300,000 bar¬

day, an increase of almost
41% over this year. By 1965 the
demand is estimated to be 29%
above the level five years

earlier.

Foreign Petroleum Demands

Starting from
climbing

at

estimate

that

States,

as

The

address

by

Mr.

Texas Mid-Continent

Nickerson

before

Oil and Gas

sociation, Dallas, Texas, Oct. 4, 1955.




As¬

do

en¬

have

we

believe

that

who

are engaged
in
supplying petro¬
energy—whether as inte¬
us

business

leum

of

grated companies

or

grated

producers

of

—have

more

They expect that nuclear

gener-

costs, which are now esti-

ating

States

in

hour

kilowatt

Great

and

reduced

mills

nine

about

at

mated

per

United

the

Britain,
by

be
about

can

sufficiently

1965, to make nuclear power commany areas.
By way
of comparison, the present cost of
electricity generated at a new

petitive in

in

plant

using

City

York

New

rdThSim'8 iS ab0Ut Seven

non-inte¬
oil and gas
an ordinary in¬
terest in the development of this
new

it

cuss

ergy

Perhaps then
appropriate to dis¬
aspects of nuclear en¬

energy

would

source.

be

some

and

effects

as

its

of

some

on

This
Just

a

electric

in

industry

power

the

is

funds
witb

nudear

build

to

tola? canacitv

a

readers

of

tricit^—about

close
of

kilowatts

million

one

to

dec-

1% of the dountrv's

present installed capacity
present
capacity.
_

all

What

probably

this

fuels

as

adds

gradual

a

to

is

from

nuclear

to

electric

new

up

shift

fuels

conventional

power

sta-

future

probable

demand

nFFFr WnwilSFFpJLrFlm1

good
over

time
six

to

nnwL

stations

power

tw

willinih»
will in the tore—
nuclear

convert to

seeable future

S

does ,n
ing

our

ho\\ ye

eakthrough,
n°n' Kcc.m
.

-v.

n

know, caught up
production this year.

you

—

so.

ago

tviic' ™?n
this will

the demand

product

—

mean

for

initially

the immensely difficult problem
o( sa£e Packa§in.? must bs over"
come' °ur imP°rtant asPhalt mar~

ket will be unaffected by nuclear
developments and, so far as can
now be seen, nuclear energy does
not

threaten

markets

our

This is

A"d

of

course

we

have our

raPidly expanding field of petro-

chemicals. The fact that this field
now accounts for but a small fraci*
iAi
i
r-LAniri
°
L
„

«

us

to

that

forget

Western

In

its least valuable

value llas doubled since
1050 t0 riearlv S4 billion and that
19aU t0 neariybimon ancl tna*

Continued

on page

IDENTIFYING

STATEMENT

offer to sell these securities. They are subject to the registration and prospectus
requirements of the Federal Securities Act. Information about the issuer, the
securities and the circumstances of the offering is contained in the
Prospectus which hmst be given to the buyer.

not an

1,200,000 Shares

Europe

SPLEND0RA FILM CORPORATION

economic
recovery
been very rapid in the last
or
three years.
All of the

has
two

in

countries

much

now

this

dustrial
ernized

off

World

plants

are

area

better

before

were

have

they

II.

been

In¬

above

far

(Par Value 10c Per Share)

mod¬

industrial

and

production
levels. As
Americans,
we
can
be
justly
proud of our contribution, to this
recovery. Without our help in the
is

Common Slock

even

than

War

pre-war

BUSINESS:

The company

motion pictures,

intends

to engage

in the business of producing relatively low-cost

mainly utilizing the creative, artistic and technical abilities of the American

Negro. Both dramatic and musical films

are

planned for exhibition in theatres and on television.

form of economic and

military aid
it
might well not have taken
place. The political repercussions
in

the

utmost

well

This issue represents new

gravity,

as

you

can

OFFERING PRICE $.50 PER SHARE

appreciate.

The

financing

have been of

this event would

of product con¬
sumption abroad is basically dif¬
pattern

ferent

from

States,

and
lead

mand

likely

that
our

to

us

the

believe

remain

to

Residual

time.

in

forecasts

Copies of the Prospectus may be obtained from

of de¬
that

lor

so

fuel

United

J. H. LEDERER CO., INC.

McGRATH SECURITIES CORPORATION

some

is

oil

it

in

abroad than

whereas

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

Exchange Place, New York 5, N. Y.

WHitehall 4-0175

HAnover 2-5440

any

other

40

this

product,

in

country gasoline demand is more
than
twice as large as demand
residuals.

for

high taxes

on

save

foreign

raise

internal

couraged

tually

Extraordinarily
gasoline, levied to

PI ease send

me

a

copy

of the prospectus relating to the common stock of Splendora

Corporation.

exchange

and
to
have dis¬
its consumption in vir¬
revenue,

all foreign

countries.

Our

NAME,

ADDRESS.

estimates of products demands in
the

the

free
next

foreign countries during
several

years

indicate

continued strong markets for dis¬

CITY.

.ZONE

annual

nJof
that sales

of postwar recon¬

particularly,

for

lubricants

residual fuel oil —may

NEW ISSUE

increases in petro¬
in prospect for the
countries reflect the
notable progress made by most of
these countries in solving the dif¬
struction.

automo-

live fuel. Before nuclear fuel can
be used directly in sma11 or mod"
^rate-sized mobile power plants,

foreign

ficult problems

,

L fP,g„A FFl

United

the

t

,

lifetime for its largest and

most valuable market

cause

for

do

weeks

There doesn't seem to be

petitive

£,,!£liiiimFJ?,?

try
a

nuclear

in

reductions

P?wf

*rv

little

Fuel,'"

0il As Automobile

Within the last few months the

than

demand

free

is that

We

so.

large

leum

served

will just about
demand in

outside

S.

sources,

States

Crude production in the

U.

answer

nuclear

in various stages of construc-

in the free

demand

countries

world

with

lower base but
rate, we

a

of

petroleum.

sharper

a

United

free

is

today's demands
for individual petroleum produces

On

indicates that

greater demand

If

of

By

States.

a

10 years.

Are runs too high?
Will
weather
stimulate demand

high?

faster

much

reach

will

demand

equal

Load

always have

we

foreign countries

from
could

remote

are

be economically

by nuclear electric power plants,

future

whether, in
these
long-range
fore¬
have taken into account

making

the

Energy

wonder

may

of

de¬

1956-1965

forecast

our

foreign

Heating

season

worries

same

take.

Nuclear

to

day

a

we

stand at the threshold of

we

in

of

tried

rise

balance,

now

fuel

ly impressed by the prospects for
Impact
You

further increase

United

the

the

even

parts of the world,

they

United States has been sufficient-

The

to

the

in

occur

and

ergy.

decade

in

1960,

States

those

the

expected

last

is

United

and next

mand in the free

is

will

demand

casts, we
the development

a

26,700,000 bar¬

54%, abroad.

8%.
In

is

25% more than in
Forty-six percent of this

"1965.

total

1975

this year

expect

year we

an

in

increase

11%

an

to

and

seem very

day,

a

for

barrels

forecast

Our

for

increase of over
in
the
month of August was 9% ahead
of August 1954, an exceptionally
daily,

Gasoline

7%.

rels

almost stationary.

5,300,000

1954.

any

Our forecast of total free world

that demand for liquid

the reverse situation

year

to

1935,

that doesn't

us

demand

will

residuals

for

than

away

of

pro¬

isn't

all

submarines

cient nuclear-powered

tion. This suggests that -the petroleum industry can expect
eventually to lose some of its potential markets for diesel fuels as
well as for heavy fuel oils,
In our industry we are accustomed to looking ahead as much
as 10 years from the time we start
looking for oil in a new area to
the time when the oil we have
found can be used by the consumer.
So we cannot,- afford.; to
disregard 4 the
possibility, that
sometime between 1965 and 1975
technological advances may also
make nuclear electricity economical in some areas as a central
source of heat for homes and
power for railroads.

because

decade,

more

one

,

are

conventional

encourage¬

after

likely
pla.y in future world economic

out that some

long ago.

years.

we

Turning to the free world outside
United
States, we estimate
hydrocar¬
bons amounted to a little more

less

than the previous year.

seems

many

for

That

farther

the

actually
slightly

or

demand

cates

N.ctterson

JL.

five

distillates,

them

1975.

clear-

more

%
The scientists at Geneva pointed

Before leaving

us.

little

see a

development.

decade,

subject of demands, let's

and the lesser
came

next

rapidly in the future

to

16-day

a

real

of

all of

ment to

demand

to

real

on

the

over

source

a

ject

a

month

as

it otherwise would have.

as

ly what part petroleum is

in

operating

producer
this

not rise

concluded its Sessions at
A large amount of in-

before and

how

only in the United States but

demand for gasoline
to rise at about the same rate as
total domestic demand over the

as

21,400,000 barr

understand

can

Atomic

of

Uses

^

throughout the free world should

We expect

expected

I

products
not

petroleum gas in the same period.

was

free

schedule might con¬
figures a little remote.
But the probability of continued
strong
demand
for
petroleum

in¬

an

of

crease

the

sider these

4%

1954

of

demand

of

producing

asphalt and of about
for
liquefied

for

demand

vious year. In
the beginning

oil

an

day.

a

1954 to

think

Texas

Our forecasts indi¬
increases of about 44% in

barrels

the' rest

of

that

I

Peaceful

the

Next on the timetable may be
Geneva.
the use of nuclear fuels to propel
formation about nuclear
energy
ships and to provide central heat
which had previously been classiand energy sources for industrial
fied was exchanged. On the basis
operations.
As you know, the
of this information we can put the
U. S. S. Nautilus, although it is
future role of nuclear energy in
an experimental ship, is now fully
somewhat better perspective than operational and other more effi-

Demand

States

in

in military and civilian
aircraft. By 1960 demand for jet
fuel is forecast at
over
300,000

bar¬

on

1965—an increase of 65%.

engines

year

about 7,750,000

to

day,

a

World

United

barrels

Looks also for
increased foreign demand for petroleum products. Estimates
world demand for petroleum in 1965 at over 21 million bar¬
rels daily, an increase of 65% over current daily demand.

amounted

jet

rels in

by shifts in the patlern of oil consumption.

liquid hydrocarbons

for

..

growth in domestic demand during next decade, accompanied

Demand for

the first International Conference

sharp

a

demand

world, we have a total free world
daily demand for liquid hydro¬
carbons spiraling from 13,000,000

pro¬

Says industry is in good shape to
foresees a steady

consump'ion.

meet the demand

the

Energy

Adding
to

Prominent oil executi/e gives

residuals, with

in

fuel.

President, Socony Mobil Oil Company, Inc.

15

(1635)

The Commercial and Financial Chronicle

.

.

STATE.

Film

23

16

The Commercial and Financial Chronicle

(1636)

'

spirit"

Continued from first page

eral

It

enough too that many of the
politicians in the Republican
party are mortally afraid
the

and

are

of

all sides it is

hiZ^

year,

prepared to go to al¬
length to prove that

they too

the

in

the
tax

rpd notion

next

a foregone conclusion,
from that noint on con-

is

year
and

what such

on

Thanks .in substantial a reduction implies for busi'
part to similar amendments ness in the immediate future,
in the law, outlays have been Rarelv—-distressingly rarely
rising ominously. We should —is any analysis of the econot consider adding further nomic warrant for tax reducyear.

_

to these burdens in any

.

..

...

..coo

whether

Not

event; tion.

Good

Politics,

Bad Public

reduction in

is the

Policy?

it

should

taxes—this

gist of current conver-

sations

the subject.

on

if

wonder

sometimes

We

\

>

The Trouble

there

really is no way to
The trouble
or one of
render it good politics in an
election year to refuse to play them—is, of course, that it is
politics. If we have ever had so easy for the beneficiary of
a
leading national figure with publfc largesse to convince
the courage to try the experi¬ himself that special favors to
ment, his day has long since him are in the public interest
—

passed. Possibly the late Sen¬
Taft

ator

came

it

near

as

as

—and
at

so

least

other man in public life, politician to dispel such nobut, of course, he had his tions. The farmer is a clear
weaknesses, too. But if there example of this. He has been
is no way in which the voters told
so
often by so many
country can be per¬ smooth politicians

this

suaded to

reward statesman¬

over sly political maneu¬
vering, then our boasted
democracy must remain a
lame and impotent thing—as
well as an essentially danger¬
ous thing. If farmers vote for

ship

the

who will

man

the most

or

give them
promise them the

most; if the wage earner will
heed the

urgings of his union

proper

ancj the politician who

man

who will most

easily

good

facts

is

stimulated

and

the labor union

ren-

rln

nioir

nr

in

appears

who think for themselves

and farther ahead than the
end
their noses. But these
masj\ aPPeals J° larSe f uUpS

a

ears so

members,

or

of them Something
ol them, bometh ng

in

the nature of the

matter

of record

old school

results from the illness of the
The

President.

Democratic

party has not yet chosen its
leader for next year's affray,

There

much.

in the

men

are

able

some

can

they take charge and

the current situation without

"Ike"

the

at

the

of

head

party? In these circumstances,C
it is hoping for a good deal to
demand that next year's elec-

(t'O

Oft

*

^

L,

„

_

„

*

*

Motors were desultory marketwise, largely because

Leibert
On

Oct

27

a

struggle

the

coiumn.

o n,

incidentally,

Broad

Morris
of

the

Z.

Paster-

New

York

F.

firm

will

Leibert

will

name

acquire

a

mem-

clouded generally. Magma

until

next

month,

the

had some wide gyra- Copper was the wider-moving
tions including one extreme among the coppers and some
retreat running 10 points °f ^s losses were of the several-point variety in a single
from the peak.
session.
*
*
*
❖
❖
❖
A somewhat newer item in
Despite the decline in
the spotlight was American
Hawaiian Steamship on a prices generally in the last

compensatory payment

a

ran

Kennedy

on

Nov.

1

will

GEORGE F. BREEN
Underwriter

become a partner in Stetson
Co., 41 East 42nd Street, New
York City, members of the New
&

York

New York, N. Y

Stock

Exchange.

nedy

is

officer

affiliate,
poration.

an

Stetson

of

Mr. Kenthe

Securities

firm's

Cor-

month, the uncertainties over
whether the reaction is complete kept the buy recommendations of specific issues to a
rather light load. Some of the

up

awarded

t00j

the

fered

iasJ-

m

fions

wjU

Higher
,,

{

military

,

.

appropna-

stabilize

for

little

a

irinre

yields With a httle more
shelter than the favorites on

.

cuts

with

good

of

examples

as

viold*

...

Aircraft*
,

Itj

the

runup

Washington indications that

v

before

well-depressed

issues

latest correction were
sharply and fell back culled out and gingerly of-

had

J

.

Jusl as

more
bwer

^

what

CQUrts

a

hit

stablll?e or a b

of

the

last

American Tobacco

g

0,

i

nncn

two
was

u

sUSSested both because it has

' not participated overly in the
r0ffers a good return, and

Plus the interest tanned up oy

can

To Be Stetson Partner
S.

*

held

flrat

,fl™

t^sport

orders booked for Pan Amen-

Donald

*

shortage to offset some
z^nc price firming while at
the same time there was some
price easing in the scrap markets- It kept the picture

th®

f'™-

Share

Circular upon request

*

meeting of the directors this copper

be

bership in the New York Stock
Exchange and on the same date
will be admitted to partnership in
the

black-ink

the

week would be the time for
the long-hoped stock split,
When it turned out that the
dividend meeting won't be

City,

Street, New York

the

into

*
*
*
°SSy opper ic ure
In the slow trading the
The non-ferrous metals,
standout features were some- which recently ran out of
what scarce. DuPont, how- steam rather abruptly after a
ever, held the limelight brief- §ood whirl, were also caught
ly when the notion became
crosscurrents. This encomwidespread that the monthly passed a sudden easing in the

changed to Kamen & Co. Edward

Common Stock

i

about half of that extreme
distance had been traversed.

than

Exchange, will withdraw
Kamen, Pasternack & Co,

and

Lewisohn Copper Corporation

r e a c t

from the government of

.

Partner

member

25

200,000 Shares

yearend rally. At the low of

£or

from




a clrange along early earnings reports fully
bore out advance predictions,
including $2.29 a share for
Allegheny Ludlum against 27
cents in the same period a
year ago which was one of the
more marked comparisons.
The climax will come next
week when the dividend actions of U. S. Steel and Bethlehem are slated.

tion be conducted in a states- similar runup when hopes
manlike way, but the country were high that the Supreme
gadly needs such a campaign. Court would hear its appeal

Stock

Broadway

were

Republican party, stock

nack

115

*
a
pursuing a
nursuinff

the

only.

TSSUE

Price $1.50 per

wniie

on obviously back-scratching logical upheaval could carry Chrysler's
third quarter reproposals are much too formi- the industrial average a hun- port wjp reflect lower earndable for the rank and file of dred points under its 1955 ings after the earlv change-

having been sold, this advertisement
as

stabiihty for

orotic

Tr* Rp Kampn & fn

NEW

%

whilp

oteeis,

W1™ the ensuing comforts.
^
^
^
*
*
*
The respite did little to
solve any of the basic problems' Market students, still
somewhat stunned at the
severity of the reaction, m the
face of so many intangibles
weren't overly given to firm
convictions that more strange
things cannot happen again.
A popular round figure in
15 i* an1other1 Psycho"

/-Ini-in

.lODeMmenaco.,
All these shares

Steels

AUr\

nr

regardless of whatnfl'ior* have
they
done or May do in other areas
ot Publlc business. Fortunateevidence comes to hand
lrom time t0 time that not a11
members of the unions can
lhus be led around by the
nose> as jt becomes clear at
intervals that there are farm-

make themselves effective in

ay

featuring

issues

somewhat uncertain c o u r s e

lnto account. And so pohticians often command his vote

—

combe dinned into his

manv
ma

on

parntncfQ

a?quent^ whlI| °"e of cau- ablestrength as some of the
to stand out occasionally
ll°us trading was better on

but

these

,

good degree.

considerations are to be taken

many

completely knuckle often and so long that he has
if various other become an inveterate physioelements
in
the population crat, and ready to demand alfollow
similar
patterns
of most anything from the repolitical behavior, how shall mainder of the people in the
we ever
get calm, clear think¬ country.
The same in effect is true of
ing and action on any of the

of

mainly

a

need be asked, and no other dends. I he over-all tone, con- over-all, nevertheless

under; and

Contemplation

weeks and interest centered

"friend"' all others be-

and most

public issues of the day?

tlc ways of the last three strength to
*

giveP them to him

* willing to

and we but there need be no doubt
others, that the party managers whotoo—that he is the foundation ever they are will be under
of the economic system, that great temptation to cuddle up
he must be prosperous, that to the farmer at the expense
any step or measure which of the taxpayer.
It has almakes
him
prosperous
re- ways "played ball" with the
dounds to the benefit of all unions' leaders, or at least has
the rest, and that this gain by done so in recent years. Beother elements in the popula- sides, it is part and parcel of
tion far outweighs the cost of the accepted political strategy
the largesse they supply the for
the "outs" to promise
must say a

leaders and cast his ballot for farmer—he has had this bunthe

down this week from its hec-

and

politicians whose first high. This, in addition -to Qyer to the new models That
thought is always to get other things, was tacit admis- the independen t s aren't
elected.
sion that the dampened senti- faring overly well profitwise
These random thoughts are
wid preclude any un- ajso tended to keep interest
given poignancy this year and bridled bull enthusiasm for restricted in this group, and
little effort is made f0r next by reason of the spe- some time to come, and could forecasts
still indicate that
by the influential cial political situation which greatly restrict the usual American Motors has yet to

any

of

"right"

become

STREETE

The stock market simmered issues obviously but the rest
were able to participate in the

public policy in his

favor

simply must avoid it if we come or not bui merely what
are
to have any reasonable nolicv on the part of the inbasis for considering tax re¬ dividual or the business
would best take advantage of ers
duction next year.
we

this

By WALLACE

Everywhere ]s ms. Inena > a
u
simple stateenemy. No questions

next versation turns

for

t

ection year.

that

cards

n

THE MARKET... AND YOU

and
think as they are told,
Certam issues are made sacrosaiact- This and that in the
nature of

—

hears

rity program appears more or

the

f

further "liber¬
secu¬

11

or

itiIt5 t"e na
toUbe tSloin°l tie" windf
be throvn to the winds

friends of the

are

alization" of the social

less

more

apparently

now

to

most any

farmer. Some

disheartening

more

♦

next

vote

farmer

dered the

evident by the circumstance that on

is

It

outlays.

among

inclined
Vnot to ask questions, but
rather to do as they are told
them, and they are

materially to Fed¬

fail to add

generated

Thursday, October 20, 1955

.

'

We See

As

is

..

Airways helped keep the

js

a

candidafe

dividend
j

t

for

a

eventually,

,hi her
s o m e

theJtimin

^

as

f'rcrafts ,ln a better fettle earl^ ne^ yea«
man most majoi

and,

groups

for that matter, than the
tion has shown for

some

nollcflas and Roeino-

time.

who will

^ou8iaS and boemg, wno Will
share

the

order,

were

civilian

*

&

sec-

Oil Well
Oils

Suppliers Liked

have been

rather

un-

transport distinguished and few of the

the better acting producers have merited much

Volibne\l82

Number 5474

.

.

The Commercial and Financial Chronicle

>

(1637)

of recommenda¬ holders. New York Central Marketwise, it helped the is¬
well
supply was one of the few that fea¬ sue maintain good buoyance.
companies, including National tured in many market discus¬
[The views expressed in this
Supply and A. O. Smith, how¬ sions with some of its follow¬ article do not necessarily at any
ers
predicting doubled divi¬ time coincide with those
ever, have been favored by
the

in

oil

of

of the market

some

Glen Kolb Opens

way

The

tions.

commen¬

dends

tators since

and

market

activity holds up the stock "in
well and they, too, have been
somewhat pointedly neglect¬
ed in the bull

swing of earlier

a

price for

few

"ChronicleThey

years."

are

the

presented

SMOKING PLEASURE

...

DENVER, Colo.—Glen G. Kolb
is

engaging
from

ness

Street.

Mr.

in

a

securities busi¬

offices
Kolb

Honnold

&

at

was

Co.

509

Opens

DENVER, Colo.—Russell Slade

(Special to The Financial Chronicle)

with

those of the author only.}

as

Russell Slade

17th

previously

is

engaging in

the Railway

under

Russell

of

name

vestment

in

Building,

Exchange
firm

securities busi¬

a

offices

from

ness

Slade

Securities.

PAST AND PRESENT

this year.
❖

United

❖

*

Chemical
the
features with a runup to the
best price in history on some
fat gains as it appeared that
a
new
management had the
resources
and
the
plan to
finally eliminate the pre¬
ferred issue which has long
Dye

marketwise

been

block

a

making the
The

while.

markets

&

was

among

in

the

feat

of
worth¬

:w»sewo«S|$&&&

uncertain

in

doubly stark.

was

wmm

way

common

rnif if ii am liit i. ^wvvWWSa

si:

American
had

been

when the

of

favor

Telephone, which

largely ignored
going was easier in
the

dramatic

more

Pefinn opfimum Sup/erSolenCi3y
^tcmdlieanTabacdesauslo zfotich-i &
Mefctf&o&cxccounckrtfie Z/UTV**

m

.

■<*■#**■ •■ •••

and

dynamic growth issues,
was
back making an occa¬
sional appearance in the mar¬
ket
letters.
This largely
stemmed from its yield of
better than 5%, where the
enthusiasm

earlier

other faster

had

run

moving issues up

to where the return was down

and 3%.

to 2

somewhat
the

Telephone was
buoyant after

more

the latest
rights offering was lifted with
almost two months to go be¬
fore the weight of the first
heavy conversions of deben¬
tures into capital stock might
pressure

*

*

Store Stocks

The best Ibbacco

Recommended

tinued to attract

atten¬

some

visors and
of

again it

ad¬

was a case

that hadn't been
overly popular in the twoyear
bull market climb.
a

group

liberal
with such

Sun!

lively days of Queen Elizabeth I, the tobacco
to London was, indeed, the "best tobacco
under the sun." And the fashionable tobacconists of
In the

that

came

the time took
Their ads

and

comment. It has

probably

pointed out more times
than
any
other single fact
concerning one issue that the
been

British

holdings alone nearly equals
the

price of the stock itself.

were

they strummed their single
and for those who must run as they read,

lilting French,

lag behind
industrials despite all the

Rails continue to
the

and

favorable

facets

this week,

in the face of eas¬

ing

fare increases slated to
this

year

manence

were

offset to

given

some

roads that it would

for

per¬

edict.

pure

Elizabethanese.

In the 350 years

from Elizabeth I to Elizabeth II,
products have been improved

tobacco and tobacco

adopting

P. Lorillard

leading the
Our




King Size

Briggs
union leader

friends

Cigars
MURIEL

headline
van

bibber

between the acts

Chewing Tobaccos
beech-nut

havana blossom

way.

single-minded devotion to smoking pleasure has

brought

us new

friends

OLD GOLDS—

every year.

regular, king size and filter kings—are today more
ever.

And KENT, the cigarette with the

amazing MlCRONlTE filter, continues as a leader in

the

high filtration field.
There's
the

only

one reason

for this popularity

.

.

.

for

continuing loyalty of Lorillard customers to

Lorillard product, and for the confidence of
Lorillard stockholders in the future of their com¬

every

pany. It's the result of two centuries of Lorillard
leadership in smoking pleasure.

tentative

immediately for stock¬

•

murad

Company, founded in 1760, has been

of the

higher wage rates—in¬

embassy

bagpipe

immeasurably. And for nearly 200 of those years,

clear the

dicating little of a concrete
nature

translation in

It

improvement plans and help
offset

a

degree by

statements of the heads

way

expire

by Interstate Com¬

Commission

merce
was

even,

long doubt. The interim

a

...

popular than

❖

#

%

Popular, King Siza

to

larger

the

value of Woolworth's

give it the billing it deserved.
classics of clarity. In sonorous Latin

care

they appended

Stores,

•

Popular and King Size

india house

against the norm
Cities

•

helmar

theme

department chains and Woolworth still earning favorable

KENT

Smoking Tobaccos

Yields in the group are

as

Cigarettes
and Filter Kings

Stores and food chains con¬

tion from the investment

COMPANY

P. LORILLARD

OLD GOLD

under the

be felt.
*

Leading Products of

of

AMERICA'S OLDEST TOBACCO MERCHANTS

.

ESTABLISHED 1760

17

CIgAjie

the
In¬

18

The Commercial and Financial Chronicle

(1638)

Should

Work

"Human Relations"—

It

does

By ROGER W. BABSON

perhaps
help such persons to do other
things for a corporation client,
also.
I, however, cannot over¬
emphasize the importance of ab¬
solute
tion

points out this profession should not be mixed

|

\

and

part of secret propaganda. Lays
down six fundamental rules for success in the profession.

tising, and must not be

wageworkers—that you stand

any

achieved.
fees

"public

fast being built up

distinctive

"h

into

way.

women

ins."
a

only in the community
in which you live and are known

yes,

—

it

t

s

headed

f

Many 1
used

1 i

not

letterhead
ative

of

relations
use

A

man

force or,

threaten.

in

or

I

a

be

may

human

a

should not be

have taken

to

case

has

got mixed

vertising.
believer

Although I
is

wise

am

as

should

in

man

or

frankly state he

the

the

or

on

.

his

corporation's
no

relations

need

letterhead.

letterhead

reference should

If

be made

Public Relations Department
such

in
In

an

office

charge

fact,

of

the

as

one

about

more

patient,

corporation

said

corpora¬

in the

com¬

time

done

is

either

used, I through

is

be

the

But the terms of "public"

"human"

appear

must

not

she is

employ,

to

a

such

to

or

telephone *

by

personal

and

talks.

should

be

indexer

of

person

reader

"Vice-President

Public

Relations."

newspaper and get

terms

should

a

or

Every
careful

the

local

of all local merchants.

be

the

publication

Relations

called

Journal."

Sev¬

eral

text

desiring to read about this
profession.

new

books

The surprise move last Friday on the
part of the large com¬

available

are

to

mercial banks in raising the
prime
shows that the demand for loans is

as

picture with

still

these

and the prime

the friendship

institutions

bank rate

is

large

of

more

Rudolf
of

Smutny, senior partner
Bros. & Hutzler, in¬
bankers, has become a

Salomon

vestment
director

of

The

Webb

&

Knapp,

real

Inc.

i

immediate increase in the rediscount rate from
214%

an

to 214%.
thinking appears to be based on the opinion that the
monetary authorities will be inclined to give the money markets
more of an opportunity to evaluate and
digest the recent increase
in the

prime bank rate before further action is taken.

of

of

Mr.

fol¬

become
to

be

more

for

not

undergo

trends

seem

rather

distinct

Group

of
Rudolf

Smutny

many

has been

tee of the Investment Bankers As¬

sociation. He is also

a

director

of

Leonard

is

the Government market is
giving
yields of the short-term issues and

that

under

distant

obligations

are

Short-Term Debt

on

obligations.
Liquidity preference has always been a very strong feature with
most of these lending institutions
and, under ordinary conditions,
this would tend to decrease the
yield on short-term Government
securities.

However, since the full pinch of the credit availability policy
powers that be, is being felt by the customary buyers of
Treasury issues, the yield on these securities have
been advancing.
of the

short-term

Co., Inc. Chicago.

Prices Rising on Long Bonds

Michigan Adds

(Special to The Financial Chronicle)

DETROIT,

that

evidence

usual buyers of these securities. It is evident that the
competition
from loans of all kinds is one of the most
important forces which
is taking money away from the shortest Government

and

First of

indicate

to

Treasury market appears to be
feeling more fully the effects of present policy of the monetary
authorities, because funds are not available to those that are the

Invest¬

Rail-Trailer

t.iat the prevailing policy of the monetary authorities
any important change in the interim.
Current

sure,

does

Yields Advance

a member of the
Governmental Securities Commit¬

years

market

quarters that this new development will
definite with the passing of time. It is
being assumed,

The near-term segment of the

ment Bankers'

America

money

and it is believed in some

Smutny

Association

Evolving

evolving in the

maturities, while the yields of the more
showing a tendency to stabilize or decline.

the New
the

to be

appears

obligations are likely to move in opposite direc¬
existing money market conditions. The interest rate
jaising and credit limiting operations of the powers that be, is
having its effect on the money market, and this is bringing about
divergent rate movements, with higher yields for the shorter

Chairman

York

pattern

new

Board.

s

The upping

effect upon the short-term

an

This kind of

tions

lowing a
meeting of
Mr.

level.

the longer term

*

Smutny's
election

The call rate

same

,

A

Knapp

and the money

tight.

money market, because the yield on Treasury bills went to the
highest levels registered in the current move.
i
With the yield on the shortest
Treasury obligation above the
lediscount rate, this naturally raised the
question as to what is
going to happen to the rate which the Central Banks charge for
borrowings by the member institutions. At the moment, it seems
as though not a few
money market specialists are not looking for

Smutny Director
of Webb &

as ever

very

again at the

are

of the prime bank rate had

bank'rate from 3*4% to 3*4%

New Yield Curve

Rudolf

profes¬

and money which one
training to be a doctor
must
spend before he gets his
first patient.
On the other hand,
such a public relations man needs
no office, but can
operate from his
home; in fact, an office might be
a
handicap. The work should be

at the time, of
certain corporations (one or

more).

new

client; but the person MUST

a

who

woman,
or

this

munity. Of course this takes time,
patience, and prayer; but think of

advertising—yet

with

with

those

the

person

a

know

The human relations

whether

expert,

other go-

or

tion than anyone else

it must be open and above-board.
It must not be any part of secret

progaganda.

secretary

a

starting with only

great

a

informal and personal,

sion,

with ad¬

up

you

To succeed in

Unfortunately, human relations
work

"Public

nounced

(6) Avoid writing let¬
to
the corporation
are serving.
Keep all

except

between.

court.

to

com-

without

but

wrong,

is

an¬

which

be most suc¬
relations expert
a

monthly

estate

work very

cannot

indirectly,

lawyer and should

a

connected

task

satisfied

P a n y

ters,

human

woman

or

one

children."

It is indic¬

good

directly

every

problem

tions person will not "attempt to
tell
a
father
how
to
raise
his

lawyers.
lawyer's

opinion, to

my

cessful

never

you!

scares

force.

work

a

fuel, it

ultimately goes
out.
(4) Avoid using the words
"never" or "always." (5) To use a
slang phrase, a good public rela¬

but it is

for
You yourself know that

Your

The public relations group have
a

Avoid threatening,
being party to ultima¬

or

with

fed

relations"

c

some

fee.

outcome.

In case of labor troubles,
the ball in the air," so to
speak. Unless a fire is constantly

"pub-

as

men;

Babson

with

that these
$100 to $5,corporation de¬

the

the

"keep

a w-

being

yers are

W.

of excellent char¬
which, preferably,

connected

upon

from

run

tums.

ture.

Roger

the

Governments

on

By JOHN T. CHIPPENDALE, JR.

(3)

bribing,

-

in

are

church.

a

u

person

and

you

is

for

brilliant

a

acter

fore-

I

cases

be

to

to "shut-

even

in this profession:

success

depend

should say

let

But

have

fundamental

some

(1) Always be honest. (2) Han¬
dle

and

men

are

rules for

hermore,
is
open
to

it

Success

Rules for

These

t

u r

both

c

termine

relations"

profession,
F

000.

and

a new

u m a n

I

might

avoided at all times in any public

the old misnamed
relations" job which is

it ds

income, your fee

must

case

the time consumed and the results

*

Yes,

As for

each

for

Reporter

integrity and the recogni¬

for such.

with adver-

up

Our

by

the entire community—
bankers, merchants, labor leaders,

Holding the old misnamed "public relations" job is being
built up to a "human relations profession," Mr. Babson

Thursday, October 20, 1955

and

may

A New Piofession

.

Informal

Be

harm

not

.

.

Mich.—Raymond
now

with

First

On the other

C.
of

Michigan Corporation, Buhl Build¬

hand, the more distant Government obligations
have been moving up in price, which in turn means that the
yield
on these issues has been
declining. The shift in attitude towards
the longer-term Treasury

factors,

which

among

are

ing, members of the Detroit and

that

Midwest Stock

tending to slow down to

Exchanges.

of

some

the

securities has been attributed to many
the decline in prices of equities, reports
taken

measures

by

Government

agencies

is

certain degree the demand for mortgage
funds, as well as the desire on the part of owners of common stock
a

to shift from these securities into fixed income
bearing

However, it

obligations.

though one of the other strong forces
in the movement which has brought new
buying into the more
distant Government obligations is the belief that
monetary policy
will

UPSON ,

an

honored

name

in not too

limiting operations

its

inception 46

pioneered in the

research and

ceiling linings. In recent
outside,

well

as

Keeping

years

development of better wall

with

as

ment

obligations
in

resulted

and

institutions

the
as

has

been

of

establishing

well

tive dealer

Upson Company has

occupies

some

40

grown to a

buildings, extending

fibre wall panel
plant under

increasing demands
industrial

uses

of

one

It
now

ago.

The somewhat

bolder

distant Government obliga¬
up

because the market for

However, it is also

is

is
a

indicated

that

be

expanded

even

when quotations

ease.

market specialists believed
good time to build positions in order to get ready1 for the
some

money

future, because, when a change does come in monetary policy, it
will be too late to acquired the more distant Government issues at

23 acres—the largest

prices that will be as favorable

as

they

are

currently.

ever

for

dry-wall construction and expanding
Upson panels, the growth potential of the

company seems excellent.

It is

Hill Brothers Partners
LOUIS, Mo.—On Oct. 31
Hill Brothers, Security Building,
the

members

stockholders, its employees, UPSON
an

honored

At will Adds Four
(Special to The Financial Chronicle)

ST.

-x

With its
customers, its

inspires confidence.

dealers.

more

prices of these issues

tions should continue to

huge plant which today

roof in the world. With

long

evident that set-backs in quotations have brought
buyers into the
market for these bonds, because the belief seems to be that
posi¬

its 16,000 dealers.

over

moved

these securities is still thin and rather limited.

This is reflected in the
company's growth. From a modest
little plant of
15,000 sq. ft. in 1910, and capitalized at $50,000,
The

so

anticipatory nature. This Tias
reestablishing of position among

and

tions has

among

not

an

or

traders

as

attitude in evidence towards the

quality controls is Upson's friendly and coopera¬
policy, which has established for the company an

integrity

was

Up to the present time, it is evident that a fairly substantial
part of the buying which has gone on in the more distant Govern¬

maintenance of

enviable reputation for

it

Change in Monetary Policy Anticipated

and

these explorations have included

precision manufacturing methods

a

limited and is not as available

The Upson Company has

inside, walls.'

as

pace

years

ago

of the monetary authorities will,
time, slow down the boom which we have been
Already there are definite signs that credit is being

long

experiencing.

From

This sort of thinking comes about in
because of the opinion that the interest rate raising

measure

credit

and

as

be eased in the future.

large

a

seems

',

name.

of

Midwest

Stock

admit
and

A.

New

York

and

Exchanges, will
Shapleigh, Jr.

I. Reed and Robert H. Wheat have
joined the staff of Atwill and

Herbst

Company, 605 Lincoln Road.

Wessel

William

A.

MIAMI BEACH, Fla.—Paul J.
Bauer, Clarence F. Hofer, George

to

part¬

nership in the firm.

THE UPSON
COMPANY




UPSON

LOCKPORT, NEW YORK

G. C. McCormick Opens
LONG

BEACH, Calif.—Gordon
conducting a se¬

C. McCormick is
curities

the

business

from

Security Building.

offices

in

With Hamilton Managem't
(Special to The Financial Chronicle)

DENVER, Colo.—John
ner

has

Hamilton

become

W.

Bon¬

affiliated

with

Management

tion, 445 Grant Street.

Corpora¬

Number 5474

182

Volume

.

.

.

The Commercial and Financial Chronicle

Montgomery

Patty to Manage New
Harris Upham
BEVERLY HILLS,

ris, Upham

Branch

Calif.—Har¬

investment

with

35

nation¬
firm

brokerage

offices

coast

coast

to

and

New

announced

that

Frank

Leslie

Patty,

recently

ad¬

mitted

as

Bernard Aronson Admits
On

Nov.

1

Bernard

Aronson

&

Co,, 745 Fifth Avenue, New York
City, members of the New York

With Makris Invest,

PHILADELPHIA, Pa.—Salomon
Bros. & Hutzler, members of the
New York
Stock Exchange, an¬
that

nounce

been

Herbert

Obendorfer

admitted to the firm

as

general partner, resident in the
Philadelphia
office,
123
South
a

Broad

Street.

Mr. Obendorfer has

associated with the firm for

been
many

Henry J. McKay Opens
Henry J. McKay is engaging in
a

at

securities business from offices
110

William

Street, New York

City

III,

has

become

associated

sley Building.
past
and

was

is

made

AinMr. Barham in the

Dealers, Inc., with offices at 79
Wall
Street,
New
York
City.
Amos S. Treat, President of the
new
organization, has for 10 years

Company and

Barham

of

was

a

partner

in Barham and Cleveland in Coral

Gables, Fla.
W. Henry Bryant and Albert N.
also

joined

been

head

Eugene

of

O.

President

of

Amos

Treat

Kronisch
the

is

Co.

ice from which he

organization.

G. A. Saxton Wire

Form Missouri Mutual
CLAYTON, Mo.—Missouri Mu¬
tual

Funds, Inc. has been formed

with
mec
a

offices
Avenue.

at

215

North

Mera-

A Clifford Jones is

principal of the firm.

Mid-America Sees.

associated

G. A. Saxton & Co., Inc., 70 Pine

Street, New York City, have in¬
stalled

a

direct

wire

to

Securities

Corporation,
Street, Boston, Mass.

serv¬

discharged

Commander.
with

He

National

ties

Corporation,

Los

October,

to June,

when

he

1945

was

Securi¬

from

Angeles,
1946

joined the Paine, Web¬

ber,

Jackson &

tion

in

Curtis organiza¬
Since Octo¬

Los Angeles.

ber, 1948, Mr. Patty has been
sociated with Harris, Upham
of

manager

the

firm's

as¬
as

present

Beverly Hills office at 137 El Camino Drive.

Naf'l Bank Women
Elect New Officers
Miss Virginia

A. Rehme, VicePresident, Southern Commercial
and Savings Bank, St. Louis, Mo.,
was

elected President of

the

Na¬

tional Association of Bank Women
at

its Annual Convention held

the

at

Westward-Ho

Hotel, Phoenix,
Ariz., Oct. 13-16, 1955.
Other

officers

elected

Vice-President:

Assistant
National

Mrs.

were:

Bee

Bush,

Vice-President, Valley
Bank, Phoenix, Ariz.

Recordifig Secretary: Miss Viola
Welling, Assistant Cashier, Alton
Banking and Trust Company, Al¬
ton, 111.

Corresponding
Louise

Van

Secretary:

Niece,

Miss

Secretary-

Treasurer, The Trust Company of
Kirkwood, Kirkwood, Mo.

0^

Treasurer: Miss Florence C. Ot-

m

ten, Comptroller, Citizens Savings
Bank
pany,

and

Citizens

Trust

Com¬

no*

Providence, R. I.

Eight
chosen

Regional

,0*1*

Vice-Presidents

were:

The
Lake

Jessee,

Division:

Miss

Assistant

Trust

Mary

L.

Officer,
Gary National Bank, Gary, Ind.
Middle

Atlantic

Division:

Miss

Charlotte A. Engel, Trust Officer,
National Savings and Trust Com¬
pany,

Division:

Mrs.

★

Copies o] the Semi-Annual Report

Mo.

England

Division:

industry

throughout the world.

Grace

C. Moore, Assistant Cashier, First
National Bank of Joplin, Joplin,

New

participation in basic, growing

fields of business and

Washington, D. C.

Mid-West

rapid growth of this

century-old Company stems from
its

on

Miss

request.

Amy F. Birracree, Assistant Sec¬
retary, The Chelsea Savings Bank,
Norwich, Conn.
Northwestern

Division:

Miss

Mary De Martini, Assistant Trust
Officer, First National Bank of
Portland, Portland, Ore.
Southern
H.

Division:

Gillespie,

Mrs.

Olive

Assistant

Cashier,
The Citizens National Bank, Bowl¬
ing Green, Ky.
Southwestern

Division:

Miss

W. R. GRACE & CO.

Symbol of Service

Iweta Miller, Assistant Vice-Pres¬

throughout

ident, The City National Bank of
Houston, Houston, Tex.

the World

Western

Division:

Mrs.

Marion

Anderton, Assistant Cashier, Bank
of

America,

N.T.

and




S.A.,

300

Executive Offices: 7 HANOVER
Davison Chemical

Company Division
Grace Chemical

•

SQUARE, NEW YORK 5

Dewey and Almy Chemical Company Division • Foster and Kleiser Company

Company

•

Grace Line Inc.

•

to

Clayton Securities

OGDEN, Utah—The firm name
of Melvin K. Flegal & Co. of Ogden, 359 24th Street, has been
changed to Mid-America Securi¬
ties Inc. of Ogden.

October, 1945 with the rank of

Lieutenant

Co.

Vice-

the

partner in the
of | Mitchum,
1942

was

&

firm's staff.

the

in

the

of

formation of All States Securities

President

have

Formed in New York
Announcement

with

Makris Investment Bankers,

Ivanoff

years.

Stock

Exchange,
will
admit
Audrey Aronson to partnership.

MIAMI, Fla.—Kingsley Barham

sched¬

and

from 1933 to
prior to entering the naval
in

In Salomon Bros,

Convention

in late November.

Mr. Patty was a
Los
Angeles firm

&

the

19

All State Sees. Co.

Kingsley Barham Hi

office

Calif,
located

Tully

Obendorfer Partner

installed

a

firm, will be
in
charge of
Harris, UpUpham's new
Beverly Hills,

uled to open

breakfast of

were

has

the

of

ner

Beverly-Hilton Hotel

officers

Sunday, Oct. 16, 1955. Follow¬
ing the inaugural talk by Miss
Virginia A. Rehme, the Conven¬
tion was adjourned.

part-

general

Fatty

new

on

Exchange, has

Leslie

Fran¬

Stock

York

Frank

a

San

members

the

of

at

Street,

Calif.

The

Company,

&

wide

cisco,

(1639)

Grace National Bank of New York

Clayton

79

Milk

'

■

20 - (1640)

Continued

vehicular

concrete

from jirst page

over-the-counter—often in markets

so

close

to three figures to the right of the

as

decimal

point. What could we do with $275 billion of

unlisted

government debt if we didn't have an

expressways

on

the basis of

market?

between

throughway

Chicago.

section

market deserving a

unlisted

of the

salute is the toll bond division.

special
World

War

II

investors.

to

specifically

have had

They

cipal

tax

which,

revenues,

highway,
crete

and
a

extensive

a

soggy

casts

generally

are

finds

individual

a

potential and
on

formed

to

date.

There

small

town

closely held by

fore¬

they either get

opportunity to buy

types you

the

toll

road

bonds

There

several arteries, of course,

to

are

now

worth

as

quality

have not lived up to

billings insofar

as

had

dem¬

Chase

advance hopes and

tional
Corn

are con¬

and

Kansas
—all

any

prospect

of

pre-judging the merits of any of-these

bliss

as

of

the

will have

man

and wife in

a

up

is now

maybe

values,

National

Northwestern

as

Life;

consider the major importance of

you

companies, and the fact that

only become

Over-the-Counter

another

powerful

a

stockholder in them in

Market,

you

why

reason

are

offered

should not

you

neglect unlisted shares.
The

Na¬

of

vorite

in

in unified

banks

Philadelphia

lawyer

For

institutional

a

investors

idea

.

stock

of

having

railway

cars

a

trust

and loco-

.

these pages?

on

latest prices, quotes, or

information,

simply contact—
Bank and Insurance Stocks

We maintain

Public

trading markets

Utility Securities

Trading Department

Merrill Lyncii, Pierce, Fenner
70

in selected issues

PINE STREET

& Beane

NEW YORK 5, N. Y.

Industrial Securities

of

Offices in 107 Cities

Railroad Securities
Canadian Bonds

>>

FOOTE MINERAL CO,
Common Stock
We

have

prepared
which

company,

Ifhe

BOUGHT

•

a

is

report

on

available

SOLD

this

upon

•

growth
request.

QUOTED

FIRST BOSTON
>

CORPORATION
New York




,

sb

SCHMIDT, POOLE, ROBERTS & PARKE
Members

123

Boston

Pittsburgh

SOUTH

Cleveland

Chicago

San Francisco

2-1695

PH
I

Stock

Exchange

STREET, PHILADELPHIA

Teletype

IIAnover 2-4556
REctor

Phila.-Baltimore

BROAD

N.Y. Phones

Philadelphia

fa¬
for

decades ago when a bright

the

keep title to

Interested.
any

many

conceived

company

in

security that has been

and

is the equipment trust. Since that day back

years

on

...

Equipment Trust Obligations

Another unlisted

year—

single certificate (cor¬

Over-the-Counter Securities

life stocks,

known

lesser

you

National and

and winding

merger

coast-

on,

the counter.

over

or

City, Bankers Trust and Public National,

Experience, however, reflects the unwis¬

catching

heard of

these life insurance

of the choicest security

First

is

City Life; and California Western States

listed market. We've had

Manhattan,

Market

even

such

When

come on

bank stock. These

don't have to read tape sym¬

you

among

you many

Exchange and Chemical churning about

cerned.
dom

one

own—a

never

sleepers

expand, however,

shares will

Com¬

listed leaders and

to-coast, and many an eager buyer wrho, a year

capital shares

lively swings in bank shares this

some

up

traffic and revenues

can

just can't buy in

investments.
which

case,

some

fancy market gains from securities of

Over-the-Counter

ago,

capital by subscription,

more

stock should attract a

new

surpassing excellence. Further, this section of the

shopping

the Over-the-Counter Market—and you

Moreover, just like their origi¬

an

of

you'll perceive

few of the financially elite "fat

they merge. In either

of these throughways have per¬

their

with their

For

gained 31%. With Travelers

following around the $100 level.

bols to get

there is only one place to go—

banks
a

anything like the over-the-counter

these trends with

pare

type.

cats" in the town. As the banks

the ultra-conservative side

corporate,, sphere, it was only a matter of time
most

far wider

14,000 banks in the country. Many

are

did

to other financial institutions,

on

splitting 25-for-l, the

Bank and Insurance Stocks

are

onstrated

selling well above book value.

Travelers Insurance

in the Over-the-Counter Market.

highway,

revenue

we've moved a bit

cases,

with shares like Franklin Na¬

37%; Continental Assurance advanced 37%; and

the obligations of

are

quote any or all of the bonds issued to finance

nally ''unseasoned" counterparts in the unlisted
before

revenue

these speedways,

ample testimony in the splendid manner

in which many

variety

potential traffic

turkey

some
—

example, in the first half of 1955, Aetna gained

by the State's guarantee, with the others

projections are critical as
means

Cadillac. Like¬

Finally, it is well to remember that to buy, sell,
or

market for the bonds.
traffic

the

of

In

Long Island and Bank of America on

on

Moving

Authority. Also, the New York State

being of the

built, experts in the field

are

overestimate

That

the

on

backed

toll

to

in Massa¬

Thruway Authority, part of whose obligations are

broad ribbons of con¬

calculations

These

revenues.

bad

and

Before the super

asphalt

or

make

depending

geared

tional

the coast

meriting inclusion in any discussion of se¬

New York

between lc and 2c per passenger

run

mile.

is

value.

ahead of book

excellently operated and managed Port of

the

traditional issues of munic¬

requirements

payment

but we've pretty well closed, in the

swings in life insurance company shares?

curities of the toll

Their capacity to meet interest and prin¬

ipals.

car

on

era,

ket,

super-speed saddle path between Dallas and

a

wise

exemption coupled with higher yields than gen¬

erally obtainable

1929

you ever see

Fort Worth for those tall in the

certain

including

qualities,

attractive

haven't zoomed our

to the nose bleed levels of the

up

and

Since

turnpike and toll road revenues bonds have been
delivered

shares

chusetts, Kentucky, Kansas, Oklahoma, Florida,

face amount in

$2 billion

some

r

trading markets, the gap between book, and mar¬

Other excellent fare among the bonds

that toll would include the superways
A

bank

New York and

complete
Turnpike and Toll Road Bonds

»ti»i

Thursday, October 20, 1955

.

not marriage). We

porate

early performance.
Among the throughways which have done
handsomely are the Connecticut Expressway, the
New
Jersey Turnpike and the Pennsylvania
Turnpike. These latter two, coupled with the
Ohio and Indiana turnpikes, create a virtually

to

..

Market Continues to Flourish

World's Biggest

carry

'•

-

The Commercial and Financial Chronicle

538

1

9,

PA.

Phila. Phone

Klngsley 5-0650

Volume
,i«-Pf

182

Number 5474

1

motives

been

till

they

issue

trust

payment

of

interest

there's

great bid trust company
for it.

comes

rolling stock;

your

so

—

over

Millan Co., one

counter!"

Nucleonics

and

Natural

going

Resources

Then

For

those

interested

in

nucleonics, there's

There's Standard Uranium, 4 Corners

producers

on

If

Uranium,

lithium,

is

Lithium
McGee

Corp.

is

building

are

researchers

are

Republic

Gas.

better than
nessee

Gas

consider

a

Transmission,

a

and

East

as

you

All

do

well, Texas

Tennessee

these

to

broad horizon of diversifica¬

a

and

literally thousands of other

corporate enterprises are

accessible

the

Over-the-

shareholders,

new

Counter

only

via

just for the asking among the great

unlisted.

The

simple fact of the matter is that you can

whether

absolutely top grade investment list,

in

bonds

or

stocks

by

selecting only
broad diver¬

over-the-counter issues. You can get

sification, big name, and

of the finest securities

some

leaders in their lines,

in

years

hundreds

are

for

as

as

many

await

you're shopping for bargains, many shares
in the Over-the-Counter Market
found

discount.

equities

which can
values

quoted well below quick asset

enabling the favorable purchase of

major

171

If diversification is sought, here
of sound stocks to pick from. If

a row.

And,
are

growth

the

for

dollars at a

minded, many

here available that one day

blue chips

will be

in electronics, chemicals,

—

nucleonics. The time to buy them

or

when
and
So

they

the

young

are

place

again

—

is

and relatively unknown,

the Over-the-Counter Market.

we say,

consider the unlisted market

terprises. You can bank on the

and

you

pay

no

'-'V'

OVER-THE-COUNTER SECURITIES
Specialists in

CHRISTIANA SECURITIES CO.
Preferred

Inquiries invited in all Unlisted Issues

GIBBS, Manager

Trading Department, LOUIS A.

BISSELL & MEEDS

LAIRD,

MEMBERS:

NEW

YORK STOCK

EXCHANGE

STOCK

EXCHANGE

AMERICAN

120

BROADWAY, NEW YORK 5, N. Y.

Bell Teletype NY 1-1248-49

Telephone BArclay 7-3500
DIRECT WIRE

SCHIRMER, ATHERTON &

CO.

St., Boston, Mass.

-

CONNECTIONS TO

TIFFT BROTHERS
1387 Main St., Springfield, Mass.
MITCHUM, JONES & TEMPLETON
650 South Spring St., Los Angeles, Calif.

SCHIRMER, ATIIERTON & CO.
49 Pearl St., Hartford, Conn.

WOODCOCK, HESS & CO., INC.
123 S. Broad St., Philadelphia, Pa.

WHITE & CO.

.

Mississippi Valley Bldg., St. Louis, Mo.
DU PONT BUILDING

44 WHITNEY AVE.

WILMINGTON, DEL.

NEW HAVEN, CONN.

T

selec¬

premium for tinsel or
Continued

wonderfully progressive,

Common

Over-the-Counter

Market; it insures breadth and quality of
tion;

ribbed

and dynamically expanding en¬

dividend payers,

1




available

which have paid continuous

dividends

consecutive

and

BANK & INSURANCE STOCKS

50 Congress

review of
tabu¬

biggest market, you will find a

—fabulous, diverse, resplendent with rock

Market.

prepare an

is, there's

"Proof of the Pudding".

anywhere, issues of corporations, in many cases

avionics

Natural

counter.

tion yours

of

well known

Missouri Kansas Pipe Line—all over-the-

Fact

the unlisted market.

in

like

equities

count on.

can

good

Transcontinental

are,

found

be

waiting to serve you—

Salk vaccine suppliers, too, will

Weyerhauser.

couple of the best Ten¬

Transmission,

Pipe Line? And there

Eastern

Gas,

you'd like to assemble

of pipe line equities how could

group

Gas

If

little shy of lumber

do-it-yourself work bench, the biggest

woodsman of them all is

production, there

a

of

lation

be

recording bug? Consider Webster-

a

you

Immediately following this topical
the world's

you

or

for your

Hugoton, Three States Natural Gas, and Western
Natural

the Davy Crockett deal?

on

Chicago Corp. and if you're

^n many

ones

are

The

Buy Walt Disney Productions. Are you a Hi Fi

products.

In natural gas

have to bring your own arse¬

Over-the-counter

centuries.

these

devotee

and

uranium mill, and Vitro

a

and Victoreen

radioactive

Mineral,

Foote

you

nic!). Want to cash in

Corp. of America—both unlisted. Kerr

by

you're hungry, Chinese fashion, try River

product (but

development companies. A selected mineral,
out

get with Piesecki or Doman Helicopters.

Brand Rice. Scranton Lace delivers that gossamer

the Colorado Plateau; and dozens

turned

Feel

in the air without a running start?

up

a

wide assortment to choose from over-the-counter.

of

of the world's largest publishers,

put it out and sold over 13 million copies.
like

■

the Wind"? Mac-

of years and, in some

scores

thirsty? Consider Jamaica Water Supply

Co. Did you like "Gone with

the

over

by paying dividends without a miss
two

in the picture by over-the-counter financing.

.of investors
for decades,
instances, almost

proved -their worth to generations
and

Are you

equities solely
such have

unlisted market.; Hundreds

the

from

The most exciting 3D film com¬

you

pay

equipment trusts;

the rails and

storage? Bush Terminal Bldg.

or

solvent, and expanding corporate

panies, Cinerama and Magna Theatre, are putting

some

jolly well

Want

Traveler."-

Herald

"Boston

piers

is your answer.

along and takes

you

Our salutation
goes to

keep 'em rolling

road if

run a

Barge Line. If you like late editions,

the

waterfront

principal

railway security, not excluding first mort¬

bonds. You simply can't

away

and

want freighting on the Mississippi, there

is American

has

highly esteemed. It has had the best record

of any

gage

If you

paid for, the equipment

were

(invariably of serial maturity)

faithful

for

21

(1641)

The Commercial and Financial Chronicle

.

.

.

,

5 DUFOURSTRASSE
BASLE, SWITZERLAND

on

page

22

22

The Commercial and Financial Chronicle

(1642)

for fear that their

British

Price-Wage-Profit Triangle

unsold.

remain

the

as

Continued,

reality, insofar
plants add to the total

new

output,

By PALL EINZIG

products would

they

from

In

would

have

to

.

.

.

Thursday, October 20,

21

page

WORLD'S BIGGEST MARKET

add

also to the total payments for raw

Dr. Einzig, commenting on

hold down

ment to

the policy of the British Govern¬

materials,

so as

to

avoid price rises, says

the key to the solution of this PriceSees lower
profits discouraging investment in British Corpo¬

Wage-Profit Triangle lies with the trade unions.
industrial

rate

equities.

cf

the

conference

annual

cf the Conservative Party on

*

put forward additional wages de¬
mands each time their firms suc¬

LONDON, Eng.: On the occasion

ceeded in lowering production

Oct.

The

British Chan¬

costs.

cellor

6, Mr. Butler, the

ground

that

entitled

to

<of

the

Exchequer,
appealed
the

to

trial
not

indus¬

workers
to

try

to

for

secure

conception is gaining
the employees are

full benefit, or at
major part of the
benefit, derived from moderniza¬
tion of plant or from a lowering
of

costs

The

the

the

rate

any

through

result

of

mass

the

production.

extensive

tional
goods. Nevertheless, if a
deflationary
atmosphere
should
develop by the time the factories
are
ready to begin production,
their owners may feel disinclined
to start production in view of the

unfavorable

market

reduce

the

profits

extent

tend
the

uted

investment in

ing

over,

cut

in

production

rates

costs.

more

That

in

various

industries

less identical work;

or

for

The

distribution of increased industrial

belong

to

the
as

In

a

sub sequent

speech
l'irms

he

to

appealed

be

to

content

industrial

with

smaller

the whole surplus is spent.
The second reason for Mr. But¬
ler's

attitude

new

lies

profit margins and to reduce their
These speeches appear to

growing evidence of

indicate

in

prices.

a

Government

new

atti¬

tude

in
respect
to
the
priceswages-profits
triangle.
Hitherto
Mr. Butler emphasized the need
for
self-imposed
restraint
in
wages demands and in the distri¬

bution of dividends, and appealed
to industrial firms to plough back

fixed

as

a

result of

There

are

Now

he

lower profits

price cuts.

to

two

for

reasons

this

a

growing

cf workers

tendency
of

on

the

part

industrial firms to

March

space

31,
1955,
under construc¬

discourage, for the time being,

this

spectacular

expansion of in¬

investment.

credit

squeeze

disinflationary
their

change of attitude. First, there is

12

prevailing inflationary condi¬
tions, the Government now wishes

the

profits.
earn

the

tion increased by 62%. In view of

undistributed
to

investment

During

the

dustrial

them

ended

factory

the

excessive

an

industrial

capital.

months
the

into their business their increased
wants

in

increase

in

if

other

measures

produce

effect, there is bound to be
consumer

mand, in which

case

be

to

of

the

a

tendency

the

new

would
in

de¬

there would

defer

putting

plants into operation,

new

fixed

become

the

More¬

assets.

of

Consecutive Cash

further

a

"dividend

freeze"

and

DIVIDEND PAYERS
for

10 to 171 YEARS

"wages
by
Sir

freeze"

policy

Stafford

Cripps under the Labour

adopted

Government is not very encourag¬

ing.

While
fairly

was

freeze

this
not

was

the

industrial

reason,

keen

very

duction

dividend

of

firms

their

hope that the trade unions

would respond to it by
abstaining
further wages demands.
It

secut.ve

would
to

be

the

will

to

be

this

policy, before they

able

Abercrombie
Large

Abrasive

Fitch

&

variety

&

all-round

economic

trend

in

cut

t h

prices.

likely to bring about

demand in the

i

selves

for

for

on

to

be

Moreover,

them¬

certain

a

and
the

time

able

to

scale

likely

are

their

order

goods

Life

&

Ins.

Unless

the

to

tained
case

virtue

trade

demand

by

necessity,
are

by

pre¬

moderat¬

claims, however,

wages

will

be

rising wages.
amount

no

of

unions

cooperate

ing their

3.35

257

1.3

82

2.40

74

3.2

21

3.00

278

1.1

15

fl-43

2514

1.1

91

1.60

3714

4.3

21

1.25

17

7.4

3.50

53

6.6

16

0.40

(Hartford).

Engineering
steel

mill

equipment

Agricultural Insurance Co...
Diversified

Aircraft

insurance

Radio

Communication

Corp
and

navigation

equipment

Alabama

Dry

Dock

&

Ship

Building Co.
Shipbuilding & repair

Alamo Iron

Works

814

4.7

Machinery

Alamo

National Bank

(San
Alba

Antonio)

19

1.20

15

0.40

7%

5.2

16

0.75

8

9.4

11

2.00

3614

5.5

f"18

2.00

35

5.7

20

fO.99

28%

3.5

21

1.40

2714

5.1

21

'fl.10

2814

3.9

14

1.60

2614

6.1

14

fl-33

3714

3.G

52

1.25

4014

3.1

21

2.00

54%

3.7

21

1.70

4214

4.0

73

1.20

27%

4.4

16

1.50

22

6.8

17

1.20

38

3.2

Hosiery Mills, Inc

Silk

&

61

2.0

nylon hosiery

industrial

firms

In

that

of

to

Virginia
Soapstone

lower

their

The

key of the solution lies
the trade unions.
It is pos¬
that the idea of a curtail¬

with
sible
ment

of

them
to

profits

will

appeal

to

sufficiently to induce them

restrain

pressing
cessive

their

forward

members

with

from

their

demands.

wages

ex¬

During

the coming months the Minister of

Labour,
will
cate

Sir

Walter

Monckton,

in difficult and deli¬
negotiations with employers

engage

and

employees, the outcome of
which will determine the
solution
of Britain's
present economic dif¬
ficulties.

Allis

(Louis)

Generators

Aloe

Co
elec.

&

supplies

American
Filters
and

Air

and

Diversified

Reed, Inc.

Mass.

—

with

now

William
Waddell

American

Barge Lines Co...

Operates on

Ohio

He

was

Manufacturer
paper

paperboard,

folding

boxes, corrugated and iibre

shipping containers

American

Dist. Teleg.

Signal service protection against
fire, burglary and holdup

American Enka Corp
Producers

Amer

/

of

and

rayon

Equitable

nylon

Assurance

Co. of New York
Fire

and

allied

lines

Express

of

insurance

Co

travelers' checks

Co

of

felt

Fidelity & Casualty

Diversified

insurance

&

formerly with

Co.

Mississippi

American Box Board Co

*

Draper, Sears &

and

Rivers

American

J.

heating

insurance

Manufacturer

(Special to The Financial
Chronicle)

Co..

American Auto Insurance

American Felt

Joins Waddell & Reed

is

Filter

miscellaneous

ventilating equipment

Money orders;

BOSTON,

motors

(A. S.) Co

Medical

American

«.Members T^letr York and oAmerican Stock
Exchanges

Hines

(Mich.)..

Specialty papers

profits and prices.




47

main¬

government
pressure would be able to induce

San Francisco

4.1

health

Allied Paper Mills

consumer

Philadelphia

47/s

in

merely accelerate the
price
cutting',
and

of
make

pared

Chicago

0.20

Alberene Stone Corp. of

process

Boston

al6

insurance

of
the
declining demand,
they will have to lower their
prices.
Pressure by the govern¬

would

Street, New York 5, N. Y.

5.5

(Hartford).

group

ment would

17 Wall

2714

insurance,

manufacture

finishing

pro¬
carry

In

being.

sell

of

to

and

accident,

Design

manu¬

organized

have

duction,

1865

1.50

goods

Products.

casualty

Insurance

Life,

con¬

face

FOUNDED

1955

S

:

coverages

Aetna-Standard

r

completed.

and

Diversified

future.

near

hand, it will not be
for industries to curtail

e

be

Co.

1955

on

Paymts. to
June 30,

18

sporting

Metal

banking

Aetna

The

output immediately.
The
goods in the pipeline will have to

&

1955

! tion

June 30,

Based

21

of

Casualty & Surety

Liability
and

is

disinflationary

noteworthy curtailment of

facturers

Kidder, Peabody

30,

% Yield

Quota-

Abrasives

Aetna

Aetna

natural

On the other

...PHONE

12 Mos. to
June

Divs. Paid

V:v\'

to induce employers

to co-operate.

easy

INDUSTRIALS?

>

Years Cash

government's task
the trade unions to

persuade

agree

a

or

Extras for

from

sumer

PUBLIC UTILITY STOCKS?

Approx.

Including
Mo. Con-

are

a voluntary re¬
profits through
prices,
in
the

on

their

lowering

Cash Divs.

freeze

effective, the wages
largely ineffective. For

measures are

INSURANCE STOCKS?

OVER-THE-COUNTER

difficult

more

absence

government's

STOCKS?

TABLE I

is, will employers
and
employees fall in with the
government's wishes?
From this
point of view, the result of the

an

BANK

the

undistrib¬

likely to help the government ef¬
fectively in its efforts to obtain

sell

for

The question

The

...want to buy or

Market,

not conversant with how

are

the Over-the-Counter Market functions.

increase of the bank rate.

vague

sharp decline in

a

Moreover,

and

Over-the-Counter

and

benefit of those who

lower profits and lower div¬

even

whole.

Trading

capital available for further

sues

groups

a

Einzig

listed

would
discourage
the
public from investing in indus¬
trial equities, and new capital is¬

earnings

community
Paul

Over-the-Counter

Following the tables appearing hereunder, we
present a discourse on the difference between the

high

stimulate
of

you can

Difference Between Listed and

idends

benefit,
he
argued, should

among the lower income
stimulates inflation, for
the propensity of workers to save
is very low, so that practically

which

glamour. Some of the finest investments
encounter, are over-the-counter!

They would also

amount

be the

a

to

to

wages demands.

plication

of this principle would
development of some strik¬
discrepancies
between
pay

prospect.

Owing to these two considera¬
tions, the government now in¬
tends to press employers to lower
their profit margins
by cutting
prices.
In doing so they would

reduce

ap¬

be

CONTINUES TO FLOURISH

that
con¬

income to pay for the addi¬

them selves
fit of

so

would

the full

bene¬

etc.,

additional

wages,

there
sumer

and to lower profit margins,

wages

Details

not

t Adjusted
a

complete

for

stock

as

to

possible

dividends,

Including predecessors.

splits,

longer record,
etc.

1955

Volume

Number 5474

182

The Commercial and Financial Chronicle

.

.

.

(1643)

Continued

WORLD'S BIGGEST MARKET

from

15

page

to the

'

'

is
Cash Divs.

Quota-

Based

on

secutiva

12 Mos. to

tion

Paymts. to

Years Cash

June_30,

June 30,

June 30,

Divs. Paid

1955

1955

1955

5

American

Fletcher

Indian¬

Dec.

31,
of

nl.00

n3.1

33

10

States

ity

two institu¬

and

paid cash dividends con¬
secutively for 43 years. At time
of
consolidation, stock of the
new bank was
quoted at 30 bid,

a

fact

in

the

thereby
the

if

nuclear

of

demand

of

U.

in¬

great

standard

of energy,

use

of

stimulating

natural

both

for

S. Production
Million

Barrels

demand

forecast

indicated

that

12

0.65

7.9

81/4

I.

body hardware

American

from

promote
Auto

cially,

we

States

three million

that

15

0.35

10.7

31/4

American General Insur.

American Hair
Misc.

hair

1.4

producer

cranes,

16%

24%

1.4

15

1.20

20%

5.9

15

0.80

IU/4

7.1

82

1.25

34%

3.6

equip.

plastic material

American Insur.

(Newark)

—

12

Locker, Class B_.

Maintains

lockers

in

Manufactures

public

0.30

41/4

7.1

ter¬

Products—

various

*27

1.55

35%

4.3

Bank

of

20

—

_

150

8.50

5.7

parts

electronic

Piano

out, outside the industry as
well, predict a steadily rising rate
of
liquid fuel consumption
throughout the free world through
1975.

It

few

plan

consumer

the future

Before

14%

3.4

15

1.50

in

V'-

i
'

<

•

20

7.5

than this.

leaving

the

subject of
developments, it would
perhaps not be inappropriate to
mention at least briefly the possi¬
ble

effect

of

radiation

♦."

:

Although
barely started in this
field, scientists have already dis¬
covered that

by the irradiation of

that

16

1.00

I81/2

5.4

can

15

1.20

20

6.0

means

now

insofar

as

be obtained

If the refiner

way.

to

control

are

in
can

and

brought

we
no

know-

other

find

the

direct these

chemical
33

1.10

28%

3.8

changes he may develop
entirely new and different
from crude oil.
Thus
nuclear radiation may present the

56

3.00

43

7.0

refiner

18

0.80

IO1/2

7.6

some

Re-Insurance

Diversified

—

insurance

Screw.

and

_

products

bolts
new

American Stamping
steel

parts

Co

__

stamping

and

American Surety Co
Diversified

21

.J

d3.75

95

3.2
1

21

1.25

53
19

19%

1.5

f2.13

83
43

0.25

191/4

0.40

5%

7.1

24

ti.i 8

231/4

It

is

obviously,
that
this
result in more efficient and
hope,

(Charlotte, N. C.)

Trust

American

(S.

estimate

F.)_

—

Wringer--

supply,
our
economists
that nearly four and a

half

million

than

last

This

increase

half of

barrels

daily more
will be required.

year

last

Let's consider

factors

is

alone

well

over

year's consumption.

that

of the

some

now

will

affect

the

abil¬

ity of the petroleum industry of
the United
States
to
carry
its
share of the load in meeting the
energy
supply problems of the

one-half
from

On

for

liquid

over

doing six times ;as
drilling now- a3
years 1939 through
1941,
just
before
we
entered
World War II.
In spite of this
increased oil-finding effort, new
reserves
resulting from wildcat
discoveries have not quite dou¬
bled. The major additions to our
reserves
continue
to
come,
not
from discoveries of new oil fields,
but from
development and ex¬

figure

time

of

our

estimates

be

industry's

are

running

many

is

ment

to

find
is

the

history,

of oil. There
why this state¬

but because

ratio

been

barrels of

Since
the

the end

our

need

rel

in

of World

every

reserves

less

than

half

Inc.-

Metal,

Copper-base

(bronze)

alloys

and

products

biggest drilling pro¬
gram in its history—one that has
gathered momentum as it went
along. The results are a tribute

Smelting

Aluminum

Arden
West

23

1.75

27

1.00

Coast

I61/2

6.1

35

0.87%

261/2

3.3

25

4.4

dairy

Arizona Public Service.

19

fiii

16

0.90

201/4

4.4

Armstrong Rubber Co., CI. B *18

2.0|0

311/2

6.3

3.00

511/2

reserves.

an

Continued

Underwriters and Distributors

of

Corporate and Municipal Bonds

5.8

Electric

and

Arkansas

Western

Natural gas
tion

and

Auto

Gas

Equipment Trust Certificates

public utility, produc¬

transmission

truck

&

'■

utility

gas

Arrow-Hart
Electric

tires

&

26

Hegeman____

wiring

devices

and

Investment Preferred Stocks
1

con¬

'

.

;

■

■

trols

_

*10

0.20

Art Metal Construction Co.—

19

2.75

42%

21

1.60

28%

5.6

.—I co

1.20

261/s

Common Stocks

6.5

4.6

Arrow

Liqueurs

Cordials

Office

&

Corp.

__

4

5.0

liqueurs

furniture

Associated
Precision

Atlanta

Spring Corp.
springs

Gas

*

Light-_

Operating public utility

Atlantic National Bank

(Jacksonville)

*31

_

Atlantic Steel
Steel

Atlas

producing

and

210

11.62 y2

0.6

24%

6.5

Union Securities

distributing

G5
Press

Lathes

&

*

New

Co.

not

0.30

7

4.3

d Current

for

rate.

stock

annual

Amount

of

.

complete

annual

Adjusted

terly

18

__

Corporation

Broadway, New York 6

presses

Details

n
t

1.20

34

payment




possible longer record,

based

dividends,

rate

S3.75

to

as

Yield

is

is

S3

due

to

on

new

dividend

BOSTON

BUFFALO

•

CLEVELAND

•

rate.

HARTFORD

splits, etc.

and

yield is figured on that basis.
change from semi-annual to quar¬

basis.

Continued

on

page

24

•

PHILADELPHIA

•

succes3

the

to

Operating public utility

Arkansas-Missouri Power Co.

for

Since

additions

beginning of 1937

6.5

11

Co._

—

of

reserves

smelting

Farms

barrel

a

measure

up

Leading brewer

Apex

hall

the
and

*

Anheuser Busch Inc.—

a

ratio between footage drilled

the

building

Washing machine parts

Ampco

and

for every bar¬

barrel produced.

Still another

domestic industry has under¬

taken

the average has

one

produced, so that the net gain
during the period hai

been

in

Over

reserves

for

War II

the

war

declining.

than

less

the

Since

been

has

the last five years

rapidly.

so

barrel.

one

expensive to

increasing

better-than-ex-

of

In the five years before World
War II the domestic industry was
adding about two barrels to the
country's crude oil reserves for
every barrel of crude produced—
leaving a net gain in reserves of

build up
our reserves.
This is true not only
because oil, is
becoming harder
it

result

a

being discovered these days ap¬
to be smaller on the average
than those found in the past.

as

more

to

pear

misleading today as it
always has been before. But we
all know that it's getting harder

and

from

oil

performance, unitization,
and the application of improved
recovery practices. And new field3

out

reason

and
the

of

recoveredj from existing fields

as

the statement has been made that

we're

old

pected

the 10-

since

time

to

fields

of

ihis country's Presentreserves.

From

dawn

the

revised

almost

corresponds

is

in

tension

period 1956-1965, the total
comes to nearly 36 billion barrels.

?^ct!y
proved

did

it

year

This

;

footage basis the domestic

a

industry

the total demand
hydrocarbons forecast

for the United States

%

■■

much exploratory

add up

we

mil

world's

free

the

of

only one-fifth of the proyed

reserves.

future.
If

expect

5.1

may

ware

Amer. Trust

not

to ' improve.

1.3

14

the door to
unconventional

processes.

barrels

more

this relation¬
Our forecast
indicates that by 1960 the domes¬
tic
industry will be producing
do

ship

3.4

12

powerful

open

wholly

a

at the end of 1954.

2.6

1.45

and

may

types of refining
our

American Thermos Bottle Co.

another

tool and the field of radiation

chemistry
new

insurance

with

years

1965,-with nuclear
fledgling commerr
shall need in the United

still

energy

has

work

about

other

on

also produces radiation.

hydrocarbons changes

'

equipment

Amer.

further

0.50

Pulley

American

Vacuum

demand

heat the process of nuclear fission

Boilers, tanks, pipelines

Pressed

be well to add that
industries indeed can

may

1.6

American Pipe & Construct'n

Screws

find

3.7

.'

transmission and

in
can

60

Boston

American

I

355

and

etc.,

organs,

as

1.90

Corp., Class B-

pianos,

brains

far

t5.70

industries

aircraft

for

best
so

cited

I

liquid hydrocarbons daily than
did last year.
Twenty years
from now, in 1975, when nuclear
energy is expected to be a more
important contributor to the total

assur¬

39

(Chic.)_

American Phenolic Corp
Precision

the

with

20

—

Bk. Tr.

a

10

(Chattanooga)
Amer. Natl.

or

to about 20%

we

petro¬
leum processing. You undoubted¬
ly know that besides releasing

Amer. Natl. Bank & Trust Co.

American

that

man

■

nuclear

con:

National

Denver

Power

is

'

spite of this unprecedented
drilling effort, the United States'
share of the proved reserves of
the free world has declined signi¬
ficantly since the end of the war
—-from 38% at the end of 1946

Daily

10

36

about

to

24

In

of

the

development
All that can

time

industry, and

into

products

American

Retails

this

at

very

minals

American Maize

the

said

insurance

American

Amer.

about

energy.

ance

to

to talk with any

nuclear

our

Derrick-.

cargo

moulder

0.35

lost

wise

very
one

of

hardware

of

&

a

certainty

6.0

53

__

American Insulator Corp.—

Diversified

1.00

be

those

■

foolish

and

in

now,

energy

petroleum

offset

'

takes

very

to

be

Hardware

leading

Custom

100

products

American Hoist
Hoists,

1.40

13

Felt

&

felt

&

American
A

It
26

Co.

casualty insurance

for

uses

tend

might

atom.

Large furniture manufacturer

Fire and

that

uses

Furniture

new

would

crude

Must Increase

presently remote from deposits of coal or oil, might well

American Forging & Socket-

three,
further

one-half—from

billion barrels today.

We
The
earlier

especially in

areas

asked

31

all

still

gas.

Three

living

corresponding expansion in

man's

combination

some

may

economic real¬

an

possibility

creases

tions,

figure
50%.

as

of

becomes

the

leum

Within the

this

high

as

less
expensive petro¬
processing or in better prod¬
ucts, or in new products, or in
therefore

derived

are

refinery streams

years

matter

a

power

Trust

Co. and American National Bank,
both
of Indianapolis.
Fletcher

Trust, oldest of the

of all chemicals made

United

oil and gas

As

through

1954

Fletcher

the

jump to
43

consolidation

in

next

apolis
Formed

today 25%
from

and from natural gas.

National

Bank & Trust Co.,

Future World Demand for Oil

Approx.
% Yield

Including
Extras for

ingenuity and skill of those
here today and others like
you
through
the
length
and
breadth of the oil country. Since
1946, the proved- reserves of the
United States have increased by

of you

f

No. Con-

23

SYRACUSE

is

average

on

page

of

24

*

24

The Commercial and Financial Chronicle

(1G44)

Continued

whether from

from page 23

from

Future World Demand for Oil

an

£

have

over

last five
23 barrels
to

of

for

reserves

drilled.

foot of hole

every

nine pre-war

the

In

has been added

oil

and

the ratio was consider¬
ably above this average. In the
nine-year
period
1946 through

war

years

1954, the ratio has been below this
average.

1

Unless

trends

these

will

States

find

re¬

the United
increasingly

in

producers

versed,

be

can

it

country's
probably

does

United

ity of

the industry produced
2,560,000,000 barrels of oil and
natural gas liquids in the United
States.
Eight percent of our re¬
would

serves

may

rels,

capac¬

day.

a

been

reserve

built up over the last eight years
and has been accompanied by a

progressively higher drilling rate.
It seems probable that this up¬
ward

tinue

for

in

trend

drilling will

several

years.

con¬

to

na¬

is im¬
of this
should

and

difference

figures

is

between

220,000,000

bar¬

or

pacity at MER over
period and may be

immediately

after

sustained

any

real¬

more

a

istic

At

risk

the

should

like

of

to

repetition,

emphasize

I

that

there is nothing sacred about this
figure of 600,000 barrels a day. It
is

the

the

result
the

of

oil

at

rates

of

production, the annual rate
production never significantly
ceeded

8%

serves.

It

then
at

that

or

of

United

ex¬

States

re¬

fairly be assumed

may

this

very

of

figure of 8%
the

near

was

limit

upper

imposed by the efficient produc¬
tivity of our wells at that time. I
would

like

tion
is

similar

a

total

would

we

produce

a

that if

suggest

with

we

more

proved

not

than

be

situa¬

8%

reserves

able

of

each

to

our

year

For

example,

if

our

1954

total

period is projected

figure

includes

duction

If

to,

we

would

decade
rates

lustration
barrel

any

appears

that

the

figure" may

prolonged

from
two

this

il¬

million

represent

the

mind.

most

come

When

the

be

of

years
be

this

at

20

to

demand.
to

it

see

10

years

similar

with

likely to
increasing

us
today,
reputation for

economic

actual

pro¬

to

re¬

through 1965

the

Cabinet

8%

ratio

and

the
this

committee

that

between
is

reserves

this

over

its

justly

ingenuity,

LOUIS, Mo. —Howard R.
Lofgreen has become associated

a

order

year

to

of 4,100,000,-

over
meet

the

dec¬

domestic

this

point of view,

during the next 10

years

then,

produc¬

tion plus net additions to
reserves,

2.2

1014

0.60

11

Inc

5.9

'

Stores,

24

2.50

44

1.7

21

5.00

78

6.4

30

1.80

35V2

5.1

24

1.60

39%

4.0

76

Inc.

Badger Paper Mills
Sulphite pulp and

*

2.40

75

3.2

paper

Bangor Hydro-Electric
Operating public utility

Bank of Amer. NT&SA
Bank of

bank

Bank

Stifel, Nicolaus & Company,
Incorporated, 314 North Broad¬
Mr. Lofgreen was formerly

California, N. A
Commonwealth

the

of

18

6.00

170

3.5

(The) of New York— 170

f9.50

250

3.8

(Detroit)
Bank

Bank of

Virginia (Richmond)

Bankers &

30

1.00

30

23%

4.2

63

3.0

2.40

63%

3.8

14

0.36

5%

6.9

11

Shippers Insur.

Diversified

fl.87

51

0.50

6%

8.0

insurance

Bankers Trust Co., N. Y
Acquired Public National Bank
and
Trust
Co., New York, in
April, 1955. Holders of Public
National received 1 Vs shares of

*•

Bankers stock for each share.

Barcalo

Mfg.

Furniture

Co

and

hand

merchants'

tools

Bareco

Oil

Co

Michocrystallinc

wax

way.

with
Inc.

Olsen, Donnerberg & Co.,
prior thereto was with

Barnett

National

Bank

*45

Bartgis Brothers Co
Eoxboard

& Gardner.

—

6.00

300

2.0

11

0.90

22

4.1

15

(Jacksonville)

and

V. C. Weber & Co. and Reinholdt

1.00

17

5.9

cartons

&

Batavia Body Co
Refrigerator bodies

New First Nat'l Branch
The First National City Bank of

New York

has

has established

announced
a

that

This

new

of

the

and civilian

Companies Which Paid Consecutive

Dividends From 5 to 10 Years Appear in

the

Air

Second Table Starting on

Page 51

unit will provide com¬

plete'banking services for
bers

Unlisted

it

military banking

facility at the U. S. Naval
Station, Iwakuni, Japan.

demands forecast for those years.

From

Lofgreen Joins

ST.

it

need

62

we

Stifel, Nicolaus & Co.

main¬

then

4.5

Paints, enamels & hardware

ments.

pro¬

period,

same

would

we

average

barrels
in

at

earlier

by
President
Eisen¬
if we assume also

prove an

000

that oil is imported
States during the

Foods,

15V2

77.

■

Nation's largest

those

technological advance¬
ment, and tireless hard work will
be
put to still further tests to
provide adequate petroleum sup¬
plies for all expected require¬

This

fl.37

1.3

v

continued

H. R.

36

167

Restaurant chain

moment, the

to

0.70

Badger Paint & Hardware

are

with

2.20

2.6

becomes

steadily
industry continues

confronted

26

30%

yarns

Cosmetics

B/G

If the

conditions

1955

f0.80

51

and

Products

Avon

present, actual conditions may
substantially from what we
may now expect them to be, but
we

1955

Insurance

fabrics

Cotton

the

as

June 30,

tractors

Mills

Avondale

readily to

future

U.

S.

Armed

mem¬

Forces

Bassett Furniture

components living at

Inc.

the Air Station.

Industries,

Comolete

1.12% 20%

*19

-

line of domestic

"

«

5.5
,

;

furniture

Manufacturers of

Baystate

22

0.81% 13V2

6.0

28

2.00

47 %

4.2

27

0.85

12

7.1

19

3.00

41

7.3

65

2.00

36

5.6

25 j

8.00

189

27

Baxter Laboratories, Inc.——

0.50

pharmaceuticals

Corp.

Holding company, banks

Belknap Hardware & Mfg.__
Hardware

Belmont

(/

INCORPORATED

'

(/

furniture

&

and

wholesaler

Works

Iron

Designer

ACM,'?? and Company

erector,

structural

steel

Belt

Road_____

Rail

Leased by

—

Indianapolis Union Ry.

Bemis Bros. Bag Co

6.7

Sacks and bagging

Beneficial

Corp.

Beneiicial

Loan

Berks County

Public

i-r:;;;:;;;

Utility, Industrial and Municipal

4.3

Corp.

Trust Co.

23

nl.00

13%

n7.2

68

1.40

36%

3.8

34

5.00

98

5.1

*12

0.30

12%

2.4

19

1.25

15

8.3

31

Hathaway, Inc

1.00

22

(Reading)

-

Berkshire

21

4.8

1.25

28

4.5

110

Fine cottons

Bibb

Co

Mfg.

Cotton

goods; sheetings, etc.

Biddleford & Saco Water Co.

Securities

Operating public utility

Bingham-Herbrand

Since

11%

Holding company affiliate of

U?iderwriters and Distributors

of

Forgings, stamping and tools

IQ12

Bird Machine Co
Machinery for paper mills
•

•

•

•

Bird

*

&

Son

Asphalt

Shingles

Birmingham Trust Natl. Bank

iun

Birtman

Household

1.00

25%

3.9

1.00

17%

5.7

15

1.32

25%

5.1

31

0.70

16%

4.2

83

f2.39

57

4.2

1.8

appliances

Black-Clawson
Makes paper &

MEMBERS

Co

2.00

23

——

Electric

13
28

(Ala.)

A Co.

(Ohio)
pulp mill machin¬

ery

New York Stock

Exchange

Midwest Stock Exchange

American Stock

Chicago




Exchange (Associate)

Black

Hills

Power

&

Light-

Operating public utility

Blue Bell, Inc
Mfr.

New York

on

Paymts. to

1955

*18

trucks,

autos,

Diversified

any accuracy.
There
imponderables ahead—

two that

are

Based

tion

June 30,

30,

trailers

Automobile Insur. (Hartford)

no

the

and

the

tained

ade

It

1956

by

follows

it is

be maintained for

How¬

auditions

recommended

hower,

have been producing our reserves
at an annual rate of 9% %—and

period.

Finances
&

Co

Finance

Auto

with

appointed

to

unlikely that this rate could

both

net

we assume

by

referred

and

into the United

excess

already

(future.

serves.

1954

barrel

that

into

Quota-

S

domestic economic conditions and
the state of international affairs

have

the United States each year.

daily

million

far

June

Divs. Paid

with

many

earned

projections.
the five-year period 1950
through 1954, the domestic indus¬
try has proved an average of 3,760,000,000 barrels of petroleum in

duction

two

are

very

Over

that

producing rate I have

future

in

as

domestic producing rate had been
increased during the whole year

the

realize

Extras for

12 Mos. to

secutive

Years Cash

industry in this

all

Approx.
% Yield

Including

the

our

We
look

can

of

and

year

sustained basis.

of

country.
one

calculation

the immediate

ever,

today the strong probability

that

on

to

faced

were

dimensions

job ahead for

experience

a

actual

1940-1946

industry

producing

approximate

next

such, I believe it merits
very
careful
consideration
and
justifies a few further remarks

efficient

Cash Divs.

No. Con-

1966

referred to.

into

was

same basis, the
average
requirement for the dec¬

differ

World War II, when the domestic
maximum

ade

figure of a dependable re¬
productivity than the 2,000,000
barrel
figure
so
often
serve

which

not be misunderstood.

During

2,780,000,000

600,000 barrels a day. This
represent the country's ap¬
proximate reserve producing ca¬

Because

reserve

capacity is so vital
tional defense, however, it
portant that the meaning
two-million-barrel figure

The

be

may

now

producing

2,000,000 barrels
capacity has

some

This

States

reserve

CONTINUES TO FLOURISH

years.

the average for the last five
years.
These then may well be the

Last year

barrels.

a

23

the

annual

Thursday, October 20, 1955

WORLD'S BIGGEST MARKET

of 340,000,000 barrels
the average for the

months.

these

The

fields,
stepped up by

through 1975 would be
4,370,000,000 barrels. This is 610,000,000 barrels a year more than

difficult to meet the large future

have

not

On

Continued from page

or

.

(know

accurately
measure our ability to produce for
any
period longer than a few

demand

for petroleum.

capacity to pro¬
given time, but it

reserve

duce oil at any

to

be

to

average
year

discoveries

new

additions

would

..

of

work

and

play clothes

Boston
Boatmen's Natl. Bk. St. Louis
4

Details

not

t Adjusted
n

New

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

annual

rate.

Yield

based

on

new

dividend rate.

Number 5474

182

Volume

.

(1645)

The Commercial and Financial Chronicle

.

.

Continued

WORLD'S BIGGEST MARKET
CONTINUES TO FLOURISH
Cash Divs.

Years Cash

June

30,

tion

June

June

to

y

Book

Co.

12

0.50

121/4

1.15

151/2

7.4

Insurance

Co.

_

80

_

1

Mass.

41%

1.50

of

3.6

insurance

60

3.00

16

0.10

*30

2.50

22

2.00

29

7.1

11%

0.9

Rubber

hose

&

Stock Yard

Mills

Cotton

cloth

Boyertown
Misc.

_

_

12 y2

0.80

25

sult

Banking & Trust Co.
(Wilson, N. C.)
_

_

b6.00

51

_

_

2.7

225

alOl

3.30

70

1.60

32

ever

4.7

55

_

5.0

Bridgeport Hydraulic

18

Armored

1.70

321/4

...

23

.

1.25

19%

6.4

fabricator

Metal

28

Glass

fl.94

16

Brockway Glass Co.__

1.25

18

10.8

containers

Brockway Motor Co..

|

351/2

"Gordon"'

13

Brown

8.0

5

*19

1.20

24%

4.8

22

0.90

12

7.5

tools

Bryant Chucking Grinder Co.
Internal

grinders,

precision

Creek

Oil.

In Continental

__

14

_

nuts,

2%

17

1.75

251/4

14

1.15

131/4

8.7

2.05

39%

5.2

14

4.3

23

Inc.

_

16

__

0.60

a21

Burgess Battery Co.
cell

Dry

batteries

and

11.171/2

221/2

11

ing,

2.50

26%

recording and controlling

results

of

to

Manufacturing Co

Metal

f 1.60

the

continue

de¬

to

the

in

huge

with the maturing of
and postwar

war

baby

A decade hence, the three-

weekend

day

will

projections

assume

likely

be

minor

15

0.50

9

however, is made

fluctuations from year

A.)

34

1.75

57

13

1.60

31%

I.471/2

30

3.50

160

2.20

in

a

How much of this

tional

a

year,

potential
be

demand

na¬

purchased

by business, by
Will there be total

increase in

to

warrant

expenditures would rise to

about

$3b0

pared

to an annual rate of $250
today. This would mean

billion

billion

that the

and

Butlers, Inc.

American, man,
child, could spend

$370 more per year on consumer

and

goods

services than he does

represent

would

This

today.

California

Bank

California

Oregon

(L.

ing.
The

changing composition of the

population during the next decade
should assure this substantial ex¬
pansion of consumer spending.
For
example,
the
number
of
youngsters between the expensive
ages

65

40% from the pres¬

over

The

ent.

18 is expected to

of 10 and

increase

of

number
increase

will

people over

over

20%.

__

15%.
This

pattern of production and

demand, adding up to a potential
and
balanced Nation's economic
budget of $540 billion, is only one
a
number that could be con¬

such

structed

to

accommodate

Portland

and

Cement

Cement-

lime products

"

California Water Service Co.
Water

41%

5.3

could
on

assume

a

leisure, with

greater emphasis
even

an

Continued

production?

on

Coast to Coast"

12

Shoe

Cannon

&

26%

9.3

*19

Co.

Manufacturer

2.50

0.45

71/4

6.2

Industrial, Public Utility,

lands

timber

retailer

shoes

of

1
1

Carolina

graph

Telephone

Company

146

54

8.00

58

1.60

331/4

4.8

16

0.70

10 y4

6.8

21

3.50

50%

6.9

13

0.80

16%

Stocks

Bank and Insurance

Tele¬

&
_

5.0

5.5

Operates telephone exchanges

Carpenter

Paper

Distributor

Co.

of

Mfg.

products.

paper

of

and

paper

paper

prod¬

Francis I. du Pont & Co.

ucts.

Caspers Tin Plate CompanyMetal

sheets

for containers

Central Cold Storage Co
^

Members New York Stock

Refrigeration

Central Electric & Gas
natural gas,

Distributes
and

Fibre

Nebraska

Products

Co.,

wall

&

Central

ONE WALL STREET,

'

*18

Vot.
Paper

1.50

29%

5.0

23

1.60

40

4.0

Illinois Elec.

&

Gas.

Electric, gas and water

Maine

Fort

29%

Power

4.1

_

_

_

361/4

Cedar Rapids, Iowa

4.4

12.00

270

4.4

Details

Including

b Plus

not

complete

l/15th

share

t Adjusted

as

to

possible

longer record,

share

stock

of

Jefferson




dividends,

Standard

splits,

Insurance

Co.

for

26

i i u

: fc. i*:? a ri z 4

Terre Haute,

Quincy, III.

Washington, D. C.

Rochester, N. Y.

West Palm Beach, Fla.

Sacramento, Cal.

White Plains, N.

San Diego,

Wichita, Kansas

Mo.

Angeles, Cal.

Miami Beach,

etc.

Continued on page

Lake, Iowa

Streator, III.

Philadelphia, Pa.

Memphis, Tenn.

Elmira, N. Y.

each

Storm

Peoria, III.

Miami, Fla.

held,

for

Springfield, III.

Pasadena, Cal.

Los

Decatur, III.

predecessors.

Okla.

Cal.

Sioux City, Iowa

Omaha, Neb.

Kewanee, III.

Dallas, Texas

Danville, III.
*

a

Sikeston, Mo.

Oklahoma City,

Kansas City,

•

Cleveland, Ohio

18

San Francisco,

New Orleans, La.

Kankakee, III.

Charlotte, N. C.
•

•.

Central Natl.Bank&Trust Co.

Moines)

1.60

St. Louis, Mo.

Newark, N. J.

Fresno, Cal.

Beverly Hills, Cal.

13

St. Joseph, Mo.

Minneapolis, Minn.

Galesburg, III.

Bakersfield, Cal.

4.8

26

1.25

12

utility

Fla.

Fort Worth, Texas

Akron, Ohio

Co

Dodge, Iowa

Fort Lauderdale,

utility

Central Nat. Bank, Cleveland

(Des

1.20

21

Milwaukee, Wis.

Enid, Okla.

Chicago, III.

Wilmington, Del.

Central Louisiana Elec. Co.

Electric

NEW YORK 5, N. Y.

board

Operating public utility

Central

Exchange

Principal Security & Commodity Exchanges

Dakota

South

Central

...

i

A

.v

,

>•

Fla.

shorter

page

1

Corp.
California

full

an

supplier

Calaveras Land & Timber

a

employment economy in 1965. One

Operating public utility

California

In

contrast, the labor force and total
population
will
likely
increase

Operating public utility

California-Pacific Utilities

a

substantial rise in his level of liv¬

chain

shoe

com¬

average

woman,

1965

in

of

decade.

consumers,

government?
real

will

output

3%

prevailing during the first
of 1955 — then con¬

sumer

2.2

25

about 40%

in¬
If

months

six

4.9

28

and

over

decade.

a

5.0

12

increase of

30% in

3.1

Power

population will likely increase by

today's prices

about $540 billion in
—an

by

year.

present fertility
rates and trends in mortality rates,

5.6

labor

force, productivity, and hours are
combined, by 1965 the total na¬
tional
output could increase to

continuing achievement of the
Employment Act's objective
maximum
economic growth.

the rate

the

year on

a

or

pace

crop.

On the basis of

4.3

products

Southern

to

Hours of work

by nearly 1%

faster

reasonable, and, I

Some allowance,

9.0

in¬

37

rising

our

early 1960's when
the working force increases at a

1946

for

17

expected

rection

struments

Butler

to

by about 200 hours
per year per worker by 1965.
We
will see more pressure in this di¬

These

the

5.2

ceil¬

radiant

leisure time.

average,

add, conservative assump¬

of

acoustics,

are

tions.

using devices

Industrial

key

ductivity will be opportunities for

would

battery

Burgess-Manning Co.

past.

profits, and real income.
One of the major contributions
of the expected
increasing pro¬

to be taking the economy

able

•

Florida retailer

the

of

over

people continue to save, net, about
6% of their disposable income—

a

slightly

In¬ spreading through industry.
If these
trends for the
stead, they show merely the prob¬

Depkrtment and specialty stores
Burdine's

of

during the intervening years.

screws

Bullock's Inc.

at

expanding at a rate
year would gen¬

per

rise in real per capita

a

1910-1953

again,

average

the

are

more

3%

over

come

wages,

during the next decade. Obviously
these projections are not presented
as
a
prediction of what actual
events will take place in 1965 or

6.9

the

year;

the

hour

trends

appear

7.6

Oil group

Buffalo-Eclipse Corp.
Bolts,

0.20

steel castings

of

longer-run

where

of

These advances in output per man-

prospects and

economic

but

$80 billion in 1965.

An economy

In

per

cline

amine

Buckeye Steel Castings Co...
Production

adjustments,

problems for the next year will be
clearer, therefore, if we first ex¬

bor¬

ing machine

Buck

2.5%

today's magnitudes, are most

The

annual rate of $60 billion

to about

per man-

years,

than

rate

above

increase

record

somewhat less

per year,

the current

from

should

other industries, the
rise is assumed to average about

unreliable.

Sharpe Mfg

is

to increase

expected

recent

average.

even

hosiery & Underwear

&

Machine

0.40

in

higher

justments.
Projections based on
static conditions, or yesterday's or

3.5

Heavy and medium trucks

Brown-Durrell Co.

than

about 3%

because
history
demonstrates that they
will take place. A major purpose
of our free enterprise system and
our democratic processes is to fa¬
cilitate these innovations and ad¬

5.3

service

car

Brass

trend of
production and

be

can

economic

Connecticut communities

re¬

erate

agriculture, output

rising standards of living. Such
projections must provide for in¬
novation and allow for significant

Supplies water to several

Inc.

In

long-run

increasing

-

adequate housing for the probable
56 million households, gross priv a t e
investment
expenditures

many.

hour

notable

a

as

industrial capacity, as

ern

a

turnover that

provide increased and mod¬
well as

To

as¬

of the labor force

of the usual

the next decade must be
within the framework of

made

this

Bridgeport-City Trust Co.
(Conn.)

too

or

year,

currently.

constantly taking place in a dy¬
namic economy. Today, about 3.3%
are unemployed.
A year ago, over
5% were unemployed, which was

Appraisals of the economic out¬
look tor the next month, the next

6.4

can

always be

temporarily unemployed

gains in liv¬

6.9

funeral supplies

Bristol

We

and 1965.

now

handy to post the latest fig¬

Long-Run Trends

Casket...

for

be
be¬

can

force

Even in recent war periods,

this nation made real

Branch

Brinks,

working

that there will

sume

ing conditions.

__

Burial

the

of

tween

progress.

good estimate

pretty

small percentage

sateen

&

the large

Thus, total government demand
goods and services will likely
approach $100 billion in the year
1965 compared to about $75 billion

adding the

ures.

belting

Co...

This

1965.

equivalent to

chalk

Louisville stockyards

Bourne

A

made

Rock
This is truly

enduring

190 million in

Statisticians must keep eraser and

Hose

cotton

&

Bourbon

of

land

million people today

165

be

year,

a

each year.

Plymouth

and

Virginia

the

na

42i/2

Voluntary Assn.

Woven

slightly lower levels, because
backlog and rapidly
growing needs for roads, schools,
hospitals, sanitation systems, and
other traditional public services.

even

population of the city of Los An¬
geles, or Detroit, or Philadelphia,

every

the shores

on

nearly 350 years ago.

Boston Real Estate Trust-

Boston

nearly

so

from

will

million persons

2.5

to about

economic records.

first colonists set foot

Newpaper publisher

Diversified

or

accustomed

are

year

Herald Traveler Corp.

Boston

have

am

ready to now.

we

new
done

about

in the post-war period, and
probably every decade since the

publisher

Boston

setting

We

4.0

21

_

not

are

America

In

1955

in the past, and I

quo

we

sure

30,

c

Bobbs-Merrill

rise, even with national security
outlays stabilized at present or
of

status

on

Paymts. t

30,

1955

1955

Divs. Paid

Based

Quota¬

12 Mos. to

secutive

-

ment

% Yield

Extras for

No. Con-

Federal, State and local govern¬
expenditures are likely to

page

Business in 1956—And 1965

Approx.

Including

from first

25

Cal.

Ind.

Y.

26

26

The Commercial and Financial Chronicle

(1646)

.

.

Thursday, October 20, 1955

.

i

Continued

Elements of Strength

from page 25
Let
of

Business in 1956—And 1965
work-week,

term

different ratio of

or a

expenditures between
tion
and
investment,

even

or

growth trend under the im¬

greater expansion in Government

1954

government's

erately below this trend by mid-

services.

back

and

trend

the

to

Prospects for the

Recovery

year.

longer-run
look for

let

trends,

us

take

the

of

decline

in

of 1953 to the bottom in the
of

curity

1954

in

was

1955

this

of

Partly

decline

in

over

-

exuberance

spring of 1953,

in

the

marked shift from

a

inventory accumulation to inven¬
tory

liquidation

autumn

of

1953.

decline

some

penditures

-equipment

occurred

in

There
the

in

the
also

was

rate

of

the

curred

other

hand,

there

oc¬

impressive increase in

an

consumer

expenditures, and mod¬

erate rises in outlays for new con¬

struction

and

by

State

and

local

governments.

security expenditures large¬

ly

ceased.
which has

A

recovery

carried

output

started
to

an

annual rate of at least $390 billion

currently—more

than

5%

above

the previous peak reached in 1953.
Over half of this gain represented

increases in real output while the
remainder represented an increase
in
prices.
Employment exceeds
65 million today — 1.3 million

above the high mark in 1953. Un¬
employment is down to just over
2

and

million.

Thus the economy, which at the
peak in the spring of 1953 was

operating slightly above its long-

ually

or

growth,

1956 and

As

months

respect to 1956 will give
basis for
next

better

Obviously, in the ab¬

recent

present momentum will push

the

economy

long-term
to

appears

above

sustainable

be

economic

elements
of

of

potential weakness in

today

economy

develop.

may

that

suggest

can

Such

a

-

reasonable

business
on new

to

A

we

8.0

18

2.50

39

6.4

19

f2.89

491/4

5.9

Charleston Natl. Bk. (W. Va.)

19

tl.62y2

Charm in Paper Mills, Inc.

16

1.50

108

n2.20

51%

n4.3

127

2.00

50%

4.0

29

1.20

201/2

20

5.00

15

1.00

utility

gas

V;

warehouse

in

Albany

Chambersburg Engineering
Forging hammers, hydraulic
presses

Chapman Valve Mfg. Co.____
valves,

Paper

Chase

fire

hydrants

increase

plant and equip¬

of

of

strength

is

over-all

Continued

on

consumer

page

Bank

March, 1955 through

Co.

&

Chase

National

Bank

Chenango & Unadilla Tel

Chicago Mill & Lumber

145

3.4
5.6

17%

boxes

20

4.50

Chieksan

16

10.70

18

Swivel

Co.

921/2

4.9

20

3.5

1.00

241/4

4.1

*10

2.25

56

4.0

*30

443.00

16,000

2.8

19

12.22

103

2.2

36

e4.00

115

3.5

62

11.621/2

joints

Chilton Co.

._

Publisher of business magazines

Combed yarn

Holding

Citizens

Secur.

Co.

__

__

company

Commercial

&

Sav¬

ings Bank (Flint, Mich.)__
Citizens

Fidelity Bank & Tr.
(Louisville)

Citizens

Natl.

Trust

&

Sav¬

ings Bank (Los Angeles).
Citizens Natl. Trust &

Bank

51

1.60

2.9

561/2
.1

-

Savings
(Riverside, Cal.)___

48

3.3

46%

3.7

Citizens & Southern National
Bank

(Savannah)

_

30

_

"

1.70

Citizens & Southern National

27

Bank of S. C.

Public

(Charleston)

15

1.40

42

3.3

17

10.47

16%

2.9

20

11.83

63

2.9

14

2.00

86%

2.3

20

Company

1.00

25%

3.9

68

0.5

34%

5.8

utility

(Houston)

City National Bank & Tr. Co.
(Chicago)
•

__

City Natl. Bank & Trust Co.

(Columbus, Ohio)

City National Bank & Tr. Co.

Members

(Kansas

American Stock Exchange (Associate)

Exchange

h '

.

Chicago Title & Trust Co.___

City National

Boston Stock

5.9

Operating telephone company

Citizens Utilities

Lee Hicginson Corporation

5.4
4.1

of Bank of The Manhat¬

merger
tan

30
37

products

Manhattan

Formed in

de¬

third and important element

economic expansion next
year.

4.7

14

ment.

im¬

rate

to

spending

1*2.21

■

1.60

Operates

strong incen¬

tives

private
an

a

mand which presses close to
pres¬
ent capacity, all are

which

whether

on

and

191/4

Central Warehouse Corp.,

this

impressi ve.

pressures,

0.90

4.8

Corp.

and

Christiana

competitive

the

listing will
and

have

now

bearing

sustain

a

public

policy actions
portant

those

and

of

profit prospects, rapid
technological development, rising
internal funds from
depreciation
and depletion
allowances, sharp

underlying strength

5.3

18%

Service
Electric

Favorable

It

be useful to list briefly the

may

and

growth.

(Cinn.)

machine tools

most

371/2

Public

China Grove Cotton Mills Co.

are

2.00

0.90

Vermont

point to further increases to
all-time highs.
New orders for

standpoint of balanced and unin¬
terrupted

spending in this area is
Surveys of business in¬

year

prove to be
tomorrow from the

"weakness"

•

balance

4.8

3.3

a

the

4.0

331/4

66

Wood

for

48%

1.60.

19

Telephone Co

Central

second

tentions

2.00

13

Operating public utility

Chicago City Bk. & Trust Co.

upward.

today could

economy
a

a

growth. What
"strength" in the

127

10

Wire Co

Central Trust Co.

of business

of

rate

Central

the

strong force in the
economy is private investment in
plant and equipment. The trend

today
It

whether

.

1955

12

&

Chemical Corn Exch, Bank

A

30,

processing and dist.

the goal of economic
stability and
sustainable growth will have first
consideration.

with

of such reports, our thoughts

are most tentative.
is quite possible that

Steel

Metal

Gate

than

June

13

—

surplus. The rec¬
ord of the Congress, since the
war,
to proceed
flexibly in the fiscal
area, is grounds for optimism that

judging the prospects for

year.

sence

year.

City)

______

*27

10.32
'

Cleveland

Midwest Stock

Exchange

Builders

;,

Supply

Co.

.

16

2.00

15

dl.75

60

2.9

19

6.00

266

2.3

49

0.621/2

9

6.9

88

4.5

29%

5.0

Building materials

We invite

Cleveland

inquiries

on

the

following

Quarries Co

Building and refractory stone

Cleveland
Allison Steel
Avon

Manufacturing Co.

The Kerite

Products, Inc.

Brown & Sharpe

P. R.

Bryant Chucking Grinder Co.
Central Telephone

Continental

Erie

Company

Woolen &

worsted

Coca-Cola

yards

Coca-Cola

(New

Coca-Cola

(St.

National

Collins

Forging Company

Blankbook

Company

River Brand Rice Mills, Inc.
Rock of

Forge & Steel Corporation

Ages Corporation

Paper Company

Speer Carbon Company

Hudson Pulp & Paper
Corp.

Tracerlab, Inc.

Ionics, Incorporated

Co.

_

_

_

Liberty 2-5000
452

♦




3.00

-

1.30

*40

8.00

-

107

2.8

23%
115

-

5.5

7.0

implements

37

•

2.50

351/4

7.1

Supplies utilities and construction

.

United States Potash

Company

Williams and

industries

Colonial

Ice

Company

Company, Inc.

Co.

21

Stores

Retail food

stores

_

40

WALL

STREET

HAnover 2-2700

Teletype NY

CHICAGO 4
f ^

and

FRanklin 2-4500

Teletype CG 175

2.00

53

3.8

21

1.20

29

4.1

20

1.25

62 y4

2.0

s38.0

_

_

_

light &

supplier

power

to

Denver

from

Texas

Kansas

Details

not

t Adjusted
r.

e

complete

as

to

possible longer

record,

for stock dividends, splits, etc.
annual rate.
Yield based on new
dividend rate,
l/10th share of General Abrasives Co.
for each share held
Plus a stock dividend of one
additional share for seven held
paid on Dec. 15, 1954.
This $7 in dividends constituted a
special payment on
July 6
1954.
This was the only payment for
the 12 months ended
June
30,
1955.
For
the
12-month
period
ended
June
30
1954, the company had paid a total of
$3.50
New

d Plus

1-917

14

-

.

*

231 S. LA SALLE STREET

18

in south

Colorado Central Power Co._

Pipelines

NEW YORK 5

S7.00

Ice, coal, cold storage

Colonial

s

Upm

1.50

16

Collyer Insulated Wire

Electric

Teletype BS

•

27 /

York)

Louis)

Fa,rm & cutting

-

31

Colorado Interstate Gas Co.__

60 FEDERAL STREET

4.00
:

,

St. Croix

Company

BOSTON 7

16

goods

(Los Angeles)

National Aluminate Corporation

Company

Jones & Lamson Machine

Corporation

Moore Drop

>>

Company, the.

Foote Mineral

livestock

The Meadow Brook National Bank

Crompton & Knowles Loom Works
The Duriron

Operates

Cleveland Worsted Mills Co.-

'

Rendering Company
Screw

Mallory & Co., Inc.

Marathon

Cameo Incorporated

Consolidated

Co.

Co.

Keystone Portland Cement Company

Manufacturing Company

Trust

Cleveland Union Stock Yards

Company

on

Paymts. t<

Soybean processor

rates

during the next session.

budget shows

invest¬

a

present

during the next

rather

1955

June 30,
1955

17

needed

receipts will be based
general economic develop¬

upon

plans, construction outlook,
intentions

of

tion

June 30.

Nat.Bk.(Phila.)

Soya Co

large.

economist, I hope that any
resulting in changing total

ments

consumer

Central-Perm

Federal

beyond, not the

business

on

an

action

Survey returns due in the next
two

at

revenues

revision

immediate weeks ahead.

ment

very

12 Mos. to

5

Fed¬

a guess as to what
the Congress will i do
by way of a
tax
rate reduction
or
structural

best

would

be

Based

Divs. Paid

I won't venture

the possibility of a
less than desirable rate

economic

of

refer to

can

expanded

backlogs
are

will increase

over

decline,

since

Tax

Because of the momentum of pres¬
ent public and private programs,
concern

for

Quota¬

secutive

slightly

or

arrangements

construction

private,

and

By the fall of 1954, inventory
liquidation and the decline in na¬
tional

public

and

and

fense spending.
On

both

rate,

% Yield

Extras for

Years Cash

highways and schools, the rate of.
expenditures might increase grad¬

of

likely to rise, or at least
remain stable for several months.

ex¬

producers' durable
Federal non-de¬

on

months

probable though at a
than prevailed in

rate

seems

a

national

security expenditures, but partly,
too, because of business and con¬
sumer

the remaining

seems

rapid

tures,

se¬

as

present

Approx.

Including

will

cooperation with State and
local governments in the fields of

advance

the preceding 12 months. Each of
the major categories of expendi¬

sum¬

national

expenditures.

result

the

at

If

during

Cash Divs.
No. Con¬

Central

year.

upon

less

national

position

eral

economic

25

page

CONTINUES TO FLOURISH

cal governments will spend more;
Federal spending may be about

the

with

agreed

Continued

output from the peak in the spring
mer

line

from

WORLD'S BIGGEST MARKET

Central

down.

and

recovery as it adjusted to a lower
level of defense spending. About

80%

in

year.

State and lo¬

$400 billion economy in 1956.

has gone

cycle of recession

a

about

grow

fiscal

per

trend, but at present
lew rates of unemployment and
present prices, we should have a

nomic events and the current sit¬
Since 1953 the economy

$2 billion

long-term

uation.

through

of

1958

If the national output continues
to

a

moment at recent eco¬

a

Balance

1955 and for

coming

largely neutral during the next
year. However, total government
purchases of goods and services
seem likely to increase
by about

The Itecent Recession and

Against the background of these
optimistic, but yet conservative,

the

be

long-term

by the middle of this

for

Using national accounting con¬
cepts, total Federal, State and lo¬
cal government
receipts currently
are
equalling government expen¬
ditures for goods and services. The

pact of high defense expenditures,
moved down to a position mod¬

consump¬

Continued

look first at the elements

us

strength

' :

r?.m

o:

yolume 182

Number 5474

.

The Commercial and Financial Chronicle

.

.

Business in 1956Hlnd 1965

Approx.

Including
secutive

June30;

Divs. Paid

Based

Quota-

12 Mos. to

Years Cash

1955

tion

June

on

■

Paymts. to
June 30,

30,

1955

-

demand.

Flour

Milling & Elevator

and

prepared

mixes

1.30

10

6.3

hour

>

Co

19

1.00 ;: 32,

3.1

\ \

'

suit

(K. C.)

19

2.00

78%

2.5

1

sult

(Nashville)

*30

1.00

46%

2.2

20

1.00

16%

6.0

50

3.50

Commercial Shear. & Stamp.
oil

metal

741/2

4.7
"

30

7.75

245

3.2

50

(New Eng.)—

2.40

40

6.0

Operating public utility

*

y
*

Connecticut Bk. & Tr. Co.—al40

Connecticut Gen. Life Insur._
accident

health

and

78

y

Operating public utility

-

National

to

January,

First

was

Trust

Co.

of

*36

Electric &

0.4

19%

/

;

14

0.65

v

2.7

18

40

2.25

22

lating

44%

5.0

Tallow,

meat

0.50

7

7.1

economies

4.50

76

5.9

6.00

20

4.25

58%

economic

for

goods

our

expansion

21

1.40

41%

3.4

1.9

in

abroad,

■d<*

import

controls

countries.

,

,

„

1

_

must

us now

look at

as¬

weaken

the

in the

certainly

want

word

could.

\

Dividends From 5 to 10 Years Appear in the

on

/

Page 51
.

r|1.37%

21

Casualty

activity

-

3.50

55

6.6

53

Mgfs. cotton ginning equipment

off

its

4.00

20

—

101%

3.9

20

1.00

24

economic

some

Un-

some

statistics

At the primary

problem.

industrial
two

in

months—from last June to August
•

the

two months farm
declined 4% and

same

product

prices

foods

declined

time

a

the

products and food ad-

2.6%, while farm products

vanced

declined

8%

orocessed

and

Statistics released

4.2%

Nation's

unemployed

healthy

or area directly affected,
for the country as a whole. As

or

in the

of

case

declining farm in¬

cannot say that these
conditions
will
germinate
into
come,

we

recession.

general

Nevertheless,

know there is enough of a re-

we

lationship to give real concern to
those charged with maintaining
economic stability and growth. '
A third area of potential weak-

is

ness

durable

consumer

foods

over

the

Wall & paperboard

Products

cerning the outlook for consumer
durable goods especially automobiles

in

1956.

Consumers

5.00

76

produce and

an(j

g

gome

sell

between

passenger

tightening

increases

the

on

15

1.00

17%

5.6

Food

processing

machines

and

&

farm

11 -16

34

3.4

*30

fO.48

38%

of credit, price
models, and

new

cally

new

models in the 1956 Unes>

to some modest
tion in sales in 1956
Residential

construction

likely

seems

rather

than

only

weekend

con-

to

85

recent

depends

much

on

is

no

sure

activating

of

starts were at an annual rate of
13 million units' or more from

and

Public

consumers.

psychology will be important. The
the

potentials of

econ-

in

industrial

A

second

comes

from

areas.

The

in

recent

tighter

,

.

and
.

construction

.

&

Th

Wide

1.75

32y2

5.4

0.50

23

18%

2.7

variety of looms

and sickness;

accident

sure

your

of

f!,0"'atfb3at'wiU level o££ during
*; y a
A fifth potential trouble spot is
inventories. Inventory policy

of

number

customers participate

distressed

has decreased
business

as

.

shifted nearly $10 billion in the

las^ year

from liquidation at an
on page 28

Continued

ac-

in

DELAWARE VALLEY, U. S. A.
Here, in what is now the world's

electronics

accelerated schedules

Stroud

Crown Life Insurance Co.—_
Life,

Be

greatest industrial empire

fil.10%181

*35

&

0.8

also

development

—

Company

—

others

and

planning

are

future

steel, oils,

—

production

on

in order to meet a constantly increasing demand.

playing

is

and will gladly

an

important part in this dynamic

fender any service to you

—

so

that

annuities

Cutter

Laboratories, voting.

30

0.43

12%

3.5

13

1.00

13y2

9.5

13

0.70

141/2

4.8

your

customers, too, may benefit from it.

Ask

us

I

Pharmaceutical Mfg.

Dahlstrom Metallic Door Co..

about

—

Doors, mouldings, cabinets

Dallas
Dan

Terminal—

Railway

Local

facilities

transit

River

Mills,

11

1.00

16

1

301/2

3.3

1.25

18%

6.8

56

2.00

44

18

Inc

1.00

Textile manufacturing & finishing

and steel

castings

Delaware Railroad Co...
Leased &

•

4.5

operated by P.R.R.

Electric

Delta

Auto and

Hajoca Corporation

Co

bicycle lamps and horns

16%

6.2

& Sons

South Jersey Gas Co.

Strawbr^dge & Clothier

W.-C.

Hamilton

18

Philadelphia Bank Stocks

Dentist'? Supply (N. Y.)—- *29

120

6.00
1.00

—

5.0

Farm equipment

Artificial

teeth

and

16%

Copy of the Philadelphia ln<iuirer 1955 Delaware

6.2

dental

other

Alan Wood Steel Co.

Penn Fruit Company

'

I

Warner Co.

I. T. E. Circuit Breaker Co.

Dempster Mill Manufacturing
Co.

Smith Kline & French Labs.

Hercules Cement Corp.

Dayton Malleable Iron Co.—
Iron

Phila. Transportation Co.

Beryllium Corp.

Valley illustrated supplement sent

on

request.

supplies
♦

Details

not

complete

as

to

t Adjusted

possible longer record,
splits, etc.

a

for stock dividends,
Including predecessors.

r

Plus

1

In

STROUD & COMPANY

~

one

new

for each
may

and
on

a

the

share of Continental Assurance Co. common stock

100

1955
$10

shares of

new

common

stock held.

I

all outstanding shares of $100 par were recalled
value Issued in their place.
Dividends paid

par

new

shares

have

been

at

the

rate

of

35c

commencing with the dividend paid July 2, 1955.
dends paid previous to the stock split would be
to

$1.10%

per




quarterly
The divi¬
equivalent

share for new stock.

Continued

on

page

28

INCORPORATED

PHILADELPHIA 9
NEW YORK • PITTSBURGH •

f

weakness

chronically depressed

months

getting

it is probable that house construeconstrue-

in

of

aireas

now

students

as

area

labor market

down in recent weeks

rise

current

prices

com-

other dangers

are

the

were

although the annual rate is

vear

business cycles well know.

policy

busi¬

one

nonfarm

and

Starts

ago' again at about 13 million units
unbalance bec,red!th.as b3?"

below

farm

inherent

There

governments,

3%

modifies, there

the wisdom of

restraining

and

still

In addition to the

of forecasting these

way

parity ratio at

mid-September. This is a
point improvement over August,

tween

1

show the

in

mains to be seen. As I said earlier,

chemicals,

—

the

is

Nonfarm residential construction
}\as beeP
y
a
a. °J $
billion per year. New-

refrigerating
coolers

Crompton & Knowles Loom
Works

reduc¬

area of potential Weakness.

1.3

68

Creamery Package Mfg

T

cars,

the much fewer number o£ radi_

6.6

86

County Trust (White Plains)

have

iarge stocks of relatively new duraMe goods as a result of high pur.
chases reCently. In 1955, for exampl6i the aut0mobile industry

& containers

County Bank & Trust Co.
(Paterson, N. J.)

goods,

gome question can be raised con-

Timberland & lumber

Cornell Paperboard

same

only 3.3%. This is not a
situation, either for the

averages

1.9%.

1954 and August
1955 prices of commodities other

than farm

the

in

avera£e' Pur" could lead

0n 1

.u

ing

themselves

chronically depressed condition at

4.2

12

(Fort Worth)
Coos Bay Lumber Co

give you

market level, prices of
commodities
advanced

but

long-run

Continental National Bank
'

this

on

find

will
me

rapid
upward
pace. Whether such developments
weaken the general economy re-

nesses,

of

Co.

Chicago

level

tinue

decisions

National

Trust

and

general

private and public policy.

1.0

131

Diversified Insurance

;

Let

by insurance were
Many smaller areas

unemployed.

Between August

coming year. I
to underline the

In

for

services.

elpak of over-all price

processed

factors

some

could

areas

justified.

is

force covered

.

Unlisted Companies Which Paid Consecutive

Second Table Starting

possible

to

and

future.

develops

We

concern

the

not

economy

to

Continental Illinois

points

products

stability this type of growing dispanty could cause trouble in the

our

increasing and should
months
unless inflation with re¬

these

L which

<

Gin

This

General

are

areas

Bank

farmers.

Elements of Potential Weakness

7.3

320

fertilizers, hides and skins
"

Continental

are

nonfarm

current

Let

.•

This will un-

year.

cities in the United
149 regularly sur¬
veyed which were classified as
areas of substantial labor surplus
—that is, 6% or more of the labor

5% during industry

cation of the cost-price squeeze on

too, that the Soviet leaders
changed their goal of
world
domination.
Hence,
we
can't afford to let down our guard.

22

—

Consol. Water Pwr. & Paper

Continental

the

of

sume,

scrap,

.Enamel book paper

coming

This* farmers

equipment patents

grease,

;

future.

Much could be said about

sulting

Products

Consolidated Rendering Co..
,

to

lower demand from farm

Holding co., diverse interests

t

the

to

have

Consolidated Naval Stores.

to
and

increasing—including
spells record-breaking sales.
prices of farm machinery, autoFinally, international tensions mobiles, and credit. Such a trend
are easing.
This should be stimu-s will certainly mean an intensifi-

ahead,
1

20

railroad

the

year

likely to continue to exceed

demand by from 3

pur¬

continue to expand in the
"

Corp.
Owns

consumer

the

about

exports

and

public utility

Metal

expected

this

power,

mistic

mand

Largest lobster distributor

Consolidated

increased

underway in much of the rest of
the free world, particularly West¬
ern
Europe.
With growing de¬

4.6

Bridgeport

gas

is

records

all

the marked economic recovery and

name

Bank

in

world.

(

Consolidated Lobster Co
■*".

585

0.90

,

.

Connecticut Power Co
'

2.40

Bank

1955,

National

restrictions,

age

break
seems

the

(Bridgeport, Conn.)
Prior

-

2.9

insur-

Connecticut Light & Power.

Connecticut

76%

2.25

individual)

(group and

ance

years.

production, in spite of acre-

was never better than it is
capita basis the farm "picture is
Furthermore, recent stud-1 not quite so bad. The prices of
ies show that consumers are opti- goods and services purchased by

'<

(Pittsburgh)

Life,

tural

today.

Jersey (Jersey City)——

1

■

probAgricul-

sumers

Commonwealth Trust Co.
,

in July, and which
March, and

an area

national

a

several

thus contributing * doubtedly result in further deto higher consumer spending. The" cline of farm prices and total farm
balance
sheet
position of con¬ incomes in 1956, although on a per

Commercial Trust Co. of New

Concord Elect.

top of the list is

for

lem

combined
witn
employment, should re¬

chasing

products, hydra unc
and forgings

equipment

At the

Con-" which has been

which

wages,

greater

outweigh short-run
and shocks.
-

disappointments

^

Commerce Union Bank

Pressed

in

should

omy

labor contracts, will refurther wage increases.

new

Higher

Commerce Trust

economy .

increases of
spreading
The new $1

becomes effective next

the

Columbia Baking
1 Southeastern baker

are

minimum

passed

gress

for

baking

wage

months

through the

1955

20y2

The

recent

per

Colorado

were

still 31 major
States out of

% Yield

Extras for

have information—there

"

Cash Oivs.
No. Con¬

—the most recent date for which
we

CONTINUES TO FLOURISH
1

tivity has risen. However, in July

Continued from page 26

WORLD'S BIGGEST MARKET

27

(1647)

ALLENTOWN • LANCASTER • SCRANTON • ATLANTIC CITY

The Commercial and Financial Chronicle
28

.

.

(1648)

Continued from page

want

We

27

1965

annual

rate

of almost

—particularly

$5 billion

in

manufacturing.

A shift from inventory

accumula¬

hope

credit

Business in 1956—And

inflation.

avoid

to

would

restraints

when

time

to

that

to accumulate
general opti¬

attempts
inventories.
The

further

this

of

business

riods

of rapid

have

often

This

to excesses.

the

duced

balance, present indications

point to a continued economic ex¬
pansion during the months ahead
and, I would say, into 1956.
But
there
are
hazards which
could

being ap¬

economic ad¬
justment or pause next year be¬
fore growth is resumed. A recent

restraint is

credit

eral

ex¬

plied to avoid excess demand from

inventories and results in re¬

cess

indefi¬

#n

pushing

production and employment

up

the general price level.

cause

temporary

a

in

note

chord.

to put the

all

their valleys and

All they ask is that
business will
recognize it as a
normal adjustment, not something
calamitous. The long-term trend,

Com., Pfd. & Units

INQUIRIES

on

that

time.

they feel, is bound to be up, but
a
little belt-tightening along the
way is certain to be necessary."

INVITED

Some Implications of

Longer-Run

Ingalls & Snyder
Members

The need for flexibility in
cies

'

American

Members

Stock Exchange

COrtlandt

7-6800

NEW YORK 5, N. Y.
—

Bell System Teletype NY 1-1459

know that

Peck
Exchange

credit enable consumers to
and

maintain

from

refrain

Guaranteed

Leased Line

Bonds

Preferred

Common

a

however,

stating,

tendency toward over sav¬

ings in normal times, a situation
which could develop if income is

Unlisted Investment Stocks
'

.4,

the

and production ob¬
jectives of the Employment Act

Auto

New York 5, N. Y.

Telephone REetor 2-4949
Teletype NY 1-724
to

Philadelphia

public works in
times
of
declining or deficient
private demand.
When specula¬
urgently nee'ded

excesses

prevalent, more

are

policies must be used.

tendency to¬
day to place too great a confidence
on
monetary policy alone as an
effective stabilizer, forgetting that
it is not a perfect or complete tool
in itself but only one of several.
A ground swell of consumer and
business expansion can only be
tempered successfully by mone¬
tary policy. In my judgment, if
monetary restraint tried to carry
too big a load
it may interfere
There is

for Banks, Brokers and Dealers

be

higher expenditures for

restrictive

BROKERAGE SERVICE

Federal,

must

They should move in the
direction of lower taxes,
easier

tive

STOCK &■ BOND

—

flexible.

credit and
Private wire

policies

local —also

and

perhaps

a

growth
or
achievement of other national ob¬
sustainable

with

All the tools in the kit

jectives.

Hardy & Co.
Members
Members

New

York

American

must

be

30 Broad St.

need

Stock

Exchange

to time in

MAIN




ST. &

New York 4
Teletype NY 1-733
MEETINGHOUSE LANE

SOUTHAMPTON, L. I., N. Y.

bridge

Mfr.

the light of longer-run

the economy.

In this

connection, further improvements
in

our

tics

system of economic statis¬
be

/will

a

These programs

kind

and

continuing

need.

must provide the

quality

of

Continued

information
on

paqe

29

1955

1.95

79

2.5

14

tfl-80

34%

5.3

1.20

16%'

7.3

11

1.00

22%

4.4

29

4.00

107

3.7'

t48%

4.0

181

7.7

2.6

international

Windsor

to

sale

and

dictating

and

of

Dictaphone

transcribing

ma¬

chines

Dime Bank

(Akron)

20

Discounts

Dixon

2.00

*23

14.00

16

fO.84

14%

3.7

18

Discount Corp. of New York

1.00

17%

5.8

acceptances

(Joseph) Crucible Co.

Crucibles, graphite,

Doeskin

paint

Products, Inc

Tissues

Dollar

Savings

&

Trust

Co.

13

4.50

*22

0.40

16

2.00

55

3.6

*18

1.25

20

6.2

(Chicago)

72

0.80

23

3.5

Metals & Supply

20

1.00

18%

5.5

65

2.00

34%

5.8

22

2.40

52

4.6

21

1.62%

291%

5.5
'

17

0.40

15

0.77V2

13%

5.6

13

0.50

14%

3.4

14

0.30

4%

7.1

27

2.00

(Youngstown)
Drackett

:

Co.

Soybean products,

115

3.9

7%

5.6

"Drano,"

"Windex"

Dravo

Corp.

Heavy engineering projects,
equipment

marine

Drexel

Furniture

Co

furniture

Quality

Drovers

Natl.

Bk.

Metals & industrial supplies
Steel or nonferrous prouucts

Duff-Norton.
Industrial jacks and

Dun

&

lifting equip.

Bradstreet

Credit

and marketing reports and
publications

Duncan Electric Manufactur¬

ing Co.

...

Watthour

meters

Duplex Truck
"Duplex"

Duriron

Corrosion

Eason

Co._

equip.

Co

Petroleum

Eastern

___

resistant

Oil

&

natural

gas

Racing Assn

Suffolk

5.7

7

trucks

motor

Co.

Downs

Eastern Utilities Associates.Holding

5.3

England

New

company,

38
\

interests

Economics Laboratory, Inc.__

*18

0.60

19

'

0.60

16%

3.6

Makes softening compounds

Edison Sault Electric Co

15%

3.8

Operating public utility

Edison

:

(Thomas A.) Class B

r

1.22%

25%

4.8

*10

2.10

30%

6.8

*27

1.60

41%

3.8

(Texas)

21

2.40

55%

4.3

Rubber Co._

16

1.20

21

5.7

21

1.55

26%

5.8

19

1.00

21

4.8

64

1.00

17

5.9

12

1.00

25%

31

Batteries, dictating machines, air¬
craft

industrial

and

Edgewater Steel
Steel

El

El

instruments

Co

products

Electric

Paso

Co

operating utility

Natl.

Paso

Bank

Electric Hose &
Rubber

hose

Electrical Products
Consolidated
Neon

sign

Electro

manufacture

Refractories &

Abrasives

Corp.

Abrasives

Emerson
more

Drug

Co. of

Balti¬

City Class B

Bromo-Seltzer

Empire Southern Cas Co
Natural

utility

public

gas

Empire Trust Co.

3.9
.

Y.)__

49

3.00

Employers Reinsurance Corp.

41

f2.10

70%

3.0

*31

4.00

50%

7.9

Diversified

(N.

Eppens, Smith Co
Coffee & tea importing

Equitable Security Trust Co.
(Wilmington)
158

97

4.4

fO-93

43

2.2

3.25

55

5.9

0.50

14%

3.4

19

1.00

18

5.6

21

3.00

46%

6.5

42

2.40

46%

5.2

51

0.90

27

3.3

by New York Cential

Erlanger Mills Corp

and

4.25

40

10

Erie & Kalamazoo RR._

Exolon

1.9

106

Equitable Trust Co. (Balti.)_
Leased

156

insurance

(textiles!

Co.

Manufacture

to be reexamined from time

Exchange

changes in

Telephone DIgby 4-7800

policies

public

Furthermore,

Stock

1955

20

operates

Holding Co.

skillfully used.

1955

on

Paymts. to
June 30,

19

Dictaphone Corp.

Texas

Government

tion

June 30,

parts and farm equip.

Operates

employment

State

30,

47

Detroit International Bridge.

of 1946.
120 Broadway

June

tunnel

widely distributed, may pre¬
vent total consumer demand from

increasing sufficiently to meet

12 Mos. to

Based

1.20

Detroit Harvester

not

and

Quota-

*31

Tunnel

Canada

and

Owns

ex¬

I cannot

the future.

in

ecpnomy

that

(Denver)

(The) Bank-

Detroit &

assist in stabilizing the

can

DEALERS IN

their

increase

Such actions by con¬

penditures.
sumers

RAILROAD SECURITIES

Detroit

can

consumers

% Yield

Extras for

5

Denver Natl. Bank

capacity and prices are ris¬

sumer

and American Stock Exchange

v

Divs. Paid

are

contribute to
economic stability by increasing
savings rates, as they did in 1950.
On the other hand, when overall
demand is falling, as in 1949 and
1954, large liquid holdings, un¬
employment insurance, and con¬
ing,

Members New York Stock

expenditures

postponable.
Therefore,
demand
temporarily out¬

now

runs

&.

reemphasis.

large proportion

a

consumers'

of

when

Adams

constant

needs

We
100 BROADWAY

both

private and public economic poli¬

Exchange

York Stock

New

secutive

Years Cash

Ducommun

Tendencies

Approx.

Including

dip in the economy might

a

come any

CORP.

CAVITRON

admit

readily

have

curves

that

construction

favorable

most

developments

"Even

stated:

It

those who are inclined

We Have An Interest In

Cash Divs.
No. Con-

Review" struck a

"Dun's

realistic

CONTINUES TO FLOURISH

come

may

restraint
now
could bring with it weakness next
year. Present and prospective de¬
mands for credit are large. Gen¬

inventory building

led

sustained

credit

Finally,

may

necessitates liquidation of

be

nitely.

reinforce
tendency. In the past, such pe¬

mism

cannot

ditures

•

WORLD'S BIGGEST MARKET

later

a

later, as well
tion to stability could cut business as now.
The lags may result in
at a
expenditures $5 billion per year. reduced spending by State and
year
If excess inventory develops, re¬ local
governments,
by
private
The rate of accumulation may now
be somewhat higher.
Surveys of sulting in substantial liquidation, business for plant and equipment
businessmen's expectations, such business spending could be re¬ and inventories, and by potential
duced by as much as $10 billion home owners not now, when per¬
as that of
Dun & Bradstreet, re¬
haps justified, but months from
veal anticipations of both higher per year. It should be understood
that present levels of inventories now, when they will be needed to
prices and higher sales.
If past
sustain economic growth.
It's
patterns of business behavior pre¬ probably are not excessive.
the current rate of accumulation
vail, these factors will lead to
On Balance

accumulation
rate of over $4 billion per
in the second quarter of 1955.

in the fall of 1954 to

27

page

restraint on expen¬

effect of

the

from

could be made
up prices.
But

they
pushing

without

Continued

merely

would

expenditures

postpone

We

Thursday, October 20, 1955

general

these

that

.

artificial

abrasives

magnetic separators

Faber Coe &

Gregg, Inc

Tobacco wholesaler

Fafnir Bearing Co
Mfr.

of

ball

bearings

Fairmont Foods
Dairy
*

products

Details

not

t Adjusted

Company___

and

frozen

foods

complete

for

stock

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

tt Includes liquidating dividend of $0.15 per share.
t Earlier quotation. June 30, 1955 figure not available.

[Volume 182

Number 5474

.

The Commercial and Financial Chronicle

.

.

(1649)1

Continued from page 28

WORLD'S BIG6EST IMRKET

Business in 1956—And 1965

Cash Oivs.

Approx.

Including
No. Con¬

% Yield

Extras for

secutive

Railway

Inc.

_

of

June

30,

1955

25.00

337

42
chaplets

and

t0.59

5.8

Merchants

Beach

rubber

3.00

70

4.3

4.25

49

8.7

lenging
velop for

1.00

19%

5.2

firm

19

0.60

8%

7.4

a

Shops, Inc

this

if

11

_

6.00

85

29

3.25

time

future

serving

events

con-

For

about

was

a

6.2

There is

economy.

Co.__

53

0.75

1.8

41%

some

advanced

Works

technically far enough,

8.2

(Newark)

11

1.20

42

2.9

more

Federated Publications, Inc..

20

4.00

82

4.9

in output.

15

0.10

6

1.7

Michigan

to enable each further increase in

machines

our

Screws and bolts

and

Trust Co.

Natl.

Bk.
50

(Balti.)

2.00

Fidelity-Philadelphia Trust

90

3.80

89%

71

2.60

671/2

3.9

Fidelity Union Tr. (Newark)

stock

to

produce

4.2

*34

2.70

64

18

f2.00

58

3.4

to everyone concerned with

Fireman's Fund Insur. Co

47

1.80

76%

2.4

icing the

18

1.10

43

2.6

Western

fire

Diversified

underwriter

credit
the

First Amer. Nat. Bk. (Nashv.)

17

1.40

31%

4.4

First Bank

26

1.37 %

37

3.7

Holds

stock

Federal

of

First Bank

Corp._____

banks

Reserve

&

in

Trust

First

J.)

17

__

1954,
of Madison Trust
Bank

of

(South

Bend)

Investment
•

See

First
&

16

CORP

1.20

16

___

BOSTON

5.00

4.4

56%

89

banking

Camden National Bank
Trust Co.

First Natl.

Bank

(Akron)

Bank

(Atlanta)

First Natl.

Bank

f0.65

_

16

1.00

27

_

*26

1.60

(Balti.)

Natl.

Bank

27

Bank

of

Boston.

19

17.60

345

2.2
3.1

*30

14.00

(Denver)

First

_

21

tl.00

28%

3.5

(Houston).

22

f2.00

54

3.7

(Jersey City)

91

fl.98

54

3.7

65

3.00

134

2.2

(K. C.)_.__

First Natl.

thus

60

f 1.30

37

3.5

*30

f 1.20

27%

4.4

First National Bank (Mobile)

*30

f3.80

18

2.00

58%

3.4

30

1.60

48%

3.3

(Omaha)

First Natl.

(Phila.)

_

3.8

100

merger

First Natl.

19,

1955

for
of

Trust

share

eral

of Portland

84

2,00

59V4

3.4

*36

3.10

641/2

4.8

(Scranton)

92

2.00

39

5.1

First Natl.

Bk.

(Shreveport)

16

fi.io

40

2.8

First National Bank (Tampa)

21

First

35

—

3.6

225

Details

t

Adjusted

not

11ns For
25%

in

year

in

stock
stock

ended

Bank.

stock

on

May

30,

4,

can

well

'

*•/■■• ' "

■

" "•

' 7

.

'

Carl M. Loeb, Rhoades & Co.
Members Hew Tor\

Stoc\ Exchange and other

Leading Stoc\ and Commodity Exchanges
42

WALL STREET

i\

NEW YORK 5, N. Y.

.

System to Branch Offices, Correspondents and
their connections in 90 Cities throughout the United States

Private Wire

Our Steadfast

Policy

for

over

45

years

sup¬

to¬
thusly,
as

chief

a

and

stability

1955,
1955.

authori¬
placing major
general
credit
re¬
monetary

on

If
in

we

are

successful

the

stabilizing
of

careful

selective

con¬

Regulation W variety.
as

a

nation
as

a

private restraints and

a

economy

application of general con¬
most

people

recog¬

superior to selective con¬
trols—we need not experiment in
are

area.

Today total credit

does

This

is

not appear ex¬
perhaps due to

the current actions of the Federal

records

Cash

show

if

any,

of

not

Although
some

Continued

are

invited

to

Salomon Bros. & Hutzler

on

page

30

real

Optimism

there are, as always,
and potential trouble

spots on the horizon, and some
substantial adjustments needed in

avail themselves of our services.

1

Dealers and Underwriters

Reasons for
payment

payment,

financial institutions

Reserve.

reported.




/ •

all.

for

becomes

straint rather than

cessive.

as to possible longer record,
dividends, splits, etc.
paid on Jan. 25, 1955.

June

"

currently

outstanding

complete

for

25%

as

for

central

are

the later

changed in January, 1955

*

f Plus

credit

of

credit

consumer

nize

8.00

14

National

Report available
"■

push,

excess,

tal economic activity. Used

trols—which

48

fins

Bank & Trust

(Bridgeport)
Connecticut

to

losses

consumption

result

to

investing in Canada and overseas.

corrective

about

with

trols of the

(St. Louis)

Bank (Wichita)

lines

some

extension

port

The

Bank

Name

Boulevard.

dampening down excess demand.
Then, if mild contraction occurs
in economic activity, a more lib¬

ties

Bank

Co.

3924 Wilshire

restraint and selectivity in
lending in over-optimistic periods
can
contribute
to
stability
by

basis

Pennsylvania
Co. effective

First Natl.

First National

'to the staff of California Investors,

the

growth in the economy.

First Natl.

Natl.

in

bringing

reliance
Bank

Too carelessly granted

instrument

with
the
Banking & Trusts

name

E. Osborne and
have been added

Some

(Memphis)

share

Clyde

consumer

contraction

First National Bank (Miami)

First Natl. Bank

growth.

activity

(Ft.Worth)

a

DeSure,

Samuel J. Tussey

opportunity

credit in good times can help

Bank

Banking &
Sept. 30.

on

of High-Grade Securities

Members Mew York Stock
SIXTY WALL

SAN FEANCISCO

-*•

»

r

Exchange

STREET, NEW YORK 5, N. Y.

PHILADELPHIA

BOSTON

'

ANGELES, Calif.—Martin

LOS

institutions, including

as

Bank

First Natl. Bank

resulting

time

3.5

Natl.

under

leisure

3.7

380

First Natl.

Sept.

Calif. Investors Adi

A non-diversified mutual fund

fields

field/have
and
even
responsibility; that is, to contrib¬
ute to economic stability as well

4.2

37%

First Natl. Bank

scientific

expanding opportunities are
opening up and (2) assisting in¬
dividuals to enjoy better the in¬

But credit

62

39

on

statesmanship

joined the staff of

(Special to The Financial Chronicle)

have

not

has

Bingham, Walter & Hurry, members of the Los Angeles Stock Exchange,

eliminated, but the capacity

for economic

where

those in the

2.60

1.30

on

and

from advancing productivity.

1.20

Penn. Co. for

helping young people
higher education in pro¬

2.8

51

approved

may

may

(1)

4.5

92

a

clude:

56

(Dallas)

Stockholders

been

instability

point

Baaba

C.

as

potential.
These
be in fields
not fully explored up to the pres¬
ent.
Intriguing possibilities in¬
aids

36%

fl.04

(Cinn.)

Bank

nomic

I

output

another

Bank

developed.

ANGELES, Calif.—Robert

LOS

have
to the

credit

creasing

First Natl.

Bk.

adjustments

further

consumer

3.6

171

_

ahead,

by

3.7

First NatL Bank

Nat.

both private and public—for mak¬

economic

Walter

(Special to The Financial Chronicle)

outset.

'

(Chicago)

First

the

44%

First Natl. Bank

Bank

With Bingham,

provide

2.5

2.50

12

(Birming.)

to

25%

*

First Natl.

contribute to rising productivity.
Finally, machinery and skills—
ing

ertg

Drive.

continue

to

can

fessional

'■

11

much

years

credit

obtain
~

(N. J.)_

First Natl.

First

27%

20 for advertisement of this company.

page

at

the

growing

new

Bank & Trust Co.

FIRST

should

which

contribute signifi¬
cantly to the growth of our econ¬
omy by making possible rapid in¬
creases in consumption out of our

47

Madison

First

done

institutions

___

National

willingness and ability to

a

innovate

Calif.—Paul H.

demand needed to make

stated

In

Ninth

November,

merger

and

LOS ANGELES,

a

serv¬

possible large-scale production,

Co.

N.

Co.

has

innovations

(Madison,
through

exhibit

competUive Toy ha,

segment of the

consumer

mass

we

District

Formed

in

drive,

a

economy. The growth of consumer

(Newark)

insurance

Stock

a

proportionate increase

Fifth-Third Un. Tr. (Cinn.)__

Firemen's Ins. Co.

institutions

financial

see

(Special to The Financial Chronicle)

Second, business and

spirit of enterprise,

we

It is this possibility for increas¬
ing consumption expenditures rel¬
atively to investment and defense
outlays that presents a challenge

4.3

Fidelity Trust Co. (Pgh.)____

than

devoted to defense would also de¬
cline.

3.9

51%

capital

Furthermore, if defense
outlays stay ev;en at present rela¬
tively high rates, the share of the
total
growing national
product

newspapers

Ferry Cap & Set. Screw Co..

Fidelity-Baltimore

they seek.

period

With Boren & Co.

willingness to

Employment Act of 1946 as an illustration of the recent recognition of the responsibility of the
Federal government for dealing
with problems of economic fluc¬
tuations
and
growth.
Further
progress can be expected.
Eco¬

I, our econhas grown large enough, and

omy

types

Trust Co.

a

that since World War

18%

Federal

exhibit

been

1.50

and

rising level of living — better
homes, better lurniture and equipment for them, better cars, more
leisure; the list seems endless. And

evidence, not conclusive perhaps,

14

Screws

optimism.
First,
American
constantly demand a

consumers

consumers

longer-run

growing markets. But, in particular,
we
see
consumer
living
standards rising even more spectacularly than in the past. In the
years
between
we
can
expect
growth, but with occasional mod¬
erate adjustments.

work hard to achieve the advances

econ¬

rapidly shifting
predominantly agricultural
economy to a predominantly in¬

7.1

521/4

directly

projections.

Nation

dustrial

Screw

addi-

one

at

century preceding World War I,

this

Cotton compress and
warehousing

Federal

our

from

Insurance

venture

those

consumers

goods, sponges

Marine and other

Joint

respect to the implications
the short-run outlook and the

30

Compress & Warehouse

Federal

to

observation

19

___

the

that is this: Many chal¬
opportunities should de¬

Fertilizers

Fed.

want

20

(Calif.)__

Chemical Co.

where

area

omy, and

baking chain

Federal

an

long-run tendencies of the

Bank

Rubber

Federal Bake

is

with

Heavy machinery & machine tools

Misc.

for

of

Farrel-Birmingham Co.

Retail

This

I

chills

Thus, for the balance of 1955 we
increasing prosperity. For

the interest of long-run stability
and growth, we have good reasons

7.4

10V4

greater today than ever

can see

the'

•

■

intelligent private and
public economic decision making,

,

&

Faultless

needed for

tional

Mfg.

Long

30,

1955

cars

for foundries

Farmers

June

Motors,
*21

Manufactures

Paymts. tc

/

Economic Committee has had keen
interest since its creation in 1946.

_

Railway motor

Fanner

1955

Based on

tion

June 30,

Divs. Paid

Quota¬

12 IV! os. to

Years Cash

Fairmont

part of all segments of the econ¬
omy is
before.

CONTINUES TO ftOVRISH

29

"

DALLAS

CLEVELAND

CHICAGO

WEST PALM BEACH

30

The Commercial and Financial Chronicle

]

(1650)

Continued

from

Public

■T\

3

page

discussion

in early June
offering additional 3%

relative to

bonds of the

when it offered $1,924 mil¬
Forty Year Non-Redeemable
3% Bonds. I do not suggest that

are

$750

Treasury's

the terms of the issue rep¬
departures in finance.
a
troublesome influence on our Certainly there is nothing unique
about the 40 year term, the 3%
money
markets during the past
coupon rate, or even the non-re¬
decade."
Secretary Humphrey's problems demption feature. The timing of
the two offerings this year and
have been quite different.
The
Treasury has been running a defi¬ the basic Treasury policy reflected
cit
and
the
crowded
maturity by that timing raises several new
questions for investors to study.
structure has caused a continuous
The February, 1955, offering of
refunding
problem,
thereby
at
times severely restricting freedom Forty Year 3s was well received
of
of

his

first

the

issue,

long-term

resent

new

by savings institutions—life insur¬

sale

the

recall

You

action.

any of

itself

Treasury surplus which was

ance

companies, public and pri¬
funds, mutual savings

Thirty Year VAs made in Aprill,
3953. The Treasury did not deem

vate pension

it propitious to

ately moved to

term

issue

again sell

until

a

million

year,

fund;

banks,

long-

February of this

reached

bonds

The

etc.

immedi¬

well

from

CONTINUES TO FLOURISH

the

others

all

allotted

were

„

well

was

such

count within

to

Co.

First

First Natl.

action demonstrates that the pric¬

New

ing of the bonds

Formed

strongly fa¬

.

bond

issues,

...

in any

stock

these pages?

on

latest

supply

rates

prices, quotes,

information,

or

'

in

were

mid-1954
firm

v/ere

Trading Department

and

the

110

Merrill Lynch, Pierce, Fenner & Beane
NEW YORK 5, N. Y.

Offices in 107 Cities

and

3J/4S

did

and

wish

not

attract

mortgage

Indeed,
ried

to

funds

were

had

ment

business
and

Diversified Investment Fund, Inc.

all

but

at

was

a

when

2.9
:

in

54%

3.00

5.5

communities

.■

Bank

14

1.30

17%

7.5

26

fl-70

3414

5.0

12

0.80

20

4.0

13

2.00

34

5.9

for

oil,

and

Drilling,

and

gas

Gear &

chemical

Mach.__

transmiss.

equip.

: '

t

Co.

reaming,

Foremost
Dairy

tapping

Dairies

products

Fort Pitt
Fort

frozen

and

foods

Bridge Works

Structural

steel

fabrication

..

Corrugated Pa¬

Wayne

iCo.

per

16

1.00

2214

4.5

62

2.7

Corrugated shipping containers

Fort

Wayne

National

Bank

(Indiana)

20

fl-69

'

in

Unlisted Companies Which Paid Consecutive

disappeared;
high level

was

5314

fl.52%

Fran-

machines

Dividends From 5 to 10 Years Appear in the

very

business

San

changed

2.3

moving strongly upward. The
offering of the 3s in July
made

2.9

5.6

Second Table Starting on Page 51

second
was

66

44

Gears

money supply. The Forty Year 3s
were not offered until
unemploy¬

Fundamental Investors, Inc.

1.93

2114

car¬

increase

an

22

Trust

1.00

Foote Bros.

markets.

effect

3.6

1.20

from the

operations

to

59

19

with

away

2.10

Sav¬

1954

Foote-Burt

because

compete

•:

industries

wel¬

security

and

its

out

period

&

&

as

Name

National

Plants

an opportunity to
buy ad¬
ditional long-term Treasury's. But
it clearly did not desire to use this

market

73

Trust

12

period when

a

|

-

(Jacksonville)

prices

would have

National

Fluor Corp. Ltd.

upward
selling in the
2%%
yield basis.

investors

'

m3.9

Exchange Bank

known

Mass.

Florida

comed

it

York and

Bank.

Serves

moving

obviously

was

6114

Fitchburg Gas & Elec. Light *68

for

were

range—a

That
many

favorable

?wj

issues

bond

m2.40

3.7

,

_

long-term issue

a

when

32%

(San Francisco)—88

November,

savings.
Interest
increasing and bond
declining. The Treas¬

did not offer

ury

simply contact—

70 PINE STREET

Co.

of

were

prices

1.20

in
National

First

of

1955

Formerly

corporate

demand

3.5

17

ings Bank of San Diego__

Cisco

equity

The

86

merger

First Western Bank

long-term capital funds exceeded
the

For

and

abundant.

were

3.00

142

First National

time when investment opportuni¬
ties in the
form of real estate
.

2.7

of

Roanoke

of

Opportunities

and

3714

118

City Bank of New York

Investment

public

1.00

;

(Tulsa)

City Bank

through

First National

Insurance

mortgages,

Bank Tr.

Bank of New

successful.

New

f3.32

*30

York

March,

vorable to the Treasury and from
its standpoint the financing was
very

2.8

19

28

—

First National

The Thirty Year 3X/4S and the
Forty Year 3s were offered at a

Interested.

(New Haven)

Natl.Bk.Tr.(Okla.City)

(Paterson)

Subsequent market
was

1955

First National Bank & Trust

dis¬

few days after the

a

offering date.

30,

1955

First National Bank & Trust

was

a

June

5

placed, the overall

that the 3s moved

June 30,

1955

Quota-

12 Mos. to

secutive

Divs. Paid

$337

the bond market

pressure on

June 30,

Extras for

Years Cash

million, being 30% of their sub¬
scriptions. In spite of the fact the
issue

tion

% Yield
Based on
Paymts. to

Including
No. Con-

.

($485 million) of their sub¬
scriptions totaling $749 million,
and

Appro*.

Cash Divs.
v

65%

high of 101 %s in May.

a

went

standpoint.

Subscrip¬
tions totaled $1,720 million.
Sav¬
ings type investors were awarded

premium bid and

a

29

page

a

lion

and up to a certain
distinct advantages
in such a policy, since it averts
the accumulation of that unwieldy
eral

from

20, 1955

Thursday, October

.

WORLD'S BIGGEST MARKET

the price to decline to but
slight premium above par. The
actual offering
last July of the

caused

Whafs New in Finance?
point there

Continued

issue promptly

same

..

in

„

„

n

,,

,/ ,

,

f,

■

,

/ *

'•

boom stage.

The buying power of life insur¬

Manhattan Bond Fund, Inc.

and

public

Diversified Growth Stock Fund, Inc.

ily
and

these

mutual

local

investment

funds

HUGH W. LONG AND COMPANY

on

through

firms,

INCORPORATED

or:

Elizabeth

have

New

Jersey

ahead.

Some

of

been

overinvesting
using bank credit to sup¬

are

plement

their

flow

of

about 4% years,

ening of the debt maturity struc¬

DISTRIBUTORS

DEALERS

ture will continue to be slow until
the
Treasury is

willing

long-term

sell

to

issues in volume

when

investors have ample funds to in¬
vest.

Corporate and Municipal

business

Securities
Established

R. S. Dickson & Company
INCORPORATED




Raleigh

ac¬

But

that

ap¬

of

agement
purpose

policy

presents

dilemma.

a

action
of

for

some¬

Debt

the

extending

man¬

primary

maturities
offering of

long-term governments only dur¬
ing periods of high business activ¬
ity, conflicts with flexible mone¬

CHICAGO

is

our

Richmond

chase

obligation to

long-term. Treasury

pur¬

Ref.

Wire

to

All

Offices

objective

Continued

on

3.5

0.30

814

20

0.60

127%

41

0.75

22

0.23

53

2.00

0.5
i

Co

3.6

21

!

714

3.9

parts and

Fulton Bag

Bank

Holding company.

2714

4.0

22

0.15

14%

1.0

(Atlanta)

42

1.25

3914

3.2

Co.

16

c0.75

914

7.9

50

1.25

22%

5.5

——

industry

Bus

Garlock Packing Co
Mechanical

packings,

gaskets,

mechanical

and

oil

controls

for

41

4.00

*16

fO.78

24%

3.2

17

fO-34

42

0.8

24

Controls

Automatic

.

seals

Gary Natl. Bank (Indiana)—

and

f 1.10

gas

Galveston-Houston

General

»

16

& Cotton Mills—

Fulton Natl.

seals

5.9

tents

and

Bags

34

*

and farm mach.

Mfg.' Co

0.75

1114

6.7

15

1.70

36

4.7

350

1.1

pressure

temperature

'

Crude Oil Co.—

Southern

producer

Batteries

Dry

Manufacturers

of

batteries,

dry

cells,

mercury

extruders of
and magnesium

aluminum

zinc,

Plastics:

Also

—-

small

makes

,

i

Industries Co

General

elec.

■

-

motors

Reinsurance Corp.—

General

casualty

bonding

and

Holding

co.

21

1.80

67

7.00

55%

3.2

lines

Georgia Railroad & Bkg. Co.

Details

230

3.0

Rail interests

not

t Adjusted

primary

3.6

'

;

offer¬

ings?
The

'

11

Co.
equip,

Fuller

4

Direct

61%

2.20

of

page

the

31

Y

Mining

Frick

All

tary policy.

■

agency

(The) Co.___

General

Its

20
1

*

Process

General

What

Greenville

recession.

and which involves the

Members Midwest Stock
Exchange

Atlanta

funds

1.3

dyers and manufacturers

funds.

1919

NEW YORK

savings

f0.8714 64

*30

Life insurance

parently is exactly the time the
Treasury does not believe it is
desirable, economically or politi¬
cally, to compete for long-term
what

CHARLOTTE

Surplus

cumulate when investment oppor¬
are
at
low volume,
in
other words, during a period of

tunities

6.7

finances

Law, Inc.
Advertising

a year

length¬

The

Also

Franklin Life Insurance Co._

Truck

about

3.8

18

Frank (Albert)-Guenther

Yarn

longer than in 1953.

26

1.20
-

Wyoming Oil Co

Fresnillo

Treasury

1.00

15

lighting units

Holding company.
oil developments

has pursued its
desirable and important policy of
lengthening the debt structure but
progress is slow; the average ma¬
turity of the marketable debt is
now

UNDERWRITERS

Franco
:

Franklin

funds.

71

Corp.

Fourth Natl. Bank of Wichita

investable

The

3,

mortgage market, are heav¬

committed

them

business

capital
savings insti¬
particularly those active

tutions,
in the

and

A number of

Steel

Pressed

Industrial

they areheavily engaged in fi¬
nancing residential construction

Bank

National

Worth

Fostoria

for the 3s has been limited because

needs.

Prospectuses available

Ft.

companies and savings banks

ance

cPlus

one

complete

for

stock

share

of

Properties, Inc.
m

New

annual

rate

as

to

possible

longer record,

dividends,
$1

(Del.)

par

splits, etc.
value common

stock

of

H.

for each share held,

comnuted.

No

formal

rate

announced.

&

G.

Volume 182

Number 5474

The Commercial and Financial Chronicle

.

(1651)

Continued

WORLD'S BIGGEST MARKET

from

term bond

30

page

issue

CONTINUES TO FLOURISH
i

What's New in Finance?

i..

Cash Divs.

^

Approx.

tion

Years Cash

June

30,

June 30,

June 30,

1955

1955

1955

Divs. Paid

at the

5

Gerber Products Co

14

f0.90

18

2.20

40
28%

7.7

Boring,

and

drilling

that

ma-

chines

savers

Gilbert &

turing
Wire

Manufac¬

Bennett

Co.

-

Machine

Turret

Glens

9.4

53

&

3.7

erly

22%

6.7

and adequate wages

ings dollars.

80

2.00

81%

19

0.90

24%

3.7

16

0.25

1%

22.2

0.25

9%

of

2.4

welded

-

Co.—-—

tubes

'

V

'

2.7

and

'•

.

21

Corp.________

Well-known

ice

;

6.00

12

230

Inc.

0.50

savings

;

2.6

13 %

3.8

Graniteville

)

Co.

fabrics

;

Great Amer. Ins. Co.
Diversified

14

.

^

1.30

..

(N. Y.)

29%

;

as

82

:

1.50

44

3.4

v,

32

15%

*18

Co.___

4.60

ket.

..

.

canning

.

19

distribution

&

63

3.65

79%

Gulf

23

0.50

30%

1.6

125

3.0

to

equipment

Co

Gustin-Bacon Mfg. Co.

17

0.60

56

1.1
•

13

0.75

32%

1.00

24%

4.1

26

f0.53

16

0.90

*30

_______

Wood

Mfg.

10.00

p49

1.1-

*

processes

____________

16%

5.4

-

and steel products

Hamilton

National

Bank
*

(Chattanooga)
Hamilton

National

(M.

22

21

A.), Class B

&

8.00

2.00

22

300

(N. Y.)__—

103

1.85

Harris Tr. & Svgs. Bk.(Chic.)

47

12.00

Harshaw Chemical Co

56

15

0.40

Manuiacturer

and

distributor

Fire

8%

58%

the

3.2

if the

82

6%

6.3

f2.55

quite

and

wide

Members:

volatility.

made

be

at

entire

market

52 WALL STREET,

NEW YORK 5

time

a

is

American Stock Exchange

New York Stock Exchange

yields are offered,
likely have little
strength, because
under

swings

price

Philadelphia Office

Saving Fund Building, Broad & Chestnut Sts.

Room 831, Western

over

ti

from
low

as

cf

3.9

icy, the Treasury will usually de¬

2.2 *

(Cambridge). *30

2.25

49

4.6

2.20

44

5.0

*50

Co

England

political representatives rec¬

ognize that full employment has
again been reached. That means
that
business
recovery
will be

-

well

2.50

10

0.25

49

5.1

4%

23

2.50

44%

18

1.20

15

when

8.0

likely

12

3.25

45%

1.75

75

2.3

73

0.62% 89

0.7

(N. O.)

Hollingsworth & Whitney
Specialty papers and pulps
not

stock

as to possible longer
dividends, splits, etc.

Dividend

now

15c

is

payments

quarterly

on

that




hazard

is

to

be

far

the

at

a

GEORGE A. DOCKIIAM,
in charge of

and

the late

credit restraint ac¬

Hincks Bros. &

offerings at a time when
savings institutions have surplus

ore

funds has stimulated the develop¬

forward
to

in

anticipate

investment

a

in

future

outlets.

on

page

32

sirable

during

a

From

period

872

loans

mortgage

of

commitments

ESTABLISHED

of

MAIN

STREET

®

1907

BRIDGEPORT 3, CONN.

the

drop
the

low

Mem hers

T elephone

or¬

standpoint of the overall economy,
forward commitments may be de¬
Continued

Co., Inc.

ury

and

the

Vice President and Secretary

Trading and Sales.

that

guess

offered on

as

der

basis.

inquiries with confidence that our specialized

concerned.

warehousing

record,

split 3 for 1 in April.

yield

action

everyone

ment of such arrangements as

complete

for

We solicit your

The absence of long-term Treas¬

Bank

long and pleasant relationship with brokers

experience will he helpful.

7.1

20

as

tion
furniture

our

throughout the country for almost half a century.

long-term Treasury issues are

side

Heywood-Wakefield Co.

the basis of

and dealers

is enjoying
expansion.
One may,

therefore,
new

,

are

investors

restraint

credit

business

5.6

Securities...

the Federal Reserve to exer¬

cise

'

Manufacturing Co..

Connecticut

long-term bond.

real courage

5.9

dairy products in

strongly
will be
It takes
for both the Treasury

before
a

moving

and

along

upward
offered
42

,

lay in offering a long-term issue
until the general public as well as

time

was

3%

34

1.32%

91

Creamery

t Adjusted

above

2%%, that means a
10 to 12 price points

from the trough of the movement
to its peak. It is logical to assume

and

Natl.

somewhat

as

that under flexible monetary pol¬

125

2.00

New

long-term interest rate de¬

1.4

84

Electric

For example,

178

ale

1955.

of

quite substantial.

swing

gas

Details

long-term

funds at attractive yields is

be

Canvas products

Stock

will

market

clines

Pennsylvania

*

Treasury's

>.

Heidelberg Brewing Co.—_

p

the

patterns

movements

2.2

550

'

Haverhill Gas Co

Hibernia

me

large.

6.9

machinery insurance

in

of

PRIVATE PLACEMENTS

a

strain and the demand for invest¬

Formerly
known as
Haverhill
Gas Light Co. Named changed
in April, 1955.

Maker

to

issues

their

Hettrick

is

That

when

to

Insurance.—

Harvard Trust

Produces

offering.

3.6

insurance

and

Hershev

the

of

3.7

in¬

Hartford Steam Boiler Insp..

&

SECURITIES
•

Subsequent

Hartford Natl. Bank & Trust

Beer

MUNICIPAL AND CORPORATE

Yvn Alstyne, Noel & Co.

initial

5.1

handling equipment

of

many

outstanding

and

new

new

chemicals

Diversified

Sale

UNDERWRITERS AND DISTRIBUTORS

the period of a business cycle may

Hart-Carter

Operates

Clearly,

50%

fl.84

Haverhill

42 Broadway, N. Y.

DIgby 4-6320

much

a

purchases

Unless liberal

equipment

Boiler

1922

York Security Dealers Association

CORPORATE FINANCING

ment

Winkle

to

51

0.60

Gain

funds.

seems

price

insurance

*12

Hartford

ESTABLISHED

Members New

policy of only offering
long-term bonds during periods of
very high business activity makes
it quite probable we can expect

Electroplating and polishing

dustrial

JOHN J. O'KflNE JR. & CO.

the

present

1.7

32%

fl.85

102

Van

name

probably equal

were

offerings will

Insurance.—-

Hanson

2.6

120

1.65

Hanover

Fire

sav¬

of

government issues to have market

sportswear

Hanover Bank

Diversified

3.6

,

(P. H.) Knitting Co.-

Underwear

firm

business

SPECIALISTS IN UNLISTED SECURITIES

The offering did
industry's support and

behavior

Coal, iron, steel

Hanes

275

Bank

(Knoxville)
Hanna

same

for
it.

and "direct

success

respond

the

of

It

Hamilton

same

34th year

our

good record.

distributors

copying

papers,

real

the

combined

20%

——

Co.

Photo

by

life insurance companies exceeded

Building supplies

merchandise

announce

started

eight months' flow of

or

the

the

■

2.3

40

seven

have

products

Hajoca Corp.
Bros.

now

address with the

the Treasury 3s.

,

insulation

pleased to

and the

life insurance companies had very,
little buying capacity available for

i

accident

fibre

wages

employees of

very

industry

investable

-

Insurance

are

have

same

pay

in July, the forward mortand security- commitments of

gage

.

4.6

Life

the

we

At the time of the last offering
of. 3s

our

Sprinklers & plumbing

a

with

Buyers

*

..

Guaranty Trust (N. Y.)_

Haloid

32

than to moral suasion,

4.T

3.75

Ohio

page

greater degree to market realities

1

0.90

20

Halle

on

,

.

*31

GrinnelL Corp.—

Glass

Continued

15

in the

.

6.8

68

v
.

at

must, however, reflect com¬
petitive conditions in a free mar-

9.2
,

Green Giant Co., Class B
Vegetable

1.40

engineers

slippers

and

points change

'

Works

(Daniel)

We
that

savers

Engineering

Shipbuilders &

Life

basis

20

issues

only

distributed

sav¬

Treasury's long-term bond offer¬
ings." The interest rate it offers

insurance

Great Lakes

for their

great majority

employed

savers or

concern

■'

■

dollars

have

ers

4.4
T'

.

The

fair and adequate

pay
8

■

House

his

from

protection for about

the barometer for the entire long-

are fair. They also right—
fully expect their government to

We

Green

a

sound

they expect employers to

Cameras

.

market

The usual redemption

rates that
1

1

retailer

cream

Grace Natl. Bank of New York

Cotton

the

premium of three points in most

or

in this

savers

••

'

in

Clearly, the Forty Year 3s will be

country are wage
earners
of modest means.
They
know what adequate wages are

,

Tubes

Humor

Graf lex,

period

standpoint.

are also, however, prop¬
interested in receiving fair

76%

1.50

Co___

Republic Insurance

Seamless

called out at the most unfavorable

They
2.85

"

Insurance

Globe Steel

Good

that the investor cannot be

means

provides

Long-Term

Market

vitally in¬
a

clearly

the public interest?

A Barometer in the

millions of

and

the

publicly

reason

employment,

economy

20

underwriter

Globe

high

prosperous

118

Co

lathes and tools

Falls

Fire

5.00

—

(Philadelphia)

Gisholt

in

in

of

sel^-evident—excellent

currency.

Girard Trust Corn Exchange

•

13

and

themselves

are

terested

cloth

Bank

millions

the

obvious

early

On the other

straint when curtailment is

long-term financing
deserves the support of

for the very

savers

the

and

hand, do they not seriously com¬
pound the problem of credit re¬

stable

a

activity

stages of recovery.

Its

program

milling

time maintain

same

dollar.

2.3

Baby foods

Giddings & Lewis Mach. Tool

business

Treasury's debt management pol¬
icy is to promote high employ¬
ment, an expanding economy, and

Based on
Paymts. to

Quota-

12 Mos. to

secutive

are

The desirable

characteristics

quality, high ; degree of .market¬
ability, and protection against re¬
demption.
The latter feature

% Yield

Including

Extras for

No. Con-

i

.

market.

investment

31

BRIDGEPORT
FROM

NEW

EDison

YORK,

5-5141

Midwest Stock Exchange

CALL WHitehall 4-8221

Teletype BPT

489

32

The Commercial and Financial Chronicle

(1652)

Continued

from

to

ence

31

page

then

issues which

own

produce

now

substantial

and

Continued

from

profits.

...

Thursday, October

31

page

Convertible issues have real at¬

the $854 million

decision:

tant

money market.
The provision is
inequitable and expensive from
the standpoint of the long-term
investor. Witness the fact that of

to

buy

buy.

securities

desirable

very

and

bonds sold between

issuer's

end of December,

instances they offer

million
within

months

14

at

an

economical

and

in

the

many

risks

of

common

caused

practically

panies

yield of 3.07%.
The saver was
permitted to enjoy a reason¬
able interest rate for long!
Re¬
demption provisions are important

which

do

ordinarily

not

Individuals

large buyers of

are

convert¬

Operating public

not go

the

fine

current

Diversified

on

Hook

issues

frequently receive

because

they

shareholders

as

convertibles

amazingly little at¬
tention from many investors, in¬
cluding some life insurance com¬
pany investment officers.
We do
a poor job in bargaining for better
treatment in this regard.
It is true the Forty Year 3s of
1955 present nothing basically new
or
unique from a technical stand¬
point, but it is also quite evident

through

Hoover

sleep..

caused many companies of limited

Housatonic

enterprises
proportion of

Connecticut

convertible debenture

can

a

be

usu¬

bank loan

15% margin basis in contrast
the 70%
margin required if

a

equity

obtain

to

their

and

base

large

a

capital

issues.

new

through

needs

practical

create new
investment management problems
and new opportunities for invest¬
ment

that they

Treasury Debt

ible

action.
New

Convertible

Issues

Another

insurance

con¬

prices of such issues

The

first

Potash,

six

months

of

record volume of

a

me.

Bethlehem

Convertible

con¬

vertible

as

American

Steel,

Union
or

pre¬

bonds,
debentures
and
preferred stocks offered at public

ferred stocks of sound investment

sale.

good yield and a favorable call on
the issuer's common stock, obvi¬

the

Over $568 million

quality,

56% of

or

producing

reasonably

a

than $1 billion of secu¬
rities sold have carried conversion

ously have real attraction.

privileges.

vestment

more

The amount offered in

officer

is

No in¬
to

averse

recent

not

$635

two

volume

million

A.

T.

times

for

as

the

&

T.

issue)

debenture

is
the

large

entire

as

year

for

equity

convertible

basis.
also

issuers

many

to

capital

issues

Investors,

on

a

(and

had

a

busy

held

by life companies

are

restricted in potential price appre¬
ciation

cost

par.

should

by

the

to but

a

redemption

pre¬

On the other hand, the oppor¬

investment

time analyzing

judgment

inferior risk selection.

issues and making that
all-impor¬

it is always a

From
capital supplier's standpoint,

inclusion

results

of

common

stock

warrants

or

two most attractive

The

Ideal

as

are

capital

so

So

much

for

in

Therefore,

investment

the

next

five

years

Continued

satisfactory experi¬

so?

on

5.2

CO

6.9

sub¬

and

engines

and

.

in

21

the

10.50

'

•

-

25

43

(Boise)

Co.-

fl.65

58%

'

*,

-

2.0
2.8
yy

industry

>•

■.

2.00

43

4.7

(Ind'polis)

91

10.50

335

3.1

14

0.80

26%

20

2.00

40

5.0

14

tl.52

44

3.5

(Prov.)al64

pigment colors
_

—

refining

Natl.

Bk.

public

3.0

utility

(New York)

the

_

_

industrial Natl. Bk. (Detroit)

an

Industrial Natl. Bank

the
Intern'l

Cellucotton

"Kotex,"

"Kleenex,"

and

2.45

61

4.0

22

1.80

49%

3.6

16

Prods.

0.90

21

4.3

related

products

International

Holdings, Ltd..

Investment

trust—hydro-electric

interests.

Iowa

Public

Electricity

Service

16

Co

4.6

fO.72% 15%

supplier

Irving Trust Co.

49

29%

4.4

0.15

3%

4.8

37

1.90

40%

4.7

f0.78

23%

3.3

21

0.40

5V4

7.6

43

1.15

22

fl.20

32 y4

3.7

0.80

8%

9.3

16

(N. Y.)

Engraving Co.

1.30

21

16

Jahn & Oilier

0.30

Photo-engravings

yield.

Jamaica
Long

Water

Island

Supply Co

water supplier

,

15

Jantzen, Inc.
J

Sportswear manufacturing

Jefferson

Electric

Transformers,

I am

page

3.6

Industrial Bank of Commerce

opportunities
meaning

or

44

30

14

the near-term future,

in

1.60
1.55

5.0

the

events.

tractive

jet

Cement

Operating

Now what is the outlook for at¬
our

4.0

20

financial

current

y

25

1.00

so

net

for

1.00

Indianapolis Water Co., CI. A

of

arrangements.

satisfactory

5.4
;

20

that the over-all experience will
a

26%

products

equipment

Wallpaper and

necessary to have profit opportu¬
nities above the mere interest rate

produce

food

Imperial Sugar Co.

supplied is en¬
titled to, indeed must have ade¬
quate compensation in the form
of profit possibilities. Our invest¬
ment judgment and resulting rec¬
ord will not be perfect and it is

few points above

tunity for loss is substantial if

perhaps include speculators)

have

price de¬

The great majority of secu¬

through miums
low

and

rities

obtain

I

future

cline.

of
the
preceding five
A strong stock market has

deferred

distant

volve substantial risk of

1954

each

induced

far

which also does not appear to in¬

and exceeds the 12-month volume

years.

too

negotiations.

inducement

security that may produce a hand¬
some profit at some time
in the

over

sulting

and

Idaho First Natl. Bk.

course, dependent upon the spe¬
cific problem at hand and the re¬

a

the first half of this year
(which,
of course, does
not
include the
convertible

is,

1.40

1.08%

Indiana

used

Co.

Serv.

16

Sugar

method

4.9

radar

specified prices over

exact

Public

Electrical

Conversion rights.

(3)
The

debentures

4.6

54

operating utility

assemblies

of years, or,

term

a

29%

18

Warrants to purchase com¬
stock at

mon

1.35

2.65

13

Inc

Imperial Paper & Color Co.-

(2)

Oil; etc.

vertible issues.

produced

Or at least, so
Witness the initial

it seems to

5.0

11

I-T-E Circuit Breaker Co

stock;

Bonus common

12

12

B

(Tom) Peanut Co

Leader

(1)

0.60

43

general patterns, namely:

funds.

con¬

1955

interesting area of
temporary finance involves

and

to become attractive for life

cease

The

out of reach

move

20

19

market

monetary policy

4.0

rooms

Confection

rectly.

man¬

agement and Federal Reserve flex¬

49%

Huntington Natl. (Columbus)

purchased di¬ sated for solely by
Indeed, in periods of stock rate.
Therefore, issuers seeking
strength the enthusiastic amounts of senior capital in high
by
individuals
buying
rapidly ratio to their equity base in a
drives prices up on popular con¬ number of cases have offered in¬
vertible issues to such a degree ducements to investors in three

that present

2.00

Huston

debt
com¬

be compen¬
the interest

standpoint

81

Houston Natural Gas Corp.—.
Southern Texas utility

panies of this type cannot from a

is

stock

in

risks

Investment

4.6

Mass.

in

(N. Y.)_

Class

Syracuse,

606

21%

cleaners

pansion and the high tax level has

ally financed through

common

Hotel

,

1.00

chain

Co.,

Vacuum

The great postwar industrial ex¬

1955

1955

S

84

Drugs, Inc.—

Individual buying

tractive prices.

to

in¬

lull

rights at at¬

preemptive

is also stimulated by the fact that
the purchase of a good
quality

on

officers to

vestment

the initial opportunity to purchase

receive

not

should

01

June 30

30,

insurance

Indiana drug

_

convertible

utility

Home Insurance Co.

potential

may

Paymts.

June

30,

1955

Divs. Paid

Holyoke Water Power

profit result.
forever, and
performance of

isfactory

June

Based

tion

12 Mos. to

Years Cash
^

Quota¬

Extras for

secutive

]
y

ible issue to produce a highly sat¬

This

stocks in volume.

common

% Yield

Including
No. Con¬

market has

every

Approx.

Cash Divs.

a

area

A strong stock

buy

CONTINUES TO FLOURISH

that investment man¬
agers perhaps should recognize as
an
area
of review, decision and
price

action.

average

This is

stock.

interesting in¬

not

but

standpoint

a

vestment opportunities to institu¬
tions, such as life insurance com¬

1953, at an av¬

yield basis of 3.83%, $413
(48%)
were
refunded

erage

to

afford

of raising capital from

means

of electric utility
April and the

not

or

in¬

convertible

WORLD'S BIGGEST MARKET

and merit, but even the
highest grade may be extremely
risky at a price. Issues that sell
25, 50 or more points above their
par value have assumed the price
traction

What's New in Finance?

Co

fuses,

elec.. clocks

-

Jefferson Standard Life Ins-

37

Life

y'

:

111

1.0

insurance

Jersey Insur. Co. of N. Y
Diversified

Jervis

insurance

)

Corp.

Refrigerators

Johansen
Shoes

hardware

Shoe Co

Bros.

for

Johnson

stove

&

6.7

4%

women

Service

Temperature

&

*20

air

tl.44

19

16

Co.

47

3.1

3.25

48%

6.7

0.75

iiy4

6.7

conditioning

controls

Jones & Lamson Machine Co.
Lathes,

grinders,

comparators,

Private Wires to:

Primary Markets

y

Chicago
Cleveland

Gotlron, Russell & Co.

_

line

—

Harbison & Henderson

2.50

35%

7.0

f0.91

17%

5.2

27

4.6

pole

Printing

Co

Magazine printer

Kahler
y

,

Corp.
Rochester,. Minn.

-

_

_

—

_

hotel

1.25

38
•

-

operator
'

/Kalamazoo Veg. Parchm't Co.

Philadelphia.

Pulp
~

Pittsburgh__

Securities

20

15

r

__

communication

equipment

Kable

Coburn and Middlebrook Inc.

Los Angeles

-

clothing

Electrical and

DefroiL__y_ __——Baker, Simonds & Co.

Over the Counter

-

men's

Co

Joslyn Manufacturing &
Supply Co.

Dallas Union Securities Company

Hartford

"

Feiss

&

Mfrs.

Gloxer Forgan & Co.

Dallas
in

Joseph

Arthurs, Lestrange & Co.

-

and

food

paper,

protection

•'525%

45

V 1.25

*70

8.00

175

*31

specializing

5.00

1,380

-

4t8

in

papers

.Kanawha

Valley Bank
(Charleston, W. Va.)„

St, Louis

Kansas

:•

-

City Life Ins. Co

4.6.
0.4
*

Non-participating

'

'

.

Gas

:
,

y

•

"

life

Kansas-Neb. Natural Gas Co.
1

*

•

threading dies

18

1.14

3.1

37

*

distributor

•'
I

'

13

0.80

11%

7.0

32

1.25

36%

3.4

16

2.00

44%

4.5

54

1.60

263/4

6.0

12

Kearney & Trecker Corp

t0.83

23y2

3.5

Milling machines

Troster, Singer

Leader

in

Kendall

Members: New York

(Battle Creek)__

Kellog Co.

& Co.

Security Dealers Association

dry

cereals

Co.

Surgical

—

_

dressings,

Refining

--

textile

and

Co

*

specialties

74

TRINITY

PLACE

NEW YORK
-

Telephone HAnover 2-2400

Kendall

6, N. Y.

Pennsylvania

0

Teletype NY 1-376; 377;

378

Manufactures

Details

not

t Adjusted
a




oils

cemented

carbide

cutting tools and specialties
*

w

grade

Kennametal, Inc.

complete

as

to

possible

for stock dividends,
Including predecessors.

splits,

longer record,

etc.

Continued

on

page

37

Volume

182

Number 5474

.

.

.

The Commercial and Financial Chronicle

(1653)

•

33

Security Traders Association of New York

Stan

Brewer, John C. Legg & Company; A1 Tisch, Fitgerald & Company,
Ohlandt, New York Hanseatic Corporation; Horace W. Wells, John C.

James

Frank

Eiras,

Proprietor of the
Antlers Restaurant; Anna Mae
Charles Carroll, Proprietor, the Antlers Restaurant

Hal

Incorporated; John D.
Legg & Company

Dawson-Smith,

Cruttenden

&

Co.;

New

Murphy and Edwin L- Beck, Commercial & Financial

Chronicle

Joe

Lewis

York

(Hank)

Hanseatic

Serlen,

Josephthal

Carucci, J. K. Rice, Jr. & Co. (seated); Sidney A. Siegel,

Siegel & Co.; Edmund A. Whiting, Carl M. Loeb, Rhoades
Stryker & Brown; Thomas Greenberg, C. E.

& Co. (seated); Elbridge H. Smith,
Unterberg, Towbin Co.

£harles O'Brien Murphy, III, Pearson, Murphy & Co., Inc.; Jay Duga, Merrill Lynch, Pierce, Fenner
& Beane; Edward R. O'Kane, John J. O'Kane, Jr. <6 Co.; Percy J. Wien, M, S. Wien & Co.,
J.ersey City, N. J.




Frank J. Ronan,

Bend, Candce, Mcser & Co.; Bob Topol, Green- and Compmany;
David Wittman, Stanley Heller & Cc.

Thomas, hostess;

Edward Zinna, Smith, Barney & Co.; Joseph

& Co.;

Corporation

\

Harold Frank, American Securities Corporation; Lee Sherman, L. D. Sherman & Co.; David R. Mitchell,
Hill, Thompson & Co., Inc.; Art Burian, Daniel F. Rice & Company; Stan Roggenburg,

Roggenburg & Co.

Soren Nielsen, Tucker, Anthony & Co.; Dan Mi llin, Tucker, Anthony & Co.; Doug Alexander,
Joseph J. Lann Securities Inc.; George Frings, Sterling, Grace <ft Co.;
George Dedrick, Joseph McManus & Co.

34

The Commercial and Financial Chronicle

(1654)

Annual Beefsteak

Sam

Weinberg, S. Weinberg & Co.; Charles J. Lye, Francis I. du Pont & Co.; Jack
Barr Brothers & Co.; Edward S. Ladin, Edward S. Ladin Company

Loeb & Co.; Jack Thistleton, Newburger,
Ittleman, Strauss, Ginbzrg & Co., Inc.

Dave Goldstein, Newburger,

Loeb

Samuel
Oscar

&

Co.; Irving

Bill

Gertler,




Co.; Jesse Heidingsfeld, Ira Haupt & Co.;
Ira Haupt

& Co.

Craig,

Good body
Frank

Harry

J. Peiser,

Edwin

J.

.

Thursday, October 20,. 1955

&

Co.;

John O'Mara, Goodbody & Co.; Frank J. Orlando, Goodbody &
Goodbody & Co.; John J. Cirenza, Goodbody & Co.

Co.;

E. Mulligan,

Irv.

Kerr, Vanderhoef & Robinson; Charles M. Zingraf, Laurence M.
& Co.; Giles Montanye, Carl M. Loeb, Rhoades & Co.

Marks

Werthheim & Co.; George L. Collins, American Securities Corporation;
Krisam, John C. Legg & Company; Michael Voccoli, Savard & Hart

Markham,
Wilbur

Nat

.

Party

Eiger, Goodbody <£ Co.; Bill Candee, Candee, Moser & Co.; Abe
Strauss, Strauss, Ginberg & Co., Inc.

Gold, New York Hanseatic Corporation; Syl Bies, Edward S. Ladin Company; Henry Gersten,
Grass <fi Son; Sal Rappa, F. S. Moseley & Co.; Bill Mulholland, McLaughlin, Cryan & Co.

Ken Ebbitt, Shelby Cullom Davis &

Joe

.

Greene,

Andrews,

Posner

&

Rothschhild;

Jerry

Monahan,

Edward.

A. Purcell

&

Ruskin Singer, Bean & Mackie, Inc.; Harry Zeeman, C«ri Marks & Co. Inc.

Co.;

Edwar4

(1655)
Volume

182

Number 5474

.

.

.

35

The Commercial and Financial Chronicle

October 12th 1955 at the Antlers

Stan
Hans

Ben,

New

York

Carl

Swenson,

G.

H.
J.

Francis

Mel

Wien,

M.

S.

Siegel

Bn„
Ross

Yunker '
1

Corporation; Charles Curtis, Hayden, Stor.e & Co.; Nat Birnbaum,
Hayden, Stone & Co.; Aaron Netburn, New York Hanseatic Corporation

Walker

&

Co.;

Purcell, Edward

Hugh Kilmer, Hardy & Co.;
A. Purcell & Co.

Bob King,

Wien & Co., Jersey City, N. J.; Milton Capper, Capper
Co.; John Stein, Wm. V. Frankel & Co. Incorporated;
Warren W. York & Co., Inc.

&

A.

M.

Shaw, Josephthal & Co.; Bill Doherty, A. M.

Har.seatic

Birnbaum & Co.; A1 McGowan,

Kidder & Co.;

Frank

c>




Charles King & Co.; Jerry Burchard, Charles King & Co.;
Frank

Walters, Cosgrove, Miller &

& Co.; Bernie Weissman,
Paul Fredericks,

Frank C.| Masterson, Frank C. Masterson & Co.;
Tom Brown, W. E. Huttaa & Co.

Masterson. & Co,.;

John

Joseph Eagan,

Whitehead

Walter Johnson,

McLaughlin,

Harry

Kidder & Co.; Nat Krumholz, Siegel &

Co.;

McLaughlin, Cryan & Co.

Casper, John J. O'Kane, Jr. & Co.; Charles Ogden, Ogden,
Wechsler & Co.; Ed Schaefer, H. D. Knox & Co., Inc.

G. A. Saxton & Co., Inc.; Henry Kuipers, Lord, Abbett &
Grady, Berwald & Co., Inc.; George, Kirtland, Filor, Bullard &
Kenneth George, Van Tuyl & George

Co.; Charles M. Kaiser,
Smyth;

Joseph Krasowich, Gregory & Sons; Mort Weiss, Singer, Bean & Mackie, Inc.; Bill Sabah,
Nat Lukow, Birnbaum & Co.; Jack Wielar, Starkweather & Co.

Cohu & Co.;

36

The Commercial and Financial

(1656)

Chronicle

.

.

.

Thursday, October 20, 1955

400 Members in Attendance

Julie Golden,

Greene and Company; Paul S. Morton, Peter P. McDermott & Co.; L. P. Dolan,
B. Boucher & Co.; Frank W. Warner, G. A. Saxton & Co. Inc.
\

J.

Merritt Coleman, Harry A. Michels, and
all of Allen & Company

Barney
du

Joe

Larry

Wren,

Gerald F» X. Kane, Gerald F. X. Kane & Co.; Herman Frankel,
Singer, Bean & Mackie, Inc.

Nieman, Carl Marks & Co. Inc.; Carlo Ceru, Vanderhoef & Robinson; Clif Smith, Francis I.
& Co.; Bill Roos, MacBride, Miller &
Co., Newark, N. J.; Harold B. Smith, Pershing & Co.

Pont

Titolo, Harris, Upham & Co.; Joe Lann, Joseph J. Lann Securities Inc.; Martin King, Sutro Bros.
A

Co.; Sam




Englander, Englander

&

Co.;

Arthur Weigner,

Les Gannon, Peter Morgan & Co.; Gus Fuchs, George B. Wallace & Co., Jersey City, N. J.; Jim Torpie,
Tcrpie & Saltsman; Elmer Myers, B. W. Pizzini & Co., Inc.; Everett Rubien, Dean Witter & Co.

Lehman

Brothers

John

Meyers,

Flanagan, John

Gordon Graves & Co., Inc.; George
Albert Tyson, Jr., Spencer Trask

Pollack;

Tony Lund,

Joe

J. O'Kane, Jr. <£ Co.;
Peter

Barken

Barken,

Leone, Leone & Pollack; Harry Pollack, Leone
& Co.; Mark Aiello, Spencer Trask & Co.

Carl M. Loeb, Rhoades & Co.; Gene Statter, Hoit, Rose &
Cohu & Co.; Murray Barysh, Ernst & Co.

/

Peter

Co.

&

Company; George Martens,

Volume 182

Number 5474

Continued

from

.

Continued

32

page

»

not

Approx.
% Yield
No. ConExtras for
QuotaBased on
secutive
12 Mos. to
tion
Paymts. to
Years Cash June 30,
June 30, June 30,
Including

1955

1955

1955

tf

Kentucky Utilities Co

1.18

16

going to attempt to

Electricity supplier

Kerite

Manufacture
and

37

22

1.4

43

tj0.60

64
64

8.00

Kinney Coastal Oil

13
13

0.12y2

.

15

;

«

4.1

193

estimate where

6.1

2.05

moving
equipment

0.90

14

2.20

391/2

5.6

1.00

16

6.3

43

5.80

114

5.1

Co.

clothing

Co

Southern Illinois producer of mis¬
cellaneous steel products

Lake Superior Dist. Pwr. Co.

19

tl.02% 22i/2

4.6

*35
*35

10.00

2.8

11
11

0.40

.

utility

(electric,

&

gas

water)

!

(M.

Inc

H.)

.

...

Landers, Frary & Clark....

68
68

.

lion

mules

1.75

7.0

251/8

lion.

Bleachery & Dye

13.4

January,

West

Mfg.

Co.

share

one

but

with

1955

Point

received

for

W

st/e

/

/

/

A

//

/

v

/

'V

'

,

/

t

..V.V.V.'.V.V.'.V.'.vlI

/

m $ m

speed,

&

die,

15

_

_

tool

Electric

3%

(H.

Work

D.)

and

58%

fl.96

Leece-Neville

Leonard

1.75

30%

5.7

3.50

22

.....

5.3

66

32

Co.

0.50

16%

3.0

a

we

for

products and.
services not yet in existence.

million.

0.42%

10%

4.0

Liberty Bk. of Buffalo (N. Y.)

10

1.25

35

3.6

Liberty Loan

20

1.50

14

t2.16

20
19

refinery

about

of

85%

our

farmers, each able to

one-third

of

American

amount to

another

person.

farmers,

who

our popu-;

new

ability to guess what new

Our

industries will

soon come

into be¬

ing and their magnitude has not
been impressive. I doubt if the
record in the near future will be

even

task

the

makes

science

difficult.

more

moving

Rapidly

better.

any

currently

It

appears

that some of our present
day unknowns may soon emerge
into the light of understanding.
likely

example, the Geneva Atomic
Energy Conference last August
disclosed to scientists and laymen
For

alike

only 12% of

have failed to make
the unknowns, the

industries,

new

supply only the needs of himself
Today,

16

times

were

de¬

by projecting
growth of existing industries
undertakings. Quite under¬

allowance

trucks
mere 139,-

have

we

great

number

of

in

potentialities

areas.

A

new

27%

46%

31%

water

large.

investment op¬

The outlook for

For

officers.
our

supported a very
research
project
the direction of Simon Kuz-

industry has

under

nets, entitled, "The Study of Capi¬
tal
Formation
and
Financing."

City

•

shed much light
on the future demand for capital
funds from all sectors of our na¬
will

study

The

Dr. Kuznets

tional economy.

Natl.

Bank

of Fort

Co.

Lincoln

tribution

to

economic knowledge.

the most

interesting con¬
emerging is that

of

long periods in the past the
scarcity of savings held

is

The use of im¬

relative

potentiality

the

back

of the American

The life insurance
the

Bank

Trust

energy

and

holders have been

Range, are new

and unique in the

history of life insurance investing.
Growth and progress cannot be

without new and better

achieved

tools, and tools are the product of
dollars withheld by the individual
from his income stream and trans¬

I am sure that
and aggres¬
staffs will con¬

formed into capital,

able

well-informed,

investment

sive

find

productive

Life

insurance

Lincoln

to

ment

opportunities in the many
fields that lie ahead for

new

flow of savings

them by

Rochester

Trust

the millions and

of life insurance

20

4.7
0.4

56%

4.0

1.10

16 /

6.9

17

1.15

21

5.5

17

Dept: store chain in New

Match

2.25

1.25

77

1.6

19

40.00

760

5.3

13

4.00

95

4.2

12

0.20

11

1.00

25

•

.><

-

England"

Co

New York

Inc.

Self-service grocery stores,
N.

Y.

State,

Lock-Joint
Water and

Ohio

&

Pipe
sewer

pipe

Candy

Leader in

3%

5.5

4.0

25

Longhorn Portland Cement__

18

2.30

48%

4.7

10

1.00

16%

6.2

21

1.80

57%

3.1

producer

Angeles Transit Lines__

Traction

the

integrity and financial responsibility are among

requisites for membership.

★ This
and

Large producer of lumber

Los

Dealers Association was established

by leading over-the-counter security dealers,

candy field

Long-Bell Lumber Co. (Mo.)

Texas

years ago

★ Experience,
Co.

the

thirty

dealers.

mills

Cotton

Broadway, New York 4, N. Y.

★ The New York Security

Penn.

Co

Lockwood-Dutchess, Inc
Loft

Security Dealers Association

42

Paper matches

Loblaw

association originated the daily newspaper
uniform

throughout
★ We

urge

our

you

company

Louisiana Bank & Tr. (N. O.)

business

in

practice

for

the

quotations
Market,

Over-the-Counter

nation.

to contact our members when contemplating
over-the-counter market. You will be as¬

the

sured of reliable and fair dealing.
*

Details

not

t Adjusted

j Plus

a

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

•

'

.

1

'

for

four-for-three stock dividend paid




on

April 1,

Continued

on

A list

1955.

page

38

of

our

members will be sent upon request

millions

policyholders.

Co.

Lincoln -Stores,»

Lion

32
450

the

dollars directed to

,

(Rochester)
'

1.50
2.00

36

invest¬

tinue

4.0.

2.50

channeled into

great range of public and pri¬
vate uses. Many, such as the huge
taconite projects of the Mesabi
a

.

21

Syracuse

Lincoln Natl. Life Ins. Co
1

J

responded

imagination to
the growing needs of our economy.
The savings dollars of our policy¬
with

X,

15

&

companies in

decade have

past

growth

of

economy.

'

Wayne

Natl.

of

Co.

Trust

&

and

have made a major con¬

Life, accident and health

Lincoln

in 1956.

Publication will take place

Liberty Natl. Bank & Trust
Co. of Oklahoma

years

comprehensive

Liberty Natl. Bank & Trust

Life & Casualty Ins. of Tenn.

investment

the past five

Small loan co., Midwest

Co of Louisville

in¬

portunities is always of prime
terest to life insurance

1.7

62

Large scale
diversion
works
may
well be the solution. The
cost? That, too, is
an unknown
capital requirement at the present
time. Potentially it could be very
supply.

existing

of

surface

3.4

0.60

ply is a good example. A number
of regions are rapidly developing
demands for water far in excess

3.6

1.60

apparently here.

5.4

60

technology, radiation chemistry,

of

Corp

a

field of

lation, have over $19 billion worth
equipment, tractors and motor

problems of an¬

that are also highly
important but which can be
readily solved today by existing
well known methods. Water sup¬
type

over

data

our

standably,

to

million; farm

about 2.5

colonial

and

aircraft

oil

and

farms

on

250,000

by far all
the gains that mankind achieved
in the previous 8,000 years.
In
people

clothing

Refineries

Michigan

to

the

3.4

Starting-light equipment for
autos and

five

from

because

needs

lar

opportu¬

clusions which is

Capital

veloped

continent has exceeded
105

Co.____

utility

over

Cyrus McCormick's reaper. Prog¬
ress in the past 100 years on this

Operating public utility

Lee

increased

5.9

stainless

Co

million

8.5

will be

contrary

Historically, in building up esti¬
mates of capital requirements we
have usually under-estimated dol¬

great revolution in agricul¬
tural technology started in this
country in the middle 1800s,- with
John Deere's all steel plow and

steels

Lawrence

to

the

investment

his group

Financing Will
Continue at High Level

declined

products

and

process

new

Then there are

other

One

New

The

grocer

Latrobe Steel
High

0.20

10

private studies

true.

mil¬

years

tractors

of

increased

000

m

Lang & Co.__
Wholesale

35
has

have increased from

Second Table Starting on Page 51
*

five

than

the

believe

I

today

happened? Since 1920

number

nearly

Dividends From 5 to 10 Years Appear in the

m m

the
has

Unlisted Companies Which Paid Consecutive

tm m

farms:

force

million

What has

l

Ad¬

Economic

of

investment.

ings seeking

50% and production per man hour
has more than doubled.

held.

two

less

output

farm

20

population of horses

is

labor

from

in

Council

visors and similar

five mil¬

over

this span of

In

farm

Works
into

the. Economic
by the Presi¬

group,

prepared

Report

will be less than the flow of sav¬

nearly

were

our

on

mules

and

Household electrical products, etc.

Holders

will

capital funds.
there

the combined

Variety store chain

each

for

1920

million horses and

5.3

71/2

the Twentieth

Century Fund survey, "America's
Needs
and
Resources," by the

dent's

In

360

accelerated pace.

an

Dewhurst

mands

Lake View Trust & Savings

(Chicago)

for
con¬

by other competent observers in¬
possibilities and potentialities.
dicate that Gross National Product
In
examining the question of :in the next decade may well in¬
future growth, it is the frequent crease
by 40% or so. What does
practice of forecasters
to
cite this mean in terms of demand and
population trends. Investment op¬ supply of capital funds? Surpris¬
portunities are stimulated by ingly, some
economists believe
growth. However, let me cite de¬ that business will be self-financ¬
clining population statistics that ing to a very substantial degree,
have
produced very large de¬ and that the demand for capital

i
construction

Makes and wholesales men's

Steel

the economy

at

projection is highly desirable be¬
it constantly calls attention
to our expansion and productive

4.6

191/2

14

and

Kuppenheimer

Merged

justification

The Paley report,

cause
.

Earth

tinue

10, 25 or more years hence.
Such discussion, examination and

California

Koehring Co.

,'and

sound

have

believing that progress will

it has become almost a na¬
tional
pastime to examine and

dairy products.

Southern

Lannett

have the time and
do many other

we

out¬

be 5,

Creamery

Wholesale

Lamston

to

than merely provide food
for our daily needs. That is why

standing characteristics. In recent

Crude oil producer

Bank

we

opportunity
things

years,

Kings County Trust (N. Y.)_

Public

experience

al¬

short intervals,
expanding one. Optimism
our

the

first time in the history of human

except for
an

than

more

14 others. That means that for

and the desire to work have been

wire

_

Laclede

American economy has

and

himself

feed

to

scale, phanges

nities.

possible for each farmer

and continue to be two of

insulated

developing and refining

Knudsen

make it

capital requirements for each

run

been

6.5

cable

Kerr-McGee Oil Industries..
Oil

2.40

23

vehicles. Tools and energy sources

a

major sector of the economy. That
is a job for professional economists.
ways,

Co.

make

definitive forecast, built up in the
usual manner by estimating long-

The

4.3

27%

in

both

Oppor¬

implications.

tunities for ilarge
means

Cash Divs.

Divs. Paid

mensely powerful sources of radi¬
ation in industrial processes has

32

page

What's New in Finance?

CONTINUES TO FLOURISH

.

from

fascinating

WORLD'S BIGGEST MARKET

37

(1657)

The Commercial and Financial Chronicle

.

.

38

The Commercial and Financial Chronicle

]

(1658)

Continued

from

3%

averaged

a

however,

Let's
stock
ment

these

constant

assume

prices and look for a mo¬
at just two types of institu¬

figures

We estimate that

tional investors.

orient I

admittedly
seem
must, I think,
planning to what we
The America of 1965,

But

our

ahead.

see

with

entire

recent

foresee, for

growth, will own about $17
billion in
equities compared to
$3.5 billion today. They will be
influenced in large part by the
necessity of furnishing a man who
retires with a certain purchasing

regardless

power,

of

how

many

dollars it takes to provide it.
we
believe life
insurance

we

familiar

are

built

in

may

with

We

now.

example,

corporations for

need

a

by
billion

$80

some

equities simply to reach
levels
projected
for

new

industrial

1965,

in order to keep cor¬
porate equity and debt financing
and

in sound balance.

And

The

com¬

which

panies, who by size alone hold a
crucial key to the future role of
institutions in
the
market, will
own
$6
billion
in
stocks,
as
against $3.3 billion now. Life in¬
surance companies have a gargan¬

industries

new

bear only
superficial resemblance to what

a

pension

1965

we

into the economy,

funds, which
have exhibited the most dynamic
by

additional

in

about $30

38%

equity money
are
likely to

institutions

furnish

the

next

10

years

—

billion—will meet only
country's anticipated

the

of

The

needs.

such companies have taken full
advantage of their legal oppor¬

point to be noted is
that while net equity purchases by
institutions will rise 200%, the na¬
tion's over-all equity needs should
leap ahead by 350%. Obviously, it
is urgent that we look to indi¬

tunities to

vidual

tuan investment

appetite, yet few

equities. Our fu¬
ture
estimates
must
reflect, in
part, the experience of insurance
companies during the past quarter
century: in the Depression, real
estate

own

mortgages frequently en¬
greater risks than sound

tailed

equities;

in

post-World

inflation cut

ing

vestments

the

fixed

in

income

unable

were

rise

There

II,
deeply into purchas¬

and

power

War

the

cost

is

to

in¬

meet

risks

living.
result, a

frequently
be
of
assumed,

can

avoided,
instead
through the institutional
ship of sound
When
ture

we

common

in¬

owner¬

stocks.

look at the broad

row's growth money.

Institutions

Have

Helped

Solve

Some Market Problems

pic¬

it may appear in 1965, we
estimate total institutional stock¬
as

While the

future is exciting to
it is apparent that at
present the rapid growth of insti¬
tutions has given the economy and

securities

business

a

formid¬

and

as

still

1945

1954,

-

institutions

be

must

meet
but

of

power

institutions

harnessed

their
also

own

to

not only to
particular needs,

meet

those

of

the

This is a job that will
great skill and considerable

ingenuity.
history has

No
ever

great change in
been accomplished

without certain

growing pains and

widening of the already
between
debt
and.
equity financing.
In their em¬
phasis on blue-chip equities, they
have

released

ment

funds

for

others in new, growing
and more risky enterprises.
They
have also given us a reminder that
U.

S.

economic

vigor is not an
history or geography,
but is tied to our willingness to
accident

trusts,

investment
sands

clubs,

who

are

we

find

thou¬

We

towards direct

are

participation.

as

institutions must share

shareownership.
sistently believed,
search

has

borne

We have
and

shareowners,
pump

new

con¬

our

billion of

notice

more

New York

growth itself.

then

cuss

Stock Exchange issues
outstanding, equal to about

24% of the estimated value of all
our

1954

shares at that time,

based

on

a

problems
what

I would like to dis¬

moment

a

that
be

can

the

some

have
done

of

arisen,
about

the

and

them.

But I want first to point out some

price levels.

Even to

in

than

people conditioned to

statistics running into the

billions,

of the actual
economy

benefits to both the

institutional

public

and the securities busi¬

5.3

1.50

21

7.1

18
.

magazine

Sports

,

■

-

0.25

8%

publisher

2.9

*

Products,

*

.

1.00

57

1.50

21%

4.6

28%

5.3

6.8

Golf and athletic equipment

Co.

Well-known book

Macwhyte
.

/

.

110

Publications

Macmillan

Wire

publisher

Co.

Wisconsin

11

Mahon

1.25

18%

47

Electric Co.-

1.60

44

3.6

utility

Magor Car
Railroad

X

-

cables

rope,

Madison Gas &

1

Corp

rolling

(R.

"

;

18

2.00

19

1.00

22y4

4.6

20

2.00

47%

4.2

19

~

,_

-1.20

19ya

6.3

22

9.1

stock

C.)

Co

Sheet metal products

Mallory (P. R.) & Co
Electric products

Manning,. Maxwell & MooreHoists, cranes,

gauges,

valves

i

Manufacturers Life Insur. Co. *46
Life

1.80

312

18

f2.85

104

2.7

(Buf.)„ *28

1.80

42

4.3

46

3.10

82%

3.8

16

0.80

13%

5.8

insurance

1

Mfrs. Natl. Bank

(Detroit)—

Mfrs. & Traders Tr.

Auto

Exchange it¬
we have seen
-

volume

rise

0.6

■

lent

Continued

a

strong

(N. Y.)

Inc.

parts

,

94

3.00

87

31

1.03

17 ys

5.8

*10

11.00

17

1.65

page

39

.

3.4

Marlin-Rockwell Corp.

—

Mfr.

ball

roller

and

bearings

Marshall-Wells Co.

—„

Manufactures &

ware & kindred

385

2.9

wholesales hard-

lines

Marshall & Ilsley Bk. (Milw.)

Maryland

Shipbldg.

&

Naval

20

construe,

and

55%

3.0

20%

6.1

Dry-(

dock Co.
on

-

.

Marine Natl. Exchange Bank
of Milwaukee

,,

Important, too, is the fact that
have

30%

47

utility in Mass.

Manufacturers Trust

eco¬

uted to the market's vitality.

institutions

1.60

timing

23

ucts,

share

6.5

-

Maremont Automotive Prod¬

our

steadily over the last three years,
regardless of general market ac¬
tivity or price levels. This day-in
and day-out activity has contrib¬

$50

5.6

17

33

into

concerned,

40%

1.10

83

they become
very act will

Stock

2.30

Mass.

•■"•V-

As

ceived

estimated

is

the

in

Inc.

nomic life-line.

Where

3.4
5.5

Mfg. Co.—

Well-known

re¬

out,

that
blood

58
59 %

Lyon Metal Products, Inc.—

are

stocks.

2.00

burlap

Operating

directly in the rewards and risks
of

4.1

3.30

Lynn Gas & Electric Co

convinced that individuals

well

as

from

14%

12

Sales-™

mechanisms

only

half-a-step
direct ownership.
For Imany
of these people, we
hope that indirect ownership is
only
a
first—and
important—
removed

utility

&

of clocks and

Mfg.

Among invest¬
mutual funds and

clude

is

and

Lux Clock

ership of business.

self

As

is

Jute

Mfg.

MacGregor

ment

0.60

*30

—

—

public

Operating

Ludlow

ple

usually the
case, the growing pains have re¬

exception.

institutions

l(Kentucky)

Lowell Electric Light Co

Steel shelving and store fixtures

own¬

1955

by-products

Macfadden

indirect stake in the

1955

on

Paymts. to
June 30,

Louisville Trust Co.

the future.

no

of

&

Moreover,
institutions
have
helped extend to millions of peo¬
an

June 30,

1955

14

Co.—
Rice

of

risk money on

tion

30,

State Rice Milling

Louisiana

reinvest¬

by

$60 billion—almost double present
holdings. These securities will in¬

rise

June

Based

-$

further

gap

Quota-

12 Mos. to

secutive

Divs. Paid

and in meeting their own
needs, institutions have prevented
serious

% Yield

Extras for

Years Cash

money,

a

Appro*.

Including

$10 billion to the equity market—
amount equivalent to 60% of
money raised
through new
equity issues. In furnishing this

the

sudden

Cash Divs.
No. Con1

the

chase of

financial

The

CONTINUES TO FLOURISH

an

economy.

factor to consider.

new

37

page

supplied

that there
millions of financially
able
Americans with steady incomes,
cash savings and insurance pro¬
tection, who can best realize their
economic goals by the sound pur¬

able

Thursday, October 20, 1955

.

.

WORLD'S BIGGEST MARKET

whole,

a

from

is

holdings will reach approximately

an

Continued

badly un¬
dernourished
for equity capital,
institutions have made an impor¬
tant contribution.
Through their
net
purchase
of
stocks
during

move

consider,

economy

was

take

of

today, as a
growing realization that at times
great

investors, even more than
institutions,
to
provide
tomor¬

the

the

which

enormous.

year.

To

'■

And the Stock Market
has

from

stitutional growth. They have re¬
ceived scant attention.

Institutional Investors
economy

that have stemmed

ness

6

page

.

repair

1.25

1

\

Maryland Trust Co. (Balti.)_

21

52

3.8

Medford

15

8.00

91

8.8

49

3.00

98%

3.0

Corp.

2.00

-

•

Lumber Manufacturer

Mellon Natl. Bank & TrustMercantile National

Bank of

Chicago

Dealers In

19

1.50

54

2.8

(Dallas)

20

1.16

30%

3.8

Deposit and
(Baltimore)

88

4.00

96

4.2

26

f2.24

63%

3.5

Mercantile Natl. Bk.

Mercantile-Safe
Trust Co.

Mercantile

Unlisted

Securities

Public Utilities

*

Details

not

t Adjusted

Established

Trust

(St. Louis)

complete

for

stock

to

possible

dividends,

longer

splits,

record,

etc.

1928

Industrials

—

as

1

We

Offer

a

COMPREHENSIVE INVESTMENT
AND
★

★

★

★

DEALER SERVICE
in

ALL CLASSES OF BONDS AND STOCKS
including

WV.

FRANK Kb & CO.
INCORPORATED

39 BROADWAY

Teletype NY 1-4040-4041
1




Wires

to:

FOREIGN ISSUES
We Are Particularly Adapted to Service Firms
With Retail Distribution

NEW YORK 6

WHitehall 3-3960

Private

PUBLIC UTILITY—RAILROAD—INDUSTRIAL

*

PHILADELPHIA, DENVER

and

SALT

LAKE

CITY

Your

Inquiries Solicited

P. F. FOX & CO.
120

BROADWAY, NEW YORK 5, N. Y.

Telephone

,

REctor 2-7760

Teletypes

NY 1-944 & NY 1-945

Volume

182

Number 5474

.

The Commercial and Financial Chronicle

.

.

Continued from page 38

WORLD'S BIGGEST MARKET

Quota¬

June

Divs. Paid

Based

on

Paymts. t<
June 30, June 30,

30,

1955

1955

investment

c

43

1.80

65

20

0.60

14%

'4.2

124

f 1.60

433/4

3.7

2.8

Merchants and Manufacturers
Insurance Co. of N. Y._
Fire

allied

and

lines of insurance

National

Chicago

_

_

Merchants National

Chicago

Bank

*21

20

National

Mobile

_

Merchants

3.5

39

11.35

of

Bank

*30

Bank

3.50

4.7

0.80

341/2

15

1.66

35

4.7

Merchants Refrigerating Co.,
Class A and Class B
: 12

1.60

36

4.4

1.25

32

3.9

National

Better

*25

Publishing Co._
Homes

&

Gardens

Successful Farming

Calendars

mercial)

magazines

Metal

*20

(religious

&

Thermit

&

Metals,

and

greeting

chemical

7.9

101/s
'•

'

'

?

cards

knowledge,

45

2.25

4.7

47%

welding
%■

Metropolitan

Storage

Ware¬

house Co.

Meyer

24

3.00

7.5

40

warehouse

Co.

19

_

0.55

14

(Oscar)

Meat

0.50

25

2.2

packer

Meyercord

Co.

6.6

7%

Decalcomanias

Michigan Gas & Electric

10

11.35

421/2

15.6

Mich, Natl. Bank

(Lansing).

14

1.00

66

1.5

Michigan Seamless Tube Co.

16

1.00

151/4

6.6

19

2.40

531/2

0.91

223/4

4.0

Laboratories,

Miller

Inc.__

61

_

'

for

Millers

13

Co.

auto

Falls

and

engine

0.22V2

5.3

41/4

Co.

_

__

*18

1.25

27

4.6

Tools

Natural

__

__

a36

1.221/2 271/K

4.5

0.80

5.3

distributor

gas

13

Valley Barge Line

Commercial

carrier;

freight

15

rivers

declares

institutions

some

is

progress

and

have

the

of

15

2.40

81

3.0

Holding company

Missouri

helped

nation's

13

natural

—

solve

financial

but

also

for

who manage our in¬
firms, pension funds and
investment
companies, the men

Peter

men

Drucker

calls

"The

who

feel

that

institu¬

tions ought not exercise their cor¬

their

vote

the

on

that
will

grounds

extensive

ownership
give them too much control

over

A comment here is appropriate.

At the Exchange we believe very
is

tied

the November ballot is tied to

to

our

economic

freedom

political freedom. We .believe
casting a corporate vote is
not only a right, but also a duty
—because
ownership cannot be
divorced from responsibility. Much
our

our

recent

Monarch

Life

273/4

4.5

10

0.90

243/4

educational

our

companies pivots
want

a

effort

work with listed
on

the

bers and non-members in

as

To
the

institutions, with their
bloc

a

at any

the

at

us

given time.
Exchange and in

financial

community, how¬
there is a real problem cre¬
by institutional growth. It is
in meeting the unique and sizable

ever,

ated

institutions—and

of

needs

in

a

market—
without
in
any
way
impairing
service to millions of private in¬

New

open

this point.

free economy, we

If

must

Techniques Developed by

N. Y.

S.

E. to Meet Needs of
Institutions

Our

New

Tycoons," have fallen heir to ex¬
traordinary power and responsi¬
bility.
Once their funds are in¬
vested, for example, how are they
to wield the power
represented
by their shareownership? There
some

blocks may be traded on
floor
during regular hours

with sales in
market.
Through "Secondary Distribu¬
tions" large blocks may be offered
to the public through both mem¬

institutions themselves.

The

Offerings"

"Special

Through

without

they do not now exist.
Moreover, it is a curious piece of
illogic that holds that hundreds of

vestors.

business

buy blocks of stock out¬

has

approach

that

been

while institutions differ from
dividuals

to

as

the

size

in¬

their

of

transactions, both require a broad,
liquid market. To any holder of
securities

much

more

is involved

competing

the regular auction

ess

which

we

are

meeting
In ad¬
dition, we have made a concerted
effort to broaden the scope and
understanding of the market, on
the grounds that the broader the
ownership base, the healthier the
market will be. We have, for ex¬
ample, strengthened the specialist
system, and it was our specialists,
incidentally, who did such a won¬
derful job on Sept. 26 in helping

the institutions' problems.

to

absorb

which
the

the

President's

tion for

with

tions

as

he

must

tomorrow's

well.

He

be

con¬

transac¬

shares

thus

increasing responsibility for seeing
that the market remains liquid,
and with each succeeding market
transaction

ing his

own

he is,

in effect, mak¬

job that much easier.

members

incorpora¬
part of a

as

broker-dealers

meetings
to

to

we

can,

Because

with institutional
in¬
explore areas of mu¬

interest, and we have pre¬
special materials for them
our
facilities.
Finally, we

pared
about

have urged

qualified corporations
listing on the Exchange
and to gain for their shareholders
the great advantages of listing. In
the past five years some 102 new¬
comers to the Exchange list have

to

seek

added

with

total of 244 million shares

a

I

us.

am

inciden¬

puzzled,

tally, why many of the fine stock
companies represented here today
have not sought the listing of their

Continued

institutional activity fre¬

on

page

utility

Insurance

Monarch Mills

*23

2.50

21

f0.90

_

282

0.9
2.7

331/2

Sheetings & print clothes
*

Details

not

f Adjusted

complete

for

stock

as

to

possible

dividends,

longer

splits,

We Are A Vital Part Of

record,

etc.

Including predecessors.
1 Allowing for 3%
stock dividend

a

in

Dec.

1954.

policy to
each

pay

year

It
a

is

company

stock dividend

in addition to cash

disbursements.

Continued

on

page

"THE WORLD'S

40

BIGGEST MARKET"
HYCON

MFG. COMPANY
(Pasadena, California)

•

A young company with

•

Special and general

a

We maintain position markets in more than 100 issues

big growth potential
electronic

cameras

and photogrammetric

test

equipment
•

Aerial

^

high precision

equipment
•

and have direct unlisted trading wires to

"

purpose

Nuclear instrumentation and control—Microwave

communications—Data

,

New York

i

City, Chicago, Dallas, Houston, Los Angeles, San Francisco, Nashville,

Louisville, Lexington, Jackson and Denver

Kansas City, Milwaukee,

transmission

•

Geophysical mapping—world-wide operations

•

Ordnance products

BOUGHT

-

SOLD

-

SCHIRCK, RICHTEI

QUOTED

Member

"

I

Townsend, Graff
9

&
v

Co.

Members: New York Stock Exchange
American Stock




■.'

Teletype

SL 456

Exchange (Assoc.) *

15 Broad Street, New York 5

Bell

*

HA 2-6500

Midwest

the

We have held periodic

Exchange.

3.6

extend freedom wherever

of

have

to attract qualified non-

member

tual

selling

We

illness.

permissive

our

program

vestors

of

flood

announcement

followed

approved

cerned

working to develop

have played a big part in

in

actions—and

proc¬

issues, but which takes place after
the close of trading.
These and other new techniques

is

the concept of "liquidity" than
readily apparent. For a liquid
market is one that brings buyers
and sellers together quickly and
holds price changes to a minimum.
Liquidity, by its nature, enhances
the marketability of every listed
security held by an institution. To
the portfolio manager, this prob¬
lem is particularly pressing.
He
is in the market daily. He wants
to get the best possible purchase
or selling price for today's trans¬

a

that resembles the sale of new

gas

Mobile Gas Service Corp
Operating public

1.24

Undoubtedly,

where

free, orderly and

we

Utilities

Electricity and

industry.

one

problems, their growth has un¬
questionably created others—not
only for the economy and the

and much of

Missouri-Kansas Pipe Line—

help

large

ancient bit of wis¬

an

matter of discarding old
taking on new ones.

a

wdrries

of

on

can

blocks of securities by

large

vote

by

that

Minneapolis Gas Co.
Miss.

Created

as

repar

member-broker in

a

circumstances

diverse needs and responsibilities,

the

strongly that the corporate ballot

Mfg.

Tools

re¬

to

public companies.

Seltzer

by which

certain
sell

these safeguards will be improved
and
strengthened in the future

individual

Problems

that

dom

4.5

County Natl. Bank

(Mass.)
Alka

and

added

Institutional Investors

porate

tubing

Middlesex

Miles

and

market's stature.

are

Operating public utility

Sheet

skill

have

in
by

are,

—

or

surance

materials

General

they

are

we

Institutions

" professionals "

their

the

Corp

&

0.80

com¬

expansion

securities

and

Messenger Corp.

the

witnessing.

If

Refrigerating warehouses

Meredith

of

side the auction market.

largely

-

specter

mitted to

in

There is

__

the

that may be held in one company

a

&

Bank

Trust Co. of Syracuse

And

and also limit the amount of stock

a

is

2.3

Merchants

it.

soliciting purchase orders.
Through "Specialist Block Pur¬
chases" our specialists are per¬

The

*30

limit

not

frequently limit the total amount
of stock any institution may hold

by short-term fluctu¬
They have thus proven to
steadying influence—and this
particularly important ele¬

ations.

V

•;

&

(Indianapolis)

75 y4

market.

not harried

search

_

National

Trust Co.

3.1

251/4

the

sizable institutional holdings need
not haunt us. Existing regulations

short,

_

Merchants

0.80

in

to

objectives are long-term.
They buy for cash and they are

ment

_

Bank

tone

years,

of

Their

be

Merchants Natl. Bk. (Boston)

Merchandise

od

1955

4>

Merchants Fire Assur. Corp.-

a

several

last

important steps
to
achieve this objective.
Through
"Exchange Distribu¬
tions" we have developed a meth¬

And the Stock Market

tion

in

taken

the

number

% Yield

Extras for

12 Mos. to

Years Cash

v

.

Institutional Investor

Approx.

Including
No. Con-

speedily

be

marketable, the Exchange has

CONTINUES TO FLOURISH
secutive

must

which

of

large blocks

involves

quently
stocks

Cash Divs.

39

(1659)

COMPANY

Stock Exchange

320 N. 4th St.

GArfield

ST. LOUIS 2, MO.

1-0225

40

The Commercial and Financial Chronicle
40

..

.

Thursday, October 20,

(1660)
■

.

for the

from page 39

Continued

the

Institutional Investor
And the Stock Market

institutions, to

needs

their

real

to

der

ownership.

and broader

that

Should

institutions

Ex¬

relatively

still

There is

maintaining

for

balance

role,

past growth is

record

feature

to

We

growth

institutional

available stock. Are

institutions, with their heavy net

purchases, drying up the supply?
What

the facts?

are

it.

of

Our

show

figures for the last 10 years
that while institutions in¬

creased their net holdings
stock

most

15%

even

of the

absorbed

he

is

the

next

10

show that

mates

our

he

2.00

47y2

4.2

27

t0.95

341/2

2.8

*24

16.00

16

3.00

16

2.10

52

4.0

21

fl.46

62

2.4

*21

2.90

76

is

the

times
that

express

can

the

sup¬

that he has adequate

incentives for investment.

look

must

we

to

the

I think

in¬

average

vestor

not
only to put up the
greatest amount of equity money,

but

to

make

the

most

venture¬

industries

the

Chemicals

equity route so that 1965's
goals can be achieved.

New Orleans

It lies equally in

educating people
to
the
advantages and risks of
ownership, and in providing them
with the necessary financial in¬
centives so that they will stake
their

of

funds

on

71/2

to

have

We

million

urged

marketable

more

'//////.?//////

two

We

still

are

and

to

forces

what

levy

to

a

and

additional

listings will add ap¬
proximately one billion shares to
the Exchange's list. This does not

institutional growth, the character
of the free auction market would

double

tax

dividends

on

_

wmm m

53

461/2

f 1.50

20

2.00

11

_

v//.-■:•*■/////*

3.2

Tulsa

National

of

2.9

f 0.93

401/2

2.3

fl.75

45

3.9

64

of

69

*42

Detroit—

of

National Bank

1.30

31%

4.1

Washing¬

with

broader

ton

Bank

(Tacoma)
Casket

National

to

Various

self-

Co.

undertakers'

National

individual

the

amounts

in the

51

Commerce

of San Antonio

public participation in the market.
The first is the capital gains tax
which*

of

National Bank

of legis¬

faced

barriers

massive

Bank

National

Not the least of what must still

lation.

Which Paid Consecutive

Second Table Starting on Page

splits.

be done lies in the field

3.8
V////sYSS/.V/,

Dividends From 5 to 10 Years Appear

people.
to

on equity financing wherever
practicable, and we have urged
that existing high-priced
shares

made

2.8

wmmrn

management

attractive through stock

4.6

1081/2

Commerce

Unlisted Companies

rely

be

of

is

the number of shareholders

6V2

__

Bank

(Norfolk)

ownership the
pursuing a realistic
educational program that in the
last three years has helped in¬
from

_

_____

Bank qf Commerce
New
Orleans--

National

To help broaden

crease

350

Commerce

of

Memphis

in

nomic future.

Exchange

(Houston)

National

eco¬

our

Bank

National

of

Bank

-

Natl. Bk. of Comm.

in

Corp

treating water

for

American

National

coated

gummed,

National Aluminate

industrial

some

Co

Sulphate pulp and paper

in
maintaining
a
healthy market with a constantly
increasing spply of stocks. It lies
in encouraging industry to raise
$80 billion in new capital through
course,

Casualty

equipment

20

Co.

casualty

health,

Accident,

imposed penalty should he desire
some
investments.
to shift his investment, and which
If we fail to attract enough in-1
locks in venture capital that the
dividuals in the face of steady
economy needs. The second is the

esti¬

several

29

opportunities. We must
where

5.3

forgings for

printed cellophane

that the auction market

needs, and

al¬

issues

new

sure

place

a

15

Drop Forging Co

Drop

waxed,

be¬

on

all

at

0.80

Corp.

ply of stocks is ample to meet his

supply. But

years

must

his needs instantly, that

meet its needs.

In

count

to

13%

16

in Baltimore

WCAO

Operates

papers,

take full advantage of his

can

make

the general public found
more
shares available to

many

are

we

investment

so,

new

this

and at all costs make certain

of listed

million shares, the
Exchange's list actually expanded
by 1.6 billion through new and
additional listings, including stock
splits and stock -dividends. There
are
two meanings to this bit of
history. We can see that institu¬
acquisitions

we

Radio Co.V.T.C.

Monumental

Moore

Makes

are

individual

by 220

tional

If

1.4

8.6

Nashua

decade than
likely to invest.
of

97

1.20

of

going to require
more equity capital than we have
ever
attempted to raise, and we
are going to have
to look to the
individual investor to supply most
we

1.40

20

3.2

next

convinced

are

cause

that needs mentioning. It concerns
the supply of

the

in

now seem

26

insurance

Life

4.4

money

they

(Bait.)

Monumental Life Ins.

our

26

clearly indicated. But they should
not
be. expected
to put up
a

distinctive

more

one

5.7

313

Supply of Stocks?
is

28

feeds

&

1.15

greater proportion of new equity

There

Flour

tgio

Institutions Drying Up

Arc

1.60

machines

Montana Flour Mills Co

15

matter of

a

*13

—

15

their future growth

and

6.9

Calculating

Mosinee Paper Mills

I don't want to understate
importance
of
institutions.

the

Their

18

Morgan (J. P.) & Co. Inc

ownership among individuals.
In
stressing
the
individual's

indicates that the market
place can, in fact, be made con¬
tinually responsive to the coun¬
try's new needs.

1.25

The
key
to
maintaining
a
healthy balance between individ¬
ual and institutional holdings lies,

ownership by institutions must be
accompanied by greater and wider

years

1955

21

business.

reason¬

a

Paymts. to
June 30,

1955

Calculating and bookkeeping

that

concept

tion

June 30,

30,

1955

ur¬

individual

between

the

June

ex¬

an

economy

our

as

and institutional holdings. Greater

recent

in

together

made

need

pands

listed, ^nd by indi¬
vidual and institutional investors
alike who have the greatest stake
in the sound and continued use
of our facilities. The progress we
have

there is an inescapable
we must consider.
It is

of "balance."

able

are

Monroe

private investors to
country's equity needs

damage

Based on

5

the failure of

would

Quota-

12 Mos. to

secutive

Divs. Paid

impaired. Such a situation would
greatly inhibit the liquidity of the
auction market, and would prove
as enervating to institutions them¬
selves as to the economy. Finally,
the

Extras for

Years Cash

be

people, as individuals, ought
to be our primary source of ven¬
ture money—ought themselves to
be the voting owners of American

gent

exclusive re¬
sponsibility. It is a job that must
be shared by the companies whose
but by no means our

securities

supply.

Approx.

% Yield

Including
No. Con-

great number
materially

a

meet

one

is our primary,

This

38%

or

of

prospect,
problem

long-range needs and
strengthening the fabric of the
economy. At the Stock Exchange
we are
pledged to maintaining a
market place that is fair, orderly,
open.

new

shares,

Thus, the pattern of the future,
provides for a large sup¬
ply of stocks for the public, will
see a somewhat stronger emphasis
on
institutional growth.
In this

your

and

expected to absorb

CONTINUES TO FLOURISH
Cash Divs.

while it

promise for meet¬

they hold great
ing

375

of the

and because

new,

are

million

about

change methods and programs in
seme
detail
because
they
are

Of the increase,

dividends.

pose

the ready

happen,

would

shares

of

39

page

stocks.

ant share of our

and

splits

stock

through

pected
stock

.

these

mentioned

have

I

.

.

it would

...

danger

marketability
on

from

WORLD'S BIGGEST MARKET

express

that institutions
will eventually own a preponder¬
the

include additions that may be ex¬

the Exchange in or¬
achieve a better market

securities

Continued

the

in

large

i

investor, whom we
millions, and for

small

number

National Chemical & Mfg. Co.
Paints

Natl.

which,

related

and

f 1.27V2 47

insur.

2.7

.

16

0.8C

15%

5.1

19

f 1.81

681/2

2.6

products

City Bank of Cleveland

National Commercial Bank &

It

would

Continued

difficult

prove

on

page

(Albany, N. Y.)

*44

2.25

64

3.5

Natl. Fire Ins. Co. of Hartf'd

change.

85

3.00

110

2.7

15

2.10

50

42

*30

0.50

991/2

0.5

Trust Co.

41

Diversified

insurance

National Food Products Corp.

SELLING A

1

'

Holding

BUYING A

food

chain

company:

stores

National Life & Accident In¬

NEW ISSUE
of any

concern

issuing

Look at the underwriter's record.

com¬

naturally is to have the stock sold
As underwriters,
can do that
job. Equally important

is to have the issue well-distributed
to

have

a

broad

holders that

can

in the future.

base

be

We

a

.

.

.

.

of

many stock¬
source of
strength
do

can

that

job

course,

have

are

our

and neither do

Offering

Offering; Date
.

Corpus Christi Refining
Texas International Sulphur
United States Sulphur & Chemical

....

.

-

.

.

but

we

com¬

.

.

for

one

snare

for each five held.

AIR-SPRINGS, INC.
SAATY FUEL INJECTOR CORP.

Time in

Chemical

.

underwritings:

past

Issue—

Chase

we

a

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

not

stock dividend of

f

.

good number of healthy
panies that are doing well.

as

well.

Here

.

Details

t Adjusted
g Plus

"batting average?" Are his past
offerings holding up? Are the compa¬
nies accomplishing what they set out
to do
are the stocks at a
premium?
No underwriter has a perfect record of

and raise the money.
we

How

is his

pany

_

Life, accident and health
*

The first

Co.

surance

NEW ISSUE

Syndicate

Aug. 14, 1952
July 21, 1953
Aug. 14, 1953

13 months

Oversubscribed

1.00

June 18, 1954

Converted into

2.00

4

1

months

$1.00
1.50

Minerals Corp.
of f America

-iS'-

Low

Price

"

Quote
10/18/55

High-

iy«

iy2- %
4 y2- y2
41/8-1
Never

41/4
2%
of syndicate

out

TWO IMPORTANT

shares

Received

3

Minerals

Corp. of

CONTRIBUTIONS

TO

Amer. for each share*

Durham Explorations

June 18, 1954

Selling stopped-^

34^

Never

out

THE ART OF TRANSPORTATION.

of syndicate

Canadian market
in stock

Bassons Industries
*

Minerals Corporation of America

Aquafilter

dropped
l1/) months

July
July

National Uranium

6, 1954

2.00

3%-l%

3

8, 1954

4 months

1.00

4i/2.l

May

4, 1955

1

month

1.00

1

week

2.00

iy4- 7/«
2%-r/s

2%
11/4
214

June 16, 1955

VICKERS BROTHERS
52 Wall Street. New York
Boston:

80 Federal St,




5, N. Y.

Baltimore:

512

Keyser Bldg.

DIgby 4-8040
Houston:

5619 Fannin

For

information

—

write

or

phone

d'AVIGDOR COMPANY
63

WALL STREET

•

NEW YORK

5, N. Y.

•

Whitehall 4-3405

1955

Number 5474

yolume 182

Cash Divs.

% Yield

Extras for

l\!o. Con-

June

Years Cash

30,

4ine 30,

.

1955

s

vestment

150

t2.78

74

3.8

dividends

29

(Newark)

t0.59

13

4.5

extent

National Oats Co

65

6.8

37

2.50

on

Natl. Shawmut Bk.

*58

2.00

46 %

4.3

If

16

0.90

14

6.4

and

143

(Boston)

|7.78

101

7.7

National Shirt Shops of Del..

10

14

1*1-25

363/4

18

0.172y2

58y2

0.3

insurance

Machine

8.6

40y4

3.45

19

New Britain Machine..
tools

Diversified

3.8

52

2.00

86

Fire Ins

New Haven Board &

Carton
I 10

board

Paper

folding

&

11.00

24i/2

4.1

a9

1.60

311/8

5.1

76

3.00

57

5.3

21

1.35

34%

3.9

61

13.00

713/4

2.00

35

public utility in Conn.

Operating

New Haven

Water Co

public utility in Conn.

Operating

rest of

Ne\y York Fire Insurance
Fire

allied lines of

and

New York Trust Co.

Corp..J

Electric

Newport

Island

43

2.10

16

_

4.9

1.60

64

Niagara Lower Arch Bridge- 107

0.50

72

Co.

..

1.40

83

Manufactures files and

2.5

0.7

Olive Street, members of

261/4

Stock

161/4

1.80

40y2

4.4

Roth

37

5.4

W. D. Gradison & Co.,

41.

3.4

18
90

2.00

117

1.40

11

0.70

78

0.9

*15

0.80

11%

12

1.60

36%

2.95

86

Joins Paine,

5

Chicago

10.87 V2 20
12.00

505

2.4

Webber

and

CLEVELAND,

"The

Perkins

has

Ohio—Harry

become

minal

—

Paine, Webber, Jackson &
Curtis, Union Commerce Building.
He

was

an(j

L.

the
publish a centen¬
nial edition of the prize-winning
Raftd
McNally
Cosmopolitan
World Atlas; a "Centennial Atlas

with

formerly with Westheimer

company.

With Harris,

of the West," depicting the West

Jack

connected

addition, he announced,

will

company

Dixie Ter-

River Insurance Co...
insurance

New

n

u

members

Building,

Upham

LOS ANGELES, Calif.—Mina F.
Duncan

J? the 1870's with some of the
first Rand McNally maps of the

is

ham & Co.,

now

with

York

Cincinnati

and

A

of the
Stock

y

g; twQ

which

new maps

J. A. Hogle

of

natural

•

will

be

the

first

of

g

LOS ANGELES,

Calif.—Eugene

_

kind; new merged relief globes;

...

Street.

gas

Illinois

Northern Engineering Works
Cranes and

hoists

Northern Indiana Pub. Serv..
Gas

and

Northern

electricity supplier

Insurance

Diversified

insurance

Northern Oklahoma Gas Co¬
operating public utility

Northern Trust (Chicago)
Details

not

t Adjusted
a

complete

for

stock

as

to

possible

dividends,

splits,

At Tour Service

.

.

.

longer record,

etc.

Including predecessors.

Continued

on

page

42

Singer, Bean & Mackie, inc.
40

Specialists in

New York 5

Exchange Place

HAnover

2-0270

NY

1-1825

&

BANK and INSURANCE
FIRM TRADING MARKETS

STOCKS
IN OVER 300 STOCKS

Direct Wires to

EDWIN L. TATRO COMPANY
50

Telephone: DIgby 4-2420
Direct
BALTIMORE

—




BOSTON

—

'

Teletype: NY 1-3430

Telephone
HARTFORD:

,

Enterprise 7846

Reynolds & Co., Philadelphia

i Fewel & Co., Los Angeles

BROADWAY, NEW YORK 4, N. Y.

Arthur M.

V

Zobeiein has joined the staff of
their J. A. Hogle & Co., 507 West Sixth

of the y

A

Exchanges.

Adds

(Special to The Financial Chronicle)

'

v.

Harris, Up¬

523 West Sixth Street.

■

■

P.

associated

with

4.4

59

now

and

(Special to The Financial Chronicle)

3.4

19

is

York

two-

Jan

4.4

(N. Y.)_ *45

Jr.

New

7.0

_

North Shore Gas Co

•

Ohio

CINCINNATI,

the

of

Midwest Stock Exchanges,

(Special to The Financial Chronicle)

(Special to The Financial Chronicle)

variety of hardware

distributor

"The

a

'

Ohio—Robert S.

Union Commerce Building,

members

cation.

6.0

.

in

pany,

centennial

Chicago

called

maps

Adams is with McDonald & Com¬

greatfounders,

transportation, banking, and eduIn

10.98

15

County Trust Co.
(Brookline, Mass.)

Retail

the Mid-

Exchange.

springs

Diversified

be

prints

With McDonald Co.

devoted to the
Challenge
of
a
Changing World."

With W. D. Gradison

Norfolk

North

6

-

road

(Special to The Financial Chronicle)

a

include
include

in

program

theme,

5.3

rasps

No-Sag Spring Co.

Judd

year,

a

Sessions of the Assembly will
LOUIS, Mo. — Walker E. feature leading speakers from the
Crosby has been added to the staff fields of government, communiand
the
of
Redden
and
Company,
812 cations
graphic
arts,

west

Nicholson File Co..

&

will

day
and

Rapids Bridge

Wide

the

that

to

McNally

65,000,000

annually.

(Special to The Financial Chronicle)

joint operator of Whirlpool

North

one

and
of its

na-

more

ST.

products

Furniture

of

observance

mean

Rand
than

more

McNally III, President

Assembly"

utility

Alkali

Chemical

we

plants.

CLEVELAND,

company

the

Hammond

lion's largest book manufacturing

McNally"
synonymous with the

announced

Redden Adds to Staff

13

Niagara

what

the world

the

grandson

man-in-the-streets kind of

a

"The New Yorker" -

Publishes

our

capitalism.

_

New Yorker Magazine

Rhode

by

insurance

of

maps

At

operates one 0f the

corapan

"Rand

and

Andrew

of

productive might.
When we have accomplished this,
we shall have spelled out for the
share

produces

houses.

ness

com-

"map."

word

individual the opportunity to own
a

the

maps,

250,000,000

has become

5.7

boxes

Gas Co

the world's larg-

as

company

than

4.2

26

Co.

in

of printing and publishing
actually account for the

however,

the

finally,

published reference atlas
existence, which is used daily
by thousands of American busi¬

nually

producer of

The

supply
of
stocks will be entirely adequate
to place within the reach of every
And

Andrew McNally III

148

larger percentage of its business.

to venture.

\

"Bankers

Street, Chicago.

which

willing

able to vision, and are

Monthly,"
the
oldest
magazine
in America;
Directory," bible of the
banking industry; and the "Com¬
mercial
Atlas,"
the oldest an¬

banking

founded

types

produces

"Bankers

u t

Best known

•

insurance

New Haven

est

also

adult non-fiction, and
millions of juvenile books each
year.
It
is
the
publisher
of

1956.

at

McNally

textbooks,

June,

Lake

are

New Hampshire

in
1856

years.

Rand

company

was

try's remarkable future goals. In
relying largely on individual in¬
vestors, we shall be preserving
our essential character as a nation
of individuals — individuals who

3.4

Pulp and papers

New Amsterdam Casualty

The

the proper

Second, we shall raise sufficient
equity capital to realize the coun¬

4.1

Pennsylvania producer

Nekoosa-Edwards Paper

in

seen

100

programs

the year

institu¬

our

perspective.
They are big and
getting bigger, but so is every¬
thing else in our economy.

331/4

fl.35

be

of

tions

insurance

Nazareth Cement Co.

will

tomers

centen¬

and

nial

througho

role

the

4.1

48 y2

2.00

21

National Union Fire Insur...

climate

in railroad
of the nation's
have been cus¬
of the company for its full
some

railroads

major

lishing events

8.3

6

0.50

10

expands, we

foreign countries.
It is
oldest firms in the

States engaged

printing, and

of its

removed,

map

the

among

United

anni¬

100th

be noteworthy

will

and many

will

versary

and

afrifne

founding with
special pub¬

investment

an

maps

^an

the

that

tax credit

are

economy

that

First,

cutting tools

Diversified

see

it

observe

against the

as

barriers

our

as

develop

facilities

National Tool Co

Diversified

the

to

to

Rand McNally's print¬
publishing activities in-

oad
and
jority oi me raiiroaa, airline, ana
bus tickets in use in the U. S.

announces

for three reasons:

6.8

18V2

1.25

11

National Terminals Corp..

Precision

on

investors

10%

a

dividends

these

will

furnishings

National State Bk. (Newark)

Midwest storage

their

be lifted

individual

ing and

Chi-

of

on

present 4%.

Screws, bolts and nuts

men's

should

that

Co.,

&

products,

pioneer printing, publishing and map-making firm which
Viqc
nioxrori
has played an imrxWo»-,* part in
important
in
the expansion
o f
America,

financing.

equity

receive at least

Cereals, animal feeds

National Screw & Mfg. Co...

Chain,

and

McNally

Abraham

brochure.

addition

In

Rand

commemorative

a

Lincoln

cago,

We believe that the double tax

National Newark & Essex

McNally Go.

Centennial in 1956

though
now
partially
relieved,
still discourages both equity in¬

jRie 30,

1955

and

Rand

on

P writs, to

tion

1955

Divs. Paid

Based

Quota-

12 Mos. to

secutive

40

page

And the Slock Market

Approx.

Including

I

from

Institutional Investors

CONTINUES TO FLOURISH

41

r

Continued

WORLD'S BIGGEST MARKET

Banking Co.

(1661)

The Commercial and Financial Chronicle

.

.

.

Krensky & Co., Inc., Chicago

1-4844

42

The Commercial and Financial Chronicle

(1662)

Continued

which

from page 6

the

Federal

Reserve

is

Continued

likely to take under the conditions
which it will face in 1956.
In

Outlook for Mortgage
Loan Rates in 1956
has

rates

strated

well

been
the

over

past

is

demon¬

Treasury bill rate reached bottom

of

middle

the

before

just

therefore

to

the

estimate

gen¬

atmosphere in which
likely to find ourselves

are

we

steady rise since
Other Government security

and has shown a

then.

1956 Will Be

about the mid¬
dle of 1954. Corporate rates began

few

Prime

I

will

1956

be

a

with

billion.

have experi¬

Although

we

end

net

demand for
to

WORLD'S BIGGEST MARKET

of

CONTINUES TO FLOURISH

a

In 1946, the
$13 billion
by 1955, the

'

Cash Divs.

This growth

volume

of

manded

and

Northwestern Natl. Ins. Co.—

funds

new

the

volume

Iowa

de¬

of

total

opinion

Savings

prime

published

commercial
only after
the middle of the year. I recog¬
nize that rates—particularly pub¬

of the

rapidly and have

gone a

toward

the

lished rates—do not tell the whole

boom, and that they do not
signal the beginning of a business
downturn.
I expect the total! of

story, but it is nevertheless quite
diverse money and

Federal, State and local Govern¬
ment purchases to be higher in

While

clear that the

capital

responded

markets

with

1956

widely differing sensitivity to the
overall
movement
to
a
tighter

situation.

money

I

What

thus

ing

rates in

demonstrat¬

been

have

far

that

is

the United States

are

duction

in

market will sooner or later

be

part

one

transmitted

Because

this

of

all

to

other

parts.

interrelationship

in

been

1955.

in

the

income

tax

rate,
pur¬

chases

that move¬
of the total

ments

has

likely to increase their

are

re¬

lated to each other, so

money

it

will continue at about its present
rate.
Consumers, aided by a re¬

interest

all

than

Business capital expenditures will
also be up.
Inventory spending

much

as

as

$12 billion

over

the 1955 level.

Summing up these
spending segments,
it

different
to

seems

fairly
enterprise

free

our

certain
system

me

that
will

have

—

meeting

capital
for

ahead

surged

needs

of

has

economy.

ceed

the

of all interest rates and all money

establish still another record next

deficit

and

year.

to

markets,

capital

reasonable

a

the

mortgage
less

we

likely

cannot

we

conclusion

probable
movement
loan rates in 1956

of

happen

to

the

business

total

for

the

rates.

forecast

activity

conclusions

un¬

first inquire into what is

to

this

From

as

of

.important
mortgage loan
are

The first conclusion

and capital market. And
what is likely to happen to the

do

total

savings—which

money

general

draw two

we can

which

future

of

with

the

overall

has to

funds—and the overall volume

market depends, in
turn, on what is likely to happen
to overall business activity.
The
first step in solving our problem
capital

to

the

enter

can

be

and

money

markets in 1956.

capital

The second

clusion has to do

with

of

expected

the

con¬

action

is

interesting

variations

in

the

to

total

supply

past
of

money

the

on

other

hand.

Mfrs.

savings, the remaining onebeing created through the
banks. In 1953, on the other
hand,
almost the

entire

funds

new

feel

and

only last October

have

we

achieved

the

overall

during

1956,

this

demand

and

demand

alone?

I

enviable sales record.

business

On

the

the

would like to know dealers around the

country who

ings

—

also

—

we

can

our

underwrit-

help them in the distri¬

Naturally,
sell

.

on

the

with firms who

right basis

so

they

firms who will maintain their

.

markets in their

1.50

27%

5.5

26

1.50

47%

3.2

20 "

1.60

61%

2.6

19

1.25

26"

4.8

12

0.95

16

5.9

16

0.90

21

122

wholesales

(Gr. Rapids)

—

Co

Manufacturing Co.—
of

industrial

brushes

and

areas

Complete
and

as

we

do in

in

that

1956

conditions

of

this

lion.

would

volume

great

as

of

that

they

as

line

19

1.75

27

6.5

19

1.2(1

35%

3.4

17

1.55

297/8

5.2

10

work

0.15

3%

3.9

0.85

14%

6.0

f1.95

77%

2.5

clothing

Oswego

Falls

Corp

Paper containers and

.

closures

Otter Tail Power Co

....

Utility; Dakotas and Minn.

Oxford Electric Corp
7

Radio, TV speakers, transformers
miniature incandescent lamps

&

•

Pabst Brewing
Well-known brewer

Pacific Car &
Foundry Co.—
Makes railway

.

■M

cars

.

4

*

Details

not

t Adjusted

complete

for

stock

...

12

.

%

'

i

as

^

^

to

possible

dividends,

splits,

,•

""

A

longer

record,

etc.

Retailing Over-The-Counter Securities
Since 1939

over

next

year

Joseph Mayr & Company
50

BROAD

STREET, NEW YORK 4, N. Y.

Tele:

BOwling Green 9-2956

$44 bil¬
will

of

be

need

a

for

the

commercial

banks to create

billion of
The

new

Question

something like $8
money in 1956.

of Federal Reserve

Policy

ness
an

—today.

brings

my

drawn

which

can

be

of

high

geared

economy

high

level

of

the

C/o.

up

to

a

very

activity,
demand for funds exceeding
supply of savings, will the

Reserve permit the ex¬
pansion in bank loans and invest¬
ments which I have indicated will
be necessary if the
mand

for

OVER THE COUNTER SECURITIES

business

expected

INCORPORATED

..

Specialists in

busi¬

Faced with

Federal

&

Quarter Century

second

forecast

activity in 1956.

A

1930 —1955

:

the

to

me

and a

Oolden-Dersch

funds in

1956

is

de¬

to

Underwriters and Distributors
of
BLOCKS OF STOCKS

We invite you to visit

our

enlarged

quarters

be

met?

OVER-THE-COUNTER SECURITIES
Bought • Sold

•

Quoted

Free

banks

reserves of
are




New York 4, N. Y.

the commercial

in

the negative
category. That is, the banks as a
whole

are

iReserve

BOwling Green 9-6162

"

19

of

funds

new

total

Savings

from

write —Edward S. Cantor

■

which

estimate

demand for

ours.

interested,

'

matched sets

will

will be

conclusion

If you are

Broadway

4.3
-

sav¬

funds needed by the

new

This

50

1.1

rise, but even with this
savings will total only
about $36 billion. There will thus

we want to team up

.

1.30

increase

securities

"stay" sold

3.3

course

bution of theirs.

can

15%

funds

well

have been in the present tremen¬
dous expansion year. This would
mean

participate in

can

how

activity, I

economy
we

0.50

be expected in 1956.

can

basis

the net

Now

6.7

have already re¬
exceedingly pros¬

perous

business

for

supplied by

be

to

I believe
an

18%

Now, what is likely to happen
to

ings

We started in business

1.25

was

ferred

(1954)

8.1'

$32.6 billion of

supplied by sav¬
ings, the banking system creating
less than 1% of the needed funds.

SALES POWER

4.1

37

19

water;

third

We
have

34

3.00

*31

Oshkosh B'Gosh

In

from

.1.40

foundry machinery

of

1950, of a total supply of about
$28 billion, only two-thirds came

5.9

.

Cbina tableware

Osborn

come
from savings, on the
hand, and from bank creation

one

15%

16

Onondaga Pottery

the

loanable funds which have in the

'

Silverware

the

note

0.90

3.1

.23

National Bank—

Oneida, Ltd.

creation of money by the Federal
Reserve Banks.
It

63%

matches

treated

Omaha

be supplied through the crea¬
tion of new money by the com¬
mercial
banks, and, behind the

for

demand

2.00

19

Co.-*.'

box

Old Kent. Bank

ex¬

through

19

■

untreated

volume of savings. This
the supply of savings

banks,

7.

accident and health

Retail
.

in

commercial

and

Life,

can

reach

2.6

21

Ohio Water Service

growing and expanding economy
to

86

'

Machine Corp.—

Match

Book

been the exception. In most
years, there is a tendency in our
funds

2.25

81

30

Ohio State Life Insur. Co

been

for

?■

9.3*

Upper leather for shoes

Ohio

ever,

demand

15

Gears, speed reducers, etc.

ings exceeded
the
demand
for
funds. These periods have, how¬

the

1.40

•

shaving

cream

Ohio Leather Co.—

way

supplied
by corporate and individual sav¬
ings, the demand for funds is not
always exactly equal to the sup¬
ply
of
savings.
We
have
had
periods in our history when sav¬

for

1955

..

,

(Toledo)

tremendous

the

thus

medicated

Ohio Forge

good portion of the need

a

funds

1955

Ohio Citizens Trust Co.

very

long

10

lines

Co., CI. B

"Noxzema"

and

cream

particularly savings in¬
through financial institu¬

vested

tions

Distributes

7

—

more in the,, nature
of minor hesitations in the course

raised

was

1955

on

Paymts. to
June 30,1

producer

Noxzema Chemical
■

adjustments,

rate

loan

allied

—

While the demand for funds has
been growing, so has the supply.

temporary

Fire, automobile and

,

Northwestern States Portland
Cement Co.

activity.

'net

Based

tion

June 30,

.

such as

years

30,

Makes shoe leathe-

increase at ,all.

business

are

Divs. Paid

■

Northwestern Leather Co.—_

general,1 there has been a fairly
close
relationship
between
the

leveling off in a number of im¬
portant business indexes, it is my
that these

June

5

In

enced in the last few months some

the

;

,

Quota-

12 Mos. to

secutive

Years Cash

not, of course, been uniform
from year to year. In some
years
such as 1950 demand rose a full

the

raised

not

were

Extras for

has

was no

Appro*.
% Yield

Including
No. Con-

funds had grown

new

$44 billion.

over

,

about

funds;

new

41

page

demand

beginning of 1955. Mortgage loan
rates did not begin to move up¬
ward until the spring of 1955, and

rates

until

that

Gross
National Product well above $400

paper

a

believe

the

total

$10 billion; in other

record business year,

weeks

commercial

upward

move

later.

used

1954, there

after the bill rate,

to

Record Business

a

Year

their rise very soon

rates started

the

tremendously.

economy

operating in 1956.

1954,

II,

for funds in the United States has

eral business

The

year.

since

years

War

grown

in

of

the

World

from

Thursday, October 20, 1955

...

now

in

by

debt

to

the

Federal

amount exceeding
reserves. It is there¬

SreeweauAGompaTU^
ESTABLISHED 1930

an

their excess

fore obvious

that

the

Continued

banks

on

can-

page

43.

'37

Wall

St., New York

|"

Volume

182

Number 5474

..

The Commercial and Financial Chronicle

.

Continued

WORLD S BIGGEST MARKET
Cash Divs.

No. Con-

Extras for

Outlook for Mortgage
Loan Rates in 1956

Approx.
% Yield
Based on

Including
Quota-

12 Mas. to
tion
Paymts. to
Years Cash June 30,
June 30, June 30,
secutive

,

Divs. Paid

1955

*45

fl-85

Fire Insurance

3.2

Pacific Natl. Bank of Seattle

27

pfO.80

35%

2.3

Package Machinery

38

1.00

22%

4.4

16

7.50

*26

0.30

11%

vegetables

Pacific Lumber Co.

175

Paqolet Manufacturing Co.__

175

4.3

<

4.6

I

Beverage bottling

-

Pagsaic-Clifton National Bank
Co..

Waxed

and

insoluble

1.50

34%

4.3

64

1.00

17 %

5.7

18

paper

2.40

30

8.0

-

14

1.25

77

1.6

*

Hardware

Peerless Cement Corp.—
Michigan producer

j;

4

Pennsylvania Co. for Banking
& Trusts

....

Stockholders

approved
First

a

National

delphia

on

141

f2.02

Sept. 19^ 1955
merger
with
the

on

Bank

of

under

vania

Banking &
Sept. 30.

I

banks

course

very

difficult to

second-guess what the Federal
Reserve is going to do—particu¬
larly to guess what they will do a
year

from now. It seems reason¬

able

to

me, however, to believe
that the Federal Reserve will con¬

to
on

exercise
bank

rise

restraining

a

extension.

credit

business

in

activity
which I think is likely next year
will strain the productive capabil¬
ities of the economy. As a result,

share

Pennsyl¬
Trust Co. ef¬

there will be considerable upward

fective

pressure on consumer

prices. In

situation like this—with

Unlisted Companies Which Paid

Consecutive

~

Dividends From 5 to 10 Years Appear in the
Second Table Starting on Page 51
V/
//,//"'/*''» '
vYS&VlvYSSSf/SSs/VWMYjW/fi'&fa&jfcw

/ "V,

" '

Pennsylvania Gas Co

76

y/.<

'

■

27 %

1.C5

• f

•

and New

Trust

Peoples

Co.

3.8

that interest rates

(Pittsburgh)

Permutit
Water

38

appliances

28%

be

4.1

6.2

market

this
2.00

21

32%

6.2

same

24

-

2.00

69

will
-

-

13

Railroad

track
equipment,
forgings and machinery

Pfaudler

29

3.1
v

*

1.80

39

4.6

34

0.40 ;

11%

3.4

Bcrews, bolts, nuts

Philadelphia National Bank- 111

5.00

'

'

.

,

■*%

15

1.00:% 31

3.2

Operates s.treet railway lines

Philadelphia Suburban Water *16

f0.49

public utility

36%

Phoenix Insur. (Hartford)—

82

f2.78C 91

3.1

.V

Details

not

complete as to possible longer record,
for stock dividends, splits, etc,
Stock was split 10-for-l and par value changed;, from
$10 in February, 1955.

t Adjusted
p

'

$100 to

Continuedkon page 44

'

starts

the

over

which

loan

trend

as

our

interest

centers?

rates

show

at

Will

the

most other interest

show

some

decline

in

1956,

possibly falling to around 1,180,000
from
the
present rate
of

Although

will

be

the

part

of

this

result of ac¬

limit
into

market, I should like to em¬
phasize that some fall in the rate
of housing starts was to be ex¬
pected even without intervention
by government.

high and that the country could
easily
absorb
1.5 million new
homes annually over the next few
years.
I am happy to say that
more recently several government
agencies appear to have revised

%

Even

level

decline

<»

%
'4

Teletype NY l«&09
'ir

x

Co, Inc.
NY I-610

of

if.

demand

for

4

out

that

have

I

the

already

overall

money

be attractive alternatives to mort¬

that the

gage

will

loan investment. Those inContinued

on

page

44

STYLON CORPORATION
"First-half earnings

rose to 13$ a share in 1955 from 5$ in 1954. Current
backlog exceeds estimated production for the next 9 months. Second
plant at Florence, Ala. expected to be in operation about April 1,
1956. *#****♦*♦ The City of Florence. Bonds (both old and new),
exchangeable into Stylon common stock, are an interesting way of par¬

ticipating in this situation.
In the first 6 months of 1955

.

sales of Stylon (ASE)

totaled $2.83
volume reported for the corre¬
sponding 1954 period. More efficient manufacturing methods enabled the
pre-tax profit margin to rise to 15.7% from 4.1% a year ago, and earnings
before taxes rose to $446,000 from $67,000. The increase in net income per
share was not so striking (13$vSi5$) because: (1) this year's earnings were
subject to a full income tax load whereas tax liability was offset by carry¬
forward loss credits in the 1954 period, and (2) the number of outstanding
shares increased to 1,633,000 from 1,344,000, due to bond conversions.
net

million—a 75% gain over the $1.62 million

For the full year 1955 we continue to estimate earnings of 35$ a share
sales of $6 million. For 1954 the company reported profits of 11$ a
share on sales of $3.9 million.
on

On June 15, 1955 the company entered into an agreement with the City
Florence, Ala., for the construction and long-term lease of an additional
plant with the proceeds of a $1.95 million City of Florence Industrial
Development Revenue Bond Issue. The. new facilities, which are to be
located adjacent to; Stylon's present leased facilities in Florence, are
expected to increase the company's aggregate annual sales potential in
tile alone to between $10 and $11 million by 1957.
of

In

of the

view

management's marked

success

in increasing sales in

and the prospect of further plant expansion once the new
Florence plant is in operation, we project sales of between $15 and $20
million in the late Fifties. On 6uch a volume, annual earnings may be
recent

years

share and dividends 50$. Such earnings and
6.3% yield hasis and at an earnings multiple
of 8 times (American Encaustic, the leading company in the tile field
currently sells on a 5.0% yield basis and an earnings multiple of 9.5),
probably would warrant a price of 8 for the stock, double the current.
expected

to

average

$1

dividends, capitalized

The

a

on a

(two series—1952 and 1955) afford an
of participation in this special situation. Stylon Corp.
has made a firm offer (registered with the SEC) to exchange 500 shares
of its stock for $1,000 principal amount of the first issue of Florence
City of Florence Bonds
means

case

of the second issue.

Both bonds bear

a

The interest is not subject to federal income tax. However,
it should be! noted that these bond issues are not a direct obligation of
the City of Florence but merely represent a first mortgage on the plants
built with the funds raised thereby. Income received from the rentals
paid by Stylon Corp. (under long-term lease agreement) is sufficient to
pay the interest on these bonds and provide for their serial redemption.
Based on our long-term price projection of 8 for Stylon common, the old
bonds (currently valued at $2,000 each) would be worth $4,000 per $1,000
principal amount; the new bonds (currently valued at about $1,030) would
be forth $1,600. At present market prices, the tax free yield on the old
bonds is 2.5%; on the new bonds, 4.9%."
coupon.

a

quotation from "The Value Line" (Investment
and is reprinted with their per¬

Survey of September 12, 1955)
Gearhart

&

Otis,

Corporation

which

San Francisco

we

associates originally underwrote
stock, at $1.00 per share and the
City of Florence 5% tax exempt Bonds, in

Inc.

and

common

bonds at par, and later

Private Wires to




factors

pointed
and
capital market will be fairly tight
next year. There will therefore

starts

loans

three

Fairly Tight Money Next Year

1,100,000 in

mortgage

decline. But

to

least

easing.

present

mean

tend

at

are

which I believe will prevent this

decline. The rate of housing starts

Stylon

Philadelphia

the

this year. With

mortgage

mission.

WHilefc.ll 4-4970

Boston

there

First,

housing

1,300,000 to

The above is

70 Pine St., New York 5, N. Y.
t

rates would

come.

from

for

about

be maintained for

1956, this does not

has been

demand

loans
equal to this year, and a
potential supply of mortgage loan
funds substantially greater than
this
year,
one
would at first
glance conclude that the mort¬
gage loan market would ease and

a

gently
to around

Bonds and 200 shares in the

Trading Markets in Public Utility/ Natural Gas and Industrial Securities

r-?£

than it

a

off

year

though

should

5%

"

can

years to

some

interesting

G. A. Saxton

drift

coming

rate which

capital

V*

'

as

an

the million housing start level, we
will have accomplished with un¬
usual success the transition to a

particular

overall

Early this year we heard a
deal of talk, from govern¬
ment as well as private sources, to
the effect that the then-existing
rate of housing starts was not too

iFire and casualty insurance
*

economy

and somewhat more thereafter. If

housing

great

1.4

.

t

the

or

the
do
in¬
in¬

order

this

4.2

118%
7.^

;

,

.

were

views

overestimatiori of effective housing de¬
mand. I believe that the country
can
support a million housing
units a year until 1958 or 1959,

now.

tions by Federal agencies to
the amount of credit going

£'■

Philadelphia Surburban
Transportation Co.

the

Conference

decline

16

equipment

Pheoll Manufacturing

Operating

on

1,300,000.

(The) Co.——

Corrosion resistant

0.90

government's

whole, is served by

whole will

rates? I believe that housing starts

2.9

Chemical compounds

Pettibone Mulliken

of

mortgage

Popular candies

Petrollte Corp.

a

Now what about the

:1.8

.

Peter Paul Co

dustry,

Rates

1.9

38

Moving to the other side of the
market, what about the supply of
mortgage loan funds in 1956? The
volume of savings
lodged with
commercial banks, life insurances
companies, mutual savings banks,
savings and loan associations, and
other institutions
which supply
funds to the mortgage market will
be
substantially larger in 1956

Even

regarding
country's housing potential. I
not believe that the building
dustry, the mortgage lending

The Question of Mortgage Loan

.

2.35

as

higher than they are

segment
18

demand.

enthu¬

revision in what I felt

a

con¬

new

•

Co.

softeners

80

t

Perfection Industries, Inc
cooking

54%

0.50

■

Washington (Seattle) —27
Heating ahd

2.25

1.50

88

of

Bank

see

unrealistic

tighter than it is at present, and

York

National

commercial

the

the

about

all

at

residential

about equal to this year's

money

attempts at selective control of
mortgage credit, I am happy to

My estimate is therefore
that the money and capital mar¬
ket as a whole next year will be

Peoples First National Bank
&

to

siastic

not

am

new

banks.

■ y ,-r,

Operating public utility in Penn¬
sylvania

a

business

activity at capacity and prices
moving upward—the Federal Re¬
serve is almost sure to limit quite
severely the amount
of credit
available

t r ,

buy¬

housing start rate.

though

The

of

name

home

million

hand

4.0

^

extended to

to

tinue

Phila¬

for

share

a

basis

50

per¬

credit

deficiency
in sayings next year, then inter¬
est rates could be expected to re¬
main at about the present level.
If, on the other hand, the Federal
Reservd continues to allow only a
very small rise in reserves, the
market will get tighter and inter¬

commercial

the

It is of

s

Peden Iron & Steel Co

make

est rate will rise.

16

....

Paterson Parchm't Paper Co.

does

make up the expected

Fabrics

6%

Reserve

of

in

existing homes, will probably re¬
sult in a demand for mortgage

ers, and there is considerably less
talk about the desirability of a 1.5

Federal

mit

Automatic wrapping machines

Trust

views on this subject sub¬
stantially. A number of steps have
been taken to reduce the volume

enough reserves available to

4.9

Planing mill products

&

their

the
8.50

___

Panama Coca-Cola Bottling.

in¬

and

Federal

Reserve is willing to provide them
the necessary reserves.
If

f0.37

and

loans
the

with

19

fruits

unless

vestments

21

Wholesales,

their

increase

2.8

65

Diversified insurance

Pacific Gamble Robin son.

decline

struction, the expected rise in the
average price of new homes built,
plus the steady rise in the need
for funds to finance the sale of

1955

1955

not

Pacific

present is below what it was
1950, yet the net increase in
mortgage loans outstanding this
year will probably be 70% greater
than in 1950. In 1956, despite a
at

from page 42

in

GONTINUES TO FLOURISH
*

43

(1663)

maintain active trading markets.

GEARHART & OTIS, INC.
74 Trinity Place, New York 6

I

WHitehall 3-2900

44

The Commercial and Financial Chronicle

(1664)

Continued from page

43

Brown Bros. Harrintan
To Admit

Outlook for Mortgage

The

traditionally

which

operate in more than one capital
market—notably commercial
life

and

banks

insurance

com¬

capital

expect

where

areas

to

like

to

it

see

restrained

general

sets

the

at

sign

slightest

desirable

relative

of

rates. This

in mortgage

between

fluidity

mar¬

and

different

the

in

funds

all

cause

rates

markets
to

move

roughly together.

since
mortgage
loan
relatively slow moving,

Second,
rates

are

they would not in any event turn
down until some time after the
sensitive

such as the gov¬
security and corporate

rates,

ernment
bond

rates, had turned down. I
already indicated that I do
expect any downturn in the

have
not

sensitive rates during

Finally,

savings

entering the mortgage loan mar¬
ket will be higher in 1956, the
total
volume
of funds
entering
market

that

in

than

will

1955

smaller.

be

not

and

larger
be

even

may

During 1955, the normal

flow of savings into the mortgage
market has been supplemented
an

extra

flow

of

by
coming

funds

from what

might be called reserve
pools. In the case of savings and

loan

associations,
Federal

the

borrowings

Home

Loan

the

available

loan

supply

funds.

to

be

reversed,

market

And

I

this

than
that

would

into

a

during
as

to

extra

particular
a

mand has

only

iixe

this

flow

capital

period of
been

we

of

the

largest pri¬
banking firm with deposits

Averell

and

and total assets of

Present

partners

of

David G.

are

Harriman, limited partner.

The

admission

Brothers

&

Co.

of

Gerry

limited

to

New

has

Joins Samuel Franklin

York

been

Stock

Exchange

filed.

D.

ANGELES,

Bluman

has

with Samuel
pany,

With Merrill Lynch

become connected

B. Franklin

RAPIDS, Mich.—Don¬
ald L. Sleight has joined the staff
of Merrill Lynch, Pierce, Fenner
& Beane;
Michigan Trust Com¬
pany Building.

Joins J. Logan
(Special to The Financial Chronicle)

ANGELES, Calif.—Edward
is

now

with

J.

&

Logan

With

BOSTON,
Shea

Hutton Adds

Schirmer, Atherton

(Special to The Financial Chronicle)

previously with Les¬
ter, Ryons & Co.
was

...

Mass.

—

Richard

associated

now

B. Jones is

CITY, Mo. —Edward
now

L.

Street, members of the New

York and Boston Stock Exchanges.

affiliated with E.

1955

1955

26

6.00

109

5.5

Mills Inc.

changed in April, 1955
Hosiery Mills, Inc.

j

Alba

to

(Chicago)

31

f7.08

225

3.1

Co..

42

3.00

63

4.8

Chocolate.—

43

2.25

57

3.9

0.80

14y2

5.5

3.10

58

5.3

Plainfield-Union

Peanut

Plomb

Water
utility

Planters Nut &

,

products

(The)

Mechanics

Tool Co

hand

16

tools

•'

Plymouth Cordage Co
Rope,

binding

Pocahontas

twine,

Fuel

98

etc.

*

Co., Inc

22

1.20

32

3.8

18

2.25

41

5.5

...

52

1.75

48y2

3.6

Provident Trust Co. of Phila.

90

5.00

Providence

49

1.20

25%

4.7

*36

0.74

26V4

2.6

18

0.90

18

5.0

*13

0.68

15%

4.5

19

2.00

24%

8.2

Bituminous coal—mining and sale

Potash

Co.

Potash

of America

and

Provident

oil

interests

Savings Bank
(Cincinnati)

&

Trust Co.

Washington Ins..

123

4.1

Multiple line insurance

j

Provincial Bank of Canada..
Foreign and

domestic banking

business

Public Service Co. of N. H...
Public

utility

Public Service Co. (N. Mex.)
New

Mexico

Publication

electric

supplier

Corp.

rotogravure printing plants

"Purex"

0.60

-12y8

4.9

0.65

13%

4.7

f 1.80

13

10.00

151

6.6

4.00

123

3.3

21

and

10

*13

1.50

25%

73

...

*13
14

Corp.

1.00

15y4

"Trend"

Purolator Products
Filters:

oil,

and

gas

Boston

5.2

operation

Ralston

Purina
breakfast

foods

Ray-O-Vac Co.
Mfr.

34%

air

Quincy Market Cold Storage

.

5.9

dry cell batteries and

Reece

cases

Corp.

(Mass.)

button

with

Schirmer, Atherton & Co., 50 Con¬
gress

KANSAS

Name

flashlight

(Special to The Financial Chronicle)

de¬

a

1955

on

Paymts. to
June 30,

Pioneer Trust & Savings Bank

Makes

is

Based

tion

June 30,

Operates electric line in Carolinas

Animal feeds,

Co., 210 West Seventh Street. Mr.

E. F.

Piedmont & Northern Ry.___
Pilot Full Fashion

Makes

GRAND

215 West Seventh Street.

30,

5

Purex

(Special to The Financial Chronicle)

& Com¬

June

Divs. Paid

Owns

Calif. —Louis

Quota-

12 Mos. to

secutive

Years Cash

Punta Alegre Sugar Corp....
Cuban holding company

(Special to The Financial Chronicle)

LOS

Approx.
% Yield

Including
Extras for

part¬

nership has been approved by the
New York State Banking Board
and application for approval
by

1956

the

market

unusual

is

Lovett, John B. Madden
McCance,
Ray
Morris,
H. D. Pennington, L. Parks Ship¬
ley and Knight Woolley, general
partners; and The Honorable W.

firm, and will prob¬
ably average higher than in 1955,

funds

good thing. It is
maintain the fluidity

in

Brown

Co.

&

Thomas

conclusion is

my

1818,

A.

ert

demand

loan rates

mortgage

Edison

emphasize that

year,

Harri¬

Ackerman,
Moreau D. Brown, Senator Prescott
S.
Bush, Louis Curtis, E.
Roland Harriman, Stephen Y.
Hord, F. H. Kingsbury, Jr., Rob¬

1956 will

a

in

oldest

$225,000,000.

must conclude

With

T.

Roland

E.

Harriman

the firm

will continue

of
the

likely to do in 1956.

think

1955.

and

of $190,000,000

equal to this year, and a supply of
funds no greater and perhaps less

Edison

I

in

Cash Divs.
No. Con-

Operating public

vate

govern¬

probably be held down to, and
perhaps slightly below, the vol¬
ume
offered
in
this
particular

themselves

are

we

the mortgage market in

have put more funds directly into
this market during 1955 than they

banks

various

general

Gerry,
Gerry and Henry A.
nephews of W. Averell

country's

do.

against the flow of funds into the
mortgage loan
market.
Since
these actions are not likely soon

LOS

commercial

that

is

probably

The

Elbridge

Established

agencies have recently taken
actions directed specifically

at

savings. In the case of life
insurance companies, savings and
loan associations, mutual savings
banks, and other lenders, resort to
warehousing agreements has
to

will

family.

are

Brothers

they

what

for

investments

man.

ment

Banks

new

mortgage

fact

The

with

but
and

done

have

have supplemented the volume of

added

do,

acquire the as¬
Gerry Estates, Inc.

H.

Gerry,

however, not with what we would
have liked the monetary authori¬
to

Gerry

Harriman

situation

ties

CONTINUES TO FLOURISH

Co.

to

handle

Edward

thinking about the practical
we
must be concerned,

In

The

partners

that the volume of funds entering

1956.

though

even

one

ket to another.

will maintain the balance of

kets

from

flow

to

the

prevent the
capital mar¬

and do not attempt to

free

1953

of

and

limit the overall volume of funds

weakness

in

York

which

controls

credit

panies—will thus be able to shift
lunds out of the mortgage market

&

to

Gerry
Brothers
&
Co.
partnership was organized in New

I would
through

credit is to be restrained,

plans

The

is most needed. If

it

Harriman

announced

of

firm

Thursday, October 20,1955

43

page

admit
Gerry Brothers & Co. to limited
partnership as of Nov. 1, 1955.

those

to

move

has

from

.

WORLB'S BIGGEST MARKET

Gerry Bros.

banking

Brothers

Brown

Loan Rates in 1956
slitutions

private

Continued

..

hole

6.6

machines

,

Reed-Prentice Corp.
Purchase

offer

tember,

Co.

made
in
Sep¬
by Package Ma¬
$12 per share.

1954

chinery

at

Reinsurance

Corp.

subcapital markets that

Tenth

we

can

Hutton

&

Mr.

Company, 111 West

Street.

was

previously

Shea & Co.

with

3.1

78

1.7

49

f1.34

36

fl.56

57%

2.7

18

1.00

37%

2.6

*33

1.00

14%

7.0

13

0.60

7%

8.1

86

f3.35

95

3.5

Richardson

23

1.00

17

5.9

Writes

only reinsurance

Republic Insurance (Dallas).
Fire

and

casualty insurance

Natural gas

# Our record proves

like

success.

And

it: nothing succeeds
record

our

of

accom¬

California
Oil

field

Revere
a

ice

sincere desire to

reasonable

at

As

we

.

serv¬

rates.

our

10th

here's

year,

equipment

Racing Assn

Dog racing, near Boston

'

Co.

Plastic products

what's
.

close

give top-flight

and oil producer

Republic Supply Co. of

plishment and growth continues, based
on

(N. Y.)__

14%

Rhode Island Hospital Trust.

Shea

0.45

Republic Natl. Bank (Dallas)

F.

18

Republic Natural Gas

and interconnection of the various

happened:
our

.

*

operating

revenues

have

Details

not

t Adjusted

'

complete

for

stock

as

i

longer record,

to possible

dividends,

(

splits,

etc.

increased 269%.
.

.

dividends to stockholders

.

are

up

84%.

the

At

close

of

Water Co., Inc.

130,000 natural
in

66

Indiana

1954,

was

gas

Indiana

serving

Gas

little

a

and water

&

HAMLIN & LUNT

over

MEMBERS

ASSOCIATE

customers

NEW

MEMBERS

YORK

a

our

think

annual

in

glad to send
report

you'll be

EXCHANGE

Brokers and Dealers

reas¬

suring diversity.
be

EXCHANGE

STOCK

communities, where both

industry and agriculture provide
We'll

STOCK

AMERICAN

as

you

upon

a

copy

request.

impressed

as

we

of

Listed and Unlisted

We
are

Securities

proud.

Complete Trading Facilities
Retail Distribution

000

Marine

Trust Co. BIdg., Buffalo 3

Telephone:
Bell

INDIANA




GAS

& WATER

COMPANY, INC

Washington 4035

Teletype 1U 145
Direct wire to

2 Wall St, N. Y. 5, N. Y.

'»

Telephone: BEekman 3-7022
Rochester, N. Y.; Norwich, N. Y.

Pershing & Co., New York

Number 5474

Volume 182

(1665>

The Commercial and Financial Chronicle

..

.

Hunt Chairman of

WORLD'S BIGGEST MARKET

N. Y. 1BA

CONTINUES TO FLOURISH
Cash Divs.

Approx.

Including
No. Con-

% Yield

Extras for

Based

Quota¬

on

secutive

12 Mos. to

tion

Paymts. to

Years Cash

June 30,

June 30,

June 30,

Divs. Paid

1955

1955

The

York

New

Investment

1955

26

Chairman

3.2

the New York

Association for

Group

textile

Wide line

Rieke

1.60

27%

5.8

17

2.40

46

5.2

the

and greaseproof paper

Glassine

18

of

5.2

29

1.50

Dayton department store

16

i

30%

1.60

3.50 '

58%

6.0
E.

11

—

15

4.7

72

3.9

0.70

(H. H.)

nual dinner in

19

Co.

f2.82

ident
18

Co

10%

0.80

■V

Buttons

7.4

1

Rochester Telephone Corp.—
Operating public utility

12

0.80

19%

4.1

Rock of Ages Corp.

14

1.00

14%

6.8

Co. *41

11-60

4.4

36

19%

0.60

3.1

west shore electric

16

2.00

34%

Co.

&

Oswego Falls Corp.
Rochester Telephone

Hotel Syracuse

in

partner

Lipe Rollway

Rochester Transit Corp.

and

William

Syracuse Transit Corp.

Merchants National Bank

Ren-

S.

Vice-President

Chemical

Corn

Exchange

Private Wire

Secretary-Treasurer.

as

Shepard Niles Crane & Hoist

J

L. Johnson & Co.

Connections to

STATE TOWER BUILDING

5.8

Cruttenden & Co.

valves, Power tools

Rockwood

Steel,

Executive

the

of

Onondaga Pottery

Corp.

Deposit Co.

First Trust &

Lincoln National Bank & Tr.
H.

Chairman

Bank,

supplier

Rockwell Mfg. Co.

First Securities

System, were the principal

chard,

(Vernon Downs)
Oneida Ltd.

Equitable Credit Corp.

and

McChesney Mar¬

Drexel & Co., was elected as Vice91

Boston

States

Mid-State Raceway Inc.

Corp.

Dayton Malleable Iron

Nixon, Vice-Pres¬

United

Wm.

Honor¬

speakers.

quarrying and mfg.

Meters,

the

The

tin, Chairman of the Federal Re¬
serve

Rockland-Atlas Natl. Bank of

Hudson

of

Honorable

Walter

Rockland Light & Power

Hotel.

dorf-Astoria

able Richard M.

materials

Granite

Buffalo Eclipse

the Grand Ball Room of the Wal¬

Manufacturers of construction

Rochester Button

held Wed¬

nesday at the
Group's
an¬

Hunt

Jansen

stampings

Operating public utility

Robertson

N. Y. Phone DIgby 4-4500

Teletype J Cy 414

The election

38

Co.

PL., JERSEY CITY 2, N. J.

DElaware 3-3801

Salomon

was

Mfg.
Gas

In New Jersey:

ler.

5.2

generators and fuel
burning equipment

Steam

Small metal

1 EXCHANGE

Smutny,

Bros. & Hutz-

Riley Stoker Corp

Roanoke

Ru¬

senior partner
25

Rike-Kumler Co.

TELLIER & CO.

He will

dolf

8.1

13%

1.10

metal stampings

Risdon

coming

succeed

Corp.

the

of

year.

products

Products

Metal

Heavy

Uranium Financing

f

o

fO.62% 19%

*20

Riegel Textile Corp

IN

part¬

Weld & Co., invest¬
ment bankers,

Etore

Riegel Paper Corp

FIRST

the

of

Association

Bankers

in White,

ner

Atlanta department

Operates

Group:

Group

has elected E. Jansen Hunt,

$

Rich's, Inc.

45

Johnston, Lemon Group

10

0.37 %

95

0.4

27

1.15

23

5.0

f 1.30

25

5.2

Bottling Shares

12

0.20

3%

5.5

17

1.25

19%

6.2

22

1.25

23%

5.3

16

1.00

15%

6.5

SYRACUSE 2, N. Y.

Offers Pepsi-Cola

27

—■

New York

City

Tel. Syracuse 2-1236

Bell Tele. SS 190

Chocolate candy

Rose's 5,10, & 25c Stores, Inc.
Operates 135 stores in the South
Ross Gear & Tool Co.

Inc

Manufacturers of steering gears

Royalties Management Corp.
Oil and

gas

royalty interests

Saco-Lowell Shops

_

machinery

textile

Manufactures

Johnston, Lemon & Co. and
sociates

yesterday

Railway car lighting and air-con¬

Co.

common

stock at

share.

ditioning

Steel scaffolding

19

Sagamore Mfg. Co.

_

8.00

7.4

108

stock

shares

000

are

shares

300,000

shares

being sold for the

for

the

account

of

2.4

Co.

56

5.00

40

12.5

St. Paul Fire & Marine Insur.

83

1.02%

59%

1.7

from the sale of the
80,000 shares of common stock,
will be added to its general funds,

39

1.45

19%

7.5

purposes.

It is the intention of the

company

to

Maine

Co.__

Net proceeds

producers

Joseph

Stock

Yards

Livestock

Diversified

Stockyards—

Paul Union

St.

operator

Minnesota

San Jose Water Works
Public

_

_

24

45%

2.00

20

Sanborn Map Co

74

6.1

69%

4.50

Sugar Refining—

by

applied

to

corporate

any

the

apply

the

retirement

for

the

of

31

3.75

'

products and to finance future

ex¬

2.5

the

15

f2.35

60

3.9

of soft carbonated beverages, prin¬

&

not

Details

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

complete

stock

lor

on

manufacture

Ale

page

46

The

and

CHARTS

The most complete Book

ShOWS

,

Monthly highs and lows
Volume of Trading
Earnings and dividends
Latest Capitalization
50 Group Averages

ally

12 years,
every

Btock

up

stock

Exchange

Block

to date, on virtu¬
listed on N. ¥.
and
American

in GRAPHIC STOCKS

of Stock Charts ever published
UNITED STATES STEEL

Xr—

ing

$10.00

Free

sample
WE

1924-35

page

ALSO

on

.

.$50.00

request

OFFER

Special

Edition

The

only chart book of its
showing these early prices.

$15.00

774 Charts
2

books

and

(1924-35

current

kind

1955

Special
issue)

Edition
.

.$20.00

F. W. STEPHENS
17 Nassau St.

New York 38

Telephone BE 3-9090




New York City 5

V

30 Pine Street
i

Teletype NY 1-2233

•bbiu i
WHitehall 4-5540 1

MMMWWWMHUMVWWMHVWHVJ

HUVUUHUM

Water.

sells its products
solely through its sub¬
Meadowbrook Distribut¬

Corporation, for distribution
County, and through its

subsidiary,

Tri-County Beverage
for distribution in

Specialists in Successful

Stockholder Relations

Corporation,

Suffolk County.
In

unaudited

an

eight months ended Aug. 31. 1955
the

company

and its subsidiaries
sales
of

consolidated

showed

$1,740,997
and
net
income of
$402,009, equal after provision for
income taxes, to 36 cents per com¬
mon

Co.

incloss,

in

the

program

erly geared to attract
for

corporation

a

Our methods of

in

a

well directed

a

"name status" in the Security Community.

handling corporate relations witli

and with members of

story to

power

Relations—especially if it is propreader attention—and capable of earning

of Stockholder

which

we present

the investment opinion-makers across

Blair

Kreeger & He¬

Ij

you

would like to see how your company can be

helped by organization, write or call

each client's

the country.

offering are: Auch-

Parker & Redpath;

Co. Inc.; Jones,

stockholders

the financial community are well recog¬

nized—as is the simplicity with

share.

Associated with Johnston, Lemon

&

business-building

There is tremendous

report for the

beneficially

for appointment.

witt; Scott, Horner & Mason, Inc.;
Van Alstyne, Noel & Co.; H. Hentz
& Co.;

G. H. Walker & Go.;

de wi

Fran¬

George D. B.
Bonbright & Co.; Doolittle & Co.;
A. G. Edwards & Sons; Stroud &
cis I. du Pont & Co.;

Stirling, Morris & Co.;
White¬
side, West & Winslow, Inc.; Cruttenden & o.; Irving J. Rice & Co.,
Inc.; Varnedoe, Chisholm & Co.,
Co.,

Inc.;

£

r

company

in Nassau

&
Yearly (6 Revised Books)

Dealers Association

wholesale

Exchange

Single Copy (Spiral Bound)
,

distribution

Schweppes Soda

sidiary,

1001

and

cipally bottled Pepsi-Cola, PepsiCola Fountain Syrup, Schweppes
Quinine Water, Schweppes Ginger

builders' hardware

Continued

for

Member: New York Security

Island, Inc. is engaged directly in
59%

t Adjusted

9

L. D. Sherman & Co.

Pepsi-Cola Bottling Co. of Long

f 1.50

•

are

Inquiries Invited

new

51

Locks

All

still think they are undervalued.

glass and boxes for new Schweppes

Schlage Lock Co

9

identified with these issues over the years.

indebt¬

of

Schenectady Trust Co. (N.Y.)

9

We have been

selling at premium prices, hut we

proceeds

purchase

Corporation

Sulphur Exploration Company

pansion, equipment and inventory.

operator

Georgia

be

toward

5.4

Fire insurance & real estate maps

Savannah

to be received

edness

4.4

utility (water)

Sulphur

Gulf Sulphur

the company

to

insurance

Sulphur

Gulf

Mexican

selling stockholder.

120

Paper

Uptick LabelI

Pan American

a

5.10

St.

•

with the

of

being offered, 80,-

35

Croix

St.

9

SULPHUR STOCKS

Island, Inc.
price of $6 per

a

account of the company and 220,000

Sateens, broadcloths, twills

of¬

of Long

the

Of

common

Safway Steel Products, Inc.—

as¬

19)

fered 300,000 shares of Pepsi-Cola

Bottling

Safety Car Heat. & Light. Co.

(Oct.

Stockholder and

Atwill & Co., Inc.; Chace,

lOO

Broadway.

Inc.
■r

nklin

Financial Relations

Hew York 5, N.

Y. • WOrtH

4-6056

H8

The Commercial and Financial Chronicle

(1666) J

and

Halsey, Stuart Group
Telephone Debens.
Stuart

associates

Oct.

on

Co.

&

Inc.

18 offered

and

$30,-

000,000 of Southern Bell Tele¬
phone & Telegraph Co., 40-year
3Vi%
debentures, due Oct. 15,
1995, at 101.123% and accrued in¬

terest, to yield 3.20%. The
award

won

the

of

petitive sale

issue

Oct.

on

17

group

at
on

com¬

bid

a

of 100.6511%.
Net

the

proceeds

from

debentures

will

the
be

sale
used

of

by

the company to
repay outstanding
advances from its parent
organi¬

20%

other

in

are

having

ex¬

population
between 25,000 and 125,000. Other
services furnished
by the com¬
pany
include toll service, tele¬
typewriter exchange service, mo¬
bile radio-telephone service, and
services and facilities for private
line telephone and teletypewriter
use, for the transmission of radio

Offers Southern Bell
Halsey,

about

change

and

areas

television

programs

and

for

June

30, 1955, Southern Bell Telephone
& Telegraph Co. had total oper¬
ating revenues of $253,058,925 and
net income of $31,082,619.
Other members of the offering
group include— Bear, Stearns &
Co.; Blair & Co. Incorporated;
&

pected to approximate $28,500,000
at the time the proceeds are re¬
ceived. The balance of the pro¬

Merle-Smith; Hallgarten
& Co.; Ladenburg, Thalmann &
Co.; L. F. Rothschild & Co.; Salo¬
mon
Bros. & Hutzler; Wertheim
&
Co.; W. C. Langley & Co.;
Weeden & Co. Inc.; Bache & Co.;

ceeds

Central Republic Co.

zation, American Telephone
Telegraph
Co.,
which
are

will

be

used

for

&
ex¬

general

The

debentures
deemable
at
the

to

are

be

re¬

option of the
company
at general redemption
prices ranging from 104.123% to
par, plus accrued interest.
Southern

Telegraph
business

Bell

Co.

Telephone

is

engaged

in

&
the

of

furnishing communi¬
services, principally tele¬

cation

phone

service

in
Alabama,
Georgia, Kentucky,
Louisiana, Mississippi, North
Carolina, South Carolina and Ten¬

Florida,

On

nessee.

in

Joins

and

service

areas.

About

furnishing
1,053 exchange

52%

pany's telephones
ropolitan
a

of

of

are

exchange

population

DETROIT,

was

in

the
in

25

met¬

having

areas

125,000

com¬

or

more

exchanges,
ment

roll

the

re¬

Scranton

Philadelphia

Lace

1526 s

Chestnut

St.

c

i

a

the

t

Kynoch

Mich.

has

—

Robert

the

staff

J.

Agnew

Agency.

York

and

Detroit

the

New

Stock

PINES,

Heartfield,

Company.
We continue

to

recommend the Common stock of this
dividend income and
capital

N.

C.

670

S.

the

now

available

current

at

dividend

times 1954 earnings, to
yield

ten

Doing

bigger job

a

growing

in New

8-0900

18

T——

2.40

70

3.4

*14

0.50

15%

3.2

cars

ships

by

36

n2.60

67

1.60

55

n3.9

Bk.

47

(Houston)

Bank

Saginaw

2.9

& Tr.

■

■'

■

f2.50

Secur.-First Natl. Bk. (L. A.)

75

tl.42

51%

2.8

Security Ins. Co. (N. Haven)

61

1.60

50%

3.2

18

1.25

54

2.3

62

f 1.60

46

3.5

_____

68%

3.6

Security National Bank of
Greensboro

(N.

C.)

w--—-——-w'

W.

19

Surveys

for

oil

&

_

3.9

1.00

17%

5.7

1.50

28

5.3

19

1.20

16

7.5

20

2.00

26y4

>7.6

19

2.00

41%

4.8

industries

gas

Shakespeare Co.

1.72% 44%

10

Diego_

Seismograph Service Corp.__

17

__

,

rods and lines

Co., Class B

_

__

-

Vulcanizers

Shepard Niles Crane & Hoist
Electric

Shuron

and

cranes

hoists

Optical Co.__

General

line

of

ophthalmic goods

Sierra Pacific Power

i'
*

29

2.00

43%

•4.6

51

1.60

26%

6.0

19

1.00

17 y4

5.8

18

*_

City Stock Yards

Company for

livestock

1.55

22

7.0

nl.00

18

n5.0

Castings

Skil Corp.

re¬

Smith Agric. Chemical Co.__
Chemical

every year

on

market

Sivyer Steel Casting Co

portable tdols

England

at

end of year

Smith

31

fertilizers

(J. Hungerford) Co.~- *30

2.50

40

57

1.25

23

5.4

32

fl.20

57%

2.1

16

1.60

24%

6.5

30

1.00

20%

4.8

6.3

<

Syrups & kindred products

(S^;;Morgan)

Turbines

and

Pharmaceutical

French Labs.
manufacturers

Corp

Mechanics' hand

Sonoco

tools, etc.

Products

Paper

and

Co

valves

Smith Kline. .&

Snap-On Tools

MEMBERS

paper

Co.

_

—

specialties

EXCHANGE

South

(ASSOCIATE)

National Bk.
19

Pulp
New York Telephone

So.

COrtlandt 7-1202

and

64%

3.9

1.80

46

3.9

27

0.72%

14%

5.0

11

0.70

15%

4.5

64

1.95

447/s

4.3

1.00

i9y4

5.2

products

paper

California

Pap.

2.50

14

17

Southern Advance Bag &

PA.

Bell System
Teletype
PH 30

Carolina

(Charleston)

Walnut Street

PHILADELPHIA 2,

2.1

■■■

*32

Iowa

Boenning & Co.
AMERICAN STOCK EXCHANGE

Natl.

of

Sioux

Customers

LOcust

Co.

Smith

STOCK

3.2

112

Operating public utility

ESTABLISHED 1914

1529

Second

Bank of San
—

Co., Park Build¬

rate.

PHILADELPHIA-BALTIMORE

57

2.40

Security Trust & Savings

Ex¬

ing.

5% based

-

freight

Fishing reels,

appreciation.

It is

1.80

& Co.

Second National

Shaler

L. A. Caunter &

repeat

important characteristics of this

4.3

Security Trust Co. of Roch¬

Manufacturers of molded products and
plastic products

the

14

Kansas

Formed in February 1955 through
of Second National Bank
&
State
Street
Trust
Co.
of
Boston

Joins Caunter Staff

Excellent management—sound financial
position—and an important
industry position in the ever expanding market for consumer

0.60

20

Louis,

merger

George H. Garde is with Dieten¬

changes.

KEYES FIBRE COMPANY

are

Transports

(Special to The Financial Chronicle)

and

15

covers

Second Bank-State St. Tr. Co.

Broad Street.

of

(G. D.)

ester

Building,

members

St.

Seatrain Lines

Ed-

hofer

3.8

__

Carroll

World

Fordon, Aldinger & Co., Penobscot

6.4

16

.1.37%

Pharmaceuticals

With Dietenhofer Firm

of

21%

21

table

Sears-Community State Bank
(Chicago)

SOUTHERN

joined

1955

Denver

Searle

industry
since
shortly

L.

1955

30,

Diversified insurance

e s

Luca

June

0.60

Seaboard Surety Co

with"

in vest-'1

after

and

stores;

City,

ment securit i

on

Paymts. tc

30,

*39

Co

curtains

Dept.

asso-

d

Lace

39

Scruggs-Vandervoort-Barney

Agnew
e

tion

June

<s

office,

has been

30,

1955

Divs. Paid

Scott & Williams, Inc...
Builds knitting machinery

search in their

Mr.

June

Based

Quota¬

12 Mos. to

secutive

securi¬

of

Extras for

Years Cash

ties analyst in

charge

Approx.
% Yield

Including

Agnew

(Special to The Financial Chronicle)

products

Cash Divs.
No. Con¬

Car¬

of

J.

CLEVELAND,
Ohio — Stanley
A. Dostal has joined the staff of

paper

CONTINUES TO FLOURISH

the appoint¬

announce

Co.

(Special to The Financial Chronicle)

45

page

WORLD'S BIGGEST MARKET

nolds & Co., members of the New
and
other principal
stock

War One.

Fordon, Aldinger

from

Rey¬

—

Alfeo

June

service

&

Continued

York

De

30, 1955, the
company had 4,643,250 telephones
local

Pa.

;
/ ;
(Inc.); R. S.
ucated in Philadelphia schools, he
Inc.; Gregory &
attended
the Evening School of
Sons; H. Hentz & Co.; New York
the Wharton School of Finance,
Hanseatic Corp.; Wm. E. Pollock
& Co.,
Inc.; Shearson, Hammill University of Pennsylvania. He is
& Co.; Van Alstyne, Noel & Co.; a member of the Financial Anal¬
Auchincloss, Parker & Redpath; ysts of Philadelphia.
Baker,
Weeks
&
Co.; William
Blair &
Co.; J. C. Bradford &
Alfeo De Luca Opens
Co.; Burnham and Co.; Hirsch &
CLIFTON, N. J.—Alfeo De Luca
Co.; The Milwaukee Co.; Stern
is conducting a securities business
Brothers & Co.; Green, Ellis &
from offices at 318 Clifton Ave¬
Anderson; Ira Haupt & Co.
nue under the firm name of

Dickson

corporate purposes.

PHILADELPHIA,

as

other purposes.
For the six months ended

Dick

Agnew Appointed by
Reynolds in Fhila.

a

Thursday, October 20, 1955

...

Water Co

Water, electric and ice interests,
operating company

Southern Colorado Power
XvivivIvvXWvIvXvi

Electricity-supplier

I

So. New England Tel. Co
Communications

services

Southern Oxygen Co

Wisconsin Market Place

Compound gases
•

Details

not

t Adjusted
n

New

complete

for

annual

stock
rate.

as

to

possible

dividends,
Yield

splits,

based

on

longer

f°r

Public Utility • Railroad
*1000 Btu

per

cubic foot

New Jersey and General Market
Electronic

For latest dealer

INVESTMENT
225 E. MASON
ST.

MILWAUKEE 2
Milwaukee Phone: BRdwy. 6-8040

a

©a*

Industrial

Municipal Bonds

Television

and

Leased

Securities

Line

Stocks

Equipment Trust Obligations

New

England

Gas and

Electric

Association

488

2-0933

727

Mutual Funds Shares

.

.

,

Charles A. Taggart & Co., Inc.
Members

Philadelphia-Baltimore Stock Exchange

Investment Securities

Massachusetts Avenue

Cambridge. Massachusetts

1516

Locust Street,

■■■■;




r

Bank and Insurance Stocks

TELETYPE

Chicago Phone: STate

and

Guaranteed

inlormation.

write

SECURITIES
MI

rate.

SECURITIES

1954

iLmrni

dividend

Dealers and Brokers in

,

OVER-THE-COUNTER ISSUES

record,

etc.

new

KIngsley 6-0900

Teletype PH 677

Philadelphia 2, Pa.
New York Phone WHitehaR 4-7000

olume

182

Number 5474

.

.

.

The Commercial and Financial Chronicle

(1667)
'•

WORLD'S BIGGEST MARKET

G. W. Fenlon Now

COHTINUES TO FLOURISH
Cash Divs.
''

l\!o. Con-

Extras for
12 Mos. to

secutive

Years Cash

June

Divs. Paid

Southern Union
Natural

gas

Gas

production

Co.____

30,

With Gammack & Co.

Approx.
% Yield
Based on

Including
Quotation

Paymts. to
June 30, June 30,

1955

1955

0.95

23

1955

4.1

and

distribution

Southern

28

2.00

51 y2

3.9

d

r o a

New
N.

w

20

York

Y.,

6,

New

1.00

170

0.6

Drug Corp

13

2.00

30

6.6

19

1.00

23

4.3

46

2.00

179

1.1

21

0.60

17%

3.5

10

1.15

19

6.1

Wholesale drugs

(Special to The Financial Chronicle)

business

Sales, financing and personal loans

&

Non-participating life

Speer Carbon Co
graphite products

Spindale Mills, Inc

i

Electric

Electronic

Co

as
an
stment

Gene

W.

Mass.

and

soy

2.0

88

2.00

64%

3.1

39

5.0

20

fl.33

28ys

4.6

was

15

1.80

74

2.4

<

Toronto Bond Traders

Deposit

Placement

DAYTOI|T, Ohio
is

Moore,

Jr.

heimer

and

Berwyn T.

—

with

now

Company,

West¬

Third Na¬

Standard-Coosa Thatcher Co.

33

1.00

15%

6.6

threads

Traders'

Bond

Rambo, Close & Kerner

Associa¬

tion.

Meeting

Incorporated

officers

Other

Associa¬

the

of

A.

M.

are:

1518 LOCUST ST., PHILADELPHIA

Brown, Dominion Securities Cor¬

Dividends From 5 to 10 Years Appear in the

Starting

S.

York

New

Telephone

2, PA.

Telephone

REctor

PEnnypacker 5-2800

Teletype
PH 63

2-2820

Corporate and Municipal Securities

Treasurer.

Page 51

on

Phila.

poration, Limited, Vice-President;
L. E. Mayhew, Harris & Partners
Limited, Secretary; W. S. Scott,
Gairdner
&
Company Limited,

Unlisted Companies Which Paid Consecutive

tional Building.

tion for the 1955-56 season at the
Annual

Second Table

(Special to The Financial Chronicle)

rities business.

the

of

President

elected

Toronto

Diversified insurance

and

Westheimer Adds

Deposit Serv.
.

R. Klima.

TORONTO, Canada—L. W. Vir¬
tue of Jas. Ridhardson
& Soils,

Standard Accident Insur. Co.

Yarns

and John

Elect New Executive

102

1.95

Co.

beans

Co.

with

Service has been formed with of¬

591/2

operating utility

corn

&

fices at 149 East 40th Street, New
York City, to engage, in a secu¬

f1.17

Staley (A. E.) Mfg. Co
Processes

Geis

F.

Lear, James C. Lear, William J.
Ackermann, Edgar C. Eckhardt,
William
R.
Foley, Harvey
D.
Hotchkiss, Charles D. Kalback

919

firm

was

Insured

analyst
and
;
registered representative.

Diversified insurance

Springfield Gas Light Co

Exchange and other exchanges.
Other
partners
are
Eugene H.

Fenton

*14

components

Springfield F. & M. Ins.

George

Ins.

Co.,

n v e

of

Geis

at

the

previously
First Investors Corp.

shirtings & dress goods

Sprague

under

Mr.

formerly
Dreyfus

with

offices

Street

name

De¬
He

partment.
was

from

Franklin

and the firm will become

member of the New York Stock

Exchange in addition to its mem¬
bership in the Pittsburgh. Stock

JOHNSTOWN, Pa.—George F.
Geis
is
conducting a securities

Ex¬

Advisory

Southwestern Life Insur. Co.

& Co.,

Lear

partner in Reed',

a

Cox, Bankers' Bond Corpora¬

tion

wmmm
Standard Screw Co
Screws

and

screw

50

4.00

68

5.9

S.

Stanley Works
Hardware

for

79

A.

7.3

CO o

35

3.9

495*

2.0

541/2

1.35

74

tio.oo

(Richmond)

f 1.95

39

15

Steel Products Engineering-.

60

3.3

1.10

211/2

5.1

1.00

32

3.1

President

and

Coal and timber

19

Corp.

Writing

26

f0.68

12

2.25

11

24

9.0

f 1.56

5.9

261/4

Refining equipment; drilling
equipment for oil wells

Also

18

4.00

305

1.3

19

1.25

26

4.8

20

0.90

16

5.3

13

2.00

large annuity business

Super Valu Stores, Inc.,
Wholesale

food

distributor

Swan Rubber Co._
Hosing and tires

Syracuse Transit Corp

*

cotton

Details

9.8

20%

operator

not

12

t Adjusted

1.50

for

stock

to

Securities

will

be

DISTRIBUTORS

•

BROKERS

•

the
,f'

year.

""

'

"*

-

*.

p '

<

i

r

*

■

Halsey, Stuart Group
Offers

Third

-

♦

*

Largest Trading Area

Utility Bonds

Stuart & Co. Inc. yes¬
terday (Oct. 19) headed a group
offering $8,500,000 of Worcester
County Electric Co. first mortgage
bonds, series D, 3%%, due Oct 1,
1985, at 102.384% and accrued in¬
terest, to yield 3.25%. The group

possible

Net

dividends,

splits,

page

48

from the sale of
applied to the

proceeds

which

with

was

the

program.

ceeds
tion

Members:

American Stock Exchange

•

Philadelphia-Baltimore Stock Exchange

I '

'■

note

.

.

amounted

which

1401 Walnut Street,

in¬
to

Philadelphia 2, Pa.

•

LOcust 8-1500

Atlantic City

Lebanon

New York City

•'

*

be

short-term

of

$7,700,000
on

"

New York Stock Exchange

:

•

bonds will

debtedness

etc.

Continued

ompany

com¬

101.752%.

payment

longer record,

the bonds at

award of

petitive sale on Oct. 18 on a bid

the
as

UNDERWRITERS

Past-

Sullivan, Equi¬
Canada Limited,

W.

Effective Distribution in the Nation's

4.8

311/2

products
complete

Department

as

"•

ing

of

Tampax, Inc.
Misc.

Bond

Municipal

-

officio members for the ensu¬

won

Local bus

-

Halsey,

Life Assurance

Life.

Manager of

of

new

t

paper

Struthers Wells Corp

Sun

Corporate Department

2.6

chain

Strathmore Paper Co.___

WALTER G. NELSON

Charge

Deacon,

Limited,

Vice-President,

Past

the

on

Moorhouse,

Coyne

ex

Stonega Coke & Coal Co.___

Restaurant

C.

J.

Mr.

table

Aircraft and heating equipment

Stouffer

members

Findley,

& Trust
*33

in

Executive.

4.00

Committee
-X-

President

&

Spidle, Collier, Norris
Quinian, Limited, will serve

building trades, etc.

State Planters Bank

EDMUND J. DAVIS
Vice

Jarvis, Wisener & Co. Limited and

machine

products

Co.

Limited; F. Osborne, Imperial
of Canada; P. S. Crysdale,
Anderson & Co. Limited; E. P.
Bank

Vineland

on
Sept. 9, 1955 and
incurred in connection

construction

company's

The balance of the pro¬

will

used

be

for

construc¬

to reimburse the company,

or

for

treasury

expenditures

made

Dealers in

for construction.

The series D bonds will be sub¬

Kidder, Peabody & Co.
Founded

in

1865

*

Members Netv York, Boston, Midwest and
American Stock

Exchanges

<

Corporate and Municipal

ject to redemption at general re¬
demption
prices
ranging
from
105.39% to par, and at special re¬
demption
prices
running
from
102.39% to par, plus accrued in¬
terest

each

in

Securities

case.

Worcester

Trading markets in
New

England Bank, Utility and Industrial Stocks
75

Federal Street,

Boston

Telephone: Liberty 2-6200

New

Lowell

•

New Bedford

!

•

SAN

England

Newport




*

FRANCISCO

Branches:

Providence

Springfield

to

its

business

Pennsylvania Tax Free Issues

of

in

central

Massachusetts,

covering an area of about 1,900
square miles and having an aggre¬
gate population of approximately

Taunton

Members

of

over

12

1955, the

months ended June
company

had gross

York Stock

Exchange

Philadelphia-Baltimore Stock Exchange
American Stock

>

203,000.

For the

30,

New

The

territory served includes
the highly industrialized city of
Worcester, which has a population
•

Yarnall, Biddle & Co.

574,000, according to the 1950 cen¬
sus.

J
•

incidental

towns

CHICAGO

PHILADELPHIA

sold

Specializing in

selling electricity. Electric serv¬
ice is provided in 77 cities and

Teletype* BS 338

NEW YORK

County Electric Co.
is engaged principally in the gen¬
eration, purchase and sale of elec¬
tricity, and electric appliances are

1528

WALNUT

will

Exchange

Stock

York

become

a

estment

n v

New

Forms G. F. Geis Co.

Ex¬

Stock

To Be NYSE Member
PITTSBURGH, Pa.—On Nov 1
Jack A. Ziebarth, member of the

Co.; Wm. E. Pollock & Co., Inc.;
Clayton Securities
Corp.; Mullaney, Wells & Co.; Thomas & Co.*

York

47

jr

Reed, Lear & Co.

Other members of the offering
group include: Weeden & Co. Inc.;
William Blair & Co.; Cooley &

the

change and

I

operating revenues of $27,694,672
and ilet income of $2,116,333.

and Walter Stokes & Co.

mem¬

of

change, in the

Southwestern Investment Co.

Carbon and

ay,

American

Southland Life Insurance Co.
Non-participating life

Southwestern

as¬

Co., Ill

B

Stock

Weaving Co

Fabrics, tapes & bindings

Yarn

Gene W. Fenton has become
sociated with Gammack &

bers

12

,

•

Exchange (Assoc.)

STREET,

PHILADELPHIA

2, PA.

48

Continued from page

Henry G. Isaacs Now
With F. I. in Pen)
Interested.
...

Financial Chronicle

The Commercial and

(1668)

in any

.

stock

WORLD'S BIGGEST MARKET
CONTINUES TO FLOURISH

.

latest

prices, quotes,

% Yield
Based on
secutive 12 Mos. to
tion
Paymts. to
Years Cash June 30,
June 30, June 30,
Divs. Paid
1955
1955
1955
Including

information,

or

Approx.

Cash Divs.
No. Con-

For

Thursday, October 20, 1955

47

these pages?

on

...

;

;

simply contact—

Gas

Quota-

$

'

*20

Tappan Stove Co

Trading Department

Extras for

1.50

6.7

22%

ranges

,

"

.

;

28

hl.55

35

4.4

*10

0.80

11

7.3

54

f 1.58

69

2.3

15

4.25

110

3.9

Terry Steam Turbine Co.— *47

8.00

125

6.4

Taylor-Colquitt Co.
Railroad

.

poles

Taylor & Fenn Co

Merrill Lynch, Pierce, Fenner & Beane
70 PINE STREET

and

ties

Grey iron alloy castings

NEW YORK 5, N. Y.

Instrument Cos

Taylor
Mir.

Offices in 107 Cities

of scientific

instruments

Products

Tecumseh

Corp

Refrigeration compressors, etc.
Henry G. Isaacs

MIAMI

Isaacs
with
PRIMARY

MARKETS

associated

become

Francis

2809

I

BEACH, Fla.—Henry G.

has

I.

Collins

du

&

Pont

Avenue.

Mr.

Co.,

Isaacs

has

UTILITY and INDUSTRIAL

recently been with Shields &
Company and in the past was a
partner in the Virginia Securities
Company of Norfolk.

STOCKS

NEW ENGLAND SECURITIES

and reduction

Turbines

gears

2.50

81%

3.1

14

1.00

15

6.7

27

ql0.03

390

2.6

1.00

32%

3.1

91

1.80

46%

3.9

*14

1.00

21%

4.7

18

0.50

10%

4.9

*11

1.00

50%

2.0

24

Textiles, Inc.

2.50

51%

4.9

14

1.00

18

5.6

12

1.60

27%

5.8

12

0.90

14

6.4

23

(Houston)

*31

*30

Natl. Bank

Texas

1.20

26%

4.5

—

—

cotton yarn

Makes

Third Natl. Bank in Nashville
Third National Bank & Trust
Co.

(Dayton)

Third National Bank & Trust
BOSTON

A.

M.

CORRESPONDENT

KIDDER

&

CO.,

NEW

Lewisohn

Copper Slock
Offering Completed

YORK

J. B. MAGUIRE & CO., INC.
31

George F. Breen

Open-end Telephone Wire to New York
New

York—CAnal 6-1613

Bell System

Teletype—BS 142

quickly completed.

Boston—HUbbard 2-6600

Providence, R. I.—Enterprise 2904
Hartford,

of New York

City on Oct. 17 publicly offered
200,000 shares of common stock
(par 10 cents) of Lewisohn Cop¬
per Corp. at $1.50 per share as a
speculation.
This
offering was

Milk Street, Boston 9, Massachusetts

Portland, Maine—Enterprise 2904

corporated

23,

1955

Delaware

in

the

for

on

purpose

Aug.

of

ex¬

ploring, developing and operating
mining properties in Arizona, with
a

view to the production and sale

of

other

and

copper

minerals

which may be found on such prop¬
erties. The principal office of the

is located at 128 North
Church, Tucson, Ariz.
The company holds two leases
from
Frederick
Lewisohn, The
company

If it's Connecticut
We invite you to

complete facilities

use our

for both listed and unlisted

kets

—

and also

our

Estate

security

of

Lewisohn

Leonard

and

the Estate of Sam A.
46

mar¬

patented

and

Lewisohn, to
mining claims

lode

six mill sites

the Helvetia

in

Mining District which is in Pima
County about 35 miles southeast
of
Tucson, Ariz.

statistical information.

The net proceeds received from

this offering will be used as fol¬
lows: To drive a tunnel to inter¬
sect

Zone

Chas. W. Scranton & Co.
Members New York Stock
209

CHURCH

STREET

Bridgeport

Danbury

*

from

is

to

increase

produc¬

the King Mine;

CONN.

Calif,

Waterbury

Tiffany & Co
Jewelry and silverware

Time, Inc.
Publishers

the unexpended

ing,

drilling

on

proceeds

of

the issue will be added to working

capital to be used

as

directors may from
determine

are

the board of

time to time

Timely Clothes, Inc

To Hear W. H. Perdun

Tobin

BOSTON, Mass.1—The October
meeting of the Boston Investment
Club

Department Invites Your Inquiries

On All Rhode Island Securities
,

Lafayette 3-0610-0611

will

be

held

at

5

Packing Co

Meat

packer

Tokheim

Toledo

;

Corp.

Gasoline

pumps

wheels

Towle

on

Tuesday, Oct. 25 at the Boston
Yacht Club, Rowes Wharf.
The
guest
speaker,
Winfield
H.
Perdun, partner of Smith, Barney
& Co., will discuss "The Outlook

With Geo. Eustis & Co.

G. H. Walker & Co.

american

15

WESTMINSTER

PROVIDENCE
Telephone
bell

3.

union

Teletype

&

midwest

stock

R.

CINCINNATI, Ohio—George S.
Kaler

„

stock

exchange

(assoc.)

34

I.

EAST

AVENUE

PAWTUCKET, R.

1

43

become

affiliated with

Co., Traction Build¬
ing, members of the Cincinnati
Stock Exchange. He was formerly
with Perry T. Blaine & Co.

|.

1-4000
PR

has

Geo. Eustis &

exchanges

'

ST.

(Special to The Financial Chronicle)

1900

members
york

new

york,

st.* louis,




and

private

wires

bridgeport,

white

plains

3.1

25%

4.9

2.35

33%

7.0

10

1.40

27%

5.1

49

1.20

20%

5.9

blower
>

Mfg. Co.__
silver tableware

Sterling

Towmotor
Fork-lift

Corp.
truck

•

Townsend Co.
Wire products

Travelers

share

on

made

Co.(Hartford)

the

Sept.

89

0.7

19.00 2,655

stock

new

.

was

1955.

13,

27

2.50

59

4.2

Georgia———

25

20.00

735

2.7'

Gas Elec. Lt. & Pwr.

38

1.01

30%

3.3

21

3.00

54%

5.5

14

0.85

12

7.1

18

0.67 %

8

8.4

23

1.55

31%

5.0

(Cleve.)

12

1.80

44%

4.0

(L. A.)

*30

f6.96

*30

1.30

Trico Products Corp.—
Auto

With King Merritt

'

accessories

Trust Co. of
Tucson

Electric and

utility

gas

(

Clutches and gears

j

Rubber specialties

Tyler Refrigeration Corp
Steel

display and storage
equipment

Inc.

Uarco,

Business

'

.

stationery

.

Union Bk. of Comm.

Bank & Trust
Natl.

burgh
*

in

Bank

-

-

Details

not complete

t Adjusted

for

stock

as

3.7

190

Pitts¬

tc

34%

3.8

possible longer record,
splits, etc.
for each share of Taylor-

dividends,

Colquitt common held,
q

were distributed as dividends in kind.
Trustees
stockholders
received
the stocks
and
distributed

Certain stocks
$4.03

the
per

share.

If you want a report—or
On any

let

If you

quote

over-the-counter stocks,
us

know.

wish to know about

•'special situations"—we are
Special Situation Specialists
We like to

get letters—

We love to hear the phone ring.

BARCLAY INVESTMENT CO.
BONDS

STOCKS
MUTUAL

FUNDS

to

hartford,
offices

waterbury

SPRINGFIELD, Mo.—John J. A.
Hilgert is now with King Merritt
& Company, Inc.,

ing.

Woodruff Build¬

t

i

Ins.

accident, health
A 25 for 1 stock split became
effective in August, 1955.
An
initial payment of 20 cents per

Life,

(Special to The Financial Chronicle)
direct

90

1.25

blades

fan

and

f2.83

38

machinery,

Manufactures,

Just

new

21

20

Co

Trust

Torrington Mfg. Co.—

for

p.m.

for the Oil Industry."

Established

rods

bronze

h Plus one share of Taco Corp. common

.

—

and

Brass

Union

Boston Investment Glnb

Open-end Phones to Boston

suits, coats, etc.

Titan Metal Mfg. Co

Union

RHODE ISLAND SECURITIES

"Time,"

"Sports Illustrated"

&

in the best interests

of the company.

Our Trading

"Life,"

of

"Fortune"

Tyer Rubber Co

group of claims proves disappoint¬

Teletype: NH 194

—

drug store chain

Twin Disc Clutch Co

both the Peach and the Rosemont
*

products

Thrifty Drug Stores.—

group of claims.
If initial exploratory

New London

New York Phone: REctor 2-9377

and

King Ore
presently in pro¬

—

—

cotton

of

range

and to
explbre and if feasible develop the
Peach and develop the Bosemont

Exchange

Offices in:
*

which

duction
tion

NEW HAVEN,

Branch

extension of the

an

Wide

.

Springfield (Mass.)

Thomaston Mills

Men's

Lewisohn Copper Corp. was in¬

Conn.—Enterprise 6800

of

Co.

39 S. LA SALLE STREET
ANdover 3-7055

CHICAGO

3,

ILL.

,

Number 5474

Volume 182

.

.

.

(1669)

The Commercial and Financial Chronicle

Kneeland Jones With

WORLD'S BIGGEST MARKET

the Midwest Stock

Kramer-Gardner Co-

Burke & MacBonald

CONTINUES TO FLOURISH

!
4

'

Cash Divs.
No. Consecutive

Years Cash

% Yield
Quota-

June

30,

Paymts. to

June 30,

1955

1955

ST.

Kramer-Gardner

1955

offices

$

Union Natl. Bank of Youngs-

52

fO.52% 61

0.9

Union

Oil and Gas Corp. of
Louisiana, class A & B

50

gas

Operations

of

with

merger

tained

will

of

brings

branch

to

17

offices

the

main¬

Dempsey-Tegeler

by

&

Company in the United States.

under

Memphis

1.70

25

49

ment

3.5

Union Trust Co. of Md

16

1.45

41%

Union Wire Rope Co

18

1.15

19%

1.00

17%

Gardner

5.6

of

the

two

offices

Dempsey-Tegeler manage¬
began
Oct.
15.
KramerCompany,

a

of

member

Planning

(Special to The Financial Chronicle)

BOSTON, Mass.—Joseph Cabitt
and

Eugene

J.

Planning

Corp.

have

O'Neil

connected

come

be¬

Investors

with

of New

England-

Inc., 68 Devonshire Street.

5.8

14

Two With Inv.

Tegeler,
senior
partner
of
Dempsey-Tegeler & Company.

production

Bank

Company,

Burlington and Water¬

The

number

F.

Union Planters National
•

The firm of

loo, Iowa, has joined DempseyTegeler & Company of St. Louis,
Mo., it was announced by Jerome

3.8

2.00

18

and natural

in

—

Schrubbe

H.

the firm's Waterloo office.

.

town, Ohio

oil

LOUIS, Mo.

as

serve

of the Burlington office,

Leslie

while

manage

•

will

Gardner

E.

manager

Dempsey-Tegeler

Based on

tion

June 30,

12 Mos. to

Divs. Paid

Crude

Merged With

Approx.

Including
Extras for

Has

Exchange, wag

founded in 1921.

L.

49

carbon

High

United

wire,

Drill

Machine

and

'

3.5

wire rope

& Tool

-

Kneeland Jones

tools, misc. equipment

'Special to The Financial Chronicle)

United Illuminating Co
Connecticut

2.60

55

54

4.8

KANSAS

operating utility

W.

United Printers & Publ., Inc.

1.20

16

17%

6.8

East

of

15

f2.85

95%

3.0

16

f1.67

80V4

2.1

A.

*45

1.80

68%

*47

0.35

6%

5.2

2.00

67

3.0

56

2.45

84

2.9

19

2.00

34%

5.8

23

f 1.39

32%

4.3

insurance

formerly

was

Weltner

E.

officer of

an

Co.

&

for

many

years.

U. S. Fire Insurance Co
Diversified

Stifel, Nicolaus & Co., Inc.

2.6

Jones

Co.

Inc., 17

Street, members of the
Stock
Exchange.
Mr.

Midwest

envelopes

U. S. Fidelity & Guaranty
Diversified

10th

31

Manufacturer

associated

become

with Burke & MacDonald,

Greeting cards

U. S. Envelope Co

CITY, Mo.—Kneeland

has

Jones

SINCE 1890

insurance

U. s. Lumber Co

N* Y. Stale Electric

Holding Co., land & mineral

interests

/„•

Offer Underwritten

States National Bank

United

of Denver

U. S. Natl. Bank

(Portland).

is

of

its

Oct.

18,

1955, rights to purchase at $37

per

Corp.

offering
stock

common

U.

S,

Co

Potash

used in chemicals

Potash

and

share

fertilizers

U.

Shoe

S.

Corp

Research and tests

3.50

20

Co

125

for

2.8

(Del.)

U. S. Truck Lines

1.20

23

6.3

19

Inter-city motor carrier

16.00

101

370

Fenner

2.5

from

and

Mfr.

Co

distrib.

ophthalmic

fl.17

27

4.3

0.10

5

2.0

lens

multifocal

of

blanks

and

UPSON

(THE)
and

Exterior

5.6

27

1.50

14
wall-

fibie

•

advertisement

For

of

this company

Upson-Walton (The) Co.^__
Utah

see

page

21

18.

10%

0.65

6.2

Construction

Co

,

30

k0.90

2.6

35

contracting

-

.

1.00

26%

3.8

3.00

52

5.8

Valley Natl. Bk. (Phoenix)—

23

1.00

32%

3.1

Vapor Heating Corp

21

2.50

42

6.0

21

3.00

59

5.1

21

1.25

22%

5.5

Refining Co

oil

refining

Valley Mould & Iron Corp.__

heating systems

Veedor-Root, Inc.
Makes

counting devices

Viking Pump Co.

electric

soft

coal

land

in

*39

4.00

61

6.6

Virginia

Kentucky

20

0.60

12

5.0

21

Vlchek Tool Co
Tools &

f0.44

9

4.9

plastics

Vulcan Mold & Iron

Co

Ingot molds and plugs

Wachovia

314 N. BROADWAY

purchase
shares re¬
the

at

ex¬

and
the

western

service

gas

central, east¬

parts

New

of

Listed and Unlisted

Finger Lakes

and

Securities

Proceeds from the current stock¬

offering and from the sale
yesterday (Oct. 19) of $15,000,000
first mortgage bonds, will be
used to discharge $17,000,000 of

notes,

the

for

®

Details

t

Adjusted

19

0.85

42

2.0

not

one

Construction

in any

market. We invite your inquiries.

expendi¬

for the year i 955, estimated
$28,000,000, include an appro¬
priation for completion of the first
135,000 kilowatt unit at the utiL
ity's new Milliken station at Ith¬
tures

at

aca,

A. G. Becker & Co.
Incorporated

N. Y.

operating

for the
12 months ended Aug. 31,
1955,
amounted to $75,410,000 and net
income was $10,330,000, equal af¬
ter preferred dividends, to $2.88
per common share.
Dividends on
revenues

54 Pine Street

120 South LaSalle Street

New York 5, New

Chicago 3, Illinois

York

the

common jstock., have
been*-at
quarterly rate of 50 cents a
since May 1954.
Capitalization to be outstanding
upon sale of the additional com¬

share

Trust

Bank &

construction

company's

program.

Quotations supplied and orders executed

the balance available

with

'the*

(Winston-Salem)

k Plus

105 W. ADAMS STREET

Pierce,

York State, including the Adiron¬

Total

Virginia Coal & Iron Co
and

in

areas

and

ern

Rotary pumps

Owns

will

ST. LOUIS 2

3, 1955.

Ingot moulds and .stools

Car

Lynch,

CHICAGO 3

of

19

Oil

Crude

un¬

holder

*40

Utah

share

An

New York State Electric & Gas

Catskill
regions.

rope

General

held.

Beane,

dack,

board

Wire

&

within

CO

interior

common
new

the company any

supplies

eye

frames.

glass

Merrill

Nov.

on

candy

Co

BANKING

piration of the subscription period

17

27

Universal Match
and

its
one

maining unsubscribed

Holding company

Lens

of

shares

10

and

4.3

0.57% 22%

16

Utilities, Inc

Matches

each

Co.

Y.)_~.1—

U. S. Trust Co. (N.

Univis

shares

derwriting group headed by The
First Boston Corp. and including
Lehman
Brothers; Wertheim &

textiles, soaps,

•'*-

United

record

stock at the rate of

States Testing

oils

holders

of

aggregate of 303,407 ad¬

an

ditional

Women's footwear

United

65 YEARS OF INVESTMENT

New York State Electric & Gas

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

and

stock

mon

share of Permanente Cement Co. for every 70 shs. held.

mortgage

$130,587,000

Continued

on

page.

50

383,875

of

of

shares

the

first

new

will! consist

bonds

of
debt;

long-term

of

$100

Specialists in

pre¬

par

ferred stock in various series,

and

3,337,475 shares of common stock.

With Allen Inv. Co. If

CHICAGO

BOULDER,

Colo. — Fred
with Allen

Chrisman

is

vestment

OVER-THE-COUNTER

Company,

teenth

SPECIALISTS

now

1921

Four¬

With Greenberg, Strong
/Special to The Financial Chronicle)

DENVER, Colo.—Jerry'L. Good¬
man is now with Greenberg, Strong
&

Co., 1700

Broadwajhv

Joins Honnold Co.
MEMBERS MIDWEST STOCK EXCHANGE

Securities

Street.

1926

SWIFT, HENKE & CO.

1

H.
In¬

SINCE




nQver the Counter

(Special to The Financial Chronicle)

(Special to The Financial Chronicle)

DENVER, Colo.—Robert T. Kittleson is with Honnold and Com¬
pany,

524 Seventeenth Street.

H. M. Byllesby

and

Company

(Iucorporated)

CHICAGO

PHILADELPHIA

135 South LaSalle Street

1500 Chestnut Street

Telephone: FI 6-4600

Telephone: RIttenhouse 6-3717

Teletype: CG 273 & CG 2860

Teletypes: PH 606 & PII 607

50

The Commercial and Financial Chronicle

(1670)

firm,

Henry Monlor Assoc.

Mr.

chief

Montor

executive

served

American Financial and

Opens in New York

ment

the

as

officer

Develop¬

field

sion

the

of

with

the

admis¬

of

Henry

firm

new

founder

Montor

Associates, Inc., to mem¬
bership in the New York Stock
Exchange. The new organization
has

its

offices

located

at

Israel Bonds. Mr. Montor

40

Ex¬

portant

Keyserling,

Chairman

of

Council
will

serve

the

of

Economic

Advisers,

economic adviser for

as

Henry Montor Associates, Inc. and
Robert R. Nathan, former director
of

the

War

Mobilization

Prior

to

organizing

the

new

bonds

as

an

im¬

of capital for the

for

Michael

Schwartz's

City,

on

J.

ten¬

was

New

America

DeMarco's

honor

in

Cash Divs.

elevation

the

to

Stock

the

nounce

Exchange,
of

opening

secutive

will

office

The

be

managership

Solomon

and

Bank

Warren

&

Bros.

presented with the Jean ArReid

Award

F.

J.

Jerome
Schmidt.

of

Association

Trust

Co.

at

Women

a

Oct. 14,
1955, at the Westward-Ho Hotel,
Phoenix, Arizona. Miss Hazel C.

(S. D.)

Printing

papers

Underwriters and Dealers

Founders'

ute Committee for the

the

Crude

presented

MUNICIPAL and CORPORATION

to

Association's

Trib¬

which

was

Mrs. Neill
by the
President, Miss Cora

I.

Blanchard, Assistant Treasurer,
Suffolk Savings Bank for Seamen
And Others, Boston, Mass.

SECURITIES

The Jean Arnot Reid Award was

established
ciation

THE FIRST CLEVELAND CORPORATION

Makes

Book

19

CLEVELAND

President

cash.
of

It

ten

is

with

Telephone

Teletype

scroll

consists

and

of

in

$100

given annually to one
graduates of the

Institute

of

Banking

scholastic

high

who,

founder and

a

women

American

14

by the Asso¬

and

averages

through

the

character and

Bell System CV 443 & 444

integrity
of
efficiency of work,

is

PRospect 1-1571

the

considered

represent

fitted

to

metal

25%

3.9

25

7.0

Foundry. 101

2.00

32%

6.1

28

1.45

25

5.8

10

0.15

10%

1.4

27

0.60

15

4.0

14

9.00

196

4.6

14

0.70

15

4.7

10

0.75

12%

5.8

15

1.00

17

5.9

19

1.00

14 y4

7.0

15

0.80

14%

5.4

*32

2.30

50

4.6

67

0.80

19

4.2

10

1.40

34%

4.0

working

machinery

Paper Co

paper

Radio

and

Texas

electronic devices

(J.), Inc

supermarket

Cotton

chain

good3

Wellman

Engineering Co.___

Machines

for

handling

materials

Wells-Gardner Co.
Radios

West

Disinfecting Co

Sanitation

West

products

Mich.

Steel

Foundry

castings for railroad and

industrials

use

West Ohio Gas Co
Natural

West

utility

gas

Penn

Power

Co

Both

operating utility and
holding company

West Point Mfg.

-

-

Co

Textiles

West Virginia Water Service
Wholesale
and

retails

gas;

water

ice

(N. Y.)

84

1.10

35

3.1

21

4.20

142

3.0

28

2.10

42%

4.9

*23

3.00

126%

2.4

13

0.80

18%

4.3

21

2.00

37

5.4

68

1.40

25%

5.4

18

1.00

13%

7.4

Whitney Natl. Bk.(New Orl.)

'

70

4.00

268

1.5

Wichita Union Stockyards

47

5.00

76

6.6

16

0.80

17

4.7

(Consider H.), Inc... *15

0.50

51/4

9.5

20

1.25

21%

5.7

70

0.60

9%

6.1

Diversified

Appointed Manager
READING, Pa.

Consecutive Cash Dividends Paid

insurance

\

19 to 86 Years

"1

Fire,

marine,
casualty

Penington,

Colket & Co., members of leading
stock
exchanges, announce that
William

r

—

A.

Smith, 3rd., has been

appointed

Reading, Pa. office

i.'

18

Drackett Co.

firm's
North

Mr.

Gibson Art

Baldwin Piano

Company
MacGregor Sports Prod.

Black Clawson Co.

Manager

■

.

..

American Thermos Bottle

Resident

the

:;v >v-

Fifth

Smith

Bell

fice in

U. S. Shoe

Corp.
Whitaker Paper

Telephone

auto

Western Massachusetts
Holding
lng

company

electric

for

Cos..

an

opera-

utility

Weyerhauser

Timber

Manufacture and sale

Co

of

forest

products

Cables

Reading of¬

and

&

____

terminals

Whitaker Paper Co

land

Paper products

Whitin

Machine

Textile

cordage

Works

machinery

Whiting Corp.
Cranes, hoists, foundry equipment

Morton Adds

(Special to The Financial Chronicle)

TRADING MARKETS

BOSTON, Mass.—Allan
is

with

State

GEO. EUSTIS & CO.

B.

C.

Morton

A. Stone

&

Co.,

Street.

131

Kansas

operator

Willett
1862

i|

Will & Baumer Candle Co...
Candles

and

1

■

paraffin

Maple & cherry furniture

Williams & Co., Inc

OHIO'S OLDEST INVESTMENT FIRM
Cherry 1-4070

aviation,

Whitaker Cable Corp

Penington,

1952.

B. C.

ESTABLISHED

at

Colket & Co. in 1951 and became
associated with their

Richardson Co.

Cincinnati & Suburban

of

Street.

joined

Cincinnati

Tel.

Supplies for industrial safety,
welding, refrigeration, etc.

CI

Williams (The)

560

3.3

1.75

_

Western Assurance Co..

1,'

122

30

_

Westchester Fire Ins.

in banking.

women
1

best

1955

1.00

Webster-Chicago Corp.

Steel

1936

embossed

an

BLDG.

in

in honor of

former

EXCHANGE

STOCK

1.85

oil & gas producer

Watervliet

Association,

Award

30,

products

Wellington Mills, Inc

announced

MIDWEST

1955

4.00

12

_

Co

& allied

Waterbury-Farrell

Friday,

the

June

4.3

Weingarten

of

on

Paymts. t

30,

42%

Sowell, Vice-President, First Na¬
tional
Bank, Palm Beach, Fla.,

NATIONAL CITY E. 6th

1955

19
_

Chairman

MEMBER

tion

June

30,

Co.

__

Washington Oil Co.

by the National

Bank

held

Warren

Mo.—Mrs. El-

CITY,

Neill, auditor, Grand Av¬
Bank of Kansas City, Mo.,

enue
was

not

the

of

John

June

Based

*

Walker

deda W.

luncheon

joint

Divs. Paid

(Salt Lake City)

KANSAS
an¬

City.

under

Quota¬

Paving contractor

office in the textile district at 150
Fifth Avenue, New York

% Yield

Extras for
12 Mos. to

Years Cash
,

man¬

Bank Women

branch

a

Approx.

Including
No. Con¬

Mr.

of

agership of Josephthal & Co.

Talmage Branch

York

I

Street branch of the Anchor Club
of

(Thursday, October 20, 195

CONTINUES TO FLOURISH

at

DeMarco

49

page

restaurant, New York
Oct. 12, by the Wall

Talmage & Co., members of the

Board,

will be its investment consultant.

first

dered

dinner

Wins Award for

New

former

President's

Or¬

the

for

testimonial

development of Israel's economy.

Mr. Montor announced that
H.

source

the

Bond

Israel

which

time established

change Place and 32 East 57th St.
Leon

the

of

ganization

was

A

from

.

WORLD'S BIGGEST MARKET

Honored at Dinner

Corporation for Israel which

raised

approximately $190,000,000
Henry
Montor,
who
directed
during the period from May 1,
the mobilization of close to $1 bil¬
1951
through
May
15,
1955
lion for the State of Israel during
through
the
sales
of
State of
the past two decades, enters the
investment

Continued

M. J. De Marco Is

the

of

..

(J. B.) Co...

Manufactures toilet articles
*

Details

not

complete

as

to

possible

longer record.

Specialists in
Have You Considered

OHIO, KENTUCKY and WEST VIRGINIA
Listed and Unlisted Stocks and Bonds

as an

Municipal Bonds of all Types
cincinnati

You

wheeling

Underwriters

—

diversified group

Get the

Toronto

Grand Rapids

Ont.

Mich.

i

booklet-prospectus about the

Company from
dealer

Chicago Board of Trade
Chicago Mercantile Exchange

or

your

investment

mail coupon

to

.

New York City
(SINGER, BEAN & MACKIE, INC.)

TELEVISION SHARES

MANAGEMENT CORP.

WALNUT STREET

135 S. La Salle St.

2,

WITH DIRECT PRIVATE WIRES TO

Birmingham
Ala.

Commodity Exchange, Inc.
Cincinnati Stock Exchange

CINCINNATI

UNLISTED SECURITIES

through

FUND, INC.

Members New York Stock Exchange
American Stock Exch. (Assoc.)

Phone—MAin 1-0560

a

TELEVISION-ELECTRONICS

Distributors

322-326

invest in

the shares of

athens

charleston

OHIO

Chicago 3, III.

115

Broadway

Arthur M. Krensky & Co.

New York 6, N.Y.

Members
New York Stock

Teletype—CI 585, CI 232

Exchange

•

Other Principal

Exchanges

NAME

I
,

I

can

IN

Investment Medium?

of electronics securities

:*Dayton

hamilton

A DEPARTMENT SPECIALIZING

ELECTRONICS

-

Direct Private Wire

"
to Francis /. du Pont

141 W. Jackson Blvd.
<£

ADDRESS

Co.

\




CITY

i

HArrison 7-7727

—

Chicago 4, Illinois
Teletype CG 2721-2722

o-

Volume

182

Number 5474

.

The Commercial and Financial
Chronicle

.

.

(1671)

WORLD'S BIGGEST MARKET

Although
realms

CONTINUES TO FLOURISH
Cash Divs.

% Yield

No. Con- ' Extras for
secutive

June

Divs. Paid

Wilmington (Del.) Trust Co.
Winters

Natl.

(Dayton)

Bank

&

47

1955

186

r\

In the

4.4

gas

20

38

The

Goodwill

6.6

pro¬

Station
27

o.eo

15

Speed

controls

for

16

engines

1.65

31

_

_

_—

Metal

_

V. '

maximum

13

2.50

63 %

3.9

efforts

20

_

1.00

17

5.9

well

stampings plumbers'

supplies
•

43

Yuba Consol. Gold Fields-

46

(J. S.) Co.__
Licorice'paste for tobacco

California

4.00

111.

Zonolite Co.

&

_

1

Fireproof building

obtain

creative

a

The
any

Arthur C. Tamlyn
Arthur

Kidder,

-

human

member

mind

is

not

like

high

powered

from

motor.

job,

they

have

passed

to

are

L

and

8.

Bank of America

their

work
regularly
day. They also have under¬

confidence
their

Some

of their

Company

C. M. Glasscock-Tidelands Oil

Great Basin Petroleum

and

Company

Company

be¬

Langendorf United Bakeries Inc.

associates

McRae Oil and Gas

customers, and last but
they have definite goals.

not least

TABLE II

Oct.

away

California-Pacific Utilities

ings and this helps them to
gain
and

York

Exchanges,

FIRM MARKETS

steady and con¬
apply them¬

standing of the weaknesses
strengths of other human

possible longer record,
dividends, splits, etc.

New

Stock

a

the

the

the

are

every

to

of

their

salesmen

5.9

i.

C. Tamlyn, partner in
Peabody & Co. and a

American

.

other

sistent workers who

others, they

0.07%

jess when it comes to organizing,

the

7.5

10%
'

,

as

effort.

time and

a

only

when
they learned to Do One
Thing at a Time did they begin to
accomplish more with less strain
and

thing at

be the ,secre* of.

thinking, and working,

busi-

that

me

sincere interest in the
welfare of

materials

♦Details not complete
t Adjusted for stock

i

have found

results

securities

as

n

1.5

0.60

11

of

told

,,

i

7.7
'

4

.re,

_

a

have

activity.

individuals. They
health, they have a desire to

selves
16

in

were

ness)

1

0.30

Ky.

__

52
1

gold dredger

in

do

y ■'

'

Zeigler Coal & Coke Co
mines

you

of

(and

us

especially in the investment

one

on

se5;ms

organized

have

Young

Owns

retailing

T
Over many years I
that
the
men
who

—

Corrugating Co.

if

work

work

and the inward and
outward tensions that come to most of

~

and

County Trust Co.

(Mass.)
York

the

than

routine type of

5.3

technical

with

securities

propellers

Worcester

in

engaged

connected

4.0

broadcaster

Woodward Governor Co

true of work other

the

are

(Detroit, Mich.)
Detroit

al-

selling profession, there
is a greater need to
"stay on the
track," in my opinion, when you

duction

WJR

and

can

thinking about one thing at a
time. The conscious mind will only

Time

a

only in the
mystery as yet
we do know

understood,

of

rr..

Thing at

day there

interruptions

though this is

4.0

of each

course

many

than
2.50

.

One

works

great

delicate and
powerful
only be more efficient
when it is given the
opportunity

tool

By JOHN DUTTON

Paymts. to
June 30,

1955

0.80

39

natural

June 30,

f8.25

*30

&

tion

30,

1955

riot fully
that
this

on

are

.

oil

Based

Trust

Wiser Oil Company
Crude

Quota-

12 Mos. to

Years Cash

Securities Salesman's Corner

Approx.

Including

it

of

Corp.

Nevada Natural Gas

Pipe Line Co.

have only a general
of what they wish to ac¬
men

pattern

complish; they think

in generali¬
This is all to the
good when

ties.
you

are

this

OVER-THE-COUNTER

writing

about

work, for

sionally

general

ceptable

Consecutive Cash

and

set

out

you

business
a

of

man

ideas

helpful.
in

and

earn

DIVIDEND PAYERS

column such

a

sales

First California Company

as

Underwriters

occa¬

are

Members: San Francisco Stock Exchange

ac¬

Midwest Stock

you

as

securities

just

you

300

can't

30

Montgomery Street

I am going out to make some
sales, acquire some
customers, and

OFFICES SERVING

647 South Spring Street

Teletype LA533
INVESTORS IN

say

for

let the chips fall where
This may succeed for a

eventually

you

to

5 to 10 YEARS

some

decide

What
sell

going

to

sell

Including
secutive

Divs. Paid

only things

Based

termine.

Extras for

Quota-

12 Mos. to

Years Cash
;

% Yield

June

on

Paymts. to

June 30,

30,

tion

June 30,

1955

1955

Electric

Corp

Transformers, radio,

9

0.26

5

0.15

11%

condensers

1.3

in

Steel

10

5.0

0.90

;

30%

2.9

6

f0.35

15

2.3

9

0.62% 60

1.0

8

1.20

4.4

—

27%

variety of hospital supplies

in

American

January,

Machine

0.4423
each

shares

share

of

common

f0.73 ^,35%

2.1

8

y?19%

5.1

1.00

5

0.20

2%

8.4

9

0.67}£^11%

6.1

£

machinery

Manufacturing Co
.

,

Bayway Terminal

8

0.15

7

2.1

Warehousing

Gossett..

8

Pumps, tanks and valves

Steel

wood

8

tanks

and

dairy

f0.47%£t4
1.40

;^Jl2%

0.8

9

0.35

''ft

6%

5.2

'.J 2%

7.0

products

Buchanan Steel Products
8
,

0.20

storage

Details

i;i

Co

not

t Adjusted

9
warehouse
complete

for

stock

':/54

business

as

to

4.6

'■

possible

dividends, splits,




2.50

Continued

calmly

and

and

us

I

have to work

that

page 52

Building, San Francisco
•

we

organiz-

can

-

oper¬

less

strain.

But

active

and

I

men

have

»

ever

carrying sched¬

DEMPSEY-TEGELER

to get things done is to Do
Thing at a Time.
I have

ways

One

busy

tients

in

doctors
their

handling

offices

when

UNDERWRITERS

the

*»

to

new

emergency

1

\

★ DISTRIBUTORS

orderly minds have switched

over

^

...

★ CORPORATE &

known

firms

heads

of

who

can

well

rounded by

10th and Locust
T.i.tvnp

eiype

when

they

are

i

Angeles

I

Chicago
•

St. Louis

1, Mo.

(Trading Department)

SL144

'Municipal Department)

SL 491

^

Pasadena; /

.

%

Glendale

1

Beverly Hills

*

Fullerton

Newport Beach

concentrate

La Jolla

/

Santa Ana

Nationwide Wire Servite

Joplin

/

Fayetteville

sur¬

interruptions, changes,

j

}

OFFICES
Los

that is

they

ANGELES

EXCHANGE

St. Louis

busi¬

are
carrying a
literally filling a
full eight hours
every day, and
sometimes 10 and 12
hours, and
under such pressure that
only be¬

cause

(Associate)
MIDWEST STOCK

STOCK

interruption. I have

executive

NEW YORK STOCK
EXCHANGE
AMERICAN STOCK
EXCHANGE

LOS

MUNICIPAL SECURITIES

they go again to the original case,
just as fully concentrated there as
the

CO.

EXCHANGE

and

100 concentration has been turned
the new problem. Then back

to

prior to

&

MEMBERS

★

pa¬

urgency of a phone call interrupts
them. In the flick of a second
the

4

Teletype SF 573

I

of

most

are

Russ

YUkon 6-2332

\

methods
so

effort

WALTER C. G0REY CO.

j
j
j
|

your

efficient

as

trial

the

who

j
j
j
j

through

go

be

]
i

are

ules that would swamp most
men,
me that one of the best

work
on

BANK STOCKS

WEST COAST SECURITIES

and

fully
on
one
thing at a time are they
able to get through these
days at
all. Many men who are able to

longer record,
etc.
I

.

i

burdens,
you,

have told

schedule

..

Refrigerating & Ter-

minals

*

"

INSURANCE STOCKS

wish.

with

of

purposeful

ness

y\

Corp.

Cold

7.6

0.10

Produces potash

Camden

*18%

9

Bonneville, Ltd.

;Forgings

3.4

'

Blue Moon Foods
Cheese

Wholesale and Retail Distributor

be

their

.*%

Si vails & Bryson
and

not

own

better

seen

.

on

find that

you may

much

our

known,

fabrics

as

would

several

7

Auto-Soler Co.

&

can

will

you

travel

up

possible

days,

you

ate

pipe, bricks, tile

rayon

must

that

pile

ing ourselves

for

held.

and

as

out

American Vitrified Products.

Cotton

the
de¬

such

activities

your

and

believe that all of

by
Foundry

received

Paints, varnishes, enamel,
lacquers, etc.

Shoe repair

you

evenly

After

American-Marietta Co.

Sewer

can

as

1955

&

Stockholders

of

of added

Things

your

American Iron & Machine
Works Co.
Acquired

study that

time

on

co.

American Hospital Supply—

Cc.

of

part

•unless

Operating public utility

Large

filled

relieved

Inc

also

are

you

results

stampings

Dairy holding

you

not

will be mentally up
equipped to give sound
to
your
customers,
You must plan
your day's work so
that your appointments will
be

"

finance

Inc

American Dairies,

Black,

that

so

0.50

Allied Gas Co

Bell

quota

*9

business

are

are

will have to

There

regular

8

Courses

them,

suggestions

Inc.

Alliance Ware,

things.
going to

to par and

Alexander Hamilton Institute

Bates

full

5.2

a

7

Electrical

you

and

TV

Aerovox

may.

prosaic things as checking client's
portfolios, answering inquiries
writing letters, doing your

1955

•5

Acme

definite
are

you

NEVADA

while but

today, and to whom

Approx.

CALIFORNIA AND

going to have

are

securities

Cash Divs.
No. Con-

they

Exchange (Associate)

LOS ANGELES

Teletype SF885

sales¬

a

Angeles Stock Exchange

American Stock

SAN FRANCISCO

investment
intend
to

living

Los

Exchange

But when

the

51

Muskogee
»

•i

Chronicle

The Commercial and Financial
52

.

.

.

Thursday, October 20, 1955

(1672)
Estimated

Region

Increases

'

25.4%

Lakes

Great

Allegheny
New England

16.3
11.4

1

Pacific Northwest

51

WORLD'S BIGGEST MARKET

CONTINUES TO FLOURISH

9.8

Ohio

Continued from page

8.8

Valley

Cash Divs.

,

Approx.

Midwest

Shippers
Advisory Boards have made their
estimates of probable freight car
Regional

various

The

of 1955.

needs for the final quarter

variation in the prospects for

Considering that comparisons will
with a period in 1954 when
business and traffic had already
be

paint

a

thei

shows

tabulation

the estimates
quite optimistic picture of

to

begun

estimated

recover,

the closing

In the

months of 1955.

the

for

aggregate

individual

potentialities for

railroad earnings

country

car

estimated

loadings for

the

the

list

with

regions,
in

arranged

a

as

in

increase

descending order of

percentage

Extras for

Quota-

% Yield
Based on

8.1

12 Mos. to

tion

Paymts. to

6.7

Years Cash

June 30,
1955

June 30,

June 30,

1955

1955

Central

6.7

gains.

Western

Trans-Missouri-Kansas

Divs. Paid

$

speaking,

performance

country is it anticipated that traf¬
fic will run below the level of a

will be noted

Also, it

ago.

indus¬
trial belt the Pacific Northwest is

that aside from the eastern

expected

than the
Surprisingly,

better

do

to

country as a whole.
this latter estimate

HI BANKERS BOND IH
f

INCORPORATED

Member

Stock

Midwest

Exchange

1st FLOOR KENTUCKY HOME LIFE BLDG.

LOUISVILLE 2, KENTUCKY
Dell

Long Distance 238

Teletype LS 186

with

is arrived

at

indication that there will

an

change in car
loadings of the region's most im¬
portant traffic category, lumber
and forest products.
Grain load¬
ings are expected to be sharply
higher and good gains are expect¬
ed for a number of other farm
be

virtually

37

4.1

1.00

26i/2

3.8

5

0.85

14

6.1

5

0.50

6%

7.5

2.00

30%

6.5

turpentine

Campbell Taggart Associated

the best
is antici¬

pated in the heavily industrialized
sections of the east but it is no¬
table that in no section of the

year

1.50

*9

Paper & board; lumber;

2.9

Generally

8

Camp Manufacturing Co., Inc.

3.t

—

Southwest

relative

Including

6.6

Atlantic States

dif¬

The following

ferent sections.

No. Con-

secutive

Northwest

whole, it is estimated that car
loadings will be 9.4% above those
of a year ago. As is usual in the
railroad industry there is a wide

8.3

Pacific Coast

Car Loadings Forecast

Gains in Fourth-Quarter

8.3

Southeast

no

commodities, and for paper prod¬

Bakeries, Inc.
Bakery chain

Capitol Records, Inc
records

Phonograph

Carlisle Corp.

*

Inner

tubes,

tires,

bicycle

brake lining,

etc.

Cascades

Plywood

Plywood

'V 8

Corp

v.

&

Bank

Central

;

Trust

Co.
*9

mines

Leases

royalty

on

193/4

3.6

1.00

38%

2.6

0.15

71/4

2.1

basis

7

(G. C.), Ltd.

Conn

0.72

8

(Denver)
Central Coal & Coke Corp.—

'

Top manufacturer of band
instruments

8

1.50

30

5.0

9

1.00

191/4

5.2

7

f0.60

31

1.9

9

Inc

Printers,

Connecticut

5.00

76

6.5

17

6.6

Printing & lithographing

Dearborn

Consolidated
office

Owns

buildings

in

Chicago

and Newark

Cook Electric Co.
communication

Wire

equipment

ucts.

Coos

Kentucky Municipal Bonds
Securities

Local

DEPARTMENT

TRADING

the

For

whole

a

as

percentage gains
for
in
automobiles

largest
looked

CHARLES C. KING

HECTOR W. BOHNERT

country

(and this largely
explains the
prominence of the eastern sections
of the country on the up side) the
are

and

trucks

(38.9%), ore and concen¬
trates (32.4%) and iron and steel

In point of tonnage, the

(25.7%).
widest

gain

over

ago

year

a

is

coal shipments, fol¬
lowed by
ore
and concentrates.
The only important categories in
in

expected

which

in

decline

a

loadings

car

UNDERWRITERS

compared with a year ago is ex¬

BROKERS

pected are cotton and petroleum
and petroleum products: This in
turn explains the relatively poor

forecast

performance

DISTRIBUTORS

Considering the important role

by coal and ore in
the
anticipated
fourth
quarter
traffic rise, it is probable that the
rise in revenues will not be so
wide as the rise in traffic.
Coal
and ore are low rated commodi¬

CORPORATE
and

MUNICIPAL

SECURITIES

be

Investment Securities

Stock

New

York

Stock

SECOND

Exchange, American

SEATTLE 4

AVENUE

promise

Moreover, the
trend toward
increased operating efficiency is
expected to continue so that net
income comparisons should make
pleasant reading during this pe¬

over

a

ago.

year

More and more it begins to

riod.
look

Telephone MU. 1900

Teletype SE. 482-673

that revenues
the final quarter will continue
show at least some increase
every

favorable long-term

Exchange (Associate), Chicago Board of Trade

820

to

played

Nevertheless, there seems to

ties.

for

FOSTER 8c MARSHALL

be

if the railroads as a whole

as

might report
Portland

•

Spokane

Eugene

•

•

Olympia

manufacturing

9

0.75

5

0.37 y2

5%

7.0

8

0.45

81/4

5.5

8

0.60

103/4

5.6

Co.

8

0.50

10

5.0

Co

9

f0.60

*8

Copeland Refrigeration Corp.
Refrigerators

conditioning

air

&

Crampton Manufacturing Co.
for

Hardware

plumbing fixtures,
kitchen
cabinets,

refrigerators,
etc.

Cribben & Sexton Co
"Universal"

gas

ranges

Cumberland Gas Corp
Operating public utility

Curlee

Clothing

Suits

&

overcoats

7%

7.9

0.60

13%

4.4

6

1.20

39

3.1

5

0.75

143/4

5.1

Brass_

*9

0.30

53/4

5.2

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

9

1.00

20%

4.8

9

0.20

8

1.50

5

0.50

7

7.1

9

4.00

50

8.0

9

1.00

30%

3.3

8

0.20

8%

2.5

Darling ((L. A.)
Display equipment

Dean

(Tiie)

Co
products

wood

lumber &

Veneer,

Delta Air Lines, Inc
Serves

Dixie

from

Chicago to

Detroit

southwest.

to

MEMBERS:

the

for

Bay Lumber Co

Lumber

new

a

all-time peak

in net income for 1955. This hard¬

ly appears any base for apprehen¬
sion toward railroad stocks.

Denver

__

__

carrier

common

Aluminum

Detroit

and

Bearings

Sewer

District

&

bushings

culvert

and

pipes;

Theatres

___

tiles
__

_

Dobbs

Dunham
Steam

Eaton

Inc

Houses,

Restaurant

and

airline

(C. A.)

Specialists in Securities

ANGELES,

nouncement
Work

Co.

Paper Corp.-

Writing paper

Emhart

Manufacturing Co.

Glass industry

Empire
Oil

Oil

State

___

_

__

production & refining

Equity

Oil

Crude

Ero

machinery

oil

7

DISTRIBUTORS

its

South

been

fornia

INVESTMENT
INVESTMENT TRUSTS

Los

•

CORPORATE

STOCKS

seat

&

u.

s.

National Bank




Building
CA

8-1318

4, Oregon

Sign &

Signaling

8.7

7

1.20

21i/4

5.6

6

1.25

313/4

3.9

7

0.80

83/4

9.1

8

Signal Corp.

0.22 y2

41/8

5.5

13%

1.7

apparatus

First-Mechanics

Natl.

of Trenton
Flour

Bank

Ornamental

Mr.

1949

with

identified

the

has

Cali¬

Bank, Los

Nov.

1

will

be

David

H

admitted

Appento

and

Fruit

formerly

production,

9

fO.24

9

1.50

16

9.4

7

1.00

19

5.3

6

0.47 y2

refining

marketing

of

Cotton

Fulton

the Loom, Inc.__
goods

Cold

Market

Stsrage

Chicago cold storage

Funsten
Pecan

(R.

E.)

Co

5.6

8

f0.59

58%

1.0

7

1.00

18%

5.3

9

Oil

American

Crude oil

1.45

551/4

2.6

9

2.95

82

3.6

producer

Genuine Parts Co._
Auto

8%

shelling

parts

distributor

part¬

City, members of the New York
Stock Exchange.
Mr. Appenzelwas

Co._

&

Refining Co

Petroleum

McKinney

nership in Talcott, Potter & Co.,
41
East 42nd Street, New York

& Co.

work

metal

Brothers

Fownes

General

lar

_

Ornamental Iron

City

Frontier

Spring Street.

Talcott, Potter Partner
zellar

Portland

11%

Control acquired in July, 1954
by
Eagle-Picher
Co.,
through
purchase offer at $33 per share.

650

BONDS

BONDS

1927

1.00

covers

Products, Inc.

Gloves

office,

jored in business administration.

On
SINCE

Angeles

Angeles. A na¬
tive of Toledo, O., Mr. McKinney
holds a B. S. degree from North¬
western University, 1949; he ma¬

SECURITIES

MUNICIPAL

E.

McKinney has
associated with the firm

Since

Uj \vy (i\| CJVJ

10.3

B.

Richard

that

in

DEALERS

H.

Co., dealers in govern¬
municipal
securities,
Francisco and Los Angeles,

become

UNDERWRITERS

2.8

71/4

and

San

Pacific Northwest

An¬

—

by

14%

0.75

9

Manufacturing Co

Auto

0.40

8

Co.

production

Industrial locomotives

&

ment

of the

Calif.

made

is

5.5

271/4

heating appliances

Federal
LOS
.

6.7

catering

Fate-Root-Heath Co

K. E. Work & Go.

3

Operates theatre chain

Fabricon

Richard McKinney With

Trucking

Chicago

Co., Inc.
Motor

with Reynolds

Glatfelter
Book

(P. H.) Co

bond

and

specialty

paper

Glens Falls Portland Cement
Portland

♦

Details

&

masonry

not

t Adjusted

cement

complete

for

stock

as

to

possible longer record,

dividends,

splits,

etc.

i

\

*■£*

Number 5474

Volume 182

.

The Commercial and Financial Chronicle

.

.

WORLD'S BIGGEST MARKET

(1673)

Harriman

CONTINUES TO FLOURISH
Cash Divs.

secutive
Years Cash

Quota-

12 Mos. to
June

Divs. Paid

30,

Based on

tion

Paymts. to

June 30,

June 30,

1955

1955

1955

A

Aircraft

% Yield

Extras for

United

Aircraft

ing holders

of

Offering

Corp. is offer¬

its

stock

common

*8

0.40

7

10.96

insurance

employees

5.1

for Government

conditioning registers

'V

1955, at a price of $100
on
the basis of one

stock held

9

4.50

17.3

26

and

regulators

3.00

of record Oct. 18, 1955.

The subscription offer will expire
at 3:30 p.m. (EST) on Nov. 1,1955.

8

1.00

78

3.8

18%

5.3

heads

write the

other

The

Manufac¬

be

Co.

Presses

for

^tal

working
&

and

See

44

page

Interstate

WATER

and

Pacific

tO.77% i7i/2

4.4

1955

utility

advertisement

for

of

this company

7

the

1.00

247/s

4.0

Coast

cakes;

Midwest

and

Motor

1.00

14%

7.0

5

Iowa Electric

1.21

27%

4.4

1.20

23%

Light & Power

Utilities

_

0.75

18

4.2

7

1.00

16%

6.1

7

2.50

53%

4.7

material

Keyes Fibre Co
Paper plates,

Keystone

5

plastic trays,

Portland

tl.02%

Cement
5

145

31%

4.6

8

0.20

2%

8.0

*9

10.50

17%

2.9

cement

Kingsburg Cotton Oil Co._*_
Cotton

seed

Kingsport
Printing

&

book

Inc

7

Venetian blinds, drapery, hardware

■*"

0.75

Electric

Transformers

La France

and

Co

of

the

available

net

for

Pharmaceutical

Aircraft

fO.57

6

19%

Research
are

For the

2.9

0.40

8Y4

4.8

Carl M.
our

SECURITIES

Loeb, Rhoades & Co.,

New York

its

Correspondent

ESTABLISHED

1920

be

of

the

in

the

division

Johnston, Lemon & Co.
MEMBERS

PHILADELPHIA-BALTIMORE STOCK EXCHANGE

UNDERWRITERS

Southern
Telephone:

-

DISTRIBUTORS

Building, Washington 5, D. C.

STerling 3-3130

Teletype: WA 28 & WA 95 & WA 509

Branch Office:

Alexandria, Va.

and

Department,

all

of

months ended June

six

1955,

consolidated

the corporation
domestic

owned

in

subsidiaries

3.8

20%

2.7

303,000, equal to $3.02

6

1.80

29%

6.1

income

f0.52

11%

4.6

or

share.

Bakeries

and

and

income

net
the

For

income

net

per

9
and

floor

parts

0.75

8%

9.1

coverings
_

5

_

1.50

8

Corp.

instruments

to

1955

0.60

191/8

7.8

81/8

7.4

measure

1955

10

Brewing Co.

1954,

1-0.95

28%

3.3

9

northern

0.55

14%

3.8

9

1.00

21%

4.7

6

0.40

9%

4.3

7

Lucky Stores, Inc
chain

in

California

Mading Drug Stores Co
drug

chain

Marmon-Herrington Co.
trucks

Heavy duty

Maryland

Casualty

of the sale of

preference stock and the

(W. L.)

Co

Other

common

members

of

the

—

Kuhn, Loeb & Co.; Morgan Stan¬
ley & Co.; Hornblower & Weeks;
Smith, Barney .& Co. Goldman,
Sachs & Co.; Lazard Freres & Co.;
Merrill Lynch, Pierce, Fenner &

0.40

9%

9

1.00

14%

7.0

5

0.20

2%

4.5

4.2

5-2527

-

Cooley

Reclaiming

.y

Corp
citrus

iruit

juices

Co.

Bhkely, Rubin Wiih
Greene & Company
Greene

and

Company, 37

Wall

exchange offer of 7/lOths share
of

N.

common

for each share

held.

Rubin

have become

with them

(William S.), Inc

0.10

1.4

in

the

LYNCHBURG. VA.

associated

8

Moore-Handley Hardware

Telephone 8-2821

VIRGINIA
N. CAR.

•

c/eteZtjp&is

W. VA.

Corporate LY 62 & 63
Municipal LY 82

Corporate Stocks and Bonds

Municipal Bonds

ment.

4.3

0.30

Ccd£jQruJUruny

trading depart¬

Retail chain

Joins Roman & Johnson

4.9

FT.

Unlisted Securities

wholesaler

LYNCHBURG

(Special to The Financial Chhonicle)

1.20

Engineering Co

Details

mills,
not

t Adjusted

»c

1955

1932

Co.

&

Street, New York City, announce
that Judson S. Blakely and Burt

*

TWX LY 77

SCOTT, HORNER & MASON

Baker, Weeks & Co.; Putnam &
Co.; Chas. W. Scranton & Co.;
5

Edison

Hardware

LD 39

Co., Inc.; The First Boston Corp.;

t0.25

Control acquired by Union Elec¬
tric
Co.
of
Missouri
through
Union

LYNCHBURG, VIRGINIA

&

nick; Hayden, Stone & Co.; W. E.
Hutton & Co.; Dean Witter & Co.;

•

Concentrated

STRADER, TAYLOR & CO., INC.

under¬

Blyth

1.7

rubber

Drv

Retail Distribution

conveyers

Rubber

Reclaimed

include:

15

Sys¬

tems, Inc.
Manufactures

group

Beane; White, Weld & Co.; Clark,
Dodge & Co.; Dominick & Domi-

electronics

Handling

writing

2.4

apparatus

Mechanical

Utility Stocks

Trading Markets

stock.

1.00

5

Corp
&

Local Industrial &

preference stock and 4,869,-

41

Diversified insurance

Electro-mechanical

gross

$25,996,000,
share.

was

beer

food

$15,-

$655,747,000

common

shares of

370

Lone Star

Securities

$360,-

of

preferred stock, outstanding capi¬
talization of the corporation will
consist of 243,469 shares of the

liquids

regulate

Municipal Bonds and Corporate

redemption of the 5% cumulative

equipment

and

the

re¬

per common

year

aggregated

$5.10

of

income

gross

52%

0.55

347,000

operations

and its wholly

*7

Products

Produces

DEALERS

coordinated and super¬

2.00

Liquidometer Corp.

Morgan

-

and

division,

7

products

Co

carpets

Moore

Paul J.
& Co.*

three
divisions,
Whitney Aircraft division,

7

Lea Fabrics

Missouri

—

Gibbs

through

Pratt &

Upon completion

Mission

Mass.

with

now

Direct Private Wire to

Corp., with its

3.3

23

t0.75

baker

Blower

Midwest

is

Main Street.

Markets In

ment, consisting of fuel controls,
air-conditioning units, engine
starters and hydraulic pumps. The
business
of
the
corporation
is
presently carried on in tfre United

Fans "

Maxson

relatively

Firm

ex¬

of

of aircraft engines,
propellers and helicopters.
The
corporation
also
manufactures
four categories of aircraft equip¬

30,

(Chicago)

United

Coast

Houston

to

acces¬

of

corporate

Hartford, Conn., is one
largest manufacturers

sulted

Langendorf

Retail

sale

proceeds will

general

which

melting

Industries, Inc

La Salle Natl. Bk.

Lager

507

principal executive offices in East

the

*9

metal

Lakeside Laboratories, Inc.

Makes

the

entire issue

Standard

Upholstery

Aircraft

used

and

Joins Gibbs & Co.
WORCESTER,
O'Neil

outstanding 5% cumu¬
lative preferred stock.
The bal¬

of

and

the

Aircraft

furnaces

Liberty

in¬

business

producing

be

Feb.

on

23, 1955, intends to engage in the
of

equipment

sories; for financing film produc¬
tions; and for working capital.

specu¬

Corp.,

Delaware

from the sale
to

are

vised by the head office.

Kuhlman

Auto

purchase

WASHINGTON

from

Sikorsky

•

8

Co.

17%

Furniture

Lau

in

shares

of

4.3

binding

Kirsch Co.

West

Splendora Film

1,

share

Hamilton

Manufacturing

The

corporated

approximately $23,400,000,

States

products

Press,

Kroehler

3.9

26

etc.

Co.
Manufactures

a

the

of

United States,

equipment

Kentucky Stone Co
Road

as

preference stock will be

United

7

Steel

Organization

Service station

The net proceeds
of

lation.

the

purposes.

9

_

Buildings, bridges & tanks

Kent-Moore

share

ex¬

tele¬

on

vision.

Corp.

by J. H. Lederer

per

and

currently

Electricity supplier

Kansas City Structural

at

each

for

proceeds

redeem

ance

Operating public utility

Southern

Nov.
shares

5.1

carrier

Co.

Iowa

cents

theatres

added to the general funds of the

to

5

motor

to

stock,
1.75

of

corporation and used, to the

Freight

System —
Common

rate

stock

1955

tent of

Interstate

prior

common

preference stock.

Net

Bakeries

Bread

into

1965,

common

9

water

50

in

preference stock will

conversion

GAS

Film

hibition

10

and

planned for

offering.

1955

convertible

5.0

and

CO. INC.
•

12

industries

INDIANA

Gas

0.60

5
m

Splendora
made

(par

are

dramatic

Ripley & Co., Inc.,
syndicate that will under¬

a

Hosiery and lingerie

turing

of

being

stock

musical films

the-Ameri¬

of

Both

Harriman

7

Holeproof Hosiery
Press

cents)
is

common

at

of

share,

per

share of the 1955 preference stock
each
20
shares
of
common

Hibernia Bank (San Fran.)__

Hydraulic

of

1,200,000

abilities

Negro.

can

Co., Inc. and McGrath Securities
Corp., both of New York City,

for

Cooley Mfg. Co.
(Mich.)

furnace

1.5

62

only

Hart &

Air

7%

chips, nut products

Govt. Employees Ins. Co
Auto

shares

of

offering

Share

series

Foods, Inc

Potato

public

a

right to subscribe for 243,469
shares of
preference stock, 4%

the

Gordon

motion pictures, mainly
utilizing the creative, artistic and
technical

Offered at 50c

Approx.

Including
No. Con-

low-cost

Ripley Group Splendora Film Slock

Underwrite United:

55

for

etc.

cranes,

complete
stock

241/4

as

to

liam
possible

dividends,




LAUDERDALE,
S.

B.

Comstock

Fla.—Wil¬

has

become

associated with Roman and John¬

longer record,

son,

etc.

Continued

on

page

54

451 East Las Olas Boulevard.

Mr.

splits,

Comstock

Paul

A.

Davis

was

&

formerly with
Co.

Underwriters

BlUtFIUO

KOANOKt

j
'

& Distributors

.

1.

r% i

OANVIUE

54

The Commercial and Financial Chronicle

(1674)

Continued

jrom

(1) It will have to take full ad¬

9

page

..

.

Thursday, October 20,

Continued jrom page 53

vantage of technological improve¬
ments that will

The

available

Dynamic Future of
The Railroad Industry

in

gradually be made

the

form

of

what

ing

stock,

passenger

power

will

to

the

from

standpoint

and safety will

provide

incentive in this

a

of

cost

Also

future.

near

please

have

be

further mind the dependability of service

direction.

and

Fourth, you have heard a great
in the in¬

relaxed

offer.

comfort

Finally,

that

here

we

can

again

Cash Divs.

pur¬
No. Con-

we

deal about automation

predicted increase in population.

will

in

the

branch

lines

traffic

to

continue

diminish

on

the

increase

on

the

and

flow.

It

main lines.

Extras for

Quota-

12 Mos. to

secutive
Years Cash

Divs. Paid

June

tion

Based

;

on

Paymts. to

June 30,

June 30,

1955

30,

1955

1955

5

National

Bank

Toledo

of

(Ohio)

6

Formerly
Commerce
Bank
(Toledo)
Named
in

September

1554

National Gas &
Natural

and

gas

5

0.60

46

2.6

11 %

5.3

changed
-

Oil

fl.20

National
-

:

:

Corp._„

Pennsylvania

-

grade crude oil

National Motor Bearings Co.

9

1.10

8

f0.95

8

0.70

27

4.1

19J/4

4.9

40

1.8

oil seals

Manufacture

should be able to benefit from the

dustrial field. In

change

a

Approx.

% Yield

Including

chased.

in

bear

CONTINUES TO FLOURISH

equipment,

and

period of true coordinated trans¬ to compete for price conscious
(3) Many
parts
of
our
rail¬
port as the result of the estab¬ mass travel between large cities roads will have to be rebuilt and
lishment of tructrain, As I men¬ and do it at a profit. I might add
rearranged, removing excess fa¬
tioned previously, we anticipate a that if these trains live up to ex¬ cilities
not
required, of which
as
we are sure they there are
very rapid growth in this field. pectations,
entirely too many, and
We believe that public recognition will, you can count on the rail¬
adding other facilities where they
of the necessity of taking the big road industry making substantial will be
required. By this I mean
trucks off the congested highways expenditures for them in the very there
will no doubt continue to be
both

WORLD'S BIGGEST MARKET

is

commonly known as automation.
(2) Huge amounts of new roll¬

field

the

have

we

of

transportation

only scratched the

in this

face

judgment, in

our

mass

respect, and

confident there is much

sur¬

are

we

we

can

do

effect substantial economies in

to

the future

the science of auto¬

as

mation develops.
So far my predictions have been

directed

primarily at the railroad
industry's potential freight traffic.
I might also say that we are not
defeatists with respect to the pas¬

operations.

senger

vania

Railroad

successful
senger

in

The

Pennsyl¬
already been
bringing its pas¬
has

deficit down from $71 mil¬

in

lion

1951 to $44 million last
The over-all deficit for the
industry was $670 million in 1954
according to the full-cost formula
year.

of the Interstate

mission.
deficit

our
own
as
a
single
in that industry cannot

considered

deficits
we

Com¬

and

company

be

Commerce

Obviously the industry's

are

are

loss

too

leaders.

determined

These

Therefore

large.
to

eliminate

them.
As

I mentioned before, we do
attempt
to
rationalize
the
problem with respect to long haul
passenger
business on distances

not

time

1,000 miles. Realistically,'the
element
coupled with air

line

subsidies

over

factor in

their

is

too

much

favor.

We

of

do

The

plus

lower

let

for

us

moment

a

ex¬

with respect to the latter that my

predictions

the freight

to

as

po¬

set

up

will

must be translated into
in

Perhaps

just

you

little

a

President,
made

a

Mr.

war,

recall

may

over

a

year

James

that

ago

our

M.

Symes,
forthright statement

very

the effect that in

to

the event of

the railroads of this country

would

be

not

in

handle the load

a

position

to

which would ob¬

viously be placed
upon
them.
Many experts disagreed with him.

However, it is interesting to note
that'just a year later, with a
moderate increase in business but

only in

peacetime economy, the
railroads throughout the country
a

faced

are

with

substantial

shortages. I think it becomes
parent his statement
What

Therefore,

was

car

ap¬

correct.!

a

Is

of

road

(6) Substantially all the

order

things

industry is going to be in

a

position to handle the business in
efficient

and

expeditious

of

the

free

to

Weeks

the

recom¬

Report

legislation

railroad

dustry from the handcuffs of
realistic

(7)

in¬
un¬

regulation.

The

National Tank Co
Equipment

Nelson

oil

for

(N.

O.)

Wholesaler

of

and

gas

fields

&

other

Co

plumbing

Interstate

Commerce

8

ELECTRIC

•

See

for advertisement of this

46

page

New England Lime Co
Lime

not

must

be

enough to attract

only bond money, but equity

funds

as

If you stop and

think that

ent estimates call for $100

Common

carrier

by

being
years

spent during the next 10
for expansion and improve¬

ment of the

take

pres¬

much

highways, it does not
imagination to visual¬

ize the necessity of the railroads
spending many hundreds of mil¬
lions

of

dollars

not

in

the

only in their

terests but also for the

country in times of

our

well

as

next
own

10

in¬

benefit of
peace

as

19%

1.7

1.20

14%

8.1

5

Corp.

1.27%

36yt

3.5

23y>

4.6

Pressed metal products

Fire

American
brick

&

Refractories

refractory

8

fl.09

materials

Northeastern Ins. of Hartford

9

0.33V2

12

2.8

8

0.90

16%

5.5

8

0.35

10%

3.3

*7

f0.67

12ys

5.5

8

fl.90

63

3.0

5

zl.27%

26%

4.8

Reinsurance

Electric

and

public utility

gas

Ben

Coal

Coal

Corp

mining

Towels &

linens

-

Pacific Intermountain

Exp.—

freight; Western States

Electricity

Radio,

Light

supplier.

Packard-Bell

Co.—

6

3.9

5

Co.—

fluid

and

system

ponents—industrial

and

1.00

19

5.3

8

fl.20

22J/2

0.90

25y4

3.6

33yi

2.8

com¬

aircraft

Pennsylvania Engin'g Corp._
mills;

chemical

oil

5.3

•

refineries;

plants

Penobscot Chemical Fibre

Co.,

Voting
Mfr.

10 y4

8

Appliance

Hydraulic

Steel

0.40

TV

Parker

bleached

soda

and

sulphite

woodpulp

war.

The
foregoing obviously
can
only be accomplished by the rail¬
road industry if it receives full

Continued

fO.33

rail

Norris-Thermador
North

Pacific Power &

billion

company.

7

Norfolk Southern Ry. Co

Motor

well.

5.5

manufacturing

Opelika Manufacturing Corp.

industry

18%

6

railroads.

earn

1.00

Owning investments in several
operating utility companies

Old

The

,

NEW ENGLAND GAS &

Commission must adopt a new at¬
towards
the
earnings of

allowed to

.

supplies

Northwestern Public Service

titude

years,

Needed

number

will have to take place if the rail¬

an

trains

to

the

mendations

manner.

these

Commerce

have

would be increased many fold.

costs, it will be possible for the
operate

will

are based only on a peace¬
time economy. In the event of allout war, the amount of this traffic

railroads

to

Interstate

have to be young, aggressive, and
forward looking.

tential

be¬

maintenance

ing

that

a

velopment of the lightweight pas¬
senger train, with its substantially
reduced
capital
investment per

The

rules and regulations govern¬

new

handling of freight cars
discourage rather than
amine the situation from another
encourage their
use
for storage
angle. If our projections are cor¬
purposes.
With the present-day
rect, will the railroads be able to
cost of freight cars running from
carry out the passenger program
$8,000 to $10,000, it ceases to be,
outlined and will they be able to
from anybody's
standpoint, eco¬
take care of the freight traffic if
nomical storage space.
the potential is realized? At this
(5) Railroad management will
point I would like to point out
Now

lieve, however, that with the de¬

seat,

Passenger Business Program

(4)

Commission

on

page

55

Permanente Cement Co
Cement and

8

f0.92y2

products

gypsum

manufacturer

Philadelphia
Milk

Dairy Products

and' allied

Porter

2.60

7

fO.75

14%

5.1

11

f0.94

40

2.4

7

1.00

24Va

4.1

8

0.60

14%

4.1

9

Pickering Lumber Corp
California,
holdings '

9

1.00

15

6.7

102

2.5

products

Louisiana

and

Texas

L.

(H. K.) Co. (Pa.)

Manufactures

high

voltage

elec¬

trical equipment, hydraulic presses
and related products

Portland General Electric
Electric

utility

.

PortsmouthASteel
Owns

substantial

Cleveland-Cliffs
Steel

Corp..-

Corp.,

related

interests

Iron

and

Co.,

in

Detroit

companies

in

fields

Pratt, Read & Co
Piano &

keys

organ

Pyramid Electric Co
Electronic

5

Bar

Red

bulk

and

1.4

2%

3.6

9

0.25

3yi

7.7

'

A

!

brewer

7

Corp

1

•

0.10
-

Welder

•

15

*

8

\

0.25

9

0.7

1.32

'

i

2%

9.5

24%

5.5

Welding machines
,

RIVER BRAND
Leading
•

See

RICE MILLS

miller

rice

company's

Robbins

&

Electric

&

packager

advertisement

Myers,

on

Inc

"
this

%»"

page.

5

45

8

0.52

52y4

8

2.10

17y2

12.0

6

generators,

3.40

0.40

16%

2.4

5

0.10

4y4

2.4

5

1.00

18

5.6

7

motors,

2.00

16

12.5

8

1.30

45

2.9

7.6

fans,

etc.

Royal Dutch Petroleum (NY)

•

1.0

Affiliated with producers of many
nations

Scott & Fetzer Co
Vacuum cleaner attachments,

RIVER BRAND RICE
Houston, Texas

Memphis, Tenn.




New York

Seattle Gas Co

MILLS, INC.

City

Jonesboro, Ark.

Chicago, 111.
El

Public

utility

Machine

gas

tools

Foods,

Inc.—

Margarine & peanut products

Smith-Alsop Paint & Varnish

Campo, Texas

Co.

—

Paints

Eunice, La.

manufactured

Seneca Falls Machine Co

Shedd-Bartush

Smith

varnishes

Engineering Works—

Mining
*

&

machinery

Details

not

t Adjusted
z

-

►

devices

Resistance

}

candy

Reeves-Ely Laboratories
Electronic

10y>

0.10

.

Top Brewing, Class A__

Cincinnati

0.15

7

components

Queen Anne Candy Co

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

for

Dividend-paid for 12 months ended July 11,

1S55.

.

1955

olume

182

Number 5474

.

.

.

The Commercial and Financial Chronicle

55

(1675)

Continued

WORLD'S BIGGEST MARKET
Approx.
% Yield

Including
No. Con-

Extras for

June

Divs. Paid

1955

">

.

Sulphite, kraft and

rag

Louisiana

0.60

18 %

3.3

7

fO.91

55¥2

1.6

papers

Inc

sugar

plantation

Southeastern

Public

Service

7

0.57 %

8

0.20

Southern

12%

3.8

natural

'

supplier

gas

Southwestern L'lec. Service—

the

the

from

Hazel

and

William

A.

a

1.12

21%

5.2

not

-243

South

County Road.

1.50

34 %

4.3

representing

one

Finance, CI. A

finance

8

f0.70

16

4.4

business,

0.75

9%

7.9

8

t0.96

25%

3.7

7

0.95

27%

Service, Inc.-

5

0.55

13%

Suburban Propane Gas Corp.

9

1.20

21%

7

0.77

department

to

home

go

when

and

I

Gas

CORPORATE

BONDS

BONDS
STOCKS

re-examine

position and attitude

as

railroad industry, since

the

COCA COLA COMPANY

a

COMMON

gases

distributor

FEND,

INC.

Open-end

mutual

investment

51) for

page

12

advertisement

of

this

8

f 1.37

50

3.7

1.00

33

3.0

driven

5

0.15

3.0

corporate purpose.

27%

1.40

5.0

mowers

redwood

United Piece Dye Works.—
Fabric

3.7

pipelines

gas

Union Lumber Co
California

37%
■

5
natural

Manufacturing Corp

Power

1.40
-

■

Transmission

Corp.
Operates

Toro

6.5

dyeing,

printing

2%

For

ishing

Upper Peninsula Power

7

1.35

27

5.0

7

0.75

20%

3.7

9

0.10

8%

1.2

Electric public utility

Utah Southern Oil
Oil

and

Co..

producer

gas

and

other

fish

Vanity Fair Mills

*7

1.20

16%

7.3

Lingerie

Walker

Wisconsin
Auto

9

Warner Co.

9

&

outdoor

chines,

tools,

earth

5

textile machinery,

>

,

6.4

etc.

6

fl.27% 44%

&

soda

5

0.40

10%

3.8

Fixture.

8

0.40

8%

4.6

8

0.80

22%

3.5

fountains

Condensing

Co..

Supplies

electric,
telephone service

Tel

9

water

gas,

1.60

32%

fO.91

Wisconsin Power & Light

9

16%

5.5

26

1.28

4.9

7
*8

Department
*

Details

stores

not

t Adjusted
t Plus 5r,'n

...

with

up

For

the

in

for
in

the

net

sales

of

stock
stock

as

to

earnings

Nov.

longer

splits,

20,

record.

etc.

were

bids

and

because

a

stock

offerings of potential
on

purchasers and
it. Genuine

auc¬

marketing in a security cannot be main¬
tained, however, unless there is sufficient activ¬
ity in it.
V
"t
where less active securities

are

traded on an
exchange, it devolves upon the stock
specialist for each particular stock to create a
market, in the absence of sufficient public orders




Martin
Beil

&
&

Herzberg,

Louis C. McClure & Co., Tampa, Fla.

Inc.,

Birmingham

Continued

on

page

56

and

Tuscaloosa,

Ala.

Hough, St. Petersburg and Leesburg, Fla.

Clisby & Company, Macon, Georgia

and

net

at

$18

principal
per

We Maintain Trading Positions in

com¬

Arkansas

have

been

Aztec

Western

Oil &

Gas

Gas

Company

Company

conversion; at $19

amount

share

per

Canadian Delhi

un¬

Petroleum, Ltd.

$10,000,000 of deben¬

Central

but

not

after

Oct.

in

the

1966

a

Louisiana Electric

Co.

Delhi-Taylor Oil Corp.

1,

General Minerals Corp.

deben¬

Southern Union

sinking

of the principal
outstanding on Oct. 1,
1985, aggregating 90% of such
amount prior to maturity.

Southwestern

amount

Texas

Bond Club of N. Y.

Gas

'

Company

Electric

Service

Co.

Industries, Inc.

Three States Natural Gas

Company
Company

To Rear G. H. Love

as

tion

cases

Walter C. Gorey Co., San Francisco

1954 net

convertible,
redeemed, into

debentures

share,

Gregory & Sons, New York

Co., Los Angeles

Crawford, Inc., Atlanta, Ga.

are

debentures

next

to

fund equal to 9%

George

exchange

focal point for the concentration of

sellers for all securities listed

In those

Odess,

Wires

Co., New York

&

Texas National Petroleum

exchange market is often referred to
a

S. Moseley

1965.

Over-the-Counter Trading
provides

Direct
F.

share prior to the time $10,-

of

American Stock Exchange (Assoc.)

$8,437,345.

stock
of

amount

per

lu54.

Established 1899

....

.

the

previously

the

Brokers

Philadelphia-Baltimore Stock Exchange

Revel Miller &

For

The debentures

mon

—

Members

have been surrendered; and
thereafter at $20 principal amount

.*

Underwriters

New York Stock Exchange

net

til

and

market

...

French &

and

4.3

Difference Between Listed

auction

....

trend.

company reported

fiscal year ended Oct. 2,
sales
were
$347,493,592

Beginning

The

in

ended

current
months

tures will be entitled to

an

place

$12,288,799.

of

principal

possible

—

John C. Lego & Company

tures

dividends,

paid

worsteds.

$386,528,832

surrendered for

Midwest

complete

hosiery, fine

take

nine

46

2.00

Dealers

of

the company's position in supply¬

3.0

Cold and hot plates, sheet and strip

Younker Bros.

fields

and

that

23%

t0.70

the

ing blends of different fabrics to

000,000

Electricity supplier

(Alan) Steel Co.—__

in

woolens

common

7

Operating public utility

Municipal • Corporate

•

Securities

long-term diversi¬
it has achieved

a

women's

and

unless

Wisconsin Hydro Electric Co.

domestic

positions

men's

4.9

and

new york

program

earnings

whey

Western Light &

Wood

leading

July 2, 1955 the

Showcase
fixt.,

major

2.9

soaps

peabody & co.,

INSURANCE STOCKS

company

individual segments of the textile
business and that it has helped

cfoipl

Oils, greases &

Fluid

19%

L. D. 384

NEW YORK

Government
the

years

the

part of

a

fication

keep

Waveriy Oil Works Co

Western

1.25

'

Washington Steel Corp
Rfflinlpcc

many

been

fluctuations

ma¬

kidder,

8c

Savannah

BALTIMORE

industry,

5.2

56

products

moving

textile

4.9

2.75

1921

Main

Macon

private wire to

The company believes diversifica¬
tion has helped it level out the

1%

9

—

Sand, gravel and lime
Machine

Stcre

0.09

the

3.6

18

storage

Warney & Swasey Co

Weber

0.65

parts

Warehouse & Terminals Corp.
Warehouses

in

cottons,

Manufacturing Co. of

Building

GEORGIA

manufacturer of fabrics and prod¬
ucts made from synthetic fibers.
As

Van Camp Sea Food Co..
Cans tuna

has

3,

Tel.

Augusta

add the proceeds to its gen¬
eral funds to be available for any

fin¬

and

firm

est

Exchange

Bank

Bell Teletype AT 596

will

8

transmission

gas

Eastern

ATLANTA

a

7

9V4

National

offering

group

publicly
today
(Oct. 20) $30,000,000 of Burling¬
ton
Industries, Inc., 4.25% sub¬
ordinated debentures due Oct. 1,
1975, convertible through Oct. 1,
1965, priced at 100%.
Burlington Industries, the larg¬

0.60

,

Tennessee Gas Transmission.
Natural

First

Kidder, Peabody & Co. heads

Fund.

8

Freight carrier

Texas

Member Midwest Stock

Kidder, Peabody Group

6.4

co.

Tenn., Ala. & Georgia Ry. Co.

SOLD

-

Clement A. Evans 8c Company

Debentures Offered by

5.6

-

STOCK

BOUGHT

Burlington Industries

TELE-ELECTRONICS

See

the

dealers

incorporated

Pharmaceutical products

•

of

Exchange.

ask

either in peace or at war.

Co

gas

Stock

MUNICIPAL

healthy railroad industry is essen¬
tial to the well-being of every in¬
vestment in your portfolio, and a
sound transportation industry is a
vital necessity
to our Country,

4.1

Philadelphia

store

Propane

members

distributors

3.1

Silk, rayon & nylon fabrics

Strawbridge & Clothier

Petroleum

Co., 320 North

Glynn &
Street,

W.

with

of

serious

more

your own

to

7

Suburban

affiliated

become

Midwest

underwriters

in

be

you

States

&

Mo.—Howard

LOUIS,
has

Fourth

Bateman,

successfully consummated. I could

Stern & Stern Textiles Inc.__

Stuart

Rife

Blewer.

this country must play
vital part if our efforts are to be

5

State Loan &

Large

ST.

Lock-

wood have become affiliated with

B.

Glynn

wholehearted

accumulations

great

wealth

4.7

sheetings

Southern

receive

You gentlemen
of

9

Spartan Mills

and

cooperation

throughout the nation; and it

must

21%

Operating public utility

Loans

T.

BEACH, Fla.—Ruthanna

support and confidence of inves¬
tors

1.00

Electricity supplier

&

complete

government at the national, state,
and local levels; it must
gain the

9

Southwestern States Tel. Co.

Cloths

and

4.7

5%

supplier

gas

PALM

(Special to The Financial Chronicle)

support of the public.

Southwest Natural Gas Co.__

Natural

With Blewer,

(Special to The Financial Chronicle)

Frank

on

June 30,

1955

1955

Bateman Adds Two

Paymts. to

June 30,

5

Southdown Sugars,
Operates

Based

tion

30,

$

Sorg Paper Co

Quota-

12 Mos. to

secutive
Years Cash

54

page

The Dynamic Future of
The Railroad Industry

CONTINUES TO FLOURISH
Cash Divs.

from

Walker

H.

&

Walker, Jr., G. H.
President of The

Co.,

Bond

Club of New York, has an¬
nounced
that
George H.
Love,

President
dation

speak
a

of

Pittsburgh

Coal

Company,

before

luncheon

The

Oct. 25,

Inc.,

meeting

will

Club

Bond

at The Bankers Club

of

members

on

Tuesday,

i -

New

York

branch

Co.,

44

City,

office

Member

American

Stock

at

Wall

has

120

Street,
opened a

Broadway.

Midwest Stock Exchange

Exchange (Associate)

'

MERCANTILE

BANK

Telephone Riverside 9033

Brady Opens Branch
&

'

New York Stock Exchange

at

1955.

Brady

RAUSCXER, PIERCE & CO., Inc.

Consoli¬

BLDG.

•

DALLAS

1, TEXAS

Bell Teletype DL 196 and DL 197

Austin, Harlingen, Houston, Lubbock, San Antonio, Tyler and Waco
Direct Wires

to

New York, St. Louis and other Principal

Markets

56

The Commercial and Financial Chronicle.

(1676)

Continued from page

broker will obtain current market

55

over-the-counter stock

any

WORLD'S BI6GEST MARKET

all details of

The

CONTINUES TO FLOURISH
to

or

elusive, but they

purchase and sale.

sist

is

vestor.

On

a
distinct advantage to the in¬
exchange, securities can only be

on

specialist had no order from
else to buy that stock, he himself would
be expected to enter a reasonable bid on his own.
The continuity of any market thus created is
largely dependent upon his financial resources
and his willingness to thus risk his own money.
anyone

The

Over-thc-Counter

Market

the West Coast between the hours of 7:00 and

2:30.
ties

However, in most instances unlisted securi¬

be sold any time between 9:00 and 5:00
Midwest, and on the West Coast it's even
longer than that. Dealers-brokers in the Over-thecan

in the

Counter Market there

quite different. Here there

are

Stock

making

listed and

some

them

communicate

can

taneously

a

market for

un¬

listed stocks and bonds. Most of

through

other facilities at

with

each

other

private

telegraph
their disposal.

instan¬

wires

or

When

in

mission

on

"net"

on

throughout the day with other dealer-brokers in

or

Boston,

there is

Los

Angeles, San Francisco, Seattle and other

cities from coast to coast. As

integral part of
their operations dealer-brokers stand
ready to
buy and sell substantial quantities of the securi¬
ties they are
"quoting" and maintain inventories
in them. Some firms, of
course, choose to act
solely as brokers and not dealers.
an

Because of competition, the spread between the
bid and the asked figures on more active stocks
is

quite

narrow.

In less active stocks the over-the-

counter dealer must find contra-orders if he does

wish

not

to

securities

involved.

which other

might have

inventory positions in the

assume

It

is

his

in

to

know

dealers in all parts of the country

buying interest in

a

One, five, ten, fifty or
dealers

business

different

more

a

given security.

over-the-counter

of the country

parts

"making a market" for a
given unlisted security. Prospects known to the

first

dealer,

contacts

often

have

known to those other dealers he

or

(either

include

locally

or

individuals

in other cities), may
who

are

believed

to

buying or selling interest in the instant
security, or investors who might be induced to
buy.
a

The process
and

sellers

characteristic

of

the

firmation.

just

ness.

commission

no

The

means his
profit
price he quotes you and
charge shown on his con¬

over-the-counter

In other fields when
you

furniture,

room

dealer

a

fountain

buy a set of dining
what have you,

pen or

the

merchant sells it to you at a flat
price and
does not add any commission thereto. So with the
"counter" dealer.

major characteristic, too, of the "counter"
market is negotiation. If a
gap in price exists
after a prospect is
found, the transaction does not
die. Instead
of

ence

a

negotiation ensues. The mere exist¬
buy or sell order is the incentive for

"counter"

dealer

Over-the-Counter

find

to

Market

the

thus

opposite.

has

no

The

physical

limitations.
As

a

practical matter, though, individuals in
any city of 100,000 or more can frequently pick
up a

phone and call

execution

on

an

dealer-broker and get an
order for an unlisted
security

often than

exchange commission rates

not

An

on.

the

lower

are

over-the-counter

important

dealers
reason

services of the

more

than

are

the profit rates
obliged to operate

for this is the fact that

over-the-counter

dealer, be¬
frequently necessitating his taking the risk
of an inventory
position, include the extensive
searching for matching bids and offers from
potential buyers and sellers.
sides

When

a

security is taken from the Over-the-

Counter Market and listed

on

stock

a

exchange,
over-the-counter dealers
ordinarily lose interest
in it, for
they cannot make a profit trading in it

at

rates

comparable to the commission charges
exchange firms. Though the "counter" dealers'
profit rates may be somewhat higher, they may
of

afford

investors

"better"

prices

than

the

less

expensive service of exchanges.

For

one

thing, the basic fact is that

the

price
by the
premium the public is ordinarily willing to pay
for
exchange-listed securities. Then, too, active
listed stocks and the
exchange stock ticker sys¬
tem provide a
ready vehicle for speculation and
tend to center
buying and selling decisions on
short-term price
swings in lieu of "real economic
values. Many
apparently buy stocks according to
hoped-for price movement and not for true invest¬
ment

Some "counter" dealers sell

themselves. In other

is

progressing.

directly to invest¬

cases

they

may

have

a

dealer

following throughout the country consist¬
ing of retail firms that are always looking for

securities that present

good values to sell to their

investor clientele.

purposes,

exchange firms also deal in

counter securities and
any

from

or

sell to

an

that do not

over-themust

over-the-counter dealer to

buy
exe¬

cute customers' orders for unlisted
securities.

Many listed securities, too,
counter when the blocks

quick orderly sale

on an

An investor need not

intricacies

enumerated




are

are

too

The

mere

a

exchange possible.

concern

himself with the

above, since his dealer-

being

fact that under the

merely

,

¬

habitually

with basic economic

values, the

must be

which

cognizant of the elements, listed above,
determinants of the real value of the

are

tions.

His

which

he

is

taking inventory posi¬

prices cannot consistently be out of

line with real values.

Particularly in regard to the

non-numerical elements which
go

ing of the real value of
to assume

have

into the mak¬
security in which he is

a

position, he must,

a

as

that the investor
gets
or

is

no

indication

good value when he buys

that the seller obtains

a

price in keeping with

the intrinsic value of the stocks he wishes
to sell.

Intelligent investors
fact that

are

quick to recognize the

prices and values

are

two

totally dif¬

things.

Therefore,

important contribution of

an

pointed out before, the assumption of inven¬
tory positions is an integral part of the over-thecounter dealers' task.

must

assuming such positions. Although they

be

aware

of and

of their
customers,
ranted hazard
poses

They must take the initia¬
responsive to the foibles

they cannot without

unwar¬

buy securities for inventory

pur¬

unless they take cognizance of basic

eco¬

nomic values..

-

over-

the-counter dealers who take important
inventory
positions results from the fact that their market

pricing must be influenced definitely by intrinsic
corporate value factors. They must stress value
consciousness

over

quotation consciousness.

Officers and directors of the 14,000 banks and
the major insurance
companies of the

country

when

buying

or

stock for their

selling their

own

account do

institution's
almost entirely

own
so

through over-the-counter dealers. Investment
are

continually

buying and selling government, municipal and
corporation bonds and stocks through "counter"
dealers for the account of their banks and

com¬

panies.
Just as you get
good
and values from both
other

lines

or

indifferent treatment

large and small stores in
business, so it is with over-the-

of

counter dealers. It is not
necessary

for a firm to
thoroughly trust¬
worthy and to have good judgment with respect

have

to

million

a

dollars

be

to

investment values. Just be

counter firm

or

sure

the over-the-

individual dealer you contemplate
with has a good reputation.

both exchanges
are

vital to

our

Through the medium of stocks and

bonds idle capital of

individuals, banks, institu¬

tions and the like flows into trade and
industry
and makes it possible for business to obtain the
wherewithal with which to
provide jobs for ever
workers at

more

ever more
an

As

general rule,

a

knowledge superior to that of the lay trader.

economic life.

or narrow

eco¬

nomic forces will in due time exhaust his
capital
and drive him from the scene. For survival he

and ask

prices is close

,

inventory positions at prices

assumes

out of line

It is no
exaggeration to say that
and the Over-the-Counter Market

auc¬

can¬

So it is with the over-the-counter dealer. If he

doing business

'

"exchange

purchases

an extended
period, he
capital is exhausted.

after his

so

tion-specialist system" the spread between bid

tive in

sold over-the-

large to make

interest

"where is the price
going and when."

ferent

Numerous

their

consistently

officers of these institutions, too,

Values

a

momentarily—often while the call

individual

an

securities in
It is true that

acu¬

"in the market" for
not do

usually

merchant does in other lines of busi

as a

many

stocks without
regard to basic economic values,
he may at times make
money, but sooner or later
he will book losses. And
although he may remain

you "as principal" or
it is termed in the parlance

as

of over-the-counter stocks is not
swollen

A

ors

basis

to

initiative, imagination and forcefulness of

When

often than

loss is included in the

acts

Over-the-

Counter Market.

the

a

of constantly seeking out buyers

is

more

reference

These include the

certain extent.

com¬

of the securities business. This

may

interest themselves in

the amount of his

as

buys from and sells to

over-the-counter dealer-brokers in
New York, for instance, will be
doing business

(New Orleans, Chicago, St. Louis, Denver,

well

confirmation slip. On the other

hand the over-the-counter dealer
not

Thus many

as

your

corporation may be capitalized nu¬

the

an

price

ele¬

officers and directors of the corporation.
Speculation as to how the present and possible
future products of a
corporation will fare on the
markets may be handled
numerically only to a

vs.

exchange-broker executes cln order
exchange-listed stock, he tells you

an

for you
the cost

a

non-numerical concepts.

Counter Dealer Charges

number of dealer firms from coast to coast that
interest themselves in

Exchange Commission Rates

tremendous

a

income of

men,

On the Over-the-Counter Market the situation

is

non-mathematical

and

merically, but not without

the

job from 7:00 in
the morning until 5:00 in the afternoon.
are on

of mathematical

tied to the past, and
subject to the fact that
accounting is an inexact science. And liquidating
value may be
largely of academic significance,
if the corporation is
going to continue in exist¬
ence. The
anticipated future average annual net

3:30; in the Midwest between 9:00 and 2:30, and

of XYZ stock and the

somewhat

,

sold in New York between the hours of 10:00 and

In other words, if you wanted to sell 100 shares

appear

insight as to the real value of a stock
may be gained by checking such things as its
earnings and dividend records, book value and
liquidating value. But the first three of these are

often
an

may

nonetheless real. They con¬

are

ments. Some

longer trading day in the Over-the-Counter

Market

sell, by, in effect though not in strict
parlance, putting in an order for his own account.
buy

Basic economic values

quotations on
bond, and handle

or

Thursday, October 20, 1955

.

asset to

of

it

is

small
If it

less human effort and at

Savings thereby become

society and not

that

the

business
were

Counter

ever

remuneration.

a

problem. The beauty

capital needs of both big and

alike

can

not for the

be

thus

served.

exchanges and Over-the-

Markets, investors of all types would find

it almost

impossible to quickly retrieve the capital
they put at the disposal of governments, munici¬
palities or corporations. This is one of the many
reasons

why it is socially important that those

engaged in the investment business thrive.

*

1

Volume

182

Number 5474

.

.

U«»V*»IUV

The Commercial and Financial
Chronicle

.

(1677)

IDS Canada in

Continued from
page 10...

6 Months Sells

Mutual Funds

$44 Million
Nearly 9 million shares

of

Outlook for the Home

By ROBERT R. RICH

In¬

Appliance Industry

vestors

Group Canadian Fund Ltd.,
having an asset value in excess of
$44 million, have- been purchased

Chemical Fund

since the Fund

Assets Cross

public less

was

than

opened to the

six

months

parts of the country

who

attending the three-day sales
ference

of

Services,
the

Investors

Inc.,

Net

are

Inc.

con¬

session

Sept.

tory

of

the

year

manager
Fund's
shares

sold

on

Investors

Group

Ltd.

26,735

has

counts

2,

Canadian

the

1955.

earlier

recent

after

ac¬

30, 1955.

adjusting

net

earnings

per

the first half of
ferred
to
U.
S.

Are YOU

trend

ical

might

National Growth Stocks

the

;

possibilities of long-term
growth of capital and income for
its shareowners.
Prospectus and
other information
may
be obdealer

in

fit

|

from

cent

Research

Corporation

Established
120

field

J

♦

for

on

30

of

Fund's

Please scad
your

prospectuses

of

to

industry,

June
the

received

A.E.C.'s

Access

new

State

of

for
to

ing.

This

sets

of

share

on

with

$133,799,568
June 30,

on

m

$40.41

or

available

or

$32.56 per share,

the

The

prices

.

•

$106,204,607
adjusted for

30, 1955

outstanding

pre¬

by June 30,

ordinary

totaled

companies participating

Sept.

resulting

dend

from Atomic Science.

60

30,
of

cents

1955
20

a

or
per

per

As
\

Atomic Development Securities Co.y Inc.
1033 THIRTIETH STREET, N. W.

of

Sept. 30,

the

30, 1955
approxi¬

share.

share

On

divi¬
was




1955 there

of

total

The

;

in

distribu¬

capital gain dividend.

about

ize

a

its

own

or

it

not

$9.46

a

be

can

event

an

do

can

them

other

do

well.

in

share

Surely

Food

by

11.62%

on

way,

basis.

from

outside

your

"meter"

a

of

attached

the

tank filled.

We

call

we

as

regional

a

represen¬

tative for Delaware Fund

washing
But

nounced

by

W.

Linton

was

an¬

Nelson,

Chairman, Delaware Distributors,
Inc.

He

will

and

ing

Delaware, Mary¬

down

sort, clean, iron

laundry.

been

associ¬

capacity with lead¬

investment

delphia
1945.

has

and

Prior

houses

Atlantic
to

that,

badier with

the

8th

in

Phila¬

City

he

three-year tour of duty

since

served

a

Air

Force

in

Anderson

Brooklyn,
in

use

en

particularly in

e r

of
g y

is

a

graduate

of

School.

N.

Y.,

A

he

Haddonfield, N. J.

native
now

of

resides

ice¬

brought to realityToday we

dreams.

our

new

age
can

We must

can

and

more

more

and

from year to

pace

toward

things for

a

We must and

bigger.

year,

and

dream.

a

better

people.

That is the meaning and
purpose
our
General Motors Technical
Center. It is the constant
goal as
well of our extensive
divisional
of

research
such

and

engineering staffs,
Frigidaire, work¬

those at

as

ing closely with

scientific and

our

technical groups here.
New products of advanced
with the force of

de¬

to

create

Though
be

artesian welL

an

dynamic

these

new

obsolescence.
devices

must

the

generative force in bring¬
ing about better living for Amer¬
in

their

homes,

we

never¬

theless recognize that homemakers
derive largely from you the

phi¬

create

an

even

greater

desire

to

utilize them.

Together we face a great chal¬
lenge. For by our combined ef¬
we

tude

of

can

increase the magni¬

our

industry beyond
fondest dreams.,

our

dishwash¬

Templeton Sets Up
Education Award
John

And

tions,

speaking of washing opera¬
what do you suppose our

housewives would give for
tem that would

floor, rinse

wash

a

sys¬

the kitchen

and

dry it, all auto¬
matically, in minutes? That is not
a

wild

dream

think, for I have
progress

substitution

sugar

in

as

seen

has

it done.

as

things

this

might

you

been

well

as

Tremendous
horizon

one

of

evolution.

are

the

on

As you put

area.

in your coffee at breakfast

morning,

not

realize

probably

you

that

scientists

did
now

know how to make sugar without

Our
sense

the

juice

orange

even

technology.

accelerate

ing.

sugar cane or sugar beets.

University of Pennsylvania's

after

that prob¬

high-frequency

this
as a Bom-

Europe.
Mr.

by the

;

But

grandmother—

up

the threshold of

on

forts

on

Our
sales

a

the

As you
know, water is a prob¬
lem in
many parts of the country.

such

Washington, D. C.

Anderson

ated in

the Fund

represent

New Jersey,

ma¬

visualize equipment

can

that will convey,

waves,

in

am

losophy of better living which will
today's

automatic.

fold the

I

a

breakfast

icans

house, just
fuel oil dealer keeps your

lem could be made

J.

can

permanent revolving
Your
delivery

a

to

the

course

sign and greater utility will flow

ments

as

mopped

dream

not

automatically replenish
stocks, reading your require¬

ultra

Charles

in

the

will

man

think

your

stranger

are

almost

It will

storage, by the

be put

the

holding

is

of

dream world.

a

Research has
far

important role

an

preservation.

inventory

chines

for

irradiation

play

independent

and

housekeeping ail

may

eggs was not

a

habits.

age

main;

you

on

your

con¬

to

visual¬

rainy summer's day—>
the refrigerator out of which
came

you

a

she

man

chores,

sensitive

system

remember, to

supplant, but supplement refrige¬
ration, and could bring about big
changes in food buying and stor¬

30,

on

also

closers

food

or

Now,

raindrop.

Atomic

period

Sept.

but

certain to

well

as

can

power, atomic
water and sew¬

own

disposal

full flight in

be

we

of

source

to

ready

their

fully autonomous house with

fruit,

example,

window

outstanding nine

equity

can

worth

serve?

solar; its

age

be used to thaw
freeze.
Frozen

as

population

we

find
to

In such

me¬

refrige¬

in case of rain, by
dialing your home number on the
telephone.
Or utilize automatic

3,081,-

resources.

Wharton

for

well

your

the

outstanding

appointment of

common

available

the

and

Soon it will be possible to close

all-

an

the

on

accounting

Anderson

was

out¬

would

while

Future

ago.

what

Will

but effortless.

re¬

Personal Progress

of

a

total

of

devel¬

new

ing complete utility services in
places which conventional utilities

your windows

17-

share

a

shares

industry,

share

as

Delaware's

with

pne day be con¬
fronted by the problem of
provid¬

good safety
factor, particularly for women.

any

in

be

concepts

trends,

facilities to make

rose

largest for

—

value

single

the

stock

And

components

years

compressor

venience

distri¬

Oil stocks constitute Delaware's

largest

approximately $1.28

tion

1954,

Sept. 30, last, to

$11.11

or

standing,
•

on

asset

$4,251,974,
per

basic

30

only

36%, during the first

or

from

Mr.

for

quarterly

cents

were

paid from net ordinary income.
GET7HE FACTS AND FREE PROSPECTUS

at

wiLl

opments in

have heard of the Delco
Products
garage door. You push a
button,
in your car, and the
garage door
opens and the lights go on.
We
think that this is not

on

$19.49

desires

future

own

of

road

}

1955.

income

$2,019,462

mately

in activities

$21.81

from

How

impact

our

architectural

have long had
Why not central

same

Electronics

had

months earlier.

land

subsidiary, all of which

nine months ended Sept.

variety of

WASHINGTON 7, D. C

1955,

in

Net

managed investment
a

then

the

as

up

period

2,243.203

its

FUND, Inc.

designed to provide

in

Foreign

this

One

and

shares

history—boosted

assets

deducting at redemption

the

retired

is

&

and

What are the
economic possibilities of
fulfilling
those desires? What is the

promising possibility is
refrigerator that produces cold

the

$21.76, substan¬

December,

shares

ferred stocks of the
company and

ATOMIC DEVELOPMENT

fund's

increase

Net

per

others.

are

needs

respect to housing?

we

Substantial inroads

3-for-l split on June

and after

a

S.

a

MUTUAL FUND.

MUTUAL

U.

stock totaled

common

(/ironall

for

from

1955.

On Sept. 30, 1954 the net

ATOMIC SCIENCE

and

high of $34,249,998 from $25,126,161 at the start of the year.

as¬

In
eve

served for dessert in seconds.

$64,137,866 at the

same

$9,123,837,

rose to

net

the

those of

for

substantial in¬

a

fundamental

shifts?

Electronics

time

3,310,815

their

ing types of systems.

nine months of 1955,
according to
its report for the third
quarter.

stock outstand¬

compares

was

and

the

sources

common

questions

Questions

these

people live, and where? What wilt

am

on

to

for cosmetics and
perishable med¬
icines?

as

Delaware Fund's net assets

re¬

to

Related

by electronic means—not a mov¬
ing part in it.
We are making

Investing Corpora¬
at $78,344,294

future pop¬

our

building materials, in
food technology?

a

12

so¬

heating.
refrigeration, including a fur stor¬
age closet, a refrigerated cabinet

first

Foreign

share

per

shares of

nines'

the

on

bution of 52 cents per share from
realized gain on investments.

Agree¬

equivalent

breakthrough

example,

chanical

beginning of 1955.

similar

$133,195,501,

$40.23

$9.46

outstanding

value of

30,

back

assets

I

the

on

make-up of

Other Fundamental

on

rant.

adding

Program.

net

are

units may do
away with

to

rose

increase of about 24% above that
12
months earlier,
after

Foreign Securities Cor¬
in its statement dated

major

tain

Share asset value at the end of
third quarter represented an

Chemical

permission

But

toward that goal.

central

as

per

the

the

applied

a

the

ma¬

develop¬

going to proceed

we believe we

For

were

the

of

tially the

growing impor¬

poration,
Sept. 30, 1955 reported

City

value

1955,

from

from the

asset

an

Fund's

energy

such

housewife.
we are

be:

ulation.

Or take
today's refrigerators.
Though much improved, they con¬

to

$54,636,723 of Sept. 30, 1954.

are

management

U. S. &

Address..

30,

beginning of 1955

722
Name

on

amounted

asset

shares

total

crease

re¬

$133 Million

D 138

a

Sept. 30.

The

Assets Now Over

describing

Organization and the shares of your

Funds.

ten

me

Sept.

tion net assets
on

invested assets.
of the

U. S. and

Street, Boston 9,

$16,-

period

the 9,395,026 shares then

Broad Street

confer¬

the

tural

control

progress on several other interest¬

year

Company

last,

Net

outstanding

relating to the activi¬
ties of the Atomic
Energy Com¬
mission and its
contractors, under

COMMON STOCK FUNDS

on

on

5,707.201

energy

atomic

has

the

similar

months earlier.

stricted data

ment

50 Congress

share

that

obtain certain confidential and

Custodian Funds

30,

ago.

Each

of

atomic

chemical
and

year

$11.28

atomic

Peace"

companies

In view

eystone

The Keystone

a

Geneva.

than

various

tance

sales of

over

the

$105,942,248, or 96% ahead of the
$53,997,200 total on the same date

engaged
activi¬
ties. The Fund's
sponsor, F. Eberstadt & Co., said that these
com¬
panies represented over 70% of
in

new

a

Total net assets of the Fund

nuclear

exchange

of

months

established

129%

for

September

develop¬

stated

information

the Fund's

BOND, PREFERRED AND

in

re¬

greater

of

report

recent

held in

More

!

nine

year ago.

industry should bene¬

the

portfolio

1930

Broadway, New York 5, New York

292,635

high for

recent

the

"Atoms

ence

\

Securities &

new

first

also

year

rise of

a

This

by 72 countries at the

energy

or:

National

in

technical

|

a

to

the chemical

'

billion.

the

record, amounting to $37,449,322—

1955

year

in

1954.

chemistry, the

investment

your

constitute

ments

!

for

from

23.5

Referring

s,

and

industry, nearly 20%

than

Series

tained

reach

would

ment fund
providing a supervised
investment in securities selected

this

continues, sales of the Chem¬

industry for the full

Investing In

stock mutual invest-

for

Department of
estimates that, if this

Commerce

Interested In,

1955

the

manages

ejector

the

front.

Sales

share

common

for

common

a

two-for-one split.

of 18% in sales and 32%

crease

a

share

per

and

sponsors

Fund.

In commenting on the
current
operations of portfolio
companies,
the report noted an
average in¬

Fund

shareholder

of Sept.

as

May

$12.33

or

cube

washing

other

much faster

fact,

new

customers will

cial, economic, age-group and cul¬

completely emancipating the

convinced

Corp.

$100,277,860 equal which

to $15.39 per share
compared with

by

first

vision

future

on

have made progress to¬

we

American

Executive Vice-President of Tele¬
Shares Management

to
on

our

and

ments,
ward

ice

refrigerators;

on

chines,

$2,676,153, a
gain of 27% over the September,
1954, total of $2,102,835, it was
reported today by Paul A. Just,

exceeded

our

ring

ord for the month at

Fund,

According

$69,013,601

were

1955

Fund.

that date totaled

by Investors Diversified Serv¬
the

Chemical

30,

in

of

miracle filter

new

electric ranges; automatic de¬

our

Television-Electronics
Fund in September set a new
rec¬

quarterly report, net assets

the

ices, Inc., its investment
contract,

of

frosting and the

Sales

$100,000,000 for the first time at
the end of any
quarter in the Jhis-

at

I

Organized under the laws of the
Dominion of Canada in
November,
1954

assets

on

top and the

Set New Record

Jjfi JLOO JVlllllOll

Diversified

in

now

Radisson.

TV Fund Sales

ago,

Grady!Clark, IDS Vice-PresidentSales, announced to salesmen from
all

57

i

research

involves

products.

To

in

the

people

as

M. Templeton, President
Templeton, Dobbrow & Vance,

of

investment
York

and

established
the

counselors

Englewood,
an

Princeton

award

of

N.
of

New-

J., has
$800

Theological

at

Semi¬

nary.

The
award, to be called the
Templeton Prize, will be given bi¬
ennially to the person who shall
prepare the best
essay on some

important aspect of the problems
in discovering, training
and using the talents of especially
involved

gifted children and youth. Tem¬
pleton is a trustee, and Chairman
of

the

Finance Committee

of

the

Seminary.

broader

well

George W. Adams

as

anticipate
future
product
requirements
we
must
know, or at least try to get an
idea, of what kind of people our

George
Foster

the age
Inner

W. Adams, partner in
Adams, passed away at
of 75 Oct. 13 following a

&

illnpss.

58

The Commercial and Financial Chronicle

(1678)

..

Thursday, October 20, 19£

.

s'

The following statistical tabulations

Indications of Current
Business

latest week

Activity

week
Latest

IRON

AMERICAN

STEEL

AND

INSTITUTE:

operations (percent of capacity)
Equivalent to—

Bteel Ingots
AMERICAN

PETROLEUM

oil

Crude

and castings

and

Gasoline

output

Finished
Kerosene

Residual

*96.5

96.1

*2,330,000

2,320,000

1,769,000

6,690,150

6,660,600

6,055,250

6,152,450

Oct.

7

f!7,191,000

7,462,000

7,554,000

6,711.000

7

25,353,000

25,448,000

26,174,000

23,131,000

.Oct.

7

2,066,000

2,012,000

2,089,000

2,005;t)00

.Oct.

(bbls.)

at

7

10,468,000

10,843,000

11,556,000

10,752,000

.Oct.

7

7,712,000

7,430,000

7.656,000

7

151,006,000

151,266,000

,154,3^7,000

.Oct.

7

36,355,000

36,413,000

145,598,000

143,722,000

47,021,000

46,^54,000

(bbls.)

at

.Oct.

7

(bbls.)

at

.Oct.

7
'•

RAILROADS:

Revenue

of cars)—Oct.

(no.

i.

***"

■

8

.Oct.

freight loaded (number of cars)
Re/enue freight received from connections

CONSTRUCTION

ENGINEERING
U.

S.

Private

691,231

,

*

Other

38,480.000"

686,029-

614,459

1

'Oct.
Oct.

municipal

Federal

13

117,118,000

134,372,000

--4-68,619,000

122,092,000

119,481,000

Bituminous

(U.

coal

S. BUREAU

32,361,000

12,280,000

Farm

9,790,000

:;*9,620,000

Oct.

lignite (tons)
Pennsylvania anthracite (tons)

DEPARTMENT STORE SALES
SYSTEM—1947-49

-

39rl33,000

8
8

Oct.

537,000

577,000

AVERAGE

8

125

126

108

construction

FAILURES

(in

Oct. 15

kwh.)

000

(COMMERCIAL

INDUSTRIAL)

AND

DUN

—

523,000

191

152"

(E.

M.

A

J.

refinery
(New

5.174c

5.174c

4.798c

$59.00

$59.09

$59.09

$56.59

Oct. 11

$44.83

$44.83

$44.17

$33.00

at

.Oct. 11

(East St.

42.925c

43.850c

43.925c

43.025c

43.475c

44.750c

31.700c

96.125c

96.125c

95.750c

.Oct. 11

Louis)

15.500c

15.000c

15.300c

14.800c

13.000c

13.000c

13.000c

Average corporate

107.62

Oct. 18

95.98
107.62

94.92

*

111.07

110.88

109.60

109.60

103.06

107.44

107.80

107.44

Public

102.80

102.63

102.63

106.04

106.21

105.86

108.16

108.16

107.80

111.07

Oct. 18

108.88

108.52

112.00

Oct. 18

Average corporate

2.81

Oct. 18

2.80

3.30

3.19

2.88

3.30
3.11

Orders received

3.19

3.22

3.31

3.29

3.31

3.59

3.59

3.38

3.40

3.27

3.29

3.11

Oct. 18

3.23

3.24

3.25

DEALERS

404.5

409.9

379,667

294,523

227,826

292,654

218,751

247,919

102

102

80

677,874

585,740

682,853

442,581

Oct.

8

EXCHANGE

Odd-lot

—

SECURITIES

sales by dealers

EXCHANGE

(customers'

106.83

107.04

106.53

1,205,959

1,307,513

986,650

$74,950,287

$54,134,322

$48,659,204

Short sales
sales

EXCHANGE

round-lot

OF

MEMBERS

4,724

$38,297,221

$47,166,192

306,870

308,890

210,440

328,150

3~06\870

308,890

210,440

428,510

499,110

418,790

FOR

ACCOUNT

OF

569,710

597,140

12,087,740

13,462,750

9,542,710

12,610,440

14,032,460

10,139,850

11,240,870

1,655,230

1,218,810

1,279,220

220,050

266,640

212,980

211,800

1,282,870

1,369,890

1,023,260

1,502,920

1,636,530

1,236,240

1,215,370

342,220

390,220

285,910

344,600

29,800

22,400

342,550

324,010

386,930

291,160

364,950

Banks

552,780

295,231

665,531

407,420

140,230

157,612

205,900

756,980

863,634

428.060

820,520

914,592

1,069,534

474,750

2,640,681

2,170,251

2,031,240

NEW

30

53,915,000

35,881,000
82,890,000

70,391,000

56,962,000

61,754,000

63,010,000

87,734,000

287,292,000

'

344,085,000

887,813,000

'

;

57,996,000
;

59,120,000

82,186,000

105,137,000

95,852,000

147,206,000

169,703

:

"\

DEPT.

457,102

448,680

•280,890

2,480.950

2,148.254

1,774,180

2,647,450

2,938,052

Cash

2,055,070

Total

2,596,934

111.2

*111.4

111.4

109.7

86.7

*87.5

89.6

99.8

*101.1

102.2

103.4

79.4

80.9

85.4

31

73,468

130,033

131,082

50,613

81.534

80,056

101,453

234

313

341

671

90

420

:

<

£—
(1,000

etc.

31

pounds)—t

141

627

1,786

2,100

:

583

433

-.——

897

1,224

:

._

___.

540

'•

-——,

—

AVERAGE

YIELD

STOCKS—Month

of

2,979

'
*

1,149
•

2,340

OF

Sept.:
3.76

(125)

(25)

i

3.7S

.

4.31

4.91

& Tel.)

:__——
•

^

—

,

- -

6.12

4.34

4.64

4.06

<24)__

4.81

4.50

——

Amer. Tel.

:

STOCK

3.93

2.63

3.S3

4.39

2.58
■

.

„

3.91

2.77

4.46

carrying

extended

hand

on

of

EXCHANGE—As

of

Aug.

omitted):

firms

customers'

Credit

net

to

and

accounts-

margin

debit

balances

$2,752,279

banks

in

customers'

credit

free

of listed

in

U.

$2,779,837

42,679
S

balances:—

;

45,343

343.420

customers.—

887,195

S18,110

$1,997,862

336,146

*

£50,874

*

909.904

332,818

197,994,193

198,227,782

142,284.335

103,996,732

104.002,294

109,495.032

108.381

161,800

211.025

2,167,455

2,192,172

1,202,312

5277.523.832

$278,352,470

$274,838,405

5,375,505

5,753,343

5,144,722

52 72,148,327

shares———

Member borrowings on U. S. Govt, issues—
Member borrowings on other collateral

*118.6

117.9

114.6

UNITED

85.4

118.7

^Includes 827,000 barrels of foreign crude runs.
of

54,155

42,647

77,223

,

Oct. 11

basis

78,861

36,071

43,826

$272,599,127

$269,693,683

92.8

Oct. 11

1954

135,668

41,654

66.834

Market value

Oct. 11

1,

121,257

"47,922

„

__

Market value of listed bonds

124,330.410

not reported since introduction

188,910

78,293

113,201

45,750

^

(200)

Total

OF

100):

against Jan.

203,090

103,409

136,796

1

(OOO's

2,266,370

Oct. 11




428,283

58,955,000

'

31

Aug.

Member

All

as

249,700

209,064

(1,000-lb. bales)—

YORK

381,080

Oct. 11

orders

449,340

165,338

345,446

Aug. 31

(not incl.

Average

2,429,960

Meats

1955,

131,087

212,310

.£

46,690

680,290

Commodity Group—

1,

348,692

:

(15)

Sept. 24

Total sales

tNumber of

(tons)

WEIGHTED

Utilities

Sept. 24

sales

commodities other than farm and foods

'3,440,815

119,694

Railroads

Sept. 24

foods

120.2

^

'

/

Aug. 31

COMMON

Sept. 24

products

J20.3

-

of

Aug. 31

(tons)

Industrials

261,360

Sept. 24

Total purchases
Short sales

Of Jan.

PROD-

COMMERCE—Month

£

(tons)

Aug.

MOODY'S

32,850

Sept. 24
,

figure.

120.4'

(tons)

Shipped

354,080

Total round-lot transactions for account of members—

•Revised

OF

Grabbots,

20,800

Sept. 24

sales

Processed

106.6

2,800,154

SEED

Insurance

Short sales

Parm

COTTON

.

Produced

303,210

Sept. 24

commodities

113.4

106.3

126.6

COMMERCE)—

(running bales)

Produced

100

S.

125.5

115.5

1,003,570

floor—

U.

127.9

-

Aug.

Stocks
r

Sept. 24

=

^

(DEPT. OF

(tons)

Hull Fiber

Sept. 24

—

125.4

(running bales)—

Sept. 24

SERIES

90.7

106.3

(tons) Aug. 31

Stocks

-

NEW

116.9

90.?

125.4

services

AND

(tons)

Produced

Motes,
1,534,960

Sept. 24

Total sales

97.7

..

'

Sept. 24

(1947-49

and

Shipped

the floor—

off the

106.4*<-

96.9

117.5

•

Sept. 24

Other transactions Initiated
Total purchases

107.7

105.7
-

on

new

annual capacity of

125,828,310 tons

DEBT

DIRECT

AND

omitted):-

30
fund balances—

!-

:

as

Net

Investment Plan.

GROSS

Q

of Sept.

General

§Based

tons.

of Monthly

STATES

GUARANTEED—(OOO's
As

debt

Computed

-

annual

rate

,

—

2.4027c

2.3847c

'

117.3

Hulls-

10,855.170

Sept. 24

on

105.4
"

"■«*»£••

115.8

recreation-—

Meal—

Stocks

385,700

sales

—

;

Shipped

522,700

Sept. 24

purchases

labor

and

Linters

Total sales

All

97.4

(pounds)

Shipped

MEM-

—

prices,

105.5

—

(pounds)

Produced

298,610

Sept. 24

Other transactions Initiated

wholesale

Cake

328450

Sept. 24

sales

Othar

103.2

Produced

purchases

Other

119.4

128.0

(tons)

Shipped

Sept. 24

TRANSACTIONS

Other

103.6

119.5
103.4

(pounds)
Consumption (pounds)

1.034,122

sales—

Short sales

103.2
A

;

(pounds)

Stocks

Total sales
Total

121.9

Produced

7,823

785,325

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS:
Transactions of specialists in stocks in which
registered—

Other

123.2

.

90.5

(pounds)

Stocks

(SHARES):

sales

Short sales

107.8

123.8

(tons) Aug. 31—

Shipped

TRANSACTIONS

Total sales

Total

128.6

fl0.8

.

August:

Produced

STOCK

Short sales

BOUND-LOT

4,990

1,119,504

$58,635,672

Sept. 24
STOCK

119.2

130.4

£

__

SEED

Stocks

Y.

119.9

130.5

-

Refined Oil—

1,041,945

1,079,661

dealers-

AND ROUND-LOT

ACCOUNT

Other

3,866

790,049

$57,097,900

Sept. 24
Sept. 24

Number of shares

Total

1,124,494

Sept. 24

Round-lot sales by dealers—
Number of shares—Total sales

FOR

1,083,527

Sept. 24

N.

120.0

-

_c.

Received at mills

986,339

$67,876,525

Sept. 24

THE

119.6

110.8

girls'

Crude Oil—

Sept. 24

ON

114.7

109.2'

105.7

117.6

and

Stocks

Sept. 24

sales

TOTAL ROUND-LOT STOCK SALES

121.9

,

care

Stocks

other sales

by

105.1

111.3

,

home

boys'.

UCTS—DEPT.

£

106.24

Sept. 24

Round-lot purchases

107«yA,

112.6

„

care

COTTON

purchases)—t

Dollar value

Other

122.3

-"103.7

/ 1 104.7

,

fuel oil

As of Sept. 16

.

Sept. 24

short

124.2

-

102.9

___

and

Other goods

COMMISSION:

value

Customers'

113.3

--

124.1

■

Crushed

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

113.9

111.1

110.0

apparel

/ Reading

STOCK

Number of shares
Dollar

112.1-

111.2

Cotton Seed—

Oct. 14

Y.

ii5.to

electricity

and

Personal

93

100

N.

114.7

•

at

261,389

289,693

Oct.

ON

112,535

1947-49=100--

_

vegetables

COTTON GINNING

—Oct.

SPECIALISTS

554,777

61,290

811,241

,

402.4

-Oct.

AND

436,735

bakery products

Transportation

ITOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

667,312

545,485

__£-

:

.

Medical
i

3.06

403.4

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
=

$1,478,553

741,643

498,025

'

_J
&nd

Other
'

Oct. 18

activity
Unfilled orders (tons) at end of period
AVERAGE

$1,239,668

1,118,333

poultry and fish

Women's

3.22

3.27

of

1949

$1,786,199

of

;

INDEX

and

Men's

3.46

3.39

ASSOCIATION:

—

Month

Footwear

'

3.14

3.58

INDEX-

(tons)

—

Housefurnishings
Household operation

3.04

_Oct. 18

(tons)

Production

Percentage

13

home

at

■'

2.87

Oct. 18

PAPERBOARD

17

August:

Solid fuels and

3.13

Oct. 18

COMMODITY

14

__£

products

Gas

2.51

3.31
3.12

"

Oct. 18

Group

Industrials

63

;

Rent

'

108.70

3.10

,

Oct. 18

NATIONAL

23

56

EN¬

—

municipal

PRICE

of

Apparel

—Oct.'18

Group—
Group

32

55

Housing

'

U. 8. Government Bonds

MOODY'S

and

Fruits

109.06

Oct. 18

Group
Group

Utilities

33

;

;.

CONSTRUCTION

NEWS-RECORD

Other foods

MOODY'S BOND YIELD DAILY AVERAGES:

Public

91

:

;

Dairy

104.83

Oct. 18

,

Utilities

Railroad

103

±

construction^

Meats,

110.52

Oct. 18

Industrials

102

construction

Food

112.37

Oct. 18

A

Baa

Group

470

items

115.63

is

-inzizimzizimin iniiiz ii iz ii ziii in—iii—oct!

Railroad

495

.

Food

110.70

111.25

Aa

All

99.83

107.44

,

98
492

j

122,381

S.

Cereals and
95.87

74

128

114.5

U.

Month

11.500c

Oct. 18

33

'

667,866

public

CONSUMER

14.800c

-

197

75

128

development—

Private construction

.

15.000c

15.300c

.Oct. 11

at

15.500c

.Oct. 11

106

32

74

1

410

60

230

29
l

397

61
r..

September (OOO's omitted):
Total

93.375c

MOODY'S BOND PRICES DAILY AVERAGES:
u. 8. Government Bonds

395

12

231

.

;

29.700c

.Oct. 11

Lead (New York) at
Lead
(St. Louis) at

24

1,214

.*

ENGINEERING

State

:

21

'

Federal

.Oct. 11

at
York)

1,224

21

#-

CIVIL

copper—

tin

14

institutional

Conservation and

QUOTATIONS):

.

57
325

£_

>

GINEERING
5.174c

28

60

339

T

-3,117,000

Oct. 11
Oct. 11

Domestic refinery at

Zinc

207

153
410

26

1,243

.s.

and water

Public

METAL PRICES

Btralts

203

150
425

341

__

Miscellaneous public service enterprises

4.

Oct. 13

(per gross ton)
Bcrap steel (per gross ton).

Export

^10,6^3,000-^

10,639,000

26

12

nonresidential' building
Military facilities -a
Highways I

118

30

31

60

:

Other

>

&

Pig iron

telegraph—

£

Hospital and

.

22

31

50

425

__i_

"

Educational

All other

BRADSTREET, INC
IRON AGE COMPOSITE PRICES:
Finished steel (per lb.)

Electrolytic

10,599,000

58
"

43

24

it

£.

construction

Sewer

output

68

23

137.

utilities

^Nonresidential building

EDISON ELECTRIC INSTITUTE:

Electric

186

31

Residential building

8,417',000

>,

196

32

institutional—

_

Oct.

100

=

88
122

199

private

Public

INDEX—FEDERAL RESERVE
•

210

99

190

70

Industrial

8,570.00Q,
431,000

289

101

22

Other public, utilities
All other

29,929,000

•

162

207

building__

ft* h

™".
-

203

44

Hospital and
.

87,620.000

OF, MINES):

and

25
558

308

I

32

638

210

>

nonresidential

107

31

717

—

Miscellaneous- 2

i

117,549,000

84,757,000

:

(nonfarm)
%

Telephone and

222,570,000

117

'

$259,381,000*
141,832,000

330,197,000

1,195

111

Religious

•

^.$381,189,000

228,694,000

Oct. 13

COAL OUTPUT

—

$464,569,000

1,335

Social and recreational^

604,372

Oct. 13

Public construction
State and

$345,812,000

13

1,327

1,325

.Educational

56,054,000/

706,575^—^' 702,910,
'

2,460

1,484

buildings and warehouses
Stores, restaurants and garages

,

820,312

^

$3,674

2,761

1,467

Office

137,836,000 ^..131,198,000

47,111,000

$3,985

2,753

;

_£

building

Railroad
Oct. 13

construction

construction

$4,001
-■

Commercial

—J

807,035

8

35,601,000 y

.''

NEWS-RECORD:
Total

—.4

Industrial
•

ENGINEERING

—

Ago

millions):

___

Nonhousekeeping

Public
CIVIL

Year

Month

OF

building (nonfarm)
dwelling units—r
1

Nonresidential

151,550,00(T

oil

ASSOCIATION OF AMERICAN

DEPT.

Additions and alterations

7,016,000

.Oct.

at—

(bbls.)

-I

—

S.

Total new construction—

New

7

(bbls.)

gasoline

CONSTRUCTION—U.

Previous

Residential

oil

fuel

BUILDING

LABOR—Mdnth of September (in

.Oct.

of that dates;

are as

Month

74.2

§2,320,000

either for thel

are

Latest

t

(bbls.

average

output (bbls.)

Distillate fuel

Ago

•89 6.1

.Oct.

unfinished

(bbls.)

Ago

of quotations,

cases

Private construction

output—dally

(bbls.)

and

Week

in

or,

\

production and other figures for the

cover

Year

.Oct. 23

__

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

Month

*

Dates shown in first column

that date,

on

INSTITUTE:

condensate

to stills—daily average

runs

month ended

Oct. 23

(net tons)

42 gallons each)—
Crude

or

month available.

or

Previous

VJfek

Indicated steel

'

2.302%

olume

182

Number

5474

.

The Commercial and
Financial Chronicle

.

.

(1679)

ecurities

Now in

Academy

Uranium & Oil Corp.
e 10 (letter of
notification) 15,000,000 shares of comon stock. Price—At
par (one cent per
share). Proceeds
For miming operations.
Office—65 East Fourth South
t., Salt Lake City, Utah. Underwriter—Western
States

vestment

Co.,

city.

same

Aeco

Corp., Beverly Hills, Calif.
ept. 19 filed 1,245,000 shares of common stock
(par 10
nts) to be offered for subscription by common stockolders on a share-for-share
basis.
Price—To be
sup-

lied

by amendment. Proceeds—To
repay borrowings;
exploration and development of oil and

r

ties

gas

and further

ring to

be

acquisitions.

made

on

Underwriter—None,

"direct

a

prop-

communication"

of-

basis

brokers.

y

ct.

13

ock.

Industrial

(letter of
Price—At

Development Corp.
notification) 2,000 shares

of

common

($10 per share). Business—To be
refrigerated trucking enterprise. Office
34 Mount
orris Park, New York
27, N. Y. Underwriter—None.
par

—

Allied

Industrial

20

une

(letter

Development Corp.
notification) 300,000 shares of class
Price—$1 per share. Proceeds—For oil

of

common stock.

nd gas operations.

Underwriter

ex.

Office—1508 Capitol Ave.,
Houston,
Paul C. Ferguson &
Co., same ad-

—

ess.

Allied-Mission Oil, Inc., Tulsa, Okla.
(letter of notification) 598,800 shares of common
ock (par one
cent). Price—50 cents per share. Proceeds
ct. 3

For

acquisition, exploration, drilling and development

f leases.

Allstates Credit
Corp., Reno, Nev.
June 27 (letter of
notification) 27,000 shares of 7% cumu¬
lative preferred stock
(par $10) and 27,000 shares of
common stock
(par $1) to be offered in units of one
share of each class of stock.
Price—$11 per unit. Pro¬
ceeds—For working
capital, etc. Office—206 No. Vir¬

ginia St., Reno, Nev.
address.

Address—P. O. Box
1387, Tulsa, Okla.

Under-

Underwriter—Senderman

same

&

Co.,

Aloha, Inc., Las Vegas, Nev.
Aug. 8 filled 900,000 shares of common
stock (par $1)
900,000 shares of preferred stock
(par $10) to be
offered in
and

units of

share of each class of
stock. Price
—$11 per unit. Proceeds—For
construction of hotel and
related activities and for
contingencies, stock in trade,
one

working capital. Underwriter—None.

I.

stock.

mon

Price—One cent per share.
expenses incident to
mining activities.
Weber Investment
Co., Ogden, Utah.
•

American

Oct.
to

11

be

91,875

basis of

one

for

shares

of

by

share for each

new

of

com¬

(11/1)

stock (no par)
stockholders on the

common

subscription

four shares

REVISED

held

as

of

Oct. 31, 1955; rights to
expire! on Nov. 22. Price—To be
supplied
by amendment.
Proceeds
For
investment.
Underwriter—Dominick & Dominick, New York.

the

on

basis

of $50 of debentures and
2J/4
stock for each preferred share.
The

common

share.

per

are

October 20

Underwriter—None.

American Motorists

Insurance Co.

EDT)

shares held.

Price—$8

purposes.

—None.

share.

Proceeds—For general

111.

Postal
,v'

Life

Insurance

Public

Finance

Co.,

Phoenix,

16 filed

(Friday)

(Reynolds

Common

Republic Electronic Industries Corp
(Keene

&

Co.,

October

Inc.)

24

78,006,081 shares of common stock to be
subscription by holders of life insurance
policies issued by Public Life Insurance Co.
Price—20
offered

for

cents per share.

Proceeds—For working capital.

&

Co.)

Petaca

T.

(Barrett

teague Island.
•

Atlas

Oct.

10

Underwriter—None.

Industries, Inc., Houston, Texas
(letter of notification) 200,000 shares

stock

mon

(par

cent).

one

Price—$1.50

$300,000

&

Co.)

(Offering

$4,125,000

Common

Brothers)

to

stockholders—bids

November 2

Commonwealth Edison

Common
&

Co.,

Inc.)

(Offering

$787,500

Boston

Resistoflex Corp.

to

82,500

&

Co.)

$500,000

Pro¬

and for

;t

20,000 shares of common
(par $1). Price—$5 per share. Proceeds—To set
factory and purchase equipment and
machinery for

manufacture

and
sale of the "grip-lock"
driver and
Office—137 Grand St., New
York, N. Y. Under¬

writer—Ellis-Greenberg Co., 1051 Carroll St., Brooklyn.
N. Y.

•

Automobile Banking Corp.

Common

capital.

terest.

11

a.m.

EDT)

1,507,303

shares

Co
by

Natural Gas Corp., Aztec, N. Mex.
(letter of notification) 750,000 shares of com¬
(par five cents). Price—40 cents per share.
Proceeds—For expenses incident to oil and
gas activities.

19

stock

mon

..Common

and

The

First

approximately

.

Proceeds—To repay bank loans and for
working
Underwriter—Reynolds & Co., New York.

Basin

Sept.

(Wednesday)

1,110,375 shares

■>

.

com¬

(11/1)
Oct. 6 filed $1,500,000 5V2%
capital convertible deben¬
tures due Nov. 1, 1970. Price—At
100% and accrued in¬

shares

stockholders—underwritten
Glore, Forgan & Co.)

Corp.

Preferred

(Bache

Debentures

Brothers)

Co.

$300,000

of

share.

Common

(Lehman

Southern

per

Automatic Tool Corp.
(letter of notification)

stock

screw.

$1,500,000

(Hallowed, Sulzberger & Co.) 60,000 shares

.

Herrick

Co.)

Quaker City Life Insurance Co
Common

by

ceeds—For construction of
bridge across Sinepuxent Bay
from the Worcester
County (Md.) mainland to Assa¬

up a

Debentures

..Common

Bowler

Mining Co

&

Lines, Inc

(Lehman

(Monday)

Dillon

Air

Under¬

company or

* Assateague Island Bridge Corp.
(Md.)
Washington, D. C.
Oct. 7 filed 100,000 shares of
5% cumulative preferred
stock to be offered
primarily to members of the Ocean
Beach Club, Inc.
Price—At par ($10 per
share). Pro¬

&

shares

Fischer & Porter Co

$300,000

Moder-Rate Homes, Inc
(William

Continental
Common

Commonwealth Life Insurance Co
(Eastman,

91,875

Automobile Banking Corp

Co

;

Ariz.

Sept. 7

Co,_._..._Common

(Offering to stockholders—underwritten by Dominick

(Offering to stockholders—underwritten
by A. C. Allyn & Co.) $200,000

'

(Tuesday)

American European Securities

$6,555,000

21

Underwriter
■

Arizona

Sept.

per

Office—Chicago,

—

Dominick)

October

(10/25)

Sept. 30 filed 200,000 shares of capital stock
(par $3) to
offered for subscription
by stockholders of record
Oct. 25, 1955, on the basis of one new
share for each five

be

Texas.

November 1

Equip. Trust Ctfs.

noon

of

working
capital, etc. Office — 6006 Harvey Wilson Drive, Hous¬
ton, Texas. Underwriter
Benjamin & Co., Houston,

CALENDAR

(Thursday)

Seaboard Air Line RR
(Bias

ISSUE

shares

remaining
$4

under option to certain persons at

ceeds—To purchase dies and materials

NEW

ISSUE

American

salesman of the insurance firm.

Proceeds—For
Underwriter—

European Securities Co.

filed

offered

ITEMS

writer—None, sales to be directly by the

Amarilla

Uranium, Inc.
July 27 (letter of notification)
6,500,000 shares

PREVIOUS

Hide & Leather Co.,
Lowell, Mass.
Sept. 28 filed $2,426,500 of its 5% convertible subordinate
debentures due Oct. 1, 1975 and
609,193 shares of Com¬
mon stock (par
$1) to be offered in exchange for out¬
standing 48,530 shares of 6% cumulative preferred stock

—

riter—United Securities Co., same address.

•

corporate

Alouette Uranium &
Copper Mines, Inc.,
Montreal, Canada
July 22 (Regulation D) 1,000,000 shares of
common stock.
Price—30 cents per share.
Proceeds—For exploration and
development expenses, etc.
Underwriter—Hudson-Bergen
Securities, Inc., Cliffside Park, N. J.

ADDITIONS

SINCE

500,000 shares

and

African

* INDICATES

Registration

59

Office—109 W. Caco
St., Aztec, N. M. Underwriter—
Columbia Securities Corp., New
York, N. Y.
Bassons Industries Corp.
■

November
October 25

American

(Tuesday)

Motorists Insurance

(Offering to stockholders—no

Dixon

Chemical &

(Lee Higginson Corp.
bonds

Houdry
Lau

and

(A.

W.

Brooks

225,000

&

shares

Co.,

of

Inc.)

&

Curtis)

40,000

&

Co.

Inc.)

205,000

(Blyth & Co.,

Natural
(Bids

Inc.)

Co

$299,400

$2,500,000

Otis,

Inc.)

$400,000

|
...Common

,

(Dempsey,

TegeJer & Co.; William
Co.; Revel, Miller & Co.;

(White,
The

Weld

Ohio Co.;

R.

Staats

and

Russ

&

&

Co.;
Co.)

Telephone Co

>

5

(A.

\

Becker

&

Tel.

(Bids

International Resources Fund, Inc
&

Co.)

28

mon

Debentures

Cranmer & Co.,

drill leases and claims in State of Utah.

Stacy

&

Co.,

basis."

Houston, Tex.,

Underwriter—

on

"best

efforts

Blenwood Mining & Uranium
Corp., Denver, Colo.
July 29 (letter of notification) 1,000,000 shares of com¬
stock

Common

(par 10 cents).

Price

—

30

cents

per

share.

For expenses incident to
mining operations.
Office—612 Kittredge Bldg.,
Denver, Colo. Underwriter
—

—Peters, Writer & Christensen, Inc., Denver 2, Colo.

Common

Continued

$1,250,000

on

page

Bonds
invited)

November 29

$7,500,000

(Tuesday)

San Diego Gas & Electric Co
;

„

(Bids

11:30

a.m.

December 6

EDT)

Bonds
$18,000,000

(Tuesday)

Virginia Electric & Power Co
to

be

invited)

Fuller

&

Alstyne,

Noel

Co.)

&

$299,475

Co.)

Alstyne, Noel

&

$500,000

Corp.__

Co.)

WilListon

&

December 14

Preferred
*

Preferred

$12,500,000

$1,200,000




200,000 shares

(Wednesday)

Jersey Bell Telephone Co
(Bids

to be

invited)

Debentures

$25,000,000

New York

Common
December

Common
Co.)

New

15

(No

underwriting) $300,000

Boston

Philadelphia

(Thursday)

General Capital Corp.

—

Denver, Colo.

Black Panther Uranium Co., Oklahoma
City, Okla.
July 12 filed 500,000 shares of common stock (par 10
cents).
Price—$1 per share. Proceeds—To explore and

Proceeds

(Wednesday)

Corp. and Blyth & Co., Inc.)

be

to

ex¬

incident

shares

$30,000,000

Investing Corp.)

com¬

Price—15 cents per share. Proceeds—For
to mining activities.
Underwriter

stock.

penses

Common

Nortex Oil & Gas Corp
(J. R.

Co

invited)

Big Owl Uranium Mines
July 29 (letter of notification) 2,000,000 shares of

|

(Monday)

Consumers Finance
(Van

250,000

(Territory of)
(Bids

Common

Common

National Consumer Finance
Corp
National

be

(The First Boston

(Bids

(Van

& Tel.

to

approx.

Arizona Public Service Co

Hawaii

(Friday)

Chromalloy Corp.
D.

Inc.)

Big Chief Uranium Co., Pueblo, Colo.
Sept. 20 (letter of notification) 1,500,000 shares of non¬
common stock (par 10
cents). Price—20 cents
per share.
Proceeds—For expenses incident to mining
assessable

Porter,
Common

Colohoma Uranium, Inc

(Offering to stockholders—underwritten by Lehman
Brothers;
Goldman, Sachs & Co.; and The First Boston Corp.)
209,685 shs.

(S.

(Tuesday)

$17,250,000

Indianapolis Power & Light Co

October 31

$20,000,000

Common

November 16

i

October

Co.

Co., New York.

mon

Rauschet, j

Preferred

G.

New England

$1,181,250 i

(Thursday)

Peabody

EST)

Marquette Cement Manufacturing Co

(General

(Kidder,

-Common

(Blair & Co. Incorporated) $22,000,000

\ j

& Co.; Carolina Securities
Corp.;
and Stein Bros. & Boyce) $750,000

October 27

(Wednesday)

Bonds
noon

stock

operations. Office — 441 Thatcher Bldg.,
Pueblo, Colo.
Underwriter—Investment Service Co.,
Denver, Colo.

$700,000

Freedom Insurance Co

j,

Debentures & Common t

Continental

Co.)

November 15

$15,000,000

(Offering to stockholders—underwritten by The
United Artist Theatre
Circuit, Inc.) $550,000

Southern

Common
&

-n

Bonds

Redondo Tile Co

$15,000,000

Inc.

United Gas Corp

Common

EDT)

a.m.

Co.)

(Offering to stockholders—underwritten by Blyth &
Co., Inc.)
$8,554,000

\;4f'\

(Wednesday)

Magna Theatre Corp

&

&

Coosa River Newsprint Co

'*'

Long Island Lighting Co

Pierce

Homes,

(Bids

October 26

&

Richmond

Bonds

EDT)

a.m.

11:30

—Debentures
Noyes

(letter of notification) 124,000 shares of com¬
(par 50 cents). Price—$2 per share. Proceeds
working capital, etc. Office — 1424 East Farms
Road, New York City. Underwriter—Jay W. Kaufmann
mon

&

(Tuesday)

Co

(Hemphill,

November 9

Gas

(Gearhart

Tea

8

$25,000,000

International Metals Corp.—.

(Elds

National

,m"

Class A Common
Co.)

Common
797,800 shares

•

Preferred

&

11

■

(Cruttenden

Polyplastex United, Inc
(Cohu

'

November

shares

Pacific Gas & Electric Co

Wisconsin

$2,250,0^)0

shares

400,000 shares

Aug. 24

—For

(No underwriting)

Common

Allyn

Barney & Co.)

r

.

Common

Jackson

|

Union Corp. of America—

Com.

stock

Co
C.

&

(Thursday)

Common

(Smith,

shares?

3

Inc.

Common
200,000

Corp

Webber,

Blower

Co

underwriting)

Research, Inc.—Bonds

and P.

Process

(Paine,

Ranco,

/

Debentures

Pittsburgh

San Francisco

Chicago

Cleveland
*

Private IVires

to

all

offices

60

60

The Commercial and

(1680)

Continued from

Colorado Oil & Uranuim Corp.

59

Brooklyn Towers, Inc.
(letter of notification) 18,949 shares of common
stock (par $1) being offered for subscription by holders
of
voting trust certificates representing stock of the
•

Oct. 6

Corp. on

Hotel

Towers

share held as of Oct. 6

a basis of one share for each
(with an oversubscription privi¬

lege); rights to expire on Oct. 31. Price—$7.50 per share.
—
For lease of Brooklyn Towers Hotel and

Proceeds

Office—Clark and Willow Sts., Brook¬
Underwriter—None.

■working capital.

lyn, N. Y.

Los Angeles, Calif.

Corp.,

Consumers

California

filed 52,942 shares of capital stock (par $10)
for subscription by stockholders of record
on the basis of one new share for each share held.

stock

be offered

Oct. 18

I'rice—$ 15 per share. Proceeds—From sale of stock, to¬

gether with other funds, to be used for payment of 5%
bonds due Dec. 1, 1955. Under¬
writers—J. S. Strauss & Co. and Lawson, Levy and Wil¬

sinking fund mortgage

same

Proceeds—

350 Equitable

—

Underwriter—Birkenmayer

a

Co.,

Commercial

Uranium

Mines, Inc..

July 12 (letter of notification) 15,000,000 shares of com¬
stock (par one cent).
Price—Two cents per share.

mon

Proceeds—For

incident to mining operations.
Office—170 Vista Grand Rbad, Grand Junction, Colo.
Underwriter
Columbia
Securities Co., Denver
and
Grand Junction, Colo.
expenses

—

Credit

Phoenix, Ariz.
700,000 shares of capital stock (par $1).
share. Proceeds—For working capital, etc.

filed

Price—$2 per

Corp.,

if California
Oct.

of record Nov.

Limestone Products, Inc.
36,850 shares of common
(par $1) to be offered for subscription by stock¬

7

(letter of notification)

holders

basis

the

on

of

one

new

share

for

each

5.7

shares

held; rights to expire on Nov. 5, 1955. Price—
$1.05 per share. Proceeds—For mining expenses. Office
—139 C. Beverly Drive, Beverly Hills, Calif.
Under¬
Uranium

Canadian

Mines, Ltd., Montreal, Canada
June 3
(regulation "D") 2,000,000 shares of common
atock (par one cent).
Price—15 cents per share. Pro¬
ceeds—For exploration and development expenses. Un¬
derwriter—1Tellier & Co., Jersey City, N. J.
Caribou Ranch Corp., Denver, Colo.
July 15 filed 505,000 shares of common stock (par $1.)
4Price—$4 per share. Proceeds—For acquisition of prop¬

erty and equipment, construction of additional facilities,
etc. Underwriter—Mountain States Securities, Inc., Den¬
ver,

Colo.

Cedar
June 8

stock

Springs Uranium Co., Moab, Utah

(letter of notification) 300,000 shares of common

Price—$1 per share. Proceeds—
Underwriter—Universal Invest¬
Corp., Washington, D. C.

(par five cents).
mining expenses.

For

ment

Chaffin

Uranium Corp.,

Salt Lake City, Utah
Sept. 6 (letter of notification) 12,500,000 shares of non¬
assessable capital stock.
Price—At par (one cent per
Proceeds

share).
Utah.

Aug.

1

shares

of

be

incident

to

Securities

Co.,

same

City.

Service, Inc..
notuication) 120,000 shares

of

stock, class A—(par 50 cents) and 60,000
class B (par 10 cents)

offered

in

Price—$5

capital.

units
per

of

unit.

Office—505

two

class

A

and

one

class B

Proceeds—For general work¬
National Bank of Commerce

Building,

Charleston, W. Va.
Investment Co., same address.

Underwriter—Crichton

(par $1).

business

6

(letter of notification) 1,000 shares of 5%%
preferred stock. Price—At par ($100 per
share).
Proceeds—For working capital.
Office—3023
Farnam St., Omaha, Neb. Underwriter—Wachob-Bender
Corp., same city.
cumulative

Conjecture Mines, Inc., Coeur d'Alene, Idaho
May 5 (letter of notification) 200,000 shares of common
stock

(par 10

Chromalloy Corp.

(1D/31-11/4)

Sept. 29

(letter of notification) 133,100 shares of com¬
(par 10 cents). Price—$2.25 per share. Pro¬
ceeds—For equipment, working capital, etc. Office—109
mon

stock

West 64th
Fuller &

St., New York 23, N. Y.
Co., New York.

Underwriter—S. D.

Proceeds—To

bentures due Sept. 1,
stock (par 10 cents)

Salt Lake City, Utah

.

if Coosa River Newsprint Co. (11/9)
19 filed 122,200 shares of common stock
the basis of

as

of record

Credit

Corp., Washington, D. C.
Sept. 27 (letter of notification) $245,000 of 6% subordi¬
nated debentures due 1975
(with warrants to purchase
B

common

capital

to

stock).- Price—99%.

subsidiaries.

N.

W., Washington, D. C.
ren &
Co., same address.
Clad

490

shares of class

Proceeds—To

Office—1028

supply

Connecticut

Ave.,

Underwriter—Emory S. War¬

(Victor V.)

Co., Philadelphia, Pa.
June 17 (letter of notification)
120,000 shares of common
stock (par 25 cents). Price—$2.50
per share. Proceeds—
For equipment and
workmg capital. Underwriter—BarTett Herrick &
Co., Inc., New York.
Clad-Rex Steel

Co., Denver, Colo.

Aug. 24 filed 400,000
cents).
Price—$1.25
short-term
Underwriter

shares of common stock (par 10
per
share.
Proceeds—To
repay
obligations, etc. and for working capital.
—

Mountain States

Securities Co., Denver,

Colo.; and Joseph McManus & Co., New York, N. Y.
Colohoma Uranium, Inc. (11/16)
April 21 filed 2,500,000 shares of common stock (par one
cent). Price—50 cents per share. Proceeds—For explora¬
tion and development expenses and for
general corpo¬
rate

Office—Montrose, Colo. Underwriters—
Investing Corp., New York; and Shaiman & Co.,
Denver, Colo.
purposes.

General

Oct.

be

offered

• Color Corp. of America, Los Angeles, Calif.
Oct. 6 (letter of notification) 28,500 shares of common
stock
(par $1). Price—At market (estimated at $1.75
per share).
Proceeds—To Benjamin B. Smith, the sell¬
ing stockholder.

Underwriter—Francis I. duPont & Co.,

Angeles, Calif.




for

subscription by

one

Nov.

new

common

(par $50)
stockholders

share for each three shares held

8, 1955; rights to expire

on

Nov. 29.

Price—$70

per share.
Proceeds—Together with other
funds, for expansion. Office—Coosa Pines, Ala. Under¬

writer—Blyth & Co., Inc., New York.
Cordillera Mining Co.,

Denver, Colo.

June 8 (letter of notification) 2,995,000 shares of common
stock. Price—At par (10 cents per share).
Proceeds—
For

mining operations.

Offices

—

738

Majestic

Bldg.,

Denver, Colo., and 317 Main St., Grand Junction, Colo.
Underwriter—Lasseter & Co., Denver, Colo.
Corpus Christi Refining Co.
Sept. 2 filed 500,000 shares of common

stock

(par 10
cents). Price—At the market. Proceeds—To a selling
stockholder. Office—Corpus Christi, Texas. Underwriter
—None.

•

'

"

Cortez Uranium & Mining Co., Denver, Colo.
May 27 (letter of notification) 3,000.000 shares of com¬
mon
stock
(par one cent). Price—10 cents per share.
Proceeds—For mining expenses. Office—404 University
Building, Denver, Colo. Underwriter—Peters, Writer &
Christensen, Inc., Denver, Colo.
Cross-Bow Uranium Corp.
Aug. 29 (letter of notification) 5,000,000 shares of com¬
mon stock.
Price—At par (six cents per share).
Pro¬
ceeds
For mining operations.
Office — 1026 Kearns
Bldg., Salt Lake City, Utah. Underwriters—Potter In¬
vestment Co., and Mid-America Securities, both of Salt
—

Lake

City, Utah.

—

uranium and oil

exploration. Office—726 Paulsen Bldg.,
Empire State Bldg., same city.
Production Co.,

Deerfield Gas

Wichita, Kan.
together with Kearney Gas Pro¬
duction Co., filed 935,999 units of beneficial interest in
Hugoton Gas Trust, to be made by means of warrants
Sept. 30 this

company,

to be issued to

Natural

stockholders of Kansas-Nebraska

common

Gas

Co., Inc., and its eligible employees. Price
—$4 per units, Proceeds—For retirement of indebtedness
secured by first mortgages; balance for payment of obli¬
gations and
tion

of the two companies in liquida¬
distribution to stockholders.

expenses

for

and

liquidation

Underwriters—The First Trust Co., of Lincoln, Neb. and
Cruttenden & Co., Chicago, 111. Offering—Expected late

early November.

or

Minerals

Delta

Co., Casper, Wyo.
(letter of notification) 600,000 shares of non¬
assessable common stock (par five cents). Price—50 cents
Sept. 20

Proceeds—Expenses incident to mining oper¬
Office—223 City and County Bldg., Casper, Wyo.
Underwriter—The Western Trader & Investor, Salt Lake
per

share.

ations.

City, Utah.

"

Dinosaur Uranium

Corp., Salt Lake City, Utah
Aug. 15 (letter of notification) 15,000,000 shares of com¬
mon stock.
Price—At par (one cent per share).
Pro¬
ceeds—For expenses incident to mining activities. Office
—15 Exchange Place, Salt Lake City, Utah.
Underwriter
—Western States Investment Co., same city.
Dix Uranium Corp., Provo, Utah
Aug. 10 (letter of notification) 6,000,000 shares of non¬
assessable capital stock.
Price—At par (five cents per

North

expenses.

Utah.

Provo,

Ave;,

Office—290

Underwriter

—

Investment Co., Provo, Utah.
Chemical

Dixon

Sept.

mining

Proceeds—For

University

Weber

&

Research,

Inc.

(10/25)

28 filed

$2,250,000 6% first mortgage bonds due
1975 and 225,000 shares of common stock (par $1) to be
offered in units of $500 of bonds and 50 shares of stock.
Price—To

be

supplied
plant,

by

of

etc.;

amendment. Proceeds—For
for acquisition of Dixon

Chemicals, Inc.; and for working capital. Office—Clif¬
Underwriters—Lee Higginson Corp. and P. W.
Co., Inc., both of New York.
Dome Uranium Mines,

Inc., Denver, Colo.

July 12 (letter of notification) 1,300,000 shares of com¬
mon stock (par one cent).
Price 20 cents per share. Pro¬
ceeds
For expenses incident to mining operations.
Office—352 Colorado National Bldg., Denver, Colo.
Un¬
—

L.

Hughes & Co., Denver, Colo, and G.

W. Allen & Co., Cheyenne,

Wyo.

Eagle Rock Uranium Co., Salt Lake City, Utah
Sept. 19 (letter of notification) 30,000,000 shares of non¬
assessable common stock.
Price—At par (one cent per
share).

Proceeds

activities.

For

—

Office—214

Utah.
Underwriter—Valley
Vegas, Nev.

Life

Eastern

Insurance

5th

State

Co.

Sept. 20 (letter of notification)
stock

incident to mining,
South, Salt Lake City,

expenses

East

Brokerage,

Inc.,

Las:

of New York

5,239 shares of

common

(par $5.50) being offered for subscription by stock¬

holders of record Oct.

1, 1955 at rate of one new
for each 10 shares held; rights to expire on Nov. 15,

share
1955.
Price—$35.50 per share.
Proceeds—For expansion and
working capital. Office—386 Fourth Avenue, New York
16, N. Y. Underwriter—None.
Edgemont Shopping Center, Inc., Chicago, III.
shares of class A common stock. Price
par ($100 per share).
Proceeds—To acquire title
to shopping center in Lansing, Mich., from builder of
center. Underwriter—None, offering to be made through
officers of company. Funds are to be held in escrow (if
not enough is received, funds will be returned to pur¬

Oct. 14 filed 6,000

—At

chasers
•

of

stock).

Electro

Refractories

&

Abrasives

Sept. 27 (letter of notification)

Corp.

10,000 shares of
(no par) being offered for subscription by
stockholders of record Sept. 30 on the basis of
stock

share for each
Price

26.

capital.

—

14

—

common;
one

new

shares

held; rights to expire on Oct.
share. Proceeds—For working
344 Delaware Ave., Buffalo 2, N. Y.

$16.50

Office

common:

per

Underwriter—None.
Electronic

Micro-Ledger Accounting Corp.
(letter of notification) 297,000 shares of com¬
stock (par 10 cents), to be offered for subscription

Sept. 28
mon

stockholders.

by

Price—$1

general corporate purposes.
Mass.

per share.
Proceeds—For
Office—53 State St., Boston,

Underwriter—None.

if Empire
Oct.

7

stock

Studios, Inc., Orlando, Fla.
(letter of notification) 120,000 shares of common
Price—$2.50 per share. Proceeds—

(par 50 cents).

To

finish

lic

Pictures

three

films under release contract to Repub¬
Corp. Underwriter — Gerard R. Jobin In¬
vestments, Ltd., St. Petersburg, Fla.

American Drilling & Exploration Co.) for drilling and
exploration costs. Office—Dallas, Texas. Underwriter—

Erie County Investment Co., Sandusky, Ohio
Aug. 10 (letter of notification) 7,500 shares of cumula¬
tive preferred stock (par $20) and 7,500 shares of com¬
mon stock (par $10), to be offered in units*df one share
of each.
Price—$35 per unit.
Proceeds—For working
capital to finance general expansion.
Office—169 East
Washington Row, Sandusky, Ohio.
Underwriter — The

Dallas Rune & Son. Inc.. Dallas. Texas

First

Cuban

Los

five

Price—$1.50 per share. Proceeds—For general corporate
purposes.
Underwriter—Central Securities Co., Dallas,

on

and

1970 and 879,000 shares of common
to be offered in units of $50 of

Inc., Dallas, Texas
Aug. 1 (letter of notification) 199,999 shares of common
stock (par $1), of which 107,915 shares
are to be sold
by company and 92,084 shares by a selling stockholder.

2nd

mining expenses, etc. Office—2630 South
West, Salt Lake City, Utah.
Underwriter—Denver
Securities, Inc., Denver, Colo.

de¬

Industries,

Proceeds—For

common

income

shares of stock. Price—$50.50 per
acquisition of production payments.
Office—Las Vegas, Nev.
Underwriter—First California
Co., Inc., San Francisco, Calif.
and

Price

stock.

mon

Co., Spokane, Wash.
1,500,000 shares of com¬
10 cents per share.
Proceeds—for

(letter of notification)

derwriters—R.

5V2%

15-year

Proceeds—For

to

2,450 shares of class A

bank loans and for working

of

$3,700,000

Aug. 10 (letter of notification) 7,000,000 shares of capital
stock
(par one cent).
Price—Three cents per share.

Citizens

repay

Underwriter—Lehman Brothers, New York.

Continental Production Corp.

unit.

Under¬

Brooks &

^Continental Air Lines, Inc. (11/1-3)
12 filed $4,125,000 of convertible subordinated de¬
due
1970.
Price—To be supplied by amend¬

debentures

common stock (par
For general corporate

—

ton, N. J.

Oct.

filed

June 16

Underwriter—M. A. Cleek, Spo¬

bentures

29

Proceeds

par.

Office—813 Daniel Bldg., Tulsa, Okla.

purposes.

construction

Coeur d'Alene, Idaho.
kane, Wash.

Aug.

and 3,000 shares of

Price—At

Price—25 cents per share. Pro¬
Office—326 Wiggett Bldg.,

Texas.

-

Cisco Uranium Corp.,

cents).

ceeds—For mining expenses.

ment.

$2).

share).

Neb.

Community Credit Co., Omaha,
June

Cook

•

(10/24-28)

Price—$5 per share. Proceeds—To be
stock, unassigned surplus and reserve
development and for expansion and life
reserves.
Office—616 South Main St., Tulsa, Okla. Un¬
derwriter—Eastman, Dillon & Co., New York, N. Y.
stock

non¬

voting common stock,

Co.

Insurance

credited to capital

for

Parking

(letter of
common

share.

expenses

Life

Commonwealth

Aug. 22 (letter of notification) 60,000 shares of common

capital.

voting

ing

—

Underwriter—Utah

Charleston

to

For

mining
Office—810 Deseret Building, Salt Lake City,

activities.

on the basis of one new share for
rights to expire on Nov. 16. Price—
To be supplied by amendment (proposed maximum of¬
fering price per unit is $45 per share). Proceeds—For
construction program.
Underwriters—The First Boston
Corp. and Glore, Forgan & Co., both of New York.

1, 1955

each 15 shares held;

•

writer—None.

stock (par $12)

in October

Underwriter—None.

-^Commonwealth Edison Co. (11/2)
Oct. 13 filed 1,110,375 shares of common stock (par $25),
to be offered for subscription by common stockholders

stock

Thursday, October 20, 1955

Dawn Uranium & Oil

,

Bldg., Washington 4, D. C. Underwriters—Mid America
Securities, Inc., Salt Lake City, Utah; and Seaboard
Securities Corp., Washington, D. C.

9

.

if Daltop film Co., Tulsa, Okla.
*
Octv iQ /(letter of notification) 9,836 shares of preferred

Washinrjiofl, D. C.

(letter of notification) 700,000 shares of com¬
(par one cent). Price—Five cents per share.
Proceeds—For mining operations. Office—501 Perpetual
20

stock

mon

..

writer—None.

Comet Uranium Corp.,

Aug.

Sept.

shares of common
.stock (par $1). Price—At market (estimated at $14 per
share). Proceeds—To Mono Power Co. Underwriter—
Waggenseller & Durst, Inc., Los Angeles, Calif.

Office

city.

Commonwealth

if California Electric Power Co.
4 (letter of notification)
1,066

activities.

mining

Bldg., Denver, Colo.

liams, both of San Francisco, Calif.
Oct.

Price—$1 per share.

cents).

(par 20

For oil and

Sept. 21
to

(letter of notification) 300,000 shares of common

June 7

Financial,Chronicle

American

Oil

Co.

Sept. 9 filed 2,000,000 shares of common stock (par 50
cents). Price—To be supplied by amendment. Proceeds
—For acquisitions and advances to subsidiary
(Cuban

Cleveland Corp., Cleveland, Ohio.

Volume 182

Number 5474

.

The Commercial and Financial Chronicle

,

.

Fairway Uranium Corp., Salt Lake City, Utah
May 23 (letter of notification) 275,000 shares of capital
ptock (par 50 cents). Price—$1 per share. Proceeds—
For mining expenses.
Office—2320 South Main Street
Salt

Lake

City, Utah. Underwriter
Cafarelli Co., Las Vegas, Nev.
Farm

—

Eliason,

Taylor,

directly

to

Federation

members
and

of

State

to

the

debentures to be offered
American

Farm

Half Moon Uranium Corp.,
Ogden, Utah
Aug. 10 (letter of notification) 8,000,000 shares of capital
stock.
Price—At par (two cents per share).
Proceeds
—For mining expenses. Office—E-17
Army Way, Ogden,

Bureau

Farm

Bureau

Federations

and

local organization.

Price—At 100% of principal amount
(in denominations of $250 each). Proceeds—To provide

•

.

Utah.

Underwriter—United

Intermountain

Brokerage

Co., Trenton, N. J.
Sept. 26 (letter of notification) 30,000 shares of 5% cu¬
convertible
preferred stock.
Price—At par
($10 per share) and accrued dividends. Proceeds—For
improvements and general corporate purposes.
Office
mulative

—Lower

Ferry Road, Trenton, N. J.
Co., same city.

other state laws. Underwriter—None. Statement effective
11.

Home

Acceptance Corp., Salt Lake City, Utah
(letter of notification) $300,000 of 25-year 6%

if Financial

due Oct. 1, 1980. Price—
At par (in denominations of
$1,000, $500 and $100). Pro¬

Oct. 17

ceeds—For

•

Industrial Fund, Inc., Denver, Colo.
filed 6,000,000 additional shares of capital stock.
Proceeds—For investment.

Fischer & Porter

Oct.

filed

10

Price—To

60,000

working capital. Office—837 South Maine
St., Salt Lake City, Utah. Underwriter—Edward L. Bur¬
ton &

Co., Hatboro, Pa. (11/1)
shares of common stock (par

$1).

be

supplied by amendment. Proceeds—For
capital improvements and working capital. Underwriter

.—Hallowell, Sulzberger & Co., Philadelphia, Pa.

Price—At

Proceeds—For completion of obser¬
vation tower, restaurant and gift shop facilities. Under¬
par.

writer—None.

Co.,

Home

same

Pitt

Packaging International, Inc.

June 30 filed 300,000 shares of common stock (par 100),
of which 250,000 shares of for account of company and

50,000 shares of five selling stockholders.
share.
of

Proceeds—For

"Totosave"

Hay"

infra-red

Price—$3

per

working capital; for exploitation
and for marketing of "Tropicheater. Office — Pittsburgh, Pa.

system;
space

Underwriter—Barrett Herrick & Co.,
Fowler Telephone

Inc., New York.

Co.,

Pella, la.
May 6 (letter of notification) $260,000 of 4% first mort¬
gage bonds, series A, due May 1, 1975.
Price—At par
(in denominations of $1,000 each). Proceeds—To retire
existing debt, acquire Northwestern Bell properties in
Leighton, la., and for conversion of both exchanges to
dial

Underwriter

operation.
Omaha, Neb.
•

Freedom

—

Wachob-Bender

Corp.,

the

basis

of

share

one

of

either

class

A

or

class

B

stock in

exchange for each two Federated shares. Stock¬

holders

will

assets of

vote

Dec.

6

approving

on

acquisition

Business—All insurance coverages, except, life, title and

Office—2054

University Avenue, Berkeley,
Calif., c/o Ray B. Wiser, President.
Office—Berkeley,
Calif.
Underwriter
Blair & Co. Incorporated, New
York. Offering—Expected in mid-November.
—

Fremont Uranium

Co., Salt Lake City, Utah
Aug. 1 (letter of notification) 15,000,000 shares of
mon

stock.

Price—At

com¬

(one cent per share). Pro¬
mining expenses. Office—515 Deseret Bldg.,
Salt Lake City, Utah. Underwriter — Moab Brokerage
Co., Western States Investment Co., Potter Investment
par

Co., Mid-America Securities, Inc. of Utah, and CashinEmery, Inc., all of Salt Lake City, Utah.
Mountain

(par

one

Proceeds—For
New

York.

same

cent).

Price—An

mining

expenses.

common

aggregate of $50,000.
Office—82

Beaver

St.,

address.

Underwriter

Prudential

—

Securities

Corp.,

Gas Hills Mining &

Oil, Inc., Kemmerer, Wyo.
(letter of notification) 1,000,000 shares of capi¬
tal stock (par five cents).
Price — 25 cents per share.

Aug. 1

Proceeds—For oil

and mining expenses. Underwriter—
Empire Securities Corp., Las Vegas, Nev.
•

General

Capital Corp. (12/15)
(letter of notification) $300,000 of 10 year 8%
debentures.
Price—At par (in denominations of $100,
$500, $1,000 and $5,000). Proceeds — For purchase of
commercial paper.
Office—4309 N. W. 36st St., Miami
Springs, Fla. Underwriter—None.
Oct.

3

General Molded Plastics, Inc., Dallas, Tex.
Sept. 30 (letter of notification) 297,500 shares of common
stock (par one cent).
Price—$1 per share. Proceeds—
For acquisition of machinery,
molding equipment and
working capital. Office—Tower Petroleum Bldg., Dal¬

las, Tex.

Underwriter—First Securities Co., Dallas, Tex.

Gibraltar

Uranium

Corp., Aurora, Colo.
July 18 (letter of notification) 2.000,000 shares of

• House of Houston, Coral Gables, Fla.
13
(letter of notification) $300,000 of

Oct.

expansion of inventory and finished goods.

Laguna, Coral Fables, Fla.

com¬

See Deerfield Gas Production Co. above.

Hunt

Uranium Corp., Green
River, Utah
(letter of notification) 1,200,000 shares of com¬
Price—At par (25 cents per share).
Pro¬
ceeds—For expenses incident to mining activities.
Un¬

Aug. 22

City, Utah.

Annex, Salt Lake

Calif.

Office—417

South Hill

St., Los Angeles,

Underwriter—None.

Gulf Coast

Sept. 14 filed $2,000,000 of 5% sinking fund convertible
debentures due Sept. 1, 1965 to be sold to Brandel Trust.
Price—$1,825,000, plus accrued interest of $29,632. Pro¬
ceeds—To purchase certain working or leasehold inter¬
interests.




Elmer

K.

Aagaard, 323

Newhouse

Bldg.,

City, Utah.

-

-

-

Underwriter—None.

Israel-Rassco

Investment

>

:

.

Ltd.

Co.,

Sept. 28 filed 9,000 ordinary shares.
Israel pounds

each,

Price—At par (100
about $55 in U. S. funds), payable
Office
Corp.,

or

in State of Israel Independence Issue Bonds only.
—Tel Aviv, Israel.
Underwriter — Rassco Israel

New York.

Jurassic Minerals, Inc., Cortez, Colo.
Aug. 26 (letter of notification) 2,855,000 shares of non¬
assessable common stock (par one cent). Price—10 cents
per share.
Proceeds—For expenses incident to mining
activities.
Office
326 West Montezuma St., Cortez,
—

Underwriter

Colo.

Bay Securities Corp., New York,

—

New York.

Sept. 19

(letter of notification)

7,500 shares

of capital

stock

(par $25), to be offered to stockholders of record

Sept.

15

held.

Price—$40

porate

on

the basis of

{nirposes.

one

new

share for each eight;

share. Proceeds—For general cor¬
Office—Title Bldg., Kansas City, Mo.

per

Underwriter—None.

Kearney Gas Production Co.

Kirby Oil & Gas Co.
July 8 filed 200,000 shares of common stock (par $l)r
of which 100,000 shares are for the account of the com¬
and 100,000 shares for the account of the Murchfi-

pany

son-Richardson financial

mill.

Office
Rensselaer, N. Y. Underwriter —
Offering is made only to residents of Aliceville,
Ala., and its vicinity.
new

—

None.

Monument

Uranium

Mining

Corp.

of Texas.

Price—To*

•

Kordite Corp., Macedon, N. Y.
Sept. 21 filed 130,000 shares of common stock (par $1)?
of which 80,000 shares are to be offered by the
company*
and 50,000 shares by Richard M. and Howard J.
Samuels,
and

be

D.

B.

Vice-President, respectively.

Price—To-

supplied

by amendment (around $13.75 per share).
Proceeds—To finance development of business and for
general
corporate purposes.
Underwriter — George

Bonbright & Co., Rochester, N. Y. Statement has
withdrawn, following
acquisition
by
Textroa

American Inc.
•

Landa

Oil Co., Dallas, Texas
(letter of notification) 70,000 shares of common
stock (par 10 cents) being first offered for subscription

Aug. 19
by

stockholders

rights to expire

of
on

record

Oct. 25.

Aug.

31

on

2-for-5

a

basis;

Price—To stockholders,

$3.56

share; and to public $4.25 per share. Proceeds—For
incident to oil and gas activities. Office—5738
North Central Expressway, Dallas 6, Tex. Underwriter—
Central Securities Co., Dallas, Tex.

per

expenses

.

Sept. 6

(letter of notification) 3,000,000 shares of com¬
(par one cent). Price—10 cents per share.
Proceeds
For expenses incident to mining activities.
stock

mon

interests

supplied by amendment.
Proceeds—To retire out¬
standing bank loans and for exploration of oil and gar
leases. Underwriters—Allen & Co., New York: and Rai*scher, 1 Pierce & Co., Dallas, Texas.
Offering — Post¬
poned indefinitely.

President

—

Office—205

Byington Building, Reno, Nev. Underwriter

—Richard L. Dineley, same address.

Lander Valley Uranium & Oil Corp.
Aug. 15 (letter of notification) 3,000,000 shares of com¬
mon stock
(par two cents).
Price—10 cents per share.
Proceeds—For expenses incident to mining activities;.

Indianapolis Power & Light Co. (10/28)
6 filed 209,686 shares of common stock
(no par),
to be offered for subscription
by stockholders of record
Oct. 27, 1955 on the basis of one new share for each 15
shares held; rights to expire on Nov. 10.
Price
To
be supplied by amendment.
Proceeds—For repayment

South, Salt Lake City, Utah.

of bank loans incurred for construction.

Oct.

Office—c/o Warren E.
curities

Morgan,] President, 1705 East First
Underwriter—Empire Se¬

Corp., Las Vegas, Nev.

—

Lehman Brothers; Goldman, Sachs &
Boston Corp.; all of New York

Underwriters—-

Co.; and The First

Industrial

85,000 shares

are

to

be

sold

to

(par 50 cents),
Seymour and

Bernard

Offerman at $5 per share.
Price—To be sup¬
plied by amendment. Proceeds—To purchase Hugh H.
Eby Co. and Wirt Co. Underwriters—Hallowell, Sulz¬
berger & Co., Philadelphia; and Baruch Brothers & Co..
Inc. and Weill, Blauner &
Co., Inc., both of New York.
Statement to be withdrawn.
Inland Oil &

July 18

stock

mon

Uranium Corp.,

Denver, Colo.
1,200,000 shares of

(letter of notification)

(par 10 cents).

Price

25

—

cents

com¬

share
activities

per

Proceeds—For expenses incident to oil and gas
Office—3975 East 58th Ave., Denver, Colo. Underwriter
—Shaiman & Co., Denver, Colo.

International Investors Inc., New York
Aug. 23 filed 200,000 shares of capital stock (par $1).
Price—At market. Proceeds—For investment. Business
invest in foreign securities of the free world out¬
States. Underwriter—I. I. I. Securi¬

side of the United

•

Corp., 76 Beaver St., New York, N. Y.

International

Oct.

4

Metals

Corp.

400,000 shares of common stock (par 10
cents). Price—$1 per share. Proceeds—To finance ex¬
ploration and development of mining properties of ReMineros

discharge note.

to

Mexicanos,
•

S. A., Mexican: subsidiary,
Office — Houston, Tex. Under¬

if International Plastic Industries Corp.
Oct. 12 (letter of notification) 150,000 shares of common
stock (par 10 cents).
Price—$2 per share. Proceeds—
For advances to Arliss Co., Inc. for purchase of equip¬

•

Y.

Office

—

369-375

DeKalb

Underwriter—Kamen &

International

Ave., Brooklyn 5,

Co., New York.

Resources Fund,

Inc.

(10/27)

Sept. 23 filed 3,000,000 shares of common stock (par one
cent). Price—$5.75 per share. Proceeds — For invest¬
ments.

ties

in

Business—To invest in U.
the

natural

resources

S.

field.

der, Peabody & Co.. New York.

Dayton,

Ohio

(10/25-27)

Underwriter

—

A. C. Allyn & Co.,

and

Uranium Co.

(letter of notification) 6,000,000 shares of capital
Price—At par

(five cents per share). Proceeds—«
For mining expenses.
Office — 124% South Main Sfc,
Newcastle, Wyo. Underwriter — Mid-American Securi¬
ties, Inc. of Utah, Salt Lake City, Utah.
LeCuno Oil Corp.,

Jefferson, Texas

29 filed 450,000 shares of capital stock (par 1 (f
cents). Price—To be supplied by amendment. Proceeds

Aug.

—For payment of liabilities and expenses incident to oil
and gas and mineral activities. Underwriter—First Cali¬
fornia

Co.,

Inc.,

San

Francisco,

foreign securi¬

Offering—Ex¬

Calif.

pected in October.

if Lee Bros., Inc., Castro Valley, Calif.
Oct. 7 (letter of notification) 11,500 shares of common
stock fpar $1) and 11,500 shares of 6% preferred stock
(par $25) to be offered in units of one share of each
class

of

working

stock.

Price

capital.

Valley, Calif.

—

Office

$26
—

unit.

per

Castro

60

Proceeds

—

Village,

Castro

For

Underwriter—None.

Life Underwriters Insurance Co.,

Shreveport, La.

Sept. 26 filed 100,000 shares of common stock (par 25
cents) to be offered for subscription by present stock¬
holders of record July 21, 1955 on the basis of one new
share for each four shares held; rights to expire 45 days
from the commencement of the offering, after which
unsold shares will be offered to public.

writer—Gearhart & Otis, Inc., New York.

ment, etc.

June 8
stock.

(10/26-27)

filed

cursos

—

Leborn Oil &

debentures due

1975 and 300,000 shares of common stock

which

Price

Co.,

205,200 shares of common stock (par $1).
To be supplied by amendment.
Proceeds—To

Inc., Chicago, 111.

Hardware

Mfg. Co.
(amendment) $1,500,000 of 5%

May 12
of

Blower

filed

4

selling stockholders.

City.

•

Lau

Price—$8.75

per

share to stockholders; $10 per share to public. Proceeds
—For expansion and working capital.
Underwriter—
None.

Lincoln

Oct.
stock

3

Telephone & Telegraph Co., Lincoln, Neb.
(letter of notification) 7,128 shares of common
(par $16.66%) to be offered to common stock¬

holders
27

on

a

basis of

shares held

Nov. 7, 1955.

ing capital.

,

^

Underwriter—Israel Securities Corp., New

York, N. Y.

been

if Huyck (F. C.) & Sons
Oct. 11
(letter of notification) 1,000 shares of .4%%
cumulative prior preferred stock, series 1.
Price—At
par ($100 per share).
Proceeds — For construction of

N.

Leaseholds, Inc., Houston, Texas

ests in oil and gas

—

Salt Lake

and

Underwriter—None.

if Great Lakes Oil & Chemical Co.
Sept. 29 (letter of notification) an undetermined number
of shares of common stock
(par $1) to be offered to
common
stockholders through
transferable warrants.
Prices—To be supplied by amendment.
Proceeds—For
general funds.

stock.

mon

ties

if Good Hope Uranium & Mining Co., Inc.
Oct. 6 (letter of notification) 2,750,000 shares of non¬
assessable capital stock (par one
cent). Price—10 cents
per share.
Proceeds—For expenses incident to mining
Pacific

Office—4135
Underwriter—None.

Hugoton Gas Trust

nell, Inc., Denver, Colo.

Union

unsecured

15% debenture notes in units of $500. Price — At par.
reduction of outstanding indebtedness;

—To

Office—351

ate purposes.

be

Proceeds—For

stock (par one cent).
Price — 15 cents per share.
Proceeds—For expenses incident to mining. Office—701
Moline St., Aurora, Colo. Underwriter—Robert J. Con-

mon

activities.

Corpw

See Deerfield Gas Production Co. above.

Houdry Process Corp. (10/25-26)
Sept. 22 filed 40,000 shares of capital stock (par $10).
Price—To be supplied by amendment.
Proceeds
To
selling stockholder. Underwriter—Paine, Webber, Jack¬
son & Curtis, Boston,
Mass., and New York, N. Y.

Oct.

Uranium

Corp.
July 29 (letter of notification) 500,000 shares of
stock

Development

•

Indian

ceeds—For

Gallina

••

of

Federated.

derwriter

Insurance Co.

(11/15-17)
June 6 filed 1,000,000 shares of common stock (par $10).
Price—$22 per share. Proceeds—For capital and surplus.
mortgage.

Mineral

Kansas City Title Insurance Co.

—

Fort

&

200,000 shares of common stock (par $25).
Price—$27.50 per share. Proceeds—For general corpor—

city.

Oil Co.,

Ltd., Calgary, Canada
Sept. 26 filed 1,500,000 shares of class A stock and 3,793,—
231 shares of class B
stock, which are to be offered in
exchange for Federated Petroleums, Ltd. common stock
on

if Florida Towers Corp., Clermont, Fla.
12 (letter of notification) 10,000 shares of common
stock (par $1) and 10,000 shares of preferred stock (par
Oct.

$4).

Industrial

filed

Underwriter—W.

Sept. 1
junior subordinated debentures

necessary

Price—At market.

5

"Isras"

E. Wetzel &

Oct.

Israel

Oct.

Homasote

funds to comply with require¬
ments of surplus to policyholders under New York and

with

company

61

Corp., Ogden, Utah.

Family Mutual Insurance Co., Albany, N. Y.

June 28 filed $1,500,000 of 5%

(1681)

one

share of

common

stock for each

of Sept.

15, 1955; rights to expire on
Price—$37 per share. Proceeds—For work¬
as

Office—1342 M

St., Lincoln, Neb.

Under¬

writer—None.

Underwriter—Kid¬

Continued

on

page

62

'

62

(1682)

The Commercial and Financial Chronicle
*

Continued

jrom

61

page

Mobile Uranium & Oil Co., Salt Lake
City, Utah
Aug. 22 (letter of notification) 5,500,000 shares of non¬
assessable capital stock (par one cent).
Price — Five
cents per share.
Proceeds
For expenses incident to
mining activities. Office—605 Judge Bldg., Salt Lake

>'

it Lithium Developments, Inc., Cleveland, Ohio
Oct. 17 filed 870,000 shares of common stock
(par 10
cents). Price—$1 per share. Proceeds—For exploration
and development costs, etc.
Underwriter—George Sea-

City, Utah.
Colo.

right, New York City.
Little Mac

Uranium

>11:30

a.m.

(EDT)

Oct. 26.

on

Oct.

6

(letter of

notification)

3,000,000 shares of non¬
(par one cent). Price—10 cents
Proceeds—For expenses incident to

share.

mining
operations. Office
Simms Bldg.,
Albuquerque, N. M.
Underwriter—Mid-America Securities Inc. of
Utah, Salt
Lake City, Utah.
—

Louisville

Gas

& Electric
Co., Ky.
Sept. 22 filed 160,000 shares of common stock
being offered for subscription by common
of record Oct.
10 shares

share.

(no par)

stockholders

13

at the rate of one

held; rights to expire

Proceeds

—

For

on

new

Nov. J.

construction

share

for each

Price—$47

writers—Lehman Brothers and Blyth &
York.

per

Under¬

program.

Co., Inc., New

of

capital stock (par one cent). Price—10 cents
Proceeds—For mining operations. Office—201

per

No.

share.
Main

St., Salt Lake City, Utah. Underwriter—Pioneer Invest¬
ments, Las Vegas, Nev.

Magna Theatre Corp., New York
(10/26)
Sept. 29 filed 110,000 shares of common stock
(par five
cents) to be offered for subscription
by common stock¬

holders of record Oct. 26
for each 20 shares held.
—To pay interest on
for general corporate
United Artist Theatre

at

the

rate

of

one

share

new

Price—$5 per share. Proceeds
outstanding 6% debentures, and
purposes.

Underwriter

—

The

Circuit, Inc. of New York.

Mohawk

Co., Cincinnati, Ohio
(letter of notification) 3,000 shares of 8%

Oct. 3

working capital.
Ohio.

Office—2508

Underwriter

—

W.

Auburn

E. Hutton

&

Mich.

Uranium Mines, Inc.
(letter of notification) 6,000,000 shares of
stock.
Price—At par (five cents per
share).
6

Bldg.,

mining

Salt

tinent

Lake

expenses.

City,

Securities, Inc..

Office

706

—

working capital." Underwriter—Charles
Associates, Hartford, Conn.

Mines,

E. Thenebe

Inc.

Aug. 1

(letter of notification) 300,000 shares of
common
35 cents).
Price
62^ cents per share.
Proceeds
For expenses incident to
mining activities.
stock

(par

—

Oct. 6

(letter of notification) 172,500 shares of common
stock (par 10
cents). Price—$1 per share. Proceeds—
For mining expenses and
expenses incident to selling
a
soil conditioner.
Office—681 Market
St., San Fran¬
cisco, Calif. Underwriter—Globe Securities
Corp., New

York.

Pro¬

Newhouse

Underwriter—Mid-Con¬
city..

Mortgage Associates. Inc., Philadelphia, Pa.
7 (letter of
notification) 20,000 shares of 60-cent

June

convertible

June 15

Abstracts, Inc., Philadelphia, Pa.

(letter of notification)

300,000 shares of com¬
Price—$1 per share. Proceeds
capital, etc. Office—825 Western
Savings
Fund Bldg.,
Philadelphia, Pa. Underwriter
Carl J.

stock (par one cent).
—For working
mon

—

Bliedung, Washington, D. C.

preferred stock (par $5) and 20,000 shares
stock (par 10 cents).
Price—For preferred,
share; and for common, $2.50 per share. Proceeds

Mining Corp., Fort Collins, Colo.
July 13 (letter of notification)
2,955,000 shares of com¬

stock (par one
cent). Price
10 cents per share.
Proceeds—For expenses incident to
mining operations.
Office—415 Peterson St., Fort
Collins, Colo. Underwriter
—Bay Securities Corp., 115
Broadway, New York, N. Y.
mon

—

Metallurgical Resources, Inc., New

vertible preferred stock.

Proceeds—For

development;

York

Price—At par

construction

and

for

of

working

($2

plant; for
capital.

Gerber, Inc.. New York.

per

con¬

share).

research

and

Underwriter—

* Mexico Refractories
Co., Mexico, Mo.
Oct. 19 filed
57,776 shares of common stock

be offered to stockholders
of National
a

Mountain

(par $5) to
Refractories Co.,

offer to remain open for 60
days from date of prospectus.
Offer is conditioned
upon Mexico owning at least
80%
of
outstanding National stock upon
consummation of

exchange.

Mitchell Mining
Co., Inc., Mount
Vernon, Wash.
May 13 (letter of notification)
500,000 shares of common
stock (par 10
cents). Price—50 cents
per

—For

share. Proceeds

mining expenses. Address—P. O. Box
301, Mount
Vernon, Wash. Underwriter—Standard
Securities Corp.,
Spokane, Wash.
Moab Treasure Uranium
(letter of

July 25

stock.

Corp.
notification) 6,000,000 shares

Telephone & Telegraph Co.

Sept, 7 filed 486,881 shares of capital stock (par
$100),
being offered for subscription by stockholders of record
Sept. 27, 1955 on the basis of one new share for each five
held; rights to expire on Oct. 28. Price—At par
per

($100

share.

Proceeds

from American
eral

National

Sept.

—

Toward

repayment of advances

Telephone & Telegraph Co. and for
Underwriter—None.

of

com¬

Price—Five cents per share.
Proceeds
For
incident to mining activities.
Underwriter
Utah Uranium
Brokers, Salt Lake City, Uthh.
—

—

gen¬

corporate purposes.

28

Consumer Finance

filed

(no

For working

held; rights to expire

18

the

on

basis of

one

new

share for each

on Nov. 3. Price
$37
share. Proceeds—To repay bank loans and for con¬
struction program. Underwriters
The First Boston
Corp.; Lehman Brothers; Wertheim & Co.; and Merrill
Lynch, Pierce, Fenner & Beane. '
—

—

•

Nortex Oil & Gas
Corp., Dallas (10/31-11/4)
Sept. 16 filed 200,000 shares of common stock (par $1).

purchase

be
supplied by amendment.
certain oil and gas properties

Proceeds—To
and

leasehold

interests; for drilling and development costs; to pay off
$450,000 promissory notes; and for general corporate
purposes.

Underwriter—J. R. Williston & Co., New York.

Oasis Uranium & Oil
June 8 (letter of
stock

(par 50

Corp., Fort Worth, Texas notification) 265,000 shares of common

cents).

Price—$1

per

For uranium and oil
exploration.

share.

Proceeds—

Office—Fortune Arms

Oneida
Oct.

6

Heater

Co., Inc., Oneida, N. Y.
(letter of notification) $250,000 of 25-year 5%%
Nov. 1, 1980 and 50,000 shares of class

debentures due
A

stock (par $1).
Price—At par. Proceeds—
$144,000 outstanding bonds and $24,575 pre¬
ferred stock and for
working capital. Underwriters—
Mohawk Valley
Investing Co., Inc., Utica, N. Y.; and
Security & Bond Co., Lexington, N. Y.
common

To redeem

Ottilia

Villa, Inc., Las Vegas, Nev.
(letter of notification) 3,000 shares of capital
stock.
Price—At par ($100 per
share). Proceeds—For
South 5th St., Las Vegas, Nev.
Underwriter—Hennon &
Roberts, Las Vegas, Nev.
Aug.

16

•

Pacific Gas & Electric Co.

(10/31-11/4)

shares of convertible
preferred
stock. Price—At par ($10
per share) and accrued divi¬
dends. Proceeds—To
repay bank loans. Office—19 River
St., Stamford, Conn. Underwriter—Van
Alstyne, Noel &
Co., New York.

supplied by amendment.

Proceeds—To retire short term bank loans and for
struction program.
Underwriter—Blyth & Co., Inc.,
Francisco and New York.

Corp.

(10/31-11/4)

Sept. 28 filed 200,000 shares of class A common stock
(par $1). Price—$6 per share.
Proceeds
To selling
—

stockholders.

Office

—

19

River

St., Stamford,

Underwriter—Van Alstyne, Noel &
Co., New York.
it National
12

Finance

Co.,

Detroit,

Conn.

Mich.

52,000 shares of 68-cent cumulative con¬
vertible preferred stock (par
$10), of which 48,000 shares
are to be offered
publicly and

4,000 shares to company's
officers and employees. Price—$12.50
per share..
Pro¬
ceeds—For working capital.
Underwriter—Baker, Si-

Pacific

Price—At

par

(one

—419

cent per share).
Pro¬
mining activities. Office

Judge Bldg., Salt Lake City, Utah. Underwriter—
Securities Co., Salt Lake
City, Utah.

Guss

Uranium & Oil Corp.
(letter of notification) 3,000,000 shares of com¬
(par two cents). Price—10 cents per share.
Proceeds
For mining expenses. Office
811 Boston
Bldg., Denver, Colo. Underwriter—Amos C. Sudler &
Co., same city.
June 6
mon

stock

—

—

Pacific

Western

Sept. 9 filed

Oil

Corp.

100,000 shares of

common stock
(par $4.)
Price—At prevailing market price/Proceeds—To J. Paul

Getty, President.

Underwriter—None.

Statement effec¬

tive Oct. 10.

stock

(par $1). Price—$5 per share.
Proceeds
For
liquidation of bank loan and working capital. Office—
8400 Santa Monica
Blvd., Los Angeles, Calif. Underwriter
—T. R. Peirsol & Co.,
Beverly Hills, Calif.
—

I

Panama

Minerals, Inc., S. A.

'

'

(Republic of

Panama)
June 30 filed 400,000 shares of common stock

fund

subordinated debentures due Nov.
1, 1980. Price—To be
supplied by amendment. Proceeds
For payment of
bank
loans incurred for
expansion.
Underwriter
—

—

Hemphill, Noyes & Co., New York.
Natural Power Corp. of
America, Moab, Utah
7 (letter of notification)
300,000 shares of
assessable common stock (par one

cent).

Price—$1

per

Navajo Cliffs Uranium Corp., Provo, Utah
July 6 (letter of notification) 6,000,000 shares of common
cent). Price—Five cents per share. Pro¬
ceeds—For mining expenses. Office—156 No.
University
Ave., Provo, Utah. Underwriter
Lindquist Securities,
Salt Lake City, Utah.
one

(par $1).

Price—$1.25 per share. Proceeds—For mining
Office—Denver. Colo. Underwriter—None.

expenses.

Pandora Uranium Mines, Inc.
July 14 (letter of notification) 3,000,000 shares of com¬
mon stock
(par one cent). Price — 10 cents per share.

Proceedsr—For
non¬

share.
Proceeds—For expenses incident to
mining ac¬
tivities. Underwriter—Western Bond & Share
Co., Tulsa,
Okla.

(par

stock.

mon

ceeds—For expenses incident to

Co., Detroit, Mich.

^National Tea Co., Chicago, III. (11/8-9)
19 filed
$15,000,000 of convertible sinking

stock

San

Paddock Of California, Los
Angeles, Calif.
Sept. 28 (letter of notification) 60,000 shares of common

filed

monds &

con¬

International Metals &
Uranium, Inc.
Aug. 12 (letter of notification) 12,000,000 shares of com¬

•

Consumer Finance

(10/25)

Oct. 4 filed 1,000,000 shares of redeemable
first preferred
stock (par $25). Price—To be

Pacific

Corp.

50,000

expenses

incident

Office—530 Main St., Groad
—Columbia Securities Co.,

Lake

to mining operations.
Junction, Colo. Underwriter
Denver 2, Colo, and Salt

City, Utah.

^Partridge Canadian Explorations, Ltd.
Sept. 21 (Regulation "D" filing) 500,000 shares of
mon
stock (par $1).
Price—60 cents per share.
.

ceeds—For

—West

exploration

and

development costs.

com¬

Pro¬

Office

Toronto, Ont., Canada. Underwriter
Hunter
Corp. and M. J. Reiter Co., both of New York.
—

Securities

—

Nevada Mercury
Corp., Winnemucca, Nev.
Sept. 16 (letter of notification) 1,500,000 shares of
mon
stock (par one
cent). Price—20
Proceeds—For expenses incident to

Office—Professional

expenses




States

Sept.

subsidiary, in exchange for 57,776 shares of
capital
stock (par $5) of National
on
a
share-for-share basis*

mon

Scranton, Pa.

Oct.

Sept. 12 filed 500,000 shares of
6% non-cumulative

M. S.

per

Oct.

Mesa-Loma

stock

par).
capital
Office—Albany, N. Y.

—

common

National

Medical

capital

Proceeds

Oct.

com¬

Monte Cristo Uranium
Corp.
Aug. 19 filled 2,000,000 shares of common stock (par one
cent). Price—$1 per share. Proceeds—For purchase of
certain claims designated "Lower Claims
Group." Office
—Salt Lake City, Utah. Underwriter—None.

—

Underwriter—Standard Securities Corp.,
Spokane, Wash.
it Marl-Gro, Inc., San
Francisco, Calif.

—

Bldg., Fort Worth, Tex. Underwriter—Standard Securi¬
ties, Inc., Salt Lake City, Utah.

Utah.

same

Office

Development Corp.

shares of

share.

per

purposes.

New York

Price—To

mon

10,000

10 shares

Ave., Cincinnati,
Co., Cincinnati,

Monogram Uranium & Oil Co.
Aug. 31 filed 1,000,000 shares of common stock (par $1).
Price—$2 per share. Proceeds — To make payment of
$675,000 to Four Corners Uranium Corp. under a pur¬
chase contract; to use $100,000 each to purchase
mining
equipment, to pay for development and driving drift and
for exploratory drilling; and the remainder for
working
capital, acquisition of additional properties, and unfore¬
seen
contingencies. Underwriter—Carr & Co., Detroit,

ceeds—For

Business

of record

cumu¬

—For construction loans and
acquisitions. Underwriters
—Rambo, Close & Kerner Inc., Philadelphia, Pa.; and
J. S. Hope & Co.,

For

York

general corporate

per

it (The)

Mascot

•

Ohio.

June

For

—

State Electric & Gas Corp.
;
Sept. 28 filed 303,407 shares of common stock (no par)
being offered for subscription by common stockholders

Silica

Oct. 12

10,000 shares of cumula¬
tive convertible preferred stock
(convertible any time
after Jan.
1, 1956 into common stock on a share-forshare basis). Price—At par
($10 per share). Proceeds—

2,500,000 shares of com¬
cent). Price—Three cents per share.

one

general corporate purposes.
Underwriter—None.

advertising, contingent fund, etc. Office—2 Main
St., Bradford, Pa. Underwriter—William T. Bowler &
Co., Bradford, Pa.

of

Manchester Co.
(letter of notification)

(par

and

and

$10

&

New

Underwriter—None.

Monte Carlo

Lyman-Farnsworth Corp.
May 6 (letter of notification as amended)
3,000,000 shares

Gas Co.

Sept. 28 filed

Proceeds

stock. Price — At par ($50 per share).
Proceeds—For processing plant, heavy
equipment, and

assessable capital stock
per

stock

mon

lative preferred

it Lost Canyon Uranium & Oil Co.

Oil &

J.

Underwriter—IVl.

Bethesda, Md. Underwriter—Lewellen-Bybee Co., Wash¬
ington, D. C.
'

—

to

New Mexico

com¬

For mining ex¬

—

July 27 (letter of notification)

-

it Moder-Rate Homes, Inc., Bradford, Pa. (10/24)
Oct. 7 (letter of notification)
300,000 shares of common
stock (par 25 cents).
Price—$1 per share. Proceeds—
For design and construction of first 20
homes; promotion

and

up

Proceeds

Office—Carrizozo, N. M.
Co., Washington, D. C.

Sabbath

Price—$100

Long Island Lighting Co. (10/26)
Sept. 27 filed $15,000,000 of first mortgage
bonds, series
H, due 1985. Proceeds—For construction

City,

Price—At par.

South Carolina site.

i

Sept. 12 (letter of notification) 3,000,000 shares of capi¬
Price—At par (10 cents per
share). Proceeds
—For mining expenses. Office—440 West 3rd
North, Salt
Lake City, Utah.
Underwriter—Skyline Securities, Inc.,
Denver, Colo.
tal stock.

reduction of bank loans. Underwriter—To
be determined
by competitive bidding. Probable bidders:
Halsey, Stuart
& Co. Inc.; The First Boston
Corp. and Blyth & Co., Inc.
(jointly); W. C; Langley & Co.; Smith, Barney &
Co.;
Baxter, Williams & Co.
Bids
To
be received
at
City Bank Farmers Trust Co., New York

Thursday, October 20, 1955

it Model Dye Southern, Inc., Sumter, S. C.
Oct. 13 (letter of notification)
4,000 shares of common
stock (par $1) and 360 shares of
preferred stock (par
$100). Price — At par. Proceeds—For cost of moving
equipment and supplies located in Rhode Island to the

Co.

program

stock).

penses.

Underwriter—Skyline Securities, Inc., Den¬

ver,

.

time at rate of $100 of bonds for 220 shares of

apy
mon

—

..

-

cents

mining

Building, Winnemucca,

derwriter—Shelley, Roberts

&

per

com¬

share.

activities.

Nev.

Penn Fuel

Gas, Inc., Oxford, Pa.
(letter of notification) 11,538 shares of $1.50
cumulative
preferred stock
(par $22.40)
and
11,538
shares of common stock (par $1) to be offered in units
Sept.

Un¬

Co., Denver, Colo.

New Mexico Copper
Corp.
Sept. 8 (letter of notification) $100,000 of 6%
convertible
debenture bonds due Oct. 1, 1965
(to be convertible at

of

30

share of each

class of stock (8,538 units to
public
3,000 units to employees). Price—To public $26 per
unit; and to employees $23.40 per unit. Proceeds—For
one

and

expansion of system and working capital.
Third

Office—45 S.

St., Oxford, Pa. UnderwTiters—James A. Leavens,
Inc., Shamokin, Pa.; and Theron D. Conrad &
Co., Sunbury, Pa.

«fr^friviwwBMniC*oetyr*W^«JIIOMW^HT^suj^WVwjinrww^^Mww**^*1*^.«.,

Volume

182

Number 5474

.

u

M-*»J«

..
_

«

w

*

«*t'* k"

W'<1 .Vt^^fk

The Commercial and Financial
Chronicle

.

.

***.***>„,

.

' k-

63

(1683)

Penn-Utah

Uranium, Inc., Reno, Nev.
(letter of notification) 2,000,000 shares of com¬
(par three cents). Price—15 cents per share.

Aug. 4

Price—$2

pany.

per

unit.

Proceeds—For

general

Underwriter—None; to be offered by
Rich, Robert Kissel and Sidney M. Gilberg, as Trus¬

Leo

Proceeds—For

expenses
incident to mining activities.
Virginia Street, Reno, Nev. Underwriter
—Phdip Gordon & Co., Inc., New York, N. Y.

tees.

-■

•

Republic Electronic Industries Corp. (10/21)
Sept. 26 (letter of notification) 300,000 shares of common

Permian Basin Uranium
Corp.
(letter of notification) 640,000 shares of common
Price—At par (10 cents per
share). Proceeds—
For mining costs.
Office—613 Simms Building, Albu¬
querque,
N. Mex.
Underwriter
Western
Securities

stock (par 10 cents).
Price—$1 per share. Proceeds—
For expansion and working capital.
Business—Manufac¬
turers of precision electronic test
equipment. Office—
31 West 27th St., New York
City. Underwriter—Keene
& Co., Inc., New

stock.

York, N. Y.

—

Corp., Salt Lake City, Utah.
•

Peiaca

Mining Co.

25 filed 450,000

Aug.

•

(10/24-28)

shares

of

■

,

common

stock

(par

10

cents). Price—$1.75 per share. Proceeds—For
repayment
of loan and liquidation of
purchase obligations; to buy
equipment; and for working capital. Office—Santa
Fe,
N. M.
Underwriter—Barrett Herrick & Co., Inc., New

ceeds

For

—

leasehold

improvements,

other expenses in connection with the.

plant at Roseland, N. J.
New York.

Underwriter

equipment
leasing of a

new

Bache

Co.,

—

&

and

(

it Ridge Citrus Concentrate, Inc.
Oct. 10 (letter of notification)
$225,000 of 6% registered
bonds, to be offered in units of $100. Price—At par. Pro¬

Pitlman Drilling & Oil
Co., Independence, Kan.
Sept. 6 (letter of notification) 60,000 shares of 6% noncumulative

preferred

stock

(par $5) and 60,000 shares
of common stock
(par 10 cents) to be offered in units of
one
share of each.
Price—$5 per unit. Proceeds—For
-

payment of note and working
capital.
zens National Bank
Bldg.,

ceeds—To purchase citrus lands and for
groves.

PoUypJastex United, Inc. (10/25)
5
(letter of notification) 99,800 shares of class A
(par 20 cents). Price—$3 per share. Proceeds—

of record

Oct.

four

stock

expansion program and working capital.
Office—
441 Madison
Ave., New York 22, N. Y. Underwriter—
Cohu & Co., New York.
*

•

Postal

•

Life

Rocket

Insurance Co. (10/21)
100,000 shares of capital stock, to be of¬
subscription by stockholders of record about

Mining Corp., Salt Lake City, Utah
(letter of notification) 6,000,000 shares of cap¬
(par one cent). Price—Five cents per share.
Proceeds—For mining operations.
Office—530 Judge
Bldg., Salt Lake City, Utah. Underwriter—Mid Ameri¬
July 15
ital

for

Oct. 21 at the rate of two

shares for each share held;

new

rights to expire in about 30 days.
shares

holders.

be

to

are

sold

Price—At

for

($2

par

Of this total, 45,500
two selling stock¬
share). Proceeds—For

account
per

Securities, Inc., of Utah, 26 W. Broadway, Salt Lake
City, Utah.

other general corporate purposes.
Underwriter—A. C. Allyn & Co.,
Inc., .Chicago, 111. and
New York, N. Y.
'

Rogers Corp., Rogers, Conn.
(letter of notification) a minimum of 5,883 shares

Oct. 3
and

Prospect Hill Golf & Country Club, Inc.
July 8 (letter of notification) 11,900 shares of preferred
stock.
Price—At par ($25 per share).
Proceeds—For
swimming pool, club furnishings and equipment, golf

Proceeds—To

•

•

privately

lative

convertible

preferred

stock.

Price—At

share).
Proceeds
To purchase
equipment and for working capital.

Childs, Jeffries & Thorndike, Inc.,
York; and Syle & Co., New York.
Radium

par

machinery

—

($10
and

Underwriters—

Boston

and

stock

cent).

one

For

—

Price—32
incident

expenses

cents
to

per

share.

mining

Pro¬

operations.

Office—Bryant Bldg., Montrose, Colo. Underwriters—
General Investing
Corp., New York, N. Y., and Shaiman
& Co., Denver, Colo.
,

it Ranco.
Oct.

14

Inf., Columbus, Ohio (11/3)

filed 400,000 shares
Price—To
be
supplied by

.

tAmerican

Motors

of

stock

amendment.

(61.7%) of the total shares.

(par $5).

Proceeds—To

616,950

owns

shares

Real

14

Business—Supplier of Tem¬
for refrigerators, home

air

controls

conditioners

(letter

and

producer

Clearing House, Inc.
of notilication) 270,000

cumulative preferred stock
of common stock (par five
stock.

of

heater

Y.

12th

(par $1)

shares

and

of

7%

135,000 shares

cents) to be offered in units
preferred and one share of common
Price—$2.05 per unit.
Proceeds—For
shares

capital,
N.

etc.

of

Office—161

West

Underwriter—Choice

54th

working
New York,
Corp., 25 East

Street,

Securities

Street, New York, N. Y.

Recfondo

Tile

Co.

officers

of

the

company.

Statement

'

stockholders of record April 30, 1955, on a
basis; and (2) a public offering of 3,000,000

two-for-one

shares, to be

represented by voting trust certificates, at 58.8235 cents
share. Proceeds—For racing plant construction. Un¬

per

derwriter—None.

Hyman
City, is Vice-President.

N.

Glickstein, of New York

Exploration, Inc.
(letter of notification) 925,000 shares of non¬
common stock (par one
cent). Price—12 cents
share. Proceeds—For expenses incident to mining

Aug.

19

assessable
per

activities.

Office
718 Kittredge Bldg.,
Denver, Colo.
Underwriter—Shelley-Roberts & Co., Denver, Colo.
—

Sandia Mining & Development
Corp.
Sept 9 (letter of notification) 3,000,000 shares of capital
stock (par one cent).
Price—10 cents per share. Pro¬
ceeds

For

mining expenses. Office — Simms Bldg.,
Albuquerque, N. M. Underwriter—Mid-America Secu¬
rities, Inc. of Utah, Salt Lake City, Utah.
—

of debentures and

$675 per unit.

175 shares of

Proceeds—For

indebtedness; balance

and

general

Beach, Calif.

corporate

common

retirement

stock.
of

Price—

short-term

for additional working capi¬
Office — Redondo

purposes.

Underwriters

Dempsev, Tegeler & Co.,
St. Louis, Mo.; William R. Staats &
Co., Los Angeles,
Calif.; Rauscher, Pierce & Co., Inc.," Dallas,
Tex.; Revel,
Miller & Co., Los
Angeles, Calif.; Russ & Co., San An¬
—

tonio, Tex.

Republic Benefit Insurance Co., Tucson,
Ariz//
Sept. 30 filed 150,000 units in a dividend trust and stock
procurement

agreement to be offered to certain mem¬
bers of the general public who are
acceptable applicants
are to become active
policyholders in the com¬

and who




Sayre & Fisher Brick Co., Sayreville, N. J.
Sept..30 filed 325,000 shares of capital stock (par $1).
Price—To be supplied by amendment. Proceeds — For
prepayment of outstanding 5%% sinking fund bonds due
1970; balance for general corporate purposes, including
additions and improvements and working capital. Under¬
writer—Barrett Herrick & Co., Inc., New York City.

lative preferred stock (par $25).

Price—$26.25 per share.

111.; Wachob-Bender Corp.,
Omaha,
Lincoln, Lincoln, Neb.

Trust Co. of

Neb.; and The First

Shenandoah

Gas Co., Lynchburg, Va.
(letter of notification) 1,000 shares of common
(par $1). Price—$7 per share. Proceeds—To James
Carter, President, who is the selling stockholder.

stock

Office—315 Krise Bldg., Lynchburg, Va.

Underwriter—
Scott, Horner & Mason, Inc., Lynchburg, Va.

Shumway Uranium, Inc., Moab, Utah
(letter of notification) 1,200,000 shares of

June 20

stock

Colo.

one

Gas & Electric Association.

share

new

each

for

two

The balance of the shares is

by 11 holders. Price—At

ceeds—For

($25

par

construction.

new

per

share).

Pro¬

Underwriter—None.

Southern Co.
(11/1)
Sept. 30 filed 1,507,303 shares of common stock (par
$5) to be offered for subscription by common stockhold¬
of record Nov.

ers

12 shares

rants

be named
bank

1

by

loans

the basis

on

of

one

held; rights to expire

expected to

are

be

company

and

for

mailed

on

Oct. 31.

investment

on

share

new

Nov. 22.

Nov.

on

for

War¬

Price—To

2.

Proceeds—To repay

in

additional

of

stock

subsidiary companies. Underwriter — To be determined
by competitive bidding.
Probable bidders: The First
Boston Corp., Ladenburg, Thalmann & Co., Carl M.
Loeb,

(par

(jointly); Blyth &
Co., Inc., Bear, Stearns & Co. and Dean Witter & Co.
(jointly); Union Securities Corp. and Equitable Securi¬
ties Corp. (jointly); Lehman Brothers; Morgan Stanley
& Co.; Kidder,
Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Beane. Bids —- Tentatively scheduled
to be received up to 11 a.m. (EDT) on Nov. 1.
•

Southern

Continental Telephone Co.
(10/26)
30,000 shares of 5%%' cumulative preferred
stock.
Price—At par ($25 per share).
Proceeds—For
capital expenditures. Underwriters—White, Weld & Co.,
Oct.

6 filed

New

York;

Carolina Securities Corp., Raleigh, N. C.;
Company, Columbus, Ohio; and Stein Bros. &
Boyce, Baltimore, Md.
•

The Ohio

,

Southern

Mining & Milling Co., Atlanta, Ga.
Sept. 14 (letter of notification) 300,000 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For expenses incident to mining activities.
Offices—
Healey Building, Atlanta Ga., and 4116 No. 15th Avenue,
Phoenix, Ariz.
Underwriter — Franklin Securities Co.,
Atlanta, Ga.
Southern New England Telephone Co.
Sept. 21 filed 543,209 shares of capital stock (par $25)
being offered for subscription by stockholders of record
Sept. 28, 1955 in the ratio of one new share for each

nine shares then held; rights to expire on Oct. 28.

—$33

share.

one

cent).

Price—25

Proceeds—To

Price

from
Telephone & Telegraph Co. (owner of about
22% of outstanding stock). Underwriter—None. Blyth
& Co., Inc., on Oct. 6 won award of 1,173,690 rights to
per

repay

advances

American

reoffered
shares

130,410 of the afore mentioned shares, and
to the public at $41 per share.
These

them

represented, rights

received -by American Tele*

phone & Telegraph Co.
Southwestern Financial Corp.

Sept.

6 filed 770,000 shares of common stock (par 10
cents), to be offered for subscription by stockholders at
rate

of

two

shares

for

each

share held (with an
Price—To be supplied by
Proceeds—For purchase of machinery and

new

oversubscription privilege).
amendment.

equipment;

and

for

the working capital and general
Office—Dallas, Texas. Underwriter
—Rauscher, Pierce & Co., Dallas, Texas; and Russ & Co.,
San Antonio, Texas.
corporate purposes.

Spirit Mountain Uranium, Inc., Cody, Wyo.
July 29 (letter of notification) 25,200,000 shares of com¬
mon stock. Price—At par (one cent per
share). Proceeds
—For expenses incident to mining activities.
Office—
1507-8th Street, Cody, Wyo. Underwriter—Utah Uranium
Brokers, Las Vegas, Nev.
•

Sulphur,

Inc., Houston, Texas

24 filed 400,000 shares of common stock

Aug.

cent).

Price

—

$1 per share.

Proceeds

—

(par

one

To purchase

lease; to drill three exploratory wells; for exploration
Tehuantepec, Vera Cruz, Mexico: and

in the Isthmus of

for general corporate purposes.

drawn.

Statement has been with-*

,

Summit

Springs Uranium Corp., Rapid City, S. D.
Oct. 3 (letter of notification) 1,200,000 shares of common
stock (par 10 cents). Price—25 cents per share. Proceeds
—For expenses incident to mining operations.
Office—
Harney Hotel, Rapid City, S. D. Underwriter—Morris
Brickley, same address.
Uranium Corp., Salt Lake City, Utah
(letter of notification) 2,750,000 shares of non¬
common
stock
(par two cents). Price—10
cents per share.
Proceeds — For expenses incident to
mining activities. Office—116 Atlas Building, Salt Lake
City, Utah. Underwriter—Mid America Securities, Inc.
Sunburst

Sept. 6

assessable

Utah,

same

Susan

B.

Aug.

11

City.

Uranium

Corp., Carson City, Nev.
(letter of notification) 300,000 shares of

assessable

common

stock.

non¬

Price—At par ($1 per share).

Proceeds—For mining expenses.

Bldg., Carson City, Nev.
Vegas, Nev.

Office—Virginia Truck
Underwriter—Coombs & Co..

cents

per

Swank Uranium Drilling & Exploration Co.
Aug. 17 (letter of notification) 3,000,000 shares of com¬
mon stock.
Price—At par (10 cents per share). Proceeds
—For expenses incident to mining activities. Office—
Moab, Utah.
Underwriter—Honnold & Co., Inc., Salt
Lake

City, Utah.

Sweetwater
com¬

share.

Proceeds—For mining expenses. Office — 6 Kirby St.,
Moab, Utah. Underwriter—Skyline Securities Inc., Den¬
ver,

of

additional

of Las

Sept. 19

mon

basis

An

13,964 shares will be pur¬
chased by New England Electric System, the parent,
which now owns 27,928 shares
(91.965%) of the out¬
standing shares and has offered to purchase the hold¬
ings of all minority stockholders at $25 per shafe (in¬
cluding 2,256 shares or 7.43% owned by New England

of
cumu¬

Proceeds—For working capital. Office—304 S. 18th St.,
Omaha, Neb. Underwriters—Cruttenden & Co., Chicago,

L.

the

on

held.

subscribe for

Juan

Oct. 10 (letter of notification) 5,000 shares of 5%

$875,00G of 5%% subordinated sinking fund
debentures, due Oct. 1, 1970, and 306,250 shares of
common
stock (par $1), to be offered in
units of $500

bank

Underwriter—None, sales to be made

through

^Securities Acceptance Corp., Omaha, Neb.

(10/26)

Oct. 5 filed

tal

losses

lumbia Securities Co., Denver, Colo.

pressure

temperature control requirements of the automotive in¬

two

to
.

Santa Fe Uranium & Oil
Co., Inc.
May 26 (letter of notification) 2,959,500 shares of com¬
mon stock
(par one cent). Price — 10 cents per share.
Proceeds—For mining operations. Office—416
Indepen¬
dence Bldg., Colorado
Springs, Colo. Underwriter—Co¬

and
and

dustry.

of

due

Underwriter—None

one

Estate

freezers

Sept.

capital

of

share).

per

Underwriter—Smith, Barney & Co, New York.

perature
,

common

Corp., .which

Price—($29

working

common

San Juan Uranium

Hill

(par

ceeds

B

basis

a

New

Uranium, Inc., Montrose, Colo.
•July 19 (letter of notification) 625,000 shares of common
-

class
on

Racing Association, Inc., Puerto Rico.
Sept. 27 filed 4,000,000 shares of common stock (par 50
cents), of which 3,800,000 will be represented by 3,000,000
voting trust certificates and 800,000 warrants. These of¬
ferings are to be made in two parts: (1) an offering, at
50 cents per share, of
200,000 shares for subscription by

—

per

of

effective Oct. 10.

82,500

it Quaker State Foods Corp., Pittsburgh, Pa. <
(letter of notification) 15,COO shares of 7% cumu¬

shares

San

San

Oct. 6

replenish

porate purposes.

Insurance Co.- (11/1)
shares of capital stock (par $10).
Price—To be supplied by amendment..
Proceeds
To
certain selling stockholders.
Underwriter—Lehman Bro¬
thers, New York.
filed

7,453

Jacinto Petroleum
Corp., Houston, Texas
Sept. 20 filed 500,000 shares of common stock (par $1).
Price—$15 per share. Proceeds—For payment of short
term loans and other
indebtedness; and for general cor¬

Quaker City Life
10

of

sustained in recent flood.

it Pumpkin Buttes Uranium Co., Inc.
Oct. 6
(letter of ontification) 500,0C0 shares of nonassessable common stock. Price—At par (10 cents per
share). Proceeds — For expenses incident to mining
operations. Office—618—6th St., Rapid City, S. D. Under¬

Oct.

maximum

share for each four shares held.

writer—None.
.

a

stock, to be offered to stockholders

course and organization and develoment
expense. Office
—Bowie, Md. Underwriter—L. L. Hubble & Co., Inc.,
Baltimore, Md.

.

stock

ca

of

working capital and

t

share for each

Oct.

^

fered

,

new

on

share.

per

Sept. 29 filed

,

the basis of one

on

held; rights to expire

24.
Price—
Proceeds—To repay bank loans and for
new construction.
Underwriter—The First Boston Corp.,
New York.

$18

For

Oct. 6

shares

shares

Rhoades & Co. and Wertheim & Co.

Rochester Telephone Corp.
Sept. 14 filed 195,312 shares of common sock (par $10)
being offered for subscription by common stockholders

Independence, Kan. Under¬
writer—Dewitt Investment
Co., Wilmington, Del.
•

planting orange
Office—Davenport, Polk County, Fla.
Under¬

writer—None.

Office—420 Citi-

(letter of notification) 1,220 shares of capital
stock to be offered for subscription by minority stock¬

each

York.

Electric Co.

19

held

Resistoflex

Corp., Belleville, N. J.
(10/24-25)
Sept. 27 filed 20,000 shares of convertible preferred stock
(par $25). Price—To be supplied by amendment. Pro¬

*

Sept.

holders

Office—206 N.

June 2

Southern Berkshire Power &

cor¬

porate purposes.

stock

mon

Uranium

Co.

Sept. 9 (letter of notification) 3,000,000 shares of capital
stock (par one cent).
Price—10 cents per share. Pro¬
ceeds—For mining operations. Office—635 Judge Bldg.,

Continued

on

page

64

64

(1684)

The Commercial and Financial Chronicle

Continued

from

Salt Lake City, Utah.

•

United Aircraft Corp.
Sept. 27 filed 243,469 shares of 4% convertible prefer¬
ence stock
(par $100) being offered for subscription by

63

page

Underwriter—Skyline Securities,

Inc., Denver, Colo.

stockholders of record Oct. 18, 1955 on the basis
preference share for each 20 shares of
commqn
stock held; rights to expire on Nov. 1.
Price—$100 per
share.
Proceeds—For general corporate purposes. Un¬

Proceeds

derwriter—Harriman

For

mining expenses.
Office — 726
Paulsen Bldg., Spokane, Wash.
Underwriter — Percy
Dale Lanphere, Empire State Bldg., Spokane, Wash.
—

9,200 shares of common
ttock (par $5) to be offered for subscription by stock¬
holders.
Price—$30 per share.
Proceeds—To increase
-working capital for agency expansion. Office — 1409
Magnolia Ave., Knoxville, Tenn. Underwriter—Jesse C.
Bowling, 16 M Street, Bedford, Ind.

mortgage loan business

and

stock

(par

10

cents).

Price—50

cents

—Republic National Bank Bldg., Dallas, Texas.
writer—Watt

Securities

Co.,

Inc.,

42

Co.,

Under¬

New

et

$1.50

®nd

N.

Dallas, Tex.
Inc., Dallas, Tex.

to

mining and

Underwriter

units

stock

common

consisting

of

corporate purposes.
Postponed.

common

Fourth

St.,

denominations

of

—

Uranium
in

Seattle, Wash.

456,

Fallon,

Co., Salt Lake City, Utah
notification) 3,000,000 shares of

Ucon
2

Uranium Corp., Salt Lake
City, Utah
(letter of notification)
5,000,000 shares of
(par one cent). Price—Five cents

1
com¬

stock

per

proceeds-—For mining

costs.

Lake

Office—406 Judge

share,

Build-

City, Utah. Underwriter—Empire Secu¬
Corp., Las Vegas, Nev.

rities

★ Union Corp. of America
(11/3)
Oct. 13 filed 797,800
shares of common stock
(no par).
Price—Proposed maximum offering
share.

per

insurance

writer

price per unit is $5

Proceeds—To
company, and

None; shares

to

acquire

one

be

cfficers.

one

life

and

one

fire

mortgage loan firm. Under¬
sold

through directors

and

Union Gulf Oil &

Sept. 9 (letter

0<j

^ar

Mining Corp.
notification) 600,000 shares of common
cents). Price—50 cents per share. Pro¬

of

ceeds—For mining expenses.

Denver, Colo.

Underwriter—Honnold

Union of Texas Oil
Co.,

July
mon
*o

12

(letter

stock

reduce

other

Office—510 Colorado Bldg.,

of

&

Co.,

same

city.

bank

Houston, Texas.




Underwriter—Mickle

—

Properties, Ltd.,

Virginia

of

$25

or

invested in U.

Nev.

multiple thereof. Proceeds—75%
Savings bonds and the balance

S.

Uranium Technicians
Corp.
30
(letter of notification)

common

stock
—

(no

For

par).

&

Co..

t

e x-

cent

Office

—

shares

of

per

share.

1101

South

State St., Salt Lake
City, Utah. Underwriter—Ackerson-Hackett Investment Co., same
city.

Utah-Arizona Uranium, Inc., Salt Lake
City, Utah
Aug. 1 (letter of notification) 600,000 shares of common
stock (par 16% cents). Price—50
cents per share.
Pro¬
ceeds—For expenses incident to
mining activities. Office
—Greyhound Terminal Building, West Temple & South
Temple Streets, Salt Lake City, Utah.
Underwriter—

Trans-Western
Utah

Aug. 15
stock.

Brokerage Co., New Orleans, La.

Bldg.,

Reno, Nev.
tune, Las Vegas, Nev.
•

Utah

Southern

Proceeds—For

For

ex¬

Office—312 Bying-

Underwriter—Lester L.

Uranium Co., Las

June 6

Vegas, Nev.

Price—At

Vegas,
city.

Nev.

Underwriter—Lester L.

LaFortune,

Diata, Inc., Vale, Ore.
July 8 (letter of notification) 10,000,000 shares
stock

(par

one

cent).

same

of

com¬

Price—Two cents per share.

Uranium Brokerage, Salt Lake
City, Utah.
Vanura

Washington REAP, Inc., Dover, Del.
Aug. 30 (letter of notification) 400 shares

of common
$500 per share. Proceeds — To purchase
outstanding stock of Elmark Corp., which owns garden
stock.

June 20
mon

—

Uranium

&

Drilling Co., Monticello, Utah
(letter of notification) 2,000,000 shares of com¬

stock.

Office—129 S. State St., Dover,

Underwriter—Real Estate Associates Plan,

Journal

Inc., 14

Square, Jersey City, N. J.

^ Western Carolina Telephone Co.,
Weeverville, N. C.
Oct.

10

(letter of notification) 18,500 shares of com¬
(par $10), to be offered to stockholders
subscription rights on the basis of one share

stock

mon

through
for

each

five

held.

Price—$12

share; unsubscribed

per

shares to be purchased by investment bankers at not less
than $12 per share.
Proceeds—For expansion.
Under¬

writer—None.
White

-

Horse

Uranium, Inc., Salt Lake City, Utah

June 9

(letter of notification) 2,900,000 shares of capital
cents). Price—10 cents per share. Pro¬
ceeds—For mining expenses.
Office—1030 South Sixth
West St., Salt Lake City, Utah.
Underwriter—J. W.
stock

(par 2%

Hicks & Co., Inc., Denver, Colo.
Wisconsin

Natural

Gas

Co.

(10/25)

Oct. 4 filed $2,500,000 of first mortgage bonds due 1980.
Proceeds—To repay bank loans; for property additions
and improvements; and to reimburse treasury for capital
expenditures already made. Underwriter—To be deter¬

mined

by competitive bidding. Probable bidders: HalStuart & Co. Inc ; The First Boston Corp., and
W.

11

(EDT)

a.m.

York

Baird
on

&

Co.

Bids

—

To

received

be

up

to

Oct. 25 at Room 1306, 48 Wall St., New

5, N. Y.

Wisconsin

Southern Gas Co., Inc.
Aug. 31 (letter of notification) 16,654 shares of common
stock (par $10), to be offered for subscription by stock¬
holders

on

the

basis

of

one

new

share

for

each

five

shares held.

Price—$16.50 to stockholders; and $17.50 to
Proceeds—To repay bank loans and for exten¬

public.

sions and improvements to property. Office—235 Broad
St., Lake Geneva, Wis. Underwriters—The Milwaukee
Co., Milwaukee, Wis.;; and Harley, Haydon & Co., Inc.
and Bell & Farrell, Inc., both of Madison, Wis.
Letter
to be withdrawn. Full registration probably to be filed
in

three weeks

to

one

fered to stockholders

covering 20,819 shares to be of¬

on

a

one-for-four basis.

Wolfson Uranium Corp., Denver, Colo.

Sept.

7

(letter

of

common

notification)
stock.

150,000

shares

of

non¬

Price—At par

($1 per share).
mining activities.

expenses incident to
Office—800 Denver Club Building, Denver, Colo. Under¬

writer—Seligmann & Co., Milwaukee, Wis.
Wonder Mountain Uranium, Inc., Denver, Colo.
Aug. 12 (letter of notification) 2,380,000 shares of com¬
mon
stock (par one cent).
Price—10 cents per share.
Proceeds
For expenses incident to mining activities.
Office—414

Denver NatT Bldg., Denver, Colo.
writer—Floyd Koster & Co., Denver, Colo.

Under¬

Woods Oil & Gas Co., New Orleans, La.
Aug. 29 filed 250,000 shares of common stock (par $5).
Price—$8 per share. Proceeds—For retirement of debt;
revision
of
corporate
structure,
etc. Underwriter —
Straus, Blosser & McDowell, Chicago, 111. Offering—To
be withdrawn.

Wyoming-Gulf Sulphur Corp.
Oct.

filed 971,000 shares of capital stock
(par 10
of which 700,000 shares are for company's ac¬
and
271,000 shares for account of two selling

10

cents),

stockholders.

Price—On the over-the-counter market at

then

prevailing price, but not less than $2 per share.
Proceeds—For auxiliary equipment for Cody
plant, for
acquisition of additional site, and related activities.

Wyton Oil & Gas Co., Newcastle, Wyo.
Sept. 29 filed 254,000 shares of common stock (par $1).
Price—At the market. Proceeds—To August Buschmann,
of Seattle, Wash., and members of his family. Under¬
writer—None.
•

Yellowknife

Uranium

Corp.

of

company

and

Uranium Corp.

payments

300,000 shares for account of Stancan
Price—$1.50 per share.
Proceeds—For

under

purchase and option agreements for
claims; for working capital and reserve funds; and for
general

Canada.

corporate purposes.
Office — Toronto,
Underwriters—Gearhart & Otis, Inc. and F. H.

Crerie & Co., Inc., both of New York City.
Indefinitely postponed.

-

Offering—

For

mining expenses. Underwriter
I. J.
Schenin & Co., New York. Name
Change—The company
was
formerly known as San Miguel Uranium, Inc.
Vas

Price

apartment development.
Del.

other

Uranium, Inc., Salt Lake City, Utah
(letter of notification) 3,000,000 shares of com¬
stock (par one
cent). Price — 10 cents per share.

June 16

—

—

Aug. 19 filed 1,000,000 shares of common stock (par one
cent), of which.700,000 shares are to be sold for account

Proceeds—Expenses incident to mining operations. Of¬
fice—Lytle Building, Vale, Ore. Underwriter—Hansen

mon

non¬

Price — Five
expenses incident to
cent).

one

For

—

Office
718 Title Guarantee Bldg.,
Birmingham, Ala. Underwriter—Graham & Co., Pitts¬
burgh, Pa. and Birmingham, Ala.

,

Utore Uranium &

mon

K

LaFor-

(letter of notification) 3,000,000 shares of capital
par (10 cents per share).
Proceeds—
mining expenses.
Office—210 N. Third St., Las

stock.

(par

Proceeds

mining activities.

count

Grank, Inc., Reno, Nev.
(letter of notification) 270,000 shares of capital

Price—At par ($1 per share).
penses incident to mining activities.
ton

►

*

—

30,000,000

Price—One

mining activities.

stock

common

share.

per

Proceeds.—For

City,

—

notification) 61,393 shares of com¬
Price—$1.25 per share. Proceeds—
loans, and for development costs and

(no par).

corporate purposes.

be

Proceeds

Houston, Texas

assessable
cents

assessable

June

—

mon

*'

to

equipment and exploration and development
penses.
Underwriter—None.
Offering—Postponed.

com¬

(par three cents). Price—10 cents
per share.
Proceeds—For mining
expenses.
Office—32 Exchange
Place, Salt Lake City, Utah.
Underwriter
Western
states Investment
Co., Tulsa, Okla.

incident

expenses

for

Two Jay Uranium

June

amounts

to

McDonald,

P. Pratt & Co..

Offering

June 13 filed $600,000 of Grubstake Loans
to be offered

dis¬

Proceeds—For

Box

County, Nev. Underwriter—H.

None.

—

and directors.

Tungsten Mountain Mining Co.,
Fallon, Nev.
notification) 149,800 shares of common
share.

Underwriter

mining operations.
Building, Elizabethton, Tenn. Un¬
derwriter—None; shares to be offered through officers

each

and

1

Office—Bonnei Kate

Proceeds

Evans & Co., Kansas
City, Mo.

stock

Underwriter—

• Ura-Mang Corp., Elizabethton, Tenn.
(letter of notification) 249,000 shares of com¬
stock.
Price—100,000 shares to be offered at par
($1 per share) and 149,000 shares at $1.25 per share.

Las

$100

multiples thereof). Proceeds—To refinance
charge secured obligation. Underwriter

mon

Pro¬

Bro¬

State

V\ U-

•

Mining Co., Birmingham, Ala.
Sept. 29 (letter of notification) 6,000,000 shares* of

Robert
com¬

Sept. 29

Proceeds—For

O.

250,000 shares of capital
share). Proceeds—For gen¬

mon

Underwriter—Frank

cr

May 16 (letter of

(letter of notification)

Universal Service Corp.,
Inc., Houston, Texas
July 8 filed 500,000 shares of common stock (par two
mills).
Price—$2.50 per share. Proceeds—For equip¬
ment, mining costs, oil and gas development, and other

Tunacraft, Inc., Kansas City, Mo.
Aug. 22 (letter of notification)
$295,000 principal amount
12-year registered subordinated sinking fund de¬
bentures, dated Sept. 1, 1955 (with stock purchase war-

P.

Thorium Corp.

capi¬
Pro¬

Warrior

deter¬

ceeds—For expenses incident to
mining activities. Office
—1424 K St., N.
W.,

of 6%

per

be

it Universal Lithium Corp., Washington, D. C.
12 (letter of
notification) 6,000,000 shares of
stock.
Price—At par (five cents per share).

—

Churchill

States

Washington, D. C.

mining expenses.
Office—710 South
Vegas, Nev. Underwriter—None.

—

To

—

Oct.

"fc Troy Copper & Uranium Corp.
Oct. 11 (letter of
notification) 300,000 shares of common
stock. Price
At par ($1 per share). Proceeds
—For

Price—$1.50
mining operations. Address

additional
Corp. and for gen¬

Underwriter

mon

ttock (par 10 cents).
Price—$1.50 per share. Proceeds—
For expenses incident to oil and
gas activities.
Office—
15 Washington

.

expendi¬

None.

Tri-State Natural Gas
Co., Tucson, Ariz.
-July 6 (letter of notification) 200,000 shares of

(letter of notification) 10,000,000 shares of
Price—At par (three cents per share).
ceeds—For mining expenses.
Underwriter—Moab
kerage Co. and National Securities, Inc., 368 South
tal stock.

sey,

100,000 shares of non¬
Price—At par ($1 per share).
Proceeds—For repayment of
loans, working capital, etc.
Office—1810 Smith Tower,
Seattle, Wash. Underwriter
—National Securities Corp.,
Seattle, Wash.

June 8 (letter of
dock (par $1).

finance

Underwriter—Doxey-Merkley &

assessable common stock.

(in

Proceeds—To

Co., Salt Lake City, Utah.

(letter of notification)

par

1975.

stock. Price—At par
($1 per
eral corporate purposes.

Travelfares, Inc., Seattle, Wash.

Price—At

due

corporate purposes.

July 21

(par 10 cents), to be offered
of debentures and
100

assistance, advertising and promotion; and working capi¬
Office—Widener Bldg.,
Philadelphia, Pa.
Under¬
writer—Albert C. Schenkosky,
Wichita, Kansas.

Tants).

of

United

$1,000

St., Tucson, Ariz.
Co., Miami, Fla.

Corp. (11/9)
$20,000,000 of first mortgage and collateral

filed

bonds

rities Corp. (jointly); Harriman
Ripley & Co. Inc. and
Goldman, Sachs & Co. (jointly). Bids—Expected to be
received up to noon (EST) on Nov.
9, at Room 240, Two
Rector St., New York, N. Y..

tal.

&

order
Office—810 First Ave.,
Underwriter—None.

by competitive bidding. Probable bidders: HalStuart & Co. Inc.; The First Boston Corp.; Morgan
Stanley & Co.; White, Weld & Co. and Equitable Secu¬

shares of common stock.
Price—$1,010 per unit. Pro¬
payment of indebtedness, expansion, estab¬
lishment of additional
offices; professional and editorial

L. Edenfield

($100

sey,

ceeds—For

Sept. 14

Wabash Uranium Corp., Moab, Utah
June 10

mined

Publishing Co., Inc., Philadelphia, Pa.
Sept. 29 (letter of notification) $247,000 of 5 Vz % con¬
vertible debentures, series
A, due Sept. 1, 1965 and 24,700 shares of

11

eral

Traveler

in

Underwriter—None.

company and subsidiary; purchase
securities of Escambia Bay Chemical

activies.

oil

Office

&

E., Cedar Rapids, Iowa.

trust

Garrett Brothers,

—

building and for alterations.

in other jurisdictions.

tures

incident

expenses

pre¬

Proceeds

preferred stock class B.
Price—At par
share). Proceeds—For licensing purposes in

Oct.

Underwriter—Floyd Kos-

address.

—

share).

United Gas

per

for

per

St., Brooklyn, N. Y.

Fire

to operate

share). Proceeds—To acquire part of prop¬
presently subject to option in favor of company,

Office

9,484 shares of 7%

($10

vertible

Trans-National Uranium & Oil Corp.
July 1 filed 1,200,000 shares of common stock (par 20
cents). Price—To be supplied by amendment (expected
erties

par

Casualty Co., Cedar Rapids, Iowa
Sept. 23 (letter of notification) 2,800 shares of 6% con¬
per

same

Fulton

United

Uranium Co., Denver, Colo.
June 15 (letter of notification)
5,960,000 shares of Gornmon stock (par one
cent). Price—Five cents per share.
Proceeds—For mining expenses. Office — 407 Denver
ter &

Price—At

purchase of

—1489

Texas Western Oil &

Bldg., Denver, Colo.

stock.

—For

York, N. Y.

National

Underwriter—None.

jc United Empire Plan, Inc.
10 (letter of notification)

Office

Broadway,

fields.

Oct.

share.

per

oil activities.

related

ferred

Producing Co., Inc., Dallas, Texas
(letter of notification) 600,000 shares of com¬

Proceeds—For expenses incident to

Underwriter—Skyline Secu¬

St., Salt Lake City, Utah.

American Life Insurance Co. and Tourists
Indemnity Co.;
balance to be used to engage in

Texas Oil

mon

Thursday, October 20, 1955

.

.

(letter of notification)

Sept. 22

Ripley & Co., Inc., New York.

United American Investment Co., Atlanta, Ga.
July 19 filed 3,500,000 shares of common stock no par.
Price—$2 per share. Proceeds—For organization of two
wholly-owned insurance compaies, to be named United

Tennessee Life & Service Insurance Co.

June 20

one

.

mining operations.
Inc., Denver, Colo.

rities

common

of

Target Uranium Co., Spokane, Wash.
Aug. 12 (letter of notification) 1,000,000 shares of non-.
assessable stock (par five cents).
Price—20 cents per
share.

—For

.

Price—At par (10 cents
per

share). Proceeds

York Oil & Uranium Co.
June 3

(letter of notification)
10,000,^00 shares of capi¬
Price—At par (two cents per share). Proceeds
mining and oil activities.
Address—P. O. Box
348, Newcastle, Wyo. Underwriter—Empire Securities
Corp., Salt Lake City, Utah.
tal stock.
—For

Number 5474

Volume 182

The Commercial and Financial Chronicle

.

.

.

holders.

Zenith-Utah Uranium Corp.

(1685)

Underwriter

Sepi. xt (JLecier of notification) 6,000,000 shares off class
A common stock. Price—At par (five cents)* Proceeds
—For

Oct. 17 it

Hemphill, Noyes & Co., New

—

York.

mining expenses. Office—45 East Broadway, Salt
Underwriter—Bel-Air Securities Corp.,

Lake City, Utah.

ing

Of

announced company plans a public offer¬

was

subordinated

debentures.

Proceeds—Together

city.

with funds to be received from institutional
loan, to be
used in connection with proposed merger with
company,

Prospective Offerings

same

Underwriter—Hirsch & Co., Inc., New York.

of

Arizona Public Service Co.
Oct.

17 it

was

reported company

additional

some

Boston Corp. and Blyth & Co., Inc., both of New York.
Registration—Scheduled for Oct. 25.

Atlantic

City Electric Co.
Aug. 1, B. L. England, President, announced that the
directors are now considering the sale to the public of a
small amount of common stock (not more than 75,000
shares) early next year. Underwriters—Probably Union
Secuirties Corp. and Smith, Barney & Co.. both of New
,

York.
•

Atlas

Plywood Corp.

Oct. 12 it was reported

company plans to issue and sell
$3,000,000 of 5% sinking fund debentures and $3,000,000

convertible subordinated debentures.

of 5V2%

Proceeds

—To increase inventory and to

retire subsidiary indebt¬
Meeting—Stockholders will vote Nov. 2 on ap¬

edness.

a proposal to increase the authorized common
stock from 1,400,000 shares to 2,400,000 shares to provide
for exchange of stock for minority shares to Plywood,

proving

Inc., for conversion of proposed new debentures and for

possible future acquisitions of property. Underwriter—
May be Van Alstyne, Noel & Co., New York.
Barium

Sept.

was

reported that early registration is ex¬

pected of $8,000,000 of subordinated debentures due 1970.
Proceeds—Together with funds from private sale of $3,000,000 of notes or debentures, to be used for general
corporate purposes. Underwriter—Lee Higginson Corp.,
New York.

will

vote

was
on

of

approving

series B

on

Oct. 20

a

income debenture

5%

be issued.

Campbell Chibougamau Mines, Ltd.
Aug. 15 it was reported a secondary offering of about
150,000 shares of common stock will be registered with
the SEC.
Business—Company, recently formed, is a
copper mining undertaking on Merrill Island, Quebec,
Canada. Underwriter—Allen & Co., New York. Offer¬
ing—Not expected for three

or

Consolidated Edison Co. of New York, Inc.
June 14 it was announced company expects to

sell
$40,000,000 to $50,000,000 bonds some time during
the current year. Proceeds—For construction program.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; The First Boston Corp.
Bank Loan —
Bank loans, totaling $100,000,000 were granted company
on Oct. 4 to run to Oct. 9, 1956.
from

County Bank & Trust Co.
7

the

Bank

Offered

(New Jersey)

its

to

stockholders

of

record

Oct.

6, 1955 the right to subscribe on or before Oct. 26
for 45,000 additional shares of capital stock (par $10)
on

the basis of

Price—$28

and surplus.
York.

one

new

share for each four shares held.

Proceeds •*- To increase capital
Underwriter—Hayden, Stone & Co., New

per

expansion

program.

Light Co.

was

$10,000,000 of bonds and $o,000,000 of preferred

announced company plans to sell by mid-

stock and also expects to undertake some common stock

financing early in 1956. Proceeds—To

repay bank loans
wnich includes two plants
approximately $40,000,000. Underwriters
—To be determined by competitive
bidding. Probable
bidders: (1) For bonds—Halsey, Stuart & Co. Inc.;
Kuhn,

and for construction program,
which will cost

Loeb

Co.

&

Salomon

and

Bros.

&

Hutzler

(jointly);

Brothers; Union Securities Corp.; The First
Boston Corp. and Blyth & Co., Inc. (jointly); White,
Weld & Co. and Shields & Co. (jointly); Merrill Lynch,
Pierce, Fenner & Beane and Kidder, Peabody & Co.
(jointly); W. C. Langley & Co. (2) For common stock

(which may be first offered to stockholders)—W. C.
Langley & Co. and Union Securities Corp. (jointly);
Kidder, Peabody & Co. and Merrill Lynch, Pierce,
Fenner & Beane (jointly); Carl M. Loeb, Rhoades &
Co.; Blyth & Co., Inc. and The First Boston Corp.
(jointly); White, Weld & Co. and Shields & Co. (joint¬
ly):

Lehman Brothers.

(3)

On preferred

stock—Blyth

&

Co., Inc. and The First Boston Corp. (jointly); White,
&
Co.
and
Shields & Co.
(jointly); Lehman
Brothers; W. C. Langley & Co. and Union Securities
Weld

Corp. (jointly); Morgan Stanley & Co.
Diners
Oct.

10

it

Club, Inc.
"
was reported
that this

plans early
Price—
Expected at around $8 per share. Underwriters—Lee
Higginson Corp. and C. E. Unterberg, Towbin & Co.,
both of New York City.
company

registration of 150,000 shares of common stock.

Aug.

10 it was

announced that corporation, following

stockholders of Allen B.

issuance to

Du

Mont Labora¬

tories, Inc. of 944,422 shares of common stock as a
dividend, contemplates that additional shares will be
offered to its stockholders.
This offering will be un¬
Kuhn, Loeb & Co. and Van Alstyne, Noel

derwritten.
&

Co.

handled Du Mont Laboratories class A stock fi¬

nancing some years ago. Stockholders of Laboratories
on Oct. 10 approved formation of Broadcasting firm.
Essex

County Electric Co.

July 18 it was reported company plans to issue and sell
some additional first mortgage bonds. Underwriter—To

by competitive bidding. Probable bidders:
Stuart & Co. Inc.; The First Boston Corp.;
Kidder, Peabody & Co. and White, Weld & Co. (jointly);
Biair & Co. Incorporated.
be determined

First National

Craig Systems, Inc. '
Sept: 26 it was reported company plans early registra¬
tion of 175,000 shares of common stock, of which 50,000
shares are to be sold ior the account of the company and
125,000 shares for account of certain selling stock-

Bank, Dallas, Texas

Sept. 14 it was arinounced stockholders were to vote Oct.
5 on approving the offering to stockholders of record
5, 1955, the right to subscribe for 200,000 additional
shares of capital stock (par $10) on the basis of one new
share for each 10 shares held. Price — $30 per share.
Proceeds—To increase capital and surplus.
Oct.

Florida Power Corp.
April 14 it was announced company may issue and sell
between $10,000,000 and $12,000,000 of first mortgage
bonds. Underwriters—To be determined by competitive

bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co. and Merrill Lynch, Pierce, Fen¬
ner & Beane
(jointly); Lehman Brothers and Blyth &
Co., Inc. (jointly); Glore. Forgan & Co.; and The First
Boston Corp. Offering—Expected late in 1955 or early
1956.

Ford Motor Co., Detroit,

share.

--

Sept. 19 it
non-voting
and Nov.
be the

Mich.

reported a public offering of class A
stock is expected between Oct. 15
It is said that the stock to be sold will

was

common

15.

bulk

of

3,080,908 shares now held by the Ford
last, it was reported that
the offering price was expected to be around $60 per

Foundation.

Price—In March

share.

Gulf States Utilities Co.

gesuuce
For

more than 30
years the founders of Pandick Press, Inc. have
personally maintained and guaranteed the firm's high standards
of quality. They are still available at all times to discuss
your

printing requirements.

PeAAottcJijed S&uuce

May 16 it was reported company may issue and sell
$10,000,000 first mortgage bonds if market conditions
permit. Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Lehman Brothers; Merrill Lynch,
Pierce, Fenner St
Beane and White, Weld & Co. (jointly); Salomon Bros.
6 Hutzler and Union Securities Corp. (jointly); Kuhn,
Loeb & Co. and A. C. Allyn & Co., Inc. (jointly); Lee
Higginson Corp. and Carl M. Loeb, Rhoades & Co. (joint¬
ly); Stone & Webster Securities Corp.
Hawaii

(Territory of) (11/16)
Sept. 12 it was announced that it is planned to sell
an issue of $7,500,000 20-year general obligation bonds.
Proceeds—For school construction. Bids—To be received
on

is

one

of the reasons "Printed by

Pandick" guarantees the finest and most
complete printing
service available.

Nov. 16 at Bankers Trust Co.,
Heller

(Walter E.)

Established 1925

72 THAMES

ST., NEW YORK *

WOrth 4-2900

NY 1-3167

71 CLINTON

ST., NFWARR, N. J.

MArket 3-4994




New York, N. Y.

& Co.

July 18 it was reported that the company may^be con¬
sidering some new financing. Underwriter—F. Eberstadt
& Co. Inc., New York.
Houston

'indie/rjpress,

are reported to be going on
Co., Inc., San Francisco, Calif., and Scharff
New Orleans, La.

Kayser (Julius) & Co.
Aug. 17, it as announced company plans an offering of
stock to its shareholders and borrowing through longterm bank loans.
Proceeds
To finance acquisition,
through purchase, of the net current assets of Holeproof
Hosiery Co. (latter's stockholders approved proposal
on
Sept. 6).
—

Laclede Gas Co.

Aug. 8 it was stated company plans sale of about $10,000,000 convertible first preferred stock to stockholders.
Underwriter—To be determined by competitive
Probable
bidders:
Lehman Brothers,
Merrill

bidding.

Lynch,,
Pierce, Fenner & Beane and Reinholdt & Gardner
(jointly); White, Weld & Co.; Stone & Webster Secu¬
rities Corp.; Blair & Co. Incorporated. Bids—Probably
this fall.

Lehman

Halsey,

four weeks.

: Chicago, Rock Island & Pacific Ry.
Sept. 29 the company sought ICC approval of an issue
of $2,952,000 equipment trust certificates due in l-to-12
years. Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
mon Bros. & Hutzler; Kidder, Peabody & Co.

Oct.

for

Du Mont Broadcasting Corp.

announced that stockholders

plan to offer $105 principal
bonds (plus
5% interest for the year 1955) in exchange for each
of the outstanding 274,597 shares of 5% preferred stock
(par $100). Not in excess of $28,784,564 of boncls would

amount

&

and

Sept. 28 it

& Maine RR.

Boston

Sept. 15 it

Power

Inc.,

December

Steel Corp.

12 it

Foods,

Delaware

(11/16)
plans to issue and sell

Underwriters—The First

stock.

common

Shopwell

Underwriters—Discussions
with Blyth &
& Jones, Inc.,

it Daitch Crystal Dairies, Inc.

65

(Texas)

Gas & Oil Corp.

Aug. 26, company applied to the FPC for authority to
construct a 961-mile pipe line from a point near Baton
Rouge, La., to Cutler, Fla., to cost approximately $110,382,000. It plans to issue and sell $81,200,000 of bonds,
about $20,000,000 of 5J/2% interim notes (convertible into
preferred stock), arid over $8,700,000 of common stock.
Stock would be sold, together with the notes, in units.

Lanolin

Plus, Inc.

Aug. 15 it

reported

company (name to be changed
Cosmetics, Inc.) plans registration of
about 200,000 shares of common stock (par for selling
stockholders).
f
was

from Consolidated

Marquette Cement Manufacturing Co. (11/15)
Sept. 30, W. A. Wecker, President, announced that the
company plans to make a public offering of approxi¬
mately 250,000 shares of new $4 par value common stock
about the middle of November.

portion

of

its

$16,000,000

Proceeds—To finance

expansion

writer—A. G. Becker & Co.

program.

a

Under¬

Inc., Chicago, 111.

Michigan Consolidated

Gas Co.
reported company may issue and sell this
fall $27,000,000 of first mortgage bonds due 1985.
Pro¬
ceeds—To repay bank loans and for new construction.

Aug. 15 it

was

Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; White,
& Co. and Lehman Brothers
(jointly); Smith,
Barney & Co. and Blyth & Co., Inc. (jointly); Harriman
Ripley & Co. Inc. and Union Securities Corp. (jointly).

Weld

New England Telephone & Telegraph Co. (11/15)
Sept. 20 it was announced company plans to issue and
sell $30,000,000
of 36-year debentures.
Proceeds—To

temporary borrowings.

Underwriter—To be de¬
competitive bidding. Probable bidders: Hal¬
sey, Stuart & Co. Inc.; The First Boston Corp.; Morgan
Stanley & Co.; Glore, Forgan & CO. Bids—Expected to

repay

termined by

be

received

Nov.

on

15.

New Jersey

Bell Telephone Co. (12/14)
Sept. 30 it was announced company has petitioned the
New Jersey P. U. Commission for authority to issue and
sell $25,000,000 of new debentures due 1955. Proceeds—
For expansion program.
Underwriter — To be deter¬
mined by competitive bidding. Probable bidders:
Hal¬
sey, Stuart & Co. Inc.; Morgan Stanley & Co.; The First
Boston Corp.; Shields & Co.; Kuhn, Loeb & Co.; White,
Weld & Co. Bids—Expected to be received on Dec. 14.
Registration—Planned for Nov. 18.
New York Telephone Co.
Jan.

Keith S. McHugh, President,

17,

announced thai

the company will have to raise more than $100,000,006
of new capital money to aid in carrying out its expan¬
sion

qnd improvement program which will cost, ap¬
proximately $200,000,000. Underwriter—For any bonds,
to
be determined by competitive bidding.
prooaoia
bidders: Morgan Stanley & Co.; Halsey, Stuart & Co. Inc.
Northern

Pacific Ry.

reported that the company plans the
$1,755,000 equipment
trust certificates. Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Bros. & Hutzler; Kidder, Peabody & Co.
Sept.

it

30

was

issue and sale late in November of

Northern States Power Co.

March 29

it

announced

(Minn.)

that

new capital require¬
approximate $31,000,000. Present
plans contemplate these funds will be obtained tem¬
porarily from short-term bank loans to be repaid from:
proceeds of the sale of additional bonds late in 1955 or
early 1956. Underwriter—To be determined by competi¬
tive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc. and The First Boston Corp. (joint¬
ly); Merrill Lynch, Pierce, Fender & Beane, Kidder,:
Peabody. & Co. and White, Weld & Co. (jointly); Equit¬
able Securities Corp. and Union Securities Corp. (joint¬
ly); Smith, Barney & Co.; Lehman Brothers and Riter
& Co. (jointly); Glore, Forgan & Co.

ments

for

was

1955

will

.

Pennsylvania Electric Co.
Feb. 15 it

was

reported company plans to issue and sell

later this year $9,300,000 of first mortgage bonds. Pro¬
ceeds—To repay bank loans and for new construction.
Underwriter—To be determined by competitive bidding,

probable bidders: Halsey, Stuart & Co. Inc.; The First
Boston Corp.; Kuhn, Loeb & Co.; Kidder, Peabody &
Co.; Equitable Securities Corp.; Harriman Ripley & Co.,
Inc.

Pennsylvania Electric Co.
Feb. 21 it
sale of

was

reported company proposes issuance and

$7,500,000 of preferred stock later this

year. Pro¬
Underwriter—To be
determined by competitive bidding.
Probable bidders:
Kuhn, Loeb & Co.; W. C. Langley & Co. and Glore, For¬
gan & Co. (jointly); Kidder, Peabody & Co.; The First
Boston Corp.; Smith, Barney & Co.; Harriman Ripley &

ceeds—For

construction

program.

Co. Inc.

I

if Piasecke Aircraft Corp.
Oct. 17 it was reported that company plans early regis¬
tration of 700,000 shares of common stock. Underwriter
—Expected to be a Philadelphia firm.

if Pike County Natural Gas Co.
Oct.

17

it

was

reported company plans to sell

Continued

on

about

page

6$

66

i

(1686)

The Commercial and Financial Chronicle

Continued

from

page

•

65

San

Diego Gas & Electric Co.

(11/29)
plans to sell $18,000,000
of 30-year first mortgage
bonds, series F, due Oct. 1, 1985.
Proceeds—To repay bank loans and for new construction.
Oct. 1 it

Underwriter—Bache & Co.,

$600,000 of common stock.
New York.

outside

from

purposes

least

sources—at

of several million dollars."

the

to

Bros.

extent

The company has scheduled

in order to

the

five

next

Securities Corp., The First Boston Corp. and
Smith, Barney & Co. Halsey, Stuart & Co. Inc., is re¬
ported to head a group to bid for approximately $25,000,-

Stockholders

to meet

are

Oct. 20.

on

-/

*

r

debenture

issue.

This

would

not

Sept. 2 the directors discussed the advisability of issuing
$100,000,000 of subordinated convertible debentures. Pro¬
ceeds

To

increase

Underwriters

financial

-

of

resources

company.
Lehman Brothers and Lazard Freres &

—

Republic
Oct.

5

National

stockholders

Bank

of

record

of

Oct.

an

Richmond Homes, Inc.,
Richmond, Ind. (11/8)
10 it was reported early registration is
planned of
140,000 shares of common stock (par $1). Price—$5 per
share. Underwriter—Cruttenden &

$10).

Oct.

etc.

Underwriters

program.

—

of

Our

Proceeds—For exploration

Reporter's

that

stiffening
rates,

the

investment market appears to be

showing
around

increasing
current

were

A

in

crease

commercial paper rates

taken

pretty much in stride.
secondary market appar¬
is bulwarked by the ab¬

The

ently

new

large-scale outpour¬
issues, which makes it

necessary
for
institutions
with
funds to place to scan the list for

suitable

clos¬

upon

$3.5

some

dispose

of

negotiation with

and

dealers.

this

on

oc¬

gain of better than 25%
410,000 who sought se¬
under

much

the

Proof of Pudding

same

Bell

proved
recent

one

point out, the

profiting

that

there

new

flotations

is

latter,

recognized

little

by

market

the

fact

better

"spacing" of
coming to market.

of
as

course,
a

the

slowed-down

ate

of

must

consequence

Telephone

Co.'s

be
of

able

the
a

of

corpor¬

by

the

was

shown

clearly

almost

complete taking
down, by subscription, of the $637
million of American Telephone &

Telegraph Co. convertible
tures
on

offered

"rights."

to

its

deben¬

shareholders
,,




up

for

to

clos¬

announce

subscription

few

hours

books

after

they

Tuesday.

on

The major pension
funds, in¬
cluding Bell System's own fund,
were reportedly big
buyers of the

debentures
state

with

number

a

of

pension

funds,
stretching
country to California,
taking down substantial amounts.
across

the

Illinois Toll

Underwriters

across

the

nation
par¬

ticipating in the marketing of the
bonds

Toll

Webster

bidding.

Securities

Corp.;

Maryland Ry.

about

approved

plan

a

authorizing the

additional 128,597 shares of

an

par

each

no

value of the
value.

par

stock

common

shares from

common

The plan calls for the

stockholder

common

of the right to purchase
share for each six shares of stock now

Corp., New York, underwrote recent sale of Sinclair'^
holdings of Colorado Interstate Gas Co. White, Weld &
Co., New York, may be included among the bidders,
v
York County Gas

•

June

29

it

was

issuance and
first

sale later

$17,500,000

&

Co.

the

of its

not

yet

construction

new

first

Underwriter—May be

deter¬
Probable bidders; Hal¬

by competitive bidding.

Stuart. & Co. Inc.:

amount

issue of $56(1,000 4%%

an

mortgage bonds due 1978.

for

pay

series

new

aggregate

an

Proceeds—To

probably to refund

mined

j

contemplates

company

this year of a

mortgage bonds, in

determined.
and

Co., York, Pa.

announced

A.

C.

Allyn & Co. Inc.; White,

Shields

and

&

Co.

(jointly).

It

is

also

possible that issue may be placed
privately.

millions
which

thereabouts

or

the

Highway

Illinois

undertaking
on

had

it

negoti¬

a

bids

would

underwriting

is

difficult

being able to marshall
a

single group for

safe

put

only

have

It

the

a

been

ceive

been

to

per¬

industry

more

of

State

Commission

is

lines

were

being geared for all-

out action this week.

At

Production
a

In

This

Week

Set

Fractionally Lower Level

contrast

with

recent

stock

market

nervousness, steel pro¬
expressed
strength
and
confidence last week in produc¬

appears

assured

Institutions

for

traffic

on

bound

to

such

be

a

in

calculate

the
that

highway link is
substantial

vol¬

ume.

ing

an

"Steel"

all-time

record

magazine

in fact the ensuing

fortnight, promises to hold to the
recent cadence in the flow of new

Mills put
in the week

on

out 2,350,000 net tons

ending Oct. 15—5,009

than the previous record in
the week ended May 15 this
year.
In contrast,
the industrial stock

average

With

is slated to market a million
shares of $25 par redeemable first

"Steel"

Co.

through

negotiated

a

deal.

sale

to

ment

of

secure

bank

construction.

it

will

dozen

funds
loans

for^repay-

and

for

new

Due for competitive

looks

as

though

attract

at

least

this

half

a

separate tenders.

issue

calendar

Nov.

9

when

until

United

along
Gas

die

about

Corp.,

$20 million of bonds coming
up for bids.

40

over

business
said

the

on

the

uptrend,

bellwether

industry

to

Autos,
supply

looks

approach the

appliances
impetus to

tool

for

$750,000,000
and

pickup,
increasing .promise from the

developments

in

ordnance

Indications

and

prices

die

creased

them
costs.

will

in
One

commented:

new

passed

Steel

a

week, and
good.

cus¬

are

producers

heavier

shipments

making

are

of

delinquent

tonnage.

Major suppliers are push¬
steel into fabricating plants

ing
at

a
rate that enables manufac¬
turers to maintain operations with
less drag on their inventories.

Indications are, states this trade

that mill acceptances for
first-quarter bookings will ' fall
considerably short of consumer
needs.

Although

maintain
the

over

from

and

to

with

in¬

"Prices

are

along

The past year has been

still
we

increases.
one

of the

quarter,

weeks

business

may

from

•

of.
go»

the;

Consumers', in¬
slightly since

summer, but chances appear slim
for buyers to improve

up

manufacturer

the

six

production

quarter.

go

line

of

to

rates

ventories have risen

inventory
materially in the months

that tool- position

soon,

will

operating

balance

overflow

current

producers

high
month

a

are

heavily competitive, and
haven't

hours

40

first-quarter

utilities

the

growing atomic industry and
missiles.

than

paper,

figure of 1953, its peak year.

with

10 in price cut¬
Prices and profits have suf¬

tomer deliveries

points

im¬
provement in 1956. It expects vol¬

putting

With those issues out of the
way
there is a void in the new debt

has

and

ume

Long Island Lighting Co. has an
issue of $15 million of
30-year
first mortgage bonds due up for

dropped

in about two weeks.

Pacific Gas & Electric

offerings.

Industry

the last

The publication said that em¬
ployment in the industry, down
most of this year, is
building up.
Most
plants are working more

tonnage,

reported

Monday of this week.

more

Keeping the Cadence

in

ting.

ducers

According to dealers, prelimin¬
ary
inquiry suggests that good

worst

fered."

Steel

than

issue of such

an

The State of Trade and

a

dimensions.

bidding,

Bonds

making preparations for

$415

that

tender

single

issue

are

such

competitive

preferred

That there is plenty of investor
money around

assumption

Next week,

emissions.

pace

at

ated basis since it is almost

of the fastest deals in

opened

observers

issue

new

no

ing

largest

bonds.

months.

were

The

yet is being handled

demand

Bankers who took down the is¬
sue

&

Un¬

program.

competitive

was announced Sinclair Oil
Corp. has agreed
with the SEC to divest itself of its investment
of 384,380i
shares'* of Westpan stock (52.8%).
The time in which'
Sinclair rpay sell their holdings has been
extended by
SEC to Dec. -21f 1955.* Underwriter—Union
'Securities

*v

•

..

offering of $30 million of 40-year
debentures carrying a 3J/4% cou¬
pon
and priced to yield 3.20%,

were

as

estimated

received.

circumstances in 1953.

within

situations.

Simultaneously,

The

by

to

entered

Southern

Stone

by

?Westpan Hydrocarbon Co.

Weld

of any

sence

ing of

is

a

the

curities

further

markup in the prime bank rate,
along with the year's tenth in¬
were

proceed

were

over

determined

share to

per

sey,

stamina

levels.

r

new

Approximately 525,000 subscrip¬
casion,

further
money

(12/6)

slated

balance

tions

•

week,

underwriters

,

be

stockholders

new

construction, which is

unsubscribed. The company prob¬

will

—

that company plans to issue
of cumulative preferred stock

shares

changing the

Texas Gas Transmission Co.
15 it was reported
company plans to sell addi¬
tional first mortgage bonds later to finance cost
of

fered, indicating that
ing of the books only

ably

the

March 2 it

common stock

March

received for

given

owned, regardless of class.

common)
publicly offered. -Proceeds—For working capi¬
Office—Buffalo, N. Y.

99.5% of the total of-

(Colo.)

were

110,000

to be

million of the huge total remained

short-term

of

Underwriter—Dillon, Read & Co. Inc., New York.

Subscriptions

Standing off

issuance

preferred stock (par
and drilling program,

Sterling Precision Instrument Corp.

Underwriter—None.

better than

in

authorized

June 6 the stockholders voted to
approve an authorized5
issue of 500,000 shares of first
preferred stock (par $10),
of which 300,000 shares (to be convertible into
tal.

10

and

Francisco, Calif.

Rye National Bank, Rye, N. Y.
Sept. 27 stockholders of record Sept. 22 received the
right to subscribe on or before Oct. 31 for
52,300
shares of common stock (par
$2) to stockholders on a
l-for-7 basis. Price—$8 per share. Proceeds—To
further
the building program and for
general corporate pur¬

11

Proceeds—For construction

bidders:

issuance of

Telephone Co.
was reported company
may be planning some
public financing. Underwriter—Dean Witter &
Co., San

are

Oct.

announced

125,000

Western

shares held.

seven

record

Proceeds—To increase capital and
Bosworth, Sullivan & Co.;
Merrill Lynch, Pierce, Fenner &

was

sell

Oct.

Southern Nevada

Proceeds—For construc¬
The First Boston Corp.,

&

(par $1) and bank bor¬

convertible

Underwriter—Previous

Dickson

Merrill, Lynch, Pierce, Fenner & Beane.

plans the

& Gas Co.

cumulative

S.

share.

derwriter—To

Oct. 10 it

Blyth & Co., Inc., Wertheim & Co. and Merrill
Lynch,
Pierce, Fenner & Beane.
*

Report

Oil

of

Underwriters

(par $100).

financing was
by Hunter Securities Corp., New York, who
it is stated, will not underwrite the new
preferred issue.

Co., Chicago, 111.

share for each

and

one

stockholders

R.

on'or

Virginia Electric & Power Co.
Aug. 2 it

handled

ir Rochester Gas & Electric Corp.
Oct. 13 company applied to the New York P. S. Com¬
mission for authority to issue and sell to its common
stockholders 200,000 additional shares of common stock

poses.

30

shares

new

stock

common

company

offering of from 350,000
expected, partly for selling

is

Boettcher
&
Co.;
Beane; Peters, Writer & Christensen, Inc.

Probable
the

America, Chicago, III.

outstanding.

$100

Aug.

•

Price—To be determined later.

that

/

,

an

Underwriters—May be

per

offering to

South Texas

First Southwest Co. and Dallas
Rupe & Son, all of Dal¬

tion

shares

stockholders

geles, Calif.

share for'

one new

las, Texas.

one

announced

was

13

outstanding stock of Holly Manufacturing Co. of Pasa¬
dena, Calif., for $3,000,000 cash. The transaction must be
closed by Dec. 15, 1955 (subject to extension to
Jan. 15,
1956). Underwriter—William R. Staats & Co., Los An¬

shares

the basis of

400,000

surplus.

rowings to finance the proposed purchase of all of the

(Texas)
195.5 were given
additional 187,500 shares of4
4,

hdld; rights' to expire on Oct. 24.. Pricer
—$45 per share. Proceeds—^To increase capital and sur¬
plus. Underwriters—Walker, Austin & Waggoner, The1

on

reported that

was

Price—$50
r

Siegler Corp., Chicago, III.

Dallas

capital stock (par $12) at th'e rate of
12

Proceeds—For expansion program.

sale of additional

rights to subscribe for
each

it
to

-

before Nov. 1 for
27,530 addi¬
tional shares of capital stock
(par $20) on the basis of
one new share for each four
shares neld before
payment
of a 25% stock dividend on
110,000 shares

office

Sept. 20 it

Co., both of New York.

30,000

Underwriter

it United States National Bank of Denver

(EDT) on Oct. 20, at
of Willkie Owen Farr Gallagher &
Walton,,
St., New York 5, N. Y., for the purchase from
the railroad company of
$6,555,000 equipment trust cer¬
tificates, series P, to be dated Nov. 1, 1955 and to mature
in 15 equal annual instalments. Probable
bidders: Hal-,
sey, Stuart & Co. Inc.; Salomon Bros. &
Hutzler; Kid¬
der,'Peabody & Co.

Corp. of America

of

Co., Charlotte, N. C., and A. C. Allyn & Co., Inc., Chi¬

15 Broad

Underwriter—Loewi & Co., Milwaukee,

issue

new

par

cago, 111.

stock to 40,000,000 shares from
10,000,000 shares
the authorized indebtedness to
$150,000,000 from

the

Wis.
Radio

3

Oct.

Seaboard Air Line RR. (10/20)
Bids will be received up to noon

Hydraulics & Machinery Co.

stock.

Oct.

share

type, amount or date of financing. Stock¬
approved proposals to increase the authorized1

$50,000,000.

a

(no

Insurance Co. of

right ot subscribe

and

Oct. 4 it was reported company expects to file a letterof notification with the SEC
covering 10,000 shares of its
common

United

common

$50,000,000 and.would be issued at the discretion of the
time within the next 12 months. Under¬
writer—Probably Smith, Barney & Co., New York.

stock

Proceeds—For expansion
program.

holders

exceed

authorized

common

to the precise

directors any

Racine

new

—Rauscher, Pierce & Co., Inc., Dallas, Tex.

Paper Co.
Sept. 20, Thomas B. McCabe, President, announced a
major financing program will probably be undertaken
by next spring. No decision has yet been reached as

April 9 stockholders approved the possible issuance of
convertible

share.

&

Scott

Pure Oil Co.

a

Blyth

stockholders

stockholders.

Webster

000 of bonds.

Hutzler;

Nov. 29.

Underwriters—Probably Stone &

years.

&

11

value), of which
it is planned to
initially issue 10,000 shares bearing a $5
dividend and having a
redemption value of $105 per

Co., Inc.; Union Securities
Corp. and Merrill Lynch, Pierce, Fenner & Beane
(jointly); Lehman Brothers; The First Boston Corp.;
White, Weld & Co. and Shields & Co. (jointly). BidsExpected to be received up to 11:30 a.m. (EDT) on

large-scale expansion program, involving $79,000,000
keep abreast of estimated load growth over

a

Oct.

shares of

Underwriters—To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon

Puget Sound Power & Light Co.
April o, Frank McLaughlin, President, said that "it will
be necessary in 1955 to obtain funds for construction

Thursday, October 20, 1955

.

it Texas Industries, Inc.

announced company

was

..

ahead.
•-The

American

Institute

erating
having

rate

of

be

of

and

that

steel

Steel

the

op¬

companies

96.1% of the steelmaking-

capacity
will

Iron

announced

of
at

capacity

the
an

for

entire

average

the

industry:
of

week

96.1%
begin-

-

Volume

182

Number

5474

.

.

The Commercial and Financial
Chronicle

.

(1687)
ning

Oct.

17,

1955,

equivalent

to

2,320,000 tons of ingots and steel

failures with liabilities under
$5,000, which dipped to 27 from 44

for

in

castings

compared

as

with

the

previous

96.5%

mained

tons

toll

cf capacity and 2,330,000
(revised) a week ago.

The

industry's ingot production

for

rate

based

the

828,310 tens
For

weeks

annual

on

the

like

rate

tion

2,320,000

actual

week

cerns

is

tons.

weekly

month

and

placed at 1,769,000 tons

or

from
85

was

74.2%.

to

capacity in 1955. The per¬
centage ligures for 1954 are based
annual

tons

capacity

of

as

Electric

Jan.

In

Week

The

of

Oct.

electric

output

week,

kwh.;
kwh.,

the

the

over

like

week

ure

in

Oct.
an

8, 1955,
increase

14.8%

week,

2,9(19

c -is,

ended

totaled 807,035
of

above

1954

week

104,125

the

and

increase

an

0,4% above the

or

of

TJ. S. Cat Output in Latest
Rose

Week

30.7% Above the Level

Of the

try

for

the

latest

week,

bled

week

the

industry

assem¬

estimated

an

104,876 cars,
compared with 80,271 (revised) in
the
previous
week.
The
past
week's
and

production

trucks

total

amounted

of

to

129,351

Last week's
that

by 24,605

of

car

the

previous

while

cars,

increased

put

output advanced

by

and

12,542 trucks

Last
there

truck

8,970

during the week.
ponding week last

week

In

the

year

out¬

vehicles
corres¬

44,882

the United

States. This compared
15,505 in the previous week
and 12,542 a year ago.
with

Canadian

placed
trucks.

3,976

In

Dominion
and

output last week

at

the *

plants

previous
built

934

was

and

cars

871

week

5,369j

cars

were

On

cocoa.

the

represents

the

sum

Point

The

of

Preceding Week

general

commodity

price

showed little definite

level

trend

week.
The daily wholesale
commodity price index, compiled
by Dun & Bradstreet, Inc., fin¬
ished slightly higher at 278.32 on
Oct. 11, as against 278.20 a week
the

It

Holiday

Week

dipped to 203 in the holiday-

ures

shortened
from

207

week

in

ended

Oct.

13

the

preceding week,
Dun &
Bradstreet, Inc., reports.
However, the toll was consider¬
ably higher than in the compar¬
able weeks of 1954 and 1953 when
152 and 169 failures occurred re¬

Wheat

the

but

new

under

rains

$5,000

or

more

increased

ately to 176 from 163
and

139

were

last

decline

up

year.

a

moder¬

week

considerably
All

occurred

of

ago

from

the

week's

among

small




Stimulated
Made

Gains
A

the

Past

By

Slight

was

week.

Week

sports

jackets
dress

Pleasant

stimulated

total retail sales
ahead those of

and

Fall

consumer

a

was

weather

buying and
moderately

were

year ago.
re¬

sales promotions of Fall

Winter

merchandise.
Auto¬
mobile volume remained at a
high
level.
The

dollar
in

the

volume
week

of

reported

in

white

1955,

For the

of

substantial gain was maintained
over the level of the
correspond¬
store

country-wide basis
for

sales

2%

to

week

on

Board's

ended

in¬

Oct

from the

■

8,

like

In the preceding"
week, Oct. 1, 1955, a rise of 15.%
registered above that of the

period

of

increase

of

7%

was

For the period Jan.

8,

1955,

tered

above

York

that

trade

City

by

comparable

the

1954

the

corres¬

R.J. REYNOLDS

J

of

Makers of

reported.

Camel, Cavalier and Winston

R

regis¬

was

1954.

volume

last

COMPANY

8, 1955,

1, 1955 to Oct.

gain of 7%

a

of

TOBACCO

1954, while for

the four weeks ended Oct.
an

that

a

period last year.

for

week

cigarettes
Prince Albert

smoking tobacco

New

Quarterly Dividend

advanced

about

7% above the like week
1954, trade observers report.

of

A

quarterly dividend of 70c

share

has

been

declared

on

per

the

Common and New Class B Com¬

r

DIVIDEND NOTICES

mon

stocks of the

Company,

pay¬

able December 5, 1955 to stock¬

6%

holders of record

a year ago,
according
to estimates by Dun &
Bradstreet,
Inc.
Regional
estimates
varied

the

from

taken from

as

Reserve

the

occurred.

period Jan. 1, 1955 to Oct.

DIVIDEND NOTICES

Department
Federal

ending Oct. 8,

ponding period of 1954.

ing 1954 week.

dex

recorded.

was

8, 1955, the index recorded a rise

moderately and

a

the

9%

decrease of 1%

a

and

higher than

from

.

For the four weeks

neckwear,

and

like 'period of last year.
In
preceding week, Oct: 1, 1955,

increase of

an

retail

2

was

the
the

rose

shirts.

expanded

Retail

increased

an

were

The dollar volume of wholesale
orders

similar

reported by retailers last

sponse to

interest

Re¬

department

in New York City for
weekly period ended Oct. 8,
1955, dropped 1% below that of

was

slight increase in dollar vol¬

ume

Haberdashers

at the

close of

business November 15, 1955.
W.

Common Stock

levels

J.

CONRAD,

Winston-Salem, N. C.

Secretary

October 13, 1955

following" percentages;

Dividend

crop

There

noticeable gains in

were

consumer

purchases

of

furnishings, and last
moderately
similar

in

that

level

of

the

a

general

as

prospects in

est

payable Nov. 30,
holders

gains

in

were

chairs

call

and

flatware

for

bedding.

and

stainless

cooking

Volume in sheets and

Central

sections

schedule.
the

of

Harvesting of wheat in

Canadian

was

ahead

were

Prairie

reported

Consumers

com¬

pleted.

is

crop

now

498,300,000 bushels,
last

year's

or

at

61% above

of

308,900,000
Sales of grain and soy¬

bushels.
bean

forecast

crop

futures

on

the

Chicago

a
daily average of 52,600,000
bushels, from 70,300,000 in the
preceding week.

Increased
from

shipments

Brazil

of

coffee

said

to

reflect

were

consumer

demand

since

retail.
The

market

cocoa

influenced

strength

largely

by

developed
last

week,

the

pect that there would be

a

pros¬

further

delay in adjustment of the Brazil¬
ian

currency

Firmness
was

in

also

a

reform

the

program.
London market

factor

in

the

rise.

Warehouse

stocks

creased

totalled 218,065. bags,

and

of

cocoa

in¬

against
and

212,358 bags a week ago
107,631 at this time last year.

oils

prices moved irregularly
as

strength

offset

lower

in

up¬

vegetable

hog

receipts continued heavy
prices currently at the low¬

Cotton

prices closed higher for
following the sharp dip

holders of record November 3.

a

The quar¬

the A/i

per cent
Cumulative Preferred Stock, Series A, will
be paid on December 1, at 28 V&th cents
per

GOODYEAR

increased

on

share to shareholders of record Novem¬

ber 3, and the

ex¬

quarterly dividend (No. 2)

the SVi per cent Cumulative Convertible

Second Preferred Stock, Series of 1955, will
be paid on December 1 at 41
Vi th cents
per

clothing the

share to shareholders of record

DIVIDEND NOTICE

W. D. FORSTER,

DIVIDEND

NOTICE

SUNRAY

The Board of Directors

—

LABORATORIES, INC.
a

meeting

following

of

the

United States Lines

Company
Common

THE:'-'

Stock

NAME

GREATEST

DIVIDEND

RUB ecII

Directors
1955

held October 10,

The Board of Directors has authorized the

the

special
meeting
of
the
Stockholders of the Corporation

Ccmmon
held

of

the close of

Goodyear Tire & Rubber Co.

IN

Board

payment of a dividend of thirty-seven and
one-half cents ($.37 V2) per share

payable

earlier

that date,
(at which the
approved, among other pro¬
posals, the proposed plan to spin off this
Corporation's
newly
organized,
whollyowned subsidiary,
Du Mont Broadcasting

December 9, 1955, to holders of Com¬
mon Stock of record November
25, 1955,
who on that date hold regularly issued

Stockholders

Corporation, and

to

distribute

outstanding shares of stock
Broadcasting Corporation to

all

of

of

Du

the

Common Stock ($1.00 par) of this Com¬
pany.

the

Mont

Board

action

to

of

Directors took

the

to

the

Ccmmon

ness on November

basis of

one

Stockholders
at

of

the close of

14, 1955,

this
busi¬

rata,

on the
(1) share of stock of Du Mont
pro

Broadcasting Corporation for each

two

one-half (2V2)

Stock of

shares of Common

and

this Corporation.

Such distribution wilt be

made

practicable after obtain¬

as

soon

ing the

as

necessary
Communications

approval

Boonton

carry

Corporation of tecord

such

approval of the Federal

Commission,

to

which

distribution is subject.

Allen B. Du Mont

New

^

Jersey,

On

tors

October

of

the

3,

Aircraft

declared

Company

a

1955,

Radio

the

on

the

Direc¬

1

Dated October

13, 1955

Raibourn

Treasurer

A

regular quarterly dividend of
31/4^ per share on the 5% Con¬

Corporation

Common

Stock

of

dividend of twenty

vertible Preferred

Stock has been
declared payable December 1, 1.955
to
stockholders of record Novem¬

cents
(20c)
per
share
for
the
fourth quarter and a year-end div¬
idend of ten cents (10c)
per share,

making
(30ct
Nov.

record

total

a

per

16,
at

November

of

share,
1955
the

2,

thirty

both

to

cents

payable
stockholders

close

of

of

business

in

cents
1955.
H.

M.

|

(90c)

A

■

30^

1955.

Payment of this dividend on No16, will make a total of

ninety

ber 10, 1955.

on

vember

Paul

Woodall Industries Inc.

Dividend No. 91

Laboratories, Inc.
By

CHAS. F. BRADLEY, Secretary
Broadway, New York 4, N. Y.

CORPORATION

necessary

into effect the spin-off
plan and directed that, in accordance with
the spin-off plan, the
outstanding shares
of stock of Du Mont
Broadcasting Corpo¬
ration held by this Corporation be distrib¬
uted

One

AIRCRAFT RADIO

Common

Stockholders of this Corporation, pro rata,)
the

TULSA, OKLAHOMA

By Arden E. Firestone, Secretary
Akron, Ohio, October 11, 1955

Laboratories, Inc.:
At

at

business November 15, 1955.

To the Holders of the Common
Stock of Allen B. Du Mont

of this Corporation

SUNRAY BLDG.

50 cents per share on the
Common
Stock, payable December 15, 195 5 to

stockholders of record

ALLEN B. DO MONT

Secretary

MID-CONTINENT
Git

today de¬
following dividend:

clared the

—DUMOMT

est since June 1946.

the week

October 14, declared

terly dividend (No. 2)

on

values.

Swine

with

on

November 3.

Board of Trade last week declined
to

directors,

regular quarterly dividend (No. 64) of
thirty (30) cents per shore on the Common
Stock, payable on December 20 to share¬

Corporation

The

The

South West

and

utensils.

towels

sought
Winter

64th DIVIDEND NOTICE

steel

Provinces

practically

SCHEUERMAN,
Secretary

Wilmington, Delaware

panded considerably.

quantities of

helped to sustain
Rains delayed corn pick¬
ing to some extent, but operations

1955, to stock¬
Oct. 31, 1955.

record

The

lighting fixtures and lamps
slightly. There was an in¬

wheat with several Euro¬

many

of

up¬

in

creased

P

share on the Corporation's
Common Stock. This dividend is
per

countries

pean

on
Oct. 17, 1955,
regular quarterly divi¬
thirty-five cents ($.35)

of

LEROY J.

principal

values.

in

held

declared
dend

week.

Reports of sizeable export busi¬
ness

week's

exceeded

1954

household

The Board of Directors of Central
and South West
Corporation at its

meeting

Furniture retailers reported that
the

rose

deliveries

crop

pressure

improved

-f4; East 41 to 4-5; South -f-5 to
49; Midwest 4-3 to 4-7; South¬
44 to -f8 and Pacific Coast
42 to 4-6%.

Television sets continued to sell at
a high level and
consumer inter¬

Southwest.

ward.
of

Volume
Weather

Fall

holstered

strength
at
firmness in cash

reflecting

were

14% from the 1939 toll of 237.

involving liabilities

Trade

276.31

displayed

markets

Lard

Failures

slightly.
increased

Federal

the

Men
shop¬
primarily interested in

1955, advanced 6%

ago.

price movements irregular.

spectively. Remaining below the
level, failures were down

pre-war

totalled

bags

the

index,

store sales

Gloves,

suits and hats. Topcoats sales

in¬

year

a

Grain markets at Chicago were
active
a
week
ago
with

considerable

Commercial and industrial fail¬

to

with

compared

similar date

less

at

Slightly

and

west

heavier

Taper

Entries into the

continued

volume

and

to

Board's

New England and Northwest 0 to

prices dropped below the $1 level

Failures

stock

week.

trade

716 trucks.

In

farmers

ing proportion of current ginning^
from the market.
in

leather

According
serve

accessories.

pers were

corn,

trucks, and for the com¬
parable 1954 week 1,371 cars and

Business

and

grow

prices at the wholesale level.

cars

the agency reported
24,475 trucks made in

and

index

were assembled.

week

were

the

"Wheat, rye, hams,

to show the general trend of food

cars

units, or an increase above the
preceding week's output of 33,575
units, states "Ward's."
above

eral

times

Last

cost

bales

reported holding an increas¬

There

wholesale

were

to

loan

and

colored

13,696,000

dress

sweater volume expanded.

Interest in the Government loan
were

a

foodstuffs and meats in gen¬
use
and its chief function is

raw

ended

30.7%.

the
or

total of the price per pound of 31

on

according to "Ward's
Automotive Reports," rose above
that of the week
preceding by

the

and lambs.

indus¬

Oct. 14, 1955,

in

with

continued

8.0%.

coffee

earlier.

Preceding Period

Output in the automotive

on

in¬

an

over last month's
12,873,000 bales and

of

compared

a

last

cor-

iexpending week in 1953.

$6.64

represented)

produced in 1954.

at

was

and

13,928,000

8.2%

estimate

ous

bellies, but¬
ter, sugar, tea, eggs, steers, hogs

or

corresponding

of

Higher

cars,

cars,

of

of

Wholesale Commodity Price Level
Shows Slight Cfoin From Low

the Association cf American Rail¬

the

stand

year

with

compares

The

roads.

for

to

This

corresponding date last year,

down side

1.6% Below

revenue

cents
the

for

decrease

lard,

freight for
the week ended Oct. 8,
19a5, de¬
creased 13,277 cars or 1.6% below
the preceding week, according to

Loadings

low

6

re¬

141,619 bales in the week ended
Sept. 30, against 95,100 the previ¬

Index

lowest since Dec. 16, 1952, when it
also stood at $6.11. The latest
fig¬

Preceding Week

Loadings of

Price

Oct. 11.

of

as

past week

1953.

Car Loadings Decline

Food

dropped

new

or

kwh.

construction.

$6.11

16.3% above the com¬
parable 1954 week and 2,334,000,000

all

with

October 1 crop

cn

This

1955

and

actual

at

10,639,000,009
increased
1,482,000,000

it

in

year

groups

past week.
Interest in women's
suits and cloth coats rose
appre¬

ciably, while wool knit

cotton, yield

crease

21

index,
by Dun & Bradstreet,
Inc., continued to slide last week

decreased

when

1955

compiled

40,000,000 kwh. below that of the
stood

last

trade

preliminary

Monday, confirmed jewelry
earlier forecasts, and indicated a popular

hand,
to

rose

The wholesale food
price

Institute.

previous

to

Registers New Low for Year

energy

official

crease

15

by the electric lignt
industry for the week
ended Saturday, Oct. 15,
1955, was
estimated at 10,599,000,000 kwh.,
according to the Edison Electric

output

than

and

Wholesale

and power

week's

37

construction jumped
22.
More businesses

from

The

port issued

the most notable
upturn from 1954

125,330,410

distributed

This

to

off

other

failures

and

industry

Moderately

Ended

amount

42

the

higher

estimates.

in

of

Falls

13

fell

retailing,

On

sharply

hales.

failures

in

and
103.

succumbed

1, 1954.

Output

in
17

where

50,

from

than

on

liabilities

wholesaling

The operating rate is not compar¬
able because capacity was lower

con¬

during the week
principally in manufac¬

from

of
crop

1954

of

decrease

turing,

A year ago the

their

number

with

re¬

week ago.

a

The

yet

$100,000 climbed to

of

occurred

ago

above

The

failing

from 8

produc¬

production

22.

excess

1, 1955.

a

96.1%

was

1955

capacity of 125,-

of Jan.

as

the

in

little

a

of

week,

67

per

share

regular quarterly dividend of
share on the Common Stock

per

I

has been

|

ber 30, 1955 to stockholders of

paid

1

KINGSLAND, Secretary

I

declared payable Novem¬

ord November 10, 1955.
M. E.

GRIFFIN,

Secretary-T reasurer

rec¬

-68

(1688}

The Commercial and Financial
Chronicle

i

..

Thursday, October 20, 1955

.

BUSINESS BUZZ

Washington...
f 7.

Behind-the-Scene Interpretations
from the Nation's

»»

SOU

Capital,

D. C. — "lease" the building for a
things the Eisen¬ given period, 10, 15, 20, or 25

WASHINGTON,
One of the

Administration

hower

i

s

years.

Automation

Council

"An

this

In

The contract of "lease"

outstanding instance of

.

Do's and Don'ts

—Reprinted

Young
of

the effect

of the contract under the dis¬

Under

the

the

approved

Eisenhower

by

Administra¬

tion, Congress provided a new
for

lease

struction

The

of

new

than

when

Growth

period, so-called.

tive
This
-

"sponsor" would then

enter into

a

contract with the

General Services Administra¬
tion

offices,

post

addition,

prospec¬

to

cost

an

$3,775,448.

of

aggregate

In

has

GSA

had

At the
ernment

same

time the gov¬

would

contract

to

smallest is
office

and

The

reason

has

establishment.

not

a

single

[This column is intended to re¬
con¬

flect the "behind the scene" inter¬

yet been let, is not pretation from the nation's Capital
and may or may not

investing public having
any chariness about the deal
—that has yet to be tested. It
is that this is

a

new

and it has taken

than

Morgan & Morgan Branch

a

&

year

for

Money

Management

study

program

the

TEXARKANA, Texas—Morgan
Morgan have opened a branch

office

in

Texarkana

Bank

Building

the

the
Wadley

under

of Archer

tion

National

F.

direc¬

Life

Insurance, Association of
Exchange Firms and

Stock

American
—

nificance—Office of Public Re¬

ports (International Cooperation

Administration, Washington 25,
C.

D.

(paper).

Quality and Competition: An Es¬
say in Economic Theory—Law¬
Abbott—Columbia

rence

versity

Press,
N. Y., $3.75.
Register

of

told that

this

instal¬

new

buying of Federal build¬

&

and

(removed

branch

office

plement, not replace, buying

of William

F.

the

in

the

Other

Stock
Exchange Official Year
Book) 1955—Thomas Skinner &

Co., Gresham House, Old Broad
Street, London E. C. 2, England
(cloth), 30s. (New York repre¬
sentative

Co.,

Ill

Thomas

Skinner

Broadway,

New

4, N. Y.)

Using Instalment Credit

—
Clyde
Commercial
Credit Company, 14 Light St.,
Baltimore 2, Md. (paper).

Your

Phelps

—

Life Insurance and

How

University Women, 1634 I St.,
N.
W., Washington 6, D. C.
(paper), on request.

Moser

New Views

on

CALIFORNIA

CLASS

B

(Common)

Copies

on

STOCK

request

LERNER & CO.
InvesJmcnt

FOREIGN

SECURITIES

50 BROAD STREET

Exchange
TEL:
n

.

.

..

_

HANOVER 2-0050

•

\

.3

SPECIALISTS

TELETYPE NY 1-971

*

GArfield 1-0225
.\

Co. Inc.

NEW YORK 4, N. Y.

AAe>r

^

&

^

A

to

Use It—American Association of

RIVERSIDE CEMENT CO.

Garl Marks

&

York

management

Jennings.

27,

from the-

Co., Incorporated have opened

a

Building under

SCHERCK, RICHTER COMPANY




Defunct

Companies

Uni¬

York

SHAMOKIN, Pa.—H. A. Riecke

.

Bought—Sold—Quoted

Mo.

New

talks to GSA he will

Sulphur

2,

Association

Life

NATO: Its Development and

10

Louis

of

Insurance,
Avenue, New York
22, N. Y., $1.35.
'

Wagner Electric

St.

Bankers

Institute

488 Madison

Pacific Northwest
Pipeline Common

SL 456

informa¬

H. A. Riecke Branch
one

Mallinckrodt Chemical

320 N. 4th St.

Portfolio—A

with

pamphlets from Institute of

Texas Eastern Transmission

Teletype

Dut-

tion

William

program

more

coincide with
views.]

the "Chronicle's" own

ings is only intended to sup¬

Anheuser Busch

Extra Hour Every

an

Company, Inc., 300 Fourth
Avenue,
New
York,
N.
Y.

,

the

ment

Olin Oil & Gas

Bell

—

Life

ton &

security.

be

Eagle Oil

Member Midwest Stock

the

(cloth), $2.95.

If

Colorado Oil & Gas

Pan American

in

Day—Ray Josephs—E. P.

BIG OAKS FROM LITTLE ACORNS!

cumbersome
a combination
post bureaucracy to reorganize to
Federal office the new way of doing busi¬

Delhi-Taylor

Insurance

request.

ness.

White

of

How to Get

ap¬

proval for 26 Federal build¬

to

Life

Insurance, 488 Madison Avenue,
New York 22, N. Y. (paper), on

tract

general office build¬
ings which would cost an ag¬
ings, or with the Post Office
gregate of $91.5 millions.
department as to all-postal fa¬
Among these 26 GSA ap¬
cilities, to put up this build¬
proved projects, one of, the
ing.
as

of

Is Enough Insurance?
—Reprinted from "Better Homes
and Gardens"—Institute of Life

Federal, amortized

small

Life Insurance

Life

How Much

provides
government

relatively

on

of

Insurance, 488
Madison Avenue, New York
22,
N. Y. (paper), on request.

political "virtue" of
this financial sleight of hand
is that Congress is one year

27

request.

on

Institute

The

sense.

Insurance, 488 Madison
New York 22, N. Y.

State of California 1940-1954

set-up
the

for

Insurance,
Avenue, New York
22, N. Y. (paper), on request.

building at Carthage, Tenn., buildings in lump payments.
Requires 3-Way Approval
to cost $272,000. Another
decides it wants a new build¬
ap¬ However, once the wheels get
Before project can be
proved project is a proposed greased, this will be a far
ing, it buys a site and con¬ bought on the time-payment
easier
tracts with some one to de¬
way
than budgeting
plan, it first has to be cleared big Federal office building
sign a building 100% in ac¬ with the Budget Bureau. and post office at New Or¬ 100% of the cost of building
in any one year.
cordance with Federal specifi¬
Thereafter, it is .sent to the leans, to cost $14.2 millions.
cations, for Federal use, with two public works committees Atlanta, Ga., would get a Fed¬
People who will believe
eral communicable disease
the idea it will be, when built, of
that this new scheme will not
Congress. If neither of
center to cost $12,330,000, and
sold or rented to no one but these
disapproves, the GSA
eventually become the sole
Omaha a Federal courthouse
the Federal Government.
and PO Department can go
way of financing Federal
ahead, design the building, costing $9,500,000.
How It Works
buildings are the kind who
It is the hope of GSA that
find a sponsor, and then let
believed that the United Na¬
After the building's design
the government will get spon¬
the contract for construction.
tions would bring peace to
is approved by the govern¬
sors, "owners," or just plain
Even though this act was
the world, or those who be¬
ment, then a sponsor or pro¬
fronts for this fiscal legerde¬
lieved that the Marshall Plan
passed in 1954, not a single
spective owner of the build¬
main, who will be satisfied
lease
contract
has been
would, as promised, avoid for
with an interest return of less
ing is sought. This codld be a
the U. S. the necessity for
signed. A number of projects,
than 4%, on the theory they
bank, insurance company,
however, have won the threespending tens of billions an¬
would look at this as closely
pension fund, or an individual
way approval. These include
nually for a huge military
with
akin to a!
perhaps more money
that

"Living

488 Madison

financing the con¬
post offices and could
get
an
$100-miilion
other Federal buildings. Pre¬
building whilst appropriating
viously these were paid for in
only one instalment of say
Jump sums out of appropria¬ 20
years of principal, plus in¬
tions made by Congress.
terest and local taxes.
means

Life

—Institute

Lease-Purchase the structure at the end of the

expressly

from

Feminine Focus

guise of a lease would be a
Act, which has not yet lead time-payment plan for buying
to a contract for a single Fed¬ Federal
buildings. The "own¬
eral office
or
post office er" would be specifically ob¬
building.
ligated to hand over title to
Act,

Life Insurance

on

Homemakers"—Institute

Avenue,
(paper),

Lease-Purchase

the

is

other words,

—

Technological Ad¬
vancement, 120 South La Salle
Street, Chicago 3, 111 (paper),
single copies on request; addi¬
tional copies 25c each (quantity
prices on request).
<

discovering is that its new would provide annual pay¬
approach toward Federal ments to the "owner" of such
spending is moving slowly. sums as would pay off the
The new approach is to spend, total cost of the building
not appropriated money, but within the lease period at
the bank deposit, the pension some rate of interest, and in¬
fund, or the investment in in¬ cluding local real estate taxes.
surance.

Trends

Job

and

for

Post

Securities

Office Square

Boston, Mass.
Phone HUbbard 2-1990

Teletype BS-69

'