Full text of Commercial and Financial Chronicle : October 24, 1963, Vol. 198, No. 6310, Section 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

V

Reg. U. S.Pat. Off.

THE

Volume

EDITORIAL

It is

New

6310

Number

198

next year

the trend

clear preference on the major

any

without

and

as

time

hard for certain
toned down
was

forecast"

liquidity in relationship to
savings deposits and needlessly penalizes earnings. Mr.
DeLong explains the superiority of "real asset allocation"
over traditional "pooled funds" approach to portfolio man¬
agement which would make commercial banks fully competi¬
tive with thrift institutions; looks forward to substantial
concepts which create excess

anything in particular in the way

its

as

The Administration is pressing

passes.

things that it has wanted although often

deposits from being priced out of

The truth is,

ago—there is a lot
of talk about it, but few banks are actually prac¬
ticing it. Emphasis on the changing deposit mix in

commercial banks is now forc¬

thing like
to go
„

a

full

program

it.

be attributed to what

of accomplishment with which

of the failure of
tion to go

Congress has done or is likely to

rank and file could be con¬
trouble that develops is a direct result
the President's party or of the opposi¬

the whole

way

with the Chief Executive. The

opposition has, moreover, been rather too reluctant to
5

take

a

going
,

much

very

had requests

and

banks have

of business activity could hardly

outspoken attitude toward much of what is

being planned to give the intelligent voter
ground for turning to it.
(Continued on page 21)

on or

past

the

Section

—

1

that this does not happen. It con¬

Bank of New York—if you have

analysis disclosed
to

from the Bank.

Sherman's

case.

one

however, to quote

mula
than

help

mean

to

Neither

a

formula'nor a

a

placed the judgment

few lines at this time: "This

a

subject which the Big Trend is

timely every day.

tool of bank management.

.

.

Intelligently

.

Unintelligently applied,

they can do more harm than good."
Commercial banks

are

financial department

now

the total

department is contributing to

each

statement.

The

total profit and

each department. Since each

own

merchandise, the stores have in effect

Banks using the

pooled funds approach can and

of deposits, and they

that this gives them the

equivalent of de¬

statements.

earnings

It

does,

but the

figures do not mean much. The pool of loans and

Fred G. DeLong

investments produces a

But a formula can

bank more profitable.
computer has as yet re¬

of management—and we

the state¬

department

term asset allocation.

we

assume

thing is

important

do determine earnings by types

for¬
better

make

a

applied, asset allocation techniques can be a useful

what

a

people can? By no means.

people

more

partmental

bank

a

run

can

allocation,

making

has its

the

50% in

that

July 4,

inevitably to the controversial subject of

us

ment for

;

this

Does

in the

be found

may

1963, issue of the Chronicle, p. 1 ff.J I would like,

loss

opportunities
from a

nominal amount up to

| Editor's Note: the full text of Dr.

remarks

ment store which looks only at the

earnings,

improve

not yet read the

article, I urge you to do so—copies are available

profit. I don't know of a single successful depart¬
-

procedure. These
ranged in total de¬

than 80% of the cases

recently by Mr. E. Sher¬

Adams, Vice-President of First National City

man

how

from about

posits from less than $5 million
to
more
than $5 billion. In
more

changing deposit mix in commercial banks

most ably discussed

stores, and as such they must be able to determine

we

year

hundred banks to explain our

theory

| do, and it is doubtful if the
vinced that any

Within

have
a

to the people next year. And, of course, a continua-

tion of the present rate

reconsider

ing management to

promised and demanded. Adop¬
now stands would hardly be any-

it

The
was

;

'

though, that what it is demanding now
as

stake in seeing

brings

accounting was a decade

cost

and is apparently preparing-to place

tion of all of it

a

asset

is much less than it had

;

business.

at the stage where bank

allocation is now

Asset

responsibility for anything unpleasant upon those who
'

and notes

development came just in time to save demand

that this new

unlikely to be granted. It has again and again
trouble if it did not get at least a minimum

program,

definition of liquid assets;

revision of outmoded

it has become clear that all that was asked

obstruct its efforts.

1

Sections

2

opportunity to improve our results.

improvement will continue and even grow more op¬

pressive

.•

In

Copy

a

ceivably could, though, if we fail to grasp every

policy

Commercial banks are urged to reform their liquidity

wordy exchanges of heated criticisms
of

Company, Pittsburgh, Pa.

Ion National Bank and Trust

but, if the past provides any clue to the future,
which has become so distressingly clear toward

assurances

Dehong*Vice-President and/Comptroller, Mel*

fly Fred

they ought to face and decide. Of course, a

obfuscation

of

Cents

Bank Assets

good deal could happen between now and election day

r

50

ESTABLISHED 1839

to the polls next year with little or no oppor¬

issues that

for

Price

October 24, 1963

York 7, N. Y., Thursday,

. . .

As We See It

tunity to register

of

FINANCIAL FIELD

becoming increasingly evident that the voters will

have to go

1

IN THE

INFORMATIVE PUBLICATION

MOST

AND

LEADING

have

is the

by type

are

yield the

certain yield—but the yield
deposits. Net earnings

for all types of

same

determined by subtracting from this

cost of the

deposit. Thus what
(Continued on page 28)

type of

results here is simply

State,
U. S. Government,
Public

Municipal
and Public

Housing,

State and

Municipal

Securities

Housing

MULLANEY, WELLS & COMPANY
Underwriters

Distributors

Chemical

Corporate &

NewYork
770-2541

York 8, N. Y.
•

STATE

and

MUNICIPAL

BONDS

k

Municipal

pr

i

Securities
V

" "

Lester, Ryons & Co.
623

Members
Members
Members




York Stock Exchange

American Stock Exchange
Pacific

Pasadena,

Glen-

Santa

Ana,

Santa

Whittier

FIRST NATIONAL CITY BANK

,

Monica,

-

Inquiries Invited on Southern
California Securities

135 So. LaSalle Street

w

Notes

Exchange

Coast

Oceanside,
Pomona, Redlands, Riverside,

Diego,

/

Jil

Agency
Bonds and

Municipal Bond Division

dale, Hollywood, Long Beach,

770-2661

TWX: 212-571-1414

New

Offices in Corona del Mar, Encino,

MEMBERS

jE^MIDWEST STOCK EXCHANGEjErEi

Street, Los Angeles 17,

So. Hope

California

San

BOND DEPARTMENT
P. O. Box 710, New

jmm

Dealers

•

CHEMICAL BANK NEW YORK TRUST COMPANY

phones:

Supplement: Section Two

NSTA Convention

THE

CHASE

MANHATTAN

Chicago 3, III. FRanklin 2-1166

Bond Dept.

Teletype: 571-0830

Net Active Markets
To

t.l. Watson &Co.
ESTABLISHED

Exchange

Stock Exchange

STREET

NEW YORK

Canadian Securities
Inquiries Invited

Commission Orders

/'

BRIDGEPORT

•

BANK
California's Diversified
Human Resources

CANADIAN

GEOLOGIST

BONDS & STOCKS

Executed On All

Canadian Exchanges
CANADIAN

4, N. Y.

&SIECT wires TO

DEPARTMENT

PERTH AMBOY

Dominion Securities

MOWySEAL AND TORONTO

Goodbody &
MEMBERS

-

Pershing & Co.

Maintained

Teletype 212-571-1213

25 BROAD

—

Dealers, Banks and Brokers

Block

American

Correspondent

1832

Members
New York Stock

New York

NEW YORK STOCK

2 BROADWAY
NEW YORK

Co.

EXCHANGE

1 NORTH LA SALLE ST.
•
CHICAGO '

Grporatioi*
40

Bank

of

Teletype 571-0880
Area Code 212

WHitehall 4-8161

America

N.T.&S.A.

Exchange Place, New York 5, N. Y.
MUNICIPAL
SAN

BOND

DEPARTMENT

FRANCISCO- LOS ANGELES

2

The Commercial and Financial Chronicle

(1590)

•

.

.

Thursday, October 24, 1963

.

•

•

This Week's

Timing...
One

the

of

factors

As

as

soon

York

Hanseatic,

through

Wide"

Assistant

Vice-President,

Brothers

the

&

If time

is

Counter

you

>

the

name

and

its

upgrading

also

center,

Member

operates

small

four

stores

The

Soopers.

six

and

this

com-

drive-in

food

Telephone: 363-2000

Boston

Chicago

■*

Philadelphia
World

Wire

Wide

advertised

meat

Service

products,

one-half

the

of

well

as

items.

non-food

and

eight

Continuous Markets

First

us

in

Craddock-Terry Shoe
All Issues

R. F. & P.

Colorado.

also

has

Wichita,

Salina,

Pratt,

The

,

and

703

Private wire to Shields &
'

846-0920

earnings:

$101.8

City

on

the other

their investments

in

common

Quality,
Reliability,

If—and the author hopes it never

to pass—our dollar is devalued sometime in the future,
comes

'

Exchange,

and

printed

to

nor

future.

ques-

However,

the assets of casualty companies

...

gain only to

assets would

,

.

IT

.

APPEAL
PRINTING
130 Cedar

CO., INC.

St., New York 6, N. Y.

Telephone: WOrth 4-3033
1889

—

Our 74th

Year

—

1963

in inflationary times,

crease

in

LAMB0RN &

TRUST OFFICER

STREET

WALL

YORK

NEW

1.40

63.6

101

highs
mgns

in
in

fiscal

5, N. Y.

1963,

in
in

Liquid

and

new

60,000
frozen

three

a

foot

4-2727

juiv

l

I

A

.

the

with

is

which

1963

A
A

dditi

is equipped
in

The

t

increases

Prograss

steadjiv

to

the

over

vears

f"?,h aS earth^akes
consist

ON

most

Colorado,
leaded

NEWSSTANDS

The

D.

operates

IN

G.

parent

self-service

pleased to

struction

that the "Chronicle" is

now

on

news¬

purchased

in

the

major cities

Ice

for

Cream

a

the

country.

are

ex-

of

both the

Kansas

COMMERCIAL

and

FINANCIAL

ing

of

a

CHRONICLE

Place, New York 7, N. Y.




posi ion with net

(This is under
as a

a

circumstances

solicitation of

oper-t

climate.

nothing

been

has

invented

an

business) to lessen the
of
by

fires,
the

damage

listed

on

offer

to

to

casudV*

Stock

*

Bonds

Exchange.

and other Municipal and
t

Bonds

in

2 1%

pre-

Corporate rsonas, z.i /D in y
ferred stocks and 66./% in com-

-on

stocks.:;, Some of its largest

holdings .follow:

178,744 First National

City Bank

366 334

Manufact'rs Hanover Bank

'

riiarantv

nn

Co

Tr

82'70" Morgan Guaranty Tr' Co'
124>000 E-

du Pord de Nemours

lessen

the

cases

97« i no

damaged house

of

To make

car

has risen

Premiums,

repairing

or

year

the

General

after
other

not kept
with these increased costs.

life insurance companies and

be construed
any

as

an

offer

security referred

to

to

sell,

Electric

'

Food

Y., delivers

hungry

the

to

each

Crusade,
a

gift

overseas.

>

-76,850 Corning Glass

N.

181,226 I.B.M.
158,300 Amerada
536 430

Q. B.

•

Gulf Oil

OVER-THE-COUNTER

*

INDUSTRIAL STOCK INDEX
25-Year

of N. J.

Tpvaro

Performance

of

35 Industrial Stocks

-

FOLDER

National

Continental showed a statutory

46

Front

CHICAGO

Continued on page 4

ON

REQUEST

'

Quotation Bureau
Incorporated

295,000 National Steel

or

herein.)

mail box:

your

CARE

/?23,400: Corn products

fi7n

over

as

to

package

779,923 Standard Oil

on

near

sent

New York 16, N.

-

'o^n cb n nil Tn
dU4>,54U bneu U1A ^°*
332?957 Standard Oil Co. of Calif,

.

$1

099400

the cost of rebuild-

worse,

damaged

to

As

There is one angle, however, 57b'b7U lexac0
where the writer feels that cas- 472,236 American Tel. & Tel.
ualty companies have' an edge 145,300 Public Service Elec. & Gas

buy,

Florida.

New York

the

only °"e Iltsted on ™

and

elements,

Colorado

financial

Orlando,

casualty

three to five years have

"

Association,

ASPICNB

and the

iarSfsl

pace

.working capital

no

cas-

hand, often fixed by contract for

.

has

a

year.

the

/

he ,company

has

largest

the country

140,280 Eastman Kodak

things

the

include

'

,

?*
in

•

172,500 Union Carbide

and

particularly

com-

stock

and

•

place,

or

not

collision by automobiles.

Plans for the

<?+nrfJe5

have

favorable

a

first

property

large enough to supply the needs

throughout

the

frequency

modern plant

new

one

writers

ls

ment

con-

Company

company

building of

under

ers

Call,

Secretary, Florida Bank¬

129,952 Chase Manhattan

the

reasons,

companies

occurred

planned

more

Hutchinson, Kansas.
cream

depart-

1, 1963, the

pany

ice

In

started later in the

On Oct.

obvious

ated in such

Presently

year.

are

five

and

year.

Jackson

available

stores

pected to be
announce

ualty

for

Executive

applicant.

Floyd

^

(in spite of all efforts of Governis

expansion

new.

For

company,

also purchased

during the current
four

are

in Kansas.

ment stores

MAJOR CITIES

and

which

to

way / No. shs.
...
our 311,800 General Motors

continued prosperity for
insurance companies.

„

Calhoun, Inc., which

six

Further

and

Kansas

of

to ,the

company

stock

land

of

located'in

buildings

^ e seems to stand in the

company's total assets

primarily

'•

qualified

inquiries

u* s- and Canadian Government

basic

absence" of catastrophls,'

Ia

purchased

,

ex-

witnessed

or

tnanks to
medicine — has in-

in

d

investment

T

A.

Last, but not

have

we

manufacturing

our

thp

life—thanks

ss

offered

At the end of
$1 450 000 000
1962, 31.2/<? or its J)>i,40u,uuu,u
security portfolio was invested in

exDer;enre(a

as n°l experienced tne

n?ast, tne span or lite

handling and storage ennin
and storage equip

vestment Company was

higher

tractive industries.

eauiooed

handling

fnnrl
food

h

.?'

cost

in

suitable,

twelve

salary

Continental Insurance Company

lifp

5
sieaaiiy nigner. ine
cost of selling bfe insurance, in

innovations

latest

°

popu-

nwn

.

produce

warehouse

food

our

tn

steadilv

force"

stores

Attractive

National

of

assets

aaam™

put into operation on

was

to

Direct

old

year

having

million.

invest-

to

added

are

Bank

organize Trust Depart¬
five

new

insurance tends to push insurance

units

in

Denver
DIgby

permits

desirp

units

remodeled
remodeled.

square

results

the

anon and its desire to own life

stores,

obsolete

eomnletelv
completely

were
were

new

and

vested grow. When the underwrjting business is profitable and

to

for

ment

jump in

every

the normal growth ot

exnandexpana

obsolete

two

replaced

and

Exports-—Imports—Futures

Two

two

opened,

were

in
in

nrogress
progress

nnened

were
were

made

company

its operation.

ing

—

v

new

earnings
earnings

gen-

producers

nr

SUGAR
Refined

recording

and
ana

the

considerable
consiaeraDie

—

to

sales
sales

income

as

are

the companies in which they in-

income, an impressive earncategory of in£ Picture can b®
Unforwage earners to add to the secutunately, during the last few shears
rity of their families either by an underwriting results have been
original purchase of life insur- P°or- Rate, changes have been.
ance or by addinS to the total sla^,in. c0mAnS but could graau•
.
mrripH
Tn
ally bring about an improvement
Previously carried. In addition,
y
lt

1.11

75.0

addition

-

growth vehicle

as a

wages

'yV: 81.1

In

stocks

rightfully so—since

1958—______

CO., Inc.

insurance

1.79

89.6

:

security markets.

-not

1.71

97.7

1962_

I960.

25 Park

Casualty companies,

Exchange
should automatically increase
;-:rVwhereby the life insurance com-

these facts

erally bought

; $2.12

1959__

The

in

percentage

hand, keep the largest percentage

of

said

been

their

Life

*

stands

small

stocks.

common

panies

Per Share

(Millions)

1961-

also

relatively

stocks.

New York

has

lective

June 30:

-

are

branch offices

our

as-

sets behind each share of stock,

relatively

-

should be exercised

Net Income

Sales

Year F.nded

1963

We

wires to

Needed

Co.,

New York City

—

Raw

that is assetwise—the type of

the

tjon

Exchange

St., New York 6, N. Y.
2-0700
% 212 571-1425 V

TWX

LD 39

Victor 6-1333

99

-

mimmize

Denver,

Exchange

,

company

grOwth record,

LYNCHBURG, VIRGINIA

and

Stock
Stock

Mobile, Ala.
Direct

i

,

whereas casualty companies liacontrast, life insurance's less glam- bilities do increase for reasons
has an excellent orcms
COusins, the Casualty In- pointed out before. Casualty comas evidenced by surance
companies have been all panies dividend income from their

Colorado.

STRADER and COMPANY, inc.

City

Dodge

Kansas,

Lawrence,

York

19 Rector
HAnover

percent degree of their
-about the glamorous growth his- common stock investments.
The
^ory ancj continued growth pros- offsetting factor is that life compapecfs 0f jjfe insurance equities. nies liabilities are dollar liabiliThis
article
]s not intended to ties and
do not necessarily in-

bakeries

Hutchinson,

York

New

2)

:=========^^

Much

To serve the stores

company

Co.,

American

New Orleans, La. - Birmingham, Ala.

Continental Insurance Company

the

Bassett Furniture Industries

is

stock

this

American Stock

Hutchinson, Kansas, and Den-

in

on

placing orders.
-. -*

-

the company.

located

based

cash divi-

Over-the-Counter Mar-

op-

ver,

Furniture

American

current income

Mpmherji: j^ew York Stock

Warehouse facilities aie located

&

(Page

New

Life insurance companies invest

for

Soopers

departments

City.

HERBERT L. SEEGER

gen-

Members
Members

S'eeger, Analyst, Bacon,

Stevenson

Co!

Steiner, Rouse &
,,

kert; L.

longer

•

Analyst, Bacon, Stevenson & Co.,

departments,
King

the

pharmacy

erated by

Virginia Securities
Call

of

have

stores

merchandise

Co.-Her-

most of their assets in fixed income bearing securities — only a

certain

as

Aproximately

eral

have

jn

and

*

.

Insurance

capital appreciation and rea-

thin and care

bakery,

produce

the

over

present $1 annual

ket

prod-

food

grocery,

dairy, frozen foods,

of

line

broad

a

including

ucts,

Los Angeles

•

San Francisco

•

nationally

1231, 32, 33, 34

—

and

dend. The

sells

Dillon

Mo. (Page 2)
Continental

share for long-

sonable
the

stores.

St., New York 4

gains in sales and earnings

year

term

junior department

Exchange

are

Bought—Sold—Quoted

^ansas,

'

prospects; for icon-

good

0f around $28 per

shopping

a

There

term, I believe the common stock
is attractive at the current price

the

under

Colorado

King

pany

Established 1920

Teletype: ,212-571

capitalization

minion.

with

:

tinued

Markets

Dillon' Food

;

in

16

name

CORPORATION

60 Broad

ratio.& Son« $tor£s Co.,
fl Inc.-Charles L. Betzelberger,
consists
Assistant, Vice-President, Stejn

current

a

June 29, 1963. The

on

long-term debt
stockholders' equity in excess

$10

Alabama &

,

Louisiana Securities

million in

$3

of

It presently oper-

ates 58 stores, 42 in Kansas under

Hanseatic

Stock

and

existing stores.

NEW YORK

Associate

of

& Sons Stores Co., Inc.

outlets-

new

Call '•HANSEATIC"

American

Participants and

Their Selections

2,675
Dillon is an efficient and aggresshares of $100 par value preferred
sively-expanding supermarket stock and 648,601 shares of cornchain which is constantly adding mon stock outstanding. :X;;;

simply

service,

1

company's

City,

'and

Over-the-

reliable

fast

seek

factor, and

a

$5,557,174 and

of 1.94 to

Stern

Kansas

Co.,

The J. S. Dillon

them.

for

of

Misssouri

"World-

our

markets

best

at

are

we

service locating

wire

advisory field from all sections of the country

CHARLES L. BETZELBERGER

—

work

Forum

Over-the-

dealer

'•

different group of experts

a

participate and give their reasons for favoring a particular security.

important

the

the banker, broker or
call
or
wire New

—

which, each week,

in the investment and

most

in

Counter market.
you

A continuous forum in

Street, New York 4, N. Y.
SAN FRANCISCO

/

Volume

Life

Number

198

6310

.

.

The Commercial

.

and Financial Chronicle

(1591)

CONTENTS

Company Investing

Thursday, October 24,

1963

And the Investment Banker

81

JCHTinSTEIfl
COMPANY

AND

&

Experienced
the

on

.

investment

>

insurance

banker

offers

industry

■>

drpartments;

"down to earth" insight

a

Managing Commercial Bank Assets for Greatly
Improved Earnings
Fred DeLong
Banker—
The

terms and

Upjohn Company

Progress Report

provisions they are willing to approve.

constructive

followed

really

sale

I

!

i

of

Market Alone Allocates

Best!

should feel
following up on

for

valuable

institutional

results, and compliance with vari¬

I

TWO of

(1)

under¬

prob¬
point the way to a

stronger and more efficient work¬

ers

other's

relationship between

ing

ular
like

on

buyer to be somewhat guarded in

accounts,

banker
his
representatives
should
a detailed knowledge of their

namely, -the' investment
and

investment policies. ^ Moreover,
should keep in such
that

he

is

investment

their basic
soon

policies

insurance

company

price

ideas.

Corporate Securities
While

-.

life

as

companies

insurance

interest
publicly offered corporate se¬
only a limited

lhave had
in

curities

recent

during

years,

the

occasional issues which meet your

requrements probably justify some

ments

to

as

securities,

of

types

comment.

yields, maturities, etc., should en¬
able him to confine his offerings
issues

to

pany

the

life

least

at

an

academic

f

the

in¬

We believe the manager of

(1)

underwriting

helpful

very

tial

chases

of

the

of

fact

that

investments
surance

acquired

companies

comments

on

life

by

Most

in

1962,

this segment

of

as

Negotiated

Issues

zation in

of the

date

draws

near.

operate

as

Districts,

Liaison"—John

Bunn;

W.

Bodie;

A.

Cleveland

Philadelphia
St. Louis

"Traders

McFarland;

B.

James

—

Los Angeles

San Francisco

Washington

/

"Industry

"Municipal"—Parks

Pedrick, Jr.; "Education"—Morton A. Cayne.

Regular Features
!__ (Editorial)

See It—___

As We

Stocks.—

Bank and Insurance

_

—

Coming Events in the Investment Field

time, it should be help¬

a

A

School

have

40

—_

8

Einzig: "British Economic Outlook Improves"-—
Washington Ahead of the News.

Market

and You

.

the

frank

__

Notes——

NSTA

actual

——

—

—

News About Banks and Bankers

Observations

___________
—______

Utility

________

—___—.—____

Securities Now in Registration-

Prospective Security Offerings—

_________
—

—___

Tax-Exempt Bond Market

^S/IVINO^

6
40

—i.

Washington and You—

*

*

16

Our Reporter on

Public

17
20
24
22

*
18
22
31
36
2
18

i—______———

Governments-Securities—

9
20
30

;
—

—

May's column was not available this week.

*Mr.

For Banks, Brokers

The

COMMERCIAL
Twice

Published

V
25 Park

and

offering

date.

exchange of price

ideas

on

page

and Dealers

i

26

FINANCIAL CHRONICLE
Reg. U. S. Patent Office

Weekly

WILLIAM B. DANA COMPANY, PUBLISHER
'
Place, New York 7, N. Y.
REctor 2-9570 to 9576

CLAUDE

D.

WILLIAM

DANA

SEIBERT,
GEORGE

Thursday, October
Every

United

SEIBERT, President

of his price thinking

Continued

Authorities, etc.).

(The)

price guidance from

range

1
21

Dealer-Broker Investment Recommendations

managing underwriter, or at

before

large Revenue Issues of PubPower

Proposals"—Charles

Bulletin"

committees

to

least

'

lie

Chicago

as

ful

(such

Direct Wires to
10

other

the

,

OTC

poten¬

particularly

companies

your

be

and, in order to have an authori¬

my

market will be very brief.

(A)

7

buyers of

well

investment

through

in¬

terms,

effective

the

represented only about 4% of new

can

advising

insurance company

important

pur¬

obligations

tax-exempt

by

group

his price thinking, as

Tax-Exempt Obligations
view

-

by

(The)
Security Salesman's Corner—___
State of Trade and Industry (The)

Negotiated Issues

(A)

terest.

In

Place, N. Y.

Teletype 212 571-0610

the following
Committee Chairmen: "Study Group on SEC's
Reports

Security I Like Best

com¬

portfolio managers are likely

have

to

which

in

40 Exchange

The NSTA Convention

REPORTS:
includes

also

Mutual Funds

require¬

changing

of

George B. Wendt

V V

1

,

Indications of Current Business Activity—

of

The investment banker's intimate

knowledge

6

OTC the Target for Unjustified Criticism

From

Offerings

Public

Registered

become .effective.

they

as

changes'" in

and

exchanging Aheir

he

closq^contact

of

aware

5

of competing groups, or

a' single

banker

have

v.

B.

Policy

insurance

Tisch

indications of
price ideas should be limited to

icing

life

F.

Opportunities for the Trader in Municipal Bonds

relating

quirement for the intelligent serv¬
of

Alfred

HA 2-9000

Issue

designated member of
partic¬ each account. In the case of com¬
types of securities, I would petitive issues, it may be neces¬
to emphasize one basic re¬ sary
for
both -the;., investment

commenting

Before

sMackie, Inc.

Confronting the NSTA

believe

We

managers

:.v-;

Singer, Bean

^

Retiring President Earl L. Hagensieker

hands well in advance of sale.

(2)

spective industries.
General-Investment

;;;;

■■■.'fy

John C. Hecht

data

Curtis Mathes

The More Optimistic Climate for the OTC Market

in prospective buy¬

to new issues

re¬

our

Oil Shale

today's issue is devoted

President-Elect

again bidders should

Here

comprehensive

get

lems and may

Wiesenberger 13

and

indicated.

Competitive Issues

(B)

each

of

Spahr 12

to the proceed¬
pictorial, of the recently-concluded
Annual Convention of the National Security traders As¬
sociation and includes the following articles on the pages

editorial

ings,

COMMITTEE

Erwin A. Stuebner

pleased if my
standing

II

Resources

indenture covenants.

ous

comments may add to our

E.

More Articles in Section Two;
SECTION

they are mar¬

keted, and advising holders peri¬

be

«

Marrud, Inc.

odically of the project's operating

shall

»

10

Richard P. Jennett 14

■

indi¬

underwriting

the

issues after

revenue

my

accounts.

Arthur

Great Opportunities

responsible

industry's
most

Walter

•

Underwriters

(3)

represent
of

has

group.

with
who

some

Delmont K. Pfeifer

-

.

Industry

interest to be made by only

member

one

portunity of
those

Hardwick

STREET, NEW YORK
Telephone: WHitehall 4-6551

Factors Assuring Growth of Mutual Fund

of important insti¬

coverage

group

op¬

meeting

Cheever

Dept.

WALL

Nursery of Tyranny, Corruption and Delusion
r

tutional accounts for indications of

appre¬

the

ciate

C.

.

A

it is desirable for pre-

cated that

vestment
managers.

99

data as far
possible.

experience

Our

(2)

in¬

surance

5

in advance of the sale as

in-

life

and

bankers

investment

comprehensive

with

both

by

Obsolete Securities

Carl Stolle

prospective buyers

should furnish

present

of

criticism

procedures

4

Why Banks Should Underwrite Revenue Bonds

The managing underwriter

(1)

offer

to

invited

been

have

•

Cobleigh

the OTC Clearing House

on

Bonds—.

/

*

under the
MARKET!

3

Why Banks Should Not Underwrite Revenue

The Free
I

Stuebner

Ira U.

_

A.

'

and
by commercial banks. Mr. Stuebner's frank discussion of how the
two industries can better improve their business relationship con¬
tains some pointed advice on how the life insurance companies
can retain their share of private placements.
He suggests that they
become somewhat more flexible, liberal and
imaginative in the
.

Erwin

.~

placements offered

for private

competition

increased

1

Life Company Investing and the Investment

by uninsured pension funds, by state-municipal p.nsion funds,

j

LEAGUES

__

v

company

investment bankers and
results; and calls jf;

what

suggests

insurance

provide

can

20,000

PAGE

Co., Chicago, III.

buyers should do for better portfolio

attention to

:

his

services

investment

;

Articles and News

A. Stuebner*, Resident Partner,' Kidder, Peabody

By Erwin

3

Thursday

(general

and

news

24,

Treasurer
J.

MORRISSEY, Editor

1963

advertising

issue)

and

every

Monday
(complete statistical issue — market
quotation records,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111.-(Phone STate 2-0613).

Copyright 1963 by William B. Dana Company
rights reserved. Reproduction in whole or in part

All

without written

Second

For many years we

have

STOCKS

specialized in 1 f

United

other

Founded 1868

.

Members

25

BROAD

New York

Stock

TELEPHONE HAnover 24300

States, U. S.

$80.00

In

United

Union

States, U.

$20.00

Albany-

Boston
Newark




per

Chicago
Schenectady

Glens Falls

Possessions and members of Pan American
in Dominion of Canada $83.00 per year;

per

S.

year;

year.

and; Quotation

Postage

per

year)

■M V. FRANKEL S CO.
INCORPORATED

Record

PUBLICATIONS
—

Monthly,

$45.00

per

year

39 BROADWAY, NEW

(Foreign

YORK 6

extra).

Note—On
made in

(52 issues

year.

OTHER
Bank

ONLY

Possessions and members of Pan American
in Dominion Qf Canada $21.50 per year;

$23.50 per

Exchange

TELETYPE 212-571-0785

year;

$87.00

THURSDAY EDITION

account

remittances

Nashville

per

countries

other countries

ST., NEW YORK 4, N. Y.

RATES

; MONDAY AND THURSDAY EDITIONS (104 issues per year)
Union

•

permission is strictly prohibited.
N. Y.

postage paid at New York,

SUBSCRIPTION

In

Spencer Trask & Co.

class

for

New

of

the

foreign

fluctuations

subscriptions

in

and

the

rate

of

advertisements

WHitehall 3-6633

exchange,,
must

be

Teletype 212-571-0500

York funds.

212-571-0501

Worcester
~

"'.V

7

J"P

4

The Commercial and Financial Chronicle

(1592)

The

Observations

Continued from page

with

of

pharmaceutical company emerges from a four-year plateau

interesting

and

products,

new

for

outlook

new

earning power.

Thursday, October 24, 1963

.

2

1962.

underwriting profit in

By A. Wilfred May
fine

.

THE SECURITY I LIKE BEST...

Upjohn, Company
By Dr. Ira U. Cobleigh, Economist

A

.

the

ten

the

writing

but

1948-1957

years

In

out

seven

Standard

data

losses
&

below,

Poor's

since

then

incurred

underwriting

losses in each year to date,

c

with

reports.

Not Available This Week

expanding

under-

conform

following table will give

The
of

some

except/the operational highlights:

' /

'

Premiums

v

The
easy

genuine consideration for the wel¬

Upjohn Company has a name
to remember but some of its

fare of its

personnel.

/

in 1961

"

.

tetracycline,

—antidiabetics,

vobiocin/

-

Product Spectrum

no¬

not

progesterone,.;

to

big

are

hold

lit¬

or

for drug

name

decades,

tle, however, the products of Up¬

accent is

on

oped

-

quality^, and the

company now

,

to

i

the

of.. its

trend

be placing;

earnings,

the/acceht

on <its

first syllable, UP."

b

;

virals,

This

uptrend

is

quite

public

went

recent.

in

which year it earned $1.43

earnings

with

almost static,

were

share figures only

per

nies apart:

its

on

For the next four

stock.

common

years

in

1958

pen¬

$1.65 in 1959, $1.62 in

1960,4'$1.63 in 1961 and $1.64 in
1962—a

real

Jn

tion

plateau. Market

Upjohn

common

undramatic.

equally

The

ranged in price between,
63 in 1960 and

June

The

29.

1963

of

of

1962,

has been

range

33 and 49

this year,

high of

a

be¬

and, for most of

the shares have traded

for.

The

stantly at

of

foregoing

great market enthusiasm

any

Upjohn.

for

A review of present de¬

velopments in the company, how¬

indicates

ever,

provement in
and

suggests

common

leap
now

be

while

im¬

areas,

Upjohn

not be expected to
the

on

G.

or

number of

that

may

about

Syntex

significant

a

a

D.

ticker

Searle,

generating

like

it

more

a

con¬

originating

per¬

fecting and testing drugs, relating
its

efforts

practical

to

those

with

applications

wide

broad

and

potential markets. Some 50 active
projects
of

in various stages

are now

laboratory progress, with

siderable
cost

on

emphasis
and

con¬

being" placed'

budget

controls

in

product development.

Upjohn
record

has

a

may

buoy¬

ant and animated market action.

efforts

intensely

more

on

of

ing

had

excellent

van

and

sive line of
has

long enjoyed

product

an

exten¬

535 ethical drugs,

top rating for

a

quality,

both

possesses

plant and laboratory facilities

as

completely

drugs.

Orinase,

are:

antidiabetic

a

lead¬

introduced

drug

six years ago, and now accounting
for

around

20%

of Upjohn's

Panalba

(annual

those

as

million)

tetracycline

Medrol

taxes-.'

is dedicated to research,

11%

of sales for this

oid.

in

products

in
an

infection

Lincomycin

than $13

more

business.

the

offing

New

an

include

the treatment of tu¬

infections, and

drug designed to

a

lower blood pressure.

Bringing in¬

products

new

to

1962 to an

million this .year.
Since dividendst and: capital* additions in

-

.

1963 are

million,

a

million

is

projected at $23

flow

cash

net

cash

This

indicated.;

$10

of

1962. It has
about

1,200

excellent

a

in

field sales force

men,

and

of

record for

a

employee relations and

•

market

takes

such
time

With

DUTCH

direct

cable

-

novations
new

do

open

horizons

power,

as

of

up,

as

and

however,

Upjohn

earning

and when they may be

x

publicly available.

only for expansion and pos-

sible

mergers,'but

increased

for

cash dividends and company pur-

Upjohn

an

;

Z.v'.

-

>7 /

-.

•

•

,-

«

:

■

^

investment

selling at

has

a

could

be

Investment Trust

an

14,141,593

are

pressed

security

merits

considerable discount.- consideration.\
1

'

shares

of

responded to the

ticated drug

shares. Investors and

analysts, who are evaluating Up¬
currently, should

john

give con¬

in

every

88 cents,—indicated

for 1964,

''Ca
-

•

I

—

V

'

.

are

definitely
for

indicated

—1.85

the rise

on

1963, and at

least

$2.05 for 1964. (3) Cash posi¬
is

excellent.

Research,

of

Japanese loans and in¬

vestments^—including $132 million
private

have

direct

Latin

America

past six

the

over

years.

This rep¬

resents

better

Japanese

Japan's

overseas

trade

and

investment

will

play

an

increasingly impor¬

tant

role

in

the

nomic

future

long-term
Latin

of

America,

Bank.

"Japan has expanded its
investment

Latin

America

at

with

than

trade

relations
a

with

hurried

more

of

loans and invest¬

a

slowing of invest¬

ments in Latin America seems in¬

dicated

in

the

term

near

future,

longer period," the report

a

concludes,

"they

:

could

become

important than in re¬

even

more

cent

years."

/

'

'

'

1

area,"

other

any

than one-fourth

during the period."

"Although

over

and

pace

ments

eco¬

investment—

-

into

gone

Economic Partnership

(2) Net

perhaps, $1.00).

earnings

million

of

Forming Active

in the past decade according to the Chase Manhattan

year

(present rate

Japan & Latin America

(5)

One of the factors important in'
a

consideration

of

Upjohn shares

is the

strong management empha¬

sis

cost controls.

on

costs, which

were

Manufacturing
27.1%

of sales

(4)

the

little or

The stock has done

bank pointed

"And

to

offices

/

solid

-

'part¬

the

Average

altitudes,

new

new

in

Up¬

commitments.

john seems to screen fairly well

factor

a

Herbert

J.

in

ner

Peck

Walters,

sales

president and treasurer of James
Talcott, Inc., will assume the ad¬
Nov.

America.

Latin

to

"Since

In

the

the

report

increased

at

"sales

states,
an

annual

rate

reaching

18%,

record

a

$354

Even

&

a

of

the

of

part¬

Co.,

50

mem¬

Stock Ex¬

York

New

more

important for Latin

Japanese purchases. The report
that

notes

"purchases,

while

growing at only half the

pace

of

sales totaled $477 million, leaving
trade balance of $123

million in

favor of Latin America."

"Although Latin

announce¬

Silverman,

president of
industrial

finance

Planning

ket

Continental
sociates

Inc.

Estate

is

Planning As¬

conducting

business

from

se¬

a

offices

at

the
as

for

Japanese

goods

area

is

—

which

important

even

more

of

needed

source

will

Kelsey
succeed

Fred¬

erick G.

Reit-

financial

er,

vice president

since

1962,

•

June,

who

Harvey M. Kelsey, Jr.

is

presidency

the

for

finance

company

commercial

ing.

entering in growing volume—

a

com¬

said Mr.

leaving

America," the

report says, "is an important mar¬

Continental Estate

1.

making

ment, Herbert

the

of

a

curities

foreign securities
trading desk, just dial—WHitehall 4-4732.

partnership is

continuing increase of Japanese

are

buying

new

/

ditional duties of financial officer

hemisphere."

America is the increasing amount

McCooey, member

November 1st will become

Panama City
Cannes

to

the

of

a

Harvey M. Kelsey, Jr., senior vice-

on

of

Amsterdam

comes

economic

the

million in 1962."

Admit McCooey

Geneva

selling foreign securities.

im¬

Among the significant develop¬
ments

change.

help and information when it

in

an

as

a

Names'Kelsey ;

pany,

Broadway, New York City,

provide

of the

future

1957,"

Walters, Peck to

bers

to

emerged

Jas. Talcott

R.

pestle packing equities.

among

has

care

taken

be

certainly

screening

Industrial

nership
portant

,

Dow-Jones

at

should

San Juan

particularly well-qualified

development

wise

Price/earnings ratio of around 26

Wiesbaden

Hong Kong

though this

quar¬

to reflect is not generally
recognized," the
corporate improvement. (6)
report continues, "the new
market

nothing

the New York Stock Exchange, on
in—

out in its

raw

and

semi-finished materials."

Talcott,
vides

not

-

of

active

a

in

financing and factor-

V

;

'; "•
founded

commercial

in

.

1854,

pro¬

financing,

fac¬

toring,

rediscounting, equipment
financing and leasing. Its 1962

our

211

East

City.

43rd

Officers

Street,
are

York

New

Alvih

Vogel,

President; Bernard Barnett, Vice-

President, and Anita Vogel, Sec¬
MERRILL LYNCH,

u PIERCE, FENNER

retary.
& SMITH INC

STREET, NEW YORK 5, N. Y.

Mr.

Vogel

was

formerly

Vice-President of Planned Estates

Inc., with which Mr. Barnett
also associated.

was

"Japan will continue to depend
on

for basic

imports

raw

mate¬

volume

rials," the report points out, "and
since Latin America will continue
to be

a

major supplier, trade with

Japan is

almbst bound

upward at

a

to continue

states

that

"nearly

Mr.
in

$430

elected

was

and

treasurer

vice

was

more

Kelsey, who joined Talcott

1949,

dent

receivables

billion.

member in

good pace."

.Jn the area of investments, the
report

of

than $1.6

a

vice presi¬

executive

1956,
in

/

careful,

•

general market interest in sophis¬

Brussels




yielding 3.8%,; this relatively de-

in

quite active, but only in the past
few weeks has it

Montreal

PINE

58 ;

around

Values

Stock
There

Toronto

TO

'Currently selling

Greece, G. K. Softas & Co.

Madrid

■E]

risks" ; penalized by in- \
creaSed premiums, the future of '
casualty, companies, perhaps/has ■{
been painted too glo^y.v/// /r •

an-impressive <25% under its equity value) and; Z

record-and

as

recognition zthat

./'bad

■

further small increase m the dividend cannot be ruled out.

drug

distributor

-

'With the current - rate amply
covered by investment income, a

evaluated

Argentine
its

_

*

by reduced, premiums and

stock dividend

disbursed iml962.

was

plastic

acquired

and

concern,

the

merger-

has

it

companies,

With

ENGLISH -you name it

to

it

^Pl^< with i th

Continental

definitely

is

Upjohn

is not excessive.

connections

call

0.64

'<■

.^gG°d risks'/ should be cOmpen-

,-v.

_■

minded;

in

stock

market.

Operating Efficiency

Beirut

direct

2 .35 y

"

Business Highlights.

Rome

a

1.87

annual rate.-A 5%

dation, holds great future promise.

Paris

For

1.52

•

$2 per share to the -,current $2.20

ministration. These impressive in¬

Frankfurt

or

40.3 ;

j 0.31-

'

have been r increased from-cou- •

terly. publication Latin American

Berlin

feel

3.72

3.79

-

•

jn, 1956,

tion

London

we

;1.04

.

.

especially in microbiological oxi¬

Trading in Foreign Securities?
-

3.37

40.98

(.,;

c;

tExciudet capitaig&iris.

.

have

GERMAN

42.71
.

$1.37

•'

bssis), accordihg-to; cdmp^h.^ ^/tbe/;ehd*^"of-*•-1948->~
- stodd^ at. ;$78.35.^ per,4slnr^feD6c.s31/, I96I|. •/In/thevsahro^|i1tbrJ«ne;:v30//1;963/;' as/
r^l» 1062, and "$59.42. Juhe^share rOse\from $1.75LtO' $3).75.> / 30> 1962L
of electronic/data ;
Dividends,^ since a 2> for 1 split
"arid* its * resultant'-cost •

generation provides/ ample funds
not.

contraceptive, sideration to the following: (1)
antibiotic; a series Upjohn has increased its dividends

Trobicin for certain urinary

teresting

$30.7 million in

estimated:- $33

oral

of drugs for
mors,

from

increasing

cash /flow is

of

antibiotics, and

annual

Upjohn,

novobiocin/ Upjohn listed NYSE. The issue is

where

other

accounting for

Provest,

spending

purpose

$3.66

v

Jiut; aijmbre. compreben-rv

'siVe'-at^istic^thk^caslf

combination

anti-inflammatory ster¬

an

million

a

and

cases

has resisted

in the industry; and

any company

$2.27

•

After
V Taxf

total

sales

of

modern

ment

Incomet

: 38.67%

67.2Z.tlh/:

testing, and must await the offi¬

produces

some

.

62.11 r :

cial approval of Federal Drug Ad¬
now

writingDeficit*

..

.consider': iiot'. only'..'after-

tomed- tO:

intra-

new

important

Among these

these

Stature

Upjohn

i

66.23 kv.

1963,_6"mos".U; 254^806

has

screened

Exp.
Ratio

.

461875'

bben reduced and pro-jectsra-re be-...

ing

"V*

/ ,'

66.31%

Net
'

44Q'93g

exceed

The number of

year.

research

chases-of

innovation

for

duction

of

the

Schreiber is

work

around $22

there is little apparent reason for

10V2%; this

;coh- ' '.taxnet

research,/ under, the direction

sales;

Upturn

basis

or

,

valuable in
the

On

* cardiovascular

tifol obesity; A staff of 75Q pe6ple„

below the original public sub¬

at

scription price (1958) of 45.

should : not

individual

$550 957

1962 the

Invest¬

anti-diabetics,'H anti-

drugs:

issue

low, in the May-

a

unpleasantness

tween

ac¬

was

for

ethic&l drugs, devel¬

of Dr. Richard

Upjohn

house¬

corporate

conditions,, and/to ^reduce
in

Plateau

Past

*

expended in

v- v

Under¬

perfected

hormones/,
_

were

Loss

Ratio

TooSn"

\

jggQ.

%

v

by research.
Upjohn has. majored .in 'antibiotics,

seems; in. the. action:, of its stock,
and in

and

a

products

the; strongest

john are significant, of the high¬
est

in

of

percentage1

While Upjohn has been

mention .dihydronaphthalene.
Whether the words

to 26.2%

In

sales

products are real tongue twisters

reduced

research, while 11%

were

1962.

%

a

committee

director in 1.957,

1958,

and

president in 1962.

senior

a
•

,

.

Number

198

Volume

6310

,

mittee

and

Eache &
Sutro

O.T.C. Clearing Corp., and
York City

and 8 O.T. C.'s

Corporation, operating
of issues, already
total of 74 and two bank

a

—

The first head of this venture to

members.

proved

Over-The-Counter

an

most

"when-issued" contracts in certain

raised

On

brought about the

its

early stages the committee was

ably assisted by George E. Rieber,
then

"Street"

dis¬

who

cussions.

rV

NASD District No.

,

40

over
a

for

to

This

:■..

on

Over

basis.

bihty

the

-

of

tional

years,

nity that something be done to at
least-centralize the clearance, >de-

late

of

settlement

ration.

Over-

are

issues.

Clearing House was
and

1960

dangerous
of

mittee to

the

an

and

April 4, 4963,

be

would

tions

basis

service

of the Corpo-

The Officers and Directors

follows:

by

Exchange

ration

(ASEC),

on

Stolle,

G.

A.

Inc.

Kirvin, Glore,
>

Vice

-

President:

American

the

providing

As

On

NASD

former

of

this

of

the

1963, the Corpo¬
its

commenced

operations on

clearance

limited basis with

a

in stocks listed

trades of August 1

Securities

Cleared

the

smoothly.

List—

corporate names commencing with
the letters A and B. While deliv¬
traffic between Members and

ery

the

in

was

unrestricted

settlement,

Member-to-

Members

Bank

Member deliveries were restricted

balance

the

As

B.

50%

its

of

of

letters

orders,
Sept.

A

1963, the

30,

pleased to
of

a

the opening

announce

Value

House

are

tional

firms

•

Total

money

obviated

money

obviated

52.2%

for

some

Department

There

warrant

the

in

time,

as

a

consultant

on

buyer and the

no

future, but it appears

near

is

least

at

on

scale

full

a

set

statistics

tions

schedule.

The

forth

above

th^ose based upon

the

are

74

of

activities

(66

Members

and

We
of the

2 Banks.

feel NAT
answers

V

Some of the services pro¬

-

study

report of April,

S.E.C.

buy

with

the

international basis.

by

prevails

70 Pine Street

on

Municipal Finance
New York 5,

/

N. Y.

MIAMI

•

WASHINGTON, D.C.




•

LOS ANGELES

financial

provide

as

efficient serv,

,

.,

,

AT

13rovlded by both New
York Stock Clearing Houses under
lces as

report in referring to

1963.

all volume conditions.

BETTER

CAN

MACHINES

FUTURES
Stcnnru plant)

rARNER & SWASEY is
which workers

use

to

in the business of

making machines

make better jobs for

themselves,

security for their country. Warner & Swasey Turret
which increases the market for

what

they make—and that increases

machines, the more

jobs. The more modern

everybody benefits.

both

listings

a

v

.

are

^

supplied

(round

shares

separately)

and

are

sales in

each

for

a

result of
buy and
lots,

odd

prepared

result of summarizing

chases and

to

/

Balance orders, a

the

given

Clearing

as

pur¬
secu¬

Warner & Swasey

tape system on

C.hucker makes it
to

convertible

Automatic
easy for

adopt numerical

shops

The Hop to" 500

working

on

hydraulic backhoe
project in a

a sewer

•midwestern town.

Wool fibers
Warner

regard

without
tracts.

Clearing

ling Draw Era me prior to
twisting into yarn.

control.

Member.

may

both)

a

in

original

Members,

con¬
as

a

deliver or receive (but

result,
shares

to

the

given day.

the

net

buy or

sell

specific security on

YOU

CAN

MACHINE

PRODUCE IT
TOOLS,

BETTER, FASTER, FOR LESS WITH

TEXTILE

being prepared oil
SERVOLevel-

& Swasey

DRAFTER Automatic

deliveries by matching total shares

never

•

the

in

These balance orders minimize the

Consultants

changed

Compared

balancing compared

each

rity

WAIN WRIGHT & RAMSEY Inc.

be

experience indicates,

input

submitted

information

(b)

and will also be avail¬

OTC industry, prohave to

.

spe-

cial

road

with the fine spirit of cooperation

tually

The

will

time and

hard

long

sell data in

and

of

contract

our

as

a

Due to problems in-

community, NAT OTC will even-

OTC may be one
to the S.E.C.

have
us.

herent to the

which

Exchange Members, 8 OTC Members)

we

ahead of

cedures

opera-

have

formula for instant success. We

know

prefer to

they

,

We at NAT OTC realize we

are:

parties to the contract.

City of Los Angeles.

an

many

a

be sideliners
until the clearance and settlement
that

is

a

securities

sell

able

are

stature that should
their becoming members

of

(a) There is a mechanical com¬

'

of

general "manager of

Pacific Coast operations

practical.
broker- industry!

time in

Members,

Exchange

to

vided

v

feasible—it will be
What a boon to the

only be

not

Lathes and Automatics cut costs,

net

be

feel that

great things are in store for NAT

greater

Effective November 1, 1963

Twohy will

we

clearing

houses all over the country will

i*iyn on W'tfrtitr ^

members.

Mr.

operation,

the idea of several such

The National OTC Clearing Cor¬

action.

Mr. Frank Twohy, Vice President
Water and Power of the

to project

easy

be

SHAPE BETTER

cleared

the

not

only will this venture prove
an exceptional success, but

not

to

List of

What of Its Services?

parison

of

is

Clearing

expands, then

Securities

Cleared

29,212,697

Pctg.

it

of

number

the

Members increases and the

deposited $26,673,446

Total checks

become

part of this operation.
As

16.0%

22.6%

want to

will

addi¬

that

confident

Full

Securities.

clearance, both the

Los Angeles 74

under the direction of

Controller

a

Shares^

mechanically com¬
pared clearance.
In a compared

Area Code 213 622-0719

Formerly

of Elimination

Percentage

and settlement is tenta¬

seller submit details of the trans¬

Spring Street

(One Side)

unique in that it provides, for the

BANK OF AMERICA BUILDING
650 South

the status of the

" the " Counter market one
more ^egree anc|
an 0f the present m embers of the
Clearing

$55,886,144

dealers,

have the

it will

0ver

10,497

OTC.

of the

existence

the
House

Value
«44 i oQ 9o.
$44,139,285

Settlement

November, 1963.

first

office in the

new

checks on both sides of

of

Clearing

Shares

scale

is

to be made. As the public becomes

Receive)

1 qqo oqq
1,932,399

While

system

clearing almost
list of approximately

planned

vided
are

many

aware

(Both

Orders Issued

Items

n«?4

to

besetting

was

Cleared

Secretary

The

result of raising

poration, while offering its Mem¬
bers services similar to those pro¬

We

Value

Deliver and

26,054

answer

the contract; balance orders have
reduced the number of deliveries

$53,081,361

2,302,364

Balance

ing

%

% shares:

33,652

as

the

the

problems

the

of

much time; it has eliminated writ-

(Both Buy and

Compared

Sell)

fine

staff of

quite

went

August 2,

ration

National Uniform Practice Com-

ultimately

Total

Many firms,

firm, feel that

working well, saving back offices

interesting.

brief¬

Stock Exchange Clear¬

operations

is

operation

broker-dealers.

provided by ASEC, are quite

ties

of

ing Corporation, initial NAT OTC

tively

Secretary-Terasurer: Howard

this

even

yet gone to

as

own

my

tember, conducted with the facili-

full

American

not

many

ber firms and the excellent prepa¬

clearance

Emen,

result

a

ratory work

ing

intermediate fail

pilot

without the data from a long term,

1,300

Departments.

including
on

clearance

the

to

full scale operations.

r

following statistics

The

has reacted most

"Street"

favorably

daily

their

in

The

State

cooperation of our Clearing Mem¬

Corporation

ment

;

de-

positories.

Items

functions

sales

and

and

Central Delivery and Settle-

liability

settlement.

secu-

and

systems

handling

rities

include: though it has

Members

tax.

tax

their

\

Members., These

Clearing

the operations of the Direct Clear-

es-

payment of New 'York

transfer

space,

back office personnel

450

over

NAT

acts for its members in

It

(e)
the

Items

to

of

from

the es-

centralized

Of

the

transfer and

securities by

tablishment

and

reducing

for

physical

delivery of

•

a

Clearing, Corpo¬

equipment and personnel.

on

Carl

& Co.,

received

or

items

notices

press

performed

Stock

The
be-

settlements; that is, a daily
balance
either being

dollar

OTC.

advised that the clearance opera¬

the New York
Stock Exchange, responsible for

,

had been

time

1961.

4,

Committee

the

Corporation

clearance, the trading volume had
dropped

On

Charles A. Gilroy, formerly pi-

However, by the

mechanics

tablished for

Exchange

Street, New York City.

vision Manager of Sto6k Clearing

established a cominvestigate the alarming
„

time

Corporation

ex-

billion

"fails" situation.

Dec.

on

of

Executive

Inc.,

Dealers,

over-the-

Forgan & Co., Inc.

1961 when a

early

"fail" situation in

$1.5

Clearing

President: John H.

of

existed. The
National Association of Securities
cess

as

Saxton
ixton

the

markets

chaotic

the

study of the feasi-

a

Chairman:

.■

of

Stock

they would relate to the new op¬

the Directors

carrie

conception of an Over-The-

result

leased from

space

purchase

(nat OTC), was incorporated in
Delaware

Counter

and

with

establishing

OTC

members

.

Corpora¬

Gilroy

sessions

counter clearing facilities, the Na-

coming from the financial frater-

The-Counter

Messrs.

ings covered both cashiering and

T—v -;:>>

suggestions have often been forth-

and

15, 1962, the

long

intensive

of

Following

r

conducted on a f°r"

was

malized

re-.

stock exchanges where

regulated
trading

been

listed

have

securities

to

of

to

sug-

facilities

clearance

operations, for the month of Sep-

but rather a

tion.

..

volume

daily, resulting in net

Clearing Corporation at 12 Albany

fellow committeemen
making his own definite contribu- eration.

Stolle

Carl

clearances

stricted

The

perfunc¬

a

each of my

finan¬

livery

not

was

operation

tory

commu¬

nity,

can

job that could and should

a

series

the

cial

means

Educational Seminars and briefed

benefit

great

various

are

report

gested the expansion of over-thecounter

paid

its

of

without excep¬

to be of

proven

phases

the

posted

the staff of NAT OTC held several

be done,

e

receipt of securities

During the month of June, 1963,

was

years
v

capital

in

Corporation to

all

American

the

and

tion, devoted to the idea that here

in

h'a

d

n

the

of

12 but who has

its members were,

stocks

existence

Nov.

The of¬

testify that all of

committee I

ities for clear-

have-been

Secretary

As Chairman of that

since retired.

While facil-

ing

was

$600,000

retained

tion

issues

-subject of

over

proceed with
planning.

appointment by the NASD of the
Committee on Clearing House. In

the

was

which enabled the

utilities
were

pertaining to the delivery

Among those

considered.

be

considerations,

the individual member's settle-

money

made to all

received

well

fering

Those

NASD

an

12 members.

District No.

Emen at office

The venture

1962,

June,

offering to be

stock

healer.

to be the

and

net

release announced the initial

press

efforts were not in vain,

House were studied altwo decades ago when

Clearing

in

Early

practicality prove themselves.
for

Co., and Irvin J. White-

°ds

(d) The debit money and credit
money

more

in securities clear-

changes

ing, handling and delivering meth-

-

ment sheet

Weeden,

basic

Bank

and

Members

delivelr,

certain

that

recommended

other

from

Members.

on

centralize the clearance,

addition to other services
offered by listed exchanges. Spurred into existence by the number
of "fails" during the 1960-early 19S1 hectic period and SEC recom¬
mendations, the new clearing facility is expected to be a boon to
the industry as more clearing members from the Street participate
to take advantage of backroom savings on time, check-waiting and
deliveries, and of increasing number of cleared securities. The New
York model is seen being emulated by other cities as feasibility and

Plans

Smith

&

hill, Dean Witter & Co.

compared clearance provided in

ically

Merrill

Fenner

Clearing

Inc.;

Co.,

Martin,

Pierce,

Weeden &

O.T.C. issues explains unique, mechan-

delivery and settlement of
V

W.

&

securities

5

the problem of "fails" to

and

members to deliver to

receive

Hanseatic Corp.; John D.

August on a trial basis for a limited number

services 66 exchanges

Blyth

B.

Thomas

Co.;

It furnishes a central point

(c)
for its

Averell,

B.

Inc.; William R. Muller, New York

Over-the-Counter Clearing

newly-born

since

&

MacDonald,
Lynch,

G. A. Saxtoii & Co., Inc., New

both

to

Co.; Albert J. Eisenberg,

Bros.

Kenneth

The

Alfred

Directors:

OTC Clearing House
President of

Secretary

mentioned Committees.

above

Progress Report on the
By Carl Stolle, Chairman, National

(1593)

The Commercial and Financial Chronicle

:

.

MACHINERY,

WARNER & SWASEY

CONSTRUCTION

EQUIPMENT

The Commercial and Financial Chronicle

(1594)

6

be

Tax-Exempt Bond Market
DONALD

BY

rthe
the

include

paid off by diverting
from the New Jersey

revenues

Turnpike..

MACKEY

D.

Other members

It is proposed that

necessary.

the bonds be

It

is

planned

Turnpike bonds

W.

Shearson,

call

to

R.

Haupt
&

by 1972-1973

this

Co.,

&

Thursday, October 24, 1963

.

&

Ira

and

state

market
week

bond not forced to compete for his bonds

municipal

easier during the past

was

continuing

it

tendency with

a

Part of the ease

tributed

technical

to

in

but

tors,

motivation
within

market

broader

a

would

to

lie

seem

demand

for

higher

a

structure.

rate

•

,v

than

Vz

less

down

V\

less

maybe

or

basis

10

Dealers

sidizing

the

have

sub-

been5

smart

for

buyers

interest

otherwise.

or

if

.

ute

been

in the last week)

ket

several

at-

the

industry's

leadership

investor

broad

This condition has

ception.

another

erated

unhealthy

try's

begun

again.

look

to

sheets

showed
Oct.

on

The

gation

(the

more

has

average

;;

bond

market

%ths of
7

days.

moved

from

The

-

to

by

yield

3.064%

to

Index

3.08%

side.

at

At this

the

Governor

income

tive

to

the

that

seem

build-up
easiness

and

in

inventories

at least

point lower

a

it

causes

formidable

volume

writing which /oust
approached

to

now.

of

be

as a matter

distribution

and

loom

long

jn
-

the

Index.

of 23

of the

increased

largely for

In terms of

:

With

the
to

be

paid for, there
loans

ume

are

scheduled

ahead.

-lows:
and

up

Authority
State

of

30;

12;

on '

"Pennsylvania State School Building Authority^1 011 Nov.; 19 and

$30,000,000 East'
Utility
District,
Nov.
•

In

view cf the fact that

negotiated

revenue

no

bond

ages,

appear

close to

even

underwriting

volume

of

ce...

mar-

even

for

trade.

Buyers'

..

learned that a,buyers'
As long

MARKET

as

ON

A

mar-

run

of

the buyer is

if

bonds

empt
which

is

sold

previous

Rate

and

only

u

^

ballot

and

issue

voters

huge
sales

bond
or

issue

income

are

that

is

not

tax

i

Maturity

Bid

Auth., Gtd— 3%198M982

3.10%

1 kg?

IS

31A%

1981-1982

brief

2.90%

1981-1982

2.90%
2.85% ' 2.75%
3.20%
3.05%

1981-1982'

3.15%

3.05%

°fnla

1981-1982

3.20%

1988)




Brunswick

Co.

Chattanooga,

School,

issues

interest

$2,-

7:45 p.m.

2:00 p.m.

1.084,000

Texas-.-—

Port of

1971-1984
1965-1993

1965-1984

Noon

2.200,000

L

Lubbock,

1965-1984

11:00 a.m.
1:00 p.m.

10,000,000 ' 1965-1984
1,666,000

Seattle, Wash

1964-1968

2:00 p.m.

6,000,000

___—

October 28
Atlanta

Lane

Water

1964-1983

11:00 a.m.

Noon

Ga.___

1,750,000

1964-1983

3,200,000

1965-1989

Co.,

Certs.-

Rev.

Ark.

of

a

worthy

of

Texas

Waterworks

to

the

bid,

Calif-

1966-1993
1964-1988

7:30 p.m.

3,450.000

1965-1984

8:15 p.m.

1.121,000

1965-1984

1:00 p.m.

5,174,000

1964-1988

7:30 p.m.

.10,666,000

19, Ore.—

1966-2012

10:00 am.

'

D., Ohio„

—

October 29
Lane Co., Ore.__

cost

bid,

(Tuesday)
3,450,000

1968-1988

15,000,000

—

1965-1989

9:00

a.m.

7,150,000

1964-1993

10:00

a.m.

—

Calif

____

Santa Barbara Parking Dist. No.

from

the

jointly led by Phelps, Fenn
Co., Glore, Forgan & Co., C. J.

&

Devine

&

curities

1,000,000

1966-1989

County Hospital, Fla.

1,350,000

1964-1993

11:00

a.m.

Washington Union H. S. D., Calif.

1,531,000

1964-1988

10:00

a.m.

1,200,000

1964-1989

8:00 p.m.

Sarasota Co.

West

Ottawa

S.

D., Mich.—

;

October 30
Austin

Ind.

Sch.

Co., and Equitable Se¬

4,725,000

1964-1988

10:00 a.m.

15,000,000

1965-2003

11:00

a.m.

—

1,257,000

1964-1991

11:00

a.m.

—————

39,600,000

1966-1988

2:00 p.m.

Lenape Regional High S. D., N. J.

1,575,000

1965-1-993

8:00 p.m.

8,150,000

1965-1993

11:30 am.

1994

11:00 a.m.

Baltimore

Co.,

Md.____

New

(State

York

of)—-

State

Dorm.

include

Blyth

&

Co., Goldman, Sachs & Co., John
& Co., First of Michigan

Nuveen

Corp., Roosevelt & Cross,
&

Co., Burns,

Pickard

and

Authority

(Columbia Univ. Issue), N. Y.___
Port of N.

Y.

Authority, N. Y._—

Worthington,

25,000,000

Minn

James

Austin

Corbett and
C.

Tucker

&

Attleboro,

Mass

•

Bethlehem,

.from 2.00%

—

-

3.25%

v

with

the

in syndicate

000.

various

present

bal¬

totaling $6,600,-

were

sold
10

Tuesday

on

basis

at

prices

points from

list.

The group headed

jointly by HalStuart & Co., Inc. and Harri-

sey,
man

Ripley

&

Co.

bidder

Kansas

cost

of

for

$4,372,000

various

2.8257%.

Savings
made

purpose

net interest

a

The

second

North CarolinaNankin Mills

the

Harris

Bank

Owensboro Sch. Bldg. Rev., Ky

for

this

of Alabama

and

Arkansas
Var.

3.05%

Southern

1965-2002

1,897,000

3:00 p.m.

November 4 (Monday)

-•

Bangor Tp. Sch. Dist., Mich,—__+

2,500,000

1964-1979

Corpus Chfisti Ind.'S. D., Texas

3,000,000

1965-1984

4:00 p.m.

Edina, Mass.

2,625,000

1965-1987

7:00 p.m.

2,625,000

1964-1993

8:00 p.m.

2,890,000

1964-2003

8:30 p.m.

Farmington Tp., Mich
Harrison,

<

J

N.

Springdale Sch. Dist., No. 50, Ark.

r..'

2:00p.m.

1,779,200

November 5 (Tuesday)
1,560,000

1965-1984

New Haven Sch.

Bldg. Corp., Ind.

1,720,000

1966-1980

1:30 p.m.

and

Van

D„ Mich.——

1,750,000

,1964-1988

8:00 p.m.

4,000,000

1965-1984

11:00 a.m.

associates.

Dyke

S.

Wake Co. Sch.

Bldg, N. C._

bids

Wyoming,

Mich-

(Wednesday)

1

8:00 p.m.

1967-2001

——1,475,000

Noyember 7 (Thursday)

.

7:30 pm.

\\

States

Na¬

Building Construction, N. Y.„__

1,500,000

—

Bloomfield S. & Town Imps, NL J.

Ll,177,000

1964-1983

Boissier Par. Sch. Dist. No. 13, La.

1,500,000

1964-1983

Boston, Mass

8,650,000

1964-1983'

Noon

20,009,000

1964-1973 ;

10:00 a.m.

4,250,000

1964-1989,

8:00 p.m.

to

for

yield
2%s

from

'

1.95%

and

3s,

the

group

in

is

$2,-

Albany

Cook

District

Port

Miami

sold,

$4,000,000

Co,-111

Waterford Tp. Sch. Dist.f Mich—

.

*

>.

.

-

8:30 p.m.

2:00 p.m.

November 12 (Tuesday)

County, Ohio,

Sewer

District,

through

negotia¬

Sewer

Hampton Tp, Mich

revenue

associates

interest cost.

Municipal

—

1

and

—

November 6

Maryland

St. Peter Sch. Dist.

at

a

3.92%

No, 508, Minn.
November 13

.

Lake Orion Comm. S. D.*,

Philadelphia,

Pa._

Mich.___

4,000,000

1964-1992

38,270,000

—

(State of)

(1966-2003) bonds to Phelps, Fenn
net

College

Davidson-Vink-Sad-

balance

(Morrow)

Co.

State

St.

On Friday Greene

r

a.m.

Bank,

831,000.

tion,

11:00

1965-2003

4,805,00,9

Bldg. Rev., Va.—

popular issue.

National

Reoffered

3.25%

of Trustees

was

ler, Inc. and Small-Larmer Co.

3.35%

Bd.

cost,

„

Louis, Denver United

3.25%

3:00 p.m.

November 2 (Saturday)

include B. J. Van Ingen &
First

present

8:00 p.m.

1964-1980

November 1 (Friday)

:

Univ.

1965-2002
1965-1989

2,016,000

Mich.——

Beverly Hills Library Const., Cal.

ten- additional

were

tional Bank,

to

11:00 a.m.

1.100,000

1,025,000

—

S. D.,

bid,

interest

Other members of the successful

Co.,

1:00 p.m.

Trust

net

by

There

suc¬

1965-2001

"

2.853%

made

the

was

1965-1985

College, Greenville,

However, $3,100,000 of bonds

down

1964-1983

'

Carolina

Demand to date has been

mediocre,
ance

for

11:00 a.m.

1,120,000

\

8,000,000
1,750,000

—

Pa

1:00 p.m.

(Thursday)

Canonsburg-Houston Jt. Auth., Pa.
East

,

scaled to yield

were

to

1966-1985

1,900,000
October 31

syndicate

Tobin

(Wednesday)>

Dist., Texas—

Corp.

Other major members of the win¬

ning

1

California

and

syndicate

came

a.m.

Angeles County Flood Control

(1964-

3.2381% net

a

11:00

1,500,000

Texas Technological College--

Los

K

7:30 p.m.

2,035,000

Ind._

County S. D. No.

Salinas,

(Monday)

Tp. S. D. No. 4, Mich.—

Maple Heights City S.

group

3.40%

3 12%

The

1,020.000

City Sch. Dist., Ohio—

were

3.209% net interest cost.

a

3.10% .Little

3.19%

mention.

A awarded

of

Nevada

1,475,000

,•

Va._

Tenn

Cleveland

District,

revenue

runner-up

3.20%

1980

of

was

(Thursday)

Calif.—

Babylon U. F. S. D. No. 5, N. Y.__

Hawaii

at

The

&

;■* No apparent availability.

October 24
Alameda Co. Water Dist.,

Colonie, New York—

1981

Index = 3.08%

there

the following tabulations we list -the bond issues of
$1,000,000 or more for which specific sale dates have been set.

jointly managed by Halseyj Stuart
& Co., Inc. and Smith,
Barney &

1981

1981

Tuesday

on

sales

Larger Issues Scheduled For Sale

demand

Austin,

and

bonds

1981

3%

1963

the

seem

System

3.30%
3.25%

3Y4%

City

has

of

$14,000,000 Electric Light

Sewer

3V4%

—-----

which

Power

3V2%
3%%

....

Cincinnati, .Ohio
Philadelphia, Pennsylvania
Chicago, lhnois

sale,

demand

nature

comment.

and

3.10%

344%

1974-1975

week,

no

were

In

in evidence.

market

awarded

3.00%

there

of

Unique

current

'

Initial

broad

as

ex¬

most

for

Thursday two

awarded

group
Asked
*5

October 23,

Last

will

\\r$

3%%

total

a

$100,000,000

•

19ncz

♦Baltimore, Maryland

_

*

3 20%

1

sale

Jeffersonville,

c

• -

public

bank

fair

involved

general

a

igsi-iga?

Housing Auth. (N. Y., N. Y.) 3V2%

New York

presen¬

198°

~~~

;•

week.

(1964-1983) bonds at

334%

err*""""'
State
Delaware, State

eS/r

a

at

almost

up

the

over

must

3V>%

n'

♦R°if

necessary

devious.

more

the

this

voted

_

Pennsylvania,
New

State

increase

an

REPRESENTATIVE SERIAL ISSUES

State

New Jersey Hwy.

-

rejected

<j.7cn nnr» nnn

on

'

$250,000,000 of various tax

coupon.

the

being told by the Governor

State

^Connecticut,

of

-A $750,000,000 State bond
is

Awards

This past week has seen
of

get in balance-again.
This dicessful
lemma is not much different from
Topeka,
that facing New Jersey voters,

'

California,

few Aveeks

a

reconvene in order to set the bud-

'

ket obtains for the
general

offerings.

out

the voters

Whack and the Legislature

tation is

v

,

one

State

Co.

&

Garland

The bonds

to balance the state's proposed
$404,000,000 biennial budget. The
budget is now $64,000,000 out of

Market

only

Conners

Co.

s Bond Issue
Proposal

excepting that the Jersey

„

a

.Institutional buyers, have long

since

few

—

*n the state income tax

problems

beyond investor interest

...

a

101/2 b*d> ?ff 1'

pointed
that

pf Oregon

pack-

would appear to be
minimal were
it not for the
fact that dealers
continue to price bonds above and

T

We

large

.

Still

issues

as follows: Mackinac

-

on

excepting
the
Oklahoma
Turnpike issue referred to further

this

of these

many

Jersey

back

keting,

point.

a

even on the week

Bay. .Municipal

California

on

Co.

y8th of

was

XT

20-

below,

3.56%.

110.? bld> off % and Oklahoma
Turnpike 4 As
108 bid, off^ VzA few other issues were' off from
to 1/4 of a point Altogether
thls category of bonds gave a good

$38,270,000

and

Dearborn

_

~

fol-

Nov.

to

101 bid, off
Turnpike
4.85s

New York

on

revenue

Philadelphia, Pennsvl- account,., of itself during a partieNov.
13r
$33,000,000'ularly nervous market period.

$31,800,000
vania

Oct.

on

Maryland

ac-

averaged yields

Maine Turnpike 4s

$39,600,000 State of Hawaii

$25,000,000 Port of

week,

3.552%

The

as

slightly

dollars, this group

.

vol-

no

the

The

^ ground
rifge

calendar, although remaining

"larger items listed line
-

remained

today's king-size sales off

Were

',

Recent

toll

other

actively traded issues

Although

Pending Larger Offerings
'

of

from

inventory- off about
^

road,
and

off

were

course

bond

under-

/

toll

utility

issues

accrual.
.

term

cording to the Chronicle's

as

note

Ramsey County Hosp. Bldg., Minn.

public

revenue

seriously

not

higher.

The

apparent in the Treasury

elec¬

in doubt.

.

,

investor

bridge-,

the

corporate sectors of: the bond

market
a

and

would

>

been

espe-

cially heavy normally, the recent

it
the

of

question that it would be

has not been

volume
as

every

defeated.

would

run

was

possible to delineate the entire

points

this

construed

issue,

result

tion is very much

month).

be

television

bond

the

issues

Although

re¬

few years. With

on

&

MacArthur

Kenower,

Co.,

and/or

sales tax his alterna¬

or

and in yield terms about 10 basis

not

this

day plugging the bond issue with
an

close to $600,000,000 over the past

would

The plan's
that

income

a

Monday

perpetrated

will engender costs
state

the

for

Co., Ginther & Co. and Robert L.

new

the largest

as

contend

a

stage of the market, the bid side

been

account

in

purposes

state government.

a

sales tax within

off

be

point during the

a

yes-

Nevada Issue

As

Miller &

&

school

but little

Financial

and

the market's offered

offer-

other

thus far

grab

money

it

Commercial

about

ings continues to total $500,000,000
or

and

local

might be construed

high grade, 20-year general obli-

of

.

buildings

Chronicle's yield Index shows the

in

calendar

unscheduled

be

balance

Co., Prescott & Co., Fahey, Clark

plan to individual voters there is

iast

issue

new

could

justified,

The

23.

scheduled and

for .being

be

indu=._

Prices Lower

heavy

$557,222,000

underwriting

reason

gen-

The Blue List tally of of-

ferings

to

of

'

inven-

quite

in terms

thought

are

the

better

re-

tory situation and the Street float
has

bonds

worth>

mar-

recently with but few issues

meeting with

bonds rather than

what

($250,000,000

brought to

buildings,

quiring

terms of what it takes to distrxb-

issues

1975-2004.

grandoise plan for spend¬

spending

quite yet, unfortunately

over

Qtifittfaofftrv

new

This

to be

-

tractive

approximately

opponents

might startThinking and acting in

have

Co., Hayden,

months and the party doesn't seem

Market's Technical Condition Not

There

&

bonds maturing from

college

man.

periodically persists in expressing
a

Turben

sense

should he feel sorry for the sales-

the

economic situation that

an

common

teday's

to

coupons,

$340,000.

Merrill,

ing $750,000,000 for highways,

better

points,

fac-

sense

simple

Heimerdinger,

terest

be at-

may

but

&

yield from 2.50%

Walter,

Woody

the state

that he avoid expressing any in-

beginnings evidenced three weeks
ago.

is

Co.,

thus freeing revenues for payment

to

3,875% for various

Hinsch

A.

of

The

Scaled

Co.,

Co.,

&

Charles

Magnus

.

account

Pressprich

Hammill

&

Co.,

of

.

1966-1978

1,405,000

1965-1991

(Wednesday)

8:00 p.m.
11:00

a.m.

4:00 p.m.

I

<2,000,000

1964-1989

31,800,000

1965-1994

8:00 p.m.
Noon

*• i

Volume

198

Number

6310

.

.

The Commercial and Financial Chronicle

.

(1595)
150,000

State

Building (Limited
Tax) 1964 to 1973 bonds to Banco

Grant

Sawyer.

enjoy

a

Credito,

year

interest

bidding
cost

runner-up

terest

of

bid,

cost,

alone,

at

2.5918%.

2.63%

a

additional

bids

Bank

made

Nevada
all

as

for

previously

State- Funds

outstanding

Scaled

to

have

of

bonded

$4,000

this

from

-

$1,500,000.,

:

taken

1.90%

to

.

record

go

may

an¬

>

interesting

with

Oyster/Bay,

Central

School

(1965-1993)

issue

New

public

Tuesday.

The

to

$1,-

bidder

100.001

for

which

Y/V

'

,v/::

'/Yv

of¬

was

1984)

Brook

National

School

bonds

a

was

made

bid

a

District

<

with

net

a

3.115%

Start

interest

fornia

of

„

net

interest

the

by

United

for

the

3V4S but

as

high bid

minutes
three

late

in

Wednesday,was the single most
active underwriting day of the

cost, /past week.
,The group led by the

Cali¬

Bank, Los Angeles and

Chase Manhattan Bank submitted

minute

delay

cost

The

led

group

Crocker

Anglo

at

First

Western

The

Fenn

&

Co.

jointly

National.

Bank

was

and

the

by

&

Phelps,

include

Co.,

Francis

Walston

of. Commerce,

Scaled

3.20%,

to

New

Shelby

the

present

about $500,000.

/

York,

net

the

New

and

;3.198%

3.19782%

a

for

(1964

second

;

York

only

other

interest

2.10%

"

■'' V

: ;Y ■'Y

■

•

V-/.'/'/

V-V

/

balance

'./•/•

cost,

National

ference

is

of

City

2.1

Bank.

cents

Continued

per
on

Y- ;

-

Y-:Y--;

^

State of Louisiana
3.40%, 3% and 31/4% Highway Bonds, Series C, LR
;/

Dated October 15,1963. Due October 15,
Treasurer in Baton
" '

k.

shown below. Principal and semi-annual interest (April 15 and October 15) payable atthe office of the State
or in New York, N. Y.
Coupon Bonds in denomination of $5,000,

registrable

Interest
"

YY/

as

Rouge, Louisiana,

to principal only or as to both principal and interest.

as

Exempt from Federal Income Taxes under Existing Statutes and Decisions

V.'"YY

Y

Eligible/ in

our

opinion,

as

.■■

r-

•••

•.

...

;

Legal Investments for Savings Banks and Trust Funds in

New York State and for

Savings Banks in Massachusetts and Connecticut

.tfiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiM

AMOUNTS, MATURITIES, COUPONS AND YIELDS OR PRICE
Y;-

Prices

Yields

'

•

Amount

Due

$725,000

Rate

1964

to Yield

3.40%

Amount

$1,040,000

2.00%

Due

1971

Rate

or

~3%

Price

2.80%

J;

■

.

■'

'

Yields

" f.

Amount

$1,275,000

Due

Rate

or

3%~%

1977

Price

3.10%

770,000

1965

3.40

2.15

1,085,000

1972

3

2.85

1,300,000

1978

3V4

3.15

815,000

1966

3.40

2.30

1,130,000

1973

3

2.90

1,325,000

1979

3V4

3.20

860,000

1967

3.40

905,000

1968

3.40

950,000

1969

995,000

1970

2.45

1,175,000

1974

3

2.95

2,725,000

1980-81

3V4

2.55

1,225,000

1975

3

100

2,925,000

1982-83

3.40

3.30

3.40

2.65

1,250,000

1976

3T/4

3

2.75

Y

;

(Accrued interest

Subject to redemption, in whole

;

at

102%

on

or

to be

3.05

100

3,000,000.

1984-85

3.40

3.35

4,525,000

added)

1986-88

3.40

100

in part in inverse

order of maturity on'any interest date beginning October 15, 1973;
prior to October 15, 1979; at 101% on or prior to October 15, 1984; at 100/'/2% if redeemed thereafter.
or

'MlllllllllllllillllllilllllllllllllllllllllllllllllllllllllllllllllllilltllllllllllllllllllllllllllllllllHIIIIIIIIIIIIIIIIIIIIIIIH

The above Bonds

First National

City Bank

offered, subject to prior sale before

are

issued and received

by

us

or after appearance of this advertisement, for delivery when, as and if
and subject to the approval of legality by Messrs. Wood, King, Dawson & Logan, Attorneys, New York
City.

Halsey, Stuart & Co. Inc.

New York

v

The First National Bank
_

of Memphis

,

'

•

Chemical Bank New York Trust Company
.

Carl M. Loeb, Rhoades & Co.

.'

v

'

■

•

\

■>.:

Eastman Dillon, Union Securities & Co.

-

,

_

Barrow, Leary & Co.

Harris Trust and Savings Bank
''

,

Blair & Co.
Incorporated

The Marine Trust Company

Hemphill, Noyes & Co.

=

"•••,*■>

Wood, Struthers & Co., Inc.

of Western New York

W. H. Morton & Co.
Incorporated

==

/

|1
=

jShearson, Hammill & Co.

§§
=

A. G. Becker & Co.

New York Hanseatic

Incorporated

Corporation

Kohlmeyer & Co.

Incorporated

King, Quirk & Co.

Spencer Trask & Co.

Incorporated

Commerce Trust

Company

Company

Incorporated

City National Bank & Trust Co.
*

Bramhall, Falion & Co., Inc.

Tucker, Anthony & R. L. Day

Kansas City, Mo.

Hutchinson, Shockey & Co.

7

Prescott & Co.

j§j
==

Schwabacher & Co.

U
H
=

Baker, Watts & Co.

Eddleman, Pollock & Fosdick, Inc.




|

Geo. B. Gibbons &

,

Company, Inc.

October 18, 1963.

,

Roosevelt & Cross
Incorporated

J. A. Hogle & Co.
.

R. D. White & Company

Kansas City, Mo.

Dittmar &

Braun, Bosworth & Co.

,/

i. C. Wheat & Co.

Stranahan, Harris & Company

Joseph, Mellen & Miller, Inc.

Interstate Securities Corporation

Byrd Brothers

Weil Investment Company
-

,

•

j|

|J
=3

a

came

the account managed by

.

/' /..

The

bid,

First

to

in¬

various

1993) bonds.

-

$30,000,000
■

net

$118,700,000

from

Seattle.

yield from

bid,

cost,

purpose

duPont

Co.,

&

I.

Cullom Davis & Co. and National
Bank

best

terest

Other members of the successful
group

Bank,

high bidder

the

as¬

sociates.

was

arriving.

Oyster Bay approximately $4,000.

on

bonds

coupon.

this

7

\New York City's Off to Good

.(1965-

cost bid of 3.091%. The
runner-up

bid,

National

"V /

:'

■

reoffering.

$2,000,000 Antioch, California

Bank,

This

2

bidding :

3JA%

a

Unified

Hempstead, New York, also

three

York
No.

Franklin

cessful

Governor

for

there

rejected because the bid

was

the

District

fered

for

Bank

came

connection

960.000

the
and

bidding alone, submitted

Delay

situation

public

Meadow
West

Minute

by

account

The unusual aspect was that the

,

Three

a

taken

were

portfolio

was-no

Bank, bidding alone, was the suc¬

Our congratulations, on this fine
fiscal

debt.

for

in

up

the

2.70%, yesterday's unsold balance
was

and

for

100.202
An

debt.

bonded

yield

(1864-1964)

bonds

State

were

publicly offered issue bearing the
name

the

Centennial

other

unique offering." This is the first
State

May

prosperous

hundred'/years be forth¬
in-, coming
with : a
minimum ' of

net

from

came

The

America N. T. & S. A. There
19

net

a

>/,v

A

the
dif¬

$1,000
page

39

The Commercial and Financial Chronicle

Taxes

Transfer

DEALER-BROKER

issue

original

U.

With

Trade

commodity analysis

life in-

oaraLYeafiEureS-PoMk& G>Tc" Ieigh"&'Gordon," 220°Ea'st
(quantity

copy

per

"120^South" La
Industrial

Jones

on

Analysis—Stanley

1000

Washington,

,

...

__

,

111. 60603.

Tire

&

Co.—

Heller

&

jects taken from over 200 financial
and

speeches

before

analysts

Annual

Cumula-

■

societies —1962

Co.,

the

on

weekly

available

issues

monthly

or

Oils—Comments—Filor,BUllard &
Smyth, 26 Broadway, New York,

10005.

Colgate

Polaroid.

request—In-

on

F Colon-

vestment Index Co., 206

Building, Cleveland 6, Ohio,

nade

Japan's Trade
Latin

issue of "Latin American Business

Highlights"

Bank,
New

York, N. Y. 10018.

Japanese

Economy

Sumitono
As?enev

York

N

Market'

w^W,

York
New

~Cn

1«

T m

i'0006

Movers,

Controls

Report

Corp.

Analysis—Hinton

Book—Public pany—Analysis—Securities

Corp.—^Fact

Nippon Suisan, Toyo Seikan, Fuji

Marine

Sumitomo

Bank,

Insurance,

comments

Tire,

Toyota

Bridgestone

on

Motor,

Machine,

ing

Electric Power

Chubu

and

Fire

&

Riccar

K.mati.

and

Ralph B. Leonard & Sons, Inc., 50

Broadway, New York, N. Y. 10004.
Also

available

Eastern
t

ifa

Life

¥

Insurance

Life

me

ains

Basic

bulletin

a

ci

,

-

Stocks
U.

ra

on

Company.
for

t

•<?

Life-

Cobleig

information, highlighted for

investors,
ness

is

Insurance

of

about

life

attractive-

the

stocks,

the

&

Corn —Analysis—Hirsch

f'tw.10005'.^ available is a Bickle & Company Limited, 44

_

-

Review

_

t *f

•

c

r

:;-;Also-Available
j

«

a

is an

f Coastal states Life In-

•

.

c

V Bristol Myers Company-Analysis

—Edwards & Hanly, 100 North

Frankiln street, Hempstead, N. Y.
Co

Co— Analysis—

Wat eh

R.

br&

available is

10005.

02109 (firm

Switching—List of suggested

Inc.

& Co., 30 Broad Streetj New York,

*-i

&

120

Co.,

.

Broadway, New York, N. Y. 10005.

a

t

Upham

—Harris,

N. Y. 10004.
*

7ef~

"

oc

C^O.,

120

J3rOauW8y,

Hochstin

^

10004

'

Inc" 75

FedLd

Mass. 02110.

.

Langendorff United Bakeries, Hie.
155 Sansome Street,

Research

^is-Dayton

Incorporated

1

—

Co.

Street, Boston,

- v
r „
United Shoe Machinery Corp.—
_

—Analysis—Birr, Wilson & Co.,

Analysis-Moore & Schley, 120

San

Francisco, Calif 94.104 Also avail- Broadway, New York, N.Y.

10005.

an analysis of American wheeling Steel-Chart Analysis
Sterilizer Co.
.
•
-Reuben Rose & Co., Inc., 115

Livingston Oil—Analysis—Courts Broadway, New York, N. Y. 10006.
& Co 11 Marietta Street, N. W„ worthington C o r p.
Bulletin -

Atlanta, Ga. 30301.

Thomson & McKinnon, 2 Broad-

;

Major Pool Equipment Corp. — 'way, New York, N. Y. 10004.
Report — Hill, Thompson & Co.,
,
AnaiOTi£p„t„aw

j°0^aU Street' NeW York'

'

Co.,

6

Central 'Row,

Conn. 06103.

_

^

Hartford,

Minerals & Chemicals Philipp—
Riillptin

^

Pnrppll

Praham

Rr

Cn

w

.

,

,

.

Smith,

Y.

131

Cedar St., New York,

10006.

__

Abraham

Co.

&

•

of

CitvV

New

York

•:

••
■

Jaffray

115

Hopwood

&

Spvpnth

Currently Active Stocks in Our Trading Dept.:

reports

Minne-

Street

and

Daffin Corp.

on

and

1000 Lo-

Incorporated,

Company
cust

West

Financial

Sutter

Calif.

&

STEAMSHIP

CO.

Street,

comments

Corp.

First Mortgage
F.

Teletype 212 571-1780; 1781; 1782

firm

E. Rippee Associ-

C
-

Special Trial Subscription Offer -n
FOR NEW

SUBSCRIBERS

The COMMERCIAL and

FINANCIAL

111

CHRONICLE ;

are

Donner

Brush

and

New York, N.

25 Park Place

Investors—Review

Rothschild

&

Also available is

Florida

a

Mortgage
Gas

—Hornblower

Co.,

Y. 10007

Manhattan Plaza,

below and we will send you

the Commercial and

Name

Financial Chronicle without

—

review of Con¬

Investors.

Weeks,

1 Chase

Firm

Address

City

State
—

New York, N. Y.

10005.

y./

complete

special trial subscription offer to

120

Company—Analysis
&

Fill out the coupon

information regarding our

•

,

Broadway, New York, N. Y. 10005.
tinental

Trinity Place, New York 6, N. Y.

Broadway, New York, M Y. changed to W.
10t)4. Also available are com- ates, Inc. -

Corp., Vacu-Dry Co., Educational

—L.

Security Dealers Association

p

Peterson, Howell & Heather, Inc. name of - Rippee-Bolman, Inc.,
& Co;, 2 1451 South King Street, has been

Francisco,

available

Systron

on

Beryllium Corp.

Troster, Singer & Co.

Talbot,

San

Also

94104.

Development

C-E-I-R INC.

T

HONOLULU, Hawaii—i he firm

—Analysis—Goodbody

Corp.—Com¬

&

ments—Hannaford

AVIS, INC.

Now W. E. Rippee
"Hawaii
h

WOMnT TTT TT
,

Street, St. Louis, Mo. 63101.

Far

G. D. SEARLE & CO.

'

,

Salt Company—

Analysis—Dempsey-Tegeler

ELI LILLY & CO.

New York, N. Y. 10006.

Marquette Manufacturing.
Diamond Crystal

CORP.

?efrIess„ Tju b e—Report—Morris
Cohon & Co., 19 Rector Street, -

Inc.—Report—

Products

South'
are




'

Also avail-

apolis, Minn 55402. Also available

HAnover 2-2400

'

Ill

Inc.,

Trotta,

&

Broadway, New York, N. Y. 10006.

Piper

74

United

Consolidated Leasing Corp.—
*
*ivri St N^v'
McCulloch Incorporates
able is a report on Oil Stocks and Analysis—Powell, Kistler & Co.,
9
y,/
'
FT. WORTH, Texas—Barron Mcan analysis of St. Regis Paper Co.
110 Old Street, Fayetteville, N. C.
*
<
r
.
(In the Chronicle, pf Oct. 10, Nova Scotia Light and Power Culloch & Company, Incorporated,
e, ?
Corporate Impact A through a typographical error it Company L t d.—Analysis—Royal' has been formed to continue the
ooket outlining five key cor- was indicated that Powell, Kistler Securities Corporation Limited, investment business of Barron
porate objectives and suggestions & Co had
prepared a report on 244 St. James Street, West, Mont- McCulloch & Company, 100 West
for meeting them—Albert Frank- Continental Insurance
Co., where- real, Que., Canada.
Seventh Street. *
Guenther
Law,
Inc.,
Quentin
thaf
rpnort
was
is'd bv
' ^
'

New York, N. Y. 10005.

For Banks, Brokers and Financial Institutions-

Members New York

^Yort n'y

Corp.—Report—Scheinman,

Cerro

l

t>

Coleman Co.

E. J Korvette-Comments-Cog-

-

Co.—Analysis

Caterpillar Tractor

switching—Orvis Bros.

for

analysis of Schick,

an

co^™epts

85 S ate

Inc

Comoanv

Boston* Mass.

Ritt- Street

etin on Allied Chemical and King Street, West, Toronto 1, Ont.,
Falstaff BrewM* Canada. '

York,

New

Avenue

Fifth

in

Voisin and Co., 40 Ex- requests stamped return envelope
change Place, New York, N. Y. when writing for copies). Also

issues

320 Bay" Street, available are lists of suggested tax
;
switches in New York City bank

Gomp^ny

Arthur Milton & Company, Inc.,

,

master

historic N.

FRUIT

New York, N. Y. 10005.- Also

way,

Borden Co., Merck

on

v

STANDARD

23219.
Sunshine Biscuits Inc.—Analysis-

Also

10004

Data

ETHYL

East Main Street, Richmond, Va.

Gellermann, Dept. CFC, Bache & Dallas, Texas 75201.
G°" 36 Wal1 Street> New Y?rk' Teck C o r p. — Analysis — Wills,

R,chard S' Graham' Dept CFC-

Stocks—Bulletin—

*

over-the-

lin8' Lerchen & Co., Ford Bldg.,
Detroit, Mich. 48226. :

Keynolas
Life Insurance

sis—J. C. Wheat & Company, 1001

gocietw of New York—Analvsis—

35

Selected Stocks
List of issues
which apt^ar interesting-Wat-

Sew-

Manufacturing.

J. P. Stevens & Co. Inc.—Analy-

in

the

Averages, both as to yield and
market Performance over a 25year Perlad
Natl0*Jal Quotation
« toe, « Front Street.
»ew York ML

Tax

Cor-

,,

Dow-Jones

the

Granat

Jones

^Quotation Bureaa

and

the National

of

analyses

are

compari-

counter industrial stocks used

Steel Industry

Review

New York N. Y 10006.
New Yo k, N Y.

available

Also

New

10004

Y

Broldwav
ay,

—

Strpet

Bank,

in

and

,

Inc.— and Property-Casualty Insurance
Annual/; Report Kent-Moore Or- Stocks. v
&
qq
Union Oil of California, ^an^zati°n»
Inc., 28635 - Mound Susan Crane Packaging Inc.—
Fischer & Porter, Harris Inter-' Road' Warren> Mich'
Analysis- Schneider Bernet &
type and Divco Wayne Corp.
Kimberly Clark—Bulletin—Henry Hickman, Inc., 1505 Elm Street,

the listed industrial

^

Review

—

Rronrl

60

Japanese
n-4

Manhattan

Chase

—

Chase Manhattan Plaza,

I

used

Averages

Investment in

and

America—Study in current

.

comments

stocks

Steel,

Textron

cr^^B^ad^S N^^)rk Tor°nto X> °nt" CanadaV
avail^blJ'are' Kent Moore Organization,

N

up-to-date

Inland

Chrysler,

Palmolive,

Pennsyl- Smyth St. Louis, Mo. 63102. Inc.—
Street, Worldwide

% a'tllSSfoS Jefferson Lke Petrochemicals of
Canada—R evie w—Gairdner
&

and

Co.

Over-the-Counter Index —Folder
an

on

avall~ Reinholdt & Gardner, 400 Locust

^°rk' N'Y*10?05'

graph

_

,N- Y- 10004-

between

an

are

analysis of Medco Inc. and corn-

Papers.

showing

available

International Telephone & Tele- Standard Fruit & Steamship Corn-

•

Igar
Sugar

son

Also

ments

10022.

tiveVolume$30. Further information

,

10004.

Street, New York, N. Y.

American Hdelity^Llf^InsMance Relations Department, Interna- poration "of 1 0 w ar*Merchants
Cedar

sub-

publications, 350 broker's reports,

v

.

44 Wall Street, New York, N. Y.

Giannini

Average

business

general

^

Sound Power & Light Co.-

Company — Analysis — Sterling, tional Telephone Corporation, 320 National Bank Building,
Qrace -& Co., 50 Broad Street,; park Avenue, New York, <N.; Y. Rapids, Iowa.

Singer &

oIndcorporat^nsI,n<tadut
and

First Charter Financial

analysis of the Bond Market.

^ ?4 Trinity piace> ^ew York, New York, N. Y. 10004.
-Projections—tabulation—Breg- N/ Y. 10006.
Atchison, Topeka & Santa Fe Iowa Electric Light and Power
man, Cummings & Co., 4 Albany
New
York
City Bank Stocks— Railway
Co.—Analysis—Walston Company—Anntaal Report—Iowa
Street, New York, N. Y. 10006.
Comparison and analysis of 10, & Co., Inc., 74 Wall Street, New Electric Light & Power Company,
Funk & Scott Index of Corporaleading banks—Laird,- Bissell & York, N. Y. 10005. ^Also available Cedar Rapids, Iowa.

tries,

on

and Great Western Sugar and an <

Ph Hentz & Co., 72 Wall Steet, R. O. Can Company—Analysis—

~

innrU

performance, earnings,

and other data—Troster,

ments

Georgia Pacific Corp.—Analysis—

,

•

\

"New Issues" of 1961-2-3-Study
of market

111. 60603.

Salle Street, Chicago,

Corp.—

Sherrerd,

Allegheny Ludlum-Chart analy- _C. E. Unterberg, Towbin Co., 61 Inc., 1411 Fourth Avenue BuildParker & Red, Broadway, New York, N. Y. 10006. ing, Seattle,;. Wash. 98101,..:
Pa™>

42nd

prices

request).

Dow

^

OS St., New York, N Y. 10017-$2

45202.

FreeMrfg-

United

—

C, 20006.

cago,

tKleSMlfc

General

*° long term capital gains—Cob-,

Com-

&

Rubber

1962—

Japan,

States-Japan Trade Council,

a

Boston, Mass. 02110.

Butcher

8 Hanover

criteria

and

Utilities

Public
—

1500 Walnut Street, Philadelphia,

_Analvsfs—1Glore"Fcfrgan & Co
for prudent current
jetton rt : m ^ La Sal'le Street, Chiseasoned life stocks with
view
companies,

surance

Street,

Broad

89

tax

General

Analysis

Co"

S.

A

WILL BE PLEASED

of representative

growth

Review
Company

—

and

Babson

L.

Incorporated,

Ohio

Thursday, October 24, 1963

.

Analysis—Hemphill, Noyes & Co.,

D.

David

stock

transfer

and

Connecticut Avenue,

Aluminum Industry

the

on

state

and

10007-

THE FOLLOWING LITERATURE:

PARTIES

INTERESTED

SEND

TO

THE FIRMS MENTIONED

THAT

UNDERSTOOD

IS

.

rate^Registrar and Transferee, Pa 19102. Also available is an Puget
50 Church Street, New York, N.Y. analyse of Howard W. Sams &

RECOMMENDATIONS

AND

Booklet

—

Federal

current

INVESTMENT LITERATURE

IT

.

(1596)

8

obligation.

Number 6310

198

Volume

*x

.

use
i

(1597)

The Commercial and Financial Chronicle

.

.

British Economic

of various international facili¬

ties to support sterling. It

fore,

reasonably

safe

that there will be

Outlook Improves
7/77'®'''/v'

-'V-

v■

•■■■'.. 7

•'

•

'

•••

/• /

•

would

commercial

inflationary measures, is seen
likely for the next 12 months by Dr. Einzig. He observes that not
enough have come around to criticizing the adoption of the Plowden
Prosperity for Great Britain, fed by

unvarying governmental stimulus to the economy regardless of
business cycle stage.
Dr. Einzig concludes that his country

seems

;

the

it

will

reflationary measures

the various

vious

is

it

as

Doremus &

aims
In

boom.

seems

that

at

the

safe to

1

it

stimulating

.

tf

li

u

r-"

the' in*

though

even r

•

caused

temporary relapse. There

a

signs of an increase in

invest¬

early: General/Election^ on

an

that it would bring
'•-a Socialist Gevernment to power.

practi¬

become

it has

Now' that

to

Leo Meisetman to partnership

quarters

the

at

firm's

office," 1411 West

firms have mustered lip

courage

to proceed with their in¬

cycles

by

•

display of moderation by the So¬

vestment.

Assuming that his bite will be no
than

worse

it might be

his bark,

he

ciate

pears

•

the

business

-

during

boom

1964

2.25

13,755,000 i

1966

2.50

Serial Bonds 7
Dated October

$33,900,000 3.10% Bonds, due: $3,390,000 1964-73, incl.

2.95

5,355,000

1971

3.00

5,355,000

1972

3.05

5,355,000

1973

3.10

1,965,000

1974

3.15

1,965,000

of any

It

disinflationary

ac¬

always difficult to go

is

mine

was

a

lone voice

investment
in high

shared

Si!

ps
sm

$41,600,000 23/4% Bonds, due: $8,400,000 1964-66
and $8,200,000 1967-68, Incl.

Interest

is

now

quarters.

expenditure

■
ip
jiiP

3.20

1976-77

3.25

1,965,000

1978-79

3.30

1,965,000

1980-81

3.35

1,965,000

k
li

1975

'1,965,000

1982-83

3.40

;<;
II

creased in order to stimulate con¬

in¬
is
at its present rate, the

1984-85

3.45

1990-93

Legal Investment for Savings Banks and Life Insurance Companies
in the State of New York and for Executors, Administrators,
Guardians and others holding Trust Funds for Invest¬
ment under the Laws of the State of New York.

3.40

1986-89

Principal and semi-annual interest (April 1 and October 1) payable in New
York City at the office of the City Comptroller. Coupon bonds in denomination
of $5,000, convertible into fully registered bonds in denomination of $1,000 or
multiples thereof, but not interchangeable.

3.50

These Bonds will

II

investment is
in shortages of

390,000
390,000

PS

program

election
tional

if

public

creased

would

year

to

by

With

taxation. '

additional

its

promises of increased spending on
national health, roads,

education,

even

or

of private

increase

result

to

last

4he

wages have
quite consider¬

months

12

increasing

been

inflation is putting up

flation. During the next 12

definitely committed itself to in¬
months

ternational

the inflationary trend is

has

likely to

of

next 12 months is

that :it

perity

usually

generates.

investment plans in order to con¬
vert their

liquid

reserves

into

the

inevitable
equipment.

The

before

question

balance

of

how

the

stern

General

Gaulle

will the
the

will

his fears that the superimposition

the

investment

private

overload

the

in capital,

some

an

He

sug¬

increase

expenditure by the pri¬

vate sector should be

accompanied

restraint on'- Capital ex-.




i':'P
m

of

Philadelphia National Bank

B. J. Van

Undisciplined
Even if the balance of

payments

deteriorate, it is the Gov¬

ernment's declared policy
the

Logan, Attor¬

Lehman Brothers

Blylh & Co., Inc.

Merrill Lynch, Pierce,

R. W. Pressprich & Co.

Fenner & Smith

Ingen & Co. Inc.

Equitable Securities Corporation

The Northern Trust Company

Ladenburg, Thalmann & Co.

Carl M. Loeb, Rhoades & Co.

Hornblower & Weeks
First National Bank

The Firsl Western Bank & Trust Company
Los

Incorporated

Bache & Co.

Blair & Co.

-

The Connecticut Bank & Trust Company

Wm. E. Poiiock & Co., Inc.

F. S. Moseley & Co.

The Marine Trust Company

Hemphill, Noyes & Co.
'

Fahnestock & Co.

Hartford

Incorporated

Angeles

Federation Bank and Trust Company

Hallgarten & Co.

Weeden & Co.

Paribas Corporation

Wertheim & Co.

of Western New York

'

American Securities Corporation

Adams, McEnlee 6 Co., Inc.

Swiss American Corporation

J. A. Hogle & Co.

Mercantile National Bank

National State Bank

Banco de Ponce

The Firsl National Bank

at Dallas

Henry Harris & Sons

Newark

Ponce, P. R.

of Memphis

Incorporated

First National Bank

J. B. Hanauer & Co.

Kenower, MacArlhur & Co.

Lebenthal & Co., Inc.

New York Hanseatic Corporation
V

'

in St. Louis

Rauscher, Pierce & Co., Inc.

State Street Bank and Trust Company

Trust

Chas. E. Weigold A Co.

Stern Brothers & Co.

'

Tollner& Bean, Inc.

Incorporated

of Boston

Company of Georgia

Stroud & Company

R. D. White & Company

Ball, Burge & Kraus

Allan Blair & Company

Incorporated

Deficit Will Leave Economy

deficit

reserve

and if issued and received by us, and subject to

in Dallas

payments

next year.

should

as

Manufacturers Hanover Trust Company

Bear, Slearns & Co.

Goldman, Sachs & Co.
The

competitive positions
balance

offered when,

The Chase Manhattan Bank

..'

early enough to affect

occur

British

are

New York, N. Y.

Incorporated

by

present rate would

economy.

gested therefore, that

by"

the

high level of public in¬

vestment at the

■

Barr Brothers & Co.

Lazard Freres 6 Co.

his resulting improvement of French

England, Lord Cromer, voiced

increased

par.

Chemical Bank New York Trust Company

are

of

Banquet, the Governor of the Bank

over

ipi

by similar measures there.

and German

of

.'

It remains to be seen whether the

course

offered at

The above Bonds

neys,

Government will also be fol¬

lowed

to rate or amount.

rates are

Si#

effect, and the advent of Dr. Erhard as the head of the West Ger¬
man

within which will be subject to the levy of ad valorem
the Bonds and the interest thereon, without limitation

li

already beginning to produce their

speech at the annual Lord Mayor's
of

adopted

to pay

m

the-

in France

measures

de

coupon

anybody's guess.

stand

payments

In

pressure.

is,

The

continue' for

taxes

'

new

rise in the cost of such

equipment

will

affairs

real property

...

prior sale and approval of legality by Messrs. I food, King, Dawson id

Whether this state

companied by that feeling of pros¬

the yields and

the same, the Bonds are

position

competitive

improved.

'Where

constitute^ in the opinion,of counsel, valid and legally

binding general obligations of the City of New York, all the taxable
r

-

as

.

production

Italy, so that Britain's in-

costs in

proceed fairly far and will be ac¬

Industrial firms will step up their

(Accrued Interest to he added)

ably in France and Germany, and

housing, etc., the Government has

390,000

if it

made in labor, leading to exaggerated wage
the addi¬ increases.
means of
Fortunately for Britain, during

be

cover

expenditure

investment is

further,

continued

it is inconceivable that liable

as

attempt

any

flavor; espe¬

inflationary

tinctly
cially

of expenditure has a dis¬

by the public sector, may

Yet

Exempt From Present

Federal and New York State Income Taxes

cry¬

It is grati¬

programs

of -capital

increases

II

11

demand." The Conservative

Due October 1, 1964-93, incl.

•

2.85

find it
will be stepped up, and the Budg¬ politically difficult to follow Lord
etary deficit is expected to be in¬ Cromer's advice in election year.
sumer

1, 1963

1970

.

activity

City of New York

2.00%

1965

1969

The difficulty is that the Gov¬
ative Government, in the hope of ernment, having already commit¬
ted
itself to further substantial
recovering its popularity, will unr
late such a boom. Building

$118,700,000

Yield*

13,755,000

entire

the

bear

the next 12 months.. The Conserv¬ >7

doubtedly do its utmost to stimu¬

SCALE

5,355,000

time

lic

City

1963

5,355,000

to

have

would

of the sacrosanct character of pub¬

preciable

October 24,

13,555,000

fair chance that
might experience .an ap¬

Britain

National

Co.,

Building.

that

of

adoption

the

ing in the wilderness.

a

&

Goodbody

American

East Sixth

principle

fying to see that my disapproval

be

of

joined the staff of

has

necessarily, means that
private sector of the economy

that

time

there ap¬

to

the

editor

Lickorish

was an asso¬

C.

Ohio—John

CLEVELAND,

From

$43,200,000 3.40% Bonds, due: $1,965,000 1964-83
and $390,000 1984-93, Incl.

the fashionable trend in
economic thinking, and for a long

rate

he

Due

Each Year

pointed it out at the

I

against

present

Inc.

1952 through 1958,

Joins Goodbody Staff

Merrill

for The

Company,

2.75

Socialist Government.

the

•

<V 2.65

lationship between business and a

At

-

1968

tion.

Months

&

James A. Catalano

of

relations

public

to the

McKinnon,

added

been

Thomson

Masonic Building.

as

manager

in

of

1967

burden

•

served

Jr.- has

staff

1960,

13,555,000

possible to visualize tolerable re¬

koom's Prospects in Next Twelve

SHELBY, N. C.—Joseph B. Free¬
man,

firm.

to

$13,755,000

increasing and reducing public in¬

Harold Wilson,
conference.

Thomson, McKinnon Adds

Amount

^

of

means

attitude may have been due to the

annual 'Party

treasurer

that

Prior

Boule¬

OFFERING

ing the postwar world to regulate

at, the

formerly

president

of

Chicago

Jackson

'

Inc.

New Issues

ish Governments endeavored dur¬

cialist leader, Mr.

Williams, Secretary and Treas¬

urer.

This prin¬

dustrial

change of

Earl, Vice-President, and Frank

E.

Banker.

ciple was laid down a few years

business

are

according

downs of the economy.

the

Officers

Harry R. Stout, President; Frank
J.

plan, regardless of the ups and

cally certain that there will be no ago in the Plowden Report which
criticized the policy of
General Election until the autumn sharply
of 1964, some of the leading in¬ -"stop and go" by which all Brit¬

vestment; plans.. Their

has

at 1879

found¬

a

Anderson

Lord Cromer's remarks may be

vestment must proceed

with offices

business.

securities

and

Admit to Firm

expenditure; by. "British, ^in.4: regarded as the first shot in a long vard.
dustriesV -UntiL; recently such/ex* overdue counter attack against the
penditure was held back for fear popular conception that public in¬
of

Utah—Fed¬

Company

South Main Street to engage in a

^Cata¬

vice

ment.

the assumption

formed

been

was

the firm. He will make,his head¬

K First Criticism to Be Heard

a

t

CITY,

Brokerage

erated

an¬

was

Partners,

Irving Weis to

balance of payments.

inmaterial; fiiiipprts J

crease;'
are

.

m e n

LAKE

SALT

Jay DeBow &

basically exports heeded for balancing the

payments is

of

t

lano,

-

improving

Adver¬

:

.

Form Fed. Brokerage

ac¬

de-

ns

Mr.

the

.

balance

an

nounced.

apt to be over¬

is

tio

a

p a r

be-;
looked-, tbat, after all, it is~ the CHICAGO, 111. — Irving Weis &
ginning to produce their- effects.
The output is increasing and the private sector that provides--the- Co., on October 31st-.will admit
adopted by Mr. Maudling are

as

count executive in the public re-

circumstances
that

Financial

York

New

tisers.

joined

has

City,

New York

way,

monetary

assume

member of the New York

a

Company, 120 Broad¬

the

their

lower

Uni¬

Duquesne

BA in Journalism,

ing partner of

penditure by the public sector. He
laid stress on the fact which, ob¬

last,

the

Catalano

boom will proceed unhindered.

any

LONDON, England—At long

indicate

to

policy' still
the

resultant international payments deficit by drawing on
international facilities to support sterling rather than on its gold
and/or on disinflationary steps.

cover

to

of

a

Financial Writers Association and

James; A.

Eng¬

authorize

banks

he is

Doremus & Co.

recov¬

of

Bank

to

graduate

versity with

that

kind

A

,,

assume

liquidity ratio from 30% to 28%

which made sacrosanct

Report's recommendation of a few years ago

to

disinflation¬

the

the

decision

Catalano Joins

is, there¬

check the economic

Indeed,

land's

no

of

measures

ary

ery/

By Paul Einzig

y

9

t

by

allowing

to

1

the. gold

'

The Fort Worth National Bank

if

Sterling National Bank & Trust Company

m

Lyons, Hannahs & Lee, Inc.

John J. Ryan & Co.

A. P. Kelly & Co.
Incorporated
Scudder & German

'

of Chicogo

of New York

Harkness & Hill
Incorporated

Halle & Sfieglifz

The Robinson-Humphrey Company, Inc.

i

cover

to decline and by making

Cooley & Company
National Boulevard Bank

: Tuller & Zucker
/

Herbert J. Sims 6, Co., Inc.

Wells & Chrisfensen
Incorporated

Singer, Deane 6 Scribner

Courts & Co.

Starkweather & Co.

Freeman & Company
Sufro Bros. & Co.

.

10

(1598)

The Commercial

V.

Glass-Steagall Act

Why Banks Should Not

1933

June

Underwrite Revenue Bonds

16,

that

law

posit

will broaden the market

effects

detrimental

run

r

passage,

nature does not

long

as

The/ Committee

for

Bond

commercial

banks

purchase
In

for

association formed in 1954 consist¬

500 invest¬

ing of approximately

and

has

it

directed

its

your

permission, he will discuss

some

the

statistical

studies

which

ment

H.

R.

banking

firms

situated

mittee

was

of

5845

introduced

C

has

this *'

n

i

judgment of

question

n

C. Cheever

and

revenue

bond

financing

Hardwick

;[

appreciate
in

for

mine is

not

the

Congress

Study

in.

this

par¬

oppor¬

opposition

to

HR

ticularly

to

deter¬

simply whether

mercial banks of

tunity to present the views of this
Committee

the

Committee which I represent, the

general
I

com¬

deposit, and

those

which

par¬

exercise

industrial

com¬

corporate

bonds,

common stocks.

mercial banks of deposit to under¬

question, basically, is

write

which

deal

as

revenue

by

principals

in

is

bonds--that

is,

amend

political

secured

are

cified

and

restricted

than

the

credit

and

;The

general

and

to

I

each

of & detailed state¬

record

of

done

the

your

Chairman,

to

few further comments

on

this subject.

inescapable

factors

in

depositor,

the

would

that

con¬

conflict

are

representing this Committee,
am
accompanied by Dr. Bert-

rand Fox. Dr. Fox is Professor of

Administration

fiduciary

of

this

correspondent

and

to

banking
to the

to

our

and

that

be

that

any

highly

national

posit

both

pose

Insurance

of

this

Dr. Fox has served

as

Committee,
its Research

tors,

but

the

the

borrower

,

und is under

an

offer

to

no

buy,

circumstances-to he construed

any

of the

securities

the

contrary
am

happy

Federal

tially the
H.

R.

De¬

Corporation,

op¬

few

same

grounds.

5845 is but the latest of

of

regain

attempts

on

a

the part of

big metropolitan banks to
their former position of

dominance in the securities

kets

Re¬

of

the

United

mar¬

credit

of

rating

together

as an

offer

herein mentioned. The

maturity/; redemption

eral

privi-

States.

commercial

banks

underwrite
bonds

to

sell,

offer to buy, or as- a solicitation of
offering is made only by the Prospectus.
or as an

of

jVat ot mJ Partners which is at
stak,e' and 1 .can ^s,lfy. fr?m

any

of

them

sense

the

do

to

indict¬

an

individuals

Many

in

of

the

them

leading

I

consider

no

more

than

to

question

I

would

question mine. However,
think in terms 'of laws

must

will

survive

think

we

their

their

expect

them

can

safely

successors

presumably

and

I

do

not

that

assume

inevitably will be

endowed with the

same

strengths

of character
upon

which it would

be

us

for

necessary

protection
the

past

that

against

abuses

to

rely

for

repetition of

a

that

occurred

in

area.

Takes Exception to

Saxon's

Statements
In

the

—and

interests

in

ing—the record,
comment

on

of

completing

instances

some

I

one

statements that

correct¬

would

like

two

or

of

to

the

available

retail

change

no

made by the

were

state

bankers,

and

now

are

do

as

per-

bonds

revenue

only

which

they

market

could

such

for

resale of

their

to

se-

such

that
'to

are

expand

their

of

scope

direct

Opportunity to observe

and

par-

ticipate in the bank underwriting
business,
and
thus
have
some

corre-

of investment funds which

ly

them for sound and im-

upon

prior

to

the

enactment

of

our

in

and deal

big

revenue

underwriting
other

earning
Aside

of

than

the

write

purchases

and

to

that

the

obvious

se-'

any

com-

over

revenue

beyond

me

any pos-

eral

are

purposes,
of

con-

with

and

which

fton-underwriting

instances than not,
bond issues bear a much
more

obligation

Substantial

banking

to

corporate

do to

municipal

trusteeships

liquid

now

have

investments
Commercial

are.

the

market¬

facilities

and
mar¬

kets

in

To

best

are

not

dozen

of

the

are

campaign

for

10

or

a

and

—

spearheading the

are

the

proposed

maintain

than

banks

big metropolitan

same

that

smaller

knowledge

my

more

commercial

banks

this

the

issues."

the

there

they

of

many

bond

revenue

enactment

legislation

of

that

—

anything

that remotely
trading department in

a

municipal

I

general

ask

obligations

accepted

of

permission,

your

in

sense

Mr.

Chairman, to have included in
record

letter

as

exhibit

an

from

Geo.

a

F.

the

of

copy

Hamilton

Co., New York City,

a

&

nationally

a

gen-

bonds,

of

con-

actual

invest-

basically

in-

compatible and should not
allowed to be intermingled

be

are

organization

are as sound

them

instruments than they

commercial banking and
ment

ii°n

bank

big metropolitan

resemblance

banks

their

capabilities needed to make

The

combination of these experiences

one

give them further competitive ad-

closer

and

term.

some
a

affiliation.

banking

any

for

bonds

more

they

that

mercial

in-

factors

come

than

generally

wholesale

at

provide

revenue

banks. In

in

securities

at the time of the enactment of known firm of
independent mu¬
the Glass-Steagall Act that the
nicipal bond brokers, to which is
merely functions and responsibilities of attached
a
record of the

make

take

other

to

vantages

trade

these

mar¬

[TJhe

v

.

are

testimony of their

position to

a

are

to

in

improve

the

curities dealer without

of,
as

bonds,

banks

underwriting

from

in previous

in

bonds.

banks

in addition, the benefit
30 years of experience

in

course,

write

of

markets

resembles

attempting to,sibility of doubt that the reasons
obtain authorization to under- for the determination by Congress
Of

ability
make

present banking laws. I have had,

has convinced

>

further strong incentives to under-

Reynolds &. Co., Inc.

few big banks, incidentally,
presently trying so hard

iSame

secu-

depositors,

partial advice and counsel in such
matters.
v

banks

Allyn, Inc.

,

and

underwriters would be

the

sequence

Francis I. duPont, A. C.

10

dealings with the public in securiconceivable ties. I have, therefore, had an

Federal

might be expected to rely heavi-

there

Incorporated

happens that the first

so

strengthen the

revenue

national

investment those bonds which

Hay den, Stone & Co.

It

,

and

ket for

n

extensive

organizations

most desirable foi* their

only from suck
dealers
participating in this issue, including the undersigned, as
may
legally offer these Securities under the securities laws of such State.

broaden

Incompatibility

would

the
as

sources

out

any state

Attests to

small personal-konwledge of the
abuses and conflicts of interest
spondent banks and other related /which can and
did take place
rities

prices

tn

^

ability. Revenue bonds would be¬

in

curities

in

employ of the securities affiliate
of one of the large New York
City
commercial banks—one of those

the

law,

through

Currency

through 1933—were spent in the

applicable

broaden

the

such

investment in

no

manner

of

banks

sales

under

Comptroller

Commercial

for

mitted to invest in

being

be obtained

risk

his

-

advantages that have been pointed

Price $9 per share

Personal experience that the

years of my business career—1923

vestment




own capital and

revenue

in

in

result

would

profits.

Products, Inc.

Langley & Co.

1™r}tief> jt 18

to V

deposit

deal

and

seeking goals

Common Shares

W. C.

nation,
s n primary dealer in such se-

whatsoever in the supply of funds

the

Bache <Sc Co.

It

prevail at the time./I shall

The

205,000

may

as

Congress i will
for

no

and regulations which

a

|thus far throughout the

conditions

market

money

that

the

Copies of the Prospectus

them

leading .revenue bond
]Jojects that hav® been developed

the

with

'

October 24, 1963

Wen

am

early

presently responsible for

would

°* ■'} f

distribut-■

of

Sought
nof

moment, I

and

be among
my good friends and

we

kas seiyed either in the capacity
f°£Prlncipal underwriter or financ*al a visor in respect to many

not

terms of the loan instrument such
as

a.

that

in

integrity

has

States'/obligation and revenue bonds
well as corporate securities.

ultimate/ inves-

the

bonds,

to

and a dealer in municipal general

who merely

service

by

I

com-

per*banking firm of Smith, Barney &
Co.; My firm is an underwriter

were

determined

are

to

to

jgener^l partner in the investment

Additional Sources of Income

This is

experience for.

interest rate

the

such private investment
detri-i since those banks

this legislation uppn substan¬

a

of

Since

bonds

maintain

Board and Mr. Jesse P. Wol-

serve

Di¬

School'

ing

revenue

metropolitan

1920s

functions

banks.

themselves

is

are

those

to

permitted

are

the

possible

of

who

the

in* revenue

underwriters

securities.

system of

therefore

public interest. I

see

University

Administration.

the

perform the

in

dealers

as

Committee
would

series

inception

rates

ment

To turn to my own position and

by

well-established fact that

a

banks

underwrite

legislation

would be lower."

of

relationships

banks

action

rector of Research at the Harvard

Graduate

of

inherent

cott, director of the Federal

In

the

banking laws

which

interest

mental

these

Mr.

Business'

present

commercial

addition, I ask

Business

our

manner

securities. It is the firm conviction

permission,
a

a

it

to-

that

hearings. In
make

in

defensible,

or

and

I request be included

official

desirable,

The

whether

taxing

submitted

copy

ment which

the

revenues

faith

Committee

has

represent

in

spe¬

the issuer.

Study

of you a

full

the

bodies

solely by

rather

power of

It is

to

it

This

so.

not escaped their notice.

municipalities and

pay

divert

big

testimony before this Com¬
in this^area is very real indeed
leave further elaboration of this and .substantially greater than in mittee, Sept. 23, last.
fundamental premise to Dr. Fox,
First, the
Comptroller's
he ^stance of general obligation
pre¬
but I do wish to emphasize that jtax-supported
municipal
se- pared statement states in part:
this bill which
would authorize /cimtles"The proposed legislation would

bonds,

public utility bonds, foreign bonds

issued

that the
must

that

in.

extent

make

collabo-

sure

the

revenue

or

banking laws to permit

bonds

again

once

participate

financing,

be

may

or

weKmercial

the

ob-

closely in such matters,

you

future

1930s and that
they will probably
react in much the same
ways to

today the various
banks

the

leges, etc., in the light of the gen-

5845 which would amend the
pres¬

sq-called

bond

is

of

cessors

lor

atj greatly enhanced opportunities

'

to

even

It

for

depart¬

payment

as

am

times of stress,

responsible

ments

those

presumably

that in

banks will be
subject to the same
pressures that misled their
prede¬

to/..very
of

intro*\ such business, if the large

.

and

re-

and

but

/1

nature.

profitable operation of the securi¬
ties and other interrelated

are

appointments.

rate very

direct

those

material

any

human

fiduciary
functions,
should
be
allowed to resume self-dealing in

ent

and

mitted

by
In

municipal
i

us

"If commercial banks

interest

and

financing

1962

The sponsors of this

Inescapable Interest-Conflict

1

a

and-

in 1963. '

paid by States and municipalities.

history of state

ticular.

bonds will low¬

revenue

the

a n c

structure

and

un¬

the interest rates that must be

er

been

studying
f i

derwrite

i ttee

o m m

support of the proposed
bond legisiation that per¬

mitting commercial banks to

9 x

years ago,

subsequently

.

1957

for

that

observe

in

convinced

such

banking

those

to

in-. cnange

not

am

fees

divisions of those

same

and

revenue

Since r*

States.

.formation

was.

in

of' this

for

purchases

vious that

reve-

failed

re-

are

fiduciary a^nd commercial

banking

underwriting

was

the

I

investment,

own

Thursday, October 24, 1963

.

today

"bid"
and

bonds,

for such

bank

offered through

was

have it before

now

vanced in

"

their

easier route

an

commercial

.

Unite di

the

to

services,

revenue

appar-

.will consider,'particu¬ have attempted to justify it
larly the claim that K5s- beren ad-; making the flat claim that:

throughout

I

tenor
duced

haye been conducted by the Com¬

in-

own

.

paying agencies,

practice

—

substantial

bonds, and/legislation similar.- and

nue

analyses. ■*:' With

of

banks

fiduciary

they

privileges first to so-called
to

statistical

under-

that

their

1955

extension

;

to

securities

any

expanded

the

change.

of Consultant

Study

Financing. is; an

such

ofemoluments

made to per-

that time. Legislation

Revenue

common

for

underwriting

human

as

of defield

is

charged

to

He denies goal sought by banks

notwithstanding Glass-Steagall Act's
i

the

was

ently decided that

that an inescapable conflict of interest situation will exist,

argues

banks

enter

attempt

vestment.

financing costs, and predicts long
municipalities. Moreover, Mr. Hardwick

to

amend; It

as

.

service

as well

to

may

underwriting is

reduce

or

to

debt

sinking funds, etc.,

volved

1935

as

funds,

serves,

ferring

mit

expressed by head of study committtee representing 500 investment
banking firms. Mr. Hardwick has had 10 years banking and 30 years
non-banking securities-experience.

made

permit

again

an

write

bond

early

struction

on

1938

Partner, Smith, Barney & Co., New York City
revenue

As

was

to

to

effective

Financial Chronicle

underwriting corporate bonds. In

By C. Cheever Hardwick,* Chairman, Committee for Study of
Revenue Bond Financing and

Strong opposition to commercial bank

1934.

enacted in

was

became

attempt

an

General

and

and

today

as

they

institu-

or

and compelling
30

were

years

1—and' that they will be

Valid 30 years hence,
j The proponents of
tion

are

having

said,

in

securities markets

just

quoted

as

that

the

the

time

today. For this I think
grateful.

pi/ant

I

am

of .the

we

can

certainly

fact

that

listed,

the

bid

and

many
our

complex banking

mechanism since that time, I have

the

and

The

nrobablv

close

1963.

of

This

the 43

spread

of

the

is¬

between

asked/ quotations

between

1%,

in

the

30,

schedule shows that of
sues

one-eighth of 1%
spread

average

somewhere

is

between

three-eighths and Vi%, and when
long-term

all

of

as

Sept.

on

the

list

projects

States

business

ydu

cog-

changes have taken place in
economy and our

bond

of

the passage of the
Glass-Steagall
Banking Act of 1933 do not exist

be

United

representative

a

in

prevailed
at

as

this legisla-

effect,

which

ago

of

revenue

varies

variouslv

conditions

by

trading market quotations for
bonds

consider

curity

status

York Stock
on

bonds

would
is

no

no

and

these
of

are

varied

that

the

is one-quarter of

lack

of

obvious

New

that

1%, it
there

marketability

bonds at

possible
^

all
se¬

Exchange Commission

appear

revenue
see

that

bonds

this time. I

reason

Continued

to

for
can

believe

on page 39

Volume-198

Number

6310

.

The Commercial and

.

.

Financial Chronicle

(1599)

holds that

•

Why the Banks Should
'

•

•

;

'•

•

'

''

'

'

f'

•

.

■

by
v.-

•

.

By Delmont K. Pfeffer,* Senior Vice-President, First National

Pfeffer

strongly defends state-local

by

banks.

He

secured
u

;

which

finds

this

kind

"self-liquidating

of

stronger than general obligations.

law is

case

incorporated

in

the Regulations of the

Currency. The penalties for
self-dealing
include
restitution

Having
critics

accepted

glibly

professing

Moreover, the banker

this

took

fear

to

fact,

another

that

to

drop,

I

Delmont K. Pfeffer,

am

vice

of

president

-

senior

a

National

First

My

City Bank. New York City.
include

duties

i

supervision

of the

National

First

in

a

not going to allow their

making

selection

a

between

result of

banks

underwriting

Federal

and

markets

for

obligations
the

G

Vernment

and

not

banks,

the

great

slum

o v-

and

national

clearance

participation

political

Delmont

K.

Pfeffer

subdivisions.

banks,

two

whose

in

own:

me

senior

are

other

New

York

duties

and

banks

parallel

those

opposed;

was

no

all

complaints to this dffect

the

they have

authorized

the

privilege

tee in order to urge your approval

5845,

which

the'-definition

nicipal

of

bonds

would

state

revise

and

mu¬

eligible for under¬

commercial
special

banks

fund

and

bonds just as they do any

the

to

borrow¬

rapidly that- the

entire structure of state and local

financing

beingi

is

drastically

Currency.

appreciate

According
Commerce

to

a

study

Department
just

of

The claim that

in

creditworthiness,
that

of

sue

construction

dependent

of

with

the

against

the

commercial

of

future

by
the

law

investment

for

fact of

a

which

have their

the

kind

Too

often

the

bridge

nicipal
not

bonds.

of

practically

securities,factually

risk-

stronger

payable

from

grips

ers

that

flow

first

to

the

their investment choices

gear

to the schedule of

while/ only

way

ahead

surplus

to

goes

the general fund.

V

/<; writing

result, the term "general
longer has

a

pre¬

established

or

meaning. The fiscal facts

are

quite

different from those prevailing in
At that time state and local

governments' combined

derived

aggregate

revenues

from

of their

property

proportion,

taxes;

The states themselves
on

erty

and

seldom appears
As

an

to

never

ad valorem

importantly
taxes,

today

dropped

has

today

this

the

27%.

mercial

bank

to

amended

eligible for
to

Branch offices

in

Fresno, Calif.

Hirst

Creek

Walnut
'

-

Continental

Inc.

the

has

been

a

is

since

Sept.

7,

-

■

member

Midwest Stock Exchange,

com¬

are

and

Securities,

that

underwriting

conform

the

of

the

Chicago,

1962.

en¬

municipals; their requirements tirely
customers'

day

-

to

-

accounts.

day

tories, there is
age

ured

And

market

never

in

inven¬

short¬

any

40%

on

of investment choices. Meas¬

rowing

by the Blue List of Current

Municipal Offerings, which is the

to

50%

for

the

local

and

financing

new

conditions

Now Benner, Smith

have developed during the

of

the

bor¬

new

account' of

governments

state

and

changed

to

has

name

been

Smith

Benner,

&

Dick, Inc.

an

This

is neither

announcement,

'

,

an
offer to sell, nor a solicitation of offers to buy,"any of these securities.
The offering is made only by the Prospectus J l" "
:
'

'

V.

.'V':,.;;

'"-V

v

'

-

:
"

"

'.

'

*

:

v\

•

'

.%.

•

-•

October 24, 1963

"

,

'•r

•"

.*

-

•

'

.

'
.

11 /-

£

•

..l

J

| Iowa Bee# Packers, Inc. ||1|
New Issue

$3,172,000

'

6% Subordinated Sinking Fund Debentures
Series B,

due October 1, 1978

with Common Stock Purchase Warrants

toll

a

is

Price

broad

a

100%

and




a

New Issue

come

50,000 Shares Common Stock

innuendoes

($1.50 Par Value)

if

of

of

interest

both underwrit¬
The
of

any,

fact

is,

Price $17.50 Per Share

depositors

put

are

bond

under¬

trading activities. Even

bank

a

as

guided

were

solely

Copies of the Prospectus may be obtained from such of the iindersigned
as
may lawfully offer these securities in the respective States.

by

and others

selfish considerations, it could not

possibly
bond

make

enough

underwriting

money

to

in

warrant

risking the loss of depositor and
trust

customer

successful

flow of
its

confidence.

lifeblood, and any investment

officer who tried to make

prop¬

depositor

profit

at

the

would

item r self looking for
the

Every

trust

body

of

New7 York Securities Co.

First Nebraska Securities

find

law

the

Corporation

Dominick & Dominick

Hayden, Stone & Co.

Incorporated

Incorporated

un¬

of

a

E. F. Hutton &

Company Inc.

Paine, Webber, Jackson & Curtis

him¬

job. Regarding

relationship,
case

an

expense

soon
a

.

knows that the

banker

deposits into his bank is

fair

example of the

the

Not

to

beneficiaries

or

relied

in state budgets.

extreme

issue sales

new

securities

local

circulated, to the

interests

trust

57%

do

obligor,

of

like

fiduciaries.

and

and

1933:

officers

Oakland.

maintained

Now

fact

with

on

if there

conflicts

they act

service of the special agepcy debt,

cisely V "defined

as¬

securities

would

with

inescapable
when

re¬

no

the

business

M.

gen¬

a

effect that commercial banks have

the

a

with

Robert

form

"Conflict of Interest"

Finally,. I

general funds, in that the most

As

faced

are

in ,.1961.

Inc.
by

Self-Dealing Laws Preclude

reasons

liable

..

political subdivisions.

securities

way,

States

Government and of the states and
their

headed

main office located at 1330 Broad¬

have

major role in the
United

joined First Con¬

"revenue bonds."

to

obligation"

eral

in

business

comprised in the loosely

term

used

which have been

the

a

the

of

and

Securities,

firm,

active

"revenue

you

the

fre¬

revenues

always played
financing

been

securities

Matz, President, conducts

further.

.banks

Exchange

states

self-liquidating

obligations

Trust

general

-

name

issue;

spe¬

than

non

give

can

sampling

Whatever the fiscal

creates

still

commercial

we

of

limit

a

term

the

or

quently

The

any

has

area

1955

tinental

unless the definition of state and

secondary market for mu¬

10% of capital and

cifically ^secured< borrowing
less

com¬

under¬

an

surplus of the investing bank.'

demerits, however, this

or

of

sovereign

respective

own

and rationale.

merits

■

policy

were

other

or

the

than

more

purposes

<

fiscal

that

superior credit.

a

in

I'

proportion is 52%.

The

Phelan,

Olney

bay

since

by

standing of the breadth and scope

eligible

fund securities of any one

time

This is

to

imposes

other than full faith

this

trust

the

propor¬

offerings controlled by

Mr.

;

an

billion

P.

investment

revenues

guaranty by

Also,

released,

For the states alone

its

reason

Thomas

more

and

accordingly, the

dwindle

to

$15

to

to'

1963

Ex¬

is

of the

for

earnings
not

bank

lease

or

credit.

$12

for

S'tock

Coast

projects and

were

road

;;

of

the very

is¬

upward,

billion

Pacific

President.

underwriter may be expected

one

works

self-dealing is prohibited, is

•

the

upon

"non-guaranteed,"

and

new

a

bonds

interests

result

issued

new

projects

bonded debt is

<

bank's partici¬

municipal

accounts for

tion of

these

essence

bonds

revenue

bonds" evokes

means

a

pation in underwriting

It is important to

that

44% of outstanding state and local
which

steadily

$9

estimated

Cites Secondary Market

regulations have required proof of

not

altered.

than

volume

in

change, effective Oct. 21, accord¬
ing
to
the " announcement
of

investment

regulations of the Comptroller of

sured

supported

ship

frequently

issue

Olney, Vice-President

Continental .Securities,

investment, and al¬

or

subject

unless

so

pretty

1970; and

the

viewpoint of invest¬

appraised

Today's Revenue Bond Trend

revenue

have

general

new

First

Inc. has been elected to member¬

Road,,

the

policy,

The trend toward dedicated tax

ing is rising

Munic¬

Camelback

From

for

and

Richard D.
of

Smith, Inc., 221 East

such

writing by commercial banks.
*

of

obligation bonds.

"r

HR

billions

of

/

>

of Robert C.

the

that they endorse it.
requested

appearing before this Commit¬

of

that banks

years

underwritten

trend

and

1963.

Coast Exch: Member

ipal bonds of the credit standing
by trust departments are
held

Pfef¬

be excluded from direct assistance

ways

ment,

stren¬

as

Investment Standards Met

my

other loan

this

read

in

department plenty of scope

i del y

Mr.

Currency
Representa¬

of

PHOENIX, Ariz.—The firm

state¬

Bank.

have

either

for investment choice of purchases

w

by

and

House

than

leaving its

from other underwriters.

Banking

the

last 20 years, the banks will soon

These

Manhattan

gentlemen

trust

items,

statement

the
of

tives, U. S. Congress, Oct. 3,

would'

more

in number,

before

of

Chase'

of

underwriting

n

'Supplemental
fer

Committee

which

revenue

say

i

Bank

experi¬

Morgan

such
or

served

originate through regular review

deMilhau, senior vice-president of

of

accounts

of

be

of

have

have

trust

•

amount

own

would

typical

a

department

likely to

very confident that the

interest

uously as the present proposal for

anty Trust Company, and John W.

to

of

it

dealer

be

am

by enactment of HR 5845.

ranged from 7,000 to 11,000.
the largest and most active

Even

2%

such

up

the

of

redefining eligible bonds.,

ment

I

of

rent

-

higher.

Housing Bonds

Guar¬

me

low

sold, would have

substantially

these

namely, Ralph Leach, senior

vice-president

and

for

program

by investment firms just

Accompanying
of

costs

and

Bonds have been

the States and

officers

in

this'

to

housing construction, under which

been

ence

which

accounts^ the

nearly $4 billion of local Housing pletely refuted through

general

their

trust

a

exemp¬

amended

borrowing

obligations of

making

I

public

the "number

from

urged by the commer¬

as

of items

ties.

at

$500,-

the

Housing Act

Public

been

cial

agencies,

s

the

purpose

of

United

States

i t

had

make

If

during., 1962

of

been

Public

ing Bonds to the specific
tions.

000,000;

total

market

upward

runs

proportion

secondary market in these securi¬

traded, assuring a continuing flow
through the market. Furthermore,

amended in 1949 to add Hous¬

was

ments

derwrite

time

any

higher

even

of¬

underwritten by the banks admin¬
istering such accounts. There have

barred

were

City depart¬
u n

since

the secondary

com¬

obligation,"

Housing Bonds, until Section 5136

which

in

'dealer

bonds

desired

strictly interpreting the

"general

mercial

fered

of

the* total

would be deprived of opportuni¬
ties to invest in the bond issues

secondary issue.

term

its

beneficiaries

I

a

to

our

tack,

compilation

•

inventories,

not

specifically

or

principal

bank

tions, and he makes clear that banks

primary and

of

Comptroller

owns

standards

;

of the

bank may., not sell bonds

investment

effec¬

Part' 9

points out that self-dealing laws preclude conflict of interest situaare

trust

beneficiaries.

'y

borrowing frequently creates practically riskless securities"

are

profit

to

surcharge for recovery of any
losses
imposed upon
the 'trust

bond underwriting

revenue

property

and

City Bank of New York. New York City
Mr.

his

funds, and this

tively

Underwrite Revenue Bonds

trustee may not

a

selling

11

great

consistently

Reynolds & Co., Inc.

v

Shearson, Hammill & Co.

i

12

,+WEWWW

lrtWrH3*l*iSW<

tJ'TjM,*1

hi-wn •«Wwr";«t* WW»''

(1600)

of fiat

the

and

Spahr,

E.

Walter

National Committee

Executive

New York

/

University

governmental

debase

tyranny,

Jan.

ing, is probed by well known monetary economist. Cited are black
which

marks

occurred

have

since

left

we

concerning

fundamentals

the

unit

Dr.

manipulation.

currency

.

Spahr warns that a high level of statesmanship is required to reof integrity

of

what

and

understand

of

happens

the

respect

to

that does

country

a

of 5 history

lessons

the

1933—

illustrating,

was

of

to

its lack* of

see,

fixity

in

//:/

5

-

ment

measurement

./

;

Inflation

In his classic Fiat Money
in

i934,thecentrai

first

and
U

i

,

v

quoted

in

ersity,

Mira¬

n

;

deemable

de¬
au¬

lirium."

irredeemable cur¬

attests the accuracy of the
statement.

Mirabeau

to Ignore That

Tendency

Truth

Fundamental
That history also

reveals

a com¬

tendency of nations to ignore

mon

well

stated

truth

fundamental

the

so

It is, in gen¬

by Mirabeau.
of

Much

our

speech

many

early

of

central

our

toward

tendencies

and

corruption

since

development

1933

the

attack

makers

pronounced

.tyranny

and

literature

,

irresponsibility
government;

which

in
the

of

exists

both

in

prevailing delusions such
lic

spending,

deficit
and

huge national

governmentally

a

the

But

whether these

debt,

currency,
-

managed

question

unfortunate

of

did

not

irredeemable

over

it does not exist.

;

The

though

as

Started

which

involyed

in

throughout
and

cor¬

of

use

little

political

analysis

econom¬

system

our

social

receives

and

apparently

is

poorly understood.
The

act

of

inflicting

deemable currency on
an

act

of

ernment
of

ence

through

corruption by the gov¬
that

corruption
endless

an

in

ways.

To

mass

corrupted
use

spreads

number

endless

an

ber of forms to the
are

irre¬

an

people is

involved; and the influ¬

channels and

who

a

in

of

of

num¬

people

countless

White's words: such

corruption grows "as naturally
a

fungus

first

last
in

felt

on

a

(in

decade

business

of

muck

heap.

France
the

operations,




It

during

18th

as

was

the

Century)
but

as,

sci¬

The
U.

S.

serve

efforts

of

"

,

.

5

.

kind

same

ence

in

human,

of

and

France,-

~

will

some

prompt emerg¬

statesman, who

.persuade

can

Congress

to
abolish irredeemable
currency and

history,

replace it with'

a

a

mpn'ey

in

nation

the

at

large,

and corruption among officials and

with

ahother

common and- sad

of not

cheatery
„

good impulses, yielded to gen-

in

• ■

,

dishonesty

-

The

and

institutions

graj (jlStrUst.

and

instances

.«■

irresponsibility.

constitute:

long

a

fiction

a

illustratiori
consequence

reading, understanding, arid

respecting the lessons
:

of

history

oft

cur*

For example,

beginning Dec. 12,

,

Texas Eastern:/:/:/

eaten

was

' *

Transmission Corp.'

•

Among his other conclusions

re¬

garding this experience he pointed

Debentures Sold

out that It ended in the complete
financial,.

jjgj.

was

cherished !by

by cynicism."

out

involving

course

National honor

hypocrites.' Patriotism

have

a

1942, the U. S. Treasury and Fed-

eral Reserve

banks, acting in col-

soon

By this

rency.

the

tion

illegal manipula-

Reserve

Treasury, and Federal Re¬
and

many

other bank offi¬

cials to keep themselves free from
the

objective restraints to
redeemable

a

banks.

At the

banks

received

to which

reserves

would

currency

properly subject them

are

which

persist¬

ent and continue to be successful.

Cynicism in resptct to the im¬
portance of honesty, morality, and

integrity,
proved

developed

as

by

cultured

a

and

ap¬

people,

moral

and

political

prostration of France—a prostration from whil;,h only a Napoleon
C01"" raise it.

Public - offering
of / $40,000,000
Texas Eastern Transmission
Corp.
-

,

5%, debentures, due

is

being made by

an

.com¬

and the Madness of Crowds (orig-

pany/ approximately

inal. edition,

will

in

1841,

available

now

be .used

to

$16,000,000

retire

currently

back, The Noonday Press,

paper

apparent.

'1'

Apropos
"the

morals

when

the

'

generalization

breaking

of

an

White's

down

of

the

country at large,"

irredeemable currency is

employed,

and

difficulties
and

in

recognizing

rency,

the

comparing

the

qualities

of

for

uing

appear

to be

ample

that state of affairs does not exist
in this nation.

additional

to

this

day,

and

the

System

has

Robin Hood

tion. of

of

Board

taking,

turning them

Treasury.

amounted

Despite
dency

granted

90%

so

to

diverted

widespread
to

ten-

take

for

manipulation

are

government

over

$6,811,678,987. i

days

that

dishonesty
ment

to

the

these

•

a

For the years

1947-1962, the earnings
have

in

and in viola-

earnings of the Reserve

and

the U. S.

and

to be expected in

and

quasi

-

lessons

govern-

agencies, does not this

in

private

ma-

the

people.

in

such

a

modern

has

not

lifted

this violation

to why Congress

as

finger

a

of

John

to

times,

Lawism

in

Zweig

Ferdinand

stated,

in

his Economic Ideas: A

study

of Historical Perspectives

(Prentice-Hall,

Inc.,

New

York,

1950), that John Maynard Keynes,
whose

doctrines

been

have

popular and harmful in this

might

try,

carnation
Zweig,

be considered

of

John

87:

p.

"The

tween John Law

nance

...

Keynes

.

wide

Said

law

and

to
to

the proper corrective action?

indebtedness.; The

be

in

used

connec¬

Law after two

sinking fund be¬
1966 will retire

an

.

French fiMaynard

goes
a

deep

so

tures prior to maturity. For af
pe¬
riod of five years, the debentures

ground

more

at

the company

5% but

are

interest

an

of less than

otherwise redeemable

at

the

30

days published notice at prices

option of the company

scaling from
months

105%

period

on

during the

ending

12

Sept.

30,

1964 downward to 100% in 1983.
The
ness

gas.

company's

.

principal busi¬

is the transmission of natural

It

is

also

engaged

in

the

transportation of petroleum prod¬
ucts

.

and

in

and

gas.

The

the

production of oil

.

operates

a

owns and

company

pipeline system for the

transportation and sale at whole-*

centuries."

account of

refundable

not

are

■cost to

sale
For

of

natural

modern

gas,

extending

from the Mexican border in south¬

stop

experiences

take

deemable

How

A semi-annual

ginning, April 1,

be-

(1671-1729),

John

and

covers, so

Law.

of

(1883-1946)

rein-

a

parallel
.

.

general

controller

both
coun-

that a spiritualist might say that
engaged in Keynes was a reincarnation of

colossal transaction in dis-

honesty, and

will

approximately 95% of the deben¬

respect

happen if people

enterprise

outstanding

balance

the

inflicted irredeemable currency on

nipulation raise sobering questions and
to what would

which

its

end of that century when it again

contin-

law, approximately

of the net

banks

been
manner

of ir-

use

French tion with the company's construc¬
de- government would not heed at the/ tion
programs.'
- ' :
'
'

Governors of the Federal Reserve

a

questioning whether

of

support the

banking system.

our

Beginning in 1947

as

ethical

there

grounds

posits in

involving the

program

of redeemable currency at that time,

$660,000,000

fiat money reserves could

is

pronounced and should be readily

ratios then

reserve

that

$9,900,000,000

Congressional,

and under different types of cur¬

irredeemable currency has spread

ic,

being accepted

people at different periods of time

the

the

the

econ¬

entists. should be obvious.

moral

Corruption

in

manner

of

-

Theli Government
of

this

in 1933 is

currency

Spread

in

introduction

general passed

ruption

on

while pretending to be, and prevailing,

in general

devel¬

emerge

country with the
in

and

government

$660,000,000 of

-V_

widespread.

omy,

on

opments

to

country

governmentally-managed

a

those

as

huge pub¬

financing, cheap

economy.

in

outstanding revolving credit notes'
were
not legally entitled, Farrar, Straus and Cudahy, Inc.,. and
The rush of people supposed to they
approximately $9,000,000 will
and the Treasury
obtained the New York) and read of the social: be advanced to its
be scientists—for example, in eco¬
wholly owned
same amount, to which it was not
turbulence in France, 1716-1721, subsidiary, La Gloria Oil & Gas
nomics, government, sociology—
entitled, in deposits in the Reserve as a consequence of John Law's Co., for redemption of certain of
into political activity in behalf of

public and private affairs; of the
in the alleged virtues of

this

in

denigrate and degrade patriotism
are

eral, ignored in this country today,
.v

efforts

The

.

of

uses

Inflation

.

Walter E. Spahr

history

the

-

is

.

thority in de¬

rency

From this was' de¬

rural districts.

delusiona

of

White concluded, in his

there

Oct. 1, 1983,
underwriting1
For further illustrations of the group headed by Dillon, Read &
veloped an even more disgraceful lusion and in violation law, began
issuance
of
result—the decay of a true sense the
$660,000,000 of demoralization arising from the Co., Inc./ New York, The deben¬
Reserve
banks
of national
notes; use of irredeemable currency, one tures are priced at par and ac¬
good faith."
Patri¬ Federal
otism, he points out, "was gradu¬ called "National Currency Notes," may turn to Charles Mackay's crued interest. *
and treated them as Treasury cur- Extraordinary Popular Delusions
ally disintegrated."
Of the net proceeds to the

and

veritable

gam¬

from these to the small towns and

cor¬

ruption

of

the

from

and

of

tyranny,

The

cities,

large

continued

bling, speculative spirit spreading

nursery

bauch

country at large,

of ostentatious wealth in a few

up

Unless

that "Every other attempt of the

responsitiilty char- thought

our:-

"A

is-

rency

■■

•

,

related

resulting from the sudden building

cur¬

and,; consequently, of their central
reviewing ?'the social up-/ government.
Thus was opened "a
during the last*
nursery of tyranny" as pointed out
decade of the 18th Century, arts-;
by Mirabeau.- ;
ing from the use of irredeemable
heaval in France

fthfe^evilsj of/irredeemable
!)els0"s holdinS trusts. ; .'.Faith: rency.
' - *' ~ ■
r
; m.moral considerations, or. even ,,

^avln® departed froiu gtandaids
honesty and

closely

the morals of the

.saying, in

1789 that irre¬

.

TT
*

of

people,

down

in

they were deprived of ef¬
fect* ve control of the public
purse,

world

Irresponsibility Continue -

of

breaking

the

people

.

patriotism or any virtue.".

was

currency

our

having the
ujnder whatever circumstances, has
quality of integrity, the U. S. A.
similar \ results in | kind
apparently is gping to. supply the
it if hot in* degree."

that,

Such: Dishonesty

He continues: "Even worse;than

.

this

beau of France
as

any

,

govern- -reached

demonstrating

was

.

And

islators, he states that "there was

D.

com-

on

of

respect

1933,

tendency,,

currency,

/• y/.•

disreputable*:coin clipping ; moriarchs of many centuries ago'* * ?'

corruption among leg¬

the/ distinguished Dr.
Whitej. joint founder enough to cause wide-spread dis¬
trust,: cynicism and want of faith
president of Cornell

France,

Andrew

that

or

After

and for the* Fiat'Money

;; /./*

•

irredeemable

irredeemable

inflicted

was*

proof

willing to eihploy the.mohe#m-As one of the^common resuits,
of
tary tactics of ireespftnsible'JWhite stated .that- "there came/

began to be seen in the
As to the

not

of

of

relatively 'few

,

standard

a

~

Truth

nonexistence

evils

but

When

•

was

legislative
^ body and in journalism.'.'

a' Fundamental

Mirabeau s Stated

the

mon

currency

Oct. 25,

of

factors—are

libraries / have

arising our people understand
country i those lessons.
' / *

the

When: the dollar ,was1 devalued,

of irredeemable currency.

/-;//.

for

J an. 31;

read,
evils

not

on

world

money.

..

avoid providing the world With another

if we are to

illustration

v

the quality

place our irredeemable currency with money possessing

other

the

on

currency;

characteristics of the government,

judgment of scientists in the; field

'

.

it

of

ial

such

involved, the period of history, the

gold,

1934;

variations

—

nature

The

of

depart-

nongold

our

decay
the

forms

with the quality

and

of

16,
the

respect

gold standard in favor of non-gold circulating media and chose to
forget

and

from

the

Major

overwhelming supplies of mater¬

.

for

domestic

redeemable

a

was

cur-

in

Thursday, October 24, 1963

.

com- ;

to all such experiments,

mon

social

it

of

.

shows that there " country.

currency,

that

clear

principles

the Administration insti-

terms

a

.

degenerative tendencies

variations

integrity.

in

such
are

government

tuted the Warren program for de-

delusions regarding beneficence of huge public spend¬

and encourage

it

a money

preciating

morality,

private

and

depreci-

currency

manipulation,

When

public

v^iety of

a

national

embracing the

of

for

of

making

was

ing from

irredeemable currency diabolically serves to incu¬

Extent to which
bate

the

rency

Vice-President ,Economists'

Monetary Policy and Professor Emeritus,

on

forms

ation,

Corruption, and Delusion

for devaluation of

money,

dollar,

other

By

The Commercial and Financial Chronicle

»

of France

with

irreern

currency

devaluations—from

and

repeated

World

War

tem

Texas to New York. The sys¬
has

an

authorized

I

delivery

large do manipulations have to be to the collapse of the Fourth Re-' capacity in its principal sales area
of approximately 2.6 billion cubic
before the proper authorities will
public and the coming of General
feet per day, including deliveries
The Impetus Provided
take appropriate action?
by Our
yy'/y De Gaulle—, Dr. Melchior Palyi's from its
gas storage facilities. The
Central Government
Is it not important to ask our- A
Lesson- in French — Inflation
petroleum products transportation
When our national
selves why such a state of affairs (Economists' National .Committee
government
business is conducted by its Little
suspended redemption of our non- exists in this country—why the on Monetary Policy, New York,
gold money in March, 1933, it was senses of government officials are Aug., 1959), 64 pp., should prove Big Inch Division and at June
30, 1965 the "petroleum products
Kolnfnl
^
V
announcing that the sound cur¬ so deadened in respect to stand¬ helpful.
systerri included over 2,800 miles
rency commitment in the Demo¬ ards of honesty, morality, and re¬
From literature on the use of
of pipelines. The company is also
cratic Party Platform of 1932 was sponsibility?
irredeemable currency by France,
engaged in the . exploration for
to be violated. ^
one can go to similar accounts of
and production of oil and gas in 16
The History of This Variety of
When
that
the consequences in any country
government,
in
states. Its head office is in Hous¬
Social Decay
March, 1933, required the people
that has employed such a money—
to deliver their
ton, Texas.
gold to the U, S.
Even though the use of irre- for example, the studies by Wesley
Treasury, it was revealing its lack deemable currency is not the sole Mitchell, Don Barrett, John Sher3

of

respect for the rights of private
property in gold.y
When, by the so-called Thomas
Inflation Act of
May 12, 1933, pro¬
vision was made for the
issuance

/

cause

just
be

of

as
a

a

a

4.

decay in

a

devastating

sole

the social

cause,

4-

_4_„ J

social system,
war may

the

history

not

of

alterations, which have

accompanies

the

employment

of

man,

and others

on our

Greenback

period, 1861-1878—and find illustrated
be
are

the

widely

in

lessons

which

understood

general

but

ignored

should
which
in

this

Lenz Conover Adds

DAYTON, Ohio—Evelyn M. Whisler has been added to the staff of
Lenz Conover

Building.

Inc., Gas & Electric
; r.

r

-

"■

Number 6310

198

Volume

.

(1601)

Chronicle

The Commercial and Financial

.

.

How

do not

It-could

Of Mutual Fund Industry

upon

the

'

•••

By Arthur Wiesenberger,* Senior Partner,

||

& Company, New York City, Members Neiv 1 ork

philanthropists

salesmen

The author refers to a case where a large

to the buyer's advantage.
"

took advantage of a characteristic nine-year stock
cycle to shift advantageously out of bonds into several

pension fund
market

selected mutual funds.

;

with

tainly

far

do, they cannot help but exert an

dustries,

influence upon the price

bullish

for

on

the

so

We

finance

and

under

far

larger and

the

on

I the U. /S.

am

I

bull

a

^

on

in

Changes,.

Momentous
We

are

mutual change.

living in

>

bull:

.

of

a

;;

'yet

the \

on

*

7 Nineteen

-

.

,

catching
and

more

hundred

sixty

to

people

Few

can

three

finds

and

all

and

the

to

difficult

-

w

successful; and management-labor
relations are approaching a degree

points in world Gf tranquillity and equity not

the major turning

dous

action.

jn

become

the in¬

few

the

it over and proceeding relentlessly, competiover again
in my speeches.- One tion for jobs rather than for workof the important reasons the mar- ers increases.
With public purkets greeted so enthusiastically chasing power high, with prospects

static

relatively

in a
Special Report entitled "Peace Is

pretation of this development

years

is

think,

will

rapid "rises in investor sentiment
come " after
war's end, when inof

risks

war

the test
bit

-

I

nearer.

,

:

.

:

-

■

-

bullish

partly

ten

what

of

domestic

and

\ Even before the Cuban affair, vironment is bound to be
said: "Armaments are eventu-

we

disturbing major prob¬

Only Way to Build Up
Reserve

It

has

action
taxes
are

go

on

rise,

continues.

prospect
of

the

so

This

of

taking

dollars

that all of

the

earn

we

that

unhappy

home

382 billion of

was

bottom

of

Anyone whose adult years span

dollar investments are finding the

reservoir

for

the

fi-

on

inadequate

page

14

Continued

Great De¬

the

The offer is made only by the Prospectus.

October 23, 1963

,

Corporation

Household Finance
.

'

»

r

*

*

4^ % Debentures due

-

'

„•

.

.

r">

• >.

V

'

r

1991
r

hated November 1, 1963

Due

July 1, 1991

I

Price 98.44*5

en-

y"':. '*

■

*

'

■

*

»

'•

"*

'

.

•*'

Plus accrued interest from

helpful

Thus there respond to the law of demand and
will be war or some way will be supply.
With the cash flow of
found to avoid war and to end the corporations so large there is less
*

There

seems

in

moving

*u

.

November 1, 1963

loves
but

us

he

much

has

gain in

Khrushchev

as

peaceful world and the

a

armament

race

be

.must

an

us.

the

Peace is Bullish

I

as

bearish but
It vmay

bullish.

as

thoroughly
some

cause

dis¬

location and hurt some industries
■

.

and

some

companies

,

.

,

but the costs

thereof will be minute and trivial

compared
will

to

the

big

and

other
all

vestors

regard the outbreak of peace

gains

that

correspondingly result.

of

increases

savings,

the

growth of pension plans, mutual
funds

not

Lee Higginson Corporation

-

William Blair & Company

White, Weld & Co.

population of the middle classes,

;

^

:

of incomes, the increasing

crease

even

crushing burden to him than

more

to

direction, important addition to the supply
of equities appears in sight.
At
more than he has, the same time the rising standard
much or more to of living of the nation, the in-

add

to

institutional

these

promise

to

without letup, over the years.
At the

same

thlnned by the market

marketplace.

Goldman, Sachs & Co.

Co.

'>•

Hornblower & Weeks

decline of

and

of

nearly
wars,

years
a

of the cold war

quarter of

hot and

a

cold,

century

few

can

realize what the true outbreak of




ally;

they

Lehman Brothers

They

will

eventu-

have.

Merrill Lynch, Pierce,

stocks
will greatly increase and it could
the

demand

for

do

have

'

'

,

,

Co.

Fenner & Smith

Incorporated

Paine, Webber,

;

Jackson & Curtis

When,

they

Lazard Freres & Co.

Carl M. Loeb, Riioades &
Incorporated

.

t returned to the

always

./•

Incorporated

.

17

Blyth & Co., Inc.

_

Harriman Ripley & Co.
Incorporated

Kidder, Peabody & Co.

time the great in-

vesting public, whose ranks were
s0 enlarged in the late 1950's but
1962j have not

Glore, Forgan &

Incorporated ••

•«,'

.

stocks,

for

demand

the

•'\|,

Kuiin, Loeb & Co.

Corporation

The First Boston

in-

•

After

those stales
Prospectus.

latter

think Mr.

Not that I

Copies of the Prospectus may be obtained from the undersigned only in
by those persons to whom the undersigned may legally distribute the,

and

need to resort to outside financing to effect expansion. • Thus no

little doubt we are

the

are

remaining

the

ally used or scrapped.

increasingly costly arms race."

fewer

and

Stocks, too,

market.

to the stock

some

the tax squeeze

means

with

faced

are

us

to

if Federal

even

bit lower, Jocal taxes

a

the

months since

closer

this but

on

-

proposed. We

was

getting

be

may

^

been many

tax reduction

a

Capital

a

Today

$100,000,000

:777

and, I
over the

the stock mar-

on

because

-

op¬

over¬

lems.

how

contrast 30 years ago

>

r

international

7--:

two

cannot

we

Trend

am

ket.

In

offer of these Securities for sale.

Now, with the signing of have said about the world and
ban treaty,? peace moves the U. S. economy.
A favorable

peace."
a

•

the

at

month

years.

V -

the. blessings of

to

an

7'Inevitable Upward'Stock Price

the

from

shifts

vestor1 attention

last

of

dollars.

'

rising

continue so

last November). next several
said then: ."Some of the most

We

nearly

for

already

Bullish", (issued

aspects,

the

New Issue

goods boom, and with profit mar-

pointed up our bullish inter-

We

This is not

gins rising, the profit curve of
revealed. American industry that had been

that thereby was

world

comprehend

7 7;

possibility of a peaceful

the

was

•

;.

of another capital

the horizon

on

October

last

Cuba

over

of

confrontation

successful

Russia-

in¬

and

automation

of

processes

to

seem

of

one

seen

ports, and I have said

bur

of

flight

con¬

past two decades will under¬
the great have been the economic and
stand the impact of these devel¬
giants of American business, out¬ financial changes wrought in the
stripping
in
recent years
the last generation. The total value opments on their financial pro¬
gramming. Those who built their
growth of many far younger in¬ of all stocks listed on the New
"nest egg" in the form of fixedYork Stock Exchange at the end
dustries.
V

has

many years.

again in our Investment Re- an(j

over

the

over

leading

a

we

the

that

will

contemplating "these

discovering

A generation later the public
Demand-supply is
utility companies were investi¬
cold war began to subside. "Peace helping solve this problem. With
Is Bullish," we've said over and more and more workers available gated and regulated with restric¬

the

It was the year that

history.

progress

Captain Charles A. Lindbergh on

and

certain.

be

can

look

adjustment.

the

.

restraining

dustry

finding their efforts

are

may

that

But

industry

play

timistic

greater the rapidity of change, the
more

knows.

granted,

While

the

the-degree

greater

frequently

Over the intervening years

corporations and

of

-

_

and

legislative

we

creasing part in this program, we

adjust

change,

themselves

" Way back in

stiff,

to combat the rising cost squeeze

Arthur wiesenberger

will, I think, go down as one

comment

encounter

How

where

While
and restrictive
many
of our fantastic
In¬ legislation, largely due to the late technological improvements are dollars buy less because practi¬
cally everything is costing more.
de¬ Charles Evans
Hughes, resulted. now generally recognized, only

with capacity;

up

more

industries

have;

appearance.

industry

after

mand

industry.
;

vorable

in¬

the

all

depression

or

their

made

dustry

fund

mutual :

recession

7

certainly

it,

see

.

space

go,

fund

tinue- to

time of great

a

the early years of May 21, 1927, when he landed in
gredients making for prosperity
the'Century the Armstrong Com¬ Paris after flying 3,610 miles from
are
here, and few, if any, of thpA
York
in 33V2
hours, at a
mittee (1905) investigated the life New
imbalances making for a period
insurance
companies,- and some speed of 107% miles an hour..

am

I

market,

I

as

-

for

take

,>

one

mutual

service
aritf to a rapidly expanding por¬
tion of our population that I can
see
nothing else but continued
growth. True, the critical, reports
mean emanating frbm Washington tend

economy

our

on

in

as

continue to progress, we can

funds provide a necessary

;

stock

the

bullish

am

because,

I- 7

economy,

environment.

like

;

world,
bullish 7

am"

well

microscope.

as

the

may

and

seas

will

heights

-

I

we

new

lands in economics

new

and

Hence current worries, fears and
Despite the misgivings with which * p£ace in the' world might
misgivings are quite understand*
many; view the future;; despite the - tor the world's economies, iriclud- to create some worries and may able.
7
;sv; - V
ever-present .problems that can.ing our;own. After all, at least hold back certain potential buy¬
We
see
a
satellite circle the
give cause for worry, l am opti- 60% of; our population
(all of ers and investors, but it is typical earth in 90 minutes, at a speed of
those under 40 years of age) are
mistic.
of
any
successful
and
rapidly 17,545 miles per hour, and we real¬
%unaware of anything but a warI am a bull growing industry .to "elicit unfa¬ ize that this represents tremen¬
on

sailing

are

last genera¬

apparent.

the period

and

levels

the years 1

that

convinced

recently,

no

I

reason

involvement

Keeler

end,

ahead.

same

becomes

exploring

the mutual fund

have been bullish over
am

tion

the

from

$12

announcement

Profumo's

Christine

that'

by

stronger than ever, to rise to new

Funds

industry

of

realized

dipped

the

on

investigation

emerge

is

taken place over the

justification

and negative publicity

Similarly Bullish About Mutual

am

will

it

market

the magnitude of change that has

slightest

punitive legisla¬

period

present

Mr.

with

tion than had these other two in¬

structure.

I

of

fastest-grow¬

less

When

stock

billion just

doubt that the mutual funds, cer¬

growing day

and

there

are

upward

price fluctuations are

the

generation

a

our

for criticism and

I

today.

the pub¬

industry,

by day, and eventually will come
back to the market.
When they

—

carefully dollar averaging and why, therefore,

-

funds for invest¬

But the

thetic.

having a "golden oppor¬
tunity" to sell a product "needed desperately by the great masses
of people." - He cautions them to undersell so that the accumulation
plan buyers will be certain to stick through thick and thin with his
capital building plan without cutting back. Further, he reminds salesmen to tell the truth about stock-price fluctuations and to explain
-

not

public.:'

Wiesenberger charges salesmen with

Mr.

utility

later, is among

developing temper of the in¬

ment

public benefactors — for helping many to
create capital reserves, who otherwise would not have done so,
and to stay away from "hot issues." After documenting reasons why
he is bullish about the economy, the stock market and mutual funds,
real

lic

and

recover,

take

did
now

it

But

time.

a

long to

depend

People are not ing large industries.
Thus I have
not the
frightened; they are simply apa¬

Stock Exchange

industry cites investment trust

mutual fund

of the

Dean
as

for

take

may

will

Much

the nature of the news and

vesting

Arthur Wiesenberger

!

it

soon;

occur

time.

some

.

this may re¬ tive legislation under Franklin D. pression this figure stood at $16
profess to know. Roosevelt, and they felt the effects billion—just about 4% what it is

long

effects.

quire I
-T

13

v

Securities Corporation

thoroughly dynamic market

Stone & Webster

)

■

r.

Smith, Incorporated & Co.
Barney
'

Dean Witter & Co.

14

(i6C 2)

The Commercial

high-grade bond prices

Factors Assuring Growth
Of Mutual Fund
Continued from page 13

amount

nancial goals for which they were

ket

originally

when

aside—due

set

the

to

important,

ed

enough

serve

build

to

taxes and

as

to

accumulate
of

amount

cause

to

the

"7/7

of

investments out

current

of

in

him

and doing so consistently
scheduled basis over a period

of years."

r

What

• ■

is

the

outlook

profession

What function

this

at

I

clients,

believe* that

As

A Golden Sales

«

C

the

Today
of

years*
and

fever

of

20

of

inflationary

in

the

catbird

.Never before have you been

favored by circumstances. With

so

the possible exception of the mer¬

chandisers
I

of

tranquilizing

think of

can

situated

than

real

very

of

group

America

salesmen

also

you

ing tranquility.

That

;

is

most

their
uct

opportunity,/ the

salesmen

-only

needed,

by great

masses

have

through

of

monies

in

once

prod¬

a

desperately

acceleration

an

people.
of

circumstances

You

demand

which

I

believe will continue for years to
come.

■

77,

Would Undersell for Continuous

j Investing
With

this

great

ago had

fund

has commenced his first, and

more

often

than
not, the only capitalbuilding plan in his lifetime. Upon
of

I

or

ity

far

so

of

is
as

purchasing
His

shift

into

his

make

regular investments through thick
thin.

and
to

I

don't

have

to

stress

the confidence which

you

you

will engender in your clientele
by
this approach.
It

is

that

cliche

a

of

our

well-sold

a

plan investor
market

is

goes

industry

accumulation

happy 'when the
up

—

but

happier

when the market
goes down, since

his regular payments in that event
will

buy

more

powerful
as

is

must

use

must

make

it

that the

with

great

salesman
care.

He

indicate

to

sure

that

the investor will incur

a

loss if he

liquidates his plan when the
ket

value

salesman
tomer

tinue

is

is

less

than

be

must

mar¬

cost;/ the
his

cus¬

financially able to

con¬

his plan

sure

through periods of

low

price

cate

that

dollar

does

not

protect

levels;
-

he
cost

must
-

indi¬

averaging

against

loss

in

value in
declining markets
it
simply enables the investor to buy
—

more

shares

with




the

entirely in

bonds.

day

one

less

went

of the dollar.

power

big • 'problem
$5

a

million

common

\ While

how

was

-

bond

article

portfolio

about

his
first

our

dollar-cost-averaging

1946

edition

of

MENT
seemed

too

INVEST¬

COMPANIES.
good

The

idea

to- be true,

who

on

the

also

insisted

arithmetic! To

and

was

all

his trustees

rechecking
and

one

all, it
revealing experience. They

a

concurred

with

the

shifting from bonds
using

to

program

But

to

idea

of

stocks and

dollar-cost-averaging

a

achieve

the

long

$64

their

objec¬

question'was

time should be

a

al¬

lowed for the complete shift from
bonds

to

avoid

taking

risk?"

stocks

common

serious

a

....7:;. /;•

,

so

7.7

Took

Advantage of

in

same

investment

to

as

market

;>

companies

the

research

minds

of

most

acteristic

9-year

the

between

span

and lows.

to

cycle

lifetime.

our

of

Bank,
has

us

the bank.

the

ing

know how

—

earnings to work.
work

money

Certainly

is

it

for -amateurs.

is

to

into

common

period.
tled

stocks

not

simple.

Rather, it is

job
full-

a

period of 8!»

a

cause

that enabled

plete

the

shift

them

in

.

transactions

equal
bond -portfolio or

millionaires.

sults.

Today

tuni.ty

to

footing

with

of

lose

to

time

or rumor

with

offer

you

and

tip

some

usually

tomers

time

fling in the market

a

the basis of

—and

we'd all be

way,

From

people take

sad

your

re¬

cus¬

prospects the oppor-'
participate on
equal
the. largest' owners

the

8Vz

100

to

to

com¬

monthly

1%

about

of

was

In

power

declined

interval

and

high

65% of the

of

-

the

dollar

during this
grade

bond

prices declined 6%.

Over

the

the

contrast, the

by 30%

7

..

thesetrends

years

have done

you

person

of

purveyors

have

saved

putting

"hot

the

dollar

229%.

decline.

At

a

recent

appreciation of the fund

the

over

the

of

high-grade bond prices have
to

The

dollar

capital

invested

purchasing
was

39%

you

hard-earned

cash

of

substantial

people

a

competence for them¬

which

selves

build

to

the

majority other¬

address

National

by

Mr.

Wiesenberger

Sales ^Conference

Diversified Services.

of

at

Inves¬

Kiamesha Lak*

was

power

lower

of

and

the

device

of

vi¬

of

votes

hung*4 out

ful

he

the

Na¬

optimism, he rushed with his

hopes

fame

Edison

but

hardbitten
facts

the

politician

<

life

of

the

expected

to

Civil

.' "Carpetbaggers"

corrupt' the
at

processes

and

local

the

The

in the world anyone

told,

was

Edison

that

a

He

an

out

long

as

the

trend

bribe

going

against

threaten

or

names

further

came

alphabet.

down

great loss

the

Thus Edison gave up his inven¬
tion.

He

also

turned

his

we

back

on

are

Resources

.

That

heritage

limited

,mistake

no

'

York.

about

this,

a

natural

inventor.

a career as an

enterprise

turned

for

towards

his

free

much-desired

our

make
re¬

our

No

matter

of

endeavor,

is

a

is

the skilled

on

available.

limit

there

After-

reached,

that

further

infusion of money can only cause
Inflation
and
mis-allocation
of
This

resources.

true

Private
nized

to the heart of America's free

is

nowhere

as

it is in scientific research.

as

opportunity. In fact, he went right

power

en¬

let¬

how much money is poured into

natural limit

he

of

one

limited.

are

firms

that

is

have

skilled

a

terprise system—the stock market

Jong

recog¬

scientific

man¬

commodity of limited

availability.

They

have

permit¬

,

Hayden, Stone
as

&

Co.,

Inc.,

of

New

under¬

an

shares of Wen Products, Inc.
per

amazing. Not only did legitimate

carrying

widely

manager

priced at $9

after

on

market wars;

writing 'group,: has announced a
secondary offering of 205,000 com¬
mon

best

modity.

"fever" of speculation/Jay Gould

Stock Offered

the

seemed to be going crazy with the

/

the

was

Wen Products

ted

in New York. All around
him, men

could

penniless

of his stock

one

Prices fluctuated

few

keep

was

telegraph

operators

with them. In

up

so

one

office, where Edison had "drifted,"
the telegraph broke down. Edison
was

the

only

one

who knew how to

free

business

this

been

and

and

truly

naturally

brains

com¬

before

has

needs

determine

of

result,

Edison,

attract

speculative

but demonstrated failures

money,

quickly

were

to

allocation

desired

that

market

The

short,

cut

resources

were

assuring

never

wasted

vainly in schemes that amounted

fix it. This experience led him first

to

to

share.

ing" efforts for those involved.

take

a

job

with

the

company

no

than

more

"empire

build¬

"

The

shares

are

none

of the

being

the

sold

for

President

proceeds

will

to

accrue

the company. This sale
the first public,

offering

company's stock.

and

marks

of

the

The company, organized in

The

home

product line

1951,

workshop
includes

use.

low

to

models of electric

soldering
guns,
planers, and drills as

saws,

auxiliary equipment."

-

sanders
well

side

of

much

ticker

a

faster

much

a

improved stock market

tape

of

his

Where

own.

spurned

on

Chicago.

Right

service

the

offer

device permitting fast tabula¬

up

unknown

ress

world.

competitive

his invention to the Gold Indicator

mind

to

reduce

his

to

$3,000.

Even

while

bating this point in his
the company

he

was

own

de¬

mind,

officials blurted out

for

of

example.

of

provided

"wonder drugs"

the

health

Our

industry

drug

have

Certainly
the

to

rest

field

and
in¬

America

gafore—*and

with the marvelous polio vaccine.

Company, and then debated in his
whether

the

prog¬

us

non-profit private health

our

with

offer

this

years,

the

medicine,

and

information greeted such

an

recent
in

Take

stitutes

with open arms. Edison presented

to

heritage has guaranteed

tion, the guardians of stock market

planned offering price from $5,000

The company's executive offices

northwest

ticker-tape

as

:

and plant facilities are located

the

the

secondly to invent
and

of

manufacturers and sells
electrically
powered hand tools designed prin¬

for

.ran

(the Gold Indicator Company) and

politicians had

' '

,

that

in

this

one

area

alone,

ability of the private market
allocate

demonstrated

ity.
area

State

Yet

it

resources

with

is

in

has

starting
this

been

clar¬

particular

that the heaviest guns of the

Collectivists

,

7*

For, and

manpower

dreams for

7
A-'.

\

Limited

was

resources.

sources

of

herit¬

a

ting the free market allocate

still

Instead,

bless¬

face

us

7.

■

Are

Government, finding it to be shot

Start

fee.

a
a

the

..7/ \7

•.

through with graft and cynicism.
Edison's Free Market

for

ourselves!

' 7,..

field

He did not, of course, give up his

with

would

personal 'for¬

a

given

,

im-;

abandoning today—at

to

7.

•••/'>••

■

in

7.777;.', 7

7,

he

He also left

age

legislators whose

and

changed

America.

saw

them

to him

come

made

and

to

early votes, they had time to

time

himself, he announced,

ventions,
tune

to

pos¬

on

ing. He produced hundreds of in¬

electric

sible. That way, if either side

the

would

solve] thosev problems

state

as

his

electric

as

This decision proved to be

thing

liked

their

waste

theiri; problems,

explained

plain

day-dreams about

was

wanted, young

politicians

stretch votes

He

votes

last

was

foolish

let businessmen

democratic

national,

level.

it

waste

God-givenl>gift

was

era

again

tabulating devices for legislatures.

ended,

being used lavishly to buy
to

never

"inven¬

made

practical devices—such

Edison,

already in full swing. Money
and

He

might choose to
on

explained

just

order."

his

announcing

deliver

invention not needed by the
enterprise economy. Others

free

kindly,

young

War

new

would

someone

shingle

a

and

any

His

dashed to pieces.

firmly,

had

dollar

(He. couldn't sleep

would

would

time

poli¬

fortune.

and

were soon

Gently

the

well-known

Naively,
-

and

one

ing he hastened to open a bank
account.) This experience changed
his entire outlook on life.
He

electric

to

tician.

in

that night, for fear

tions

instant

cashed

wealth.

tional Congress. Filled with youth¬

a

bank

bills—so he could revel in his
found

permitted

tabulation

to

The shocked

the

steal his money, and in the morn¬

an

legislatures and

invention

to

check

itself. In 1869 Edison

New

-

market-

$40,000.

ran

he

instead, have enabled hundreds of
thousands

free

men

into so-called "cats and dog's" and

medium priced

date the

issues,"

investors from

many

their

purchasing
continued

favor* for every

a

to point up the

the

on

offer

an

that

have sold. Unlike the

you

cipally

and

philan¬

thropists—public benefactors—for

have continued. The fund
has fur¬
ther increased in value
while the
power

1

improve

possible.

dream

even

vote-tabulator.

goals

-y 71

."7 In aH sense,
you. are real

the account of

capital invested.

.

the

$50,000

period,

year

total appreciation

purchasing

7r:%7 7P ";77

yet

state

Edison,

wealth—you protect them from

they seek;

month.

Over

had

a

be¬

years

in

the

easy

filled with

was

instantaneous

With

some

Actually, they finally set¬ York,

on

each

such

not

were

the bonds

over

did

in

put

part-time

no

mind

that

But mak¬

in the drug, elec¬

programs

Edison

operator.,,He

signalling

highs

Therefore, they decided

make the shift from

restless

to

Why is this So? Because

money

fastest)

sad

few people are trained to man¬

their

Union's

was

$1,000 in

brash

a

bored with his job as (West¬

His first invention

one

cannot

sions of inventions that other

work

Federal

at age 65,
less than

century ago.

a

money

But,

according, to

Reserve
two

considerable

earn

during
relate,

tors

7;

covering

market

government

cocky young telegrapher be¬

ern

we man¬

to

age

*An

char¬

a

the

yearned for greater challenge. His

thinking

they found

that the stock market had

and

came

we

the

77'..

Cycle
some

that

Just about

1

wise might never have acquired.

Characteristic Stock Market

After

and atomic energy peacetime

system of allocation.

of their good
per¬

records.

people. Toward that end

9-Year

a

fact

*

possible inventions which otherwise might not have

Reference is made to current problems

tric power

practical and

more

personal

to

occurred.

sell.

and

he ,>carefplly> checked -and
retheir own folly* through the able
checked the figures several times.'
help of youf professional invest¬
He was finally/convinced
that it ment -managers—and thus guide
was
no
optical illusion and then them toward the
presented the idea

incentives made

which

The hope of some day being fi¬
nancially independent looms large

on

our friend read

on

the

to

time job for professionals. If there
to

stocks, without tak¬

deliberating

;dilemma,

shares for him. So

dollar-cost-averaging

a.sales tool,

years

edu¬

possible, the abil-,
to

some

ing Ja big market risk.

undersell—to

client

your

experience of

employees retirement

an

greatest

your

to

I

into it due to
steady erosion of the

estate for his

an

believe

responsibility
assure

the

exariiple,

considerably

children, funds for

his retirement
widow.

depend

may

his

our

corporate

/those that originally

"How

success

his

age

ity.

cation

to

prospect of eventually taking out
dollars
worth
than

to

arguing

buy

chosen because

so

tive.

its

even

invested

you also have a' great responsibil¬

We all know that the average
buyer of an accumulation plan

stocks*;to

formance

beneficiaries of the fund faced the

of

opportunity—

as

various

in

that

among

:ifarsighted president

in

lifetime.•/ You have

which, is

sell¬

are

type of opportunity] which
to

again

interesting

a

'

v

the

in

Because in

you.

sense

pills,

favorably

more

no

instill

are

wished
of

hard—and in the process

an

Government intrusion into the market place
disrupts, wastes and, :
despite massive spending, contributes nothing to progress accord*
ing to Mr. Jennett. Taking Edison's career as an example, the author :
points out how free market decision-making and profit-rewarding V.

ity j with the managements of the

arrived at the conclusion that the

Opportunity

you

to

corporate client who

Its

inflationary- experience

places

seat.

V

combination

renewal

a

of you.

one

is

sure

selected

a

they

problem

-

Thursday, October 24, 1963

By Richard P. Jennett, Sherborn, Mass.

prudent to leave this- responsibil¬

the "/truth

might mention the

magnificent

a

opportunity—one that I'm
apparent to each

over

that

was

companies.

themselves

specific

'

s

clients.

a

faced with

than

thoroughly

and

*

are

because

the

among

7/''

better way to insu¬

;no

own

juncture?

tributor bf mutual^
fiscalf confusion?

avoid

be¬

benefit. We have emphasized this

for

during this period of inflation and
you

if he» decision

payments,

v

fluctuations

the skilled dis¬

can

investment

of

.

shifted'from

was

The trustees of the fund made this

will

market

Tell the Truth

over
our

money

the

that

those very fluctuations

7V 77;'"' '77 X

;

then

For¬

late your customer from the fear

Income,
a

the

.

Allocates Resources Best!

■

of

group

regular

There'-is

making

of

all

(2) the market will continue

7-

Funds

feature

bonds into the shares of

They found it

any

capital—except

process

interesting

.

The Free Market Alone

program

make two guar¬

can

fluctuate.;>1

>

through

high.

most

Financial Chronicle

22%

were

the

this conversion program

mar¬

cooperate with the investor

result of

a

(1)

is

when

Use of Several Mutual
A

fewer

course,

market

you

maintains

re¬

inflation, it is well nigh

impossible1

small

who

capital

a

the

of

than

started,✓

was

Industry

low .and,

antees:

foresight-

or

find that

now

large

those

fortunate

were-not

\

of money when the

tunately

steady attrition of the dollar. And

^equally

is

lower

and

have

been

<

Volume

Number

198

The Commercial and

6310

rwti«^li,qtw»www»wii[i"•J,**

Financial Chronicle

bombarding

free

market

and power

alloca¬

industry,

have the

we

world's

resources.

largest and' most efficient
of generating plants and

network

Drug Industry's Progress

•

connecting lines.

Publicity-seeking Senators have

constantly persecuted drug
panies

with

investigations

only how efficient

prove

industry
mayed

really
by

offer

This

ica's

this

industry.
from

comes

ries

of

"reforms"

towards

electric

tive

se¬

tivist

allow

Statists

our

stimulates

greater

This despite

Of

/

efficiency,

this is only

the story in
United

through
Health

the

Wasted

tions

at

Public

firms

pump¬

to

of

develop

unnecessary

.

head

-of

the

<

projects. The

private

of

gave

the

us

atomic

,

Much

vaccine

been

have

whose

forcing

researchers

wanted

all

practically
to

take

the

Builders

fearful
their

that

vitally

resources

private sector.

in

As usual,

ment -intervention

waste

is

of

from

away

<research

the

govern¬

bringing
limited

a

re¬

firms

mit

conditions,
rlpcitfno

designs

.various

sums

plants,

power

ernment

Private
>.

the gov-

as

Edison,

of

research

where

research

on

in

is needed.

(Today's atomic power

plants

not

to

are

hence

not

(in

the

to

effort is being made

tradition

find

out

just

developments
done

in

of Tom

Edison)

Association,
of

*

plants,

worthy

what

research

needed,

are

as

the private sector

developers

Instead,

of

the

polio

by the

of

and

useless

on

dreamed

being

projects

own

Mr. Frank

the

^

One could go on and on describ¬

ing

such

into

tor—until, if
it

bring

can

intrusions

wasteful

government

the

is

try.

for

the

a

ful

a

unless

the

already

light and

spring

art

Edison

himself

industry.
never
a

As
saw

invent¬
power¬

tiny light bulb—
market

had

The

industry has fol¬

emergen¬

has

produced

advancement

bring
to

better

being
or

in

offices

Jerome

Michael

Hollender A.

S.

learned1 is

let

Hollander

has

Invest¬

joined the

Banking Department in the

Street,

of

Fla—Harold

CLEARWATER,

will

and

newly

Reynol,J' ft-**"*
C.

created

that A.

Director

of

post

Acquisitions and

Mergers and

Michael Victory has been

members of the New York Stock
Exchange. ?"
/

firm's

areas.

>pwoby

larger

' ;

weR

jS

financial
as

served

known

circles

land

in

and

The

consultant to elec-

commissions

at 300 So. Garden Ave., was acquired by Reynolds & Co. from
Resources A. M. Kidder & Co., Inc. in June

in

New

South

Water

whirh

he

ininoH

19f> Mr-

executive

amOUllt,

and'

j?.

f

billion

transactions

dollar

utility

for

with

.

AMARILLO,

15

Accountants

nancial

Executives

formerly
of

vice

-

the

and

Institute,

president

-

in

the

steel

lumber
homes

demand

Texas

,

field

,

has been

a

Of Marketing Group

Buildintf

to

,,

.

C.

in

enp-aee

,

-Q

the Bar-

in

a

was

formerly

F.

,<?C-

,

Busch, Media Director of Dore&

mus

Company,

Inc.,

Philadel¬

phia, has been elected to the board
directors

of

of

the

Philadelphia

Salomon Chapter of the American Market¬

' with

ing Association.

Brothers & Hutzler.

gross

producing

■,^\/rr/::7,. V';::

This announcement is not

an

"V

ojjer oj securities for sale
.

or a

solicitation oj

;/./•■

an

ojjer to bin/ securities.

'

'■■//,

:/■

■

$40,000,000

Texas: Eastern Transmission Corporation
,

5% Debentures due October 1, 1983

/

Price 100%

with

while other

Clearly,

for

return

a

free-market

certainly

not

power.

cheaper

ways

to

power to consumers. Thanks

America's investor-owned light




the understqned Who
a.c map tips Hp ojjer
applicable securities taws.
of

arc among

the prospectus)

to

a

it

Dillon, Read & Co. Inc.

system of
of

other

no

go

sense

common

—

in

re¬

way—

The First Boston Corporation

Kuhn, Loeb & Co.

plan¬

that

can

offering

Incorporated

BIyth & Co., Inc.

Eastman Dillon, Union Securities & Co.

Glore, Forgan & Co.

benefits!

Goldman, Sachs & Co. Harriman Ripley & Co. Kidder, Peabody& Co. Lazard Freres & Co.
'

Lowell Hoit Branch

Every

re-examined

in

re¬

crying needs

government

approach

be obtained from such

these securities under

blindly wasted

ning and sponsorship
even

map

the underwriters named

growing

and

allocation

There is

sources.

,

being

are

begging.
calls

vast

Copies oj the prospectus

else.

intervention,

government
sources

plus accrued interest from October 1, 1963

mines,

anywhere

CAPE
Hoit

branch
under

A.

GIRARDEAU, Mo.—Lowell

Securities Co.
office

the

at

has

631

opened

Broadway

of Harry

management

Siemers.

a

'

"f

if

apartments in quality,-

approached

:1

•t

private

and

•'M;

1

'October 25, 1965;

New Issue

clipper

copper

companies

Today,

,

PHILADELPHIA, Pa.—Benjamin

allocate

quantity and price that could not
be

;

member

.

Robert

—

,.

,

/

stunned

mills,

and

Fi¬
was

finance

Hydrometals, Inc.
Mr. Victory

--

the

?

/Hill has opened offices

this
"';

-

"-V,:

American

;,

of $130,000,000.

auditing,

"

tne American Busch Named to Board/
1

Chicago.

KODL Hill Upens

.

;IiOA A/iftTil!

.

the

in

.

...

^

of

executive ot

has programmed

principal
J
^

'

Certified

of

previously had been

years> and

Bakeries Corp.

in

and arrar>ged the sale of 22 electrie bond issues totaling $362,075,000

Public

Iiistitute

of

which he joined, in

™

*;v' '

."//

.

Shearson's Investment Bank¬
of this year. Mr. 'Martens was
;•
with the Kidder organization for ing Department since 1960.

Is-

Authority.

chief financial officer of the 12
- As cmel financial officer of
tne
^os Angeles. Water and Power an
•

located

Victoria, Australia, the

National

n_nnrf

Clearwater .office,

'*

Mr. Hollender, a member of

crystal

America

by

Victory

Washington,

and

The

science of generating and

constantly

new; branch in

days when- the pri¬

telephone

biles,

an

electric

phase of this industry's operations
is

the

world

even

demonstrated

transporting electric

to find

Power

facilities, automo¬

for

and

be

to

In

endless.

and

cushion

miraculous

clear.

almost

sector

Competition

cies).

lesson

is

resources,

steady—
keeping just ahead of demand (to
a

list

free

lowed closely the path outlined
by
Edison. Growth has been

provide

De¬

and

American

the

engines, telegraph

need.

power

to

ships, railroad

private

clearly

immediate

forced

the

this

a

Water

department.

tax-

careful,

single device—from

dynamo to

An¬

the

dent manager of the .Clearwater,
Fla. office of Reynolds
& Co.,

power

attitude

definite need. He

ed

Los

such

in

electric
'being

are

vate

usual, he acted only when he
a

for

investors

private

of

electric power indus¬

to

the

appointed Senior Associate in that

high-

not

example.

birth

gave

given

including

zens,

S.
•>

■

wasteful activities. American citi¬

sec¬

approaching despair.
Take

such

mental

one

on

private

>

Exchange,
Jerome

that
.

member

D. C.

Twohy

having them.) Po¬

reason

The

Wasteful Government Intrusion

announced

ment,

subsidize their socialistic schemes!

careers!

members „of

Stock

Manage-

a

maintains

Inc.

sey

litical prestige, not economic need

ington interested only in further¬ .companies,
ing their

have

City,

York

cost-per-kilowatt-hour plants just

by nitwits in Wash¬ <''paying

up

York

New

Martens has been appointed resi-

are

wide-scale

more

for the sake of

is

vaccine

scarce scientists are

wasted

was

build

to

the

In addition to its head office in

development. Yet the government
wants

St., New

Municipal Finance-Officers

•

No

sources.

tabulating

•

yet competitive

as

conventional

,<-.'/

Shearson, Hammill & Co., 14 Wall

His ponton placed him in charge cunties business under the firm
the of all financial, accounting and name of Robert C. Hill & Co. He

invest-

are

'

,

Appoints Two

doing.

on

-firms^ following

footsteps
ing

before

Angeles

Processing

Miami, Florida,

high-cost

on

bent '

seems"

the

carefully test-

are

variolic

out

atomic

On

stealing

are

market

wasting huge

way

needed

sickening

inrr

ing

are

developments.

free

Y

T-

.

Wales and

plants

industry!

\

as-

trie

these Dlants
tnese plants

Private

'

JjOs Angeles, Wainwright & Ram¬

has

to

speed determined

a

of

.New York and the

Twohy

Mr

obsolete.

and

nroven
proven

useless?

private

grants

the

hand, they

and lab

men

little in

very

other

by

are

grants

has
nas

Operating at

bureaucracy if it is
The

inefficient

who
wno

be

to

Congress will reduce

of worthwhile

the

Washington

needed.)

producing

And
/\na

befud¬

a

;

municipal

The result

power

' '

.

Speakers Club.

:

1

pac|£ic c0ast

designs have already been

proven

(The Em¬

that most of these

not

are

in

blpated

learned

that

voted by

money

dled Congress is spent.

pire

sure

grants, to make

un¬

atomic

on

1

honorary life member/

an

Data

partment

0ne m. e3fP?ct Puerto Rican Water
the
1S
,eiP,g Authority, and the Philippine

of

wasted

schemes

power.

V*

signments in Alaska, Hawaii and

being

are

1,200

manage

supervise

.

.

officials

Nov.

s

a

.

Huge

power.

grandiose

,

institute

polio

B

;

government

money

develop atomic?

that government

complained

t,

i

moving fast enough

tax

on

™

which

has

e n

by

Mr.

private electric power

not

are

wasted

The

once.

claims that

Los

geles Athletic Club and

e,

Ramsey,

private sector from several direc-

down

holes"

i d

its tentacles around the. South

wrapping

ing hundreds of millions of dollars
"rat

"Power

President.?

Being

the

Association, and

of the

-xra ysrsrK

sums

and unwise research

riient

*

I

-

Association, the American Public

y j«

a

will

G.ovemment

Industry, has been

He is

of the

ting /

j/

the fact that private

Dollars

Power

part of

(Federal)

the

d

n e

r has been

Blames Government for Atomic:

the health field. The

States !

i

o

,

announced

system in the world!

V.'v

course,

j

0f Wain-

effective

is by far the most efficient

power

our

.

#

{a j

n c

a

r e s

economy- ^

amazingly productive drug indus¬
try.)/.

a s

we

down

has

wright

it), brings the bland statethat

Collec-

own

chain

to

:

Ramsey Inc.

if they could /p

ment

private property, the Rus¬

foolishly

are

afford

competi¬

gains in this field, unless

(who

aT< "mixed"

n

private-ifjrm

tax-paying

able to compete even

sians will not succeed in matching
our

Power,

t

consul

they charge and so sometimes un-•

industry.; Lacking the incen¬

tive of

clear-cut

a

companies-

so

themselves regulated in the prices

leaning heavily

American-style

constitute

to

to the

menace

Commupist

a

an(j

Angeles Department of Water

f \

as

over

equipment to public utility billing,
budgetary control and other accounting practices.

municipal

unfair

(Proof

drug research and proposed

Los

often

with

the:; application

in

Frank

ANGELES,, Calif.

Twohy, formerly Controller of the

even-

competition,

of

department Mr. Twohy pioneered
LOS

supported

backwardness in

Russia's

pointed

seem

Shearson: Hammill

$300,000,000. He

staff

a

While

Complaints from

socialism.

tual

Russia, where State Planners be¬
moaned

aild

$195,000,000

persons.

private companies about this tax-

regulation.

diminish, not im¬

drug

great

-that

power

of

revenues

annual operating and cap!-,

directed

again to intervene. ;

once

an

tal budget of over

.

de¬

seems

straight »in the direction of
'

the effectiveness of Amer¬

prove,

of

only

can

trie

increased

and

•

W aillWrjght

ther government inroads in elec-

imperiously

for

control

"

.

and

Plans have been revealed for fur¬

Yet,

statists

blueprints

Federal

that
drug

our

undis¬
findings,'", the

is.

factual

eollectivist

termined

1T7

V

Yet the government

;

com¬

annual

npTTrnVlvr Trnnc
A WUIlj d Ulilo

'

of

15

(1603)

,

tion

VHMW>»»Mi«rV wfiw «*»i*

Lehman Brothers

Incorporated

Incorporated

Merrill Lynch, Pierce, Fenner & Smith
Incorporated

Stone & Webster Securities Corporation

White, Weld & Co.

/

Smith, Barney & Co.
Incorporated

Dean Witter & Co.

v.

16

The Commercial and Financial Chronicle

(1604)

Steel

Production

Electric

The State of

This

Output

Carloadings
Retail

the

in

month ahead even though Novem¬

Price

Auto

Production

Business

eighth straight week.

'

Production for

seasonal de-

ber marks the usual

Index

Thursday, October 24, 1963

.

♦index of ingot

Trade

Food

TRADE and INDUSTRY

repeated

be

to

.

seeking information regarding the No. 1 heavy/melting grade rerecent round of price increases,
mained at $27 a gross ton for the

let-up in output is not ex-

pected

.

Week Ending »
Oct. 12
Oct. 19

Record Auto Gains Create Strong

,

strict-—

cline in the pouring oi ingoxs ana
for castings. The industry
still

is

commodity Price index

expected to garner a

million

ton

year

Coast

107

Buffalo

91

_

85
103

97

Detroit

136

Order

87

Cleveland

—highest since

domestic

chine

orders

tool

eased

increase in September, more than
last month offsetting
the domestic decline,

foreign

for

year-ago

Machine

Builders'

Their

findings,

that

show

/

Association.

net

released

today,

433%

total

of

n

For

August and
the

over

iL

„

the

,,

139

unequalled in

,

.

first

a

„

week's

of

1960. Except for July

1.6%
>jr

metal

cutting

tools

-■

types

machine

of

600,000;

increase of 15%

an

August and 44%

over

the total of

over

September, j.«7v. Domestic v/xucro
1962.
orders
wci/kwiiuti,

during

September

450,000,

18%

up

totalled

from

$45,-

the

550,000 total for August;

$38,-

and up

44% from the $31,600,000 total for

September,

Foreign

1962.

orders

'

September

in

5%

about

1962>

orders for metal forming
of -machine tools totalled
$147,250,000; up 14% from the
$129,400,000 of the same period of
irders
1962- Domestic orders totalled
$124,950,000, as compared to $99,500,000 for the 1962 period-an
m/ease of 26%. Foreign orders of
$22,300,000, however, were down
25% from the $29,900,000 total for

25 until the week

September totalled $56,- '"types

in

$11,150,000,

were

higher

the

than

"

higher

than

the

September,

8 7%

Bank

industry

vigorJs

Larger

Year-Ago

Than

Period
Net

orders

new

Clearings Dip

months'

ended

Sept.

the

nine

30,

1963,

toxaiiect
totalled soiu euu uuu.

$510,600,000. xnis volume
This volume

of

wks

orders

hieher

31%

than

the $390 400 000 total for the same

perifd^rDulSg
domestic orders
or

28%

above

the

total for the 1962

$314,500,000

period and for¬

eign

orders

42%

higher than

booked

$402,850,000,

were

$107,750,000

of

during

the

Y"
MetaUonbmg types
net

orders for

new

declined
year-ago

the

however,

week's

iotaUing$ai.6W^0.

total

1962.

total

Domestic

month

of

the Chronicle> based ,upon teleSraPhic advices from- the: chief
cities
Oct.

of , the,
19

clearings for all cities of

the United

possible

States for which it is

to

obtain

booked

eign

in

in

ings wererdowri 0.8% from those
of

the

corresponding

week

last

year*

/

September,

71%

net

however,

above

the

orders

new

experienced

theyear-ago week.

preliminary

totals

were

of

total

a

a

sharp

Philadelphia

Bay Mining

986,469

Kansas City

648,162

606,460

1-Oct.

($.25)

Steel

Output /Dips

For

First

Week's

Decline

But

Is

9.7%

Year-Ago Week
Year's
Is

in

the

11.4%

Above

6.9

1 962 for

+

share and a

twenty-five cents
per share have

of business on

Noi?ept,ber. 15, 1963.
i: ' J. f. McCarthy, Treasurer

unusual.
bave

factors.

mand

appliance

are

The

national

metalwork-

ing weekiy pointed out that defor

this

up-

plates

and

month

is

structural^
expected

to

Construction,and standard pipe./
Historical patterns support the
line; of. reasoning which

November ^, shipments
of October s jin

One • mill, forecaster
indicated
production in' November and in
has

December

topped'

"

October

oon^e ,mm^ xni^^ aemanarwiu. only once in the past; 18 years,

above

,

at. sj!Sntly

faltered

expects

downturn in overall production,

a

fwe of the last six^years^ lexclud-

..

excepting times- of unusual labor
problems. A week, ago, • Iron Age

.

saidy

he

predicting

was

15%

a

drGp in weekly production, from

1.6 million tons, for the last

^ g

higher Tonnages of sheet:

produced^ be ,®aten up

This must be taken as an op-

Above

past

Oct.

(*102.4%)
tons

19

for

l\^er1e^e i^Lmal

August fell only slightly to record
about
550,000
tons
from
the

an average

as

was
..

(*102.8%)

in

week

1,915,000

the

Oct.

of

more

than

orders

tons

the

in

24,-

of

of

year,

12

until

No-

Anril
April,

Affect

Some

Shipments to

600,000 tons imported in July.
In

special

a

collective

bargaining

to

S°f?
a. lot

1Q63
19bJ-

of price

./ '

f

talks in recent weeks

Contract

roles

hedge

week they Wfire up fQr about ?5%

will take steel in November they.
wouldn't

tonnage sales; A Federal

to tradi^

holding

longer

no

are

tional

higher levels. Result: Some users

by

patterns

and

otherwise

have

taken

*c

develop-

.

...

is

This

rules.

boo^ed diTracterized by"several
business be-

last

that

be

indicate metalworking companies

Recent steel price hikes proba^jy have affected shipments to

rise

so

week

developing.

seems

fore following industry leaders to

selectively

this

report

Age stated that a major shift

Iron

Extent

(not April, 1962), prices began to

of total

ending week, i

attitudes

in

Hikes

steel

^ons ^or ^he 1962 period,
la,t
last

customer

price

J?^against J74,621,305

Tommenrin*
Lommencmg

Autodom

period

year-ago

this

fleets.

vember

gain of 18.4%. For the first
months

for

js

doesn»t expect its first real test

koo^oa0?8 advanced.
as

1,908,000 tons

against

September,

quarter, output totaled

a

nine

Steel In¬

the

in

295,104 tons compared to 20,523,126

the

produced

xnillion tons a week. In the

a

QrA

blind^^do^Uon^of ^agree-

slsU^

Jnen^s .^>a^.e^ie4 ^^55 S°8e
by major industry groups.

December.

(

steel reports its arithmetical(2) Companies are making posifolhrwed eight rsteady non^spec-" sued subpoenas, on Mondays of, thisf 4>rice composite on a net ton of /tive> demands of their own
and
tacular weekly advances in a row. week to
major steel -producers in finished steel stood at $15194 on sticking to them. .«•,
:
Oct. 16 vs. $151.26 a week ago,
/. (3)
Management is showing
$150.80 a month ago, $149.96 a fresh; imaginative thinking in ap^DIVIDEND NOTICE
year ago, and $149.28 five years ; proaching
problems and finding
This fractional decline in output

grand jury in New York City is-

Notice

:

.

solutions.

ago.
_

AMERICAN &
1

FOREIGN

.

Whether

__

n ^ 11 H I P
ailliailVilt/

H Qctprn
i—ydoLC'llJ

/

POWER

remains

wire

small

to

be

rods,

Dividend No. 103

raising

merchant

diameter

.Importers

say

will

pipe

wire,

on

■//'

.

said behind all this is

position recognition that the cost

prices

—

'

iron Age

seen.-Steelmakers

from

hardest hit by import

STREET, NEW YORK 7, N. Y.

hikes

price

the

worsen our world trade
refrained

COMPANY INC.
100 CHURCH

custodiers currently

tons

net

'

538,424 tons

seventy-five cents

Dividend

months,

indicating-steel imports in

t1

1962's

for

close

last

stee

Cumulative Output

ended

fceniher 16', 1963, to shareholders of
at

companies

some

arfl

with

pace

1962 produc-

sW'

-

^°ns

Eight

While

stitute, production

beetle declared on the Capital Stock
of this1 Company, both payable Derecord

Vointa «* that

OTe now ordering for November

...

2:6

Fractionally

and

(Canadian)

20,

tally

week's

this

o4

;

the American Iron

per

1°/
r??°/^'

accclerate and offset seasonal set5?s\
~
tion of .80,013,000 net;tbns. In the
^ost-automotive plants are on
comparison with last week's cu- sP^. day ^operation.
Purchasing
mulative index total, of 114.2%, ag€!/f indicate they are pushing
Jan.

—

1,012:266

Co., Limited

Dividend of

auto

good' Ir°W Age said. The magazine

in

rpnnrfprt

b many steelmakers are hoping
for a last minute surge. Their best

/ ;

which is 11.4%

(*113.9%)

the

-

1,292,000

Boston,

According to data compiled by

A

l-l

eepmg

.

;

89,143,000

DIVIDEND NO. 96

($.75) (Canadian)
year end extra of

all

encouragingly

:-<000SOml^_
gjm. msossjs «?.b».769

Period

and Smelting

ordure in
,

topped/he jrj^periid with

;Tbe

DIVIDEND NOTICES

Hudson

is
^

it

chew-up to
for

-

September, 1962. For¬

orders

weekly clear-

of

even

^Uvery at the-rate of 85% of
their needs' and wiU.order nearly
g
season- 100% for December.
,
miiic
C{mniv
But temPerinS this new firmmost mills are simply ness is the prospect of seasonal

Zlt

The cumulative total-output of
indicate ingots and castings since Jan. i

country,

in

some

.

7% less than the $18,150,000 total

$9,850,000

compiled by

ratio

not

companies,

+

IlnWd

macfP7inf*

is

orders

it

f

caused

automakers to place supplemental

lowes* output week ending Aug. liquidating inventories, November
17v
latest statement week s shipments may fall 3 to 5% short
outPut was 97% above that for of Octobers. But that wont be

.

orders during the

but

last

$31,394,468,123.

.

has

orders for October and November.

step

do

and

production

base period's average weekly out- makers and road building ma- slide in November as construction
Pu* and was aPProxlmstely lO% chinery manufacturers.
slows. A similar easing is exlar&ei* than that for the years . Since
automakers / are stilL-p^f^ for reinforcing bars for

,

September,

August,

of

They

above

weeks

fairly

■

Last week's output was 2 4 per-

or W higher

for

to

auto

a

Record

^market*maS^tev in^ent

weeks

up

near-record

May

to

trend.

nibnths of the year. However,
Y ,
$35,156,392,861 ? against - $35,449,- 113.9% (1957-59=100).
steel to r»ieet the Plcl™P "*car he has since changed his .mind.
of wachme 210121tor.toesameweekjnl962..
•
-.^edulmg. Autodcras ^eel stocks He stm expects a tailing-off of
an increase '
Qur comparative summary for September's Net Tons 8.4% Above
expected to drop back production>_. but , not nearly soi
September, - V - ■
.£?*Yx. /
—
to normal by Jan. 1. Now it looks _.._h
<

totalled only $16,800,000. This was
for

12%

Preliminary figures

KdSS^iS
$10,750,000

fractionally
week.

,

movW

last

living

,

<?Ypp7

have

showing

now

order

recent

steel—and

+

Vpmhpr

past

while

are

strong

average

Shipments

will

for

,

centage points above the 1957-59

latest

the

orders

up

disappointment felt

far

on

more

make up any

y

Slightly

in

below

Our

tools likewise showed
in

nine

first

months of 1962.

I

were

the $75,900,000

clearings

statement

were,

Tor

a

SUCCeeding

the

102.8

While the

until

the

upturn - in

if

happy

The magazine pointed out auto¬

Short of October's

Automakers

an

hoped for

had

Steel

Fall

several weeks but wlU not be un-

so

Below 1962 Week's Volume
Bank

31%

marking

0

1962.

Year's Cumulative Orders to Date

November

ad-

for those weeks,

rise

102.4

industry-

♦index
of production based
weekly production for 1957-59.

quarter bullish expectations.

total

$7,750,000

Total

last WLTK S sUp ixi piuuuLuvu, The
last week's Slip in-production. xnt:

650,000 total for August and 44%
for

-109

to how crosscurrents

as

balance out.

makers

ending Aug. 24.

output,

in

vances

1902.

$10,

103

106

will

13

eight weekly

followed

"p^en

™

the first nine months of

101

Western

gain, there was an
decline since May

uninterrupted

question

a

120

the past two

March,

„

months

nine

121

:

Southern

and last equalled in mid-

years

Louis

St.

inching

magazine. reported. But it is still

106

,

,

,

93

Cincinnati,

the week endedMay- 25, which

$900,000

September, 1962.

;

oc¬

the high of 2,626,000 tons in

and

was

increase

*°*a*

for

orders

new

1

$1,700,000

tons

1,742,000

of

curred in the week ended Aug. 17

above Foreign orders totalled $4,800,000,
period ac- an increase of 182% above the

cording to the National
Tool

ma-

44%

heartening

a

for the

that

and

low

1963

continue

rates

upward for many mills, Iron Age

109

Both

Steel Demand

88

93

Non-Seasonal

108

92

....

Pittsburgh
Youngstown

100

the 112.7 million tons in 1957. The

-

East

North

steel

Failures

squeeze

danger stage
companies,

apProaching the
for

many

and

products

competition.

foreign mills aren't

Advance

Producers

Auto

Model

1964

Output in Seeking New

Record Production for October

"

t

The

Bogrd of Directors of the
:
Company,' at a meeting held
this .day, declared a dividend
of 16 cents per share on the
t

Common

■

Stock

December 10,

for

?

SStf -per Common Share

at

i ■

payment

Payable Dec. 15, 1963

■

Record Nov. 29,

■

the close

Declared Oct. 21, 1963

•-

H. W. Balgooyen,

M1DWEST/U.S.A.

Executive Vice President

1963

WILLIAM C. KEEFE, <
Vice President & Secretary

and Secretary

October 18, 1963.




U.

.

..S.

:

ingot
has

production

reached
...

of business November 12,1963.
.

business -is slow.
Steel

1963 to share¬

holders of record

raising their prices now because

smce

r

the

in

the

highest
...

mi//uly,^wift^miUs

operating near 63.5% of unofficial
capacity.
Steel estimates last
week's output at 1,950,000 tons
the tenth consecutive
production this week.
Scrap is displaying price stability. Steel's price
and expects

rise in steel

Pioneer

Long Distance Transporter!and Producer of Natural Gas

^jomposite on

Auto

week,

output

1964 model
.near

in

its

the

U.

passenger

highest

S.

last

1,000,000th

the

including

„„„„

car, was

level

for

at

any

week ^ history
According

to

Ward's

Automo-

tive Reports, two of the industry's

™>jor producers-General Motors
Corp. and-Ford Motor Co.
induodually slated new peaks in

Continued on ptjige 27

Number 6310

198

Volume

.

.

The Commercial and Financial Chronicle

.

(1605)

earnings

The Market..

largely based

was

guiding

hand
post

of

Saunders/

Eastern

profit

taking and

-

new

rumblings of trouble between the
price'

over

stock

the

increases,

market had

rough going this

some

week after

companies

steel

and

government

watch

their

profits

easily

a case

where

is

small float¬

ing supply of the shares, plus any
wild

Whether the hectic search pnly

that was

obvious

the first time in history.

"

for "growth"

in the late 50's and at the start of

That

7)

particular figure had been

seen

in some of the interim read¬

ings

late

in

September

had

and

this decade, is
to

is

time, preventing it, for one thing,

seem

achieving

closing reading

a

as

that utterly fails to reflect

one

the

true

of

story

the

of

course

stock

prices than, when it is prob¬
ing uncharted peaks. Apart from
ducers

talk

decry

highs

scaring

as

all

of

for

long time that

a

of

were

Xerox, for instance.
the

of

one

was

simple chore to refute the picture

nowhere

Polaroid

premiere growth,

reached by this stock

accomplished

in

the peak

is still

after its last stock split.

years

high this

half

year was

the

to

also the

the

What Highs?

>

dustrial

ranging

stories;
which
of

has

than

less

tag currently

its

of

third

a

peak, to others like Alcoa,
can

1S29

Ameri¬

Can, Bethlehem Steel, Good¬

International

year,

of

their

of this

told.
film

1959. The wonder workers
average

oil

motors,
and

Harvester

Roebuck

Sears,

being

from

far

is

which

components,
International

company

two

even

a

involved.

majority of the 30 issues

ing

quarter

hit with
in

half

about

stemmed

troubles

from

;

that

disclosure

about

information

price

recent selective

the

in the industry is being

increases

:presented to a Federal grand jury,
an
echo from the titanic battle
the

industry

steel

ago

year

1962.

•

As

far

earnings

the

as

cameras.

com¬

curities
in

the

,

bought the

The

who

buyers

new

al¬
type

inevitably cut

move

by this

momentary
told

hat

was

were

picking

Plate-Wabash merger, a prelimin¬

examiner's approval, still toICC, was con¬

ary

be acted on by the
ditioned

Split Candidate?

up

ending the

without

7

taken

moVes either way

wild

to

has

becoming some
on the new
highs lists.
The stock has long
since doubled its year's low and,

of

than

more

Revenues

of

fixture

a

indicating it was in¬
its price before

seemingly,
tent

in

very

long.

The

tripling
'

7

stock

this

100

first

it

when

in

trading

1961,

under that line

break
that

last

either

time

above
was

It didn't stay in

bracket

350.

listed

and

The

this
last

very

-long

week raced
stock

split

4-for-l division, sp
obviously is in the fore¬

in 1959, a

the issue
front

of

the

lineup

of

stock split candidates.

current

only

Boyce, Inc., will be formed.
Officers

will

be

C.

Wallace
Milton

Lanahan,
S.

president;

Jr.,

Trost,

executive

vice

president; LeRoy A. Wilbur, vice
president and secretary; Edward
J.

Armstrong, vice president and

treasurer;
and

Norman

James

dents
and

S.

Morey

L.

Joseph

Abrams, William E. Kidd, Albert
J.

Warner,

Harold

Sullivan,

L.

Richard J. Eskind, David

Arthur

ner,

G.

J. Buck-

Jennings

and operating economies

poor

and

E.

McClure, vice presidents.

1961 and

if

Pennsy's fortune to

out

sales

at

1963 will set

this

as

Rails

The Association
tention

to

the

authorization

through to
to

without




called

that

federal

for

IBA Opposes

the.

for

federal

accelerate

government

capital

outlays

institutions

at

any

desirable.

and

would

be

undesirable

and

additional
funds

unnecessary

authorize

to

being

reactions,

the

a

case

the

under

Acceleration

Public

do but rise in time.
The Investment Bankers Associa¬

this article
do not necessarily at any time coin'
cide with those of the "Chronicle."
They

presented

are

author

as

those of the

tion

of

America

submitted
tee

to

in

statement

a

House

strongly

bill authorizing

a

Rice to Be Y.-P.

appropriation

1962. The Association's
based

was

Of D. B. Marron

the

on

Rice effective November

Alan H.

will

1st

become

vice'president

a

of

D.

B.

Marton &

Co., Incorpo¬

best

tax

ad¬

an

of

$900

economy,

mittee,

sized that
both

Mr.

Rice

J. Rice

is

president

Irving

of

& Co. Incorporated

of St.

tax

federal

the

stimulate

Com¬

Mills, empha¬
the country can't adopt

reduction

increase

and

spending to stimulate the

economy,

LOS ANGELES, Calif.
G.

O'Mara

Bantel
the

&

has

Co.,

—

joined
will

and

Federal Funds service

Flower

Street, it

was

announced

the Federal Funds Department in
the

firm's

main

office

ger

pictures.

to

be

and that if Congress cuts

1956

National

with

Bank

Security

in

its

department. From 1955-56, he was

justifica¬

with

increase federal

spending

ment of Bankers Trust Company.

the

corporate

trust

Common Stock
(Par Value $1.00 Per Share)

Price $25 Per

Share

offer to sell nor a solicitation of an offer to buy these
offering is made only by the Prospectus, copies of which may be obtained in
State from such of the undersigned as may lawfully offer these securities in such State.

This announcement constitutes neither an
securities. The

Smith, Barney & Co.

_

>'

y

Incorporated

years
merce

Some estimates are

Commission hands down a
on

Goldman, Sachs & Co.

two more

before the Interstate Com¬

decision

Blyth & Co., Inc.

Eastman Dillon, Union Securities & Co.

in the rail mer¬

that it will be at least

Hornblower & Weeks

Merrill Lynch, Pierce, Fenner &
'

Pennsylvania Railroad

Central's plans to

Kidder, Peabody & Co.
Incorporated

Lehman Brothers

Paine, Webber,
October 23, 1963

First

investment

in point

to

New

Mr. O'Mara has been associated
since

with

little

in

York.

Pennsylvania Under Scrutiny
seemed

of the

by James V. LaRocca, manager of

Chicago Musical Instrument Co.

,

Garvin,
augment

firm's California office, 550 South

190,000 Shares

any

Thomas

taxes there would be no

tion to

Paul, Minn.

to

Garvin, Bantel

Wilbur D.

York

Exchanges.

has put top priority
bill as the

and that the Chairman of

York

Stock

the fact that Presi¬

the House Ways and Means

City, members of the New
American

opposition

reduction

method

rated, 63 Wall Street, New

and

on

dent Kennedy

O'Mara Joins 7

Commit¬

Works

the

Public

on

opposed
ditional

only.]

of Norfolk & Western.

There

Works

Act.

desultory performance

break the logjam

an

$900 million of federal

de¬

Good

time

neces¬

Accordingly,

highly

much follow-

by the industrial average.
dividend news was greeted

to

by

states and municipalities and edu¬

it

Appropriation

for shares

it and they did little

grants

and loans provide adequate funds

sary

Additional Works

at¬

existing

of

confirm the push to new highs

and New York

.

also

fact

well as far
considered

occasional

in

were

but

last

.

acknowledged growth situa¬

mand

con¬

the

record exceed¬

a new

ing $9 billion.

of

the total for

year,

Jackson & Curtis

Smith

Incorporated

Dean Witter & Co.

about

I.

issues
for

once

was

normal price to pay
an

level

going

state¬
bonds

months

year

prospect

in

$7.6 billion

new

rate

quarter of this

the

nine
over

of

this

in

of ' such

the first
sales

years

billion

$8.5 billion in 1962.

over

aggregated

tinued

two

$8.2

over

that

during
and

fi¬

records

new

past

pointed

was

ment

set

the

that such action is deemed

by rising costs. There seems

to be little for

of

aggregating

secretaries;

Booth,

L.

which

both

1963

to

presi¬

vice

Levy

assistant

and

Jacobson,

H.

municipal bonds

facilities

It

Henry

Evans, chairman of the board; W.

their

million merge.
shares outstanding and something
Pennsy, at least in market dis¬
like 15,000 holders, many of whom cussions, was the more obvious
undoubtedly are content to sit and candidate bf the pair fpr better
.?!,.,'i •'
: -•
;
r-■ ■■/.
With

corporation, Stein Bros. &-

static, earn¬

have been

retreated

and

again through the

year.

price

to

came

year

what

mixed

available under

was

'

new

issues of

construction of local public

cational

still since 1958.

stand

and

in

all, the road has done little

In

state

Stock Exchange and other leading
Exchanges, will be dissolved and
a

to

further

as

new

tion.

but, through it all,
thing

the

from

under
a

which

Xerox

than

so

more

partnership of

The Association cited

evidence the sale of

output

revise

earnings, projections for

none

favor

Effective

nance

Elwood

its N. & W. holdings.

—tl

and, in fact,

future

up

students

market

earlier

were

and

obvious

in

still

of

disposing

Pennsy

on

the

Stein Bros. &
Boyce, One Charles
Street, members of the New York

explanation made some of

The

flated

equipment, items

Office

& W.-Nickel

proposed N.

President

already underway.

were

but

So far

reported that

production of film

step

to

The analysts

one.

are

A

,7

supply of film

a

the

making

been

///

ship¬

explanation, the trouble was only
a

Norfolk & Western se¬

held byTPennsy.

back

concerned, they have that the company will report rec¬
cheerful
reading ord earnings even if they are
after the vigorous cost - cutting somewhat lower than had been
and higher efficiency strides that anticipated
earlier.
Meanwhile,
the industry made.
the price of the issue is well de¬
panies

:

held

month's

one

assure

film

the

into operating results. But

the

reports

steel

the

from

emanating

had

plans

that, in part, helped
trigger the market break of May,

■V

ready

and
packs
than a

more

were

possible short¬

a

company

from

Administration

the

between

A

but some

consumers

of

to

quarter

automatic

producing

the

So

packs
steels'

students
new

packs pointed to
age.

the

of

source

Md.

1st

Public Works Acceleration Act of

Polaroid's

troubles

potential

also

was

.v

BALTIMORE,
November

million to be allocated under the

market

ments

The

talk.

pack camera has been mak¬

a

and

debt

solely to stimulate the economy. It

that conclusion.

less by company de¬

or

the

circle,

Boyce to Be Corp.

earnings

-

Woes

Industry's

Steel

the

dropped

growth

third

in

sign,

the

society

more

1956 and

between

highs

that have

from

retire

[The views expressed in

analysts

an

this year have been the

historic

three

problems

was

under

clarification of

some

was

Polaroid
via

points

At this year's low,

v7". 7: ;■ *'v"7,

-

There

the

available

less than half of the peak

was

and drop

Paper

Union Carbide which posted

the

it

Anaconda price.

from

price

a

varying

tell

average

full hundred

historic peak.

realized to improve

otherwise benefit its affairs.

offset

a

components of the in¬

Even the

There is

sizable cash

a

Its

a score

was

prospect of

property,

ings

levels, it

approach

a new

the better.,

bundle being

points below last year's peak and,

excessively high market.

an

shift,

problems of Pennsylvania

fortunes for

at recent

of

high for

.J

Kennedy stated he subscribed

and, perhaps, a definite turn in its

feat

a

several

1960,

owns

As with any management

billion in

issues

duplicating the performance

near

Pennsy

•

the "growth" label

worn

switching to the

funds is the better than a

some

situations for years. But

would-be

away

that had

Stuart

third of N. & W.'s stock

are

Stein Bros. &

man¬

Pennsy,

carrier/

a

The

still

are

top

profitable road.

positive.

be

pro¬
-

the fact is-that it is a

customers,

to

would

answer

time

commission

that

fact

'the

the

concerned,

But there

probably is never more

criticism of the industrial average

something not

was

i-Polaroid's Dilemma

at that level.

There

back

come

easily answered. As far as Xerox

given the list some trouble at that
from

going to

pitch

fever

so

the

new

and the latter is the nation's most

hopes

price action.

had closed above the 750 line for

■

nearly

concentrated demand, can lead to

industrial average

the

it

mount,
a

on a

He headed up Norfolk

& Western before

Between

in the future.

in

agement

STREETE

BY WALLACE

showings

This

And You

.

17

/•'

depart¬

18

The Commercial and Financial Chronicle

(1606)

would

like

search

SECURITY SALESMAN'S

report

highlights."
hold

CORNER

it

check

Sales Nuggets From

"Old Pro"

an

weeks

I attended

ago

do from

a

on

sales^meeting that was conducted
nationally

a

stock

known

talk

has

been

producer

a

of

.

$100,000 a year gross com¬
missions for the past five years.
He

been in

has

about

30

Here is

years.

of some of the ideas he
to

You

us.

others
the

.

especially if

.

.

opportunity

who

from- salesmen

their worth in

have

actual

his

tools.

three

most

Every

day

impor¬

he

lists

piece of mail

material

opt,

it

to

whom

(in the steno book)

he

sent

was

all

and

have

ideas

fore he goes home he checks

legal pad to

proven

for

practice.

that all requests

see

information

He

the

you

"research"

and

BY

helpful

ap¬

Keep

clients

your

information,

with

posted

if it is

even

bad,

mails

or

against

give

your

accurate

shift

and

the

to
.

.

de¬

[John Dutton is the
of

pen

ployed by
the

New

York

Stock

is

that

time

the

material

but

you

material

book,

he

listed

calls

in

the

everyone

on.

broadside
literature

but

he

sends

time

don't have to spend so much
service calls.

on

It

is

.

»

'

•

that

exposure

"

,

as

and

'pencil. He checks all his reading
in

with

the business. Recently this sales¬
man

received

new

issue.

on

a

and the

of

shares

this

him

him

few

a

if

could

he

highlights
(or

prospectus

Statement
time

give

from

the

condensed
listened

customer

The

300

he

as

Customers

intently.

service.

have

the

order,

is

sell

customer

the

worth

to

valuable infor¬

business, if he had not made

ondaries

and

agement

or

such

offerings

He

clients.

issues"
widen

if

tax sale,

sold to

still

and pro¬

markets,

and

holders.

large

issues

your

more

attractive

are

.

and

.

.

clients

favor

a

prior

of

the

preju¬

regional sales

be¬

accounts

original clients through of¬

this

nature

their

stock

of

ferings

hold

they

...

it

and

has

advanced in price to many times

ideas

impossible

will

cept

clients

will

or

They will first

try.

be

I," 1972

ex¬

conditions

certain

after

and

on

Jan.

lower

from

the sale will be

duce

short-term

bank

other

and

opportunities for

.

.

there

busi¬

of merchandise.

to

course

additional

of business.

providing

in

engaged

finance

sumer

the

branch

offices

back,

"In

problem,
funds

in-]

give

will

price,

will

you

about

usually

be

better off. After all, you are talk¬

ing about

a

$50

or

more

$4,000 transaction and
less is

discussing here.

The

why not let

.

.

sell

to

at

sell

it

.

.

have already suggested

this, in the long

may

your

prevail¬
have

you

which

.

...

run

en¬

acquiring all of the capital stock

The

When

sold

goods

through
owned

938

franchised,

locally

retail stores located

in 20

con¬

The

ducted

about

sales

the

the

thinks

.

opinion

.

market
.

on

fluctuations
swers,

clinic

or

a

.

.

is

what

he

market

always

"I don't know." No

■

.

'

v\

on

a

'

-

an¬

Go

can

Out

If you are asked
on

know what the market is going to




Don't

a

for

particular stock,

suggestion.
one

invested

to

move

to

the

the

comes

should

year

member

:

Reserve

banks

provide funds to

the

chased
&

the assets of Badger

Hardware Stores,
This

Inc.

retail

paint

and

Paint
Mil¬

of

Milwaukee

paint manufacturer and

based

-

group

hardware

of

stores

has 43 outlets in Milwaukee Coun¬

familiar

If

with

familiar with

you-

it,
the

are

is

not

reply,, "I
company,

sectors.

These

if made,
to

reserves

This

that

are

long-term

purchases,

when

would not only add
the banking system

but they would also give support to

Treasury

securities

aforementioned

in

the

two

of

the

sections

market.
The

other

in-

way

reserves

could

system,

besides

be

which

supplied to the

resort

a

to

operations,"

"open

would

will

banks

made

available

Central

specialists

in

to the member

ways

the

some

rowing

Banks.

anticipate

that

and,

of their needs by bor¬

from

in

the

the

the

Bank6

balance

will

reserves

plied ;tlu*
by

Central

addition,

necessary

be

of

sup¬

be

sure

bills"

to

American

Building.

He

National

lion

of

this

was

formerly

with

new

economy, will

usual

open

time,

market

however,

operations
from

these

way

open

be

may

those

dif¬

which

been used in recent years.

have

Because

Draper, Sears

son

too

Draper, Sear^ & Co., 50 Congress
St., members of the New York
and

Howard

J.

Gill

are

on

the

the

firm

to

balance

high> side

of

111.

CHICAGO,

with

Boston/stock Exchanges.

market

operations

involve

purchase
ment

tion

to

any

of

great

extent

short-term

tend

to

open

time

this

will

the

Govern¬

obligations. Such an
would

Elmer

Dr.

—

W.

Engstrom, president of the Radio

Corporation

meeting
alysts
held

of

Investment

Chicago

of

be

luncheon
An¬

to

be

(October 24th) in the

today

Illinois

the

at

the

Society

will

America,

of

speaker

guest

the

of

Roopi

Salle

La

Hotel.
Crown Zellerbach Corp. will be
the

subject

the

of

A.

meeting,r and

October, 31st

Robbins

H.

Co.

meeting.

Customers Brokers
To Hold Meetings
Association

The

will

Brokers

of

hold

Customers

an

educational

meeting October 24th at the NewWall

Club. Ben Heineman,

Street

chairman of the board of Chicago
& Northwestern

the

discuss

Railway Co., will

outlook

for

Chi¬

the

& Northwestern tand its in¬
the

in

Chicago

Rock

On

October

28th,

Liquor

Outlook

the

Industry

will

meeting

be

to be

held at 15 William Street. Speak¬
ers

J.

of

will be Vice-Admiral William

Marshall, USN (ret.), president
the

Bourbon

dington

Institute; Charles

president

Guttman,

of

Corporation;

Westergaard,
Research

a

the
and

Pad-

John

partner of Equity

Associates.

payments

problem/it is not likely that

BOSTON, Mass.—Ralph W. Emer¬
and

necessity to keep short-term

to

will be raised

money

Hear E. W. Engstrom

expansion of member banks'

operations.

due

bill

Island & Pacific Railroad Co.

of the

Philadelphia.

"strip

way.

vestment

Banks

through

Bank

of

regular weekly

auction. It is indicated that $1 bil¬

Reserve

Federal

likely be done in the

Co.,

pres¬

market

$100,000,000

the

cago

financing of the

This

keeping

the short-term

on

adding

by

is

Treasury

subject of the

Long

they

to 3% in

opposition.

political

some

The

the

A.

capital

the not too distant future in spite
of

ter

Colo.—James

com¬

believe

will be reduced from 4%

side the county. >-

Joins Quinn & Co.

the

and

money

followers

the

his

but I

Many

market

for

With

am

posits.

reserves, to help the fall and win¬

-

by

reserve

mercial banks against savings de¬

initiative taken

themselves.
The

kept

in

market experts be¬

be

by

Those

reduction

ty and an additional 23 stores out¬

Bache & Co. in

.

opinion

this

in the intermediate and

of the November 7th

/

cover

Limb

an

securities

banks

rates

work.

his

intermediate
...

extra

will

that

so

the member banks will be able to

he

wants

.

client

asked

and

rates

side

now

Federal
to

market

opportunities,

market

of

different

ferent

you

be¬

June, 1963 the company, through
a wholly owned
subsidiary, pur¬

will

time,

saves

but,

money centers
better rate of return.

money

&

missed

in

Chicago Analysts to

that the necessary reserves
for the coming needs of the econ¬

you

client will then give

order, which

take

than

area.

however,

lieve

has become associated with
Quinn

a

other

the

world
a

that

order

always

market

would

issues

the near-term

they

as

western and far western states. In

if you

you

be,

are

time

the

omy

hard

,

to

pick-up in loans which

DENVER,

a

the individual who

Government
those in

of the system will have to borrow

two

in

econ¬

freely

as

the firm

free

from

of Coast-to-Coast Stores, Inc., spe¬

are

it may

place

best

Household Finance

the .merchandising field by

waukee.

or

me

the

we

stock

that half point,

up
.

what

1961

the

reserves

not jhavef

because of

such

re¬

70% of the time if you place your
order at the best
prevailing mar¬
ket

In

tered

short¬

restraint

open

which

here

this

sys¬

no

as

not

of

be kept on

at

comes

experience,

our

Maturities

likely, therefore, that

the
"open
market
operations"
which will be used by the Fed¬
eral Reserve Banks will involve

re¬

of the balance of
payments

cause

find it works out better?"
Nearly
The Three Most Important Words

will

policy

any

be

in'• the

far

as

these

There

,

con¬

At Aug. 31, 1963, there were

providing the

banking system

busi¬

(small loan)

fi¬

the

have at times in the past.

other

ganizations

be

with

in the opinion of noLa few
money
market specialists,
will hot be

cializing

plies in the affirmative. He

do

provide

Headquartered in Chicago, the

the

place

order at 41, but may I

decided

profitable

this type

are

with,

you a suggestion?" The client

go

the usual

to

to

banks,

that there is

so

credit

economy.

your

not

and

have

the

coun¬

omy is concerned. This year, how¬
ever, the Federal Reserve
banks,

redemption

used by Household Finance to re¬

Banks

age of

1,

prices under the special redemp¬
tion provision.
■
\
Proceeds

will

by

serves',

of/

1987. The debentures may be re¬
at

These

needs of the

Central

re¬

states and all Canadian provinces.

back

pleased

what

trying

are

Longer

of

It is quite

requirements

con¬

to increase for, the balance
the year due to the usual fall

client

"I'll be

very

tinue

ac¬

in

quiry.

still

,

in

Tightening Reserve Policy

tem, located in 903 cities and 47

come

are

would

of

do.

market

sale, for instance 40 V2. Then

"Sell it at 41." Here's the
way
"old
pro" handles such an
,

issues

The demand for funds will

;

not

may

before'Jan.

deemed

1,281

will

cau¬

outlet

opposite

authorities

Purchasing

Nevertheless,

an

rates, which

the

through

frofrj^lOl.75% to the princi¬

ness.

the

a

because

area,

seeking

nanced

securities

under

ask

Don't be.

.

an

security in

a

funds

of

and

company is one of the largest or¬

give you

buy

in

the trend of cap¬
rates.

Unci; Christmas
yield approximate¬

interest

pal amount

the

\

order \o

prejudiced

infor¬

some

,1'

/

market

fill

sizable.

will be redeemable at prices rang¬

his

interest

ing market price, then if

in

in

reinvestment,

their original cost over the years.

ness

98.44%

saves

provide

or

that

fashion?

last

owner¬

largest

manager's
came

it

It is

in

over

long-term

deben¬

1991. The

due

priced 'at

deemed

price. You will give them the

the

increase

are

without

Some

this

and

shareholder

doing

them

dice.

tures

ing
on

though

account

and

to

and

modest amount of

a

market

4M>%

funds for lending to customers in

Often

his

select them with care and

you

this

obtains

also

possible

a

order to sell

as

over¬

for

they work out well

offer

He

client.

classify

being

as

assets ,1'or
these

you are

.

not

diversification

Often

debentures

Corp.

loans

man¬

secondaries

Many

liquid

by

unattractive

ship,, broaden

...

does

offerings
or

vide

even

.

because

every

mation

upon sec¬

large shareholders

"bail-outs."

and

Finance

suggest

Many salesmen look

"new

.

while

keep

a

priced

with

anticipates gripes
.

au¬

'

bond

back

restricted

the

issue of $100,000,000

an

Household

often offers him an
opportunity to

Secondaries and New Issues

all

every

there is

mind's memory, so a checkTUp of
the
client's
monthly
statement

call.

the

He

statements

customers.

mation, and he would have missed
this

checks

pleased

are

from statements.

have

would

He

.

opportunity

this time is "lost product time" it

He

had

never

without this

been

the

anticipated, the

"Sell my 700."

customer said,
would

him.

as

payments

^

to

ital

White,

ly 4.60% to maturity.

out before he receives the request.

order to buy another

an

shares

for

the

on

breather

a

v

tion around

Co., New York, and Wil¬

offering of

The

is

of

long-term

there is

group, have announced the public

crued

time

bit

a

continues

small credit balance he sends it declining instalment notes receiv¬
able. On and after that .date, they

a

pre-

When he finished, instead of giv¬

ing him

is

reports,

monthly statement. When

offering circular he had received).
The

what

circulars,

Opportunity Time

client about the coming new issue
asked

underlines

in

news.

same

stock. He telephoned and told the

and

and

important

of his customers

One

700

owned

prospectus

a

it

of

interest

just

monetary

a

their credit and debit
management

Exchange.j

Corp.

have

development

balance

our

rather

&

for money

itself

be

the

This would not be

unfavorable

thorities

Debentures Sold
Higginson

of

of

term

.

Another important tool is a red

-

brings

-

.

will

that

monetary

Household Finance

Weld

direction

problem is concerned. In
addition,
it Would give the

name

over - service
them.
When
liam Blair & Co., Chicago, as joint
they that
is pertinent and then follows
have' profits and feel happy, you it
managers
of
an
underwriting

up.-

credit

program.

Lee

doesn't believe in large

mailings

to

the

indicated

an

large member firm of

a

is

far

registered representative em¬

a

It

money market.

own

whfore it belongs.

.

of in¬

modestly firming influence

burden

research

your

and

in¬

your

trend

usual seasonal demand

clients

the list that received material. He

customers

your

or

you,

losses,

that

the

small

indifferent. When the market goes

have

for

didn't send it." Two days after he

CHIPPENDALE, JR.

opinions

more

the

in

be

firmness.

more

can

shoulders

will

this

responsibility from

partment

depart¬

.

asked

Exposure

-

T.

terest rates for the balance of the

proper

your

that

now

questions. In

service,

formation,

around

year

is

such

you

There appear to be

to

your

upon

research

and

to

better

of

and

lets the customer say, "I

never

JOHN

suggestions

or

answered.

were

on

GOVERNMENTS

the

him

Don't try to give ad¬

That

way

his

the legal pad sheets. Be¬

on

Our Reporter

phone,

him

If not, tell

informed

proach

.

the

give

client. Fall back

ment.

file.

calls

you

obtain

to

reference

cross

every

on

always learn from

can

pad

paper

sends

digest

a

passed

a

are

tant

for

the business

and

.

These

be

statistical

Tools

Thursday, October 24, 1963

.

everything. You can't do that

and
your

smaller stenographer's note book

a

over"

legal size

a

out

go
,

importaht

ex¬

He has

Why

"

Ilis Three

change firm, The man who gave
the

limb?

a

by the regional sales manager of

day to day,

.

available,

on

with

re¬

the

you

readily

vice, offer opinions
on

Several

give

and

report back.

Some

latest

our

client

up,

salient facts.
will

get

and

If

your

look

JOHNDUTTON

BY

to

.

depress

opera¬
near-

Forms

King Securities

JAMAICA, N. Y.—David A. Kap¬
lan is
iness

Street

conducting
from

a

offices

under

the

King Securities.; >J

securities bus¬
at

89-47

firm

163rd

name

of

f)

Volume

198

Number

6310

■.

The Commercial and Financial Chronicle

.

(1607)

19

'

r

There is

a

growing demand for gas service for

farms and industries located
of cities. Pyrofax, with
Canada

and

Eastern




distribution in 28 states,

Bermuda,

"bottled" LPGas, is

acquired

beyond the mains

a

major

marketer, of

meeting this demand. Texas
the 41-year-old

Pyrofax

Gas

Corporation
program

as

another step in the company's

of related diversification. In addition to

being the nation's leading pipeliner of
we

now

have

the

energy,

opportunity of keeping the

500,000 Pyrofax customers happy. Texas Eastern
Transmission

Corporation, Houston, Texas.

•

The Commercial and Financial Chronicle

(1608)

20

months of

MUTUAL FUNDS

against

Net

and

amounted

$9.36

or

$12,857,649,

share, for the

C. POTTER

BY JOSEPH

1963

$13,603,402,

$8.84

or

1963

Ahead of the News

...

were

period,

com¬

Confucius, Denver & Co.
sity of distastes. The Denver fund
rarely leaves his island, this city wasn't bearish on whole indusnot
only is a world center of tries, for there was considerable
finance but the center of the uni- buying of issues in the very inverse
around which revolves an dhstries where it had liquidated
aggregation of celestial bodies in holdings. Thus, while it got rid

*
*
*
institutional Investors Mutual
Fund reports that at Sept. 30 net

BY CARLISLE BARGERON

-

pared with $3.99 in the compar-

To the

VWX VVO

scant

ters.

distinguishing

Psychologically,

Fundmen

always

tionally" has

the
But

the broadest-gauged steward

even

of

take

to

hinterlands.

the

of

citizens

been

this

taining

Financial

Denver-based

of

Industrial Fund.
the

From

capital of the Rocky

this

Mountain Empire comes

pam¬

23% on the
year.
At nearly $260 million, a
year-end peak, it is a fund of emi¬
up

respectable size.

nently
On

assets

its

unique

de¬

tion.

.

While the rebound in

."

.

previous prepara¬

upon

net asset value per

share, to $4.39

at the close of the latest year

$3.76

year

a

tion by
sel

sented

for meeting

And

at

have

educative costs, plan-

of :ihe mutual,funds.

-mile, above

and

gas

what, in this time of grow¬

cate¬

of?

In third place

tion ; group,

latest

Rock

their 35,000-share

year

oL Air Reduction,

of Braniff

shares

the

sented:

Robins,

18,000

also

to

record

a

Hiri
did

.

Chemical.

ate

Majority

country,

-x.

than

conservative

provincial

civ-

^

at Sept. 30

three

latest

New

share

$44.07.

were

little
little

do°s

^

assets

three

months,

nnthincy

nr

thorooffor

,

nothing thereafter to

or

mx,

Q

.

^.1

Line

.

.

earlier

this

the

and

earlier

reports that

Sept.

A

.;

-

30

y

•

year

with

per

$224.8

eariier and $265.9

June

on

on

$279.2

were

compared
a

that

announces

net -assets

million,

30

share

Net

1963.

$1176

were

year

earlier and $11.07 at the mid-

dle of thig

r

Value
Fund
sets

f

*

*

L i

share,

a

?

'

cursion has been

to avoiding

eye

ex-

wnu

comparison

any

box-office appeal of Sen-

Goldwater

just

.has

who

ducked jnto the State for appear-,

1
San

in

ances

and

was

Republican/he

Senator

Bernardino.

16,

40,000

drew

sans

on

Sept.

screaming

parti¬

Goldwater,

into the Los Angeles Dodger

Stadium. Such Los Angeles party
officials as are still neutral sugjested Governor Rockefeller hold

no doubts

accomodate
Rockefeller staff
members came out, cased

were

3,000.

Some

place> and turned it down. Gov-

Rockefeller's schedule both

ernor

campaign is

receptions for no more than several hundred.

isolationist.
sort

same

an

•

of

Senator

governor Rockefeller

himself is leading this attack. He
Goldwater's

attitude

McDonald Adds

wreck"tws ^Ityl foreig^°Pou Grant Brownell

n e

1518 329 484

'$3 20

or

A
$15,704,014,

against

•

as

being made against

now

claims

and in general his conserva,
„
tism would take this country back DAYTON, Ohio-The business of

to the gas

Co., Dayton
has been aclast week with this sort of an at- quired, as of Nov. 1, 1963, by McValue Line Income Fund reports tack and received an ovation from Donald & Company of Cleveland,
that at Sept. 30 assets were $87,- his Dartmouth College friends according to an announcement by
069,241, or $5.35 a share, com- which college he attended.
*
the two firms.
A
$2.64

share,

a

with

pared

a

earlier.

year

$74,390,674,

his

$4.74

or

a^share, 12 months earlier.

Fund

Sept. 30 net asset value
$13.79,

an

that

reports

at

per

share

historic high,

com-

in

He launched

New

Hampshire

Hampshire is looked

key

a

that
Whitehall

light days.

campaign

New
as

pared with the $12.79 at the start

They

the

here and in San Francisco features
non-partisan speeches or Party

This

■

•

reports that

totaled

was

-

a,
*

They

In fact

in iaCl, me ex
planned with an

al-

at

on

Sept. 30, compared with $8:93 a

Kaiser

*

'

a.

earlier,

$12.88 at the start of

party,

smeared

was

fiVeouaf to^Va'sh'e$a yea? G°Idwater-

record $283,615,335,

year.

•

^

ofe-dav visit
/2 Qay VISlt.

° S

delegates Democrats

as

to

Taft

leged

Fund

30 net assets
a year

The

party back to the days of McKin-

3 assets totaled $12,173,540,

Sept.

L

million fr0m

up

nor

exist

ley.

street Investing A Corp. re-

a

illegally.

afraid he would win and take the

897 at the start of the year.

P OTinvf

ports that at Sept.

no

forward,

come

organization

an

ator

had co™e by his South-

delegates

about his ability to win but

$48,-

and

has

could not be elected. They later « gathe^at can

$479,441,951

were

a

con-

^

Party and

the GOP. At the Chicago

up

service

In-

of

the

visible suPP°r* in California. No

„

TD

ov,

looked upon as Mr.

186,054 greater than the $431,255,-

plainly

J-llv/ -L U.11U.Q

claim

few

though Taft had rendered yeoman

predilection for quality.

a

leader's

backers have

,

a

w^° kad voted in the Democratic
Primary °°ly a few months betore. Their claim , was that al-

as-

58

xu

&

f

of

atSepT^p $13^6,lM'Tn'the admitted that they had

Yankee-

mountaineers

the

reports

1962. ' Twelve months earlier,

31,

vestment

less

Corp.

its

sue-

and

£with-the
liberals spearheaded a fight

months earlier and $50.07 at Dec.

Union

and

mlllion

12,000

this

^

$356,830,032,

$56.90, against $55.13

repre¬

No

mjiiion

Interna-

tional Harvester and 16,000

&

rkn+it

12-month &
gain of about v
$93 mil-

are

York

30,000

9,200 Gulf States Utilities,

Aluminum

yyi

in-

Net assets

1962.

30,

assets per

Pac^c an<* Southern-Railway.

22,000

Airways

°C?V

-

Sept.

Pacific,

Southern

of

each

counties, echoing the former Sen-

"
a
"
i+u
Governor does not dare to risk a
later by toying with the
rally in either North or South in
an Eisenhower

months
irioo
idea

Tx^VVi oli build

sets per common share

al¬

airlines,

railroads

though

Island, 51,000 First Western

Hewitt

was

share was $12.49'

per

Tri-Continental

is the transporta-

largely

Chemical Fund

Well, they've eliminated during
the

value

were

ing selectivity, have they disposed

holding

share

per

4-u-

recognized

predominant.

amounted to

away?

position.

Eisenhower who responded

lion.

sea

they already tucked

And

in

$13.86 at the start of the year

creased
a

tevel and assets per share were put at
reaching for these .days and what $14 35^ against $14.09 three months
a

reports

o r p.

$15.17 "three months earlier

Value

just what are the folks who

operate

A

.

(ning r^or retirement, ,bml4ing.an
extra financial reserve and other
uses

and

international

The

oils.

are

report stresses preparation

The

■wise

the

giants

at in¬

is aimed

value

asset

from

new

second-favored

by

land,

'

ViriCn
rl
witnessed
11 ri

AA

n

Another 10% is repre¬

companies.

have

vestors.

A4

$13.09.

was

$15.64 at the end of September, up

American Tele¬

electric

with

phone

the FIF people, the coun¬

Confucius

of

little prepara¬

J

ern

earlier, indicates that

has been no

there

from

this

by
are

the State form-

over

committees in

ern

"In all things success

admonition:

that

;

represented by utilities, since

are

picts carved in rock the Confucian
depends

•

AAA

4

National Investors C

investments

its

of

13%

the fund lumps in

gory,

FIF

cover,

aa

Asset

About

in

convention

•

Royal

only

the

J

Mobil,

commitments.

were

the

at

that

and he went to

up

ceeded in defeating Taft

entries.

phlet for the year ended Aug. 31,

showing

Delta)

.tually locked

-

announces

Sept. 30, 1962, it

Interestingly, airlines (Pan Am
andi

*

all

led

Knowland,

-

Tho so-called liberals then went first ballot nomination of
or $16.78 a share.
Share to work on him and, with about servative idol.
: '
Jqne 3,0 was $16.63 and at as dirty tactics as ever have been
Governor
Rockefeller
f
AA11V\+W*r vf''.

100.068,
«

But these were additions,

first-time

not

Fund

FIF value at

while

1

_

ing too, things, like Socony
Standard
of Jersey
and

impressed by the 28th annual re¬
port

ii.

'1-

_

*

*

Senator

Sept. 30 net assets totaled $108,-

selling oils, it also was buy¬

was

Dutch.

$25 billion trade must be

'

.11 •

Republican 1952 nomination vir- ing

Lazard

Airlines, re¬

And

18,000.

'

Wall Street to the solid

of

American

of

shares

share three months ear-

a

pushed into a posi- water by 2 to 1.
to that of Senator
Goldwater organizers,

Robert A. Taft in 1950, when the former
latter was considered to have the bustling

with $94.3 million and

y

Incident¬

66,900 Delta Air Lines.

better, since their mission tradi¬
wares

$248.98

ally, the company also sold 49,000

known

have

Senator Barry Goldwater, Repub- tial primary were held tomorrow,
^can Presidential possibility, is he would lose to Senator Gold-

lier.

Airways and

Pan American World

is

Albuquerque.

far away as

as

Albany

period.

compared

Braniff, it made new commitnients in airlines: 59,000 shares of

charac-

1962

asset valuation reached $100.2"-rapidly being
million, equal to $255.50 a share, "™011 similar

"

CI**

which, with few exceptions, there
are

able

parochial New Yorker who

VCiOV^

,

FROM WASHINGTON

a

share

per

sales of investments

realized in the

Thursday, October 24, 1963

.

1962 period.

same

gains of 18 cents

from

.

to

share,

a

.

are

state
to

in

the

Former

come.

Gov-

&

The .Dayton company was orin 1937 by Richard H.,

upon

primaries

Brownell

Grant

investment house,

ganized
Grant,

Jr.

R.

John

and

Brown-

ell, Jr. The controlling interest in
the Rockefeller forces and the Grant Brownell was acquired by
Rockefeller money is
flowing D. L. Rike & Co., Dayton, during
freely. Senator Norris Cotton is the Past year and the acquisition
ern°r °f the State Gregg is lead-

6,900- Diversifred Investment Fund re^- of the year and the $13.57 at June leading the Goldwater forces and by McDonald & Company reflects,
Louisiana Ports that at Au§- 31 net assets 30. Net assets of $15,567,607 also they are just as well heeled finan- the trend of the time to consolida&
Exploration
22 000 Na- totaled $112,381;929,' up from the represented, a pew high, up from cially. Mrs. Styles Bridges, widow tions in the investment field. '
Steel
43 280 Sperrv Rand~ $.109'901'426 of three months ear"
the $12,350,272. a year earlier.
of the late Senator is active in
It is expected that the entire
lier
and

have

eliminated
xxixfxxi

lc

their
cww

v

share""ownCTshiiT^of
Land

tional

3,100

Southwestern

ance,

70,000 Sunray DX

Life

Insur¬

Oil and

$99,350,566

asset

value

at AuS- 31, against

The foreeoinff noint<? to a divpr
eg ingp
ts to a diver

monthg

earlier:

was

$9.28 three
$8.54

and

•

Net ; A Ar Acor;'
$9.37 jlAIIU.1 GOGll

year. -

share

per

18,000 United Utilities.

1,

Dec.

on

1962, start of the fiscai

the

at

start of the fiscal year. -

.

.

.

m

Dominick

HATI0HAL

equivalent
Sept. 30.
share.

that

it

$41,983,329,
share,

a

on

At June $0 assets were

equal, to

$36,386,302

$22.26

Inc.

$20.23

a

.

American

reports

that

per

capital. Send today for
Prospectus and de¬
scriptive literature.

share of

assets
to

at

Sept.

common

Dec.

Stock

S. DeBoer to partnership.

net

operating
gains

on

of-Investors
-and. its

Co.,

30

net

stock.

Net

$26.86

a

excluding

income,

sales of investments,
Diversified

6%

'f'

Services

in

the

first

nine

for

some

will undoubtedly

.

gang

before the convention.
they

i

•

nu

-4.

•»

*,

ernor

Rhodes

of Oh id,

j

with

t

F.

o

L.

i

Salomon

William

are

and

ways

up

him

on

Just

now

Governor

as-

o

&

•

and

Scranton

Pennsylvania. But they

,

Sylvia Chaitowitz has become
x

personnel of Grant Brownell will

of.

seem more
f

+

who has been President, will

er,

continue

trying to bring out Gov-

are

Governor

Joins. F. L. Salomon
o

reluctant to get into,the fray than

&

as

manager

Company's

will

McDonald &

con¬

'with

the

Dale Nash,

organization.

Dayton

office and

Jr.

association

his

tinue

now

Brownell

R.

John

of McDonald

Dayton

Company's Day-

t°n representative, will also con-

tinue as a" representative in the
Dayton territory.
Headquarters
Grant
ters

Bank

the-

at

be

will

Brownell, offices

Win¬

in

Building.

,

m,

„!•

Co., 50 Broadway, New York City,

They

also beginning to

are

+u

McDonald

&

Company,

which

„

registered

-•.•■-

represen¬

mark

&

branch
with

H.

Warner

office

Henry

Bohrer,

charge.

J.

as
?

at

Hertz,

—

have
25

California

does

seem

_

may

run

opened

a

Morton

*

;

,

to

New'

York

preclude that

a

New

general

York,

American

investment

and

brokerage business, including the

California, Nixon's native state,

Municipal and Government Bonds

sibility.

Neu-

resident partners in
i

to

the

pos¬

seems

Academy St., .bag

Warner, and

;•

organized in 1922, is a memof

and Midwest Stock Exchanges and

,

er

•

.

Hertz, Neumark Office
N.

was
,ber

again, but his change-of residence
would

tative.

as

mentl0n the P°SS,blhty that formVice-President Nixon
from

members of the New York Stock

Exchange,

share.

whollyrowned subsidiaries

increased

0

31, 1962, applicable

common, were

Net
.

on

psycho-

George Romney of Michigan

NEWARK,

NATIONAL SECURITIES &

Exchange,

a

to stop Goldwater and they

means

ever.

Investors

at

City, members of the

York

sociated

if;

i-t

assets totaled $65,903,847, or $31.85

Free

New

1962, assets

or,

York

.November 1st will admit Franklin

.

s!:

a
mutual fund with
securities selected for pos¬
sible long-term growth of

New

Street,

quite

score

success. .A;.v^,
.'• The knti-Gbldwater forces

logical

scanning

.

Co J 30 Broad

&

the Goldwater forces. The winner

March, will

a

share.

is




$22.79

At the close of

totaled

General

wJtfor*5,N.Y..

to

$41,005,917,

SERIES...

Esfablishtd 1930

announces

'

of'this primary,, to be- held* in be retained. Eugene A. Bohland-

;

^

Andresen

had total net assets of

GROWTH
STOCKS

RESEARCH CORPORATION

Fund

;

;

^

.

.

.

*

i!:

;

•

/ft) Admit Partner
^

!;:

{

A

<

^
Oo vyU.

to

•

be

for

Rockefeller

'

pretty

underwriting

much

Goldwater.
was

invaded it this

in

the

Governor

supposed to have

week' but the in.

dications are that, if. the Presiden-

and

corporate

and

distribution

bonds

and

of

stocks.

In addition to its Cleveland hgadquarters

and

the

Dayton

office,

there are 15..other offices through-

out Ohio.1

Volume

Number

198

6310

Quite
and

The

by

Administration,

the

in

elements

Democratic party, are on rec¬
ord

which

simply must notbe¬

firm

come

tion.

of doctrines

followers

as

On

policies of this na¬
occasions

numerous

there have

official out¬

been

givings which leave
for

doubt

ideas in

about

no room

basic

the

vogue' in Administra¬

tion circles whatever

decide

These

gress.
be

for

settle

to

it may
Con¬

in

reckless

tically condemned by the
be

op¬

explicit

and be translated into

it

nicipalities

and
to

its

government

Department of Commerce in
the. national accounts

of

ship. For

ministration

and

fully

no

well

could

ment

Ad¬

no

govern¬

be

more

neo-Keynesian

a

shiper

of

wor¬

staggering

etary deficits

promoting

a' means

as

of

and

growth in industry and trade.
It

for

is, of
the

not enough

course,

opposition within

Without the President's
condemn

to

all

of

increase

party

refuse

to

or

or

to

a

year

as

incredible

but

$89 billion,

some

billion

in

occurred

classified

a

so

direct expense

subsidized

of

defense."

If

as

this

latter rise is "untouchable"—

much

we

as

left

some

not

doubt—there

included

$47 billion that
in

and

is

in

the

enough for the opposition- to
and present such

posals.

Agriculture,, various

pro¬

public construction programs,
numerous and
expensive pro¬
grams of regulation and con¬
of

the

activities

of

co ur s

are

not to go on

are

indefi¬

billion
state

either,

must
to

public accounts

resign ourselves

heavier

eVen

overburden

now

reduce

all,

us

expenditures.

Of

and

chargeable
local

and

the

And if

to

we

duction
not

are

us

lower

outlays.

than ubsurd

nothing

to

be

intelligent

elements

and
the

in

yield—as
little

which were not deemed as growth
The major banks at that point which would
to the investor were (as a class) in Philadelphia.
are

of

house

in

tacked

local

and

order

deposit position of the

One
or

eral

more

of

Bank

of

Government

which

do
or¬

to the

in

our

elected

Ikers"

&

.Weeks,

president

has

been

Stock

of

Bro-

Associatei^^^^

has

or

of

even

in

view

of

the

favorable
is

outlook

Historically, dividends

high and

are

usually strong and with
ther favorable

so

after the

English

in

.

;

•

and

England and

are

in

one

of the

is the largest commercial
oldest.

and

of the

a

new

fields. This

investment

firms,

the

banking and

is

by

ald L. Calvin, attorney, Francis I.

at¬

rill

material

the

in

statewide

bank.

Inc.,

and

Fenner

treasurer

registered

Horwitz,

Brokers'

Stock

Chicago
tional

Small

a

which

difficult

to

-

are.

have

this

gov¬

that,

and

the

other

-population

is

as

Dow-Jones 30

indicated, is well above that of the

dividend

&

Industrial

treatment

appears

end.

must

some

or

The

voter

must

-

be

that

able
•

—

interest

some

are

over

told

be

on

likely,

particularly

in

view

of

A.

of

•)

Capital Funds

Capital Funds

Dividends

Net

As %

As % of

Operating

Reserves

Deposits

1962

Deposits

Earnings

Earnings

$21,987

54.6%

12.6% "

$1,692,446

; ■

$213,168

1,730,322

204,688

11.8

21,941

49.8

195,128

12.1

22,080

47.6

1,615,190

__

1,606,880

,

185,054

11.5

20,422

45.3

__

1,652,889 •

173,376

10.6

18,210

50.8

Per Share

Pa.—John

i-.

Figures'

1962

speaker^ at

directions

have

where

sort, really
been

or

instituted.

ever

There

2.72

51.17

5.52

2.63

48.78

5.11

..

2.3i

:

4.55

...

2.31

; :
/

46.26
43.84

Friday, October 25, at The Engin¬
eers

*Ad.justed

Club, Philadelphia.

Mr.
"The

Buyers'

Potential

Profit

will

subject

of

stock

for

dividends.

be

Space

National and Grindlays

Communications."
Samuel
Roberts

&

Roberts

R.

Bank Limited

of Schmidt,

Parke, is in charge

of

Primary Markets in

arrangements.

Head Office

BANK

and

M BISHOPSGATE, LONDON,

B.64

Phila. Inv. Women

INSURANCE
PHILADELPHIA, Pa.

—

MINERVA LONDON

vestment Women's Club of Phila¬

delphia will hold
28th at 5:30 p.m.

a

the

meeting Oct.
Bankers to the Government in

in the Concourse

Laird. Bissell & Meeds
Members

First* Pennsylvania

New

Members

American

120

BROADWAY,

will' discuss

dustrv->

"

*„

the

Drug

In-

-

Stock

NEW YORK

Specialists in

•

KENYA

Exchange
5, N. Y.

BArclay 7-3500

Teletype

ADEN

•

UGANDA

•

ZANZIBAB

Exchange

Stock

York

Telephone:

Com¬

Bell

pany,

Telex Nos. 22368-9

STOCKS

Naylor, • senior -investment officer
of

Telegraphic Address

The In-

phia National Bank. Miss May A.

should

$53.29

5.49

1958

number of

of

Book

Value

; $3.00

$5.50

__

1959

Conference Room of the Philadel¬

nothing

__

1960.

ipeeting of The Investment Asso¬

incurred

already
a

as.

Declared

1961

luncheon

a

;,

l

Dividends

Earnings

Telephone

Cash

Operating

W.

Company of Pennsylvania, will be

guest

of

Excluding
Year End

Investors'

Inv, Association

Buyers of the Bell

the

GROWTH

in¬

untouch¬

mounting debt

good faith in

that' the

these

such, for example,

obligations
in

of

really

for

(In Thousands)

of

category of outlays is to

creases

of

of the basic




say

We

element

average

long-term favorable

represen¬

^\ '.

' ; '

stocks. Further

earnings outlook for 1964.

chapter of the Na¬

a

PHILADELPHIA,

be cut back. It will not do to

that this,

perpetually subsidized
to. reassert

mark—of

from

politician's

suppose

the

the

save

what

much

too

essentially

spending and—

very

"untouchable."

tendency to

$2 billion in nonde-

all by those who wish to oppose
actual this drift toward bankruptcy

often

area

of legality for savings banks and ade¬

To Hear at Meeting

that

determine

entirely

increase

merely to say that this
extravagance must come to an

figures given to the pub¬

lic,

in

..

is

Business Invest¬

quate savings bank money available for investment it would ap¬
pear that this Bank might be an interesting long-term investment.
the

Gerald

Associates

Association

Brokers.

not do

"out of

the

Through holdings in

obviously is the most profitable long-term

area

public

govern-

an

re¬

banking.

tative with Bache & Co.

ef¬

spending. Now it simply will

that

in

are

or

programs,
of

cost

the

outlays

question"

these

conceded

reductions

ernmental

expected in

Computer Center it is expected that this Bank will be,

Also, the yield

secretary Robert A.

Pierce,

Lynch,

A.

the

$11 billion in state and local

implication

not

compete most favorably in the consumer and instalment;

With the qualification

broker¬

vice president Don¬

are

for

to

ciation of Philadelphia to be held

God

even

provides

Corp. which is growing rapidly and also an affiliated or¬
ganization, the Old Colony Trust Co., which has assets, under in¬
vestment supervision, estimated to exceed those of the Bank itself.

200

of

a

In addition, The First National has

,

area

age

to reduce the

and

fense Federal

be

Bank

ment

representatives of 50 Chicago

expenditures for goods

services

of about

straight-flung

not

The

banking services with 34 offices in the

the Baystate Corp. merger or further
acquisition of both suburban
and Western Massachusetts banks is
readily possible.

able

duPont & Co.,

any

total

no

un¬

expected.

of Boston

Paris. Although amelioration

this institution to become

__

1959

ment'

Not Conceded
must

though

gards to branching in Massachusetts, past agitation and the current

With

■

officers

hew

informed profligacy. There has been an, Phila.
increase of some ;$20 billion

words and few.

It

the past

over

even

__

since

The

States, six in Argentina, four in Brazil and offices also in

population

manner

rates.

slight uptrending in earnings, fur¬

some

dividend increases

Net

do

interest

for

unusually attractive, particularly

.

been

progress '

are off slightly for the year
that the uptrend in earnings would continue

increase is expected here, the capital position of the Bank is

^anlzatioh; '"which '-/includes

Mount

there

Although earnings

yield of close to 4%

orr

Other

'

to

appear

yield vehicle—than in the past—is The First National

Boston.

several years.

'

Riley, retail sales manager, Mer¬
Continue

not

bank

The First National Bank

representative,

Brothers.;*,

man

fiscal

be

must

1964

■

registered

Hornblower

well

as

does

in view of the lower yield attainable from this stock

public. Ordinarily there

.

it

re¬

which has not appreciated in terms of
declining
increasing price-earnings ratio, but to the contrary is now
a

current

tendency when voting is

a

by the Justice Department

1963 it would appear

dinary budgetary, figures, or
any other figures now given

District, Philadelphia banks have been

endeavors of the Comptroller of the
Currency could in time permit

next

both fronts.

on

events

would reduce and

4%

returned

Philadelphia banks will provide this factor.

yield

CHICAGO, I1L—Emmett R. Holy-

some

that

that

con¬

Elect Officers

be 'done to

can

forgotten

•Nor

must make .it clear what- out¬

lays they

not providing the

matter of fact, from time to time they have
than 3V2%. Due to the static

a

more

United

national affairs. The urgent

rate

banks

Philadelphia banks at the present time

tingent liabilities of the Fed¬

suggest field,

slightest evidence of

Those

in

or

merger

Smith

gain the support

banks

was necessary.

London

.in .expenditures,
it fort, certainly no successful
do merely to talk effort, to alter this course-of

who wish to

banks,

of

are

$42

to be little

problem of getting

politician.

smaller

both domestic and foreign

anyone,

propose re¬

historically high in relation

difficult to select the banks with
good investment value. As short
a period as two
years ago it was not difficult to find a return of
4% on bank stocks. As a rule,
however, investment in either

bank in New

governments.

to

seems

with state
as

are

also returning little in terms of dividends, it is

are

denial

forgotten that there
very large and growing

of it this time.

against

relieve the taxpayers

are

to

certainly" not

of

else

or

heavier taxes

course,

about

than

taxes

hardly appealing

will

we

time when bank stock prices

a

earnings and

non-growth but yield bank stocks. In view of the recent

and refrain. Let there be less

nitely to have staggering defi¬ year's voting will have to do
cits in the

16.0x

as

nearly $5 billion is

is

Now it

not

Ratio

5.50

garded

moment

a

the
burden, cstnd a-substan¬ 1963-4yoa|7;lle;Succeeds*Edward
accept programs for pushing
this idea to full realizations tial part of it at. that. Let it E. Chrobot,-an; associate of Leh¬
we

Earnings

Third Federal Reserve

of this

If

At

Yield

3.86%

$3.40

categories for such economies.

imminent to wince and relent

presum¬

Federal Government

that

of

perfectly available

e,

Bank Stocks

—

Price/Earnings
Dividend

(Bid)

provide yield

the

citizens of the country are,

j'J"
Rrice

88

to

prepare

trol

Week

FIRST NATIONAL BANK OF BOSTON■

country. Of this latter

our

less

THE

"a "' " *"7"

Of course, there is still time

is

ably not related to the defense
of

This

of the

some

elements

community;"

neces¬

at the

even

the hot reveal
themselves in

by

Department of Commerce

budg¬ amount,

prosperity

sity of doing

be
this

Of

advocate "national

thing,

one

to

1947.

is

statesman¬

recent

as

42

good

rose

be convinced of the

can

BANK AND INSURANCE

And, let it not for

billion in

some

give effect to its fallacious

notions

worse

national

compiled by the

as

what

supporters

the

mu¬

The outlays of
for goods and

government.
services

even

are

than

offenders

large saving could be
effected—provided the voters

some

directions the states and

specific

the Administration

is that

confined to the

Federal Government. In

replace whatever

programs to

spending of the tax¬

payers money

position. That condemnation
moreover

the

clock back." Nor is the evil of

should $117 billion in 1962 from $28

notions

quite explicity and realis¬

should

"turning

the equivalenty of

inference

plain

-controlling

where

this need principles of prudent manage¬
ment of public affairs is the

obviously

be.

Continued from page 1

(1609), 21

plenty of other categories

are

As We See'It
not

The Commercial and Financial Chronicle

...

212

571-1170

Bank

Stocks

Branches in
INDIA

•

PAKISTAN • CEYLON • BURMA

ADEN

•

SOMALIA

•

EAST AFRICA.

AND THE RHODESIAS

M^,,w*wv*nTi*w4Wwi«!TM H

M>< ">r ' W f'A.

mm vwww tow news%*'rwT9 itvtfwRaWtttw

22

T/ie Cotrj^rj.crdfll and Financial Chronicle

(1610)

3.9%.

public utility

The

erate

of

record

of

Part
are

the

of

.

Thursday, October 24, 1963

with $1.18 in

comparing

1953.

.

news: about

mod¬

growth, the present earnings

$1.70

years

ELY

OWEN

BY

company's

share earnings has reflected

.

banks and bankers

gains of recent

accounted

flow through of tax

for

the

by

savings, how¬

Consolidations

New

•

Branches

New

•

OlJicers,

etc.

Revised Capitalizations

•

ever.

Philadelphia Electric Company

of

ues

million

$307

sylvania

annum,

per

Power

Light.

&

The

and} Eddystone Plant will produce
adjacent territory with electricity, kwh from only 63/100ths of

the

Suburban
nues

3%

and

revenues

million in

urban

gas

but

company,

after

the

Inc.,

lion

a

also

becoming

research center with

in

companies

the

chemical fields.

and

in

the

development
those of

137

.

3,577,000

2,858,000

kW. '-

ditioning

to
•

load

able

peak

in

and

year,

storage

plant

Preliminary

work

started

-the

on

pumped-storage
be:

located

weather

be.

has'

already

Muddy

Run

-

five

at

With

co-ordinated

peak
last

$59 million and for the

1953-57

half of the

budgeted

are

or

an
a

average

of

About

year.

required funds will be

generated

internally.

The

equity

in recent years has approxi¬

mated 38%

(including

small is¬

a

of preference common stock)*

It appears

unlikely that equity fi¬

nancing will be. required for
time.

for

the. 12

some

in

the

pro¬

which

gram,

buildingpower

will

of

two

of

gether

with

the

a

combined

ca¬

2,100,000

a

kw,

600-mile

over

500.000-volt

include

mine-mouth

plants with

pacity

grid

transmission

to¬
of

lines

which will tie
power

together the major
systems in the Eastern Mid¬

Atlantic

and

area

permit

transmission of economical power
to load centers in this
region. The

transmission

make

possible

amounts

the

of

West.

work

plant

ended

compared
12

July -31

With

$1.56

months.

.

flow through

accelerated

depreciation.

offset

are

by
charge against income.
In

the

calendar

equal

an

1961-2

years

on

year-end net plant account, the

highest return in

some years.

Pre¬

power

The

and

lines

the

will

flow

first

knows of

compared

with

Edison,




about

$4,400,000

reduction
lower
cial

would

of

be

the

offset

shipping costs from the

trains

introduced

last

im¬

was

12.100

12,200

10.100

for

for

Con¬
Du-

spe¬

which

carry only coal and move
large shipments directly from coal

fields to local power
plants.

retailers

continent with
sified

$3,100,000
result

in

from

savings

would

increased

from new
improvements.

Utilities

Commission

also

operating

The

of

Pennsyl¬

recently approved rate re¬
ductions of about $4,886,000 a
year

382,000

customers

of

$1,776,000

and
a

net

reduction

would

be

$3,-

110,000.
The

and

has

cently around 34
It

been
or

pays

selling

electronic

operations

'

the

instruments,

W.

training

Ashton,

and

who is

those

were

Assistant

as-

Richard

Philip

O.

Molter

Owen

as

real

officers; and
Assistant

J.:
and

and

has

been

Officer

New

York

of

Trust

was

an¬

Clark

organs

trade

the

expected
of

the

to

well

liam

30,

the

abroad.

1963,

dated

fiscal

.

Stieglitz Appoint

Barr

has

become

associated

also

with

nue,

Springfield

1808

Bank

of

Grand

Arthur

continue

J.

Chair¬

and

of

Eyston

Vice-Chairman

re¬

in

the

L.

was,

has

been

relations

Company,

New

Han¬

York.

&

Weeks

office

at

and

has

opened

management

a

Commercial

Street

of

under

James

chal, Jr.

America

branch

J.

capital

the

Mare-

}

tal

to

authorize

the

issu¬

new

capi¬

stock

at

$15

\

y\

Tappan

Nyack,

N.

TOMS

RIVER,

N.

&

have

Co.,

office

Street,

Highwa""

management
intosh.

"

-

at

J.

75

37,

J.

—

West

'•'

'

W.

under

*•

a

Locust

of Thomas M.
.

of

North

increase

to

its

approximately

The

State

the

the
Mac¬
>

-

to

the

Division.
The

election

" 1V

Board

now

''} ■./

A
*

stock

of $5

par

stock

new

will

be

one

share for each 17

held.

.

;'

announced

the

/Vice-President

in

Also

promoted

Albert

were

E.

Waitt, Sr. of Hamilton, Mass!, to
Assistant

Vice-President

in

the

O'Meara to Assistant Treasurer in
the

Investment

Flanning
Lor.dan

Treasurer

in

Division.

Service

Depositors'

:j£

iVi,

: >.

;•/ * ' '• *•//:

rjs

F.

Assistant

to

/;yVy;".;./// -j-}

'

/

Financial

James

and

Medford

of

„.:/■_

and s

Division

; -//"'■

Comptroller of the Currency,
J.

proved

Saxon

the

solidate

The

National

Oct.

on

application

18

Red

N.

County

Company,' Long

and

con¬

Bank,

Bank,

J.,

ap¬

to

Monmouth

Bank,

Long

Red

Branch

Branch,

New Jersey.
*

*

.

The

*

Philadelphia

National

Bank,

Philadelphia, Pa. elected S. Robt.
Vice-Presidents/

Henry

C.

elected

a

"

"it

"

i**-*

v''/-'"//

/

;

of

the

Jr.

Flood,

Pittsburgh

Robert

D.

Director

has

Vice-President,

been

Trusts,

National

Bank,

Pa.

/

$

*

Black
the

of

:
,

-

elected

was

Fidelity and

Company

of

The

a

De¬

Maryland,

S

6

.

.

Comptroller of the Currency,

James

J.

Saxon

nounced

Oct.

on

21

an¬

preliminary approval
to

organize

Bank

Albemarle

n

of

new

in

Virginia,

Moiticello National Bank. wPh
initial

an

capitalization of $750,000.
*

I.

,

Am?,

on

18

Executive ,V'eo-Pres-

Director

and

Citizens

«:

Webb, III,

elected

jdent

in

County, with tim title,

Trust

of

TU~

Company,

Ohio

Toledo,

Ohio.
Mr.

Webb

has

President

of

1958.

joined

He

after

served

Ohio

'

special meeting of the stock•.

Transfer

^ / /

Corporate Trust Transfer Division.

commercial
-

an¬

Garrison

Vice-President

as

also

Assistant

as

Willard

45,617

issued to.existing shareholders in

shares

of

appointment of Richard W. Stokes,

was

and

Oct. 22. Rights to sub¬

the

the ratio of

F.

Trust

and

Mass., has

Corporate/Trust

1970

capital

announced
scribe

Bank,

Thomas

Street Bank

Boston,

Southard, Jr.

in

income debentures

in

value, G. Russell Clark, Chairman,

opened

National

elected

Mahoney, Vice-President.

$3,650,000 through the sale of $2,-

of

;*i*

Zee

Y.

value.

par
$

5i»-

i

Bank

by

250.000 of 5%%

shares

Sparks Branch
Sparks

plans

funds

maturing

its

13,976 shares of

of

ance

national

Calif.—Hornblower

770B

V

Weeks Br.
The

DIEGO,

*i*

*»»

Hornblower &
SAN

an

of

ap¬

repre¬

Manufacturers

of

Trust

over

stock¬

Baltimore, Md.

s";

sj;

public

sentative

its

value

par

4

Ave¬

of

capital stock -from $10 to $15 per

application

$1.32

yield

increase

posit

t't

Ullmann

P.

Com¬

as

announced.

pointed

Trust

meeting

*

appointment

Ruth

associate manager/

as

County

Brooklyn, N. Y. has called

Pittsburgh,

<

Maplewood office of Halle &

Stieglitz,

Kent

Chairman

E.

a

/

Conkling and Thomas C. Hughes,

will

as

Si':

holders for Oct. 28 to authorize

formerly

was

Old

Officer.
The

$

Trust

.

Kolb continues as Chief Executive

was

Paul

and

of Executive Committee. Mr.

Anderson

—

President

succeeds

who

Honorary
man

■'

MAPLEWOOD, N. J.

Com¬

Wil¬

Company

Kolb

Morris

income

net

of

Chairman.

the

of

York

,

Kings

The

elected

York,

New

Harriman

/.

special

a

of

W.

$

Trust

Mich.

Mr.

consoli¬

Bank

Kolb,

Trust

Rapids,

June

the

President,

as

and

by

$36,066,810,

were

consolidated

$2,392,566.

the

H.

Schuiling, who succeeds Mr.

Kolb

Canada,

ended

year

sales

Halle &

Personal

Schuiling,
E.

President

The

U

company's

the

net

J.

Mr.

5,000 dealers through¬

as

of

New

Walter

begin

sold

are

John

Director.

James

vio¬

year.

out the United States and
as

Bank's

introduced to

products

than

more

the

Directors

line of Story &

a

end

company's

Harold

by

Department at 100 Broadway.

a

shipments of these

are

the

with

line of Low¬

a

were

and

lines

new

21

Helm, Chairman. Mr. Bothmann is

merce,

1963,

pianos and

rey

nounced} Oct.

Bank

Instalment Loan Dept.; Richard B.

Trust

Bank

branch.

rl»

Company/New York, it

band

organ-accordion and

an

lins. In July,

Atlantic

elected

as

Chris-

Islands,

Bothmann

C.

Chemical

Clavijo
the

in

*1*

5!:

K.

appraisal

Oswaldo

Virgin

Theodore

Owen

estate

Manager

tiansted,

piano accordion

a

975,679

The

Staff

Durning,

musical instrument

of

type

new

which combines

600,288

963,446

communica¬

Other appointments

Counsels;

pianos,

—

597,947

nounced

promoted:, to

Cordovox

holdings
profits-'-

The

section, and John T. Magnier,

McCaffery

diver¬

Olds

amplifiers,

about 20 times

to

is

unique

Clark

&

Government

security

A.

Epiphone guitars and

branch

stock

earnings.

Story

organs,

Gibson

lor

74,000 customers, effective Oct. 15;
the

Nicolson is

1,613,028

3,285,807

Undivided

Company,

.

electronic

Lowrey

pension

of Ernest J. Grosse and Josephine

company's principal prod¬
include

ucts

the

•"'

q.*dis¬

or

S.

-

from

3,312,027

share

in

is

Mr.

American

broad

as

due

banks

U.

COMPANY

1,511,733

and

istration section.

rate

a

year

TRUST

YORK

Sept. 30/63 Ji,me 29/63
$5,798,425
$5,909,614

resources

Cash

who is in the brokers loan admin¬

of products.

group

was

'

and

Public

vania

increase

a

it

yesterday.

Norman

tions

instruments to

North

the

on

the

of

brokers'/loan

the

in

instruments
' a ?

to

Some

plants

has

by

spring,

The

net¬

rate

Total

The

promoted

Bank,

division and

the

were

Chicago Musical

tributor of musical

y

Appointed Assistant Treasurers

other large-scale dis¬

no

where

Vice-Presidents

section.

the
■

and'

been

Knittel

trust
in

common

on

have

Manhattan

Mr.

position in the industry in that it

PUC

other

its

kwh

the, Pennsylvania

efficiency

operating
efficiency
through construction of large new
generating plants.
In
1962
the

solidated

that

of

company,

occupies

division,

Vice-President,

announced

of the of¬

i. j.

musical y

-

Instrument

and

calling for net reductions of $7,500,000 annually. It was indicated

for

btu per

with

CORPORATION

deputy to Longstreet Hinton,

Chase

Stock- Exchange,

of

the

assigned tb the trusts

now

Assistant

expan¬

listing

manufacturer
■

is

Nicolson

execu¬

to

-

co-heading

Henry T. Knittel and' Herbert L.

the

was

result,

the company has taken a rate cut.
It recently filed new rate sched¬

ules

for

'

-

a

In
a

from

generating

Philadelphia! Electric

average

year

as

large

by 1967.

proved

this

and

to

scheduled for completion

are

rate

higher, and

of

transmission

the

also

the

somewhat

it

J '
C'
4.3- year- old

•'

before

Philadelphia Electric earned 6.4%

sumably

Philadelphia Electric has joined

new

earnings

However, the saving in taxes re¬
sulting from the 3% investment
credit

of

balance

company's

and accessories,

•

17 other electric utility companies
in a $350 million construction

dle

months

aid

savings resulting from the

of

use

the

purposes

the

qualify

both

in

interest

THE

pany,

will be used to

and

the

of

tributor

steam.

the

for

The company uses
for tax

Part

Lincoln wood

of the

The

business

With

credit

preceding

the

offices,

C,i"■

in¬

resulted

construction

$1.70

_

nearly $96 million

sue

op¬

expenditures

$478 million

.

industrial

-

by

of the shares offered

company

New York

Also the large vol¬

operations.

larger

a

were

installation.

years

ratio

an

sale

a

formerly

were

investments

Executive

over-the-counter market, in order

mentioned above is being reflected

charged to

year were

improving

was

the

be applied

to

favor¬

of

1963

50,000
by

proceeds, together with other

tion

good

a

officers

the

on

30.

Herjiry O.

he is

company's production

u;

ume,

plant and Conowingo will be

Construction

is having

.

to

of

power

V

u '

Oct.

NEW

by

and

stock, which is now traded in the

with the largest electric sales for

ultimate

-

,v)

record demands for gas and

of-new

offered,

140,00h,

and

nard

$25

fering is to broaden the distribu¬

.

capacity of 800,000 kilowatts, this
a

-'

•

winter

any one week.

New
-'

financing

new

One of

residen¬

.

miles north

twelve

as

'

and

weather -last

in

erated'

other

18

corporate research, and Mr. May¬

facilities.

with

station

hydro

Conowingo dam.

ca¬

heating, air-con¬

reflecting

year

Inc.,

priced at

sion

opened

'was

Oct.

holders will be held to act

plan

Guaranty

of New York

ment. Mr. Stott continues to head

by

funds, will

arc

Also, hot weather in June resulted
ready.: in a big air conditioning demand,

pumped-

a new

should

tive

dustrial conditions.- The very cold

1966 the initial

200,000 kw unit of

company

the

the

electricity exclu¬

all

and

this

year

plant is scheduled for installation
next

'. The

com¬

kw

uses

tial requirements.

240,000 -kw

A

apartments,
space

is

shares

the

enlarge

apartment

structure

and

Vice-

Bank's corporate research depart¬

rehabilitation

all-electric

sively lor

capability

-generating-

with last year's

pared
of

similar

for

favorable factor.

a

14-story

a

recently; it

re¬

other large cities/--

some

System

urban

first

house,

Philadelphia
an

program

approximates

-

of

midst

is also

program

com¬

city's

The

Morgan

Vice-Presidents,

an

-

net proceeds

another' steel

and

Co.,

&

certain stockholders.

by

-com¬

headed

share.
Of

revenues.

contracted

has

annually

The

puter, electronics, space, biological
is

plant

pacity.

factories and laboratories built by

leading

additional

190,000

group

stock

represent

ex¬

supply- a second electric
melting furnace of 25,000-kva

number of

a

which is

year

Senior

Alexander, Chairman of the Board.

Chicago Musical In¬

Barney
The

business

new

to

important

an

$307

However,

producer has agreed to take power

building, machinery, foods and oil.
is

of

a

delivery of 5.5 billion cf of natural

steel, ship

as

volume

year

steel

A

has such

area

diversified industries

It

a

gas

The Philadelphia

,

Smith,
York.

$187

recent

to the

signed last

was

rejected

company

1953

from

pected to produce about $17 mil¬

idea.

the

increased

of

Co., is being made by

company

study by Commonwealth Associ¬
ates

shares of

underwriting

for utilities

as

offering

strument

utilities

city

gain of 64%.

a

record

a

company's gas business

independent Philadelphia sub¬

an

rapid

as

have

million,

A spin¬

proposed by a committee for

was

been

enues

8%

and

transit and miscellaneous.
off of the

not

residen-,

commercial

20%

tial,

35%

about

big

electric serving cities of smaller size; Rev¬

the

steam;

are

Public

Philadelphia Electric's growth has

Reve¬

electric, 15%

82%

about

are

gas

Transportation.

other

Maynard

as

Deposits

mon

Like

Philadelphia

and

of

announced

Both

Philadelphia kwh.

Company,

Reading

Stott

Trust Company

for

Transportation

Roger

G.

Presidents

Common Offered

Power is also sup¬ pound of coal, making it the
the electrified lines of world's most efficient power plant,
Pennsylvania Railroad, the with a heat rate of 8,588 btu's per

of

William

a

and steam.

gas

plied

Election

-

Instrument Co.,

1

the city of Philadelphia

serves

Chicago Musical

Light, and 11,700 for Penn¬

quesne

Philadelphia Electric, with reven¬

a^

Vice-

Citizens

since

the

Ba^k

loan.', teller

graduation

from

in

as

a

1947,-

Williams

IMWWWWFM*

Volume

Number

198,

6310

.

.

pfi

FM

M**1* ' I

y -

V

»

The Commercial and Financial Chronicle

.

(1611)

College with

National

in

the Credit Department. In 1952 he
elected

was

Three

Assistant

will

continue

development
and

head

to

division

spondent
remain

The

made

was

the

and

fields.

He

also

development

will

assume

Webb

is

State

tit

new

The

J.

proved

able organizations.

Idaho

In March of this year,

A.

to the

the

Rhodes

State

has

Ohio.

of

been

for

member

Since

legislative
the

Association,

1959

he

Bank

Mr.

National

Auditors

Webb

Association

and

is

3,400.

;

in

ap¬

of

Company

of

of

J.

Saxon

scinded his
of the

Oct.

on

Aug. 9, 1963,

22

re¬

application of the Calumet

National Bank

of Hammond, Ind.,

National

Bank

offices

Soda

Oct.

18

Woodland

organize

Hills,

Stewart

T.

two

followed

boards

Banks,

a

request

of directors of

which

held

meetings in Hammond

the

special
Oct. 22.

on

Edward Byron Smith,
Chairman

Officer

and

of

Chicago,
father,

Chief'

He

Salomon

resigned

Trust

as

Co.,
his

succeeds

A.

Smith,

Chairman

as

continue

Executive

Northern

111.

elected

was

who

but

Director

a

and

or

corporations

Byron

Chairman
the
'<

••-.,/

f '

*

A.

Strathy,

Ltd.,

has

of

Company,

Chicago,

the

at

Mr.

the

111.

the

of

Nassau,

Trust

died

Oct.

with

resigned

a

messenger

Hart,

Tuesday

National

Detroit,

of

and

Officer.

Stocker,

of

elected

Bolton,

$:

BOLAM,

Saxon

Currency,

Oct.

on

an

application to organize

National

Bank

urban

in

Augusta,

Georgia.

The

Bank which

will

have

an

initial capitalization of
$300,000, is

j|to be known
tional

Bank

and will

*gate

Exchange

it.

The

Gen¬

as

Stock

suc¬

Stock

Richmond

Na¬

County

of

of

the

has

Center

Highway

just

city limits of Augusta.

|

$ *

,.

*

and

Exchange

the

Comptroller of the Currency,

James

J.

Saxon

Oct.

on

18

All

new

capital¬

*

managers,

required to

before

latest

National

Corpus

Banks

Christi,

organize
in

with

new

Texas,
the

at

title,

Gulfway National Bank of Corpus
Christi, with
tion

of

Falls,

an

S500,000,

with

the

initial capitaliza¬

and
title,

at

Wichita

Southwest




of

start

staff

be

a

visits

of

in¬
their

rule

District
waii

to

by

Dan

No.

and

and

tighten

outside

training

requirements.
detailed

registered

examinations

January
change

New

of

were

put

1961. In

year,

instituted

the

Ex¬

tests

for

new

(other general partners and voting

Exchange

an

years'

stockholders

stand¬

standards

of

and

and
and

repre¬

start of

this

con¬

step

in

proficiency
to

and

make

in

zations).
,

,

to maintain

these stand¬

earliest

of the

organi¬
'

.

2

r- :

Now Proprietor

;

Edward

Jeuther, Jr. is

sole

since

Ex¬

including
1886

re¬

York

New

Francis &

of

Murray Branch

Inc. has opened

offices, and

fice

at

firm

extensive
cover

branch
code

built

up

operations at

Co-Chair-

since
mem¬

dore

912

A.

Grant

Murray

operation of the

a

branch of¬

Avenue.

will
new

Theo¬

direct
office.

the

Henderson

&

John

D.

Marshall

District

Ohio)

9

Frank

Reid
of

Co., Milwaukee.

No.

&

B.

Co.,

(Kentucky
Reid

of

Harvey L.

Hawkins

&

Co.,

and

Fulton,

Hawkins

and

Walter

of

Cleveland;

Jack

of

Leland

Co.,

&

Slocumb

Francisco.

District

&

Co.,

Jr.,

Co.,

&

of

both

3

Co.,

Inc.,

;

,

No.

of

A.

Walters

of

Vercoe

&

Columbus.

District

No.

10

(District of Co¬

lumbia,

Maryland;

lina

Virginia) Chairman; Eu¬

and

H.

gene
&

Cassell

North

of

C.

F.

Caro¬

Cassell

Co., Inc., Charlottesville. Mem--

bers:

Walter

Craigie

&

A.

W.

Craigie,

than
&

Co.,

Inc.,

Kolscher

Shriver

&

Sr.,

of

Richmond;

of

George

G.

Co., Baltimore; J. Na¬

McCarley, Jr., of

McCarley

Co., Int., Asheville; and Edgar

B. Rouse of

Reynolds & Co., Wash¬
V

ington.
District

Eastman

Walker,

Staats

R.

Greene

Greene, Ladd & Co., Dayton; and

,

Members:

Securities
T.

&

Angeles; Arthur N. Honig

Brush,

San

&

No.

Pennsylvania,

11

(Delaware,

West

Virginia

part of New Jersey)

a

and

Chairman:

Harold F. Carter of Hornblower &

Weeks,

Philadelphia.

James C.

Members:

Chaplin of Chaplin, Mc-

Guiness & Co., and Ralph S. Rich¬

;

(Arizona,

Colo¬

ards, Jr., of Richards & Co., both

rado, New Mexico, Utah and Wy¬

of

oming)

Scheaffer of Janney, Battles & E.

Byrd

Crist

P.

of

J,

K.

Pittsburgh;

Mullen Investment

Co., and C. Ar¬

W.

thur

Earl

^Stevens

lan

Pettibone

&

Muir

Salt

Co.,

Co.,

M.

Scan-'

Co., both of Denver; Rich¬

W.

ard

of

of

of

City;

Joseph

Refsnes, Ely,

Phoenix;

of Arco

Schwabacher

Lake

and

Allen

District No. 4 (Kansas,
and

Runyan

Richter

Stein of

Co., St. Louis.

Chair¬

Scherck-

Members:

Coburn & Blyth

Clay E.

&

Co.,

City, Mo.; Edward B. Ken¬

Theodore

C.

Clark, Inc., and Lawrence M.

of

Hemphill,

No.

District

New

York

Noyes

12

and

&

(Connecticut,
part

a

Chairman:

Jersey)

Flynn

Charles

of

New

George

Hornblower

of

Members:

Missouri,

Oklahoma)

Elliot H.

Kansas

&

Securities, Cheyenne.

Nebraska
man:

Beck

and

Co., both of Philadelphia.

&

E.

&

T.

Weeks.

(all of New York City)

L.

of

Bergmann

R.

W.

Pressprich & Co., Allan J. Nix of
Riter

&

Noyes

Blancke

Co.,

of

Hemphill, Noyes & Co.; and Clar¬

C. E. Unter-

E. Unterberg of

ence

berg, Towbin & Co.

nedy of Kennedy Investments, Inc.,
Tulsa;

Glenn

M.

Milburn

L.

burn-Cochran

&

J.

Warren

Wich¬

of

Storz-

Island

and

District

a

No.

part

of

(Alabama,

Kees,

Kees

of

E.

Ducournau

McCloy

Securities

and

Chairman;

Orleans.

New

Clifford

Ark¬

Mississippi

Tennessee)

Homer

C.

5

Louisiana,

Corp.,

&

Members:

Southern

of

Little

Rock;

Massa¬

Hampshire, Rhode
Chairman:

Vermont);
Simmons

Carleton H.

Co., Omaha.

(Maine,

13

chusetts, New

Hayden,

of

Co; Members: Roscoe A.

&

Stone
ansas,

No.

District

Mil-

of

Co.; Inc.,

Hayes of Paine, Webber, Jackson
&

of J. B.

B. Maguire

.Curtis, J.

Maguire & Co., and Frederick H.

Corp., all

Foster of Lee Higginson

and Walter T. Burns of

of Boston;

Burns, Barron & Co.,

Portland.

Harry D. Allen of Merrill Lynch,
Pierce,

Fenner

Memphis;
Courts

T.

&

William

&

Co.,
R.

Smith

Clyde

of

Birmingham;
of

Barrow

and

Barrow,

Leary & Co., Shreveport.

J.

man:

No.

6

Ries

(Texas)

Chair¬

Bambenek

of

Dal¬

las Union Securities Co. Members:

Frank
&

&

Newton

of

Lentz,

Newton

Co., and Robert Ayres of Russ
Co., Inc., both of San

and

Fred

G.

Securities
Sorenson

Antonio;

Currey of Equitable

Corp.,
of

and

Walter

Rotan, Mosle

&

nessee)

Chairman:

Jr.,

Alester

G.

of
&

part of Ten¬

Roy

F.

Hunt,
Co.,

Furman

Members: C.

Goodbody

Einer

Bradford

a

Nielsen

of

T.

Co.,

&
J.

C.

Co., Nashville; Alex¬

at

er

luncheon

a

to

tion

30, at The Barclay

Oct.

Hotel.

Hardy of The First Bos¬

Rubin

ton

Associa¬

Wednesday,

held

be

meeting of the

Securities

Philadelphia

Corporation,

is in charge of

arrangements.

Form Investor Services
Services,

Ala.

has

Inc.

—

with offices at 19 Molton
engage

in

Officers

are

securities

a

Investor

formed

been

Street to

business.

Leland S. Rolf, Presi¬

Robert R. Turnage, Execu¬

dent;

tive Vice-President and Treasurer,

and

P.

George

Sweeney,

Secre¬

tary.

Yearley, IV,;of the Robin¬
A.

Frank

Chisholm

Chisholm

&

of

Co., Inc.,

Var-

Sa¬

Now

No.

8

Michigan,

(Illinois, Indiana,
Minnesota

and

Vansickle,
City

Chairman: Richard B.

Walter L.

sickle

Gordon Hill

of Wat-

ling, Lerchen & Co., Detroit; T. C.

has

Inc.,

offices

in

been

the First

Bank Building, to
business of
Vansickle, Jr. Mr. Van-

National

Blyth & Co.; Chicago.

J.

Texas—Walter L.

continue the investment

Wisconsin)
Members:

Jr.,

with

Walbert

of

Corporation

HOUSTON,
formed

District

Iowa,

James

—

of Talon
Incorporated, will be guest speak¬

G.

(Florida, Georgia,

Pa.

president

vice

Turner,

MONTGOMERY,

South Carolina and

of

PHILADELPHIA,

Co.,

both of Houston.

District No. 7

Phila. Sees, to Hear

Inc.,

Ulmer

vannah.

ray,

then to

Union

William

nedoe,

managing

member

Chairman;

....

Baum

William

of Los

and

City.

change

employees

The

son-Humphrey Co., 'Inc., Atlanta;

Broadway,

C.

Moines;

McHugh, James J. McNulty & Co.,
Chicago; and Robert H. O'Keef of

Jack

(California, Ha¬

ander

141

NOVATO, Calif.—Francis & Mur¬

of

of

proprietor of Edward Jeuther Jr.

quiring registration with the Ex¬

an

C.

Miami;

now

Co.,

Bailey

Pontirig of Blyth

Inc., Greenville.

.

self-regulatory

in this area,

effect

member

&

Company,

added.

some

members

A.

Francisco,

McC reedy

more

employed in

that

of

allied

its

the methods

John

V.

Nevada)

E.

District

Exchange

&

Murray Ward of E. F. Hutton

V

members

and

in

financial
;

testing requirement is

strengthen

were

for

work

members

more

~V:Y-

:

long-standing

1960, Mr. Funston announced

r.

moves

led

operation

.

testing

up

■:

change's

to

mem¬

have

visits and

Exchange's

sultants

and

taking

of several

noted

of

into

into effect at the

new

checks

at

These

put

sentative

nounced

applications

checks

member

experience

7

spot

of office

program

the

the

co-

the test, in addi¬

pass

ards," Mr. Funston

of

a

man¬

methods

performance

offices.

meeting existing require¬

duties.

He

and

develop

for

seeking

*

approval

a

will

of

offices

The Comptroller of the Currency,
James J. Saxon on Oct. 18
an¬

preliminary

firm

In

responsi¬

managers

branch

uniform

in

techniques

em¬

assistant

Community

initial

an

supervision

program

supervisory

on

to

arise

to

of; strengthening

checks.

with

Harper

Co., both of Portland, Ore.

ita; and

studies

to

regis¬

program

situations

earlier this year, running parallel
Keith Funston

representatives,

]and

$600,000

likely

of

Harris, Upham & Co., and Charles
Tripp, Jr., of Charles N. Tripp

steps in the Exchange's

-

1959

spot

of

conduct

of

handle

to

to

allied

The

of

office.

evaluating

associate managers and

ing

to

problems

execution

qualifications standards have

ber

members

tegrity,

subjects,

emphasize knowl¬

included

for

jAla. to be known as the American
{National Bank of Birmingham

will have

and

1.

those

to

range

day-by-day management of

program

managers,

"the

and

will

.will

bilities.

long—;

wide

a

industry

needed

agement

an¬

;an application to organize a new
iiNational Bank
in
Birmingham,

on

in

phasis

examina¬

hours

s

the Exchange,

nounced preliminary approval of

ization

It

pass

members

tion

three

conduct

edge

exami¬

ments

* •

and

re¬

Nov.

for

of

corporate structure to rules

on

out¬

P.

Paine-Rice

Waehob-Bender

required

and

network

used for test¬

Des

N.

Rel'snes

questions

orders.

qualifying

and

adminis¬

office' manager
about

Earlier

nation

be

Exchange.

from

Exchange,

Easter

Seattle;

of

Spokane;

and

preparation

will

worldwide

a

securities

or¬

be

in the South-

Shopping

Co.,

Fagerstedt

will consist of multiple-choice and

announced that prospective branch

The

of

of¬

Exchange and the American

•*—

of

after

test

branch

Securities Dealers, the New York

Funston; President

gan i zatio n

a

appoint¬

the

for

with

ing by the National Association of

Branch Mgrs.

office 'r managers

the

methods

in

The

Stock

supplied

examination'

Strathy.

York

has

organizations

manager

tered

NYSE Exams for

firm

Gordon

side the

The

of

be located

Plaza

Fort

Southgate

as

&

and

of

tion

New

an

of

Dennis Mitchell

Mr.

ceed

tered

||

Sons

William

of

Dillon,

for

new

a

Harper

Dwight

suggests

an¬

nounced preliminary approval of

K.

San

had

Da¬

Washington)

:

Edward

Co.,

George' examination centers

Chairman

announced

of

ment

new

18

and

Idaho,

South

Exchange

fice

an

-C,■

eral Manager of the Bank to

parallel

'•

.

The Comptroller of the
J.

L.

Director.

a

s|:

James

Detroit,

(Alaska,
and

The

subject matter

Ex¬

.;V

Sir

K.C.M.G.,

quired to

Dwight

Oregon

Chairman:

are

study outline which describes the

Montreal,

Chief

.
^

a,

Bank

Mich,

1

A.

member

head

examination
The

No,

North

Co., Inc., Los Angeles.

Assistant

the

as

last

District

kota,

T.

of

Inc.,

Carey of Ball, Burge & Kraus, all

Montana,

istered representatives since 1936.

&

today by G. Arnold

President

ecutive

in

Chairman.

as

representa¬

has

Co.,

office

nating committees in the various

man:

The

an

at

Bank

announcement

will
as

the

experience

years

Henderson

districts:

registered

branch

started

at

replace
of

Following are the
members appointed to the nomi¬

of

Bahamas,

Montreal, Canada, according to

member

who

Northern Trust

1900,

Northern

of 86.

age

Smith,

active

Honorary

who

managers

to

the

expiring.

examination requirement for reg¬

General

now

appointed

been

Keith

VY...

*

Smith,

of

in

be

the

for

terms

ranks

an

Committee.

Chairman

20

Vice-

made Chairman of

was

Executive

Salomon

Smith,

voting stockholders of

three

essay

Salomon

resident

mhst

whose

for

and

committees

members

13

the

Dean Witter & Co. Members: D. C.

branch

managed by

candidates

governors

fice managers are drawn from the

will

Honorary Chairman.

rules,

registered representatives and

of $1,000,000.

Manager of the Bank of London

Concurrently,
i

owner¬

of the country.

Exchange

not

charge

new

Bank, with

Montreal

office

action

part^

of

in

in the process

are

tives.

of

His

2,800 at present

selecting

are

1,200

some

time of their appointment have at

an¬

a

in

California, at otherwise acceptable to the Ex¬
with the title, change. Aimost all new branch of¬

GeneralManager

by the

to about

here,

been

in

and the Mercantile National Bank

Hammond, to consolidate.

has

great extent reflecting the

a

preliminary approval of least

Oakwood National

approval

1953

Under

| The Comptroller of the Currency,
Saxon

growth

noted,

partners

on

offices has

spread of interest in stock

:

initial capitalization

J.

greatest

ship to all

Largil-

Bankers,

application to

an

American Institute of Banking.

James

branch

offices—from

The

Comptroller of the Currency,

nounced

of

the

The

Funston

-—to

Bank, Boise,

liabilities

and

from approximately 1,800 to

Mr.

purchase' the assets and

the

James

Comptrollers.

member

a

The

a

as

time, the number of member

member

he

Director of the Toledo Area Con¬

ference,

'

18

application

Springs, Idaho.

Bankers

served

district

this

committee

Ohio

and

to

liere

Banking Advisory Board of

Oct.

oh

First National

assume

him

Saxon

the

Idaho,

Governor

appointed

of

firm main

Comptroller of the Currency,

James

banking industry, civic and charit¬

James'

Twin

•'

NASD districts

board

of The

'v'

Nominating committees

change has nearly tripled also. In

Hazelton,

!j:

Nom. Committees for NASD Dists.

decade, Mr. Funston

the volume of trading on the Ex¬

ap¬

after Oct. 25.

or

of¬

'

creased from 6.5 to 17 million and

gone

Bank,
on
,J si:

branch

'[

pointed put, shareowners have in¬

The

of

Bank

and

0 1

the last

branch

leader of many

a

18

by

the liabilities

assume

Idaho, effective

administrative duties.
Mr.

Oct.

on

application

National

Hazelton

active in commercial loan
office

Saxon

the

home

;

Falls, Idaho, to purchase the assets

will

and

J.

Fidelity

corre¬

firm

fices.

of

In

proved

industrial

and

division,

branch

ber

Falls,

capitalization

Comptroller of the Currency,

James

position, Mr. Webb

new

Wichita

of

Secretary.

he

later

initial

an

$500,000.

Vice-President.

his

In

Assistant

years

Bank

with

business adminis¬

a

tration degree. Later he served

23

of

is President and Treasurer

the firm, and T. E.

Secretary,

Richards is
-

The Commercial and Financial Chronicle
24

<-

*

Ledogar,- Horner Co.

•.

- -..

>,

.

;

Cleveland

NOTES

■3

&

&

GRAN AT,

City, continued his delightful custom of presenting all the
ladies attending the National Security Traders Association with

NSTA

GREEN, HARRY*

E. I. Hagen &

Philadelphia, Pa.
GREENBERG, ARNOLD*
Birkenmayer &

Denver, Colo.

City

Cruttenden & Co.,

New York

Chicago, 111.

editorial
and pictorial coverage of the 30th Annual Convention of the
National Security Traders Association at Colorado Springs, Colo.
who attended the Convention:

list of those

GUNKEL, MARTIN*
P. F. Fox &

City

ALEXANDER, JACK H*
;
Turner-Poindexter & Co.

3 *

Portland, Ore.

Cal.

Los Angeles,

ALMON, ROBERT A.

W. E. Hutton

Walker, Austin & Waggener

Stone, Altman & Company,

of

Eppler, Guerin & Turner

Chiles

V

W. Scranton

New Haven,

,

Montgomery, Ala.

BRACKEN, DANIEL S*

ARTHUR, JOHN*
David A. Noyes & Co.

Kansas

BABCOCK, CARROLL

Wood, Gundy & Co., Inc.
New

First

California

John C. Legg &

Company

New

Portland, Ore.
Merrill Turben & Co.,

Inc.

:

York

Jackson &

Curtis, Los Angeles
BAMBENEK, J. RIES*
Dallas Union Securities Co.

Ultronic

i

New York City

City

G. A. Saxton &

Goodbody & Co.

Co., Inc.

BRUCK, H. MITCHELL*

BARKER, JOHN S.
Lee

Higginson Corporation

New York

Chicago, 111.

>-'33:3

Baltimore, Md.

City

BATEMAN, HOMER J.

BRUNJES,

GEORGE J.

»

Seattle, Wash.

New

BUCHANAN, PETER T*
The First Boston

San

New York City

Francisco, Cal.
&

Song

Louis, Mo.

Quinn & Co.

&

Financial

Chronicle, New York City
BEEBE, JAMES L.

B.

Kansas

Simmons.

WILLIAM

G. A. Saxton &
New York

Co., Inc.

R. S. Dickson &

Charlotte, N. C.
♦Denotes Mr. & Mrs.




Southwest

Company

BURNS, WALTER L*

Baumgartner, Downing & Co.
,

CARBERRY, T. F.
Edwards & Hanly

Hempstead, N. Y.

General Motors

>

,

Cleveland, Ohio
McKINNEY, MUNSON*

&

Almon, McKinney & Dudley,
Inc., Dallas, Texas

Co.

Dayton, Ohio
KEEN AN,

ARTHUR J*

Orleans, La.

Inc., Denver
GILDENBERG, ROBERT*
New York City

GOLD, BENJAMIN*
Gold, Weissman & Frankel
New York City

GOLDWATER, BARRY, Jr.

,

3

;

.

MAHONEY, C. D*

r,,-

Bernet & Hickman,

Mahoney & Co.

MARCUSSON, AL

Carl M. Loeb, Rhoades & Co.

Investment Dealers' Digest

New York City

New York City

MARKHAM, EDWIN J.

KENNEDY, B. F*
Bosworth Sullivan

C. D.

Minneapolis, Minn.

KELLY, EDWARD J*
Company,

Francisco, Cal.

New York City

Francisco, Cal.

Schneider,

San

Hill, Thompson & Co., Inc.

Birr, Wilson & Co., Inc.

KEITH, SCOTT

McLOUGHLIN, WM. L., Jr.*
Blyth & Co., Inc.

MAGID, SAM E.

KEHNE, R. L *
San

,

McDonald & Company

KARMAN, ADRIAN*
Brownell

„

Topeka, Kan.
McGlNTY, JOHN P.*

Inc., Dallas, Texas

GEDDES, JAMES I.
Bosworth Sullivan &

BUTLER, E*

Co., Inc.

Co.

Louis

Baltimore

City

BIBB, J. LEWIS*

;3.

Houston, Texas

BURNS, GENE*
St.

>

GEARNER, GEORGE W.
First

Fusz-Schmelzle &

A.

& Co.

City, Mo.

Chicago

McFARLAND, Dr. KENNETH

A. I. Jablonski & Co.

St. Denis J. Villere & Co.

Minneapolis* Minn.

Wm. R. Staats & Co.

Angeles, Cal.

C. Christopher

J. M. Dain & Co. Inc.

Los

Nashville, Tenn.

JABLONSKI, ROBERT A*

New

BURKE, DAVID J*
Ellis &

Equitable Securities Corp.

Grant

GARCIA, RAYMOND B*

Chicago
Blunt

Co., Inc.

,

First Southwest Company

Dallas, Texas

JEFFERIES, B. L*

City

Sherrerd

McCUE, JOHN A* 3
May & Gannon, Inc.
Boston, Mass.

New York City

GAINES, LUDWELL G*

First Boston Corporation

Hickey & Co.

Albuquerque, New Mexico
BECK, EDWIN L.

BERTSCH,

York

v

Sidney Jacobs Co.

GAHAN, JAMES T.

Butcher &

McCULLEY, C. RADER*

JACOBSs SIDNEY

Zoernig & Co.

E. F. Hutton &

;

HUTTON, JOE E*

Chicago, 111.

Louis, Mo.

New

BULLER, FRANK H.

BEALE, VERN

Commercial

E. I.

New York City

A. G. Edwards

St.

Corporation

BULKLEY, LEWIS R*

BAYER, JACK P.

Inc.

/

FLOTRON, FRANK E*
St.

City

J. S. Strauss & Co.

City

;

Francis I. du Pont & Co.

baxter, frank e .*

■

FitzGERALD, JOHN M*
New York

Pacific Northwest Company

York

;

Dominick

Philadelphia, Pa.

Jersey City, N. J.

'

W. C. Pitfield & Co.,

Stein Bros. & Boyce

Corporation

Wellington Hunter Associates

Inc.

&

McATEE, JAMES J*

Securities

HUNTER, WELLINGTON

National Quotation Bureau,

Dallas, Texas

City

Dominick

New York City

Boston, Mass.

FISHER, CHARLES F.

BROWNING, JEFF*

New York

Clayton

Maclntyre Co.

Angeles, Cal.

McALEER, GEORGE R*

Company

hughes, F. J*

Milwaukee, Wis.

Boston, Mass.

BARBIER, LESLIE

Los

Cincinnati, Ohio

White, Weld & Co.

Asiel & Co.

P. N.

Francisco, Cal.

Westheimer &

FAZIOLI, CLIVE B*

BROWN, LEO E*

Chicago, 111.
MacINTYRE, PATRICK N.

HUDEPOHL, HARRY*

3

Angeles, Cal.

City, Mo.

Francis I. du Pont & Co.

'

'

San

Loewi & Co. Incorporated

Corp.

Company

J. S. Strauss & Co.

Co.

&

Kansas

HOWARD, LESLIE J., Jr.*

ELWELL, WILLIAM C*

City

Systems

New York

Dallas, Texas

Barth

Los

BROWN, JOHN R., Jr.

BAKERINK, D. E*
Paine, Webber,

J.

Burnham & Company
New

Cleveland, Ohio

Boettcher and

ELLIOTT, WM. H.

BRODERSON, PETER J.

BAKER, DAVID L*

Luce, Thompson & Company

LYNCH, PHIL

Denver, Colo.

New York City

Company

York City '

LUCE, MILTON, Jr.

hill, James a*

Cowen & Co. /

BREWER, JAMES R.

:

Boston

M*

Rauscher, Pierce & Co. Inc.

ELKAN, EDWARD*

Securities, & Exchange

W. E. Hutton & Co.

Dallas, Texas
Co., Inc.

Co.

Commission, Washington, D. C.
LOTHROP, GILBERT M* -

Frank-Guenther Law

HILGER, D.

Cleveland

33;'r 33

York City

/

HERSH, GEORGE
Albert

&

LOOMIS, PHILIP A.

Co., Inc.

New York City

Taylor

J. N. Russell &

Minneapolis, Minn.
BADER, JACK*

Cleveland, Ohio

Walston &

Chicago, 111.

Piper, Jaffray & Hopwood
-

Prescott

Angeles, Cal.

Inc., Los Angeles

BREARLEY, ROBERT*

H>

Chicago, 111.
LISTON, CORWIN

HEINZE, GEORGE

-

EBLE, HOWARD

City, Mo.

HOWARD S*

Doyle, O'Connor & Co.

Dempsey-Tegeler & Co., Inc.

DUVA, SAMUEL*

United Funds, Inc.

3

Chicago, 111.

Greensboro, N. C.
LEV IN E,

Angeles, Cal.

DWYER, DONALD R*
Dominick & Dominick

Securities, Inc.

First Alabama

& Co.

Conn.

United Securities Co.

Los

C.

New York City

BONHAM, JOHN A.

ANGELOS, GEORGE H*

Company, Inc.

LEE, N. CLAYTON

New York Hanseatic

Los

San Francisco

Dunn &

Kansas City, Mo.

HECHT, JOHN C., Jr.

Brush, Slocumb & Co., Inc.

Omaha, Neb.

Dallas, Texas

E. F. Hutton &

Dempsey-Tegeler & Co., Inc.

DUNN, GAMBOL J*

Co.

&

LATSHAW, JOHN M*

HECHT, JOHN C.

DOUGLASS, DONN

America, Washington, D. C.

Co.

Bateman, Eichler & Co.

Corporation, New York

Co.

Cleveland, Ohio

BOHRERi JOHN J*

ANDERSON, ALFRED W.

,

Joseph, Mellen & Miller

Investment Bankers Association

Inc.

Denver•

Hutton &

3 Los Angeles, Cal.

Louis, Mo.

HART, MAURICE

DONAHUE, JOHN R.

BOEHMLER, ERWIN W.

E.

Houston, Texas

Incy

Cleveland, Ohio

& Co.'

City

Eddlerhan, Pollok & Fosdick

Angeles, Cal.

Disbro &

n

Baltimore, Md.

Dallas, Texas V
ALTMAN, EDWARD F.

Chas.

Los

York

LATINOVICH, GEORGE M.

HAHN, DANIEL C*

D1SBRO, ROBERT M*

'

BODIE, CHARLES A*

V

7

St.

City

Boston, Mass.

Scherck, Richter Co.

Phoenix, Ariz.
Cruttenden & Co.,

Black & Co., Inc.

W.

Company,

HAHN, CHARLES W.

1

{

LATHROP, GILBERT*

Inc., Denver

DIEHL ROBERT D.

BLACK, LAWRENCE S.

,

New

Bosworth Sullivan &

Dallas, Texas

York

LARKIN, THOMAS A. '
Goodbody & Co.

St. Louis, Mo.

DETJEN, CARLYLE L.

Denver ~

V

New

HAGGERTY, JOHN P.*

Son, Inc.

'

Kidder, Peabody & Co.

Reinholdt & Gardner

SHONG, HAROLD E*

Dallas Rupe &

LANE, PAUL J*3

Co., Inc.

New York City

DANIELSON, DOUGLAS
De

Company
Dallas, Texas

HAGENSIEKER, EARL L*

Cramer, Detjen & Co.

Birkenmayer & Co.

Mitchell & Company

Sanders &

Los Angeles, Cal.

New York City

BIRKENMAYER, WILSON C.

B *

ABELOW, HERBERT
New York

New York City

KUPFER, HAROLD L*

Hayden, Stone & Co.

Corporation, New York City

CHRONICLE is devoted to

of today's

TWO

a

Ogden, Wechsler & Krumholz

City

Bear, Stearns & Co.

Hayden, Stone & Co., Inc.

Below is

KRUMHOLZ, NATHAN A*

GRIFFIN, KENNETH*

CUMMINGS, FRANK X.

Co., Inc.

Gregory & Sons

Gregory & Sons

Inc.

DAINES, FRANK*

Springs

!

New York City

GREGORY, WM. H.

CRUTTENDEN, JAMES R*

CURRY, THOMAS L*
Stone & Webster Securities

At Colorado

.

KRASOWICH, JOSEPH D*

Co.

Chicago, 111.

Attended the Convention

i

Portland, Ore.

COLWELL, SAMUEL F.

two dollars each.

3

KOSTERMAN, PETE*

Hecker & Co.

New York

in the special NSTA Convention Supple¬
ment of today's issue of the CHRONICLE, taken at Colorado
Springs, may be obtained direct from the photographer, Robert
Maclntyre, The Broadmoor, Colorado Springs, Colo.
Prints are

S. Moseley & Co.
Chicago, 111.

New York City

W. E. Hutton & Co.

PHOTOGRAPHS

F.

Goodbody & Co.

Incorporated, Chicago

*

KOERNER, STAR C.

GRAY, ALDEN

Lynch, Pierce, Fenner

Pueblo, Colo.

Copies of the photographs

SECTION

The Marshall Co.

Milwaukee, Wis.

Boettcher and Company

*

CONVENTION

Philadelphia, Pa.
KOCH, OTTO J., Jr.

FRANK, Jr.*

Seattle, Wash.

COLLIER, PETER

York

orchid corsages.

Drexel & Co.

City

Hinton Jones Granat

Company-

Smith

York

Lynch, Pierce, Fenner &

Inc., New York City

KNOB, J. EDWARD*

New

Mer^kl
Hill, Thompson & Co., Inc., New

Smith

Incorporated, Philadelphia

COLIN, FRANK S *

LADIES

Merrill

GOWEN, VINCENT M*

New York City

Magid, President of

KIERNAN, RAYMOND J*

Co.

Goldman, Sachs & Co.

Allen

ORCHIDS TO THE

J. A. Hogle &

Suplee, Yeatman, Mosley Co.

COLEMAN, C. MERRITT

Samuel E.

Thursday, October 24, 1963

Los Angeles

.

CHRISTIAN, EDGAR A*

NSTA

.

GOODFELLOW, RICHARD F.

CAYNE;-MORTON A*

•

.

.

(1612)

&

Company

KENNEDY, SAMUEL M*

Dempsey-Tegeler & Co., Inc.
New

Inc., Denver, Colo.
■

York

City

MARSH, WILLARD H.*r

Yarnall, Biddle & Co.

Denver U. S. National Bank

Philadelphia, Pa.

Denver, Colo.

Volume

198

Number 6310

MAY, THOMAS C., Jr.*

.

The Commercial and Financial Chronicle

Stone, Altman & Company, Inc.

Cleveland, Ohio

'

Smith, Barney & Co.

Corporation,

Kansas City, Mo.

New York City

New York City

MOLLOY, PETER E*
City

MORIARTY, JAMES F*
E. Hutton

&

Stroud

and

Philadelphia,

List

Publishing Co.

San

Parker Corp.

John

Boston, Mass.

Laird, Bissell & Meeds
New

G. H. Musekamp & Co.

New York

Merrill Lynch, Pierce, Fenner &
Smith

New York

City

Carl M. Loeb, Rhoades & Co.
'

New York

Chicago, 111.

City

*

v

Foster &

Dallas, Texas '

?

-

"

OLWELL/GERALD P.*

New York

Dominion

ORLOFF, HARRY*
New York

Securities

City

Arthur

OSTRAU, BERTRAM M.*

/

New York

PARSONS, ROBERT

Dempsey-Tegeler & Co., Inc.

Parsons & Co. Inc.

Corporation

billion,
of the

debt

Cleveland, Ohio'
Scantlin
Mill

New York

Electronics, Inc.

SHERIDAN, CORNELIUS B *

Valley, Cal.

PAULEY, MILTON

New York

-

City

Harold

PEARSON, HAROLD*
A. G; Edwards & Sons

New

Dallas, Texas?*?" "
Howard,; Weil, tLabouisse,
New

Orleans, La.

.

Los

*

&

Eaton &
-••

Co., Inc.

<

Baltimore, Md.

PITT, ROBERT W*

Kansas

Blyth & Co., Inc.

Portland, Ore.

POWELL, GEORGE D.*
_

;

Francis I. du Pont & Co.
Denver

Dallas, Texas

*Denotes Mr. & Mrs.




Texas Fund
1

debt

just

this

by

under
at

the

non-

and

was

and

the

at

the

his

of

what

have

extent'

exceeded

the

prudence in their will¬

ingness to borrow and to commit

the

overwhelming
have

majority i of

*

time.

ance,
the

And

of

import¬

major

too, is the great growth:in
people's financial resources
recent

over

traordinary
and

and

years

the

ex¬

expansion of private

public

personal

to

programs

protection

help

individual

the

family meet the economic

impact

of

death,

and

retirement,

ac¬

illness, disability, and

Big Rise in
"Accumulated

ings of

of

last

are

life

and

general

pro¬

other

and

of

the

from

came

sav¬

than

more

$370 billions

figure out to the equivalent

$6,700 for

the

and

led

annuity

under

combined,

household in

every

And

land.

by life insur¬

benefits,

personal

public

programs,

personal

Savings

long-term,

individuals, for example,

now

ance

expansion

the public at large in

extraordinarily liquid position

sayings and

.

.

:

have

factors

spending

to

come

the

maintain

to

consum¬

In more recent years

goods.

other
fore

V

consumer

borrowing

and

the

pace,

particularly the persistent growth
of

of income for mil¬

families,

pansion

the

rapid

population

in

ex¬

in

and

household formation, and the pro¬

Chitago, 111.

liferation

Later"

annual

Phoenix, Ariz.

debt
Baird & Co.

Co., Inc.

of

"Buy

have

pay¬

protection

private

and

the

crossed

$40'*

billion mark annually.
"An

insight

into

,

of

some

V

the

of

with this trend, the

personal

payments and their propor¬
have

come

Back

was

a y

at

just

year's

an

people's spendable in¬
been

in

going

1946
$31

up

stead¬

personal

abnormally

over

characteristics of the typical bor-*

how

and

rower

personal debt isv

dispersed'

in

the

population'

provided

by

the

latest

low

debt
level

billion, and the

repayment

and

interest

is

annual

Survey of Consumer Finances of
the

Uhiversity of Michigan Sur¬

vey

Research Center. The highest

frequency
stalment

borrowing

of

plans

married

young

couples

early stages of their
and

among

sons

with

older

children

particularly

in

in¬

on

found among

was

in

the

career

cycle

married

per¬

at

the

and!

home,

middle

in¬

:? :;?■:

comes.

dollar figure for

tion of the

ily.

Now—P

plans.

"In keeping

Refsnes, Ely, Beck Co.

City

established"-an

by meeting their obligations

ness
on

de¬

Weeden & Co.

New York

System; Fed¬
U. S. Dept.

Board;

to

or

may

limits

of

end

mortgage

and upgrading

Carl Marks &

"Whether

people

than

more

forms

pfrovide

lions

W.

Rank

Loan

and the

connection

"starved" for homes and

Ctiy

Louis, Mo.

Robert

Home

Commerce.

an increasing proportion of their
$16 income in advance is a moot ques¬
tion. However, it is a fact that

against

after record wartime

ZEEMAN, HARRY L.

.

mort¬

over

credit

other

for

1945 found

Milwaukee, Wis.

Houston, Texas

$11

over

fact that the end of hostilities in

ZEBELL, ELMER*

Management Co.

to

up

of

Reserve

Federal

Sources:

eral

-

-

STAFFORD, TOM

STEPHENS, J. F.

City, Mo.

while

YOUNG, PHILIP M*

Speer & Bartholow, Inc :.y

re¬

Influences in Growth

;

Atlanta, Ga.

stern Brothers & Co.

Kansas

City, Mo.-

J. C. Bradford & Co.

PRICE, EARL We¬

19.3

"The initial impetus to

WILLIAMS, ROBERT C*

SPEER, HOWARD J*

POINDEXTER, ROSCOE R*

in force

Stifel, Nicolaus & Company

Barret, Fitch, North & Co.

6.3%

19.6?

The balance consist¬

Incorporated, St. Louis, Mo.

Columbus, Ohio

11.9

75.0

ments

WICHMANN, JACK

SPARKS, RUSSELL K*

24.8

70.0

debts.

White & Co. Inc.

The Ohio Co.

-

City

er

St.

207.7

,

/

382.9

family

borrower

insurance

WHITE, JULIAN M*

SMITH, JOSEPH E*

$10.1

363.6

debt

of

attained

protected

the

tection

Co., Inc.

Wertheim & Co.

City, Mo.

1950

Service

unemployment.

being

an

SNYDER, HOWARD

Lockwood, Peck & Co.

&

Chicago, 111.

Philadelphia, Pa.

Ore.

Dickson

York

Ratio'

Income

$160.6

cident

Angeles, Cal.

New

Total Debt

Personal

1946

17.9

home

one-to-four

consumer

year,

WERTHEIM, JACK*

Jones Co.

Portland,

:

Howard, Inc.

Newburger & Co.

PINDELL, DAVID L.

of

were

,

First National Bank

Boston, Mass.

Kansas

Company

PHIPPS, PRESTON L *

"■?

•<

Disposable

Year

19.0

$38 billion of credit life insurance

WENDT, GEORGE B*

H. O. Peet & Co.

Rocky Ford, Colo.
June S.

City

spend¬

66.3

close to three-quarters

or

on

The Weller Co.
Los

SMART, ROBERT L *

Angeles, Cal.

Boettcher and

New York

Company

New York

to

349.4

WELLER, JACK*

,

SKINNER, IRVING S *

PHILLIPS, CALVIN

■J

V

2

PETERSEN, DAVID R.*
Walston

City

Sidney A. Siegel & Co., Inc.'

:

<;)Fri6drichs & .Company

/

r

C. Shore & Co.

York

S.

relationship

16.5

pendents. For example,

v

S1EGEL, SIDNEY A*

;

PEDRICK, PARKS B*
:

R.

billion),

$

57.0

total, represented mortgage

fit- of

WELCH, FRANCIS H*

City

SHORE, HAROLD C*

in

able income after taxes:

is

Chicago, 111.

Mitchell & Co.

'■

Troster, Singer & Co.
-New York

Sincere

combined,

their

and

and

(repayments

debts

interest

contingencies of life for the bene¬

WELCH, EDWARD H.

City

personal

is the increasing extent that debt

City

New York City

Josephthal & Co.

the

317.9

More than $168

"Significant in

Bros.

Singer, Bean & Mackie

SERLEN, LOUIS "HANK"*

of

1958

dominated by instalment loans.

WEISS, MORTON*

Chicago, 111.

PATTON, WM. J.

of last year.

ed

New York

gives fhe

II trend

14.9

outstanding

farm homes.

Lehman

City

table

War

45.4

to

up

billion

end

WEIGNER, ARTHUR*

SCHUBERT, DONALD

City

following

post-World

excellent record of credit worthi¬

'

Garvin, Bantel & Co.
New York

The Postwar Trend

The

37.7

personal borrowing,

added

Houston, Texas

Associates

earlier

Interest charges

magnitude

A. G. Edwards & Sons

Schmidt &

the

Americans

$232

WEATHERSTON, JOHN S.

SCHMIDT, ARTHUR A.

from

274.4

something

to

up

which

■

Fairfield, Conn.

Corp.

down

of the postwar period.

years

record size of

.

Robinson-Humphrey

Stetson Securities

City

New York City

Troster, Singer & Co.

nonfarm

"The

WAUGH, SAMUEL G.

SAUNDERS, WALTER F*

City

slowing

rate? of

significant

a

252.5

billions.

1 Company, Atlanta ;

Ultronic Systems Corp.

with the

showing

overall debt payments reflects the

WATSON, JOHN \
K The

dollar,

growth

1955

and

repayment.

gage

Stone, Altman & Co.

'

-

personal spendable

1953

of payments on

credit

of

income

to just under

came

in¬

and consisted

billion

Denver, Colo.

SARGENT, WEIR V
r:

Walter B. Delafield & Co.
New York

\

Marshall, Inc.

Seattle, Wash.

billion

$75 billion

:

Louis, Mo.

WARNER, GEORGE*
&

SANDERS, S. J .*

Sander's' & Company

$47

added

Colo.

Denver,

OLIVER, ALLEN L*

?

St.

19602

outstanding debt upfto

the

added

year

billion,

consumer

Yates, Heitner & Woods

Boettcher and Company

J. P. O'Rourke & Co.

■

of

WALSH, RICHARD H*

SANDBERG, ROY*

-

O'ROURKE, JOHN*

Chicago, 111.

Inc., Philadelphia, Pa.

.

the

$127 billion. The 1962 figur»

is

four-fifths

last

$59

bil¬

cents of the

pocketbook.

family

to

tirement

nearly

Salomon Brothers & Hutzler
1

Cowen & Co.

crossed $45

the

on

principal. Total personal debt

New York City

OHARA, DANIEL F., Jr.

-

.

SALOMON, ARTHUR K.

City

New York

;

shelter

and

payments represent repayment of

Janney, Battles & E. W. Clark

First National Bank

NIEMAN, BARNEY

*

WALLINGFORD, CHARLES L*

SACHNOFF, SAMUEL

Angeles, Cal.

(Federal,

combined),

and

and

"Close

Chicago, 111.

'

Los

food

bill

than

Consumer Credit Role

Douglas Securities Inc.

Chicago, 111.

Lester, Ryons & Co.

tax

local

Commerce.

greater

single charge

dividual

TUCKER, HERBERT E*

Cook Investment Co.

NEVINS, JOHN R.

to

biggest

New York City

SACHNOFF, MOREY D *

GARY*

and

of

the

by

V. F. Naddeo & Co.

Donaldson, Lufkin & Jenrette

Inc., Denver, Colo.

NELSON,

personal

next

City

TRIONFO, LOUIS J*

RUSSO, FRANK A*

NEELY, ORVILLE C*

substantially

a

week,

a

tabulation

Department

at $75

practically

half dollars

a

S.

State

rising

our

placed

or

is

the

serv¬

or

the

people's annual payments on their

was

1962,

recent

a

variety

living.

figure
for

of

up

half to

a

goods and

It

J. C. Bradford & Co.

charges

and the

U.

TORPIE, ROBERT A*
New York

of

the

of

cents

personal spendable income dollar,

20 cents of the

personal

interest

cars

billion and

Greene & Company

City

and interest had

of

they have built

consumer

"The

billion

New York City

Wertheim & Co.

Cincinnati, Ohio

.

6

By 1955 combined debt retirement

that

meet

the past decade and

standard

City

to

characteristic

in

ROSENBAUM, ROBERT*

MUSEKAMP, GEORGE H*

only $10 billions*

than

now

are

their

of

and

homes,

ices

New York

Wash.

which

out

people

taxes

debts

of other

TOPOL, ROBERT M*

Corporation, New York City

Haven, Conn.

the

- buy

Fitzgerald & Co.

Lewis, Inc.

Seattle,

'

•

TISCH, ALFRED F*
-

RONAN, FRANK J*
New York Hanseatic

MURRAY, FRANK J*

after

Inc., New York

JACK*

R.

of

pointed

fifth

a

income

Donaldson, Lufkin & Jenrette,

Francisco, Cal.

ROHDE,

MULLIN, FRANCIS J.*

Institute

American

over

^

TIEDEMANN, CARLH.* ~'

Reynolds & Co.

New York City

The

on

Glore, Forgan & Co.
Chicago, 111.

•

people's spendable income dollar.

over

repayment

THORSEN, LESTER J*

ROBERTSON, BRYAN
'

billion

were

more

with

paying

Boston, Mass.

New York City

Pa.

$232

part consisted of instalment

"the

THOMPSON, ALMORE I*.

RICHARDSON, THOMAS P.

MORTON, ROALD A.
Blue

Bros., Vancouver, B. C.

Co., Inc.

of

person¬

loans.

Massachusetts Investment Trust

Walter B. Delafield &

debt

outstanding

little

lion annually, or 16 V2

Doherty Roadhouse & McCuaig

Boston, Mass.

Company,

Incorporated,

TAPP, GEORGE

Keystone Custodian Funds

MORRIS, RAYMOND A., Jr.

record sized

charges

most

,

RICHARDS, RUPERT M*

Co.

Insurance,

$168 billion, or close to 75%, were
mortgages and the balance for the

Portland, Ore.
■

Philadelphia, Pa.

Cincinnati, Ohio

Life

a

Angeles, Cal.

A:

Hess, Grant & Remington
'

Seattle, Wash.

of

New York City, last year marked

Geo. Patten Investment Co.

REMINGTON, CLIFFORD G*

Hughbanks, Inc.

recent analysis by

a

Institute

Schwabacher & Co.

Cincinnati, Ohio

MORFORD, JAMES*

the

al

REITER, JACK L.
C. H. Reiter & Co.

■

According to

SWA1LS, DERELE H*

Mergott, Kappa & Co.

'1 *■

y/.

Los

RAPPA, SALVATORE. J.*

John J. Meyers & Co.

W.

Chicago, 111.
SUMMERELL, D. E*

Chronicle, New York City

MEYERS, JOHN J*

New York

Hayden, Stone & Co. Inc.

Philadelphia, Pa.?

RAMSAY, Mrs. CAROLYN BECK
Commercial & Financial
; ;;

George K. Baum & Co.

^

To One-fifth Spendable Income

STRAUSS, ROBERT*

;

New York Hanseatic

White, Weld & Co.

Personal Debt Burden Mounts

Denver

RADETZKY, WM. R*

G.

MESLER, MYRON
i

STONE, ERNEST E.

'■

1

Chicago, 111.

;1

25

(1613)

Saunders, Stiver & Co.

Dallas, Texas
MELL, HERMAN

.

PROBST, RICHARD A.*

Sanders & Company

•

.

"As to the home mortgage

debt

situation, at the time of the latest
early last

survey

out

of

found

to

about

half

having
more."

three

homes

were

be

mortgaged,

with

the

families

interest

payments

year over

five

every

of

involved

and amortization

$1,000

a

year

or

The Commercial and Financial
Chronicle

" (1614)

26

T

* J?

T

ilTP

I

/

•

J

•

•

yOm Dan V m Ves tm S
J
-fc.
, T
O

V

iJllv

obligation.

placed

:

From

some

developed by

insurance buyers would pre-

some

fer

And the Investment

that, in

dum,

offering

our

merely

we

memoran-

indicate

amount of the issue,

the

maturity, and

sent

the

sirable

practical

than

rather

believe

public

offering.t I

leading

investment

a

most

banking firms, which, are experithe

placement

de-

enced

the

field, endeavor to be selective in

if

and,

to

as

considers

company

and

in-

repre-

fairly accurate guide

a

what

usually

Thursday, October 24, 1963

.

experienced

an

comments I have received, I think vestment banker,

;

.

.

.

in

private

institutional buyer has ideas which

the

differ materially from those

such securities.

offer

to which they

accounts

•

/

(Continued from
the

between

3

page

,

insurance

;

.

/ /

*

possibly

'
.

.suggested schedule of

a

buyer and the investment; banker

pects of the issuer's operations, repayments.
Such an investigation would norHowever, based

on my

mally include

company

convinced

management,

pany's

(with assurance that such infor¬

study of the com-

a

products,

experience, I
in

the

am

careful

/

y

sented, in most

personal

formulation

that,

of

plant facilities, sales organization,

tailed terms and provision^of the

fidence)- should enable the insur¬

competitive position in its indus-

issue, the investment banker

buyer to obtain a

try, earnings statements and bal-

ders

ance

company,

Realistic

t

advance

most

a

valuable

his

investment

Would perm'it

•

Investment

earnings and balance sheet figbanker to do a better job of satis- ures> cash flow statements .(both
fyirig the account's requirements, historical^'and projected), litigarv^rim.cH, thA
tion> tax returns, etc.^ When J it
dnd

the

monogpr

orhMcintf

ir,

i

v,

u

not

ance sheets (for at least; a 10-year- only to the issuer, but also to the
committee,.: period, if available), pro forma prospective purchasers. In devel-r

authorization

^

from

P+hnH

ron

in

ac

'

Through
with

iu
should

it

whether

ue
be

iui~
for

giuuy
group

-

lng trade eh®cka

account, or on a designated basis.

important

more-

Only the managing underwriter is
position to efficiently arrange

a

the mechanical details oi
.substantial

a
.

/a\

•

order.

,

-if

i-

man-

■

.

formation

status of

m-

,,

,

,

negotiated offering, i.e.,

the objective being to keep such
non-restrictive

if

not, the balance remaining

i

.

.

:

'

•

*'

.

"

It

later receives the offering memorandum.

have;

lieve it is unreasonable to expect

detailed knowledge of the

a

investment

.

.

o

a

(1)

LC--

Generally

and

made

the

;this

type

;

of

the is-

proposed. financing,

personal opinion that an

investment

zv

•

of

cluding

groups is desirable, in¬

the

-reflection

of

;

changes in such price ideas
bidding

issues,

any

the

as

dateapproaches/- ^How¬

in

ever,.

i-

.

the

it

of

case

be

may

competitive

whose

firm>should

banking

the investment banker to furnish

soundness

may

have

sure

we

reservations, and I

other

am

leading investment banking firms,
which
low

are

active in this

the .same

field, fol-

policy.

In connection with

impossible for

most likely
particular issue.

as soon as we

The

development of such terms

and

provisions

more

time

Ac-

have

submit

to

the

their

accounts

often

involves

vestment

the

on

part of the in-

banker

than

that

ous

provisions

mandatory
ments,

and

and

other

any

phase of the financing.

It is obvi-

relating

optional

restrictive

to

prepay-

covenants

with respect to the creation of ad-

to

:

four
fo

pri-

a

of-

suggestions^
they
pri-

our

not

be¬

Initial reaction within

an

five

or

do

I

days, V

Misleading
the part of

.

initial

buyers

troublesome.

reactions

Occasionally

buyer will

on

particularly

are

in-

an

express con-

siderable enthusiasm in the initial

of

a

no^

interested

tnrp

week later to say that he is

is

debt

because

inrlurtrv

thp

nf

company

j^s

offering, only to

an

call

of the

na-

whirh

in

the

engaged, oc because
rather- heavy,

appears

a

vate placement sales control unit

conclusion he

probably could have

determines offering priorities,

drawn

his

'Our actual Offering procedures
vary somewhat with the size of
the issue and the nature of the
credit involved. In the case of a
sizable issue of

which

about

pany,

closely held

a

while,

have

we

usu-

ally try to interest a large account
which will"'act as a leader. If the
first large account we approach is
not interested, w.e then go to the
next important account on our
priority, .list. Once we have* obtained;: preliminary interest from
a large account, we then make

awaiting

refrained

other

first

reading

of

•" his/Einswer,
from

we

ynaking

any

offerings..

com- ,\

published

no

is available,

after

offering memorandum-, Mean-

0ur

j• mentioned

realize .'that

investment

life

we

insurance

departments

under- the

ment

previously,

most

function

supervision- -.of .-.ipvest-

•

finance committees. Some

or

insurance

buyers with whom

we

work closely have had a 100% bat-

average1;with

ting

tees;. in

other

their commit-

words,:-when such

buyers have, told
recommending

that they

us

an

amount

.

are

of

,

an

agree on terms and

offerings
to
carefully
selected
smaller accounts* which, if they

issue for approval by their respective investment committees and we

provisions which will be practical
from the company's standpoint,

should approve their normal size
commitments, could complete the

for

ences

attempt to

we

often

we

insurance

an

least

at

been^ gtitUtional

which

From.this suggested .list,

ditional funded debt- current bor-;information

with management in which

However,

request, the discussion

we

forced

are

to

strong stand in insisting

take
on

a

of

amount

In

more

the

the issue.
of

case

,

sizable

/

have

given them

such

the

committee

bonds

firm

meetings; the

final approval of their investment

issues

of

committees has always been forth-,

restrictive covenants than
the nationally-known (and
publicly- coming.
Other buyers over the
of particular private placement, management is initially willing to owned companies, we usually years have had almost a perfect
precise and refined price iqeas the investment banker should co- consider, ^because
through-; our make simultaneous offerings to a score; on rare occasions, final
in
the
case
of
negotiated operate-in obtaining answers to intimate knowledge of the invest- number of carefully selected; ac- committee approval may be de¬
company's consideration and study

the insurance company buyer with
as
as

,

the buyer's detailed questions and,

Private Placements
I

turn

now
-

_«,

securities,

_

to

i_ i

•

which

is

the

in

area

,

greatest

opportunity to

insurance

As

institutions.

-

to

do

for the buyer to visit

company

for

the

'

jL

i

-

*.

meeting its management and
spec-ting

its

duction

important

more

of

purpose
'

in-

obtained by the investment banker

1933,

p

volume of private

ife that
is

a

financing rests,

privately placed security

offered to

limited

a

number of

types of

in-

■«

i'

*

:4-'£

of

summary

agreed

important

with

upon

In the

issue,

the

com¬

the

is

i

credit
sound

company.

ing

exhibit in

memorandum.

his investigation of the issuer's experience,

F

long

r o m

have learned that

we

operations is usually summarized this summary
hi a memorandum to be used in comprehensive
offering the securities to selected

-

offer¬

our

should

-be

quite

and include

ref-

a

is

determined

If

entitled

the
to

it

to

a

The

by

its

selection
be

may

the

of

knowledge

deter-

of

particular industry involved

geographical

may

single life insurance

particular offeree

mined

we

a

the

or

its

location. -However,

of

reac-

single

a

member of the committee, which
the buyer could not possibly have
x

-t

_

anticipated.

issue

only

prejudice

or

i*

..

involved.
but

nied because of the peculiar
t.ion

secondary quality rating,

cluded

an

and

entirely by the quality of

offer

as

large

of small issues, our

case

procedure

~i.

almost

both

institutions.

offering
i

the

including

smaller

required

A

given time.

any
A

•

counts,

pany's management is usually in¬

exemption in the securities act of
which today's substantial

v-*

at

as

The comprehensive information

on

all

terms and provisions of the

^

know, the basis, for the

you

of

under market conditions existing

pro-

(B) Offering Memorandum

■

policies

certain provisions will be
r»4

_

facilities,

life

serve

advisable

-i,;

^

;which investment bankers, at least
ih' recent years,
have had the

it, appears

arrange

the

*

:i'i

_

stitutional investors, we know that

so,

privately placed

_

ment

when

offerings.

t

pur-

would Uke t0 nlake offerings,

make

*

i

competing

would

we

the
a

authorized ,to proceed with
fices

,y ;"

unique posi-

a

sales partners of our regional

to tailor-make the terms and pro-

be convinced of the intrinsic merit rowings*: maintenance of working
the same suggestions with respect
any secur^y it offers privately, capital, payment,•• of dividends,
to new corporate issues sold'pubr ior ^ should be unwilling to asso- pledge and sale of assets, merger
licly at competitive-bidding as inflate its name with the offering, and
consolidation, : etc., require
the case of negotiated issues.-rWe 1 can assure you that my firm fre- careful study of the issuer's opbelieve
an
exchange of presale'•..Qb.eritly declines to act as agent erations and such factors as seaideas between insurance company in
connection with the private sonal influences on earnings and
buyers and the managers of the ,Placement' -:°f
securities
about working capital. In our confer»

in

are

tiori **• determine which accounts
to

chasers of

attempt is made

rnvest-

presents,

policies of such insti-

from lender.-'An
the standpoint of the long- vate placement,
term

.■

^

has

is my

■

r

,

reaction from the

a

leading investment banking firms

should; ,be

protection

pect to receive

insurance buyer the same day the

possible

as

adequate

requirements.

;

(3) Competitive Issues

provide

contacts

throughout-;the(* country,

counts

visions to fit each issuer's peculiar

j
■

thorough investigation of

un¬

suer

time. "•

still

the
ex-

known

ac-

flexible

as

re-

In the

credits,

little

of

case

daily

reliable

and

prompt

from the offerees.

investment banker should not

."

.

,

banker

whether it is completely sold and.

sold at any

f

u

experienced
.

,

com.

their

banker will strive for flexibility, tutions and

^

and

,

"

bankings firm
,

..

private placement to your mstif
u
tutions, vou should be entitled to
* *
assume
that
the / investment

ui

the market

concerning

a

.

an

,

,

ment

.,

the

to

underwriter for reliable

agmg
.

When:

u

•.

look

to

,

.

.

able

1

>,.

..

.

T

,

5

inci

services.

(3) Insurance companies should

X1

aflso be

4

■

handling

>

wlth,some
customers,

jts

me

in

by mak-

company

/:

/

important; * institutional

cordingly,

rectly from the

'

^

;

,

oping such ! terms
and " provisions* the experienced investment

supple- and

banker-.should

vestment

nf hnndling

u

important to do.so, the in- terms and provisions

appears

fhp

i,

require
sponses

(D) Offering Procedure

It is obvious that

such selective offering procedures /

giving

offering serious consideration,

the

ren-

service

the account

cases

not be warranted in

de-

be held in strict con¬

mation will

would

pre-

On the other

insurance

hand,

we

deal with

investment

company

officers who have very spotty rec¬
ords

with

mittees.

investment

com¬

give such buy¬

firm bonds for their committee

ers

meetings,

we

are

always in doubt

the status of such

to

ag

their

When we

tions

participa-

until, their committees

act.

covenants which are -,in the case of-small issues of high
obviously*- in the- case of. large
institutional accounts. Great care likely to be of importance in a Quality, we may simultaneously iSSues
involving numerous purthe
ability
and
experience
to should be taken in the preparation particular case.
For example, if offer participations to five, or six
chasers, we avoids tying up bonds
make a thorough
investigation of of this memorandum to insure a company's method of operation institutional accounts in amounts {or
periods as

sophisticated

to all

erence

who Jhave

buyers,

-

„

the
to

securities

being

offered

and

judge their investment merits,

In

a

transaction of this type, the

investment

banker

acts

agent

as

for the

that it presents
of

the

both

risk

operations

perconnel
44

in

r* in

n

an

and
our

effort

a.

to

key

organization
!,

4 W

attempt

of

in
*

'it

complete; the

'/»^

fi¬

nancing successfully; we are usu¬
ally compensated by the payment
of a fixed
fee, which is entirely
contingent on our ability to ar¬
the financing on terms
ceptable to the issuer.
range

ac¬

in

r\

be
the

a

done

the

the

company's

the

,in

or

the

This can
'

'

'

il

only
•

_

_

_

#»

co-operation of

company's

usually

management; we
circulate 'drafts of this

memorandum

the

among

for

and

a

private

place¬

the

company's

chief

one

of

executives.

ment

acts only as agent for the
issuer and
offerings of the security
must be limited to
sophisticated

,

buyers,

-

,

in

my

opinion,

oir^1

invpCH<ratin

aHpmifv
nonA,™

,

one

of the

I

know

difference

there
of

is

opinion

among

in-

^

su^ance company buyers as to the
fu
^ thorough extent - to which the investment
soundness and banker should participate in the
f "wtemplated fi- development of the detailed terms
of all
f

*
^

nancing, and




important

as-

and

provisions

of

a

amount

of

on

future

privately

/"

cases

have

we

had

the

sue

J

_

^

*A

.

l

.

n

purchase
having

of

most

a

sider

the

over

a

the

important

ment, and which
to

in

prospective

summary

in

of

entitled to

fl

A 1/i.

v»n

be

that

very

d...

...

Selection of Special Counsel

in the private placement of

4a

* A

•'

'

."1

.J

'

se-

*

4Vz% rate under

curities,

it

market conditions prevailing last

practice

for the purchasers to

May,
ment

one

obtained

we

in

a

the

amount

one

of

commit-

$1,000,000,

commitment in the amount of

There

on

tion
to

is

'which
the

one

we

important

excep-

sometimes

aforementioned

procedures, namely,

an

^

represented

such

fee and

J

_

J1

accepted

expenses

paid by the

are

Because

special

_

become

be

by independent legal

counsel

of

the

counsel's

nature

duties,

of

is.of

the

final choice of such counsel should

make

be

made

offering

or

more

agreement

^

has

counsel; the

such

agree-

indicates

may

by the purchasers.

One

leading law firms in al¬

memo-

most every large city in the

coun-

memorandum

suggested terms, and

are

with certain issuers to offer hew

try have made

issues of securities initially to the

offering

ing the documents involved in the

institutional

holders

of

their

out-

standing securities.

always

Speed is one of the primary ad-

subject to reasonable revision af-

vantages of the private placement

ter negotiation

method, and is often the compel-

purchasers

>.

(E)

suer.

The important terms included in
our

small

action

doubtful,

company and the issue,

o

when our:past experience

the; account

company,

despite the

as: one or two

investment->cpmmittee

favorable

the amount of $250,000 each.

important

offering

with,

$500,000 and four commitments in

not referred

was

and

note

action,
a

con-

insist

and

felt,

we

for

weeks

cov-

particular

the

our

impasse

of

case

telephone

oinfrtlnrl

was

later

purchasers

inserting in the final

tltfi

the

company's

the

and

which

and

difficult

between

purchasers
enant

issue,

an

-a 1

-

for

"

;

of a-very strong mid-Western

unfortunate experience of having s*ze
obtainedcommitments

com-

'

..

$2,500,000 first mortgage, bond is-

which

some

/

^or example, in the

provision plac-

a

randum

considerable

conforming to their nonnal
mitments. :

In

terms

(C) Terms and Provisions

under

independent

management

written approval of the final draft
of this memorandum

by

aggregate

some

comments

signifi-

a

rentals

lease rentals should be included,

develop

heads of key departtheir

assume

of

some reasonable restriction

com-

pany's senior officers and, in
cases, among

amount

long-term leases,

ing

currently

with

cant

factors,

suggested changes; we require the

Despite the fact that the invest¬
banker

affect

may

foreseeable future.

ments,

(A) Investigation

ment

which

ref-

as a

long

has caused it to

unfavorable,

favorable:and

,

time

business? and

operating results, as well
erence to all pertinent

issuer; we assume no un¬
derwriting liability, but merely
the

an accurate record

company's

are

between

and

the

the

final

company,

However, such suggested terms, if

ling reason why issuers choose to
new
capital by this means

raise

a

specialty of draft-

private sale of corporate securities
to

institutional

firms
are

accounts.

usually have

partners

Such

who

particularly skilled in draft¬

ing such documents and complet¬

ing all of the detailed formalities

Volume 198

Number 6310

.

.

The Commercial

.

and

Financial Chronicle

(1615).
in connection with the transaction

in

smooth and expert manner.

a

responsible for these delays rather

his investment banker to work

on

closely

with

the

purchasers

only

chasers select

experienced
of

case

is that the

concern

large

suggest the

this

field.

issues,

usually

we

of two

names

three

or

after

have

the

agreed

large

on

purchasers

all of the other

purchasers,

months

endeavor

-

'

to

keep

in

they

have

vately.

placed

able

lenders

to

touch
whom

they

so,

keep

advised

pri¬
not

are

institutional
to

as

the

significant
issuer's

fairs, but. also to assist the

af¬

com¬

.

pany

in

of companies which

gram

for future financing and, in

seek" n e w capital,
periodically
through the private placement of
long-term .obligations
(such
as

cases

where

In

the

public

case

<

<

utility companies and fi¬

nance

companies), it;is important

ing

business
terms

tions,

ing the purchasers be

on

enced

and

which

nationally known firm,

will

be

purchasers

accepable

of

subsequent

It is obvious that

has

acted

issues.

law firm which

a

special

as

the

to

counsel

for

the purchasers of several issues of
senior

notes

of

large

a

company can serve the

of

subsequent issue

a

finance

purchasers

ically than

a

completely

issuer's expand¬

tbe

changes in

outstanding

negotiate

should

pro¬

the

obliga¬

with

is

a

free

call

to

banker,

Who

issue

;

obligations

This

follow

held ,by

service,

up

which the investment banker
ders

both

to

provisions of the note agreements

the

ren¬

lending institu¬

tive

in

the

counsel.

selection

counsel

which

the

only

this

insurance

practically

for securities

market

type.

we

life

constituted

of

However, during later

life

sion funds of industrial companies

a

and

recommends

is

developed,

companies

years as numerous uninsured pen¬

issue

an

first

approved

has

company

purchase of

firm

special

situation where

a

insurance

house

of

However, occasionally

encounter

the

com¬

very coopera¬

its

law

a

inexperienced

in

established and grew in size,

were

these

accounts

(both

those

ad¬

directly

and

by

trust

companies)

became, important

In

purchasers

of

had

we

an

experience in
place dprivately with institutional
first

mortgage bonds of

ating subsidiary

pendent

of

company

had

other

of

series

This

system.

outstanding
first

six

mortgage

bonds,: allof which

had

been

placed

obligations.
Within

oper¬

large inde¬

a

telephone

an

privately

several

past

years,

municipal employee

sion funds have also

pen¬

become sub¬

stantial purchasers of high quality

privately

placed

issues.

know, there has been

As

evolution

an

in the investment policies of these

accounts.

public

most experienced

law

firms

had

leading and

Philadelphia law

served

counsel for the

special

as

purchasers in

nection with all of the

con¬

outstanding

series of bonds.
*

In

the

serve

as

the

new

series,

purchaser's

house

counsel insisted

firm

have

indenture

inexpe¬

been

simple task

of

result,
rela¬

a

drawing

purchase agreement and

supple¬

a

developed

laborious

a

project

into

officers,

the' company's

general

and members of

our

After

the deal

organization.

finally closed,

company requested

future

no

was

ties

to

offerings of

this

counsel,

its

on

a

we

dates
en¬

comfortable pe¬

completing all of the legal
However, in the case of

issues

purchasers,
sometimes
the failure

participate. in

chase of

pri¬

authorize

common

the

pur¬

stocks in varying

willingness

statistical

of

services,

such

as

Standard & Poor's, and
Fitch, to assign quality ratings to
issues

of

privately

offered

corporate bonds has also contrib¬
the

involving
our

time

numerous

schedulej is

seriously disrupted by
of certain

participants

to submit their comments on
drafts
of legal documents to
their special
counsel

promptly. I realize that
your legal departments are
usually




at

least

broader
on

two

York and

pension

the

states,

demand

for

part of public-

namely, New

California, the combined
funds

problem by obtaining

that

portions

public

trusts, if they

for

teachers

are

the

and

present

probably the dom¬

in

the

high-grade

long-term market.

•

<

-

were

authorized

increase the interest paid on

satisfied that the

are

much

a

toward

more

such

'

pro¬

more

extremely

liberal

they offer

in

the

are

terms

their extended term

on

loans, particularly with respect to
optional
redemption
provisions,
which in most

unlimited
time

prepayments

without

at

premium.

any

Repay¬

higher

yielding

invest-r

and

work

It is

provide for substantial

maturity.

their fair share of the

market for

somewhat

liberal

and

terms

more

*An

provisions

in

the

they

the

millionth

one

built

Oct.

last

Customers Brokers

week

Motion

Customers

an

educational
for

Industry

on

the

Corp;

S.

H.

'Pictures,

Malamad,

and

David

Street,

Stock

Coast

will

also

become members of the New York

Stock

with

Exchange
the

acquisition
by

Warren

partners

Weedon,
Howard

October 31st,

on

are

Edmund
E.

I.

a

H.

mem¬

Crowell.

George
M.

Barton,

Q..

of

W.

Adams,

Robert

Lamoreaux

W.
and

Edwin E. Morgan.

ham

&

Co.

has

opened

a

635,596

Continue

other

only two

amount.

i

seven

metropoli¬

registered

increased

while

decreases.

It

fects
in

of

reported

areas

appear

that

Columbus

the

Day

Saturday, the ef¬

on

its

the

27

would

though

holiday fell

observance

felt

were

week-to-week

findings

since the pattern of generally

tonnage

in

dej

the .weekly*

Oct.

12,

in

Week's

totaled

Association

cars

was

six-tenths

or

of. 28,715

feet

cars

1.0%

or

below

the

Ton-miles

generated

are

week

and

10.1%

class

U.

I

originating
reported
one

Oct.

total).

that

in

the

(which

were

an

over-all

increase

16.4% above the

of

cor¬

responding week of 1962 and 4,621
35.3%

or

Shipments
New
.

■

",''•!

above

the

1961

week.

the

totaled

first

40

610,317
of

loadings

piggyback
weeks
cars

72,675

of

for

1963

an

in¬

13.5%

cars \or

above the corresponding period of

and

164,210

cars

Oct. 5

1962

215.995

223,850

221,254

224.181

' 7';'

■'

■

Year-Ago

1962

Intercity

truck

ended

ahead

of

the

was

r-

A

tonnage

Oct: 12

electric

light

was

es¬

17,173,000,000 kwh.

ac¬

to

the

was

Electric

Edison

Output

Institute.

of

energy

electric

the

Saturday, Oct. 19,

cording

82,000,000

previous week's
kwh.

17,255,000,000

995,000,000

kwh.

above

kwh.

in

1962 week or a

of 6.2%.

gain

year-to-year

and
total

the

16,178,000,000

of

the corresponding

A

survey

this

the
even

in

the

for

Moreover,
in

the

by

1963

is

was

the

Institute

summer's

past

generation

kilowatts
that

in

an

volume

1

•

industry for the week

timated at

output

•

Week

of

by

power

■

Ahead

Week

A; v7

-

Output Shows 6.2% Gain

distributed

ended

Oct. 13

231.505

Over

load

3%

the

1963

amount

vealed

Tonnage

for

208.899

225,909

-.

.'.v

The

corresponding period in
-

Truck

in

figures

feet

218.503

-

Electric

total

rose

36.8%

or

1961.

A

board

kwh. less than the

Cumulative

pro¬

shipments

219,268

orders
■

and

the

indicated;;

Production

week

week's

This/was

17,709

in

orders

the

are

of

Oct. 12

revenue

12,

/A-.';

highway con¬

or

1963

5,

in

cars or

crease

weeks

5.2%,

and-new

Following

piggyback

more

(piggyback)

included

for

2.3%

thousands

railroad

loading

or

Oct.

4.97%

rose

off

was

1961.

S.

the

week-to-week change.

0.7%.A

Oct.

increase of

over

ended

1963

61

ended

cars

fell

car-

estimated at approxi¬
an

in

Compared with 1962 levels

the corresponding week

over

with

2,497

by

ended

Week

219,269,000 board

week

however,

latest

cars

corresponding

mately 14.0 billion,
1962

put,

week in

duction

the

in

the

5%

regional lumber associations. Out¬

4.7%

or

Last

5.2%

Up

production

totaled

in

Off

But

according to reports received from

in¬

1961.

loadings

9.8%

an

decrease of 6.559

a

From

country

1%

of

Output

1962 tRate

/ Lumber

of

comparable

years.

Lumber

From

of

announced

increase

an

during

periods in past

r

freight

revenue

the

Gains

Week

Railroads

This

week in

3%

,

of

cars,

1962, but

H.

Lee.

tonnage,

Motors

The loadings represented

concerns.

Street

Four

reflected decreases

of this

areas

1

week

Church

regisr

year-to-year

while

more,

areas

excess

tan

General

American

ended

American

under the management of William

West

week,

Year-Ago

week

office

210

or

preceding week,

production month

last

Loading

gages and term loans to industrial

at

yeaif.

Boston

Compared with the immediately-

even

Over

Up¬

branch

Paul,

comparison is consistent with that

1962,

Harris, Upham Branch

at

20.4%.

experienced

above the

HARRISBURG, '111.—Harris,

10 %

in

would

highway trailers

Calif.—Crowell,

Exchange,

October—which

Carloadings

traffic

Co., 629 South Spring
members
of the Pacific

St.

-

largest

up

—

Rail

systems

&

reflecting decrease^

the

of

slated

12.8%;

tainers

ANGELES,

tonnage

localities,

change from last

clining

cars

Weedon

22

no

terminal

was

units

cars

The

NYSE Member

at

ago

-Minneapolis

5.1% and Studebaker Corp., 1.2%.

of

Crowell, Weeden

year

terminals

was as¬

all time.

be Eugene V. Kline, National 12,
1963,

Columbia

j

last

trucking centers showed increases

Motors accounted for about 51.5% ;
Ford Motor Co., 29.5%; Chrysler

Oct.

Speakers

a

gain

keeping with the

800,000

the greatest

crease

outlook

Picture

in

above the corresponding

of

corrif

freight
for

survey

tered

has

model

terminal

Truck

above the preceding week.

Meeting

15 William Street.

is

of

entire

Of,,

A

hold

'62

*

showed

in 1961,

and

rer

more

30.

upwards

3,547

the

22,

at

from the 1962 level. One terminal

Ward's said the surge in output

today.

on

Oct.

Transr*

report

of" general

area,

a year ago,

'63 model

on

the

1963.

Association

milestone;

and

The

truck terminals of

with 11 points

Thursday

•

in

year

on
th^
metropolitan

week; showed / increased

from

.

industry

a

of the Financial Section of the
American Life
Convention, Chicago, 111.,

To Hold

the

sembled

A

by Mr. Stuebner before

meeting

15,

which

the comparable

are

/

approve.

address

early

;

a

based

are

handled

carriers

The

their

;y;

volume

time

throughout the country.

but

Friday's

A

v:'>

the

holi¬

by the ATA Der

tonnage

mon

flexible,

imaginative

and

willing to

at

privately placed secu¬ Corp.,

become

lines

reached this

of

considered opinion that,
insurance companies wish

life

LOS

fleets

(Oct. 17). This marked the earliest

my

to maintain

29 at

last

findings

than 400

ended

this

Economics.

port

a

to

religious

depressed
at

par¬

terminal

attributed

conducted

areas

industry,

levels,

after

:;

assembly

be

often

•'balloon" payments at

The

normal"

be

increase,

eastern

partment of Research

1955.

the A

shifts.

also

Oct.

in

Studebaker

for

if

dating to

the

year.

consecutive

weekly survey of 34

some

upsetting

was

for

?

These

said, production is planned

week's

can

which

ago.

Chrysler Corp., American Motors

ments, including real estate mort¬

Many commercial banks

score

Elsewhere

ment schedules of bank term loans

to

in

record

permit almost

cases

sav¬

aggressive

53,000 J completions,

j; date

./V,

Likewise, commercial banks

ings deposits to 4%, they have be¬
seeking

pension

planned^

the

these.,areas

single week last June.

a

time last Saturd ay,,

com¬

have found

employee

attitude

Graham,

Since commercial banks in Jan¬

much

this

on

we

generally take

bership

come

loans.

day,

The one millionth 1964 model
provisions , than
insurance companies, passenger car was ushered off the

life

many

Other

uary,,',1962

such

in

Saturday in sched¬

protective

over

At

factor

of

issuer's credit is beyond
question,
are much less concerned with
de¬

time

inant

both the short

on

plants

the

at

observance of the

Ford Motor Co. pressed all of its
16 car. assembly plants into over¬

at"high

public employees amount to
these funds

conflict

nine

tonnage

volume

.second

Part cof

•

centers,
Motors

uling 93,981 assemblies, overrun¬
ning a weekly peak of 92,112 cars

petitive factor in the private place¬

$2

billion.

attempted

obvious

recognized

Moody's,
new

the

basis.

ticularly

General

thye

tonnage has shown jk
substantial gain on a
year-to-year

fixed

last

in

the

made

jsaid

the

1962,

Associations

truck

was

employed

made

the

Bell, Gruss & Co.

limited amounts.
The

cases,

week

•

ment field because

General

to

issues

settlement

placements,

deavor to allow

details.

to

trend

pension

For'

about

rose

of

previous week of this

the

cars

Ward's

first

to

marketable

institution., pension funds. These funds are
inexperienced growing constantly; in the case of

the

private

large

grade

5.1%.

Ward's

will

a

such

have

have commented

is

such

as

fixing

riod for

I

offerings of high grade cor¬
porate bonds; and currently there

securi¬

the company had paid
any of its previous issues.

In

authorized

In

banks

long

their

and

outside partners
and

the

taking the last 10 to

maturities.

Brokers will

to

company in an amount three times
on

15

particular

bonds; more recently,"
of the large funds have been meeting

uted

this
firm submitted a statement to the

large

maturities,

trust divisions

particular

Incidental^,

as

have been broadened

make

we

10

taking

invest¬

vate

which

consumed untold hours of time of
the company's executive

the

the

of the larg^

corporate

a

department

to

local

obligations.

years

high

many

should

most

include

Un¬

As

a

est funds

new

was

mental

and/or

municipal

recent

a

having

on

rienced in this field.

what

During

special counsel.

fortunately this firm

tively

and

Initially,

restricted

were

Government

S.

state

them

funds.

ment powers of some

of

case

however,, the

of

most

U.

pension

at

25-

you

placed privately with institutional
One of the

to

said

agency

week

Truck

below

the increase

last week,

serial loans to in¬

rities,, they will probably have to

the

state and

20

3.3%

From 173,606

year ago.

where

arranging

statistical

overtime

.,

ministered

handling this type of transaction.
1961

in

announced.

pas¬

20,000 units, or 12.1%, from 162,771 in the corresponding period a

own

encoun¬

instances

corresponding

American/ Trucking

industry

making.

count for last week

car

15-

a

its

also

The

de¬

A.

'

the

as

182,385-unit task in

senger car

ing

enactment of. the Securities Act of

financing was

for

a

com¬

a

specialized

have

bent to

unsolicited

an

production

Corp.,

period of years after the

a

their

banks have taken the

visions.

For

,

Continued from page 16

six

dustrial customers with the bank¬

liberal

Placements

last

where

loan

year unsecured

and

Competition for Private

1,933, when the private placement

generally

initiative

(G)

method of corporate

are

commercial

tailed

outstanding debt, etc.
We find that life insurance

We

.

several

tions and the corporate borrower,
often proves invaluable.
;;A

relating to the various classes of

panies

tered

to

special, information

concerning the issuer during-the
them.

account.

interest

particular

the

unsecured

year

STATE of TRADE and INDUSTRY

in

years

fense subcontractor to make

eliminate

feel

ten

the

small

a

to

any

of

to

unsecured

knowledge of at

instance

of

investment

presented

life

have

necessary

also

them, for

the

organization,, records,

Within

we

Institutional .inves¬

econom¬

firnm which

new

unfamiliar

company's

effec¬

more

tively, expeditiously, and

to

sound

a

requires

of

amendments.
tors

experi¬

the

the

that the special-counsel represent¬
an

developing

offer

for

securities

By doing

to

up

mercial bank made

close

corporate clients

direct

companies of estab¬

credit

maturity.

cor¬

Investment banking firms should

particular firm,; developments; in

a

then clear their selection with

we

helpful in

make

now

least-one

such firms to the largest purchas-, only
ers;

portfolio

(F) Follow Up Services

the- with

In

be

can

the

-

recting this situation.

pur¬

law firm which is

a

in

lished

perhaps

managers

and

their special counsel in
completing
the details of a private
financing,
our

term loans to

however,

Since the issuer usually depends

will

than your investment departments;

-

27

of

7.5%

electric

million

160.2

greater

summer

re¬

peak

of

energy

than
1962.

output

projected at 922.9 bilContinued

on

page

28

,

The Commercial and Financial Chronicle

(1616)

28

-

In

and
303

Central

+1

to

South

Central

+2

to

South

failures,

of

Central

+4

Atlantic

prior week, re¬

the

in

257

from

lines

Wholesale Commodity Price

Inc. Al¬
at the highest level since

though

this

parable week last year and fell
substantially short of the 1961

in

tolls

comparable

trend-'from

level, this week running
9% above the toll of 277 in 1939.
the week's

of

$100,000, which rose

bilities under

'

'

—but

from page 1

alone,

the

since

ing

the

a

it

Formula

-

a row.. The

weekly uptrend in
.

In the

the

as

banks. In

bank

earnings

are

in

high

as

of the 25

largest

insisted

we

charts

on

the

on

which

a

corporations have de¬

This

resulted

in

52%

cash

all

found

we

cash-

in

our

and

Gov¬

deposits. But in
ourselves

losing

out

of

such

earnings.

posits. We had not increased our

lived

have

private

1956

felt

we

a

be made

in

basis

the

on

of

just

can

decisions

agement

years

high rating

a

ernments for

meaningful, and intelligent man¬

Banks

four-week period ended

the

This

carry

evaluation

number

carrying

Now

of

to

addition,

maintaining

and

statistical

all

banks.

average

veloped.

another.

computed

sense.

number

a

necessary

from one group of assets to

vary

of

not make

specific deposits, with the re¬
sult that the income yield will

ago

the 21 st encourag¬

is

Government ratio at least

approach

allocation

asset

The

2.5%.^;A'U;W^U-;:A; ;

higher.

evaluations

Board's in¬

the year

over

nearly

does

up

gain

ratio

in

is

income

for all types.

same

Specific Assets to Deposits

saleson

Reserve

week marked

the

used

which, are a function of

their

own

for years,; dis¬
Oct. 12, 1963, sales gained 3%
regarding successful management
Sugar sprang up with confirma -'
oyef lastyear's level for the com-' techniques
developed
in other
tion of reports
that about one-

pushed wheat prices evert

with lia¬

place jamong casualties

'

ending

week's

west, which is hampering seeding,

climb took

Thursday, October 24, 1963

.

'

For

Level

weekly sales index without sea¬
Export buying,
sonal adj ustment shows, however,
both present and prospective, cou¬
sdles * declined
from last week
pled with dryness in the South¬

pre-war

Most

the

past five weeks.

the

exceed

to

continued

nesses

&
that

trend that has occurred during

past two years, failing busi¬

the

.

permits a better determination of
6% for the statement functional or
departmental earn¬
Oct. 12 compared
ings. Specific assets are assigned
with the like period in 1962. The
to

rising

the

of

were

week

decline was a tempo-,

interruption

rary

Federal

dex

Dun

indicating

Inc.,

last week'£

Despite this down¬

level pf 398.

reported

Monday,

Bradstreet,

costs

country-wide basis as taken from

269.55

ity price level edged up to

Continued

earnings

store

Department

Index

general wholesale commod¬

The

/.

occurring in the com¬

low the 332

Year's

the

remained be¬

14, casualties

June

+8; South

to

6% Above Last

Sales Rise

Upward Trend

Resumes

.

.

Greatly Improved Earnings

East

West

+6;

Nationwide Department Stores

—

ported Dun & Bradstreet,

.

East

+5;

-f- 6 to +10.

prevailing in several

transportation, hotel, dry
commercial
industrial failures resurged to cleaning, other personal business
and repair services.
in the week ended Oct. 17
steep upswing,

a

/

Managing Bank Assets for

to

0

and

North

major

year-to-year

a

number

in

climbs

with

Latest Week %

in

show

to

increase

Reach 18-Week

Business Failures
Peak

function

Pacific

+2;

Atlantic

Middle

-f4;

August

above

levels. Service was the only

generated last year.

that

mortality

service

7.3% more than

lion kilowatts or

t

to

—2

Central

+1; West North

—3 to

Mountain

and

slight rise lifted wholesaling

Continued jrom page 27

'

.

centages: New England —4 to 0;

INDUSTRY

STATE of TRADE and

'

the

savings

world

race

interest

for

savings
when

rate

competition did, because
not

analyzed

our

we were

earning enough to do

we

de¬

so.

portfolios

the

So
:

of

parabld period for the country's lines. Some are now breaking out mutual savings banks having de¬
12 leading- department store dis¬
of bondage, having adopted work posits approximately equal to our;
was lost in
the recent hurricane
tricts/
in the similar week. There was
t A A' Y:;
;. '
and tension between Malaysia and
measurement,
market
research, total savings. We found that they
: So far this year (Jan. 1 to Oct.
little change in failures involving
and
other devices of the kind. then carried only 21% in cash and
Indonesia caused swellings in rub¬
losses
12), tHe; i 2 ^department store" dis¬ Perhaps they will soon recognize Governments. We decided to con¬
jOf $100,000 or more, which ber quotations.
;
tricts^ retail dollar volume in¬ that the determination of realistic duct our
inchecj down to 35 from 39 in
savings business as a
The Daily Wholesale Commod¬
creased 4%' (adjusted) over that
both the preceding week and a
departmental or functional earn¬ separate function, and reduced
26^ fro™ 218 a week earlier
but stayed below last year's 293
to

fourth

Cuban

the

of

crop

sugar

.

ity Index stepped up to 269.55 on

ago.

year

toll

The

from

retailers

among

137

to

bounded

week,

Monday, Oct. 21, from 268.68 last

.

re¬

last

117

from

week and 267.46

from

37

to

cerns

Wholesale

.

edged to 47

retailors

Prior

other '

last

than

failures

industry

con¬

and trade groups

$5.93

0.7% gain over

1.0%

slipping

from;40

third

has

last

over

The

a

most

advances

energetic

Fourth Consecutive Month
In the fourth consecutive month

in September to 1,051.

shrank 7%
,

lowest level for

to the

casualties
any

seasonal, brought

usual

the

than

stronger

downslide,

current

The

failures

business

decline,

liabilities did not follow the same

pattern,

however,

bounded

32%

re¬

prior

their

reached

and

nosedive

month's

they

as

from

$85.9 million in September, with
million dollar cases climbing back
to

in August.

from 3

11

Because

liability" cases have re¬

these "big

mained numerous

and prunes, while flour, rye,

barley, bellies, lard and butter ex¬
perienced
These

steers and hogs lessened in

The

&

Dun

edge

an

number

of

failing

months

nine

aggregate
businesses in

the

whereas

the

comparable

over

$933 million vs $914

million,

9%,

slipped

to

11,000 from 12,055 a year ago.

resents the sum total of the price

pound

31

of

the fewest casualties in any

toll

in

month

In manufacturing, the

1956.

industry

furniture

the

,plunged most steeply, a third be¬
tween August and September, and
the toll in the machinery

slackened

by

industry

fourth. In retail¬

a

ing, furniture and appliance stores

the

enjoyed

ment,

improve¬

strongest

with/ their casualties dip¬
the

ping
and

lowest

since

December

respectively.

January

Auto

dealers, auto accessory shops, and
stations

service

also

had

and meat in generalise.

cost-of-living

a

function

to

is

and

show

tember,
eral
much

construction

failures
but

the toll

in

three

has

contrac¬

during

eased

builders

chief

Its

the

general

sale level.

among

not

months




Sep¬
gen¬

changed
now.

to

N.\y.

allocation

asset

of

to

other

any

Y

-

now

are

in what might

liquidity is required for sav¬
than

ings

it

tice

and prac¬

partially

effect

in

are

deposits.

demand

for

Those who believe this

allocating assets. One of the most

asset al¬
procedure is that it forces

important values of an

however,

location

higher the New York, observing

in the

position

liquidity

types of deposits. In at

sales tax rise from

of

1. The four-

4%; last June

pool

general agreement that

called

less

York
City's sales for the Oct.- 19-ending sales week revealed a minus

3

money,

the

happier results than a

V Bankers
be

A A '-1

absence, of the,

into

go

approach

technique.

the year-agp

City sales might have been

conditions

Ironically, investment
changed

time,

same

with

shortened

we

remaining
and

our

the

about

at

result that

the

maturities

the

of

portfolio,

Government

ratings on the corporate

charts have been higher

than ever.

the

cases

which

in

by

least 75%
we

have

analyzed banks under our alloca¬

Municipals

As

Liquid Assets

We feel that certain assets other

Governments

than

just

are

as

liquid—convertible into cash with
little or no loss—as they are. We
have

over

$150 million high grade

within
assets.

are

addition,

classified
call
sold

Funds

liquid

as

of

liquid

other

things

as

risk-

as¬

loans and Fed¬
every bit as

are

Treasury

Mr. Adams,

earlier,

12

certainly

actually liquid—bankers'

acceptances,
eral

are

definition

the
In

arbitrarily
sets

they

and

months,

within

maturing

municipals

bills.

Both

in the talk mentioned

the

and

its re¬

ABA in

found that cently revised booklet on "Bank¬
vealed ho Jhcreasefo ver last year's there was excessive liquidity .inL ing and Monetary Developments
periodfor Yttije. second week in a relation to savings deposits.
A and Their Application to Bank
Asset Management" are on record
row.
/v VU ,.Y'
•
that the basis for measuring bank
•
Questions Liquidity of.
. YY
;•>» A*: broader ' set w of data encomliquidity needs substantial revi¬
Governments
:
passmg itptul; retail sales, com-r
sion. We are happy to have such
piled
by 'the * Bureau
of the ?■'' Having ,just introduced- the
distinguished company.:
Census, U. S. Department of Com¬ question of liquidity; I must fake
Our theory of asset allocation
merce,
put the Oct. 12-ending a moment here to discuss it. A
week's total 6% above the com¬ liquid asset is defined as one that' is based on the velocity of funds.
Demand deposits turn over at a
parable week, last year. The year- can
readily
be converted into
to-year contrastfor the
latest' cash with little or no loss. For high rate—in our case about 35
four-week period showed a gain many years, the only assets con¬ times a year. Such deposits should
week

,C.

figure

flash

■

-

,

re-

procedure,I

tion

we

■

•

.

,

Warm Weather Wilts

Shopping

-

Zest

summerlike

With

partial

the cprres-

5%. No one can surmise,

the change.

making

are

than we did before

money

■

persisting

temperatures

with

and

the

usual

,

„

Columbus Day

buying surge ham¬

pered by the Saturday date, retail

did

purchases

make

not

much

16. Over-all

volume, however, con¬

tinued

be

to

lifted

last

above

year's level by a big boost from
new

sales which already have

car

to

spurted
time

of

year.

weather

effect—the

demand for

waxed

a

warm

beneficent
of

the

con¬

rally in the

building supplies and

Activity in home goods

stronger than

although
in

and

this

for

the

one

extension

season

hardware.

Also,

had

has

struction

records

new

the

pace

in

was

apparel,
moderate

both.

The

total

dollar

volume

of

re¬

tail trade in the week ended this

building subcontractors

heavy

tors,

It is not

index.

prices at the whole¬

trend of food

notice¬

ably lower failure rates.

Among

foodstuffs

raw

headway in the week ended Oct.

Manufacturers and retailers had

since

Inc.

Bradstreet,

Wholesale Food Price Index rep¬

per

application

flash, figure for .New

A

how much

price.

in 1963, aggre¬

gate losses during the first three

1962 volume,

the

ments—corn, cottonseed oil, cocoa,
eggs,

A'

rises. period,

outweighed

small number of downward move¬

quarters of this year have main¬
tained

fractional

more

increases

dollar volume from

assets

brings no

period a year ago, and
the latest four weeks
unchanged from total retail

were

that

with

assets

the

competition, and

more

are

We

inter¬

paid maximum

rates, have grown faster than

our

Or they

savings

because

since

and lose their identity. The partial

in-

sales

Dollar

September since 1958.

certain
but

ponding

registered by hams, cheese,

sugar

Business Failures Decline for

down 4.0% from

assets to a

have
est

requirements.

liquidity

our

growing rapidly, they are buying

in 1962. Within the
N. Y. Metropolitan area, however,

were

number

a

pooled funds

of deposit.

type

that

say

period. They were up

lative period

were

of

specific

year.

outpaced 1962.

using the

this by assigning some

This is the New York City department store
week that the sales for the Oct. 12-ending week

consecutive

index

comparable week last year.

the

22,

failures

preceding week and 51 in

in the

substantial
the prior week and

Oct.

on

Canadian

reported,

were

four-week

of fact,

matter

the asset
allocation theory in part. They do

Bradstreet,

pushed ahead of 1962 levels.
Thirty-eight

gained 1% over the com¬

Oct. 12

a

banks

approach are following

Index, compiled by Dun & 5% since -the beginning, of this
Inc.,
rebounded
to year compared to the same cumu¬

Price

in

tolls

year,

As
of

week ended

politan area for the

Week

the Wholesale Food

hit last week,

noticeably fewer

tractors suffered

Federal Re¬

the

to

System,', department, store
in New York City Metro¬

parable year - ago week's figure
Following the four-month low and 4% compared to last year's

44. While

from

construction

and

Index

Price

Food

Rebounds From Low of

tality,'steady at 47, and construc¬
tion

serve

v

_

According

of

270.73

comparable date last year.

in manufacturing mor¬

appealed

year ago..

a

sales

change

No

26.

the

the

below

remained

it

wholesalers to 35
23, and among service con¬
among

tip for corresponding period ings is a technique which should
v/.A,v- be adopted. Y

rung

month ago, but

a

Wednesday ranged from 1 to 5%
higher than

last

year,

according

of

4%.

Commerce's

data

are

Bradstreet, Inc. Regional esti¬

mates

varied

from

A *-1962 levels by the

comparable

following

per¬

ttie Department of

over-all

retail

sales

sidered

to

liquid

be

and, U.

cash

curities. But

S.
as

;

have been

Government

se¬

generally applied,

seasonal liquidity includes the entire Gov¬
!<
ernment portfolio, regardless of

not adjusted for

:

variations.

be

employed in assets with rela-.

tively short life. Savings deposits
turn
over
once
in
about four
years,

have a
the accompany¬

and the assets ; can

longer life, with

bankers
mortgages
B; A. Armstrong Opens
are an appropriate investment for
selling long governments — and
SAN
FRANCISCO, Calif.—Ben¬ some not so long as well. Since savings. In fact, they are . the
the end of pegged Government major form of investment in both
jamin A. Armstrong is conducting
mutual savings banks and savings
prices this basis
of measuring
a
securities business from offices
and
loan
associations. Further¬
liquidity has been invalid. It is
at 1900 Vallejo Street.
also deficient in another respect. more, in all national banks and
The liquidity ratio is customarily many state banks the maximum
determined by dividing the sum permitted in mortgages is effec¬
Catskill .Mt. Securities
of
cash
plus
Governments by tively determined by the amount
of savings deposits. True, there is
total deposits. Thus it., does not
maturities. This is utter nonsense.. ing
We

have

all

taken

our

bath

in

higher yields. Many

agree

that

long-term

HUNTER, N. Y.—Monroe S'olodar
is

engaging in

ness

firm

from
name

to spot estimates collected by Dun
&

department

Unlike "the

store statistics,

a

offices
of

securities busi¬ take into account the deposit mix.
Our time deposits as a percent of
under the

here

Catskill

Mountains

total

deposits have

Co.

He

was

formerly

with H. Wm. Johnston & Co.

Hill Darlington & Co.

:.f ,y»*V

and

increased from

the past five years.
Thus we do not need anywhere
near
the
overall
cash-Govern%eiit ratio Yow that-we did then
18% to 44% in

Securities

an

alternate

basis

for determin¬

based on capi¬
tal funds, but the percentage of
savings
is the test almost in¬
variably
applied.
Other
time
deposits turn over oftener than
savings, but less .often than deing the maximum,

Volume

mand

deposits.

such

deposits

Number 6310

198

In

have

nominal

a

part of the total and do not war¬
these

cases

same

Capital funds
the

to

Summary
To

that

they

required

to

make

invested

in

loans,

tells

long-term assets.

be

may

is

mix

to

sary

not

are

which

employ

have
at

us

it

making

glance

a

them.

neces¬

what

on

Negotiable

CD's

and

new,

Deposits

Demand

To

asset

cedure

our

of

forecasting

have

we

experience

enough

is dead.

proportions

of

interest-

deposits,

is

essential

bearing

it

gan; .[grouping',the
funds

lapsing

into

funds

increase

The

loans.

CD

•

in

:

ap¬

*From
his

an

Bank's

Bank

address

15th

by

"then;*all. of the n^owey

of

return

in:

the

of

expense

This

began

-

In addition to the year-end

the apparent

ing

J.

diplomat,

£. ■

the. incoming President, David

if

had

we

not

The
Dec.

to ask

in

following guest speakers during the week:.

opening session of the convention

will

2

feature

panel

a

discussion

the Special

on

ing therefrom.

Tuesday's meeting will be

applied

remedy

new

cluded

in

CD's,

time

deposits

Now

clear

earning
posits

and

demand

of

power

All reservations for

made

it

what

to

will be made

business.

for

Switch

Out

Short-Term

of

promptly

as

allocation

is

ning—in
phase

of

proved,
location

project

for

following
what

profit plan is

our

we

some

delay in this

each

funds

quarter

This

year.

will

we

the loan demand will be,

determine

can

-

based

the

on

when

ample,
1962

was

1961

it

showed

first

planning,
diate

we

action.

attempt

hotels.

A few

Hotel.

a

day bed,

a

persons
per

1962,

We

looked

the future

little

a

so

expect

peak,

and

would
1964.

not

over

that

until

-

into

course,

these

tion,

in

money,

part of

accounts
our

of
for

SPECIAL

'

CARS

in

1962

continuing
1963

to

over

Each sitting

follows:

Louis

•

Saturday, November 30

Sunday,

December

1

Pullman

are

per

day for two

2 Persons

1 Person

2 Persons

1 Person

$45.85

$41.10

$33.60

$37.95

$32.10

be^made through local

reservations for that trip should

Railroad tickets should

be

purchased from local agents.

round-trip railroad fare between St, Louis and Hollywood is

improvement

route

in

both

directions will

con¬

Those

there will be

and

It

Thursday, and at The Diplomat

is

hoped

scheduled

much that

very

which will

detract

no

no

on

Sunday, Tuesday,

Monday and Wednesday.

on

private cocktail parties will be

from

the

general parties.

occupancy

end,




These

evening from Sunday through Thursday.

parties will be at the Hollywood Beach Hotel

$60

such parties will be permitted in public rooms,
be furnished for

Meals may be

CARS

be

Pennsylvania

Railroad

-

be

required,

To that
nor

will

parties in bedrooms and

taken at either hotel.

situations should be made in advance.

Hollywood Beach Hotel. It will be

Richmond

each day

and

Hollywood.

The schedules will be

as

follows:

Diplomat

major

Lv.

North

Lv.

30th St. Phila.

earn¬

York

Saturday, Nov. 30
"

"

"

"

"

"

11:08 A.M.

-

open

from 9:00

also be made at that desk,

Diplomat.

There will be

a

9.45 A.M.

will not be held this

or

through the Maitre

which has been held in

year.

:

.

b

"

"

"

12:38 P.M.

Washington

"

"

"

1:50 P.M.

extent

Lv.

our

Baltimore

Richmond

-"

7

4:10 P.M.

parties, however, may/not be earlier than 7:45 p.m.

Ar.

Hollywood

.

Sunday,

Dec.l

10:20 A.M.

-

Dinner parties
that

should be

such

made

may

space

engagements

,

Lv.

is

to 4:00 p.m.

club table at the Holly¬

do not have dinner

The steak dinner for the entire group

other years

a.m.

Arrangements for The

and would like to join others at that table.

/10:56 A.M.

"

"

special

special desk

a

at the entrance of the Main Dining Room of the

wood Beach Hotel for those who

9:30 A.M.

"

Phila.

can

other

or

There will be

from Sunday through Thursday.

D'Hotel at The

Schedule

Going

While reservations will

arrangements for large tables

Washington and Richmond, and Seaboard Air Line RR. between

Newark

1962.

$96.15.

general cocktail party for all those present at the

a

convention each

be given in private dining rooms to the

is

available.

The

directly with the hotels.

starting

time

of

t

>

The " '

planning to entertain at the convention should note fhat

for that purpose

New

over

v

Entertainment

'

between New York and Washington, R. F. & P. Railroad between

Lv.

to

'

,

bartenders and waiters

SPECIAL

■d

-Bedroom-

C-ompartmenl

1 Person

ticket agents.

contains

persons,

,

/

It is not planned to operate special cars for the return trip and

not

Lv.

contribute

check)

One-way Pullman fares from

Broadway, St. Louis 2, Mo.

$56.60

Convention Transportation

The

o

5:10 P.M.
(with

Harry Theis, Stifel, Nicolaus & Company,

Double Room

day for single occupancy.

CD

and

-

10:20 A.M.
-

RESERVATIONS —Reservations

2 Persons

Diplomat,

room

Rates will be $36 per day for double

had

1961,

the "City of

on

Lv.

ings

,

<i:

of the hotel, will be used if the attendance

we

the

j

v

St. Louis to Hollywood are as follows:

comfortably accommodate three

Rates will be $51

our

improvement in

piece of

Florida East Coast Railway to Hollywood.
as

Hollywood

314 N.

Frequent transportation

location—at ; The

and

can

NEW YORK

in

higher-

change

respect

LOUIS

should be made through

available at

with full hotel service. Each apartment

funds by 25%. This ac¬

plus:the

made

St.

be necessary to

space

yielding assets, improving income
on

each

suites between 6 and 8 p.m.

$100 million from

Governments

to

'■ .1

will be available at both

rooms

and sitting room.

as an annex

/./

a

switched

we

attached

be

from St. Louis will be operated

cars

PULLMAN

In addition, the HBH Beach Club, which is also

day for three.

this

late

should

upon

rooms.

Ar.

we

reach

to

concluded
happen

Accordingly

something
short

loans

which

Then,

Jacksonville, and

Beach Hotel will be $15 and $20

size

apartment

an

if desired.

and $20 per

into

farther

to determine when

might

to

occu¬

located in close proximity to the hotel, and

room

should require.

correct.

of sitting

upon

as an annex

double

profit

was

,.,,

.

;

are

however, it became clear that the
forecast

then proceed

may

.

apartments will be available at the Hollywood Beach

operated

plan

day for single

'

at their discretion.

.

They

operated
tains

it

profit

of

Special

staying at,one hotel may take their meals there

depending

$20 per day.

Of

since

April

per

If single applications should be excessive,

Rates at the Hollywood

day,

per

in

did not take imme¬
By

Those

limited number

A

have

at

and $25

between the two hotels will be furnished without charge.

would

expectation
and

hotel

be assigned for single occupancy

possible, but it will, of

other hotel

at the

or

contrary

was

room

ex¬

than

would

we

conditions,

our

loans

1962

This

general

business
was

in

that

funds.

the

each hotel.

policy
an

can

assign accommodations in accordance with the

profit plan for

that

lower

and

excess

to

our

As

,

The hotel representative will also furnish
baggage tags filled out with their names and ,y

numbers

limited, it is recommended that arrangements be made to

lowed to the extent

us

completed in December

average

1961,

results.

occupancy

which

rooms

Indicated preferences as between the two hotels will be fol¬

and we

investment

present

the American Plan and will be

it will be necessary to assign roommates.

what

have,

on

As the

share accommodations.

the

of

day for double

per

al¬

shows

slips should

keys without registering and

The schedule will be

will be

ap¬

asset

an

such

of

Miami," the route of which is Illinois Central Railroad td Birmfing- .<•.
ham, Central of Georgia Railway to Albany, Atlantic Coast Line

.*

pancy.

Each

planning.

Holders

the

on

with slips indicating

passengers

the proper floor of the Hollywood

on

ST.

Confirmation of reservations

processing them, there will necessarily be

$40

necessary

a

,78.50

rooms.

Lv.

profit plan¬

is

profit

when

year

it

fact,

room

with

the form for convention;

on

connection.

useful

most

conjunction with

Richmond

87.25

arrival all such baggage will be tr^ansported from the station by truck and distributed promptly to the

possible, but due to the time required

as

Rates at both hotels will be

Asset

or

hand baggage.

Governments

in

107.39

furnish

1

$93.41

Washington

numbers.

room

at the convention hotels should be

rooms

through the Association's office

registration and hotel reservations.

prior to the start of the CD

was

Hotel,

proper

de¬

increased

has

"

Baltimore

Hotel Arrangements

the

CD's,

on

a

'

follows:

as

—

hotel

Thursday, Dec. 5, and the

on

*

$120.89

passengers

incoming Board of Governors will meet that afternoon.

of

making

New officers will be installed

gates.

are

and will

directly to their

ing the week and most of them will present reports to the dele¬

as

d

If this is" not

be made through the fail-0'

may

Beach,.:
at the front desk of The Diplomat, where they wi}l be

given their

meetings dur¬

completed.

be

may

119.65

cars

their hotel

presented.

The various national IBA committees will hold

in¬

portfolio

are

we

profit

and certain of its subcommittees will be

Y., at the earliest possible date in order

representative of the convention hotels will travel

New York

a

invested them

and

appropriate

an

bonds.

up

which

general

as

set

we

funds,

of

group

well

this,

cars

York

Philadelphia
A

;

Refare-

Pennsylvania

401,

Room

Round^trip railroad fares to Hollywood from points served

them to the floor clerk

Municipal Securities Committee

A. Kornhoff, Passenger Sales

Pennsylvania 'Railroad,

Newark

*

<<

trip of the special 5cars 'V

'

New

devoted entirely to municipal fi- '

The annual reports of the

nance.

/.

prior-'

7;

Study of

*

not made

are

,

return

if plans change, they

or

by the special

Chairman Cary of the SEC will also participate in

this discussion.

The

the

Friday, Nov. 29.

on

charge of going Pullman reservations will not be able to supply

Monday morning,

on

for

••

^

be picked lip at

may

p.m.

.

reservations

i

.

during the convention.

them.

Securities Markets conducted by the SEC and developments aris¬

the real asset allocation principle.
To

for; the,<■

representatives who will be present at the Hollywood Beach

dent, International Bank for Reconstruction and Development.

have priced ourselves out of some

business

j

(
>

Railroad tickets should be purchased from local agents. Those

:-v.

Harris, Resident Partner, Bache & Co., Chicago, the delegates

earn¬

might well

we

.possible,
road

.

charges. Thus

Otherwise they

satisfactory arrangements

Douglas Dillon, Secretary of the Treasury; George D. Woods, Presi-

for larger balances to offset serv¬
ice

that

Hotel

William L. Cary, Chairman, Securities and Exchange Commission;

would have been necessary

reservations

cancellations which

on

Station, New York 1, N

J

0

.

a

our

of demand deposits, it

power

sentative,

Conven-

will also hear from the

decline in the

t

Certificates will be mailed if apptica-

should be made through D.

address by -IB A President Amyas

Ames and the inaugural address, by

performed for balances. With

are

managing partner of* Kidder, Peabody & Co., New York.

of which

some

same

will be issued in lieu of

Selding prior to 5:00

Refunds cannot be made

Pullman

a

de¬

affect

to

prices for services,

hnd

gates will be accommodated there .and al$o; a$ The
nearby hotel in Hollywood.
/"

decline

a

demand

on

the

Street, New York 4, N. Y., is Chairman.

; tions are received promptly.

4iQR sessions will be .h.eldJat thd Hollywood Beach Hotel, .and dele- y

satisfactory, but it

return

posits.

lAriJyas^Ames,^

,_i^
~

existing loans. Thus "the

looked

at' the

was

prorata

a

.

WASHINGTON, D.C.—The Fifty-second Annual Convention of the
Investment Bankers Association bf Arherica will be held Dec; l-?6

were

we

RESERVATIONS—Pullman

to date of departure.

maturity

funds

giving them credit for
share

PULLMAN

the office of Mr. de

range,I but because I W0 .ha4 actu¬
the

via

Hollywood at 9:25 A.M.

regular train leaving

on a

regulation Pullman tickets.
•

52nd Annual Convention

froni CD's

ments in the Oto 5 year

available

be

arriving New York the following day at 10:25 A.M.

Mr.

Investment Bankers Association

^.wd§'y:peingv:»lnvestedVin-'«Govei!nV.

pooled

and

DeLongr at
Correspondent
Pittsburgh, Pa.

Conference,

3:35 P.M.

Return service will also

Tri-State

in,

came

3:20 P.M.

New York

Certificates covering Pullman space

business"

money

Newark

Ar.

25 Broad

"but the' loans1 did not. In .effect,"

ally

Ar.

1:58 P.M.

St., Phila.

going trip should be made through the New York Transportation ri
Committee, of which Edward B. de Selding, Spencer Trask &(Co.,

We entered the iCD-biisi^
to obtain funds to meet - the

nessi.

2:09 P.M.

route

a

proach.

expected;;

North Phila.

and

CD's with the

pooled

a

12:26 P.M.

30th

Ar.

unintentionally

—

Baltimore

Ar.

of

seasoned rate of turnover. We be¬

demand

11.00 A.M.

With in¬

ratio

creasing

had

not

develop

to

loans

8.35 A.M.

Washington

is used in profit

as

1:25 P.M.

Dec. 6

Ar.

planning, is essential.

type of deposit—the overall

liquidity

relatively

are

deposits, such

;

'

Saturday, Dec. 7

pro¬

a

'

Ar.

of

the full benefit

get

allocation, however,

■'

Friday,

Ar. Richmond

do this,

29

Schedule

<

Lv. Hollywood

profit.

analyses

our

liquidity position is in respect of
-

us

Return

at

interest

other banks, it can help many of

procedure which

a

based

helps

each
Saved

funds

our

will pay the

allocation

and

summarize, the changing in

deposit

permanent, and

are

extent

we

rates

Asset

deposits.

demand

as

that

would

we

earnings in both

(1617)

and other costs and leave a

assign them to the

we

group

lower

in

allocation;

separate

a

had

years.

,

rant

The Commercial and Financial Chronicle

.

Without asset allocation

banks

many

but

are

.

.

such

Arrangements

\

The Commercial and Financial Chronicle

The following

Indications of Current

latest week
week

Business
of

-—--—Oct. 19

data

59.5

'

•

AMERICAN RAILROADS:
freight loaded (number of cars)
__
freight received from connections (no.

Revenue

Revenue

.—

OF

"and

State

31.561.000

29,808.000

2,815.000

2,863.000

3.052,000

*14,659.000

5,148.000

14.890,000

NEW

4,765,000

181,077.000

182,970.000
36,053.000

175,175,000

168.051,000

Domestic

warehouse

176,240.000

52,060.000

53.216.000

84,020,000

516.474

...

632.049

Y

596,056

519,776-

,

/

.

606.881

477,016-

-.

515,761

9,700.000

9.905.000

393,000

430.000

$920,600

328,100

579,500

281,500

3,000

10,600

ELECTRIC INSTITUTE:

EDISON

'Electric

.

(in

output

steel

—

DUN &

(E.

PRICES

Electrolytic

—/YT

n

26.83

$26.83

$26.83

$24.17

V?1Oct.

Oct.
gggc;

at

at

Oct.

PRICES DAILY AVERAGES:
Government Bonds
—

corporate—

Average

Railroad

Industrials

U.

Aaa'

.

Oct,
Oct .
——Oct.
-—Oct.

-

-

—

—

Aa

".""I-I—I——
II

A

II

Baa

.

—

Railroad

Group—:
Group

Industrials

received

Orders

Oct.
Oct.

Group

INDEX

Production

—

—Oct,
Oct,
-Oct.
—Oct.

.—

activity
Unfilled orders (tons) at end of period
of

t

TRANSACTIONS

BOUND-LOT

OF

ACCOUNT

FOR

88.54

88.54

sales

Other
Total

Short

Total

Other

Solid

84.30

34.43

82.77

Housefurnishings

86.51

86.78

84.30

89.64

89.51

89.37

Apparel

89.37

89.37

90.48

Men's

sales

Short

sales

sales

,

',

'

v

1

•"
.

3.98

3.72

4.53 :

4.52

4.52

4.31

4.32
4.43

4.40

4.51

4.51

4.50

4.61

4.83

4.84

4.83

4.96

4.66

4.67

374.2

4.46

EXCHANGE
Odd-lot

—

'372.0

363.6

361.9

377,509

Other

369,926

656.300

99.38

;

98

668.552

*99.44

99

502.097

614.072

>

other

sales

:

.„

L

Durable

601,950

503,110

Nondurable

854,060

608,290

•673,900

644,410

1,253,109

1,112,979

1,207,357

911,900

SYSTEM

167,720

141,890

211,250

228,813

of

1,124,473

1,040,315

1,149,965

802,718

1,292,193

1,182,205

1,361,215

1,031,531

Short

purchases

.'Utilities

1,758,944

1,523,434

1,547.185

1,490,236

$82,905,305

$84,220,858

FOR

Total

ACCOUNT

OF

ON

THE

MEMBERS

N.

Y.

2,104,068

1,959,698

1,832,003

1,655,749

23,930

13,828

11,111
1,820,892
$90,409,041

99,844

;.

NEW
-

A

2,080,138

1,945.870

$116,867,988

$98,816,593

•

*

Other

WHOLESALE
W

PRICES,

SERIES

NEW

—

U.

S.

DEPT.

All

Total

Farm

Meats
All

i
commodities other

•Revised

Louis

figure.

exceeds

:

than farm

Iia_

and foods
/ /■

$2.39

$2.46

•

v

.

40.7

r<:"v

41.2

2.63

2.61

2.57

2.24

2.21

2-.17

.

'

'

.

•'

'

126
__

___

*

'

V

126

128

124

—

_

120
122

AVERAGE

3.12

3.71

4.21

5.96

3.00
3.02

2.57

[24])

3.14

3.12

2.48

3.10

Tel & Tel.

Amer.

3.10

4.41

-

:

'

•

——

:

incl.

(not

"

v

'fM-V

•;
.-•
•

3.08

3.69

£36,560,000

£35,880,000

£27,995,000

$5,356,000

$5,057,000

$3,914,000

—

—--•;—

(10)

—

—

(200)

:
ISSUES

IN

3.45

*

3.70
"

2.85

'■

BRITAIN

GREAT

BANK—Month of September—

■

'

EXCHANGE—

STOCK

30 (000's omitted):
carrying margin accounts—
customers
net debit balances—.
firms

customers
free credit balances—
of listed shares—
to

customers

of

Market

value

613,160

822)290

8ToIlOO

705l9l6

613~l60

.' v
Member borrowings of U. S. Govt, issues—
•V" Member borrowings on other collateral——

415,240

355,220

406,470

412,820

41,000

23,000

1,180,000

1,093,000
400,961,000

:••/«

396,235.000

27,000
1,091,000
308,440,299

PERSONAL INCOME IN THE UNITED STATES

,

—

749,000

654,000

4,244,000

*4,067,000

v

907.000

2,783,000

(DEPARTMENT OF COMMERCE)*—Month
August (in billions):
-

.

Total'

Sep. 27
Sep. 27
Sep. 27

-

1,361,650
25,233,920

1,040,230
23,353,200

1,091,400

1,816,500

22,821,900

17,407,760

26,595,570

24,393,430

23,913,300

19,224,260

personal Income-——
salary receipts', total———

Wages and
Commodity

producing industries—-—
"".'Manufacturing only
:—
—
Distributing industries
—
.

1

industries

Service

'

Government

OF

LOct. 15

100.3

100.4

95.1

*96.2

95.2

101.5

101.0

*101.6

Dividends

———

*93.5

93.3

10O.2

Personal

interest

10O.8

100.8

100.7

Transfer

payments

Investment Plan.

IPrime 'Western

ZincT^*

-[Number of orders not reported since introduction of Mon
sold on delivered basis at centers where freight frohv;East St.
cent a pound,
(a) Not available.
d

"ttf:?-

•

-J

l^ess.

—

:—-——-

119.6

98.7

*90.2

80.1

*80.1

72.1

49.8

47.1

\
'

95.1

59.2

55.6

•

12.7

12.2

37.9

37.7

36.6

12.7

*12.7

13.2

12.1

12.1

12.0

17.5

*17.5

16.4

'•

'•

36.7
_———

—-

employees' contributions for social

**®^'iMiitance

.

"

32.8

income——_—

92.5
100.7
thh

—i

persons——

Oct, 15

.

299.4

*125.1

>

"

professional

—_Oct. 15

..........

$444.6

314.1

124.6

12.7

income—_____—__—

Rental"income of

98.8

101.7.

*$464.2

314.2

59.5

__—.—

labor

$464.9

50.0

—

—

100.7

100.3

one-half




$2.43

86.80

•;.

•YVof

Oct. 15

foods

Processed
'•

40.0

<

705,910

Oct. 15

products

39.9

."•

FEDERAL
RESERVE
Average=l(K>—Month

(125)

Business; and

J,

41 0

39.8

____w_——

810.100

-Other

.

'

__—I-—M

__

822.290

Group—

commodities

40.5

_

1957-59

Credit" extended

LABOR—(1957-59=100):

Commodity

.

_

40.6

of September

Total

(SHARES):

sales.

105.88

88.18

_

(25)

YORK

"As

1,555.905

STOCK

sales

$97.27

107.01

i_——-

(15)

Member

$83,736,822

round-lot sales—

Total

$98.42

M'

_

_

OF-THE
—

MIDLAND

r

TRANSACTIONS

Short sales

$99.88

-

v

—

goods

CAPITAL

NEW

$75,221,460

!>

STOCK

14,864,180

41.2

.

_

_

goods

Industrials
Railroads

Average

Sep. 27
Sep. 27
Sep. 27

SALES

ROUND-LOT

14,310,000

OF

'

by dealers—^-Number of shares—.—Sep. 27

STOCK

AND

4,676,990

YIELD—100
COMMON STOCKS—Month of September:

'

ROUND-LOT

EXCHANGE

.

_

WEIGHTED

MOODY'S

Insurance

sales

Bound-lot
TOTAL

■'

'-

89.15

DEPT.

September:

Banks

sales

Other

105.5

14,847,000

1
S.

—

$106,512,503

110.3

108.0

COM-

OF

\

Seasonally adjusted
Unadjusted

»

943,963

5,024,745

106.8
.

.

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

3,364.008
4,307,971

4.810,765

116.6

'->111.5

•

September:

/

Hourly earnings—
All manufacturing

545,490

858,750

sales by dealers—
of shares—Total sales

Number

Oct.

goods

goods

141,300

4,165,995

v-

AND HOURS—WEEKLY

manufacturing

All

-

Bound-lot

of

as

of

608,300

807,640

112:1

Hours—

71,950

4,003,125

115.7

108.0

4,774,172

——

manufacturing

686,380

932,310

106.2

116.9

COMMERCE):

OF

(DEPT.

ESTIMATE —U.

562,000

4.704,433

107;4

116.6

108.36

bales,

gross

842,300

—SeP-27
Sep. 27
Sep. 27
Sep. 27

sales

short

Customers'

,

107.3

MERCE):

FACTORY EARNINGS

Durable

4,122,790

100.3

106.4

108.0

Nondurable goods

Sep. 27
Sep. 27

Odd-lot purchases by dealers (customers' sales)—
Number of orders—customers' total sales
Customers'

(DEPT.

2,632,030

5,661,409

101.1

108.0

_

running bales

1,

PRODUCTION

2,058,180

5,636,743

99.9
109.3

:

117.1

_

——_

and

575,550

4,930,627

102.9

Y -V

110.5

108.3

•

recreation.
services.

and

goods

2,414,080
2,989.630

4,850,629

104.5

101.2
)"■

106.9

—.

602.950

'

-

Dollar value

care

Oct.

--,>500-lb.

2,602,590

•

102.5

117.1
_

2,417,320

704,760

MM 107.4

103.9

110.6

■

615,290

'•

110.3

101.2

__

L—•

2,875,200
3,490,490

62,800

98.5

110.6

.

_

_

_

_

573.850

149,300

108.0

>: 100.1

98.5

101.1

3,566,000

3,020,270

105.8

102.3

104.7

^Weekly earnings—

3,036,890

106.7
108.1

104.0

2—4
_

girls'

98.96

99.15

104.8

98.3

_

_____

Nondurable

purchases)—t

(customers'

value

of

As

AND

sales by dealers
of shares

_

_

_

—

_

AVERAGE

3,175,650

95.2

Mil.4

106.0

102.6

bovs'

and

GINNING

COTTON

339,278

381,739

381,406

100

105.2
"v

107.2

..

oil

Durable goods

Number
Dollar

.

care

Reading

SPECIALISTS ON N. Y. STOCK
SECURITIES
EXCHANGE COMMISSION

DEALERS

fuel

_

'Personal

4.38

384,613

103.9

97.8

113,1

106.0

apparel

Medical

4.46

4.45

435,786

1

118.7

98.0

_

and

Public

4.84

4.65

4.46

372,813

102.6

'

113.3

<

107.8

y:'.

103.3

114.2

_

1958—100)

operation

Private

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

-

103 .8

102.3
•"

100.2

104.2

(Jan.,

105.5

r

109.2

>

101.4

Transportation

;

,

•

106.2
104.8

109.1

_

___

Other

4.26

4.43

Sep. 27
Sep. 27
:_.Sep. 27

sales

Total

and

fuels

Women's

4.44

;

107.1

■

4.32

_

.

107.1

_

products

electricity

Household

•

..

—.Sep. 27

:

_

_

*

4.56

4.47

3,839

106.8

87.32

4.44

4.491

104.5

_

88.81

and

ERNORS

sales

Other

_

__

88.67

4.45

5,469

4,727
4,157

1957-59=100-

Rent

4.02

5,688

4,770

—

home

at

Gas

4.01

Sep. 27
—Sep. 27
Sep. 27

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

-

—

from home

90.20

—Sep. 27

sales

Total

bakery

food

away

Housing

89.99

y

Initiated on the floor—

purchases

Short

13,799

'

:

transactions

Other
*

and

92.20

Sep. 27
.—-Sep. 27

;—

12,187

14,572

106.0

91.34

Sep. 27

sales

sales

,13,549

__

89.78

,

.

3,260

13,766

_

home

at

Food

All

.

sales

Other

Total

;v'

initiated off the floor—

3,340

_

.v.

,

18,933
11,824

3,383

loans

5,799

—

Sep. 27

sales

Other transactions
Total purchases

t-

46,204

12,661

14,716

INDEX

Sep. 27
Sep. 27
Sep. 27
Sep. 27

>

.

$60,003

50,792
21,242

4,147

L.ABOR^*-Month

sales

$65,364

21,468

12,804

Meats, poultry and fish
Dairy products
Fruits and vegetables

MEM-

purchases

Short

$66,137

-

89.78

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total

O.

31:

loans

payment

Cereal

~

'

"•

credit

term

credit

91.48

1

Oct. 18

—

•

'

6,977,000

$146,832,000

■

.

INDEX—

OIL, PAINT AND DRUG REPORTER PRICE
1959 AVERAGE=100

r

SERIES—Esti-

_

'

7,614,000

$120,509,000

RE¬

FEDERAL

modernization
loans
1

PRICE

Food

89.87

88.74',

16,887,000

5,304,000

credit

89.23

12
12

133,618,000

51,421

89.51

12
12

31,350,000

,

86.65

22
22
22
22
22

53,180,000

12,394.out)

-v

credit—

84.43

22
22
22

$36,170,000

9,127,000
26,463.000

Food

COTTON

(tons)

(tons):

Percentage

88.92

ASSOCIATION:

PAPERBOARD

NATIONAL

Oct.

«.

COMMODITY

MOODY'S

i

■■■

——Oct.

'

1—

Utilities

Public

»

Aug.

items

24.000c

118.125c

THE

accounts

108.875c

88.67

<-•—Oct. 22

'« Average corporate

,

1

12.500c
22.500c

;

Oct. 22

$45,955,000

credit

11.500c

116.875c

89.64

AVERAGES:

120

1,319

——

Footwear

Bonds

Government

S.

101

Month of August:
All

12.000c

12.500c

91.34

Oct. 2~
°ct> 22

—

—

MOODY'S BOND YIELD DAILY

1

„

Group

13.000c

23.000c

88.40

Oct. 22

Group

13.000c

88.78

gc^ 22

Utilities

Public

1

9.300c

217

"1,155

:___

and

Other

°ct-22

Group

9.500c

11.550c

120.125c

18

Baa
a

11.750c

11.800c

12.500c

Oct.

:::::::::::::::::::i-i

12.000c

23.000c
-

°ct- 22

a

30.600c

28.525c

13.000c

..(——.-OCt, Z2t

A*

30.600c
28.400c

11.800c

gc^

—T

inn

30.600c
28.400c

12.000c

BOND

MOODY'S

OF

Charge

28.400c
no

.

—

intermediate

Service

get. 18
'

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

Single

133

622

•*'

180

.

OUTSTANDING—BOARD

of

Noninstalment

227

$65,233,000

consumer

CONSUMER

.—:

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

S.

$66.33

590

108

credit

Personal

6.196c

$63.11

QUOTATIONS):

Aluminum

U.

6.279c

$63.11

30.600c

Export refinery at
(New York) at

Zinc

6.368c

$63.11

at

Lead

Lead

6.368c

13

522

.T

19,341,000

Automobile
Other

"t V" """

'$1^8,748,000

liabilities--

and

consumer

Instalment

332

281

13

ucl-

J.

M.

&

refinery

Total

16,178,000

17,478,000

257

303

copper—

Domestic

17,255,000

17,173,000

.Oct. 17

(per gross ton)

steel

,Q

Repairs

PRICES:
lb.)
ton)

(per

Pig iron (per gross

tZinc

.

COMPOSITE

AGE

Finished

METAL

_

-

9.446,000

service

as

.

—J-,.—

—

liabilities

millions

'

..T"-": 173
"'"^"'111

210.

liabiliies

short

„

i._—-

*

SYSTEM—REVISED

mated
in

iy

INDUSTRIAL)

(COMMERCIAL AND
BRADSTREET, INC.

Scrap

:

kwh.)—

000

FAILURES

IKON

'

.

12

112

122

122

119

): :'h-

870,407,000

—1,135

GOVERNORS

OF

RESERVE

1

.

number--

CONSUMER CREDIT

SERVE

•144,174,000
■

108

219,300
70,200

;

1,159,113,000

187

liabilities

Total

•

_

1,

liabilities

Commercial

57,193.000

105,100,000
•;

1,226,029,000

Manufacturing liabilities

289,500

195,400

341,100
330,800
10,300

/

:_2—

number—

Total

674,308.000

'

195,900

>292,100

96,830.000

—

service

Commercial

$435,400

$620,200

198,400

$674,700

Oct.

,

—;

number

:-;c Construction

Wholesale

476,300

-15,550.000

[.V 39.558,000

BRADSTREET/

A

August:

number

number

Retail

310.000

$519,562,000

13.312,000

—$2,708.708.000$2.644,310,00082.281,194.000

—

INC.—Month of

8,927^000

415,000

$555,516,000
771,711.000

34,831.000

credits-'—.—

——

Wholesale

^

>

12,219.000

—1

.

"

:

.

on

Retail

.

-••-

"'

.

12

•

Manufacturing number

85.172.000

$263,300

—,$563,707,000
775,022,000

.i—

—

BUSINESS FAILURES—DUN

54,440,000

83,367,000

$300,500

J

exchange' —
Y——
goods stored and shipped between
foreign countries—:
:__
—•
—

36.058,000

83.317.000

I-;

$310,800

_

Dollar
Based

A&°

OUT¬
BANK

September 30:

_■
—

177,980,000

34,845,000

omitted)——

RESERVE

shipments

5,027,000

52,169,000

-°ct' 17

SYSTEM—1957-59

of

YORK—As

Construction

——

SALES INDEX—FEDERAL
AVERAGE = 100

(000's

FEDERAL

—

Year

Month

SYSTEM

ACCEPTANCES"

.DOLLAR

Total

Oct. i(

Federal

DEPARTMENT STORE

September

of

Domestic

13.040.000

4,625,000

'

•

181,425.000
36,333.000
179,206,000

11
11
J*
11
11

get. 17
-Oct. i (

Municipal

30,978.000
;

9,715.000

Public
v-

8.340,000

14.388,000

uc^

—

—

8,586.000

3.278.000

rvt'v?

<tonsi__

planning by ownership

advance

Private

8,860.000

31,418.000

of that date:

Previous

GOVERNORS

RESERVE

Exports.'.

7.350.910

635.596

cars) —Oct.

of

(tons)

lignite

anthracite

7,565,860

Oct. 12

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

11
11
11
11
11

7.595,560

8.745.000

*

BUREAU OF MINES):

OUTPUT (U. S.
Bituminous coal and

COAL

Pennsylvania

7,584.460

Oct. 11

OF

FEDERAL

THE

OF

BOARD

—

Imports

Oct.
—Oct.
Oct.
Distillate fuel oil
output (bbls.)
Oct.
Residual fuel oil output (bbls.)
—-----—Oct,
Stocks at refineries, bulk terminals, in transit, in pipe lines
Finished
gasoline
(bbls.) at
Oct.
Kerosene (bbls.)
at-—
-•
.-Oct.
^
Distillate fuel oil
(bbls.) at
-~°CFResidual fuel oil (bbls.) at
Oct.
Unfinished oils
(bbls.) at
.— — Oct.
ASSOCIATION

DEBITS

Month

AMERICAN

(bbls. of

either for the

are

are as

Month
BANK

93.3

0.605

0.625

0.62

Oct. 19

PETROLEUM INSTITUTE:
Crude oil and condensate output—daily average
42 gallons each)
Crude
runs
to stills—daily average (bbls.)—
Gasoline output (bbls.)
Kerosene output
(bbls.)

of quotations,

cases

Ago
1,739,000

STANDING

1960

in

late

in

or,

Latest

BANKERS

American Iron &

this

that date,

on

production and other figures for the

cover

Dates shown in first column

Year

100.0

1028

102.4

—-Oct. 19
steel operations (per cent capacity).
Steel Institute discontinued issuing

indicated

The

month ended

OF

production

1957-1959

lor

Unofficial

statistical tabulations
month available.

Ago
1,863,000

1,915,000

1,908.000

or

Month

Week

Week

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

AMERICAN IRON
Steel ingots and

or

Previous

Latest

Index

Thursday, Qctober 24, 1963

,

.

(1618)

30

—

:-f——

' K^btal nonagricultufal incomesJ—-—La—--' v(j HCltai'**!'*';*".* •
10 '' ' • •'

_

11.8

447.8

•

•

•'

/
'iil

'/

32.6
36.5

i"

34.8

11.8
447.0

30.3

10.3
-

•

•

'427.2

'

Volume

Number 6310

198

The Commercial and

Financial Chronicle

(1619)

* INDICATES

ADDITIONS

SINCE

PREVIOUS

ITEMS

REVISED

•

ment.

Office—35 Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York/Note—The exchange

NOTE
the

SEC

icle"

of

—

since

are

will

Registration statements filed with
the

last

carried

now

issue

of the

ties

"Chron¬

in

alongside

the

company's

and in the

name,

index,

consummated

deposited

are

and

Bradford Speed

Registra¬

tion." Dates shown in parentheses

be

unless

accepted.

This

July

22,

1963

stockholders

re¬

on

699,380

Atlas

the basis of

1,000,000

common

General

Bradford

one

Ipeing

the

in

capital

offered

Industries, Inc.,

ceeds—For expansion and other
corporate purposes.
Office—522 Fifth Ave., New York. Underwriter—First
Boston

to

Mutual Telephone
Co., Inc.
'/-//:•
11, 1963 filed 38,564 common to be offered for sub¬
scription by stockholders on the basis of one new share

parent,

Oct.

share for each two Atlas

held of record Oct. 14.
Rights will expire Nov.
Price—$11.05. Business—Company holds a 40% stock
Maryland Logging Corp., which conducts log¬
ging operations in Liberia and will acquire from Atlas,

for

13.

not, in general, firm offering dates.

are

Also shown under the capition

Registrations"

are

effective

week

this

^'Effective

Kliklok

and

were

offered

Packaging Division, engaged in the

-

Corp. Proceeds—For selling stockholders, Atlas General.
Office—62 William
St., New York. Underwriter—Burnham & Co., New York.

:

Oct. 4, 1963 filed 165,000 common. Price—$3. Business—
Manufacture of a new line of motor speed controls to
govern the speed of electric powered toois.
Proceeds—
For additional equipment, leased
facilities, advertising

Business

and working capital. Address — 1275 Route 23,
Wayne,
N, J. Underwriter—Chase Securities Corp., New York.

and

for each five shares held

,

Chemair

expire

28, 1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be

For

loan

repayment,

purposes.

Office—901

debentures

by

due

'

Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Allrigtit Auto Parks, Inc. (11/4-8)
sinking fund sub¬
ordinated debentures due 1978, 240,000 common shares
and 5-year warrants to purchase an additional
80,000
common, to be offered in units consisting of one $100
an

tional

$230

4

shares.

Price—By

amendment

(max.

Amerel

31,

Mining Co. Ltd.
filed 400,000 common shares.

Price

ances.

Office—80 Richmond

penses.

writer— E.

St., W., Toronto.
Manning, Ltd., Toronto.

A.

held of record

expire Nov. 4. Price

—

Sept. 26.

$19. Business

—

Rights will

Manufacture of

clay and concrete products. Proceeds—For debt
repayment, plant improvement, inventories and accounts
land.

City Bank Bldg., Cleve¬

capital.* Office—700 Park Ave., Plainfield, N. J.

Under¬

Income Fund, Inc.
7,- 1963 filed 2,000,000 common. Price
(max. $8.72) plus 814%. Business—A

Chicago;

ices, Inc.
•

investment.

mutual

new

Office—120

S.

LaSalle
•

-

:

500

1

-

Leumi le-lsrae! B. M.
(11/6)
26,- 1963 filed 1,793,750 ordinary shares and 5,147,ordinary shares to be offered for subscription

rate

Address—P.

purposes.

O.

Box'133, Aurora,

Address

Tel-Aviv, Israel.
Kuhn, Loeb & Co., Inc., New York.
.

offered

in exchange for

the basis of
ties.

one

Exchange

certain acceptable securities

on

corporate

$25 of deposited securi¬
by counsel for the Fund to

be tax-free for Federal income tax
purposes. Business—
A closed-end
investment company seeking long-term




($1,000).

—

For

invest¬

debentures due

pano

purposes.

Beach, Fla.

Celanese
;

Business—Company

plans

te

Office—1068 S.

filed

by

Ocean

Blvd., Pom-

Underwriter—None.

Corp. of America

SepLic&7,ul9f>3
subscription

Price—$1. Busi¬
exploration and

Office—Creede, Colo.

expenses.

Underwriter

•

Commercial Life Insurance Co. of Missouri

Nov.

for

26, 1962 ("Reg. A") 46,000 common being offered
subscription by stockholders on the basis of one

share for each 3.36

common

shares held of record Oct. 8

Rights will expire Oct. 30. Price
of

—

$6.

Business

—

Sale

health,

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

St. Louis.

v

Common

Market

Fund, Inc.
March 7, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8.5%.
Business—A new mutual fund
specializing in securities of foreign and American com¬
panies

operating

in

the

European

Proceeds—For investment.
/

Beverly
Co.

Hills,

Calif.

(same address).

Market.

Common

Office—9465 Wilshire Blvd.,

Underwriter—Kennedy,
Offering—Indefinite.

Cabot

&

Community Health Associations, Inc.
April

12, 1963 filed 150,000 common, of which 100,000
to be offered by company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts.
Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.

-

Office—4000 Aurora

Ave., Seattle, Wash.

Underwriter—-

None.

Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common.
Business

964.390

stockholders

(10/25)

common
on

the

•

•

,

to-jbe, offered
basis

of

one

Price

—

$40.

Company plans to acquire, organize, and
life, accident and health insurance concerns.
—

investment

in

subsidiaries.

Office—114'

Underwriter—None.

,

1969.

general

share for each

Proceeds—For

East 40th St., New York.

offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For

be

growth of capital and income. Proceeds

1962 filed $500,000 of 8%

"

to

is believed

14,

mining.

/ —None.

.

Hospitality Services, Inc.

Price—At par

shares

Imperial Mining Co.
200,000 common.

Proceeds—For
Castle
Dec.

Bay State Exchange Fund, Inc.
May 29, 1963 filed 10,000 $1 par capital

operating

/

book

1962 filed

ness—General

manage

Underwriter—None.

Underwriter—

—

20,

Ohio.

cap¬

ital funds.

("Reg.

Manufacture

*

Nov. 25. Price—By amendment (max. $1.30). Business—
A general commercial bank. Proceeds—To increase

Underwriter

_are

Price—By amendment (max. $3.50).
of extruded plastic pipe, and
molded and fabricated plastic
pipe fittings. Proceeds—
-For debt repayment, working
capital, and other corpo¬

by stockholders on the basis of one new share for each
two like shares held of record Nov. 6. Rights will expire

1963

Colorado

Co., Chicago.

for each five held.
—

19,

Sept.

Offering-—Indefinite.

Carlon

/ Business

"A"

Price—By amendment

A") 50,000 common.
Price—$5.
publishing.
Proceed s—For
working capital and purchase of equipment.; Office—60
East 42nd St., New York. Underwriter—Hannibal Secu¬
rities, Inc., New York.

■

Oct. 9,

>:

Bank

Oct.

_

Products Corp.
1963 filed 304,293 common to be offered for sub¬
scription by stockholders on the basis of three new shares

Underwriter—Supervised Investors Serv¬

(same address).

&

three held.

Office—444 Madison Ave., N. Y.

Business—General

Office—309 Ainsley
Underwriter—Willis E. Burnside &

writer—Walston

40,000 capital shares to be offered
on
the basis of two

stockholders

Coleridge Press Inc.

Business—Company is a supplier of fruit concen¬
bases, syrups, toppings, flavorings and other food
ingredients. Proceeds—For loan repayment and working
capital. Office—105 South La Salle St., Chicago. Under¬

asset

York

Business—Writing of life, accident; health
disability insurance, and annuities. Proceeds—For

June

Business—Transmission of

par.

Net

New

$26).

expansion.

trate

—

of

—Alex. Brown & Sons, Baltimore.

Capitol Food Industries, Inc. (10/30)
Sept. 20, 1963 filed $1,700,000 of 6(4% sinking fund con/vertible subordinated debentures due 1978.
Price—At

Balanced

value

St.,

(max.

•

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

Offering—Indefinite.

Insurance Co.

shares for each

and

(10/29)

1993.

Life

by

'

„

r

Citadel

new

Securities

Miami,-Fla.
Co., Inc., New York.

April 30, 1963 filed 100,000 common. Price—$4. Business
real estate development company.
Proceeds—For
debt repayment,
property improvement, and working

Proceeds—For

address.

■«

Industries, Inc.

(10/28-31)

incidentally, the sale of electric appli¬
Proceeds—To refund outstanding 5(4% first mort¬

Bldg.,

—A

fund.

Co.

some

Street, Chicago. Underwriter—To be

March 26, 1963 filed
for subscription

For debt repayment and expansion;

Underwriter—None.

Atlantis International Corp.

Oct.

•

Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
»■—Company was formed to own and operate a country
club and golf course,
swimming pool and cabana club,
near Cape Canaveral, Fla., and d e v e l o p real estate,
erect homes, apartment
houses, motels, etc. Proceeds—

various

receivable. Office—700 National

Edison

address.

Aug, 6, 1963 filed 79,137. common being offered for sub¬
scription by, stockholders on the basis of one share for
three shares

EDST) at

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

American Vitrified Products Co.

each

a.m.

trust bonds due

Webster

Under¬

control

and

ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla.
Underwriter—Clayton Securities
Corp., Boston, Mass. Offering—Indefinite.

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

engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction,
exploration
and- general
corporate
ex¬

to

Nov. 29, 1961 filed 300,000 class A
common, of which
225,000 are to be offered by the company and 75,000 by
stockholders.
Price—$5.
Business—Design and manu¬
facture of women's, misses' and
junior sportswear, co¬

Price—Net

electricity and

is

company

(11/20)
shares.

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

500.

Business—Production and

odors, bacterial
development, produc¬
electronic vaporizing unit for dis-

an

Chestnut Hill

.>

—

1961

designed

pollutants;

of

Corp.

Salomon Brothers &

lateral

Equitable Securities Corp., Nashville.

air

sale

$10 debenture and two

one

unit.

per

named. Note—This
company formerly was named Chem¬
air Electronics

—

■

tal. Office—825 Esperson Bldg., Houston. Underwriter—

Business—The

repayment

of preferred stock
($100 par). Business—Transmission of electricity and in¬
cidentally, the sale of electric appliances. Proceeds—To
refund outstanding 5.60% and
5.48% preferred stock.
Office—36 Main
St.* Brockton, Mass. Underwriters—
(Competitive). Probable bidders: Kuhn, Loeb & Co.-

Brockton

per

and

and

Salle

debt

value

ing—Oct. 25 (11

addi¬

unit). Business — Operation of 558 parking lots in 40
cities. Proceeds—For debt repayment and
working capi¬

July

Proceeds —For

Fort

Hutzler-Wood, Struthers & Co., Inc.
McDonnell & Co., Inc.,
(jointly); Stone & Webster Secu¬
rities Corp.; Kidder,
Peabody & Co., Bids—Oct. 29 (11
a.m. EST) at 49 Federal
St.; Boston. Information Meet¬

Sept. 24, 1963 filed $2,000,000 of 6%

debenture, 12 shares and warrants to purchase

activities.

827

Brockton Edison Co. (10/29)
Sept. 20, 1963 filed 60,000 shares

stockholder.

a

—

(max. $10) * Business—A new mutual fund.
Proceeds—For investment. Office—8401 W.
Dodge Rd.,
Omaha. Underwriter—None.

1976; also 100,000 common to be
Price—By amendment (max.
for stock: $12). Business—Manufacture of equipment and
tools used in servicing automobiles. Proceeds—For debt
repayment. Office—2101 N. Pitcher St., Kalamazoo, Mich.
offered

tion

consisting of

Price—$12

chemicals

growth

St., Honolulu. Underwriters
Blyth
Co., Inc., New York, and Butcher & Sherrerd,/Phila.

asset

• Allen Electric &
Equipment Co. ( 11/4-8)
Sept. 27, 1963 filed $1,200,000 of 6% convertible subordi¬

of

—

Bridges Investment Fund, Inc.
July 25, 1963 filed 200,000 capital

Under writer-^-None.

nated

one share
Oct. 28. Rights will

•

expansion and other corporate
Fuhrmann Blvd., Buffalo, N. ■ Y.

sale

Nov.

other

Office
&

for

15. Price —By admendment
(max. $50).
-pensing such chemicals. Proceeds—For debt repayment,
Growing and processing of sugar in Hawaii
equipment, sales promotion and working capital. Office
Puerto Rico, marketing- of black
strap molasses
—221 N. La

and

Airway Hotels, Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—

offered

Corp.

offered in units

the basis of

on

of record

Johnson, Coleman, Manning & Smith, Inc.,
Charleston, S. C. • ; .
,
^
—

common.

be

,

Dec.

(10/30)
to

.

.

Rubber Co.

—

Gladwyne, Pa. Underwriter—None.
common

Nolan, Fleming & Co., Inc., Washington,

Charleston

derwriter

s

—

Brewer (C.) & Co., Ltd.
Sept. 30, 1963 filed 146,735
subscription by stockholders

Business—Company

—

20,

Aerosystems Technology Corp.

Price—$23.50.

Oct. 3, 1963 O'Reg.
A") 16,750 common. Price
$17.50.
Business—Manufacture of special purposd safety equip¬
ment and electric utility, general industrial and
scientific
products. Proceeds
For a new plant and equipment.
Address—Stark Industrial Park,
Charleston, S. C. Un-

Aerosol

writer—Laird & Co., Corp., New York.

held.

D. C.

Brantly Helicopter Corp.
Techniques, Inc. (11/11-15)
July 23, 1963 filed 588,780 common to be offered for
1963 filed 150,000 common, of which 80,000
subscription by stockholders on the basis of three new
are
to be offered by company and 70,000 by certain
shares for each share held. Price—50 cents. Business—
stockholders. Price—By amendment (max.
Production of a light two-place
$25). Busi¬
helicopter. Proceeds—
ness—Manufacture of various types of aerosol products.
For
debt repayment,
product» development, working
Proceeds
For acquisition, equipment, debt
repayment / capital and other corporate purposes. Office—1129 Club
and working capital.
House Road,
Address—Bridgeport, Conn. Under¬
•

Sept.

three

writer— Folger,

(9.59%) of Foster Wheeler

s

licly.

Automated

manufacture apd leasing of
packaging machinery. Brad¬
ford also owns 69,509 shares

pub-

each

furnishes telephone service in Prince
William, Stafford
and Fairfax
Counties, Virginia. Proceeds—For construc¬
tion and loan repayment.
Address—Manassas, Va. Under¬

interest in

those issues which became

Corp., New York.

Central

shares

flect the expectations of the underwriter but

Rights will

(max. $60).
major chemical company specializing
production of synthetic structural materials.
.Pro¬

Business—A

Packaging & Development Corp.

filed

of

that

means

of

ISSUE

share for each
eight held of record Oct. 25.
expire Nov. 12.• Price—By amendment

$25,000,000 of securi¬

Fund expects to issue a minimum
shares. Offering—Indefinite.

separately at the end

this section "Securities Now

not

31

Craft Master

Sept.

30,

1963

Corp.

filed

(11/11-15)

6% convertible sub¬
1973; also 125,000 common to
be offered by stockholders. Price—By amendment (max.
$11 for common). Business—Manufacture of paint - bynumber sets, crushed marble mosaic kits, hobby kits and
wooden picture frames. Proceeds—For debt repayment.
ordinated

debentures

$1,000,000 of
due

ton
new

Continued

on

page

32

32

The Commercial and Financial Chronicle

(1620)

.

.

Thursday, October 24, 1963

.

} *■

Office—328 N.

Ave.,

Westwood

Toledo. Underwriters-

William T. Robbins & Co.,

Fulton, Reid & Co., Inc., and

Inc., Cleveland.
Insurance Co.

"Defenders

filed 100,000 common. Price—$12.50. Busi¬
ness— C o m p a n y plans to writle automobile insurance.
Proceeds—For general corporate purposes. Office—146

Jan. 30, 1963

Old County

liston

Park, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.

Continued from page 31

Rd., Mineola, N. Y.

Underwriter—None:

•

Proceeds—For

loan

repayment, and

Feb.

Deuterium Corp.

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

Forst

March

(Alex)

;

(11/4-8)
100,000 common.
Price
distribution

Wholesale

units

held. At the same time, the

will offer the securities to the public. -Price—
TO subscribers, $20; to public, $22.25.
Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium ;
and deuterium oxide, and to establish and equip a gen- ;
eral research laboratory. Proceed?—For working capital,;
construction equipment and -other corporate purposes.;
Office—360 Lexington Ave., N. Y. Underwriter—None.
.
company

Price—At-the-market.

selling

stockholder.

design

devices. Proceeds—For

Office—2925

a

Merrell

International Life Insurance Co. of Buffalo

Frazure, Hull, Inc.

("Reg. A") 133,333 common. Price—$2.25.
Business—Fruit growing, publishing of a farm newspaper, citrus fruit brokerage and operation of a retail
store. Proceeds—For expansion of the newspaper, work¬

Sept. 26, 1963 filed 125,900 capital shares to be offered
for subscription by stockholders on the basis of one new
share for each four held. Price—By amendment- (max.
$32). Business—Sale of various forms of life insurance

debt repayment. Addressh-rWest Highway
Underwriter—Prudential Invest¬

u

Corp., Miami.

and annuities. Proceeds—For investment and

of

50-Winter Garden, Fla.
ment

Business—Development,

Rd., Dallas.
Underwriter—A. G. Edwards & Sons, St. Louis. Offering
—Indefinitely postponed.

Aug. 21, 1963

ing capital and

1963

2,

and manufacture of electronic

—

ing subordinated debentures

Systems. Inc.

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

for

$5.50.

—

of

toys and games.
(of one share and one warrant) on the
Proceeds
For selling stockholders. Address — New
basis of 3 units for each 5% prior preferred share held,
one
unit for each 5% preferred A stock held and 40 v Hyde Park Road, New Hyde Park, New York; Under¬
writer—Arnold, Wilkens & Co., New York.
units for each $1,200 face amount of non-interest bear¬
in

tures

—

Office—216 E. Monroe St., Springfield, 111. Under¬
Investors Inc., (same address).

International Data

Aug.

& Sons, Inc.

1963 filed

23,

Insurance Co.

offered

writer—Horace Mann

Underwriters—Kidder, Peabody & Co., Inc., and
Lynch, Pierce, Fenner & Smith Inc., New York.

Business

be

1,

be

poses.

con¬

Merrill
•

but will

1963 filed 200,000 common, of which 80,000 are
by company and 120,000 by stockholders.
Price—$12.50. Business—Writing of life, accident and
health insurance. Proceeds—For general corporate pur¬
to

struction. Office—101 Fifth Street, South, St. Petersburg,
Fla.

Note—This statement will

previously reported,

as

Horace Mann Life

Sept. 10, 1963 filed 457,265 common being offered for
subscription by common stockholders on the basis of one
new
share for each 20 held of record Oct. 10. Rights
will expire Oct, 31. Price — $40. Business—Production,
distribution and sale of electricity in northern and cen¬
Florida.

withdrawn

be

not

Beane, New York.

amended.

Florida Power Corp.

tral

&

expansion
operations. Office—120 Delaware Ave., Buffalo, N. Y.

Underwriter—None.

'

C Intra State Telephone Co. (11/1)
(10/31)
Doman Helicopters, Inc.
,
—
,
.
j Oct. 16, 1963 filed $150,000,000 of debentures due 1985.
Sept. 5,? 1963 filed.8,983. common to be offered for sub¬
April 19, 1962 filed 418,680 common to be offered -for ^ Price—By amendment.: Business—A consumer finance r scription by stockholders on the basis of two new shares
for each five held of record Oct. 21. Rights will expire
subscription by stockholders on the basis of two new
company specializing in financing new products manu¬
Nov. 16. Price—$100. Business—Company, 36.8% owned
shares for each three held. Price—By amendment (max.: factured by/General Motors Corp. Proceeds—For general
by Illinois Bell Telephone, furnishes telephone service
$1.25). Business—Research, development and construe-; corporate purposes. Office—1775 Broadway* New York.
in Illinois. Proceeds^—For loan repayment, and other cor¬
tion of experimental helicopters.
Proceeds—To obtain }■ Underwriter—Morgan Stanley & Co.*" New York.
porate purposes. Office—100 North Cherry St., Galescertification of models, train service personnel, repay?
Georgia Power Co./. (11/7)
'
1
/.
burg, 111. Underwriter—None. Note—This statement has
debt, etc. Address—Municipal Airport, Danbury, Conn,? Oct. 4,<49j&3 filed $30,000,000 of first mortgage bonds due
become effective.
Underwriter—None. Note—The SEC has issued a stop • 1993. Proceeds—For construction, and loan repayment.

General

Motors Acceptance

Corp.

•

.

„

suspending this registration statement.

order

Donaldson Co.,

filed 145,000 common. Price—By amendment
(max. $19). Business—Company manufactures air clean- '
and mufflers for heavy duty internal combustion en¬

ers

gines, and special seals, filters, bellows and pumps for/
in aircraft and missiles. Proceeds—For selling stock¬
holders. Office—1400 West 94th St., Minneapolis. Under¬
use

writer—Paine, Webber, Jackson & Curtis, New York.

Systems Corp.

1962 filed 750,000 common. Price—$1. Busi¬
ness—Manufacture of electro-mechanical vehicles and
Sept. 28,

for medical and marine purposes.
Proceeds—For working capital, equipment and debt re¬
electronic

devices

Office—2222 S. Centinela Ave., Los Angeles.

payment.

Underwriter—None.

Eagle's Nest Mountain Estates, Inc.
Sept. 26, 1963 filed 360,000 common, of which 300,000
are to be offered by company and 60,000 by stockhold¬
ers.
Price
$4. Business—Company plans to develop
land for a year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other
corporate purposes. Office—2042 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment Secu¬
rities, Inc., Atlanta.
—

Eberstadt Income Fund,

seeking current income.
&

Inc.

Proceeds—For investment. Of¬

New York. Distributor—F. Eberstadt

Price—$2.

Business

—Manufacture of the SAFER Butter Chipping

machine,

filed 50,000 common.

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

rials.

ventory and
York.

advertising.

Office—118 E. 28th St., New
Of¬

Underwriter—L. D. Brown & Co., New York.

fering—Postponed.

corporate purposes. Office

York.

—

50 Broadway, New

Underwriter—Linder, Bilotti & Co.,

Inc.,

(same

•

Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬

$6.50). Business—A holding company for
life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Note—This registra¬
(Max.

firms selling

tion will be withdrawn and then refiled.i
Fedco

Corp.

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

amendment (max. $15).
Business—Design and
tools, dies, molds, beryllium castings and

—By

manufacture of

the distribution of

home
ers

use.

plastic, metal and glass products for

Proceeds—For

a

recession offer to stockhold¬

and reduction of accounts payable.

Pratt Ave., Chicago.

Office—3600 W.

Underwriter—None.

First Railroad &

Banking Co. of Georgia (10/24)
Sept. 24, 1963 filed maximum of $5,000,000 of 5% con¬
vertible debentures due Aug. 1, 1988. Price—By amend¬
ment. Proceeds

—

For redemption and

other

corporate

Office—701 Broad St., Augusta, Ga.
writer—Johnson, Lane, Space Corp., Augusta.

purposes.

•

Florida

June
ness

28,
—

by stockholders

Jai

Alai,

Inc.

(11/25-29)

Under¬

shares1 and

betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern




_

Israel

/?-•'/'•'

Inc.

Industrial

filed

136,094

common

general corporate purposes. Office—811 du Pont Plaza
Center, Miami, Fla. Underwriter—None.
Greater

Nebraska

Corp.
Feb. 20, 1963, filed 3,000,000 common.
Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance, finance, etc. Proceeds—For gen¬
eral corporate purposes. Office—1107 Federal Securities
Building, Lincoln, Neb. Underwriter—None.

Heck's, Inc.
June

12,

(10/28-31)

1963 refiled

180,000

class A

common.

Price—

Proceeds
—To provide fixtures and inventory for a new store, and
for working capital. Office—6400 MacCorkle Ave., S. W.,
St. Albans, W. Va. Underwriter—Charles Plohn & Co.,
Business—Operation of discount stores.

$2.50.

New York.

Holiday Mobile Home Resorts,

Inc.

March

27, 1963 filed $1,250,000 of 8Yz% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
consisting of $50 of debentures and 3 shares.

Price

—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
debt

repayment; construction, and .other, corporate, pur¬
Office—4344 East Indian School Rd;/Phoenix.

poses.

Underwriters—BOettcher

S't., New York.

Under¬

(same address).

Corp.,

Diversified

Fund,

Inc.

& Co., Denver, and J;

R'.' Wil-

Proceeds—-For
York. Distributor

Office—54 Wall St., New

address).

Israel

Baby Food Co. Ltd./(11/4-8)
Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8% preferred ordinary shares.
Price—For

$10. Business-

debentures, $100; for stock

Company plans to prepare and market baby food in
Israel'and abroad. Proceeds—For loan repayment, con¬
struction, equipment, and other corporate purposes. Ad¬
dress—Givat Brenner,
Israel. Underwriter—Brager &
Co., New York.
///?/?,../•?•
.

Israel

Inc.
.? "J;-;/ ••
July 18, 1963 filed 500,000 common. Price—$12.50. Busi¬
ness—A closed-end investment company which plans to

Fund,

invest in Israeli firms.

common,

Park, Inc.
to be offered for
subscription by stockholders on the basis of one share
for each 4J/2 shares held? Price—$5.50. Business—Acqui¬
sition and development of real estate.
Proceeds—For
1963,

stock of companies which will in¬
enterprises. Proceeds—For

—Israel Fund Distributors, Inc. (same
•

(11/4-8)

of which 100,000
60,000 for stockholders. Price—By amendment
(max. $10). Business—Manu¬
facture of custom-designed, factory built homes. Pro¬
ceeds—For debt repayment and working capital. Address
—Sheboygan Falls, Wis. Underwriter—The Milwaukee
Co., Milwaukee, Wis.
25,

For con¬

Connecticut

izing in Israeli and American securities.

-

will be sold for the company, and

Feb.

—

Israeli

of

American

investment.

warrant

Homes,

$10. Business

1963 filed 550,000 common. Price—Net asset
value plus 8^%. Business—A new mutual fund special¬

the basis of $700 face amount

filed 160,000

1963

—

3315

—

Underwriter—None.

Office—17 East 71st

writer—Israel Securities

16,600 units, each consisting of
to purchase one additional
share. Price—$15 per unit. Business—Manufacture, de¬
velopment and sale of an installation tool, a repeater
balling gun, and microprojector motivation kits.. Pro¬
ceeds—For debt repayment, inventories, advertising, and
working capital. Office—5532 Harlan Arvada, Colo. Un¬
derwriter—Nemrava & Co., Denver.
Lakes

Office

April 22,

)/"■
a

Address—

Fund, Inc.

own

securities

investment.

("Reg. A")
,

plans to

in

vest

Bldg., Rochester, N. Y. Underwriter—None.
7, 1963

Group

throughout

July 29, 1963 filed 300,000 common. Price—$10. Business
—Fund

ment, and other corporate purposes. Office—112 Powers
Grand Corp.

investment.

Israfund-lsrael

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

units

I

1962 filed 300,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuel

on

and

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

shares held. Price—By amendment.?

common

Investors

Proceeds

real estate investment trust.

struction

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

of

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

Realty Corp.

Greater Miami

address).

ment

(I.)

business

to

succeed

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

(11/7)

Co., 20 Pine St., (4th floor), New York.

will

1000 Roanoke

Broadway (Room 1510), New York. Information Meeting
—Oct. 31 (2:30 p.m. EST) at Chemical Bank New York

Sept. 27,

Sept. 26, 1963 filed 400,000 class A common. Price — $5.
Business—Company plans to operate, produce and fi¬
nance
various types of ventures in the theatrical and
entertainment fields. Proceeds—For working capital, and

which

St., Atlanta. Underwriters—(Competitive). Probable
First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly); Morgan Stanley & Co. Bids—
Nov. 7 (11 a.m. EST) at Southern Services, Inc., 115

Gordon

Inc.

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

tree

Trust

Inter-Continental Fund,

Investors

1963 filed 3,000,000 capital shares. Price—Net
asset value plus !Vz%.
Business—A. new mutual fund

bidders:

Great

<

Elite Theatrical Productions Ltd.

other

For

.

July 3,

4, 1963 filed 70,000 preferred (no par). Proceeds—
construction and loan repayment. Office—270 Peach-

five

! Electronic Dispenser Corp.

and

Oct.

Oct.

Co., Managers & Distributors, Inc., New York.

Jan. 29, 1963,

Power Co.

Georgia

for each 100

May 31, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8Vz%.
Business—A new mutual fund
fice—65 Broadway,

Atlanta. Underwriters—(Com¬
petitive). Probable bidders: Equitable Securities, Corp.Eastman Dillon, Union Securities & Co. (jointly); Blyth
& Co.-Kidder, Peabody & Co.-Shields & Co. (jointly);
Halsey, Stuart & Co. Inc.; First Boston Corp.; Harriman
Ripley & Co.; Morgan Stanley & Co.; Lehman Brothers.
Bids—Nov. 7 (11:45 a.m. EST) at Southern Services, Inc.,
115 Broadway
(Room 1510), New York.
Information
Meeting—Oct. 31 (2:30 p.m. EST) at Chemical Bank New
York Trust Co., 20 Pine St. (4th floor), New York.
Office—270 Peachtree St.,

Inc (11/4-8)

Oct. 4, 1963

Dynapower

r

;

—4200
tors

Hayward Ave.,

Proceeds—For investment.

Baltimore.

Office

Underwriter—Inves¬

Planning Corp. of America, New York.

Israel

Investors

Corp.

Sept. 26, 1963 filed 100,000 common. Price—$104. Busi¬
ness—A closed-end investment company engaged in in¬
vesting in private industries located in Israel. Proceeds
—For investment.

Office

—

850

Third

Ave., New York.

Underwriter—None.
"Isras"
June

Israel-Raasco

Business—A

also

Investment

Co.,

Ltd.

60,000 ordinary shares. Price—$55.
estate development company which

1963 filed

28,

real

citrus

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

porate

purposes.

Jaap Penraat Associates,
Jan. 30,

Inc.

Price—$3. Business
designing, the design of teaching machines
production of teaching programs.
Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y.
Underwriter—R. F. Dowd
&
Co., Inc., New York.
Offering—Indefinitely post¬
1962 filed 100,000

common..

—Industrial
and

the

poned.
Janus

Fund.

Inc.

April 10, 1963 filed 500,000 capital shares. Priori — Net
asset value plus 8%%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
Office—467 Hamilton Ave., Palo Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc. (same address).
Juniper Spur Ranch, Inc.
May 27,

1963

("Reg. A")

(11/4-8)

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

Volume 198

Jurgensen's
Sept.

Number

6310

.

The Commercial and Financial Chronicle

.

.

Life Insurance Co. of Florida

•

Co.

(11/18-22)

lishing

1963 ("Reg. A") 12,000 6% convertible pre¬
ferred (par $25). Price—At par. Business—Operation of
credit and service type retail food stores in Southern

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

California. Proceeds—For debt repayment, and working
capital. Office—601 S. Lake Ave., Pasadena, Calif. Un¬

insurance.

pansion. Office—2960 Coral Way, Miami. Underwriter—

derwriter—Evans, MacCormack & Co., Inc., Los Angeles.

Pierce, Wulburn, Murphey, Inc., Jacksonville.

30,

Kentucky Fried Chicken, Inc.
Sept.

27, 1963 filed 25,000 class A voting, and 25,000
class B non-voting common. Price—$10. Business—Com¬

franchises certain restaurants in the U. S. to pre¬
pare and sell Kentucky Fried Chicken. It also sells or
leases equipment used in preparation of this item. Pro¬
ceeds
For the selling stockholder, Harland Sanders,
Chairman. Address—Box 67, Shelbyville, Shelby County,
Ky. Underwriter—None.

pany

—

Key Finance Corp.
June

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

.

Keystone International Fund, Inc.
Aug. 13, 1963 filed 200.000 common. Price — Net asset
value plus 7 V£%. Business—A new mutual fund which
will acquire assets of Keystone International Fund, Ltd.,
;

a

Canadian corporation, and invest in securities through¬
investment. Office—

out the Free World. Proceeds—For

50

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

-

Krasnow

Industries,

Inc.

June 28, 1963

filed 125,000 common. Price—By amend¬
ment (max. $5). Business—Volume manufacture of in¬
expensively priced men's and children's belts. Proceeds
'—For debt repayment,

sales promotion, and other cor*:

porate purposes. Office—33-00 Northern Blvd., Long
Island City, N. Y. Underwriter—T. W. Lewis & Co., Inc.,
New York. Offering—Indefinite.
Life Affiliates

Corp.

Oct. 14, 1963 ("Reg. A") 55,000 class A common. Price—
$5. Business—Company is an operating, holding and man¬
agement company specializing in the life insurance in¬
dustry. Proceeds—For working capital. Office—40 Ex¬
change Place, N. Y. Underwriter — First Philadelphia

^0; \

Corp., New York.

Aug.

Lord Jim's Service

Systems, Inc.
14, 1963 ("Reg. A") 100,000 common. Price — $1.
Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment
and working capital.
Office—
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
—Keon & Co., Los Angeles.
Lunar

Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital; Office—
543 Madison Ave., New York.
Underwriter — Ingram,5
Lambert
&
Stephen, Inc., 50 Broad St., New York.
Offering—Indefinite.

Mahoning Corp.
July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans to engage in the exploration and de¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes. Address—402 Central
Tower Bldg., Youngstown, Ohio. Underwriter—None.

.t

•

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached warrants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and
missile

fields, and provide advisory and management
counseling services on a fee basis. Proceeds—For re¬
payment of loans, and general corporate purposes. Office

Lane,

Space

Hutton

P.

Co.,

&

Federal

Atlanta.

Bldg.,

Underwriter—

withdrawn.

was

Allen Electric &

Equipment Co

(Dempsey-Tegeler

Auto

-

Parks,

(Equitable

Donaldson

Inc.)

Co.,

Inc

Securities

Co.,

.Common

.Units
20,000

Corp)

units

Common

...

Jackson

Curtis)

&

145,000

shares

Common
79,477

Inc.)

r]

shares

Forst (Alex) & Sons, Inc.
(Arnold,

Common

Wilkins

&

Co.)

Underwriter—To

1963, filed 1,000,000 class B common. Price—
$1.25. Business—A holding company for three life insur¬
ance
firms.
Proceeds—For loan repayment, operating
28,

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

October 25

Great

(Friday)

Medical Industries

Fund, Inc.
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A
closed-end investment company which plans
to
become

(Offering to stockholders—underwritten by First
Corp.)

964,390

Homes, Inc..

160,000

shares

Israel Baby Food Co., Ltd.
/.
(Brager & Co.)

Medical Video Corp.

13, 1961 filed 250,000 common. Price — $1. ^Busi¬
Manufacture ,of medical electronic equipment.

Nov.
ness

—

Proceeds
Studio

—

general corporate purposes.
Office—
Calif.
Underwriter — Financial Equity

For

City,

Corp., Los Angeles.

'^//V,^.'0

Middlesex Water Co.

1963 filed 35,000 common. P r i c e—By amend¬
ment (max. $36). Business—Collecting and distributing
water in certain areas of New Jersey;
Proceeds—For

June 5,

repayment. Office—52 Main St., Woodbridge, N. J.
Underwriter—Kidder, Peabody & Co., Inc., New»York.

debt

Offering—Indefinite.
•

Midwest

(10/30)

Insurance Co.

Life

National

(max. $7). Business—Sale of life insurance. Pro¬
ceeds—For working capital.
Address — Empire Bldg.,
Springfield, Mo. Underwriter—Stifel, Nicolaus & Co.,

ment

Inc., St. Louis.

v

•

Midwest Technical Development

Corp.

26, 196-2 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held.
Price—By amendment (max.
Feb.

Busines s—A closed-end management investment
Proceeds—For general corporate purposes.

company.

Continued

Trans World

on

80,962 units

Smith Inc.)

Pierce, Fenner &

(Monday)

November 18

_—.—Common

Life Insurance Co. of Florida.
(Pierce, Wulbern, Murphey, Inc.)

shares

400,000

Missouri National Life Insur. Co
Capital
(Sterling, Grace & Co.) 103,500 shares

1

:

Inc.) $4,375,000

(Suplee, Yeatman, Mosley Co.,

(Milburn,

Shares

Units

Inc

Downs,

page

—.......Units/

Airlines, Inc..

shares

Debentures

amend¬

17f 1963 filed 160,000 common. Price—By

Sept.

-Units

Pipeline, Inc
Cochran & Co.,

$190,000

,

For investment in the

—

industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter —Medical As¬
sociates, Inc. Denver.
:

Common

...

Milwaukee Co.)

Proceeds

end.

open-

medical

San Morcol
•

Boston

Lakes

(The

.Common

of America.:

(same address).

derwriter—Lincoln Securities Corp.

Pocono

Celanese Corp.

I

Medic Corp.
Feb.

'

$550,000

Offering—Indef¬

named.

be

initely postponed.

(Merrill Lynch,

shares

100,000

*

Inc...

Webber,

(Paine,

&

sales catalogue, developing a national \ sales
working capital. Office—812 Greenwich St.,

a

and

Y.

$7).

Marshall Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬

Corp.) .,$5,000,000

Pacific Southwest Airlines—
(E.

Fulton

None. Note—This statement

staff

N.

ex¬

Jan.

Allright

(Thursday)

eventual

and

Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.

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

investment

fice—26

NEW ISSUE CALENDAR
October 24

Proceeds—For

Logos. Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬

—130

33

(1621)

and Midland Securities

Inc.,

$300,000

Co., Inc.)

'

'

Israel

Common

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

28

October

(Brager

$3,000,000

(Monday)

i\

V

Citadel Life Insurance Co. of New York—Cap. Stk.
stockholders—underwritten
& Sons) 40,000 shares

to

,,

Heck's, Inc.

by

(V.

Morton

C.

(B.

(Offering

Co...

Securities

Corp.)

(William

Tonka

R.

Staats

Toys, Inc

&

Co.)

&

$32,800,000

Southern

29

(Bids 12

179,500 shares

Planters

Union

(Bids

11

Brockton Edison
(Bids

Pacific Gas

11

a.m.

8:30

EST)

Co

a.m.

(Bids

Bonds

Inc.

to
stockholders—underwritten by Blyth &
and Butcher & Sherrerd) 146,735 shares

(Walston

&

Inc

(Offering

to

Co.)

&

Co.)

(Stifel, Nicolaus

&

Co.,

(Offering

Co.,

by

$1,368,510

Inc.)

160,000

November

Aerosol

(Smith,

Barney

&

Co.,

Inc.)

Francis

I.

(Fulton, Reid & Co.,

shares

v

■General

31

Motors

(Thursday)

November 1
Intra

State

(Offering

Stanley

Co.)

&

'

Craft

Master

Common

Corp.)

150,000

shares

..Common

Inc., and William T. Robbins & Co., Inc.)
125,000 shares

Corp

—Debentures

_

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

12

.Debentures

(Tuesday)

(Bids 12 noon CST)

13

Underwriting) $893,300

12

noon

(Monday)

Equipment Co

(Dempsey-Tegeler




&

Co.,

'

Inc.)

Debentures
$l,20O,Q.0O

'

Air
'

Line

(Bids

12

a.m.

EST)

Northern
/

—Bonds
EST)

12

$22,000,000

$10,000,000
...

EST)

noon

.Equip. Trust Ctfs.

$3,600,000

-

(Tuesday)

Pacific Ry-—
(Bids

12

noon

Equip. Trust Ctfs.

—

EST)

$4,800,000

---Bonds

Virginia Electric & Power Co...
(Bids to be received)

$30,000,000

(Wednesday)

December 11
Consolidated

Edison Co. of New York
11

a.m.

EST)

12

(Tuesday)
Equip. Trust Ctfs.
noon

CST)

$6,600,000

(Tuesday)
.Bonds

Narragansett Electric Co

March
Potomac

10,

to

be

1964

Edison

Bonds

$60-$75,000,000

Missouri Pacific RR

(Bids

717,408 shares

—Bonds

Co

received)

New York Central RR

_

Common
11

be

to

(Bids

January 14, 1964

$7,000,000

RR
noon

;

(Wednesday)

Electric

(Bids

.Equip. Trust Ctfs.
EST)

(Offering to stockholders—Bids

Seaboard

shares

125,000

Corp.)

Pacific Northwest Bell Tel. Co
... .Debentures
(Bids 11 a.m. EST) $50,000,000

$5,100,000

(Wednesday)

Norfolk & Western Ry
(Bids

.Common

(Tuesday)

January 7, 1964

Pacific Power & Light Co
November 4

Allen Electric &

Hanseatic

December 3

(Bids

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

November

Common

——Common
$1,500,000

Corp.)

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

$150,000,000

(Friday)

$30,000,000

EST)

a.m.

(Monday)

25

December 10

,

Telephone Co.________
to stockholders—No

November

$6,000,000

Acceptance Corp

(Morgan

Co.,

Bonds

11

(Bids

Craft Master Corp

*

Common

Blyth

by

(Monday)

&

EST) 200,000 shares

Florida Jai Alai, Inc
(Consolidated Securities

Massachusetts

stockholders—underwritten
Co., Inc.)
$5,500,000

11

noon

350,000 shares

Techniques, Inc

November
October

Common

Debentures

Debentures

:

$7,000,000

(Friday)

(Laird

(Fulton,

Airlines, Inc

be received)

Inc

to

.Preferred

_—

(Bids

&

(N. Y.)
Capital Stock

iMid-West National Life Insurance Co..
Mohawk

System,

Capital Shares

200,000 shares

$30,000,000

/___

$1,700,000

stockholders—underwritten
duPont

Ryder

Debentures

Commercial Bank of North America

(Wednesday)

(No underwriting)

December 4

Common

.Preferred

Security Title & Guaranty Co.......
Common
(Offering to stockholders—underwritten by New York

Preferred

Co

.November 8

(Wednesday)

Capitol Food Industries,

received)

$10,000,000

Union Electric Co

Bonds

_.

(Blyth & Co., Inc.)

$6,420,000

(C.) & Co., Ltd

(Offering

be

to

(Bids to

Safe

Mosler

Saunders

'

,

(Thursday)

(Bids

$70,000,000

EDST)

noon

M. A.

by

$6,000,000

Inc.)

Georgia Power Co

Equip. Trust Ctfs.
12

(Memphis).-Cap. Stk.

Georgia Power Co.___.__:

...Bonds

:

PST)

Co.,

7

November

shares,

$5,000,000

Ry. Co

October 30

Brewer

60,000

...

& Electric
(Bids

Southern

EST)

a.m.

Co

$8,970,000

to stockholders—underwritten
&

Preferred

Co

Bank

EST)

a.m.

Bridges Investment Fund, Inc

Loeb

Equip. Trust Ctfs.

EST)

$10,000,000

shares

...

noon

Nat'l

(Tuesday)

Edison

Ordinary Shares

6,941,250

Inc.)

Co.,

Pacific Co

..Common
(Offering

October

Brockton

11

(Bids 12

(Offering to stockholders—underwritten by Kuhn,

;

(Bids

(Wednesday)

Bank Leumi le-Israel B. M._

EST)

England Power Co

$2,000,000

Corp.)

Bonds

Co.__—

noon

Union Electric Co

..Common

(Bache & Co, and J. M. Dain & Co., Inc.)

Securiies

Nebraska

12

November 20

(Tuesday)

November 6

units

Subscription Television, Inc.____

New

shares

Debentures

(First

Consolidated

by

Common
150,000

Co.)

.

Units

225,836

(Bids

Corp
&

(Tuesday)

19

November

New England Power

$300,000

$10,000,000

Inc.)

....

stockholders—underwritten

to

Co.)

&

Inc.

Ramo,

Ben. Int.
Co.,

Systems

> November 5

...Common

Underwriters

Funds

Rum

$140,000

Common

Anderson

E.

(Bache

$450,000

& Co.)

Morton (B. C.) Realty Trust.
Old Florida

Ultronic

Brown

Alex.

_

Plohn

(Charles

Co.)

&

Juniper Spur Ranch, Inc.
,

(Offering

Ordinary Shares

Baby Food Co., Ltd._

"

received)

$5,000,000

(Tuesday)

Co
nnm\

d» 1

O'

nflH

Bonds

34

34

The Commercial and Financial Chronicle \ *.

(1622)

Continued from page 33

Information

Meeting—Nov.

14

(11

EST)

a.m.

at above

address.
Office—2615

First

National

Bank

Bldg.,

Minneapolis.

Underwriter—None.
Missouri

Insurance Co.

Life

(11/18-22)

and

health

insurance

policies.

Proceeds—For

an

acquisition and working capital. Office — 1006 Grand
Ave., Kansas City, Mo. Underwriter—Sterling, Grace &

Co., New York.

.

;

.

Mobile Home

Parks Development Corp.

Jan. 28, 1963

filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile homes, parksand residential and commercial real estate.; Proceeds—
For

general

corporate

Office—82

purposes.

Underwriter—Overseas

Atlanta.'

Mohawk

Baker

Investment

Seville, Spain.
•

St.,

Service,

'

Airlines, Inc.

•./

(10/30)

Sept. %4, 1963 filed $6,000,000 of convertible subordinated
1, 1978. Price—At par. Business—

debentures due Nov.

Company provides short-haul air transportation

service

in 50 cities in the eastern half of the United States. Pro-

ceeds-^-For

loan

repayment

and

equipment. Addreiss—,
Oneida County Airport, Utica, N. Y.
Underwriter—Smith,
Barney & Co., Inc., New York.
-J'iyf-y
Morton

(B. C.)

Realty Trust

(10/28-31)

New

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

Proceeds—For investment. Office—141 Milk St., Boston.
Underwriter—B. C. Morton Funds Underwriters Co.,
Inc. (same address)
,

Mosler Safe Co.

Oct.

16, 1963

Nordon Corp.

Ltd.
July 29, 1963 filed 60,085 capital shares. Price — By
amendment (max. $3.25). Business—Acquisition of oil
and gas properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles. Offering—Indefinite.

common.

Price—By amend¬

safes, bank vault equip¬
ment, and mechanical and electronic security products.
Proceeds—For selling stockholders. Office
320 Park;
Ave., New York. Underwriter—Blyth & Co., Inc., N. Y.
—

Municipal Investment Trust Fund, Series B
April 28, 1963 filed $10,000,000 (10,000 units) of interests.
Price—To be supplied by amendment.
Business—The
fund
,,

\yill invest in tax-exempt bonds of states, counties

municipalities and territories of the U. S.
investment. Sponsor

—

Ira

Proceeds—For

Haupt & Co., Ill Broadway,
in early 1964.
.-.y

New York. Offering—Expected

National

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

stores.

Proceeds—For

debt

repayment, store ex¬
pansion and working capital.
Address—Portage, Pa.
Underwriter—Cortlandt Investing Corp.; N. Y. Note—
This registration will be withdrawn.

National Fence

and working !:capital. > O f f i c e—4301
46th, St.,
Bladensburg, Md. Underwriter—Netherlands Securities
Co., New York. Note—This registration will be with¬

/

'

-

,

•

ness

Company plans to

—

ment

and to

insurance

establish

—

and

Proceeds—For general corporate
pur¬

concern.

Office—13

poses.

$1. Busi¬
in cemetery develop¬
operate a life and disability

engage

S.

Broadway, Red Lodge, Mont.* Un¬
derwriter—Security Brokerage Co., Billings, Mont.
National Mortgage
Corp., Inc.
Dec* 28, 1962 refiled
$8,000,000 face

(series 20) and 300,000

tificates, $762; for
loan

stock,
Proceeds

company.

Office

poses.

amount

shares.

common

certificates

Price—For

Business—A^ mortgage
For general corporate
pur¬

—

113

S. Hydraulic,
Wichita, Kan. Under-'
writer—National Mortgage Agency,
Inc., (same address).
Note—This offering will be made
only in the State of
—

Kansas.
t

'

.

It

t

,

-

'

•

Union

Insurance

Aug. 12, 1963 filed 64,000
scription by stockholders
each

share

Nov.

13.

held

of

Co.

common
on

record

of

Washington
being offered for sub¬

the basis of

Oct.

1.78 shares for

14.

Rights will expire
Writing of fire, ma¬
rine, casualty and property insurance.
Proceeds
For
Price

—

$12.

Business

corporate

purposes.

Office—1511

K

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

"Washington, D. C.
•

Natural Gas & Oil

Producing Co.

(11/25-29)

Sept. 7, 1962 filed 180,000 class A common.'
Price—$5.
Business—Production of natural gas and oil.
—For

Proceeds

drilling expenses, working capital

and other

porate purposes.
Office—Tekoil
Underwriter—Peter Morgan &

Bldg.; Oklahoma
Co., N. Y.

cor¬

Citv

Campbell Island Mines Ltdv
Oct. 13, 1961 filed
475,000 common, of which 400,000 are
to be offered
by the company and 75,000
by a stock¬
holder. Price—50 cents.

Business—Exploration,

develop-

mining. Proceeds—General corporate
purposes.
Office^—90 Industry St., Toronto, Canada. Underwriter—
A. C. McPherson &
Co., Toronto.
New

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

and the

withdrawn.

v

.

_

/

•

,,.

....,

.

y•

Okliana Corp.

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

12,

and ifive common shares.

Price—$35 per unit. Business—
Company plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in an
existing insurance company.

England Power Co.

Oct. .7, 1963 filed

(11/19)

$10,000,000 of first mortgage bonds

1, 1993. Proceeds

struction. Office—441

For loan repayment and
Stuart St., Boston.

due

—

con¬

Underwriters—

(Competitive). Probable bidders; Halsey, Stuart &
Co
Inc.; Lehman Brothers-Equitable Securities
Corp. (jointly) Kuhn, Loeb & Co.-rEastm.cin
Dillon, Union Securities
i

& Co.-Salomon Brothers &

Hutzler-Paribas Corp ( joint¬
ly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-Kidder
Peabody & Co.-White, Weld & Co.
(jointly); First Bos¬
ton Corp. Bids—Nov. 19
(12 noon




EST), at above

address

liability insurance, including automobile, property damand

writer—None.
•

000

(same address).

consisting of

and

share

and

one

warrant,

each three shares held.

the

on

basis

in units of

of

one

other

one

for

unit

Price—By amendment (max. $4).

Business—Company is engaged in the production
and

of

rum

alcoholic

beverages. Proceeds—For working
capital, loan repayment, sales promotion and equipment.
Office—1035 N; W. 21st
Terrace, Miami. UnderwriterConsolidated

—$175

one

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

per

harness racing track in Luzerne
County, Pa. Proceeds—
For construction, and loan
repayment. Address — 504
First National Bank Bldg.,

Securities Corp., Pompano
Beach,

Fla.

Princeton

Research

Lands,

Inc.

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

Price—$25. Busi¬
property, chiefly un-/
Proceeds—For debt repayment, and ac¬

improved land.

quisition

of

additional

Princeton, N. J.

properties.

Office—195

Nassau

Underwriter—None.

Provident Stock Fund, Inc.
April 11, 1963 filed 1,000,000 common. Price—Net asset
plus 8M>%. Business—A new mutual fund. Pro¬
i

value

ceeds—For investment. Office—316 North Fifth
St., Bis¬
marck, N. D. Underwriter — Provident Management Co.
(same address).

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

Price

common.

a

—

$5.

subsidiary life in¬

surance

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

poses.

Racon

Inc.

Oct. 3, 1963 filed 1,250,000 common.
Price—$1. Business
—Company plans to manufacture fluorocarbons for sale>
to refrigerant

wholesalers, the aerosol industry and other

Proceeds

users.

For construction of

—

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

address). Note—This statement has becopne effective.
Outlet

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

Underwriter—None.
•

Ramo

new

plant and,

Inc.

,

_

(11/5)

Sept. 16 1963 filed $2,000,000 of 6Y4% subord. sinking
fund debens. Due Oct. 1, 1975. Price—At
par. Business—
Company processes domestic and imported nutmeats for
sale to food
distributors, supermarket chains and other
wholesale outlets.

Proceeds—For construction of a new
plant, and working capital. Address—84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska
Securities

Corp., Lincoln, Nebr.

Rassco Plantations Ltd.

27,

1963

filed 400,000 ordinary shares. Price—By
(max. $3,166).
Business
Company culti¬
—

vates, processes and markets citrus fruits in Israel. Pro¬

selling

Recreation

stockholder.

Address—Tel-Aviv,, Is¬
Delaware, Inc., New York.

Nov.

23,

Industries, Inc.

1962

("Reg. A")

75,000

Business—Sale of travel and
For

capital

411

West

common.

Price

entertainment.

—

$2

Proceeds—

investment,

7th

Russotto & Co.,

and working capital. Office—
St., Los Angeles. Underwriter—Costello.
Beverly Hills, Calif. Offering—Indefinite.

Research Capital Corp.
Sept. 3, 1963 filed 400,000 common/Price—$12.50. Busi¬
ness—A small business investment
company. Proceeds—

investment.

Office—2909

Bay-to-Bay, Tampa. Un¬

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

Nov.

Corp. of Missouri
1962 filed 125,000 class A

27,

v

common

and

^
three-

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

year

erect
and

and

operate

sell 80

acres

construction.
writer

nite.

(10/29)

a

working capital. Office—11 North Jackson St., Houston.

For

O'Malley Investing Corp. (10/25)
Aug. 9, 1963 filed 300,000 common. Price—$10. Business
—A real estate investment and
development company.

R.
:

■

luxury hotel and

a

of

land

Office—3615

Olive

L. Warren Co., St.

'

•

resort facilities,

for home sites.. Proceeds—For

'

St., St. Louis, Under¬
Louis. Offering—Indefi¬
'

••

Oct.

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

Pacific Mines,

Inc.
'
July 24, 1963 filed 100,000 common. Price—$1.50.
ness—Gompany plans to explore iron deposits

Pacific Power & Light Co.

27, 1963 filed 717,408
subscription by stockholders

Busi¬

for

each

20

shares

will expire Dec. 5,
Office—920 S. W.

to

be

offered

for

other

Proceeds—For working capital, construction

corporate

purposes. ^ Office—235 Lockerman
Underwriter—John D. Ferguson, Dover.
Offering—Indefinite.
"

St., Dover, Del.
Del.

San Morcol Pipeline, Inc.
(11/18-22)
Sept. 27, 1963 ("Reg. A") $30(3,000 of 6Vz% subordinated
debentures due Nov. 1, 1983, and 45,000 common to be

75

in

shares.

units of $500 face amount of debentures and
Price
$500. Business—Construction of an
—

inch

Oct. 30, 1963. Rights
1963. Proceeds—For debt repayment.

basis

of

one

Bids for Compensation—Nov. 13

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

13,

ment

(max. $40). Business—Company
prQvides,$aily air,

filed

79,477

,

.

'

.

Price—By amend¬

common.

'

'•

••

Hlii:

well, N. M.

.

-

.•

~r-

"SfHI'-SlsO

natural

transmission

gas

pipeline

for

the

Vegas, Wagon Mount, Springer, and Max¬
Proceeds

—

For construction.

Shelby St., Santa Fe, N.

M.

Underwriters

Office
—

—

219

Milburn,

Cochran & Co., Inc., Wichita, Kan., and Midland Securi¬
ties Co.,
•

Inc., Kansas City, Mo.

Security Title & Guaranty Co.

(11/25-29)

•

7, 1963 filed 125,000 common to be offered for
subscription by stockholders on a share-for-share basis.
Price—By amendment (max. $7.50). Business—Company
examines and insures titles to real property. Proceeds—
Oct.

For

(10/24)

Sept.

.

retirement.

of Las

the

body & Co.; Blyth & Co.; Ladenburg, Thalmann & Co.;
Lehman Brothers-Eastman Dillon, Union Securities &
Co.-Bear, Stearns & Co.-Dean Witter & Co. (jointly).

1963

Price—$10 per membership. Business—Company
operate retirement centers for the use of rent-free
private homes and apartments by members upon their

cities

on

record

Inc.
100,000 memberships in the Founda¬

tion.

eight

of

Sixth Ave.,
Portland, Ore.
Under¬
writers—^(Competitive). Probable bidders: Kidder, Pea¬

•

April 8, 1963 filed

share

held

Foundation,

will

offered

(11/13)

common

Retirement

and

on its
Proceeds—For mining operations, debt repay¬
ment and operating expenses.
Office—1218 N. Centra)
Ave., Phoenix. Underwriter—None.

Sept.

;

Wilkes-Barre, Pa. Underwrit¬
er—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.

•

Pacific Gas & Electric Co.

common, to be of-:
$100 debenture, 15 shares

to

warrants

rael. Underwriter—Rassco of

common stockholders

.

'v

additional

fered in units

ceeds—For

(10/28)

July 29, 1963 filed 225,836 common, and warrants to
purchase an additional 225,836 common, to be offered
subscription by

to purchase

warrants

amendment

for

v'.<■'/

Downs, Inc. (11/18-22) y
Sept. 10, 1963 filed $2,500,000 oi6<^% subordinated sinking fund debentures due 1978, 375,000 common and 250.-

Aug.

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

Old Florida Rum Co.

:•

Pocono

ment

Inc.

*

and personal injury. Proceeds—To increase
capital"^
surplus. Office—307 Lenox Ave., New York. Under¬

age

Proceeds—For

property.

New

Nov

contracts

—

—

general

Engineering Corp.

March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and development
on

Oct. 3, 1963 filed 100,000 common.
Price—$10.- Business
—Company plans to engage in the writing of general

derwriter—None.

i

National

a

Design,

—

cer?

$1.15.

Inc.

1963

Nuclear Science &

•

National Memorial Estates
Oct.1 11, 1962 filed 4,750,000 common. Price

Hydrofoil,

("Reg. A") 60,000 common. Price — $5.
construction, sale and operation of
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
White-Henry-Stuart Bldg., Seattle, Wash. Underwriter
—Henry D. Tallmadge Co., Seattle.
3,

Sept.

land,

■

Sept.

Business

ferred

Manufacturing Co., Inc.

Nov. 29, 1962 filed 100,000 common.
Price—$8.75. Busi¬
ness—Manufacture
of
galvanized chain link fence,
welded concrete
reinforcing fabric, gates and related
products. Proceeds—For construction of a plant in Ire¬

drawn^

ing capital and expansion. Office—680 W. Peachtree St.,
N. W., Atlanta. Underwriter—The company.

*•

San Diego

selling stockholders. Address—3100 Goddard Way, San^
Diego. Underwriter—E. F. Hutton & Co., Los Angeles.
; People's Insurance Co.

St.,

Investors, Inc.

Sept. 30 1963 ("Reg. A") 100,000 capital shares. Price—
$2.50.. Business—A broker-dealer., Proceeds—For work¬

Northwest

ment. Business—Manufacture of

..

North American

(11/7)

filed 350,000

World

Fund, Inc.
Feb. 21, 1963, filed 250,000 common. Price—Net <asset
value plus 8y2%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—4680 Wilshire Blvd., Los
Angeles.
Underwriter — New World Distributing Co
(same address).

June

„

(11/19)

7, 1963 filed 100,000 preferred (par $100). Proceeds
loan repayment and construction. Office — 441
Stuart St., Boston. Underwriters—(Competitive). Prob¬
able bidders; First Boston Corp.; Dean Witter & Co.Smith, Barney & Co.- Wertheim & Co. (jointly); Equi¬
table'Securities
Corp. - Kidder, Peabody & Co. - Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch, Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly). Bids
—Nov. 19 (11 a.m. EST) at above address. Information
Meeting—Nov.-14 (11 a.m. EST) at above address.
_For

Sept. '27, 1963 filed 103,500 capital shares.
Price — By
amendment (max. $6). Business—Writing of life, acci¬
dent

England Power Co.

Oct.

National

service between the Los Angeles, San Franmetropolitan areas. Proceeds—For

passenger

cisco and

New

Thursday, October 24, 1963

.

general corporate

New York.
New York.

purposes.

Underwriter —New

Office—17 E. 45th St.,
York Hanseab'c Corp.,

L

*

„

Volume

Financial

Selective
Feb.

B

the basis of 4

on

share

.

by holders'of the A.

shares for each class A
class

in

*

the

and

nance

consumer

•

Proceeds—F

Shaker

Oct.

'

writer—McDonald

:

O ff

Cleveland.

i n g—In-

e r

and

working capital.

Office—328

Unimed,

Stein

Roe

&

Farnham

Foreign Fund,

corporation. It will provide investors a
vesting in Canada, Western Europe and
Proceeds—For investment.

of in¬
other foreign

St., Chicago. Underwriter—None.
•

Subscription Television,

(10/28-31)

Inc.

.Aug. 22, 1963 filed 1,900,000 common. Price—$12. Busi¬
ness—Company plans to establish and operate a sub¬
scription television system in the Los Angeles and San
Francisco
metropolitan areas. Proceeds—To complete
"developmental work, and establish the initial system
Address—Room 2600, One Wall St., New York. Under¬
writer—William

.v

R.

Staats

&

—Route 202,

30,

filed

1963

42,089

the

on

be

to

common

subscription by stockholders

Vv/y

basis

offered

of

for

share

one

Price—$30. Business—Sale of
life, health and accident insurance in 12 states and the
of

Columbia.

Proceeds

For

debt

repayment,
and working capital. Office—3501 S. Parkway, Chicago.
—

Underwriter—None.

increase

Morristown, N. J. Underwriter—None.

capital

and

surplus

of

United 'Capital

Bank Bldg.,

Office—4900

Wilshire

Blvd.

'(Company

sells

develops

and

Price—$5 Business—

teaching

machines

ex¬

clusively for Grolier Inc. Proceeds—For loan repayment
and other corporate purposes. Office—221 San Pedro
N. E. Albuquerque. Underwriter—S. D. Fuller & Co.
New York. Offering—Expected in March,
Tecumseh

investment

Co.,

Jan. 21, 1963 filed 48,500 common,

Inc.
Price—$100.

Business
which plans to organize a life in¬
surance
company.
Proceeds—For investment in U. S.
Government Bonds and in new subsidiary.
Office—801
Lafayette Life Bldg., Lafayette, Ind.
Underwriter—
—A

holding

company

Amosand Inc.

(same address).

Fund, Inc.

W.

9th

Price—$3.50.

common.

Busi¬

ness—Operation

Street, Kansas City,.Mo.

Underwriter—Waddell & Reed, Inc.; Kansas City, Mo..

be

of Texas, Inc.
14, 1962 filed 250,000 class A and 250,000 common to

offered in

foams.

units of

unit.

per

one

share

of each

class.

Business—Manufacture

Proceeds—For

of

—A

new

Price—

•

Warwick

are

Toys, Inc. (10/28)
1963 filed 179,500 common,
offered

be

to

by

company

and

129,500

certain

stockholders.

Price—By amendment (max. $28). Business
—Company manufactures various types of toy trucks and
other related plastic toys and accessories. Proceeds—For

acquisition, working capital and other corporate pur¬
poses. Address-—Mound,
Mich." Underwriters—Bache &
Co., New York and J. M, Dain & Co., Inc., Minneapolis.
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
.to be offered by company and 100,000 by stockholders.
Price—$6. Business—Operation of a chain of self-serv¬
ice

retail

stores

ceeds—For

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

Office—2220

Florida

Ave., Jasper, Ala. UnderwriterAlstyne, Noel & Co., New York. Offering—Tem¬
porarily postponed.
Van

Transarizona Resources, Inc.
May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production of
the Lake Shore copper deposit near Casa Grande, Ariz
Proceeds—For

equipment, exploration and working cap¬
E. 4th St., Casa Grande, Ariz. Under¬

ital. /Office-—201

writer—None.

Price—$1.

"

Trans World Life Insurance Co.

1963 filed 465,000

common.

ment (max. $5).
Business—Company
life and disability insurance
crease

capital

and

surplus.




Price—Bv

amend¬

policies. Proceeds—To in¬
Office—609 Sutter St., San

'

7/

Probable bidders: Halsey,

StuartJ& Co.

Ad¬

7-

Telephone Corp.
V
7
17, 1963 filed 150,000 common. Price-r-By amend*-

★ Mid-Continent
Oct.

Fund

:

ment. Business—Through

subsidiaries, the company pro¬

vides telephone service to
ceeds—For loan

posited

fund

O.

securities.

mutual

Business — A new exchange type
plans to continue; indefinitely to
exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and in¬
Office

come.

—

i

Price—By amend¬

damage insurance.

s—The

carrying of liner-type cargoes/
Proceeds—For the purchase of vessels, and working,cap¬
u s

n e s

Office—71

Saint Joseph

tion

will

be

withdrawn.

Steel, Inc.
7("Reg. A") 245,000 common. Price—$1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
■—For plant
construction and general corporate pur¬
poses.
Address—Suite 412-413 Hynds Bid g., Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The SEC has issued an order temporarily sus¬

Office—1832 M St., N. W.,

1963

Transmission

Western

ton, D. C.

on

children. Proceeds For selling
Broadway, New York. Under¬
writer—Shearson, Hammill & Co., New York. OfferingExpected in early December.
sportswear for girls and

stockholders. Office—1372

Corp.

offered

★ SI Handling Systems, Inc.
Oct. 14, 1963 ("Reg. A") 12,760 common.
Price—$11.50.
Business—Engineering and manufacturing of materials

the basis of one share of Western

plans to operate a natural gas
gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs. Proceeds
—For construction, working capital, and other corporate
purposes. Office — 1907 Chamber of Commerce Bldg.,
Business—Company

Underwriter—None.

-

William

Penn

Racing Association
1963 filed $1,000,000 of 6V2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon shares to be offered in units of one $100 debenture
been

mutuel

Price—$220 pesr unit. Business—Company
to conduct harness racing with pari-

licensed

betting.

Proceeds—For

debt

repayment

new
-

None.

★ Trans World Airlines, Inc. (11/13)
Oct. 17, 1963 filed $80,962,000 of outstanding 6V2% subr
ordinated income debentures due June 1, 1978, and war¬

and

working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia.

purchase 2,185.974 common

rants to
in

face amount of

of $1,000

units

rants to

March 8,

and 10 shares.

Proceeds—For a new plant, equipment,
products, debt repayment and working capital. Of¬
fice—Belview
Rd., Phillipsburg, N. J. Underwriter-^
handling svstems.

Transmission for each U. S. Natural share held. Price—

$1.

/

Inc.
Oct. 23, 1963 filed 141,035 class A shares. Price — By
amendment. Business — Production of popular - priced

subscription by holders of the capital stock and 6%
convertible subordinated debentures due 1977 of UTS.
Corp.,

Corp., Washing- 7

'

★ Russ Togs,

for

Natural Gas

Washington, D. C. Underwrit¬

er—Riviere, Marsh & Berens Securities

pending this issue.
Sept. 16, 1963 filed 1,162,537 capital shares to be

Underwriter—None.

★ Riviere Realty Trust
Oct. 22, 1963 filed 2,000 shares of beneficial interest..
Price—$1,000. Business—Company plans to operate as a 7
real estate investment, trust. Proceeds—For investment. >

Under¬
Note—This registra¬

Western

Jan.-17,

offered

Proceeds—For investment. Office—62

Maple Ave., Keene, N. H.

St., Mobile, Ala.

Co., Inc., N. Y.

•

stockholders on the basis of one new
share for each share held of record Oct. 3.
Price $8.
Business—Company writes various, types of insurance ineluding accident and health insurance, automobile insur¬
ance, workmen's compensatoin insurance and property-

Waterman

B

/ 7/

for subscription by

withdrawn.

was

v

★ Peerless Insurance Co. 7
Oct. 18, 1963 filed 565,218 capital shares to be

3001

Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common.

104 communities in Ohio. Pror
repayment. Office—363 Third St., Elyria,
Underwriter—The Ohio Co., Columbus. Offering-

Expected in mid-November.

which

Philadelphia Pike, ClaymQnt, Del.
Distributor—Wellington Co., Inc., Philadelphia. Note—

has

plans to sell genera]

\

Pierce, Fennef
& Smith Inc.; Eastman Dillon, Union Securities & Col;
Kidder, Peabody & Co./Blyth & Co.-White, Weld & Co.
(jointly). Bids—Dec. 4 (11 a.m. EST) at above addresg.
Information Meeting—Nov. 27 (11 a.m. EST) at ;abovfe
address.
■'
7 7 77' A/7A-A A'-'-.i ; V !.-■

Underwriter—To be named.

/

July 31,

(Competitive).

17, 1963 filed 300,000 units of participation in the
to be offered in exchange for certain acceptable
securities on the basis of one unit for each $100 of de¬

Houston.

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

■

Inc.; First Boston Corp.; Merrill Lynch,

Business

Proceeds—For investment.

fund.

writer—Shields &

of which
50,000 by

capital,
Office

June

ital.

23,

mutual

dress—Sidney, Mont.

fering—Indefinite.
Tonka

Investors, Inc.
filed 328,858 common.

A")

Electric Co. (12/4)
.
u
Oct. 21, 1963 filed $10,000,000 of first mortgage bonds,
series H, due Dec, 1, 1993." Proceeds—For loan repay¬
ment.
Office—441
Stuart St., Boston. Underwriters—

Under¬
Corp., Lincoln, Neb.
'
/ :

Jan. 23, 1963,

ment.

•

Securities

Nebraska

("Reg.

★ Massachusetts

urethane

working

equpiment,

1963

Lanham, Md. Underwriter—None.

West

Urethane
Feb.

of a plant producing plastic film and
packaging products.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—To be named. Of¬

Sept.

17,

★ LMAF Mortgage & Acceptance Corp.
Oct. 18, 1963 ("Reg. A") 75,000 class A common.
Price
—$4. Business—A real estate mortgage company,; Pro¬
ceeds—For working capital.
Office — 7404 Upshur St.,

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
Office—20

*

75,000 common. Price — $4.
Business—Company is engaged in general real estaite and
insurance in the St. Petersburg area. Proceeds — For
debt repayment, sales promotion, expansion and working
capital. Office—5000-102nd Ave., N., Pinellas Park, Fla. 1
Underwriter—None.
,-'v A/7
/ •■/■. /A/'
Oct.

7

This statement

Texas

Plastics, Inc.
July 27, 1962 filed 313,108

★ Harvard Realty Corp.

>

investment.

!

This Week

Fund

1964.

-r»

Issues Filed With SEC

Life

Ave., Brooklyn, N. Y. Underwriter—M. H. Meyerson &
Co., Inc., New York. Offering—Expected in November.

Valley

common.

>

_

Minneapolis, Underwriter—None.

Offering—Indefinitely postponed.

'.April 1, 1963 filed 150,000

7

systems. Proceeds—For inventory, sales promotion, note
prepayment and working capital. Office — 410 Fourth

Teaching Machines, Inc.

7.

West

writer—None.

S."Controls, Inc.
Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 war¬
rants. Price—$100 per unit. Business—Development and
manufacture of heating equipment and automatic control

writer—First

investment.

Jefferson

St., Louisville, Ky. Under¬
' A '■ v;7'A
>A7>77 //''-7/-7V7//7A'AA'-'. 7-v 777,777;:; 7AAA;AA:tt ,:7 A/
Office—508

U.

Proceeds—For

Angeles. Underwriter—None.1

i

centers, in Kentucky, Indiana, Ohio and Tennessee. Pro¬
ceeds—For debt repayment and property acquisitions.

'

leasehold expenses and other corporate purposes.
—2300 Republic National Bank Bldg., Dallas.

Los

order temporar¬

an

Insurance Co. of Minnesota. Address—1300 First National

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

SEC has issued

Note—The

chase 25 shares. Price—$501.25 per unit. Business—Com¬
mercial development of real estate, primarily shbpping

Capital Life Insurance Co. of Minnesota. Proceeds—To

$5.05

Sutro

Feb.

'work¬

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

of existing products, and

—

:

repayment, construction and

Young Industries, Inc.
Sfept. 30, 1963 filed 100,000 class A common and war¬
rants to purchase an additional 50,000 class A shares,

Investors

United Variable Annuities

for each three shares held.

District

.

Corp. (Minn.)
:
;
July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered/for subscription by stockholders
on
an
unlimited basis.
Price
At par. / Business—
A holding company for United Investors Fund Corp. (a
broker-dealer which sells mutual' funds)
and United
United

Co., Los Angeles.

Supreme Life Insurance Co. of America

Sept.

Inc.

and development on new preparations. Address

research

means

Office—135 S. LaSalle

Mont.

debt

Address—P. O. Box 670, ThermopolisJ Wyb.
Service, Inc., Billings,

ily suspending this letter.

nated notes due 1973. Price—At par. Business—Developand manufacture of ethical drugs and pharmaceu¬

Inc.

.July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value. Business—Company was recently formed and
will succeed to New York Capital Fund, Ltd., a Canadian

ing capital.

y ment

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

J.

[

Sept. 3, 1963 filed $300,000 of 5V2% convertible subordi¬

S

Park, 'N.

Underwriter—Northwest Investors

y

—

Business

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

:

///A.;'',/; //Ay7/A

..

Asbury

Ave.,

Proceeds—For

ticals. Proceeds—For marketing

new-products

;

.

Squire For Men, Inc.
July 9, 1963 ("Reg. A") $135,000 of 8% convertible de¬
bentures due 1969. Price
At par ($100); Business —
.Manufacture and sale of custom hair pieces. Proceeds—

areas.

Snares, Inc.

Price—$4.

Underwriter—To be named.

Blvd., Pennsauken, N. J. Un¬

Co., New York.

First

Office—1005

poses.

purposes.

Bldg.,
Indianapolis. Distributor — Unified Underwriters, Inc.,
(same address)., /.
A, ■/ A
/' A- /■.: /■/'• v.;/'/

definite.

For

corporate

Proceeds—For investment. Address—207 Guaranty

Co.,

&

Mutual

other

Aug. 22/ 1963 filed 750,000 capital shares. Price — Net
asset value plus 8V2%- Business—A new mutual fund.

Properties

;Price—$15. Business—A real estate investment trust
J Proceeds—For investment and working capital. Office
7—1956 Union Commerce Bldg., Cleveland, Ohio/ Under:

Unified

o r general

and

N..Crescent

derwriter—Bache &

fi-

1962 filed 215,000 shares of beneficial interest

19,

repayment,

Office—7300

en-

Underwriter—None.

nix.

loan

Electronics, Inc.

28, 1961 filed 125,000 common.

and manufacture of precision electrical and
electronic measuring devices and test equipment J Pro¬
ceeds—For debt repayment and other corporate pur¬

(max. $12). Business—Manufacture of electronic
securities and commodities quotation systems. Proceeds
—For

35

—Design

•

ment

Price—To public

Office—830 N. Central Ave., Phoe-

corporate purposes.

(11/4-8)

Dec.

1963 filed 150,000 common/Price—By amend¬

Sept. 25,

oi

C snare oi

Business—Company plans to
finance, mortgage, general

businesses.

related

Ultronic Systems Corp.

Remaining 94,822 and any unsub¬

$6; to stockholders, $5.

Winslow

;

-Offering—Indefinite.

Life Insurance Co., an affili¬

company

(1623)

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

<

scribed shares will be offered publicly.

"gage

The Commercial and Financial Chronicle

.

two-thirds share for each

and

Selective Life held.

,

.

Corp.

offered for subscription

be

B and C stock of Selective

ate,

6310

filed 500,000 common", of which 405,000

1902

-28,
to

are

Number

198

purchase 27 shares.

$1,300 per unit).

Business

shares to be offered

debentures and war¬

Price—By amendment (max.
Company provides world¬

—

Pl'oc^ed^For selling"
debenture holder, Hughes Tool Co. Office—380 Madison
Ave.; New York. Underwriter—Merrill Lynch, Pierce,
air

wide

Fenner &

transportation services.

Smith Inc., New York.

★ Union Electric Co. (11/20)
V
Oct. 21, 1963 filed $30,000,000 of first mortgage bonds
1993. Proceeds—For debt repayment/ construction,

^

due
ana

Continued on page 36

Offering—Indefinite.
■

7

\

v

'

•'

A 7

,

.

,

36

The Commercial and Financial Chronicle

(1624)

Continued from

page

other1 corporate

35

;

.....

Halsey,

Stuart

&

—

Do you

Inc.;

Co.

Our

those

can

find

telephone

you

us

we

an

REctor

2-9570

at 25 Park Place, New York 7,

"

•

•

:

'V

'

'..

.

or

N. Y.

v

:

•

.

.

-•

.

Business

holders.

and Illinois.

—

Proceeds—To

retire

outstanding 6% cumu¬
lative preferred stock. Office — 15 Andre St., S. E.,
Grand Rapids,
Mich. Underwriter — Hornblower &
Weeks, New York. Offering—Indefinitely postponed.

(11 a.m.

(Houston)

de¬

SEC. Offering

held of

20

record

Oct.

15.

—None.

Bethlehem Steel Co.

26, 1963, Arthur B. Homer, Chairman, announced
will embark on a $750,000,000 capital
improvement program to be completed by 1965.
He

approximately two-thirds of the financing for
generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
would not be required until at least 1964. Office—25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New

Corp.

of 7% subordinated participating debentures due
Dec. 31, 1965 offered at par plus accrued interest from

H. S. Caplin & Co., New York.

York.

Chicago Musical Instrument Co.

offered

common

Barney & Co., Inc.,

$25

at

share

per

by

' /

•,

''

.

June

■"■■■

•

,.

1963 it was reported that the company plans
$5,000,000 of convertible bonds in the U. S. Busi¬
ness—Manufacture of cameras and other photographic
equipment. Proceeds—For expansion. Address—Tokyo,
Japan.
Underwriter—Yamaichi Securities Co. of

•,

Denny's Restaurants, Inc.
.167,000

of which

shares were offered
for the company and 55,890 for for certain stockholders
at $10 per share, by Dempsey-Tegeler & Co., Inc., St.
common

26,

to sell

"

111,110

New York, Inc.

Central

•Louis.'

On Oct.

.General Artists Corp.

^

150^000 common, offered at $7
Co., New York..

share by Burnham &

per

'

.

Gulf States Utilities Co.

100,000 shares of $4.52 dividend preferred stock offered
at $101.57 per share plus accrued interest from
Sept. 15,
by Stone & Webster Securities Corp., New York.
Household Finance Corp.

400,000
& Co',,

Securities

Corp.

common offered at $2 per share by White, Weld
Inc., and Kidder, Peabody & Co., Inc., New York.

Iowa'Beef

Packers,

Inc.

$3,172,000 6% subordinated sinking fund debentures, se¬
ries B, due 1978 (with
warrants) and 50,000 common of¬
at par and $17.50 per share
respectively, by New
York Securities, Co., New
York, and First Nebraska
Securities Corp., Lincoln.
^

fered

Illinois

2, 1963, it

Public Service Co.

reported that the company plans
to sell $20,000,000 of bonds in the third quarter of 1964.
Office—607 East Adams St., Springfield, 111. Underwrit¬
ers^—(Competitive). Probable bidders: Salomon Brothers
& Hutzler; Blyth & Co.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co.
Equitable
Securities
Corp.
(jointly);
Lehman
was

-

Brothers-Bear,
& Co.

Stearns & Co. (jointly);
' ■;•
'C.v;,y.

V

Oct.
7, 1963
$5,100,000 of

the

White,

Fund

<****-

■

.

••

.

Otter Tail

•

•

'

■

.'

.

•

-

•

•'

'.

.'V

-.

Power Co.

$7,000,000 of 4%% first mortgage bonds due Nov. 1, 1993
offered at 101.50% plus accrued
interest, to yield 4.53%,

by Halsey, Stuart & Co. Inc., New York.
/'I..
r
..
\
;•:

announced plans to sell
equipment trust certificates.

company

1-15

year

Office—547 W. Jackson Blvd.,

Chicago. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsdy, Stuart & Co., Inc. Bids—Nov. 12 (12
noon
CST) at above address.
'
Columbia Gas

System, Inc.
27, 1963 the company stated that it plans to sell
$25,000,000 of debentures to raise money for construc¬
tion. Office —120 E. 41st St., New York.
Underwriters
—(Competitive). Probable bidders: Morgan Stanley &
Co.-First Boston Corp. (jointly); Merrill Lynch, Pierce,
Fenner & Smith Inc.-White, Weld & Cc. (jointly); Hal¬
sey, Stuart & Co. Inc.; Blyth & Co.-Lehman BrothersSalomon Brothers & Hutzler. Offering — -Indefinitely
postponed.
V.Vy1' ',v,v
''y
Aug.

.

(N. Y.)

.

.

.

■■

■

.

.'

$40,000,000 of 4%% debentures due Oct. 1, 1983 offered
at 102% plus accrued
interest, to yield 4.47%, by Halsey,'
Stuart & Co. Inc., New York.

on

was

the basis of

one

new

share

for each

17

Rights will expire Nov. 14. Price
—$30. Proceeds—To increase capital funds. Office—116
Fifth Ave., New York. Underwriter—Francis I. duPont
& Co., New York.
Satellite

of this firm's

Series

I will

common

be

stock to

Texas

Eastern

Transmission

Corp.

$40,000,000 of 5% debentures due Oct. 1, 1983 offered
plus accrued interest by Dillon, Read & Co Inc

at par

New York.

Wen

Products, Inc.

205,000 common offered
Stone & Co., New York.




at
.

$9
•

per

share

two

series.

the public,, firms that produce
and either non-communi¬
Series II will be issued to FCC-ap-

concerns.

common

carriers.

Price—Maxi¬

mum

of $100 per share. Business—Congress

ized

the

has author¬

company
to provide satellites and ground
facilities for the international transmission of telephone,

telegraph, television and other communications. Office
—3029 Klingle Rd., N. W., Washington, D. C.
Under¬
writers—To be named. Offering—Expected in early 1964.
Connecticut Yankee Atomic Power Co«

April 23, 1963 it was reported that the 12 utilities which
jointly own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Act
to permit the negotiated sale of $55,000,000 of the firm's

;

,

issued in

sold to

$1,200,000 of 6% convertible subordinated debentures
due 1975, and
204,000 common offered in units of one

Eppler, Guerin & Turner, Jnc., Dallas.

be

exploration equipment

cations

by

Corp.

Oct. 7, 1963 it was reported that a registration statement
will be filed in December covering about $200,000,000

pfoved communications

unit,

by

Control

Data Corp.

16, 1963 it was reported that the company plans;

Sept.

$25,000,000 or more of securities sometime
spokesman stated 'that the timing;
and type of issue, will depend on market conditions at.
the time. Office — 8100 34th Ave., South, Minneapolis.
sale

the

1964.

in

of

A

company

Underwriter—To be named. The last sale of debentures;

Aug.

on

handled by Dean Witter & Co.,.

1962 was

28,

Chicago.
Power Co.

Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first mortgage bonds;
in the second quarter of 1964. Office — 30 Rockefeller

New York. Underwriters—(Competitive). Prob¬
Halsey, Stuart & Co. Inc.; First Boston.

Plaza,

bidders:

able

Corp.; Morgan Stanley & Co.;
rities Corp.

Stone & Webster Secu¬

^ Ford Motor Co.
Oct. 23, 1963 it was reported that
will be filed

ment

000

common

Underwriters

Mich.

registration states

or

Address—American

Foundation.

Ford

a

about Nov. 1, covering 4,000,shares to be sold in late November by The
on

—

Road, Dearborn,.
First Boston Corp.; Blyth & Co.;

Goldman, Sachs & Co.; Kuhn, Loeb & Co., Inc.; Lehman.

Brothers; Merrill Lynch, Pierce, Fenner &

Smith Inc.;;

White, Weld & Co., Inc.; Dean Witter & Co., and Lazard.
Freres & Co.

nounced

that

the

Justice

Department

had

reached

an.

Interhandel, a Swiss hold¬
designed to settle the 20-year old dispute •

out-of-court agreement with

ing company,
over

control of the 540,894 class A and 2,050,000 class B.

shares
ment

of

in

General Aniline seized by the U.
1942

as

a

German asset.

S. Govern¬
The stock represents i

98% of the voting control of the company. Mr. Kennedy
said that if General Aniline should be sold for $200 mil¬

lion, the Government would receive about $140 million
$60 million. The settlement terms,,
recently approved by Interhandel stockholders, also
must be approved by the U. S. District Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters1
and Interhandel about

—(Competitive). Probable bidders: Blyth & Co.-First
Boston Corp. (jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.,
Electric Light Co.

Ave., Wethersfield, Conn. Underwriters — First Boston.
Corp., New York; Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven.

1963 it

Pedman Industries, Inc.

per

Co.-Shields & Co^:

&

April 30, 1963 the company announced plans to sell $15,—
$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland

23,

space

at $172.25

White, Weld

Inc.;

(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &;
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,.
Pierce, Fenner & Smith Inc. (jointly).

reported that stockholders are to
vote Oct. 30 on increasing the authorized $5 par capital
stock to provide for sale of 45,617 additional shares to

Oct.

Communications

Electric & Gas Co.

£100 debenture and 17 shares

(Competitive). Probable bidders: Halsey,,

—

Co.

&

Hartford

(10/30)

■

Public Service

Stuart

General Aniline & Film Corp.

held of record Oct. 30.

.

—

stockholders

Research Corp., Denver.
-

7, 1963 the company stated that it had postponed
Mid-1964 its plans to raise additional capital.

Oct.

until

April 3, 1963 Attorney General Robert F. Kennedy an¬

(11/12)

W Commercial Bank of North America

Inc.

500,000 capital shares offered at an initial price of $11.01
plus a 5% sales charge by Centennial Management &

Weld
■

..

Meridan

Power Co.

.

Chicago Burlington & Quincy RR

$100,000,000 of 4V2% debentures due July 1, 1991 offered
at 98.44% plus accrued interest, to
yield 4.60%, by Lee
Higginson Corp., New York.
Insurance

Co., Inc., and Lehman Brothers, N. Y.

Loeb &

Consumers

Duke

Canon Camera Co.

Smith,

New York.

r:.

•

that

the program will be

$500,d00

190,0(jo

food products and the

—

Kuhn,

that the company
said

Get. 1, by

of

derwriters

each

Rights will expire
Jan. 6, 1964. Price—$45. Proceeds—To increase capital
funds. Office—900 Travis St., Houston, Tex. Underwriter

Monday issue of the "Chronicle."

Fair

line

000,000 of debentures. No decision has been reached on.
the type or amount of securities to be sold in 1964,.
Office
212 West Michigan Ave., Jackson, Mich.
Un¬

Feb.

World's

wide

a

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

for

details, where available, will be carried in the

American-Israel

of

manufacture

16, 1963 it Was reported that stockholders had ap¬
proved a 2-for-l split and the offering of 100,000 $10
par shares to stockholders on the basis of one new share

Registrations

clared effective this Week by the

publicly from 102,000 to 350,000 common shares,
the acquisition of Booth Fisheries Corp., on
15, 1964. Business—Consolidated is engaged in the

following
Jan.

Earlier, the company said that it planned to sell $20,-

Oct.

were

10, 1963 it was reported that the company plans to

offer

Company is a short haul motor
operating in Michigan, Ohio, Indiana

carrier

common

Foods Corp.

Consolidated
Oct.

Lines, Inc.
Sept. 18,1963 it was reported that 110,000 common shares
of Associated will be sold publicly, of which
40,000 will
be sold for the company and 70,000 for certain stock¬

'

registration statements

(12/11)

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

Associated Truck

Bank of the Southwest N. A.

The following

-

of New York

Sept. 17, 1963 the company stated that it plans to sell
$60-$75,000,000 of bonds in December. Proceeds—For
construction. Address—4 Irving Place, New York. Under¬

Prospective Offerings

rities^ Co.-Salomon Brothers & Hutzler (jointly). Bids
(12 noon EST) at Bankers Trust Co., 16 Wall

Effective

be named.

Consolidated Edison Co.

item

hereunder.

at

us

prepare

$70-$80,000,000 plant. Office—441 Stuart St., Bos¬

ton. Underwriters—To

•

—Nov. 20

-

you'll

to

Would

Inc.-Lehman Broth¬
(jointly); Blyth & Co.-Eastman Dillon, Union Secu¬

■EST)^ same address.

that

so

write

rill Lynch, Pierce, Fenner & Smith

18

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

an

similar

writers—(Competitive). Probable bidders: First Boston
Corp^-White, Weld & Co.-Shields & Co. (jointly); Mer¬

St., New York. Information Meeting—Nov.

of the

have

Corporation

to know about it

Tfc Union Electric Cq.. (li/20)
Oct. 21, 1963 filed 200,000 preferred ($100 par). Proceeds
—For debt repayment, construction and other corporate
purposes. Office—315 N. 12th Blvd., St. Louis. Under¬

ers

1962, to own and operate a 500,000 kw. atomic power
plant at Haddam Neck, Conn. Proceeds—For construction

ATTENTION UNDERWRITERS!

(Competitive). Probable bidders:
Lehman Brothers-Blyth &
Co., Inc.-Eastman Dillon, Union Securities & Co.-Bear,
Stearns & Co. (jointly); Salomon Brothers & Hutzler;
White, Weld & Co.-Shields & Co. (jointly); First Boston
jCorp. Bids—Nov. 20 (11 a.m. EST) at Bankers Trust Co.,
16 W'all St., New York. Information Meeting—Nov. 18
(11 a'Ari. EST), same address.
Louis. Underwriters

Thursday, October 24, 1963

.

bidding. Business—Company 'was formed in December,

v

Office—315 N. 12th Blvd., St.

purposes.

.

.

Havden

bonds. The request has been opposed by a
majdr under¬
writer who wants the bonds to be &6rd at competitive

International Milling Co.

July 8, 1963 the company announced that it expects to>
file a registration statement covering its first public
offering of common stock. The sale will include both a.

primary and a secondary distribution. Business—Com-.;
pany is one of the world's largest flour millers with op¬
erations in five countries. Proceeds—For expansion, re¬
search and debt repayment. Address —1200 Investor#'
Bldg., Minneapolis.
Co., Inc., New York.

Underwriter

—

Kidder, Peabody &

Light Co.
it was reported that the company plane
to sel $10,000,000 of bonds in the last half of 1964.
Office—823 Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,.
Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody <8* Co.; Eastman Dillon,.
Union Securities & Co.; Lehman Brothers; Blyth & Co.
Iowa Power &

Jan.

16, 1963

Inc.
reported that the company plans;
to fiie a' registration statement shortly covering $1,810,000 of 6% convertible debentures due 1975 to be offered
Irving Air Chute Co.,

Sept. 11, 1963 it was

hv

stockholders.

Office—1315 Versailles;

Volume

Number 6310

198

Rd., Lexington, Ky.

.

.

.

Norfolk & Western

Underwriter—S. D. Fuller Co., New

plans

Oct.

(12/10)
July 2, 1963 it was reported that this road plans to sell
about $4,800,000 of equipment trust certificates in De¬
cember. Office—120 Broadway, New York. Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co., Inc.; Salomon Bros. & Hutzler.
Bids—Expected
Dec. 10 (12 noon EST).
Northern States Power Co. (Minn.)
Pacific Ry.

Northern

Power & Light

City

Rayette, Inc.
7, 1963 it was reported that this firm plans to sell

company's Philadelphia office.

Co.
7
that the company plans to
sell $18-$20,000,000 of first mortgage bonds in January
1965. Address
1330 Baltimore Ave., Kansas City, Mo.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Lehman Brothers-Bear, Stearns & Co. (joint¬
ly); Equitable Securities Corp. - Eastman Dillon, Union
May 14, 1963 it
Securities & Co. (jointly); White, Weld & Co.-Shields
Kansas

Co., Inc.-Eastman Dillon, Union Securities & Co.-Mer¬
Lynch, Pierce, Fenner & Smith Inc.-Dean Witter &
Co.
(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co. (jointly);
Blyth & Co., Inc.-Smith, Barney & Co. (jointly),
j

rill

Roanoke, Va. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—Expected Nov. 13 (12 noon EST) at the

bonds
In the U. S. during the fiscal year ending March 31, 1964
It is expected that the majority would be sold by Dec
31, 1963. Underwriter—First Boston Corp., New York.
16, 1963 it was reported
—

37

Denver, Colo. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Harriman, Ripley &

(11/13)

that this road plans to sell
approximately $7,000,000 of 1-15 year equipment trust
certificates in November. Office — 8 N. Jefferson St.,

Japan

Oct.

Ry.

1, 1963 it was reported

Oct.

York..:

(Government of)
May 1, 1963 it was reported that the Government
to sell an additional $35,000,000 of external loan

(1625)

Chronicle

The Commercial and Financial

about

$10,000,000 of securities in January. The type or
offering have not yet been decided. Busi¬
cosmetics, supplies and equipment

terms of the

ness—Manufacture of
for

beauty salons. Office

Minn.

—

261 East Fifth St., St. Paul,

Underwriter—Allen & Co., New York.

*

Rochester Telephone Co.

May 7, 1963 the company announced plans to sell $16,-

000,000 of debentures in the first quarter of 1964*, but
reported that the company plans to
may do so earlier if. market conditions are favorable.
offer about 771,110 additional shares to stockholders od
& Co. (jointly).
Proceeds
For construction. Office
10 Franklin St.,
*
'
'
v-:
ra l-for-20 basis in 1964, to raise an estimated $25,000,000
Rochester, N. Y. Underwriters—(Competitive). Probable
Kentucky Utilities Co.
...
*
Office—15 South Fifth St., Minneapolis. Underwriter—
bidders : First Boston Corbvj Eastman Dillon, Uniori Se•On Oct. 2, 1963, it was reported that the company plans ;
To be named. The last rights offering in July 1959 was ;
/curities-2cCo.-Kidder^Beabbdy dc b-CdA:(jotntly)T;v:Kuliii.'>)'
to sell $8-10,000,000 of bonds in the third quarter of ^
^^undervvritten by Merrill Lynch/ Pierce, Fenner & Smith 9
1964. Office
20 South Limestone St., Lexington, Ky. r
I^b/i&'Ud^^ls^,;;Stuart:/&vX>6. Inc.
" 7' * *
Inc., New York,
• Ryder System; *nc.?.(li/8)
Underwriters—(Competitive). Probable bidders: Halsey,
v- :;'
-7":
Northwest Natural Gas Co.
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
? Oct; 22,; 1963 it was xepqrted that the .company faad.ap-*
Sept. 25, 1963 the company announced tentative plans
; Co,,- Inc.* ( jointly)"y E^tman Dillon, Union Securities
plied to the ICC for permission to issue a maximum of
•Corp.-Merrill Lynch, Pierce, Fenner
'Smith Inci! to sell 50,000 shares of preferred in early 1964. Proceeds $5,500,000 of; convertible, "subordinated debentures due'
—To refund 50,000 shares of outstanding 5.75%
pre¬
1983 to be offered to stockholders on the basis of:$100 "
(jointly).
ferred. Office—735 S. W. Morrison, Portland, Ore.
Un¬
was

„

—

—

■

—

Ldnvin-Charles of the Ritz, Inc.

derwriter—Lehman Brothers, New

1963 it was reported that following the pro¬
posed merger of Lanvin-Parfums and Charles of the
Ritz, to be voted on by stockholders Nov. 14, E. L. Cournand, President, and certain other Lanvin stockholders
plan to offer publicly 800,000 common shares. Business
—Company is the U. S.- distributor of Lanvin perfumes

Sept. 30,

cosmetic and toiletry
products. Office—767 Fifth Ave., New York. Underwrit¬
ers—Goldman, Sachs & Co., and White, Weld & Co., Inc.,
New York. Offering—Expected in late December.
and

;

other

fragrances, as well

Long Island Lighting

as

Co.

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

Power & Light Co.

that this ,subsidiary of
of
bonds in second quarter of 1964. Proceeds—For construc¬
tion. Office—142 Delaronde St., New Orleans. Under¬
writers—(Competitive). Probable bidders: Merrill Lynch,
! Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-Har¬
riman Ripley & Co., Inc. (jointly); White, Weld & ,Co.Blyth & Co., Inc.-Shields & Co. (jointly); Halsey, Stuart
&
Co. Inc.; First Boston Corp.-Glore, Forgan
& Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities
&
Co. - Equitable
Securities Corp.
it

1963

16,

was

reported

Middle South Utilities, Inc.,

(jointly).

:

plans to issue $25,000,000

-

...

Merrill Lynch, Pierce,

-

•

.

,

,

'

,

ity of "going public." He added that,

"when the time is

appropriate," Merrill Lynch will request the governors
to recommend that member firms approve the required

•

•

to

'..O

1

•

reported that the company plans
of $100 par preferred stock in the

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

first quarter of

Falls, Minn.

Aug. 27, 1963 the company announced plans to offer
stockholders the right to subscribe for additional com¬
mon in mid-November. The number of shares, price and
the ratio to shares held will be announced later. Business
—Furnishing of telephone service in Washington, Ore¬

and Idaho.

gon

company's

Proceeds—To reimburse the

construction expenditures,
Office — 1200
Third Ave., Seattle. Underwriter—None.
Pacific Northwest Bell Telephone Co. (12/3)
treasury for

announced plans to sell $50,1, 2000. Proceeds—To re¬
pay $48,700,000 debt due Pacific Telephone & Telegraph
Co., former parent.
Office — 1200 Third Ave., Seattle.
Underwriters—(Competitive) Probable bidders: Morgan
Stanley & Co.; Halsey, Stiiart & Co. Inc. Bids—Dec. 3
(11 a.m. EST) at 195 Broadway, New York, Information
Meeting—Nov. 26 (2:30 p.m.), same address.
Pacific Telephone & Telegraph Co.
June 19, 1963 the company stated that it will need $650
million of new money in the years 1964 through 1966 to
help finance its $1.3 billion construction program. This
means that the company must sell about $217 million of
securities a year, it was stated. Office—140 New Mont¬
gomery St., San Francisco. Underwriters—To be named.
Aug. 27, 1963 the company

The last issue of debentures on Feb.

Fenner & Smith Inc.

19, 1963, Michael W. McCarthy, Chairman, stated
that the company has held informal discussions with the
staff of the New York Stock Exchange as to the feasibil¬
Aug.

;

16, 1963 it was
sell 30,000 shares

Oct.
'

of debentures for each 40 common shares

York.

Power Co.

000,000 of debentures due Dec.

Louisiana
Oct.

Otter Tail

changes in

the

Exchange's constitution

to permit this.

Industry sources believe that the move is several years
away. Business—Company is the largest brokerage house
:in the U. S. with 139 domestic offices and over 2,300 ac¬
count executives. Office—70 Pine

Mexico

St., New York.

(Government of)

July 16, 1963 following the public offering of $40,000,1000 of external bonds, it was reported that the Govern¬
ment
is authorized
to sell an
additional $65,000,000

16, 1960 was under¬

Stuart & Co. Inc. One other bid on
tendered by Morgan Stanley & Co.

written by Halsey,
the issue

was

of bonds in the U. S. and abroad.
Loeb

:

&

Underwriters—Kuhn,

Co., Inc., and First Boston Corp., N.

Y.

• Missouri Pacific RR (1/7/64)
Oct. 22, 1963 it was reported that this road plans to sell
$6,600,000 of 1-15 year equipment trust certificates. Ad¬
dress—Missouri Pacific Bldg., St. Louis. Underwriters—

(Competitive). Probable bidders. Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Jan. 7,
1964 (12 noon CST), at above address.

• Naragansett Electric Co. (1/14/64)
Oct. 22, 1962 it was reported that this subsidiary of New
England Electric System plans to issue $5,000,000 of
first mortgage bonds, series F, due 1994. Office—15 West¬
minster St., Providence, R. I. Underwriters—(Competi¬
tive). Probable bidders: White, Weld &' Co.; Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler-Lehman
Brothers-Goldman, Sachs & Co. (jointly). Bids—Ex¬
pected Jan. 14, 1964.,
New
Oct.

7,

York

1963

Central

the

RR

company

announced

plans

to

offer

of 1-15 year equipment trust certificates.
Office—466 Lexington Ave., New York. Underwriters—

Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co., Inc. Bids—Dec. 4 (12
noon EST), at above address.
(Competitive).

New York State

Electric & Gas Corp.

reported that the company plans to
■sell $20,000,000 of debt securities to finance its construe-?
"tion program for 1964 and 1965. Office—108 East Green
St., Ithaca, New York. Underwriters — (Competitive).
Probable bidders: Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
April 3, 1963 it

was

Forgan & Co. (jointly); Halsey, Stuart & Co.;
"Ripley & Co.; Blyth & Co.
- I




Harriman

•T'

San Diego Gas & Electric Co.

>

Sept. 10, 1963 it was reported that the company is con¬
sidering the sale of about $20,000,000 of debt securities
in mid-1964. Office—861 Sixth Ave., San Diego, Califo

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,

•

Pierce, Fenner & Smith Inc. (jointly); Lehman BrotjiersSalomon Brothers & Hutzler (jointly).
Seaboard

Air

RR.

Line

(11/13)

announced that it plans to
sell $22,000,000 of first mortgage bonds due 1988 at {com- petitive bidding in November. Proceeds—For loan re¬
payment and working capital. Office—3600 W. Broad St.,
Richmond, Va. Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-White, Weld & Co. (jointly); *
First Boston Corp.; Eastman Dillon, Union Securities &
Co.-Merrill Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); Halsey, Stuart & Co. Inc. Bids—Nov. 13 (12 ,noon '
EST) at office of Wilkie, Farr, Gallagher, Walton &
FitzGibbon, One Chase Manhattan Bank, New York.
>
Sept. 24,

1963 the

company

Sears, Roebuck & Co.
w
Feb. 19, 1963, Allstate Enterprises, Inc., subsidiary, aiW
nounced that it had delayed its plans to form ai new
mutual fund until it received clarification of an SEC

-

ruling which "has been construed by some to mean that
registered investment companies could not purchase.
or would be required to divest themselves

Sears' stock
of

it, if Sears' itself owned a mutual fund." Earlier, Allsaid that the fund would be in operation late in

state

$75,000,000 of bonds

terprises, Inc., Chicago.

Proceeds

—

stated that it expects to sell
in the period 1963 through 1967.

For construction and the retirement of $8,-

maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
000,000

of

by White, Weld & Co., and Kidder,
Peabody & Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).
petitive bidding

Philadelphia Electric Co.
Sept. 18, 1963 it was reported that the company is con¬
sidering the sale of $50,000,000 of first mortgage bonds
Office

in mid-1964.

—

1000

1963

a

Underwriters—(Competitive). Probable bidders: Morgan

Stanley & Co.-Drexel & Co. (jointly); Halsey, Stuart
& Co, Inc.; First Boston Corp.; Whjte, Weld & Co.
Edison Co.

(3/10/64)

Brothers & Hutzler

(jointly); Halsey, Stuart & Co. Inc.; Equitable
Corp.; White, Weld & Co.-Shields & Co.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
curities & Co.-Harriman Ripley & Co.-Merrill Lynch,
Corp.

7

(jointly).

Southern Co.

Aug. 12, 1963 the company stated that it is considering
the sale of $35 to $40,000,000 of common stock early in
1964 to help finance its $570,000,000 construction pro¬
Office—1330 West Peachtree

Ga. Underwriters—To

16, 1963 it was reported that this subsidiary of Al¬
legheny Power System, Inc., plans to sell $12-$15,000,000 of first mortgage bonds due 1994. Office—200 East
Patrick St., Frederick, Md. Underwriters—(Competitive).
Probable bidders: W. ,C. Langley & Co.-First Boston

<

Aug. 21, 1963 it was reported that the company plans
to sell $50,000,000 of first mortgage bonds in the first
quarter of 1964. Office—601 West Fifth St., Los An¬
geles. Underwriters — (Competitive). Probable bidders: /
Halsey, Stuart & Co. Inc.; First Boston Corp.-Dean
Witter & Co. (jointly); Blyth & Co.-Lehman BrothersMerrill Lynch, Pierce, Fenner & Smith Inc.-Salomon

gram.

Potomac
Oct.

;
Edison Co.

Southern California

Chestnut St., Philadelphia.

St., N. W., Atlanta,

be named. The last sale of com¬

Feb.

15, 1961 was made to a group headed by
Dillon, Union Securities & Co., Blyth & Co.,
and Equitable Securities Corp. Other bidders were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,
Fenner & Smith Inc. (jointly).
mon

on

Eastman

Securities

(jointly). Bids—March 10,
EST) at 320 Park Ave., New York.

Pierce, Fenner & Smith Inc.
1964

(10 a.m.

Potomac

Electric Power Co.

July 30, 1963 the company stated that it will

need $50,-

gram

$3,600,000

company engaged in the fields of motor freight carnying, *
equipment leasing and manufacturing. Office—2701 So.
Bayshore Drive, Miami, Fla. Underwriter—Blyth & Co.,:
Inc., New York.
«

on a
"very small scale," and would be started on,
state-by-state basis as approval was granted. Office—■
925 So. Homan Ave., Chicago. Distributor—Allstate En- •■>•

Pennsylvania Power & Light Co.

000,000 of new money in 1964 for its construction pro¬
and expects to do permanent financing in the early

(12/4)

held of record *

will expire Nov.;/22. Business—A holding

March 18, 1963 the company

•

•

Nov. 8. Rights

"j:

However, it has not determined the
to be offered. Office—929
E St., N. W., Washington, D. C.
Underwriters—To be
named. On Feb. 19, 1963 the company sold $50,000,000
of bonds to Dillon, Read & Co., Inc.; Lehman Bros.,
Eastman Dillon, Union Securities & Co., Stone & Web¬
ster Securities Corp., and Johnston, Lemon & Co. Other
bidders on the issue were Kidder, Peabody & Co.—Mer¬
of the

part

amount

rill

or

year.

& Co.—Salomon Bros. & Hutzler

Corp.; Halsey, Stuart & Co.
Service

Co.

(jointly); First Boston
...
,:
y

of Colorado

June 4, 1963 it was reported that the company
sell $35,000,000 of 30-year first mortgage bonds
1964.

Proceeds—For

Weld

construction.

Office—900

plans to
in April,
15th

St.,

Gas Co. of Calif.

that this subsidiary of Paci¬
sell $27,000,000 of first mort¬
gage bonds in the fourth quarter. Address—P. O. Box
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers—(Competitive) Probable bidders: White, Weld
& Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fenner
& Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Corp.
' ' ■ ■/. 7 . :7.
■ '■' '
v::// •
Southern Pacific Co.

type of security

Lynch, Pierce, Fenner & Smith, Inc.—White,

Public

Southern Counties

Jan. 2, 1963 it was reported
fic Lighting Corp., plans to

Oct.
to

15,

(11/6)

1963 it was reported that this

company

plans

sell

$8,970,000 of 1-15 year equipment trust certifi¬
New York. Underwriters—*
(Competitive). Porbable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Nov. 6 (12 noon

cates. Office—165 Broadway,

EST), at above address.

■'

/,

-

(10/29)
Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in October. This
is the second instalment'6f a proposed $12,840,000 offer¬
ing. Office — 70 Pine St., New York.. Underwriters—
Southern

Railway Co.

Continued

on page

38

38

The Commercial and Financial Chronicle

(1626)

Continued f rom page 37

Transcontinental

Sept. 25>

bidders: Salomon Brothers &

(Competitive). Probable

Butzler; Halsey, Stuart & Co. Inc. Bids—Oct. 29 (12 noon,
EDSt) at 70 Pine St., New York.
Southwestern Public-Service Co.

•

plans to
'approximately $15,000,000 of first mortgage bonds

6, 1963 it was reported that the company

Oct.

issue

in the first quarter of
las

Dallas,

Bldg.,

. Office—720
Mercantile Dal¬
Underwriter—Dillon, Read &

"

May

•

23,

Utah

Power

petitive).

Hughes Tool

of the company's outstanding stock
would not subscribe for these debentures, but would
purchase an additional $30,000,000 principal amount of
the issue. Proceeds—To help finance the purchase of 12
Boeing jet aircraft. Office—380 Madison Ave., New York.

;

the

winning

bid.

36cond

from

Oklahoma Turnpike

It

,

T.

^

Oct.

,,

with

the

....

,

writing
York

Bank

Co.,

under-

Manufacturers

Hanover Trust Co.,
6

this

m

nr,

s

homa

Fenner

Smith,

&

Goldman, Sachs & Co. and Bear,
Stearns

$31,000,000
T

yield from

2.00%

tp 3.50% for 2%s, 3.10s and 3.40s,

leg of the

by

of the

a

file

the

for

bonds

shorter

maturity

approximately

as

bonds

sold

were

of

during the

initial order period.

rCalifornia

60%

/

;

week's

involved

final

,.

while

and

treble

under

The

a

Court,

m

Sept.

19,

state law which requires court
of

approval

turnpike

financing

$75,000,000

sell

fact

other

.

T

.

offer

.

■■■■■■■■■■

..—i,L

week's

prices

at cut

little

make

,,

A

,

.

.

,

.

.

.

..

.

.

sign

to

a

formal

con-

fraction

daily looms

at

the

of

The underwriting group is
sale

aSed

by

Lynch,

Merrill

man-

a

to

tial

,.

Bridges,

count

managed

Blyth

by

the

Ripley &

cessful bidder
net

interest

second

Co.
for

of

cost

and

the

was

this

only

3.62%.

other

3.646% net interest cost,
»

roitted
Co.

the

by

F.

S.

ttT

Group of IBA

Receives Nominations

'•

major

of

Barney
&

&

Hutzler,

Co.,

&

use

&

Smith.

Kidder,

&

Co.,

tOh & Co., W.

Sphwabacher

J.

Barth

&

&

H.
&

Co.

Morton

Co.,

and

R.

Hut-

F
&

Co.,

Wm.
S.

R.

Dickson

James E.

to;.yield

from

the

2.00%

$44,510,000

carrying

a

reoffered at

yield

in

1964

term

coupon,

we

No
go

coasts.

to

bonds,
-

was

balance

is

due

between

east

'

art Vice-Chairman,

to provide

power

the
the

and

will

cost

to

package

of

the

home

basic

items

neces-

of

America.

Co., Jnc.;

Other pominees

Secretary-Treasurer:

John

be

Francis
was

named

R.

banks

furniture

new

home

presently

are

as

well

couple's

their

as

bouse

Therefore,

we need to match

house

tive Committee.

a

one

were

rather

year

terms

as

members

Harry Brown, Salomon

Bros.

•

use

a

he

forecast

that

coming

years

will

broaden

their

sav-

ties

suppiement

to

generally

investment

activi-

their

basic

loans 011 apartments and in

more

various commercial.properties.
He said that in addition to

mov-

ing up their share of home mortgage

recordings from the present

46%

to

more

than 50%

in

a

and eventually to 60%,

years,

can

expect to

present

other

Debt

as¬

increase

real estate loans to

15%

few

share

of

all

perhaps

total

consumer

be

a

savings

while

that

predicted

financing

very

and

large

loan

may

part

can

of

this," Strunk

said,

is

of based on the premise that we can

lending continue to successfully meet all

additional convenience which
sociations

"All

important of our competition in these in vest-

volume, it will be an

as-

offer in marketing

ment fields by constantly expanding and updating our

own

lending

their basic home .financing serv$
*

services to insure their maximum

ices to millions of families.
•'

acceptance by the general, public."

.

•

also

jngs ancj joan associations in the

sociations

.Strunk

Group of the I.B.A. is holding its election meeting today,

■n-uft

Commercial Property Loans

strunk

30% before the end of this decade.

Co.,

Nomination of the slate is tantamount to election. The Central

v '

.

their

Hutzler; Scott Davis, Ralph W. Davis & Co.; and William ;L.
Ostrander, The First Boston Corp.

■u

than

J.

&

States

make
single

a

added.

such

Executive Committee

the

into his budget

fitted

and

year term as a member of the Execu¬

Also, nominated for three

for

variety of financing sources,"

never

the

from

home

a

he said.

Expand Apartment and

Add to- •Convenience Rather

Schanck, Jr., partner of Bacon, Whipple &

to serve

better

far

Than

October 24.
m

for

single family lending by making

home buyer to obtain the

intelligently

Robert I. Kelley, Vice-President and Director

ir,

«K

associatjons

commercial

and

to modern living such as ap-

source

nominated for Chairman of the Central States Group of

the Investment Bankers Association

were

press



.

obtain

to

additional money needed to

CHICAGO, 111.—James E. Snyder, partner, Francis I. duPont &
Co.,

to

dollar price of 99V2

differences

and west
ti

as

John J. Markham

a

of

3%%
a

3.65%.

available
time

both

reoffered

3^30% in 1979 for various coupons

to

Robert I. Kelley

Snyder

Markham, partner, Hornblower & Weeks.
were

to

ef¬

more

desirable for

very

widely the

"It

0^. T*arriman^Ripley &

The serial bonds

tion

basic home

own

institutions

average

Co.,
/

&co,

to;

and loan

savings

compete

major furniture.

J. Van

I|4yden, Stone & Co., E.

and

,

,

Peabody

f

Staats

to

likely.

are

able to finance the young

pliances, carpeting, draperies and

Co., Shields & Co., B.

J to

.

„

,

complete mortgage

sary

Ingen & Co., Weeden & Co., Dean
•

vice-president, said:
order for

years

the- mortgage loans, and he noted that

the

ISfuveen & Co., R. W. Pressprich

"Witter

Strunk,

Norman

future

*n this area,

these

Co., C. J. Devine & Co., John

<Sf

Chi-

in

in

provide the greatest competi-

ture, it will be

a

itself

Brothers

exec-

banks

and

account include Salomon

winning

savings and loan

fnc* *mProve upon their services

cover

members

the

mortgage lending field in the fu-

'

,

111.,

fectively in their

a

a

.

Provide more than half of the total
home mortgage volume."
' t

sub-

was

Smithers

liberal

utive pointed out that commercial

Lending Chmc

associations

group.

JiT
•
[Other

of

national trade organization's exec-

"In

The

bid,

most

Savings

utive

suc¬

issue at

and

powers.

There is no doubt that assonylons across the nation can continue to increase their present
domination of the home mortgage
field, and in a few years may

in* months. Loan League's 11th aiinual Invest-

The First Boston Corp. and Harriman

ap-

opening

session

ments and

Central States

service

lending

United States

Strunk

Norman

cago,

Co.,

and

Speaking at

volume

Toll :

&

home
essen-

pliances

California

Refunding

for

furnish-

ings

,

Strait

market,

purchase
its

and all

Toll Bridge Authority, Carquinez

bridge revenue serial (1964-1979)
skd (1992) term bonds. The ac¬

this

fastest

plan

of

the criterion for

genuine sell-out

y

within

finane-

the

tempt to buy that first issue to

Pierce, be

advantages in
s r "

many
....

competing

including the greatest know-how,

HHwifl

The Authority is to meet early interest in new issues totaling
next week when underwriters are only, a

1 c a n

a com-

ing

difference to; those

.

e r

plete

issues

seems

ciations have
+.

m

-mm

making this week's bids. Scattered

mi

_

family

commitments.

last

the

A

A

double

dealers

their

that

only

said, "Residential mortgage
_

Turnpike underwriters refrain from making
with

He

more

recent months. Important

bids

application

,,

,

.

in

the

expected

notable

banks and

top spokesman for the busi-

ness recently expressed hope that lending is by far the greatest
as
between
dealers,
,e pation s savings and loan asso- private credit market in the nainvestors than at any Prions so.bn will be permitted to tion, and savings and loan assobe

to

appears

tract for purchase of the bonds, bids as dealers desperately at-

Authority Awards

$75 Million Issue

i.This

confusion

time
c

A

the municipal bond mar-

on

there

ket,

issue,

^bnunejcial hank demand hag .beenpians
good

logue

(jointly); White, Weld & Co.; Stone

& Webster Securities Corp.
Bids — Expected Dec. 10.
Information Meeting—Dec. 5 (11 a.m. EST) at One Chase
Manhattan Paza, New York.

:

Mortgage Home's Contents

As we close this weekly mono-

Authority said the Authority had
/-w;*.*

Securities & Co.—Merrill Lynch, Pierce. Fenner &-Smith

Inc.—Lehman Bros,

-

filed

an

Address—Seventh and Franklin Sts., Rich¬
Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co., Inc.; Salomon Bros. & Hutzler—
Goldman, Sachs & Co. (jointly); Eastman Dillon, Union

S&L Assn. Head Would

Confusion in the Ranks

.

,

bond

revenue

manager

plan

Turnpike
,

Supreme

Reoffered to

Authority's

Eastern

December.

mond.

&

Nuveen

& Co.

Su-

,

the first

financing

Co.

&

tii;

,1

Turnpike

state's

$ W. Pressprich & Co., Merrill The
Lynch, Pierce,

Allen

Inc.,

& Co., White,
Weld & Co. and B. J. Van Ingen

Wednes-

on

Oklahoma

Lehman Bros.,

Blyth & Co., Barr Brothers & Co.,

Being

Issue

Smith

&

Fenner

Co., John

Court approved the Okla-

preme

Chemical Bank New

are

Trust

TRixr+Vi

Chase

-

„

^Manhattan

the

23,

Virginia Electric & Power Co. (12/10) *
July 30, 1963 the company announced plans to sell $30,000,000 of securities, probably first mortgage bonds, in

-

(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear

reported that

was

day,
Associated

Peabody & Co.; Stone & Webster Securities Corp.

Salomon Bros. &

(bonds):

Probable bidders

Readied for Market

the

Underwritersr—(Competitive). Probable bidders: Kidder,

Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &

TAX-EXEMPT BOND MARKET
$&parated

—

Light Co.

Co.;
Merrill Lynch, Pierce, Fenner
&; Smith
Inc
(jointly); White, Weld & Co.-Stone & Webster Securities Corp.
(jointly); First Boston Corp.-Blyth & Co

Underwriter—None.

'

Valley Gas & Electric Co., would sell its entire 400,000
holdings of Valley Gas to stockholders of BlackAssociates, the latter' parent.
Price—At book value ($11,15 per share on Apr. 30, 1963).
Business
Company was formed by Blackstone to take
over its gas properties. Proceeds—To the
selling stock¬
holder, Blackstone Valley Gas. Address—Pawtucket, R. I.
shares

stone and Eastern Utilities

Temple St., Salt Lake City. Underwriters—(Com-;

North
.

Co., holder of 78%

7

&

July 2, 1963 it was reported that this utility plans to sel
about $20,000,000 of bonds and $10,000,000 of preferred
stock in the second quarter of 1964.* Office—1407 Wesi

if Trans World Airlines, Inc.
Oct. 21, 1963 the company announced that it may offer
stockholders, sometime after mid-Januarv 1964, the right
to subscribe for up to $8,500,000 of 5%%
convertible

Continued from page

Valley Gas Co.
Aug. 28, 1963 it was reported that the SEC had scheduled
a hearing for Oct. 10 on a
plan under which Blackstone

(11/6)

(Memphis)

(jointly); Leh¬

Brothers.

man

it was

1963

& Co.-Salomon Brothers &,Hutzler

ney

,

ing—Indefinite.

subordinated debentures due Oct. 1, 1983.

(Preferred Stock) White, Weld
Corp. (jointly); First
Corp.-Blyth & Co. (jointly); Kidder, Peabody.&
Co.; Eastman Dillon, Union Securities & Co.-Sniith, Bar¬
Boston

reported that stockholders are to
vote Nov. 6 on increasing the authorized $10 par capital
stock to provide for sale of 150,000 additional shares to
stockholders on the basis' of one new share for each
7% shares held of record Nov. 6. Rights will expire NoV.
27. Price—$40. Proceeds—To increase capital funds. Of¬
fice—61 Madison Ave., Memphis. Underwriter—M. A.
Saunders & Co., Inc., Memphis.
I- ,,
/ ;

Co., Inc., New York.

Tokyo (City of)
V
I3, 1963 it was reported that the Diet had authorized
the sale of $20,000,000 City of Tokyo bonds in the U. S
during the fiscal year ending March 31, 1964.
Under*
writet—To be named. The last issue of Tokyo bonds ir
March, 1927, was handled by Kuhn, Loeb & Co. Offer-

Union Planters National Bank

•

Oct.

Thursday, October 24, 1963

.

& Co.-Stone & Webster Securities

company

curities Corp., New York.

1964.

Tex.

1963 the

.

Stearns & Co. (jointly).

Gas

Pipe Line Corp.
announced that it plans to
sell $50-$55,000,000 of first mortgage bonds and possibly
some
preferred in the first half of 1964.
BusinessTransmission of natural gas. Proceeds—For loan repay¬
ment. Office—3100 Travis St., Houston, Texas. Under¬
writers—White. Weld & Co., and Stone & Webster Se¬

•

...

.

;

.....

•

-'r.

^

i

J"?

t

Volume

Number 6310

198

.

.

The Commercial and Financial Chronicle

.

(1627)

Interstate Sees. Branch

Why Banks Should Not

MONTGOMERY,

New York Citv

Ala.—Interstate

Street

under

the

of

management

cial

injection of the

banks

ties would
the

to

commer¬

the

into

trading markets for

underwrite
bonds

nue

secondary

earlier,
I

statement

dealt

at

prepared
length

some

with Regulation 9 and

the
his

to

the trust

of

tions.

the

purchases of bonds by

the

in

period. In

however,

testimony

should

question

bars

of that testimony,

mechanism^ whereby

account administered by

department
bank

of

of

that

the

in

account

bank

writer

the

involved

event

is

those

bonds,

breaching

those
which

the

Case

for

Underwriting
by

John

one,

American

ciation and

a

on

Langum,

have

banks
such

been

occasions,
able

acquisitions

to

from

a

nice

a

in respect

ties

to the methods and

might be' in
mechanics

vide '•

If

just

with the provisions

who

pertinent
be

clarified, such

of

risk

to

small

of

to

methods

aminers
which

which

by

will

the

mine

eligibility
bond

revenue

of

issues

the

to

warrant

confine

I

of

purchase

stock

of

at

myself to

of

is

".

.

If

.

this

justified

on

tion

cost

of

bill

therefore to

the

this

request

your

Mr.

believe
solve

that

should

anv

do

further

the

^1 think

you

heard

will

our

that

can

for

Dr.

to

in

after

you

Dr.




Western

New

Brothers;

Lazard

Blyth

Freres

E.

&

Co.;

&

Pollock

&

Co.,

Inc., 3 Swis$

American Corp.

available exclusively from

—

business through

your

us

modern,

is designed to

—

proven

full of practical and

are

investment

proven

selling

promotional ideas. John Dutton drew it from the best of his popular

weekly

of

columns

The

in

learn about

Commercial

Financial

and

You'll

Chronicle.

""

★

★

The initial sales

approach

★

The final sale

:

★

share. These

per

Obtaining

The

a

client list

are

portion of the

a

from

the sale

of

construction

pork

and

processing

of

certain

long

-

for

various categories of investors

accounts.

how to

These

defined

are

—

and

and their

you're

told

!

develop each of them to their maximum

term

potential

stock warrants will be

general

corporate

★

pur¬

Techniques
own

packing

plants

at

—

you

can

and

to

use

relative

the

securities

Denison

approximaetly

125

analyze

their

vital

—

of

attractiveness

on

sheet

balance

your

t

various

items

wholesalers

sold

are

and

In 1001 ways

job¬

meat

grocery

more

chains, principally in the eastern
most

all

of

its

pork

products

this booklet

can

on

receipt of

your

be

you

a

better salesman and run a

own copy

will be rushed to you

order.

are

processed for another meat-pack¬

ing

company,

pursuant to

a

con¬

tract.

COMMERCIAL

The

;

debentures

are

subject

25

to

ENTER

redemption through the operation
a

YOUR

subject

to

demption at prices

optional

SUBSCRIPTION

106% to 100V2%.

TODAY
With Roulston & Co.

Duncan

is

now

affiliated

Roulston & Company,

Stock

Exchange.

&

FINANCIAL CHRONICLE

PLACE,

NEW

YORK 7, N. Y.

check for $20, please send me 12

Enclosed is my

re¬

ranging from

Ohio—Lathrop

PARK

Gentlemen:

sinking fund at 100%. They

are:-also

0

(52 issues)
Plus

a

FREE

saving of $6

of "How to
the single copy price.

copy

over

.■

AND

F.

WE

WILL RUSH

r

YOU YOUR

Name

FREE
Address

with

.....

COPY OF "HOW TO SELL SECURITIES."

1010 Euclid

Zone.;

City.!.......
;

■

A

months

Chronicle
Sell Securities" — a big

of The Commercial and Financial

'

public bene*\ Avenue, members of the Midwest
from the

help

profitable selling operation. Your

immediately

States, and al¬

re¬

testimony of

be derived

of

are

and

company

half of the United

of

speculation

Fox that the possible

fits

Lehman

Inc.;

and

Chairman, I

agree

and

the

offered

to

CLEVELAND,

the

Co.

initial price

an

a;

of

common

bers,

be

quarter.

have

increase

Proceeds from the exercise

beef

follows:

issuer,

much

Trust

packing plant at Perry, Iowa. The

cannot

permission

Co.;
Co.,

selling techniques. Its 25 chapters

a non-

bank

to present testimony which I

Fox

rine

York; F. S. Moseley & Co?; Wm.

By JOHN DUTTON

50,000

as

&

Co.; Federation Bank & Trust Co;;
Hemphill, Noyes & Co.; Tl\e Ma¬

offering in¬

and Fort Dodge, Iowa and a pork

the issuer's taxpayer

note,

this

Beef

certain

through competition, then, in
opinion, it should not pass."
On

Man¬

In Your Business You Need

The company owns and operates

risks

the ground of reduc¬
to

& Co.,

Bank

to

equipment presently leased and

used

additional
as

Chase

Co.; Manufacturers Hanover Trust

Secu¬

poses.

ex¬

therefore,;

one*

Connecticut

public

shares

25

shares

proceeds

retirement

However,
I
allotted time is

statement of Mr. Saxon

The

share, is priced at 100%.

company

debt.

deter¬

for

shall,

Suburban

Los An¬

joint

as

entitling

to

limited ' and

with

plant at Perry, Iowa, the purchase

etc.

my

now

rities Co., 732 East 200th Street.

stock.

company's beef products

that

is

Co.,

New

Iowa

those
realize

Inc.;

Trust

HOW TO SELL SECURITIES

a

well

as

common

common

The

other

his

of

in

&

Bache & Co.; Blair

6% -subordinated

underwriting prior to the sale of

bonds,

CLEVELAND, Ohio—Leo J. Jalovec

ballas.;

Trust Co., Hartford; Fahneslock &,

The

in

in

the debentures will be applied by

be

that

would

of

Bank

Bank

geles;

to 3,50 in 1993.

Associates

Bank

Corp.; Weeden & Co., Inci;
Hallgarten & Co.; The First West¬

obligations
from 2%

National

Paribas

selling stockholders' equity.

that

the

measure

presumably

to yield

&

Chemical Bank New York Trust

underwriting

$3,172,000

Inc.

priced at $17.50

posed by this proposed legislation,
the

priced

the

Thalmann

Bank¬

Co.,

announced

^shares represent

Saxon's

banks

of¬

new

you

officers

the element

as

1964

With Suburban Sees.

being sold for the account of two

pro¬

so

Mr.

operation of the

will

60-page booklet

The

believe should

we

Schaffner

First

cou¬

interest

ern

reoffering

were

help

addition

of

areas

testimony that

Clayton

2%%
net

Ladenburg,

gan & Co.; B. J. Van IngenCo.,
.Inc.; John Nuveen & Co., Lie.; • v

of 3.19782.

On

>

100.2499999

and

annual

an

by

Bank.

Co.;

Co.; Wertheim & Co.; Glore, Forr

sub¬

on

Neb.,

the

warrants*

common

been

-may

number

a

are

Hardwick

Securities

of

of $20 per

guided accordingly.
There

course

afford

can

Mr.

of

as

of Regulation

affected

are

by

detachable

comply

should be legally defined

231

cost

a

This

9, I respectfully suggest that they
all

early

a

tures, to be accompanied by

new

have

that

N.

N.

opened

fice.

Each $1,000 sinking fund deben¬

that to which I

as

James

chase

involved

solution

referred

at

James

—

has

sinking fund debentures, series B,
due 1978, with common stock
pur¬

un¬

some

devices

or

situations such
have

means

satisfactory

a

and

in this regard to

developed

us

pre¬

and

the House Committee

Packers,

but it would

order.

office

direct the

statement

elaboration

some

of

have

owner

that

appear

Street.

Colo.
Co.

set

of

&

to an

managed

group

3.40%, 3.10%

pons

1993,

Manhattan

group's bid

$118,700,-

bonds, due

,

offering

make

primary

"proper

a

assailable manner,"

that

1920s

£orp., Lincoln,

group,

the

to acquisitions by trust
in

accounts

broad

securities

York

shares
is

branch

interrelation¬

the

the

managers

manner."
This

for

&

Chase

The

Schaffner Branch
Schaffner

through

1964

underwriting
The

Lockeby, Jr.

DENVER,

1,

New

PHiladel->

The

Bank; Horn^lower
& Weeks; Carl M. Loeb, Rjhoades

York, and First Nebraska Securi¬

unassailable

and

proper

in
in

to

New

offerings for their trust accounts
in

of Kyle E.

Common Sold

Asso¬

of banks with

such

328

Corp.;

National

Debentures,

June,

stating that:

by

at

Haven Avenue under the direction

Iowa Beef Packers

sidesteps this inherent conflict of
factor

the

Savings Bank; Eq.uitable

Bank

Municipal

group

down

let

office

Oct.

Co.,

iHarri?

ing and Currency, U. S. Congress, Wash¬
ington, D. C., Oct. 10, 1963.

underwriting departments, neatly
interest

from

none

mitted

Economic Consultant, on behalf of
the

clock—

along the road

proceed

"■"Testimony

Revenue

K.

should

we

&

pro¬

Bonds" issued under date of

1963,

the

branch

000 of various purpose

op¬

hattan

that

testimony

Public

not

follow.

without

Commercial

of

a

Fla. —Leedy,

Alleman, Inc. has

Goldman,

Inc.;

an

has referred. A pamphlet entitled
"The

ened

&

phia

clude:

that

protective

visions. to

Wheeler

City of New York

sold at competitive sale

in

before

or

1930s. We believe this is

under¬

an

of

decided

question

back

we

dealing

issue that might be advantageous
to

be

whether

is

and

vailed

the trust

bonds

strongly

MELBOURNE,

ships of commercial banking and

underwriting

an

purchase

can

feels

Leedy, Wheeler Office

Oct. 23 the

resulted

trust

a

real

turn

far submitted to this

so

Committee

On

that leads back to the abuses that

in any of the other

Committee, do I find reference to
any

5845

whether

ensuing

none

nor

The

this

on

any

Congress in its assessment of

H.R.

departments of National

Banks. He also elaborated

subject

Trust

Securities

peripheral considera¬

Office

procedures

.relative

if

issue which should

event

any

reve¬

I stated

as

Study

an

the light of

exam¬

ination

in

not

in

minor

represent

that this is

Saxon's

of

are

the

which

slightest.

Mr.

deal

and

significance. However,

such securi¬

change that picture in

Second,

v

Smith

Co.;

Publicly Offered

authorization of commercial banks

10

&

Sachs & Co.; Bear, Stearns &
The Northern Trust

branch office at 207 Montgomery

Fred D. Harrell.

that the

Fenner

Securities Corporation has opened
a

Underwrite Revenue Bonds
Continued from page

Barr Brothers & Co.; R. W.
Pres$prich & Co.; Merrill Lynch, Pierce,

J

;

39

State.

40

The Commercial and Financial Chronicle

(1628)

.

.

.

Thursday, October 24, 1963

ing

WASHINGTON AND YOU

at

the

Hilton

Washington

Hotel.

-

i

'•

...

May 16-17-18, 1966

••

•

V

^

(Philadelphia,

Pa.)

BEHIND-THE-SCENES INTERPRETATIONS

National

FROM THE NATION'S CAPITAL

Association

Mutual

of

Savings Banks 46th Annual meet¬
ing at the BellevueStratford Hotel.
May 22-23-24,1967 (Boston,Mass.)

WASHINGTON, D. C.—Gradually

there has be¬
casual interest

emphatically

but

than

come

more

in

approaching Southern gov¬

an

either

the

United

States

first

There is

paramount

a

The White House, and both the
Democratic and Republican party
leaders in Washington
the

and across

will be watching

nation,

outcome

Mississippi

the

of

of

the

top

correspondents are
State

Washington

either in

the

it to feel the pulse of these strong¬

Perhaps there is

Union

where

state in the

no

there

Democratic primary

Maundrell-Seager
a

is

much

so

of

of Mississippi,

University

this

For

is

Morse,

Un¬

concerned,

running

js(>me of the opposition is personal

Kennedy in particular.

This

does

not

of

mean

course

that President Kennedy

does not

have supporters from

percent¬

a

white voters and probably

age of

99.9%

of

the

Negro

in

voters

Mississippi.

■

Only

electing

of

states

are

"this year. The

a governor

that

reason

Washington is watch¬

There

sissippi.

sippi Democrats"
tional

the

apparent

front

Republican nomi¬

There is

question that Sen¬

no

ator Goldwater has

big follow¬

a

ing, not only in Mississippi but all
South.

about

ready

They are

their counties in the

position in

costume for

Nevertheless, it

the Re¬

appears

Mississippi

in

of them are

and

—

people

young

college graduates—<are confi¬

dent

they

going

are

tremendous

make

to

showing.

a

of

Many

them are confident that there will

upset

an

standard

their

and

will become the winners.

bearers

population /, of

the

Probably

Mississippi—white and Negro—is
citizens

of

native

in

born

state.

more

than

Halloween

a

Negroes

are

professional and busi¬

people, and

some

of them

are

few

are

owners, and

a

Who will the

Mississippi Negro

attorney, and

outnumbered the Negro race.

one-time

and

Congress,
Jackson

of

and

easily

former

Democrat,

the white race

that

showed

Ever since the

Phillips, of the

attorney, the Republican

candidate
very

member

Rubell

and

Mr.

Phillips

is

a

ting candidate. There is
tion
any
on

he will

get

more

as

no

ques¬

votes than

four candidates for governor

the Republican ticket have got¬

ten since the Reconstruction

which
was

as

historians

many

Tragic Era in

a

our

tion of

Era,

agree,

country's

and

presidential

election,

it

likely that President Kennedy
the

Democratic

the

solid Negro vote, not

Mississippi but

nominee

over

will

is

Kennedy

-

a

RALEIGH,

Special Pictorial

Langston,
the

highly

a

Paul

—

become

and

Dec. 2-3, 1963 (New York

City)

decades, Mississippi's Negro

only in
;

reflect

to

the "behind the scene" interpretation

from the nation's Capital and
may not
own

may or

coincide with the "Chronicle's"

views.]

Association

of

D..

connected

Egan,

Inc.,,

percentage
state.

It

migration
been

standpoint

is

about

any

43%.

The
race

has

one

for members

and less work
for

more

became

less

the cotton farms

on

thousands

and

more

there

of

Negro

families.

conservative delegation that often

As

votes with

to-

Investors

New Mathews Branch
Mathews
branch

the Shamrock Hilton Hotel.

has opened

of A.

the

under

L.

manage¬

Thompson, Jr.

22-23-24,

Apr.

1964

(St.

Joins First Columbus

Louis,

Mo.)

COLUMBUS,
at

Municipal Dealers spring
the

Chase

Park

Echo

Glen

and

Ohio—Warren

F.

Bruce has become connected with.

Plaza

The

Country

52

First

East

Columbus

Gay Street,

Corporation,
members of

the Midwest and Cincinnati Stock

16-24, 1964

National

Exchanges.

(New York City)

Association

Mutual

of

Savings Banks 44th Annual Meet¬
Brokers

and Dealers

ing at the Commodore Hotel.
INVESTMENT

Attention

Oct. 12-16, 1964

FIELD

TRADING MARKETS

National

Nov.

13-15, 1963

American
First

(Chicago, 111.)

(Coronado Beach,

Botany

National

Automation

Del

Security

Asso¬

Traders

Coronado Hotel,

a

a

.

Con¬

ference at the La Salle Hotel.

Maxson

Annual Convention at the

ciation

Association

Bankers

Dec. 7-8, 1964

-

Nov. 20, 1963 (New York City)

National

Standard

Exchange

election

governors;

the

of

new

officers

Governors'

and

Dinner

1963

'.

Investment

Bankers

.

;;v

■

v'a'

1

Association

D.

17-18-19, 1965

Our

New

•

York

telephone

number

is

CAnal 6-4592

a.

LERNER & CO, Inc.

(Washington,

Investment

C.)

National

SS

&

King

Mutual

meeting at the Commodore

Hotel.

May

(Hollywood Beach.

Fla.)

of

at

University Club.

Dec. 1-6,

Year

Association

Films

Fruit

Waste

Savings Banks 18th Annual Mid-

Stock

Industries
Electronics

Official
.

(New York City)

Association

of

a

West Wend-

Section April 30.

May

EVENTS

Co., Inc.

office at 908

Avenue

over

ment

CHRONICLE'S Special Pictorial

Club.

COMING

for

became

Carolina

GREENSBORO, N. C.—Edward E.

Association Annual Convention at

Hotel

Firms Annual Meeting of members

of the race and the state.

G.

added

Street.

Texas Group Investment Bankers

St Louis

out

Negro

of the

healthy

a

of

a

of

Harvey

—

been

Corporation, 120 South Salisbury

Mutual

April 8-9-10, 1964 (Houston, Tex.)

party

IN

popu¬

C.

N.

Jr. has

staff

Calif.)

lation remains the highest from

mechanized,

Mississippi

Congressional delegation,

i CHRONICLE'S

as

get

the South.

[This column is intended

white

the

Despite the gradual decline for

dustry
anti

3150

in

With Carolina Inv.

Hotel,

meeting at the Commodore Hotel.

year's

no

popula¬

When the big cotton raising in¬

Viewpoint of the "Pros"

has

Sampair

Convention

either candidate. In next

for

asm

Mississippi has been grad¬
declining,

ually

history.

The

Annual

at the Hollywood Beach

a

vote get¬

at

engage

Savings Banks 17th Mid-Year

have

43% Negro Population

regarded

high grade citizen and

America

of

enthusi¬

They

and misinterpreted,
£

to

Minn.

PAUL,

with

election?

depression years

1930's, the Negro

be misconstrued population has been increasing.

may

Planning

offices

Avenue,

Heleniak

National

1940 decennial census for the first

ernor

Party—with his

Supplement Dec. 19.

millionaires.

The

any

time

gov¬

ST.

voters support in the approaching

Paul B, Johnson, Jr., Ilattiesburg

of the late

Financial

with

A.

Denham

Degree of Honor Building.

a Re¬
large land
because

between the Democratic nominee,

son

H.

With Sampair, Egan

Cackles bothered to go out to

pumpkin head, he's a natural!"

help elect

to

future.

composed

.

Mississippi election

I However, the

a

Mis¬

ness

be

nation, in the South.

the

rent

in

and not Na¬
not

—

Democrats.

and

for the

1 i f.—Stuart

a

rel—by the Democrats—"Missis¬

the outcome may throw some light

Goldwater,

don't know why Mr.

is controlled—lock, stock and bar¬

many

over

"I

election machinery

The

^

are

:•'> ?

counties

82

are

marked interest is the belief that

runner

'.:v-

....

publicans

the strength of Senator Barry

'

-

securities business.

GOP Optimistic

ing the Mississippi election with

qn

whom

it would or could mean GOP op¬

Straw

handful

a

of

both

C

formed

Scenic

hGoldwater Republi¬

publican chief executive

Goldwater

'

Jerome

and

Associates,

to

Stan¬

mate,

running

cans."?

ert F.

ready

yet

have

others,

among

not

Phillips,? and his Gulf-

as

political hatred for President Ken¬
nedy and Attorney General Rob¬

BERKELEY,
S'amson

reason,

Mississippi

ford

all

year

a

this month.

Miss.,

for

Fiduciary Plan¬

Form Fin. Associates

James Meredith in the

Negro

port,

the white citizenry.

offices

integration

days that marked the

ing

among

in

engaging
from

sad, bitter, and bloodshed

the

Mr.

there is in Mississippi today

of

name

ning Company.

Ross R. Barnett

in

is

business

338 Northern Boulevard under

the firm

Lieutenant-Governor he stood
Governor

securities

at

landslide?.

Why did he win by a
As

elect

fortunately

Fiduciary Planning Opens
GREAT NECK, N. Y.—William J.

run-off elec¬

tion for chief executive in the old

anti-Kennedy Administration feel¬
as

the

by

Magnolia State.

ago

ly independent people.
;

ing at the Hotel America.

Coleman

P.

J.

Governor

Mutual

of

former

over

won

Association

Savings Banks 47th Annual meet¬

the

become

beside

getting ready to visit

are

or

Johnson

Mr.

the
gov¬

ernorship election next month.
Some

has

he

National

biggest vote ever chalked up in a

for this interest.

reason

time

the

or

This is the

Senate.

nominee for governor.

ernorship race in this "off" elec¬
tion year.

governorship

Association

of

10 Post Office

Mutual

Securities

Square, Boston 9, Mass.
Teletype

Telephone

Savings Banks 45th Annual meet¬

451-3438

grating to the Northern cities, and

the

Republicans,

been in the state in

have

behalf of the

candidacy of Mr. Johnson, the in¬
cumbent

What

these

old

"pros"

of

thing.

It may

summarized

in

this

be succinctly

Mr.

is

there

Johnson

there is

a

a

will

Negro

win

"big."

where
and

Johnson will win "little."

the

the

should

when the

lations
son

be

<•

borne

in

general election

are

made

land

that

mind
specu¬

Mr. John¬

had made four previous state¬

is

rich

top

perhaps

any

table-top
soil

is

other

Corporation

place in

.

f!arl Marks & no. Inc.

,

their

native

there

state

are

has

been

voting.

opposition to their voting in

white
some

counties. Nearly all of the Negro
vbters

support

are

Democrats

the National

and

will

Democratic

wide campaigns in Mississippi for
party: A small percentage of the




Equipment

flat

deeper

Bought—Sold—Quoted

Many of the Negroes remaining
in

Certainly
It

Major Pool

is still predomi¬

this country.

If

small vote turnout, Mr.

617

2-1990

cities, by the tens

race

manner:

big vote turnout,

HUbbard

mi¬

been

nant in some of the Delta counties

than
If

have

thousands.
The

say

about the election? They agree on
one

Southern

some

lieutenant-governor.
do

result, they

a

FOREIGN SECURITIES
20 BROAD STREET

TEL: HANOVER 2-0050

•

SPECIALISTS
Memorandum available

NEW YORK 5. N. Y.

on

request

TELETYPE 212-571-1685

HILL, THOMPSON & CO.,
70 Wall Street, New

I.

Tel. WH 4-4540

INC."

York 5, N. Y.

Tele. 212 571-1708