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THE
Volume
198
Number
LEADING
6310
AND
MOST
New York
INFORMATIVE
PUBLICATION
IN
THE
7, N. Y., Thursday, October 24, 1963
iff
FINANCIAL
Price
FIELD
50
Cents
ESTABLISHED
a
Copy
1839
In
2
Sections
—
Section
k*?
Dictum
30th
Meum Pactum
ANNUAL
CONVENTION
2
The Commercial and Financial Chronicle
Convention Number
We Make
.
.
.
Thursday, October 24, 1963
Primary Markets in Over-the-Counter Securities
For Banks, Brokers
Dealers & Financial
Institutions
Inquiries Particularly Invited
the
Purchase
Large
Blocks
on
Sale
or
of
of
Stocks
Private Wires to:
Atlanta
S. Dickson
R.
Chicago
Cleveland
J. N. Russell &
Dallas
Dallas Union Securities
Dayton, O
Inc.
Co., Inc.
Company
John A. Kemper & Co.
Detroit
Grand
& Co.,
Wm. A. Fuller & Co.
___!
Baker, Simonds & Co.
King and Company
Rapids.--
Hartford
l.-.Coburn &
Houston—1.—
Middlebrook, Inc.
A. G. Edwards & Sons
Indianapolis
Wildman, Neal & DeBolt
Kansas
City, Mo.--Barret, Fitch, North & Co., Inc.
Kansas
City, Mo
Los
Angeles
—H. O. Peet & Co.
Currier & Carlsen, Incorporated
Louisville
The
Minneapolis
Philadelphia—
Troster, Singer & Co.
___.
Pittsburgh
Arthurs, Lestrange & Co.
Portland, Ore.
San
Kentucky Company
—--Piper, Jaffray & Hopwood
.___
Black & Co., Inc.
Antonio—__—Dewar, Robertson & Pancoast
San Francisco-St. Louis—____
-Sutro
&
Co.
Fusz-Schmelzle & Co., Inc.
Washington, D. C.—,____
Reynolds & Co.
Troster, Singer & Co.
Members:
74
New York
■
Security Dealers Association
Trinity Place, New York 6, N. Y.
Telephone HAnover 2-2400
Teletype 212-571-1780; 1781; 1782
Volume
198
Number 6310
.
.
.
The Commercial and Financial Chronicle
N. S. T. A.
■
OFFICERS and EXECUTIVE COUNCIL
SECOND
FIRST
PRESIDENT
VICE-PRESIDENT
SECRETARY
VICE-PRESIDENT
TREASURER
Joe E. Hutton
Sidney J. Sanders
Edgar A. Christian
m
Officers and
Alfred F. Tisch
Fitzgerald &
Company,
v
Executive
Allen L. Oliver,
Sanders &
Jr.
Company,
Dallas
Foster & Marshall
Equitable Securities
Corporation,
Inc., Seattle
Nashville
New York City
Earl Hagensieker
Suplee, Yeatman,
Mosley Co., Incorpo¬
rated, Philadelphia
Reinholdt & Gardner,
J. P. O'Rourke,
Parks B. Pedriok, Jr.
Donald E. Summered
Howard, Weil,
Labouisse, Friedrichs
and Company,
Schwabacher & Co.,
St. Louis
Council: 1964
George H. Angelos
Charles A. Bodie, Jr.
Chas. W. Scranton
W. E. Hutton & Co.,
& Co., New Haven
Baltimore
Morton A.
Nathan A.Krumholz
Cayne
Ogden, Wechsler &
Krumholz, Inc.,
Ledogar-H orner
Company, Cleveland
Jr.
J. P. O'Rourke
& Co., Chicago
New York
Los Angeles
New Orleans
SECOND
FIRST
PRESIDENT
VICE-PRESIDENT
SECRETARY
Officers and
Earl
Hagensieker
Reinholdt & Gardner,
Executive
St. Louis
VICE-PRESIDENT
TREASURER
Alfred F. Tisch
Joe E. Hutton
Allen L. Oliver, Jr.
Sidney J. Sanders
Fitzgerald &
Company,
New York City
Equitable Securities
Corporation,
Sanders & Company,
Dallas
Foster & Marshall
Council: 1963
Inc., Seattle
Nashville
>
Charles A. Bodie, Jr.
W. E. Hutton & Co.,
Baltimore
Morton A.
Cayne
Nathan A. Krumholz
Ledogar-H orner
Company,
Ogden, Wechsler &
Krumholz, Inc.,
Cleveland
New York
1
J. P. O'Rourke, Jr.
J. P. O'Rourke
&
Co., Chicago
■
Joseph E. Smith
Newburger & Co.,
Philadelphia
Donald E. Summered
Schwabacher & Co.,
Los Angeles
The Commercial and Financial Chronicle
.
Thursday, October 24, 1963
.
1960-1961
1961-1962
1962-1963
1963-1964
.
Past
CONTENTS
Presidents
Articles and News
:
of the
■'
/A
PAGE
NSTA Officers and Executive Council
3
Past Presidents of the NSTA—
4
'■A
Earl
N. S. T. A.
Hagensieker
Reinholdt & Gardner,
St. Louis
Charles A. Bodie,
Jr.
W. E. Hutton & Co.,
Baltimore
Edward J.
Joseph E. Smith
Kelly
Great
Rhoades & Co.,
New York City
..
■
'>
V.''
•
"
1959-1960
'
'
:
Confronting the NSTA
—President-Elect
The
aV;.'
Opportunities
Carl M. Loeb,
Newburger & Co.,
Philadelphia
More
■>
.
Alfred F. Tisch
Optimistic Climate for the OTC
Market—Retiring President EaTl L.
1956-1957
1957-1958
1958-1959
Hagensieker
1954-1955
1955-1956
.
6
...
Opportunities for
the
Trader
in Municipal
Bonds—George B. Wendt
OTC
Industry
the
7
Unjustified
for
Target
Criticism—John C.HecTit...
REPORTS
OF
Report of Study
-
COMMITTEE
Group
"The
Traders Bulletin"
—James
William J. Burke, Jr.
Robert D. Diehl
;
Glore, Forgan & Co.,
Chicago
Cruttenden & Co.,
May & Gannon, Inc.,
Boston, Mass.
Inc., Los Angeles,
'
Calif.
Lex
Jolley
The Robinson-
Humphrey Company,
Inc., Atlanta, Ga.
John W.Bunn
the SEC's OTC
on
St if el, Nicolaus &
Company, Incorpo¬
rated, St. Louis
Own
Its
Story
9
Philip J. Clark
Deceased
Tells
8
McFarland
B.
10
CHAIRMEN
Proposal—Chairman Charles A. Bodie-
Lester J. Thorsen
5
Report of the Industry Liaison Committee—
—Chairman John W. Bunn
10
Report of the Municipal Securities Committee
1951-1952
1952-1953
1953-1954
1950-1951
—Chairman P. B. Pedrick,
1946-1948
1949-1950
Report of the
OTC
12
Education Committee—
Chairman Morton A.
*
Cayne
'
*
*
....
15
•*
Nominating Committee for 1964.
9
Roster of NSTA Affiliates and Members
17
Delegates-at-Large
24
:
Index to Affiliates
H. Russell
Harry L. Arnold
Goldman, Sachs &
Co., New York
JohnF. Egan
Hastings
First California Com¬
Shearson, Hammill
& Co., Detroit
pany,
H. Frank Burkholder
R. Victor
Edward H. Welch
Equitable Securities
Sincere & Com¬
Incorporated,
Corporation,
San Francisco
pany,
Mosley
Alabama
Suplee, Yeatman,
Mosley Co., Incorpo¬
rated, Philadelphia
Chicago
Nashville
Security Dealers Association
Baltimore
Securities
Boston
_
61
Security Traders Association..— 46
Traders Association
28
Carolinas, The Security Dealers of the
1945-1946
1944-1945
1941-1942
1940-1941
1941-1942
73
Chicago, Security Traders Association of
?-
30
Cincinnati Stock and Bond Club, Inc.....—
59
Cleveland Security Traders
Association
33
Connecticut, Security Traders Assn. of
54
Dallas
Security Dealers Association
42
Denver, Bond Club of
Detroit
and
Michigan, Securities Traders
Association
Florida
39
of
49
Security Dealers Association.
48
Georgia
Security
Association
34
Houston
Security Traders Association
54
Kansas
Los
Edw. E. Parsons,
Thomas Graham
Parson &
Graham-Conway
Co., Louisville
Wm.
Jr.
Perry Brown
Newman, Brown &
Co., Inc.,
Co., Inc., New
Cleveland
Joseph W. Sener
John C. Legg &
Company, Baltimore
Herbert H. Blizzard
City Security Traders Association
69
Angeles, SecuTity Traders Assn. of
56
Louisville, Bond Club of
Thomas A. Akin
Col.U.S.A.F.R.(Ret.)
Dealers
Deceased
27
Memphis Security Dealers Association
53
Nashville Association of Securities Dealers..
Orleans
65
A
•
..
.
;
New
1936-1937
1936-1938
1938-1939
1939-1940
Orleans
New
York, Security Traders Association of__ 17
Security Traders Association.
_
56
1934-1935
1935-1936
Philadelphia, Investment Traders Assn. of__ 25
Phoenix, Bond Club of
24
Pittsburgh Securities Traders Association.__ 72
Portland
St.
(Oregon), Security Traders Assn. of 38
Louis, Security Traders Club of
67
St. Petersburg Stock & Bond Club
San Francisco
Seattle
47
Security Traders Association. 64
Security Traders Association
Syracuse, N. Y., Bond Club of
Twin
64
45
City Security Traders Association
Utah Securities Dealers Association
66
44
Washington, D. C., Security Traders
Association
Edward D. Jones
Edward D. Jones &
,
Willis M. Summers
'
.
Co., St. Louis
Arthur E. Farrell
Deceased
James J. McNulty
,
'
& Company,
j,
Gentry Daggy
Deceased
W. W. Cruttenden
Henry J. Arnold
Walston & Co., Inc.,
Geo. Eustis & Co.,
Chicago
Cincinnati
'
Chicago
'
,
Members
Local
of
of the
52
...
NSTA Unaffiliated
Organizations
with
21
Volume
Number 6310
198
The Commercial and Financial Chronicle
There is
Great Opportunities
be
law that says a
no
inactive
an
member
of
this
and
warning to them that I intend to organize
cial committee of those men, many
moved
Association, and Partner, Fitzgerald & Co., New York City
the
new
up
as
an
a
result.
posts of importance in
Today
Mr. Tisch briefly lists five beliefs which add up
greater than
are
OTC
association and
ever
our
market
am
most
grateful for, and honored by, the action
convention in
taken at this
president following the
preceded
to
I
me.
represent
STANY
fine
many
me
men
as
own
your
who have
As
national
president. It has been my priv¬
ilege since being appointed to
National
Committee
such,
the
on
council
Earl
Hagensieker,
interest
Ed
fine
dent.
as
we
-
Alfred F. Tisch
In
ing
our
work
year, my
during the
role shall be
is in the best interest of all
most
pleased with the good
to share with
tion is
up
see
in
our
this
the
men
members.
men you
on
I
am
we
have elected
the
personally
who have been
of
am
our
our
always been
.
are we
.
.
and
industry picture because
self-regulatory organization.
a
as
ours
also
it
...
of the greatest
our
think
.
tion and
Study. It
spells out things
other
opportunities in the
our
associa¬
winning recognition from JBA, SEC and
industry
groups.
But it is evident
still
we
our
country needs the moral force
for the securities industry which is
in world
markets
•
Preferred Stocks
Distribution
Retail
views
considered
men
Industrial and Public
and
provides
worthwhile
who is
New York
Louisville
Pasadena
Fresno
San Francisco
Chicago
•
Detroit
>
•
•
Milwaukee
Spokane
San Jose
•
Palo Alto
/
Los Angeles
•
Pittsburgh
•
and is
Minneapolis
Sacramento
oxnard
•
•
prove
every
individual
great public servant
our
from
organization and
our
efforts to
im¬
markets.
(5) I believe
our
country, the securities indus¬
try and the OTC market need
Traders
Association with
Eureka
a
National Security
the
privilege and re¬
sponsibility to speak out when its courage and
sense of
justice call upon it to do so.
are
with your
things I believe, and God willing and
support we will continue to build in
NSTA to meet these
responsibilities and needs.
*An address
the
National
by Mr. Tisch before the 30th Annual Convention of
Security Traders Association, Inc., Colorado Springs,
Colorado.
Utility Companies
Companies
Agencies
Portland
Indianapolis
Kansas City
Tacoma
a
public has benefited from
will continue-to benefit
Seattle
•
meaningful
fulfillng its obligations to date and that the
Cleveland
•
and
part of the trading division.
Complete Trading Facilities
Philadelphia
views
strength of NSTA and
a
Blyth & Co., Inc.
Boston
lifetime of
a
(3) I believe that OTC market needs the loyalty
and the
United States Government and
Coast to Coast
of
opinions
opinions.
States, Municipalities and Public Authorities
principal financial and business centers.
professional
training in this highly specialized field certainly
SiS
located in
grow.
ing in the OTC market and that
Banks and Insurance
through 29 offices
an
econ¬
who have devoted their lives to trad¬
Primary Markets
distributing facilities
national
(2)1 believe the securities industry needs the
Common Stocks
•
our
and continue to
I.'
Bonds
lbng address, but
a
time to tell you five
omy and vitally important if we are to compete
These
in building stature for
this
on your
.
great progress has been made during
the past year
impose
integral and essential part of
association.
I
leaders in the past.
.
doing and responsibilities we owe
industry and the public. In this respect we
one
be heard!
(4) I believe NSTA is
to
could do in industry matters and
have
as¬
going to rely also
as
should be
now
committees
some
confusion
some
history of
young men
joining in and
division
of respect
only recognized the non-regulatory associa¬
to the
organization. It is most gratfymany
con¬
organized to work in the
trading
we
not
tions such
the work load. Our administra¬
suming - leadership in
and activities. I
on
our
younger group
the
was
fitted into the
we
were
not
of advocating what
going to rely heavily
moving
ing to
me
only question is—What
Now that has been clarified in the SEC
com¬
one
I do want to
things have been accomplished in the past.
where
presi¬
your
of
exactly what
deeply feel the responsibility of
following them
make important
strong and growing OTC market
a
But there has
I
and
can
us.
I don't want to make
those
helping to solve the problems
Our association
Kelly, Joe Smith, Charlie Bodie
and
includes
going to do about it?
Chair¬
with
membership
our
obviously
we
in the future. The
manship by William Burke, to
serve
the OTC
trading division of the industry.
tributions toward
and build for
a
as
individual whose profession is
every
members of the
affiliate
fourth
my
concerned
to
think it is time for us to stand up
(1) I believe
trading in this market. We not only have a stake
in the market, we
actually constitute the active
deeply moved to be permitted
am
its
as
naming
is
practically
one,
Study in Washington—nobody
came
things which I believe:
before in the history of our
industry. Insofar
or
us
and be counted; and
face responsibilities which I believe
we
traders in the securities markets.
I
I, for
the industry.
of their alma mater—NSTA.
programs
prominence accorded to the NSTA, though
outline for greater growth of, and contribution by, the
looked to
of whom have
industry groups,and furthering the objectives and
belatedly, by the SEC and the unparalleled opportunities opening
to
to discuss the SEC
spe¬
a
to go, because we had to volunteer
industry group was formed
a way
services when the
our
a
judgment can be a big help
development of closer liaison with other
the
in
Newly elected spokesman for the nation's securities traders calls
to
is
Their experience and
By Alfred F. Tisch,* President-Elect, National Security Traders
attention
to
on
havp
past president shall
NSTA
•
Salem
Oakland
San Diego
Reno
The Commercial and Financial Chronicle
6
booklets
The More
Optimistic Climate
other
and
had the first TV
the
film
by
showing of
NBC
an
We
literature.
also
in
station
Philadelphia. It is being scheduled
For the OTC Market
training
Your
•
Reinholdt & Gardner,
St. Louis, Mo.
industry
firms
for
and/ customer
programs
the
1.
officers
council
and
have
of
members
covered
many
affiliate meetings during the year
NSTA's transition from a social group
to a serious body voluntarily
.
and
talked
the
education
to
about
largest securities market was recently recognized by the SEC.
speakers' bureaus and other pub¬
ing President Hagensieker proudly recounts accomplishments merit¬
ing the notice given and plans being made for further improve¬
assist
Members
ments.
will be universally known as
assume
necessary
out
portend
before.
the
the voice of the industry willing to
and
etc.
1
I
that my
in
sure
now
We
have
challenge to
a
In
me
o
be
have
the
our
then
we
substantial results from
seen
education
program
in better
reporting
and
of the
edge
about
Earl L.
I
Hagensieker
recognition
happen when it
to
glad
am
market
on
the part
on
latter,
we
our
best
shareholder
OTC
by
dustrial
corporations,
surance
companies
The
in¬
banks,
utilities.
and
closing date for entrance
like to get as
woud
to
made
help
companies
send
their
in
by^
us
have
phone
has
call.
welcome the
ly
up
sum
to
strengthened
or
desired
be
I
For
tioned
-
the
over
it
recently,
educational
publicizing
markets.
.
This
Recogni¬
an
as
im¬
to
as
It
the
that
fact
years ago was
important
we
Program
the
two
the beginning of ah
break
our
im¬
the ^ next
within
plans
What
through.
doing today and
are
mediate
a
started
we
Education
,
of at least
of
end
one
months reflects
and at
year
there
1962
were
growing recogni¬
tion and importance for
ap¬
our
role
our
proximately 5,000 members.
3,000
in
participated
NSTA,
In
truly
Likewise,
-
representative
profes¬
of
firms,
sionally qualified members of the
Educational
'OTC
trading division of the securities
The
Program.'
the only organization that is
as.,
conjunction
in
broker-dealer
the
initiated
...
their Wharton School of Finance's
Program.
significant
highly
The
executive capacity'
eligible for membership for
association
of our
OTC
registered broker-
an
be
not
night.
immediate future.
Individuals occupied
.
could
over
position of NSTA today and in the
in
for
'in
dealers
is
itself
and
major segment of the
industry
portant industry organization.
over-the-counter
the
.
traders
matters
a
tion
More
interested
has
social
a
stitutes the first official
they
telephone.
of
from,
comment from the SEC study con¬
the
whom
with
the
to
concern
serious body represet-
a
accomplished
counter traders to be¬
traders
dealt
in
in
func¬
permit
to
securities
social organ¬
to
qf
transition
group
personally acquainted with
other
as
as a
designed
the
it
years
many
primarily
ization
-
matters
The
study. I
founded
was
in¬
securities industry."
Security Traders
Association, Inc.
over
in
ers
I would
tative
"The National
also recently
interest in acting as a
an
representative of individual trad¬
suggestions and
quote:
1934.
NSTA has
dicated
excerpt from the
an
industry."
"The
opportunity to brief¬
read
the securi¬
to
concern
in
traders
individual
of
May I repeat this last sentence:
in
is why
last chapter of the SEC
the
<■
recently indicated an in¬
acting as a representa¬
Undertaking Responsibility
that this
First of all,
1961
again
back¬
letter
a
and this
your
questions.
like
to
instances
with
we
and
realize
I
much
left
Upon the invitation of
tion,
details
ground information in
Investment Bankers Associa¬
agencies.
tive
aware
trading
a
The NSTA
.
.
.
be¬
relationships with other industry
the
in
ties
the
further
lieve1
I
and
much
very
necessary
are
entries.
continued
terest
telephone. It is difficult to fill in
the
term
We
has also
members,
our
issue
to
proposes
handbook in 1963.
and
matters of
their
in
letters
in this audience.
are
me
and
questions
many
via
from
of them
organizations in training programs
of the limitations of the mail and
possible and hope
as
that the affiliates will
area
is
calls
phone
come
programs
great
a
industry
other
with
participates
NSTA
Continued
also
on
page
13
John
O'Rourke, Mort Cayne and
of the public. The OTC Education
myself appeared at the North¬
Program has also served to build western University in support of
the SEC study
and what would
the
for
knowl¬ Education
increasing
progressively
was
released.
Since
the
companies in four categories: in¬
challenges
our
the OTC market by the press, and
and
considerable
concern
program.
understanding
19 6 2
of
one
companies.
Thursday, October 24, 1963
.
officers and I have
suggestions
may
and
the broadening of
encouraging
to continue to build our edu¬
cation
the
there
the
year's discourse, I men¬
was
off,
the
and
OTC
connection with
which
industry
better
a
management
of
information
OTC market in years to come.
In last
of
I am Oct. 15. We
great benefit to many entries
of
securities
the
was
May,
was
will
sure
tioned that
of
with
cooperate
solutions
OTC
m
-
to
practical
suffering
shock
part
awards
working and will
been
and
annual awards program to include
industry and the SEC to arrive at
remem¬
market
still
the
announced
know what they are.
we
continue
all
us
sell
but
as
ber, the
r
I
At
time,
am
of
f
was
ways.
that
I
Boca
stated
at
you
number
a
of
to
November,
accepting the Presidency
NSTA
of
Third, to estab¬
liaison
stockholders
recently reached record highs and growing acceptance
spoke
last
Raton
of
create
on
He is convinced
the OTC's greater responsiveness to the economy's growth, than:
other markets, will keep reflecting our growth and prosperity.
When
operation
understanding of the OTC market
brighter immediate and long range future than ever
Mr. Hagensieker is pleased with the mature way the OTC
quality OTC issues by institutional investors.
r of
and
to
as
lish
a
market has
for
programs
industry
our
mechanics
Second, to
the OTC market.
market
now being
said to be
responsibility for OTC
Internal changes
to benefit the public and the industry are
activities,
trading
education,
worked
leadership
education
people within
urged to cooperate so that the Association
are
and
some
lic education activities.
in
received
a
program.
Retir¬
this study my
encourage
First,
representative of the professionally qualified numbers of the world's
.
imagine, with the release of
can
This
showings.
By Earl L. Hagensieker,* Retiring President, National Security
Traders Association; and Partner in
major
by
.
NSTA
ad¬
praise
win
and
within
our
own
for the IBA Student Education Pro¬
industry.
The representatives of our
gram.
much improved In this work our affiliates have council have visited not only of¬
and far more optimistic climate played an increasingly important ficials of NASD but SEC officials
at this time. We are seeing en¬ role.
Philadelphia, Los Angeles, in Washington several times and
dress
in
you
a
the Chicago,
in
improvements
couraging
performance.
have found that many of our
mis¬
market
some
On
other
the
are
the
for
Houston, received their counsel.
other
cities
have
arranging programs
public
industry
and
A
in
we
hand,
These
groups.
included speakers,
screenings of the OTC motion pic¬
of great concern,
ture
and the distribution
of OTC
have talked about ethics
association in the past, very
our
this
had
point
been
Mort
the
of
directorship
Chairman
Cayne,
Educational
the
of
Committee,
have
we
distributing the
Trading Procedure Guide.
published and
NSTA
SPECIALISTS
accomplished. To
council has worked
your
under
and
that
mentioned
I
ago
year
while
little
of the findings present prob¬
lems which
and
been active in
givings about the SEC study were
unfounded.
Louis,
St.
Cleveland
We
OTC
are
Voluntary Insurance Program /
IN
'
'
'/
I also stated that we were
ning
United States Government
★
of
not
but
the
for
future
members. To this end your
our
council
has
been
developing
Securities
cognizant
are
:
★
★
Tax Exempt Securities
other
or
must also realize that in
are
group
available.
the
of
we
Certificates
of
Deposit
size
that
feel
of
obtain
can
being
insurance
eager
it
wives
fact,
HAnover 2-2727
Street, New York 5
tate
Chicago
•
Boston
•
Philadelphia
•
hope
Washington
•
Pittsburgh
of
■
•
Cincinnati
•
St. Louis
•
a
and
matter
of
special pro¬
a
invited
many
and
you
will
'
of
The SEC
Direct Wires to all Offices
we
/
be
We
bit about the SEC
direct
have
Burlington
Burlingame
Columbus
Cleveland
Detroit
Grand
Los
El Paso
American Stock Exchange
Exchange
study. As you
Diego
'Seattle
Victoria, Tex.
Denver
Joplin
Fullerton
Kansas City
Nashville
Mt. Clemens, Mich.
'
Oxnard
Portland, Ore.
Rapid City, S. Dak.
Salt Lake
St. Louis
Francisco
Toronto
A
Washington
Phoenix
Philadelphia
Potsdam
Rome, N. Y.
San
Clearwater
Des Moines
Fayetteville, Ark.
Minneapolis
Boston
Cincinnati
Indianapolis
Houston
cities:
Bismarck
Dallas
Farmington, N.M.
Reno
San
Antonio
following
the
Chicago
Corpus Christ!
.
in
Charlottesville
Pittsburgh
Pikesville, Md.
Utica
Correspondents
Oklahoma City
New Orleans
Municipal Teletype: 212 571-1741
GREGSONS
Baltimore
Malone
Angeles
to
•
Address:
Asheville
Harrisburg
Rapids
Scottsdale, Ariz.
just
wires
Anaheim
Albuquerque
Redlands, Cal.
Study
I would like to talk to you
a
•
Stock
Telephone WHitehall 3-7600
industry,
our
As
in attendance.
San Francisco
Midwest
Trading Teletype: 212 571-1740
San
Cleveland
•
Members
1
r
York Stock Exchange
New
today
Planning" to which the hus¬
that
'
opening
engaged
having
also
.;
history
for the ladies, entitled "Es¬
are
Securities
300
Primary
•
■
pro¬
must to have our
interested.
we are
bands
Teletype 212-571-1118
women
to learn about
a
Unlisted
over
Cable
certainly is
gram
48 Wall
are
we
actively
so
Research
because
,
that the
Service
Brokerage
Comprehensive
•
in
meetings to the ladies because
feel
Underwriters of State,
•
Complete
•
organization
our
an
of the association
we
Securities
Bonds
w
<:•:>
Bonds
Markets
membership.
our
CO.
and
in
which will be beneficial to
gram
our
&
Stocks
Revenue
not
is
insurance
For the first time in the
C. J. DEVINE
and
asso¬
our
★
★
Municipal
small firms to
many
We
Correspondent Network
of Corporate
Underwriters
types of group insurance, but you
which
★
that
fact
insurance,
firm
ance,
Federal Agency Securities
the
of
of you have personal insur¬
many
ciation
★
Coast-to-Coast
•
1
"
;
a
We
voluntary insurance program.
★
of
the future
only for
industry
our
★
plan¬
Santa
Traverse City, Mich.
Westwood
City
Santa Fe
Ana
Whittier
Tulsa
Volume
Number 6310
198
.
.
The Commercial and Financial Chronicle
.
bankrupting public credit.
Opportunities for the Trader
haps
it
is
ponder
time
the
for
old
Per¬
to
us
again
that
adage
"ex¬
perience is the best teacher."
In
Municipal Bonds
By George B. Wendt,*
The First National Bank
School districts
for
educational
However,
of Chicago, Chicago, III.
times
dramatically
went
OTC dealers and traders not usually exposed to the municipal mar¬
ket are introduced to the composition of today's outstanding $80
billion
tax-exempts.
Mr.
Wendt
describes
the
challenging
and
and economic
growth.
look
to
forward
unheard of
alert and
or
and
area
and
promises
Discussion takes in
rates
explains
and
highly
Closely
why.
scrutinized
been
privilege
my
several
groups
address
to
subject of
the
on
direct
also
I
to
municipal securities. One startling
ever-increasing
demands
fact
greater
of
is
pressed
mind,
the
on my
is,
that
ing
capital
funds
for
rather
In
gymna¬
a
quality
grade
a
school
gold doorknobs
rooms,
on
not
costly and fancy stain¬
equipment in the lunch¬
Unfortunately, time didn't
examination
or
favor
of
I can't report
Many
of
the
of
am
cific
purpose
their
bonds
authority
as
wharves
the
and
is
and
is
to
plying the
seas,
to
A
erect
but it
build
spe¬
necessary
tunnels,
treatment
operate
are
operate
a
covering
rest-
lots
their
tricts. In
much
buildings
tion
to
of
provide
ment
and
sew¬
water
specific public facility
projects
from
these
instances,
special
dis¬
crea¬
districts to
specific public improve¬
became
bonds,
most
imperative
due
Revenues
versus
units
governmental
one
of two types
sometimes both. The
or
important class is the gen¬
obligation
faitH
full
power
secured
bond
credit
and
of the, issuer.
public
of
category
The other
from
other
as
from
gov¬
operations of a utility or
revenue
well
derived
im¬
solely
payable
bonds
income
ernment
as
producing facility,
bonds
payable
Continued
to
on
from
page
for
public
the
the
are
counties,
communi¬
in
municipal financing.
principal governments
extant
though
reduction
bonded
school
authorities,
re¬
debt
various
cities,
states,
districts,
and
other
>
agencies.
ties and states.
Latest
Interestingly,
s e c u
the
the
in
some
George B. Wendt
too,
of their
significance despite the fact, that
$8V2 billion new long term bonds
are
being sold annually. Before
this year ends we may witness an
only vaguely
are
exceeding
record
time
all
aware
$9
approximately
every
we
and interest on those
the principal
paid by one form of tax¬
bonds is
ation
These taxes may
another.
or
levied
be general property taxes,
against all real and personal prop¬
erty in
cities and towns, or
your
from toll
retail
taxes, or from any of the
other classes of taxation.
derived
they
may
be
road
fees,
cigarette taxes,
sales
many
Whatever the
and
counties,
districts
in mind that
they
pocketbooks.
Consequently, it be¬
and every one of us
each
hooves
come
out of our
to be alert to the
impact of public
bond
on
financing
the
entities
other
make
The
every
ment
have
special
governmental
the
up
balance
'
' *
political
tioned
,
bodies
issued
of
.
_
just
men¬
bonds
for
variety of public improve¬
imaginable. Among the more
important
which
for
purposes
state obligations have been issued
soldiers'
are
bonuses,
educational,
highways,
mental
and
pubic
health institutions.
Our
the
cities
and
of
gamut
bonds
from
for
practically
though these
tremes
in
to
are
debt
mundane
schools,
suit every
to
Al¬
of the
need
ex¬
improvements,
incurred
for
such
purposes,
as
lighting,
streets,
fire
run
floating
everything
some
is
water,
and
have
ski-tows.
public
most, city
more
towns
projects,
abattoirs
capital police
structure of the country, as well as
the
of the total.
townships,
and
the debt.
.>
of taxes, bear
source
of
School districts add another 20%,
of
municipal bond issue
are all taxpayers and
new
because
cognizant
be
third
one
themselves take 30%
.
should
from
outstanding bonds, while the states
billion.
We
figures,
of
Census, indicates
municipalities account for
that
rities
business
available
Bureau
protection
and
sanitation facilities.
the general economy.
Recall
Magnitude
Municipal
of
can
category of capital financing
be better visualized when one
that
realizes
A
of this particu¬
The magnitude
lar
than
more
91,000
Past
Misfortune
With
Industrial Aid Bonds
Debt
Investors
relatively recent development,
the municipal industrial aid bond
has
into
come
issuance
of
prominence.
municipal
The
bonds
for
governmental units are in exist¬
ence in our fifty states.
Although
industrial development is general¬
11,156 fewer taxing
subdivisions than that shown by
element in the investment indus¬
this figure is
the
1957
of Governments,
census
ly frowned upon by
try
well
as
cias.
In
as
a
many
fact,
the
formidable number of
Bankers
together
with
a
6,453. The majority of these politi¬
cal
subdivisions
enjoy
only
not
powers,
ers
as
That
well.
the premise
on
credit
for
those
debt
powers
have
been utilized to the fullest extent
is / exemplified
by
the
fact
tory
and
of
that
little
call
the
to
state
municipal indebtedness
as¬
that
private
.
use
of public
enterprise
unsound.
is
/
v
Anyone familiar with the his¬
trek
over
the
country,
our
westward
.
America,
approving this form of financing
but of far greater
significance, debt incurring pow¬
of
other national
sociations, both governmental and
private, passed resolutions dis¬
grossly
police
public offiInvestment
Association
While the
average number of governmental
units per state is 1,825, Illinois, my
home state, leads the nation with
it is still
political corporations.
substantial
a
of the
during the
pioneers,
a
century ago, will re¬
keen
competition
among
states which used their credit
the
finance
creation of banks,
building of canals, turnpikes and
outstanding today exceeds 80 bil¬
railroads.
lion dollars!
these ventures ended disastrously,
/.
■ •,
-
As
the
record
shows
Securities of the United States
Government and its Agencies
The
State, Municipal, Revenue and Housing
Securities
'>•
Bonds, Preferred and Common Stocks
of
FIRST BOSTON
Industrial, Public Utility and
Railroad
CORPORATION
Corporations
Bank Stocks
20 Exchange Pl.
•
NEW YORK 5
•
DIgby 4-1515
Casualty, Fire and Life Insurance
Company Stocks
Bankers'
Acceptances
Certificates of
Boston
-
Pittsburgh 7
San Francisco
Chicago
-
Philadelphia
Cleveland
Deposit
Securities of the International Bank for
Reconstruction and Development
dlnderwrlter
Sidlri/tfdw
Q)ea/er-
Canadian Securities
External Dollar Securities
is
security
the "revenue bond."
as
are
by
taxing
Revenue bonds, as the name
parking plies,
mosquito abatement
a
of
Other special identified
generally designed to
several
the
mentioned issue
the
pollution controls.
districts
G. O.'s
All
and eral
garages
plants
18,323 compared to 8,-
port
ships
Sanitary districts provide
age
In
the
years
of 300 in 1942.
also be
may
and
20
growth of special districts has in¬
docks,
for
than
more
nec¬
a
improvement.
public
creased to
developed
terminals
authorized
a
nature
obvious.
normally
facility
a
on
very
obviously find it impossible to sell
little
Authorities 'or
created for
were
the
character. Please don't
misunderstand—I
in
During
to its legal debt limit would
up
additional bonds to finance
Authorities and Agencies
Agencies
debt
municipal
A community bonded
the
precludes
major
any
sponsible
bond issues by
our
of
The
rais¬
of
athetic,
in the PTA
doors
governmental
which
the volume of
impor¬
tance
to
our
restrictive
limitations.
likelihood, in the foreseeable fu¬
ture,
amiliarity
the
variety
functions,
apparent
unf
of
im¬
con¬
classrooms, elaborate
midwest
a
rooms, so
attention
your
red
elementary
saw
rooms.
expanding population with its
our
educating
on
other facilities.
less steel
Expanding Population
it has
years
and useless frills
the
essary
airports,
permit
During the past few
"little
us
to say the least.
to
to mention
depressing efffect on the market if the present refunding
were to
become more popular with municipalities.
trend
of
facilities
the
"pros" and "cons" surrounding advanced refunding of non-callables
and likely
Some
;
school
district, I
the
are
in the
expensive
visit
currently important developments
let's elimi¬
v.. /
■;
sium, stadium, and fieldhouse fa¬
natfon's
affecting tax-exempt's character and marketability—both of which
he
children.
cilities have been built.
unknown opportunities are certain to unfold for those
prepared to develop them—for their own and the
best interest.
v
interest in this
high
addition
He points out that dealers and underwriters
greater OTC
school
to
'sumptuous,
market for these obligations, bound to expand with population
ary
obli¬
changed
many
structed in recent years are
tunities, awaiting those not yet engaged in the substantial second¬
the costly
nate
and concentrate
purposes.
have
since
schoolhouse."
oppor¬
their
equipment required for edu¬
cational purposes, but
gations to build schools and equip
them
Vice-President,
sell
and
d/nveatment
FPecwitiea
71
The Commercial and Financial Chronicle
8
Washington
On
White
Committee
SEC
the
and in
posals
Proposals
criticism to
its
for reform
justifiable
are
but wants
recognition
made of
dealers' cost
the
of doing
Counter securities industry is def¬
initely achieving growing recog¬
nition and,
with it, acquiring
and
re¬
more
more
as
was
the
the
Study
lished
to
recent
the
the
an-
It
two
serve
pur¬
Charles A. Bodie
NASD
and
quali¬
in¬
the
which
cbmmittee
was
during the publica¬
tion
first and
the
of
ment of the
to
pertaining
OTC
the
with
industry, the report
"the im¬
expressed opposition to
position of burdens which would
report
second
seg¬
group
our
has
studying those chapters in¬
been
Officers
study
the
with
volved
have
market.
of
our
frequent
had
and
in¬
organizations
in
with
conversations
dustry
OTC
members
and
group
group
SEC
connection with the study and in
services of the
and
volunteering
the
impede orderly functioning of the
study group.
On July 25 separate
market."
informal
increase cost of doing business
with
is
op¬
and
developed,
an
in
con¬
proposals
islation
meetings
were
held in
reception
was
Council
that real
feel
and
extreme¬
were
progress
several fronts.
on
our
with the results and
pleased
ly
and
friendly
very
made
was
We
strengthen
have
and
ad¬
were
individuals
both
the
to
self
en¬
record
regulation
-
Bill
in
forth
set
as
business
markets.
NASD
seriously
in
called
various
discuss
to
help
aspects of the study with SEC.
Insofar
negotiations
the
as
connection
with
posals
concerned,
are
legislative
NASD
to
In
matters.
latory
with
discussions
while
of
some
regu¬
on
industry
the
therefor,
members were
No
partly because of
was
the fact that only
has
in recent years
association sought to take
our
Of
pro¬
ly recognized or represented.
this
support, as these will
industry to strnegthen
concern,
As
mentioned
have
I
which
the study
ever,
to
are
taken
There is unques¬
character.
this
tionably
NSTA
growing recognition of
business organization
a
the
to
tributions
efforts
industry
by
not
trading is decentralized
OTC markets.
undue
an
suggestions made
More
This
■
■
with
nation-wide network of 135
a
'V '
offices in 115 cities
V
,
'
''
(
instantly linked by
over
representatives
SEC
that
pressed
mation.
Willing
m
u
to help
dealer who asks. To put
any
1,800 account executives to work from
over
coast-to-coast
...
start
to
them
looking
through thousands of contacts for the buyers
NASD
you
being taken to
are
In recent months a
members
analyzing special
report
the
of
u
m
meetings
the
think, to find
they
and
of
our
of
presentation
for
our
ture.
f.
indica¬
,
is
there
feel
every
as
one
has
any
market that
can
he
retrospect,
found. Able anyway, to
give it
a
better-than-
NSTA
associations.
feel
we
it
was
extremely fortunate that
see
for yourself? Just
nearest office.
our
to
fully
OTC markets, and
deserve
support,
not
did
direct
take
and
smaller markets,
the
Commission
commit¬
SEC. We believe this could
or
have
rency
position
tance
of
our
on
affected
the Nation's business, some of
matters.
recommendations
also
It
Marketing Department
certainly
one
insofar
mittee
since
m
MERRILL
U
PIERCE, FENNER Gi SMITH INC
as
such
any
been
a
futile
Congressional
time
to
-
is
com¬
concerned,
make
changes
was
LYNCH,
during the negotiation period,
and
there is little chance for any
revisions
EXCHANGE AND OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES
70 PINE STREET, NEW YORK 5, NEW YORK
after
the
legislation
is
submitted.
We
1642
have
appearance
the
these
that
appears
would
move
adversely
role in
future
our
have
amended
were
studied
Senate
on
July
30,
Bill
Senate, as
1963.'
We
impressed with the thorough
this
would in effect close off
the
sources
There
need
are
further
ticipation.
cost
ing
an
the
market.
SPECIAL
Charles
W.
are
everyone's
as
an
E.
STUDY
Hutton
strides
and
&
and
be
recognized
our
for
industry.
Chairman
Co.,
May
&
Gannon,
Inc.,
Boston
Edgar A. Christian
Suplee,
Yeatman,
Incorporated,
Mosley
Co.,
Philadelphia
Joseph Dorsey
Bache
S.
&
Co., New York
French
New
Edward
I.
duPont
York
J.
/
R.
Rhoades & Co.
Victor Mosley
Fitzgerald
self-
New
Co.,
York
Suplee, Yeatman,
we
&
,;
Kelly
Incorporated,
age.
We are now
point where we must speak Alfred F. Tisch
preservation in
GROUP
Jr.,
Baltimore, Md.
par-,
adolescent
and
'
Bodie,
Carl M. Loeb,
forward
,
William J. Burke, Jr.
which
exploration, and we
increase
business
v
York
,
Mosley Co.,
Philadelphia
coming of
at the
up
A.
Francis
items
ivould
doing
of
association, we are mak¬
and
which
Respectfully submitted,
-
great
are
of
New
As
pro¬
we
impede orderly functioning of
John
many
welcome
would
sup¬
legislation,
dens
study
raising this capital.
growth
which passed the
of
our
and
against the imposition of bur¬
into
channeling
study
congressmen.
study
of
posed
for
market
capital
investor
special
modifying
Banking and Cur¬
OTC
the
the
your
the
effect
recognized the impor¬
has
jeopardized
would
While the Senate
business.
of
alert
port
how
Think
requirements
before the Congressional
study
the
thing
very
eliminate.
to
these
and less compe¬
and
MEMBERS NEW YORK STOCK
and
Without
within the industry and with SEC
'■
reports
and
of
spreads
impractical.
and
acquaint themselves with the
of
your
tee
call
affiliates
are
public action to request hearings
try. Like to
mem¬
bers
study group to recognize the deal¬
seeks
industry
proper
for this. The quota¬
prime importance
been the failure of the SEC
tition,
properly be justi¬
set
all
er's cost of doing business.
If all
able to the requirements of this special
make important contributions to
study were met, small investment
industry negotiations and win in¬ houses would be forced out of
creasing recognition as an impor¬ business by the expenses involved.
tant industry body by both the This would lead to more mergers,
In
legislation
urge
validity
item
One
to
strongly
we
proposed
can
We
regulation
automation
be
standards.
tion system of
market
should
standard. There are
a
many reasons
but
fied
of
operations
NSTA
conclude,
endorse
which
desire to make should
not be made
the
and
con¬
support.
our
closely allied.
To
Regulatory restraints governing
the start and determination of any
market you
feel
more
NSTA will be
proaches,
wise and
average
They are depen¬
another.
group.
one
dent upon
We
tion that following the above ap¬
want.
we
wholesale
of
SEC and the industry
Able
with
views to the SEC in the near fu¬
We
of ir¬
undesirable
and
essential these two work together
study group at the convention .in
connection with development of
plans
responsible
study groups
attend
will
markets
of
misuse
over
actions
Chapter VII and other
this.
aspects
trading
and
dealers, and feel this is
firms have been
m
NASD
sheets,
structive and has
market, including auto¬
of
group
in
power
of
in
vesting
disciplinary
dising by the retailers are what
make the OTC market and it is
Steps
arrange
the
forceful
by the wholesalers and merchan¬
a
sections of the study dealing
OTC
favor
market.
Competition
of
very
a
Disciplinary Powers
competitive
a
in
power
ex¬
to sit down with our
the
is,
busi¬
desire
interest and
an
and discuss
120,000 miles of private wire.
the fact
indicated by
was
exchanges is a
OTC
market.
re¬
which
few large broker-dealer firms.
more
OTC
dealers
concentration
economic
market, instead of improving
it. A regulated
unnecessary
upon
This would tend toward
ness.
monopoly market
experts in all aspects of trading and SEC fails to recognize that the
the
law
would force them out of
in the
,
the
of
Some
as
impose
straints
We
in
pro¬
ening the business, but should
listed securi¬
as
market such as on
providing professionally qualified
among
independent, se-
implying that OTC trading
while
OTC
nation's
should be aimed at strength¬
houses,
pro¬
division,
trading
effective
and
and
trading
by
by the study? we feel, would im¬
and pede orderly functioning of the
the
of
all-inclusive
healthy
has failed ; curities dealers. Any
the risks
posed
changes in the
group
should be handled
a
as
On the
bills.
competition that exists
justified. How-,
identify our¬ ties by specialists—have failed to
industry matters of recognize the
difference where
with
selves
in fact
would not
lessen, not increase, the present
active part and
an
which
interefere with
of the pending
before, this
appreciate
properly
making
Restrictions
contrary, it would ultimately
study contains many proposals for
reform
inherent
in
accomplish the stated purpose
sectors of the OTC market.
many
involved
securities,
immediate
most
recog¬
ability to do business in OTC
in public confidence.
consulted, NSTA was not official¬
doubt
risks
SEC must however, has been those parts of
legally the special study dealing with the
SEC
our
our
the disciplinary effec¬
their
as
organization
registered
we
must
and the
—•
tiveness of both the SEC and the
be
proposed.
as
SEC
and
fessional
■
feel
to improve
capable of making important con¬
Ready
of changes in quotes,
vised that there would be a time
place at which NSTA would
and
initiation
nizethe dealer's cost of doing
legislation
the
1642,
We
are
restraints
of trading, timed
automation
and
provisions for more industry
Senate
the
govern
We
NASD.
and
regulatory
termination
gaging in the securities business.
The
SEC
against
of
firms
and
and
self-regulation,
ciplinary effectiveness of both
train¬
qualifications
other
and
of
qualifications
legislation to improve the dis¬
regulations
of standards of experience,
We
industry.
regulation
and
industry
Of provisions
adoption
with stricter
help
will
of individuals and firms, more
to
been urging for a long
the
the
stricter
standards
the
supports
which
favor
strengthen the industry. We feel,
instance our ing
every
understanding. We
almost
/
the
of
help
strongly
legislation
action should
will
organization of
industry—favors
trading
arid
criticism
where
which
dealing
In
also concerned
definitely support the leg¬
we
other matters which have, been
to
the
practices which
justified. Strong
the official
as
association, and
of the
Resolution:
Be it resolved that NSTA—
made
been
Committee therefor
Study
submits the following
be taken to correct these mistakes
negotiations
members.
have
are
we
some
have
the
to
had
we
traders,
as
The
correcting irregularities
in the past. As an
time,
mem¬
in this field available
SEC,
relating
nection with legislative
look
of
OTC
Special
professionally
Therefore,
proposals designed to achieve
the
SEC
markets.
tatives of SEC.
high standards and qualifications
for
the
tions in the study with represen¬
While in agreement
Market.
of
dustry
recom¬
SEC
to
the
OTC
the
discuss NSTA's role
industry
invited to discuss the recommenda¬
the
mendations
the
to
which
alyze
the
and
to
First to inform bur
fied experts
estab¬
was
designed
attended
representing
discussions
concern
relating
of securities
opinions
tion the report
of
in
was or¬
findings
bership, and secondly to make the
to
Conven¬
Group
analyze
to
Schmidt
Bodie, Jr.
resulting from the SEC study and
~
Study Group
market
poses:
Chairman
submitted
ganized
Study
his
capacity
The NSTA
OTC
A.
in
Bodie,
of the Report of the Study
recommendations
sponsibilities.
Charles
in
follows:
Group
mistakes
portunity to
business.
Text
The NSTA's role in the Over-the-
where
In each instance
when, as in the case of the OTC, trading is decentralized, and of
thousands
comment
Submitted
Resolution
the study had
critical
of
pages
at
OTC Education Program.
greater risks involved, of the difference in trying to list securities
of
Thursday, October 24, 1963
are
There
made.
aimed
F. Tisch and Charles A.
with
been
(IBA).
Boehmler
Information Bureau in connection
Finds many pro¬
and thoughtful way
represented by Alfred
was
meetings,
improve the OTC securities business,
coordinating with the IBA and the NASD.
NSTA
Arthur
reports on what has been accomplished in working with
and
Loomis
(SEC); Marc
(General Counsel, NASD)
Erwin
and,
The SEC's OTC
Philip
with
(SEC); Ralph Saul
...
&
Company
'
Volume
Number
198'
The Commercial and Financial Chronicle
6310
ii
to
"The Traders Bulletin
all
they
a
Editor James
McFarland
B.
Bulletin, offi¬
cial organ of the NSTA,
December,
the
to
1962
edition
Officers,
the
executive
completion of its ninth pub¬ council, Committee chairmen and
lishing
all
year,
of
members
NSTA
for
their
according to
support and efforts in performing
Editor
their
B.
James
a
t
e
the
of
sieker's
1963"
for
&
important
New
York
Mr.
gram
of
report
the
vention
high¬
lights
value
James B. McFarland
the
the
of
industry.
OTC
very
in¬
that
sure
new¬
understand and appreciate
This
issue
also
to
educate
tele¬
and
congratulating NSTA
efforts
presented
an
affiliates
NSTA
on
until
the
publishing
of
the
De¬
cember issue of the Traders Bul¬
letin.
This
will
issue
completion of nine
lication.
and
an
NSTA
report
George H. Angelos,
"Less than three months remain
It
has
and
be
Editor
a
of
the
of pub¬
1962
its
and
news
"The
with
from
President
activities.
report
comments
Bulletin'
His
on
programs.
NSTA
were
resumes
of
George H. An¬
gelos, Chairman National Adver¬
was
tising for 1963, gave
Two
and the
in
a
brief report
appointments of regional
our
was
included in this issue. A pho¬
d
were
Jan.
Jan.
o n
Security
20,
as
the
affiliates
30th
Convention
Annual
tograph of John C. (Jack) Hecht,
bringing the total to 33 affiliates.
Senior
This
article
Tegeler &
from the OTC Information Bureau
issue with
entitled "For Traders Only!' with
titled
emphasis
This issue closed with
issue
closed with
an
on
An insert
giving full details of the program
Dealers Asso¬
admitted
the code of standard
procedure for OTC traders.
"The
Convention
Vice-President
the
It will
be
to
presented
each
year
an
excellent article
"The Priceless
A.
en¬
the
lished Tn July featured the Presi¬
on
Cayne,
the
submits
best
of the
letin.
eligible for judging,
the
To
be
article
must
Traders Bul¬
appear
prior
This
Mr.
the
to
annual
is
award
gest"
in
hopes that it will
the
stimulate NSTA
press
members to
their views in writing.
be
an
article
Chairman
accompishments for the
year
reprinted
therein
"During the past
of
the
Bulletin
creased
pages
Report
on
the
first
of
in
to
size
from
permit
and
year
publication
of
ac¬
news
cordance with the
Nominating
"The Editor of the Traders Bul¬
letin and members of the Execu¬
lishing fewer individual issues but
tive
increasing their size and quality."
Charles
A.
Bodie, Jr., Chairman,
Council
proud
are
to
an¬
policy of pub¬
future
flyer
WALL
Dominick
&
Avenue, New York 22
Buffalo, New York
OF
Exchanges
STREET, NEW YORK 5
320 Park
UNDERWRITERS
Portland, Oregon
Seattle, Washington
AND DISTRIBUTORS
INVESTMENT
SECURITIES
Direct private
Cummings
in
wires to correspondents
principal cities through the United States and Canada.
Baltimore
Robert.Garrett & Sons
•
The Milwaukee
Company
Milwaukee
Townsend, Dabney and Tyson
•
Boston
,
J. M. Dain & Co., Inc.
Minneapolis
McCormick & Co.
Chicago
•
Ball, Burge & Kraus
Quail & Co., Inc.
Baker, Simonds
James L. Beebe, William R. Staats &
Davenport
Philadelphia
•
Pittsburgh
George D. B. Bonbright & Co.
,
Carrison, Wulbern
Corporation
Jacksonville
J ' ' ■
Nebraska Securities, Inc.
Phoenix
Moore, Leonard & Lynch
'
Co., Inc
Detroit
Co., Los Angeles
Refsnes, Ely, Beck & Co.
•
'
&
Hugh R. Schlicting
The Pierce,
•
Cleveland
Butcher & Sherrerd
•
Smith, Moore & Co.
•
Schwabacher & Co.
Rochester
St. Louis
/
Frank X.
Paul E.
Cummings, Bear, Stearns & Co., Chicago
Isaacs, Sutro & Co., San Francisco
Otto J. Koch,
First
Lincoln
Stern, Frank, Meyer & Fox
Los
Canadian
v
San Francisco
-
Jr., The Marshall Company, Milwaukee
Hugh R. Schlicting, Wm. P. Harper & Son & Co., Seattle
six
coverage
guidance of
1963.
Chicago, Illinois
Corporation, New York
in-
The
of
'
John S. Barker, Lee Higginson
to
Committee under the
14
Otto J. Koch, Jr.
been
four
wider
the
the issues
noteworthy articles. This is in
six
Members New York, American and Toronto Stock
Paul E. Isaacs
ac¬
of 1962 1963.
dent's
Dominick
Frank X.
with
have
For the Year 1964
James L. Beebe
ex¬
The
knowledgment to the author.
Nominating Committee
John S. Barker
in
donated
Trigger's memory by the "Di¬
Sidney,?J. Sanders,
a
the
convention.
being
contained
Treasurer, presented
in
Traders Bulletin within 12 months
affiliates.
and
article
phase off he OTC market
any
to the editor
Ingredient."
OTC Education Program, covering
pub¬
judges,
NSTA Officer
present
Raymond
Dempsey- winning article will subsequently
Co., appeared in this
Morton
by
issue
as
Hagensieker's
pleasure
Traders
brief
business
for
a n
Houston
On
an
Trigger Memorial Award.
Committee
various
part of the
the
with
Wendt,
B.
the
at
sociation
1963.
lence to be known
of
writing excel¬
March, 1963 issue opened
on
a
by
Chairman of
Advertising
quarterly report
years
been
honor to
mark
the
speaker
15, the
Washington Security Traders As¬
the
a
George
their backgrounds.
IB A Mu¬
installed
were
and
and affiliate chairmen.
in
investing
In presenting a resume
months
since De¬ public in the OTC market. This
cember, 1962, he stated in part as issue ;closed with
Chairman
innovation in this issue.
new
"of the subjects covered
follows:
meeting,
luncheon, Tuesday, Sept. 24
D. C. A top quality article
Municipal Bonds by Russell M.
23,
busi¬
our
contained
from Tetters
excerpts
grams
dinner
guest
Pro¬
personnel in the trading
new
ness.
OTC
the
and
NSTA
a
we
Education
the ethical standards of
Bulletin in be¬
half
that
activities, improve training
comers
the
of
forth
message,
division and make
Con¬
the
at
Sept.
Ergood, Jr.,
for
Kenneth McFarland, guest
OTC
nicipal Conference Committee
establishment
award
the
speaker NSTA member who, in the opin¬
Monday, ion of an impartial committee of
Dr.
speakers,
presented in Chicago, New
Ahead ciation
"Looking
brought
our
crease
McFar-
land's
to
City.
brief
a
highlights for the
article
Glore, Forgan
Co.,
Also
1962. President-elect Hagen-
year
with
d
responsibilities.
review
McFarland,
who is associ-
convention
our
Photographs
ton,
featured President Bodie's thanks
will mark
the
annual
on
"The
December is¬
of the Traders
of
Philadelphia National
of
will be elected.
cers
the
nounce
didates from which the 1964 offi¬
ensu¬
photographs
presentation
give
of can¬
to
members
serious thought to a slate
York, Philadelphia, and Washing¬
Decemberr 1962 issue.
The forthcoming
the
Bank'fe
On
all
encouraged
film and the NSTA awards which
presents a concise report on many of
important subjects featured in the NSTA's official organ, starting
with the
sue
covered the
which
on
indicate interest in
excellent
pages
were
the
members
to
insurance plan.
group
ing
Tells Its Own Story
NSTA
were
Canadian
•
Correspondent
James Richardson & Sons
Angeles
Affiliate—Dominick Corporation of Canada
'
;
Winnipeg
10
The Commercial and Financial Chronicle
sentatives
Report of the Industry
tions
the
At
of
and
industry
Thursday, October 24, 1963
organiza¬
agencies.
government
working
...
level
the
OTC
OTC Industry the Target
Information Bureau has met with
Liaison Committee
educational
The
neglected.
responsibility
of the
NSTA
is
liaison
Mr. Bunn details how educational and
has advanced in the
in
being
program
connection
of
longer
no
their
tee
report
of
Chairman,
Nicolaus
&
submitted
the
the
NSTA
Co.,
St.
which
Louis,
However, and I
Mo.,
fairs
of
areas
which
edu¬
SEC
dustry.
of
is
-
apparent., In this respect,
organizations
It
until
not
was
the
non-regulatory associations
Liaison
Industry
In the
a
new
one
committee
are
and
one
of the OTC market,
area
of these
gram.
pertinent.-
gram,
such
active
business
capable
of
making
To
our
Boehmler,
Erwin
He
adds
and to keep those
people with others and finds
that
it
behooves
all
to
sity to the economy, and points out that traders should have
complex
apologize for what they sell
or
~
have
absolute and unqualified confidence in the business and in its
ar¬
universal
of NSTA members on
appearance
panels
at
the
for
made
were
OTC
seminars
and
the
at
Northwest¬
neces¬
guilt
no
f
for changing conditions,
or
are
rities
and
n
terms
some
to establish liaison with the IBA
trad-
and we'll be busier than
regional group education commit¬
tees to
Of
course,
is
T
am
sure
that with the contin¬
based
our
commit¬
these
of
concerned with the stature and mhke important con¬
through liai¬ tributions
market. Also,
NSTA
NSTA will grow in numbers and
can
offer the
coopera-
OTC
to
market
the
and
future
the
the
of
securities
Respectfully submitted,
of mutual interest and ben¬
INDUSTRY
efit to the industry as a whole.
individual
To
these
its
been held
truly national repre¬
committee
representation
of
ends
meetings
ings
John
with
occasion
Bunn,
this
wide
Louis, Mo.
>>
period before
a
which
■
:
of
recall
here
us
;
the
The
summer
rather
a
break in virtually all
open
prices.
it
fact,
In
ered
at
have
you are
desks
interested in
to
STOCKS
if
that
contribute
a
It
had
we
might have been
we
the
to
able
maintenance
orderly market, though
more
maybe
market.
the
we
were,
flattering
our¬
it may
be
to your
Famine Cycle
advantage
So,
avail
yourself of
our
continue
tinue
to
make
other
adage,
like
expansion
tions
facilities,
by
seething activity
so
talistic
long
an
as
Sp encer Trask &
Founded
25
BROAD
Co.
1863
sity.
There will
am
which
Members New York Stock
V American Stock
Exchange
some
persons
things at
ALBANY
•
BOSTON
•
CHICAGO
•
SCHENECTADY
GLENS
FALLS
•
NASHVILLE
•
NEWARK
a
ex¬
trader
WORCESTER
will
In my own
/
to
me-
to you by
over-
be
that
is
do
so,
be tremens
can
have
virtually the
you
job to do
same
each day, and each day is separate
unto itself—and if you do not
sell,
buy
probably will tomor¬
you
So, don't get over-extended.
It warps your
judgment complete¬
'
"
lent
of
ideas
the
More
retail
for
excel¬
distribution
counter
securities
from the trading
desk, than
over
come
-
available
ideas
-
elsewhere.
have
we
,
liaison with
a
salesmanager.
your
en¬
,
Try to maintain
been
from
checking
market
Many times
presented
with
our
retail,
find
that the infor¬
we
but
on
will always
be
fair value, and the
always
be
in
>
has
already
discounted
'
Keeping Others Informed
there
t
always
as
to
Position
Always be
ners,
thority
your
to
or
over
that your part¬
in
someone
has
you
position each
a
of
some
realize
person
trading
over
it
the
and
in
day.
younger
position
each
and
of
if there
he
is;
things
traders
the
receives
day,
of
This
remember.
charge
au¬
copy
of the most important
one
for
sure
officers
experience, it seeihs position
trading
has
the information.
some
things
some
willing to buy such
a
It
to
virtue of being
trading desk
a
neces¬
a
negotiating such transactions.
■_—________
impossible
VAlways remember that
it
sure
price which they may
determine is
do not try to get
trading desk.
a
dous.
over-
they will wish to sell, and
conversely there
Exchange
.
trading
a
always
owning
persons
old
dog and
"traders." mation was available to us on the
a capi¬ desk
some
time before and the
as
the-counter securities be
STREET, NEW YORK 4
on
accrue
on
many
specializing in
department
An
doesn't eat
but the collateral advantages that
few months
long will
so
other, not to the
have
we
system—and I
us—just
a
the
means
practically
will continue in the lives of most
of
take
it," is certainly applicable to
"rich",
organiza¬
and
a
securi¬
or
trader'either.
"dog
By all
order clerks shall
good
have been ruined
Just
will
period of
trading
of
and
erstwhile
of
a
the
on
con¬
firms
our
We should always
business.
our
a
con¬
and
which will result in
cess
knowledge in this field
have
to
money,
again go through
and
can
to
ly and isn't worth the risk it
trading business, will
good
long experience
will
we
have
we
of
thing is certain and that tails.
one
is—we
to
Feast and
Despite
help each
can
—
or
more
public" or the
firm, but not to the detriment of
row.
Outlook
the phone
more
which
detriment
or
selves.
Good
We
be fair with each
would
we
whom
considerable
over
large position.
gath¬
were
much
in
is
as
was
from the trading
away
of
PREFERRED
in
feel
to
been
not
If
break
a
we
convention
a
nice
was
when
year
doing
by being informed
ties
quite freely discussed that nearly
every
with
person
be
other with ideas
the
signs of deteriorating, and
country
wire. But there is much
tribute
ac¬
traders
exceptionally nice
the
may
on a
we
existed
finally culminated in
securities
the
is
business, either
went
we
issue market in that
St.
repre¬
you
as
over
It
know
offer¬
new
—
'
showed
all
of
the'
in
meeting in Seattle in 1946.
Chairman.
many
with
to it than that.
sticky
business
Many
"Dog-Eat-Dog" Tactics
the
possible.
again enjoyed the activity in the
Stifel, Nicolaus & Co., Inc.,
by NSTA officers and
members
from
readjustments
flooded—and
through quite
LIAISON
will
personally
to
every
became
tion.
COMMITTEE
have
different
any
violent
was
new
members, and with the broad geo¬
be
past when the "new issue" mar-,
ket
know
quainted
that which has existed after other
On
genuinely
I
say
NSTA is to become
John C. Hecht
not
to
,
can
of
from
appear
This
ever.
principal purposes
attending the meetings of the
in
prior to the onset of that situa¬
assist other organizations in pro¬
grams
One
present situa¬
trading
tibn of members and affiliates to industry.
and
No Gain In
in
the
does
will
we
absolutely happen.
secu-
rities,
rather
of
on
experience
con¬
Pollyanna conversation-—it
something which I
feel
40 years'
over
tion
tees arid membership and the im¬
no
knows,
trading
position uing active work by
other
as¬
pects of their local IBA activities.
important. Through
a
assist in OTC market
is not
but
will
the ethics of the business
particular.
one
pattern
adhere to the good
we
probably be surprised how quick¬
ly things will right themselves,
business
prices.
son,
actually the
of
underway for the chairmen of af¬
the
So if
principles of trading, and respect
secu¬
the
that
tinue.
•
business
g
now
think
what is
to
as
of
Over-the-
the
Counter
i
University.- Plans
question
become
organizations provements of our ties with other
OTC
important in¬
organization,
a
authority informed about the position held each day. Mr. Hecht
they compare favorably.
to
rangements
recently the SEC
liaison, NSTA is in
their programs
business. NSTA
has always been an
pro¬
ified experts for those sections
degree this is due to current cir¬
cumstances in
the trading desk,
on
manager
compares the ethics of the OTC sales
by providing professionally qual¬ industry groups and organizations,
matters relating to
OTC securities markets.
more
programs
or¬
important contributions to indus¬
on
and
to assist in educational and
ing recognition of NSTA as a con¬
and
In connection with this
groups became
during
the past year has been the grow¬
affiliates,
principles, not to try to get "rich"
keep in close touch with the sales
in
the
recognized filiate OTC education committees
areas was
study, liaison with other industry
One of the significant develop¬
ments within the industry
graphical
of the OTC securities business
despite
cycles. He enjoins securities salesman to main¬
to
edu¬
of
trading experience finds him genuinely opti¬
future
feathers"
or
tain their
Invest¬
the
the
any industry.
ern
Program
launching of the ^Education Pro¬
certain background information is
in
"chicken
of this type in
programs
Wharton School
Educational
its first report, I feel by NSTA three years ago with the
largest
conducts
and
the director,'
in
and this is
dustry
things
and
done
with
industry training
finest
is
try efforts
the
40 years'
about
in
the
ganization,
rities
in cation
participate
Committee
structive
been
of
mistic
ment Bankers Association. As you
manner
John W. Bunn
follows:
Since
might
recent
clearly indicated.
were
as
a
study that the responsibilities
of the
text
particular
major know, IBA has pioneered in secu¬
a
until
exact
the
industry.
in¬
report
not
was
regulatory
challenge to
The
call
By John C. Hecht,* Senior Vice-President, Dempsey-Tegeler
; /
'
& Co., Inc., Los Angeles, Calif.
education
visiting various trading offices been "chicken or feathers," with
I should like to emphasize, the
During the past year, in coop¬ around the country, as well as in the periods
being about equally
experience of NSTA was not too
eration with
IBA's
educational Los Angeles, there seems to be a divided, and I am inclined
to
different from that of other non-
important
the
as
to
Criticism
In
being met
OTC
it
NSTA
became
which provide
the
and
some
planned
and the need for specific activities
and
responsibility
an
always been
that
years
informational
now
have
concern,
new
cational
speak
past president, while industry af¬
to
explains
several
can
to
have
being
organiza¬
tion
attention
,
like
would
ing division.
its
by
aspects
Mr. Hecht's
of Stifel,
John Bunn,
training
OTC
past year.
sentative of the professional trad¬
Industry Liaison Commit¬
with
programs.
I
Annual
For Unjustified
representatives of industry organ¬
izations including stock exchanges
If
the
firm
such
should
go
items
on
are
Volume
198
Number 6310
..
there he does not want you to be
The Commercial and Financial Chronicle
.
Salesmen
were
trading, then the time for him to
threatened with
mention
were
pears
it
is
on
Should
such
the
it
market
on
mentioned
and
you,
first
trading
your
as
against
when
ap¬
sheet.
stock
a
participation
person
in
underwritings
the
on
ina
sheet, he is not
Frequently it is said
your
facetious
trader^ only
he
cause
a
ap¬
a
a
loss
has
that
manner
has
position
a
be¬
he
over
if
you
Members of the NSTA have ap¬
after
chase
liquidate the position.
ask
peared before various regulatory
bodies
to
be
them
with
rules
and
of
reference
members
to
pending
changes.
have
Other
appeared
at
Wharton School of Finance
session.
mer
which
These
sum¬
things of
are
should
we
the
all
be
very
^
Ethics
read
the
break
for
that
in
one
recission
a
of
some
they could
of
their pur¬
by claiming that they had
In
all
experience,
my
no
evey asked me to rescind
tract
because
requirement
market
of
the
a
one
con¬
prospectus
where
after-
substantially
was
the
higher
than the offering price. This con¬
dition
present in 1946
was
as
well
1961, and will be again when
as
and
a
interest
no
wouldn't
discovered
proud.
Confidence
where
indicated.
was
not read the prospectus.
help in advising
rule
and
way
sent it to them, but sud¬
denly
them
were
and
had
prospectus,
can't
or
which
people
a
their
issues
new
strong after-market
These
of what
of
unreasonable
an
in
subscribed
-
loss
some
they couldn't give
customers
such
go
charge of position mentions it
peared
as
best accounts if
above
couple of weeks after it first
being fair.
regarded
constantly
the
we
through the next cycle.
go
Pat Tisch and Sidney J. Sanders, Foster <ft Marshall, Inc., Seattle, looking
is presented to Alfred
on while President's button
Tisch, Fitzgerald & Company, New York, President-Elect, by Earl Hagensieker,
& Gardner, St. Louis, retiring President of NSTA
Reinholdt
,
One thing which it behooves all
of
us
as
well
is
to
in
end
our
of the
all securities
as
have
absolute
Fast
business,
I
salesmen,
and
unquali¬
fied confidence in the business, its
am
Money
sure
realize
Operators
all know that I
you
there
were
necessity in the scheme of things
who
and
with such license.
what
it
capitalistic
•
x
many
occasions
the
contributes
have
met
for
something
sold, and
in
persons
business who begin to
gize
had
On various refer to
economy.
I
the
to
apolo¬
which
they
saying that maybe the
persons
who had licenses to sell securities
business
no
whatever
This
group
I
the "fast money oper¬
as
ators." They have been around for
long time and will continue to
a
be.
They
good salesmen,
are
can
persuade most anyone to do what
firm
didn't investigate it suffi¬ they want them to. Speaking very
ciently. They also read all of the kindly they are careless of the
releases
news
about
the
persons
who happen to be licensed to deal
in
securities
cused of
their
lent
who
have
been
ac¬
fraud, and who have had
licenses
revoked.
Fraudu¬
proportion to the activ¬
ity in the business, and I believe
that
this
nearly
is
We
are
read
to
order. When the securities
other professions
re¬
unfair and unethical practices and
all of the other things which some
do,
persons
likely
is
did,
we
would
we
business
if
but
it is
that
see
different
no
our
from
others in this regard.
or
firm
selling securities to their clients
and
them
representing
what
for
they will
This
am
tate
as
else, need
anyone
with
as
have
affect
The
the
thing constant I
only
of is
know
change, and where the pos¬
sible reward merits the risk tak¬
then there should be no self-
en,
In
with
discussions
authorities
regulatory
regarding the market
break, what if anything might be
eliminate
to
done
rences
the
and
in
the
such
future,
occur¬
at
or
least
promise
impress
would not
you
as
house
your
long
on you
consideration
there is
as
that under
should
indirectly
or
Mr.
&
Mrs.
Earl
L.
Hagensieker,
Reinholdt &
Equitable Securities
Gardner, St.
Corporation,
Louis; Mrs.
Nashville
legiti¬
any
in
salesman
or
no
the
receiving such unfavorable
group
publicity.
Each and every one
of
us
should
quite articulate in explaining
"Over-the-Counter"
Markets
all persons whenever we have
to
opportunity.
an
because
in
mention
I
of the
most
this
articles
I
read, and most of the discussions
I hear from
uninformed, ref¬
Industrial
Jones
Dow
moved.
is
then,
This,
Index
someone
may
or
stock
over-the-counter
which
has
have
ob¬
Members iACeu) Yorl^ Stock
Exchange
in
lost
When I have an op¬
money.
Wertheim & Co.
compared
relatively small
some
scure
some
the
is usually made to the way
erence
One Chase Manhattan Plaza
portunity and try to explain that
there is
New York
index to the over-the-
an
counter market, which is just as
invariably try
accurate as to happenings in this
to
explain that we just cannot
market as the Dow is to the listed
create the conditions a month, six
market, the majority of people
months or a year later, which is
minimize
I
them,
usually when such investigations
surprise.
express
have
you
made.
are
...:
an
So
whenever
opportunity, make re¬
ference to the N. Q. B. Over-the-
Meeting Unreasonable Public
Nowhere
;
is
anyone
at least
for the
erly
that
where they prop¬
that
and
speculating
cases
is
on
public,
the
who
permit the inborn
get
the
judgment.
from
their
best
of
What
broker
their
better
they
demand
and
salesmen
I
It
am
is
very
one
which
I
believe
all-time high about the
did.
Unlisted
proud of our business.
of
occupations
most interesting
the
one
may
have. I feel
fortunate in having been able
to attend all but two of the con¬
very
ventions
held
by this group, and
hope to attend many more.
*A
nual
talk
Colo.
by Mr. Hecht at the 30th An¬
of the National Security
Convention
Traders
is unbelievable.
Index,
an
time the Dow
fasten
larceny and greed in their hearts
to
went to
of the responsibility
excesses
belong,
many
appear
endeavoring to
some
general
in
it
does
Counter
>
Demands
&
directly
you
include
trader
with
criticism.
es¬
land; freezers loaded with
model, and
the
unfavorably.
company
real
bringing all of this out, is to try
apolo¬
complex
Florida
sold
I
"gullible" public, just so long will
they operate.
My only point in
never
guilt
no
salesmen,
father lightning
my
if they could show
a
be
should conditions change so as to
type of
ir> the Everglades, they sold
desert
honest
gize for what they have done, and
need
they
silently
pastures, but
back.
come
sold
to
food; aluminum siding for houses
as
just
are
anything
greener
same
sure,
rods;
they actually are AT THE TIME
OF THE SALE
to
on
mate
Any securities salesmen
promise
business slows down they
move
pay
licenses,
of
an
what
about
revocation
garding
where
involved.
journals
happens in
in
true
business
not, privileged
are
trade
any
inherently
every
salesmen
t
will
get
activity will tend to increase
in direct
'
truth,
Association,
Colorado
Springs,
Trading Department
Mr.
Joe
E.
Hutton,
1
to underwrite
Report of the Municipal
cal
Securities Committee
NSTA'S
Municipal Committee forecasts the pleasant prospect of
banner-record
flotation
of $9-$t0 billion in this year's
exempts. The only clouds in the sky, and threatening
at that, „>■
ones
financing of municipal activities.
on
*
4th,
the
before
and
were
but
postponed
because
23rd
decided
to#take
ten
a
place
I
will mean
legislative action will take
this_
this
However,
year.
Committee feels that the National
invigorated, active Municipal
the
period of 1962.
same
Whereas
Security
Association
Traders
bond
dealers
under¬ should take a strong stand op¬
record-breaking total of posing these bills, and, further¬
ported to the members at large at $8.5 billion worth of bonds in 1962, more, that all mefnbers should
it appears that this year's volume write their congressmen stressing
their annual
(
of the
Committee
of
ciation
convention
the
National Asso¬
Security
Dealers
re¬
will
on
dis¬
a
billion.
10
as
nine
exceed
billion
dollars
could possibly reach
and
encourag¬
ing and
municipal
wrote
While
this
affecting
has been occuring, the market for
Act
municipal
financing
might be helpful in-
understanding why banks are not
and
allowed to underwrite and deal in
securities
narrow
market.
1963,
The
Com¬
Buyer's
ranged
by
a
Parks B.
Pedrick, Jr., of
Howard, Weil,
P.
B.
Pedrick,
Jr.
measured
of
of
quarter
3.01%,
revenue
have
than
billion
to
$1.5
billion
by
this
$500
year.
attention
opposition to pending bills which,
if
enacted, would permit national
banks
to
bonds.
underwrite
in
ments
field
the
and
prompt
the
also,
to
need
of the Report follows:
• ■
new
issues
reached
all
an
time
nearly $7.2 billion dur¬
Banks
ac¬
have
I
letters
many
from
all
and
the
over
concerning
national
would
over
banks.
2060
and
are
authority of the
and
deal
securities
in
other
Act
or
any
thereof,
obligations
of
political subdi¬
obligations
or
is¬
by the Federal Farm Loan
or
Federal Home Loan Banks.
in
thirty
of
this
years
was
since
passed?
this
competition
derwriting
improve¬
capital
most
monopoly
a
on
bond
which
record
banks
vestment
fierce.
is
com¬
is
for
con¬
1961
show
of all bank
almost 50%
that
Revenue
bonds
breaking volume
dealers
have
and
been
in¬
able
un-
and
only
ten
three-quarters
over
participations
in
only
hand, in
of
On
the
other
such
all
well
required
be
that
seen
great
a
nation's
under¬
number
have
banks
14,000
of
little interest in underwriting and
dealing in
bonds or other
any
than
Rather
curities.
monopoly
se¬
reducing
allowing
by
underwrite
banks
to
bonds,
revenue
Municipalities
The
Municipal
the
proposals
competitors
have
who
it
large
would tend to force
of
out
the
re¬
many
The
thereby
business,
re¬
competition.
to
pointed out in previous
municipalities not only
elimination
tional states
invest.
to
the
bank
why
is
justification
more
a
in
But
markets.
any
impor¬
investors
as
of
to
into the
go
permit insurance companies to
so?
•
'
I
do
not
Year
why
time
not
commercial
allowed
be
of
particular interest at this time
are
follows:
as
for teacher's salaries or 50%
years
mentary and secondary school fa¬
cilities
have
I suggest that
is
you
banks
and
it
dead
eral
this
October
proposals
:
•
—
by, the
This
securities
up
a
Banks
Bonds"
Members New York Stock
American
50
Exchange
If
banks
and it is
important that
that
able
of
their
needed
financing
own
A bill proposing
in
years
college
/
aggre¬
an
the next
over
grants
loans
and
laborato¬
classrooms,
(3)
President Kennedy
investment,
banks
are
thorize federal grants
million
$500
fiscal
public
who
to assist
bodies
think
that
for
equipment
lease
and
service
by
use,
operation
otherwise,
or
in
with
in
mass
in
service
urban
coordinating
highway
transportation
such
and
areas.
On
4th, the Senate passed
April
S.6
in
such
other
grants
net
project cost which cannot be
financed
reasonably
an
states
a
(b>
federal
revenue
reve¬
issued
bonds
proviso that to
a
de¬
bond
shall
and
face
be
guarantee,
that
interest
guarantee
by
local public bodies, with
or
such
expressly
the
eligible for
any
issuer
revenue
state
has
its
on
waived
exemption for the
such bonds. The House
on
Banking and Currency Committee
exempt
se¬
April
bill
in the corporate
banks
from
aggregate of $375 million of
interferes
trust
to two-thirds of the
up
of
strongly
the
the next three fiscal
over
for
years
transit
will
New York 4
stop at underwriting and dealing
in
and
agencies
thereof in financing facilities and
the federal tax
the
states
and
for
allowed to under¬
are
aggregating
the next three
over
years
local
a
you
recom¬
mended adoption of an Act to au¬
on
do
Teletype 212-571-0175
school
facilities.
gate of $1.2 billion
for
local
and
perfectly capable and
do
to
(2)
states
are
their
curities in which they can invest,
(AssocJ
con¬
you
tinue to stress upon your congress¬
Fi¬
Bond
banking:
write and deal in tax
field
Broadway
WHitehall 3-4924
Stock
Exchange
aid to education
on
basically socialistic in nature
are
and
lending functions.
LEVIEN, GREENWALD & CO.
fed¬
nues
was
Committee
booklet
by
commercial
of
pository,
.
be
may
These
gregate of $375 million in federal
pick
which
1962
Study of Revenue
\
.
r
session.
which would authorize (a) an ag¬
Commercial
Against
nancing.
of
•
that they
appears
for
reported
either House
under¬
of the booklet entitled "TTie
Case
the
it
with their four essential functions
invited
been
not
of committee in
out
points out that the underwriting
.
of construction of ele¬
of the cost
however,
to
bonds,
revenue
dated
Reorganization and "When Issued" Securities
gov¬
ernmental rule. Pending proposals
areas
Study
Ago
at this
feel
to go into any further
necessary
prepared
■
rights and local
'
"
Underwriting of Revenue
r
constitu¬
our
insurance
and
extremely
are
factors
copy
•
step towards
a
of
to
Banks
companies
write
Rights
poses a
in the securities
us
transportation
Convertible Preferreds
mu¬
deal in all tax
may
\
to
municipalities. As has
threat to all of
or
We maintain markets in
.
for
assistance
underwrite and ries and libraries has passed the
exempt securities in House and will probably pass the
which they are permitted by law Senate next year if not this year.
banks
allow
should
are
legislation
and
three
proposed legislation would
reasons
Inquiries from Banks, Brokers and Dealers
of
nicipal reports, federal financing
of the smaller investment bankers
ducing
has
financial
federal
districts
do
Listed and Unlisted Securities
Committee
attempted to keep in touch with
men
Recommends
\
'T,■
Opposes Federal Financing to
would tend to produce monopoly,
sources
this legis¬
on
(1) Proposals for $1.5 billion in
writing participations. It can thus
to
.•
views
your
lation..,'"/''^.
federal grants over the next four
hundred
a
over
all revenue bond
of
you
it
and
dealers to account for as much as
75%
that
representatives and
17.7%
participations
ing of securities than it would be
,,
express
a
House
issues, the top
revenue
ten dealers constituted only
of
such
concentrated
.were
banks.
25
banks
business of underwriting and trad¬
'
contact these
business, but it is
allowing
•
suggested
the
in
concentrated
there
Brokers and Dealers in
is
will find
of the
Banking and Cur¬
on
It
rency.
bonds of $5,000,000 or more were
securities
r
Committee
derwritings of general obligation
tant
Convertible Bonds
list of the members
un¬
^
statistics
cerned,
and let's all urge that
mentioned above, you
states
c
monopoly
as
urge
Included with the booklet
mittee.
been
far
As
I
therefore
and
to talk to your congressmen
issues.
know that
of you
pro¬
these bills do not get out of com¬
entirely untrue
are
bills
all
you
these
of
investment
of
revenue
claims
These
for
municipalities must
number
have
dealers
Banking
have accounted for 41.4% of 1963's
two bills,
5845
Act
it
think
I
seriousness
for the addition of a few powerful
general
or
federal Has the situation changed in the
commercial
permit
and,
then passed. This
underwrite
State
any
sued
phone
powers
Included
HR
was
investment
vision
re¬
country
pending
proposed legislation
This is
13.7%
the
legislation affecting the
1932
than the obligations of the United
Municipal
received
to
1933, the Glass-Steagall
to
States
feel
The banks also claim that
limited
the
banks
I) nderwriting
As Chairman of your
Committee,
1930
act eliminated the
Revenues
HR
increase of
issues.
security
interest
savings
on
pay
from
occurred
early in
any
ing the first eight months of 1963.
an
underwrite
Banking act
the
they
more
finance
to
pay
cer¬
of depositors' funds
use
allowed
which
liberalize
Opposes
calls
term State and local, tax
bonds
they
1962,
1
•
record of
rates
cently
>■
free
to
here, too, for
Congressional
to
*
\
r, ■
The total volume of
of long
them
encroach¬
representatives.
•
1,
municipal financing
protest
Text
January
the
are
failures, Congress
by. the
revenue
Federal
substantial
commercial banks. Probably the most extensive hear¬
The banks have stepped up their ings ever held on banking laws
bonds
counts.
Reviewed,
unwarrantable
a
being needed in elimi¬
nating the
Despite this encouraging prospect, investments
in municipals follow¬
the report explains why member
ing the change in regulation Q on
traders should make known their
a
tain banking laws with particular
This
New
topped
be
may
million
Co.,
As
stock market
the need of overhauling
saw
steadiness in the municipal mar¬
Orleans, ket has
primarily been caused by
La., forecast 1962's volume of $8.5 the increased demand for tax free
&
present.
1929, and the depression
number of bank
Labouisse,
Friedrichs
at
of the
which followed with
to
one-
percent.
one
crash in
change of
less
bonds
consequence
Bond
3.25%
of
net
a
slightly
the
Index,
high
a
of
relatively
a
by
Bond
20
from
low
yield
in
Average yields for
range.
as
mittee, headed
traded
induce
ments.
of the Banking
resume
1933
of
tax free bonds has remained firm
has
for
municipal,
reduce the interest rates that
the States and
a
in
deal
bonds
revenue
nation
segment of the
the
to
allowed
petition among the more than 800
A short
amount
tors
municipal
cial banks argue that they should
be
securities?
the
see
about them
commer¬
municipal securities dealers in this
tion.
record
couraging fac¬
of
relatively few large
conse¬
serious
the
these
posed
Agreement
of this proposed legisla¬
them
upon
quences
high
as
A
Currency
would
no
volume
you
Banks'
and
that
huge
Thursday, October 24, 1963
.
writing aid from the banks.
This delay undoubtedly
to be the commercial banks' drive to underwrite revenue bonds and
the Federal Government's
Hearings
this
.
orderly fashion without under¬
day vacation following Labor Day.
^
pasting their shadows over the municipal securities market are said
in
September
Congress
underwrite
to
Banking
Committee,
tax-
reve¬
.
scheduled to be¬
were
September
House
until
high
trade in
by State and lo¬
governments.
gin
a
and
bonds issued
nue
these bills
The
and Financial Chronicle
The Commercial
12
9th
(HR
proposal
reported
3881)
favorably
similar
recommended
to
by
the
the
i
President, but the bill has not yet
cleared the House Rules Commit¬
municipal revenue bonds?
member they can
invest in
Re¬
tee for consideration in the House.
corpo¬
rate bonds now, so why not allow
them
to
underwrite
and
trade
in
(4)
(By
a
The
House
on
June
12th-
vote of 209 to 204) defeated
provide additional funds
bill to
a
substantial
available.
The
still
funds
authorized
Senate
subse¬
quently passed S 1163 to provide
the
and
additional
of
million
funds
Committee
House
Association.
Traders
on
personal
summer
400 municipal men urging
over
played
this
attend
vention.
of
A
written in the
was
presently has them to
The ARA
It
is
annual
hope
our
that
suggest that all of you speak
to your
friends and your associates
municipal bond business
in
ordered the bill favorably reported
when
with amendments reducing the au¬
them about NSTA and the
thorized
ences
This
funds to $355 million.
bill has
not
Let
of you
urge all
me
about these
congressmen
your
stressing
proposals
Calvert, Municipal Direc¬
to speak tor and Assistant General Counsel
them
upon
L.
don
the
of
assistance
and
cooperation
his
for
IBA
the
during
year.
that federal financial assistance to
My thanks also to the others who
States
have
and
needed
municipalities
is
not
communities
the
because
advice and
offered
help.
their
Your
interest
ing
Committee
Municipal
has worked
1963
dealers
in
towards
National
in
a
more
.New
optimistic business climate
met in
we
con¬
vention. I think the climate in the
a
favorable
very
today.
of
index
of
concentrate
to
so
mid-
By
September the National Quotation
Bureau's
average
1962
with
industrial
OTC
21%
up
was
end
year
compared
Standard
period.
up
don't
we
much
have
opportunity to pull back and get to
a
perspective
whole.
a
the OTC market
on
Recent
in
increases
investors
More
understand
vestment
that
in
the
ahead
The
OTC
and
past
the
for
one
sound
a
has
been
OTC
respects but I
many
is
market
on
year
in¬
a
market
con¬
am
dends for
OTC; companies.
are
ties
the
in
traded
stocks
include the
tically
discus¬
years.
Many
in¬
utilities,
and
banks
all
market
OTC
of many large
prac¬
insurance
and
companies,
out to benefit both the public and
industry.
This
hard
and
forts
officers,
not
has
been
ac¬
untiring ef¬
without
complished
function, and hopefully will be
6
work
by
industry,
and
business
further efforts
period of time and especially dur¬
cate
the
ing the past six months.
nisms
We
and
in
are
we
under
most
the
practical
formulas
and
the
of
some
make
work
methods
implementing
for
recommenda¬
study
tions, and to register our opinions
for
consideration
in
connection
with any steps
impractical
we
will
feel are
not
which
and
accom¬
of improving the
plish the
aims
standards
of the
trading division.
the
appointed
I
year
a
Special
Study Committee which has been
working and reviewing those sec¬
of
tions
the
pertaining to
study
the OTC market. J said before that
-representatives of our association
had talked with SEC officials and.
"to edu¬
.
.
to the
as
the
.
mecha¬
over-the-counter
Public
Relations
between
Advertising
and
the
responsibilities
of
self-regulatory
and
-
voluntary
SEC
self-regulatory
shoes
the
with
of markets.
have
price
record
recognized
"in-and-out"
volatile
glamour
the
in
interest
this
stocks
the
in
which
previous
1961-62.
in
the
and
trading
mar¬
The
OTC
in¬
mar¬
industrial,
are
the
bond
markets
it¬
appropriate
degree of aloofness from those it
and
of
places for us to
The services
Committee have been
time,
express
and
views.
our
Study
available
made
We
that
convinced
are
results
constructive
and
more
benefits
obtained through
voluntary organized efforts in
all
be
may
these matters than could
through
achieved
be
means.
your
possibly
any
other
I want to reassure you
that
officers and executive coun¬
been inactive or un-
cil have not
attentive
welcome
I
given
be
and
have sent us. We
and
them
will
suggestions
the
to
ideas which you
they
assure
you
con¬
every
and recom¬
Since the SEC study
mendations
our
whether
that
with
advertising
are
great concern
of
of
individual
to
left
their
This would indicate that
the
on
liam
Trust
Assistant
Hershberger,
S.
Officer,
of
the
First
are
interest
two-
real
markets.
in
too
The
are
the
of
base
OTC
reflecting
the
in
and
cor¬
porate bonds.
S.
significant in¬
a
stocks
by
institutional
The
more
in¬
utility stocks in 32%
William R. Alexander
tional
of
Bank
the Convention
W. S. Hershberger
than
of
the
Records
trading
began to
that
in
volume
move
-
leading
starting in July
OTC
stocks
ahead of the vol¬
ume
for
comparative
and
it
periods
is expected that
of
vol¬
Estate".
Your
joint presentation,
tion
exander
Herschberger based
and
remarks
their
line
on
a
various
the
of
considered in
setting
detailed out¬
factors
'
disposal of an individual's
proper
estate.
and
the
for
sponsor
is
such
as
the
OTC
-
Specialists in
^
OVER-THE-COUNTER SECURITIES
logical
program
"
,
CHRISTIANA SECURITIES CO.
Preferred
Comm°n
FUND MANAGEMENT SECURITIES
OTC
all
markets.
mendation
the
"Public
of
'
relations
continued and increased
the publication
If
we
as
an
association
and
.
and
respects mentioned and in
respects,
is
curate and realistic
standing. This
to
foster
ac¬
public under¬
has been
a
major
and
must
our
be
.
are
.
Members New York and American Stock Exchanges
to be
BROADWAY, NEW YORK 5,
120
in
voice
affecting
our
Telephone 212 BArclay 7-3500
the
assume
of
in
and
the
our
once
the
our
next
Meeds
Laird, Bis sell
.
responsibility for
you
done
During
.
be
That
is
WILMINGTON, DEL.
PHILADELPHIA, PA.
to
regional OTC commit¬
help do the job which
business
several
a
education.
urge
your
tees
have
must
we
leadership
■
■■
and
.
of significant eco¬
affairs
business
.
Trading Department, L. A. GIBBS, Manager
should
as
nomic and statistical data."
introduction it join
.
.
.
should
practices
market
.
that:
activity in con¬
about securities markets
recognized
-:rvv:
recom¬
study
counseling investors
nection with
investment
Inquiries invited in all Unlisted Issues
we
sure
further
the
of
largest
I'm
And
with
agree
interest in
an
market/ the
I
"Perhaps,
the
most
pressing need of all,
without any diminution of efforts
to improve the securities market
the
the
'
N. Y.
Bell Teletype 212 571-1170
NEW HAVEN, CONN.
ZURICH, SWITZERLAND
more
interest
of
CORRESPONDENTS
RUTNER, JACKSON & GRAY, INC.
association.
three
meetings
devoted to discussions on
Los
Angeles, Calif.
WM. H. TEGTMEYER & CO.
Chicago, III.
r
days
will
be
various
aspects of regulations, ethics and
recommendations
of
the
SEC
I
WHITE
& CO.
St. Louis, Mo.
HARRY C. DACKERMAN & CO.
Philadelphia, Pa.
to be
plan for
up a
BANK & INSURANCE STOCKS
representing the trading di¬
vision
OTC
In the
which
extemporaneous, Messrs. Al¬
was
several
of
show
at
the importance
"Safeguarding
In
1963.
spoke
Denver,
on
1962, and 15% more than
institutional portfolios
January
firms
OTC
held
broadly
dustrial and
the
of
Digest shows the
Stock
most
OTC
of
investors.
issue
September
Monthly
10
purchase
1962
municipals
U.
is the
only voluntary national organiza¬
Na-
se¬
of
we
track. NSTA
right
Wil¬
ident and Trust Officer, and
be
members
unofficial organizations.
why
study.
other
William R. Alexander, Vice-Pres¬
self-regulator and
a
other excerpts from
stated, and I quote:
in
i
Planning
the
the SEC points out this should
industry, I would also like
to quote two
the
Estate
on
quality of markets is compatible
industry
sideration.
to
Spoke
regulating. It is open to ques¬
tion
of firms who share
SEC.
official agencies of the
our
Springs,
organizations which are the alorig with the voluntary support
other
to
and
NASD
to
Convention
the OTC market,
in
the
,
have open minds,
have found they
trading
in
utility, bank and insurance issues
in
an
than
more
crease
in
auali t y
stand
self and must have
Colorado
Mr. Hagensieker at
of the Na¬
Traders
Association,
Colo., Sept. 22, 1963.
by
Annual
Security
and U. S. Govern¬
There has been
investment
stock
bodies
30th
tional
market.
curities
in May
which
foreign
most
that
place
ket appears to be centered in the
OTC
out
address
♦An
the
growth
nation's
making it the world's largest se¬
highs.
however,
feverish
peaks
seen
averages
excitement
the
points
the
of
porate bonds
takes
accompanied by the
government
study
High
a
we
all-time
speculative
vestor
and
organizations
associations
regard to promotion
The
stock
characterized
The study also draws a distinc¬
tion
OTC
has not been
kets
is
know that early in
Most of you
public
of
recom¬
markets."
the
to
to
way
a
make
to
beginning
contributions
negotiations
out
position to
a
are
important
over
at
significant,
is
it
industry under¬
looked
never
weeks
recent
Most
VII
the
that
take
members of the association
In
Index
to
Chapter
our
prosperity.
ment securities. It is not generally
securities
OTC
move
In
reflect
and
continue
thirds of the dollar volume of all
and its
mended
im¬
the
brighten
the
report."
that
and
major result of the special study
your
council
executive
a
to
reason
every
will
curities; also,, municipal and cor¬
our
mediate and long range future for
our
Continued from page
that
36
sion with the SEC will be worked
For the OTC Market
is
it
believe
vestors do not realize that securi¬
tion
under
than 100
more
corporations
now
of 43 companies
paid consecutive divi¬
fident that the internal organiza¬
changes
There
quality stocks traded in
which have
quality issues
market
OTC
the
more
recognize the number of in¬
and
it. For example,
investment
beginning
are
been
has
than other stock
economy
markets.
15% since the first of the year.
that
period of 20 years
a
market
to
nosition and the stocks which we
trade
trying
The More Optimistic Climate
tional
23%; New York banks
up
OTC
responsive to growth in our na¬
14%; and outside N. Y. banks
on
Over
offers.
the
opportunities it
sound investment
the
of
advantage
take
OTC
the
of
reckless specula¬
avoid
and
tion
insurance
up
attention
and
will
1963
of
investors will be
feel
we
moved to
insurance
life
show
understanding
market
the
Poor's
&
stocks up 27%; casualty
stocks
in
average
half
higher level than that for
a
previous year. With increas¬
ing
the
from
close
industrial
Jones
same
stock
gain of 13.5% for the Dow-
a
the
1963
in
stocks.
listed
be at
industrial
our
time
base.
Orleans, La.
gains
in the last
ume
stock
propor¬
Dow-Jones
•
averages
have
you,
much
moving
Co.
Friedrichs &
bond
our
glad to be addressing you in
dicate
Howard, Weil, Labouisse,
Security
to
earlier
mentioned
than the last time
one
the
of
Pedrick, Jr., Chairman
Parks B.
renew¬
municipal
of
the
am
about
remarks
I
As
like
greater
tionately
the values and volume of trading
COMMITTEE
MUNICIPAL
financing.
own
I
as
Respectfully submitted,
perfectly capable of handling
are
few
a
business.
would
I
Sometimes I, and I'm sure many
I would like to thank Mr. Gor¬
con¬
sideration again in the House.
to
make
sug¬
blue-chip
shown
have
averages
than
conclusion
In
make
and
,
experi¬ OTC market is
gained while in
have
you
telling
home,
return
you
'•
gestions.
yet cleared the, attendance here.,
Committee for
Rules
House
the
discussion
the
in
to participate
OTC
Actually
Study. I hope you will all be able
to attend. I urge you
we
municipal
Banking and Currency on July 31
new
con¬
part in the attendance
men this year
a
more
and
13
The Commercial and Financial Chronicle
.
.
Redevelopment Admin¬ to
Area
istration.
$456
.
grants and loans under letter
for federal
the
Number 6310
198
Volume
PUTNAM
& CO.
Hartford, Conn.
'
The Commercial and Financial Chronicle
Mr. & Mrs. Benjamin Gold, Gold, Weissman & Frankel, Inc., New York;
Harold C. Shore & Co., New York
1*^
Mr. & Mrs. Harold C. Shore,
Mr.
&
Garvin,
.
.
.
Thursday, October 24, 1963
Mrs. Morton
Bantel
&
Weiss, Singer, Bean & Mackie, Inc., New York; Mr. & Mrs. Bertram M. Ostrau,
Co., New York; Mr. & Mrs. Lewis "Hank" Serlen, Josephthal & Co., New York
'■"KI.' <■..
Mr. & Mrs. James R. Brewer
Corporation,
New
York;
•
III, John C. Legg & Company, New York; John S. Barker, Lee Higginbon
Mrs. & Mr. Raymond J. Kiernan, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, New York
Mr.
&
Mrs.
Parks
Mrs.
B.
Pedrick, Jr., Howard, Weil, Labouisse, Friedrichs & Co., New Orleans;
Rosenbaum, Wertheim & Co., New York; Herbert B. Abelow,
Mitchell & Company, New York
Mr.
Robert
CLEARANCE FACILITIES
for
New
York and
Out
oj Town
'
r
■
'
'■
'
'''
'
'
'
.
'
'
'
Brokers and Dealers
Lt. Col.
Roland C.
New
York
Beasley, Air Force Academy; Rollie Morton, The Blue List,
City; George B. Wendt, First National Bank of Chicago;
H. Welch, Sincere <fi Company, Chicago
'
Edward
Complete Corporate and Personal Trust Services
Transfer Agencies
Trustee for
-
Registrarships
Corporate Bond Issues
Inquiries regarding these facilities
may
115
be directed to
office at
Broadway, New York 15
BArclay 7-1300
Commercial Bank
116
our
Fifth
of
North America
Avenue, New York 11
WAtkins 4-1100
Complete Domestic and Foreign Banking Facilities
Member Federal
Deposit Insurance Corporation
Mr.
&
Mr.
Mrs. Frank
&
Mrs.
A. Russo,
Frank
Daines,
Donaldson, Lufkin & Jenrette, New York;
Hayden, Stone & Co., Inc., New York
&
Volume
Number 6310
198
.
.
15
The Commercial and Financial Chronicle
.
too, is moving along and we feel
OTC Education Program
it
will
most
develop
important
This
program.
Increasingly Successful
,
the
become
can
a pro¬
public
service
Mr. Cayne also
I hesitate to mention the activi¬
committees
because
doesn't
time
permit reporting on all of them,
under the direction of Joseph Dorsey.
wouldn't
overlook
recognition
growing
nation's
of
dustry
importance of the
the
market
OTC
the
in-
by
television
and
press
is
vividly
docu-
(Ore.), New York, Cleveland, etc.,
etc.
,
...
T
,.
...
,,
and
panels
seminars
were
arranged at The IBA Institute
Investment
School
Banking
and
training
summer
sity.
Training
and
ments of sponsor
vided with the
Univer¬
-
•
..
(9)
of
Wharton
Northwestern
at
courses
at
firms
depart¬
were
to
pro¬
and
only city to date, which has
for
arranged
OTC movie.
a
broadcast
organizations and educational in¬
speakers and materials in
Morton A. Cayne
Joseph F. Dorsey
tion
with
men ted
in the
vention
report to the Con¬
submitted
Cleveland)
also
cites
the
of
the
Committee.
He
valuable assistance
accorded the program by
Committee,
nance
the Fi¬
of
Bache &
Co., New York City.
Joseph
of
Dorsey,
tivities,
reported
This
television
NBC
sponsor
More
Committee, through the OTC
part of
was
done
station.
on
It
distributed
during
to
sion
panel of NSTA mem¬
a
a
question and
answer ses¬
the air after the film
on
shown.
was
mention this because
I
1962-63 ending in June:
ideas
More than 100,000 copies of
booklet and folders
on
widely circulated by
and OTC
sponsor
firms
companies.
A
letins
first
series
of
time, offered the
other
tion
media
of
bul¬
issued, which, for the
were
background
and current data
on
and
press
periodic
a
a
it
ket
reviewed
was
and
operation
mar¬
and
education
organized in
were
with
co¬
affiliates,
NSTA
supplied plans, speakers kits,
literature,
etc.,
regional
for
grams.
(4)
pro¬
An annual awards program
launched to recognize and en¬
this
At
tions to the report
is
This*
Bank.
that
at the
ing need of all
I
accurate
of the reasons why
one
to
mention
special meetings which have
been
set
by some affiliates to
VII
From six sponsor
area.
second
is
v,;y;.•'•'Vi
this
report.
have
made
of these firms
established
the
Information
OTC
desk in the lobby.
ices
to
and
senior
the
attention
officers
firms
and
their
area.
of
of
securities
These
partners
dealers
in
and
within
training
the
industry,
programs,,>> and
literature
and
in
also
in
in
their
cus¬
showings and programs di¬
the
Banks
public.
have
these
sponsored
and
Philadelphia.
In
meetings.
firms
to
addition
In
join
these
the
of
I
is
past
and has done in the
this
of
ex¬
as
committee.
the
meetings
OTC
serve
a
he
served
chairman
as
original committee which
ranged financing for the first
ball'
that
several
sponsors
hundred
several thousand
were
point
would
I
sure
the
affiliate
and the dedicated
of the NSTA members who
tional and regional
continue
will
and show
of
to
committees vye
make
regional OTC
the
out
results during the upcoming
ar¬
year
tributed
so
gram.
in 1961.
Respectfully submitted,
In
more
closing
sponsor
.They give the
I
would
to express our
like
EDUCATION
once
thanks to the
Education
COMMITTEE
Morton A. Cayne, Chairman
firms who have supported
OTC
With the cooperation of Arthur
Schmidt &
Program.
Associates, Inc.
to
much to these
of the program.
members
Goldman, Sachs
Co.
con¬
NEW YORK
accom¬
year
More than 100 of
are
a
ESTABLISHED 1869
through¬
have
plishments during the second
BROAD STREET
20
WHITEHALL 4-2300
parti:ipat-
now
ing and actively forking in this
program
outstanding contributions mittees
to
education
shareholder
who
We
their
on
off to
are
regional
national
and
com:
committees.
good start in the
a
relations programs of OTC indus¬
third year program as reported in
trial
the July Newsletter
corporations; insurance
panies and utilities.
com¬
^
y
(5) A color motion picture
We
was
seeing
are
in
operations of the OTC market for
of
press
public indoctrination and elemen¬
data.
tary industry training.
ested in
characteristics
on
and
'
our
of
(6)
reau
Daily
pers
The
OTC
Information
Bu¬
cooperated with the Chicago
News
in
and
other
connection
newspaper
newspa¬
with
supplements
special
devoted
exclusively to the OTC market.
We
NQB
OTC
this
the
Investors
more
press
the
arranged in most instances
on
in
cooperation
with
in
Chicago,
St.
Louis,
Portland
a
wider
Standard
averages.
&
FEDERAL
LIBERTY
CHICAGO
STREET
135 SOUTH
2-5430
LA
PHILADELPHIA
FINANCIAL
LOCUST 7-2062
6-3800
use
Poor's
We believe
ST. LOUIS
314
NORTH
CHESTNUT
BUFFALO
LOS ANGELES
BROADWAY
629
1-9070
SOUTH SPRING
MADISON
1134 RAND BUILDING
STREET
MADISON
4-8541
It helps direct
DETROIT
actively traded
quality
issues
in¬
rather
putting exaggerated emphasis
a
PHILADELPHIA NATL. BANK BUILDING
SALLE STREET
and investor attention
many
only
few
volatile
stocks.
Our
75
particularly inter¬
glamour
newspapers,
investment clubs, and universities
BOSTON
use
is good for OTC market and
than
were
are
good for investors.
to
significant in¬
services and research
and
stock
seminars
OTC
a
acceptance and
encouraging
vestment
(7)
cur¬
rent October issue.
crease
produced
and the
_
annual
awards
program,
1420
FORD
BUILDING
WOODWARD
third
of the OTC Education Pro¬
year
presidents and
chairmen
country
progress
increasingly productive
in¬
coun¬
hope
that with the support
sponsors
pub¬
like
it' firms
Let's
business.
written to
were
in
actively working in the na¬
are
was
cation program was made possible
when
our
work
chair¬
It
fact
the
industry proj¬
unfortunate commentary
the
I am
of
doing
he
.
.
.
that time will correct this."
thanks to Joe Dorsey for
outstanding job
man
and
to
want
accelerated
the 'let George do
on
officers
the
council
executive
press our
to getting
in promoting
an
in
through his efforts that the edu¬
meetings in Los Angeles, Houston,
Cleveland
is
of Philadelphia.
behalf
The
rather than
are
getting firms to include the OTC
tomer
ects.
number
curity Traders Association of New
On
'carrying
other voluntary
program
Association
is
machinery
for
will find in the forefront
you
brokerage York; and the Investment Traders
meetings
.
.
sentative of the leading firms
Bureau
Contributions
have also been made to the third
year
.
list of sponsors is repre¬
The
by three affiliates
bring the OTC motion picture and to date: The Security Traders As¬
other program materials and serv¬ sociation of Los Angeles; The Se¬
up
report of the
in the future.
progress
available
is
mar¬
above
is
program
organizational
con¬
tributions to the 1963-64 program.
list
progress
the
to
admittedly
young but its
achievements
have been noteworthy, and the
193
shows
It
already
the
educate
to
over-the-counter
the
The
tee, has asked me, in his absence
submit his report, to be filed
firms
the
.
.
organizations
OTC Education Program.
to
with
Chapter
that '.
Pertinent
ket.'
Joseph Dorsey, Chairman of the
OTC Education Finance Commit¬
.
public
to the mechanisms
as
of the
24 spon¬
:;'-"y: y y;;'y y"
efforts
public
they
is to foster
and should undertake fur¬
ther
for the third year program.
sors
.
In
is noted
it
can
firms for
program
year
.
NASD and other
their
in
program
.
realistic
and
understanding.'
in increasing sponsorship of
education
it is stated
'perhaps the most press¬
the thanks of the national
express
courage
in
California
sure
In the introduc¬
concur.
comment
y
OTC
like
second useful purpose.
inaccurate
number of these letters
our
was
bro¬
of the industry
segments
will
lished.
cil to
committees
am
mar¬
letters
noted
all
two observations
Study with which
editors by industry spokesmen. A
information
the OTC
OTC
and
where
committee and the executive
Regional
also
Investment
the
compila¬
ket.
(3)
the
would
education
the OTC
on
United
at
I
cluded in the IBA regional group
histories
attended their meetings
ers
A
Dallas and Portland they were in¬
case
Comment
par¬
activities
areas.
(13)
advertent
research
NSTA
whic£ might be duplicated
other
was
(2)
re¬
by OTC Education Committees in
and
would be
clearing house
program
as
we
in other cities.
and
published
were
something
rected to
year,
and
sponsors
regional
fiscal
the
of
members
have reported, up to now,
30-minute OTC program
a
bers in
widely film
Approximately 20,000 OT£
Newsletters were published and
for
inserts
and
re¬
(12)
the
mail
news
\
serving
OTC
and
job,
an
100
the
was
in
are
in the SEC
kerage firms and securities deal¬
important in expanding OTC edu¬
newspapers and mag¬
and
(1)
stock¬
feature
100
released
were
members
the
for
programs.
than
Information Bureau, accomplished
year
literature
stories,' statements
tion
the
contacted
and
Los
outstanding
"There
in the
the
with the station moderator inter¬
cation
(11)
porting
during
were
is
ac¬
year
to
holder relations
firms, shows that the OTC Educa¬
following
OTC
azines.
A
year.
of the second
as
the
available
made
were
published in
The OTC Education Program
beginning its third
companies
information
and
leases
Text of the Report follows:
now
to
The managements of OTC-
(10)
traded
di¬
under the
rection
summary
connec¬
investment
by Morton A.
Chairman
as
Education
of
market.
Cayne (Ledogar-Horner Company,
OTC
sections
pertaining
courses
with
supplied
did
a means
example,
For
than
more
also
are
new sponsors
the
of
ticularly interested in duplicating
other industry
were
Angeles
the
the first,
literature for customer and train¬
stitutions
meetings
interesting
year
were
ing
and
These
er's Bureau.
They
quote excerpts from a re¬
editorial
cent
■:
call attention to one of the the Los Angeles affiliate has done
things being done by the Philadel¬ the best job of any affiliate this
is
programs
like to
to
viewing
sales
otion picture and
rr
of them. However, I do want
would not
NSTA
In this connection I would
services, tivity.
y,
ttyem
have been able to conduct this ac¬
other activi¬
1
phia committee and their Speak¬
_
(f) In cooperation with the InBankers
Association
vestment
OTC
I
any
The
and
want
Without
sponsor
Readers Digest:
of
ties of individual regional affiliate
tribute to the invaluable assistance of the Finance Committee
pays
awards program, and
program.
,
our
doing, and tell
are
we
them about all the press
NSTA and the OTC
on
significant progress already achieved in creating a better under¬
through the medium of a documentary film.
to show
chance
a
firms what
most
reflect
and
market.
standing of the OTC Market, via the dissemination of factual litera¬
ture and
us
of national significance and ties.
gram
favorably
Report of Committee Chairman Morton A. Cayne calls attention to
the
the
into one of
activities in
2-6175
BALTIMORE
1510
COMMERCIAL
CREDIT
VERNON
7-4630
BUILDING
4514
!
The Commercial and Financial Chronicle
16
...
Thursday, October 24, 1963
if
ll
INSURANCE STOCKS
ijjfc
•i|;:
%
w
BANK STOCKS
fix If
t,r
W
MIDDENDORF, COLGATE & CO.
MEMBERS
NEW
STOCK
AMERICAN
51
HA
DIRECT
CONGRESS
BOSTON
9,
(ASSOCIATE)
TELETYPE
SAN
212-571-1813
Mr.
BALTIMORE
BOSTON AND
TO
WIRE TO
&
Mrs.
Leo
E.
Brown,
Asiel
&
Co.;
Mr.
Mrs.
Morton
Weiss, Singer, Bean
&
Mackie, Inc.,
KEYSER BUILDING
BALTIMORE 3, MD.
SAN FRANCISCO 4, CALIF.
SPECIALIZING
&
New York
FRANCISCO
SANSOME ST.
233
ST.
MASS.
/
.
NEW YORK 4, N. Y.
5-4900
DIRECT TELEPHONES
19
EXCHANGE
BROAD STREET.
TELEPHONE
„
YORK STOCK EXCHANGE
IN
—
RIGHTS AND "WHEN ISSUED"
SECURITIES
Research for the Serious Buyer
Mr.
&
Mrs.
Donald
E.
Summerell, Schwabacher & Co., Los Angeles; Mr.
Ogden, Wechsler & Krumholz, Inc., New York
&
Mrs.
Nat
Krumholz,
,
Josephthal&Co.
FOUNDED
members
and
120
worth
other
leading
exchange
exchanges
BROADWAY, NEW YORK 5, N. Y.
4-sooo
Teletype 212 S7t-i604
,
direct
telephone to
19 CONGRESS ST.,
lafayette
brooklyn, n. y.
1910
new york stock
hanover, pa.
boston
BOSTON 9, MASS.
3-4620
lock hav^n, pa.
plainfield, n. j.
Mr.
&
Mrs.
George
B.
Wendt,
First
National
Sincere
Bank of Chicago;
Company, Chicago
Mr.
Company, New York;
Dallas
Mr.
and
&
Mrs.
Edlward
H.
Welch,
/
UNDERWRITERS
DEALERS
BROKERS
Over
three-quarters of
a century
of experience in underwrit¬
ing corporate and municipal securities with distribution
through the extensive organization of
offices and those of
our
our own numerous
correspondents.
W E. HUTTON & CO.
Members New York Stock Exchange and
NEW YORK
Baltimore, Md.
Dayton, 0.
other leading Exchanges
CINCINNATI
/
Bangor, Me.
Easton, Md.
Biddeford, Me.
Easton, Pa.
Lexington, Ky. Mansfield, 0.
Boston, Mass.
Hackensack, N. J.
Philadelphia, Pa.
Portland, Me.
Burlington, Vt.
Hartford, Conn.
Washington, D. C.
Columbus, O.
Lewiston, Me.
Wayne, N.j.
W. E. HUTTON INTERNATIONAL INC.
London
•
Rome
•
Monte
Carlo
Mr.
&
'
.
Mrs.
Alfred
F.
Tisch,
Fitzgerald &
Sanders & Company,
Mrs.
Allen 'L.
Oliver,
Jr.,
Volume
Number 6310
198
.
.
17
The Commercial and Financial Chronicle
.
AFFILIATES AND
NSTA
ACKERT, PHILIP H.
Freeman & Company
BROWN, HAROLD L.
Winslow, Cohu 8s Stetson, Inc.
BLOOM, SOL M.
BROWN, JULIUS D.
ALBERTI, JOSEPH S.
Walston 8s Co., Inc.
New York, Inc.
BI
AIELLOp MARK T.
Spencer Trask & Co.
Security Traders Association of
BOAS, ROBERT S.
United
C.
Carl
(Associate)
Alberts 8c Co.
A.
Alberts
A.
Joseph J. Lann Securities, Inc.
(Associate)
Archard &
(Associate)
Co.
Bernard Aronson &
Co.
BACHMAN, WALTER E.
Burton, Dana 8s Co. (Associate)
BALTER, LEE ANDREW
Troster, Singer 8s Co.
Co.
Inc.
Salvatore
J.
Company
BARRETT,
Secretary: James V. Torpie, Torpie & Saltzman, Inc.
H.
THOMAS
and
EUGENE
Hentz
&
F.
BARYSH, BURTON A.
Herzig, McKenna 8s Co.
Vilas
ory1 & Sons; Charles S. Offerman, Troster, Singer & Co.; El-
&
-
CANTER, A.
'
JOEL
Sartorlus 8s Co. (Associate)
on
page
8s
AND
BONDS
Originators
•
•
Distributors /
Secondary Municipal Markets Maintained
Co.
Office:
January
1,
1963;
ROBERT
B1STIAN,
J.
&
SPECIALISTS
IN
Stetson Incorporated
PENNSYLVANIA AUTHORITY
WILLARD
Incorporated
Blair 8s
Co.,
BAUMER,
HERMAN
FINANCING
IRA ++AUPT S. CO
D.
Gregory 8s Sons
MEMBERS
BEAHAN, WILLIAM J.
Term
Lebenthal
Expires: December 31, 1963.
8s
Co.,
NEW
YORK
Inc.
111
STOCK
EXCHANGE
BROADWAY,
AND
OTHER
LEADING
EXCHANGES
NEW YORK 6
BEAN, JULES
*:.
Singer, Bean 8s Mackie, Inc.
ROSTER OF MEMBERS
BECKER,
Blair
ABELL,
JEROME
Schrijver & Co.
8s
NATHAN
Gersten 8c Frenkel
ABBE, RICHARD F.
Shearson, Hammill & Co.
ABELOW,
ABELE, EDWIN A.
Eastern Securities,
ABELOW,
Mitchell
Mitchell
Inc.
ALBERT
&
BEERMAN,
(Associate)
IRVING
Dallas
PAUL H.
.
San Francisco
Beverly Hills
BELLUSCI, ARTHUR
Company
Denver
BEN, HANS E.
B.
Company
Direct wires to all offices
Chicago
H. C. Keister 8s Company
HERBERT
&
EDWARD I.
Co., Incorporated
New York Hanseatlc
Corporation
Lewistown, Pa.
BENNETT, PATRICK J.
Francis
BENTLEY,
,■
.
STOCKS AND
BONDS
I.
du
Pont
&
Co.
HAROLD W.
Abbott, Proctor 8s Paine
BERNEBURG, RANSOM A.
Wood, Gundy & Co., Inc.
(Associate)
BERNHEIMER, KERMIT L.
BERNSTEIN, JACK J.
'
Street 8s Company, Inc. (Associate)
COMMODITIES
Unlisted Trading
BERTSCH, ARTHUR W.
G. A. Saxton 8s Co., Inc.
Department
BERWALD, OTTO A.
Grady, Berwald & Co., Inc.
Corporate and Municipal Bonds
BERWIND,
JOHN
Canadian Securities
OF NEW YORK
(Associate)
BESWICK, SAMUEL F.
Laird, Bissell 8s Meeds
COMPLETE
BEZER, CHARLES A.
Inquiries Invited
on
Large, Blocks of Stock
or
Bonds
RESEARCH
Sutro
CLEARANCE FACILITIES
8s Co.
BIES, SYLVESTER J.
GOODBODY & CO.
Members New York Stock Exchange and other principal Stock
Edward S.
2 BROADWAY, NEW
N. Y. Cable Address: Accurate
N. Y. Teletype:
Charlotte, N. C.
Chicago, III. (2)
Athens, Ga.
Clearwater, Fla.
Atlanta, Ga.
Cleveland, Ohio
Birmingham, Mich. Cocoa, Fla.
Coral Gables, Fla.
Boston, Mass.
Bradentown, Fla.
Dallas, Texas (2)
Bradford, Pa.
Detroit, Mich.
Buffalo, N. Y.
Flint, Mich.
Exchangee
YORK 4, WHitehall 3-4141
NEW YORK 17, Murray Kill 2-6350
Trading Dept. 212 571 1215
Pompano Beach, Fla.
Rochester, N. Y.
New London, Conn. Royal Oak, Mich.
Niagara Falls, N. Y. St. Petersburg, Fla. (2)
Sarasota, Fla.
Orlando, Fla.
Palm Beach, Fla.
Tampa, Fla.
Wilkes-Barre, Pa.
Passaic, N.J.
Winter Park, Fla.
Paterson, N.J.
Pitts field, Mass.
Fort Lauderdale, Fla. (2) Miami, Fla. (2)
Fort Worth, Texas
Milwaukee, Wis.
Houston, Texas
Huntsville, Ala.
Jacksonville, Fla.
Jamestown, N. Y.
Jersey City, N. J.
Louisville, Ky.
Memphis, Tenn.
'
,
and Commodity
Wire Room 212 571 1212
FOR
(Associate)
,
BINGHAM,
New
60 EAST 42ND STREET,
Ladin Co.
n
■-
BILLINGS, JOSEPH H.
Cowen 8c Co.
ESTABLISHED 1891
Branches in
Bros.
GRACE NATIONAL BANK
C.
Francis I. du Pont 8s Co.
CREATIVE
18
Bear, Stearns & Co.
'
C.
Corporation
BASS, SOL
Unterberg,
C. E.
A Joseph D. Krasowich, Gregory & Sons; Walter F. Saunders,
Dominion Securities Corporation.
AAL,
of Michigan
Continued
Underwriters
Hlckey
Winslow, Cohu
(Associate)
Towbin Co.;
Wellington Hunter, Wellington Hunter Associates (Jersey City);
Took
CANAVAN, JOHN J.
Burke & Co., Inc.
First
BASELICE, FERRY M.
Heaney, Michael J. Heaney & Co.; Stanley L. Rog-
1962;
Cambridge, N. Y.
CALLAWAY, Jr., DAVID H.
Gregory & Sons
& Co.;
genburg, Roggenburg & Co.
December,
CALEF, JOHN C.
(Associate)
■
BASEL,
Elected:
'
REVENUE
BARYSH, MURRAY L.
Ernst
National Committeemen: Samuel F. Colwell, W. E. Hutton
C
HENRY S.
BARYSH, LAWRENCE
Goodbody & Co.; Harold I. Murphy, Greg¬
Greenberg,
„
CAHILL, THOMAS J.
Chase Manhattan, Bank (Associate)
and Company
MUNICIPAL
BARTH, PETER L.
Edwards & Hanley
Higginson Corporation; Joseph H.
Company, Inc.; Edward A. Horn, Kuhn, Loeb & Co.;
Thomas
,
-•
Fitzgerald, W. C. Pitfield & Co., Inc.; James T. Gahan, E. F.
Alternates:
Laird, Bissell & Meeds
CABBLE, JOSEPH C.
Burns Bros. 8c Denton, Inc.
(Associate)
~
Co.
BARTOLD,
Michael J.
^
JOHN
E.
Billings, Cowen & Co.; Joseph R. Dorsey, Bache & Co.; John M.
bridge H. Smith, Stryker & Brown.
Tobey & Kirk
Company,
Fla.
Myers,
BARRY,
Krisam, John C. Legg & Company.
Thomas A. Larkin,
BUTLER,
H. C. Wain weight 8s Co.
&
Fort
Hutton &
BUSCHMAN, HERBERT
BROWN, D. HOWARD
Ingall8 8c Snyder
BARRETT, FRANK D.
Sincere
Directors: John S. Barker, Lee
BURKE, HAROLD J.
Reynolds 8s Co.
BROOKS, Jr., GEORGE F.
Paine, Webber, Jackson & Curtis
8s Co.
and
Incorporated
Dominion Securities Corporation
BROMSEN, WILLIAM E.
Tyche Securities, Inc. (Associate)
BARNES, RICHARD M.
Rappa, Mergott, Rappa
Charles King 8c Co.
(Associate)
BROCHU, PETER W.
Allen 8s Company
BARMONDE, PHILIP T.
A. Ludlow
Incorporated
BURKE, EDWARD F.
BRITTAIN, MILTON C.
Shearson, Hammill 8c Co.
BARKER, JOHN S.
Lee Higginson Corporation
Co., Inc.
Treasurer: Wilbur
8s Co.,
».
BURCHARD, GERARD L.
BURIAN, ARTHUR J.
Hayden, Stone 8c Co.
Greene
(Associate)
Co.
Spencer Trask & Co.
BRYSON, JAMES F.
Hayden, Stone 8c Co.
(Associate)
BRILLSON, MICHAEL J.
G. A. Saxton
Vice-President:
8c
BRYAN, CHARLES F.
Brady
BRADY, JOHN A.
Greene and Company
David Morris 8s Co.
BARBIER, LESLIE
Second
Gordon Graves 8c Co. (Associate)
BRADY, FRANK J.
Mulholland, Kaufman &
John C. Legg 8s Company
Goldman, Sachs 8s Co.
Burnham
BRADY, EUGENE J.
BRILL, DAVID E.
LIONEL C.
BARBASSO, JACK J.
Co.
Pont
BRENNEN, ROBERT H.
Equity Securities Co. (Associate)
Corporation
.Dreyfus & Co.
Josephthal & Co.
du
I.
T. L. Watson & Co.
Wood, Gundy 8s Co., Inc.
BAKER, GEORGE ALEXANDER
First Vice-President: Lewis H. Serlen,
J.
GEORGE
Francis
BREWER, in, JAMES R.
Carolina Securities
J.
BRUNS, HENRY G.
BRENNAN, JAMES I.
Eisele 8c King, Libalre, Stout 8s Co.
BAIR, JOHN W.
President: Sidney Jacobs, Sidney Jacobs
Witter 8s Co.
BREARLEY, R. D.
Bache 8c Co.
Wilbur Krisam
Dean
BRUNJES,
BREAKSTONE, JACK
Andrews, Posner 8c Rothschild
AVERELL, ALFRED B.
James V. Torpie
BRUGGEMAN, CHARLES
BRAND, HARRY L.
Zuckerman, Smith 8c Co.
ARONSON, GERALD R.
&
W. E. Hutton 8s Co.
BROWNE, HOWARD S.
Tweedy, Browne 8s Rellly
BRADLEY, WALTER V.
B. W. Pizzlni & Co., Inc.
ARNOLD, HARRY L.
Goldman, Sachs & Co.
Ernst
BROWN, THOMAS J.
D. H. Ellis 8s CO.
ARCHARD, HOWELL O.
BANDLER,
BROWN, III, THOMAS C.
Eastern Securities, Inc.
/
BOYCE, FRANK
Carl M. Loeb, Rhoades & Co. (Associate)
Company
AMENDOLA, EDWARD A.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Rappa
BROWN, LESTER D.
L. D. Brown Co. (Associate)
BOUTON, HOWARD R.
ALTMAN, MOSES K. S.
H. Hentz & Co. (Associate)
Sidney Jacobs
Oppenheimer & Co.
BOUTELLE, GREGORY W.
C. E. Judson 8c Co. (Associate)
C.
J
BROWN, LEO E.
Aslel 8c Co. (Associate)
Inc.
BOUCHER, JOHN B.
ALLEN, HERBERT
Salvatore J.
(Associate)
Corpt
Co.,
Lasser Bros.
ALEXANDER, DOUGLAS
Howell O.
8s
c
ALBERTSON, ROBERT F.
Spencer Trask & Co.
Allen 8c
Marks
BOLOGNINI, RINALDO A.
'
Co.
&
Continental
BOLAND, WILLIAM H.
Boland, Saffin, Gordon 8c Sautter
CHESTER A.
ALBERTS,
C.
OCKLEY, JOHN C.
Boenning 8c Co.
ALBERTS, GERARD H.
Lewis H. Serlen
MEMBERS
LOCAL AND
FRANK
York Hanseatlc
OUT-OF-TOWN
Corporation
(Associate)
Brokers and Dealers
BIRD, JAMES F.
Gude,
Winmill &
Co.
BIRNBAUM, NAHUM
Birnbaum
/
h
& Co.
BLAIR, FRANK H.
Allen 8c Company
BLANK, ANDREW
B.
J.
Conlon
&
Clearance
Department
HANOVER SQUARE, NEW YORK 15, N.
r
Co.
Inc.
BLAUNER, SEYMOUR
Seymour Blauner Co.
Member Federal
(Associate)
BLOCH, LEO
Salomon Brothers 8c Hutzler
(Associate)
Deposit Insurance Corporation
Y.
The Commercial and Financial Chronicle
18
Mr.
Jack
Mrs.
&
Wertheim, Wertheim & Co., New York;
&
'
Mrs. Robert Rosenbaum,
Mr. &
York
Co., New
Vanderhoef
ROSTER
DAVIS,
& Robinson
MARVIN
CAPPER,
Russell
CAREY,
W
L.
CARUCCI,
MILTON
&
J.
K.
;/.•);.• '.,v.
,
JOSEPH
Rice,
Jr.
P.
& Co.
(Associate)
Saxe
WILLIAM G.
Dickson
S.
Schwamm
&
Co.
Singer,
SALVATORE
R.
Beane & Mackie,
Bache
Inc.
Cowen
V
Frank
,
w
t
'Vd.''.-#
JOSEPH
J. R.
White,
DI
Company
COLLINS,
GEORGE
Dealers
Freeman
&
W.
E.
SAMUEL
Greenshields
CONLON.
B.
&
J.
&
&
DITTELL,
DIXON,
'
v
Fenner
Francis
•
Smith
NEW YORK 5, N. Y.
I.
CORBY,
JOSEPH
Allen
Telephone REctor 2-4949
duPont
&
&
I
J.
E.
F.
Hutton
CO RLE Y,
&
&
Co.
Pont
du
JOSEPH
V. Frankel
Wertheim
DORFMAN,
>
Jr.,
&
&
Co.
Arnold
P.
J.
JAMES
A.
FEUER.
&
CRANE.
JAMES
Greenshields
CRONE,
A.
NEW
YORK
AMERICAN
STOCK
STOCK
J.
WALTER
L.
Singer & Co.
THOMAS
Arthur Wiesenberger &
&
FISHER,
Co., Inc.
D.
B.
Co.
Marron
&
Co., Inc.
(Associate)
M.
Co.
&
Inc.
Reed,
BROKERS & DEALERS
JOHN B.
Lear & Co.
IN
CROWLEY, Jr., JOHN P,
EXCHANGE
CURRIE, Jr., JAMES
Glen Ridge, N. J.
(Honorary)
EXCHANGE
CURRY, THOMAS L.
Stone
&
CURTI,
Webster
CHARLES
Hayden,
Stone
(Associate)
Securities
Amott,
UNLISTED SECURITIES
Corporation
P.
Co.
&
CUSACK, JOHN T.
Baker &
Incorporated
V
■
Co.,
Incorporated
DAINES, FRANCIS M.
120
Hayden, Stone &
(Associate)
BROADWAY, NEW YORK 5, N. Y.
DALE,
Teletype 212 571-1313
Adams
WOrth 4-4300
Co.
T. L. WATSON & CO.
Incorporated
CALVIN D.
&
Peck
Established
/
DANEMEYER, JOHN J.
Blair & Co., Incorporated
Lee
Albany
Atlanta
Detroit
Fayetteville, N. C.
Minneapolis
San Francisco
/
Chicago
Hartford
Pittsburgh
South Bend
r-
NEW
YORK STOCK EXCHANGE
•
AMERICAN
STOCK EXCHANGE
'
DANIELSON,
Buffalo
New Orleans
Higginson Corporation
/
MEMBERS
D'ANGELO, SALVATORE I.
Private Wires
1832
"
y
Cleveland
Houston
Providence
Washington
Dallas
Ithaca
St. Louis
Wheeling
Dayton
Los Angeles
San Antonio
Youngstown
/
Gude,
DAVIS.
MARVIN P.
Winmill & Co.
JOHN
DAVIS,
S. D.
DAVIS,
25
Inc.
BRIDGEPORT, CONN.
THOMAS JOSEPH
I.
ST., NEW YORK 4, N. Y.
du
(Associate)
Telephone WHitehall 4-6500
MARTIN
Fuller & Co.
Francis
BROAD
HENRY
Laurence Frazier & Co.,
Pont
&
Co.
,
JAMES
&
CROVVI.EY.
Co.
^
Co.
W. Benkert
CRONIN, DONALD E.
Morgan Stanley & Co.
MEMBERS
LOUIS
S.
EDWARD A.
Christensen, Inc.
Wells
Pershing
FINIK,
DOUGHERTY, MICHAEL
CRAMES, ARTHUR J.
Lee Higginson Corporation
ROY
ABRAM
FILKINS,
(Associate)
R.
JOSEPH J.
Goodbody & Co.
Company
IRVING
Gartman, Rose & Feuer
B.
Troster,
Bache
CRAIG,
Feldman
FERRERI, VINCENT F.
Shields & Company (Associate)
Co.
JOSEPH
JOSEPH
Co.
Hay, Fales & Co.
Co., Incorporated
Goldman, Sachs & Co.
DORSEY,
O'Kane, Jr. & Co.
&
ARNOLD
FEI.TMAN.
F.
&
LEON
JEREMIAH
Cohon
FEI.TMAN,
COSENTINO, JOSEPH H.
John
Brady
&
J.
Hay. Pales & Co.
LAWRENCE
DONNELLY,
Company Incorporated
EDWARD M.
Hirsch
Morris
FEI.DMAN,
Fahnestock & Co.
Wm.
MICHAEL
Legg & Company
Laird, Bisseil & Meeds
FASANO,
DOHERTY, JOHN J.
DONADIO,
Company
V.
Kaufman
FARRELL, ROBERT REED
' *
G.
Cutter & Dixon
DOLAN,
CORKEY, DONALD B.
Teletype 212-571-0680
John C.
LEONARD
I.
JOSEPH
Mulholland,
FARRELL,
DOHERTY, WILLIAM M.
Co.
M.
Kernaghan, Inc.
RAYMOND J.
Domlnick & Dominick (Associate)
T.
Union Securities & Co.
WILLIAM
Francis
Jr., JOSEPH F.
COOPER, BYRON PATRICK
120 BROADWAY
&
Incorporated
CONLON,
RALPH
Dreyfus & Co.
CONLON, JOHN A.
Merrill
Lynch, Pierce,
UNLISTED INVESTMENT STOCKS
Jr.,
Eastman Dillon,
Inc.
,
(Associate)
ALFRED
Thomson
DISS, Jr., WILLIAM B.
Inc.
Co.
Blyth & Co., Inc.
ERLICH,
J.
FARRFT.L.
J.
Co.,
&
EPPEL, DUDLEY ALLEN
Abbott, Proctor & Paine
Co.,
R.
Company
EDWARD
Cowen
Co.
&
EWEN,
F.
BERNARD
Conlon
ELKAN,
&
/
FREDERICK
Freeman
E.
DIMPEL,
CONCAGII, JAMES J,
RAILROAD SECURITIES
EISELE,
DIMPEL, RALPH THOMAS
'Murphy and Dimpel
(Associate)
Co.
&
N.
WILLIAM
Goodbody & Co.
Kaufman
City,
Brady
Inc.
EIGER,
(Associate)
Co.
&
Kaufman &
BERGER-
Lynch, Pierce, Fenner & Smith
Shufro, Rose & Meyer
Beane
HARRY
Weld
>-■
duBOIS
EIIRMAN, FRED
FONZO, Jr., JOSEPH P.
Jersey
Company
Hutton
Co.
Wellington Hunter Associates,
Corporation
COLUCCIO, JOSEPH L.
Shearson, Hammill & Co.
in
Mulholland,
Merrill
P.
&
PETER
EGENES,
DIMPEL, ALBERT H.
L.
Securities
COLTHUP, JAMES F.
COLWELL,
and
Inc.
Company
McLaughlin,
&
American
&
Williston
COOPER
Shelby Cullom Davis & Co.
J.
DEVINE, JOSEPH
White, Weld <te Co.
Allen
DONALD
C.
Griffin
KENNETH
ECKLER.
(Associate)
&
B.
JOSEPH
EBBITT,
Company
Ingraham
DEWDNEY,
N.
COLEMAN, C. MERRITT
Brokers
Co.
Freeman
Corp.
EUGENE M.
COLANDRO,
H.
DEVINE,
Schweickart & Co., Hempstead, N. Y.
Exchange
&
,
JAMES
Wechsler & Krumholz, Inc.
Eagan &
C.
SOCIO, SAMUEL F.
L.
Investors
COHEN,
and American Stock
EAGAN,
(Associate >
'
De
Rose & Co.
CLEMENCE, EDWIN G.
Members New York Stock Exchange
DURNIN,
DENOBLE, THEODORE
J.
CLAUSEN, CHARLES R.
Hoit,
Adams & Peck
Trust
(Honorary)
Co.
DYKES, ALVIN A.
& Co.
PHILIP
J.
Taylor
&
Ogden,
DENNEY, WILLIAM B.
Doyle, O'Connor & Co.,
Co.
&
R.
.
McKinnon
&
&
FRANK
Dunne
Company
Nordeman
Bankers
Inc.
Co.,
ANTHONY
CLANCY, Jr.. BERNARD
CERRUTO.
Bruns,
DEMPSEY,
&
JOHN
Tatro
GAMBOL
DUNNE,
.
DEMET, LOUIS R.
.
Sidney A". Siegel & Co., Inc.
Singer, Bean & Mackie, Inc.
CARRINC.TON. Ill, WILLIAM G.
L.
Thomson
.
MICHAEL J.
CIULLA,
CASS, RICHARD G.
Credlto
^
CIRENZA, JOHN J.
Gregory & Sons
R.
Sidney Jacobs Co.
Canady & Co., Inc.
V
E.
MAYE, JOHN E.
v.
Incorporated
'
/
<-
Lynch, Pierce, Fenner & Smith
Dunn
,
T.
Co.
S.
Merrill
DUNN,
Co.
MARCO,
Edwin
DE
CHODES, MALCOLM H.
Golkin, Bomback & Co.
CITO,
CASPER, HARRY D.
CARRINGTOV, Jr., WILLIAM G.
Banco
Newark, N. J.
(Associate)
N.
Henry Krieger & Co.
DE
S.
Casper Rogers Co.
Co.,
&
&
DUGA, J.
E.
& Sons
ROBERT
Hirsch
LESTER
Hardy
GEORGE E.
Gregory
DeFINE,
DOYLE,
STANLEY
Anthony & R. L. Day
Tucker,
Corporation
CHAPMAN, EDWARD L.
Spencer Trask & Co.
CARROLL, LEE W.
Lee W. Carroll &
Thursday, October 24, 1963
(Associate'
DEDRICK,
Boston
First
CHAPMAN, HAROLD
CANTOR,
Bros.
CHANNELL, CLIFFORD K.
OF MEMBERS
Continued from page 17
WILLIAM J.
Lasser
(Associate)
DAWSON-SMITH,
The
.
Ronan, New York Hanseatic Corporation, New York; Mr. & Mrs. Derry M. Hilger,
Rauscher, Pierce &. Co., Dallas; Mr. & Mrs. Richard A. Probst, Saunders, Stiver & Co., Cleveland
CHAMBERLAIN, WILLIAM HALE
Green, Ellis & Anderson (Associate)
New York Inc.
.
Mr. & Mrs. Frank J.
Wertheim
CERU, CARLO
Security Traders Association of
.
Teletype 212 571-1633
PERTH
AMBOY, N. J.
Volume
198
Number 6310
.
.
The Commercial and Financial Chronicle
.
19
«|§
m
Mr. & Mrs. Edward J.
FitzGERALD,
W.
JOHN
gold,
M.
Pitfield & Co..
C.
Inc.
gold,
Alstyne, Noel & Co.
Van
FITZPATRICK.
Sons
Gregory &
FLECKNER,
Merrill
FRANCIS
gold,
(Associate)
WILLIAM
Francis I.
& Smith
&
RAYMOND
CARL M. LOEB, RHOADES & CO.
martin
Witter & Co.
goldstein,
Bomback
&
Co.
&
morris
Inc.
BARTON
S.
B.
FOX,
VERNON
e.
(Associate)
golkin,
george
Golkin,
& Co.,
FOX,
Bomback
golkin,
&
Underwriters and Distributors of.
(Associate)
Co.
saul
Golkin, Bomback & Co.
Carl Marks &
Corporate and Municipal Securities
Co.
goode, william g.
ALBERT F.
FRANK,
Ira
Thalmann & Co.
Ladenburg,
Haupt
& Co.
(Associate)
goodeve,
W.
HAROLD
FRANK,
F.
American Securities
Corporation
Frank &
>
Inc.
Company,
CHARLES
Fahnestock
JOHN
Francis
^
Pont
&
Co.-
and
Greene
FRINC-S,
C.
E.
JOHN
J.
(Associate)
MARIO LOUIS
Lynch, Pierce, Fenner
John
&
Smith
(Associate)
C.
Pierce, Fenner & Smith
GAVIN, JAMES E.
Merrill Lynch,
Incorporated
ROBERT
GAVLIN.
Francis
I.
GEARHART,
Jr.,
D.
P.
Co.
H.
&
Edwin
Hanseatic
A.
L.
Corporation
Corporation
Gill
&
.......
........
.
Cincinnati, Ohio
...........
.
Chicago, III.
.Denver, Boulder, Colorado Springs, Fort Collins, Grand Junction, Greeley,
.
Pittsburgh, Pa.
*.......
Chicago, III.
Hartford, Conn.
San Antonio, Brownsville, Dallas, Houston, Tex.
.
.St. Louis, Clayton, Crestwood, Mo.; Tuscaloosa, Ala.; Phoenix, Ariz.;
Rock, Ark.; Lakeland, JVat/les, St. Petersburg, Fla.; Belleville,
Wichita, Kans.; Lake Charles,
Shreveport, La.; Bartlesville, Oklahoma .City, Tulsa, Okla.; Houston, Dallas, Amarillo, Denton,
Incorporated
Worth, Henderson, Lubbock, Sherman,
El Paso, Exchange Park, Ft.
Elder 8c Co.
Wichita Falls, Tex.
Chattanooga, Tetin.
Ilanralian 8c Co., Inc
&
/.
.
Worcester, Mass.
.
Hill 8c Co
Inc.
Co.,
^
Co.,
harry
Cincinnati, Ohio
.
Janney, Battles 8c E. W. Clark, Inc.....
.
.
Johnston, Lemon 8c Co..
Loewi 8c
Co.,
& Co.,
Philadelphia, Germantown, Bethlehem, Easton, Johnstown,
Lancaster, Norristown, Phoenixville, Pittsburgh, Sunbury, York, Pa.;
/
r.
&
.
Incorporated
f.
martin
P. F. Fox
Inc.
'.'M.."
.
Co., Inc
.5
Camden,
.
.
Woodbury, A. J.;
Dover, Dela.
Washington, D. c.; Alexandria, Va.
Milwaukee, Appleton, Beaver Dam, Chippewa Falls, Green Bay,
Janesville, Kenosha, Madison, Monroe, New London, Racine,
'
m.
Waukesha,
Wausau,
Wauwatosa,
Wisconsin Rapids, Wise.
Inc.
W. L. Lyons 8c Co.. /.
edwin
..........
.Louisville, St. Matthews, Bowling Green, Danville, Lexitigton, Ky.
Mead, Miller 8c Co.
irwin
Baltimore, Md.
Piper, Jaffray 8c Hopwood.
al.
john
halk,
& Co.,
Inc.
(Associate)
Prescott 8c Co
Inc.
(Associate)
Cleveland, Shaker Square, Canton, Columbus, Toledo, Ohio
Brugette & Woods, Inc.
Keefe,
Sutro 8c Co
San Francisco, Los Angeles, Berkeley, Beverly Hills, Fresno, Hayward, San Jose, Calif.
frank l.
Bros.
E.
&
(Associate)
Co.
Hutton & Co.
HANSON,
HARDER,
&
CORRESPONDENTS
FOREIGN
arthur t.
Ian Potter 8c Co.
& Co.
WILLIAM
Melbourne, Australia
Flood, Wittstock 8c Co.
Roldos S. A.
B.
•
Toronto, Canada
Montevideo, Uruguay
•
•
Greenshields Ltd.
Mercantil De Inversiones S.A.,
Foreign Representative, Hong Kong
F. WILLIAM
Company
Continued
on page
20
Montreal, Canada
Yamaichi Securities Co., Ltd.
& Co.
K.
GODNICK, BERTON w.
Minneapolis, St. Paul, Rochester, Minn.;
....
Billings, Great Falls, Mont.; Fargo, No. Dakota; Rapid City, So. Dakota
Co.
l.
hall, donald j.
Burnham
and
Company
W.
andli Company
Son
,1
.
Jacksonville, Springfield, III.; Hutchinson, Salina, Topcka,
FRANK
&
.
...........—
michael
Saxton
A.
gunkel,
Allen
Godnick
Richmond, Charlottesville, Fredericks burg, Virginia Beach, Va.
El Dorado, Jonesboro, Little
hano, nicholas g.
CARL
Boettcher
h.
& Co.
joseph
Marshall
GISH,
CORRESPONDENTS
.
Company, Inc
P.
Ginberg
'
A. G. Edwards 8c Sons
m.
Beane,
Grossman
e.
Newburger
Frank
Dittinar 8c
stephen M.
hamill,
Co.
GINBERG,
Latham
(Associate)
Craigmyle, Pinney, Penington & Colket
Sutro
A.
THOMAS
&
•
(Associate)
s.
Gregory & Sons
hall,
Company
Laird, Bissell & Meeds
GILL,
Kingston
Stroudsburg, Pa.
jerome
Reynolds &
KINGSTON
Tatro
LOUIS
GIBBS.
growney,
haig,
Co.
STANLEY
GESELL, HERBERT R.
Stone & Webster Securities
GHEGAN,
•
•
Kaufmann, Alsberg & Co.
JOHN
York
New
&
Roland
guttag,
Co.
Brothers
Barr
GERTLER,
Ithaca
Cooley 8c Company
s.
Paine, Webber, Jackson & Curtis
Casper Rogers & Co., Inc.
GERTLER,
•
Watertovvn
•
Chapman, Howe 8c Co..
Company, Inc.
gutberlet,
GERSTENZANG, DONALD
&
Inc.
WILLIAM
Weinberg,
GUMM,
GERSTEN, HENRY B.
Abraham
S.
G.
Rhoades &
Loeb,
M.
Carl
Hornell
•
Utica
Pueblo, Colo.; Chicago, III.
k.
frederick
grossman,
guiton,
,
ALTER
JOHN
•
Chaplin, McGuiness 8c Co
Sons
Co.
Allen & Company
GERMAIN,
Co.,
III,
McDonnell
&
FREDERICK
AARON
GELLER,
Geneva
gross, kenneth l.
GUCWA,
J.
Pont
du
;
SAMUEL
&
Model,
H.
Samuel & Co.
E.
I
Boettcher 8c Company.
v
allen
lester
Williston
R.
gronick,
Frank
Incorporated
JOSEPH
c,
Betts, Borland 8c Co
harry
&
Gregory &
HERBERT
GASSOUN,
•
Syracuse
•
Anderson 8c Strudwick
Company
grimshaw,
GAROFOLO,
Merrill
Sufl'ern
•
Benj. D. Bartlett 8c Co;.
nathaniel s.
Andrews, Posner & Rothschild
gregory,
Corporation
Marks & Co., Inc.
Carl
;
(Associate)"'
Levien, Greenwald & Co.
F.
First of Michigan
GAREISS,
■
,,
c.
irving
Greenfield
EDWARD N.
GANSER,
Elmira
•
Unterberg, Towbin Co.
greenwald,
Son
LESTER
GANNON,
Oneonta
"
Securities, Inc.
thomas
greenfield,
Inc.
Company,
&
•
Auburn
s.
Company
Greene and
P.
&
Gruss
Oscar
Middletown
greene,
T.
Hutton
F.
GAHAN.
E.
greene,
Corporation
& Towne, Inc. (Associate)
JAMES
STATE:
Bear, Stearns & Co.
GAGNON, JOHN J.
-^Van Strum
YORK
p.
frank
greenberg,
Sterling, Grace & Co.
GAHAN,
(Associate)
greenberg, alan c.
Company
FUCHS, HAROLD
New York Hanseatic
NEW
Purcell, Graham & Co.
>
GEORGE
J.
and
graham,
HENRY
FRICKE, A.
AVENUE, NEW YORK CITY
Co.
&
joseph
Greene
LESTER A.
Frenkel
PARK
Hill & Co.
irving
graff,
Gersten &
'
willard
LONDON
375
gowan, vincent m.
Goldman, Sachs & Co.
Grace Canadian
S.
du
I.
FRENKEL,
M.
gordon, nathaniel
Troster, Singer & Co.
grace,
& Co.
h.
joseph
Loeb, Rhoades
Benjamin,
^
O.
PAUL
Fahnestock
Company
&
gourse,
J.
Co.
&
FREDERICK,
FRENCH,
Incorporated
S.
Frazier & Co.
Laurence
FREDA,
Co.,
&
LAURENCE
FRAZIER,
richard
Shields
Carl
V.
WILLIAM
V. Frankel
Wm.
charles w.
Ashplant & Co.
gordon,
FRANK,ROBERT R.
FRANKEL,
B.
goodman,
ISADORE
FRANK,
WALL STREET, NEW YORK 5, N. Y.
42
david
Loeb
goldstein,
Co.
FRED
Fox
F.
Exchange, American Stock Exchange and. Principal Commodity Exchanges
(Associate)
CLEMENT
Kerngood & Co.
P.
Members New York Stock
p.
,
MURRAY
Golkin,
P.
(Associate)
Company
Newburger,
FOX,
Comoratlon
julius
and
golden,
Co.
Hammill & Co.
Shearson.
FORMAN,
(Associate)
Hanseatic
R.
Pont
Dean
FORBES,
Co.
&
golden,
Greent
du
Inc.
Lapham & Co.
L.
Lynch, Pierce, Fenner
GORDON
FOOTE.
Frankel.
&
samuel l
gold,
Incorporated
Howard, Jr., J. S. Strauss & Co., San Francisco; Mr. & Mrs. Frank A. Russo,
Donaldson, Lufkin <6 Jenrette, New York
samuel
York
New
J.
Leslie J.
Mrs.
david
Lapham
FITZPATRICK, EDWARD J.
Cohen, Simonson & Co. (Associate)
&
benjamin
Gold, Weissman
(Associate)
DOMINICK A.
FITZPATRICK,
Mr.
Kelly, Carl M. Loeb, Rhoades & Co., New York; Mr. & Mrs. Don E. Summerell,
>■.
Schwabacher & Co., Los Angeles
Tokyo, Japan
Caracas, Venezuela
The Commercial and Financial Chronicle
Mr.
Otto J. Koch, Jr., The Marshall Co.
Milwaukee, Wis.; Mr. & Mrs. Sidney A. Siegel, Sidney A. Siegel & Co., Inc., New York
Mr. & Mrs. Robert Strauss, Hayden, Stone & Co., Inc., Chicago;
HAVENER, PAUL W.
Continued from page 19
;
Hardy 6c Hardy
Havener
V
HARDY, HARRY J.
E. F. Hutton 6c Company
HART, HENRY G.
New York Hanseatic
Mrs.
Walter
HELBIG, BARON G.
Baron G. Helbig 6c Co.
Saxton 6c Co.,
CHARLES A.
KAHN,
KAIDY,
Inc.
ALBERT
KUIPERS, HENRY G.
Lord, Abbett 6c Co. *
Hay, Fales & Co.
ARTHUR
Arnhold 6c S. Bleichroeder,
Inc.
KAMINSKYE, LEO S.
Maltz, Greenwald 6c
HERZOG, ROBERT I.
Herzog 6c Co.
KANE,-, GERALD F. X.
HEIDINGSFELD, JESSE
Ira Haupt 6c Co. (Associate)
HARVEY, EDWARD A.
L. A. Mathey 6c Co.
HERZENBERG, IRVING
Schrijver 6c Co. (Associate)
HECK, JOHN
W. E. Burnet & Co.
HENRY, GEORGE J.
HESPE, ROBERT J.
Eaton
6c
Company,
KANE, THOMAS FRANCIS
<
Carl Marks 6c
KALES, DAVIS
Wood, Gundy 6c Co., Inc.
Co., Inc.
Inc.
(Associate)
KULAKOWSKI, STANLEY CASIMER
Bache
Co.
Cummings
Bregman,
KUNZINGER,
''
HETTLEMAN, PHILLIP
Hettleman 6c Co. (Associate)
KANE, WALTER V.
HINCHMAN, ROBERT MILLS
Ira Haupt 6c Co.
KASSEL,
HINES, JOHN D.
KEARNS, RICHARD THOMAS
Barr
KEATING,
Brothers 6c Co.
Cowen
New York Hanseatic
oAllen
&
Company
UNDERWRITERS
(Associate)
KERR,
W.
Inc.
Meeds
>
KILMER, HUGH
Hardy & Co. '
HUNTER, WELLINGTON
Wellington Hunter Associates
Oscar Gruss
IRIARTE, RALPH
6c
Son
BANK and INSURANCE STOCKS
Leone
KING, ROBERT H.
Charles King 6c Co.
Inc.
JACOBS, EDWIN A.
Greene and Company
(Associate)
6c Co.
King 6c King Securities Corp.
JACOBS, SIDNEY
Sidney Jacobs Co.
Delafield
6c
PUBLIC REVENUE
AUTHORITIES
KIRTLAND,
JACOBY, D. PAUL
Asiel 6c Co. (Associate)
JANN, CHARLES H.
W. C. Langley 6c Co.
KLING, HOWARD M.
KNOX, HERBERT D.
A.
M. Ltrner
JEFFREY,
6c Co.,
STANLEY
International
PUBLIC and INTERIM FINANCING
JERET,
Dean Witter 6c Co.
Inc.
H.
Inc.
(Associate)
BROAD
STREET, NEW YORK 4, N. Y.
WALTER
Teletype: 212-571 -1750-1 -2
JAMES
Co., Inc.
Troster, Singer 6c Co.
Burnham
Co.
(Associate)
'
LOPATO,ALLAN
&
Co.,
Inc.
GEORGE
Thomson 6c McKinnon
LOUGHLIN, JOHN P.
Ungerleider, Goetz &
KRASOWICH, JOSEPH
Gregory 6c Sons
JUDGE, WILLIAM E.
John C. Legg 6c
[.
1
Allan Kadell 6c Co.
f
D.
Co.
(Associate)
CHARLES M.
York Hanseatic
Corp.
/
LUBETKIN, LLOYD E.
Lubetkin, Regan & Kennedy
LUDWIG, Jr., FREDERICK W.
Roggenburg 6c Co.
/
LUKOW, NAT
Birnbaum 6c
KRISAM, WILBUR
(Associate)
KADELL, ALLAN
Allen 6c Company
LOPEZ, FELIX M.
Dominion Securities Corporation
William H. Joyce Co.
New
White, Weld & Co.
LOEWER, BURTON
Neubergsr'& Berman (Associate)
KRAMES, ARTHUR J.
Lee Higginson Corporation
KAEPPEL,
and Company
LITZEL, CHARLES M.
&
JOYCE, WILLIAM H.
I
H.
(Associate)
LIPSKY, CORNELIUS
Associate)
KORN, WILLIAM J.
E.
Co.
Stern, Lauer & Co.
LIENHARD, ERNEST
JOSSEM, JACK A.
Mitchell 6c Co. (Associate)
Pulls 6c
Co., Incorporated
W. E. Hutton 6c Co.
(Associate)
Gregory 6c Sons
D.
Becker 6c
LIEBENF&OST, CONRAD
'
C.
G.
B. S. Lichtenstein & Co.
(Associate)
KOLLER, Jr., FRANK H.
KOOPMAN,
Garvin, Bantel 6c Co.
JONES,
•
KOHN, GERALD
Doyle, O'Connor
R.
G. A. Saxton 6c Co., Inc.
JONES, HARVEY R.
Telephone: HAnover 2-2600
A.
LICHTENSTEIN, BENJAMIN S.
Allen 6c Company
Golkln, Bomback 6c Co.
30
"
KOERNER, IRVING
JOHNSON, FRITZ K.
JOHNSON,
6c
KOELLE, ROBERT
Shearson, Hammill
JESKE, EDWARD
Co.
D. Knox
Lasser Bros.
,
LEWIS, MILTON F.
KOCH, GEORGE J.
Placements,
-
LEVY, JOHN M.
Granbery, Marache & Co., Incorporated
HENRY
GTuntal &
GEORGE W.
Filor, Bullard 6c Smyth
B.
(Associate)
M. L. Lee Co.
KLEIN, CHARLES E.
FRANK
6c Pollack
LEVIN, MURRAY
Singer, Bean 6c Mackie, Inc.
Delafield
JACOBSON, HANS J.
Kalb, Voorhis & Co. (Associate)
v
Inc.
LEVY, MARTIN L.
KIRK. JOSEPH J.
'
Sons,
GEORGE V.
LEVY, GUSTAVE L.
Goldman, Sachs & Co.
KING, SAMUEL H.
JANNETTE,
MUNICIPALITIES
William H. Joyce Company
LERNER, MURRAY
Adler, Coleman 6c Co.
KING, MARTIN I.
Sutro Bros.
Co.
LEIBERT, KENNETH V.
LEONE,
CHARLES
Charles King 6c Co.
ITTLEMAN, IRVING
Frank Ginberg & Co.,
Ristine 6c
LEBO, ROBERT ALAN
Sterling, Grace & Co.
KING,
6c Co.
P.
LAURIA, ANTHONY
Cowen 6c Co. (Associate)
LEONARD, RALPH B.
Ralph B. Leonard 6c
(Associate)
OLIVER A.
KIMBERLY,
Jersey City, N. J.
IRVING H.
Stryker 6c Brown
PUBLIC UTILITY COMPANIES
(Associate)
RAYMOND J.
Merrill Lynch, Pierce, Fenner 6c Smith
Incorporated
ISAAC,
INDUSTRIAL CORPORATIONS
Inc.
Co.,
Vanderhoef 6c Robinson
HUNT, JOHN K.
Laird, Bissell 6c
Charles King
IRVIN
,
Goodbody 6c Co.
LARSON, ROY R.
KIERNAN,
Pine Tree Securities,
Brokers and Dealers in
Goodbody & Co.
LARKIN, THOMAS A.
F.
JAMES F.
Dempsey-Tegeler
&
Co.
Corporation
(Associate)
LARKIN, EDWARD J.
KENNEY,
HUNT, GEORGE V.
Providing markets for Banks,
New York Hanseatic
Company
D. Raymond Kenney & Co.
GEORGE B.
N. J.
Joseph J. Lamn Securities, Inc.
KENNEY, D. RAYMOND
White, Weld & Co.
&
Co., Bayonne,
LANZA, P. PAUL
M.
John C. Legg & Company
(Associate)
D'Assen
B. Lang 6c
(Associate)
KENNEDY, WALTER V.
American Securities Corporation
HUNT,
J.
Gregory 6c Sons
HUNT, E. JANSEN
DEALERS
LANG, JAMES V.
KELLY, ROBERT J. J.
HUKE, WALTER E.
DISTRIBUTORS
-
Hayden, Stone 8c Co. Incorporated
LANE, PAUL J.
Kidder, Peabody 6c Co.
LANN, JOSEPH J.
Greene and
HORN, EDWARD A.
Kuhn, Loeb & Co.
Company
& Rothschild
Posner
(Associate)
KELLY, JOSEPH
Company
HUFF, Jr., ASA C.
Georgeson JSc Co.
Ladin
KELLY, JAMES J.
Lee Higginson Corporation
HORN, BERNARD
Greene and
S.
GEORGE
LALLY, ELMER
KELLY, JAMES FRANCIS
r. Kidder, Peabody 6c Co.
Jr.,
Inc.
Andrews,
KELLY, EDWARD J.
Carl M. Loeb, Rhoades & Co.
1
IRVIN
Lee Higginson Corporation
HOOD,
Edward
KELLEY, EUGENE F.
Shelby Cullom Davis 6c Co.
Corporation
(Associate)
''
LADIN, EDWIN S.
LAINE,
'
HONIG, JACK
ESTABLISHED 1922
C.
KEHLENBACH, THOMAS C.
Eastern Securities,
Inc.
(Associate)
HAROLD D.
6c Co. (Associate)
•
Lieber 6c Co.
The First Boston Corporation
,
HOLTZMAN, SYDNEY
Singer, Bean 6c Mackle, Inc.
HONIG,
Walston 6c Co.,
KEENAN, ROBERT B.
Troster, Singer 6c Co.
(Associate)
W.
Co.
LADD, 3rd, EDWARD H.
Co.
&
&
\ ;/■' :
Vanden Broeck,
Inc.
LAURENCE
Goodbody
V.
FREDERICK
Barney
LACY, HERBERT J.
P. F. Fox 6c Co.,
HOBL1TZELL, BRUCE C.
Pyne, Kendall 6c Hollister
JOHN
Co.
J.
Herzig, McKenna & Co.
Dean Witter 6c Co.
HOLLAN,
Smith,
KUX, LACY
Hammlll 6c
BOYD
Co.
KITMM, J. WILLIAM
Ira Haupt 6c Co.
Co.
&
&
KULLMAN, ROBERT N.
John J. O'Kane, Jr. 6c Co.
(Associate)
Ernst & Co.
Shearson.
Inc.
KUEHNER, HANNS E.
Laird, Bissell 6c Meeds
(Associate)
HEANEY, MICHAEL J.
Michael J. Heaney 6c Co.
Corporation
Mrs. F. J.
&
Wechsler & Krumholz,
Ogden,
HENRY
Ernst 6c Co.
Mr.
KRUMHOLZ, NATHAN A.
Mergott, Rappa 6c Co., Inc.
D.
HENDRICKS, ROBERT J.
G. A.
Thursday, October 24, 1963
.
Saunders, Dominion Securities Corporation, New York;
"Speed" Hughes, Clayton Securities Corporation, Boston
KAHL,
HENDERSON, Jr., ROBERT
Harris, Upham 6c Co.
Murphy 6c Durieu (Associate)
.
F.
HAYES, JOSEPH J.
Eastman Dillon, Union Securities 6c Co.
HARTIGAN, RAYMOND ARTHUR
^
Incorporated
HAYES, JAMES J.
Corp.
HART, MAURICE
HATZ,
(Associate)
Corp.
HAWKEY, ROBERT D.
'
Childs Securities
Securities
&
.
Company
KRUGE, WALTER C.
Walter C. Kruge & Co. Inc.
KRUMHOLZ, ELROY
Burnham and Company
Co.
(Associate)
LtJTTERMAN, MORRIS J.
Birnbaum 6c Co.
LYE, CHARLES J.
Merrill Lynch, Pierce,
Incorporated
'enner 6c Smith
Volume
Mrs. John A.
Mr. &
Number 6310
198
.
.
21
The Commercial and Financial Chronicle
.
McCue, May & Gannon, Inc., Boston; Mrs. & Mr. Francis J. Mullin, Incorporated
Mrs.
Boston;
&
Gilbert M. Lothrop, W. E. Hutton & Co., Boston;
Keystone Custodian Funds, Boston
Mr.
LYNCH, JOSEPH P.
L.
Watson
John
Inc.
Co.,
MALA
J.
Allen
&
Hardy
Company
VINCENT
JOHN
Shields
&
IRA
Carl
HENRY
J.
Weld
White,
Wood.
DAVID
Digest
D.
MARTINELLI,
Weld
&
Co.
''
Eastman
reasons
for
J.
>
ANGELO
Union Securities
Dillon,
McCLUSKEY, JAMES F.
Sc
Co.
Kidder,Peabody
V
-
Merrill Lynch, Pierce, Fenner Sc Smith
Weld
W.
E.
A major name in the underwriting
Stephen
Quinn
BOLES.
The
Corporation, Raleigh,
&
KELLEHER,
EWING
&
Mex.
Jr.,
KOCH,
A.
Buffalo,
Co.,
N. Y.
Rock,
Ernest
Ark.
CASSELL,
C.
Cassell
F.
CLAYBAUGH.
Hallowell,
Kirkland
/
Russ
J.
Detjen
Cramer,
Co.',
Phoenix,
MASON,
Ariz.
MASON,
E.
Co.,
WILLIAM
Mason
Ariz.
Bache
MORRIS
MUIR,
&
Ind.
H.
Moines, Iowa
Pierce, Fenner & Smith
Houston, Tex.
Harrington Sc
Co.,
F.
&
C.
Bend,
Des
Jackson, Miss.
Ind.
Iowa
and
John
HUNT.
First
EVERETT
Nebraska
Cedar
Nebraska
Y.
Amarillo,
Texas
Richmond,
Okla.
Circle
Lincoln,
Walston
street markets
WALTER
Co.
Buffalo,
N.
Y.
Incorporated
& McCuaig Bros.
/
/
,
Sc
First
Co.
No
J.
Jr.,
CHARLES H.
HARRY
Union Securities
Iowa
ERNEST
Incorporated
MILLER, RICHARD V.
Goodbody Sc Co.
Lynchburg, Va.
B.
MILLINGTON, RALPH W.
Corporation,
Carl Marks & Co.,
Inc. (Associate)
Ind.
MILT,
San
Mateo,
Calif.
New
SAMUEL
York
Sc
Co.
D.
JOHN
B.
Hanseatic Corporation
what
matter
experience
Michigan Corporation
Dillon,
(Associate)
MILLER,
;
VINCENT
Amott, Baker Sc Co.
Company,
Inc.,
and
t.
Sc
Company
of
MILLER,
Co.,
Aires
Hong Kong
Nugent & Igoe. East Orange, N. J.
Toronto
PAUL
Sc
Allen
MIGLIORISI,
A.
RONALD
Buenos
;
Co.
william
Paris,
London,
J.
Sc
Eastman
Inc.,
in
Co.
john
Meyers
offices
Overseas
D.
Meyers
J.
MILLER,
Securities
YARROW,
J.
large
existing
S.
MICHELS, HARRY A.
C.
Limited,
Lee,
Indianapolis,
Inc.,
"/
handling
in
without, disturbing
Va.
S.
II,
Sc
Jr.,
meyers,
John
Co.,
Canada
Rapids,
meyers,
John
M.
Vavra
WOODARD,
City,
M.
Securities,
N.
Va.
JOHN
Mason
HONNOLD, PHILIP C.
Honnold & Co., Oklahoma
Utica,
L.
Company,
Watt
WILLIAMS,
Antonio, Texas
Co.
MEYER, MILTON S.
Shufro, Rose & Meyer
Dominick,
JAMES
S.
&
Walker &
Wood,
Inc.
Inc.,
Co.,
Roadhouse
&
VAVRA.
blocks
,
HERMAN
MEYER,
Co.,
&
Sc
Vancouver,
IIOBBS, Jr., WILLIAM G.
Funk, Hobbs Sc Hart, Inc.
San
Sc
GEORGE
Watt
H.
MEWING,
MAX
Dominick
TRAVISS,
&
ANTHONY
Co.
Sc
experience
Long
T.
McDermott
Laidlaw
D.
HERBERT
Doherty
THEODORE C.
& Co., Inc.
Company
EDWIN JEFFERSON
P.
MERCOVICH,
D'Assern
HARRISON
STEARNS,
TAPP,
and
WILLIAM
MENDEL,
Limited,
,
MARK A.
Craieie &
Strader
Henderson
Moines,
coast
to
al coverage—at less cost
Incorporated
Co.,
Co., South Bend, Ind.
Lynchburg.
T.
coast
for broad dealer and institution¬
H. C. Wainwright Sc Co.
STRADER, LUDWELL A.
A.
HARRISON, GEORGE G.
Harrison & Austin, Inc.
HENDERSON,
MELLIN,
W.
Peter
Shaffer
L.
W.
&
Burnham
Securities
Philipson
SMITH,
-
FULLER
HARRINGTON,
to 32 offices and
correspondents
M.
FRED
Blair
Jr., WILLIAM N.
and Company, Incorporated
SHAFFER,
GRAEFE, HARRY B.
Incorporated,
(Associate)
MELE, ANTHONY
Va.
EDWARD
Max
HAHN, DANIEL C.
Merrill Lynch,
A wire system
THOMAS
GEORGE
MEER,
Va.
Lee, Inc.
CECIL
PHILIPSON,
Conway Brothers, Inc., Des
V.
FRANK
Drexel Sc Co.
,
Lynchburg,
Dempsey-Tegeler & Co.,
San Antonio, Texas
Share
Corporation, Indianapolis,
South
Inc.,
Lynchburg, Va.
Indiana
&
stocks
and convertible securities
Inc.
Lehman Brothers
McGANN, ALBERT
GOELZER, DON W.
City Securities Corporation, Indianapolis,
Bond
Antonio,
McCLINTIC,
C.
& Co., Incorporated,
Milwaukee, Wis.
Indianapolis
San
Toronto
Phoenix,
Loewi
GRABLE.
Inc.,
WALTER G.
Strader
ELWELL,
Lee,
Midland-Osier
Detjen
McPHEE,
B.
Levy Sc Co., Waco, Texas
&
McBRIDE.
CARLYLE L.
Cramer,
stocks,,
preferred
(Associate)
Va.
AUBREY L.
Lynchburg,
Norfolk
Norfolk, Va.
DETJEN,
markets in
common
bonds,
corporate
J.
Securities,
Lann
of
range
J.
ALFRED
J.
primary trading
wide
Kahn, Peck & Co., Inc. (Associate)
ROBERT E.
.
Richmond, Va.
L.
DAVIS, G. POWELL
Investment Corp. of
Joseph
McVEY,
Robert
W.
Co.,
Sc
DONALD
a
McKEEVER, WILLIAM DONALD
Roanoke,
Company,
Active
Weeks
.
LEVY,
WALTER
McGOWAN,
McKENNA,
Lee, Inc.,
Sc
Mason
CRAMER,
Wis.
Texas
'
Co.
>
Pa.
Craigie
W.
Jenks,
&
ROBERT
LEE,
F.
BLAIR
&
Harrisburg,
F.
Mason
Va.
Sulzberger,
Milwaukee,
LEE; BURTON P.
Inc.
Co.,
&
Charlottesville,
CRAIGIE,
H.
EUGENE
G.
Blyth Sc Co.; Inc.
Kosek Sc Company
Rapids, Iowa
Cedar
/
T.
WILLIAM
McGOVERN,
J.
Company,
<- -
McKinnon
JAMES
Hornblower &
ERNEST
KOSEK,
BUTLEJt, ERNEST
Stephens, Inc., Little
OTTO
Marshall
The
/
FRANK
&
McGIVNEY,
Corporation of Iowa
Rapids, Iowa
J,
Cedar
Columbus, Ohio
Department
B.
Co.
&
expe¬
Trading.
Co.
Thomson
Wash.
KNAPP, RUSSELL F.
T.
Sc
large,
rienced
WILLIAM
A.
McGIVNEY,
Securities
Ohio Company,
BRADT, JOHN
N.
Hirsch
Va.
WILLIAM
Spokane,
Albuquerque,
Co.,
Doolittle
IRBY, Jr., MORELAND R.
J. C. Wheat & Co., Richmond,
C.
VERNE
BEAL,
G.
b.
JAMES
Forgan
McGIVNEY,
A
(Associate)
Co.
McFARLAND,
Glore,
m.
robert
Sassa
b.
Co.
harold
& Whitehead
Frank
/
Sc
field
(Associate)
Co.
Sc
Burnet
Mcdowell,
Mcdowell,
MEMBERS
OF
trading
with
Incorporated
Co.
Drysdalc & Co.
Incorporated
Any Regional Group
Securities
22
(Associate)
Inc.
McCartney, john m.
Nye
JAMES
page
R.
Sc Denton,
Stone &
Mcdonald,
Carolina
on
McCarthy, daniel d.
^
NSTA Members Not Affiliated With
Carolina
Neu
R.
THOMAS
FRANK
Hayden,
White,
North
Newborg Sc
Continued
Co.
McCORMACK, EDWARD J.
BARNES,
Co.
b.
Incorporated
ROSTER
Oppenheimer,
(Associate)
MATTHEW J.
McCALL.
Josephthal & Co.
Hill, Thompson & Co., Inc.'
-
&
EDWARD
PETER E.
Singer, Bean & Mackie, Inc.
Inc.
Co.,
&
GEORGE
WILLIAM J.
Hayden, Stone Sc Co.
SAMUEL E.
MAGID.
White,
Pierce, Fenner Sc Smith
Dominick
&
McAULIFFE,
Bear, Stearns Sc Co.
Magid Sc Co., Inc.
H.
(Associate)
Gregory Sc Sons
MOLLOY,
GEORGE
Dominick
McCABE,
MARTIN,
H.
&
Burns Bros.
(Honoraryt
MAGID,
Witter
Dean
MONTE,
JOSEPH
McALEER,
MARTIN, RALPH
Dealers
Investment
Corporation
Cohu & Stetson, Inc.
Winslow.
(Associate)
SAM
MAGAZINE,
b.
Joseph Mayr Sc Co. (Associate)
JOHN
Gundy
MARTENS,
A.
Co.
Rhoades
RICHARD
.
Co.
&
MAXIMILIAN
Leeds Sc Kellogg,
Spear,
MAYR,
L.
MARSHALL, THOMAS L.
Robbins, Clark & Co.
MARSLAND, ALLISON W.
"
MADER,
Boston
Loeb,
MONTANYE,
MOESCIIEN, ROY ERNEST
IRVING
JAMES
Josephthal
Inc.
Co.
M.
Incorporated
MAYNES,
CURTIS
& Webster Securities Corporation
Stone
MADDOX, WILLIAM T.
E. F. Hutton & Company Incorporated
MADER,
First
MARSHALL,
Co.
&
Sc
N.
Merrill Lynch,
FRANK
A.
Lynch, Pierce, Fenner Sc Smitb
Incorporated
Winslow, Cohu Sc Stetson, Inc.
J.
Carl
Merrill
MAYER, JOHN M.
(Associate)
Inc.
WILLIAM
Freeman
Marks
MARSHALL,
%
The
Mackie,
W.
&
(Honorary)
EDWIN S.
MARKS,
FRANIJ^-^
Bean
Digest
Incorporated
MARKHAM. EDWIN
ROBERT A.
Singer.
MADDEN,
Dealers
Lynch, Pierce, Fenner & Smith
JOSEPH
GILES
MONTANYE,
/
(Associate)
Haupt Sc Co.
MAXFIELD,
Dempsey-Tegeler & Co., Inc.
Abbott. Proctor & Paine
MACKIE,
Ira
SAM
& Co.
MITCHELL,
MATHES, JOSEPH
Co.
Investment
Merrill
MacKAIN, FRANK JAY
Ingalls & Snyder
T.
Hardy
Inc.
Co.,
Kuhn, Loeb Sc Co.
MARGRAF, JOSEPH CARR
b.
Equitable Securities Corporation
MACDONALD, JOHN M. V,'
The Dominion Securities Corporation
MACKESSY,
MINSKY,
(Associate)
LAWRENCE I.
&
MARCUSSEN, P. A.
Company
MacCULLEY,
MASCERA,
Co.
&
Richards,
Martinelli
MICHAEL
JOSEPH
&
Denver;
MARTINELLI, VINCENT
(Associates)
MANSON, JOHN N.
LYONS, LAURENCE H.
LYTLE,
VET,
Mr. Dick
&
R.
Maher
R.
Bache
Co.
Sc
JOHN
MAHER,
■
&
THOMAS
Jr.,
LYNCH,
T.
Pollock
E.
Wm.
Mrs.
Inc., Chicago; Ernest E. Stone, Stone, Altman & Company, Inc.,
Edward F. Altman, Stone, Altman & Company, Inc., Denver; James I. Geddes,
Bosworth, Sullivan & Company, Inc., Denver
Robert Strauss, Hayden, Stone & Co.,
Investors, Boston; Mrs. & Mr. Almore Thompson, Massachusetts Investors Trust, Boston; Mrs. & Mr.
Clive B. Fazioli, White, Weld & Co., Boston; Mrs. & Mr. Irving S. Skinner, Eaton & Howard, Inc.,
i
your
help.
can
trading
Call
or
problem
write
may
David
D.
be,
our
Lynch,
Manager, Dealer Relations Department. (212) 770-7375
Kidder, Peabody
Founded 1865
Members New York,
Co.
American, Boston,
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•
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•
The Commercial and Financial Chronicle
Jack Barker, Lee Higginsoti Corporation,
William R. Staats & Co.,
Robert
New York; James L. Beebe,
Los Angeles
M.
Topol, Greene and Company, New York;
George
Latinovich, Bateman, Eichler & Co., Los Angeles
New
Chemical
Bank
York, Inc.
York Trust
New
HOMER
Co.
J.
Cullom Davis
Murphy & Durieu
MORAN, FRANCIS XAVIER
Kidder, Peabody & Co.
MURPHY,
Lynch,
Incorporateu
McDermott &
P.
Co.
..
(Honorary)
MOTTINO,
Harris,
MYERS,
Penner
&
E.
MULLENS,
Dean
THOMAS
Witter
&
W.
&
WILLIAM
Pitfield
C.
F.
New
Co.
&
Inc.
NELSON,
H.
Co.,
J.
A.
McDonnell
&
Co.
E.
New
OPITZ,
Incorporated
MURPHY, III, CHARLES
Murphy and Dimpel
Inc.
Kalb,
C. Legg
L.
Newman
Corporatipn
JAMES
Ira
I.
NOKE,
M.
LOUIS
.
Co.
Denton,
PIKE,
Co.
Co.
(Associate)
Troster,
G.
MURPHY, KENNETH P.
Co.
O'ROURKE, EDWARD JOSEPH
Blyth & Co., Inc.
Pont & Co.
OSBORNE, C. MILTON
(Associate*
C.
M.
ROBSON,
Osborne &
Hirsch
&
B.
W
Wood,
&
Pyne,
RICHARD
J.
NYE, JOSEPH
Kendall & Hollister
Nye
&
S.
•
.
O'SHEA, HENRY M.
Whitehead
Drefcel
&
Co.
Burke
&
Co.,
,
ROOME, KENNETH A.
Co.
Hardy & Co.
(Associate)
ROSENBAUM, NORRIS
A.
Ladenburg,
Weeden
E.
K.
H.
RICHARD E.
Co.
First
Inc.,
Co.
Dillon,
Securities &
Members New York
Securities
&
Co.
Asiel
/
(Associate)
Kuhn,
>.
(Associate)
Loeb
&
Co.
RYLEY, G. GERALD
Canadian
Midland
SABAII,
'
QUINN, EUGENE J.
,
:".f
Corp.
WILLIAM J.
Cohu
Winslow,
Co., Inc.
Inc.
Co.,
III, JOHN BARRY
RYAN,
(Associate)
&
SCOTT
A.
SAM J.
Rutberg &
Whipple & Co.
Quinn
WILLIAM
Donaldson, Lufkin & Jenrette, Inc.
'
J.
Inc.
Co.
FRANK
RUTBERG,
.
Co.,
RUSSO, RUDOLPH J.
Tucker, Anthony & R. L. Day
D.
QUAGLIANI, T. LEO
Goodbody & Co.
E.
&
RUSSO,
PYLE, RAYMOND WILLIAM
37 Wall Street, New York 5, N. Y.
&
RUSSELL, III, PARIS
(Associate)
(Associate)
Pulis & Co.
Bomback
Henry Edelmann & Co;
& Hutzler
Stieglitz
CHARLES
Bacon,
New Jersey Securities Company,
Asbury Park, N. J. (Associate)
RUSSELL, EDWARD
Co.
PUPDY, EARL
Security Dealers Association
Inc.
Co.
Bruns, Nordeman & Co.
\
Union
Salomon Brothers
D.
Company,
&
RUSKIN, EDWARD
PROSNITZi WILLIAM D.
Hardy & Co.
&
N.
Frumkes
Golkifa,
(Associate)
PRINTON, JOHN CRAIG
C.
BURT
M.
RUSKIN, ARTHUR S.
Scott &
Stanley Heller & Co.
SreeneaniComponu
,' :
RUBIN, MARTIN P.
(Associate)
PRINCE, MILTON A.
PULIS,
Hutton
F.
RUBIN,
PRELLER, FRED W.
&
(Associate)
G.
Kaufman, Alsberg & Co.
PRELLER, CHARLES F.
Eastman Dillon, Union
Halle
Thalmann & Co.
Co.
RUBIEN, EVERETT R.
POWER, RALFH
SECURITIES
&
L.
ROTH, JAMES A.
'
Libaire, Stout & Co.
WILLIAM
Eastman
J.
EDWARD A.
ROSSNER, ALBERT
J.
POWELL, VINCENT A.
Eastern Securities, Inc.
OVER-THE-COUNTER
& Co.
ROSENZWEIG,
Hemphill, Noyes & Co.
Montgomery,
Stamm
ROSENBAUM, ROBERT
Wertheim & Co.
Inc.
Schwabacher &
L.
Englander & Co., Inc.
HAROLD
& Pollack
PORTMORE,
Company,
ROSENBAUM, HARRY
Inc.
Co.,
POOLE, HORACE I.
MARKETS
Gardner &
Inc.
Co.,
POLLACK,
TRADING
A.
Newark, N. J.
POLITIS, CHARLES P.
Kuhn, Loeb & Co. (Associate)
PORTER,
J. WILLIAM
ROOS,
Stern, Lauer & Co.
Eisele & King,
Corporation
(Associate)
Co.
PLOTKIN, EDWARD A.
Leone
Co.
Hanseatic
York
New
PLANTE, ROBERT
MURPHY,
Co.
J.
WINTHROP
&
&
Inc.
R.
Walker
W.
Pizzinl
Union Securities
RONAN, FRANK
PIZZINI, ROBERT M.
B.
W.
Rcggenburg & Co.
S.
Co.
Dillon,
RODDIN, MILTON
&
&
Corporation
ROGGENBURG, STANLEY L.
C.
Plzzini
W.
DONALD
Casper Rogers Co.,
Co.
PIZZINI, B.
(Associate)
Incorporated
P.
Securities
FREMONT
Eastman
F.
Singer
JOHN
S. CHARLES
Co.,
ROBSON, HENRY E.
ALBERT
Troster,
'
ROGERS, CASPER A.
Legg & Company
PISTELL,
Co.
McLeod, Young, Weir, Incorporated
BERTRAND
PINKUS,
Singer, Bean & Mackie, Inc.
HAROLD
NORRIS, EDMOND J. Van Alstyne, Noel & Co.
Blyth & Co., Inc.
Singer & Co.
ORNSTIL, SIDNEY
Rhoades &
Loeb,
HARRY
ORLOFF,
Inc.
Co.
PICON, ANTHONY J.
C.
&
ROBITAILLE,
Phelps, Fenn & Co.
(Associate)
G.
Blair
PHELPS, ROGER S.
W.
&
C.
&
JR., ALBERT T.
Becker & Co. Incorporated
ROBINSON,
W.
PFLUGFELDER, WILLIAM HENRY
Pflugxelder & Rust
:
Incorporated
Roberts
C.
Dominion
&
F.
Co.,
ROBINSON,
Garvin, Bantel & Co.
Co.
&
RICHARD
Richard
HARRY J.
ORLANDO, FRANK J.
Goodbody &
Francis I. du
ROBERTS.
C.
U.
(Associate)
ANDREW
McDonnell
G.
PETKE, RUDOLPH J.
Co.
Voorhis
Bros.
Haupt &
ARTHUR
Hickey
WILLIAM C.
RIGGIO.
A.
ROBERT
PEISER,
John
Corporation
NIEMAN, BARNEV
Carl
(Associate)
Company
Troster, Singer &
& Company
MURPHY, HAROLD
Gregory & Sons
Hanseatic
NEWMAN, LAWRENCE
MURPHY, CYRIL M.
John
HOWARD
&
&
Mabon & Co.
AUSTIN n.
Corp.
Boston
Hemphill, Noyes & Co.
FRED W.
ORCHIN,
(Associate)
O'BRIEN
Vilas
REUTER,
Troster, Singer & Co.
Co.,
Roberts, Rutter &
Schapiro & Co.,
York
RETALLICK,
(Associate)
Co.
Schapiro & Co.
PAYNE.
M.
Singer &
Goodbody &
GEORGE E.
NESTER, WALTER C.
M.
A.
&
PAULEY, MILTON
Inc.
JOHN J.
O'MARA,
Co.
CHARLES
'M.
Burns
York Hanseatic
Troster,
(Associate)
Inc.
Gregory & Sons
Day
REILLY, THOMAS J.
Eastern Securities, Inc.
McKinnon
O'KEEFE, THOMAS
NETBURN, AARON
MURPHY,
&
REILLY, JOHN F.
L.
PEET, EDWIN F.
VINCENT
Naddeo
F.
NAYLOR,
Brady
MULLIN, DANIEL GORDON
Tucker, Anthony & R. L.
S.
OHLANDT, JOHN D.
V.
&
CHARLES
Freeman
WALTER T.
Thomson
First
PATTERSON,
Wechsler & Krumholz,
O'HARA,
MULHOLLAND, WILLIAM R.
Kaufman
(Honorary)
Co.
&
NADDEO,
Co.
MUELLER, Jr., WILLIAM C.
Middendort, Colgate & Co. '
Mulholland,
Railway Co.,
CHARLES D.
Ogden,
Co.
The
Troster, Singer & Co.
Smith
OGDEN,
ELMER
Sullivan
,
HERCULES JOHN
Upham &
Pierce,
MUSSON, JAMES F.
Newburger, Loeb &
MORTON, ROALD A.
The Blue List Publishing Company
OFFERMAN,
^
Witter
PATTERSON,
Southern
&
Norfolk, Va.
WALTER J.
Merrill
MORTON, PAUL S.
Peter
Norfolk
L. Beck,
Commercial & Financial Chronicle,
Mrs. Carolyn Beck Ramsay, New York
Company
PATTERSON,
& Co.
HENRY
OETJEN,
MURPHY, WALTER A.
Continued from page 21
LIBORIO
and
Thursday, October 24, 1963
.
PARSONS, HOWARD C.
White, Weld & Co.
Dean
O'CONNOR, WILLIAM D.
Shelby
Edwin
York;
.
PATTERSON, ARTHUR C.
Ladenburg, Thalmann & Co.
ROSTER OF MEMBERS
New
Greene
O'CONNELL, EDWARD J.
.
O'CONNELL,
Mr.
&
'
PALERMO,
O'BRIEN, BERNARD WILLIAM
Charles King & Co.
Security Traders Association of
Mrs.
M.
.
&
Stetson,
Inc.
SACHTLEBEN, ARTHUR G.
r
'
American
Securities
Corporation
.■•
SAFFERSON, RUSSELL
Teletype
212
Telephone
571-1636
HAnover 24850
Telex
QUINN, WILLIAM C.
Russell
RAMOS, RAYMOND
01-2455
Bache
&
RAPP, JULIUS
Beach, Fla.
Howell
O.
Archard
Co.
&
(Associate)
RAPPA, SALVATORE J.
PRIVATE WIRE
CHICAGO—First Securities
SYSTEM
Company of Chicago
Mergott, Rappa & Co., Inc.
RASCIIKIND, SOLOMON
Goldman, Sachs & Co.
CLEVELAND—Hayden, Miller & Co.
LOS ANGELES—Mitchum, Jones &
Templeton, Incorporated
RASMUSSEN,
MIAMI—Oscar E.
SAN
FRANCISCO—Mitchum, Jones & Templeton, Incorporated
REILLY, JOHN
Co.
telephone: Philadelphia-WAlnut 2-1514
Reich
&
Harrison
H.
•
&
&
John
SAN
J.
&
Co.
ARTHUR K.
Brothers
&
Hutzler
O'Kane, Jr„,& Co.
(Associate)
Dillon,
A.
Union
Securities
FILIPPO, FRANK
Gersten
1
Co.
Co.
SALTZMAN, DAVID I.
Torpie & Saltzman
Eastman
A.
Schultz
Walker
&
Singer, Bean & Mackie, Inc.
SANDBACH, JAMES
Company
RE1LLY, JOHN C.
G.
Weeks
SAMMON, JOHN F.
REICH, JAY
Direct private
J.
&
SALMAN, BERNARD
Salomon
REDMOND, HERBERT T.
Dooly & Co.
LOUIS—Henry, Franc & Co.
&
SALVATORE
Hornblower
SALISBURY, WILLIAM H.
Eastman Dillon, Union Securities
SALOMON,
REARDON, WARREN V.
ST.
Wertheim
WILLIAM
Inc.
Saxe,
SALADINA,
Co.
/
Branch Office: Miami
&
&
SANSVERIE,
New
York
Frenkel
Jr.,
ANTHONY
Hanseatic
T.
Corporation
Number 6310
198
Volume
.
.
The Commercial and Financial Chronicle
.
i
*
Mr.
Mrs.
&
Bernard
SASSA, FRANK II.
Frank
F.
SAUNDERS.
Securities
Dominion
Corporation
The
;
-
SLEDGE,
Russell
&
Saxe,
(Associate)
Inc.
H. D.
& Co.,
Knox
Canadian
Grace
E.
Inc.
SCHEIDECKER, JOSEPH F.
Lomasney
J.
Irwin
&
Inc.
Co.,
Reynolds
CHESTER F.
Securities,
Burke
St
JAY
Inc.
Co.,
Ferman
L.
Co.
&
Stone St
Hayden,
SCOTT, RICHARD H.
E. J. Quinn St Co.,
K.
Inc.
D.
Magid & Co., Inc.
H.
Haven
& Bodine
^
M.
-
SEIBERT, CLAUDE D.
The Commercial St Financial Chronicle
Fenner
St
Smith
Inc.
Co.,
&
and
Greene
Abraham
G.
C.
E.
G.
'
B.
SHORE,
Harold
SIEGEL,
/
Sidney
Shore
C.
Company
INCORPORATED
Walker
Co.
&
,
Co.
V.
EDWIN
TATRO,
Edwin
L.
Tatro
L.
Company
TENENBAUM, L. JAY
CO.,
Inc.
Goldman,
C.
& Co.
Sachs &
Dominick
Co.
<
WILLIAM J.
TETMEYER,
(Associate)
St
Dominick
WARREN
&
Co.,
Inc.
THISTLETON, JOHN F.
SIDNEY A.
A. Siegel St
Co.,
Inc.
THOMAS,
C.
Shore
Newburger,
SIEPSER, JAMES
Shaskan
SILLS,
H.
Abraham &
(Associate)
RICHARD
HAROLD
St
ANTHONY
WEINBERG, SAMUEL
Weinberg,
Grossman & Co.,
Inc.
Continued
page
WM V. FRANKEL & CO.
NELSON A.
and
TARPEY, DONALD
Goodbody St Co.
E.
.Halsey, Stuart & Co. Inc.
Harold
WALDRON, D. KINGSLEY ,
DeHaven St Townsend, Crouter St Bodine
EDWARD
TAFT, WILLIAM J.
Co.
SHIPMAN, C.
SHORE,
Smith
WILLIAM
Wainwright St Co. (Associate)
'
TADDONIO, RICHARD A.
McDonnell St Co. Incorporated
Co.
&
W.
SWORDS, WILLIAM J.
Zuckerman, Smith & Co.
SHIELDS, GARVIN K.
Bergman
Haupt St Co.
S.
St
C.
'A-./.. VAA
'
SWENSON, CARL
Co.
Company
DONALD
Inc.
,
W.
Pont &
SHERMAN, LEE D.
Morse,
H.
'
(Associate)
SULLIVAN, WALTER E.
Hayden, Stone St Co. Incorporated
(Associate)
Co.
SHERIDAN, CORNELIUS B.
SHIPMAN,
WEILAND,
F.
Co.
V.
Leonard St Lynch
Moore,
SHEA, VINCENT P.
Shields & Co.
Ira
LAWRENCE
Co.
Burnham
Wood, Gundy St Co., Inc.
K.
WAHL,
E.
GEORGE
&
Cowen
STROTHMANN,
G.
Lynch, Pierce, Fenner St Smith
/
Singer & Co.
(Assosiate)
Lehman Brothers
Co.
STRYKER,
&
Merrill
GERALD
R.
Co.,
St
CHARLES
Stoltz
SHEA, JAMES F.
Reynolds
SCHAUMBERG,
St
STRATTON,
STANLEY R.
Josephthal St Co.
St
VON
St Co.
ARTHUR
STONEBRIDGE, CHARLES L.
Corporation
Securities
Sherman
Hutton
WEIGNER,
Company
SHAW,
D.
E.
(Associate)
Inc.
St Mackie, Inc.
Saxton
A.
STOLTZ,
SHANLEY, RICHARD T.
L.
Corp.
STOLLE, CARL
SHANKMAN, BENJAMIN
Carl Marks St Co., Inc. (Associate)
SHERWOOD,
W.
Interstate Securities
MURRAY W.
Co. (Associate)
STILLMAN,
(Associate)'
Mitchell St
White, Weld St Co.
,
&
,
White,
Loeb
FRANK
Weld
&
St Co;
J.
Co.
(Associate)
Co.
LOUIS
Gartman, Rose St Feuer
THOMPSON,
Smith,
EDWARD I.
St Co.
Barney
(Associate)
;
•
Inc,
Co.
STILLMAN, HARRY A.
SHANAHAN, JOHN G.
Midland Canadian Corp.
du
'
Fenner
&
8.
Jr., ANDREW
I.
du
Pont
Singer, Bean
LEWIS H.
Josephthal St Co.
JOHN
Haas
STEVENSON, JOHN H.
(Associate)
SERLEN,
I.
VOLKOMER, LOUIS
Dixon
PHILIP
Lynch, Pierce,
Incorporated
Bean & Mackie,
STEVEN.
SELIGMAN, BERTRAM
Francis
,
TUNIMAN,
Merrill
C.
ALBERT
Francis
SEKLIR, DAVID R.
Ungerleider, Goetz St Co.
SHERGER,
G.
Wien & Co., Inc., Jersey City, N. J.
Singer,
Incorporated
&
Troster,
i
J.
ARNOLD
Ogden, Wechsler & Krumholz,
N. J.
Oruntal St Co.
HERBERT L.
Merrill Lynch, Pierce,
Forgan
WECHSLER,
Red Bank,
Incorporated
'
FOSTER
Hardy & Co.
WEIGEL, CHARLES A.
GEORGE D.
St
,
(Associate)
WALTER
WEBSTER,
VOLK, WILLIAM
Hemphill, Noyes St Co.
St Company
TROSTER, OLIVER J.
Co.
STERN, FREDERICK M.
SEIJAS,
Glore,
Cutter
Co.,
St
WEHMANN, GILBERT H.
Co.
RALPH J.
Blair
Co.
Co.
VOGRIN, JOHN J.
Benjamin, Hill & Co.
(Associate)
(Associate)
IRVING
S.
STERN,
(SOLOMON)
& Sons (Associate)
Gregory
Equitable
H.
Asiel
WASSERVOGEL, F. DANIEL
Dean Witter & Co. (Associate)
WECHSLER, THEODORE
Co.
Towbin
St
R.
Co.
WASSERMAN, JOHN
G. LATHROP
Fahnestock
St
STEIN, JOHN R.
Wm. V. Frankel St Co., Incorporated
(Honorary)
Dempsey-Tegeler
Unterberg,
TREFCER,
Inc.
Co.,
St
Asiel St Co.
STEIN,
'
SEIFER
E.
Inc.
'
VISCOUNT, ROBERT D.
Co.
HERBERT
Witter
STEIN, H. RICHARD
Crouter
Townsend,
St
&
Towbin
Co.,
St Company
& Co.
Mabon
SEAVER, CHARLES H.
De
D.
STATTER, EUGENE G.
SEARIGHT, GEORGE A.
C.
&
Dean
WASSERMAN, IRVING
Reich & Company
MILTON
Peter Morgan &
ROBERT
A.
Unterberg,
TRAPANI,
STARK, EUGENE
Bruns, Nordeman St Co.
JOHN
Jr. St Co.
Rice,
|
,
STANFORD, KENNETH C.
F. S. Smithers St Co.
SCRIMGEOUR,
J.
Co.
WILLIAM P.
Marks
Carl
E.
Allen
WASHER,
Delafield, Great Neck, L. I.
Tuyl St George
Inc.
WARNER, JR., HENRY B.
HARRY
Boland
VERMEL YE,
Co.
THOMAS D.
A. M. Lerner & Co., Inc.
Sozek Co.
SPRINGER,
W.
Co. Incorporated
St
Inc.
HERBERT E.
VARE, ARTHUR
Kalb, Voorhis &
TOWBIN, BELMONT
Smith
&
EMIL
St
Barney
George E.
CHARLES
SCIASCIA,
C.
SOZEK, GEORGE E.
HERBERT
SCHWEITZER,
Robert
Smith,
r
R.
F.
WARNER, FRANK W.
G. A. Saxton St Co.,
F.
TUYL, E. EVERETT
Van
TRAMAZZO,
MILTON
SOUKUP,
VAN
&
RIPER,
John
M.
Company
Bradford
TOWBIN,
Incorporated
(Associate)
Company
SCHWADRON, J.
"
Hutzler
WILLIAM F.
Lynch, Pierce, Fenner
Merrill
THEODORE M.
VAN
TORPIE, ROBERT J.
Shearson, Hammill
E.
&
C.
NOOT,
(Associate)
Doyle, O'Connor & Co., Inc.
Saxton St Co.,
Delafield
JOHN
Co.
EDWARD A.
WALSH,
MICHAEL
BLARCUM,
VANDER
TORPIE, JAMES V.
Torpie & Saltzman
J.
^
Co.
&
and
A.
&
WALSH,
Equitable Securities Corporation
A.
Co.
TORPIE, ROBERT A.
r.
SORENSON,
(Associate)
Burnham and Company
and
(Associate)
'
Brothers
Salomon
SCHNEIDER,
V*"';
JAMES
JOSEPH
SMYTH,
SCHNEIDER, MICHAEL
Burnham
Smith
Hart
Inc.
(Associate)
St
(Honorary)
Co.
&
G.
VAN
ROBERT
Singer
Troster,
Co.
St
v,
•
Bureau
(Honorary)
VACCARO, FRANK
VALENTINO,
Inc.
Co.,
LOUIS
WALLACE,
THOMAS I.
Unterberg, Towbin Co.
E.
elected
W.
&
National Quotation
Towbin Co.
Unterberg,
E.
Reynolds
WILLIAM
Jr.,
Greene
WILLIAM HART
SMITH,
C.
Company
TOPOL, ROBERT
(Honorary)
St Co.
VINCENT
SMITH,
Canadian
Grace
TITUS,
Dempsey-Tegeler
UNTERBERG,
F.
TITOLO, JOAQUIN
Harris, Upham St Co.
H.
Heine
Spingarri*
Laird, Bissell St Meeds
SCHNEIDER,
SIDNEY
C.
TOMPKINS, BERNARD
Hogle & Co.
del Mar, Calif.
SMITH.
IRWIN
Schloss
A.
St
Wertheim
Corona
SCHMIDT, WILLIAM T.
'
Co.
St
E.
(Associate)
HAROLD B.
SMITH,
Co.
St
WILLIAM H.
A. W. Benkert & Co., Inc.
SCHLIEMANN,
SCHLOSS,
Pont
Brown
St
WILLIAM
Fitzgerald
ELBRIDGE H.
Stryker
A.
du
EDWARD
E. Smith Co.
SMITH,
(Associate)
Myron
I.
WALKER,
TISCH, ALFRED F.
SMITH,
Securities,
ROBERT
WALKER. GRAHAM
UNTERBERG, CLARENCE E.
WILLIAM
St Hicks
TINI, HENRY R.
Tucker, Anthony St R. L. Day
St Sons
Francis
Inc.
KROGER
JENS
SCHANKE,
Inc.
Fitzgerald & Company, New York, newly
of the NSTA, with his First Lady, Pat
Tisch,
President
TYSON, Jr., ALBERT
Spencer Trask & Co.
(Associate)
THOMPSON,
SMITH, CLIFTON B.
WILLIAM
SCI1AEFER, EDWARD
Co.
F.
TUZO, LAMAR K.
F. S. Moseley St Co.
Jackson St Curtis
Coggeshall
>
CHARLES
Gregory
SAXE, SIGMUND
St
THOMPSON,
Bean & Mackie,
Singer,
SAUTER, MORTON G.
Asiel & Co. (Associate)'
Wertheim
(Associate)
HERBERT
SINGER,
Webber,
THOMPSON, JOHN T.
Newborg & Neu
Oppenheimer,
Corporation
Paine,
SHELDON
SILVERSTEIN.
WALTER F.
Dominion Securities
Alfred
Donn C. Douglass,
Co., San Francisco
&
JAMES P.
THOMPSON,
r
Fox & Co., Inc.
P. F.
(Associate)
J
WALTER
SILVERMAN,
SAUNDERS,
Brush, Slocumb
Fales St Co.
Hay,
;
^
GAGE
D.
IRVING
SILVERHERZ,
,
Co.
Sassa
.
Charles W. Hahn, Scherck, Richter Co., St. Louis;
Kennedy, Bosworth, Sullivan & Company,
Coleman, Allen & Company, New York
C. Merritt
Denver;
;
on
24
24
The Commercial and Financial Chronicle
Security Traders Association of
.
.
,
Thursday, October 24, 1963
NEWELL, DUNCAN H.
Valley National Bank of Arizona
The Bond Club of Phoenix
NORMAN, WILLIAM
Francis I. du
New York, Inc.
Francis
OF MEMBERS
Walston
Pont
du
I.
O'NEILL, Jr.,
ROSTER
Pont & Co.
OAKLEY, Jr., BERFORD
S.
Co.
&
MAURICE
&
Co.,
Inc.
OWEN,
Continued
from
WITTMAN,
23
page
Sincere
LEO
Equities Co.
WEINER,
United
WEINGARTEN,
Benkert
(Associate)
Co.,> Inc.
YEDNAK,
&
FRANCIS
S. Dickson
R.
Inc.
Francis
H.
& Co.,
Inc.
I.
James F. McGinnis
&
Carl Marks & Co., Inc.
New
Carl
(Associate)
D.
H.
Magid & Co. (Associate)
Mitchell
Wertheim
&
Directors:
&
Lee
Smith. Barney & Co
Rhoades
Delegates at Large
»,
CUTLER
William
C.
Elwell, Loewi &
Milwaukee;
WILLIAMS,
Co., Inc., Jersey City, N. J.
A.
P
W.
&
Incorporated
Co.
Weld
Eaton &
&
Co.
(Associate)
KITTLESON,
&
(Associate)
Mabon
&
George M.
Co.
house &
Dempsey-Teleger & Co.,
couver,
Inc.
Tapp, Doherty
Road-
The
A.
G.
&
R.
CsrtewxIItT OtBMf*. inc.,
Co.,
Inc.
Arizona
MAC
E.
Hutton
&
DOUGALL,
Smith
Lynch, Pierce,
E.
Fenner &
Incorporated
Francis
DONALD
I.
JOHN
du
W.
Pont &
Co.
Co.,
I.
du
Pont &
Co.
STOUFFER, Jr., JAMES B.
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
TOPF,
First
MacCormack
&
Co.,
&
William
Inc.
V
HARRY
G. Edwards
National
of
Bank
Arizona
HENRY O.
R.
Staats
&
Co.
VIDRINE, KIRBY L.
Kirby L. Vidrine Co.
Sons
/
..
MILLER, WILLIAM E.
Van Cleef, Jordan, Wood,
L
&
Francis
v
>
GOWAN, JAMES D.
Evans,
Inc.,
'
Incorporated
Company,
Arnold
&
Miller
WADE, ROBERT G.
Valley National Bank of Arizona
Inc.
WEBSTER, ARTHUR I.
Merrill Lynch, Pierce,
Smith Incorporated
'
MINNICK, EDWIN
>
Refsnes, Ely, Back & Co.
MYERS, TOM
Witter & Co.
Dean
Sons
SWANSON, CARL T.
A.
COUTCHIE, RICHARD E.
ptvei;
A.
&
McGINNIS, JAMES F.
Shearson, Hammill & Co.
GEORGE
F.
Edwards
MC
Sons
Staats & Co.
urtm
Fenner &
SORANSON, RANDOLPH
Bank
McCRACKEN, FLOYD A.
Shearson, Hammill & Co.
Fenner &
.*'■-
Scottsdale
•
MELVIN
G.
A.
Jr., EDWARD
Hammill & Co.
MERENESS,
COPP,
Incorporated
Refsnes, Ely, Beck & Co.
SMITH,
Co.
ROBERT A.
Dempsey-Tegeler
Company,
STOEBERL, GEORGE F.
&
&
&
SMITH, H. HOLDEN
>
S.
Refsnes, Ely, Beck & Co.
Staats
COATES, JOHN A.
■■
V
T.
LOPER, ANDREW B.
Valley National Bank of Arizona
Co., Inc.
William R.
■"
Hutton
Merrill
CHRISTIANSEN, ALAN H.
Refsnes, Ely, Beck & Co.
•
F.
STEPHENS,
Edwards
CLAPP,
MUSS
ROBERT
Arizona
LONGSTRETH,
CHESHIRE, CHARLES D.
B. C., Canada
:
&
LOFTUS, BRIAN
Co.
&
Merrill Lynch, Pierce,
Smith Incorporated
McCuaig Brothers, Van¬
OMPANY
Hammill & Co.
MARTIN P.
SIMPSON, DEE C.
Merrill Lynch, Pierce,
Smith Incorporated
Valley National Bank of Arizona
~
•
,
MICHAEL
CARLIN,
WILBUR R.
D.
Co.
•
LEE, EUGENE
George M. Tapp
(Associate)
WIRTH, HOMER
&
Dempsey-Tegeler
LEE, BENTON M.
Co.
BURNS, THOMAS B.
William C. Elwell
WINTHROP, DAVID
WITTICH,
&
TURNEY
Walston
Co.
' : •>
Co.
&
JOHN
Witter
SCHULTZ,
jim
Edwards
G.
BUCK,
Company
Winthrop
Inc.
SENA, JOE
Francis I. du Pont & Co.
Staats
R.
William
David
Phoenix,
Sons
&
Shearson,
A.
WINSTON, LOUIS
Frank
Co.,
Witter
Dean
E.
BENZEL, WILLIAM
Valley National Bank of Arizona
WALTER R.
Company, Inc.
Co.
SCOTT, Jr., THOMAS B.
The Scott Corporation,
JONES, PAUL
ERNEST E.
borst,
WINFIELD,
&
SCHANNEP,
Valley National Bank of Arizona
BELL, THOMAS P.
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
WILLS, HENRY
White,
Edwards
William
fj
E.
G.
BELL,
Meeds
Stone
Hayden,
Dean
Valley National Bank'of Arizona
MacCormack & Co.
Evans,
■'J"®!"
DONALD
Arizona
JAMES, CHARLES E.
ASKEW, LESLIE E.
S.
Bissell
of
Scottsdale
FRED C.
Lynch, Pierce, Fenner &
Incorporated
•
Merrill
BAURES, JACK O.
Laird,
Walston
OF MEMBERS
ANDLAUER,
CARROLL
First
ROSS, SAMUEL S., Jr.
and
&
s. Wien &
The
SCHER, MARK
ROSTER
Smith
M.
Co., Inc.
ROSENCRANS, SHELDON D.
Incorporated; Philip M. Young, Refsnes, Ely,
Co.,
Co., Inc.
Jersey City, N. J. (Associate)
WILLIAMS,
,
ROGERS, FRANCIS C.
&
April 16, 1963; Took Office: May 1, 1963; Term Expires:
April 30, 1964.
WIEN, PERCY J.
STEPHEN
&
Shearson,
Incorporated,
WIEN,
Staats
R.
Hunter
&
Elected:
Gregory & Sons
Wien
William
Beck & Co.
Co.
&
IH, HAROLD
Bell,
REX
Inc.
GEORGE C.
Walston
Co.; James F. McGinnis, Shearson, Hammill & Co.; John F.
Fenner & Smith
Higginson Corporation
S.
E.
C.
Rhoads
RIDLAND,
L
Rhoads & Hunter Securities, Inc.; Sheldon D. Rosencrans, Walston & Co., Inc.; Randolph E.
Soranson, Merrill Lynch, Pierce,
WIELAR, JACK B.
M.
Ernest
•
Rabe, E. F. Hutton & Company, Inc.; C. Rex Rhoads, Heller,
ZINNA, EDWARD
V
/
Co.
Loeb,
Co.
*
WHITING, EDMUND A.
M.
Heller,
Securities,
Co.; Richard
Hauser, Dean Witter & Co.; John G. Holman, Francis I. du Pont
(Associate)
Wellington Hunter Associates,
Jersey City, N. J.
Carl
Sons
JOSEPH E.
RHOADS,
Treasurer: Peter Ratigan, A. G. Edwards & Sons.
(Associate)
Inc.
WESEMAN, RALPH II.
WHITMAN,
Peter Ratigan
Secretary: Carl T. Swanson, First National Bank of Arizona.
ZINGRAF, CHARLES M.
Daytona Beach, Fla. (Honorary)
WERKMEISTER, JR., JOHN O.
Vilas & Hickey
JACK
& Co.,
ZEMAN, FRANK A.
Clark, Dodge & Co. Inc.
EVERETT F.
Company
&
WERTHEIM,
Carl T. Swanson
Vice-President: John F. Rabe, E. F. Hutton & Company, Inc.
York Hanseatic Corporation
Marks
&
R. Staats &
Refsnes, Ely, Beck & Co.
ZEEMAN, Jr., HARRY L.
WELTMAN, NORMAN
WENDLER,
John F. Rabe
President: James F. McGinnis, Shearson, Hammill & Co.
ZEBERTOVICH, ALEXANDER C.
(Associate)
Edwards
William
Co.
WELLS, HORACE W.
John C. Legg & Company
Incorporated
Company,
PETER J.
REFSNES,
Pont
du
G.
A.
Inc.
Co.,
REECE, EMORY F.
Corporation
ZACK, ALBERT
Co., Inc.
WELSH, JOHN JOSEPH
J. & W. Seligman & Co.
MacCormack &
RATIGAN,
YUNKER, ROSWELL J.
Keefe, Bruyette & Woods,
WELCH,
(Associate)
New York Hanseatic
Inc.
FRANK H.
Jr.,
Evans
RABE, JOHN F.
E. F. Hutton &
YOUNG, THEODORE R.
Frankel,
Co.
POWELL, ELMER J.
R.
Sidney A. Siegel
Inc.
BERNARD
Weissman
PAUL
W.
Eeck &
Ely,
(Associate)
N.
Singer, Bean & Mackie,
BARRY
Refsnes,
YAEGER, LEON M.
Stetn, Lauer & Co.
H.
&
WEISS, MORTON
WELCH,
PEACOCK,
Allen & Company
M. L. Lee & Co., Inc.
Gold,
F.
WREN, LAWRENCE
WEINSTEIN, ALEX
WEISSMAN,
Company
Brooklyn
LOUIS
WEISS, MALCOLM
W.
and
Merrill
WORTHINGTON, THOMAS
(Associate)
Herzog & Co.
A.
JOHN G.
Lynch, Pierce, Fenner &
Smith Incorporated
DAVID
E.
F.
Hutton
&
Company, Incorporated
Fenner &
YOUNG, PHILIP M.
Refsnes, Ely, Beck & Co.
v
CROWE, WILLIAM
Telephone: COrtlandt 7-S600
T.l.tvn«J2,2-57M888
Teletypes.
IT IT
A.T.8T.
E.
^ 2T 2-57!-! 889
Hutton
F.
&
Company,
Incorporated
DAVIS, LELAND J.
Francis
I.
du
Pont
Co.
&
DUNBAR, KIRK C.
Shearson, Hammill & Co.
WIRE SYSTEMS-To Chlciio and lot Anialta
Active and Firm Markets Maintained in
ELBERT, MICHAEL
Shearson, Hammill & Co.
STOCKS
ii
ALL MARKETS ON ONE CALL"
ELLIS, Jr., DANIEL E.
Dean
Allis (Louis) Co.
American District
American
Witter & Co.
General Tire & Rubber Co. $27.50 wts.
Golden Cycle
Telegraph Co.
Corp.
ELLIS, KENNETH A.
'
William
Hawaiian Electric Co., Ltd.
Greetings Corp. "A" & "B"
American Pipe & Construction Co.
Intermountain Gas Co.
Arden Farms Co. common &
Interstate Bakeries
pfd.
Corp.
Aztec Oil & Gas Co.
Interstate
B/G Foods, Inc.
R.
Staats
&
Co.
GARRETT, J. WENDELL
Witter & Co.
Dean
& pfd.
cqm.
Kearney & Trecker Corp.
Cannon Mills Co. (Common & B)
'
Kentucky Utilities Co.
Cascade Natural Gas
Coleman
Corp. com. & wts.
Engineering Co., Inc.
'
com.-
Morton
Cyprus Mines Corp.
^
ALL
A.
G.
Edwards
Rowe Furniture
Ski I
Bradstreet, Inc.
MUNICIPAL,
-
Far West Financial
Corp.
HALL,
:
Tiffany & Co.
Equity Oil Co.
Walston & Co., Inc.
Corp.
Tappan Co.
BONDS
STATE AND
REVENUE
BONDS
E.
^
FEDERAL FUNDS
R. F.
F.
Hutton &
Company,
PREFERRED AND
Incorporated
COMMON
STOCKS
/
HAUSER,
Trico Products Corp.
Universal Pictures Co., Inc. com. &
Laboratories, Inc.
FOREIGN
GORDON, ANGUS L.
Corp.
Corp.
Standard & Poors
Laboratory, Inc.
Empire State Oil Co.
CORPORATE AND
Sons
&
Robins (A. H.) Co. Inc.
Enterprises, Inc.
Duffy-Mott Co., Inc.
Forest
Jr., GEORGE F.
GOGGINS, WALTER T.
pfd. (A & B)
SERVICE
Arizona Bank
GILLESPIE, KENNETH G.
Waddell & Reed, Inc.
Mfg. Corp.
National Propane Corp. com. &
Dictaphone Corp.
Economics
The
McCormick & Co. Inc.
Cowles Chemical Co.
Dun &
GERMAN,
pfd. wts. (1959)
Bond wts. (1961)
BROKERAGE
Witter & Co.
Dean
Magna Pipe Line Co. Ltd. wts.
Cooper Tire & Rubber Co. wts.
COMPLETE
GARRETT, ROBERT L.
Kollmorgen Corp.,
Mack Trucks, Inc.
Mack Trucks, Inc.
Consolidated Rock Products Co.
Drexel
Vending Co.
Dean
pfd.
RICHARD
Witter & Co.
Warren Bros. Co.
HAVER, Jr., FORREST E.
Dean
CONVERTIBLE
BONDS
A.
American
Electronics, Inc. 5(4/73
American
Greetings Corp. 4%/83
American Pipe & Construction Co. 4%/ 77
Belco Petroleum
Corp. 5/1977
California Financial Corp. 5/77
Cascade Natural Gas
Corp. 5V4/70
G.
Edwards &
Corp. 5/81
Scottsdale
General
Corp. 5(4/83 WW & XW
Acceptance Corp. 6(4/74 WW
Acceptance Corp. 6(4/74 XW
a
MABON
HELLER, MARVIN S.
Textron, Inc. 5/71
Heller,
Thriftimart, Inc. 5/80
Rhoads
&
Hunter
.
NEW
ROBERT
MEMBERS
115
YORK
STOCK
EXCHANGE,
AMERICAN
HILLYARD, Jr., JAMES
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
,
IB 92
,
Securities, Inc.
BONDS
General Tire & Rubber Co. 6/82 WW & XW
& CO.
ESTABLISHED
,
HOLLAND
Cascade Natural Gas
Sons
Dempsey-Tegler & Co., Inc.,,
Laboratory, Inc. 4%/76
Thriftimart, Inc. 6/77
CORPORATE
General
/
HEINZ, FLOYD
Cowles Chemical Co. 5(4/80
General Acceptance
Arden Farms Co. 6/90
'
Collins Radio Co. 4y4/80 & 4%/83
Economics
Arden Farms Co. 5/86
Witter & Co.
IIAYES, MICHAEL
STOCK
EXCHANGE
BROADWAY
NEW YCRK
B, N. Y.
Dean Witter & Co.
Intermountain Gas Co. 5%/87 & Units
Textron, Inc. 5/84 X all wts.
Textron, Inc. 5/84 WW
HOLMAN, JOHN G.
Francis I.
HOYE,
du Pont & Co.
TOM
Walston & Co., Inc.
RECTOR
2-2S2G
TELETYPE
212
571-023D
Volume
••
Number 6310
198
•
•
.
■
,
,
..
•
..
c
.
.
.
'
■
25
The Commercial and Financial Chronicle
i,
•
•
•
;
.
•'
.
r
Of Philadelphia
HEWARD,
HEWARD, RICHARD W.
Wright, Wood 8c Co.
Co.,
Inc.
Boennlng 8c Co.
Harry C. Dackerman & Co.
G. H. Walker 8c Co.
i
Harry F. Green, Jr.
Bioren
Bache
Incorporated
&
HUTCHINSON, ALMON L.
Kidder, Peabody 8c Co.
JACOBY,
Jr., LEWIS
P. Ristine 8c Co.
F.
WILLIAM
Corp.
JOHNSON,
DORSEY, C. A.
F.
p.
WILLIAM
Ristine &
ROBERT G.
Battles 8c E. W. Clark,
Bissell
KF.TCHAM,
Inc.
8c Meeds
WILLIAM
S.
Elkins, Morris, Stokes 8c Co. (Special)
P.
KIELY, Jr., JERRY J.
(Special)
Baker, Weeks 8c Co. (Special)
W.
KINSELLA,
Robinson
JENNINGS, JOHN E.
Narberth, Pa.
F.
White, Weld & Co.
Janney,
KENNEY, THOMAS F.
Laird,
STANLEY
Newburger 8c Co.
DONOVAN, ROBERT
Blyth & Co., Inc.
(Special)
Co.
JEFFRIES,
Securities
Co.
8c
KENNEY,
Co.
HUGHES, EUGENE L. D.
Lewis C. Dick Co.
American
CHRISTIAN G.
KELLER,
HUDSON, JOHN M.
DICK, Jr., LEWIS CRAIG
Herbert E. Beattie
KANE, ROBERT F.
Reynolds 8c Co.
M.
KENNEDY, SAMUEL M.
Yarnall, Biddle 8c Co.
Jr., JOHN H.
DEVOLL, Jr., FREDERICK V.
Woodcock, Moyer, Fricke & French, Inc
DOERR,
ROBERT
F. P. Ristine &
DEMPSEY, JOHN P.
Kidder, Peabody & Co.
Co.,
(Special)
JUSTICE, FLOYD E.
Kidder, Peabody 8c Co.
(Special)
HOLMAN, ROBERT O.
Smith, Barney & Co.
DAVIS, EDMUND J.
Rambo, Close 8c Kerner, Inc.
8c
W.
Butcher 8c Sherrerd
JOYCE, THOMAS J.
Woodcock, Moyer, Fricke 8c French, In*
HOERGER, CHARLES E.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
'
HOLDSWORTH,
(Inactive)
DARBY, DONALD W.
Blair
•
HISCOX. ARTHUR G.
'
DAFFRON, Jr., ROBERT E.
Harrison 8c Co. (Special)
DERICKSON,
JAMES
Butcher 8c Sherrerd
dackerman, harry c.
William R. Radetzky
JORDAN, Jr., ALVIN
CORSON, SPENCER L.
Elkins, Morris, Stokes Ac Co.
CUMMINGS, J08EPH
Brooke, Sheridan, Bogan 8c
CUNNINGHAM, HAROLD B.
H. N. Nash 8c Co. (Special)
Investment Traders Association
MICHAEL D.
8c
Co., Inc.
KLINGLER, JOHN F.
Goldman, Sachs 8c Co.
R.
Continued
Co.
on
page
2$
(Special)
DOTTS, RUSSELL M.
Rambo, Close & Kerner,
Inc.
DOWNS, CHARLES E.
Swain 8c Company, Inc.
DOYLE, FRANCIS
N.
A.
D.
S.
District No.
11
(Honorary)
DUBLE, FORREST H.
Parrish 8c
Co.
DURANG, GEORGE R.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
ELLIOTT, EDWARD P.
Stroud
&
Company,
Incorporated
EMERY, JOHN B.
Drexel & Co.
Robert N. Greene
John F. Klingler
ERGOOD, Jr., RUSSELL M.
Stroud & Company, Incorporated
EULER, CHARLES
President: William R.
tion.
■
,
First Vice-President: Herbert E. Beattie,
treasurer:
Robert N.
FAHRIG, Jr., HARRY H.
Reynolds & Co. (Special)
.
Troster, Singer & Co.
Second Vice-President: Harry F. Green, Jr.,
Greene, Stroud & Company Incorporated.
M.
Co. Incorporated; Joseph
Cummings, Brooke, Sheridan, Bogan & Co., Inc.; George R.
Durang, Jr., Merrill Lynch, Pierce, Fenner & Smith Incorpo.
B.
Flanigan, Singer, Bean & Mackie, Inc.; Samuel M.
Kennedy, Yarnall, Biddle & Co.; Robert G.
Battles & E. W.
Kenney, Janney,
&
Co.; Alfred A. MacCart,
Drexel & Co.; Robert N.
F.
Pimley, Jr., First Boston Corporation; Willard F. Rice, East¬
Dillon,
Bioren &
Union
Securities
&
Co.;
John
Inc.
FISHBOURNE, JAMES
J.
Janney, Battles'& E.
J.
W.
Clark, Inc.
W. Sparks & Co.
FIXTER, WALTER D.
J.
W.
Sparks & Co.
FLANIGAN,
JAMES
BARRY
Singer, Beane 8c Mackie, Inc.
FLYNN, 2nd,
W. H.
JOHN M.
Newbold's Son &
Co.
(Special)
FOARD, ALLAN B.
8c
Company, Incorporated
FOGARTY, FRANK J.
Frank, J.
FOX,
Fogarty & Co.
HOLSTEIN DeHAVEN
FRENCH
ROSTER
S.
8c Co.
FIXTER, ROBERT C.
Wallingford,
D.
Co.; Norman T. Wilde, Janney Battles & E. W. Clark,
H.
Inc.
FREDERICK
N. Nash
Stroud
man
ALBERT
Elkins, Norris, Stokes 8c Co.
H.
Naylor, H. N. Nash & Co.; Carl T. Necker, Goldman, Sachs &
Co.; Newton H. Parkes, Jr., Gerstley, Sunstein & Co.; Andrew
Penington & Colket
M. Freeman 8c Co.,
FISCHER,
Clark, Inc.; Michael D. Kinsella, Robinson &
Co., Inc.; Fred R. Knob, White, Weld & Co.; John E. Knob,
Drexel
FITZSIMONS
Pinney,
FILIPPONE, BERNARD F.
rated; Albert H. Fenstermacher, M. M. Freeman & Co., Inc.;
James
JOHN
FEATHER, WILLIAM F.
Gerstley, Sunstein & Co.
FENSTERMACHER,
Governors: Peter Cardamone, Albert Teller & Co., Inc.; Edgar A.
Christian, Suplee, Yeatman, Mosley
FANT,
Craigmyle,
Becker. & Co.
Secretary: John F. Klingler, Goldman, Sachs & Co.
J.
J.
Euler & Co.
Radetzky, New York Hanseatic Corpora¬
JAMES
C.
Wellington Fund, Inc., Claymont, Del.
OF MEMBERS
GABLE, ALBERT G.
LEE J.
ALFGREN,
Brothers
Salomon
TOWNSEND
ANDERSON,
Bioren
&
BRANGAN, L. JAMES
Janney, Battles & E. W. Clark, Inc.
Hutzler
&
BRENNAN,
C.
Stroud
Edward J. Caughlin & Co.
ARMSTRONG, J. LEWIS
J. Lewis
W.
BROWN,
Bioren
(Special)
Pierce,
Fenner
8c
Smith
Butcher
<Special)
Newbold's Son & Co.
CANTWELL,
Mutual
W, Clark, Inc.
Battles 8c E.
Elkins,
G.
F. P. Ristine & Co.
v
Jr.,
Singer & Co.
CAROTHERS,
JOHN
Jr.,
BELL,
>
BERGIN, WILLIAM J.
Eastern Securities, Inc.
/
JEROME R.
Dillon, Union Securities & Co.
BEVENOUR,
GREY,
Inc.
BLAIR, JOHN T.
Eastman Dillon, Union Securities & Co.
De
JOHN C.
8c E. W. Clark,
8c
Co.
.
(Special)
Hornblower
&
Weeks
BOUCHARD, ALVA D.
W.
E.
Hutton
8c Co.
Caughlin 8c Co.
BRACHER, Jr., ALFRED F.
Jones, Miller 8c Company
BRADBURY, JOHN L.
Dolphin 8c Bradbury
BRANDRETH, WILLIAM R.
Harry C. Dackerman & Co.
power
plants in the United States
six miles east of
Oswego, N.Y.
E.
LAWRENCE
Townsend,
Crouter
8c
(Special)
MALVIN R.
Preparations
are
already under
way
at the 1,500-acre site
and construction is scheduled to start in 1964.
the 500,000 kw. nuclear
Jf.
FRANCIS
Francis
Completion of
plant is scheduled for 1968, to
meet the
ever
The
Co.
J.
Co.
S.
Winslow, Cohu 8c Stetson, Inc.
GEORGE
Blssell
8c
plant will be of the
increasing demand for
power.
W.
i
(Special)
new
a
R.
H. Newbold's Son &
HART, ROBERT F.
Suplee, Yeatman,
(special)
Mosely
Co.,
Inc.
Co.,
HENDERSON, Jr., ROBERT M.
du Pont & Co.
HEPPE, JOHN E.
Philadelphia-Baltimore-Washington
Exchange
(Special)
Niagara Mohawk's determi¬
nation to foster the growth of Upstate, N. Y.
NIAGARA
,
Stock
"water reactor" type.
coal burning plant at the same site.
Here is yet another indication of
Co.
HEFFELFINGER, HARRY L.
H. L. Heffelfinger 8c Co.
Francis I.
proven
It is designed to produce electricity at costs at least as low as
Meeds
HEARD, Jr., JOSEPH D.
Suplee, Yeatman, Mosley
Incorporated
CHAUNCEY P.
Merrill Lynch, Pierce, Fenner 8c Smith
Incorporated (Special)
Montgomery, Scott & Co.
&
HARSCH, RICHARD L.
■
COLWELL,
CONDIFF, ROBERT G.
duPont
The First Boston Corp.
HARRISON,
Laird,
EDGAR A.
COMPTON, GEORGE
I.
HARDY, RUBIN
Suplee, Yeatman, Mosley Co.,
Incorporated
8c
W.
8c
largest atomic
Mile Point, on the southern shore of Lake Ontario, about
Co.
HAMMETT, Jr., WILLIAM H.
Boennlng 8c Co.
ROBERT J.
Equitable Securities Corporation
LAWRENCE
Company
HAMILTON, RODNEY C.
Jr., FREDERIC P.
Townsend, Crouter 8c Bodine
Boennlng
One of the
will be built by Niagara Mohawk Power Corporation at Nine
W. H. Newbold's Son 8c Co.
CAUGHLIN, EDWARD J.
COLFER,
Haven
HAINES,
Inc.
DeHaven 8c
CHRISTIAN,
Drexel
8c
Bodine
CAULFIELD,
BORTNER, SAMUEL H.
Clark, Inc.
Montgomery, Scott 8c Co.
Hemphill, Noyes 8c Co.
BODINE, PAUL W.
and
CLIFFORD
HAGER,
CARSON, JOSEPH R.
Edward J.
Kuch
GRIFFITHS,
8c Co.
Kidder, Peabody 8c Co.
BLIZZARD, HERBERT H.
Boennlng & Co., Ocean City, N. J.
(Honorary)
W.
Stone 8c Webster Securities Corporation
CARROLL, WILLIAM J.
CARTER,
G.
Hecker
L.
Stokes
Janney, Battles
(Special)
E.
GREENE, ROBERT N.
Stroud 8c Company, Incorporated
JOHN
Morris,
Battles &
GREEN, Jr., HARRY F.
W. Clark, Inc.
CARDAMONE, PETER L.
Albert Teller 8c Co., Inc.
BECK, DOUGLAS A.
Hess, Grant & Remington, Inc.
Eastman
(Special)
CAPLAN, ALBERT J.
Charles A. Taggart & Co., Inc.
BEATTIE, Jr., HERBERT E.
WILLIAM
Montgomery, Scott & Co.
H.
J.
Fund Associates,
CANTWELL,
(Special)
Troster,
Janney,
GORMAN, FRANK J.
8c E.
Battles
(Special)
NEWTON
JOHN
Sherrerd
8c
C.
GOODMAN, M. WM.
Harper 8c Turner, Inc.
GRANT
Janney,
BARNES, JOSEPH O.
BARTON,
,
CAMPBELL, CHARLES
H. Walker 8c Co.
Janney,
Dealers, Inc., Washington, D.
(Honorary)
Lilley & Co.
BAILEY, LEONARD
H.
Sherrerd
&
GOLDENBERG, LAWRENCE
CADDEN, THOMAS J.
A.
■>
,
National Association of Securities
(Special)
IV, HOWARD
CAMPBELL,
George A. Bailey 8c Co.
W.
Butcher
Crouter 8c
E.
GILLERAN, EDWARD P.
Hess, Grant & Remington, Inc.
Inc.
Co.
P.
WALTER
& Parke
B.
CALL, THOMAS D.
BAILEY, Jr., GEORGE A.
B.
Co.
PHILIP
GEMENDEN,
Butcher & Sherrerd
BAILEY, H. CHARLES
Wellington Company,
BARBER,
8c
BUTCHER,
PERCY
Merrill Lynch,
Inc. (Special)
AYRES,
G.
LLOYD
Co.
&
DeHaven & Townsend,
Bodine
Company, Incorporated
Schmidt, Roberts
T.
Newbold's Son & Co.
H.
&
&
Noyes
GAUGHAN,
BROOKS, G. ROBERT
Armstrong & Co.
EUGENE
ARNOLD,
J.
BROCK, ALEXANDER B.
C.
WILLIAM
APPLETON,
CHARLES
Dana
Hemphill,
Blyth & Co., Inc.
Co.
Burton,
GARRETT, JOHN T.
INVESTOR
© MOHAWK
OWNED-TAXPAYING
The Commercial and Financial Chronicle
26
j.
Bambenek,
Reis
McKinney
Maurice Hart, New York Hanseatic Corporation, New York; Mrs. & Mr. R. J. Kiernan, Merrill Lynch,
Pierce, Fenner & Smith Incorporated, New York; Frank J. Ronan, New York Hanseatic Corporation,
New York; James T. Gahan, E. F. Hutton & Company, Inc., New York
Union Securities Co., Dallas; Mr. & Mrs. Munson McKinney, Almon?
Dudley, Inc., Dallas; Mickey Pauley, Troster, Singer & Co., New York;
Harry Orloff, Troster, Singer & Co., New York
Dallas
&
WILLIAM
McCULLEN,
Investment Traders Association
JOHN
McCULLOUGH,
Wellington Fund,
Of Philadelphia
Harrison &
Stroud
OF MEMBERS
MUNDY,
&
Claymont,
Del.
Continued from page 25
ALFRED
KNAPP,
Company, Incorporated
WILLIAM
KNAUPP,
Inc.
McLEAN,
Drexel
Drexel
MANN,
E.
THOMAS
Bioren &
Co.
B.
MARTIN,
(Special)
A
<
Hess,
Stroud
&
Company,
JOHN
M.
Incorporated
(Special)
McNAMEE,
.
GEORGE K.
Co.
RICHARD
Grant &
MEANEY,
A.
JAMES
McATEE,
Craigmyle, Plnney,
P.
LA
C.
P.
Penington & Colket
RASH,
McCANN,
Co.
MILSTEN,
ALLYN
R.
&
(Special)
Co.
> t'C.
& .Co.
McCLOSKEY,
'
.v;/v "
PATRICK
*"1 v
WILLIAM
Brooke,
McCOOK,
Hecker
(Special)
LEOPOLD, WILLIAM C.
Delaware Fund, Inc., Wilmington, Del.
McCOY,
ROBERT
&
Co.
JOHN
J.
>
; T;
-
Miller &
.
fr-.'
F.
J.
Francis
Suplee,
I.
RODGERS,
<•
Blair
H.
Inc
Co.
G.
H.
SANDER,
&
E.
SANTUCCI,
EDWARD
& French,
PIMLEY,
First
ANDREW
(Special)
&
Members
of the New
F.
R.
^
COMPLETE
61
F.
A.
P.
W.
DAVID F.
Brothers
&
WILLIAM
Miller & Co.,
Hutzler
McE.
Inc.
'
>
^
SELHEIMER, Jr., PERRY A. ~
DeHaven & Townsend, Crouter & Bodine
SEVING, Jr., FREDERICK T.
Claymont,
CHARLES
G.
Rambo, Close & Kerner, Inc.
Del.
Butcher & Sherrerd
SMITH, JOSEPH E.
Newburger & Co.
BROADWAY, NEW YORK 6, N. Y.
INVESTMENT
BANKING
Telephone
BOwling
Green 9-4900
FACILITIES
\ HORNBLOWER AMD WEEK'S. |
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120
Broadway, New York 5, N. Y.
MEMBERS
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Exchange
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weld
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Commodity Exchange, Inc.
& Go.
/New York Produce Exchange
New York Mercantile Exchange
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New York Cocoa
Exchange, Inc.
NEW YORK
National Stock
20
BROAD
Exchange
BOSTON
•
the Facilities of...
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CHICAGO
LONDON
the People, the Ideas,
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Exchange, Inc.
Chicago Mercantile Exchange
Tel.: REctor 2-6800
From Coast to Coast You can depend
on
MEMBERS
Cables "STAMAL"
•
•
PHILADELPHIA
ZURICH
hornblower & weeks
1
"
Fahnestock & Co.
G.
PRIESTLEY, DANIEL B.
Wellington Fund, Inc.,
PRIGGEMEIER,
CHARLES
SCOTT, WILLIAM C.
Woodcock, Moyer, Fricke & French, Inc.
York Stock Exchange
Corporation
HAROLD
Co.
Schaffer, Necker & Co.
SCHREINER,
Corporation
JAMES
J.
Schaffer, Necker & Co.
Salomon
Redpath
Philadelphia Inquirer (Honorary)
PORTER.
Boenning &
SCHAUFLER,
PLENTY, ROYAL
Wm. H. Pflugfelder & Co.
GERALD
SCATTERGOOD,
SCHMIDT,
Parker
Boston
Inc.
J.
C.
FRED
(Special)
L.
SCHAFFER, RUSSELL W.
Elklns, Morris, Stokes & Co.
Auchincloss,
ROBERT
New York Hanseatic
PFAU, GORDON W./
Woodcock, Moyer, Fricke
PHILLIS,
Sherrerd
&
Co.
STANLEY A.
PHILLIPS.
...
& Co.
Troster, Singer & Co. >.
Lynch, Pierce, Fenner & Smith
Incorporated
Mosley Co.,
Noyes
RUDOLPH
Butcher
Merrill
Incorporated
H.
WALLACE
Hemphill,
(Special)
ROBERT
Walker
LESLIE
J.
Co., Incorporated
(Special)
Company
Yeatman,
&
S.
Penington & Colket
Pinney,
LEWIS J.
Delaware Management Co., Inc.
SANFORD,
PESZKA,
Union Securities & Co.
B.
ROSS,
RUNYAN,
E.
&
F.
ELLWOOD
Craigmyle,
Jr., NEWTON H.
Gerstley, Sunstein & Co.
PARLANTI,
Inc.
H.
& Sherrerd
ROBINSON,
-
PARKES,
J.
G.
Remington,
WILLARD
Butcher
F. '
duPont
&
RICHTER, JOHN
T.
JOHN
CLIFFORD
Eastman Dillon,
Co.
Incorporated
VICTOR
R.
RICE,
J.
Dackerman & Co.
JOHN
Miller & Co. /
Grant
E. W. Smith Co.
G.
RICHARD
Parke
S.
RENNEISEN, IRWIN
Schmidt, Roberts & Parke (Special)
Morrissey & Co.
MOSLEY,
Co.
GEORGE
PAIRMAN,
&
Jones,
Collings and Company, Inc.
PARKER,
A.
MORRISSEY, THOMAS
"
P.
Wright, Wood & Co.
,
Morrissey & Co.
Jones,
N.
Sheridan, Bogan & Co., Inc.
FRANK
MORRISSEY,
C.
A.
JOSEPH
REMINGTON,
Woodeock, Moyer, Fricke & French,
Co., Inc.
RAYMOND
C.
WALLACE
Hess,
Sachs &
WISTER
Company, Incorporated
Schmidt, Roberts
T.
JOSEPH
OMINSKI,
&
REILLEY,
LAWRENCE
O'BRIEN,
OWENS,
MORRISSEY, ROBERT P.
Blyth & Co., Inc.
LAWRIE,
&
Stroud & Company,
F.
J.
GERALD A.
Miller
P.
MORRIS,
McCAULLY, ARMOUR W.
Hallowell, Sulzberger, Jenks, Kirkland
LAUT, JOSEPH ST. C.
>
Hallowell, Sulzberger, Jenks, Klrkland
Co.
R.
J.
Sunstein
Gerstley,
Paine, Webber, Jackson & Curtis
&
THOMAS
Del.
MERRIGAN, Jr., JOHN J.
Elkins, Morris, Stokes & Co.
R.
EDWARD
Ristine &
J.
Stroud
REBAR,
WALTER
Corporation
Co.
(Special)
N.
Necker &
Goldman,
Co.,
R.
WILLIAM
&
RANDOLPH, L.
Inc.
v
CARL
CARL
Harry C.
J.
ALFRED
/
Auchincloss, Parker & Redpath
Wellington Fund, Inc., Claymont, Del.
Wright, Wood & Co.
LAND,
THOMAS
4
Schaffer, Necker & Co.
NOWLAN,
Hanseatic
Raffel
N.
ROBERT
NECKER,
York
RAFFEL,
Nash & Co.
NELSON,
A.
JOSEPH
MELLOY, MICHAEL FRANCIS
Wellington Fund, Inc., Claymont,
Sherrerd
&
N.
Schaffer,
Remington, Inc.
'
McBRIDE,
DONALD
Hopper, Soliday & Co.
Singer &
Butcher
LAMB.
Co.
Inc.
Reynolds & Co.
(Special)
,
FRANK J.
LAIRD,
&
MARSHALL, Jr.,
Securities Corp.
Troster,
KRUG.
McMULLIN,
H.
NECKER.
WALTER B.
Woodcock, Moyer, Fricke & French,
(Special)
JOSEPH
Newburger
RAYMOND
NAYLOR,
(Special)
Corporation
B.
Mosley
WILLIAM
New
W.
Weeks
H. N. Nash & Co.
& Co.
M.
Boston
&
NASH, HAROLD
Dackerman
DONALD
First
McLEAR,
S.
NEVIN
MARKMAN,
^
Jr., F.
& Webster
Stone
HARRY
Halsey, Stuart & Co., Inc.
Co.
&
The
Montgomery, Scott & Co.
White, Weld & Co.
KRAEMER.
Harry C.
Co.
MANEELY,
Inc.
FRED R.
KNOB, JOHN
&
C.
Cohu & Stetson,
Winslow,
KNOB,
W. Clark,
ROMEYN
Yeatman,
RADETZKY,
MURRAY, Jr.. FRANK J.
Woodcock, Moyer, Fricke & French,
McKAY, HENRY L.
MacCART, ALFRED A.
,
Battles & E.
Janney,
/
S.
Suplee,
Incorporated
JOHN
Hornblower
(Special)
LESCURE, JAMES H.
W. H. Newbold's Sons & Co.
Co.,
MURPHY, JOHN A.
MURPHY,
N.
JOHN
QUINTARD,
Mosley
Reynolds & Co. (Special)
Co.
Jr.,
G.
Yeatman,
Incorporated
J.
Inc.,
JAMES
Suplee,
william m.
Mcdonald,
McGARVEY,
ROSTER
J.
Grant & Remington, Inc.
Hess,
Thursday, October 24, 1963
CHASE MANHATTAN PLAZA, NEW YORK 5-DI 4-6600
Volume
SNYDER,
HARRY
Yarnall,
P.
S.
6310
Bioren
Co.
&
GEORGE
Moseley
The
First
Boston
SULZBERGER.
&
Gerstley,
Sunstein
WILLIAM
Suplee,
Yeatman,
&
WELLS, ALFRED
Z.
,V
Smith,
Barney
Co.
&
CHARLES
WHITCRAFT,
A.
TALCOTT,
Drexel
Co.
Bioren
(Special)
WILDE,
ALBERT
Albert
Teller
TERRELL,
&
Co.
THOMAS.
ROY
LEWIS
TILGE,
Hemphill,
TOBIAS,
Schmidt,
WILLIS,
(Special)
& Co.
C.
H.
BERNARD
Gerstley, Sunstein & Cb,
TODD. HAROLD
G.
/
FRANK
J. Devine
Co.
&
Janney,
CRAIG
;
L.
& Son
Lynch, Pierce. Fenner & Smith
M.
SCHROEDER.
Kentucky
RICHARD W.
Fidelity Bank
Co.
Louisville
Co.
Inc.
DALE
F.
W.
E.
Corp.
First
G.
M.
Jr.,
Hutton
E.
Mosley
Co.,
McDEVITT,
Ky.
The
J.
Lexington,
Co.,
Ky.
(Associate)
Walston
METZ,
&
WILLARD
Inc.,
STITES, Jr., JOHN II.
Co.
Fleischer
W.
H.
&
M.
Incorporated
P.
.
STUCKERT, JAMES
W.
J.
WL-KY
MILTON
A. S. (Honorary)
Louisville
B.
Company
;
/
Hilliard & Son
A
PHILIP
L.
-
J.
B.
k
,
GILBERT L.
Hilliard & Son
;
FULLER,
Von
Incorporated
W.
Liberty National Bank & Trust Co.
(Associate)
GARDNER,
k
ROBERT
T.
Company
W.
ROENN,
WARNER,
Stein
PARTLOW, GEORGE L.
J. J. B. Hilliard & Son
G.
ALBERT
Bros.
&
J.
Boyce
WATTS, H. ALLAN
<
JAMES
S.
(Associate)
Stifel, Nicolaus & Company
& Boyce
ASA
Co.
MILTON
Kentucky
The
PARKS, JOSEPH W.
Bros.
&
(Associate)
Jr., ALFRED
;>. Stein
ROSS
Lyons
Stein Bros. & Boyce
VAIL,
Fidelity Bank & Trust Co.
(Associate)
LOUIS B.
Kentucky Trust Company
FLESCH,
FRANK,
L.
TROST,
,
Citizens
Bond Club of Louisville
(Honorary)
PARDUE, THOMAS
& Boyce
Bros.
Times
JAMES
TODD,
W.
J.
Stein
J.
PAMPLIN,
(Honorary)
FLARSHEIM,
W.
Co.
CHARLES
THORNBURGH, ROBERT W.,
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Cincinnati
A.
JIMMY
TV
L. Lyons &
TEEPLE,
OESWEIN, HENRY
Incorporated
FINNEGAN,
STUCKER, JAMES H.
Almstedt Brothers
Co., Inc.
The Kentucky
& Son
K.
Merrill Lynch, Pierce, Fenner Sc Smith
b.
Stifel, Nicolaus & Company,
.k'"1
B. Hilliard
J.
STONE, REID
JAMES
McCROCKLIN,
Bank
Lincoln
(Honorary)
Merrill Lynch, Pierce, Fenner Sc Smith
Incorporated
Graham-Conway Co.
H.
Journal
STERNBERG, BERT
J.
Bond
robert
Blyth & Co., Inc.
M.
FETTER, JAMES
Lexington,
R.
JOS.
Bankers
McNAIR,
&
Courier
Almstedt Brothers
Company,
Mcdowell,
Grafton, Ferguson
(Associate)
„
(Associate)
(Associate)
MARTIN, Jr., M. GEORGE
Walston & Co., Inc.
URBAN
National
FERGUSON,
W.
Company
SPIERS, JOHN H.
LONG, EDWIN A.
Russell,
Long &
Ky.
Almstedt Brothers
(Special)
GEORGE
SOL
SEMPLE, JR., CHARLES
Citizens Fidelity Bank & Trust Co.
Incorporated
Lyons & Co.
FEHRIBACH,
Securities
Trust
&
Stifel, Nicolaus & Company
Trust
&
EBINGER, RUSSELL
A.
Boyce
Trust
SCHULMAN,
Co.
FARRA, JOHN B.
Company,
WESLEY J.
&
Lynch, Pierce, Fenner & Smith
Incorporated
(Associate)
Bond
DUPREE, THOMAS P.
P. L. Dupree & Co., Harlan,
(Special)
Bros.
Merrill
LESSLEY, ROBERT W.
Citizens
Fidelity Bank
DIERSEN, J. H.
(Associate)
W.
ETHAN
Ardmore
tine.
Stein
SACHS, MORTON H.
ROBERT M.
Citizens Fidelity Bank & Trust Co.
r
ZUNGOLO, RONALD R.
Martin, Monashan & Mulhern,
W. Clark,
& E.
RUTLEDGE, Jr.,
Incorporated
TYRUS R.
W. L.
R.
(Associate)
LEE,
A.
& Boyce
Bankers
DOUGLAS,
JOSEPH
RUBIN,
(Associate)
Inc.
M.
Blyth & Co., Inc.
CHARLES T.
Merrill
MOSS, JACK
CHARLES
Battles
RODES, JOSEPH
R.
Co.
&
BERGES
J.
Stifel, Nicolaus & Company
Incorporated
Smith
t.
e.
Goodbody
Co.
WALLINGFORD,
&
Kentucky Company
LINCH,
C.
Suplee, Yeatman,
Incorporated
W.
DAVID
Smith
ZUBER,
JAMES
B.
Co.
JOHN
Bros.
Citizens
WILLARD
JOSEPH
Bankers
H.
The
LANG,
Parke
H. Walker & Co.
ZELLER,
Boenning & Co.
W.
&
The
J.
GEORGE
Wellington
FREDERICK
J.
<"
Inc.
YOUNG, C. HOWLE
Dick Co.
UNDERWOOD,
WALLACE,
Clark,
W.
COIT
C. Collings & Co.,
WURTS, JOHN
(Inactive)
VEITH,
Stein
Securities, Inc.
Jr.,
Fenner
■-
B. Hilliard
J. J.
Kidder, Peabody & Co.
TRIMBLE, Jr., FRANCIS C.
Lewis C.
E.
Roberts
WRIGHT,
(Inactive)
ROBERT A.
W.
Co., Inc.
DAVENPORT,
T.
WITT, IVOR
Francis I. duPont & Co.
(Special)
REIMER.
J.
Pierce,
(Associate)
ALFRED
Eastern
H.
Noyes
TORRENS,
L.
DENTON,
WILLIS,
Co.
&
edward
Lynch,
FRANK
Graham-Conway
Lexington, Ky.
-
DAVIS,
C.
Ristine
P.
B.
J. B. Hilliard & Son
kirk,
CREGOR, BEN W.
Gocdbody & Co.
Battles & E.
WILLIAMSON,
Inc.
Merrill
J.
CRAWFORD, WILLIAM
W. L. Lyons & Co.
Walston &
THOMAS
KINSMAN, Jr., JAMES M.
Co.
NORMAN
Janney,
H.
CLAYTON
Woodcock, Moyer, Pricke & French,
REGISTER,
Hilliard & Son,
KIMMEL.
,
Inc.
FRANK
FRANK
&
A
Incorporated y-
DABNEY, WATSON B.
WHITLEY,
L.
RAYMOND
&
TELLER,
Smith
&
^
Kidder, Peabody & Co.
(Special)
Penner
-
D.
B.
killelea,
Pierce,
CULBERTSON. Jr..
Charles A. Taggart & Co., Inc.
J. J.
WILLIAM J.
Lynch,
CONWAY, Jr., P. M.
Graham-Conway Co.
WELSH, Jr., HENRY C.
Lilley & Co.
Almstedt Brothers
Fidelity Bank & Trust Co.
KESSINGER,
^ '
•
^
Woodcock, Moyer, Pricke & French,
Mosley Co.,
Co., Inc.
Incorporated
(Special)
Co.
&
CONLIFFE,
Inc.
Company,
Boenning & Co.
Kirkland
THOMAS
TAGGART,
C.
Alden
S.
WELLER, JOHN F.
Goldman, Sachs & Co.
Incorporated
SUSKI,
E.
Co.
Merrill
LEON
Citizens
RANKIN, JOHN S.
ERNEST
KAMPFMUELLER,
Brothers
CHRISTMAN, Jr., HENRY
Co.
SUPLEE.
P.
D.
WELLER, BARRY L.
W.
Hallowell, Sulzberger, Jenks,
SUNSTEIN, Jr.,
Almstedt
(Associate)
ALFRED
Swain &
Corporation
GEORGE
BURKHOLDER, III, JAMES R.
•
&
Newburger
WARNER,
STREET. PHILLIPS B.
D.
Co.
&
WALSH, JAMES
Co.
&
The Commercial and Financial Chronicle
...
WALLINGFORD, JOHN
B.
Biddle
STADTLER,
Number
198
PEARCE, RICHARD L.
Stein Bros. & Boyce
A.
W.
L. Lyons &
Co.
'
Bros.
Stein
Boyce
CHARLES
GARTRELL,
The
&
Bankers
Bond
WHITAKER.
PIKE, JOS. P.
(Associate)
H.
Co.
PURYEAR,
W.
GERARD, VICTOR B.
Commonwealth Life Insurance
k
L.
v'
ROBERT
L.
/
C.
LUCIAN
C.
Whitaker Securities
Corporation
WILSON, IIOLMAN R.
E.
The Kentucky
Lyons & Co.
Company
Co.
(Associate)
GRAFTON, C. W.
Grafton, Ferguson & Fleischer
/y
(Associate)
GRAFTON,
Gilbert L.
John S. Rankin
Tyrus R. Davis
LILLIAN F.
(Mrs.)
Bacon, Stevenson & Co.
Grafton, Ferguson & Fleischer
(Associate)
Pamplin
Members New York Stock
GRAHAM.
President: Jack A. Moss,
Vice-President: Tyrus
The Kentucky Company,
H., Davis, The Bankers Bond Co.
Citizens
Stein Bros. & Boyce;
National Comrniteemen: Albert J. Warner,
Jack A. Moss, The Kentucky Company.
Stein
HAAS.
Alternates: Gilbert X. Pamplin, J. J. B. Hilliard & Son; John S.
Rankin, Almstedt Brothers.
Stein
HALL,
1962; Took Office: January 1, 1963; Term Expires:
Bros.
ROSTER
Bros.
Bankers
&CREE, JOHN
Lincoln
Income
Life Insurance Company
Alden
&
BASTIN,
HENRY
Stein Bros.
HUGHES,
BREED, HENRY A.
W. L. Lyons & Co.
BRENZEL,
Co.,
BOHNERT,
SPENCER
.
Citizens
W.
L.
Almstedt
Graham-Conway
PRIVATE
Brothers
Lexington,
WIRES
.yU'
.
E. J.
Fidelity Bank & Trust Co.
'■
,
JR., ROBERT II.
Stifel, Nicolaus & Company
Incorporated
JONES, CLARENCE
BUCKLEY, Jr., JOHN C.
Co.
N. Y.
& Boyce
JOHNSTON,
BROCAR, Jr., ALBERT C.
HECTOR W.
k.v'V/
'
New York 4,
Telephone DIgby 4-4100
E.
Fleischer
<•
Street,
GERALD B.
Lyons & Co.
Inc.
Brothers
&
■
M.
Broad
""
,
Ferguson
Stein Bros & Boyce
WM. O.
ROBERT D.
Almstedt
Co.
(Associate)
(Associate)
ALDEN, Jr..
25
Bond
Jr.,
IIOENIG,
BOOTH, MOREY L.
BONDS
1
& Boyce
PAT
J.
(Associate)
OF MEMBERS
in Louisville unless
otherwise Indicated)
located
(Members
MUNICIPAL
& Boyce
WILLIAM G.
Grafton,
'
Exchange
Stock Exchange
'
KENNETH M.
HARPER,
December 31, 1963.
American
Fidelity Bank & Trust Co.
(Associate)
Pamplin, J. J. B. Hilliard & Son.
GREEN,
Elected: June,
Members
/
GRAY, ROBERT
Secretary: John S. Rankin, Almstedt Brothers.
Treasurer: Gilbert L.
THOMAS
Graham-Conway Co.
L.
^
f
-
Almstedt Brothers
Ky.
TO
J. H. Hilsman & Co., Inc.
Atlanta
Taylor, Rogers & Tracy, Inc.
Chicago
Ball, Burge & Kraus
G.A.Saxton&Co., Inc.
Members New York
Cleveland
Schneider, Bernet
&
Hickman, Inc.
&
INDUSTRIAL, PUBLIC UTILITY,
Stock Exchange
Teletype 212 571-0232
Dallas
Bosworth, Sullivan
Underwriters, Brokers and Dealers in
BANK, INSURANCE
Company, Inc.
AND FOREIGN SECURITIES
Denver
Underwood, Neuhaus &
,
Co.
52 Wall St., New York 5, N. Y.
Houston
Crowell, We?don &
Los
WHitehall
Co.
Hess, Grant &
Remington, Inc.
Philadelphia
Public Utility,
St. Louis
Stewart, Eubanks, Meyerson
Francisco
& Co..
Burnham
and
MEMBERS NEW YORK AND AMERICAN
t
Reinholdt & Gardner
San
4-4970
Angeles
Trading Markets in
Natural Gas and Industrial Securities
60
j■r
CABLE:
BROAD
Company
STOCK EXCHANGES
STREET, NEW YORK 4, N. Y.
Area Code 212 Local 344-1400
CO BURNHAM
TELETYPE 212-571-0791
The Commercial and Financial Chronicle
28
.
.
.
o
Boston Securities Traders Association
COLWELL, NEIL H.
Josepthal to Co.
BATCHELDER, JOSEPH M.
Hemphill,
& Co.
Noyes
Thursday, October 24, 1963
HANSEL, LINCOLN B.
Townsend, Dabney & Tyson
BATES, CURTIS S.
Draper, Sears to Co.
CONARY, DAVID A.
May to Gannon, Inc.
HARRINGTON, FRANK T.
BERNARD, Jr., HUBERT N.
CONARY, WILFRED
HARSON, FREDERICK L.
F. L. Harson to Co., Providence,
J. H.
G.
Goddard to Co., Inc.
Walker
H.
to
H.
G.
BLAIR, ROBERT R.
Harris, Upham to Co.
CONWAY, JAMES
J.
B.
W.
Broad
(special)
Mass.
Corp.
May to Gannon, Inc.
State Street Bank and Trust Company
BURNS, WALTER T.
Burns, Barron to Co., Portland, Me.
VINCENT M.
to Co.,
CARLSON,
poration.
•
Carr to
Governors: John J. D'Arcy, F. L. Putnam & Company, Inc.; Greg¬
W.
York Hanseatic Corporation.
-
(All members
are
located in Boston unless
otherwise
MEMBERS
OF
DOUCET, T.
C. J.
Devine to Co.
(special)
Brown
Steep Falls, Maine (special)
to
Jr.,
to
J.
R.
(Special)
Mass.
Hutzler
&
E.
S.
B.
Providence,
R.
I.
W. E. Hutton to Co.
BASTIEN, Jr., LEON J.
J. Clayton Flax & Co.,
Springfield, Mass.
FRANCIS R.
White, Weld & Co.
Halle
Co.
(special)
Inc.,
COLE,
JEROME
L.
Cutter to Co., Brooklihe
to
The
E.
LEAHY, CRANDON
National Quotation Bureau
May to Gannon, Inc.
Co.
LELAND, ALAN C.
Coffin
KOSMA L.
Hayden, Stone & Co., Incorporated
Arbitrage
'
FALLON, DANIEL J.
Hanseatic
York
New
Corporation
CHARLES D. OGDEN
ARNOLD J. WECHSLER
CHARLES D. OGDEN JR.
NORMAN J. WECHSLER
FERGUSON, WILLIAM
Moors & Cabot
(special)
SHELDON GREENHAUS
PHILIP GLICKMAN
Boston
W.
&
H.
Bobbins
L.
to
J.
Ccburn
Paul
>
H.
to
D.
Mlddlebroox,
Sheeline
to
Incorporated
Co.
Goddard to Co.,
Inc.
MacDONALD, J. RENWICK
JAMES
Jr.
Inc.
MacDONALD, VERNON S.
H.,
Goddard to Co.,
Markoff,
Sterman
A.
to Gowell,
I.
du
Pont
to
Webber, Jaekson to
Paine,
GOWELL, DAVID C.
Francis
W.
Benkert &
Co.,
Curtis
Inc.
MADARY. HAROLD
Inc.
Glore, Forgan to Co.
Chicago (Honorary)
Co.
MAGUIRE, JAMES B.
GUARINO,
RICHARD
Merrill Lynch,
J.
J.
Pierce, Fenner & Smith
Incorporated
Townsend,
B.
Maguire to Co
.
itk..
MAGUIRE, JOHN E.
May to Gannon, Tn>:
GUNN, IRVING E.
.
Dabney to Tyson
GUTHRIE, EL WIN A.
Hornblower & Weeks, Worcester
INC.
Worcester
LYNCH, RICHARD S.
Townsend, Dabney to Tyson
'
GRIFFIN, HENRY F.
KRUMHOLZ,
Inc.,
LYNCH, JAMES J.
J. H.
ARTHUR REISS
Co.,
(Special i
GODDARD, JAMES H.
Real Estates
Hutzler
&
Co.
LYNCH, JAMES E.
GODDARD,
&
Hutton
LUBIN, BERNARD W.
Higginson Corporation
GANNON, JOSEPH
May to Gannon, Inc.
RICHARD K. ZEEMAN
OGDEN, WECHSLER
E.
FRENCH, KENNETH G.
Salomon Brothers to Hutzler
NATHAN A. KRUMHOLZ
JAMES B. DURNIN
Brothers
Salomon
-
FOSTER, Jr., HATHERLY
Vance, Sanders to Company, Inc.
Issues-Units-Rights
to Trust Co.
JOSEPH P.
LOTHROP, GILBERT M.
(special)
FOSTER, FREDERICK H.
Inactives-Obsoletes
Safe Deposit
(special)
LOMBARD,
L.
Hornblower to Weeks
Lee
V
Burr
LOCKE, WILLARD R.
FITCH, EDWARD P.
Nashua, N. H.
to
LERNER, LOUIS C.
Lerner to Co., Inc.
LEWIS, WARREN A.
Weeden'& Co.
FAZIOLI, CLIVE B.
White, Weld to Co.
FERRARI, HERBERT
(Honorary)
LeBEAU, IRVING C.
ENGDAHL, ARTHUR E.
Convertible Bonds
,
Eastern Investment Corp.
Manchester, N. H. (special)
S.
Emery to Co., Inc.
to
Inc.,
V
LAWRENCE, EDWARD W.
Hemphill, Noyes to Co.
ELDRACHER, THEODORE F.
R. W. Pressprich to Co.
Sachs
Mich.
LAWRENCE, CHARLES P.
Stieglitz
Goldman.
Inc.
Corporation
RAYMOND J.
Simonds
&
Co.,
Baker,
WALTER F.
EVANGELIDIS,
to Co.
Co.
Boston
First
Detroit,
^
F. S.
Kirwan
&
Harriman to Co.
EMERY, FORREST
New
Estabrook
LARSON, N. HENRY
Harris, Upham to Co.
.
A.
(special)
A.
LANG, HAROLD F.
Lang to Dadmun,
GREGORY M.
to Gannon, Inc.
EAGAN,
THOMAS
Thomas
Reynolds & Co.
DURDLE. WARREN
COGGHILL,
Orchard,
KUMIN, EMIL
DUFFY, JAMES R.
Brown Brothers
,
Indian
Co.,
PIIII.IP
Philip Khouri to Co.
Curtis
Dudley Co., Inc., Manchester, N. H.
May
to
Kerr
C.
(Special)
KIRWAN,
Jackson
W'ebster,
DUNN,
Co., Inc.
P.
Pressprich & Co.
ROBERT C.
KIIOURI,
DUNCKLEE, WILLIAM S.
Lerner &
\
Co., Incorporated
Stone &
RODNEY
W.
Robert
LESTER
DRISCOLL, CHARLES D.
Paine,
Inc.
Co.
F.
PHILIP
Hutzler
to
DUDLEY, Jr., EARL S.
Inc.
KENNEY,
LAUDE,
CLIFFORD
Company,
I.
Hayden,
COE, JEROME
Barrett
ATHERTON, H. HALE
&
R.
Long to Nash
(special)
ALEXANDER, ARTHUR C.
I. du Pont
Spencer Trask to
CLAYTON, CALVIN W.
Clayton Securities Corp.
,
BARRUS,
Francis
KENNEY, DONALD j.
Providence,
(special)
Co.
BARRETT, JOSEPH
ADAMS, ROBERT H.
Goldman, Sachs & Co.
Co.,
CLARK, ASA F.
Wise, Hobbs to Seaver,
BAND, HAROLD M.
Frederick C. Adams Co.
to
Tyson
Brothers' to
Salomon
,
Emery to Co., Inc.
Chapman
Inc.
Barney & Co.
Smith,
WARREN
Dayton Haigney to Co., Inc.
CHAPMAN, JOHN V.
ATKINSON, Sr., JAMES V.
indicated)
ADAMS, FREDERICK C.
F. S.
-
& Co.
KELLY, FRANK
DONOVAN,
(special)
CHAMBERLAIN, RAYMOND E.
ROSTER
Corp.
KERR,
CASEY, WALTER J.
Laidlaw to Co.
P.
Noel
Donohue to Sullivan
CASEY, FRANCIS E.
Hutchins, Mlxter to Parkinson
Weeks; John L. McDonough, H. C. Wainwright & Co.;
Polleys, Josephthal & Co.; Vincent P. Ryan, New
JOSEPH
Burbank & Co.,
D.
G,
Co.,
(special)
Bank
FRANK
Anthony &- R. L. Day
KELLER.
KENT,
JOHN
e.
(Honorary)
KELLEY, FREDERICK M.
Securities
&
'
Shawmut
J.
Tucker,
Van Alstyne,
Brothers
DONOHUE,
Co.
Globe
Boston
DONNELLY, JOHN P.
Salomon
Co.
JULIAN, JAMES
KEANE,
Dabney &
Walker
H.
G.
&
BERT L.
jones, willi \m
CLEMENT
Day
Halsey, Stuart & Co. Inc.
Co.
Webster
to
Townsend,
E. Hutton to
Tyson
DOLIBER, RICHARD
Thompson, Inc.
carter, herbert f.
M. Dunn, May & Gannon, Inc.; Herbert L. Ferrari, HornL.
Stone
R. L.
to
STANLEY L.
Estabrook
JACOBS,
Day & Co., Inc.
DIAMOND,
Anthony
Tucker,
INGHAM, JOHN L.
Blyth to Co., Inc.
Inc.
Inc.
DEXTER, Jr., WALLACE
CARRIS, PETER J.
Hemphill, Noyes & Co.
Corresponding Secretary: David W. Stumpp, W. E. Hutton & Co.
blower &
L. Day
A.
M.
Tucker, Anthony to R. L. Day
WILFRED N.
Chas.
CARR, RALPH F.
& Curtis.
Robert
DAY,
Hayden, Stone & Co., Incorporated
Recording Secretary: Charles D. Driscoll, Paine, Webber, Jackson
ory
Stanley Corp.
to Company
JEROME
National
Davis to
E.
INGALLS, ROBERT U.
DAY, Jr., LEON E.
Chas. A. Day to Co., Inc.
CARR, JOHN F.
-■
_
Hutchinson
INGALLS,
JACKSON,
Putnam to Co.,
Donald
CARR, FREDERICK R.
Tucker, Anthony & R.
Treasurer: Wallace D. Dexter, Stone & Webster Securities Cor¬
(special)
GERALD J.
Creamer Stanley Corp.
L.
HERBERT
Hornblower to Week3
HUTCHINSON, Jr., JAMES A.
DAVIS, DONALD
\
ROBERT G.
Breen Creamer
Wise, Hobbs to Seaver, Inc.
R. Davenport & Co.,
Providence, R. I.
Worcester
Hornblower to Weeks
Vice-President: Curtis S. Bates, Draper, Sears & Co.
F.
francis j.
Clayton Securities Corp.
hughes,
HURLEY,
E.
CAREW, MARTIN J.
President: Clive B. Fazioli, White, Weld & Co.
.
DAVENPORT, PAUL S.
Cantella & Co., Inc.
Hanrahan
Bank
Co.
to
Coburn
HURLEY, EDMUND J.
DARLING, RODNEY M.
Townsend, Dabney &
CAREW, JOSEPH E.
Stumpp
v
D'ARCY, JOHN J.
National
H.
Goodbody to Co.
CURRIER, RICHARD D.
J. H. Goddard to Co., Inc.
Breen
LLOYD
England Merchants
John Cannell to Co.
David W.
Wm,
HOHMANN, LAWRENCE F.
D'AMBROSIO, ROBERT A.
F. L.
Putnam & Company,
CANNELL, JOHN
Charles D. Driscoll
Hooper-Kimball, Inc.
D'AMBROSIO,
CALLAHAN, Jr., TIMOTHY F.
Chas. A. Day to Co., Inc.
CAKTELLA,
HIXON, REGINALD T.
Providence, R. I.
BURNETT, PETER
R. I.
F.
EDWARD
HOAG, ROBERT H.
CURRAN, VINCENT T.
V. T. Curran Co., Incdrporated
BURKE, Jr., WILLIAM J.
\
;
Providence.
Walker to Co..
Chace, Whiteside to Wlnslow, Inc.
CROWLEY, MARK J.
H. M. Payson to Co., Portland, Me.
JOSEPH A.
F. L. Putnam to Company, Inc.
Maguire to Co., Inc.
H.
HIKES,
R.
CROWELL, STEWART P
(special)
BROWNE, JAMES D.
Lee Higginson Corporation
New
G.
CROSBY, ALBERT
F. S. Mossley to Co.
BROWN, HAROLD P.
Middendorf, Colgate & Co.
B.
HILTON, KENNETH CHARLES
CROCKETT, HARRY W.
Draper, Sears to Co.
BREEN, FRANK S.
Breen Creamer Stanley
CANFIELD,
(Special)
J.
CREAMER, WILLIAM E.
Breen Creamer Stanley Corp.
BRAGDON, J. ROGER
Goldman, Sachs to Co.
BUONOMO,
J.
Weeden to Co.
A. C. Allyn to Co.
(Honorary)
Traveler
Herald
Boston
HERRON, PATRICK M.
CRAMPTON, ALFRED
WILLIAM C.
BRADLEY,
R. I.
HAVEY, JOSEPH
J.
Blyth to Co.,. Inc.
Burr
to
Inc.
HASTINGS, FRANCIS
Co.
CORBIN, RICHARD
BOUJOUKOS, GEORGE A.
Coffin
Hutton to
E.
COPELAND, RICHARD
Chas. A. Day to Co., Inc.
Street Sales Corp.,
Hingham,
Wallace D. Dexter
I.
Mcors to Cabot
Maguire & Co., Inc.
BOSS, CHARLES A. B.
Curtis S. Bates
R.
CONNELLY, IRVING D.
BLOCK, LAWRENCE F.
Clive B. Fazioli
Providence,
Co.,
Knox to Co.,
D.
HAIGNEY, DAYTON P.
Dayton Haigney to Co:, Inc.
<
y.
MAHONEY, JOHN D.
Carr to
Thompson.
Inc.
MALONEY, THOMAS F.
Paine, Webber, Jackson &
john
mausii
Weeden
Curtis
c.
& Co.
MARTENS. GERALD D.
39
BROADWAY
HALEY,
DAVID
A.
Harkness & Hill, Incorporated
NEW YORK, N. Y. 10006
Telephone
212HA
//"
2-5^65
HALLETT, LEAMAN F.
Goldman, Sachs & Co.
Teletype
DALLIWILL,
F.
S.
BIRNEY S.
Moseley to Co.
212-571-1175
HANLEY, PAUL J.
Smith, Barney to Co.
HANRAHAN, PAUL B.
Hanrahan to Co., Worcester
Francis I. du Pont & Co.
MARTIN,
W.
E.
WAYNE D.
Hutton to Co.
MAX, RICHARD L.
H.
C.
Wainwright & Co.
MAY, DAVID H.
May
to
Gannon,
Inc.
McAllister, Jr., henry
J.
/
p.
Clayton Flax to Co., Inc., "
Springfield, Mass.
^
Volume
Mr.
&
Mr.
Mrs.
J.
Mrs.
&
Number 6310
198
Ries
H. Angelos,
Chas.
"Hank"
W.
Serlen,
McCORMICK, JAMES F.
Francis
I.
du
G.
H.
Walker
Pont
&
Co.,
Providence,
R.
I.
Inc.
Richard
Mrs.
R.
W.
K.
Conn.;
Mr.
&
&
Mrs.
Gambol J.
Dunn,
Dunn
Mr.
Louis
&
Mrs.
Joseph
E.
Smith,
<£
Taylor,
Newburger
W.
,
sorterup,
robert
b
STAAF,
Brown, Lisle Sc Marshall,
Providence, r. L.
New York; Corb Liston, Prescott
Co., Inc., Cleveland
J.
H.
WERNER
Goddard
E.
Co., Philadelphia;
Co., Baltimore
&
Hutton
W.
&
Co.,
&
Co.,
Mr.
&
Mrs.
Charles
W.
f
Tyson
(special i
Sc Lelth
Breen
GEORGE
Inc.
E. Hutton &
Co., Portland, Maine
Creamer
Stanley
Continued
Corp.
M. "
Co.
ROBERT L.
POTTER, J.
RUSSELL
Arthur W.
MIRAGEAS, GEORGE G
Co., Inc.
Wood
Company
POWERS, RICHARD T.
Carreau, Smith, McDowell,
Providence, R. I.
MITCHELL, Jr., EMLYN V.
Goodbody & Co.
Dimond,
Inc.
Established 1928
PRESCOTT, WILLIAM S.
"
monroe, paul b.
William S.
Pressprich Sc Co.
Prescott Sc
Co.
^
moore, alexander
New
York
w.
Hanseatic
PUTNAM,
'
W.
Corporation
York
Hanseatic
Breen
Corporation
I.
du
Pont
1
(special)
&
MULLIN,
The
Company,
JAMES
R.
I.
f.
Francis
I.
Providence,
R.
I
H.
Pont
S.
&
•
L.
New
Co.
Co.,
&
Inc.
EUGENE J.
York
Hanseatic
Corporation
Your
(special)
RYAN,
New
Hanseatic
Investment
Corporation
New
.
York
SCHUERHOFF.
Fenner
Sc
Incorporated
Smith
ROLAND
Dodge
SHEELINE,
Paul
Corporation
&
Co.,
Co., Cambridge
B.
Maguire &
& Co.
(Special)
&
Co.
'
Higginson
H.
GILMAN
Hentz
SLIFER,
Co.,
SMITH,
&
Inc.
Corporation
ERNEST
120
Securities
&
CO.. inc.
BROADWAY, NEW YORK 5, N. Y.
Corporation
I.
Telephone
REctor
2-7760
Teletypes
Co..
Inc.,
(special)
212
571-1710
212
Michael Investment
R.
fox
W.
HERBERT C.
Providence,
f.
...
SOFORENKO, MYER M.
,
p.
F.
Co.
Blyth Sc Co., Inc.
J.
PARENT, FREDERICK W.
Lee
respectfully solicited.
II.
W.
American
o'leary, paul j.
J.
are
Incorporated
RANDOLPH
Morse Sc Co., Inc.
SIDES,
SILVA,
oftring, frank a.
Bagdis & Oftring, Inc., Worcester
OPPER, EDWARD
Business
PAUL D.
Sheeline
D
Sides,
NEWTON, DEXTER
W. Pressprich
Securities
Corporation
„
Clark,
Pierce,
Hanseatic
NEWMAN, LEO F.
R.
inquiries in these divisions of the
ROBERT J.
York
RYAN, VINCENT P.
NEEDHAM, CARLETON
Harvard Trust
Oil and Gas stocks
SAUL
Robbins
State Street Bank and Trust Company
Inc.
Securities
Utility and Industrial securities
•
Co., Inc.
&
RYAN, FREDERICK J.
MYERS, GEORGE M.
Josephthal & Co. (special,
American
Interesting growth securities
•
A.
M.
Moseley Sc Co.
RYALL,
Chace, Whiteside & Winslow, Inc.
Lynch,
JOSEPH
BOBBINS,
J.
MURRAY, RAYMOND M.
Tucker, Anthony & R. L. Dav
MURRAY, RICHARD E.
Merrill
Trusts, and Institutions, furnishing them with information
Moseley Sc Co.
H. D. Knox
f.
timothy d.
May & Gannon.
special service to Retail Organizations,
supplemented hy pertinent analytical reports descriptive of—
BOBBINS, JOSEPH F.
E.
Corp.
du
S.
RINALDI,
MURPHY, ARTHUR C.
murphy,
a
Josephthal Sc Co.
,
Co., Inc.
FRANCIS
Parker
Investment
RICHARDSON, JOSEPH
MOSSOP, WALLACE L.
Barrett
offered
Corp.
Keystone Company of Boston
(special)
Jr., W. LINCOLN
Barrett & Company, Providence,
J. B. Maguire &
We have for 35 years
Stanley
RICHARDS, RUPERT M.
Co.
&
MOSSOP,
MOYNIHAN,
Creamer
REILLY, ARTHUR H.
W.
RAYMOND
Francis
Co.
Preston, Moss & Co.
>
MORRISON, CARLISLE F.
H. P. Wood Company, Inc.
MORSE,
A.
&
REED, LESTER F.
MOORE, WARREN F.
Coffin & Burr
JOHN
Hutton
QUINN, DANIEL L.
MOORE, FREDERICK S.
New
E.
Bodie,
A.
Josephthal & Co.
McVEY, FREDERICK V.
Childs, Jeffries & Thorndike,
A.
(special)
STANLEY, Jr.,
sporrong. stanley
Co.
&
Cleveland;
STEMBRIDGE, ALFRED R.
Inc.
B.
&
DAVID
Mr.
Sparks,
Mrs.
Burgess
Buck
Pressprich
POLLEYS,
Russell
29
Howard J. Eble, J. N. Russell &
Mass.
Dabney &
J.
PINKHAM,
Company. Inc.
H. Goddard Sc
Financial Chronicle
PIERCE, RALPH W.
Mcdowell, lewis d.
F. L. Putnam &
Co., New Haven,
Co., New York
WILFRED
Townsend,
May & Gannon,
W.
&
Adams,
PERHAM,
McCUE, JOHN A.
R.
Scranton
Josephthal
North
Mcdonough, john l.
H. C. Wainwright & Co.
J.
The Commercial and
.
PATASHNICK, HY
Hy Patashnick, Inc.
Quincy
Co.,
A
&
.
Bambenek, Dallas Union Securities Co., Dallas; Mr. &
Barret, Fitch, North & Co., Kansas City, Mo.
George
McCUE, GERARD
.
571-1711
on
page
30
The Commercial and Financial Chronicle
30
.
.
Thursday, October 24, 1963
.
CUNNINGHAM, BERNARD
Blunt Ellis Se Simmons
Security Traders Association
Boston Securities Traders Association
CUNY,
H.
STEPENUCK, STEPHEN J.
I.
duPont
W.
Hutton
E
&
H.
SULLIVAN,
F.
E.
F.
J.
JOHN
(special)
Smith. Barney Si Co.
CARL
J.
Kidder, Peabody & Co.
Allen
SWIFT, WILLIAM F.
Draper. Sears Si Co.
Harriman
Dabney & Tyson
Tripp Si Tnber,
Tripp 6e Taber, New Bedford, Mass.
WILLIAMS, T.
TAYLOR, Jr.. JOHN R.
S.
TOOHEY,
Coburn
Thompson, Inc.
Wolfson.
Fall
Weeden
CARROLL W.
Middlebrook, Inc.
&
J.
CURTICE
Si
Zalkind Si
River.
N.
WORRALL.
WYCHE.
Basic
Co.
HAROLD
Doremus Si
Co.
(special)
C. Wainwright &
J.
Co.
Maguire
B.
&
BUTLER, RAYMOND
Continental Illinois
unless
Glore,
Forgan
Si
Brothers
J.
Co.
'
ALM, WALTER C.
David A. Noyes Si
Glore,
Co.
CASEY,
,
David
A.
Noyes
CERF, Jr.,
'
Simmons
&
Co.
Harold C. Shore
&
Co..
J.
BARTH.
Incorporated
BARTHELL.
STREET
YORK 4,
N. Y.
BAX,
N.
CONLAN,
COOK,
First
White,
&
Smith
FRAZIER, GARNET L.
A, G. Becker Si Co., Incorporated
O.
Peck
FREEMAN, SIDNEY
Irving Weis & Co.
Co.
Si
FRIEDMAN,
J.
FULLER, JOSEPH T.
William A. Fuller &
Boettcher
PETER
&
Weeks
Boston
J.
William
Norville
Si
Corporation
The
Illinois
C.
&
J.
Devine
Si
Borland
A.
CRUTTENDEN, JAMES R.
Co.
Si
Cruttenden Si Co., Inc.
BERNARDI,
Teletype:: NY 212 571-0289
Telephone: WHitehall 3-6750
Securities
Walston
RICHARD
BERTOLDI,
BILLINGS.
Doyle,
Roe
Co.,
Inc.
EDWARD
Bear,
R.
Co.
(New
York)
FRANK
GOODMAN, WILLIAM D.
X.
Stearns & Co."
Freehling & Co.
Farnham
Si
CUMMINGS,
MILTON
BLOHM,
Investment
(Associate)
Co.
CUMMINGS,
A.
& Co.,7 Incorporated
Becker
GOLDEN, GEORGE T.
American Securities Corp.
CHARLES J.
Langill Si
G.
&
BLECHSCHMIDT,
Stein
CULLEN,
liDWARD
O'Connor
Co., Inc.
J.
Henke & Co.
Swift,
&
G.
Cook
CRUTTENDEN, WALTER W.
Co.
;
Co.
GLICKSON, ARNOLD
EDWARD
Columbian
Si
GEEL, DONALD A.
RODNEY M.
Betts,
Barney
J.
Glore, Forgan & Co.
BERG,
H.
GASPARI, MICHAEL R.
Co.
Smith,
CROWLEY, TED
Co.
Co.
Fuller & Co.
W.
BENNETT, DONALDSON, K.
McCormick
A.
GARDNER, WILLIAM
J. S. Strauss & Co,
Incoi porated
Company
HARVEY
CORNELIUS.
Co.
Company
R.
WILLIAM J.
BECKER.
and
GALLAGHER, JAMES P.
Rodman
& Renshaw
Kidder, Peabody & Co.
CORBUS, JOSEPH
LEONARD
FULLER, Jr., WILLIAM A.
Investment Co.
COONEY, WALTER E.
Co., Inc.
J.
].
G.
FREDERICK
Cook
ROBERT M.
Weld & Co.
FLYNN,
Fenner
GARY
J.
Si
FLETCHER, DONALD T.
William Blair Si Company
Co.
Hornblower
Upham Si Co.
PAUL
CECIL
Gorman,
Koehler &
NORMAN B.
BAUM,
'
7
FLYNN, CORNELIUS E.
The Northern Trust Company
Pierce,
CONDON, JAMES
Co.
EDWARD
Walston
NEW
Link,
Dempsey-Tegeler 81 Co., Inc.
Harris,
50 BROAD
CONDIT,
BARRY, JOHN R.
&
FITZGERALD, J. CUSHING
William Blair Si Company
D.
Incorporated
GEORGE E.
Jackson & Curtis
Bros.
Lynch,
7:7-777'.
E.
The First National Bank of Chicago
KENNETH G.
Merrill
7-
FITZGERALD, GERALD
Strauss & Co-.
S.
Higginson Corporation
Langill & Co.
FENTON, ARTHUR W.
Rodman Si Renshaw
COLIN, FRANK S.
Webber,
Lamson
FLOYD
CLARKE.
Jackson Si Curtis
BARROWCLOUGH, GEORGE L.
First of Michigan Corporation
Paine,
/
Co.
Chapman. Howe Si Co.
HAROLD
Paine, Webber,
BARRY, Jr.,
&
Co.
&
ARTHUR E.
McNulty Si Company
FEIL, PETER V.
CHERRY. MICHAEL P.
BALLISCH, JOSEPH G.
Francis I. du Pont &
BARCLAY.
Lee
Incorporated
Floyd D. Cerf, Jr. Company,
Incorporated
BAKER, GEORGE M.
Ellis
Co.
J.
FRED
Reynolds
Betts, Borland & Co.
Blunt
J.
Fuller
A.
J.
James
FEENEY, JOSEPH T.
CAVANAUGH, AUDRAN J.
Co.
Si
STEPHAN A.
BACHAR,
FARRELL,
Doyle, O'Connor Si Co.. Inc.
ARTHUR, JOHN
Inc.
Smith, Burris & Co.
Incorporated
ROY F.
William
Forgan &
ERZBERGER, JAY C.
Co.,
Becker &
G.
CARLSON.
Co.
NOEL
ANDERSON,
Si
W.
Smith, Burris St Co.
CANN, MAURICE
Hutzler
&
A.
Co.,
(Associate)
RICHARD C.
O'Rourke & Co.
P.
ERZBERGER, ELMER
Si
JOSEPH
McDonnell
W.
Si
Bank
CANN, JULES F.
Lehman Brothers
Co.
RICHARD
ALDWORTH,
National
Company
CANCHOLA,
ADAMS, Jr., FRED E.
ZUCCHELLI, LOUIS Y.
WARD, FRANCIS V.
Chicago
ABE, JR., WILLIAM
Hallgarten Si Co.
First Boston Corporation
White, Weld Si Co.
located in
(Members
Trust
Inc.
G.
Co., Incorporated,
ERICKSON.
J.
otherwise indicated)'
Harriman
ZUCCARO. ALFRED
WALKER, HARRY R.
H.
Brothers
Brown
&
Milwaukee, Wis.
JOHN
HERBERT
1
Loewi
OF MEMBERS
ROSTER
Jr., CYRIL
Industries Corporation
YOUNG.
F.
(special)
Hammill Si Co.
Shearson,
ELWELL, WILLIAM C.
Co.,
Salomon
VAUOHAN,
R.
& Dominick
EGNER, Jr., ADOLPH C.
Inc.; James Vacha, Byllesby Securities Company.
Moseley & Co.
S
F.
Harriman & C«-
DONALD
Dominick
Co.; Nathan M. Silberman, Dempsey-Tegeler & Co.,
Investment
THOMAS C.
Brothers
Brown
DWYER,
Barth, Dempsey-Tegeler & Co., Inc.; Frank
J.
Higginson Corporation
DRISCOLL,
Cummings, Bear, Stearns & Co.; Morey D. Sachnoff, Cook
X.
Mass.
Chas. A. Day & Co.,
Co.
Devine
Hutzler
&
WOLLEY, SUMNER R.
ispeclal)
TUCKER, LESLIE A.
C.
Directors: Edward N.
Brothers
WILLIAM
DREYER,
Goldman, Sachs & Co.
Secretary: Arnold P. Wolter, Dean Witter & Co.
WOLL, ALBERT J. T.
Hayden, Stone & Co., Incorporated
(special)
Si
TOWNSEND,
EDMUND
WOLFSON, RICHARD
TIRRELL, JOHN II.
Printing Co.
Doyle, O'Connor Si Co., Inc.
Lee
Chace, Whiteside & Winslow, inc.
WILLIAM
A. G. Becker & Co., Incor¬
porated.
Treasurer: Ray Dixon,
Co.
Inc.
DOYLE, LEO J.
WINSLOW, Jr., A. N.
Taylor Si Co., Inc.
Star
Si
ROBERT
Doyle, O'Connor Si Co.,
Jr., J. P. O'Rourke & Co.
President: John P. O'Rourke,
Vice-President: Leonard J. Wolf, Jr.,
PHILIP D.
WINN,
Salomon
&
Co., Incorporated
Weeks
&
JOHN
DOYLE,
Hooper-Kimball, Inc.
May & Gannon, Inc.
Carr
Hornblower
Inc.,
& Co.
Wittemore
H.
D.
P.
and Company
DOUROS, ALEXANDER
WIIITTEMORE, DONALD II.
TARANTINO, JAMES W.
THOMPSON,
Arnold P. Wolter
Leonard J. Wolf, Jr»
Jr.
I.
R.
Ripley &
Trask
Spencer
New Bedford, Mass.
TARFR, RICHARD D.
JOHN
Boettchei
WHITCOMB, REGINALD M.
TABER, ELLIOT C.
RAYMOND
W.
DONOVAN,
J. P. O'Rourke,
WHITCOMB, BURTON F.
Jr., HENRY E.
Townsend,
F.
Noyes & Co.
Rapids (Associate)
DIXON,
Hutzler
Si
White & Co.,
J.
Farnham
Young & Company, Inc
Grand
ALLEN J.
Providence,
East
&
JOHN
YOUNG, NEIL
De
A.
R.
Brothers
Salomon
WHITE,
Co.
Goldman, Sachs Si Co.
ALAN
WEST,
<
WALTER T.
Roe
Hemphill,
DE
(special)
Providence, R..I.
TABB.
Stein
DETMER,
EDWARD
&
ANTHONY L.
dePERSIO,
V.
J.
Pont
du
I.
M.
Scott Si Kegley, Inc.
Corp.
State Street Bank and Trust Company
Cummings <fc Co.,
SWIFT,
Stanley
Jr.. ROBERT S.
Moseley & Co.
WESSLING,
Inc. /■
THOMAS
DAVY,
WELLS, RAYMOND E.
Bishop-Wells Co.
(special)
SULLIVAN. ROBERT \V.
Donohue & Sullivan
SWENSON.
Francis
Paine, Webber, Jackson & Curtis
P.
THOMAS
DAVIS,
LOWELL A.
Corporation
CARL
L.
McDougal & Condon,
Securities
Creamer
S.
WELLS.
Co.
Si
Hutton
SULLIVAN,
Breen
WEEKS,
Incorporated
Company
HOWARD
DAVIDSON,
B.
"
E.
Illinois
The
Co.
CHARLES M.
WATT,
& Co., Inc.
JOHN
SULLIVAN.
W.
JOHN
Jr.
Putnam
L.
Jr.,
Dominion
T
E.
Wainwright Si Co.
C.
LLOYD
WARREN,
Co.
SULLIVAN, JAMES
Byllesby Securities Company
DAUCHY, PETER
Wainwright &
Kidder, Peabody & Co.
W.
STUMPP, DAVID
C.
WARING,
Co.
&
DARFLER, GLEN A.
GEOFFREY
WARD,
Continued from page 29
Francis
Of Chicago, Inc.
MEMBERS
OF
Incorporated
Nicolaus Si Company,
Stifel,
ROSTER
J.
GERALD F.
R.
Glore, Forgan Si
Bear,
PATRICK
GOODWIN, JAMES E.
J.
Bache & Co.
Stearns Si Co.
Co.
BLUMENTHAL, HAROLD
Swift, Herke Si
BOBBITT,
Co.
A.
RICHARD
■
v'y
•
Rothschild
ORIGINATORS
•
UNDERWRITERS
&
Fahnestock
DISTRIBUTORS
Co.
JOHN
BODEN,
Witter
Dean
Fahnestock
••
::x
,/
1
/
OBLIGATIONS
William
S.
Hlckey
BURCII.
1920
-
•'
•
'
••
di
7
Company
■
(^ontptuts^
INVESTMENTS
'
Co.
S.
&
Co.
IIARRY M.
Brothers
Si
PHILIP
&
Hutzler
C.
40
Co.
&
Co.,
FRANK
Wall
Street
•
New
York
5,
N.
Y.
H.
BULLER, FRANK
Gordon & Sautter
•
Inc.
L.
CARMAN
Jr.,
Bache
Boland, Saff in,
&
&
Salomon
BUHLE,
"...
J.
Sachs
Brown
BROWN,
-'.7
G.
FAUL
Goldman,
C.
-
Si Co.
FABIAN
Blair
BRISCOE,
BROWN,
Established
,
O'Connor & Co.,
G.
.
J.
BRAULT, JEROME
Chesley & Co.
AUTHORITY REVENUE
|k4"
■
EDMUND
BREWER,
•v
F.
Co.
Glore, Forgan
BRADY,
Doyle,
and
&
WALLACE
BOYLE.
■■
Co.
Si
BOYDE, STEPHEN
NEW JERSSi MUNICIPAL
.7
.
Co.
&
ROBERT
BOEDEKER
7
-;7■
>
L.
Inc,
Telephone
212
WH
3-9060
G.
cable
address
7
"ViNZGERALD"
'
„
'
7-
-
••
:
'
Byllesby Securities Company
64 WALL STREET,
NEW YORK 5, N. Y.
WHITEHALL 3-1570
'
BURKE,
DAVID J.
Blunt Ellis & Simmons
Bell System
'
'
V-
r
■
'
-
v
Teletype—212 S71-10SS
BUSCH,
First
Jr.,
HENRY F.
Securities
Company of
"■
,
Chicago
•
t
Volume
Thomas
A.
Number
198
Larkin,
6310
.
.
.
The Commercial and Financial Chronicle
Good body
& Co., New
York;
& Co., New Ycrk
Alden
Good body
&
Mrs.
HOELCK, THEODORE M.
McCormick & Co.
GOTT, EARLE C.
IIOFER, CHARLES
Goodbody & Co.
Ernst
GRAHAM, DAVID E.
Continental
Trust
HOFER,
Illinois
National
Bank
8c
Company
Ernst
Francis
Ky.
GRATZA, WILLIAM J.
Swift,
Henke
A.
D.
Francis
du
I.
S.
GEORGE
Incorporated
F.
First Securities Company of Chicago
HUNTER,
Pont
Co.
&
WILLIAM
McDonnell
HACK, Jr., JOHN J.
F.
G. Becker 8c Co.,
HUMMEL,
Co.
8c
GUILD. DONALD J.
&
Co., Incorporated
HACKER, JAMES T.
Bacon, Whipple 8c Co.
ISAACS.
v
ELMER
First Securities
HARDY,
-
W.
EDWARD K. Ill
Dean
A.
Harmet
A.
&
7
■7'
Corporation
;
&
Link,
Gorman,
Francis
HEALY, WILLIAM B.
du
Bank of Chicago
KEATING,
Swift,
G.
Pont
RICHARD
JOHN JAY
EDWARD
La Salle Securities
Inc.
Dempsey-Tegeler 8c Co., Inc.
KIPP, JAMES
HOBBS. WILLIAM G.
Weeden
&
Bros.
Continued
on
page 32
Company
Co.,
JOSEPH
Inc.
M.
Mitchell & Company
CARL
8c
Inc.
Co.,
gerald
Members
Francis
I.
Philadelphia-Baltimore-Washington
Pont
du
7
l.
8c
Co.
Stock Exchange
LEWIS, HAROLD M.
Blyth & Co., Inc.
H.
EDWARD
Miller, Tallman
Co. Inc.
8c
Blair
LONGSTAFF,
Co.
KIPP, JOHN D.
A. G. Becker & Co., Incorporated
/
CITY
V
•
&
Company
S.
RALPn
Rogers & Tracy, Inc.
Taylor
R.
BROADWAY
NEW YORK
Wn LIAM T.
William
;7
120
Curtis
V.
8c Co.
Bros.
LORING, FRANK
Aubrey G.
Lanston 8c
Teletype 212 571-0920
Co.. Inc.
A.
Pont 8c Co.
du
Bell
Telephone "WOrth 4-3113
E.
LYNCH, PHILIP
Francis I.
Antonio, Tex.
(Associate)
OLDERSHAW, HALLOCK B.
Blyth 8c Co., Inc.
Co.
Co.
8c
and
8c
Lamson
Funk, Hobbs 8s Hart, Inc.
San
Sincere and Company
O'CONNOR, HUGH J.
Betts, Borland & Co.
Co.
ROCCO, LAWRENCE 0.
LONG,
A.
&
F.
LOCKHART, LEONARD
KELLEY, MICHAEL A.
The First Boston Corporation
Co.
RAYMOND
LIENING,
KING, THOMAS E.
HIRSCHBERG,
LaPAK,
MacLEAN, JAMES
;
H.
The Northern Trust Company
HAROLD A.
MADARY,
Qlore, Forgan 8c Co.
MADDEN.
T.
ROBERT
H. Hentz & Co.
MARTIN
MAGF.E.
FOUNOeP
L.
Byllesby Securities Company
GB
RAYMOND
MA HER
Francis
.931^ Aj
I.
du
G. H. WALKER 8c CO.
A
Pont
8c
Co.
19QO
Established
MARQUARDT. JEROME F.
Cook
A COMPLETE MONEY SERVICE
MARR,
A.
G.
members
Co.
Investment
new
N.
LAWRENCE
york
stock
Becker & Co., Incorporated
stock
american
exchange
midwest
stock
exchange
exchange
MATZ, CHARLES T.
R.
for Banks, Brokers, Dealers & Investors
W.
Pressprich & Co.
McCOTTER,
Lee
DONALD C.
Higginson Corporation
UNDERWRITERS
RAYMOND K.
F. s. Yantis & Co., Incorporated
McDANIEL,
Securities Brokerage
Kidder, Peabody
Securities Financing
S.
8c Co.
PUBLIC
120
Broadway, New York 5, N. Y.
550 South Flower, Los
Exchanges
Angeles 17, Calif. /
FINANCE
UTILITIES
DEALERS
COMPANIES
McGHIE. Jr., GEORGE W.
F.
S.
Yantis
&
Co., Incorporated
direct
st.
louis,
clayton,
7
McIIUGH, JOHN D.
James J. McNulty
Smith, Barney 8
Sachs
pawtucket,
Wells
philadelphia,
and
offices
also
in
white
plains
bridgeport,
kansas
city
chicago
and
offices
springfield,
mass.
NEW YORK 5, N. Y.
&
Hutzler
TELETYPE
P.
8c
MILLER, CHARLES
Mullaney,
our
45 WALL STREET
Brothers
HENRY
Goldman.
to
waterbury,
'
TELEPHONE-HAnover 2-4000
MEYERS,
wires
hartford,
Co.
MEYER, JULIAN L.
Salomon
/
8c Company
MELL, HERMAN G.
private
,
providence,
Members New York and American Stock
-
MUNICIPALS
Moseley 8c Co.
McGregor, william j.
William
A.
Fuller & Co.
Garvin, Bantel & Co.
BROKERS
McFARLANE, LAURENCE B.
F.
Brokers Loans
-
INDUSTRIALS
Mcdonough, joseph m.
Federal Funds
Co.
M.
8c
Company
Smith
Co.
B.
LINDER, EVAR L.
Paine, Webber, Jackson &
First Securities Company of Chicago
Stein Roe 8c Farnham Co.
&
O'BRIEN, WILLIAM C.
Pont
du
Salle Securities
MURRAY, DANIEL E.
Ralph W. Davis & Co.
<
BANFORD
I.
Fenner
LIAUTAD, LEE J.
Reynolds 8c Co.
Taylor, Rogers & Tracy, Inc.
HILLSTROM, RAYMOND W.
i.
Co.
Smith, Barney & Co.
lewis.
Co.
KEITH, CLYDE H.
J.
PAUL
&
LEVINE, HOWARD S.
Doyle, O'Connor 8c Co., Inc.
&
Dempsey-Tegeler 8c Co.,
Hickey 8c Co., Inc.
HICKEY
LANGE,
du Pont
I.
Leason
KEGLEY, WILLIAM C.
HICKEY, III,, MATTHEW J.
La
H.
MURPHY, JOSEPH P.
Shearson, Hammill 8c
ROBERT W.
LEVIN,
Paine, Webber, Jackson 8c Curtis
Hickey & Co., Inc.
LANE.
Francis
Pierce,
DONALD F.
O'BRIEN, EDWIN P.
Sincere and Company
(Associate)
Dempsey-Tegeler 8c Co., Inc.
Hayden, Stone & Co., Incorporated
KEENAN, WILLIAM T.
HICKEY, Jr., MATTHEW J.
JAMES
-
NORTON, LAWRENCE If.
8c Co.
MOSHER, THOMAS L.
The Milwaukee Company,
Wise.
Co.
A. C. Allyn & Co.
McMaster Hutchinson
MURPHY, JOHN DAVID
LEE,
Corporation
L.
Henke & Co.
NIETZEL,
Co.
KRELL, ROBERT B.
Bacon, Whipple 8c Co.
Leason
Koenig, Keating 8c Stead, Inc.
HERZ, JOHN
Lynch,
Incorporated
8c
MORTON, HOWARD C.
Milwaukee,
G.
LEASON, HARVEY GLEN f
KATING, JOHN
Aubrey G. Lanston & Co., Inc.
Webber-Simpson 8c Company
HERMAN, FRANK
The First National
I.
7
Company
JOEL
Rothman &
Merrill
Inc.
Hammill
MURPHY,
Boettcher
KAPPA. HARVEY H.
Co.
Inc.
N.
NEWPART, CHRIS J.
KOUGIAS, WILLIAM J.
Wm. E. Tegtmeyer 8c Co.
Lamson
VINCENT T.
Smith, Burrls & Co.
Peck &
& Co.,
Noel
LARSON, VERNON
KANE,
HARTWIG, CARL A.
Shearson,
and
NEEDLMAN,
MOON, RUSSELL F.
KORY, DONALD
LA
Co.
JOSEPHSON, LEROY
Ira Haupt & Co.
Co.
Sincere
Co.
Blunt Ellis 8c Simmons
ROBERT W.
Witter 8c
The First Boston
JOSEPH E.
Reynolds
Inc.
JOHNSON, TOGE V.
Co.
New York Hanseatic
Co.,
Hickey 8c Co., Inc.
A.
HART, DONALD F.
HART,
8c
JANUS, ERNEST A.
Blunt, Ellis & Simmons
HARMET, ALFRED
MUTON J.
JANSHOFF,
Company of Chicago
Co.
Moseley 8c Co.
LANGILL,
JACOBSON, R. DONALD
Smith, Burris'& Co.
HAMMELL,
&
NORMAN H.
NAGEL,
Tallman 8c
Langill 8c Co.
HALL, FRED K.
Dempsey-Tegeler & Co., Inc.
Dempsey-Tegeler
S.
Frapcis
S.
HUTCHINSON, HERBERT A.
McMaster Hutchinson 8c Co.
Moseley & Co.
s.
Miller,
Walston 8c Co.,
Pont
PETER C.
Moseley & Co.
Halsey, Stuart & Co. Inc.
Company of Chicago
HORMAN, BERNARD
Shearson, Hammill & Co.
GORDON
F.
Dillon. Union Securities 8c Co.
First Securities
du
I.
Blyth & Co., Inc., Portland, Or eg.;
Brothers & Hutzler, New York
Pitt,
MILLER, SAUL R.
Aubrey G. Lanston
KOERNER, STAR C.
Co.
IIORACEK, JEAN A.
David A. Noyes 8c Co.
GREEN, AR1IIUR A.
GREGORY,
8c
W.
MOHR, WILLIAM A.
KOERNER,
F.
duPont
Robert
Mrs.
&
MOFFAT, DONALD L.
KOEPKE, DONALD F.
HOLT, LESTER H.
Eastman
(Associate)
Francis
Mrl
Inc.,
Arthur K. Salomon, Salomon
Koenig, Keating 8c Stead, Inc.
Co.
I.
Company,
&
KOENIG, PHILIP F.
HOLMES. LOUIS A.
GRAHAM, THOMAS
Co., Louisville,
Co.
RAYMOND
8c
E. F. Hut ton
City, Mo.
Latshaw,
KOCH, Jr., OTTO J.
The Marshall Company, Milwaukee, Wis.
.
HOFFMAN, HUGH F.
Eastman Dillon, Union Securites 8c Co.
GRAHAM, HOWARD F.
Harris Trust & Savings Bank
Graham-Conway
(Associate)
8c
John
Kansas
GORDER, HENRY A.
Stone 8c Webster Securities Corporation
•
Mr.
Gray,
7
CABLE ADDRESS "WALKERIAN"
212 571-0308
32
Mr.
The Commercial and Financial Chronicle
Mrs. H. Mitchell Bruck, Stein Bros. & Boyce, Baltimore; Samuel F. Colwell, W. E. Hutton &
Co., New York; Wellington "Duke" Hunter, Wellington Hunter Associates, Jersey City, N. J.
&
PODESTA,
Security Traders Association
Harry
ROBERT
Walston & Co.,
Of Chicago, Inc.
PORTER,
A.
Co.
Rothman
J.
P.
O'Rourke
&
PEDERSEN,
Co.
Loewi
OWEN,
C.
DONALD
William Blair &
&
WILLIAM
*"
RAMING,
Co., Incorporated
Wis. (Associate)
Blair
Company
PAMPEL, HOWARD L.
Aubrey, G. Lanston 6c Co., Inc.
PARISE, GEORGE D.
Shearson, Hammill 6c
PHILIP, Jr., JAMES
Brown
Co.
Lee
Hickey
ROOB.
,
Co.,
6c
Co.,
6c
Co.
White,
A.
Hutzler
&
STRAUS.
A.
SWIECH, STANLEY
TEGTMEYER, WILLIAM
Wm.
Co.
TERO,
,
THOMA,
R.
J.
E.
C.
CHARLES
Link,
Corporation
&
Co.
UHLARIK,
GIRARD
Wayne Hummer & Co.
Dempsey-Tegeler & Co., Inc.:
pave
the
way
for
new
J.
Weeuen
SILFERMAN.
3
build
public confidence in
your
management
Co.
Swift,
If
"sell"
your company as a
good place to work
5 gain recognition from financial analysts
City
Corporate Impact" should enable
in which
we
have been
small, and what
we
helpful to
many
you
just call
or
own
&
&
Burton
Co.,
Inc.
D.
Brothers
131 Cedar
Mid-Town
•
Public Relations
<
;
&
Co.
•
COrtlandt 7-5060.
Office: 44 East 53rd Street, New York 22, N. Y.
CALVIN
Whitsel &
WILLIAMS, ROBERT C.
Weeden
6c
W.
The First National Bank
WINTERHALTER,
Carlton
6c
PHILADELPHIA
of Chicago
SAN FRANCISCO
I.
du
Hornblower 6c
STEAD,
LOS ANGELES
Jr.,
Henke
WOOLARD,
Chicago
,
P.
-
•
•
''
Pont
&
Co.
C.
The First National Bank of
Chicago
WRIGHT, CHAPIN N.
Stifel, Nicolaus & Company, Incorporated
YOUNG, RAYMOND W.
Weeks
J.
Co.
ROBERT
Wm. H. iTegtmeyer & Co.
WOUK, THEODORE E.
K.
6c
/
Becker & Co. Incorporated
Dean Witter & Co.
Koenig, Keating, & Stead, Inc.
Swift,
of
WOOLARD, FRANCIS C.
Byllesby Securities Company
STEFFES, JAMES W.
*
Bank
•
Co.
JAMES
A. G.
WOLTER, ARNOLD
STACH, LESTER W.
STACK, ALBIN
6c Co.
LEROY F.
National
WOJCIK, WILLIAM L.
Goodbody & Co.
WOLF, Jr., LEONARD J.
NEW YORK
Francis
Co.
Harry J. Wilson
SORENSON, OLAF A.
A.
C.
Co.
WILSON, IIARRY J.
SMOLE, JOSEPH A.
CHICAGO
Street, New. York 6,N. Y.
C.
Burton J. Vincent 6c Co.
Harriman
SMITH, THOMAS P.
Kidder, Peabody & Co.
F.
Company
Vincent & Co.
WIERENGA, RICHARD II.
SINNOT, JAMES N.
SPARKS, ALLEN K.
Advertising
and
J.
The First
BOSTON
Co.
Weld 6c Co.
Fahnestock 6c Co.
LAW, INC.
Co.
WHIGAM, WALLACE D.
Bear, Stearns 6c Co.
'
Taylor, Rogers & Tracy, Inc.
specific
6c
M.
&
'
Simmons
SMITH, GEORGE
write Quentin Smith.
ALBERT FRANK-GUENTHER
Sincere
M.
SINCLAIR, RICHARD M.
ways
companies, large and
would suggest for meeting your
needs. For your free copy,
to decide
facilities, the
Pont
WERNECKE, RICHARD A.
NATHAN
SKEPNEK, Jr., PAUL J.
Taylor, Rogers 6c Tracy, Inc.
whether you wish to know more about our
Henke
WHITSEL,
Brown
"The Total
du
WELCH, EDWARD H.
York
New
Dempsey-Tegeler
White,
-r
Co.
WEINBERG, SHELDON
A. G. Becker & Co., Incorporated
McKinnon
Co.,
I.
WAUCHOP, RAYMOND O.
Doyle, O'Connor 6c Co., Ino.
SIMMONS, RICHARD W.
Blunt Ellis
6c
WALSH, THOMAS D.
L.
Reynolds &
(Associate)
capital financing
Co.
MEULEN, JOHN W.
Francis
SHFRWOOD, DONALD B.
2
&
O.
WAKELEY, THOMPSON
WILLIAM
&
Pont
WAHLQUIST, GEORGE R.
"
Henke 6c Co.
A.
du
HARRY
(Associate)
The Illinois Company
Thomson
I.
Ver Meulen 6c Co.. Racine, Wis.
SELLERS, PAUL A.
SHELTON,
Francis
Ver
SEARLE, RICHARD M.
services
Company
C.
Cartwrlght, Valleau 6c Co.
Blyth & Co., Inc.
SCOTT, MORTIMER W.
V
> Scott & Kegley, Incorporated
SHAW, BRADFORD W.
or
S.
Bond
JAMES
VALLEAU.
Now in its
products
& Co.
THOMAS
Byllesby Securities Company
'
SCOTT, JAMES H.
Cook Investment
sell your
Co.
VAILE, JOHN P.
Hallgarten & Co.
1
6c
R.
Fuller
First Public
VACHA.
SCHOETTLER, F.
Swift,
S.
FRANK
TRINKAUS, DANIEL
SCHUBERT, DONALD D.
fourth printing
111.
W.
Co.
Gorman, Peck & Co.
William A.
Brothers Harriman
Jr.,
Co., Skokie,
RALPH
Devine &
McCormick
Hanseatic
SCHMITT, RUSSELL G.
SENNOTT,
:
Co
TORREY, GEORGE
Hayden, Stone & Co., Incorporated
and shows how to—
&
Glore, Forgan 6c Co.
SCHMITZ, JOHN F.
your company
J.
TORGERSON,
SCHLIPPER, JOHN L.
for
Co.,
THORSEN, LESTER J.
G.
Julien Collins 6c Company
corporate objectives
dc
Investment
THOMPSON,
SCIIEUER, RONALD C.
outlines 5 key
Pont
J.
Upham
Thomas
Haupt & Co.
Brown
du
I.
GLEN
THOMAS, ROBERT W.
Chicago Title & Trust Co.
helpful booklet
II.
Co.
Byllesby Securities Company
City
SCALISE, WILLIAM
York
St
THOMAS, JOHN
BYRON
SBERTOLI, Jr., JOHN
Freehling & Co.
New
Tegtmeyer
Harris.
Ira Haupt & Co., New York
This
H.
ROBERT J.
Francis
'
.
ARTHUR
Cbesley & Co.
Ira
I.
Stanley Swiech and Company. Inc.
Co.
Norris & Kenly
SCHEUER,
ROY B.
Reynolds & Co.
Chicago
of
SANDBERG, LAWRENCE
SAYRE,
Inc.
The First National Bank of Chicago
SUNDELL,
FILIPPO, JOHN
SAWERS,
Co.,
&
STRONG, ORVILLE II.
r
SADLER, FRED D.
&
W.
FREDFRICK
STRONG, DONALD W.
Glore, Forgan & Co.
<
The First National Bank
Cutler
Smith
&
Hayden, Stone & Co., Incorporated
SACHNOFF, SAMUEL
SAN
Fenner
E.
STRAUSS, ROBERT
M.
SACHNOFF, MOREY D.
6c
Pierce,
Dempsey-Tegeler
SACCO, ARTHUR C.
Webster, Marsh & Co.
Sadler
Lynch,
National Boulevard Bank of Chicago
Brothers
Cook Investment Co.
W'X'X'XWX'X.XW.XC-XfrXWX'X'X'X-X'XfrX'XS.X'frXWMWW'MM'K'M'JMMXWStoStoX'XMI'M'M
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■»
Incorporated
"
Weld 6c Co.
Co.
STRATZ, ALBERT
Doyle, O'Connor & Co., Inc.
r
REVELL, RAYMOND F.
Higginson Corporation
Merrill
Halsey, Stuart 6c Co. Inc.
EDWARD P.
La Salle Securities Co.
G.
Inc. '
L.
Henke &
STRAK, Jr., ANTHONY J.
Inc.
RUSSELL, MEltTOV
V.
WALTER
Swift,
EDWARD
Salomon
Incorporated
Co., Incorporated
RENIER,
Harriman
Brothers
Halsey, Stuart 6c Co.
STRAIT,
RYAN, Jr., GERALD
W.
GEORGE
PETRIE,
&
Inc.,
ROGERS, JOHN C.
LAURENCE
RANGE,
MilwauKee,
Stone &
Frederick,
Chapman, Howe 6c Co.
Inc.
Co.;
H. PHILIP
Hayden,
R.
&
H. S. Kipnis & Co.
STONER, HARLEY H.
ROBERTSON, CLARKE .1.
&
Taylor, Rogers & Tracy, Inc.
O'ROURKE, JOHN P.
Thursday, October 24, 1963
STENDEL, ROBERT C.
T.
(Associate)
RAHN. FRED T.
PEARSON, DONALD C.
Wm. H. Tegtmeyer 6c Co.
Continued from page 31
M.
WILLIAM
Splaine
ROBERT S.
N.
ROBERT
Milwaukee, Wis.
Hummer 6c Co.
Noel
MEMBERS
.
Ralph W. Davis & Co.
RILEY,
PRUSIN.
ROSTER OF
ItlCE,
Inc.
HAROLD
Wayne
.
L. Zeeman, Jr., Carl Marks & Co., Inc., New York; Barney Nieman, Carl M. Loeb, Rhoades
& Co., New York; Leslie J. Howard, J. S. Strauss &
Co., San Francisco
POLLICK, JOHN P.
Cook Investment
.
La
'
Salle
Securities
Co.
ZEBELL, ELMER
Robert
Wise.
W.
Baird
(Associate)
&
Co.,
Milwaukee,
Volume
Mr.
&
Mrs.
Number 6310
198
J.
Sidney
Sanders,
Foster
Bankers
.
.
.
Marshall, Inc., Seattle; Erwin W.
of America, Washington, D. C.
&
33
The Commercial and Financial Chronicle
Boehmler,
Association
Snyder, The Ohio Company, Columbus, Ohio; Mr. & Mrs. John P. Haggerty,
& Company, Inc., Denver; A. William Bertsch, G. A. Saxton & Co., Inc., New
Sullivan
KOESER,
Cleveland Security Traders
Howard
Investment
'
ORIN E.
PARSONS, ROBERT
Parsons St Co.,
Inc.
Hornblower & Weeks
Association
,
CASIMIR T.
Prescott
St
L.
LEUSTIG, FRED F.
LINGER,
Co., Inc.
LIS)
N.
&
Co.,
Butler, Wick St Co., Youngstown
david
L.
P.
William
Gary A. Galdun
James B. Sparks
Richard A. Probst
geraljd
Vice-President: Gary A. Galdun,
,
Merrill, Turben & Co., Inc.
Secretary: Richard A. Probst, Saunders, Stiver & Co.
Treasurer: James B. Sparks,
J.
&
McLaren, McDon
J. N. Russell &
&
Miller
Company; James M.
Russell,
Morrow
Co.
ROSTER
in
located
(Members
Cleveland
otherwise indicated)
ARMBRUSTER,
Saunders,
BAER.
&
Roulston
GIBEL,
NED
McDonald
Corporation,
J.
Cleveland
Securities
Co.
,
Hudson,
Inc.,
Ball,
WHITE,
W.
Company
Paine, Webber, Jackson St Curtis
Company
WOHLEGEMUTH, CHARLES
McDonald
&
Company
Ledogar-Horner Company
Company
St
WOEHRMANN, HAROLD
SCHULENBERG, RICHARD D.
St
JOHN
McDonald
Exchange
For financial institutions
TRADING MARKETS IN SECURITIES OF
Caunter & Co.
Plain
Hawkins &
The
STEPHEN
First Boston Corporation
GEORGE
Westhelmer St Company
Incorporated
GARMC, A. W.
IANARO, THOMAS
Blyth & Co., Inc.
ROBERT M.
Willoughby, Ohio
JANUSEK, GERALD F.
Joseph, Mellen St Miller, Inc.
A
DOERGE, JACK O.
Saunders, Stiver St Co.
JOHNSTON,
DONAHUE, JOHN R.
Smith,
Joseph, Mellen St Miller, Inc.
-
'
JONES,
&
JOHN
Barney
SOUTH AFRICA
ECUADOR
MEXICO
SPAIN
EL SALVADOR
NEW ZEALAND
SWEDEN
FINLAND
NORWAY
SWITZERLAND
FRANCE
PANAMA
UNITED KINGDOM
GERMANY
PERU
URUGUAY
GREECE
PHILIPPINES
VENEZUELA
COLOMBIA
HOLLAND
POLAND
YUGOSLAVIA
Co.,
Inc.
JONES,
The
DRNEK, JAMES J.
E.
Company
and
CLYDE
First
Columbus
Corporation,
KEIER, RUSSEL E.
EBLE, HOWARD J.
Collin, Norton St Co., Toledo
J. N. Russell St Co., Inc.
KILLIUS, RICHARD
ERB, ROBERT L.
Green, Erb & Co., Inc.
y
;
Hayden,
,
.<
Co.
,,
Miller
C!arl Marks & Ho. Inc.
FOREIGN SECURITIES SPECIALISTS
R.
Columbus
Prescott St Co.
FONTANA, PETER
PUERTO RICO
HAWAII
& Co.
CHARLES
Westheimer
THOMAS
&
JAPAN
HUDSON, CEYLON E.
Ceylon E. Hudson, Inc., Wooster
Hayden, Miller & Co.
Caunter
DENMARK
CHINA
HUBERTY,
Harriman Ripley & Co.
Robbins
RUSSIA
AUSTRIA
CHILE
Co.
HOTALING, A.
COVINGTON, HERBERT C.
W.
PORTUGAL
ITALY
CANADA
Halle St Co.
Will S.
(Honorary)
Dealer
Lawrence Cook St Co.
T.
ISRAEL
CUBA
BRAZIL
HAYS, GEORGE H.
COOK, LAWRENCE
Co.,
COSTA RICA
BOLIVIA
Kraus
HAWKINS, DANIEL M.
Company
Ledogar-Horner
CLEARY, JACK
Burge St
C. J. Devine St Co.
CAYNE, MORTON A.
•*'
ARGENTINA
BELGIUM
IIARDONY, MICHAEL C.
Ball, Burge St Kraus
CAUNTER, LEE
A.
Hornblower & Weeks
Co., Inc.
AUSTRALIA
St Co.
HANSON, DAVID G.
Burge St Kraus
Cleveland
B. Schwinn
Joseph, Mellen & Miller, Inc.
CAREY, WALTER J.
L.
Ledogar-Horner
St
G.
WEAVER, ROBERT
SCHULTE, Jr., FRANK J.
Company
GUNN, CLEMENS E.
JOHN A.
Stiver & Co.
Saunders,
William
Securities
RUSSELL
Fulton Reid St Co.
Inc.
N.
ROY
Stock
McDonald
Wooster
-
&
GUGGENHEIM, HOWARD
(Honorary)
Dealer
Plain
BURRELLO,
DONOVAN,
Russell
Midwest
Co.
WARDLEY,
Inc.
Erb St Co., Inc.
Green,
L.
Reserve
Disbro &
N.
SCHLIECKER,
GRIFFITH, JAMES L.
BRYAN, JOHN E.
DISBRO,
M.
N. Russell St Co.,
JAMES
GREEN, WILLIAM
BILLIE, NICK
DE
Reserve
& Co.,
GREEN, NEIL
K.
Curtiss, House & Co.
L. A.
JAMES
C.
Co.
JAMES
Inc.
LEONARD
Hartzmark
BEATTIE, ROBERT K.
Ball,
Western
&
Co.
KING, EVERETT A.
J. N. Russell St Co., Inc.
Wooster
Inc.
Corporation
Miller &
Merrill, Turben & Co.,
Company ;•
Columbus
Western
WALTON,
Co.
Co.,
HARRY J.
GAWNE,
M.
Columbus
First
Columbus
Hayden,
Merrill, Turben & Co.
The
St
MEMBERS
First
BAKER. DAVID
BARTHELMAS,
Ullman
GALDUN, GARY
CARL
Stiver & Co.
HOWARD
&
Hudson, Inc.,
E.
Ceylon
GAITHER, PAUL H.
Co.
St
Inc.
Co.,
J. N. Russell St Co., Inc.
Inc.
Co.,
FOSTER, L. WARREN
J. N. Russell St Co., Inc.
unless
>
THOMAS
Stiver
ARNHEITER,
Saunders,
Term Expires: December 31, 1963.
OF
J. Devine
RUSSELL, JAMES
NASH, CHARLES J.
E.
&
ULLMAN, RUFUS M.
J.
&
OPDYKE, GEORGE F.
Took Office: January 1, 1963;
&
C. J. Devine St Co.
RUSSELL,
Co.
St
Murch
SUMMERGRADE, IRVING
T.
TAYLOR, JAMES N.
C.
MORROW, FRANK W.
Ceylon
Co., Inc.
St
JEROME
Salomon Brothers & Hutzler
RUNG, EDMUND J.
j.
McPOLIN, RAY T.
Bache
Co.; David L. Baker, Mer¬
LARRY
Inc.
Co.,
Company
METZEL, JEROME B.
rill, Turben & Co., Inc.; Orin E. Koeser, Blyth & Co., Inc.; Wil¬
liam
McDonald
Hayden,
Ball, Burge & Kraus.
Governors: James J. Drnek, Prescott &
William
mclaren,
Ohio
STRING. RALPH E.
Company
Robbins
T.
STERN,
&
RUFFING, JAMES R.
Joseph, Mellen & Miller, Inc.
McDonald St Company
Miller, Inc.
St
Elyria,
Co.,
B.
ROONEY, RAYMOND W.
Murch St Co., Inc.
c.
McGINTY, JOHN P.
President: John R. Donahue, Joseph, Mellen &
Murch
A.
WILLIAM
St
JAMES
W.
Ceylon E. Hudson, Inc., Wooster
John R. Donahue
Schultz
ROBBINS,
Fahey, Clark & Co.
DOYLE
J.
WILLIAM
Smith
R.
STAVNICKY,
DEANE
Ball, Burge & Kraus
REIDER,
(Honorary)
Ball, Burge St Kraus
Euclid
Saunders, Stiver St Co.
MASTERS, OLAN B.
McCLAREN,
P.
SPARKS,
Co.,
4RANNEY,
LONG, MARTIN J.
Siegler St Co.
Press St News
SMITH, JOHN F.
Co.
PROBST, RICHARD A.
L.
Inc.
SMITH, GARY
Fulton, Reid St Co., Inc.
Inc.
Securities
Suburban
Co.
&
Co*
Mcdonough,
&
Co.,
DON
Cleveland
VICTOR C.
Prescott
Inc.
N.
SILVER,
Co.
POTOKAR, ANTON, Jr.
Siegler
matthews,
Edward
PORZ, Jr., WILLIAM C.
Robbins
ON, COR WIN
Prescott St
St
Murch & Co.,
MARC
Edward
Schultz
POPORAD,
LEWIS, MILTON B.
T.
J.
Robbins St
T.
William
PLACKY, GEORGE
Blyth St Co., Inc.
William
SHULL, ROBERT C.
SIEGLER, LAWRENCE N.
Paine, Webber, Jackson St Curtis
Co.
LAZIN, ERNEST
Murch &
Cleveland
Inc.
PATRICK, FRANCIS J.
LAFFERTY, ALAN E.
LAKOTA,
St Co.,
Parsons
ROBERT
*
Press (Honorary)
SELTZER,
PARSONS, Jr., EDWARD E.
Blyth St Co., Inc.
BosworthM
York
20 BROAD STREET
TELEPHONE HANOVER 2-0050
•
NEW YORK
5, N. Y.
TELETYPE 212-571-1685
The Commercial and Financial Chronicle
34
APPEL,
Georgia Security Dealers Association
C.
Courts
(Associate)
Co.
APPLE, HARRY
Hutton
F.
8c
Incorporated
Company,
The
EDWARD
E.
B.
Inc.
Courts
(Associate)
>
Merrill
COURTS,
LAWRENCE
&
Courts
R.
J.
S. Dickson & Co.,
President: Frank J. Myers,
J. H. Hilsman & Co., Inc.
BANKS,
R.
Vice-President:
pany,
Joseph E. Lay, The Robinson-Humphrey
Com¬
Inc.
Secretary-Treasurer: Allen Crawford, Jr., Johnson, Lane, Space
and Co., Inc.
Executive Committee: John B. Ellis, Courts & Co.;
Paul E. Man¬
First National Bank of Atlanta: N. Barnard Murphy, Jr.,
ners,
Goodbody & Co.; Samuel Preston, Wyatt, Neal & Waggoner.
Elected: December 20,
1962; Took Office: January 1, 1963; Term
Expires: December 31, 1963.
& Co.
v
;
.
The
Courts
& Co.
ABRAMS,
J.
L.
ROBERT
BATES,
Hilsman
H.
Francis
Interstate
,
& Co., Inc.
(Associate)
I.
du
Font &
Co.
(Associate)
ALLISON
Thomson 8c McKinnon
National
Bank
Atlanta
of
ADAMS, EDWARD B.
The Robinson-Humphrey Co.,
ANDERSON,
Thomson
Inc.
Co.,
McKinnon
R.
S. Dickson &
-
Co., Inc.
Incorporated
ADLER, n, LEOPOLD
Varnedoe, Chisholm
&
Co.,
;
Courts
&
Courts
Co., Inc.
DICK,
Bank
LEO
Goodbody &
Co.,
BO WEN,
,
Co.,
,
Inc.,
Abbett
&
Courts
First
CLARENCE
The
Jr.,
8c
Brown
JAMES
Groover,
F.
Macon
CO., INC
Courts
&
Courts
1 CHASE MANHATTAN PLAZA
V
Co.
&
NEW YORK 5, N. Y.
BROYLES, Jr.,
E.
Telephone:
Teletype:
HA 5-6600
212 571-0768
&
J.
Brown
&
&
Groover,
&
BRYANT,
The
J.
The
C.
GORDON,
Inc.,
Columbus,
(Associate)
^
Company.
Inc.
ELLIS,
The
&
Co.
(Associate)
E.
R.
Co.
WILLIAM
F.
Pierce,
&
Fenner
Evans
8c
E.
C.
Hutton
F.
Courts & Co.
Company,
Inc.
&
(Associate)
F.
Company,
Inc.
ED
(Associate)
GREtiNE, III, T.
GILMORE
Robinson-Humphrey Company,
(Associate)
E.
Inc.
Company,
GRIFFIN,
Wyatt,
>
RANDOLPH PAGE
Neal 8c Waggoner
Co.
,
Co.
&
GRIGGS, R. BROOKS
Johnson, Lane, Space
Columbus, Ga.
-
v
Co.,
Inc.,
BUDD, JAMES COLEMAN
The
Robinson-Humphrey
BUDD,
Company,
Inc.
TOWNSHEND
R. S. Dickson & Co., Inc.
BURCH, LUTHER E.
Thomas
& McKinnon
BUSH, DAVID D.
Vance, San4ers
COMPLETE TRADING FACILITIES
Ft.
R.
&
(Associate)
Co.,
JOHN J. MEYERS & CO.
Inc.,
Lauderdale
BUTLER,
S.
JOEL
Dickson & Co., Inc.
(Associate)
BUTSCHER, JOHN J.
Merrill Lynch, Pierce, Fenner
Incorporated (Associate)
IN UNLISTED SECURITIES
&
Brokers and Dealers
Smith
CAGLE, WILLIAM J.
Johnson, Lane, Space & Co., Inc.
CAIRNS, JR., FRANK G.
Courts
BROKERS AND DEALERS
&
Co.
,
(Associate)
CANDLER, JOHN H.
Johnson, Lane, Space &
CAREY,
Specialists in Rights
LOUIS
Courts
&
INDUSTRIAL, PUBLIC UTILITY
,
Co.,
Inc.
AND RAILROAD SECURITIES
H.
Co.
CARTER, Jr., HUGH D.
Courts
&
30 Broad
Co.
CHALKER, THOMAS F.
Goodbody &
GERSTEN & FRENKEL
Security Dealers Association
CHANOS,
F.
MIKE
Hutton
Broadway
New York 38,
Francis
I.
Company
Inc.
du
Pont
&
Co.
N.'Y.
CHISHOLM,
Telephone: DIgby 9-1550
Teletype: 212-571-1508
.
.
Teletype 212 571-0439
Direct private wires to:
G.
&
(Associate)
Varnedoe,
FRANK
Nuveen
(Associate)'
G.
H.
Nichol
Crawford
Securities,
&
Co.,
Inc.,
Montgomery,
O'Donnell,
& Co.,
Wm. R. Hough & Co.,
Pensacola,
Alabama
Florida
Columbia, South Carolina
Inc., St. Petersburg, Florida
Edgar M. Norris & Co., Greenville, South Carolina
CLARK, FRED B.
John
Alabama
A.
Chisholm &
Savannah
First
Nolting,
CHILDRESS, JR., WADE T.
150
.
CHAMBLESS, JR., H. H.
Johnson, Lane, Space & Co., Inc.
E.
Member N. Y.
Street, New York, N. Y. 10004
212 WH 3-2850
Co.
&
Co.
Inc.
A.
Hirshberg, Inc.
EDWIN
GRANBERRY,
F.
Company,
'
DANIEL
&
GRAHAM.
The
M.
Smith
,
Robinson-Humphrey
Norris
Inc.
THOMAS
Courts
E.
Pont
Lynch,
GRAHAM,
FRAZER
Co.,
Inc.
.
GRADY, ROBERT S.
M.
Robinson-Humphrey
;
Co.
(Associate)
MILTON
A.
&
Company,
-
P.
du
&
Jr.,
Merrill
Inc.
Company,
(Associate)
&
Smith
STEVE
8c
Courts
Ga.
GOW.
Robinson-Humphrey
Courts
BOB
I.
Francis
GOULDMAN,
U.
ELLIS, JOHN B.
Co.
FRED
Co.,
Savannah
Macon
8c
Wellington Distributors, Inc.,
Ft. Lauderdale, Fla.
*
GORLIN,
Co.,
DOUGLAS
8c Co.
ELLINGER,
'
ALBERT
GORDON,
H.
Hilsman
Clement
Incorporated
Company,
(Associate/
Incorporated
EISFNBERG,
ALFRED B.
BRYANT, EVERETT
Courts
H.
Robinson-Humphrey
Courts
Co.
Goodbody
Incorporated
Company,
NORRIS ARNOLD
Hutton
F.
BRUMBACK,
&
EDWARDS,
Hutton
F.
&
HUDSON
DURRETT,
E.
Co.
BROYLES, NORRIS ARNOLD
E.
Smith
Co.
J.
Courts
(Associate)
JOSEPH
BROWN,
&
Fenner
FRANK W.
Robinson-Humphrey
DUPREE,
Georgia
Fenner
(Associate)
(Associate)
E.
DRUITT, ROBERT F.
First National Bank
BROWN, JR., JOSEPH E.
M. A. SCHAPIRO &
The
(Associate)
Pierce,
Southeastern
M.
JOHN
Incorporated
(Associate)
McNeel Co. Inc.
Inc.
Bradfprd & Co.
Trust Company of
DRAPER,
MACKIE
Company,
GOODMAN, FRANK S.
Chisholm
DOWNING,
L.
GOLDMAN, DON
Merrill Lynch, Pierce,
(Associate)
EDWARD
8c
C.
GLENN,
Athens
Co.,
DORNBUSH, TERRY A.
Byron Brooke & Company
BROWN,
J.
R.
MORRIS
GLAZER,
.
'
BYRON
JR.,
Smith
8c
Fenner
Savannah
HENRY F.
& Co.
BROWN,
Lynch,
Varnedoe,
Co.
Goodbody
BROOKE,
Pierce,
SAMUEL L.
Incorporated
DOOLAN,
HARRY
& McKinnon
(Associate)
Thomas & M'cKinnon
Merrill
Georgia
BREWER, JR., J. ROBERT
Johnson, Lane, Space 8c Co., Inc.
BROCK,
(Associate)
HARRY
DONALDSON,
BRAYSHAW, DONALD B.
Lord,
Thomson
GIBSON, CHARLES C.
The Robinson-Humphrey
DOBBS, JR., WILLIS P.
Goodbody & Co. (Associate)
V
ROBERT M.
Company of
Trust
Bank
(Associate)
BOYD, D. HUDSON
Johnson, Lane, Space &
Augusta
BRAY,
STOCKS
JACK
Lynch,
DOERFLER,
Inc.
GILBERT, GEORGE W.
E. F. Hutton & Company, Inc.
Tillman-Whita^er
(Associate)
V
Co.,
T.
(Associate)
J.
Co.
&
GERNAZIAN,
A.
'
DINCE, ROBERT
HAROLD J.
JR.,
Co.
JR.,
>
The Citizens and Southern National
A.
Merrill
(Associate)
(Associate)
Inc.
GEORGE, EDWARD A.
Incorporated (Associate)
National Bank
First
& Co.,
Upham
Courts
Inc.
Co.
HENRY
DIEKS,
J.
Co.
8c
Inc.
D.
Hilsman
H.
GASKIN,
B.
RICHARD
Courts 8c
Inc.
Co.
8c
J.
Harris,
Wyatt, Neal & Waggoner
BOUNDS, JAMES W.
Courts
Company,
\
^
Johnson, Lane, Space 8c Co., Inc.
DICK, Jr., JACKSON P.
Co.
&
'
McCREA
J.
FROST, JAY
Inc.
'
RALPH
(Associate)
BORNHEIM,
Co.
BOUCHARD,
BANK
>
Johnson, Lane, Space & Co., Inc.
Albany, | Ga.
DENNY,
J
Citizens 8c Southern National
ANDREWS, THOMAS
Inc.,
Savannah
ROBERT R.
Robinson-Humphrey
(Associate)
FRENCH,
Hilsman 8c Co.,
H.
Courts
BOGGS, JR., RICHARD L.
Johnson, Lane, Space &
(Associate)
Ga.
8c Co.
>
J.
BLOCK, FRANK E.
R. S. Dickson 8c
The
DEMPSEY, HAROLD GT
F. WELLBORN
BLALOCK, Jr.,
Upham
FOWLER,
C. M.
(Associate)
CO.
&
DEAN. JAMES
(Associate)
ANDERSON, JAMES G.
Merrill Lynch, Pierce, Fenner & Smith
ADAMS, FRED E.
Harris,
8c
Inc.
The Citizens and Southern National Bank
Inc.
S.
8c Co.
JARNETTE,
Courts
LESTER J.
JR.,
Company,
FUNSTEN, JAMES C.
Johnson, Lane, Space
(Associate)
BLACKSTONE,
&
WILLIAM
DE
E.
C.
Incorporated
STROTHER
Jr.,
FULWILER, WILLIAM H.
BLACKWOOD, Jr., W. HUGH
CLIFFORD
8c
R.
Co.
&
Inc.
Beach, Fla.
Hutton
F.
SCOTT
FONVILLE, PERCY G.
(Associate)
Co.
Inc.
Incorporated
Company,
Distributors,
Courts 8c Co., Albany,
Inc.
Company,
HI, THOMAS U.
Securities Corporation
8c
Smith
Company,
DAVIS, LLOYD
Harris, Upham & Co.
GRADY
Robinson-Humphrey Company,
The
Robinson-Humphrey Company, Inc.
&
Inc.
BLACK, Jr., H.
ALLEN, SPENCER R.
McNeel
E.
FLEMING,
DAUGHERTY, BENJAMIN T.
The Robinson-Humphrey Company,
>
BERKOWITZ,
Courts
ANDERSON, C. I.
(Associate)
FLEMING,
W.
THOMAS
Co., Inc.
JULIAN
DALEY,
Courts
Augusta
Jr., EDWARD A.
Wyatt, Neal 8c Waggoner ,
The
ADAMS,
&
&
H.
Fund
Pompano
(Associate)
EDWARD S.
CRUMPTON,
Hutton
F.
Putnam
Robinson-Humphrey
McNeel
BASTIN, ALFRED E.
Trust Company of Georgia
V
ALBRIGHT,
-
DAVE
E.
JOHN R.
CROWE, JR.,
Robinson-Humphrey
FITZGERALD,
Groover, Macon
CROFT, Jr.,
Inc.,
Savannah
&
Fenner
FIRESTONE, STANFORD B.
(Associate)
Jr., ALLEN C.
Johnson, Lane, Space & Co., Inc.
BARROLL, LAWRENCE L.
Varnedoe, Chisholm & Co.,
Smith
(Associate)
„
AGNEW, JAMES
Fulton
The
CRAWFORD,
Neal 8c Waggoner
Wyatt,
8c
8c
FERRY, JR., WILLIAM H.
Co.
BARNETT, JOHN H.
Brown
BEESON, JAMES T.
J. R. Williston & Beane,
(Associate)
ABERNATHY, RAYMOND
&
CRANDALL,
BAUM, CLIFFORD B.
ROSTER OF MEMBERS
in Atlanta unless
otherwise indicated)
Inc.
JOHN
BARFORD, PHILLIP E.
Harris, Upham 8c Co.
First National Bank
(Members located
Inc.
8c jCo.,
A. CARY
Dickson
Courts
<
FENNER, DARWIN
Merrill Lynch, Pierce, Fenner
Incorporated
(Associate)
Incorporated
Co.,
&
S.
CRAIGEN,
RICHARD R.
Mutual Funds of America, Inc.
C.
JAMES A.
Wyatt, Neal & Waggoner
(Associate)
N.
FELKER,
FERRIS, DAKIN B.
Merrill Lynch,
Pierce,
/
CRAIG,
CARROLL E.
J. C. Bradford
Co.
Hilsman
H.
COX,
Inc.
BAIRD, WILLIAM S.
'
J. H. Hilsman & Co., Inc.
8c
M.
FERGUSON, Jr., JOSEPH M.
COVEY, CHESTER
BAGGERLY, JR., EARL W.
Allen Crawford, Jr.
Co.
8c
Courts
Inc.
Savannah
Joseph E. Lay
Smith
&
W.
COURTS, RICHARD W.
M.
Beane,
RICHARD
II,
A.
JR., SAMUEL
Goodbody 8c Co.
Inc.
'
Pierce, Fenner
(Associate)
(Associate)
Co.
8c
CLEMENT
EVINS,
-
Company,
Lynch,
Incorporated
RICHARD S.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated (Associate)
Williston
FRED
COOPER,
AUGUST,
Frank J. Myers
f
T.
Robinson-Humphrey
The
ASKEW, Jr., WILLIAM S.
Goodbody 8c Co. (Associate)
R.
E.
(Associate)
Co.
(Associate)
Co.
&
EVERETT, III, WILLIAM
Goodbody & Co.
COLLINS, CHARLES
ASHER, THOMAS J.
Goodbody 8c Co.
J.
GEORGE
&
Inc.
L.
DONALD
Bradford
C.
EVANS,
Incorporated
Hutton & Company,
F.
COLEMAN,
Robinson-Humphrey Company,
AUSTIN,
J.
A.
EDWARD
Hirshberg,
ESPY,
W.
G.
Harris, Upham
DARGAN
E.
COLE.
8c
ERWIN,
CLISBY, JOSEPH R.
Clisby & Co., Macon
ARMSBY, JOHN W.
Wyatt, Neal 8c Waggoner
ARONS,
Norris
Inc.
Co.,
&
Courts & Co.
APPLEBY, WILLIAM C.
E.
Thursday, October 24, 1963
.
CLARKSON, MASSEY
(Associate)
Upham & Co.
Harris,
.
ERBESFIELD,
CLARKE, HARRISON
Johnson, Lane, Space
A.
&
.
Inc.
Volume
Charles
F.
.
GRIGGS,
Thomson
&
Space
McKinnon
&
Hilsman
&
Co.,
(Associate)
HILL,
M.
Howard C. Traywick & Co.,
« -
&
(Associate)
Co.,
(Associate)
HILL,
(Associate)
Inc.
Lynch, Pierce, Fenner
Incorporated (Associate)
HAMMOND, JAMES A.
Merrill Lynch, Pierce,
Smith
Fenner
&
Smith
Norris
Atlanta
of
&
HARRIS,
HAY,
Lane,
'•{
(Associate)
HOLLIE
LOUGH,
,
Inc.,
THOMAS
Lane,
Inc.
'
W.
Company,
Incorporated
First
E.
National Bank of Atlanta
MARKWALTER, JOHN S.
Johnson, Lane, Space &
(Associate)
&
Co.,
L.
Inc.
Co., Inc.,
MARSH,
(Associate)
WILLIAM
& Co. (Associate)
JR., FRED V.
MARTIN,
National
Bank
(Associate)
Continued
on
page
.36
M.
^wmwvvvuunuwHuvvnuwHWVHUWwwuuwuwv)
Inc.
Co.,
and
Space
&
MANNERS,' PAUL
Inc.
LUTTRELL, JR., WILLIAM R.
W. R. Luttrell & Co., Columbus
(Associate)
Co.
&
Jr.,
WALDO
Hutton
F.
J.
Co.
MALOOF, FRANK A.
Johnson, Lane, Space & Co., Inc.
LUTTRELL, WILLIAM R.
W. R. I.uttrell & Co., Columbus
Company,
Inc.
Courts
Co.
&
KABLE, JOHN R.
Company,
Williston
R.
KELLEY,
Inc.,
&
Inc.
Beane,
Underwriters
L.
CARL
•
Distributors
Thomson & McKinnon
JOHN
Southern
HOPKINS,
First
S.
Pont
E.
Inc.
Hutton
F.
KENNEDY,
&
Dealers
National Bank
Incorporated
Company,
T.
Pierce, Fenner
WILLIAM
Lynch,
Smith
&
(Associate)
Incorporated
CABELL
W.
Southeastern
CORPORATE SECURITIES
Johnson, Lane,
(Associate)
Corp.
Space
Company of Georgia
Trust
Company,
GERALD
HOROWITZ,
HUGER,
&
(Associate)
Bank
KENNEDY, JOHN LELAND
A.
and
L.
JAMES
National
First
KERN, JOHN W.
'
Co.
du
Co.
&
Beane,
&
Inc.
H.
Hirshberg, Inc.
&
Citizens
RALPH E.
I.
T.
Company
D.
JOSEPH
MALLORY,
First
Columbus
&
Merrill
Lynch,
Courts
Co.
WM.
&
Pierce,
&
Fenner
Smith
(Associate)
Incorporated
Inc.,
Co.,
(Associate)
KILGORE, WAYNE
D.
KILLEN, EUGENE U.
Clisby & Co.,
Francis
&
Co.,
JONES, BRYANT
Murphey
HOLLAND. LEWIS G.
E. F. Hutton & Company,
HAYS, JR., ROBERT A.
Pierce, Wulbern, Murphey
HELLMIG,
Space & Co.,
Robinson-Humphrey
Merrill
Co.
&
The
JAMES
Norris
HOOK,
WALTER
Jr.,
Goodbody
Courts
E.
&
LEX
JOLLEY,
ARNOLD B.
Wulbern,
LOUIS
JOEL
Williston
R.
Courts
Johnson,
Co.
Inc.
M.
&
McNeel
Goodbody
(Associate)
&
Beane.
Savannah
,
Pont
&
Rhoades
Loeb,
M.
Augusta
Inc.
Co.,
DAVID T.
Johnson,
EVERETTE L.
du
Courts
JOHNSON, JULIAN L.
Robinson-Humphrey
HOGG,
COMER
&
Courts
I.
J.
MADDOX,
JR., H. SWIFT
Company
Hutton
F.
LORD, A.
Lane,
JOHNSON,
Co.
LYNCH,
H.
(Associate)
Savannah
National
KELLY,
Co.
Co.
HAWKINS,
&
E.
FREEMAN N.
Space &
Jr.,
Johnson,
&
LONCARIC,
B.
Inc.
Co.,
WARDELL
Carl
York
Columbus
RICHARD
&
JELKS,
HOFFMAN, CULLEN J.
The
&
McNeel
J.
& Co.
S.
Courts
W.
Southern
and
ENGENE
JEANS,
& Smith
(Associate) ~
(Associate)
HARRIS, LEONARD T.
Goodbody
-,
JULIAN R.
C.
A
Pierce,
Smith
RALPH
&
-
Hirshberg, Inc.
HOFFMAN,
BYRON D.
Hirshberg, Inc., Dalton, Ga.
Goodbody
&
Francis
vU
(Associate)
Inc.
Kelly,
Co.
Williston
Rankin
J.
LOGAN, E. TOWNSHEND
Francis I. du Pont & Co.
R.
Hirshberg,
&
R.
Edward
New
EDWARD
LIPSCOMB,
Co., Rome
JOHNSON,
HODGE, JR.,
&
HARRIS, J.
-
J
Courts
v-;|;U''■/.
Incorporated
TRACY
Citizens
HOBBS,
JR., JAMES K.
Lynch, Pierce, Fenner
Merrill
HARRIS,
Bank
(Associate)
of Georgia
ROGER M.
Wyatt, Neal & Waggoner
HINDSMAN, D. WILLIAM
Johnson, Lane, Space & Co., Inc.
Wyatt, Neal & Waggoner
HARMON, MELVIN
J.
L.
JACOBS,
Inc.
JOSEPH
JR.,
Norris
HARBOUR, Jr., RICHARD P.
(Associate)
' '
(
HIRSHBERG,
J. C. Bradford & Co.
HARPER,
Norris
Lynch, Pierce, Fenner
(Associate)
Bank
E.
RICHARD
HILL,
The
incorporated (Associate)
National
JR.,
Merrill
&
LINDSEY.
Mrs.
&
WILLIAM
Courts &
U
/
JOSEPH
IVEY,
Inc.
Company,
Incorporated
Merrill
Fulton
GEORGE
Smith
.
The
HARRY
HALSTEN,
HANNER,
JAMES M.
Robinson-Humphrey
TERRY
HAGOOD, LOWRY T.
McNeel
JR.,
&
Courts
&
Fenner
H. F.
HUNTER, Jr.,
Georgia (Associate)
HILL,
•
,
CLOVIS
Trust Company
'
ALTON
Pierce,
(Associate)
HUNERKOPF,
Inc.
Beane,
HILL,
Brown & Groover, Macon
Courts-8e Co.
&
Lynch,
Incorporated
H.
LEWIS,
GIBSON
Merrill
Williston
Mr.
Markham, Dempsey-Tegeler & Co., Inc.; F, F, Carberry,
Edwards- & Hanly, New York
HULL,
THOMAS
Trust Company of
(Associate)
Inc.
GROOVER, T. DENMARK
HADDOCK,
R.
J.
M.
GRIZZARD, R. E.
.
J.
Courts & Co.
Inc.,
Co.,
HERNDON.
WILLIAM
H.
Edwin
HENRY, FRANK J.
JAMES R.
35
The Commercial and Financial Chronicle
.
Fisher, National Quotation Bureau, Chicago; Mrs. & Mr.
Alexander, Turner-Poindexter & Co., Los Angeles
Johnson, Lane,
La
Grange
J.
.
H.
Jack
GRIS,
Number 6310
198
E.
KILPATRICK.
Co.
A.
Macon
ANDREW
Jr..
J.
Kllpatrick & Co., Augusta
J.
CARL
' '
Merrill Lynch, Pierce, Fenner & Smith
KISH,
R.
'
,
Hill, Thompson & Co., Inc.
Incorporated
70 Wall
KLINE, Jr., A. CUYLER
'
GEORGE
KNELLER,
iVf4 £
Space & Co.,
Lane,
Johnson,
Lane,
Johnson,
C.
Space
Telephone WHitehall 4-4540
~
& Co.,
Street, New York 5r N. Y.
Inc.
Inc.,
Savannah
JACK
Lynch, Pierce, Fenner
Incorporated (Associate)
KONTZ,
Merrill
^
in
&
Smith
UHUWHUHmUWMWWWHHHUHUUWMUWUWHV
WILLIAM D.
Johnson, Lane, Space and Co., Inc.
KRENSON,
KUIILMAN,
over-the-counter securities
The
ALFRED D.
Robinson-Humphrey
Company,
Inc.
LAHMAN, HARRY
J. C. Bradford & Co.
specializing in
LAMB, RICHARD
Lynch,
Merrill
all
new
LANDER,
The
-
COY
;
^
,
Our Forty
1922
First Year
1963
H.
Inc.,
JR., HOWARD O.
Merrill Lynch, Pierce, Fenner
UNLISTED SECURITIES
&
Smith
(Associate)
Incorporated
-
JOSEPH E.
Robinson-Humphrey Company,
LAY,
The
Norris
Vff
v-
Smith
LATTY,
LEACHMAN
ne\
&
R.
HARRY
Varnedoe, Chisholm & Co.,
Savannah
SOLD
QUOTED
Banks, Brokers, Institutions
BOUGHT
for
Fenner
Robinson-Humphrey Company, Inc.
LATTIMORE,
issues
Pierce,
(Associate)
Incorporated
sJ. SIEGrEL ¥ C&c., Jr.
nc.
ESTABLISHED
1942
LEE,
Hirshberg,
Neal
Wyatt,
1922
Inc.
E.
ROBERT
&
Waggoner
LERGENMILLER, JR., JOHN
The
Members of New York Security Dealers Association
&
SPECIALISTS SINCE
Inc.
JR., CHARLES W.
Robinson-Humphrey Company, Inc.
LESESNE, JR., BRANNON
The Robinson-Humphrey
INQUIRIES INVITED
B.
Company,
Inc.
(Associate)
39
Broadway, New York 6, N. Y.
-
NORMAN
LESSER,
TWX: 212-571-0320 '
Dlgby 4-2370
Trust
LEVIN,
Direct
Wires
to
Company
LEVINE,
R. J. HENDERSON & CO.,
INC., Los Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
of Georgia
Courts
&
Co.
Courts
JOHN J. O'KANE, JR. & CO.
Members
New York Security Dealers
Association
JAY
&
42
Co.
LEVINS, WILLIAM A.
LEWIS,
(Associate)
JACK
Courts
& Co
WILLIAM
Goodbody
&
Co.
H.
Broadway, New York 4, N. Y.
Phone—Dlgby 4-6320
]
Teletype 212 571-1396
The Commercial and Financial Chronicle
36
.
Thursday, October 24, 1963
.
.
:i|l|
ll"
••
'
V
111
,
w
|
»
1
Mr.
&
Mr#. John J.
Meyers, Jr., John J. Meyers
Stone
&
&
Securities
Webster
":S||
1
Co., New York; Mr. & Mrs.
Corporation, New York
McDANIEL,
Georgia Security Dealers Association
JR., SAM
Bank
OWEN,
The
Mcdonough, jr., john j.
Merrill Lynch, Pierce, Fenner & Smith
»
Incorporated
Continued from page
MATTHEWS,
35
Merrill
MARTIN, JR., GEORGE W.
The Robinson-Humphrey Company,
Inc.
Company of
F.
Bank
,
First
Southeastern
Company
Columbus
WESLEY
& Company,
H.
Merrill
Atlanta
of
Hutton
Pierce,
(Associate)
McGAUGHY, PAUL
Incorporated
Smith
&
Fenner
W.
Co.,
Inc.,
J.
H.
Hilsman
&
e.
Co.,
PATY.
"
J.
McCONNELL, ROBERT
Courts & Co.
Georgia
Courts
.
&
McNEEL,
Williston
St
E.
EUGENE
Courts
INCORPORATED
Norris
&
diversified through
•
•
Pickwick Motor Inn
•
Pickwick
Land
General
C.
J.
Bradford
N.
&
GEORGE
Co.
REVSON, Jr., ALFRED F.
of Georgia
Courts
(Associate)
&
Co.
SPECIALISTS in
MAILINGS to:
Security Brokers
Insurance Companies
•
Presidents—Leading Corp.
Security Analysts
CO., Inc.,
•
Banks
•
Colleges & Foundations
•
Employee Welfare Funds
•
Savings & Loan Assn's
Security Traders
Co.,
Inc.,
Mutual Funds
•
National Labor
Stock Corporations
•
Financial Publ. & Newspapers
Annual
Inc.
F.
Bank
JOSEPH
Williston
R.
MILLER.
Norris
Reports
Offering Circulars
of
••
Quarterly Reports
Accurate and Authentic
100%
Send for Free Booklet showing
Atlanta
•
Unions
Complete Breakdown and Rates
L.
&
THf
Inc.
Beane,
ty-flui
PHILIP L.
&
MILNER,
Hirshberg, Inc.
JAMES
B.
Byron Brooke
MOBLEY,
Norris
J.
of The Antlers are exempt from mental taxes caused by
over "Interpretation," "Regulation" "Customer Whim,"
worry
Company
T.
&
R.
Citizens
JACK
C.
H.
&
Hilsman
MYERS.
FRANK
Hilsman
H,
NEAL.
J.
.,
More Than 60 Years
L.
Co.,
of Efficient and
Economical Service
(Associate)
Inc.
J.
Si
Co., Inc.
ROBERT
Wyatt,
PREFERRED STOCK
Neal
&
wmdxi
Waggoner
NASH,
JR., EDMUND STRUD
Harris, Upham Si Co.
bar)
at our
NELSON,
BUSINESS: Serving the finest food, wines and liquors to bankers,
brokers, traders, dealers, salesmen, customers.
FACILITIES: Recently expanded and redecorated; subdivided to
New
ELMER
&' Co.
Courts
NELSON,
York, N. Y. and Jersey City, N. J.
TT r
rr
We- afford
ROBERT
Merrill
Lynch, Pierce, Fenner
Incorporated (Associate)
&
Smith
economies
NORRIS,
Wall Street.
III,
Wyatt,
J.
R.
.!.
and their stockholders,1
(Associate)
FLEMING
Williston
&
ott||U||raii'^es to
,
,
Neal «& Waggoner
NORVELL.
share: Well below intrinsic value!
M.
A.
agpr
underwriters, distributors* torporatidiis
NICHOLS, JR., ROBERT E.
small parties.
on
Bank
Jr., N. BARNARD
Goodbody Si Co.
ANTLERS
or
f
ROBERT
J.
LOCATION: The ONLY restaurant
TRADER
MURPHY,
(of well proportioned, jsuperbly prepared food)
permit serving (with privacy) large
•
Inc.
National
Johnson, Lane, Space and Co., Inc.
2,000,000 Shares
ANALYST
(Associate)
Beane,
Southern
&
MORRISON,
J.
•
in the u S A.
W.
Williston
6, N. Y.
HAnover 2-9448
Hirshberg, Inc.
GEORGE
MORRIS.
"Market Fluctuation."
THE "HEW" ANTLERS
(and ONLY Preferred Stock used
EVERY BROKER
83 WASHINGTON STREET ▼ NEW YORK
MONROE, THOMAS J.
Patrons
E-Z
SERVICE
ADVISER
WILLIAM
&
MONK,
&
t-I
ADDRESS I NO
BANK
Turnpike, Huntington Station, N. Y.
Price per
GRADY
Co.
JOHN
rS'AHM&*(0
MILLER,
PICKWICK ORGANIZATION, INC.
,
'
All Lists Guaranteed
JAMES
National
H.
&
RENSHAW,
Investment Advisers
&
J.
THE
REEVES,
Inc.
FINANCIAL
(Associate)
Inc.
&
First
Smith
:
Atlanta
of
Hirshberg,
MILHOUS.
(Associate)
Company,
(Associate)
Contracting Corp.
packages
26 West Jericho
.
MILHOUS, JR., JAMES F.
The Robinson-Humphrey Company,
Apartment houses'
&
SIDNEY
Lynch, Pierce, Fenner
Incorporated (Associate)
L.
Si
(Associate)
MEYER, CHARLES A.
Johnson, Lane, Space
La Grange
Single family home communities
WM.
Trust Company
HERBERT
&
REAVES,
S.
Smith
W.
MERRY, ARTHUR H.
Johnson, Lane, Space
Augusta
•
•
••
Hirshberg, Inc.
National Bank
Norris
&
.
REES, ID, ARTHUR F.
McKinnon
Hutton
JR., GEORGE R.
MENDEL,
A PUBLICLY OWNED REAL ESTATE COMPANY
>
JAMES
MEANS,
F.
PORTER,
Inc.,
&
MENDE,
First
Co.,
Jr., JAMES W.
Hirshberg, Inc.
Norris
Lynch, Pierce, Fenner
Incorporated (Associate)
Courts
E.
&
Savannah
MEANS,
(Associate)
JAMES
L.
Chisholm
Varnedoe,
R.
G.
ERNEST
(Associate)
CARL
JOHN
Merrill
TOM
Si
PLUMMER,
Co.
&
MEADOWS,
ORGANIZATIM,
Thomson
FONYILLE
McWHORTER,
Inc.
Co.,
III,
RASNAKE,
Co.
PLAMBECK,
PICKWICK
Inc.
Beane,
RAPPAPORT, ROBERT
Clisby & Co., Macon
J.
PHILHOWER, JR., LOUIS
Clisby Si Co., Macon-""
FINLAY
Co., Incorporated
&
&
Merrill
Co.
Jr..
I
&
C.
A.
Rankin & Co.
Johnson, Lane, Space & Co., Inc.
S.
A.
Inc.
Co., Inc., Macon
THOMAS
IRVIN
Williston
R.
McNeel
Beane,
Evans Si
A.
PERKINSON.
D.
Blair
V
PEEPLES, FRANK
McNeel & Co. Inc.
McRAE,
&
RAGSDAI.F.
J.
ROLAND
Jr.,
Robinson-Humphrey Company, Inc.
RAMSEY,
LOUIS
HOWARD
Courts
(Associate)
PENDERGRAST,
Co.
&
McNAIR,
R.
Courts
McLENNAN,
IV, JAMES
H.
Hirshberg, Inc.
HI. ARTHUR A.
Clement
Inc.
(Associate)
(Associate)
(Associate)
PEACOCK, JR., CLAYTON W.
Byron Brooke & Company (Associate)
(Associate)
McKINNON, WILLIAM B.
E. F. 'Hutton
Si Company
&
The
I.
Inc.
KEN
Co.
&
RADFORD,
RANKIN,
Equitable Securities Corporation
Trust Company of Georgia
Inc.
Norris
Courts
Hirshberg,
(Associate)
Co.
PRITCHETT,
(Associate)
JOHN
Si
PATTON,
Lynch,
Incorporated
Norris
/
Co.
&
PRESTON, Jr., SAMUEL W.
Wyatt, Neal «Ss Waggoner
Inc.
GLEN
&
PARKER,
r
^
McKEE, JAMES
McClelland, john
AIATHEWS, Jr., ROBERT C.
Trust
National
McADEN,
Inc
E.
MASON, JAMES M.
Johnson, Lane, Space Si
Augusta
Smith
Company,
ALLEN
Courts
Inc.
(Associate)
Courts
McDUFFIE, PHIL
First
Company,
&
MATTHEWS, JR., WILLIAM M.
(Associate)
MARTIN, Jr., JUSTUS C.
The Robinson-Humphrey
Lynch, Pierce, Fenner
(Associate)
Incorporated
POST,
Co.,
&
ROBERT E.
Robinson-Humphrey
PARHAM,
PAUL A.
McDOUGAL,
ROBERT
New York Hanseatic Corporation, New York; Mr. & Mrs. Derry M. Hilger,
Rauscher, Pierce & Co., Inc., Dallas
OLIYER,
ROBERT
B.
Johnson, Lane, Space
D.
The Citizens and Southern National
OF MEMBERS
ROSTER
Mr. & Mrs. Frank J. Ronan,
L. Curry,
Thomas
Beane,
Write
for
our
free booklet setting forth the Current Federal
and State Stock
Inc.
Original Issue and
Tax Rates.
Augusta
Serving
members
of
leading
stock
ex¬
changes and associations of Securities Men.
NUNNALLY, JR., HUGH P.
Harris, Upham & Cp.
NUNNALLY,
Courts
67 Wall Street
New York 5, N, Y.
HAnover 2-4393
&
Courts
&
OGI.ESBY,
The
All statements above guaranteed
by The Antlers
Registrar and Transfer Company
McKEE
Co.
O'CALLAGHAN,
Co.
M.
L.
(Associate)
NEW YORK 7. N. Y.
Company,
OLLIFF, AUBREY
&
Co.,
Inc.
Established
1899
LAMAR
Robinson-Humphrey
McNeel
15
50 Church Street
J.
(Associate)
Inc.
BEekman 3-2170
Exchange Place
JERSEY CITY 2, N. J.
HEnderson 2-2211
WHitehall 4-3775
Volume
Mr.
&
Mrs.
198
J.
Raymond
Mr.
REYNOLDS,
Courts
RICH,
E.
&
ZAIINER
A.
J.
&
Neal
&
&
(Associate)
BEN
ROBERTS, W.
J.
H.
ROE.
R.
&
Co.,
The
SITES.
G.
Dickson
&
MARK
F.
Company,
Inc.
Varnedoe.
STANLEY H.
The Robinson-Humphrey
RUSSELL,
(Associate)
Inc.
Lane,
SMITH.
■
L.
Space
Co.,
&
'
Pierce,
SMITH,
SANFORD,
Trust
II.
Varnedoe,
..
of
'
(Associate)
Georgia
JACK H.
Chisholm &
Bradford
&
The
BRUCE
Co.
&
SEITZ,
SETTLE,
J.
H.
Neal
J.
&
Waggoner
(Associate)
,f
FLEMING
Hilsman
Inc.,
&
Co.,
Corp.,
J.
C.
Lane,
,
G.
KENNETH
WOODS,
Francis
du
I.
JOE
Francis I.
HARRINGTON
Bank
of
Atlanta
Company,
Johnscn,
&
Pont
&
(Associatn)
Co.
S.
Pont
YOW, LAWSON S.
The
Robinson-Humphrey
R.
Co.
&
(Associate)
ZIMMERMAN, WILLIAM
Lane,
Company,
H.
^
Johnson, Lane, Space & Co.. I»<v
&
Space
Co..
Columbus,
Ami.
oa
Smith
WE
Beane,
M.
Inc.
H.
Courts
&
TAYLOR,
Courts
Co.,
B.
&
Moog Servocontrols
First Republic
Inc.,
Miner
National Periodical
Henry's Drive-In
&
Taddeo
T.
Space
Co.,
Bank
Atlanta
of
lobuS.inc.
Co.
DAVID O.
and
Southern
National
THOMPSON,
.....
THOMAS
Bradford
&
ONE
RICHARD
Hilsman
H.
J.
Inp.
&
JOE
H.
New
Inc.
Space
&
Co.,
Company,
Inc.
—
HENRY B.
Robinson-Humphrey
Howard C.
Inc.
Company,
&
L.
Wyatt,
DEAN
Hirshberg,
OWEN
VARDAMAN,
Securities
Pistell, Inc.
Traywick & Company, Inc.
UNDERWOOD,
Norris
HA 5-3610
Inc.
TRAYWICK, HOWARD C.
Unlisted
PLAZA
5, N. Y.
'r
'
(Associate)
The
York
FRANK
JR.,
Robinson-Humphrey
TOMPKINS,
MANHATTAN
CHASE
E.
Co.,
B.
Johnson, Lane,
(Associate)
Co.
Construction
E.
B.
Citizens
THOMAS.
&
Industries
Inquiries Invited
A.
Bank
/
J.
Hygiene Industries
(Associate)
FRANK
National
THOMAS,
The
Co.
JR..
Fulton
—.
Blatt
Co.
JR.,
SWAFFORD,
Co.
M.
Lane,
PRIMARY MARKETS IN
MAINTAIN
Craig Systems
P.
(Associate)
&
Inc.
C.
Neal & Waggoner
Brokers
—
Dealers
SAMUEL L.
VARNEDOE,
Varnedoe, Chisholm & Co., Inc.,
"Underwritings and Private Placements
Savannah
T.
WAGGONER,
Neal
Wyatt,
WALKER,
Michael J.
Heaney
&
Co.
Walker
J.
Hilsman
H.
•
NEW
YORK
5, N
Merrill
Y.
&
Co.,
Inc.
24
ROY W.
WALLACE, Jr.,
BROADWAY
Primary markets in Special Situations
(
,
Columbus
Co.,
WALKER, HAROLD L.
Members American Stock Exchange
120
REUBEN
& Waggoner
CURTIS
A.
&
Lynch, Pierce, Fenner & Smith
WANSKER,
51st
St., New York 22
Cable Address:
JAMES W.
& Hirshberg, Inc.
Norris
East
Telephone: Plaza 2-5145
Incorporated
WALLS,
Telephone WOrth 4-4176
Riepistell
JOSEPH
Goodbody
Co.
&
ROBERT
WANSKER,
Goodbody
Co.
&
III, JOHN L.
Robinson-Humphrey
WATSON,
The
WATT, ROBERT G.
GOLD, WEISSMAN & FRANKEL, INC.
WELLBORN,
Courts
&
Inc
Company,
■
Courts & Co.
..
.
^
MARSHALL
S. Weinberg, Grossman & Co. Inc.
J.
Co.
WILLIAM PINCKNEY
Co., Albany
'
WHELCHEL, Jr.,
BROKERAGE
SERVICE FOR
Courts
&
JAMES
WHITAKER,
Tillman-Whitaker
BROKERS
—
BANKS
—
DEALERS
IN
J,
H.
Hilsman
WHITE,
ALL
Co.,
Courts
SECURITIES
WIGHT,
&
The
&
Co.,
Inc.
A
Co.
&
A.
Co.,
WHITEHALL
BROADWAY
4-1800
•
NEW
YORK 4, N.
Y.
Francis
TELETYPE 212 571-1104
WENDELL
Company,
Merrill
Pont
&
Co.
n, JAMES J.
Lynch, Pierce, Fenner & Smith
Incorporated
»
(
Inc.,
RALPH W.
du
•
B.
40
I.
WILLIAMSON,
t
•
Athens
Robinson-Humphrey
WILLIAMS, Jr.,
Brokerage Service to Banks and Dealers
„
FRANK
Albany
51
Security Dealers Association
Athens
J.
J.
Courts
WIEGAND, Jr.,
UNLISTED
Members N. Y.
'
LEE
WHITE, CARL R.
/
Inc
B.
du
YOUNGBLOOD, JAMES
Goodbody & Co.
WORLEY, WILLIAM L.
WILLIAM P.
Eberstadt
The
&
YOUNG,
Smith
&
Fenner
Space
HUGH
SULLIVAN,
TINDALL,
Listed
National
Robinson-Humphrey
Dymo Industries
Johnson,
F.
G.
&
&
RICHARD
Goodbody & Co.
r':-
Co.
WILEY
STAFFORD,
■
M.
'
EUGENE
Williston
R.
STUBBS,
v
WALTER
Augusta
Inc.
The
(Associate)
Equitable Securities Corp.
Columbus
F.
& Co., Macon
&
Co.
&
•
WITHERSPOON,
Hirshberg, Inc.
STROLLER,
(Associate)
SIDNEY
Johnson,
JOSEPH
Wyatt,
Co.,
RAYMOND H.
Courts
SMITH,
CHARLES
Fulton
Lynch, Pierce, Fenner & Smith
Johnson, Lane, Space & Co., Inc.
Robinson-Humphrey Company, Inc.
(Associate)
Co.
Co.
Bradford
SMITH.
Christian,
STOCKS, FRANK T.
THOMAS,
/ ',
SCHWARTZMAN, BOB
Courts
C.
SMITH.
SCHAEFER, Jr., W.
C.
J.
Clisby
Inc.,
Co.,
Savannah
J.
Inc.,
J.
&
Murphey
Fla.
JOSEPH
StyllTH.
A.
YEARLEY, IV, ALEXANDER
Pont
du
Inc.
T.
Incorporated
;
(Associate)
JAMES W.
Lynch, Pierce, Fenner
(Associate)
Merrill
/
&
WRAY,
Co.,
LAMAR
Jr.,
STEWART, THOMAS W.
Co.,
JR., J. R.
McNeel
DENNIS
Company
SAUNDERS,
&
HERSHET.
Wulbern,
SMITH,
I.
Merrill
L.
&
ARTHUR
Edgar
Incorporated
Chisholm
Jacksonville,
Inc.
SANDERS, JR., W. F.
Goodbody & Co.
(Associate).
&
EUGENE F.
Hilsman
Mrs.
STEWART,
V
«
Jr..
WISE,
H.
(Associate)
R.
H.
Francis
STEVENSON, JR., FRANK
Blair & Co. Incorporated
Augusta
ROBERT
Johnson,
Norris
Smith
:;v>
B.
SLATTERY, JOSEPH J.
Johnson, Lane, Space
Company, Inc.
F.
J.
McNeel & Co.,
&
Co.
Savannah
>•
.
J.
Inc.
Inc.
Co.,
&
WARREN
Lynch, Pierce,
STEINHAUER,
Co.
&
Company,
Co.,
RAYMOND
Merrill
Inc.
SKINNER, JR., HERBERT C.
Robinson-Humphrey
RUGGLES,
Beane,
Gowen, Goldman, Sachs <ft Co., New York; Mr. &
Suplee, Yeatman, Mosley Co., Inc., Philadelphia
WILSON.
Space
National Bank
First
M.
WILLIS,
EMMETT
Inc.
&
Incorporated
FRANK
Vincent
STEINBERG,
BROCK
&
Courts
Inc.
Co.,
(Associate)
ROUSE,
Couris
SR.,
STEELE,
j
SITES, CRAWFORD M
Inc.
Mrs.
&
M.
Lane,
McNeel
B
Lynch, Pierce, Fenner
Incorporated (Associate)'
Inc.
WILLIS
JOHN
Mr.
Robinson-Humphrey
STEELE,
L.
&
York;
Jonuson,
Corp.
Merrill
WILLIAM
ROSENBERG,
Corp.
Co.
Williston
R.
The
Savannali
P.
Hilsman
S.
&
New
37
STEADMAN, C. ELLIOTT
Murphey
ARTHUR
SINKLER,
The Robinson-Humphrey Company,
,
J.
E.
ROBERTSON, Jr., A.
Chronicle
STAGG,
Inc.
RALSTON
HARRY
SIMKINS.
Co.
&
Financial
J.
Murphey
Wulbern,
Goodbody
Inc.
Beane,
,
Courts
C
SHELDON,
B.
Ga.
ROBERTS,
and
R.
Co.,
&.
CHARLES
Wulbern,
Pierce,
Waggoner
SYDNEY
Williston
Macon,
ROYSTON
Hilsman
SHAVER,
JR..
R.
H.
Pierce,
Inc.
Company
(Associate)
J.
The Commercial
.
SETTLE,
RICHMAN, LAURENCE
Wyatt,
.
SHAINKEK.
G.
Hutton
RIVES,
.
Kiernan, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Mrs. Paul J. Lane, Kidder, Peabcdy & Co., New York
Co.
&
JACK
P.
Number 6310
Exchange Place
New York 5, N. Y.
Telephone
WHitehall 3-7830
Inc.
The Commercial and Financial Chronicle
38
Mr.
&
Mrs.
Edward
Elkan,
& Co., New
Downing &
Cowen
York; Mr. & Mrs. Walter L.
Co., Baltimore
Mr.
Burns, Baumgartner,
&
.
.
Thursday, October 24, 1963
Buchanan, First Boston Corporation, New York; Leslie Barbier, G. A. Saxton <ft
York; Mrs. & Mr. Lewis R. Bulkley, First Boston Corporation, New York
Mrs. Peter T.
Co.,
,
.
New
Inc.,
VIRGIL
HILL.
Security Traders Association of
National
U. S.
E. F. Hinkle & Co.,
CANADIAN SECURITIES...
of
Bank
Portland '
I1INKLE, ERNEST F.
Inc.
J. STUART
California, N.
IIUTCHINS,
Portland, Oregon
Bank
of
A.
KOSTERMAN, FIERRE A.
E.
The
comprehensive Research fa¬
cilities of
■;
our
Co.,
Inc.
■'*"
.
Canadian affiliate,
MANDLER, THOMAS
Black & Co., Inc.
/
1MAY,
;
available at all times to Banks,
Trust
&
Hagen
Handel, Lundborg & Co.
JAMES RICHARDSON & SONS
are
I.
LUNDBORG, HUGO
EARLE
C.
May & Co., Inc.
GLYNN W.
Imperial Bank of Commerce
OSLER,
Canadian
Companies and other Insti¬
PATTEN, Jr.,
GEORGE F.
George Patten Investment Co.
CHESTER
PAULSON.
tutional investors.
June
S.
Jones
Co.
PHIPPS, PRESTON L.
June S.
Jones &
:'r
Co.
PITT, ROBERT W.
JRS
James Richardson &SonsJnc.
Inc.
KENDALL,
President:
Bader, First California Company, Incorporated.
Jack
Secretary-Treasurer: Richard
,
M.
Patten In¬
George
Dominey,
R. W.
Incorporated.
Established 1857
Company,
'
Derele
Alternates:
H.
Swails,
George
Investment
Patten
Co.;
December,
Took
1962;
Office:
Expires: December, 1963.
1963;
January,
Term
/
1
E.
I.
June
S.
&&
ROBERT D.
Black & Co., Inc.
Dominick
HARRIS,
UADER, JACK
a
Century
of Investment
over
ments,
50 years
Experience
Francis
investors interested in Canadian securities. Our
serve
I.
Merrill
&
•
•'
•••;/•'. /•
THOMPSON, LEWIS R.
May & Co., Inc.
J.
TRIPP,
Rippey, Inskeep, Hess & McPaul, Inc.
Chas.
Merrill Lynch,
Upham & Co.
Company
Lynch, Pierce, Fenner & Smith
■
Co.
H.
RICHARD
Jr.,
CHARLES N.
N.
Tripp Company
HEVENER, ROBERT F.
Harris.
D.
Investment
Incorporated
V.
Co.
du Pont &
DAN V.
I5AILEY,
of experience in Canadian invest¬
organization is well prepared to
our
Witter
HESS, JOHN
EDWARD
BADGLEY,
Dominick
&
DAVID
DERELE
THOMAS,
Incorporateu
First California Company,
Over Half
With
Dean
DONALD
George Patten
IIANN, DUANE H.
ADOLPH,
W.
SOMERS, HOWARD B.
Lind, Somers & Co.
SWAILS,
E.
DONALD
Blyth & Co.. Inc.
Inc.
Co.,
Jones Co.
SIIIELS, LAWRENCE
Camp & Co.,
;
Blankenship, Blakely £ Strand, Inc.
IIALVORSON,
RICHARD
Hagen
Co.
Pressprich & Co.
STRAND,
OF MEMBERS
ROSTER
ADAMS,
&
SLOAN, DONALD C.
Donald C. Sloan & Co.
Phipps, June S\ Jones Co.
Preston L.
Elected:
Sloan
GEORGE
SHAW,
National Committeeman: Jack Bader, First California
JAMES RICIIARDSONSlSONS
Canadian affiliate
C.
RUBENSTEIN, RICHARD
Co.
vestment
Telephone DIgby 9-2850
/
G.
RICKLI, JACK O.
Donald
Co., Inc.
Vice-President: Pierre A. Kosterman, E. I. Hagen &
New York 5.
STANLEY
Harris, Upham & Co.
Investment Securities
14 Wall Street,
Blyth & Co., Inc.
Richard M. Dominey
Pierre A. Kosterman
Jack Bader
Pierce, Fenner & Smith
ZORA, RAY
First
Incorporated
National
Bank
of
Portland
BALFOUR, DAVID A.
Russell. Hoppe, Stewart & Balfour
serv-
BELFORD, G. DALE
> ices
are
readily available to investing institutions,
banks and dealers.'
Belford
Black
Direct
in
private wire connections with affiliated offices
fourteen
able
us
stock
to
execute
exchanges,
orders
or
promptly
at net
on
and
en¬
&
Canadian
S.
Co.. Inc.
Dominick
E. M.
&
Dominick
WILLIAM W.
BROWN,
all Canadian
prices in United States
Inc.
Co.,
BALLANTYNE, JOHN T.
principal Canadian cities provide fast
and accurate service in Canadian securities,
&
LAWRENCE
BLACK,
Adams
CAMPBELL,
&
Co.
GIL
We offer
C.
funds if desired.
First
Wood, Gundy & Co., Inc.
Wall
/
Street, New York 5, N. Y.
Telephone DIgby 4-0633
Affiliated
Members
Dean
Witter
Atkinson
and
Co.
and
-
in leading Canadian cities and a coast-to-coast
'
wire service.
if
,■
W. C. PITFIELD & CO., INC.
N.
Company
Branches in the principal cities of Canada and in London,
England
11
'
DIORIO,
Dean
30
RICHARD
Witter
&
Co.
Broad
HA 2-9250
An affiliate of
Incorporated
HALLER,
Co.
Pacific
WILLIAM
LOUIE
^
Northwest Company
"/
fev:
8
.
17 offices
Pressprich & Co.
A;
W. C. Pitfield & Company Limited
M.
Patten Investment
GALLAGHER,
life
TWX: 212-571-0540-1
V.:>
Company
DOMINEY, RICHARD
R. W.
Street, New York 4, New York
<
RICHARD
First California
George
36 King St., West, Toronto 1, Canada
Our Canadian affiliate maintains offices
:
.
■
|
prompt execution of orders in American
funds.
■
Limited
&
CHARLES
COVEY,
DOLSON,
—
s
Daugherty, Cole Inc.
of
Wood, Gundy & Company
Head Office
Portland
COLE, VERGIL R.
'
and
of
Bank
RICHARD —
COLLINS, WILLIAM J.
William J. Collins & Co.
Toronto Stock Exchange
Montreal Stock Exchange
Canadian Stock Exchange
'
National
CARPENTER,
'
with
Wood, Gundy & Company
The
extensive investment service in all
Canadian securities including latest quotations
CAMPBELL, RICHARD M.
40
an
Walston ic Co., Inc.
wire
,
across
system
Canada and
covering
all
a
direct private
Canadian
Markets
1
a
p*
Volume
Number 6310
198
.
.
.
Mrs.
&
Howard
S.
Levine,
'i
.
•
Mr.
39
The Commercial and Financial Chronicle
"
Doyle, 0*Connor & Co., Chicago; Mr.
Wood, Gundy & Co., Inc., New Ycrk
&
>*'
Mrs. Robert D.
Mr.
Brearley,
Mrs.
&
David
Burke,
Weeks
Sullivan
&
Inc.
Company,
BARGER, FRANKLIN E.
Founders Mutual Depositors
Dempsey-Tegeler & Co., Inc.
Ranson
BARTELS,
Denver
R.
U.
J.
W. C.
Robert F. Gerwin
Birkenmayer William E. Sweet, Jr.
BURGER,
Management
&
Boettcher
GEORGE
EICKHAM,
Secretary: William E. Sweet, Jr., Francis I. du Pont & Co.
Boettcher
and
COHIG,
Company
CLAIBORNE
and
J.
K.
Walston
Mutual
Founders
F.
M.
&
Gerwin, Coughlin and Company, Inc.
BIRD,
J.
ALLAN
A.
Alff, Stone, Altman & Company, Inc.; Robert
BIRKENMAYER, WILSON C.
Birkenmayer & Co.
-
CONKLIN, W.
BOEDEKER, DEAN H.
Co., Inc.; Charles L. Warren, Merrill Lynch, Pierce, Fenner &
■
Collins,
COUGHENOUR,
OF
Kirchner
&
Francis
Co.
&
I.
Denver
United
States
National
Bank
Co.
&
~
Inc.
Co.,
E.
Brothers
&
Dawson,
DECKER,
Depositor Corp.
Co.
v
MARTIN
U.
National
S.
&
& Howard
G.
KENNETH
DEMAC,
Inc.
Nagel, Sherman
Bank
,
Weeks 1
A.
Jr.,
&
Pont
du
.DENISON, FRANK J.
Dempsey-Tegeler & Co., Inc.
Inc.
Company,
JOHN F.
&
DIEDRICH, JOHN
Co.
COUGHLIN, EDWARD B.
Coughlin and Company,
BRANDT, LES
MEMBERS
Bank
Trust
RONAlD
Central
ROSTER
Howard
DAWSON, Jr., CLYDE C.
Inc.
Company,
&
C.
Stern
Sullivan
Bosworth,
Co.
National
States
&
Upham
Hornbolwer
Kirchner, Kirchner & Co.; Kenneth W. Lloyd, Jr., Walston
Smith Incorporated.
Bank
DAVIS,
TIMOTHY M.
Eatherton & Associates,
COLLINS,
G.
Hogle & Co.
Investment
inc.
NORMAN
Denver
Treasurer: Robert
Directors: John H.
Co.,
United
Harris,
DAMS,
National Bank
&
Inc.
GEORGE
DAVIS,
COLLINS, LOWELL O.
F.
Mullen
DONALD
DAVIS,
Co.
JAMES C.
Sullivan
Company,
Inc.
DALEY, JAMES B.
Dawson, Nagel, Sherman
Central
Bosworth,
Company
Co.,
DAVIES, JOHN B.
Inc.
Denver
&
&
CODY, RAYMOND P.
Colorado
BERMINGHAM,
Birkenmayer & Co.
Hogle
&
Walston
Research
Corporation
Vice-President: Wilson C. Birkenmayer, Jr.,
The
CODY, JACK
Dempsey-Tegeler & Co., Inc.
WILLIAM M. B.
Centennial
President: James A. Hill, Boettcher and Company.
A.
W.
&
CUSHNER, JAMES N.
WAYNE B.
CLARK,
Hogle & Co.
Sullivan
,
Inc.
CRIST, B. P.
Inc.
Co.,
U. S. National Bank
Denver
BERGER, M. B.
James A. Hill
&
CLADIS, GUS D.
y
Inc.
LAURENCE
Walston
Bank
CIIATLAIN, RUSSELL
Bosworth, Sullivan & Company,
BLASLEY, ANDREW C.
A
National
CHAFEE, JOHN B.
F.
National Bank
S.
BATES, JAMES W.
Nemrava. & Co.
yyyy
J.
States
CAMPBELL, III, RICHARD C.
Ira Haupt & Co.
ROBERT F.
& Co.,
Inc.
BAROCH,
Bosworth,
CRILEY,
Dempsey-Tegeler
Bank
National
S.
COXHEAD, Jr., JOHN
BYRNE, JR., CLETUS E.
BARKER, FREDERICK F.
U.
Inc.
Boettcher and Company
United
Inc.
Company,
Jr., ROBERT T.
Bosworth, Sullivan & Company,
BUWALDA, JAN
Denver
M.
and Company,
Coughlin and
RICHARD H.
BURKHARDT,
Corp.
BARKDOLL, RONALD L.
Denver
Coughlin
COWAN,
W.
Walston & Co.,
KING
Bosworth,
FitzGerald,
M.
COUGHLIN, WALTER J.
W.
BULLER,
John
COUGHLIN, JAMES
W.
DONALD F.
Boettcher and Company
BROWN,
&
Mrs.
Simmons, Chicago; Mr. &
& Co., Inc., New York
<ft
Pitfield
American National Bank
Pierce, Fenner & Smith
BANKSTON, ROBERT L.
Hornblower
A.
CROWN,
DENNIS
Merrill Lynch,
Incorporated
BARE,
C.
W.
BALDWIN,
The Bond Club of Denver
Ellis
Blunt
y.
DOBBS,
Inc.,
Bank
& Trust Co.
DAVID
Hanifen, Imhoff & Samford, Inc.
ADAMS, FREDERIC A.
Bosworth
ALFF,
Sullivan
&
Company,
Inc.
A5IIBY,
U.
National
S.
Bank
Walston
Stone, Altman & Company, Incorporated
EDWARD
EARNIE
Brothers
&
COUGHLIN, GEORGE F.
K.
Coughlin
Co.
Company,
and
Continued
Inc.
on
page
Colo.
ASMUS, WALTER G.
ALFF, JOHN H.
ALTMAN,
Stern
WILLIAM F.
Boulder,
GEORGE H.
Denver
BREEDEN, Jr.,
ARGALL, WILLIAM
Boettcher and Company
ADAMS, RONALD B.
ATKINS,
F.
&
Co., Inc.
WM.
KELLOGG
Hornblower
'
Weeks
&
Stone, Altman & Company, Incorporated
ATWOOD, FRANK S.
ALTMAN,
Jr.,
EDWARD F.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Stone, Altman & Company,
AYERS,
(iyy
ROSCOE
Hornblower
ANDERSON, JAMES R.
Merrill Lynch, Pierce, Fenner & Smith
&
Incorporated
B.
>
Weeks
,
BACIIAR,
'
•
Incorporated
APOSTATES,
,
Francis
I.
,
Securities
Transfer
Corp.
Pont
&
Bosworth,
BAKER,
III, ROBERT F.
du
GARALD
D.
J. A. Hogle & Co.
BONDS
STOCKS
BAKER, DUDLEY F.
GEORGE
Consolidated
ARCHIBOLD,
/
ROBERT
Boettcher
Co.
Sullivan
and
&
Company,
Inc.
R.
Company, Fort Collins
Canadian
MARKETS
Investment Securities
maintained in all classes of Canadian external
and internal bond issues.
Stock orders executed
A. E. Ames & Co.
Exchanges,
Limited
•„
the Montreal and Toronto Stock
on
net New York markets quoted on request.
or
UNDERWRITERS AND DISTRIBUTORS
DIRECT
A. E. Ames &
Co.
Members Toronto and Montreal Stock
PRIVATE
WIRES
TO
TORONTO,
MONTREAL,
OTTAWA,
WINNIPEG,
CALGARY, VANCOUVER, VICTORIA AND HALIFAX
BELL
Exchanges
TELETYPE
SYSTEM
571-0880
(Area
Code
212)
Affiliated offices in
sixteen
cities in
Canada, England and France
Dominion Securities ©rporatiom
'
Boston
A. E. Ames &
Co.
London, Eng.
Associate
EXCHANGE
Paris, France
Incorporated
Wall
Street, New York 5, N. Y.
BUSINESS
ESTABLISHED
1889
Calgary
Edmonton
American
PLACE,
Telephone
Ottawa
Two
Member
Stock
Exchange
Toronto
Montreal
40
Canadian
Affiliate
and
—-
NEW
WHitehall
Member
Canadian
Stock
YORK
5
4-8161
Winnipeg
Vancouver
Victoria
Toronto,
Exchanges
Montreal
Halifax
40
40
The Commercial and Financial Chronicle...
.
.
Thursday, October 24, 1963
Jiff
IS.
Mr.
James F. Moriarty, W. E. Huttan & Co.. Cincinnati;
L. Reiter, C. H. Reiter & Co., Cincinnati
Mrs.
&
Wilson C. Birkenmayer,
Birkenmayer & Co., Denver; Mrs. Judy
Greenberg, Denver; Robert Parsons, Parsons & Co., Inc., Cleveland
Jack
HAAG, HUBERT V.
Bosworth, Sullivan &
ROSTER
Ranson & Co.,
L.
Calvin
-
ELMER, ROBERT W.
Ira
Haupt
&
Founders
FRANK,
Co.
FABIAN, JOSEPH
Depositor
Corp.
u.
6.
Denver
GATES,
First
Sullivan5 & Company, Inc.
Kirchner
First
&
Co.
CLAYTON
National
D.
Pont
Co.
&
Ira
Bank
of
Denver
National Bank
U. S.
<
Bank
of
Denver
Company,
&
Inc.
U.
S.
and
GODFREY,
,
Bank
Jr.,
WILLIAM
H.
Sudler
C.
Investment
ERNEST
S.
I.
du
&
R.
&
National Bank
,
Merrill
Company
and
Company
HOSKINSON, DEAN R.
GREENBERG, GERALD M.
I.
duPont
&
A.
DEAN M.
Boettcher
Hogle & Co.
and
GROSHEK, MICHAEL D.
Dawson, Nagel, Sherman
&
Howard
LAMONT,
HULLINGER, ROBERT
&
Smith
Incorporated
HUNLEY, CHARLES H.
Bosworth, Sullivan &
HAAG, HAROTD
I.
Company,
Inc.
HUNT, HARRY E.
Pont
du
&
Founders
Co.
S.
of
Mutual
Depositor
Corp,
Ira
SPECIALISTS IN
BANKS
•
BROKERS
•
DEALERS
& NEW ISSUES
Investing for long term growth
S.WIEN & CO. INC.
|possibilities in securities of companies!
1
in many fields of scientific and
economic development.
Inc.
Co.,
Co.,
&
Inc.
HAROLD
J.
Haupt
&
Co.
Lynch,
Pierce,
&
Co.,
Inc.
MILES, JOSEPH S.
Ira Haupt & Co.
^
Kirchner & Co.
Pierce, Fenner & Smith
MILLIKEN,
Merrill
,■
MING,
Jr.,
Lynch,
SAM
Pierce, Fenner
Brothers
Stern
&
MOORE, III.
FRED
and
J.
K.
C.
MOORE.
Mullen
Investment
Walston
&
Boettcher
Company
Co.,
Company
OWEN T.
and Company
MOORE, RONALD L.
LAYTON, ROBERT S.
LEARNED,
Co.
DAVID
Boettcher and
HUDSON
Sullivan and
Bosworth,
Company
A.
Kirchner
'
MOSS,
Amos
Inc.
GEORGE D.
&
Co.
GENE A.
MOZER,
C.
Sudler
&
Co.,
Inc.
7
Incorporated '
WoMwiniterot Parker • Elizabeth, Now Jtrtoy
CASHIER'S DEPT.: N.Y. BA 7-6740-44
~
SAM
Walston
&
Co.,
Inc.
WEUINGTON HUNTER ASSOCIATES
EST.
1940
Member
York Security Dealers Association
Jersey Association of Investment Dealers
New
15
EXCHANGE
PLACE; JERSEY CITY 2, N. J.
Telephone HEnderson 5-6005
Teletype 201 432-6786
Open End Phone to New York City, WOrth 2-4578
Hugh W. Long and Company
J.C. HE 5-9400-02
J.C. HE 5-0420-1
Teletype: 201 432-6627; 201 432-6628
Smith
Co.
Kleiner, Bell & Co,, Los Angeles & Beverly Hills, Calif,
DEPT.: N.Y. BA 7-4300-12
&
RUSSELL L.
LARKIN,
New
Security Dealers Association
Smith
MILLER, VANCE PAUL
N. J.
Direct wire to
TRADING
&
Fenner
Incorporated
MITTON, ROBERT L.
Robert L. Mitton Investments
Established 1919
Members New York
norman l.
&
Merrill
EXCHANGE PLACE
JERSEY CITY 2*
'
Hogle & Co.
MIDDLETON, DOUGLAS M.
Dempsey-Tegeler & Co., Inc.
DIVERSIFIED GROWTH
STOCK FUND, wc.
R.
Co.
LANGLEY, DONALD E.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
'
The
PHILIPPINE SECURITIES
A.
&
L.
Incorporated
LAWRENCE,
FOR
WILLIAM
Scanlan
MEYERS,
Company
Colo.
Boettcher
UNLISTED SECURITIES
O.
Transfer Corp.
McKINNON, S. H.
Dempsey-Tegeler
WILLIAM
LASCOR, LEON
stocks.
ROBERT
KARL
Walston
Denver
M.
J.
Boulder,
In bonds, preferred stocks and
common
J.
Co.
Incorporated
LANE,
M.
MAYER,
Pierce, Fenner & Smith
Incorporated
GUSTAFSON, CARL
Quinn & Co.
Francis
A balanced investment
Merrill Lynch,
Corp/
H.
National Bank
S.
Stock
S.
Earl
Co.
Jr.,
Co.
Incorporated
Inc.
LAMM, WILLIAM O.
Tallmadge and Tallmadge
HUGHES, ARTHUR J.
J. A. Hogle & Co.
U.
Co.
JAKE
Merrill Lynch,
GUNDERSON, WILLIAM
Merrill Lynch, Pierce, Fenner
-
Company,
KUMAGAI, BEN T.
Schmidt, Sharp, McCabe
HUFFORD, EUGENE F.
George K. Baum & Company
GRIFFIN, LYNNE W.
J. A. Hogle & Co.
INVESTMENT FUND/H
F.
Bank
and
Kirchner &
Company
Smith
MATHERS, GLENN T.
Merrill Lynch, Pierce, Fenner & Smith
Mcintosh,
Boettcher
&
Fenner
Management
U.
MARSHALL,
Trust
ROBERT
Kirchner &
Pierce,
WILLARD
Denver
MAXWELL,
&
National
KRAHLING,
<*
Co.
&
Investment
MARSH,
Co.
&
KING, NEIL
First
Kirchner
Inc.
Company,
KENT, CARL H.
KIRCHNER.
J.
Lynch,
Incorporated
KREIDLE, JAMES D.
HOWELL,
GREENE, JR., RICHARD M.
J.
DIVERSIFIED
Merrill
Corp.
KINDLER, WARREN L.
Hanifen, Imhoff & Samford, Inc.
HOLMES, ROBERT
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Francis
&
Bosworth. Sullivan &
and
Col.
MALONE, JAMES W.
Pont
Bank
Pueblo,
Co.,
Corporation
MacKAY, DAVID
Lynch, pierce, Fenner & Smith
Central
&
RANALD
MAKOWSKI, EDWARD R.
KENNEDY, BERNARD
Company, Pueblo, Colo.
HIRTH, FRANK W.
GREENBERG, ARNOLD L.
Birkenmayer & Co.
A.
Investments
du
LEON
II.. Ill
Centennial Management & Research
Incorporated
HILL, JAMES
r
I.
ELMER G.
Company
MacDONALD,
KELLEY, J. MICHAEL
Co.
Jr.,
Boettcher
Colorado
MACART,
Co.
C.
Kahn
Francis
GRANT, PETER
_
the years.
Pont
C.
Sullivan
JOHN
;
and
Macart-Jones
EUGENE
Management
Bosworth,
J.
HILL, DALE R.
GOULD, G. H. B.
Bosworth, Sullivan & Company, Inc.
Boettcher
KEEBLER, WILLIAM E.
Co.
JAMES R.
McDonnell & Co., Incorporated
HILGER,
Co.
Boettcher
over
&
HICKERSON, JR.. ALLAN
Company
GOSSELIN, RALPH L.
Bosworth, Sullivan & Company, Inc.
Investing in common stocks
selected for possibilities of growth
id income and capital
Inc.
KAHN,
National
*
LONG WELL,
Investment
U. .S.
Lynch, Pierce, Fenner & Smith
Arvada, Colo.
Investment
WILLARD
Lewis
E.
Co.,
Merrill Lyn.'h, Pierce, Fenner & Smith
Incorporated
W.
Mullen
Mullen
K.
JOHNSON.
National ^Bank
Bosworth, Sullivan & Company,
Boettcher
INVESTORS, ik
J.
W.
Linville &
Incorporated
JOHNSON, WILFORD H.
GORDON W.
HESTON,
Standard & Poor's Corp.
FUNDAMENTAL
-
LORENZO
LLOYD, Jr., KENNETH
Walston & Co., Inc.
JOHNSON, RO.JERT .\*.
Dawson, Nagel, Sherman & Howard
Company
Company
ROBERT P.
Merrill
Inc.
Inc.
T.
and
Stockton,
LI.PTON,
HERBERT
Johnson Investment
HARRY
LINVILLE,
Corp.
B.
Sanders & Co.,
Boettcher
JONES, LEONARD R.
Francis
K.
JOHNSON, Jr.,
HENSLEY,
GILL, CHARLES D.
J.
Vance,
W.
JONES,
Amos
Boettcher
Denver
Co.
&
Inc.
WILLIAM S.
Poor's
C.
Hogle & Co.
LEWIS,
JENSEN, HENRY J.
Coughlin & Company,
HERSHNER, JOHN D.
GERWIN, ROBERT F.
Coughlin & Company, Inc.
GNAM, LOUIS
of
R.
J. A.
LEONARD, J.
Management Corporation
&
JAMES
LEE,
Company
HENRI, J. BOYD
J. B. Henri Go.
Haupt & Co.
The
A.
HAZELRIGG, CHARLES R.
Denver
National
and
Nemrava
Hamilton
Standard
W.
Bank
JAMES
Boettcher
Denver
'
EDWARD
National
HARRIS,
Boettcher and
JEAVONS, ROBERT
THOMAS
P. McGinty, McDonald & Company, Cleveland;
Donohue, Joseph,' Mellen & Miller, Cleveland
Hanifen, Imhoff & Samford, Inc.
JACKSON, Jr.,
Pierce, Fenner & Smith
HARTY, Jr., LLOYD J.
GERALI, VICTOR H.
O.
Inc.
HARRIS, G. R.
Stone, Altman & Company, Inc.
CALEB
GEDDES, JIM I. '
Bosworth, Sullivan
FLEMING, J. MICHAEL
FLOYD.
du
GARRISON, WILLIAM J.
Bank
FISHER, GEORGE B.
Bosworth
I.
First
GARRAMONE, DONALD A.
Dempsey-Tegeler & Co., Inc.
R.
National
Company,
Hanifen, Imhoff & Samford, Inc.
HANLON,
FREEMAN, CARL
J. A. Hogle & Co.
FAXON, THOMAS B.
Dawson, Nagel
Sherman & Howard
JDcuvei'
IIANIFEN,
Co., Inc.
HOWARD
Francis
C.
Mutual
FERREL, DONALD
&
John
R.
ISAAK, CALVIN F.
Incorporated
JOHN
John
IMHOFF, WALTER F.
Hanifen, Imhoff & Samford,
Company
Merrill Lynch,
Incorporated
Ranson
Inc.
HALL, Jr., RICHARD N.
H. VINCENT
Lynch, Pierce, Fenner & Smith
Merrill
FOX,
and
Mrs.
&
IMHOFF, JOSEPH M.
HAGGERTY, JOHN P.
Bosworth, Sullivan &
Bullock, Ltd.
FOSTER,
Inc.
Bank
State
Boettcher
FORSYTH, ALEXANDER
DOTY, LOREN E.
Center
H.
OF MEMBERS
Continued from page 39
DOERING. ROBERT
Company,
HACKSTAFF, RICHARD
The Bond Club of Denver
Mr.
Cable Address:
Wellhttna
'
Inc.
Volume
198
Number 6310
.
.
The Commercial and, Financial Chronicle
.
George J. Brunjes, Francis I. du Pont & Co., New York;
Lynch, Francis I. du Pont & Co., Chicago; George Hersh,
Albert Frank-Guenther Law, Inc., Los
Angeles
NEELY, ORVILLE C.
Merrill Lynch, Pierce,
&
Smith
First
Scanlan
J.
Hornblower
A.
Inc.
S.
Weeks
Inc.
OJA,
Stern
&
&
Pont
&
Francis
&
&
Merrill
Share
and
Co.
du
Stern
&
Co.,
Inc.
Francis
I.
STERLING,
•
du
Pont
&
Co.
Francis
,
ROGER
I.
du
I.
du
Pont
&
Co.
STEELE,
STITT.
JAMES
Merrill Lynch,
Incorporated
Bullock, Ltd.
Pierce,
Fenner
&
J
Smith
J.
B.
&
Co.
K.
Mullen
Investment
Co.
u.
E.
Hogle &
STONE, ERNEST
E.
Continued
Stock Transfer Corp.
S.
Co
/Stone, Altman & Company,
STEVENS, PAUL D.
J.
A.
CARL
■rW
Pierce,
Fenner
u
II
;
Pont
W.
li
M
Cci
&
II <
E.
Lynch, Pierce, Fenner & Smith
Company,
B.
Brothers
v
.
&
Co.
I.
du
Pont
'
Co.
GENE
■S:j:
and
National
Company
Bank
Denver
of
&
THIRTY-SIXTH YEAR OF SERVICE
I!
Family Finance reports another
Boettcher
and
year
of
progress.
Receivables increased 9.1% during the year, and volume of loans
Company
made
m
M.
Scanlan
&
was
and net
Co.
Inc.,
SCHAEFER, F. W.
&
HIGHLIGHTS DF OUR
m
.&
SCANLAN, EARL M.
Earl
&
du- Pont
'
Weeks
SANDBERG, ROY
Smith
&
-
A.
Pont
&
American National
Co.
Fenner
&
Co.
SCHMIDT,
Schmidt,
ROBERT
Sharp,
D.
McCabe
&
Co.,
Inc.
SCIIWQEBEL,
George
LYLE
K.^Baum &
Co.
!§i%
were
revenue
rose
12.4%
$1.91 compared with the previous
p|
HIGHLIGHTSJune 30, 1963
Total
Loans Made
June 30, 1962
$323,317,426
operations
$303,879,353
Number of Loans Made
578,429
573,543
$223,662,839
$205,032,405
396
Notes Receivable at Year End
||
>
July 1, 1963, Family Finance continued its
341/2 years.'
1
Markets In
share
unbroken record of dividend payments which it has sustained for
I
Firm
per
With the dividend paid
Smith
II
PHILLIPS, ALAN D.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
• <■
6.4% above fiscal 1962. Gross
earnings
year's $1.62.
Bank
SCHLENZIG, E. G.
Merrill Lynch,
Pierce,
Incorporated
374
Number of Offices
I
WASHINGTON
SECURITIES
earnings
Revenue
and
dividends
Johnston, Lemon & Co.
MEMBER
Southern
-
STOCK
DISTRIBUTORS
$
24,987,426
........
$
7,345,000
$
6,525,000
$
9,003,794
$
on
.
Income
4,720,974
.
EXCHANGE
Earnings Per Share
w.
-
DEALERS
Building, Washington 5, D. C.
Telephone:
$ 46,077,808
27,564,479
.
Shares of Common Stock
PHILADELPHIA-BALTIMORE-WASHINGTON
UNDERWRITERS
51,812,567
$
Earnings for Common Stock
1920
$
Operating Expenses,......
Taxes
ESTABLISHED
7,599,480
4,691,164
$
1.91
$
1.62
.$
1.00
$
.90
.......
Dividends Per Share
1
......
m
II
STerling* 3-3130
Branch
965 0260-1-2
Office:
115
No.
Municipal Dept.
Copy of 1963 Annual Report available
Saint
965
0887
FAMILY
on
Nvi;
request.
Carl M.
Private
FINANCE
It
CORPORATION
Asaph,, Alexandria, Va.
201
Direct
Wire
to
si
m
Teletypes:
Trading Dept.
,
M.
Pont
Hanifen, Imhoff & Samford. Inc.
HARRY W.
I.
STEELE, E. E.
Co.
SAMFORD, NORBERT J.
Co.
PETERS, JR., GERALD P.
Francis I. du
Pont & Co.
PETERS,
>
Company
S/
CLAIR, ROBERT
First
Investment
GERALD P.
du
and
Co.
Co.
FRANZ
Boettcher
ST.
Sullivan
I.
&
JAMES
Francis
Co.
j
HENRY
Francis
The
ROSEWARNE, PAUL D.
ROST,
Pont
Mullen
Lynch,
PETERS,
Boettcher
Incorporated
ROLLI,
Company
Incorporated
Bosworth
SODEN,
L.
Company
du
1.
ROGERS,
SAM
PEPPER, IRWIN
PERRY,
Calvin
Howard
PENDLETON, WILLIAM V.
Merrill
&
SMITH, C. EATON
RODEWALD, EDWARD
E.
Sherman
WM. H.
Dempsey-Tegeler
r
&
JAMES
Hornblower
PELTIER,
K.
Company
Albuquerque, N. Mex.
and
Co.
ROBINSON, RAYMOND L.
GEORGE B.
J.
Inc.
Co.
PAYNTER, RICHARD B.
'
Paynter and Company, Ft. Morgan, Colo.
The
Francis
Hornblower & Weeks
du
Bond
I.
Sudler
&
STEPHENS, KENNETH E.
E.
Francis
ROBERTS, JAMES A.
Bosworth, Sullivan & Company, Inc.
Co.
PATTERSON, DONALD L.
Francis
Boettcher and
ED.
SIMPSON, WILLIAM A.
ROBERTS, MALCOLM F.
PANDOLFO, in,
PECK,
C.
W.
Brothers
Co.
Trust
&
Nagel,
Boettcher
Amos
BRYAN
Stern
Lynch, Pierce, Fenner & Smith
Incorporated
CHARLES
General
SIMPSON,
Y.
Merrill
PAGE, ARTHUR
J. A. Hogle & Co.
Dawson,
SORENSEN, J.
Inc.
STEINAUER, Jr..
Company
CHARLES
Nemrava
ROBB,
OWEN, TOM
PALMER,
JACKSON
and
Pueblo
Pierce, Fenner & Smith
Brothers
I.
Inc.
Company
Brothers
READY,
OSBOURN. JAMES
Francis
Boettcher
Co.
ORMSBEE, JACK
Bank
Co.,
Neely, Merrill Lynch, Pierce, Fenner & Smith
Denver; A. Wayne Neely, Merrill Lynch, Pierce,
jt Smith Incorporated, Denver
Fenner
RICHARDS, STANLEY
Lynch,
Incorporated
Central
H.
Jr.,
Mrs. Orville C.
SOMMER, JAMES F.
Co., Inc.
&
&
incorporated,
RAPP, Jr., JOSEPH M.
E.
Merrill
Stern
SHIRLEY,
Mr.
Bank
Scanlan
EUGENE
&
Ranson
JOSEPH
Boettcher
Inc.
LAWRENCE A.
M.
WILLIAM F.
Ranson
ARTHUR P.
RAICHLE,
O'HARA, Jr., RODERICK
Earl
and
Quinn & Co.,
NILSON, Jr., EUGENE E.
Dempsey-Tegeler & Co.,
National
Denver
"
POWELL, JAMES
QUINN,
First
SCOTT,
of
POWELL, ROBERT R.
Coughlin and Company,
NEWMAN, RAYMOND E.
Coughlin and Company,
NOWELL,
Bank
Hogle & Co.
Boettcher
&
Buller, Hichey & Co., Chicago; Robert A. Almon, Walker,
Waggener, Dallas; James L. Beebe, William R. Staats &
'r
Co., Los Angeles
; Y-
JOHN
Bosworth, Sullivan & Company,
Company
NEWMAN, ALAN
<6
POLLOCK, DAVID M.
NESBIT, FRED
and
H.
Austin
,
Co.
&
NELSON, CURTIS F.
>
Dempsey-Tegeler & Co.,
Boettcher
National
PLOEGER, H.
NEIDIGER, EUGENE L.
M.
v
PLEASANTS, AARON W.
Fenner
Incorporated
Earl
Frank
Phil
41
WEST
FOURTEENTH
STREET
•
WILMINGTON,
DELAWARE,
Loeb, Rhoades & Co.
; vMviviv;
vKvvX-Xv
19899
#
Incorporated
on
page
42
and Financial Chronicle
42
Mr.
John
Mrs.
&
J.
Bohrer,
Mrs. Jack
& Co., Omaha, Neb.; Mr. &
Company, Portland, Oreg.
Chiles
Mr.
Bader, First California
&
Mrs.
Robert
I.
Francis
.
Thursday, October 24, 1963
& Co., Kansas City,
H. O. Peet
L. Smart,
.
.
du
Pont
&
Mr. & Mrs. George D. Powell,
Mo.;
Co., Denver
^
,
BROWN, LEE
Dallas Security Dealers
The Bond Club of Denver
Association
A.
Edwards
G.
&
Sons
BROWNING, JEFF
Goodbody & Co.
ROSTER OF MEMBERS
BRYANT,
WALSH,
Continued from page 41
SUH,
Harris,
SANG WOO
Francis
Pont
du
I.
Merrill
U.
SWEET,
Pont
du
I.
J.
The
J.
Quinn
WHITE,
Inc.
Merrill
Lynch,
Incorporated
T.
du
I.
Inc.
Wittow
a
VINCENT, CARL
Dempsey-Tegeler &
VINEY, F.
Co.
&
WOODY,
WRITER,
WALDBAUM, LOUIS
Francis I. du Pont
MIKE
Bosworth
&
Company,
;
Founders
Office:
December
15,
1962;
Inc.
Co.,
Fenner
O.
Dallas
Miller
EDWARD
&
Co.
&
Texas Bank
Company
&
E. LYNN
CROSSLEY,
Rauscher,
of Dallas
Co.
Inc.
Dudley,
&
Inc.
Walker, Austin & Waggener
Inc.
Charles
E.
Jr.,
Bank
Kelly Brown Investment Co.
Allen
&
JACK
Union
BROWN,
JIM
Company, Inc.
Company,
FRED.
R.
Wood, Struthers & Winthrop
DENNARD, ROBERT E.
Dallas Rupe & Son, Inc.
Inc.
DENNING, STEPHEN
R.
Goodbody
Organization
Miller
FRANK
&
&
Co.
:-V
Co.
E.
Walker, Austin & Waggener
BADER,
First
I. W. SPARKS 8, CO.
ESTABLISHED
1900
WALTER M.
Southwest Company
Dittmar
&
BARNETT,
LISTED AND UNLISTED SECURITIES
A.
New
Jr.,
A.
Stock Exchange
(Associate)
Sons
Underwriters—Distributors—Dealers
UTILITY
SAMUEL J.
Equitable Securities Corporation
BANK
AND
National
INDUSTRIAL
INSURANCE
AND
MUNICIPAL
GEORGE
Mercantile
Stock Exchange
L.
&
BEARD, Jr.,
BETKE,
Phila.-Baltimore
Exchange
Inc.
BAUMGARTNER, FLOYD D.
Metropolitan Dallas Corp.
STATE, MUNICIPAL AND REVENUE BONDS
Stock
American
Co.,
Metropolitan Dallas Corporation
IN
York
RIES
Securities
Edwards
G.
Members
Inc.
Company,
BASS, HUGH
DEALERS
STREET, PHILADELPHIA 2
CONNALLY
W.
Union
Dallas
IN
WALNUT
First Southwest Company
BAMBENEK, J.
BROKERS
1401
SAUL P.
BAKER,
BALDWIN.
'
Janney, Battles & E. W. Clark, Inc.
BADGETT, CHARLES S.
Rotan, Mosle & Company
AND
SECURITIES
STOCKS
REVENUE
BONDS
Bank
MEMBERS
BEN
Dempsey-Tegeler &
BICKERS.
WESTERN SAVINGS FUND BLDG.
1
NEW YORK STOCK
PHILADELPHIA 7, PA.
PH 1LA.-BALT.-WASH. STOCK
Klngsley 6-4040
AMERICAN
STOCK
EXCHANGE
EXCHANGE
120 BROADWAY
NEW YORK 5, N.Y.
Inc.
NEW YORK
WOrth 4 0220
A. T. & T. TELETYPE 215-569-9702
Goodbody
JOHN
&
C.
Co.
Burnham &
BLACKMAR, ROGER
Rauscher, Pierce &
Co.,
O.
B.
Mutual Funds
BOONE, JOHN
First
& Securities Co.
P.
Southwest
Company
Co., New York
Company, New York
Inc.
Phones
BOHNY,
Trading Wires:
Carl M. Loeb, Rhoades &
MORRISTOWN, N.J.
UPPER DARBY, PA.
Direct
BILHEIMER, Jr., WILLIAM E.
Shearson, Hammill & Co.
BINFORD,
DIRECT WIRES TO
-
Co.,
EXCHANGE
—
Philadelphia, LOcust 8-3400
Bell
-
Pierce, Fenner & Smith
Incorporated
Inc.
Co.,
^
R.
DEATON, Jr.,
P.
Securities
DoWitt Conklin
&
N.
Merrill Lynch,
P.
Murdoch,
Hauser,
AUSTIN,
KELLY
Dallas
Eppler, Guerin & Turner, Inc.
WILLIAM
E.
BROWN,
ANDERSON, Jr., ALFRED W.
APPEL,
DAVIS,
BROWN,
Brown,
Inc.
Seay,
Dallas
KENNETH A.
Dittmar
Inc.
ANDERHUB, SAM L.
Com-
in
Bank
Co.
&
BROWN, EDMOND L.
Dudley,
&
McKinney
Almon,
PAUL R.
National
Republic National Bank of Dallas
Bank
K.
E.
ALMON, ROBERT A.
ALMON, TAYLOR B.
Mutual Depositor
National
BRODKIN,
Bache
McKinney
Hutzler
&
Mercantile' National
D.
DAVIS,
Company,
ALMON, DAN A.
Company,
(JACK)
ALLAN
G.
&
"
E.
Brothers
Pierce & Co., Inc.
BRANYON,
Mercantile
Allen
First
'
;
JOHN B.
Jr.,
DAVIS, JOHN S.
Trust Co.
&
ALLEN, ORVILLE
O.
CLAUD
Co.
Inc..
Son,
Dumas, Huguenin & Boothman
BOUDREAU,
Hutzler
&
&
Pont
du
K.
DAVIS, JACK H.
M.
TED R.
ALEXANDER,
S.
&
MEMBERS
BOOTHMAN,
Brothers
Salomon
Co.
Brown,
Pont &
OF
in Dallas
B.
Rupe
DANIELS,
ACKERMAN,
II.
Incorporated
Sullivan
I.
CONGDON,
Salomon
Smith
ABBOTT, DAN
Hauser, Murdoch,
Co.,
du
&
Inc.
B.
in Dallas
City Auditor, Dallas
Expires: December 15, 1963.
ROSTER
Pierce,
ROBERT
&
ALLEN
Sanders
Took
JOHN
III,
National Bank
First
CORNELL,
1962;
'
H.
CROSSLEY, M.
CHARLES H.
YOUNG,
Inc.
15,
>
Co.
Clark & Associates,
H.
Joel
CLAYTON,
COBB,
Hilger, Rauscher, Pierce & Co., Inc.; William
December
Term
YOUMANS, PAUL E.
Bosworth,
R.
Sullivan
Elected:
YEANOS, S. CHRISTOPER
Ira Haupt & Co.
:
Co.
&
CLOYD, MARSHALL S.
Turner, Inc.
G.
Almon,
>
-
&
Dittmar & Company, Inc.
III, Bache & Co.; Alfred W. Anderson, Jr., Eppler,
R. Newsom,
ROBERT
GEORGE
Francis I.
VOSS, BILL >■- /A-:iry,'A;'.A
Hanifen, Imhoff & Samford, Inc.
JOEL
Francis
RICHARD
McDonnell
Co.
&
;
Pont
First National Bank
Robb, Dallas Union Securities Co., Inc.
Directors: Derry M.
BERNARD
I. du Pont &
Francis
Keith, Schneider, Bernet & Hickman, Inc.
Company
Lynch,
Incorporated
Co., Inc.
VOGT, JAMES P.
WALDMAN.
&
WOULFE,
Brothers
Treasurer: John D.
Tallmadge
WOODWORTH,
H.
John D. Robb
Secretary: C. Thomas May, Jr., Sanders & Company.
Co.
Company
&
Merrill
Harris, Upham & Co.
Stern
and
Norval A.
Guerin &
GEORGE C.
Pont
Investment
WILLSON, Jr., JAMES
WOODBERRY,
Co.
C. Thomas May, Jr.
Harry F. Reed
Vice-President: Harry F. Reed,
W.
Mullen
Tallmadge
VEER, Jr.,
Francis
K.
President:
WITTOW, HERBERT L.
TUCKER, WAYNE O.
&
WILEY
J.
Boettcher
Smith
Fenner
du
DICK
Dallas Union Securities
Jr.,
CLARK,
Inc.
>
NICHOLAS F.
Bosworth, Sullivan & Company,
Kirchner
EDWIN O.
Pierce, Fenner & Smith
N.
I.
CLARK,
Inc.
and
WIESNER, ALFRED A.
Pierce,
S.
Francis
WICKER, H. DEAN
Quinn & Co.
TRUGLIO,
VANDER
CAUDLE,
Depositor Corp.
Company,
The
Inc.
Company, Inc.
Incorporated
Co.
Mutual
E.
FRED
WHITE,
Co.
NORMAN
TOWER,
&
CART WRIGHT,
Co.
&
WHITE, HERBERT P.
Coughlin and Company,
National Bank
Brothers &
ROBERT
Underwood & Co.,
A.
D.
Norval A. Keith
Co.
STANLEY H.
TIERNEY, BERNARD
R.
CARR, ROBERT W.
Pont
du
&
Founders
King Merrits & Co., Inc.,
Stern
I.
Coughlin
TICE, JOHN
N. C. Roberts & Co.,
Colorado
RANDOLPH B.
Equitable Securities Corporation
Smith
DOUGLAS L.
WHITE,
L.
Investment
Mullen
TICHENOR,
&
KENNETH
HIRAM
Waggener
CALDWELL,
Fenner
Merrill Lynch,
Inc.
Co.,
FRANK
K.
L.
Pierce,
CARLSON,
R.
Dallas
>
J. D.
Jr.,
Walker, Austin &
WHISTLER, JOHN W.
HARRY
THARP,
BUCHANAN,
Hogle & Co.
Francis
TAYLOR, DUDLEY F.
&
A.
WELLER,
C.
Tallmadge & Tallniadge
TETTEMER,
;
Dittmar
Co.
&
TALLMADGE, ROBERT
McDonnell
CHARLES
Lynch,
WEBSTER,
E.
WILLIAM
JR.,
Francis
National Bank
S.
in
F.
B.
Austin & Waggener
Walker,
Incorporated
HENRY
Denver
& Co.
GEORGE S.
WARREN,
Company, Inc.
Sullivan
Bosworth,
SWAN,
BUCHANAN,
Altman & Company, Incorporated
Stone,
SULLIVAN, JOHN J.
L.
Bank
M.
Upham
WARNER,
Co.
&
JOSEPH
ROBERT
National
First
New York, WOrth 6-5646-7
Teletype 215 569-9839
Volume
Mr.
Mrs.
&
Number 6310
198
A.
Mort
DeSHONG, HAROLD
First
JOSEPH
Dittmar
&
HALL,
Merrill
Inc.
HAMILTON,
Hamilton
Goodbody & Co.
HARVEY
EARP, M.
Mercantile
EDSEL,
A.
EDWARDS,
EDWARDS,
William
Goodbody &
N.
Edwards
O.
of Dallas
&
&
Dallas Union Securities Co.,
Sons
Worth,
ELLIS,
ARTHUR
Dallas Rupe
ELLIS,
JOE
B.
FOSTER.
#
Company
Sanders
Turner,
&
Securities
ROBERT
Corp.
of Texas
&
Sanders
IIILGER,
V,/
Dallas
W.
,
'
&
A.
IIILGER,
LANDON
III, J.
GEARY, Jr.. JOSEPH W.
Hamilton^
GIESEKE,
Funds
JOHN
MITCII
GILBERT,
Lewis
Dallas
C
O.
Investment
&
R. S.
R.
Goodbody & Co.
GILBERT,
Jr.,
Sanders
&
ROBERT
First
S.
JAMES
C.
Securities
A.
Co.,
Inc.
Hudson
A.
& Co., Inc.
Hudson
&
Inc.
;
R.
Crowe,
McCall
Dallas
Bank
Dallas
of
m
Utility
•
Railroad
•
Industrial
'----y
Bank and Insurance Stocks
.
Mutual Funds
Shares
MMj
Janet Post
•
R.
Boston Stock
S.
S.
First
R.
A.
Underwood
G.
G.
SHARPE,
Corporation
Charles
HAROLD
Edwards
&
McCall
Co.
Inc.
Seay,
Inc.
Continued
Sons
Crowe.
McCall
AND
&
■
on
44
page
INDUSTRIAL
UTILITY
PUBLIC
■
RAILROAD
&
ESTATE
MUNICIPALS
;.
S.
&
Company
UNLISTED
Hudson
Rupe
&
TRADING DEPARTMENT
L.
Co., Inc.
BIOREN&CO
Sr., FRED I.
Co., Inc.
LYNN
&
Son, Inc.
MEMBERS:
CLAYTON R.
Southwest
&
Philadelphia
New York and
-
American Stock Exchanges
Baltimore-Washington
Stock
Exchange
Company
Company
Barron
Street, Philadelphia 2, Pa.
^
McCulloch
&
NEW YORK
120
Broadway
Company
PEnnypacker 5-9400
Worth, Texas
McINROE,
PHILADELPHIA
1424 Walnut Street
BARRON/
BArclay 7-9300
ALLENT0WN, PA.
Liberty at 17th St.
AC 215 433-6401
HAROLD A.
First Southwest
&
L.
Inc.
Crowe.
FRED
Jr.,
Hudson &
Sanders
Ft.
New York Phone 212-WO 4-7333
E.
■
-
JOHN
McCULLOCH,
Exchange (Associate)
Teletype 215-569-9734
EDWIN
McCULLEY, DONALD B.
Exchange (Associate)
Montreal Stock
1516 Locust
of Dallas
LUTHER
SHARP,
Inc.
UNDERWRITERS
Pierce & Co.,
McCULLEY,
Pittsburgh Stock Exchange (Associate)
215-KI 6-0900
Union Securities Co.,
Winthrop
&
Worth, Texas
Dallas
Philadelphia-Baltimore-Washington Stock Exchange
F.
Bank & Trust Co.
T.
McCulloch
McCLURE,
Co., Inc.
Pierce, Fenner & Smith
J.
McCORMICK,
-
Lynch,
C.
Albert J. Caplan
Charles A. Taggart &
Dallas
National Bank of Dallas
McCLURE,
-
JACK
PRESTON A.
Metropolitan Dallas
A.
Horton
R.
JSlfl
in
Incorporated
REAL
Barron
Trading Department
Bank
National
CLYDE
K.
Parkhurst,
McCLANE,
v
Ft.
Member
Mercantile
SAUNDERS,
Inc.
JOHN D.
McCALL,
McCall,
—
Inc.
Son,
SAMPLE, CLARENCE E.
Horton
Municipal Bonds
'
GORDON
Rupe &
SCIIAELLING, CHARLES
PEARSON,
Parkhurst,
McCall,
New Jersey and General Market
ma
Underwood & Co.,
McCALL, HOBBY H.
l_
rMfH
Company
EARL S.
HARLAND
MAYES.
v
Inc.
Son,
SALE, JIM S.
Goodbody & Co.
Jr.,
Rauscher.
Securities
D.
III,
&
PEAK,
C. THOMAS
Sanders
&
Company
MAY,
Public
RUI'E
Inc.
Inc.
Company.
GORDON
Rupe
Mercantile National Bank
Republic
Dealers and Brokers in
'
Co.,
Corporation
McCall, Parkhurst, Crowe, McCall &
Company
W.
MASON, A.
1—
1
Securities
&
ALLEN L.
PARKHURST, MILLARD
Co.
National
JAKE
MARTIN,
.
D.
Texas
Struthers
Wood,
,
RUPE,
Horton
&
Manney
Inc.
Merrill
IRVING
MANNEY,
&
Horton
MANNING,
—i
R. A.
Co.
National Bank of Dallas
Republic
E.
&
VINCENT J.
MANLEY,
A.
Son,
S.
Dallas
RUSSELL
PAYNE,
Mercantile
Parkhurst,
Miller
LEWIS F.
LYNE,
HAROLD
Goodbody & Co.
McCall,
PALM,
LING, MIKE
Ling, Inc.
HUNTER,
HUTCHINSON,
H.
du Pont &
I.
&
Inc.
Co.,
DON
Dittmar
Supervised Investors Service
Sons
&
MERRILL
Murdoch,
Francis
>
T.
FRANK
Sanders
OSBURN,
Co.
B.
GEORGE
Metropolitan
RUPARD,
Sons
LAWHON, ELBERT C.
V
Union
&
Pont
Securities
Rogers & Co., Inc.
Dallas
P.
Edwards
G.
LANKFORD,
Inc.
Co..
&
LESLIE
Hauser,
Dittmar & Company,
GOODLOE, Jr., THOMAS W.
Equitable Securities Corporation
Dallas
Edwards
G.
LAGONI,
Allen
OBENCHAIN, THOMAS II.
Inc.
du
ALLEN
ROGERS.
Dallas
Co.,
I.
Republic National Bank of Dallas
,
Securities
F.
M.
ROOKER,
&
Inc.
ROBERTS, NICHOLAS F.
R.
RALPH
Rupe
F.
Company,
Union
Dallas
Co.
OLIVER, Jr.,
Company
GOODFELLOW, ROBERT W.
Peat, Marwick & Mitchell
Dallas
L.
Inc.
JOHN D.
ROBB,
Metropolitan Dallas Corporation
Company
Union
Dallas
FRANKLIN
JIUGUENIN, A. BRYCE
Dumas, Huguenin & Boothman
R.
Company
Southwest
B.
Union
HUNDLEY,
GILSTRAP,
&
Dallas
HENRY R.
NICKS,
'
EARL
LADD.
HUDSON, ROBERT S.
GRAY
in Dallas
Worth
Co., Ft.
Relyea & Co.
M.
Francis
in
P.
WILLIAM
&
F.
RITZ,
Corporation
NUNGESSER,
HAROLD
Sanders
HUDSON, JOHN K.
Co.
Bache
WALTER S.
KUPFER,
Parker
NEWSOM,
Goodbody & Co.
M.
P.
Co.
P.
R.
&
RELYEA, P.
&
NICOUD, ROBERT M.
Co.
LAGONI, KENNETH A.
HOUSTON,
Bruce
&
Inc.
Miller
&
REID, WALLACE T.
Sanders"& Company
RICHARD
ARTHUR
Rankin
Sr., W. A.
Allen & Co.,
Dittmar
Eppler, Guerin & Turner, Inc.
First National Bank
KLINE,
Parkhurst, Crowe, McCall &
McCall,
Miller
H.
PAUL H.
KIRK,
M.
Company
SCANLAND
PAUL B.
HORTON,
//
of Dallas
B.
Murdoch,
A
HARRY
REED,
E.
National Bank
^irat
NAZRO,
First Southwest Company
Horton
Geary,
JAMES
KERLEY,
Inc.
Inc.
Boothman
J.
D
II.
N
REAVER,
& Co.,
Rupe & Son,
MURPHY,
The
GEORGE A.
Hauser, Murdoch,
A.
Barron, McCulloch & Co.
Ft. Worth, Texas
Inc.
KENT,
Rauscher, Pierce & Co., Inc.
FREEAR.
& Hickman.
FREDERICK R.
Republic National Bank
Company
DERRY
Dallas
KELLEY,
W.
JACK
S
DAVID
David H.
&
Inc.
Company
WILLIAM
JR.,
6.
RANKIN,
Brown,
Huguenin
Hauser,
Schneider, Bernet
Dist.
P.
Underwood
A.
MURDOCK,
NORVAL A.
KEITII,
Rupe & Son, Inc.
v;':
Inc.
Company,
T.
GEORGE
HIGGINBOTHAM,
Iv.
EDGAR
Dittmar &
Co.
HICKMAN, J. WESLEY
Schneider, Bernet & Hickman,
Pierce, Fenner & Smith
Incorporated
&
Company, Inc.
GEORGE
Inc.
RALPH L.
Merrill Lynch,
FRANKLIN
&
Miller
HENDRIX, PHILIP L.
Dallas Union Securities Co., Inc.
HERRING,
Columbian
The
Dittmar
'
/,
II.
FICKES, JR.,
>
Inc.
W.
Guerin
Eppler,
HEMMINGSON,
S.
& Son,
Southwest
First
ESTES,
Murdoch,
Hauser,
Texas
RADDING,
Brokerage Co.
MOUNTS,
Sons
KEENAN, THAD M.
First National Bank in Dallas
MYRON
HAUSER,
Co.
KADANE. H. H.
A. G. Edwards &
Co.
'
Ft.
R.
Inc.
Inc.
PHILIP M.
Southwest
First
Co.
MORROW, ELBERT M.
Dumas,
CHARLES C.
Pierce & Co..
Jr.,
PROCTOR,
&
MORRIS, JACK
♦
Inc.
Seay,
E.
Inc.
F.
WILLIAM
Charles
F.
Sons,
First Southwest Company
RODGER J.
Southern
Garcia,
PRAGUE, THOMAS G.
Miller
ADDISON
MOORE,
Sons
&
B.
T.
POWELL, DAVID J.
Eppler, Guerin & Turner,
Republic National Bank of Dallas
P.
Edwards &
G.
JUDD,
,
IIARTMAN, MERRILL F.
Corporation
Dallas
WILLIAM
N.
A.
Edwards
G.
E.
SHERRILL
Metropolitan
W.
HARRIS,
Smith, Barney & Co.
SAMUEL
JOHNSON,
McLane &
L.
Murdoch,
MITCHELL,
JONES, HERBERT M.
Mercantile National Bank
RAY
A.
Company
PIERCE,
Rauscher,
Atwood,
LAUREL
Hauser,
Republic National Bank of Dallas
S.
ROBERT
HARDER,
MILLER,
Dallas
in
REX D.
JOHNSON,
,
Company
MILLER, FRANK
Bank
JOI1N
PHELPS, ROBERT W.
E. F. Hutton & Company,
M.
White,
JACK
Jr.,
Edwards
G.
Raymond
Mrs.
Metropolitan Dallas Corporation
Smith
Texas Bank & Trust Company
ROGER
National
First
&
Francis
Inc.
Company,
JENSWOLD,
-•
Company
Incorporated
/
Bank
National
Dallas
in
M.
HAMILTON, WILLIAM
Hamilton
Securities
DUNLAP, HUGH D.
-
JOHN
Securities
Incorporated
Inc.
Bank
National
First
Lynch, Pierce, Fenner & Smith
Incorporated
Fenner
METCALFE. WALLACE P.
HAROLD W.
Dittmar ' &
A.
PEYTON,
FRANK J.
JULIAN
Turner,
JACQUES, JAMES F.
First Southwest Company
JAMISON,
Pierce,
Southwest
First
MEER,
&
PERKINS.
PERRY
W.
Lynch,
MEDANICH,
First Southwest Company
L.
WALLACE
& Co., New York; Mr.
Co., Inc., Minneapolis
Incorporated
JACKSON, WINTON A.
HAMILTON, FORREST L.
DUDLEY, Jr., MORRIS A.
Almon, McKinney
&
Dudley,
Merrill
& Co.
du Pont
First Southwest Company
Inc.
Company,
McPHERSON,
Jr., WILLIAM C.
JACKSON,
Francis I. du Pont & Co.
JOE M.
DOUGLAS,
F. Huton &
&
Dain
M.
43
'
McKinney & Dudley, Inc.
Almon,
Dallas
Bank in
NED
I.
Francis
Hutzler
First Southwest .Company
'
ROBERT
Allen & Company,
Brown,
&
Weld
White,
Molloy,
McKINNEY, MUNSON
JACKSON,
C.
E.
J.
National
First
Dallas
in
HALL, J. C.
Bache & Co.
DORSEY,
E.
Inc.
K.
Peter
INLOW, R.
Bank
FRANK
GROSECLOSE,
Mrs.
&
Mr.
"
,
,
Mrs. Arthur Weigner,
Mr. &
D.
Brothers
Salomon
Dallas'
in
E.
Company,
JAMES
DODSON,
L.
National
First
GRAFF. JOSEPH
Bank
National
The Commercial and Financial Chronicle
.
GORDON,
Inc.
DICKSON, JOHN H.
DITTMAR,
.
Ledogar-Horner Co., Cleveland;
Lehman Brothers, New York
Cayne,
E.
Dallas Rupe & Son,
.
Company
•,
McINTYRE,
Eppler,
B. M.
Guerin
if
&
Turner,
Inc.
Mr. &
Mrs. Dick Richards, Keystone Custodian
Richardson,
Walter
B.
Delafield
&
Co.,
Mr. & Mrs. C. D. Mahoney, C. D. Mahoney & Co., Inc., Minneapolis;
Samuel Sachnoff, First National Bank of Chicago
Funds, Boston; Tom
Inc., New York
WALDMAN, HERMAN
Bache & Co.
Dallas Security Dealers Association
MEMBERS
WALKER,
Securities
WILLARD
B.
SHELTON,
Republic
TOMPKINS,
Rotan,
LOCKETT
National
TROLLINGER,
Dallas
of
I.
du
Pont
R.
Dittmar
R.
Securities
Co.,
Inc.
Corporation
E.
WATTS,
J.
Eppler,
Guerin
As
WEBBER,
W.
First
FRANK
Turner,
National
R.
Bank
in
SMALLWOOD, WILLIAM
First
Southwest
As
SMITH,
Siiearson,
As
Inc.
Co.
VON
Co.
of
Dallas
Harris,
A.
Upham
Walker,
Company
As
Co.
As
As
v
Co.
Company,
Bank
As
R.
YARBOUGH,
Sons
Dallas
of
DENTON,
J.
Pont
&
Dean
Ac
National
WILLIAM
Southwest
Bank
Hogle
A.
Hogle As Co.
Charles
E.
Co.
Goodbody
&
J.
Inc.
A.
PETT,
National
Co.,
Inc.
PETT,
STUART
Merrill
HEALY,
Co.
&
A.
The
Robert P.
As Son, Inc.
Research
THOMAS,
&
RODERICK
PIKE,
Co.
B.
Merrill
As
Smith
Sanders
Co.
Pierce,
Smith
Fenner
&
Smith
Investment Co.
GEORGE
Investment
ROCHE,
L.
Co.
E.
John
Company
The
officers
Clarke,
porated;
Marilyn
TOLER, JERRY
in
and
Calvin
Merrill Lynch,
■Schwabacher &
National Bank
I.
Co.
;
//
Koones,
ROE,
&
V
Smith
Co.;
Incor¬
Wilson,
Sam
Co.; Robert Bulleri, Schwabacher & Co.
(ex-
officio).
Dallas
—
ROSTER
(Members
OF
located
In
J.
The
Co.
A.
LAWRENCE
Continental
MEMBERS
Salt
Lake City
M.
&
Co.
••
WILFORD
W.
Continental Bank As
Trust Co.
(Associate)
Bank
As
Trust
Co.
ROSEN,
MILTON
Lynch', Pierce, Fenner As Smith
Incorporated
Ac
Inc.
SCHETTLER,
>
J.
Co.
Merrill Lynch,
Incorporated
v
Fenner
&
Smith
Merrill
W.
A.
'
MICHAEL
Lynch, Pierce, Fenner As Smith
Incorporated
J. A.
Pierce, Fenner & Smith
"
L
,
Hogle As Co.
SONDRUP,
Co.
HAYDN
Hogle As Co.
SMOOT, Jr., WENDELL M.
Potter
IVERS, THOMAS H.
Ac
A.
SHIPIONE,
Pierce,
HUNTSMAN, A. BLAINE
Hogle
Hogle
Merrill
Lynch,
Incorporated
A.
Pierce,
°
Associate)
J.
JAMES
A.
ROMNEY,
Ac
Merrill
Gaddis, Dean Witter & Co.;
Pierce, Fenner &
Schwabacher
Jr.,
Lynch,
Incorporated
(Associate)
BERNARD
Hogle
WALTER L.
Merrill
Trust
HOYT, GERALD M.
Treasurer'. George "John" Potter, Potter Investment Co.
/
TINSLEY, WILLIAM H.
First
&
R.
POTTER, DAVID B.
Potter
As
Schwabacher
Company
JEAN
As
Lynch,
POTTER,
HOWELL, FLOYD K.
*
Secretary: Edward J. Mawod, Dempsey-Tegeler & Co., Inc.
Inc.
Directors:
THWEATT,
Pierce,
MALCOLM
Incorporated
Fenner
HOAGLAND, FRANK P.
Dempsey-Tegeler & Co.,
Woolley, Robert P. Wooley Company.
Vice-President: William Aspden, J. A. Hogle & Co.
THORNTON, I. JEROME
&
i
Edward J. Mawod
Aspden
Management
Dallas Rupe As Son,
Thornton
William
Woolley
President: Robert P.
THOMAS, HAROLD L.
Funds
Bank
HIGGINS,
Waggener
THOMAS, Jr., R. BRUCE
Dallas Rupe
Fenner
B.
Lynch,
Incorporated
.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Bank
J.
Austin
Smith
J. ARTHUR
Dempsey-Tegeler As Co., Inc.As
Pierce,
Hogle &
Walker
TEMPLE, T. D.
Walker,
As
Dempsey-Tegeler As Co., Inc.
F.
HAYWARD, RUSSELL J.
Mercantile
Fenner
PENNEY, DONALD A.
J. A. Hogle & Co.
HANSEN, KENT T.
Co.
J.
TAYLOR, JOHN
Rotan, Mosle &
Smith
HANSEN, KENNETH G.
L.
STRANGE, JR., W. B.
TAYLOR,
&
Fenner
PETERSON, DARWIN L.
NELS
Schwabacher Ac Co
Company
Seay,
VANCE E.
Pierce,
Merrill Lynch,
Incorporated
v
IIALL, Jr.,
STEWART
ROBERT
Co.
&
RICHARD
Security Bank of Utah, N. A.
Potter
STOUT,
J.
PECKHAM,
CLOYD
Lynch,
Incorporated
,
J.
george
v
JOHN
Merrill
STONE, STEVE
Mercantile
.
II.
Witter As
GOATES,
EDWARD
MUIR, RICHARD W.
Schwabacher Ac Co.
>
GADDIS, CALVIN P.
STEPHENS, JOHN D.
Empire State Bank
First
'
FURNESS. EPHRAIM J.
Lindquist Securities
Hauser, Murdoch, Miller & Co.
STORIE,
J.
L.
Dempsey-Tegeler & Co., Inc.
F.
B.
Co.
(Associate)
FOSS, E. CARTER
Dempsey-Tegeler
Utah Securities Dealers Association
As
MICHIE, JAMES R.
Dempsey-Tegeler & Co., Inc.
Co.
A.
First
!
GEORGE
Schwabacher
Incorporated
ANDREW
J.
Co.
As
GEORGE
JOHN
Jr.,
Witter
M1CHELS,
JR.,
PRES
Hogle As Co.
A.
EARL,
i
FLANAGAN,
du
MATHESON.
Co.
L.
Security Bank of Utah, N. A.
DUNN,
Bank
Inc.
SPURGEON, ANDREW
Merrill Lynch, Pierce, Fenner As Smith
STASIO,
Jr.,
,
•
Dempsey-Tegeler & Co., Inc.
(Associate)
GENE
I.
v
FENTON, JAMES E.
SPEER, HOWARD J.
Speer & Bartholow,
Francis
As
(MRS.)
Ac
GLEN
First
YORK, MIKE
Rauscher, Pierce As Co., Inc.
Waggener
Fenner
Dean
Ure, Davie St Co.
*"
National
Pierce,
Incorporated
Schwabacher
C.
MACKENZIE, THOMAS W.
Dempsey-Tegeler As Co., Inc/
Mcdonald,,
Hutzler
R.
Mercantile
Dempsey-Tegeler & Co., Inc.
MAWOD,
,
&
LINDQUIST, GRIFFITH
Lindquist Securities
MATTHEW C.
CONDIE, G. RICHARD
J. A. Hogle As Co. /
DAVIS.
(Associate)
(Associate)
Co.
MARILYN
As
Fenner
S.
Bank
Bank
DAVIS, PAUL N.
Co.
State
LEONARD,
RICHARD
Lynch,
LOUIS
Beehive
National
Schwabacher
Trust
Brothers
LEATHAM,
COON,
Inc.
"
Mosle As Co.
GORDON T.
Salomon
NELSON
Austin
As
WRIGHT, JOHN H.
RICHARD
Edwards
G.
WAGGENER,
M.
Southwest
WISE,
WALTER
WADSWORTH,
Company
Incorporated
ROBERT
GLAHN,
&
Hutton
F.
Texas
B.
Trust
Merrill
Smith
Pont
Rotan,
Lynch, Pierce, Fenner As Smith
Incorporated
As
du
WILMARTH, JR., R. V.
Merrill Lynch, Pierce, Fenner As Smith
Incorporated
WiLSHUSEN, H. EIBAND
,
Merrill
Hamilton Securities
SPIVEY,
E.
Company
SMITH, L. M.
First
Hammill
I.
Pierce,
(Associate i
CLARK, JOHN T.
■
WIGLEY, Jr., WILLARD ROBERT
VILFORDI, EUGENE E.
Bank
SMITH,
As Co.,
VAUGHN, G. I. JACK
-
Co.
KENNETH
Texas
Underwood
Dallas
P.
SMITH, D. C.
Bache
A.
'
Co.
Lynch,
Incorporated
Co.
Trust
FRANCIS M.
First
Dean Witter As
;/
r
Merrill
Smith
Co.
&
CHRISTENSEN,
Inc.
Co.
As
B.
Zions
;
GARY
Francis
UNDERWOOD, Jr., ROBERT A.
SLUDER,
CHIPMAN,
Inc.
Company
&
As
Walker Bank
W.
O'HARA
Goodbody
LARSEN, ARLAND L.
CARLSON, OSCAR K.
Company,
As
li.
Co.
Ac
Schwabacher
P. R.
Sanders
G.
JOHN
&
WARREN,
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
TURNER,
CECIL
WARREN,
Co.
TUCKER, ROBERT
Company
SITZENSTATTER, NORMAN
Francis
&
Jr.,
Union
Dallas
SHUMATE, GASTON A.
As
Mosle
'
Bank
SHULTS, RICHARD B.
Metropolitan Dallas Corporation
Shumate
STEVE
ROBERT
BURBRIDGE, Jr., KENNETH P.
Walker, Austin As Waggener
Continued from page 43
Bonham, First Alamaba Securities, Inc., Montgomery,
Herbert Abelow, Mitchell & Company, New York
Ala.;
Schwabacher
THOMAS
Jr.,
Equitable
ROSTER OF
UULLEN,
,■
WALKER,
Mr. & Mrs. John
/
WALTER
Investment
Co.
SPALDING, S. ALBERT
Tracy Collins Bank As
-
JONES, PAUL W.
Lindquist Securities
Trust
Co.
(Associate)
—
unless
otherwise indicated!
ADAMS, JR., 0. WEBSTER
Schwabacher
HARRY C. DACKERMAN & CO.,
ALBRIGHT,
Inc.
Corporate Successor to
ANDERSON,
J. A.
J. -A.
PHILADELPHIA-BALTIMORE - WASHINGTON
STOCK
EXCHANGES
WALNUT
PORTER
BUILDING
PITTSBURGH
Co.
19.
PA
H.
Hogle As Co.
EDWARD
ST., PHILADELPHIA 2, PA.
N.
Hogle As Co.
A.
Municipal and Corporate
Hogle As Co.
BENNION,
J.
1401
As
WILLIAM
E.
BECK, RICHARD F.
J.
(associate)
MONTREAL
Anderson
BAGLEY,
AMERICAN STOCK EXCHANGE
and
VERNON
,■
Members
PITTSBURGH,
E.
ASPDEN,
'
NEW YORK STOCK EXCHANGE
BOSTON,
THOMAS & COMPANY
"
Lynch, Pierce, Fenner As Smith
Incorporated
V.
'
Co.
ALLEN, JOHN M.
J. A. Hogle As Co.
Merrill
Partnership)
/
Co.
As
ANDERSON, HANS C.
HARRY C. DACKERMAN & CO.
(A
As
Jr., RICHARD C.
Schwabacher
EDMUND
A. Hogle
As
Securities
Y.
Co.
BROTHERS, DOROTHY
Brothers
BROWN,
J.
A.
As
Co.
EDWARD E.
Hogle As Co.
,
-
Volume
%
198
Number
6310
.
.
The Commercial and Financial Chronicle
.
45
M
m
Mm
^ps
Mr.
Mrs.
&
Pete
Oreg.;
Kosterman, E.,I. Hagen & Co., Inc., Portland,
Tapp, Doherty Roadhouse & McCuatg
Brothers,
Vancouver,
TUNKS,
Hogle & Co.
Mrs.
URE,
Hogle St Co.
PHIL S.
Witter
Dean
STEVENS, HOWARD E.
J. A.
^
Minneapolis;
Canada
STEAD, ROBERT T.
J. A.
Mf-
George
BROWN,
Co.
&
Jr., LINCOLN
STEWART, SAMUEL S.
Merrill Lynch, Pierce, Penner & Smith
Incorporated
STYLER. ARLYN J.
WILSON, SAMUEL
J.
A.
Hogle St Co.
SWENSON,
&
A.
Fenner
&
Smith
Robert
P.
L.
&
&
Mrs.
L. Hagensieker, Reinholdt <£ Gardner, St. Louis;
McFarland, noted educator and lecturer, sponsored by
General Motors Corp.
Earl
Kenneth
LAPIIAM, BEVERLEY II.
.
Bonbright
LeVEILLIE,
Merchants
SMITH,
Billings Associates Inc.
McROBB,
BURNS,
First
Marine
JOHN
Albany
W.
/*■
St
Company
J.
W.
Onondaga County Savings Bank
Bank
St
Trust
Co.
New
Company
of
CUMMINGS,
1
M.
Merchants
National
Bank
Stone
&
Co.,
&
Marvin C. Pellenz
Marshall W.
Day
Carlson, Onondaga County Savings Bank.
Vice-President: John R. Glushko, Hemphill, Noyes & Co.
Secretary: Marvin C. Pellenz, First Albany Corporation.
Treasurer: Marshall W. Day, George D. B. Bonbright & Co.
Governors: John P. Miles, W. C. Langley & Co.; Francis Q. Coul¬
ter, Marine Midland Trust Company; Richard Feldman, R. W.
Pressprich & Co.; Walter L. Plume, Lincoln National Bank &
Trust
Company of Central New York; Robert B. Stolz, Smith,
Bishop & Co.
Solvay,
and
OF
located
in
otherwise
BARR,
J.
JOSEPH
S.
Barr
&
S.
unless
Syracuse
indicated)
Inc.,
Ithaca,
N.
Y.
WESLEY
George
New
York
Bank
TIFFANY, DONALD L.
Donald L. Tiffany, Inc.'
Y.
WILLIAM
JOHN H.
Hayden, Stone & Co. Incorporated
T.
KENNETH
TORMEY, Jr., JAMES C.
Lincoln
Co.
G.
Bank
National
and
WILSON, J. HOLDEN
Trust
Hemphill,
Company of Central New York
WINSOR,
ROBERTS,
ROLLINS,
Co.
K.
B.
JAMES
KARL
Rollins
A.
&
Carl
'
B.
M.
YANOW,
Co.
Noyes
L.
&
Co.
COVILLE
Rhoades & Co.
Loeb,
ROGER E.
Bache &
Co.
First Trust & Deposit Co.
GEORGIANNI, MICHAEL
Douglas
&
GILLONS.
Co.
RICHARD
Marine
Midland
Central
GLEAZEN,
II.
Trust
Company
of
York
New
Geiistley, Sunstein & Co.
Members
WILLIAM II.
Midland Trust
Company
of
York
New
York
New
Stock
Exchange
Philadelphia-Baltimore-Washington Stock Exchange
Noyes & Co.
GOODELLE, CLARENCE A.
Clarence
Goodelle
A.
211
Co.
So.
BROAD
Co.
HENRY A.
D. B. Bonbright
& Co.
RONALD
Post
Standard
TERRELL
Bache &
IIALSEY,
George
D.
New
Bonbright & Co.
Direct
Trading Wire to New York City
REctor 2-9449
Company of
^
York
ROBERT
M.
DEPARTMENT
Parkes, Jr.—William F. Feather
WILLIAM A.
Central
Carl
Newton H.
R.
B.
Marine Midland Trust
HARRIS,
Obligations of the
TRADING
(Honorary)
E.
Co.
JOHN
HAMLER,
UNDERWRITERS
STREET, PHILADELPHIA
Telephone KIngsley 6-2600
GRABAU, ALVIN J.
Grabau-Buchman, Inc.
GRAVES,
llii S:
Loeb,
J.
Rhoades
&
Co.
1IEATON, CHARLES T.
COMMONWEALTH OF PENNSYLVANIA
and its Political Subdivisions
George D. B. Bonbright & Co., Inc.
HEFTI,
ROBERT
First
llllffl
Specialist* in.
WS&M
CITY OF
SCHOOL
Trust
BONDS
AUTHORITIES
TURNPIKE, WATER AND SEWER ISSUES
George D.
from
Bonbright & Co.
american
Stone &
First Albany
stock
exchange
exchange
Co.,
'
(associate)
philadelphia-baltimore-washington
DAVID
J.
stock
stock
exchange
Incorporated
42 S.
:
15TH STREET
Corporation
Locust
KLIMCZAK, STANLEY F.
8-itoo
'
Philadelphia
Pa.
19102
*
Teletype 215-569-961 1
KOZLOWSKI,
—
PITTSBURGH
B.
york
Bache & Co.
•
NEW YORK
from
CO.
members
new
,
JOOR, Jr., SAMUEL F.
NECKER &
Bldg., Philadelphia 2
LOcust 7-3646
ROBINSON & CO., INC.
St Co.
'
Hayden,
Packard
B. Bonbright
JOHNSON, ORLIE D.
JOOR,
■
SCHAFFER,
Deposit Co.
HOWARD, CHARLES N/
Hayden, Stone & Co., Incorporated
George D.
...
&
I1IMBERG, HOWARD F.
PHILADELPHIA
PENNSYLVANIA
phone Enterprise 6289
—phone Zenith 0821
r:
GEIIM, GEORGE W.
The
AND
Central
Hugh Johnson St Company, Inc.
&
FRANKLIN, HOWARD
First Trust & Deposit
GRAHAM,
DEALERS
of
Trust
THORNE, WILLIAM J.
Syracuse Savings Bank
Co.
Hemphill,
W
M.
Smith, Bishop &
BORNE,
Inc.
&
American Stock Exchange
BILLINGS. PEARNE
BISHOP,
,
Co.,
Bank
Foster & Adams
National
MEMBERS
Billings Associates Inc.
BICKELHAUP, Jr., ALBERT C.
Hemphill, Noyes & Cu.
(Honorary)
Trust
RICHARD
N.
RIEGEL,
GLUSHKO, JOHN R.
(Members
& Company,
National
TIFFANY,
RICHARD
Central
ROSTER
and Co.
KENNETH
Company
Bank
National
RAMAGE,
FEY, WALTER L.
Marine
,
St Co.
TICKNER, RULAND L.
Co.
Bache &
President: Russell C.
V. Smith
Hugh Johnson
POZZI, FRANK
Pressprich
RICHARD
Onondaga County Savings Bank
KRAWITZ,
Bache
KULLE,
&
THEODORE
Co.
.
WILLIAM G.
Reynolds & Co.
Y.
Inc.
STONE, WILLIAM V.
PLUME, WALTER L.
Merchants
ERRICO, ROBERT L.
John R. Glushko
Co.,
STONE, JUNIUS B.
Langley & Co.
FELDMAN.
Russell G. Carlson
&
W. Snyder
Lincoln
POGODA,
Foster St Adams
W.
N.
STOLZ, ROBERT B.
Smith, Bishop & Co.
Company of Central New York
DIETZER, DONALD D.
R.
Ithaca.
The Syracuse Herald Journal
Incorporated
DEAN, VICTOR
Bache
Inc.,
^
Simon
SPARROW,
Albany Corporation
Lincoln
George D. B. Bonbright & Co.
C.
W.
Co.,
Co.
DAY, MARSHALL W.
W.
K.
Leo
E.
Hugh Johnson St Company, Inc.
City)
George D. B. Bonbright & Co.
DALY, ROBERT F.
Bache &
&
SNYDER, EVERETT W.
MOTT, JOHN C.
First
ERNEST
CARTER
Barr
Langley & Co.
PIRAINO, JOHN P.
Street Sales Corporation
York
(New
L.
PELLENZ, MARVIN C.
York
COWARD, RICHARD L.
Broad
C.
Hayden,
Trust
S.
Smith, Bishop & Co.
PEETS, RAYMOND DOUGLAS
COULTER, FRANCIS Q.
Midland
Trust
SMITH, LEO V.
COPELAND, HARRY C.
Reynolds & Co.
Central
Company of
Hayden, Stone & Co., Incorporated
National
St
SIMON, LEE K.
MORE, DON S.
CLOSE, JAMES A.
Marine
Trust
S.
MILES, JOHN P.
>
Reynolds & Co.
Bond Club of Syracuse
Midland
Bank
SMITH, EDWARD J.
<
CARY, DANIEL W.
Merchants
WILLIAM
Central New York
Corporation
CARLSON, RUSSELL C.
Woolley
Jr.,
E.
National
Company
NORBERT
G.
MERTON
SARVAY,
B. H. Lapham St Company
Co.
Reid, Bullock & Co.
H.
WOOLLEY, ROBERT P.
Co.
B.
Mr.
Dr.
BULLOCK, Sr., EDWARD J.
Pierce,
Schwabacher St Co.
DAVID
Schwabacher
D.
BULLOCK, Jr., E. J.
Pompano Beach, Fla.
WARD, PARKER L.
Lynch,
Incorporated
CALVIN
George
R.
Ure, Davis St Co.
Merrill
Carroll H. Babcock,
Piper, - Jaffray
&
Hopwood,
Philip A. Loomis, General Counsel, Securities and
Exchange Commission, Washington, D. C.
■"
/
MIKE
KINSELLA
Manager, Trading
Dept.
i
1
The Commercial and Financial Chronicle
Mr. & Mrs. Benjamin
Mr.
Gold, Gold Weissman & Frankel, Inc., New York; Mr. & Mrs. H. Mitchell Bruck,
Stein Bros. & Boyce, Baltimore
Baltimore Security Traders
.
.
Thursday, October 24, 1963
NIEMEYER, HARRY J.
Robert Garrett & Sons
Treasurer: K. Douglas
Potter, Kidder, Peabody & Co.
Governors: Charles A.
Bodie, Jr., W. E. Hutton & Co.; Walter L.
Merrill Lynch,
John
A.
Bodie, Jr., W. E. Hutton &
Stein
Bruck,
&
Bros.
Boyce;
■
Co.
&
David L.
& Co.
Watts
Baker,
PLUMMER,
DONALD
B.
Boyce
&
POE, PHILIP L.
Pindell, Lockwood, Peck & Co.
Elected: December 7,
i.i.t'..
Peck
Stein Bros.
Mitchell
H.
1> \ > iD
Lockwood,
PINKERTON, CHARLES H.
Co.; Walter L. Burns, Baumgartner, Downing & Co.
Alternates:
D.
PIN DEI.I..
Robert Garrett & Sons;
National Committeemen: Charles
HARRY R.
Howard & Co.
Jr.,
PIET,
Pierce, Fenner & Smith Incorporated; Gilbert
& Co.
Watts
Baker,
Lewis, George G. Shriver & Co., Inc.; Harry J. Niemeyer,
John C. Yeager, Baker, Watts & Co.
A.
RICHARD
O'BRIEN,
Burns, Baumgartner, Downing & Co.; Joseph Vincent Gugliuzzo,
Association
R. Cruttenden, Cruttenden
Rhode, John R. Lewis, Inc., Seattle; Mr. & Mrs. James
& Co., Inc., Chicago
Mrs. Jack
&
.
(Honorary),
Philip L. Poe & Co.
Peabody & Co.
Kidder,
Expires: December 6, 1963.
DOUGLAS
K.
POTTER,
1962; Took Office: December 7, 1982; Term
E.
HOWARD
REIN,
Equitable Trust Co.
ROSTER
OF
MEMBERS
Alex.
&
Bros.
John
Boyce
Charles A. Dugent
K. Douglas Potter
Gerard J. Greene
BANEY, ARTHUER L.
Eastman Dillon, Union
KENNETH
BARNES,
Baker,
President: David L.
Pindell, Lockwood, Peck & Co.
Vice-President: Charles A. Dugent, John C. Legg &
Watts
Company.
&
Co.
E.
Garrett &
KRATZER,
Stein
Stein Bros.
INCORPORATED
John
INVESTMENT
BANKERS
C.
LANAHAN,
LEWIS,
(Honorary)
United States Government and
Municipal
Bonds
Railroad,
Industrial
Issues
and
Stein
&
Bros.
Boyce
J.
BUTLER,
BUILDING
BALTIMORE
1, MD.
BUTT,
Stein
Private
Bell Teletype: 301 955-0326
Branch Office
Bell
—
CALDERONE,
&
CHAMBERS,
John
Grymes Bldg., Easton, Md.
Teletype —301
WALLACE W.
Boyce
C.
John C.
Mead, Miller & Co.
VAN
&
John
WALLACE,
E.
WATTS,
Company
-
John
ROBERT
P.
Robert
F.
WILLIAM
EBEN
CROSS,
J.
Legg
MULLIGAN,
NICE, Jr.,
Miller & Co.
Mead,
C.
Robert
&
YEAGER,
F.
&
G.
Baker.
A.
Boyce
THOMAS
JOHN
YEAGER,
Sons
&
Watts
Baker,
Sons
DEELEY K.
Garrett
LcROY
Stein Bros.
Company
&
Watts & Co.
WILBUR,
RICHARD
Garrett
SEWELL S.
Jr.,
Baker,
■
/
MOYLAN, JOSEPH A.
JOSEPH
Co.
JOHN J.
Baker, Watts & Co.
Sons
C. Legg &
GARDNER
Company
Boyce
WINFIELD
Brown
SYCKLE,
Mercantile-Safe Deposit and Trust
ELWOOD
&
G.
Legg & Company
TAYLOR, PRESTON A.
& Co.
MORGAN, Jr., C. GERARD
!
Legg & Company
COLEMAN,
822-4190
Alex.
E.
Bros.
MILLER,
,
J.
& Co.
Miller & Co.
STROIIMER, JOSEPH
A.
Shriver & Co., Inc.
Miller & Co.
Gruntal
Telephones to New York and Philadelphia
WILMER
LEONARD
Mead,
—
JACK
Mead, Miller
Mead,
Watts & Co.
Baker,
Telephone: PLaza 2-2484
&
Peabody
McCLURE.
WALTER L.
BURNS,
Baumgartner, Downing & Co.
Active Markets in Local Securities
FIDELITY
'
MARTIN, CHESTER N.
II. MITCHELL
BRUCK,
^
JOSEPH W.
John C. Legg & Company
SENER,
BRADY, JOHN A.
Kidder,
Utility
Incorporated
C.
& Sons
GILBERT
George G.
-
White, Weld & Co.
Public
Jr.,
Stein Bros.
EMMET
Legg & Company
"</■
WILLIAM O.
Lynch, Pierce, Fenner & Smith
Merrill
Boyce
Garrett
Inc.
SOWERS, J. CLAIRE
& Boyce
BRADLEY, R.
C. HERBERT
Miller & Co.
SCIIACII,
A.
Jr., HENRY J.
Robert
'
PREVOST
C.
Jr.,
Mead,
SNYDER,
KRUG,
Miller & Co.
C.
SADTLER,
'
&
WILLIAM
Jr.,
Williams & Company,
KRIEGEL, LEO
MILLARD
BOYCE,
& Sons
DAVID
Bros.
T.
ROSZEL, RICHARD J.
Brooke, Sheridan, Bogan & Co., Inc.
George G. Shriver & Co., Inc.
Sons
BODIE, Jr., CHARLES A.
W. E. Hutton & Co.
C. T. Williams & Co.
Brown
KOLSCHER, JACK
Maryland National Bank
Mead,
C.
JOSEPH
O.
Miller & Co.
ROBERTS,
Co.
W,
GEORGE
Mead,
G.
Union Securities
Dillon.
KLEIN, GUSTAV
BLOCHER, THOMAS S.
BORIG,
RING,
Co.
c/o Phil.-Balt. Stock Exchange
Alex.
'
ALLISON M.
Robert
&
KELLERMANN, HOWARD L.
Co.
Equitable Trust Company
BERRY,
Secretary: Gerard J. Greene, John C. Legg & Company.
&
KEAGLE,
Securities
FRANK G.
BARNICKOL,
Howard
Eastman
Baumgartner, Downing & Co.
David L. Pindell
D.
JOHNSON, BERNARD
E. CLINTON
BAMBERGER,
Sons
&
Brown
HOWARD, Jr., JOHN E.
ARMSTRONG, EDWARD J.
Stein
CREIGHTON
RIEPE, J.
&
Co.
C.
Watts & Co.
D.
/Robert Garrett & Sons
CRUNKLETON, JOHN R.
Mercantile-Safe Deposit
.
,
Trust
and
Company
DENGLER,
WILLIAM
C.
Downing
Baumgartner,
&
UNDERWRITERS
Co.
DEALERS
DISTRIBUTORS
DUGENT, CHARLES A.
SPECIALISTS
John
C.
Legg & Company
EBERWEIN,
Alex.
In
BERNARD
Brown
EVERTS,
E.
S.
Garrett
Robert
Corporate and Municipal Securities
Sons
&
WILLIAM
Sons
&
FRANK, J. CARL
Towson, M'd.
INSURANCE
FREEMAN,
GRANT,
'
EDWARD
Lockwood,
Peck
&
GEORGE
Baker,
Watts
S.
&
John
Legg
&
Mead. Miller & Co.
J.
Company
CHARLES
Merrill
—
Lynch, Pierce, Fenner & Smith
New
York
Stock
Incorporated
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
Brooke,
and other
New York Stock
Leading Exchanges
Exchange
LOUIS
Sheridan,
HENNEBERGER,
Lockwood,
IIERR,
Bogan
Brown
HILKEN,
Baker,
&
—
American Stock Exchange
(Associate)
CHARLES & CHASE STREETS.
&
Co.,
Inc.
Telephones:
BALTIMORE 1, MD.
Baltimore—LExington 9-0210
Bell
New York—530-4000
System Teletype 301-955-0154
Co.
WILLIAM J.
Alex.
Members
P.
KENNETH R.
Peck &
Exchange
Philadelphia-Baltimore-Washington Stock Exchange
GUGLIUZZO, JOSEPH VINCENT
GUNDLACII,
MEMBERS:
Securities
Deposit and Trust
GERARD
C.
GROSS,
BALTIMORE / PIKESVILLE / NEW YORK
Local
'
Company
|MH|
in
E.
GREENE,
John Ci Legg & Co,
Markets
Co.
GUY
Mercantile-Safe
GRAY,
Active
B.
Co.
Sons
HENRY E.
Watts & Co.
Direct Private Wire to New York
Carl
M.
Loeb, Rhoades &
Correspondent
Co.
Volume
Samuel
198
Number
6310
.
.
.
The Commercial and Financial Chronicle
Magid, Hill, Thompson & Co., Inc., New York; N. Clayton Lee, United Securities
Greensboro, N. C.; Robert A. Almon, Walker, Austin & Waggener, Dallas
IIOLLIS,
and Bond Club
St. Petersburg Stock
Mr.
Company,
C.
Derele
R.
H.
Swails, George Patten Investment Co., Portland, Ore.;
Disbro, Disbro & Co., Cleveland, Ohio
TRANGAS, CONNY
Reynolds & Co.
& Co.
WILLIAM
William
Mrs.
ROY
Reynolds
IIOUGH,
&
Co.
&
Mrs. Robert
iy
ELMER F.
Peninsular
WHEELER,
WARD, FRANK R.
Goodbody & Co.
R.
Hough
WARNKE,
E.
Mr. &
Investments
H.
JAMES
Goodbody & Co.
JENNINGS, ROBERT JOSEPH
Goodbody
&
JOHNSON,
Co.
WILLIAM
William
R.
JONES, RICHARD
A
Bache
&
Co.
E.
L.
YEARS
74
Co.
KITCHEN,
Bache
E.
Hough &
Co.
&
Specializing in
MacCONNIE, WALTER S.
Merrill
Lynch,
Incorporated
MALOOF,
Pierce,
Fenner: Hi
Smith
Connecticut Insurance—Industrial-
EDWARD K.
Goodbody
MASON,
& Co.
GEORGE
Francis
CONNECTICUT
IN
TED
I.
Bank—Public Utility Stocks
T.
duPont &
Co.
MURRAY, DAYTON
Merrill
Lynch,
Fenner & Smith
Pierce,
"TRY US FIRST"
Incorporated
Lemuel Scarbrough
Walter MacConnie
Clifford U. Sadler
Derwin B. Smith
NEWEY, JOHN C.
Goodbody & Co.
NIELSEN,
President:Derwin B. Smith, Walston &
R.
O'BRIEN,
Vice-President:
Clifford
Incorporated.
Davidson-Vink-Sadler, Inc.
;.
ments.
^777;/;; 77; = 7
m.
HARTFORD
Pierce,
Fenner &
i.
Reynolds
ritch,
PHILIP
BARNES
Merrill
Lynch,
Fenner
&
Merrill
Smith
&
Jr.,
FOISY,
R.
-
;
•
ROBERTS,
WILLIAM
A.
III,
ALBERT
ROBERTS, ARCH
Pierce, Fenner & Smith
Arch
MAURICE
L.
W.
Lynch,
Incorporated
SADLER,
Francis
I.
du
WALLACE
Reynolds
BANK and
'
Massachusetts
Pierce,
Fenner
&
Smith
Maine
CLIFFORD
Pont &
JOHN
U.
GOOD,
Thomson
&
Bache
PAUL 15.
IIILL, HUGH
& Co.
SMITH,
&
Lynch,
Incorporated
McKinnon
*
Pierce,
Fenner
Smith
H.
Co.
SUMMEY,
Co.,
Goodbody
P.
&
31
,
DERWIN
STANLEY
Merrill
R.
B
Inc.
Vermont
Street, Boston 9, Mass.
Teletype 617 451-3424
New York City: Phone
D.
Co.
Milk
Telephone HAncock 6-0170
'
-
Enterprise 6722
^
59 YEARS OF SERVICE *
PRIMARY
MARKETS
: UTILITY and INDUSTRIAL STOCKS
Chas. A. Day & Co.
NEW ENGLAND
Incorporated
BOSTON
Listed and Unlisted Bonds and Stocks
r
-
Paul D. Sheeline & Co.
McKinnon
E.
Walston &
& Co.
Hampshire
>
-
Inc.
Investments
Harris, Upham
F.
New
-
Co.
F.
SCHULTE,
Co.
&
INSURANCE
STOCKS
W.
Davidson-Vink-Sadler,
A.
CHURCHILL, WALTER
Thomson
Inactive
v-
SCARBROUGH, LEMUEL
GALLAGHER,
Peninsular
ROY
6-1232
Roberts
Merrill
Lynch, Pierce, Fenner & Smith
GAITHER, T. RAY
BEIL, Jr., FREDERIC C.
Goodbody & Co.
&
CANAL
O.
Incorporated
Bache
YORK
Goodbody & Co.
Lynch,
Merrill
Inc.
Reynolds & Co.
CHAPIN,
Exchanges
Co.
c.
Jr., ALBERT
Goodbody & Co.
BEATON, RONALD A.
BOYD,
NEW
7-5171
ROUTMAN, HERSHEL
JOSEPH
& Co.,
Walston
Stock
Incorporated
Incorporated
BARRETT,
American
STREET, HARTFORD 4, CONN.
JACKSON
Lynch, Pierce, Fenner & Smith
Incorporated
MEMBERS
EMERSON,
C.
Pierce,
":
"
'
OF
&
Merrill
Expires: January, 1964.
'
COMPANY
&
York
Smith
rROBERTS,
ROSTER
PEARL
100
Daniel
'.;/7-'.
.v7v/7
Took Office: January, 1963; Term
New
READ, EDMUND D.
Goodbody & Co.; John F. Gallagher, Peninsular Invest-
Jr.,
Members
PATRICK
Lynch,
Incorporated
III, Goodbody & Co.; Frederic C. Beil,
Directors: Albert Roberts,
Company
Co.
Merrill
7.
-
.
COOLGY
1).
Hough &
E.
&
paige,
Scarbrough, Thomson & McKinnon.
Treasurer: Lemuel
-
Sadler,
MacConnie, Merrill Lynch, Pierce, Fenner &
Secretary: Walter
Smith
U.
Bache
'
SOREN
William
Co., Inc.
r
BURNHAM
&
SECURITIES
CORRESPONDENT
COMPANY, NEW YORK
;
tor
particularly of
r
•
7
~
Inquiries invited from Dealers
and Financial Institutions
-
/
'
Maintaining
with
n
Retail Department
Distribution in
•r
•
:
-
:
.
•.
BANK and INSURANCE STOCKS
New England Corporations
I
' v
.
'
J. B. MAG HIRE & CO., INC.
New England
31
Milk
Street, Boston 9, Massachusetts
Open-end Telephone Wire to New York
New
York—CAnal 6-1613
Bell System
Boston—HUbbard 2-5500
Teletype—617 451-3470
WASHINGTON AT COURT STREET
Providence, R.
Member Boston Stock
Exchange
I.—Enterprise 2904
Portland, Maine—Enterprise 2904
Hartford, Conn.—Enterprise 6800
M.
48
The Commercial and Financial Chronicle
Florida Security
Dealers Association
BARRON,
RAYMOND 5\
Thomson
6c
EWING,
McKinnon,
Miami
ALLEN C.
Ewing & Co.,
Allen
Shores,
Fla.
C.
.
.
Jacksonville,
.
Thursday, October 24, 1963
Fla.
KIRK, Jr., CLAUDE R.
Hayden, Stone 6c Co.,
EWING, EDWIN H.
BARTH, WILLIAM G.
Sincere
and
Company,
Winter
„
Reynolds
6c
Co.
Bradenton,
Florida Growth Co.,
BATEMAN,
Fla.
Palm Beach, Fla.
WILLIAM
M.
Putnam
W. H.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Jacksonville, Fla.
Pompano
Robert J. Pierce
Henry M. Ufford
Incorporated
and
Company, St. Petersburg
William R. Hough
BOWEN,
Merrill
Lynch, Pierce, Fenner 6c Smith
Incorporated, Jacksonville
President: Henry M. Ufford, Calvin Bullock, Ltd., Miami.
BRACKEN, H. RUSSELL
Vice-President: Robert J.
Pierce, Pierce, Wulbern, Murphey, Inc.,
Jacksonville.
St. Petersburg.
Barcus, Kindred
John Nuveen & Co.,
Atalnta, Ga.; Zoltan Salkay, Hay den, Stone & Co. Incorporated,
Jacksonville; Arch W. Roberts, St. Petersburg; Lee P. Moore,
Wheeler &
Elected:
Term
Co., Winter Park; Loomis
C. Leedy, Jr., Leedy,
Alleman, Inc., Orlando (ex-officio).
September
15,
1962;
15,
Expires: October 31, 1963.
B.
Van
J.
and
T.
Investment
Co.,
Merrill Lynch,
DON E.
D. E. Arries &
HI.
ATWILL,
York City
WILLIAM
Jr.,
Goodbody
&
BANNISTER,
CALDER.
Fla.
&
F.
Pierce, Fenner & Smith
Co.,
Inc.;
* <
Fla.
Park,
Inc.,
&
Incorporated
Incorporated,
Sincere
and
Palm Beach, Fla.
CARRERE,
H.
'
Goodbody
&
GOULD,
Inc.,"
Parker
Corporation,
Petersburg,
St.
DeLand,
Fla.
Teletype 415-393-7830
Tel.: EX 2-8515
Tel.: 372-8282
Telex 03-4126
•
CHICAGO 4
SO.
Tel.: 423-3470
SPRING STREET
Tel.: 622-4193
•
JOE
Nuveen
Distributors
Group,
Inc.,
St.
Petersburg,
Fla.
BOSTON 9
•
and
Fla.
Company, Jacksonville
Daytona Beach
CHURCHILL, WALTER R.
LOS ANGELES 14
Thomson & McKinnon,
Teletype 213-683-0646
John
In the
Markets
General Foods
Aluminum Co. of America
American Airlines, Inc.
General Tel. & Electronics
American Can Co.
American Cement Corp.
Gillette Co/
American Cyanamid Co.
American Radiator &
Std. Sanitary Corp.
Goodyear Tire & Rubber
Corp.
Goodrich (B. F.) Co.
Great Atlantic & Pacific
Arnpex Corporation
Hunt Foods &
Inc.
Machines Corp.
of Canada. Ltd.
Chrysler Corp.
Cities Service Co.
Commonwealth Edison Co.
Consolidated Edison Co.
N.Y., Inc.
Company
Corp.
Douglas Aircraft Co., Inc.
Dow Chemical Co. (The)
duPont de Nemours
Eastern
Southern Pacific Co.
(New Jersey)
Di
Merrill
Montgomery Ward
Texas Eastern Trans. Corp.
Transamerica Corp.
Aviation,
Airlines, Inc.
Eastman Kodak Co.
El Paso Natural Gas Co.
Ford Motor Co.
Express
Pacific Lighting Corp.
Pacific Tel. & Tel. Co.
World
Airways, Inc.
W.
United Air Lines, Inc.
United Fruit Co.
6c
Co.,
DUSARD, JUSTIN
Reynolds
EATON,
Permanente Cement Co.
Westinghouse Electric Corp.
General Electric Co.
Phillips Petroleum Co.
Woolworth (F. W.) Co.
Western Bancorporation
&
6c
ELLIOTT,
HI,
&
Melbourne,
Stuart,
Fla.
To V.
F. NADDEO
&
CO.
Hollywood,
Reynolds
E.
•
Direct Private Wires
DALLAS: First Southwest Company
Ph: 742-6461
Howard,
EARL
Miami
SEATTLE: Wm. P. Harper & Son Co.
"
Ph: 622-1990
EMERSON, WILLIAM A.
Incorporated,
& Smith
Jacksonville, Fla.
&
Jacksonville
Co.,
EDWIN
S.
/
L.
MULLINS, WILLIAM H.
Goodbody & Co., Sarasota, Fla.
Ill, DAVID R.
Wulbern, Murphey,
Pierce,
Inc.,
Tampa
MYHR, ANDERS F.
The
Atlantic
National
Bank
of
6c
J.
York
New
Co.,
City
Sullivan, Nelson & Goss, Inc.
Corporation,
West Palm Beach
Boston
NELSON, WILLIAM A.
Roman & Johnson, Ft. Lauderdale, Fla.
NEWMAN.
FRANK
R.
Fla.
D.
Pensacola, Fla.
St.
Petersburg
>
and
Chicago,
Company,
O'DONNELL, CHARLES R.
Nolting, Nichol & O'Donnell
111.
Inc.,
(Mrs.)
Nelson O'Rourke. Inc.. Daytona Beach
O'ROURKE, FRANCES B.
F.
Cook
'
E.
Pensacola, Fla.
T.
B.
O'ROURKE,
T.
Nelson
JR.,
NELSON
T.
O'Rourke,
Beach,
Daytona
Inc.,
Fla.
O'ROURKE,
Thomson & McKinnon, Ft. Lauderdale
Palm
'
ROBERT
Sincere
Pierce, Fenner 6c Smith
Miami Beach
WILLIAM
Petersburg
Inc.,
Goodbody 6c Co., Orlando
T.
Incorporated,
& Co., St.
O'Donnell,
O'BRIEN, EDWIN P.
Hough & Co.,
JOSEPH
Hough
Nichol 6c
NOWELL,
Fla.
Goodbody & Co., Tampa
Merrill Lynch,
Miami
E.
South Miami
Co.,
&
R.
Nolting,
Clearwater
HUBERT
& Co.,
Newman
ROBERT
NOLTING, CARL W.
D.
Jacksonville,
Co.,
D.
William
JAMES
Goodbody 6c
Frank
Reynolds
Park,
C.
WILLIAM F.
T. Nelson O'Rourke. Inc.,
Daytona Beach, Fla.
6c Company
PENDERGRAST, THOMAS J.
Beach
Courts &
PEPPER.
Co., Atlanta, Ga.
PETERSON,
GORDON
&
A.
Johnson, Ft. Lauderdale
Reynolds
JOHNSON, WILLIAM E.
William
St.
R.
Hough
Peterhburg,
The
6c
B.
McKinnon,
&
PHELPS,
Co.,
The
Atlanta,
Petersburg
B.
J.
Ga.
Ingen
Jacksonville,
6c
Miami
Fla.
Hollywood.
Co.,
/
C.
ORIN M.
Phelps
Company,
Pierce,
&
E
Co.,
Leedy,
Inc.,
CLYDE
Miami,
Fla.
Wulbern,
PAUL
/
Murphey,
Inc.;
L.
Wheeler
Orlando,
,
C.
Jacksonville
PIERCE,
RICHARD
Van
EDMOND
Fla.
LEX
Robinson-Humphrey Company, Inc.,
KENNEDY.
Pierce, Fenner 6c Smith
St.
CECIL
Thomson
r
TWX: 206 998-0234
Park
NELSON, CARL L.r
IOLLEY,
Merrill Lynch,
Winter
Co.,
JAMES
JOHN J.
Reynolds
Co.,
HARRISON
Roman
Lynch, Pierce, Fenner & Smith
Incorporated, Ft. Lauderdale, Fla.
-
—
/
KNEALE
JOHNSON,
Incorporated
Merrill
TWX: 214 899-8471
'
Ocala
iti
.
.
.
G.
Co.,
&
M.
JESTER,/NILES D.
Thomson & McKinnon, Orlando, Fla.
Fla.
ELLIS, JOE F.
HANOVER 5-6330
&
NEAL, Jr., HARRY
S.
Co.,
Thomas M.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Miami
Private open telephone from San Francisco to New York
BUDD
MOORE. LEE P.
PIERCE.
.
&
Alleman,
Inc.,
Fla.
Fla.
PIERCE, ROBERT J./
*1
1 I I I
I I
I I I I
I
I I I
1 I I
I
I
I
I
I
I
I I I I I I I
I I I I
I
I
I
I
I
I
I
I
I
I
!!
fj
EVERARD,
John
J.
Nuveen
DAVID
&
--
NIELSEN, SOREN D.
West
Boston, Mass.
Direct Private Wire Between San Francisco, Chicago and Los
Angeles Offices
Miami
Inc.,
R.
Co.,
JOSEPH
Eaton
Co.,
JACKSON, EDGAR W.
Atlanta
Beach
Palm
Jacksonville
Co.,
EDWARD
HULETT,
Fenner & Smith
Co.,
6c
Ingen
NEWMAN.
HUKLE,
DORNBUSH, KIRK T.
Courts
&
HOUSTON,
Incorporated, Miami Beach. Fla.
Foremost Dairies, Inc.
General Dynamics Corp.
•
JOHN
Co.,
MURPHEY.
Securities
William
JOHN
Merrill Lynch, Pierce,
U. S. Steel Corp.
Varian Associates
Pan American
Beach,
Lynch, Pierce, Fenner & Smith
Atlanta, Ga.
DOOLEY,
Union Carbide Corp.
Union Pacific R. R. Co.
&
.
RALPH
HOPPER,
Incorporated,
Unilever Limited
<-
HOUGH, WILLIAM R.
MATTINA,
Van
J.
&
Pont
Shearson, Hammill & Co.,
Jacksonville, Fla.
York
FLOYD L.
Courts
DODD, Jr., JERE
'
Pont
du
...
.
HOLMES,
Adams, Sloan 6c Co., Inc., New York City
Sunray DX Oil Co.
Tennessee Gas Transmission
Inc.
Fla.
Florida
Texaco Inc.
North American
Surfside,
du
BOICE
MULLIKIN, Jr., FRED
A. GEORGE
Lynch, Pierce, Fenner & Smith
Incorporated, Miami, Fla,
'
HENRY
I.
F.
Reynolds
B. J. Van Ingen 6c Co. Inc., Miami
DICKSON, WILLIAM R.
Reynolds & Co., Clearwater
Stauffer Chemical Co.
Co.,
Co.,
Inc.,
Goodbody & Co., Pompano Beach, Fla.
HOLLOWELL, RALPH D..
Reynolds & Co., Miami Beach
ROSAY, Jr., KINGSLEY E.
Reynolds 6c Co., St. Petersburg
Sperry Rand Corporation
&
6c
Francis
MILLER.
MULLETT,
Merrill
HODGE.
DE
'
Standard Oil Co. (Indiana)
Standard Oil Co.
Pacific Gas & Electric Co.
Pacific Intermountain
(E. I.) & Co.
Bache
Standard Oil Co. of Calif.
Inc.
Fla.
DAVIS, DEWITT
Corporation
/
Kennecott Copper Corp.
Lockheed Aircraft Corp.
Lorillard (P.) Co.
Martin-Marietta Corp.
Minnesota Mining &
Manufacturing Co.
Crown Zellerbach
Beach,
Mullaney, Wells 6c Co.. Chicago, HI.
Monsanto Chemical Co.
Corn Products
Palm
Bache 6c Co., Leesburg, Fla.
Edison Co.
Co.
Co.,
Company,
HINES, GEORGE W.
Reynolds & Co., Winter
CROOKS, EDWIN S.
International Tel. & Tel.
CIT Financial
6c
6c
HIGLEY, JOHN P.
Leedy, Wheeler 6c Alleman, Inc., Miami
CRAIG, GEORGE O.
Southern California
International Harvester Co.
International Nickel Co.
Inc.,
CORYA, LESTER A.
Bache
I.
.,
Trust
Cook & Company,
Beach, Fla.
Meredith
J.
Fla.
J.
Thomson 6c McKinnon,
HETFIELD, ANDREW M.
Trust
Securities
Corporation,
Belleaire Beach, Fla.
Ingen 6c Co., Inc., Miami
M.
West Palm
Sinclair Oil Corp.
Socony Mobil Oil Co., Inc.
International Business
Boston Edison Co.
Canadian Pacific Ry. Co.
Celanese Corp. of America
Thomas
Safeway Stores, Inc.
Diego Imperial Corp.
Sears, Roebuck & Co.
Signal Oil & Gas Co. 'A*
Industries,
Madeira
Fla.
J. Van
Fla.
HENANN, HARVEY I.
Barcus, Kindred &
COOK, THOMAS M.
San
Hewlett-Packard Co.
Company (The)
B.
W.
MERKEL, J. CURTIS
Hayden, Stone & Co., Incorporated
St. Petersburg,
Fla.
MORLEY,
./
HAWK, ROY T.
Reynolds
>
Inc.,
Beach
Incorporated, Miami
Incorporated
HATCHER, LLOYD B.
White, Weld & Co., New
HEIST.
(MRS.)
COOK, ROBERT H.
SCM Corp.
Tea Co., Inc.
Gulf Oil Corp.
Atchison, Topeka &
Santa Fe Ry. Co.
Avco Corporation
Bethlehem Steel Corp.
Boeing Company (The)
Distributors,
Royal Dutch Petroleum Co.
American Tobacco Co.
American Viscose Corp.
Anaconda
Beach,
Pure Oil Co. (The)
Radio Corp. of America
Co.
Co.
American Tel. & Tel. Co.
Colonial
Republic Steel Corp.
Reynolds Metals Corp.
Reynolds (R. J.) Tobacco
<
Atlanta, Ga.
Co.,
COGGESHALL, J. WELLS
Procter & Gamble Co.
Corp.
General Motors Corp.
&
Goodbody 8c Co., Cocoa, Fla.
Following Listed Securities:
Allied Chemical Corp.
Aluminium Limited
Nuveen
CLAYTON, ELIZABETH S.
T.
Miami
Co.,
Merrill Lynch, Pierce, Fenner
HECHT,
St. Petersburg
CLARK, FRED B.
We Offer Net
Co., Miami, Fla.
HERBERT
&
MORIARTY, PATRICK J.
Francis
Thomson 6c McKinnon,
Ga.
MORGAN,
HARWOOD, MANTON E.
Hayden, Stone 6c Co.,
Coral Gables, Fla.
Orlando,,
Co.,
Corporation,
White, Weld & Co., New York, N. Y. "
HARTMAN, M. STEWART
Leedy, Wheeler 6c Alleman, Inc.
Orlando, Fla. /
C
CHRYST, JOHN M.
Teletype 617-451-3783
Atlanta,
MOORE,
Sarasota
E.
&
/
W.
Securities
Equitable
Reynolds
Hardy, Hardy & Associates, Inc.
CHILDRESS, FRANCIS B.
141 MILK STREET
Teletype 312-222-9634
810
John
Childress
SO. LA SALLE ST.
209
CHANDLER,
415-393-7831
_•
Miami, Fla.
MOORE,
,
.
Cerf, Jr. Company
Incorporated, Chicago
SECURITIES
,
T.
Miami,
TED E.
f..
Leedy, Wheeler & Alleman, Inc., Orlando
'.
Floyd D.
INVESTMENT
of
MISCHUCK,
Fla.
Co.,
Sarasota
CERF, Sr., FLOYD D.
Floyd D. Cerf, Jr. Company
Incorporated, Miami
MONTGOMERY STREET, SAN FRANCISCO 4, CALIF.
WILLIAM
Bank
Orlando
HARDY, ROBERT CARLISLE
CERF, Jr., FLOYD D.
155
Tampa
MoGAUGHY, PAUL
W.
Hardy, Hardy & Associates, Inc.
Co., Jacksonville
-
III,
Co.,
&
Miami Beach
CATES, W. H.
.
Hammill
National
First
Atlanta, Ga.
LOUIS C.
MEREDITH,
HARDY, HILDA H.
„
of Georgia,
Company
Fla.
C.
<
BENJAMIN
GUNTHER, CAS
GEORGE
Tallahassee
Co.,
W. J. Meredith & Co., Inc., Orlando,
GUNBY, D. KIRK
Reynolds & Co., DeLand,
Corp.,
M.
CARRISON, H.
Miami
Ft. Lauderdale, Fla.
Reynolds &
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Jacksonville
u[ 11111 x 11111 ii 111111 ii m 111 in 1111 n 1111 nil i n r
R.
Jr.,
McCULLOUGH
B.
Wulbern, Murphey
Jacksonville, Fla.
Company, Ft. Myers, Fla.
McKinnon,
GUNBY, DAVID K.
Barcus, Kindred & Co., Chicago, 111.
Pierce,
6c
Fla.
MERRILL, Jr., CYRUS W.
CARPENTER, H. S.
BARRETT, THOMAS E.
MATHEWS.
Reynolds
GUENTHER, FREDERICK
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Palm Beach
N.
Goodbody 6c Co., Bradenton, Fla.
Lynch, Pierce, Fenner & Smith
Pont
du
Beach,
Fla.
Fla.
CARLSON, DON A.
Merrill
I.
Pompano
MEREDITH, JOHN W.
The
GIRARD
Lauderdale
Ft.
M.
Co./ Tampa
&
Oscar E. Dooly &
W.
GRACE, JAMES I.
Tallahassee,
Co.,
JOSEPH
McNICHOL,
&
Inc., New York
Co.,
McLEOD, DAVIS C.
Hutzler,
Beach
Thomson
&
S.
8c Johnson.
Shearson.
W.
&
W.
Pollock
KARL
MARSHMAN, EDWARD N.
Trust
Miami, Fla.
Thomson 6c McKinnon,
C.
HARRY
E.
McCLURE,
Dooly 6c Co.,
ROBERT
Fla.
P.
MARTINEZ, P., EDMUNDO J.
Frank D. Newman 6c Co., Miami,
GORDON, ALBERT E.
Wellington Distributors,
Orlando
HUGH
CAMPBELL,
BARNHART, NEIL
Fla.
Co., Winter
L.
THOMAS
JOSEPH
Birmingham
Francis
&
GIFFORD, HARRY
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Palm Beach, Fla.
Palm
,
Leedy, Wheeler 6c Alleman. Inc., Orlando
EVERETT
E.
GOGGIN,
LANDON P.
Reynolds 6c Co., Stuart, Fla.
Miami,
ROBERT
Hayden, Stone
Miami, Fla.
Co., Lakeland
Beach,
Pompano
Pont
Lake Wales, Fla.
S.
CABELL,
Reynolds
GEORGE D.
du
Salomon Brothers
Robinson-Humphrey Company,
Atlanta, Ga.
E.
ALLEMAN, F. MONROE
Leedy, Wheeler & Alleman. Inc., Orlando
Oscar
GLEASON,
The
Miami
Co.,
BACHMANN, JON
Reynolds 6c Co.,
Orlando
Co.,
&
I.
-
Reynolds
GIVENS, J. J.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Miami
Inc., Miami
COLEMAN
J.
BUDD,
Company, Tampa, Fla.
ALLEMAN, Jr., FERG. M.
ALLEN, Jr., GLENN T.
Reynolds 6c Co., Lakeland,
Chicago,
F.
Company,
BUCHER, BRUCE
Beach
ARRIES,
AHBE, JOHN LEAVITT
J.
CHARLES
Incorporated,
Leedy, Wheeler & Alleman, Inc.,
Inc.,
BUCHANAN, FRANCIS C.
W.
Beach
Palm
Palm
Inc., New
^
Co.,
LOMBARDO,
MANDESE.
GERRISH, ROBERT G.
York,
New
Leedy. Wheeler 8c Alleman. Inc., Orlando
Roman
T.
HERMAN
Francis
A.
Pensacola
LEWANDOWSKI, WALTER F.
Reynolds & Co., Cocoa Beach,
MADSEN
Thornton, Mohr, Farish 6c Gauntt,
Montgomery, Ala.
'
R.
Ingen & Co.,
BRUNDAGE.
ANDERSON,
ADAMS, WILLIAM L.
Adams, Sloan & Co., Inc.,
Sarasota, Fla.
&
&
ROBERT
Reynolds
GADE,
Jacksonville,
Inc.,
LEEDY, Jr., LOOMIS C.
Wm.
Co., Ft. Myers
GAUNTT, WILLIAM
Reynolds 6c Co., Sarasota
Goodbcxly 6c Co., Ft. Lauderdale
Distributors Group,
Chicago, 111.
BROSIUS, A. J.
Sincere
Allen
Fla.
Y.
Nuveen
6c
Fla.
BRENNAN, RUDOLPH M.
Shearson, Hammill & Co.,
N.
Freeman
Miami, Fla.
Inc.,
Co.,
Co,,
Lynch, Pierce, Fenner 6c Smith
Incorporated,
LUSSEY,
'
OF MEMBERS
ACKERMAN, G., ROBERT
ALLEN,
Lauderdale,
& Co.,
BRINKER, ROBERT
Inc.,
Reynolds & Co., Sarasota
BRAYSHAW, DONALD B.
Lord, Abbett 6c Co.. Atlanta, Ga.
John
1962; Took Office: September
ROSTER
ALLEN,
Ft.
Co.,
W.
FREEMAN,
BRASHLER, RICHARD J.
>
Governors: The Officers and Fred B. Clark,
Reynolds &
Goodbody &
& Gauntt,
FULLER, ROBERT C.
BRADFISCH, THEODORE
Thomson & McKinnon, West Palm Beach
Secretary-Treasurer: William R. Hough, William R. Hough & Co.,
Thornton, Mohr, Farish
Montgomery, Ala.
H.
&i
&
Stubbs, Watkins 6c Lombardo. Inc.
FREEMAN, HOWARD W.
L.
B.
Pollock
JACK
Dickson
Merrill
FRAZER, NIMROD T.
BIEL, HOWARD
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Miami, Fla.
-f
E.
S.
Fla.
Fla.
FOSTER, Jr., THOMAS G. ¬
Merrill Lynch, Pierce, Fenner 6c Smith
Incorporated, Delray Beach
GANSON L.
Bieder
Wm.
R
LAY, III, JAMES
Inc.,
Distributors,
Beach.
FOISY, MAURICE L.
Merrill Lynch, Pierce, Fenner 6c Smith
Incorporated, St. Petersburg
BERGMAN, HAROLD E.
Co.,
Fund
Fla.
KOWALSKE, RICHARD M.
LARKIN,
FITZGERALD, H. SCOTT
Goodbody 6c Co., Palm Beach
BIEDER,
Fla.
FINCH, Jr., F. DAVID
Merrill Lynch, Pierce, Fenner 6c Smith
Incorporated, Orlando
>
BAXLEY,
Hayden, Stone &
Jacksonville, Fla.
Duncdin,
FERGUSON, ALLAN N.
Reynolds & Co., Boca Raton,
BATEMAN, FRANK B.
SCUDDER,
Hammill 6c Co.,
Shearson,
Fla.
BARTON. HARRY B.
Incorporated
Y.
N.
KNOX, WILLIAM
Salomon Brothers & Hutzler,
Palm Beach, Fla.
Haven,
York,
New
KERN, JOHN
-
Co., New
York City
Trust
W.
Company of Georgia, Atlanta,
Pierce,
Ga.
Wulbern,
Jacksonville
Murphey,
Inc.,
.
Volume
Mrs.
Mr.
&
198
John
P.
Number 6310
O'Rourke,
J.
P.
.
.
The Commercial
.
O'Rourke
&
Co.,
and Financial Chronicle
Mr.
Chicago
&
Mrs
John
49
Arthur, David
A.
Noyes
&
Co.,
J. McAtee, Butcher &
James
Chicago
Boettcher
POWELSON, RALPH J.
Leedy, Wheeler & Alleman, Inc., Orlando
VADEN, JERRY
PRESCHER, HARRY C.
Van
Francis
Ft.
I.
du
&
Pont
Lauderdale,
Co.
VAN
Francis
Fla.
RACHT, JR., CHARLES A.
Shearson, Hammill & Co., Sarasota, Fla.
Reynolds
&
I
Petersburg)!
D.
Co.,
St.
REED.
&
Co.,
WILLIAM
Hugh
Ft.
W.
REMILLARD,
Beach,
The
Fla.
ROBERTS, III, ALBERT
Goodbody & Co., St. Petersburg
St.
&
ROBINSON,
Value
Bache
ROCK,
'
&
Roman
ROSS,
B.
Co.,
B.
Miami,
WYMAN,
Smith
First
GAVIN
Line
II.
H.
York,
New
N.
Y.
Hentz
&
H.
Corporation
T.
.
Co.
PETER
Manley,
Curtis
S.
Bennett,
McDonald
&
Co.
&
N.
COSKEY, RICHARD L.
Co.
C. N. Davidson & Company
CAVAN,
Don
Inc.,
F.
W.
L.
Miller
&
CRANE,
Co.
C.
L.
McDonnell
&
Co.> Incorporated
CHADDOCK,
GREY
H.
Baker,
Merrill
Lynch, Pierce, Fenner
Incorporated, Tampa, Fla.
Bache
HORATIO
Fla.
R.
MYRON S.
& Co., Miami,
&
J. VOSPER
Simonds & Co.,
Inc.
Smith
ZEIENTZ,
Funds,
DOUGLAS
Michigan
JOSEPH
Bache
CORDEN,
&
Southfield
/
Fla.
JR.,
of
Company
Jackson
Webber,
CURABA, FRANK
Goodbody & Co.
CIIAMBERLIN,
of
DONALD F.
Michigan Corporation
Continued
on
page
Fla.
Security Traders Association of
Fla. " :
Fla.
Detroit and Michigan, Inc.
Fla.
Lauderdale
Ft.
Johnson,
E.
& Co., Inc., Miami, Fla.
T.
D.
Van
Ingen & Co., Inc., Miami, Fla.
Petersburg,
Fla..
U.
CLIFFORD
Davidson-Vink-Sadler,
St.
Jacksonville,
Ala.
COEN,
&
W.
Orlando, Fla.
RUDOLPH, C. COURTLAND
Arch W. Roberts, St. Petersburg,
SALKAY,
Birmingham,
Co.
O'Donnell
CANNON,
Murphey,
Wulbern,
Pierce,
William
&
Paine,
J.
ANTHONY
C.
CAMPBELL,
Lauderdale,
Ft.
Co.,
WALTER
Goodbody
Inc.,
Co.
CLUTE, MINTON M.
Dempsey-Tegeler & Co., Inc. •;*
CALICE,
Inc.,
P.
EDWARD
&
BURTON,
RODNEY
M.
Co.,
Lauderdale,
Ft.
STANLEY
SADLER,
&
WULBERN,
P.
Brothers—One
B.
Co.,
J. Van Ingen
J.
JOSEPH
Smith
Fla.
GARLAND
McDonald
CHUBB,
R.
WILSON, JR.. R. ERDMAN
Pierce, Wulbern, Murphey,
Jacksonville, Fla.
Reynolds
Fla.
JR.,
&
Fenner
WILLIAMS, FREDERICK
Pierce, Wulbern,
Murphey,
WRIGHT,
of
R.
Bennett,
GRANT
&
ROUTH,
Bank
IIAROLD
Manley,
DELANCEY
Phelps
ROMAN, U.
A.
National
C. S.
Lynch, Pierce,
Incorporated, Miami
WHITEHEAD,
Jacksonville,
Fla.
CHAPEL,
BURROWS, HAROLD J.
Watling1; Lerchen & Co.
Fla.
H.
Funds, Sarasota,
LEWIS
The
Lauderdale,
Sandberg,
^
ALEXANDER
ROCHESTER,
Beach
,
C.
Wm.
Roy
/
GILBERT
Line
Ft.
Palm
C.
ALANSON
K.
Roney & Co.
BRUSH,
Hutzler
&
Fla.
First
Petersburg,
W.
Fla.
Shearson, Hammill &
ROBINSON,
Co.,
Beach,
Merrill
WARFIELD, ROBERT
Merrill Lynch,
Pierce, Fenner &
Incorporated,
Palm
Beach,
Fla.
Value
St.
Co.,
ARCH
&
HARRY
Atlantic
WATSON,
ALBERT
Petersburg,
Pont
Smith
&
R.
ROBERT L.
Wheeler & Alleman, Inc., Orlando
Department,
Lynch, Pierce, Fenner & Smith
Incorporated, Ft. Lauderdale, Fla.
Goodbody
du
Co.,
Lehman
Fla.
Merrill
ROBERTS,
&
WALKER,
Inc.,
Co.,
ROBERT
ROBERTS JR.,
Bache
Jacksonville,
&
Lauderdale,
I.
VONDERHAAR,
Leedy,
F.
Long
Palm.
P.
Brothers
Salomon
Ga.
-
ADRIAN
WAHL, BERT
Cocoa
Atlanta,
Co.,
WAGNER,
REED, Jr., ROBERT H.
Reynolds
VOAST,
JAMES
WATSON,
&
JOHN
Lynch, Pierce, Fenner
Incorporated, Palm Beach
Fla.
EDMUND
B.
Abbett
RYN,
Merrill
PRITCHARD, HELEN (Miss)
First National Bank of Miami,
READ,
Lord,
Sherrerd, Philadelphia;
Company, Denver
and
Inc.,
Fla.
-i/' .''
ZOLTAN
Hayden,
Stone
Jacksonville,
SANFORD,
Inc.
Co.,
&
Fla.
DENNIS
'
of Georgia, Atlanta, Ga.
H.
Trust Company
SAXTON, LOUIS
M.
Wulbern, Murphey,
Pierce,
SCHWARTZ, A. J.
Bache
&
Co., Miami
SEABER,
ALFRED
Goodbody
&
Beach,
and
SHUMATE,
First
Miami
Bank
Fla.
A
Francis
Directors: William Rotsted, F. J.
E.
duPont
S.
JR.,
Adams,
80-foot message conveyor.
&
ALAN
Co.,
Sloan
Tallahassee
Co.,
Gainesville,
Smith
Burton
ROSTER
Associates
Orlando
Oscar
Dooly
STROTHER,
White,
Miami,
& Co.,
McKinnon,
&
THEODORE
Weld
Smith, Hague & Co., Ann Arbor, Mich.
Fla.
New
York N.
Yf
ALBERS,
Chas.
Parcells
ALLEN,
&
Co.
;
&
Co.,
&
Co.,
Atlanta,
Ga.
\
CHARLES
C. Roney & Co.
BOOS,
ARMSTRONG, THEODORE
E.
Armstrong, Jones, Lawson & White,
Incorporated
GORDON
Francis
I.
Co., Sanford,
& Co.,
Lauderdale,
Fla.
Incorporated
Pont
Fla.
MACKENZIE
BAIRD,
C.
Dempsey-Tegeler & Co., Inc.
TOWNE,
TRIPP, JEROME
,
Winckler
59 partners
and 542
.
account
executives, in daily contact
with
&
Co.
individual and
institutional investors.
Such Dean Witter & Co.
CHARLES
Morrison
J.
Co.
BRABSON,
JOHN
&
distribution facilities do much
to assure the successful sale
WARREN F.
Paine, Webber, Jackson & Curtis
of
new
offerings and private
placements.
Co.
.
•'
BRENNAN, WILLIAM P.
Baker, Simonds & Co., Inc.
BAUBIE,
C. L.
Tripp & Co., Inc., New York City
UFFORJ), HENRY
Bullock,
UNDERHILL,
Palm Beach, Fla.
F.
J.
WALTER
Winckler
Miami,
ARTHUR J.
Arthur Wiesenberger &
Fla.
C.
Co., N. Y. City
BENJAMIN,
Wm.
C.
WILLIAM
Roney
& Co.
HAYDEN
Roney &
Nauman,
BROWN,
A.
Baker,
Co.
McFawn
Dean Witter
Co.
&
A.
,
at
Members New York Stock Exchange
Co.
WILLIAM P.
and other leading securities
commodity exchanges
Simonds & Co., Inc.
SAN
BRUBAKER, THOMAS
F. J. Winckler Co.
CHARLES C.
Lerchen & Co.
Watling,
C.
BROWN, TODD
E.
WILLIAM
BECHTEL,
M.
Ltd.,
Wm.
& Co.
Baker, Simonds & Co., Inc.
BAYER,
Thomson & McKinnon,
BROWN,
K.
BALLENTINE, R.
Goodbody
TUTTLE, CHARLES H.
Calvin
Inc.
.
.v.,'.
GEORGE
Hayden, Stone
Ft.
Co.,
.
HARRISON
Jr.,
Goodbody
J.
&
du
J.
Morrison
M.
Jacksonville
&
DUANE
Paine, Webber, Jackson & Curtis
F.
Inc.
ALLMAN, N. J.
Pierce, Wulbern, Murphey, Inc.,
TOLL,
H.
BOIGEGRAIN,
Wm.
THOMPSON,
Simonds
Paine, Webber, Jackson & Curtis
BIRD,
ALONZG C.
Blyth
Baker,
50 offices in 46 cities
BINKLEY, KENNETH D.
EUGENE P.
A.
THOMAS, B. B.
Courts
the nation.
which this is the center.
RAY P.
BILLMEYER,
P.
Co.,
&
Tampa,
BERMAN, HARVEY
Walston & Co., Inc.
BERNAKDI,
M.
ALASHAIAN, EDWARD
Fla.
JAMES T.
Thompson
SWICK,
WILLIAM
indicated)
Braun, Bosworth & Co. Incorporated
E.
Here, 50 experienced
technicians expedite orders
importance is the network of
ADAMS,
STEARNS, PHILLIP M.
'
our
Of equal or even greater
OF MEMBERS
(All members located in Detroit unless
otherwise
&
integral part of
across
Roney & Co.
Fla.
Inc., New York
&
Winckler Co. (ex-officio); Frank
Griffo, Goodbody & Co.; Sterling Graham, Jr., William C.
SMITH, F. BURTON
F.
Boos, Paine, Webber, Jackson & Curtis.
Miami,
of
DAVID B.
and Company,
Sincere
SLOAN,
communications system is this
WINN
I.
SINCERE,
An
Secretary: John D. Standish, Watling, Lerchen & Co.
Treasurer: Warren
;
Beach,
Fla.
SIMPSON, J.
center...
Martin, First of Michigan Corporation.
Vice-President: Joseph P. Keane, Baker, Simonds & Co. Inc.
Gables
BERNARD
J.
Warren Boos
President: John G.
Vero
Company,
National
Miami,
John G. Martin
Fla.
ROBERT
SHIMMIN,
nerve
Tampa
M.
Co.,
SHAW, WILLIAM L.
Goodbody & Co., Coral
Sincere
V
Inc.,
W.
BRUEGGEMAN, RALPH J.
Manley, Bennett, McDonald & Co.
FRANCISCO
NEW YORK
•
•
LOS
CHICAGO
and
ANGELES
Co.
50
The Commercial and Financial Chronicle
50
&
Mr.
Serlen,
"Hank"
Lewis
Mrs.
Maclntyre & Co., Los Angeles;
First
EIS,
Detroit and Michigan,
KAFKALIS,
VALLETTE R.
Moreland
<
KANNEY,
OF MEMBERS
KARRO. ROY
Continued jrom page
DAVIS,
Davis,
FRED
DELANEY,
DOHERTY,
ROY
F.
Company
DOKE,
Jr.,
H.
E.
Co.
&
Harriman
Ripley
Co.,
&
C.
O'Donnell
&
Simonds
Baker,
Incorporated
Company
Baker. Simonds
'
Co.' Inc.
&
&
&
Charles
&
Wm.
C.
KERSTEN,
&
R.
F.
& Co.
LESTER
C.
Company
LEO
W.
ELMER
Merrill Lynch,
Pierce, Fenner & Smith
Incorporated
Co.
Co.
ROY J.
MacArthur
&
Co.
,
JOSEPH F.
GAWLIK, STANLEY
Manley, Bennett, McDonald &
Donovan,
Jr.,
CENTRAL
S.
W.
VALLEY
ROBERT
GILLAM,
H.
OAKLAND, CALIFORNIA
Baker, Simonds & Co., Inc.
C.
J.
ALFRED
GIRARDOT,
(V.T.C.)
Roney & Co.
H.
RUSSELL
GOODRICH,
Smith,
NATIONAL BANK
Michigan Corporation
of
First
Serving Northern and Central California
Co.
NELSON R.
Gilbert & Co., Lansing
GILBERT,
GILBREATH,
System Teletype 415 393-7136
Goodbody
LANTERMAN,
W.
LARSON,
KING,
Co.
Manley, Bennett, McDonald & Co.
Wm.
EDMUND
Moreland & Co.
(Associate)
Goodbody & Co.
Kenower,
Bell
KRISTENSEN,
:JT~:
MURRAY
GAGLIO,
retail distribution
:
.
Nauman, McFawn & Co.
Frumin &
Murray
brokers-trading markets
,
Wayne Management
Co.
Roney
FRUMIN,
GATZ,
v
E.
KUHNLEIN, RUSSELL A.
FLOYD, Jr., C. A.
Co., Inc.
G.
Goodbody & Co.
P.
Campbell, McCarty & Co. Inc.
M.
JAMES F.
Parcells &
A.
RUSS
Pontiac
of Detroit
KISSEL, ROBERT
KEMP, FRANK H.
WILLIAM
Vogel
H.
JOSEPH
S.
Co.,
J.
JOSEPH
National Bank
H.
Co.
DONALD B.
FLETCHER,
MAURICE
DRUKER,
DILWORTH, LAWRENCE H.
A.
WILLIAM
Collin, Norton & Co., Toledo
Davis, Rowady & Nichols, Inc.
KEITH
KISCH,
Baker, Simonds & Co., Inc.
KEIER,
ROBERT
Nephler-Kingsbury
Roney & Co.
C.
KEANE,
Co.
&
Hague
FLEISCIIMAN.
A.
Co.
EVERHAM, EDWIN M.
FISHER,
RICHARD
DRESSEL,
&
CHARLES E.
Charles A, Parcells
Shearson, Hammill & Co.
GEO. C.
Wm.
EXLEY,
Young & Company, Grand Rapids
DILLMAN,
R.
JOHN
White
Hudson
YOUNG, NEIL
De
Jackson & Curtis
Webber,
Paine,
Smith,
Hudson White &
DE
49
KINGSBURY,
G.
KATZENMEYER,
Inc.
P.
L.
Rowady & Nichols, Inc.
Parcells
A.
Charles
B.
Lynch, Pierce, Fenner & Smith
J.
Baker, Simonds & Co., Inc.
ELLWOOD, AARON A.
DISTLER, ARTHUR
CHARLES
Shearson, Hammill & Co., Inc.
ELLIS, ARTHUR J.
Schmidt, Ellis & Associates,
ROSTER
Merrill
Corporation
Incorporated
ELDER, GEORGE J.
Wm. C. Roney & Co.
Inc.
KING, RICHARD
MILTON
First of Michigan
Co.
&
Thursday, October 24, 1963
.
Earl L. Hagensieker, Reinholdt & Gardner, St. Louis; Mr. & Mrs. Sidney J. Sanders,
Marshall, Inc., Seattle; Mr. & Mrs. Nat Krumholz, Ogden, Wechsler & Krumholz, New York
&
Corporation
of
.
Mrs.
&
Foster
HENRY
Michigan
EARLE,
Securities Traders Association of
Mr.
N.
Josephthal & Co., New York; Patrick N. Maclntyre, P.
George M. Latinovich, Bateman, Eichler & Co., Los Angeles
.
Jackson
& Co.
Hague
GRAHAM, Jr., STERLING
Wm.
Private wire to:
C.
Roney & Co.
Bought
H. SAMUEL
MacNaughton-Greenawalt & Co.
GREENAWALT,
F. S. SMITHERS &
CO;, New York
TURNER-POINDEXTER & CO., Los
Grand
NATHAN It.
Goodbody & Co.
BRUSH, SLOCUMB & CO. INC.
Weeks
&
Hornblower
FRANK
GRIFFO,
Davis, Skaggs & Co.
FRANCIS
GREGORY,
Goodbody
E.
Established
1927
Members Pacific Coast Stock Exchange
—
Co.
&
New
465 California Street, San
GUESS, CHARLES L.
First
of
Michigan
Francisco
Santa Cruz
Modesto
:
Members:
.
Exchange
Pacific Coast Stock Exchange
•
Ill
Jackson
Webber,
Paine,
&
Curti*
SUTTER
'
-
,1
■"
^
.
.
■xr
■
4
A.
PIERCE
Simonds
Baker,
'
Telephone DOuglas 2-2484
Shearson, Hammill & Co.
HASTINGS.
.
STREET, SAN FRANCISCO 4
'
RUSSELL
H.
York Stock Exchange
Corporation
JOSEPH
HARTNER,
,
HASTINGS,
New York Stock
Quoted
—
Rapids
GREENHOUSE,
Angeles
Sold
—
Co.,
&
Inc.
PETER B.
First of Michigan Corporation
I1IGBIE,
HOWARD
HINDES,
Goodbody & Co.
IIITCHMAN, T. NORRIS
ond
V-
cEAy
IIOLLISTER,
i'
"
*
i
T<
*
SINCE 1838
^Eo
First of
a
R.
C.
RUBER,
Investment Dealers and Brokers
FRED
C.
•
Reid
Birmingham,
CORPORATE,
&
Underwriters
AND
&
Co.,
Royal Oak
WILLIAM
L.
Baker, Simonds & Co.,
MEMBERS:
New York Stock
Exchange
•
Pacific Coast Stock Exchange
INCH,
BARTH & CO
Inc.
SINCE
KEITH
PARKER
Kenower, MacArthur & Co.
INMAN,
Montgomery Street
San Francisco 4, California
•
TELETYPE: 415
210 West Seventh Street
•
•
EXbrook 2-0900
•
MAdison 5-7311
Lerchen
•
Berkeley
•
San Jose
•
Beverly Hills
•
Hayward
•
Fresno
Members New York Stock
GUY L.
Watling,
393-7778 & 415 393-7948 '
Los Angeles 14, California
G.
IRELAND,
Exchange
American Stock
&
Co.
JAHN, GERALD P.
Paine, Webber, Jackson & Curtis
JANZIG,
New York
1883
Paine, Webber, Jackson & Curtis
American Stock Exchange
460
UNLISTED SECURITIES
L.
Goodbody & Co.,
HURLEY,
MUNICIPAL
Company
Mich.
JACK
HUNTER,
Co.
&
W.
HUGHES, VICTOR
Watling, Lerchen
Industrial Brokers
Primary Trading Markets...
J.
FRANK
O'Donnell
Andrew
SUTROCTCO.
Rapids
Grand
Michigan Corporation
HOULIHAN,
4.
JUO
Underwriters, Distributors,
R.¬
Co.,
&
CLARENCE A.
HORN,
'
GEORGE
White
Hudson
«
MacArthur & Company
Kenower,
S,
.
SAN
FRANCISCO
MENLO PARK
•
•
Pacific Coast Stock Exchange
Exchange
LOS ANGELES
SAN JOSE
•
•
•
NEW YORK
OAKLAND
A.
R.
Armstrong,
Jones,
Lawson
&
White,
Private Wire Connections
between all Cities
Incorporated
Correspondents: Manila, P. I.; Honolulu, Hawaii
Direct private wires to
all principal markets
Direct Leased Wires to: Baker,
JEUP, ERWIN J. .
Blyth & Co.,* Inc.
Wertheim & Co., New
John R. Lewis,
JOHNSON,
A.
H.
RAYMOND
Vogel
& Co.
A.
York
Inc., Seattle
Weeks & Co., New York
"
George Patten Investment Co., Portland, Ore.
•
•
Refsnes, Ely, Beck & Co., Phoenix, Arizona
Volume 198
Mr.
&
Mrs.
Number 6310
Hornblower
&
Walston
J.
3c
F.
Co.,
LUDINGTON,
BERT
MILL,
"
Don
&
Co.
MacPHERSON, PETER M.
Manley, Bennett, McDonald
DAVID
&
Company
W.
ROBERT
&
Manley, Bennett, McDonald
Southfield, Mich.
&
Wm.
REID,
& Company
Wm.
MARTIN, JOHN G.
First
of
MATESA,
F.
neil,
Michigan Corporation
LAWRENCE
C.
G.
NEPHLER,
J. Winckler Co.
VERNIER, JOHN Ef
VIRGIL
A.
Manley,
Bennett,
McDonald
Co.,
&
Southfield
STOETZER,
Co.
ROBERT
Jr.,
H.
VERRAL,
Weeks
L.
Charles
3c
Co.
ROSS
SUTHERLAND,
VOGEL,
Nauman, McFawn & Co.
A.
Inc.
SWIAT,
RICHARD
CLIFFORD E.
A, Parcells Sc Co.
W.
H.
ARMIN
H.
Vogel 3c Co.
J.
Olmsted 3c Mulball, Inc.,
Continued
Kalarpazoo
on
page
Distributors
Roney
&
Co.
UNDERWRITERS AND
-
Reid &
C.
ROBERT
Jr., CLARENCE
A.
Reii & Company
Weeks
CAMFORNIA
fIRST
-v.
COMPANY
INCORPORATED,
•
;
Co.
Members: Pacific Coast Stock
Exchange
American Stock
•
Midwest Stock Exchange
Exchange (Associate)
ROBERTS, TERRY J.
J.
•
DISTRIBUTORS
BROKERS - DEALERS
RIKER, ALEXANDER K.
First of Michigan Corporation
Birmingham, Mich.
Goodbody & Co., Royal Oak
Pontiac
Co.,
rfij
Company
RICHMOND, PAUL D.
Watling, Lerchen &
Reid 3c Company
Hornblower &
i
HENRY
Armstrong, Jones, Lawson & White,
Incorporated
ROBERTS, THOMAS C.
Paine, Webber, Jackson &
NEWMAN, PERCY P.
MATTIESON, JACK
Watling, Lerchen & Co.
;i
Weeks
Nauman, McFawn & Co.
Baker, Simonds 3c Co., Inc.
RICHARDSON, DONALD L.
Nauman, McFawn & Co.
Weeks
Nephler-Kingsbury
&
VANDERVOORT,
REILLY, RAYMOND W.
Manley, Bennett, McDonald & Co.
W.
C.
Hornblower
.
REUTER, GEORGE A.
Roney & Co.
roy
Andrew
SALVATORE
Winckler Co.
F. J.
STOCK,
McDonald
G.
Funds
Andrew C.
h.
NAU, FRANKLIN H.
JAMES
O'Donnell
C.
Andrew
MUSCIIETTE, LESLIE C.
First of Michigan Corporation
MARTIN,
TESTA,
TIEDECK, GEORGE M.
STEINBERG, ROBERT E.
Walston 3c Co., Inc.
A.
<■
SAN
ANGELES:
300 Montgomery Street• Teletype 415-393-9555
FRANCISCO:
LOS
647
Curtis
PORTLAND:
RONEY, JOHN K.
Wm. C. Roney 3c Co.
813
WIRES
PRIVATE
ROSASCO, Jr., VICTOR P.
Baker, Simonds & Co., Inc.,
South Spring
S. W. Alder
TO
NEW
Street
Street
YORK
AND
Mich.
CALIFORNIA
Walston
&
Eureka
Co., Inc.
OREGON
NICHOLAS
ALL
213-683-0055
503-224-1744
DIVISION
OFFICES
Long Beach
Sacramento
San Mateo
OFFICES:
Concord
Napa
Oakland
San dose
San Dlego
Santa Rosa
Santa Barbara
Corvallls
Chlco
Monterey
St. Helena
Whlttler
Medford
Salem
Eugene
Winckler Co.
J.
SALVATORE,
H.
Teletype
Beverly Hills
Anaheim
Glendale
Rio Vista
San Luis Obispo
F. J. Winckler Co.
F.
OFFICES:
Fresno
Pasadena
ROTSTED, WILLIAM
RUCAREAN,
•
Teletype
•
Southfield,
ROTH, ELLIS M.
Hentz
Murel
J.
PHIL
Co.
&
SANCRANT,
J.
MUREL
Sancrant &
Co.
SCHAFER, HARRY L.
F.
Specialists in Western Securities
Winckler Co.
J.
ROBERT
& Co.
SCHIFFER,
Goodbody
F.
SCHMIDT, HAROLD W.
Schmidt, Ellis 3s Associates,
\ BROKERS
Inc.
SCHMIDT, JOHN
Blyth & Co., Inc.
SCHNEIDER,
E.
12 Months Ended
> DEALERS
Y UNDERWRITERS
ELWOOD
H. Schneider 3c Co.,
H.
Kalamazoo
► DISTRIBUTORS
► MERGERS and REORGANIZATIONS
SCHOLLENBERGER, HERBERT
JUNE,1963
Operating Revenues
Operating Expenses
.
.
Net Operating Income
JUNE,1962
% INCREASE
.
$18,065,400
$15,955,300
13.2
.
11,524,300
10,754,500
7.2
.
6,541,100
5,200,800
25.8
Campbell, McCarty 3s Co., Inc.
F.
Winckler Co.
J.
SCHULTZ,
HERBERT
35.3
1,812,800
• =
per
Common Share
.
.
Net Plant Investment
1.13
.
OVER-THE-COUNTER SECURITIES
M.
$63,598,000
$58,322,000
9.0
10,388
.
10,056
3.3
Wm.
.
C.
SIMONDS,
&
Roney
180,056
167,962
7.2
=
Walston
&
Members: New Yprk Stock Exchange •
=
Don W.
/
THE SOUTHWESTERN STATES TELEPHONE COMPANY
300
MONTGOMERY
STREET
.
SAN
FRANCISCO,
Exchange
and other principal security
100
and commodity exchanges
Montgomery St. SAN FRANCISCO 4 SUtter 1-5600
,
III,
HAL
H.
Smith, Hague & Co.
=
Pacific Coast Stock Exchange
HAL H.
Smith, Hague & Co.
SMITH,
|
American Stock
Miller & Co.
SMITH, Jr.,
>
Inc.
SMITH, DENNIS H.
Serving our subscribers with efficient telephone
service through 165 exchanges in certain areas
of Arkansas, Louisiana, Oklahoma and Texas.
H
M
'
'
Established 1919
i
Co.,
;
•
Schwabaclier & Co.
SLOANE, WADE
.
'V;,v ./
Co.
W.
RALPH
I
^
Baker, Simonds 3c Co., Inc.
Telephones
in Service
► MARKETS IN LEADING
Corporation
CHARLES
SIMMONS, ROBERT R.
28.4
.
Number of Stockholders.
Number of
Parker
SIMMONDS,
,
Shearson, Hammill 3c Co. v
Average
Earnings
•
'
The
2,452,800
.
► ADVISORY SERVICE TO MUNICIPALITIES
H.
Don W. Miller & Co.
Net Income Available
.
► MUNICIPAL UNDERWRITINGS and DISTRIBUTIONS
SCHULTE, A. LOUIS
SIMANEK, HARRY H.
for Common Stock
Gold,
TAYLOR, JOHN R.
First of Michigan Corporation
Co.
W.
REID, ANDREW C.
>
HAROLD E.
Hornblower 8c
&
Grand Rapids
i.
nadell, david t.
C.
Bache & Co.
Gold,
MONTGOMERY K.
Paine, Webber, Jackson & Curtis
Lerchen & Co.
MARCHIN, JOHN J.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
y
R.
f
Benjamin
RAND, PHILIP DENNIS
MORRISON, A. I.
Morrison & Morrison, Inc.
Co.,'
Arbor
Mrs.
&
<fi
RAUCB,
Manley, Bennett, McDonald & Co.
Co.
Ann
Co.
3c
HOWARD
American
Co., Inc., New York; Mr.
Frankel, Inc., New York
&
STAND1SH, JOHN D.
PIKE, HUGH
J.
WILLIAM
Fox
Watling, Lerchen & Co.
PELTIER, RAYMOND D.
Schmidt, Ellis & Associates,
F. J. Winckler Co.
T.
W.
Inc.,
CHARLES
Parcells
Manley, Bennett,
Miller & Co.
MORRIS,
F.
Hornblower &
DON
MORRIS.
P.
SPENCE, RONALD L.
Manley, Bennett, McDonald
Co.,
Chas. A. Parcells &
PARKER,
White
Watling,
McDonald
Jr.,
Chas. A.
B.
moreland, paul
Moreland & Co.
JOHN O.
Gunkel,
STEIN, MYRON D.
PARCELLS, EARLE
Manley, Bennett, McDonald & Co.
Bloomfield Hills, Mich.
MacKENZIE, DONALD E.
Baker, Simonds & Co. Inc.
MANLEY,
PARCELLS,
P.
moran, alfred b.
Bennett,
B.
Co.
Baker, Simonds &
EDWIN
C.
W.
MOONS,
G.
Marty
OSBORN, MILO
Paine, Webber, Jackson 8c Curtis
miller, edward J.
Smith, Hague & Co.
'
^
Goldman, Safchs & Co.
Manley,
R.
MILLER,
F.
REGINALD
MacArthur & Company
MacFARLANE,
Co.
Weeks
FRANK
Hudson
J.
MacARTHUR,
ROBIN
&
Dempsey-Tegeler & Co., Inc. 1
Dempsey-Tegeler & Co., Inc.
MACE,
Parcells
First of Michigan Corporation
LYNCH, FRANCIS J.
Smith, Hague & Co.
Kenower,
A.
MFRCIER,
MEYER,
Inc.
Mrs.
&
ODDY, R. K.
Hornblower 3c
y
Weeks
LOUIS
&
OBUCHOWSKI, THADDEUS
Goodbody 3c Co.
Charles
Winckler Co.
RICHARD
Moreland
McINTYRE, DONALD J.
LOGAN, PETER S.
F.
NIGBOR,
McHUGH, JOSEPH S.
LODGE, DAVID R.
Paine, Webber, Jackson & Curtis
LUCHTMAN,
Mr.
Weissman
jr., harry a.
Manley, Bennett, McDonald & Co.
Parcells 3c Co.
H.
Mr. & Mrs. Richard H. Walsh,
Bache & Co.
BERTRAND
LICHTENSTEIN,
51
Mcdonald,
Armstrong, Jones, Lawson & White,
Incorporated
A.
The Commercial and Financial Chronicle
.
Mcdonald, gerald t.
Baker, Simonds & Co., Inc., Southfield
LAWSON, SEWARD N.
Chas.
.
Harry Hudepohl, Westheimer and Company, Cincinnati;
Yates, Heitner & Woods, St. Louis
LAUDE, RAYMOND J.
LEPPEL,
.
CALIFORNIA
SMITH,
PHIL
H.
Manley, Bennett, McDonald & Co.
&
York'
New
Napa
SNOWDAY, H. TERRY
Hornblower
/
Weeks
San
'
Jose
Boise
Oakland
'
Fresno
Palo Alto
Santa Barbara
Honolulu
Bedding
Los
Angeles
Sacramento
Santa Rosa
Monterey
Salt Lake City
Watsonville
52
•
The Commercial and Financial Chronicle
Mr.
Mrs.
&
James
J.
McAtee, Butcher & Sherrerd, Philadelphia; Mr. &
Mitchell & Company, New York
:
.,
Mr.
Mrs. Cornelius B. Sheridan,
&
Mrs.
Frank
E.
Baxter,
J.
S.
Strauss
.
.
Thursday, October 24, 1963
Co., San Francisco;
Co., Inc., New York
&
V. F. Naddeo
'
.
&
Security Traders Association of
Security Traders Association of
Mr.
ADKINS,
Washington, D. C.
Continued from page
WATSON,
51
Bache
VOORHEIS, FRANK E.
Goodbody & Co.
WAGNER,
Charles
WAKEMAN,
Braun,
Wm.
&
Wm.
F.
Parcells & Co.
J.
RICHARD
v.
Wm.
'
•
:•
'.
'
WASS,
'
•-
\
Blosser
&
&
C.
Roney
Jones,
Co.,
Kreeger & Co.
HAROLD
Arlington
.
J.
Securities, Inc.
DREYFUS, BARNEY
Bank
Ferris
A.
&
Company
FREEMAN, DAVID
Arlington Securities, Inc.
,
& Co.
VICTOR
A.
Jackson & Curtis
WILLIAMSON, JOHN O.
Baker, Simonds & Co.
WILLMORE, Jr.,
J.
,
McDowell
Bache
GIBBONS,
WILLIAM
Reynolds
&
J.
Co.
&
Co.,
GOLDBERG, EUGENE
Inc.
Sutro
-
Bros.
GRAM.
THOMAS F.
Chicago
WOOD, WARREN A.
Charles A. Parcells & Co.
WATERSTONE, BEN B.
WATLING,
&
Co.
&
John May
Patrick C. Ryan
Barney Dreyfuss, II
Johnston,
Thomas L. Piper, III
&
JESSE
Co.
ZERWICK,
PALMER
F
Watling, Lerchen & Co.
HERMAN
Winckler
J.
F,
Bache
President: John May,
Johnston, Lemon & Co.
Lemon
Vice-President: Barney Dreyfuss, II,
,
Secretary: Patrick C. Ryan, Reynolds & Co.
Walters, Sade & Co.; Frank L. Smith, Alex. Brown & Sons.
Committeemen:
Edward J.
Over-the-Counter
John
May,
Johnston,
Lemon
&
Pierce, Fenner & Smith
Incorporated
HARDING,
;
Co.;
J.
Co.
TREWITT
Johnston,
Lemon
D.
&
Co.
HARDY, JOHN L.
Folger,
McDaid, Balogh & Co., Inc.
Elected: December
Co.
MARGARET
HANSEN, ARTHUR
Jones, Kreeger &
Co. Incor¬
porated; Kenneth R. Robertson, Birely & Company; Harold M.
National
Co.
HALEY, MICHAEL A.
Johnston, Lemon & Co.
Piper, III, Hodgdon & Co., Inc.
Governors: John L. Hardy, Folger, Nolan, Fleming &
Specialists in
&
S.
Merrill Lynch,
V
Ferris & Company.
Co.
Treasurer: Thomas L.
&
GREEN,
Co.
C.
GROSS, MAX
F. J. Winckler
C.
Fleming
RICHARD
CASTO,
Co.1
Trionfo,
•
NORBERT E.
Simonds & Co. Inc.
CLARENCE
Straus,
Co.
L.
EDWARD
Paine, Webber,
.
WANTLAND,
Baker,
Roney
WILLIAMS,
& Co.
•
C.
WILCOX,
ROBERT
C. Ronev
'>r:x
Reynolds
WHITAKER, LEWIS H.
Manufacturers National
J.
andrews, betty a.
BIRD,
Parcells
RICHARD
Nolan,
Incorporated
II.
Louis
Company
Folger,
Co.
A
&
ANDERSON,
STANLEY
GERALD
WEISS,
Co.
Bosworth & Co., Incorporated
WALLACE,
'
S.
Parcells
WYNN
Charles A.
WALLACE,
Charles
JAMES
A.
THOMAS
&
WEAVER,
Mrs.
PAUL
Birely
Detroit and Michigan, Inc.
&
Nolan,
Fleming
&
Co.
Incorporated
10, 1963; Took Office: January 1, 1963; Term
Expires: December 31, 1963.
Securities
heizer, donald m.
Johnston, Lemon & Co.
KUSH, EDMUND
Bache
&
LAZUREK,
Hodgdon
Co.
.
ROBERT
&
Co.,
J.
Inc.
MAY, JOHN
Paul H. Aschkar
SOUTH
639
LOS
,
PHONE
&
SPRING
ANGELES
14,
Company
STREET
the
CALIFORNIA
TELETYPE
627-3205
Johnston, Lemon &
A report on
213
McCORMACK,
C.
operations of:
McDAID,
&
Mcdonald,
CALIFORNIA
Wachtel
J.
Inc.
thomas
&
E.
Co.
EDWARD
Balogh & Co.,
683-0300
Co.
JAMES
Devine
J.
Co.,
j.
Inc.
mergner, john g.
WATER & TELEPHONE
Riviere,
Marsh
&
Berens
Securities
Corp.
COMPANY
moyer, harold i.
Johnston, Lemon &
PARKER,
Co.
CLINTON
J, W. Redmond & Co.
piper,
JUNE,1962
BONDS
.
.
.
$ 35,681,200
$ 33,700,100
5.9
Operating Expenses
.
.
.
24,135,500
22,503,700
7.3
11,545,700
11,196,400
3.1
4,312,200
4,085,000
Net
Operating Income
Net Income Available
for Common Stock
Earnings
per
.
Number of
.
1.03
272-8011
'
5.7
M
.
$120,089,700
$112,803,600
.
18,665
.
.
.
17,672
214,806
195,205
.
69,153
V
459-2667
&
Reynolds &
smith,
H
m
m
Brown
=
CALIFORNIA WATER & TELEPHONE COMPANY
-
300
MONTGOMERY
STREET
.
S AN
FR AN CI
SCO,
C AL I FO R N IA
&
Sons
|
SIDNEY
Wachtel & Co.,
WALKER,
Alex.
TELETYPE 213 -273-4395
|
/
VALENCIA, E. R.
Reynolds & Co.
68,092
Growing with California by offering vital
utility services to an expanding population.
Co.
frank
WACHTEL,
-
Co.
smith, bradley b.
7765 Girard Ave.
H
C.
Co.
OSCAR P.
Reynolds
Alex.
.
&
sanderson, walton w.
Johnston, Lemon & Co.
.99
.
.
Number of Water Customers
La Jolla
Reynolds
Telephones
in Service
Beverly Hills
«
R.
Co.
&
PATRICK
RYDER,
.
Number of Stockholders.
COMPANY
Reynolds
RYAN,
Average
Common Share
439 North Bedford Drive
inc.
ROUSE, EDGAR B.
'
Net Plant Investment.
and
l.
Co.,
ROBERTSON, KENNETH
Birely & Company
% INCREASE
Operating Revenues
TAYLOR
&
12 Months Ended
JUNE,1963
MUNICIPAL
thomas
Hodgdon
Primary Markets
ROLLIN
Brown
walters,
Sade &
&
B.
Inc.
W.
Sons
harold
Co.
=
watkin,
Ferris
&
hal
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The Commercial and Financial Chronicle
54
BEAKEY, EDWARD J.
Security Traders Association
E.
Thursday, October 24,
,
BRESLAV, JR., WALTER
T.
Of Connecticut
L.
&
Watson
Bridgeport
Co.,
CALVERT. ROBERT B.
Cooley
&
'
Company
ROBERT
CARTER,
Bralnard, Judd
S.
&
Co.
EUGENE
CHIARAMONTE,
G.
>
Shearson, Hammill & Co.
CHIARAMONTE,
Fahnestock
Co.
E.
Hammill
Shearson,
,
FRANK
&
FRANK
CILENTO.
1963
Traders Association
Houston Security
Eddy & Co.
W.
.
.
Co.
&
ROBERT II.
CLEMENCE,
Struthers & Winthrop
Wood,
Haven
New
ROBERT J.
CLEMENCE,
Wood, Struthers & Winthrop, New Haven
HARRY
COHAN,
Denton
&
I).
Co., Inc.
CREAMER, THOMAS
John M. Greer
John M. Bayne
George W. Gearner
F.
Haven
W. Scranton & Co., New
Chas.
CUTLER, R. D.
Hine, Carreau, Smith, McDowell, Dimond,
President: Lawrence F.
Inc., Bridgeport.
J.
Cooley
Avignone,
&
NORTON
F.
Griggs
R.
Hincks Bros.
& Co.,
F.
(Honorary)
DAVID II.
ERMER,
New Haven
Weld & Co.,
White,
ford.
II.
Britain
Hartford, Conn.
West
Merrill, Conning & Co., Hart¬
Inc., Bridgeport
New
JAMES
ENGLISH,
Hartford.
Second Vice-President: Robert H.
Waterbury
A.
& Co.,
HOWARD
Eddy
Company,
Company,
GEORGE
DOCKHAM,
EDDY,
John
Vice-President:
First
E.
DECKER,
The
Corporation
Securities
American
Peter C. Royston
Robert H. Merrill
John J. Avignone
Lawrence F. Hine
FLATTERY, JOHN
Secretary
& Treasurer: Peter C. Royston, Hincks Bros. &
Inc., Bridgeport.,
The
R.
George A. Dockham,
Griggs Company, Waterbury;
Hincks Bros. &
Co., Inc., Bridgeport.
National Committeemen: George H. Angelos,
&
Chas. W. Scranton
Co., New Haven; Frank J. Murray, Laird, Bissell & Meeds,
&
Co.
and Company
C. Buell
Robert
FRANCIS
GIANTONIO,
President: George W. Gearner,
GORDON, MYRON L.
Hincks Bros. & Co.,
First Vice-President: John M.
Cooley & Company
New
/'■;
'
Dimond Inc.
ALEXANDER W.
Tucker, Anthony & R. L.
(Members located
unless)
in Hartford
Scranton
Chas. W.
otherwise indicated)
H.
& Co., New
Haven
Day
Treasurer: W. Roy Tucker,
ALVORD,
&
AVIGNONE, JOHN J.
ROBERT
IIOLMAN,
Cooley & Company
Kennedy-Peterson, Inc.
&
JACOBS, DONALD B.
Conning
T.
A.
KRAIGER, ALBERT
The
MARKETS
TRADING
PRIMARY
F.
R.
P.
Company,
Griggs
Fosdick, Inc.
Waterbury
Alternates: John S.
GORDON H. N.
Coburn & Middlebrook, Incorporated
Lincoln National Life Ins. Co.
Chicago National Life Ins. Co.
Littelfuse, Inc.
Midwestern United Life Ins. Co.
Edward Hines Lumber Co.
W.
G.
ROSTER
OF MEMBERS
HOGDEN,
EDWARD
ALSBURY,
EDWARD H.
Incorporated
First United Life Ins.,
National Old Lines Ins. BB
Gary
McCarthy, dennis
Putnam
Tecumseh Products Co.
Florida Gas Co.
McCAUGHEY, W. CRAIG
Great Northern Life Ins. Co.
Tokheim
International RR.
E.
United Fire Insurance Co.,
Corp.
&
Co.
David A. Noyes & Company
Established
Bissell
Laird,
New
Members
New
York
Stock Exchange
PETERSON, Jr.
PHILLIPS, E.
Hincks
Chicago 4, Illinois
Phone 312-782-0400
TWX 312-222-0405
&
ROYSTON, PETER C.
Hincks Bros. & Co.,
Inc.,
Chas.
H.
Eddleman,
Rybeck & Company,
Meriden
HARRY
Chas.
SCHMITT,
Income
OKiiiiiJiDV
FX
rc I Iwi
w
MV JI mmjt
JOHN
&
Haven
New
Inc.
Southwest
&
Edwards
Inc.
New Haven
HAHN,
WAKI,
Co.
GEORGE
WATKINS,
Inc.
SHURE, JOSEPH
J.
.'-"X
Inc.
A.
C.
Pollok & Fosdick, Inc.
Hochman
&
G.
WHITE,
Chas.
White
&
&
Sons
B.
Co.
WILLIAMS, NORRIS
Rauscher, Pierce &
Co.
Inc.
JOHN S.
CHARLES
B.
T.
Company,
Edwards
/
Corporation
EDWARD
&
,
K.
Securities
WEATHERSTON,
HOCHMAN, HERMAN J.
Herman
Co.
Hochman & Co.
J.
MICHAEL
DANIEL
Eddleman,
&
LEE
STAPLES,
Herman
Co.,
Inc.
'
TUCKER, W ROY
Rowles, Winston & Co.
Company
&
Fosdick,
SCHMIDT, CHARLES
First Southwest Company
JOHN
McClung & Knickerbocker,
I.
Co.,
Inc.
^
'
Bache & Co., New Haven
Coad-lo-Cimt Service in
S. JACKSON
STEINER,
Jackson
Qver-the-Counler
Steiner
&
Co.,
Inc.
SWAN, LESLIE B.
Chas.
Scranton
W.
& Co., New
WILLIAM
SWEENEY,
Haven
CHICAGO
J.
Brainard, Judd & Co., New Britain
CHARLES E.
THENEBE,
Charles
DOYLE, O'CONNOR & CO., INC.
E.
&
Thenebe
Associates
OVER-THE-COUNTER
THOMPSON, HOWARD W.
American
Corporation
Securities
SPECIALISTS
Hartford
VARHOL, MICHAEL
3
135 S. LaSaffe Street
NEW
CHICAGO
20
QE 2-6161
YORK
Brainard,
5
WEISKE,
Exchange Place
F.
Francis I.
HA 5-5780
WHEELER,
DIRECT
CITY
♦
LOS
PHILADELPHIA
ANGELES
•
ST-
-
LOUIS
MINNEAPOLIS
«
»
OMAHA
du
■
R.
FRANK
RICHARD
Co.
&
Pont
& Associate#
W.
r
■■
WYNNE, THOMAS
'
Blair
&
SINCE
1926
RICHARD
Conning & Co.
SAN FRANCISCO
,
Judd & Co., New Britain
Charles E. Thenebe
PRIVATE WIRES
WILDE,
KANSAS
G.
Co., Incorporated, New Haven
YUSZA, EDWARD F.
Laird. Bissell & Meeds. New Haven
Smith
Sons
&
Winston
Rowles,
Co.
Houston
GINSBERG,
&
ROWLES, PAT
GRE^R,
L.
KENNETH
Putnam
Co.,
G.
Watkins
& Co.,
Funds, Inc.,
SHIEBER,
IvIAff l\C. R
A.
Pollok & Fosdick, Inc.
Dempsey-Tegeler
D.
Scranton
W.
First
Fenner
RATLIFF, HARRY
GEORGE W.
GEARNER,
WILLIAM H.
William H. Rybeck & Company, Meriden
RYBECK,
SAMPSON,
LEWIS W.
Eddleman, Pollok &
FOSDICK, JOHN JAY
RYBECK, JAMES P.
William
&
DEMANZUK, MARVIN
Dempsoy-Tegeler & Co.,
Bridgeport
'
Co.
HENRY
Lynch, Pierce,
Incorporated
POLLOK,
GORDON
White
B.
&
MULHOLLAND,
NEFF, RICHARD W.
Underwood, Neuhaus & Co., Incorporated
CLAUDE
CROCKETT,
Inc., Bridgeport
Co.,
L.
Corporation
Co.
A.
CROCKETT,
Inc.
CORTRIGHT
Bros.
Smith
Merrill
Dempsey-Tejeler
South LaSalle Street
208
&
DAVID
&
Inc.
& Co.,
J.
Mosle
Rotan,
Fenner
CHERRY, NORMAN G.
Dempsey-Tegeler & Co..,Inc.
JOHN A.
Kennedy-Peterson,
McALISTER, A.
Pierce,
Securities
Goodbody
'
r
Co.
RICHARD
CABALLERO,
Meeds
&
&
Co.
C.
Pierce
LOMBARD, FRANK
A. G. E'dwards & Sons
M.
Lynch,
Equitable
Haven
Inc.
RUDY
BRADLEY,
Co.
&
Company,
&
THOMAS
Rauscher,
^Incorporated
FRANK J.
MURRAY,
'
1908
Morris
Merrill
S.
ROBERT
S.
Mosle
BLATTEL,
A.
Coburn & Middlebrook, Incorporated
Robt.
JOHN
Rotan,
'
MOORE, RICHARD
MORRIS.
Hutton &
BAYNE,
H.
MERRILL, ROBERT
Conning
Weighing Corp.
F.
Mosle
Rotan,
KEIS,
,
GORDON L.
BARTLEY,
R. L. Day, Hartford
Tucker Anthony &
ROBERT
HOLLAND,
ARNSPIGER, S. DAVID
Rowles, Winston & Co.
Co.
&
BILL
Underwood, Neuhaus & Co., Incorporated
Pierce, Fenner & Smith
Merrill Lynch,
Walker & Co.
H.
Weatherston, A. G. Edwards & Sons; George
Gearner, First Southwest Company.
MAIGRET, NORMAN L.
Coburn & Middlebrook, Incorporated
MATTHEWS,
Neff, Jr., Underwood, Neu¬
Company, Inc.; Daniel C. Hahn, Eddleman, Pollock &
haus &
LIBBY,
Amer. Income Life Ins. Co.
Gordon
A.
Co.; Richard W. Neff, Jr., Underwood, Neuhaus & Company,
National Committeemen: Richard W.
MAURITS
Watson & Co., Bridgeport
L.
Co.;
&
Incorporated; John S. Weatherston, A. G. Edwards & Sons.
Co.
&
JOHNSON,
Mosle
Rotan,
Pollok & Fosdick, Inc.; Charles B. White, Chas. B. White
man,
WILLIAM D.
Co. (Honorary)
&
Putnam
Rowles, Winston & Co.
McAlister,
Crockett, Dempsey-Tegeler & Co., Inc.; Lewis W. Pollok, Eddie-
Haven
New
Co.,
Jack
Governors:
HOGARTH, GUY R.
Fahnestock
McClung & Knickerbock¬
Secretary: Thomas C. Keis, Rauscher, Pierce & Co., Inc.
F.
Carreau, Smith, McDowell,
GEORGE
,
Inc.
er,
(
,
HODGE,
ANGELOS,
First Southwest Company.
Bayne, Rotan, Mosle & Co.
Second Vice-President: John M. Greer,
E.
REGINALD
Haven
LAWRENCE
HINE,
OF MEMBERS
Roy Tucker
Bridgeport
Inc.,
E.
GRAHAM, JOHN
GRAHAM,
W.
Thomas C. Keis
E.
Jackson & Curtis
Paine, Webber,
New Haven.
ROSTER
E.
NICHOLAS
EISEN,
GIANAKOS, NICHOLAS G.
Cilento, Shear son, Hammill & Co., Hartford; Howard
F.
Co.
Fahnestock
G. H. Walker & Co., Hartford;
Eddy, Eddy & Company, New Britain; E. Norton Decker,
H.
&
Putnam
FON
;
Governors: Edward H. Matthews,
Frank E.
Co.,
SWIFT, HENKE & CO.
MEMBERS
MIDWEST
STOCK EXCHANGE
Volume
Mr.
Mr.
&
Mrs.
198
Number 6310
.
.
.
The Commercial and Financial Chronicle
Alfred
Tisch, Fitzgerald & Company, New York; Frank X. Cummings,
Co., Chicago, at the Hagensieker-Tisch
German
Dinner
Party
&
Bear, Stearns <ft
Mrs. Philip M. Young, Refsnes, Ely, Beck Co., Phoenix, Ariz.; Mr. & Mrs. Lester J. Thorsen,
Glore, Forgan & Co., Chicago; Mr. & Mrs. Herman G. Mell, Smith, Barney & Co., Chicago
55
Robert
D.
Diehl,
Mr.
M.
the
UP and
at
1953
Iowa
54
.55
Earnings Par Common Share
V
Electric!
"UP" IS THE PASSWORD at
Iowa Electric
..
.
continued record
in '63. ■ The
with
"highs"
Company
Dividends Paid Per Common
Share
,
continues its progressive
system development
with extensive planned
property additions to
match the vigorous
economic strength
of
the territory it serves.
Figures shown are from
the 1962 Annual Reporta
copy
yours
of which is
upon
request.
SpPOWER
COMPANY □□
An Iowa
Corporation/Cedar Rapids, Iowa
Co., Inc., Los Angeles; Sid Jacobs, Sidney
O'Rourke, J. P. (yRourke & Co., Chicago
Jacobs
Co.,
New
York;
& Mrs. William R. Radetzky, New York Hanseatic Coporation,
Philadelphia; Mr. & Mrs. Samuel
Kennedy, Yarnall, Biddle & Co., Philadelphia; Mr. & Mrs. Harry Green, Hecher & Co., Philadelphia
Everything's
UP
&
John
Electric Customers
on
Cruttenden
The Commercial and Financial Chronicle
56
.
.
.
Thursday, October 24, 1963
a*
n*''
Mr.
&
Mr.
Broderson, Burnham and Company, New York; Mr. & Mrs. H. James Morford,
Incorporated, Seattle; Mr. & Mrs. Frank Granat, Jr., Hinton Jones & Granat, Seattle
Mrs. Peter J.
Hughbanks
GLAS,
Traders
New Orleans Security
Gene
Company,
JEREMY
R.
Glas
Mrs.
&
St
Burns, Fusz-Schmelzle & Co., St. Louis; Mr. & Mrs. Jack Bader, First California
Portland, Oreg.; Homer J. Bateman, Pacific Northwest Company, Seattle
Security Traders Association of
Company
GREEN, WALTER R.
Schweickhardt & Company
Association
&
Abroms
Los Angeles
II, LEON A.
Inc.
GREENBLATT,
Co.,
FORD T.
HARDY,
Lynch, Pierce, Fenner St Smith
Incorporated
Merrill
GILBERT
Jr.,
HATTIER,
Hattier & Sanford
A.
JACKSON
HAWLEY,
Equitable Securities Corp.
ROBERT
HOWARD,
P.
Weil, Labouisse, Friedrichs
Howard,
and Company
JOYNER,
Howard,
JOSEPH E.
Weil, Labouisse,
Friedrichs
St
Company
ARTHUR
KEENAN,
HOMER
C.
Kees
Ducournau &
Ronald J.
E.
Abroms & Co., Inc.
President: Ronald J. Levy,
richs and Company.
•
Hutton St Company Incorporated
,.v.
(Members in New Orleans unless
'
.
ADAMS,
otherwise
*
DE
LA
VERGNE, J.
ROBERT
Ladd
ARNOLD,
Richards & Co.
Elected:
National American Bank of New Orleans
December,
1962;
Took
^
MAIER, ADOLPII J.
Wheeler & Woolfolk, Inc.
Inc.
ROSTER
^
W.
Merrill Lynch, Pierce, Fenner St Smith
Dinkins
&
CHARLES
MANION,
LADD A.
Incorporated
MARANTO, EARL J.
'
Dorsey
GEORGE P.
&
Merrill
Inc.
Co.,
ADKISON,
Paine,
i
JAC.
St
Ducournau
BREAUD, Jr., J. CHARLES
Newman, Brown & Co., Inc.
Lynch,
-
Fenner
Pierce,
&
Smith
J.
Jackson & Curtis
&
1,
1963;
FRIEDRICHS,
Howard,
CAHN, ROBERT F.
J.
>■.
&
G.
Weil,
Company
Francis
Company
-
„
duPont
Paine,
.
and
NEWMAN,
Barth &
William
Bowles
St
Co.
R.
-
Co.
L.
Staats
,
&
Co.
Dempsey-Tegeler & Co.,
Co.
C. Polonitza &
Co.,
Inc.
BERNHARD, Jr., ROBERT E.
R. E. Bernhard & Co., Beverly Hills
DELBERT E.
Jackson & Curtis
Webber,
BERRY, EARL F.
BARSAMIAN, KENNETH O.
Harry
Friedrichs
C.
BAKERINK,
E.
&
BENSON, ARTHUR
HENRY
Thomas
Co.
&
Company
SHELBY
Labouisse,
I.
HARRY
Strauss
BEEBE, JAMES
Paul, H. Aschkar & Co.
MINETREE, JOSEPH P.
Howard, Weil, Labouisse, Friedrichs and
S.
Bateman,
Inc.
Eichler
& Co.
LEON
Kohlmeyer &
Co.
PEDRICK, Jr., PARKS B.
Howard, Weil, Labouisse. Friedrichs & Co
REYNOIR, GUS A.
Hattier
RODDY,
Sanford
&
JAMES
E.
Scharff & Jones, Inc.
ROSE,
JAMES
Weil,
Howard,
&
>
F.
Colorado's
Friedrichs
Labouisse,
Company
SANFORD, J. B.
Hattier
Sanford
&
SCHWEICKHARDT,
only
SEYMOUR, MORTON S.
Howard, Weil, Labouisse,
Dorsey
St.
Complete distribution facilities
for securities in the rich and
growing Rocky Mountain
& Co.,
Empire. Serving investors in
ARUOHA
this
area
for 47 years.
telephone KEystone 4-1177
Inc.
ERNEST
C.
ST.
DENIS
ROSWELL J.
Weil Investment Company
WEIL,
Jr.,
WALTER
Weil,
STREET
•
DENVER
Labouisse,
MACREERY
2,
COIORADO
WOOLFOLK,
Wheeler &
AND
COMPANY
ROBERT
B.
Inc.
M.
Woolfolk, Inc.
ZOLLINGER, Jr., JOHN J.
Scharff & Jones, Inc.
2400, 718 17TH STREET
DENVER 2, COLORADO
H.
Company
WHEELER,
KIRCHNER
SUITE
Denis J. Villere & Co.
Wheeler St Woolfolk,
SEVENTEENTH
-j
J.
WEIL,
Howard,
teletype (Area 303) 292-1437
J.
Denis J. Villere & Co.
VILLERE,
St.
Municipal Bonds Exclusively
x
ROBERT
VILLERE,
for
Friedrichs &
Company
VEDROS,
company
ERWIN
Schweickhardt & Company
660
Term
,
BECKER, LA VAIN
Co.
ASCIIKAR, PAUL H.
BAKER,
MERIC, ALBERT L.
JEFF
Schweickhardt
PERRY
.
'
BEEBE,
FRED
Webber,
Turner-Poindexter
Incorporated
P.
Kees
T.
FEIBLEMAN,
Newman, Brown St Co., Inc.
Steiner, Rouse & Co.
Hill
OF MEMBERS
ALEXANDER, JACK H.
Company
.
DUCOURNAU,
WM.
Lueker,
T.
Office: January
Expires: December 31, 1963.
Hattier & Sanford
BROWN,
Clemens
Corporation;
Incorporated.
& Company,
LOUQUE, WM. N.
Inc.
Sheedy, Fairman & Co.; Thomas J. Euper,
Hanseatic
CLAUDE
St Derbes,
DORSEY,
LOUIS J.
York
New
III, EDWARD S.
Jackson, Miss.
Lewis
MARTINO, SAM
Abroms & Co., Inc.
DINKINS,
BOUCHE,
Inc.
Claude, Fairman & Co.
Governors: Patrick H.
DI
Company
H. WILSON
Arnold & Derbes, Inc.
Treasurer: Arthur L.
RONALD J.
■
Abroms & Co., Inc.
H.
Investment Co.,
Arnold
D.
Secretary: Stephen C. Turner, Jr., Turner-Poindexter & Co.
McINTYRE
jBarrow, Leary St Co., Shreveport
LEWIS,
Investment Co.,
DERBES,
Brown & Co., Inc.
Company
A.
Barsamian, Harry C. Polonitza & Co.,
Inc.
LEVY,
;
PRICE
G.
Crane
Weil, Labouisse, Friedrichs St
Howard,
CRANE,
Crane
LEON
Newman,
ALEXANDER,
.
OF MEMBERS
Indicated)
ABROMS, WILLIAM
Abroms & Co., Inc.
and
LEARY,
Bakerink, Paine, Webber, Jackson & Curtis.
Vice-President: Kenneth O.
LANE, JOHN D.
'"J
Howard, Weil, Labouisse, Friedrichs
:
Schweickhardt &
Secretary-Treasurer: Walter R. Green,
ROSTER
'
:
,
President: Delbert E.
WALTER D.
KINGSTON, Jr.,
Howard, Weil, Labouisse, Fried-
Vice-President: John D. Lane,
Arthur L. Claude
S. G. Turner, Jr.
D.
Hutton & Company Incorporated
F.
E. F.
—
WALTER
KINGSTON,
K. 0. Barsamian
Delbert E. Bakerink
Walter R. Green
Levy
Company.
J.
Denis J. Villere & Co.
St.
KEES,
Friedrichs and
292-1600
•
AREA
CODE
303
Volume
Number
198
6310
.
.
.
The Commercial and Financial Chronicle
57
j
Dan
New
Bracken, United Funds, Inc., Kansas City, Mo.; Carl Tiedemann, Donaldson,
York; Samuel G. Waugh, Stetson Securities Corporation, Fairfield, Conn.;
B. C. Christopher & Co., Kansas City, Mo.
BERRY, MICHAEL
R. J.
ELDRIDGE, ROSS
Hayden, Stone St Co. Incorporated
Henderson & Co.
BOURSEAU,
CALL,
J.
ELLIOTT,
EDWARD J.
DanielReeves & Co.,
J.
Beverly Hills
BRUM, JAMES E.
Olmstead, Allen & Co.
New
Weeks
&
Weeks
St
Currier & Carlsen, Incorporated
Evans,
Christensen
Securities,
Co.,
Company
Inc.,
Inc.
ANSGAR
Jr.,
&
M.
'
Investment
Fairman & Co.
„v
Richards
Herald
COOK,
St
E.
Incorporated
Co.,
Incorporated
First
Inc.
RALPH M.
H.
St
Co.,
Inc.
DEAN,
Co.,
ROBERT
Turner-Poindexter
MANTER,
ROY,
R.
Co.
J.
CARL
Henderson
/
■
Co.,
Henderson
J.
&
Co.,
Evans
Inc.
Huff & Co.
MacCormack
LINK, FRANK
Harris, Upham
'
...
Pasadena,
&
Roberts & Co.,
Inc.
Co.
"'
LIVINGSTONE,
N.
Roberts
C.
Daniel
Reeves
& Company,
Incorporated
First
Co.
Inc.
CHARLES R.
&
Co.,
McOMBER, A.
Inc.
LOVELADY, CARL
FRED
Hutton
St
McGANN, EDWARD
Rutner, Jackson & Gray,
Incorporated
'
Hornblower
F.
Inc.
McEVERS, MILTON S.
William R. Staats &
E.
Co.,
'
Calif.
Co.
LINTON, DONN R.
Merrill Lynch, Pierce, Fenner & Smith
KEOCHAKIAN, JAMES
KOEHL,
St
MATHEWS, COOPER P.
,
Barth Si Co.
C.
FRED
Robert H.
Inc.
ELWOOD
R.
Inc.
Co.,
&
MANWARING, JOSEPH R.
LINDE,
KF-ENAN, JOHN J.
(Honorary)
MANNING, JOHN
Kidder, Peabody & Co;
Le
California
Company,
SHANE
Weeks
&
Continued
Incorporated
California
D.
Hentz
&
on
page
Company
Incorporated
NICHOLAS
Co.
■
•
*
NORMAN H.
MacCormack
&
Co.,
Inc.
' '
GRIFFIN, KENNETH J.
Hayden, Stone St Co., Incorporated
St
J.
Barth
St
Co.
GUNTER, RICHARD B.
St Henderson
Sutro
DORMAN, JOHN
E. F. Huttonr & Company, Incorporated
WILLIAM
A.
Hammill
&
DOUGLASS, BRUCE
Dempsey-Tegeler &
KENT-MOORE
GRIMES, MICHAEL
Co.
DOAN, JAMES C.
Shearson,
J.
WESLEY
Allen & Co.
Olmstead,
LATINOVICH, GEORGE M.
Bateman, Eichler St Co.
Co.
St
&
MANN,
Co., Incorporated,
D.
Cruttenden, & Co., Inc.
DORROH,
JOYCE, JACK
N.
GREEN, ROBERT M.
;V
Pledger & Company, Inc.:
DIEUDONNE, Jr., GEORGE L.
Harbison
St Company
\
Henderson
Evans
Inc.
DANIEL
Hill Richards &
DIEHL,
&
&
PUMA, JOSEPH G.
Incorporated
Currier & Carlsen,
Staats
Roberts
MacINTYRE, PATRICK
P. N. Macnltyre St Co.
Inc.
Co.
GREEN,
DAV1ES, JR., WILLIAM H.
Dempsey-Tegeler
C.
Hill Richards St Co. Incorporated
'
'
Co.,
GRAY, JACK H.
Rutner, Jackson & Gray, Inc.
<
Dempsey-Tegeler
St
GRAMZA,
CRUTTENDEN, JR., WALTER W.
Cruttenden & Co., Inc.
DAHL,
N.
&
GRAFF, JOSEPH
PHILLIP B.
Co.,
R.
Henderson
ROBERT
Barth St Co.
GOODFELLOW, RICHARD
J. A. Hogle & Co.
DONALD R.
&
La
St Co.
JOSEPH, Jr., GEORGE
ROGER
Harbison
WILLIAM B.
Evans MacCormack
William
&
J.
GINN, WILLIAM E.
F. Hutton & Company Inc.
CROSS,
Examiner
&
Dean Witter St
Hayden, Stone & Co.,
CRAIG,
Franklin
GILLESPIE,
COLLINS, EUGENE
Hill
Colburn
JEWELL, HAROLD
Crowell, Weedon
GENTLE, ANTHONY
San Marino
Inc.,
Harbison
FRANKLIN, RICHARD
COLE, LARRY
Wells,
'
GARRAWAY, DAVID S.
Glore, Forgan St Co.
Mitchum, Jones & Templeton,
Incorporated,-
L.
St
Co.
...wherever
HALL, MAX
Dean Witter & Co.
HARRIS, TIM
Currier Sq Carlsen Incorporated
Co.
men
Inc.
Dempsey-Tegeler St Co.,
Inc.
special
HENDERSON, ROBERT J.
EARNEST,
HERRERA, CONRAD
J. A. Hogle & Co.
GEORGE
need
HECHT, JOHN C.
Co.,
DYER, m, FRANK
Wagenseller St Durst, Inc.
R,
H.
Evans MacCorma.ck & Co.,
Inc.
J.
Henderson
&
Co.,
Inc.
service
products
COMPLETE
INVESTMENT
FACILITIES-
throughout
Wisconsin!
is there
operation of
industrial and consumer products. This service began in 1922 when we first worked
with car manufacturers to develop special service tools. Today, Kent-Moore is a parent
company with five subsidiaries, including Kent-Moore Organization International A. G.
of Switzerland, with complete research engineering, manufacturing and sales divisions.
When any
mechanism requires special products for its maintenance, Kent-Moore
with the answer,
helping industries around the world prolong the efficient
The KentrMoore record is
Annual
about
Teletype: 414-2734333
East
Mason
^
.
Street
.
Milwaukee 2, Wisconsin
MEMBERS: NEW YORK STOCK EXCHANGE
•
one
of continuing
corporate and financial progress. On
paid our 60th consecutive quarterly dividend. A copy of our 1962
Report is available to all who are interested in learning more about us.. . and
September 1, 1962
225
Co.,
LUEKER, CLEMENS T.
LANZIT, STEVE
Harry C. Polonitza
IMBLER, A. O.
Inc.,
Co.,
FRASER, JAMES G.
Stern, Frank, Meyer St Fox
COCKBURN, JAMES D.
St
R.
LOWER,
KRAFT, VERNER HARRIS
Moulton & Company
HUDSON, NORMAN
Inc.
FRALICK, JR., SYLES
Blyth & Co., Inc.
.^Samuel B.
Glendale
CLAUDE, ARTHUR L.
Blalack
Co.,
Pasadena
MacCormack &
H.
WILLIAM
Mitchum, Jones & Templeton
Incorporated
FORSBLA.DE, DONALD A.
ROBERT G.
CHRISTENSEN,
St
Fitzgerald &
Hills
Cantor,
Beverly
CARLSEN, THEODORE D.
CASS,
Polonitza
KOLLER, RICHARD E.
Shearson, Hammill & Co., Inc.
ATSUYOSHI
St Co., Incorporated
HOWARD,
FINE, STUART
CAMERON, DONALD M.
Hornblower
R.
J.
York Hanseatic Corporation
Harry C.
Marsh, Denver U. S. National Bank, Denver; Jack Alexander, Turner-Poindexter &
Los Angeles; Munson McKinney, Almon, McKinney & Dudley, Dallas;
Jack Weller, Weller & Co., Los Angeles
HOULIHAN, JOHN
Co.
&
THOMAS
H.
Hill Richards
EUPER, Jr., THOMAS K.
RICHARD
Hornblower
HOSOKAWA,
WILLIAM H.
Barth
EUPER,
v
Willard
Lufkin & Jenrette,
Ludwell G. Gains,
our
40 years
we
of
progress.
L®feph?n?si„n"v..
Milwaukee: BRoadway 6-8040
Chicago:STate2-0933
OTHER PRINCIPAL EXCHANGES
KENT-MOORE
28635
MOUND
ORGANIZATION, INC.
ROAD
•
WARREN,
MICHIGAN
58
The Commercial and Financial Chronicle
.
.
.
Thursday, October 24, 1963
Milton Luce,
Wellington "Duke" Hunter, Wellington Hunter Associates, Jersey City, N. J.; Robert D. Brearley,
Wood, Gundy A Co., Inc., New York; Rollie Morton, The Blue List, New York; Jack Reiter,
Reiter A Co., Cincinnati
John
Ray Morris, Stroud A Company Incorporated, Philadelphia; Larry Black, Black & Co. Inc., Portland,
Oreg.; Charles Wallingford, Janney, Battles A E. W. Clark, Philadelphia; Cliff Remington,
Hess, Grant A Remington, Philadelphia
' ■
'
'
;
Jr., Luce, Thompson A Co., Kansas City, Mo.; Preston L. Phipps, June S. Jones Co.,\
Portland, Oreg.; Earl W. Price, Stern Brothers A Co., Kansas City, Mo.; Pete Kosterman,
E. I. Hag en A Co., Inc., Portland, Oreg.
Bonham, First Alabama Securities, Inc., Montgomery, Ala.; Lewis Bibb, R. S. Dickson A Co., Inc.,
Charlotte, N. C.; Parks B. Pedrick, Howard, Weil, Labouisse, Friedrichs and Company, New Orleans;
Phil Young, Refnes, Ely, Beck Co., Phoenix, Ariz.
-
,
,
—
„
OSTROW,
Security Traders Association of
III, RICHARD E.
Kidder, Peabody St Co.
Los Angeles
R.
MORA, ADOLPH
P. N. Maclntyre
&
P.
MILLER, U. DEAN
Hugh C. Watson & Co., Inc.
N.
&
Co.,
Inc.
IRWIN
Maclntyre
&
STOUT, SCOTT
Dempsey-Tegeler
&
P.
C.
Roberts
POINDEXTER,
v
St
Co.
&
Schwabacher
Inc.
Co.,
CLIFFORD
Turner-Poindexter
MODRELL, PAUL
Blyth & Co., Inc.
St
E.
St
Co.
ROBERT
&
Co.,
RICHARD
O'NEIL,
Inc.,
R.
First California Company, Inc.
William
Inc.
Co.
&
Co.
RIZUTTO, CHARLES
Wagenseller St Durst,
♦
Wheeler
&
&
Co.
DONALD
Witter
St
WITT, BASIL
Stern, Frank,
Co.
C.
Co.
Meyer & Fox
WREN, EDWARD J.
Lester, Ryons & Co.
ARSDALE, NIELAND
Blyth St Co., Inc.
WRIGHT, WILLIAM L.
Lester, Ryons St Co.
B.
,
First
California
WRITER, JOSEPH
Walston St Co., Inc.
Incorporated
Company
YOUNG,
VISCUSI, ROBERT
E. F. Hutton St Company, Inc.
Inc.
ZIMMERMAN,
Crowell, Weedon & Co.
,
GRAHAM T.
Weeden St Co.
WALKER, RODNEY L.
ARTHUR
Co.,
Dean
Co.
Co.
St
St
WHITAKER.
VICARY, WILLIAM
Witter & Co.
&
WESSENDORF, Jr., HOMER
Mitchum, Jones St Templeton
Incorporated
Inc.
ROBERTSON, JOHN
Walston
Templeton
&
Hills J>
VAN
RICHARDSON, WILLIAM
Crowell. Weedon St Co. '
Inc.
WHEELER, JOHN E.
Turner-Poindexter
RICHARDS, JOHN S.
ROWSELL,
Inc.
St Co.
VALHOFF, VAL
Lester. Ryons
Co.,
&
Company
WELLS, ROGER
Mitchum, Jones
Incorporated
TURNER, Jr., STEPHEN C.
Bingham, Walter & Hurry, Inc.
Dean
Co.
Co.,
,
Henderson
The Weller
Turner-Poindexter
RICE, LAWRENCE
Morgan St Co.
J.
WELLER, JOHN S.
Lester, Ryons St Co.
RHODES, RICHARD J.
Harker St
Inc.
TURNER, STEPHEN C.
Staats
R.
Co.,
TORENA, JOSEPH
Co.,
REDMOND, ROY
NOLAN,
St
TIGHE, WILLIAM
Bache & Co., Beverly
CHARLES
Dempsey-Tegeler
'
Evans MacCormack St Co.
MOISE, JAMES J.
Canton, Fitzgerald
Beverly Hills
RAMPLEY,
NEVINS, JOHN R.
Lester, Ryons St Co.
R.
SUMMERELL, DONALD E.
MILLER, WILLIAM A.
Weedon
N.
Roberts
Pierce, Fenner St Smith
WEBSTER, WILLIAM
Inc.
SPIVEY,
N.
MORALES, MICHAEL A.
Shearson, Hammill & Co.
Crowell,
Co.,
SNODGRASS, CHARLES K.
C.
WILLIAM F.
Merrill Lynch,
PARLAPIANO, ANTHONY J.
Crowell, Weedon & Co.
N.
FRANK J.
(Honorary)
Incorporated
SMITH, WILLIAM
Dempsey-Tegeler &
PITTS, REGINALD
Maclntyre & Co.
Curtis
WATTS,
FHELAN, Jr., RALPH E.
New York Hanseatic Corporation
Co.
MORA, yiNCENT E.
Inc.
Henderson
St
PETERSEN, DAVID
Walston St Co., Inc.
'
METiZINGER, RAY
Evans MacCormack & Co..
J.
WARD,
SILLICK, JACK J.
Paine, Webber, Jackson
SMITH, LAWRENCE W. /
United California Bank
PARIS, DONALD R.
ROSTER OF MEMBERS
Continued from page 57
JERRY
V. K. Osborne & Sons, Inc., Beverly Hilln
OWEN
;
WILLIAM
J.
Bingham, Walter St Hurry, Inc.
>
RUSSELL, KENNETH
Sutro
St Co.
RUSSELL, ROBERT M.
Rutner, Jackson St Gray, Inc.
CHILES
&
COMPANY
SCHWEITZER,
Corporate and Municipal Securities
J.
Barth
&
Direct wires
to
Exchange
E. F. Hutton & Company and
Doyle, -O'Connor & Company, Inc.
Bldg.
1321 "P" Street
Omaha, Nebraska 68102
Lincoln, Nebraska 68508
Telephone 346-6677
Telephone 432-3324
Bell
Teletype
And Invites Your Inquiries
"If
'/
SHEEDY, PATRICK H.
Fairman & Co.
We
70
there
is
a
Market
We
can
find it"
Specialize In Orders For Banks and Dealers
registered representatives give
you
pin point distribution in this
area
SHERIDAN, EDWARD
William R. Staats & Co.
EDWARD D. JONES & CO.
/ESTABLISHED
SHIMOOKA, EDDIE
Kleiner, Bell St Co., Beverly Hills
SHIPLEY,
Marache
402 348-1040
MARKETS
Local Listed And Unlisted Securities
STEVEN
SHERWOOD, ALLAN F.
Currier & Carlsen, Inc.
412 Farm Credit
LOUIS
Our Trading Department Is Active In All
Co.
SHARP, DANIEL S.
Blyth & Co., Inc.
Member Midwest Stock
ST.
SANDLER, MURRAY
Mitchum, Jones St Templeton
Incorporated
FOREST 'W.
St Co.
^
SIEPMAN, WAYNE
P. N. Maclntyre
York Stock Exchange
Midwest
Stock
CEntral
Branch
8t
Co.
'
Direct
Exchange
St. Louis 2, Mo.
1-7600
Teletype 314 556-0960
Office—' Bon
Private
Wire
'
American Stock Exchange
Chicago Board of Trade
101 North 4th St.
SIERGA, DONALD
Hayden, Stone & Co., Incorporated
1871
Members
New
Durant
Bldg.,
Pueblo,
Colo.
Connections with Pueblo branch and'
Josephthal & Co., New York, and Francis I. du Pont & Co., Chicago
.
Volume
Mr. &
198
Number
Mrs. Sidney A. Siegel,
Inc.,
New
York;
6310
.
.
The Commercial and Financial Chronicle
.
/
Sidney A. Siegel & Co., Inc., New York; George Heinze, Walston & Co.,
Morton Weiss, New York; Mr. & Mrs. Harold' C. Shore,
C. Shore & Co., Inc., New York
/V./
Sidney Jacobs, Sidney Jacobs Co., New York; Vern Beale, Quinn & Co., Albuquerque, N. Mex.; Homer
J. Bateman, Pacific Northwest Company, Seattle; B. F. Kennedy, Bosworth, Sullivan
& Company, Inc., Denver
Mrs.
%'/,'/./ ;/ Harold
BLANK,
The Cincinnati Stock and Bond
G.
Club, Inc.
HILLE,
and
BONN,
The
&
Ohio
J.
/
Co.
CLANCEY,
P.
W.
Stranahan.
L.
W.
Harris
&
Inc.
Company
LEE
Hoefinghoff & Co., Inc.
HONECKER, DALE E.
POWER
W.
D.
Gradison
&
paul
HOWES.
HOEFINGHOFF, RICHARD G.
L. W. Hoefinghoff & Co., Inc.
Inc.,
hood,
Seasongood & Mayer
Co.
Hinsch & Co.,
HOEFINGHOFF,
Hinsch & Co., Inc.
A.
Tv
W.
&
HIRSCHFELD, OSCAR W.
CANNING, JOSEPH E.
Wellington Distributors,
Cleveland
W.
Charles A.
Co.
ROBERT
Charles
E.
HINSCH, CHARLES A.
H.
WILLIAM
BRINK.
Hutton
Company
JOHN
Musekamp
H.
ENGENE
W.
THOMAS
Westheimer
BLOCKSOM,
59
Co.
RICHARD
Richard
G.
g.
Howes
8c
Co.
HrDrroiiL. harry j.
Westheimer and
Company
hudepohl, jerry
Westheimer
hughes,
Thomas
and
Company
thomas
j.
j.
Hughes
&
Co.
Continued
on
page
Clancey & Co.
CONGER,
ROBERT
Westheimer
and
C.
Company
CONNERS, CHARLES F.
Pohl
&
Inc.
Company,
CONNERS.
CHARLES
Robert
Conners
L.
conners,
Robert
W.
&
Co., Inc.
robert l.
L.
Conners
&
Co., Inc.
CONNERS, WILLIAM P.
Pohl
<te
Inc.
Company,
COOPER, STANLEY M.
Stanley Cooper Co., Inc.
Harold W. Roberts
Robert G.
Conger
COOPER,
STANLEY
Jr.,
Stanley. Cooper
COUJSOV,
President: W. Patrick Garrand, C. J. Devine & Co.
First
Vice-President: Thomas
W.
L.
W.
W.
Second Vice-President: Harold W. Roberts, John E. Joseph &
Co.,
Trustees:
John
<fc
DEHNER,
Co.
Company
WALTER
Lynch,
Incorporated
J.
„
A.
/Merrill
Armbrust, Fohl & Company, Inc.; Robert L.
Robert L. Conners & Co., Inc.; John E. Froehlich,
Conners,
&
Hutton
GILBERT
Harrison
Treasurer: Robert C. Conger, Westheimer and Company.
,,
JAMES
E.
DAVIS.
Secretary: William L. Earth, The J. L. Barth Co.
Inc.
G.
Hoefinghoff & Co., Inc.
DAUM.
Tritten, Harrison & Company.
Co.,
CHARLES
D.
Pierce, ^Fenner
&
Smith
DITTUS, HERBERT R.
Pohl
&
Inc.
Company,
Walter, Woody & Heimerdinger; Richard G. Hoefinghoff, L. W.
Hoefinghoff & Co., Inc.; James F. Moriarity, W. E. Button &
DUNLAP, JAMES R.
Co.; Robert W. Reis, Seasongood & Mayer.
-/Ellis & Co
Bache
ELLIS,
&
The
OF MEMBERS
DAVID
Jr.,
ENGLER,
ROSTER
Co.
W.
J.
HERMAN
Samuel
&
Engler
Columbus,
Co.,
Chio
(Members
located
In
otherwise
ALEXANDER,
First
E.
APKE,
Pohl
Hutton
Corporation
W.
/
&
E.
&
Geo.
Co.
FINN,
The
Barth
L.
j.
W.
Co.
WILLIAM
Eustis
&
III,
D.
Bank
JOHN
H.
Gradison
FITZGERALD
L.
Co.
Jr., HARRY A.
Provident
Co.
8c
Hutton 8c
GEORGE
FILDER.
EDO AH
A.
Aub
BARTH,
Co,
Co.
&
LA WREN* *F S
Merrill Lynch, Pierce,
Co,
Fenner & Smith
Incorporated
BERLAGE,
Company,
ARMBRUST,
Jr.,
E.
A.
Mayer
ROBERT
&
Eustis
Geo.
ALB,
EUSTIS,
HENRY
BARNARD, REGINALD N.
&
TAYLOR
ALTER,
W.
indicated)
CARL
Seasongood
ARNOLD,
uniesn
WM.
Columbus
ALLEN,
Cincinnati
JOHN
Inc.
J.
Inc.
Pohl & Company,
WILLIAM
Westheimer
and
1
FOGEL,
Company
Charles
BIRKMEYER, ALLEN L.
Charles
A.
Hinsch &
ROBERT L.
Hinsch
A.
FRIED LANDER.
Co.,
Inc.
BenJ.
r
&
Inc.
Co.,
WILLIAM
A.
Bartlett & Co.
D.
FROEHLICH, JOHN E.
Walter.
Woody 8c Heimerdlrurer
FUERBACHER, JOHN N.
Walter
Woody
GARRARD,
SEVENTY-THREE YEARS
C.
Devine
J.
GEIGER.
8c
Reed,
GERHARDT,
J.
E.
Madigan
GLENN,
Inc.
II.
and
Company
PAUL
Merrill
BANKING
E.
Co.,
&
SAM
Westheimer
/
Inc.
FRANK
GERTZMAN.
INVESTMENT
Co.
8c
RUSSELL
Waddell
OF
Heimerdinger
8c
PATRICK
W.
Lynch,
Pierce,
Fenner
GRADISON. Jr., WILI.IS
W. D.
Gradison
GRADY.
INCORPORATED
&
GEORGE
Cincinnati
Stifel, Nicolaus & Company
GRAHAM,
Co.
T.
r
Municipal
GORDON
Middendorf
8c
IV
Bond
Corporation
MEMBERS
YORK
STOCK
EXCHANGE
Co.
GRISCHY, CLIFFORD H.
Field. Richards & Co.
MIDWEST
IIALL,
AMERICAN
STOCK
EXCHANGE
STOCK
EXCHANGE
Jr.,
Clair
S.
HARRISON,
.1
Harrison
314 N.
Broadway
105 W. Adams St.
ST. LOUIS, MO.
314
556-0007
GArfield
CHICAGO, ILLINOIS
1-1980
315
222-0392 STate
CLAIR
Hall
>
.
2-5770
Company
L.
Company
HARRISON, EDMUND WEBSTER
Harrison
8c
Company
HAUCH, KARL D.
Tessel, Paturick &
Co.
HAYDOCK, THOMAS C.
-•
Louisville,
Private
Wire
Ky.
Between
and
Singer,
—
Branch
Bean
Moline,
Offices
&
111.
and
Mackie,
to
Inc.,
—
Clayton, Mo.
Hayden, Stone & Co., Inc.
New
York
City
W
E
Hutton
&
Co
HEIMERDINGER, JOHN M.
Walter, Woody & Heimerdinger
HERBERT, ROBERT F.
Geo.
Eustis
&
"MARKET PLACE OF
S.
&
III, CHARLES
&
C^ntmnce to th
M.
"
NEW'
& .Smith
Incorporated
Co.
<
THE MIDDLE WEST"
60
The Commercial and Financial Chronicle
60
.
.
Thursday, October 24, 1963
.
if
1
-
Mr. & Mrs. Jack
Bruck, Stein Bros. & Boyce, Baltimore; Jack Wichmann, Stifel, Nicolaus A Company
Incorporated, St. Louis; Daniel F. O'Hara, Jr., Cowen & Co., New York; David L. Pindell,
Lockwood, Peck & Co., Baltimore
Mitchell
H.
Cincinnati Stock and Bond Club, Inc.
C.
Reiter
H.
OF
MEMBERS
LAMEIER, THOMAS
Merrill Lynch, Pierce,
Incorporated
v
59
HUTTON, Jr., JAMES M.
W.
E.
Hutton
E.
Hutton
W.
Co.
&
Relter
H.
&
Co.
&
A.
Co.
&
Inc.
Company,
'
Union Trust Co.
E.
Joseph & Co.
Cincinnati Municipal Bond
Corportion
Columbus
First
E.
Corporation
MATHES,
C.
H.
&
&
Investment
Reserve
MAYER,
Company
N.
KORROS,
Company
McCLOY,
C. JAMES
C.
J.
McCloy & Co.
and Company
H.
Relter
&
Co.
McGRANE,
WILLIAM J.
JOHN
Harrison
&
&
C°
D.
G.
Company
WESTON, DONALD
W.
Ellis
Co.
&
&
A.
P.
AUSTIN
White
&
Company
WIDMAN, JR., ALBERT C.
Westheimer
THOMAS, JOSEPH H/
and
Company
WOODWARD, WARREN R.
Thayer, Woodward & Co.
WORTH, WILLIAM P.
Company
ROBERT
Co.
RICHARD
Co.
WHITE, J.
J.
E.
&
Gradison
D.
W.
Merrill Lynch, Pierce, Fenner & Smit*
Westheimer and
ZIEGLER,
Merrill
Comoanv
ALLEN
Lynch, Pierce,
Fenner
&
Smith
Incorporated
Company
/
H.
&
Gradison
FUSZ-SCHMELZLE & CO., INC.
Co..
TnOMAS
Westheimer
Members New
and
Charles
CEntral 1-2614
TWX 314 556-0221
Hinsch & Co.,
A.
York Stock Exchange
Company
NEIL
RANSICK,
BONDS
'
Company
POGUE,
W.
STOCKS
Co
&
and
1930—-Thirty-Three Years in St. Louis—1963
J.
Mayer
GEORGE H.
PHILLIPS,
&
Westlieimer
WHEELWRIGHT.
TOBIAS, JOHN E.
Westheimer and
CLETUS
OLLIER,
PEET
Devine
Company
RICHARD F.
WESTHEIMER, ROBERT I.
Woodward & Co.
&
J.
'
W.
and
Jr.,
Seasongood
O.
Thayer,
FRED
Westheimer
EDWIN
Paturick
Co.
&
Co.
&
HARRY C.
Stranahan, Harris & Company
O'BRIEN,
O'HARA,
H.
WELLER,
Incorporated
Bache & Co.
'
EDWARD
Eustis
WELLINGHOFF,
THAYER, RICHARD
V
,
Co.
NIEMAN, JOSEPH
KORTE, ARTHUR W.
Co.
Company
THORNBURGH,
JACK H.
Middendorf &
Geo.
RICHARD T.
&
McDonald
FRED
Westheimer
C.
Tessel,
H.
MUSEKAMP, III, GEORGE
G. H. Musekamp & Co.
NEUMARK,
and
TESSEL,
RUFUS W.
Lynch, Pierce, Fenner & Smith
Incorporated
Co.
&
DAVID
Paturick
Tessel,
WEISS, ROBERT
Seasongood & Mayer
Merrill
JULE
Westheimer
TAYLOR,
C.
MURPHY,
Co.
HOWARD
Reiter
Harrison
CARL A.
Woody & Heimerdlnger
Walter,
Inc.
Hutton
TABELING,
F.
Co.
&
Hutton
E.
Company
LOUIS
WEINIG,
Cincinnati
C.
JAMES
MUETHING,
KEYS, RICHARD H.
The
W.
RALPH J.
Seasongood & Mayer
CHARLES
of
H.
Co.
&
Trust
WANNER,
STRUBBE, RICHARD F.
Westheimer and Company
Co.
&
Co.
Bank
Company
WALDVOGEL,
STEVENSON, II, JUSTIN J.
Service
MUEIILENKAMP, JOHN
Harrison & Company
DONALD
Hutton
E.
W.
GEORGE
J.
Inc.
&
Eustis
Geo.
/
JOSETH
Central
&
National
First
& Co.
Jr.,
MANION,
W.
Jr.,
STEPHENS,
C. V.
GEORGE
Eustis
D.
STEFENS, Jr., CHARLES H.
The Cincinnati Stock Exchange
Corporation
JACK
Supervised Investors
Geo.
VASEY,
,
MILLER,
MORIART1,
Harrison
Co.
H.
Bartlett & Co.
Eustis
Geo.
;
Hinsch & Co.,
A.
MORGAN,
MADIGAN, JAMES E.
J. E. Madigan & Co.,
KATZ, ARTHUR Y.
KENN,
Co.
JACK W.
Aub
r
J.
Columbus
Charles
&
CHAS.
STA1B, LEE R.
/
Bank
WALTER
First
EDGAR J.
Seasongood & Mayer
MACK,
JOSEPH, JOHN E.
John
E.
llcnj.
MEYER, ROBERT R.
LOVELAND, JR., FRANKLIN O.
Harrison & Company
JAMESON, ROBERT A.
Pohl
&
Hutton
E.
LEVI, Jr.,
ISPHORDING, ROBERT B.
Harrison
Smith
LEPPER, MILTON W.
A
Lepper & Co
IBOLD, JAMES A.
C.
&
LENHOFF, MATTHEW
HUTTON, in, JAMES M.
W.
Fenner
.
Co.
&
MEYER,
Hutton
E.
THOMAS W.
TRITTEN,
PHILIP
W.
SNYDER,
?r
MEYER, AL H.
Provident
Continued from page
SMITH,
Co.
&
PAUL W.
Fifth Third
ROSTER
-■
McKAY, II, FRANK D.
McKINLEY,
Rappa
Weller, The Weller Co., Los Angeles; Mr. & Mrs. Salvatore J. Rappa, Mergott,
& Co., Inc., New York
'>
Inc.
REED, ROBERT L.
"•»
MEMBERS
NEW
YORK
STOCK
STOCK
AMERICAN
Hill &
Co.
Seasongood
EXCHANGE
MIDWEST
STOCK
DETROIT
STOCK
EXCHANGE
REIS, THOMAS
Seasongood
C.
H.
'
TELEPHONE GRand 1-8200
556-1362
'
Trading Wire System
<
Fox. Reusch & Co.
RICHARDS
TELETYPE 816
Co.
CARL H.
REUSCH,
ST., KANSAS CITY 5, MO.
L.
&
Reiter
St. Louis Area Issues
Mayer
&
JACK
REITER,
23 W. 10th
40
W.
& Mayer
Seasongood
EXCHANGE
Mayer
&
ROBERT
REIS,
EXCHANGE
Primary Markets in
GORDON
REIS, Jr.,
Troster, Singer & Co., N. Y. C.
ARTHUR H.
II,
Field, Richards & Co.
ROACH,
JOHN
P.
UNDERWRITERS
Columbus
First
—
RETAIL
DISTRIBUTORS
•
HAROLD
Joseph & Co.
ROBERTS,
John
Corporation
E.
ROHS, MICHAEL H.
W.
Gradison & Co.
D.
since 1917
KURT
ROSSBACH,
Fahey, Clark & Co.
ROTH, Jr., JOHN L.
W.
Gradison
D.
& Co.
ROTTENBERGER, JAMES
W.
Hutton
E.
MUNICIPAL BONDS
&
1
,
Co.
UNDERWRITERS
,
WILLIAM
RUXTON,
AND
Bnche & Co.
SAHLFELD, L. C.
First
GOVERNMENT BONDS
Geo.
Bank
National
SCHIRMER,
Eustis
&
OF
Co.
SCHMIDT, JOEL H.
G. H. Musekamp &
FEDERAL AGENCY SECURITIES
DISTRIBUTORS
Cincinnati
of
CARL
HIGH GRADE
Co.
CORPORATE
SCHWINDT, PETER
Seasongood & Mayer
SENA,
WILLIAM
Westheimer
SEVERIN,
AND
T.
and
Company
MUNICIPAL
EMIL
Weil, Roth
&
,
Irving Co.
1
SECURITIES
SHAFFER, EARL R.
Charles
(ommerceJrust (ompany*
Merrill
City, Missouri
Ellis
Capital Funds Exceed Fifty-Two Million Dollars
Lynch,
&
ROBERT
Deposit Insurance Corporation
SMALLEY,
Merrill
a
&
Co., Inc.
W,
Pierce,
Fenner
&
Smith
B.
Co.
Members Midwest
SIEGMAN, JACK
Westheimer
Member Federal
Hinsch
LLOYD
Incorporated
SIIOTT,
Kansas
A.
SHEPLER,
and
C.
Stock Exchange
Company
...
Stern brothers
INVESTMENT
1009-15
Incorporated
Pierce,
Fenner
&
Co.
,
ROBERT
Lynch,
t>
BANKERS
Smith
Baltimore Ave.
•
Kansas
City 5, Missouri
196
Volume
Number 6310
.
.
The Commercial and Financial Chronicle
.
61
STANSEL, ARTHUR
Courts As Co., Blrmihgham
GENTRY, EDWIN A.
Pierce, Wulberb, Murphey, Inc.
Birmingham
-**
Alabama Security Dealers Association
STERNE,
HAYLEY, FRED A.
Merchants
,
National
Lehman
STONE, JR., W. NAYLOR
Merrill Lynch, Pierce, Fenner As Smith
Inc., Montgomery
Jr.,
Inc.,
HENDRIX, JAMES R.
Hendrix, Mohr Ac Head, Inc.,
Birmingham
STUBBS, Jr., GEORGE H.
Stubbs, Watkins As Lombardo,
Birmingham
HILL, CHEESTER W.
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated, Mobile
SWAGLER, RICHARD C.
First Alabama Securities,
Birmingham
,
HOLLEMAN, JOHN ALBERT
Hugo Marx As Co., Montgomery
Hugo Marx As Co.,
Edwin A.
Sam F. Malone
Gentry
H. R.
Montgomery
Straughan
Edwin
A.
Gentry,
Wulbern, Murphey,
Pierce,
Inc.,
Jr., MARK
Kohlmeyer & Co.
JETER,
Birmingham.
Vice-Presidents: Arthur B. Durkee, Sterne, Agee &
Birmingham;
Sam
F.
Watkins, Morrow As Co., Birmingham
WHITESIDE, V. BURLEIGH
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated, Mobile
Inc.,
WOOD, GEORGE M.
George M. Wood AS Company,
Montgomery
WOOD, Jr., GEORGE M.
George M. Wood
Montgomery
As
Company,
YARDLEY, THOMAS K.
ULMER, T. CLYDE
Courts As Co., Birmingham
Andresen & Co., Birmingham
L.
Merrill Lynch, Pieroe, Fenner
Incorporated, Montgomery
ingham.
As
Smith-
JOLLY, Jr., JOE D.
Hugo Marx As Co., Birmingham
Secretary: Roger C. Clayton, Hugo Marx & Co., Birmingham.
JORDAN, W. E.
Exchange Security
Treasurer: Howard R. Straughan, Berney Perry & Company, Inc.,
Birmingham.
Executive Committee: Marion E. Baxley, Merrill
Lynch, Pierce,
Fenner & Smith Incorporated,
Montgomery; Frank B. Frazer,
Merrill Lynch, Pierce, Fenner
incorporated, Montgomery
Montgomery
LEE,
First
Alabama
Securities,
.
COX,
JAMES
L.
,
Knight, Inc., Birmingham
Ac
Smith
AVERYT, A. RICHARD
Berney Perry Ac Company,
Birmingham
S.
National
Bank
First
Smith
Alabama
Ac
Smith
Securities,
Inc.,
Bankers
DOROUGH, JAMES E.
Sterne, Agee As Leach, Inc., Birmingham
DURKEE, ARTHUR B.
Sterne, Agee As Leach, Birmingham
L.
Corp.,
r
Selma
Securities, Inc.,
^
FILLENGEM, SID
Andresen & Co., Birmingham
Montgomery
BOSWELL, H. GRADY
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
FINNEY,
Ac
CHARLES
T.
Shipper & Finney, Inc., Florence
Smith
FLETCHER, J. G. B.
First
BRODNAX, MARION J.
Brodnax Ss Knight, Inc., Birmingham
Alabama
Securities,
Birmingham
Inc.,
>
LYONS, ARTHUR
Sterne, Agee As Leach, Inc., Birmingham
MALONE,
Securities
First
Rational
Birmingham
Corporation,
Birmingham
Securities,
Inc.,
Tuscaloosa
BCRWELL, PHILIP A.
Merrill Lynch, Pierce, Fenner
Inc., Montgomery
CANBY, YARDLEY P.
Courts As Co.. Birmingham
Bank
of
Birmingham,
FRALEY, ROGER D.
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated, Mobile
HOMER
FRANK B.
Shropshire, Frazer As
FRAZER,
Ac Smith
Co.,
Mobile
GAUNTT, WILLIAM L.
Thornton, Mohr, Farish As Gauntt Inc.,
?
As
Montgomery
Co.
Marx As
Company,
Exchange
The
MATHES, Jr., WALLACE
Merrill Lynch. Pierce, Fenner
transports
As Smith,
Incorporated, Birmingham
produces,
and
distributes
McDONALD, JOHN G.
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
Smith
As
MCHENRY, Jr., WILLIAM K.
Sterne, Agee As Leach, Inc., Birmingham
now
The
area
the
fastest
ODESS, LEWIS J.
First Alabama Securities,
country,
it
is
serves
one
growing
the
in
plentifully
is
of
sup¬
Inc.,
plied with natural
PERRY, m, TUNSTALL B.
Berney Perry As Company,
Birmingham
^
PERRY, W. BERNEY '
.
Berney Perry As Company,
Birmingham
strategically
Inc.
resources,
located
as
a
manufacturing and distribu¬
Inc.
tion
PILL, HOWARD E.
Thornton, Mohr, Farish As Gauntt Inc.,
Montgomery
center,
and
has
a
diversity of industry.
GRANTLAND
Perry As Co.,
Alabama
Inc.,
Dividends have been
Inc.,
."7
/
GEORGE D.
Lynch, Pierce, Fenner As
Inc., Montgomery
,
SELLS,
Merrill
Alabama
paid
by the Company each
Birmingham
year
since
Securities,
Birmingham
First
200,000
:
DRAYTON
First National Bank, Birmingham
First
Wyoming, and
than
more
NABERS,
H.
and
97 communities
serves
and
Utah
customers.
MORROW, HUGH, III
Watkins, Morrow As Co., Birmingham
RICE,
in
gas
southwestern
Smith
Securities,
its,
1935.
York
organization
Listed
Stock
on
the
in
New
Exchange
—
Symbol MFS.
Inc.,
Montgomery
SHANNON, JACK H.
Securities
Pierce, Wulbern, Murphy, Inc.
Birmingham
Quoted
SHANNON, WILLIAM H.
Pierce, Wulbern, Murphy, Inc.
Birmingham
m
SHIPPER, STANLEY E.
Shipper As Finney, Inc., Florence
500 NEWHOUSE BUILDING
SALT LAKE CITY 11, UTAH
customers.
Company
natural
CLARY, BRUCE
Andresen As Co., Birmingham
SELLERS, PHILLIP A.
Mining & Industrial
Sold
of
number
and
Birmingham
MARX, WILLIAM
Hugo Marx As Company, Birmingham
Berney
V. E. ANDERSON & CO
Bought
continues to establish
MARX, Jr., Y. HUGO
SCHULHAFER, LOUIS
Western
Supply Com¬
highs in sales, earnings,
new
SCALES, JOSEPH H.
Pierce, Wulbern, Murphy, Inc.
Birmingham
Member Salt Lake Stock
Mountain Fuel
pany
F.
SAM
Andresen
Birmingham
FORE, ROBERT B.
BROWN, C. BLYTHE
iiiliiiliilllllillll ill!!
n
*
MERRY, Jr., EDWARD T.
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated, Mobile
ELIASBERG, JULIEN
A.
mm
MC
Montgomery
Gadsden
Alabama
Birmingham,
DOE, Jr., WELDON W.
BAXLEY, MARION E.
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
First
of
DARBY, Jr., NOLAN C.
Merrill'Lynch, Pierce, Fenner As
Incorporated, Birmingham
Inc.,
MM
LvX-X-Iy
^
Birmingham
,
mm
•xWiSv
pp
LYNN, HENRY 8.'
Sterne, Agee As Leach, Inc., Birmingham
Hugo
First
ARMSTRONG, ERNEST E.
Sterne, Agee Ac Leach, Inc., Montgomery
BRYANT,
■
C.
ANDREWS, Jr., O. L.
Merrill Lynch, Pierce, Fenner
Incorporated, Birmingham
Cumberland
\
COX, Jr., JOHN B.
Birmingham Trust National Bank,
Birmingham
Corporation,
CROW, JAMES
Alabama
'
,
COHEN, MORTIMER A.
Sterne, Agee Ac Leach, Inc., Montgomery
Brodnax As
First
Inc.,
Birmingham
Mobile
JOHN
West
Inc.
LONG, KENNETH
Midland Securities Co., Inc., Birmingham
COHEN, MAYER A.
ALLISON, CHARLES J.
Equitable Securities Corporation,
Birmingham
BONHAM,
H.
LOMBARDO, JOSEPH P.
Stubbs, Watkins As Lombardo,
Birmingham
Sterne, Agee & Leach, Birmingham
CLAYTON, ROGER C.
Hugo Marx As Co., Birmingham
GEORGE B.
Company, Birmingham
Investment
ALONZO
CARLISLE, C. JUDSON
Inc.,
AGEE, RUCKER
Sterne, Agee & Leach, Inc., Birmingham
BURR A.
Jr.,
Sterne, Agee As Leach, Inc., Birmingham
LEONTIS, STEYE
Courts As Co., Birmingham
ADAMS, RALPH E.
Berney Perry As Company,
Birmingham
Seminole
ALONZO H.
Sterne, Agee As Leach, Inc., Birmingham
LEE,
BIXLER,
C.
Sterne, Agee As Leach, Inc., Montgomery
ROSTER OF MEMBERS
ANDRESS, JAMES
EDMUND
LEACH,
fJ
Fast
LARSON, ROBERT Y.
Merrill Lynch, Pierce, Fenner & Smith,
Incorporate.d, Mobile
January, 1964.
ALLISON, JACK S.
Equitable Securities
Se
mi"
Birmingham
Pace in the
Smith
First National Bank of Montgomery,
Elected: January, 1963; Took Office:
January, 1963; Term Expires:
&
As
LANPHIER, CHARLES
Company, Inc., Birmingham; Thomas K. Yardley, Andresen &
Company, Birmingham.
Conville
Setting the
Birmingham
KNOWLES, BENJAMIN B.
Shropshire, Frazer & Co., Mobile; Charles Lanphier, First Na¬
tional Bank of
Montgomery; Joseph P. Lombardo, Stubbs, Watkins & Lombardo, Inc., Birmingham; V. Hugo Marx, Jr., Hugo
Marx & Co., Birmingham; Hugh
Morrow, III, Watkins, Morrow
& Co., Birmingham; Tunstall B.
Perry, III, Berney Perry &
ALEXANDER,
Bank,
KAYSER, JR., LEO
Kayser As Co., Birmingham
SHRIYER, JOHN
Merrill Lynch, Pierce, Fenner
incorporated, Birmingham
SHROPSHIRE,
As
OGDEN
Shropshire, Frazer As Co., Mobile
rjyiipl
^
Smith
Inc.,
WATKINS, Jr., WARNER S.
JOHNSON, LYNWOOD S.
Leach, Inc.,
Andresen & Company, Birm¬
Malone,
Lombardo,
Inc.
Birmingham
HYDINGER, ELBRIDGE S.
Hydinger As Co., Inc., Birmingham
President:
Stubbs, Watkins As
Birmingham
THOMAS, FRANK W.
Hendrix, Mohr As Head, Inc.,
HUBBARD, CHARLES C.
Hendrix, Mohr As Head, Inc.,
Montgomery
Brothers-One William
WATKINS, Jr., MILES A.
TANKERSLEY, WILL H.
Sterne, Agee As Leach, Inc., Montgomery
HOLLEMAN, S. BROOKS
Smith
Department, Birmingham
STRAUGHAN, Jr., HOWARD R.
Berney Perry & Company, Inc.
Birmingham
HEARTBURG, PHIL
Andresen As Co., Birmingham
As
WALKER, Jr., JOSEPH P.
Sterne, Agee As Leach, Inc., Birmingham
Mobile
Bank,
JAMES A.
First Alabama Securities,
Birmingham
HEAD,
VINCENTELLI, JOHN M.
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
r
MERYYN H.
MOUNTAIN FUEL
SUPPLY
COMPANY
NaXwiaA Gqa
service
180 E. First South St., Salt Lake City, Utah
62
For
40
years
Kentucky
have
we
Kentucky Municipal
when you
active
been
in
issues
Bonds.
and
Try
over-the-counter
out
us
have Kentucky issues to trade.
420 West Jefferson Street
LOUISVILLE
Bell
2,
Judy Fazioli (White, Weld & Co.), Boston; Norma Skinner (Eaton & Howard, Inc.), Boston; Alberta
Thompson (Massachusetts Investors Trust), Boston; Ruth McCue (May <ft, Gannon, Inc.), Boston
KENTUCKY
Teletype 502 589-1123
Telephone 584-0226
'
ESTABLISHED
1872
J. J. B. HILLIARD & SON
Member
New York Stock
'
American Stock
419
Exchange
Exchange (Associate)
W. JEFFERSON
Midwest Stock Exchange
ST., LOUISVILLE 2, KY.
Bernadette
Local
Phone—584-0181
Bell
System Teletype—502
Lexington, Ky.
Distance
Long
Kelly (Carl M. Loeb, Rhoades & Co.), New York; Bernice Howard (J. S. Strauss & Co.),
San Francisco;
Loretta McLoughlin (Blyth & Co., Inc.), San Francisco
V
589-1425
Owensboro, Ky.
Bloomington, Ind.
584-5293
Hopkinsville, Ky.
Columbus, Ind.
Active Markets in
Kentucky Municipal
&
Corporate Securities
Private
Wire
to
Clark, Dodge & Co., New York
Shirley
Phipps (June S. Jones Co.), Portland, Oreg.;
Bette Bader (First California Company),
Portland, Oreg.; Margaret De Shong (Dallas Rupe & Son, Inc.), Dallas; Jean Krasowich
(Gregory & Sons), New York
Elaine
Mullin
Westheimer & Company
UNDERWRITERS
•
DISTRIBUTORS
AREA-WIDE
DEALERS
•
Serving the Ohio Valley for nearly Half
a
Century
DISTRIBUTION
Prompt, dependable placement of offerings
and underwritings through our more than 100
account
PRIMARY
We
executives in
18 Midwest cities.
MARKETS
maintain
Ohio
active
markets
in
a
wide
list
of
Valley and Midwestern Over-the-Counter
securities.
We welcome your, inquiries.
Members New York Stock Exchange
and other Principal
Westheimer
anc^Company
Exchanges
124 East Fourth St.
Area Code 513
•
•
;
Cincinnati, Ohio ,45202
Phone 621-6800
Teletype 513: 577-1685
and in
CLEVELAND, COLUMBUS, DAYTON, FORT WAYNE,
CHARLESTON and 12 OTHER CITIES
IN NEW YORK, DIAL WOrth
for
through
connection
to
our
6-2115
Cincinnati
office
(Incorporated Investors), Boston; Barbara Jablonski (A. I. Jablonski & Co.),
Georgianna Olwell (Walter B. Delafield & Co.), New York; Gloria Richards
(Keystone Custodian Funds), Boston
'
Volume
198
Number 6310
.
.
,
The Commercial and Financial Chronicle
63
Butler, Wick & Company
(Established
1926)
MEMBERS
New
York
Stock
Exchange
American
Midwest
Stock
Stock
Exchange
(Associate)
Exchange
Ajax Magnethermic
Ohio Leather
Automatic
Ohio Water Service
Sprinkler
Atlantic Business Forms
Sawhill Tubular Products
Albee Homes
Union National Bank
CFM Co.
United Servomation
Commercial Shearing & Stamping
Valley Mould & Iron
Dollar
Youngstown Fdry. & Machine
Savings & Trust Co.
Mahoning National Bank
Union
Youngstown Research & Development
National
Bank
Bldg., Youngstown
TELEPHONE—RI 4-4351
BRANCH
Amy
Altman
(Stone, Altman &^ Co., Inc.), Denver; Irma Thorsen (Glore, Forgan & Co.),
Hutton (Equitable Securities
Corporation), Nashville; Irene Strauss
(Hayden, Stone
Co., Inc.), Chicago
Ann
OFFICES:
Alliance,
Ohio
1,
BELL TELETYPE—744
Salem,
Warren,
Ohio;
Franklin,
4351
Sharon,
Pa.
Chicago;
SECURITY
DEALERS
SPECIALIZED-PROMPT
CLEARINGS
,
We clear for dealers in
York
Cleveland
Pittsburgh
-
Toledo
-
California and
,
-
-
Chicago
Cincinnati
the West
Address Loans and Securities De¬
partment. Teletype: 216 574-9254
Bank Wire:
Assets Over
Mary Lou Bakerink (Paine, Webber, Jackson & Curtis), Los Angeles; Betty Goodfellow (J. A.
Hogle
& Co.), Los Angeles; Stella Torpie (J. C. Bradford &
Co.). New York; Yolanda Welch
(R. S. Dickson <ft Co., Inc.), New York
■
,
NCLV
$1,600,000,000
Fulton, Reid & Co., Inc.
ESTABLISHED 1911
Underwriters and Distributors of
and
Corporate
Municipal Securities
Cleveland
Offices in
Akron
Columbus
Massillon
Vera
Elyria
Fort Wayne, Ind.
Warren
Indianapolis, Ind.
Mell (Smith, Barney & Co.), Chicago; Emma Beck (Commercial & Financial
Chronicle), New
York; Carolyn Beck Ramsay (Commercial <ft Financial Chronicle), New York; Frieda Arthur
(David A. Noyes & Co.), Chicago
Merrill, Turben
Co., Inc.
&
(Established 1924)
MEMBERS
NEW
YORK
AMERICAN
STOCK
STOCK
EXCHANGE'
EXCHANGE
MIDWEST STOCK EXCHANGE
Ajax Magnethermic Corp.
Inland
Big Drum, Inc^
E.
Central National Bank of Cleveland
National City Bank of Cleveland
National Screw & Manufacturing Co.
Cleveland
Trust
Company
Dover Construction Company
General Corporation of Ohio
Gregory Industries, Inc.
M. A. Hanna Company
Hanna Mining Company
Higbee Company
Statistical
F.
Homes
Corp.
MacDonald
Co.
Northern Ohio Telephone
Parker-Hannifin Corporation
Society Corporation
Union
U.
Commerce Bank
S. Truck Lines, Inc.
Warner
Information
Available
&
Swasey Company
Upon
Request
•
1612
Union
Commerce
Bldg., Cleveland, Ohio 44114
Telephone
Trading Dept. 216 574-9170
MA 1-6800
Municipal Dept. 216 574-9621
BRANCH
Severance
Betty
Ann
Fcnner
Zebell
&
(Robert
W.
Baird
<6
Ashland
Co.,
Inc.), Milwaukee; Erna Colin (Merrill Lynch, Pierce,
Smith Incorporated), Chicago; Jeanne Lane (Kidder, Peabody & Co.), New York;
Marion Gunkel (P. F. Fox & Co., Inc.), New York
•
Canton
•
Center,
OFFICES
Cleveland
Columbus
•
Heights
Dayton
•
Youngstown
The Commercial and Financial Chronicle
64
ERNEST
FRLAN,
San Francisco Security Traders
>
Co.
J.
Barth
/Lawson,
Williams
Levy,
8c
Stern
LEONARD
YOUDALL,
Schwabacher
&
Co.
ZINK, JAMES W.
Mitchum,
Templeton
&
Jones
'
Incorporated
Crocker-Anglo National Bank
Co.
&
BECKER, TERRENCE M.
Bond & Share, Inc.
VICKNAIR, JAMES
GUMBEL, GEORGE G.
&
Stone
VICINO, WALTER
New York Hanseatic Corporation
EDWARD
&
EVERETT D.
Youngberg
WILSON, LEE W.
Birr, Wilson & Co., Inc.
WOSSER, FRANK
International
Walter C. Gorey Co.
Schwabacher
ELMER L.
& Co.
J. Barth
Co.
WILLIAMS,
VAN
WALTER C.
GUINAN,
WEIR,
Witter 8c
TWEEDY, JOSEPH
Glore, Forgan 8c Co.
Co.
Barney 8c
WATKINS, NORMAN
First Boston Corporation
>
THOMPSON, J. L.
First Boston Corporation
WILLIAM R.
Smith,
GOREY,
J. S. Strauss 8c Co.
Dean
Inc.
GAMBARASI, ARTHUR
Shaw, Hooker 8c Co.
GAYNOR,
'
THOMAS, EARL
GALANTE, ISADORE
Brush, Slocumb & Co.
Association
Thursday, October 24, 1963
THAYNE* RICHARD
-
Co.
&
Sutro
...
HARKINS, CHARLES B.
Blyth & Co., Inc.
-
HARTSOCK, WILLIAM
Witter
Dean
Co.
&
RICHARD
HENNIG,
Slsson
& Nair,
Traders Association
Seattle Security
IIECHT, Jr., JOHN C.
Dempsey-Tegeler & Co., Inc.
A.
Inc.
HEWITT, ALBERT A.
First
W. L.McLoughlin, Jr.
Bryan Robertson
Cojlforaia Company Incorporated
HILL. Jr.. HOUSTON
Thomas F. Fee
Hutton
F.
E.
HOWARD,
President: Bryan Robertson,
Vice-President: William L.
J.
Reynolds & Co.
James
W.
Sutro &
JANK,
Payne, Walter
E.
Hutton
F.
Walter
Co.; Donn C.
E.
8c
&
Co.,
Oakland
G.
Company
Inc.
C. Gorey Co.
KESSLER, MAURY J.
Alternate: Bryan Robertson, Reynolds & Co,
President: Peter H. Baker,
Skalfe & Co.
November, 1962; Took Office: January
1,
1963;
Term
DOUGLAS
KIMBALL.
E.
Expires: December 31, 1963.
Hutton
F.
&
ROSTER OF
MEMBERS
Strauss
S.
Inc.
/
located
unless
San
In
otherwise
Francisco
CARSON,
GEORGE
Reynolds & Co.
indicated)
ABEITA, ARTHUR
First
California
CASABONNE,
General
Company Incorporated
Weeden & Ca.
ABRAHAMSON,
Weeden &
Co.
COLLINS,
Holt
AGNEW, DONALD
Stone 8c Youngberg
BAKER, Jr.,
&
A.
Company
Incorporated
S.
Strauss
&
&
J.
8c
V
>
Walston
&
Wulff.
J.
Hansen
Strauss
S;
Strauss &
MC
Co.
D. E.
&
Co.
BISSELL,
DOSS,
William R. Staats & Co.
&
Co.
BLUM, LEE
McQUAID,
First California Company
BOURNE, ROBERT K.
FAULKNER, WILLIAM
General American & Canadian
Wulff,
Inc.
Incorporated
'
C.
MORRILL,
&
Corn, '
Agnew
J.
FERN, JOHN
Irving Lundborg
BROWN, RALPH E.
FERRAIOLI,
Birr, Wilson 8c Co., Inc.
FERRITER,
BYRNE,
FINNEGAN,
Colgate
&
Hannaford
Co.
G
Dean
;
,
>
Union Securities & Co.
Staats &
JOHN
Inc.
Francis
8c
Co.
Incorporated
JAMES
Witter
&
NOTTI,
FRANK
fWiwnbRcher A
F.
Co.
Bank
S.
8c Talbot
■
Sutro
&
THOMAS
Co.
Francis
I.
Pont
J.
C.
_V
Seattle
Gorey Co.
Wood,
Struthers
PINNICK,
Stone
ItALSTON,
Reynolds
Municipal Bonds — Corporate Issues
Church
&
Winthrop
J.
john
Seattle
i.
Marshall
Wm.
(Honorary)
Inc.
hugh
LARRY
r.
w.
Northwest
waller. Jr.. JOHN
Inc.
P.
Company
!)
Harper & Son & Co.
whiting,
kenneth a.
National Bank
Seattle-First
williams,
W.
neil
Walston & Co., Inc.
Corp.
kenneth
wilson,
F.
Jones
of
sidney j.
8c
Pacific
Investments,
HOWARD
JACK
Bank
Co.
Granat,
Blyth & Co.,
Inc.
Inc.
ESTABLISHED
MARK
8c
Underwriters
Co.
VINCENT
Barth
&
Co.
—-
1917
Distributors
Dealers
E.
Incorporated
MUNICIPAL and CORPORATE
& Co.
SECURITIES
ROBERTSON, BRYAN
at
Eighth Street
„
Reynolds & Co.
RUSLENDER, RICHARD
Walston
&
Co.,
Inc.
STERNE, AGEE & LEACH
SANFORD, LAURENCE
Phone Victor 6-5201
Teletype 703 846-0943
Own wire system to branch
offices
Sanford
&
Members
Company
New
SHAFFT, CONRAD O.
Shafft, Snook & Cahn
Elworth
Roanoke
&
Co.
York Stock Exchange
American Stock
SPULLER, Jr., LOUIS J.
National
8c
Youngberg
McDonnell
.
Lynchburg, Virginia
Martinsville
JONES.
Hinton
ROBERTS, WAYNE
/
•
Jr.,
'j
P. Harper & Son & Co.
sisson,
FERGUS
Post Intelligencer
National Securities
Co.
THOMAS
&
KIGONI,
Foster
Wm.
QUINN, JOHN J.
Stone & Youngberg
Underwriters and Distributors
/
JONES,
L.
Inc.
John R. Lewis, Inc.
JOHNSON, PAUL G.
Blyth 8c Co.. Inc.
I'ERENON, HENRY
Henry F. Swift & Co.
Member Philadelphia-Baltimore Stock Exchange
rohde,
W.
N. A.
HOFFMAN,
Barth & Co.
Walter
Bache
E.
Hinton
&
ROEMER, LARRY
ROBERT
GLENN
E.
Pont
rodney
schlicting,
Glenn
Co.
PAYNE, RICHARD J.
PAYNE. ROBERT
du
leonard
Pacific
Inc.
Northwest Compay
HINTON,
&
PASCUAL, JOSEPH
I.
Grande 8c Co.. Inc.
rich,
The'Bank of California
du
/
Co.
Blyth 8c Co., Inc.
Co.
perry.
JOSEPH
Incorporated
Birmingham
Exchange (Assoc.)
Montgomery
Richmond
STONE, BARRY
Blyth &c Co., Inc.
SULLIVAN, JOHN F.
First California Company
Private Wires Between Offices
Direct Private
Incorporated
Smith
/
john
sanders.
HENSHAW,
JACKSON II.
PALMER,
8c
Pont
&
Fenner
patten, Jr., william t.
STANTON W.
of California,
Pacific
Pierce,
Martin Nelson 8c Co.,
Francis
HENDRIES, ROBERT
Bank
i-
OSTENFELD.
Lynch,
HARTLEY, TALBOT
Wm. P. Harper 8c Son & Co.
Smithers &c Co.
California
Jr.,
^
Co.
nelson, martin
packo.
E.
Dominick
du
&c
Merrill Lynch, Pierce, Fenner 8c Smith
Incorporated
K.
GRANAT, Jr., FRANK
Hinton Jones Granat,
GRUBBS,
Co.
O'NEILL, EDWARD J.
United
I.
Inc.
Pont
nathane, robert a.
'
^
GRIFFITH, AL
Blyth & Co., Inc.
Co
NOWAK, Jr., JOHN
FRANCIS
&
du
MYLIUS, WILLIAM
Harris, Upham &
Pacific Northwest Company
WILLIAM
Becker
Co.
FREEMAN, ROGER
Barth & Co.
NICKELSON,
JOSEPH
William R.
ROBERT
A.
& Co.
LOUIS B.
Eastman Dillon,
BUICK, JOHN E.
Wells Fargo Bank
Co.
Waterman
Co.
CLINTON
FREDERICK, Jr.,
I.
Merrill
Co.
&
EDWARD
Dominick
W.
M.
Mcelroy, james
Incorporated
Campbell,
Upham
Incorporated
MacRae,
MORFORD, Jr., JAMES
Hughbanks, Incorporated
Hughbanks, Incorporated
FOULDS,
M.
miller, lee
Inc.
National Bank
Dean Witter 8c
S.
MURDOCH, JAMES
MURPIIY.
8c
Pierce, Fenner & Smith
COUPEZ, LOUIS G.
EASTER,
Co.
CLIFTON
Walston & Co.,
KENNETH
FEE, THOMAS F.
Shurnan,
&
WARNER
Walston & Co., Inc.
Irving Lundborg 8c Co.
BROOKS, IRVING L.
Brooks, Clark, Behrens
Incorporated
DONALD
MORGAN.
Hansen & Co.
FAZACKERLEY,
BRADFORD, SIDNEY
Irving Lundborg & Co.
Harris,
B.
Schwabacher
EGAN, JOHN F.
Co.
J.
Lynch, Pierce, Fenner & Smith
Incorporated
/
(Honorary)
r.
ROBERT
Robert
CHRISTMAN, ED
Merrill
Incorporated
DOUGLASS, DONN C.
Brush, Slocumb & Co., Inc.
Brush, Slocumb & Co., Inc.
&
MoMAHON.
Jr.. VIRGIL D.
Elworth
john
MacRAE,
COLIN
Southwick,
lewis,
Hughbanks,
;
BUNNELL, JERRY
CAMPBELL,
Inc.
The Seattle Times
Francis
Seattle-First
Hannaford & Talbot
Co..
E.
LAWRENCE
M.
Dominick
macleod, edgar b.
CLYDE
Securities Exchange,
thomas
8c
John R. Lewis, Inc.
-
Incorporated
McLOUGIILIN, WILLIAM L.
8c
H.
Merrill Lynch,
Co.
&
DWIGHT
j.
Dominick
Beattie Co.
BERRYMAN,
LAUGHLIN, JOSEPH
Blyth
laurance, erwin
BEATTIE,
Inc.
Co.,
MAURICE, RENE
KAYE
Merrill, Lynch, Pierce, Fenner & Smith
Incorporated
BLUM, ERNEST E.
Hammill
S.
kuebler,
pacific Northwest Company
Inc.
MALLICK, JAMES M.
& Co.
OF MEMBERS
ANDERSON, F. NEAL
The Bank of California, N. A.
batemAn, homer j.
Co.,
MACRAE, jr., COLLINS L.
DORSETT,
BELKNAP, WILLIAM
Middendorf,
&
LOWENSTEIN, C. GAITHER
V
Co.
Barth & Co.
Walston
:~4
:
Granat, Jr., Hinton Jones Granat, Inc.
baker, peter
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
LONCOSTY, LEE
DONDERO, WILLIAM
G.
Strauss 8c Co.
Securities,
Corporation
ROBERT
LOBERG,
;
Rohde, John R. Lewis, Inc.
January 1, 1963; Term Expires: December 31, 1963.
ROSTER
Boston
Stewart, Eubanks, Meyerson & Co.
BEEBE, H. E.
Shearson,
First
PAUL J.
Wulff, Hansen & Co.
J.
Otto
&
Took Office:
ANDREW
The
Sutro & Co.
Youngberg
Cavalier
LEH,
DOLAN, MICHAEL
BECKER, REGINALD
J. S.
Sanford
Sutro
Co
BAUM, BENJAMIN J.
Stone
JOHN
'>
Joseph W. Grubbs, Jr., Bank of California, N.A.
National Committeeman: John I.
Alternate: Frank
Co., Inc.
HENRY
Dc MARTINI, LEONARD
BATES, WILLIAM
J.
Stern
,
CRITCHETT, TERRY J.
Mitchum, Jones & Templeton,
Incorporated
CUNNIE,
BATES, ROBERT F.
California
Treasurer:
8c
Collins
&
-
Davis, Skaggs' 8c Co.
;
& Co.
J.
Hayden, Stone & Co., Incorporated
^
Dean Witter 8c Co.
First
DANIEL
COTTRELL, RICHARD I.
Co.
FRED
Co.
&
A. Larkln
Emmett
LAVERTY,
COTTER, MELVIN
Blyth & Co., Inc.
'
.
VICTOR
Schwabacher
R. Staats
LIVINGSTON,
•
ARTHUR, PAUL LESLIE
Harris, Upham 8c Co.
BACIGALUPI,
v
A
Secretary: John E. Packo, Francis I. du Pont & Co.
LARKIN, EMMETT A.
Canadian
CASEY, GEORGE
Stewart, Eubanks, Meyerson
RICHARD
Jr.,
American
Securities, Inp.
ABRAHAMSON, RICHARD
Glenn E. Hinton Investments,
Inc.
LAMPERTI, ANGELO
Lawson, Levy, Williams
FERNAND
Vice-President: Glenn E. Hinton,
8c Co.
KIRKLAND, GEORGE
William
(Members
Merrill Lynch, Pierce, Fenner & Smith
Incorporated.
E.
Company,
KIRKLAND, FRANK
J.
Glenn E. Hinton
Peter H. Baker
KEHNE, Jr., RICHARD L.
Birr, Wilson & Co., Inc.
Douglass, Brush, Slocumb & Co., Inc.
Elected:
Co.
Knowlton
KANE. CHARLES B.
Birr, Wilson &
Gorey
C.
l'"'.."
•
Inc.
Co.,
JOHNSTON, DAVID
Zink, Mitchum, Jones & Templet on, Incorporated.
Co., Inc.; Richard J.
&
CHARLES
Frank
& Co.; Paul E. Isaacs, Sutro & Co.;
National Committeemen: Richard L. Kehne, Jr.,
Jonah
E.
S.
Inc.
ISAACS, PAUL E.
Sidney Bradford, Irving Lundborg & Co.; William R.
Gaynor, Smith, Barney
Company,
Co.
8c
IMHOF, JAMES R. '
McLoughlin, Jr., Blyth & Co., Inc.
Secretary-Treasurer: Thomas F. Fee, Shumgn, Agnew & Co.
Directors:
&
LESLIE J
Jr.,
Strauss
S.
Wire to Goldman, Sachs & Co., New York
,
Volume
Marion
198
Number
6310
.
.
The Commercial and Financial Chronicle
.
Pearson
Boston;
National
(A. G. Edwards & Sons), Dallas; Mildred Hughes (Clayton Securities
Corporation),
Helen Saunders (Dominion Securities Corporation), New York; Barbara Marsh (Denver U. S.
Bank), Denver; Margie McKinney (Almon, McKinney & Dudley, Inc.), Dallas; Esther Speer
(Speer & Bartholow, Inc.), Dallas.
/
BERRY,
Nashville Association of
W.
Dottie
Brearley (Wood, Gundy & Co. Inc.), New York; Ruth Lothrop (W. E. Hutton <fi Co.), Boston;
Hudepohl (Westheimer & Company), Cincinnati; Eleanor Burns (Baumgartner, Downing &
Co.), Baltimore; Charlotte Moriarity (W. E. Hutton & Co.), Cincinnati; Shorty Cayne
(Ledogar-Horner Co.), Cleveland
-
Betty
IRVIN
GREENWALT,
/
Berry, Douglas & Fitzhugh, Inc.
BOOTH,
Spencer
Securities Dealers
HENRY
Jr.,
Trask
&
Wiley
Jack
Co.
M.
BRADFORD, EWING L.
Equitable Securites Corporation
HALE,
BRADFORD, Jr., JAMES C.
HALEY,
J.
Bradford
C.
BREAST,
Third
&
JOHN
First
American
G.
National
Accident
&
(special)
BROWN,
'
Insurance
V
Tom H. Mitchell,
Jr.
W. Irvin
Berry
Henry 0. Booth, Jr.
Life
LEE,
DAVID
CHRISTOPHER,
Trust
J.
Vice-President: W. Irvin Berry, Berry, Douglas & Fitzhugh, Inc.
HAROLD
Co.
Clark,
COLE,
William L. Granbery, Stein Bros. & Boyce.
Committeemen; Joseph E. Hutton, Equitable Securities
Corporation; Louis Todd, Jr., Jack M. Bass & Company.
C.
Jr.,
DAVID
Bradford
ANDERSON,
Merrill
&
Jr..
P.
COLES,
/-
J.
First
J.
CHARLES
Lynch,
D.
Incorporated
ANDERSON, III, WILLIAM J.
Equitable Securities Corporation
Jack
M.
AUSTIN,
Third
BAIRD,
J.
C.
Bass
H.
&
Company
Bank
First
(special)
HAROLD
Bradford
&
Jr.,
BATES,
BELL,
National
ISAAC
Lynch,
Incorporated
Jack M.
L.
&
Merrill
BASS,
7
A.
MELVILLE
Bradford
BARFIELD,
Pierce, Fenner & Smitn
ARNJXG, ROBERT
C.
Bass
1
HOYT
G.
Securities
LEDYARD,
Company
M.
Securities
Kirkpatrick,
QUITMAN
Securities
Inc.
"
R.
Corporation
'
LENDERMAN, RICHARD W.
Co.
-V
>
;
/
Jack
M.
LUSKY,
&
Bass
Company
IRA L.
Merrill
Lynch,
Pierce,
Fenner
&
Smith
Incorporated
/
■
.'/
Continued
'
on
page
•,
.
Kirkpatrick.
Inc.
LOUISIANA, MISSISSIPPI, ALABAMA, GEORGIA,
,
National
Bank
(special)
TENNESSEE, SOUTH CAROLINA, NORTH CAROLINA
A.
Bank
and OTHER SOUTHERN MUNICIPALS
(special)
Bank
(special),.
/
J.
NEWMAN, BROWN & CO., Inc.
,
Investment
Bank
DUNCAN,
JOE
Estes
EARLY,
&
321
'
Inc.
Company,
MORRIS
Merrill
Lynch,
Incorporated
.
Bankers
JAMES
N.
Douglas & Fitzhugh, Inc.
W. N.
Hibernia Bank Building
NEW ORLEANS 12, LA.
Area Code 504
*
• ■
,
Teletype 822-6000
Telephone 523-7211
C.
Pierce,
SmUI.
Fenner
V;
>
EISEMAN, ELLIOTT I.
Clark, Landstreet & Kirkpatrick,
ESKIND, RICHARD J.
Stein
Bros.
EVANS,
&
JESSE
Firm Bids
EVANS, N.
Clark,
Offerings
IKE D. SCHARFF
H.
JAMES E. RODDY
JOHN J. ZOLLINGER, JR.
Corporation
PEYTON
Securities
Cumberland
FARRAR,
Inc.
;
'
Boyce
Securities
Cumberland
Firm
&
WYNN L.
Berry,
Equitable Securities Corporation
Distributors
Landstreet
LAUPER, RUDOLPH
• ■
First American National Bank
Co.
(special)
Union
FRANK
DIXON,
E.
Underwriters
Clark,
/
&
DOUGLAS, THOMAS R.
Berry, Douglas & Fitzhugh, Inc.,;
V
LANDSTREET, III, BEVERLY W.
(special)
'yVr
W. N. Estes & Company, Inc.
Company
C.
National
Co.
HARLEN
DOUGLAS,
BENEDICT, EUGENE B.
Spencer Trask & Co.
Co.
Smith
M.
&
American
WALTER
Co.
Wiley Bros., Inc.
JACK
LESIES
D.
&
Securities
M.
Bank
National
DAVIS,
„
Fenner
Inc.
FRED K.
/
&
THOMAS
Commerce
M.
Co.
Pierce,
Bradford
Mid-South
W.
American
Third
MEMBERS
BARNES.
■
Co.
L.
Incorporated
M.
HUTTON, JOE E.
Equitable Securities Corporation
National
American
CRAGON,
J.
C.
F.
COOPER,
ADAMS,
EDWARD
LANCE, Jr., THOMAS F.
Merrill Lynch, Pierce, Fenner & Smith,
THOMAS M.
Equitable Securities Corporation
W.
Landstreet
G.
First
National
OF
JAMES
Company
Jr.,
CLINE, JOSEPH M.
Incorporated; Enoch B. Stephenson, Mid-South Securities Co.;
ROSTER
&
Equitable
E.
Spencer Trask & Co.
Directors: Morris E. Early, Merrill Lynch, Pierce, Fenner & .Smith
(special)
HUDSON,
EVERETT
Inc.
Landstreet & Kirkpatrick,
Mid-South
Company
Insurance
Cherokee
(special)
Cherokee Securities Company
CLAYTON,
JOHN
HILL,
Incorporated
Secretary-Treasurer: Henry O. Booth, Jr., Spencer Trask & Co.
^
SAM
Company,
MERVYN
Bass
KIRTLAND,
T.
Jr., LOUIS
Casualty Insurance Co.
HOBBS, THOMAS
&
M.
Clark,
(special)
HILL, ALBERT S.
Lynch, Pierce, Fenner & Smith
CLARK.
J.
Bank
Securities
Cherokee
VESTER M.
Merrill
<Sr
Bank
Mid-South, Securities Co.
President: Tom H. Mitchell, Jr., Cumberland Securities
Corporation:
\
-v'-V' ;V>-' ,v'
.''^V
C.
RICHARD
Cherokee
HERBERT
CHOATE,
Jr.,
National
Jack
Inc.
Bank
Jr.,
KINGINS,
HEAGY,
Co.
BURKHOLDER, Jr., H. FRANK
Equitable Securities Corporation
Nashville
&
M. Bass Sc Company
KIRKPATRICK,
Third
BURKHOLDER, H. FRANK
Equitable Securities Corporation
CHEEK,
Jack
.
National
ROBERT
Estes
KINGINS, MERVYN J.
Co.
HARRISON,
(special)
-
American
Wiley Bros.,
:W.
CLARENCE
N.
W.
Inc.
Bradford
PORTER
KEITH,
WALTER
HIBBITTS,
EDWIN
BROWN,
Bank
National
DAN
Life
C.
Inc.
American National Bank
First
Company
Securities,
,
JOHNSON, III, HOLLIS E.
H.
HALLIBURTON, GUS G.
Equitable Securities Corporation
Bank
IRBY
BROOKS,
First
J.
Co.
R.
JACKSON, II, PERCY V. '
Clark, Landstreet & Kirkpatrick,
W.
Inc.
Bass &
Jr..
Hale
K.
National
BRIGHT,
BUFORD
Bros.,
HAGGARD, JOHN
O.
Corporation
RUDOLPH S.
Landstreet
FIELDS,
Douglas
Kirkpatrick.
Inc.
E.
RONALD
Berry,
&
Fitzhugh,
&
Inc.
FITZHUGH,
WILLIAM O.
Douglas & Fitzhugh.
Berry,
Dealers
Quotations
FITZPATRICK,
,
Clark,
ROGER
Landstreet
&
FLETCHER, FRANK
Wiley, Bros., Inc.
United States
Government Securities
•
General
Market
Municipals
FORD,
J.
Life
&
FRANK,
Inc.
C.
Kirkpatrick
Inc.
W.
BEECHER
Casualty
Insurance
Co.
(special)
STANLEY P.
Merrill
Lynch, Pierce, Fenner & Smith,
Incorporated
GAW,
CHARLES R.
Securities.
Tennessee
GAW,
THE
DOYLE
Tennessee
First National Bank
GAW,
GAY,
OF
LLOYD
Tennessee
Jr.,
Life
MEMPHIS
&
GIBSON,
(Area Code 901)
278-1591
'
TELEPHONE 525-8521
BANK
SYSTEM —THE
■
Schorff L Jones
INCORPORATED
Securities,
Jr.,
(special)
Inc.
TELETYPE
Jr.,
&
Co.(
special)
504
140
CARONDELET ST.
L. D.
235
NEW OH LEANS 12,
Company
SHREVEPORT, LA.
L.
Boyce
Harry
Union
BATON
E.
Bank
524-0161
822-5200
,
WILLIAM
Bros.
Commerce
JO
Securities
GRANBERY,
GRAY,
(special)'
E.
CLYDE
WIRE
Stein
WIRE
(special)
Inc.
Casualty Insurance
Cherokee
TELETYPES
Inc.
S.
Securities.
(special)
ROUGE, LA.
LA.
JACKSON, MISS.
LAFAYETTE, LA.
66
The Commercial and Financial Chronicle
66
THOMAS,
Traders Association
ROSTER OF MEMBERS
Mid-South
MARTIN,
RAY
Co.
Jack M.
"
G.
J.
8c Company
Tennessee
Inc:
MITCHELL, Jr., T. H.
Cumberland Securities
MITCHELL,
Corporation
Sr., T. H.
FINIS
C.
L.
C.
Bradford
Inc.
Co.
Penner
Smith
8i
Inc.
Spencer
(special)
Securities
PILCHER.
8c Co.
WILSON,
DAVID
Smith
Bradford
8c
(special)
ZEITLER, JOHN
ZIEGLER,
Co.
Insurance
of
Minneapolis
Lynch,
Pierce,
<x
DONNDELINGER, JERRY
Juran 8c Moody Inc.. St.
Northwestern
J.
HOKIN,
Dain
M.
FERGUSON.
Security Traders
First
Association, Inc.
JERRY
8c Co.,
8c
8c
of
;
Hopwood
HUGH
JOYCE
National
t
Bank
of
Minneapolis
A.
Piper, Jaffray & Hopwood
GARCIA, RAY B.
Trust
Co.
J. M. Dain 8c Co..
(special)
Inc.
GERANT, RICHARD
ROBERT S.
Trask
Bank
Inc.
GALLAGHER, JOHN
W.
Bank
Paul
T.
National
Blyth 8c Co.. Inc.
FINRUD,
l.
E.
Co.
,
Prescott &
J.
N.
Co.
GEARINO, ERNEST R.
Marquette National Bank
,
JOHN
LES
GORDER,
•
Securities
Continental
D.
Spencer Trask 8c
,
GORDON,
Inc.
WILLIAM
Continental Securities
GRANT,
■
E.
Co.
B.
SULLIVAN,
Inc.
J. C.
ALLEN
RICHARD
Prescott
T.
Bradford 8c Co.
Co.
Robert Davis
Jerry Ets Hokin
HARVEY, ROBERT
Kidder, Peabody & Co.
Richard M. Grant
HAWKINS,
templeTon, w. gilbert
Spencer Trask 8c Co.
REEVES, ROBERT L.
Wiley Bros., Inc.
M.
8c
HOWARD
Reynolds 8c Co.
-
Co.
J.
HAMMEROT,
STRAIN, LESLIE R.
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated
(special)
President: Robert Davis, Piper,
Juran
Jaffray & Hopwood.
IIAZEN,
Vice-President: Jerry Ets Hokin, J. M. Dain & Co., Inc.
8c
GEORGE
Moody,
Inc.
DANIEL
John Nuveen 8c Co., St. Paul
Treasurer: John Coulter, First National Bank
of Minneapolis.
HEDDING,
Lee
Secretary: Richard M. Grant, E. J. Prescott & Co.
ALBERT
H.
Higginson Corporation
HENNINGS, HSNRY B.
Northwestern
ROSTER OF MEMBERS
TAX EXEMPT MUNICIPAL BONDS
(Members located In Minneapolis unless
otherwise indicated)
ANDERSON, CARL E.
Lee Higginson
Corporation
/HOSTETTLER,
BUNDY, MAHLON C.
Walston 8c Co./Inc., St. Paul
C. D.
BURNSTAD. JAMES W.
Lee
Higginson
National
Bank
of
Minneapolis
WILLIAM
Mahoney 8c Co., Inc.
HUSEBO. RICHARD
Corporation
Dempsey-Tegeler
8c
Co.,
Inc.
ANDERSON,
DONALD N.
First National Bank of St.
Paul
ANDERSON, HARRY A.
Harry A.
Underwriters
Anderson
Company
ASHMUN, SAM
C.
S.
Ashmun
Active Markets in
Company
BABCOCK, Jr., CARROLL H.
Piper, Jaffray & Hopwood
and
BABCOCK,
Kinn
HOWARD
Co.,
MINNESOTA SECURITIES
inc.
'
•
'
•
.
.
I
BERGMAN,
OSCAR M.
Allison-Williams
Distributors
Company
★
★
*
BERGTOLD, J. L.
Ebin, Robertson & Co., Inc.
BISHOP, MORLAN H.
M. H.
Bishop 8c Co.
,.
'
C. D. MAHONEY & CO., INC.
BOLSTAD, JR., LESTER
Continental
ALLISON-WILLIAMS
Minneapolis
COMPANY
St. Paul
Securities
(Established 1924)
Inc.
BORIN, LEIGHTON
National Securities 8c Research Corp.
BAKER
BUILDING
MINNEAPOLIS
BROUILLETTE, JEAN T.
J. M. Dain 8c Co., Inc.
BROWN, RICHARD L.
Haisey, Stuart & Co., Inc.
BUDD,
Engler
ELI
&
N.
Budd
Co.
Smith
ENGLER, MENDEL J.
Engler & Budd Co.
Co.
■'
Twin City
&
Minneapolis
;
STEVE
J. C. Bradford &
GEORGE
EGGEN,
R.
Co.
Smnh
Fenner
DAVIS, ROBERT G.
Piper, Jaffray 8c Hopwood
,
Bank
Securities
Co.
Incorporated
Third National Bank
Company
8c
MICHAEL
Merrill
Cumberland Securities Corporation
ZEIGLER, GEORGE M.
Clark, Landstreet & Kirkpatrick, Inc.
Bank
•
$
Hammill
National Bank
First
CRONIN,
Co.
WOOD, Jr., LEWIS F.
Clark. Landstreet 8c Kirkpatrick, Inc.
r
Co.
Securities
Shearson,
COULTER, JOHN T.
K.
Insurance
Inc.
JAMES
COTTER.
Clark, Landstreet & Kirkpatrick. Inc.
STEVENSON, ALEC B.
Vance, Sanders & Company
F.
MATTHEW
Mid-South
C.
WlBLLS, JAMES E.
Piper, Jaffrav 8c
SOL
Spencer Trask 8c Co.
STORY,
D.
&
WARD, WILLIAM M.
J.
STERN,
Corpora tion
LYNN D.
National
Smith
Keenan 8c Clarey,
Mid-South Securities co.
Company
PETTEY, HERBERT
Equitable Securities Corporation
Third
&
CLAREY, JOHN M.
STEPHENSON, Jr., ENOCH B.
HENRY
8c
8c
National
Cherokee
Accident
8c
MARVIN
STEMPFEL.
PAYNE, CARR
PHILLIPS,
Bradford
CHASE, BILL
WOMACK, ROY
Fenner
WARD, Jr., JAMES C.
Fenner
ROBERT C.
Securities Company
Ets
john
Nashville
Sanders
Co.
Ward, jaml* c.
Third
Co.
Incorporated
SORY,
J. C. Bradford
C.
Merrill Lynch, Pierce, Fenner & Smith
PARKER, FITZGERALD
Nashville Bank & Trust Co.
PEARSON,
National Life
sontag,
Clark, Landstreet 8c Kirkpatrick.
Cumberland
J.
Mcdowell
Lynch, Pierce, Fenner
Incorporated
v
Pierce,
Insurance
WARD, B. F.
Merrill
Incorporated
Vance,
THOMAS B.
Lynch, Pierce,
Incorporated
Co.
Insurance
Hemphill, Noyes & Co.
Cherokee
.Merrill
Equitable Securities Corporation
OWEN, JOHN S.
PARKMAN,
Accident
&
WALSON,
Sharp 8c Company
Accident
&
WILEY, Jr., DAVID W.
Wiley Bros., Inc.
D.
Paul
JAMES
Paine, Webber, Jackson & Curtis
SMITH, H. LAIRD
OLSON, HOWARD B.
Lynch,
C.
Life
Life
Inc.
HERBERT W.
Phillips Inc., St.
FELDMAN, GRANT A.
Co.
8c
Co.
Incorporated
smith, Jr., a.
&
&
WILLIAM E.¬
Lynch, Pierce, Fenner 8c Smith
National
BUTLER,
WEBSTER,
Cherokpe
'
M. Dain & Co.,
Caldwell
(special)
EINER
Bradford
Merrill
Bradford
Co.
GEORGE
SMITH,
NIELSEN, NORRIS
J.
Nashville
W.
J.
Insurance
(special)
Company
JAMES
Accident
8c
EDWARD
National
LOUIS
Bass 8c
WALLING,
B.
OTTO
Lynch, Pierce,
Incorporated
•
NELSON, 11, WILLIAM
Clark, Landstreet 8c Kirkpatrick,
J.
JOHN
C.
Life
C.
(special)
WEBB,
(special)
Merrill
First American National Bank
NIELSEN,
'
Co.
8c
SIMPKINS,
NELSON, EDWARD G.
>
Clark, Landstreet 8c Kirkpatrick, Inc.
Jack M.
Merrill
SHI1.L1NGLAW, RICHARD P.
Mid-South Securities Co.
Cumberland Securities Corporation
NELSON,
III,
Alfred D.
TODD, Jr.,
BUSCH, TONY
BUSCHER,
National
TURNER, Jr.,
SHARP, ALFRED D.
(special)
WARTERFIELD, CHARLES W.
First American National Bank
WEAVER, Jr., WILLIAM
(special)
H.
J. C. Bradford 8c Co.
SCRUGGS,
F.
Company, Inc.
MARION F.
W. N. Estes 8c Company, Inc.
J.
Bank
Union
Bradford
First
Securities.
■
SCHOEN, KENNETH B.
e.
8c
Jr.,
'
W. N. Estes & Company, Inc.
HAROLD
MITCHELL,
C.
Co.
SAIN, NEIL
Mcdonald, john
Merrill Lynch, Pierce, Penner 8c Smith
Incorporated
Mclaughlin, thomas
Wiley Bros., Inc.
D.
Commerce
MARION
Estes
TUCKER,
ROBINSON, CHARLES
EVERETT F.
Bass
Insurance
'
C.
RIPPY,
Jack M. Bass & Company
McDANIEL,
BUIST
8c Accident
(special)
Securities
Sachs
RODNEY
A.
Equitable Securities Corporation
Life
National
N.
Thursday, October 24, 1963
New
T ID WELL,
RICHARDSON,
Continued from page 65
MADDEN, BERT F.
W.
THOMAS,
.
Kathryn FitzGerald (W. C. Pitfield & Cp., Inc.), New York; Dorothy Molloy (White, Weld & Co.),
York; Mary Ronan (New York Hanseatic Corporation), New York; Claire Gowen (Goldman,
& Co.), New York; Catherine Meyers (John J. Meyers & Co.), New York; Mary A. Curry
(Stones & Webster Securities Corporation), New York
Lillian Bruck (Stein Bros. &Boyce), Baltimore;
Nancy Siegel (George A. Siegel & Co., Inc.), New Yprk; Ginnie Bodie (W. E/nutton & Co.), New
York; Sally Weiss (Singer, Bean & Machie, Inc.), New York; Ealeen Russo
(Donaldson, Lufkin & Jenrette), New York
Mollie Gold (Gold, Weissman & Frankel), New York;
Seattle Security
.
.
Teletypes
612
321-1113
612
321-1394
2, MINN.
Telephone
FEderal 9-9251
Volume
198
Number
6310
JACKISH, GEORGE V.
Merrill
Lynch,
Barnev
Fenner
Smllh
&
C.
Kalman
Co.
&
Phillips,
J.
Inc.,
St.
Paul
&
Kinnard,
Planned
Curtis
Inc.
SHUTE.
Pierce,
Fenner
Smith
&
C.
D.
Bank
&
Bank
BRIAN
Trust
Co.
Shearson,
Jamieson
Jamieson
Co.
WHELAN,
STARN,
&
,
Minneapolis
ROBERT
JORDAN.
Inc.
KELLY
Jackson &
D.
Co.
Calvin Bullock,
ESSERT,
EARL
FELSTEIN,
National Bank of
A.
:
D.
Woods
&
Sons
SAM
FLOTRON,
Security Traders Club of St. Louis
E.
Reinholdt
LOFTUS.
Jaffray
Dain
&
Co.
of
Minneapolis
KEITII
Smith,
Barney &
NORD^UIST,
Pierce,
Fenner
OBERG, DALE
,
M. H. Bishop &
K. J. Whitehead
R. Charles Goodwin
W. Jack Wichmann
I. M.
& Sons
O'CONNOR,
WILLIAM
Witter
&
Reinholdt
G.
&
Mills
I. M.
Co.
W.
>
G.
•
Company
&
RALPH
Simon
& Co.
MOSS, MORRIS M.
Morfeld, Moss & Hartnett
WALTER C.
& Woods'
NELSON,
CLARENCE
Boatmen's
of St.
Gardner
National
Bank
Louis
v
White
Scherck, Richter Company
St.
Company Incorporated
Louis
Union
Newhard
Cook
Mercantile
HOCH,
AL
IIAWORTH
&
Co.
Co.
O'BRIEN, JAMES
Yates, Heitner & Woods
'
Trust
NEWHARD, HARRY W.
HEITNER, NORMAN E.
.
Jaffray & Hopwood
&
NEWCOMB, LOWELL G.
Morfeld, Moss & Hartnett
PECK, ROBERT P.
Trust
Compariy
F.
McCourtney-Breckenridge
Webber,
ROBERT
G.
MOBERLY,
Inc.
Co.,
IIARTNETT, WM. H.
PAPPAS,
PLUMLEY,
&
ATHAN
MITCHELL, THOMAS J.
Weber, Mitchell & Olson, Inc.
HAHN, CHARLES
^
Co.
&
Inc.
NEUWOEHNER, HIRAM
Co.
GEORGE
Blyth & Co., Inc.
Inc.
Co.,
ROBERT
MILLS,
Louis
GEORGE
Witter
&
Stifel, Nicolaus & Company, Incorporated
Cook & Co.
&
S.
F.
LARRY
Simon
MEYER,
The
V
DAVID
Stifel, Nicolaus & Company
Incorporated
IIAGENSIEKER, EARL
Inc.
J.
CoJ
&
Company Incorporated
JOHN
McGINNITY,
R.
Yates, Heitner
Co.
HOWARD
Continental Securities,
&
MERTIS,
RUDOLPH
HAEUSSLER,
^
O'CONNEIA.,
Paine,
C.
MARK
Dempsey-Tegeler
Minneapolis
CLARENCE
Dempsey-Tegeler
H. Walker & Co.
Newhard,
of
Bank
Company Incorporated
DONALD
McCREADY, ROBERT D.
Dempsey-Tegeler & Co.,
& Co.
GUMMERSBACII, ALBERT E.
CHARLES
National
Piper.
v,
GUION, ROBERT H.
Smith
&
Gardner
Walker
White
GREEN, IRA H.
Co.
H.
MATYE,
First National Bank in St.
Lynch,
Incorporated
Dean
A,
W.
Merrill
Dean
'
Sons
WILLIAM
G. Edwards
GRAF,
MORAN, DANIEL
OSTROM,
&
GOODWIN, R. CHARLES
Goldman, Sachs & Co.
G.
MOBERG,
&
MATTHEW,
Edwards
GLEASON,
Inc.
MILLER, JOHN
John Nuveen & Co., St. Paul
First
G.
Goldman, Sachs & Co.
Bank
&
MAENDER,
Inc.
DON
National
First
G.
GLASER,
N.
A.
MIKELSON,
E.
F.
Semple, Jacobs
Hopwood
&
GEORGE
J. M.
FRANK
Zoernlg & Co.,
JAMES
FRIEDMAN, WILLIAM STIX
Inc.
McCRANEY, ROBERT A.
Piper,
White
Henry, Franc & Co.
Securities
Inc.
Inc.
Mercantile Trust Company
FRANC, TERRY
Continental
Co..
Co.,
&
LARRY
LUDWIG,
A.
Inc.
McCAULEY, DENNIS
MEEKS,
L.
FORD,
A.
PLATO
&
Klein
KUEHNEL, HAROLD W.
Stifel, Nicolaus & Company, Incorporated
Mahoney & Co.
Kinnco,
Clayton
KENNETH
Harvey,
FITES, VERNON
MASEK,. JOSEPH E.
M. H. Bishop & Co.
MAVROULIS.
Co.
Co.,
<
MAHONEY, JOSEPH C.
C.
&
KLEIN, ELMER B.
&
Goldman, Sachs & Co.
MAHONEY, CORNEL! I S D.
C. D. Mahoney & Co.
&
W.
Fusz-Schmelzle
FISCHER, JOSEPH S.
Co
ROY
FRED S.
KERR,
Ltd.
Edwards
G.
D.
Jones
Stifel, Nicolaus & Company, Incorporated
II.
Heitner
Yates,
D.
Walker
KELLY,
&
DRUMMOND, KENNETH
Curtis
H.
G.
Jones
Co.
&
EDWARD
Edward
J.
DEPPE, RALPH C.
Minneapolis
Paul
JONES,
Edward
Cook
Co.
G.
JOHNSON, ALAN
Scherck, Richter Company
Ferguson, Mo.
Company
J.
&
JARRETT, ELMER E.
Newhard, Cook & Co.
,
DENYVEN,
RAYMOND
Exchange
Jones
DONALD
Newhard,
Exchange
DEMPSEY, DUMONT G.
Newhard, Cook & Co.
ROBERT
Securities
Sons
&
Stock
D.
JARRETT,
Stifel, Nicolaus & Company, Incorporated
Curtis
DARBY
Northwestern
St.
Edwards
G.
Stock
KENNETH
Edward
DARMSTATTER, E. W.
Jackson &
Company
&
A.
Midwest
WITTENBERG, WILBUR W.
Blyth & Co., Inc.
WOLF, PAUL
.
Inc.,
•
Webber,
Paine,
Company
Co.,
&
Continental
Paul
B.
W.
HARRY
Kalman
of
Bank
Allison-Williams
of Minneapolis
Webber,
WEIDENHAMMER,
St.
Midwest
JANSEN,
Reinholdt & Gardner
Inc.
Incorporated, St. Paul
WHENES,
KERMIT
Securities
DANIELSON, EDWARD
Paul
St.
IIUEBNER, CHARLES
»
CROSS, WILLIAM
Paine,
B.
Hammill &
National
SORUM,
JAMES
Mahoney &
PRESTON
of
ARTHUR A.
Gardner
&
CLOONEY, LEO R.
JOHN
WEIDENHAMMER,
Bank
Reinholdt
Inc.
WEBSTER, HARRY W.
Smith
SMITH, JACK P.
WILLIAM
National
Co.
&
SIVERSON, LLOYD H.
Kalman & Co., Inc.,
First
Midland National
First
Pont
du
National
First
•
LARSON, ROBERT
MAHONEY,
I.
CHRISTOPHEL,
Co.,
WASSON, GEORGE
Irving J. Rice & Company,
Inc.
SEMPF, WALTER J.
Investments,
KOOP, Jr., WILLIAM W.
Piper, Jaffray & Hopwcod
MacDONALD,
Co..
&
WALLIN, RON
Kidder, Peabody & Co.
SCHWAHN, STEPHEN
Merrill Lynch, Pierce. Fenner &
Incorporated, St. Paul
Inc.
KLEMOND. EM1L J.
Merrill Lynch,
Incorporated
&
JOHN D.
Continental
V.
67
Stelchen
J.
STEPHENS,
Inc.
Company,
Dain
M.
Francis
MYRON
Midwest
&
R.
Paul
St.
D.
SCHROEDER, DENNIS B.
KELLY, THOMAS E.
Craig-Hallum,
STEICHEN,
Inc.,
RICHARD
SCRAPS, NICHOLAS
KELLER, HENRY
Paine, Webber, Jackson
KIRKEBY,
TOM
Sampair & Egan,
JOHNSON, HARRY B.
Caldwell
The Commercial and Financial Chronicle
.
SANDAHL,
KENNETH
Smith,
.
SAMPAIR,
Pierce.
Incorporated
JOAS,
.
&
OLDENDORPH, EDWARD
Smith, Moore & Co.
Co.
Jackson & Curtis
R.
.
IIOLSTEIN, EDWARD J.
PRICE,
WILLIAM T.
American
Bank,
St.
Juran
.
WARREN
&
Moody,
PRINGLE, JOHN
Halsey, Stuart
RANUM,
FRED
Kalman
&
REINHOLZ,
Paul
,
,
HOOPER, EDWARD H.
POSSIS, EMELL C.
Craig-Hallum,
Kinnaird,
PREESHL,
Fusz-Schmelzle
Inc.
F.
St.
Inc.;
Leo R. Clooney
Paul
&
Co.,
Inc.
St.
Inc.,
First Vice-President: R. Charles
Paul
DANIEL J.
Securities
Second
Inc.-
Paul
Irving J. Rice &
M.
Dain
Company, Incorporated
DENNIS
&
ROOSEN,
J.
Vice-President:
Inc.
Co.,
Rockier
&
Stifel, Nicolaus & Company, Incorporated
Co.,
Continued
Inc.
on
page
,
Goodwin, Goldman, Sachs & Co.
Jack
Wichmann, Stifel, Nicolaus
&
TRADERS!
Clooney, Reinholdt & Gardner.
Principal Markets
,
Treasurer: Darryl L. Pope, Edward D. Jones & Co.
National Committeemen: Eugene T.
&
Co,
Securities
80
Burns, Fusz-Schmelzle & Co.,
Inc., Edward A. White, White & Company, Incorporated; Ken¬
neth J. Whitehead, I. M. Simon & Co.
'.
,
ROBERT
Continental
W.
Third Vice-President: Leo R.
ROCKLER, VERNON J.
Vernon
Dempsey-Tegeler
'
Secretary: James A. Ryan, Newhard, Cook & Co.
RICE, KENNETH L.
J.
Darryl L. Pope
PATKE, JAMES B.
Co., Inc.
Company Incorporated.
Irving J. Rice & Company, Incorporated,
RINGSMUTH,
Ryan
President: Kenneth J. Whitehead, I. M. Simon & Co.
T.
RICE, ALAN H.
St.
James A.
&
I
HORNING. BERT H.
Jfc.
Co.,
Continental
O'NEILL, THOMAS J.
Joseph G. Petersen & Co., Inc.
Stifel, Nicolaus & Company, Incorporated
National
roster
Inc.
ROWND, CHESTER M.
Paine, Webber, Jackson & Curtis r
ARNSTEIN,
Stix
&
FREDERIC
Jr.,
BARKAU, ELMER F.
Taussig, Day & Co.,
Co.
ASHER, SIDNEY L.
RUBEL, JOHN D.
Harris, Upham & Co.
A.
Edwards
G.
AYERS,
A.
Lynch,
Pierce,
Fenner
&
Smith
Incorporated
Edwards
G.
&
'
Continental Securities, Inc.
Sons
607
BECKERS, WALTER A.
Yates, Heitner & Woods
&
WILLIAM
MINNEAPOLIS 2, MINN.
•
612
•
321
1429
'
Co.,
Inc.
BERGMAN, JOHN
V
Yates, Heitner & Woods
BLAKE,
MARQUETTE AVE.
FEDERAL 3-1199
BENSON, JAMES L.
Fusz-Schmelzle
Securities
C
Inc.
BAYER, JACKSON P.
Sons
C. T.
Merrill
SAMPAIR, JOSEPH H.
Sampair & Egan, Inc., St. Paul
&
Unlisted Minnesota
of members
A.
,
J.
Stifel, Nicolaus & Company, Incorporated
BLEWER, CLARENCE F.
Blewer, Glynn & Co.
BOND,
RAYMOND
Bankers
Bond
BOOGHER,
J.
M.
Dain
8c
Co., Inc.
C.
&
Securities
Co.
Minneapolis
LELAND
Stifel, Nicolaus & Company, Incorporated
BRAMMAN, EDWARD O.
Bramman-Schmidt-Busch, Inc.
BRECKENRIDGE, HUNTER
McCourtney-Breckenridge & Co.
BRECKENRIDGE, JAMES A.
McCourtney-Breckenridge & Co.
DATA
PRODUCTS, INC.
BRENNAN,
Brennan
DAFFIN
CORPORATION
Write-ups will be provided on request...
J.
Company
BROCKMEYER, E. H.
Goldman,
MARQUETTE MANUFACTURING
EMMET
&
Sachs
&
>
r
Co.
BROCKSMITH, H. L.
Scherck, Richter Company
/
.
"
FE 3-8141
Teletype
BRONEMEIER, JOSEPH
Scherck, Richter
Telephone
612-321-1115
Company
612-321-1173
BUNN,
MED Piper, Jaffray & Hopwood
^
ESTABLISHED 1895
MINNEAPOLIS
SAINT PAUL
•
ROCHESTER
•
•
FARGO
115
•
JOHN
W.
•,
BURNS,
EUGENE
Fusz-Schmelzle
So. Seventh St.
•
FE 2-2111
•
BILLINGS
•
GREAT FALLS
.
Our
T.
&
Co.,
Inc.
Member New York Stock Exchange
RAPID CITY
.
Stifel, Nicolaus & Company, Incorporated
eight offices provide far-reaching distribution in
and diversified
territory of
more
a prosperous
than six million people,.
BURTON, WILLIAM
St.
Louis
CARLTON,
Harris
Union
Trust
JAMES
Trust
&
Company
J.
Savings Bank
Billinos
Casper
Duluth
Soutkdale
Great
Falls
St. Paul,
Sioux
Falls
69
l
The Commercial arid Financial Chronicle
68
Rosie
McCulley
(Hinton
Jones
(First Southwest Company), Dallas; June Granat
Granat), Seattle; Sarah Pedrick (Howard, Weil,
Friedrichs and Company), New Orleans
&
Labouisse,
Vera
Rohde
(Hughbanks,
(John
R.
Lewis,
Inc.),
Seattle;
Marge 'Morford
Incorporated), Seattle; Hazel Garcia (J. M. Dain
& Co., Inc.), Minneapolis
Virginia Kennedy (Bosworth, Sullivan & Company, Inc.), Denver;
Marge
Burke; (Blunt
Ellis
&
Simmons),
Chicago;
Joan Probst
(Saunders, Stiver & Co.), Cleveland
Louis
Sandberg
(Boettcher
(Bcettcher
Stafford, J. C. Bradford & Co., Atlanta; John Watson, The Robinson-Humphrey Company,
Atlanta; Bob Torpie, J. C. Bradford & Co., New York; Jim Hill, Boettcher and Company, Denver
Marty Gunkel, P. F. Fox & Co., Inc., New York; John Nevins, Lester, Ryons & Co.. Los Angeles;
Bakerink, Paine, Webber, Jackson & Curtis, Los Angeles; Dick Goodfellow,
J. A. Hogle & Co., Los Angeles
and
and
Tom
Frances
McAtee
"f
■
Del
Company), Denver;
Company), Denver
Sue
Hill
.
.
.
Thursday, October 24, 1963
Mahoney (C. D. Mahoney & Co., Inc.), Minneapolis; Jeanne
(Butcher &
Sherrerd), Philadelphia; Josephine
McAleer
• (Dominick
ADominick), New York
Kay Bohrer (Chiles & Co.), Omaha; La Velle Kosterman (E. I.
Hagen & Co., Inc.), Portland, Oreg.; Helen Pitt (Blyth & Co., Inc.),
Portland, Oreg.
Howard Speer, Speer & Bartholow, Inc., Dallas; George Gearner, First Southwest Company, Houston;
Derry Hilger, Rauscher, Pierce & Co., Inc., Dallas; Scott Keith, Schneider, Bernet & Hickman, Dallas
Harry Green, Hecker & Co., Philadelphia;
Sam
Kennedy,
Yarnall,
Biddle
&
Bill Radetzky, New York Hanseatic Corporation,
Philadelphia*
Co., Philadelphia; Ed Knob, Drexel & Co., Philadelphia
'
Volume
Lewis
Number
198
6310
.
.
The Commercial and Financial Chronicle
.
Phil
Charles A. Bodie, Jr., W. E. Rutton & Co., Baltimore; Arthur A.
Schmidt, Arthur Schmidt & Associates, Inc., New York; Erwin W.
Boehmler, Investment Bankers Association of America,
Washington, D. C.
"Hank"
Serlen, Josephthal & Co., New York; C. Merritt
Allen & Company, New York; Sidney A. Siegel,
Sidney A. Siegel & Co., Inc., New York
Coleman,
'
,
Lynch,
First
69
Francis I. du Pont & Co., Chicago; George Brunjes,
Corporation, New York; Charles F. Fisher,
National Quotation Bureau, Chicago
Boston
.
.
Bache &
Security Traders Club of St. Louis
ROSTER
Co.; Keith D. Lincoln, Luce, Thompson & Company;
Lewis S. MacDonald, Dempsey-Tegeler & Co.,
Inc.; Thomas P.
O'Sullivan, Harris, Upham & Co.; Peter Siefert, Stern Brothers
& co.;
/,/'/.: v.
OF MEMBERS
COEN, MIKE J.
Securities
Midland
ROBERT
PAULI,
A.
Fusz-Schmelzle i &
PETERSEN, JR., JOSEPH G.
Joseph G. Petersen fit Co., Inc.
Merrill
POLETTE, JOSEPH
White
POPE,
&
DARRYL
Edward
D.
I.
REIMAN,
D.
Reinholdt
ROSENTHAL,
Beecroft,
Cole
fit
JAMES
Newhard,
Sanders
A.
G.
&
THOMAS
Edwards
SCHERCK,
Jr.,
Scherck.
SCIIMELZLE.
Co.,
&
H.
C.
(Special)
&
.
/H.
r
O.
PETER
Peet
Company Incorporated
KENNETH
'
Co
BAXTER,
Luce,
&
Co.
FRANK
C. Allyn &
&
Company
C.
P.
H.
&
fit
B.
Stifel.
Nicolaus fit Company,
WILLER,
The
ERNEST
Boatmen's
Incorporate^
D.
National
Bank
of
St.
Louis
Inc.
WOOD.
A.
CHARLES
L.
BEAL, ROBERT D.
Estes & Company,
JOSIAH W.
Blackford
fit Co.,
O.
Co.
fit
Peet
C.
FRANCIS
&
Co.
,
LUDWELL G.
Christopher fit
C.
Harris,
GASAL,
:
LAURENCE
Dempsey-Tegeler
St
PATRICK
Upham &
Co.
.
Upham fit Co.
B.
Co.,
GOSS,
Inc.
ROBERT L.
Barret, Fitch, North fit Co. Incorporated
CHAPLINE,
Inc., Topeka,
Kans.
Dean
Dean
Inc.
fit
GROFF,
Co.
E.
CHAPLINE,
BILL,
GORDON L.
Witter
F.
WENDELL
Huton
fit
Co.,
Inc.
EDWIN M.
Witter
GUMBINER, DONALD L.
Co.
St
Stern
Brothers
&
Co.
,
Fusz-Schmelzle
fit
Reinholdt
Inc.
Co.,
SEGASTURE, JAMES S.
Fusz-Schmelzle
SENTURIA,
St
SHAPIRO,
Yates,
Co.,
Inc.
WUEST,
EDWARD
Newhard, Cook
YATES.
SUMNER
Heitner
fit
Fusz-Schmelzle
SORY,
St
Co.,
ZINGRICH,
Investors
O.
Peet
FRANCIS
fit
CLAY
Blyth St Co., Inc.
COBURN,
D.
Co.
Continued
/
Co.
JAMES
R.
Goldman,
Inc.
Gardner
A.
PAUL
Sachs
JOE
St
Co.
C.
Stifel, Nicolaus fit Company, Incorporate^
ZINZER, HERMAN J.
GEORGE
Moody's
fit
H.
J.
Glynn
Jr.,
ZEIGLER,
SIEGEL, JOHN
St
BERTRAND,
Yates. Heitner fit Wood
Woods
SHUCART, EARL
Reinholdt
Gardner
HARRY
Blewer.
Co.
fit
&
WOODS, JOHN R.
Yates, Heitner & Woods
Service
Dempsey-Tegeler & Co., Inc.
Kansas City Security Traders
XJ3STDE3K/"WK,ITH1K/
DISTRIBUTOR
•
•
DEALER
Association
State, IMunioipal,
County Sc District Bonds
Obligations or -Authorities
Bublic
Utility & Industrial Bonds
Preferred
Bank
Francis D. Bertrand
Myron D. Mesler
Robert L. Goss
Robert G.Mahr
FIRST
Sc
Sc
Common
Insurance
DALLAS
Vice-President: Myron D.
Mesler, George K. Baum & Company.
Robert L.
Goss,
Robert
Mahr,
Barret, Fitch, North
&
Co., Incor-,
porated.
Treasurer:
G.
Parker/Eisen/Waeckerle/Adams &
Purcell, Inc.
Directors:
William
W.
Bantrup, B. C.
Christopher &
Co.; Jack
Halper, Straus, Blosser & McDowell; Wm. N. Johnson, Merrill
Lynch, Pierce, Fenner & Smith Incorporated; David Kramer,
Stocks
Stocks
^OiMwedt
President: Francis D. Bertrand, H. O. Peet & Co.
Secretary:
,
Co.
JAMES R.
Harris,
CARROLL,
fit
Adams
Fenner St Smith
Incorporated
Co.
Inc.
Inc.
Peet
GAINEY,
&
Co.,
Waeckerle,
Co.
CARNES, JAMES E.
Merrill Lynch, Pierce,
BOYD
Thompson
O.
GAINES,
Bache
&
A.
Eisen,
Co.
BURTON, JOHN T.
C.
Incorporated
J.
CHARLES J.
OLEY,
H.
Co.
&
Company,
Co.
BEN H.
Christopher
BROWN,
&
1IANAN
Purcell,
Co.
Inc.
IVAN
WILLIAM
EISEN,
M.
HENRY
Dempsey-Tegeler
/
WM.
fit
Kans.
Co.
&
Reed,
Hutton
F.
DYER,
,
&
DONALDSON,
Parker,
W.
Thompson
BRILL,
A.
Co.
fit
Neb.
E.
BRACKEN, DANIEL S.
Waddell fit Reed, Inc.
BRINKLEY,
_
Co., Topeka,
EDWARD
Walker
DAHLGREN,
Omaha,
I
BAUM, G. KENNETH
George K. Baum & Company
JULIAN/
fit
Peet
O
Brothers
Jr.,
H.
FOLLOWELL,
BRYANT
BARNES,
Inc.
Incorporated
Company
Jr.,
Simon
M.
Co.
B.
Co,
G.
WICHMANN, W. JACK
M.
RICHARD
Inc.
BARNES,
VINCENT
White
I.
Co.
fit
Co.,
St
COX,
Waddell
J.
Company,
St
Luce,
BARMBY,
T. RAY
George K. Baum
WHITEHEAD,
Company
ALBERT
Fusz-Schmelzle
SCHMELZLE,
C.
Son
&
fit
Warren
WHITE.
BERNARD L.
Cook
Newhard,
L.
White
Co.
Stern
BANTRUP, WILLIAM W.
B. C. Christopher St Co.
A.
Wichita, Kan.
Inc.,
A. VINCENT
& Co., Inc.
BONDANK, JOHN J.
JOHN S.
Incorporated
Weber, Mitchell fit Olson,
WHITE, EDWARD A.
GORDON
Richter
SCHLUETEK,
R.
Co.
WILLIAM
WEBER,
H.
DONALD
SANDERS,
WALSH,
&
BACKLUND, C. W.
Merrill Lynch, Pierce, Fenner & Smith
Woods
fit
ROBERT
Dempsey-Tegeler
.
fit Co.
Edwin
Heitner
W.
RICHARD
Company,
JOHN
BOHRER,
Chiles
Cook Paint fit Varnish
III
& Co.
RICHARD II.
Yates,
A.
SANDERS,
C.
AYRES,
Inc.
LEONARD
WAI SII,
Co.
Cook
Co.,
fit
Peet
O.
fit
Blackford
r
RON
fit
COLEMAN, HARRY
B. C. Christopher 8t Co.
BLACKFORD,
EUGENE S.
Upham & Co.
Harris,
ANDERSON,
H.
Ranson
fit
Topeka
fit Co.,
Cole
MEMBERS
BLACKWOOD,
Adams
inc.
AGRON,
'
Nicolaus & Company, Incorporated
WALSH,
J.
ROBERT A.
Simon
ALBERT,
VOGEL.
Co.
Gardner
&
Smith
fit
R.
Waeckerle,
Eisen,
Purcell,
Glaser, Vogel
fit
SPENCER H.
ROBINSON,
RYAN,
Co.
Richter Company
Scherck,
M.
THEIS,
Stifel,
HENRY
RICHTER,
I.
Co.
&
Parker,
M.
Dempsey-Tegeler
E.
Walker
H.
Co.
L.
Jones
IRVIN
REIMER,
G.
fit
YVM.
Edward
Fenner
Y
MEL
KENNETH
ADAMS
Stifel, Nicolaus St Company, Incorporated
TEGELEIt, JEROME F.
Y
L.
Jon^s &
K.
Simon
M.
TAYLOR,
ELVIN
POPPER,
Pierce,
Lynch,
Incorporated
Company Incorporated
OF
Co.
fit
STRANO, ROBERT V.
Stifel, Nicolaus & Company, Incorporated
TAUSSIG, WILLIAM H.
■ ;
Inc.
Co.,
Brothers
Stern
ROSTER
WILLIAM
SPRINGER,
67
Inc.
COLE, WALTER L
Bcscroft.
Continued from page
Co.,
COLE, Jr., WALTER I.
COMPANY
V '
on
:
page
70
.
70
The Commercial and Financial Chronicle
John R.
William
J. Patton, Scantlin Electronics Inc., Mill Valley, Calif, (far right); Looking on are: Pete
Kosterman, E. /. Hagen A Co., Inc., Portland, Oreg.; Derele H. Swails, George Patten Investment
Co., Portland, Oreg.; George M. Latinovich, Bateman, Eichler & Co., Los Angeles
HALSTED,
Midland
HAL
I.
du
Pont
&
E.
Co.
F.
Hutton
The
H.
O.
Company,
Incorporated
Wichita,
Inc.,
H.
O.
KENNA,
E.
8c
Co.
Fenner
&
Smith,
F.
8c
Peet
Jr.,
WILLIAM
Hutton
&
Exchange
J.
Incorporated
Company,
F.
LINCOLN,
Luce,
&
Incorporated
MEMBER
NEW
BLISHED
YORK
1932
STOCK
ING.
' 'C'' '
EXCHANGE
III.
VANCE,
ELMER
&
Estes
MAYRHAUSER, OSCAR
Merrill Lynch, Pierce, Fenner & Smith,
Incorporated
j
Co.
WAECKERLE, HAROLD E.
Parker, Eisen, Waeckerle.
Purcell,
Inc.
Snider Co.
HAROLD
Co.,
L.
Inc.
Adams
WAGNER, THEODORE F.
Harris. Upham & Co.
&
Inc.
WEINRICH,
JOSEPH J.
Dempsey-Tegeler
Inc., Topeka, Kans.
ROBERT
C.
C.
Co.,
&
WELSH, MERLE L.
Harris, Upham 8c
Co*
H.
O.
FRED
Peet 8c Co.
PRICE.
Co.
7
FRANK
Securities
F.
Company.
Midland
Securities
C.
Co.,
WHITE, LEONARD A.
Luce, Thompson 8c
EARL W.
Co.
,
Stern Brothers 8c Co
WHITSITT, R. DALE
&
Smith
PROTHMAN, EDWARD O.
Luce, Thompson & Co.
PURCELL,
Inc.
Parker,
Purcell,
HOYT
Eisen, Waeckerle.
Security Management, Inc.
WILLHAUCK, Jr., JOHN I.
Luce, Thopmson 8c Co.
Adams
8c
WILSON,
Inc.
ELROD
Fahnestock
Christopher 8c Co.
RIEHLE, JOHN J.
Midland Securities
MAHR, ROBERT G.
Parker, Eisen, Waeckerle,
Purcell, Inc.
Adams
WINTERS,
Co., Inc.
&
H.
sandlin,
Parker,
Purcell,
Trust Company
O.
8c
P.
Co.
Jr., GEORGE E. '
Peet
&
Co.
harold
Eisen,
Inc.
Waeckerle.
Adams
YAX, AMBROSE F.
&
Midland
Securities
Co.,
YUKON, WARREN
Uhlmann 8c Co., Die.
SAUNDERS, HAROLD
E. F. Hutton & Company, Incorporated
Manager
39
YEARS EXPERIENCE
in the Texas Securities Market
1505 ELM STREET
DALLAS
Inc.
Inc.
Scotty Keith
N.Y.C.
Inc.
Allyn & Co.
Midland
MARSHALL, ED
Mark Henry 8s Co., Atchison, Kans.
Private Wire to G. A. Saxton & Co.,
Adams
7
WILLIAM B.
& Company,
Jr.,
DIXON
Barret, Fitch, North & Co., Incorporated
W.
Wright,
Incorporated'
VON
THOMAS P.
PITLUGA, EDWARD
Co.
MADER, EDWARD G.
Commerce
Co.
WESTBROOK,
MARGIOTTA, ALEX
TRADING DEPARTMENT
Incorporated
L.
Upham &
Harris,
A.
MacDONALD, LEWIS S.
Dempsey-Tegeler 8c Co.,
B. C.
Fund Management Company,
Houston, Texas
PIEDIMONTE, DAN
Inc.
&
/
Texas
WEST,
MILTON
Thompson
Inc.
Co.,
George K. Baum & Company
Inc.
LUNDSTROM, P. THOMAS
Merrill Lynch, Pierce, Fenner
Incorporated
SCHNEIDER, BERNET & HICKMAN,
8c
PETERS,
Co.,
&
LOVETT, WILLIAM
Luce, Thopmson &
Luce,
Bache
Purcell,
KEITH D.
JR.,
Incorporated
Company,
STEPHENS. JASPER P.
W.
ANDY
Inc.,
LONGEN, KIP
LUCE,
&
Securities
THORNTON, JOHN R.
Barret, Fitch, North 8c Co.,
TOPLIKAR, FRANK A.
Zahner
and
Company
O'BRIEN,
Blackford
Inc.
Company,
Uhlmann & Co.,
Hutton
THOMPSON, KENNETH J.
Luce, Thompson 8c Co.
FESELL,
Thompson
F.
Barret, Fitch. North 81 Co., Incorporated)
r-
PERRY, JACK L.
Parker, Eisen, Waeckerle,
Securities Co.,
Hutton
J.
MOORHEAD, THOMAS A.
Value Line Funds, Atchison, Kans.
PEARSON,
Wichita
E.
E.
Upham & Co.
Presrort,
LARIMER, LARRY H.
Midland
FRANK
Midland
Corporation,
MICHELSON, HENRY L.
Straus, Blosser & McDowell
PAULY,
LATSHAW, JOHN
ST A
Co.
SPARKS, RUSSELL K.
ROBERT
O'SULLIVAN,
KRUG, DUANE L.
Milburn, Cochran 8c Company,
BLDO.
Securities
OLSON, Jr., ARTHUR J.
B. C. Christopher & Co.
Co.
KRAMER, DAVID
Dallas
EI
8c
SORMANI, ANTHONY P.
Barret. Fitch, North 8c Co.,
Bache & Co.
BANK
Peet
NORTH, FRANK
HENRY E.
Peet
E.
A.
Columbian
Harris,
8c
KELLY, JAMES F.
NATIONAL
O.
Beecroft, Cole & Co., Topeka
Topeka
JOHN P.
Distributors,
TO. N.
Merrill Lynch, Pierce,
Incorporated
REPUBLIC
H.
MYRON
CARL
MEYER,
JOHNSON,
Company
Co.
SMART, ROBERT L.
Co.
George K. Baum & Company
Kansas
JENSEN,
Members Netv York Stock
&
R.
8c
MEYER,
Winfield
&
Thompson
PETER
Brothers
SNYDER,
JENNINGS,
Sanders
Stern
SOLOMON, HAROLD
IRISH, GARY D.
'
Francis
SIEFERT,
,
m
ME5LER.
George K. Bourn & Company
Inc.
F.
Company
claude
Mcdonald, lawrence l.
B. C. Christopher & Co.
HUNTER, HAYWARD H.
HARRIS, CHARLES Mi
Co.,
Luce,
Stern Brothers 8c Co.
Topeka, Kans.
C.
Securities
Trust
HOWK, JAMES
Seltsam, Hanni 8c Co., Inc.
Straus, Blosser & McDowell
Commerce
Mcdonald,
ELLIOTT M.
Blackford
Co., Inc.
HANNI, ARTHUR R.
HALPER, JACK K.
Thursday, October 24, 1963
.
HOLLUB,
ROSTER OF MEMBERS
Continued from page 69
MAYFIELD, HARRY
Standard 8c Poor's
HENRY, MARK
Mark Henry 8c Co., Atchison, Kan.
HILLMOND, Albert W.
Waddell & Reed, Inc.
Association
.
Brown, Jr., Ultronic Systems Corp., New York, demonstrating the Lectrascan to NSTA Group-
HARVEY, RALPH C.
Kansas City Security Traders
.
1, TEXAS
7
;
*
,
DAkDAS
::
t,-.
IBSSIflfll
HOUSTON
v/upipener/
SAN. ANTONIO
*
§i
Dittmar &
Inc.
Member of the New
York^tc^ ^Exchange
DALLAS
SAN ANTONIO
Dallas Federal
201 N. St. Mary's
Savings Building
Street
|!
HOUSTON
Texas National
j^iiBank Building:
Inc.
&
Volume 198
Number 6310
.
.
The Commercial and Financial Chronicle
.
71
1963, the 100 largest banks in the
Opportunities for the Trader
country
increased
their
holdings
of
and
local
bonds
to $13.7
This
was
state
billion.
In Municipal Bonds
■
Continued from page
rentals.
In
revenue
bonds,
they
backed
by
whatsoever. The
bonds rests
lar
The
no
income
facility.
authorities
housing
empowered
issue
to
bonds. Those authorities
own
have
of the
statutes in the various
are
their
the particu¬
on
use
local
states
power
anticipated to be col¬
for the
created by
not
taxing
is only
powers
their
as
derived from the
housing projects. Under authority
of Public
Housing Act of 1937, as
the
amended,
Public
Federal
Housing Administration enters
into
contract
a
with
local
the
housing authority to provide the
avail¬
monies, together with
any
able funds of the Local
Authority,
meet annual
to
terest
principal and in¬
charges
These
contracts
bonds*
their
on
pledged
are
as
should
It
of
case
are
security for such
solely
revenue
lected
the
taxing
any
ther provide
tributions
bonds, and fur¬
that the Federal con¬
must
made
be
breach of contract
any
local housing
of the
on
despite
the part
be
apparent that the
quite
during
that
obvious
bank
mu¬
time.
It
is
that
commercial
over
bank purchases
the past year
the payment of the annual
contri¬
housing au¬
municipal
for
9,775
regis¬
39
bonds."
Mr.
Lalley thought that the free
in its
has
the
issues,
been
had
of
case
a
new
added: vis: the
refunding of bonds that will not
convertibility
tually
feature
bond
date
call
privilege
the
saved
city
had
ac¬
something
mature for
on
which
a
number of years and
callable
no
provision
exists.
its face,
On
financing costs. If free and
advance refunding
to have
great deal of
mar¬
able without
charge,
the
greater number of dealers, brok¬ ket, and this trend still appears
to prevail.
\
ers, and banks presently engaged
On Sept. 10 the
Comptroller of
in the underwriting and distribu¬
tion of them, as well as trading in Currency issued his new rulings
look forward
hopefully to the day the maneuver. In a few states,
certificates will legislation has already been
their
to
and
broad distribution in strong hands.
This
the
further
is
70%
reflected
market.
secondary
mately
municipal bonds
are
direct
eral
secured
obligations
taxing
their
major, if not
a
in the
powers of national
banks to deal in, underwrite and
hold revenue bonds. While these
gen¬
the rulings have caused
by
great deal
a
of
debate
among
various seg¬
Fur¬
the marketability ments of the investment industry,
the banking system, and the
which is second
regu¬
of the issuer.
power
ther enhancing
is
were
record
only to U. S. Government obliga¬ latory authorities, the final effect
tions.
During the great Depres¬ of them on the market remains
sion of the
to be
thirties, less than 2%
''
all
state
defaulted
and
municipal bonds
most
all
of
those
defaults
est.
on
with which those securi¬
ease
prises that failed during the same ties trade in the OTC Market, and
period where the investors lost the promptness^ in
ownership
in
dealers
are
title.
Municipal
bonds,
While I recognize many in this
audience
and
unlike stock certificates,
customarily issued in $1,000
are
and traders
denominations
corporates, equities, and mutual
in
a
municipalities
interest
should
differential
justify
passed
permitting
advance
re¬
funding of the entire bonded in¬
the
Since
deficiencies
of
the
are
bond
coupon
ob¬
debtedness
general
whether
outstanding,
obligation
revenue
or
vious and the many advantages of
bonds,
the registered
existence of callability provisions.
suggest
to
all
bond
so
industry
our
issuers
visability
of
recommend
bonds
the
ad¬
irrespective
Bond
approving
the
of
non¬
attorneys
have
questioned the desirability of this
this
pro¬
type of financing
on
various legal
grounds.
adopting
of
evident, I
gressive suggestion.
is
also
that
;
development
of
in¬
creasing importance seems to be
250,000 private corporate enter¬ the
with coupon bearer
„
negotiable
Coupon Bonds
the defaulted inter¬ traders in stocks and registered
Contrast this with the record corporate bonds are familiar with
paid
for
There
the
feeling
concept of advance
funding
be
may
re¬
utilized for the
.
interest gaining ground daily. Dealers and
cured and in many cases
of
■
.,
Another
were
at par
securities.
Non-Callable Advanced
•
Registered Versus
payment of principal
and/or interest. Subsequently, al¬
on
then
we can
appears
registered
trade
seen.
''
■
of
when
expanding the
Approxi¬
outstanding
of
half
a
the dominant factor
the
by
the
States to
local
Our
tered
the
and
been reached. But in
certificates
coupon
favorable
exchanged
which
company
greatest reduc¬
by an insurance
made
was
merit
due
pledge of
the
year!
one
tions
quick convertiiblity of coupon to
registered bonds becomes avail¬
excellent
is
today
everything,
Because of the solemn
to
of
transferring
authority.
the faith of the United
butions
just
nicipals
marketability of municipal bonds
was
security for the
in
increase
an
approximately 27%
or
alone doubled its holdings of
Marketability
7
leasehold
$2.9 billion
bonds. One of the
Refunding^
sole
headline
-
Another
nue
in the field of
is
the
municipal financing
utilization
refunding
development
of
the
technique
advance
enabling,
a
purpose
The
low
interest
average
rates to refund their non-callable
bonds
prior to maturity.
Pre-refunding
providing
not
new
of Colorado enacted
earlier
for
the
in
refunding
issues
various
subdivisions
year
of
outstanding
all
among
in
the
state. A community west of Den¬
just contracted to refund its
are
employed that vehicle
whenever market conditions
original $40 million was outstandContinued
were
on
bearer
coupon
reve¬
outstanding debt of approximately
uncounted corporate $40
million. Whereas only the
as
issues have
the
ver
operations
State
legislation
municipality to take advantage of bond
favorable
of generating
through arbitrage.
page
72
form.
Although
provisions
do
funds, and not usually exposed, to
thority by the Federal Public
exist for full registration or for
municipal securities, some current
Housing
Administration,
the
registration as to principal only,
developments affecting their char¬
Housing Authority
bonds have
the bulk of municipal bonds out¬
acter and marketability may be
come to be regarded as high grade
standing are the usual type of
of passing interest.
securities.
It may be of
to
you,
particular interest
dealers
as
Of
security
and
coupon bearer bond referred to.
Absorption Clipping coupons semi-annually is
Municipals
a
pleasant diversion and pastime
"Q" and
Reg,
Banks'
who owns the
When the change in regulation for individual investors but to in¬
$80 billion tax-exempt bonds out¬ "Q" became effective Jan.
stitutional buyers it represents a
1, 1962,
to
traders,
standing.
raising the maximum rates
able
Ownership Composition of
mand
ed
largest group is represent¬
individuals
by
and
trust ac¬
counts, holding $30% billion. This
segment is closely followed by the
commercial
billion.
for
count
State
and
are
with
$23.2
companies
funds
for
ings
dynamic effect
tially
and
own
$7.2
remaining $5.6
bil¬
held by corporations, sav¬
increased
banks
vantageously.
in
the
bracket,
look
these
for
accounts
and
in¬
miscellaneous
the
vestors. These investors constitute
the
market
proof
furnish
and
owner¬
the
chased
In
tax
was
nent
substantial
could
bonds
to
and
them
be
pur¬
Be¬
Committee
vestment
Banks
feasibility
,
of
procedure
for
UNDERWRITERS-DEALERS
Trading Markets in:
NATURAL
HOUSTON
DISTRIBUTORS
GAS
CORP.
preferreds
L0NGH0RN
LONE
PEARL
BREWING
BREWING
TEXAS
CO.
CO.
PHARMACAL
CO.
CENTRAL POWER ft LIGHT
specialising in:
ALL SAN ANTONIO AND SOUTH TEXAS
HOUSTON
LIGHTING
POWER CO.
BANK STOCKS
&
4% preferred
and other Southwestern
Securities
of
taxed
Member
New York Stock
the
American Stock
Under
of¬
Brokers
mil¬
Pacific
National
Trading
Bank
of
Coast Stock
his
Commerce
51 2-571 -0905
Bldg., San Antonio, Texas
Municipal
the
as
—
CA 7-6215
•
Dealers
Distributors
staff
other
of
Philadelphia Plan. Co-op¬
witht
National
the
the
Bank,
.
as
fiscal
plete interchangeability of
into
vice
versa.
As
soon
one
for
154
said:
of
Mutual Investment
coupon
as
this
Public
Bonds
—
4,621
be stored, processed
Another
coupon
for
certi¬
the
and audited.
42
1, Texas
city
less items to
exchanged
for
Utility, Railroad and Industrial
Preferred Stocks
—
Common Stocks
Mercantile Dallas Building
Dallas
2,333
registered
Riverside 8-0111
Austin, Fort Worth, Harlingen, Houston, Lubbock, Midland, Odessa,
San
owner
bonds
Funds
coupon
registered
Finance
"Result:
Company Stocks
com¬
institution
reportedly turned in 4,775
Bank and Insurance
agent,
registered bonds
accomplished,
Municipal Bonds
Philadelphia
city offers bondholders
rector
51 2-571-0937
*
t e rs
neces¬
The late Francis A. Lalley, Di¬
Exchange
i
Not long ago the City of Phila¬
bonds
Exchange
w r
year.
ficates.
Midwest Stock
Exchange (Associate)
same
his
limit,
Midwest Stock Exchange
Exchange
delphia introduced what is known
and
Members
of
bonds.
our larg¬
single
a
was
inc.
Rauscher, Pierce & Co., Inc.
In¬
handling the items.
certificates
Funk, Hobbs & Habt,
the
that
exploration
of
erating
4% preferred
one
in
work-load
means
STAR
of
municipal
facilities to the
sitating
PORTLAND
CEMENT
SECURITIES
coupons
and
HOWELL INSTRUMENTS
CORPORATE & MUNICIPAL
bonds
fice processed and paid 6%
lion
BUILDING
de¬
examining
remarked
states
This
ft
common
of
adopting the
The treasurer of
est
SOUTHWEST
have
Association
also
is
THE
accordingly.
Securities
1962 and June 30, America
OF
2, TEXAS / PHONE CAPITOL 4-9221
promi¬
more
issuers
BANK
HOUSTON
accept
large
already
of the
some
issue
in
440
that
proposes
other investors
corporate
this
The
the
Trading and
Cashiering
basis Subcommittee of the Municipal
enticing.
also
tween June 30,
ship of tax-exempt bonds.
wooed
broad selec¬
FOSDICKJnc.
success.
and
nominations
port¬
addition,
apparent
with
on
committee
registered
at¬
POLLOK&
As¬
working
banks
and
are
Bankers
standing commit¬
a
diligently
This
high
equivalent
bonds
American
The
tee
tax
usually available in
market.
ample which
of the widespread
are
favorable
The
in
EDDLEMAN,
vault space and re¬
save
sociation has
them
of
bank
a
ties.
ad¬
securities
credits
amounts
funds
of maturities
features
bond to
natural to problem
only
was
of
of
& CO., NEW YORK
started in the East for wider
was
the de¬
corporate
ings and loan associations, mutual folios, Furthermore,
savings banks, U. S. Government tion
Direct Wire to
V. F. NADDEO
movement
a
seeking duce costs of handling the securi¬
most
municipals.
wide range
tractive
As
52%
it
to,
quality
Several years ago
^
substan¬
were
to invest those
outlets
are
on
Municipal & Corporate Securites/Local Bank & Insurance Stocks
municipal bonds. Sav¬ acceptance of the fully registered
deposits
ac¬
while
billion,
$13.6
Local
The
billion.
lion
banks
Insurance
a
State-
rather costly headache.
pay¬
time and savings deposits,
on
it had
Municipals
The
INVESTMENT BANKERS
learn
Antonio,
Tyler,
Albuquerque, New Mexico
and
Fayetteville, Ark.
72
The Commercial and Financial Chronicle
firms
Opportunities for the Trader
in
Continued
ing
from
munity, when
bonds
that
its
same
com¬
refunding
new
will
delivered
are
municipal
71
page
heretofore,
Municipal Bonds
double
the amount of bonded debt in the
hands
investors. The
of
es¬
crowed and invested in U. S. Gov¬
securities
ernment
mature
on
or
example, if
them,
original bonds.
here
be
until
and
a
wish
to
important
briefly
I
Summary
facets
of
variety of issues,
to
purposes,
other
and
peculiar
characteristics, they trade in the
over-the-counter
I
feel
this
market,
broad
as
offers
as
a
distinct
a
mar¬
it is long.
chal¬
operations
market
for
these
obligations.
portray
those
municipal credit and fi¬
to
ties
Authentic figures
the
trading daily
volume
available,
not
are
experience
but
on
has
nancing related to the amount of demonstrated that this part of the
vis¬ bonds outstanding, current annual municipal bond picture is gain¬
ualize, if you will, the effect on volume, purposes for which they ing by leaps and bounds. As the
the money markets if the $80 bil¬ are issued, who buys and owns volume of new issues increases, in
lion of presently outstanding mu¬ these securities, their marketabil¬ the years to come, the opportuni¬
financing
nicipal
debt
extremes,
to
ity and impact
pre-refunded.
was
The
Effect
Depressing
The weekly volume of new mu¬
nicipal
issues
averaging
has
1963
in
$162
been
the
and
million
problems confronting the under¬
and distributors handling
writers
this amount
and
are
somewhat vexing
frustrating, to put it mildly.
of
door
knobs
there
the market. Should that occur and
it will destroy
interest rates, rise,
no
or
sights
them,
on
the
with
yourselves
of
distributors
and
bonds will lean
more
the
to
on
volume
of
certain to
for
and
substantial
that
issues
new
are
Opportunities
come.
known
or
certain
to
unfold
of
unheard
un¬
today
those
for
alert and prepared
are
exempt
you more
the
them—as
and
are
who
to develop
In fact, there
community
a
long
as
as
;
nation.
our
♦An
address
30th
the
tional
by
Annual
Security
Springs,
Colorado
before
Wendt
Mr.
Convention
of
the
Na¬
Traders
Association,
Colo., Sept. 25, 1963.
ROBERT
Elmer
E.
FISHER, HENRY
Singer,
Deane & Scribner
FISHER, KENNETH E.
C.
A.
Benson
FITZGERALD,
Singer,
Pittsburgh Securities Traders
WILLIAM
Lear &
M.
Jr.,
Bernstein
ROY M.
Schmertz
ARTHUR R.
be
JOHN
Jr.,
&
Applegate & Humphrey, Inc.
McKelvy & Company
PAUL H.
Chaplin McGuiness
Leonard & Lynch
Moore,
Elmer
T. H. Davies, Jr.
Robert A. Woeber
Frederick C. Leech
Hoy, Jr.
Powell
E.
Reed,' Lear
Johnson
Arthurs, Lestrange & Co.
Co.[,c/^M,y^:
ROSTER
Lear
WM.
& Company, Inc.; Robert C.
C.
;
Commonwealth
-
Bank
Trust
DEALERS
Schmertz & Co., Inc.
LOWRIE
Hulme, Applegate & Humphrey, Inc.
ARTHURS, ADDISON W.
Arthurs, Lestrange & Co.
AUSTIN, JAMES SHIRLEY
DISTRIBUTORS
.
Parrish
SECURITIES
Merrill
503
TELETYPE
503
226-6911
PETE KOSTERMAN,
&
BARBOUR,
TELEPHONE
224-4077
Mgr.
Co.
G.
Pierce,
Benson
Fenner
DEALERS
—
DISTRIBUTORS
CORPORATES AND MUNICIPALS
UNLISTED SECURITIES
George Patten Investment Go.
SECURITIES
'
American Bank Building
Portland 5,
AT & T Teletype 503-224-1911
Telephone CApitol 6-4141
DIRECT
LEASED
CONNECTING
DIRECT
LEASED
WIRE
WIRE
WIRE
Oregon
TO
TO
TO
J.
BARTH
WERTHEIM
JOHN
R.
&
&
CO.,
SAN
FRANCISCO
CO., NEW
LEWIS,
INC.,
YORK
SEATTLE
Lear
A.
E.
Preston,
&
Smith
Elmer
LEAR,
E.
Powell
&
8c Co.,
Inc.
Schmertz & Co., Inc.
C.
S.
McKee
'
>
&
Leonard
C.
Lear & Co.
Lear
&
>
8c Co.
Lear
JOHN C.
8c
Co..
MacDONALD,
Inc.
Kay,
Lynch
Blair
CRIST, JAMES D.
&
C.
S.
'
Co.,
Incorporated
McKee
MEYERS,
J.
S.j
FRANKLIN
CARL S.
McKEE,
Kay, Richards & Co.
Inc.
LINFORD
Richards & Co.
MARONEY,
Singer, Deane & Scribner
GEORGE P.
Co.
LEECH, FREDERICK C.
Arthurs. Lestrange & Co.
Reed,
Co.
ROBERT
Inc.
EUGENE H.
,
CUNNINGHAM,
Co..
LEATHERBURY,
LOOS,
Company,
8c
Inc.
LONSINGER, EUGENE R.
E.
CREHAN, JAMES E.
Moore,
Company,
Company
Company
JAMES
Reed.
Clark, Inc.
W.
&
8c
Reed, Lear 8c Co.
Watt 8c Schoyer
JAMES
Co.
HARVEY
Reed,
W.
&
Masten
Walston
Arthurs, Lestrange & Co.
—
Reed.
LEAR,
CARTER, ALBERT R.
CRAIG,
BOEHM, Jr., JAMES V.
UNDERWRITERS
Battles & E.
& Co.
KNOCH, CYRIL
Thomas &
THOMAS P.
CLELLAND, SHIRLIE
BARR, THOMAS L.
Singer, Deane & Scribner
BENSON, CARL A.
A.
Janney,
M.
THOMAS
Moore, Leonard £c Lynch
KLIMA, JOHN R.
Walston
CARROLL, WALTER J.
,
Lynch,
Cunningham,
PACIFIC NORTHWEST SECURITIES
HAROLD
LAMBING, Jr., MALCOMB
&
First Boston Corporation
DUANE
Incorporated
C.
TRADING AND RETAILING
'
Company, Inc.
HOWARD J.
BURROWS,
A.
BODELL, G. CLIFFORD
TRADING DEPT.
•
Burgwin, Biddle & Rogers
BURNETT, III, ALEXANDER J.
Arthurs, .Lestrange & Co.
JAMES J.
Cunningham,
MUNICIPAL
McKee
BURGWIN,
v
&
S.
Johnson
Simpson, Emery &
KOST, EDWARD C.
BUFFINGTON, JOSEPH, III
^
;
/
&
Francis I. du Pont
OF MEMBERS
J.
Co.
&
E.
Johnson
KELLY,
KROW,
ACKERMAN,
Co.
&
WILBUR
8c
KEENER, Jr., ELMORE L.
C. S. McKee & Company, Inc.
KEIR,
Hamscher, Cunningham, Schmertz & Co., Inc.;
John L. Emery, Simpson, Emery
Co.
G.
JOHNSON, Jr., WILBUR E.
Secretary: Thomas H. Davies, Jr., McKelvy & Company
.
&
HERBERT
JOHNS,
Johnson
Jr., Parrish & Co.
Treasurer: Robert A. Woeber, Arthurs, Lestrange &
APPLEGATE,
CORPORATE
Inc.
JEPSEN* ELWOOD M.
ANDERSON, GUY D.
UNDERWRITERS
& Co.
IVORY, Jr., CYRIL J.
Simpson, Emery & Company,
JACOBS, CHARLES E.
Singer, Deane & Scribner
JAMISON, Jr., THOMAS S.
Directors: Roy M.
PORTLAND 5, OREGON
W.
DAVID
INGRAM,
ANFANG,
-
«
HUNTER, FRANK H.
Reed,
BANK BUILDING
Scribner
&
McKelvey & Company
E. I. HAGEN & CO.
AMERICAN
W.
Co.
Deane
Hulme,
Vice-President: Frederick C. Leech,
QrwsL&imswt
Trust
PAUL
HUNTER,
there
;:|
Inc.
Hulme, Applegate & Humphrey, Inc.
HUMPHREY, Jr., ARTHUR F.
Co., Inc.; Paul Truman, Stroud & Company, Incorporated.
■
Co.,
lIliLME, MILTON G.
Wetmore, McJunkin, Patton &\ Co.; John C. Loos, Walston &
INC.
<5c
Hefren & Co.
HUFNAGEL, RICHARD M.
IN
.
Co.
&
LAWRENCE B.
Richards & Co.
Kidder, Peabody & Co.
for them.
.
Castle.
H.
GOLDSMITH, LEON
Parrish
PACIFIC NORTHWEST SECURITIES
PRIMARY MARKETS
GEORGE
Singer, Deane & Scribner
JOHNSON,
.
Co.
Genkinger & Co., New
GLEESON,
HOY,
President: John W. Hoy,
.
"
R.
JACK M.
GENKINGER,
HIGGINS,
Association
John W.
EXPERIENCE
Scribner
8c
Cunningham, Schmertz & Co., Inc.
HEINEMAN, Jr., A. F.
Commonwealth Bank
As for the future
OF
8c Co., Inc.
JOHN L.
Deane
-Arthur R.
outlook for
could go on interminably with a our industry, it seems only natudiscussion
and
explanation
of ral{ to me to anticipate a conmany
problems connected with tinuing growth in the number of
YEARS
Co.
&
FISHER, CHARLES N.
Singer, Deane 8c Scribner
Cunningham,
im¬
ingness to
THIRTY
,
R.
Powell
FERRERO,
Singer,
fund.
point in this discourse I
O.
Simpson, Emery & Co., Inc.
HEFREN,
is the capacity and again, the will¬
At this
P.
Co.
ERNEST
Moore, Leonard 8c Lynch
EMERY, JOHN L.
J.
as
the basic incentive to advance re¬
pay
Richards &
Reed,
of
you
can
JOHN
FOLEY,
provements desired by the citizens
of
Kay,
DORBRITZ,
IIAMSHER,
gold
any
STANLEY
W.
and
gain, but for the best interests
Inc.
Channing Service Corp.
FLANNERY, KIRWAN M.
them,
long
Humphrey,
them, not only for your own profit
willing to
objection to
Hulme, Applegate &
DEAKINS, ROBERT G.
Reed, Lear & Co. /
DODWORTH,
tax
H.
PAUL A.
DONALDSON,
help develop and broaden
market
DAY,
have
other securities. Underwriters
for
DAVIES, Jr., THOMAS
McKelvy 8c Company
and de¬
as you
the
why
reason
have
the bill.
for
vote
prepared
are
little
If you want
and
no
shouldn't
pay
depressing
in
result
is
obligations
expand. Now is tyie
an¬
in
stepup in
ensures a
cal subdivisions.
but
picture
the
complicate
easily
itself
Thursday, October 24, 1963
Kay,
capital requirements of politi¬
you
only
explosion,
repeat
nation,
our
the
.
GORDON,
1970's, plus the economic growth
Any increase in volume will not
may
to
these
.
on our economy.
population
ticipated
in
character of these bonds,
Carrying this aspect of munici¬
pal
trade
must and will
time to train your
the lenge to those of you not already
engaged in the substantial second¬
summarize
aspects:
endeavored
of
trading of municipal bonds is
to the
ary
:
will
highly complex operation. Due velop outlets for them
ket which is
'concluding
before
more
before the due dates
call dates of the
could
However,
I
or
of underwriting
who
aspects
distribution familiarize
underwriting,
just talked about maturities,
we
we
For
sometime next year.
to
scheduled
financings.
technicalities
the
proceeds
will be
of the refunding issue
bond
various
the
municipal bond financing.
The
In
individuals
and
engage
.
Meyers
&
KARL
&
Co.
'
Company,
F.
>
Inc.
Pa.
Volume
198
Number 6310
MILLEMAN, Jr., CHAELES F.
Kay, Richards & Co.
EDWIN
Simpson,
D.
&
TRESC1I,
Co.
A.
R. BURTON
G.
C.
Peelor
G.
&
Kidder,
Masten
&
& Company
NORMAN B.
ZUNIC,
JOSEPH
Thomas
Scribner
&
&
J.
Pierce,
F.
Fenner
Smith
&
r,
Company
&
Security Dealers of the Carolinas
S.
MILLS,
National
Co.
ration,
Inc.
Cunningham,
L.
♦NORRIS,
Lynch
-r
Edgar
C.
Walston
Schmertz &
MAX
Co..
Inc.
Inc.
McCarley
Singer, Deane & Scribner
J.
Steele
&
♦PEARCE,
Co.
G.
SHORT, JOSEPH P.
Arthurs, Lestrange & Co.
SHUTTLEWORTH,
Stroud &
SIMPSON,
G. H. Crawford, Jr.
WILLIAM
Emery
Arthurs,
SOI/MS,
yv
Vice-President:
STEELE,
H.
J.
E.
&
STUBNER,
Parks
H.
Lewis
G.
Treasurer: James F.
WILLIAM
Greenville, S. C.
R.
♦PEELER,
•
Inc.
J.
Dalton, Interstate Securities Corpora¬
♦ABERNETHY,
Carolina
Mellon
National
SULLIVAN,
'
Bank
-
&
Charlotte,
Trust
OF
Jr.,
R.
S.
N.
Alex.
C.
WALTER E.
*BAIN,
United
Schmertz & Co.,
Inc.
North
Securities
SULLIVAN, WILLIAM H. L.
'
Lear
&
Carolina
Co.
•BARNWELL,
RAYMOND
M.
Charleston,
Reed, Lear & Co.
Preston,
Jr.,
J.
Branch
FRANK
/
M.
H.
R.
C.
;
N.
♦CLANTON,
,
Smith,
Vance
HENRY
James
H.
G.
UNDERWRITERS-DISTRIBUTORS
WACHOVIA
Washington | Oregon
Conner
-
&
S.
LOGAN
Dickson
(E.
McDaniel
Greensboro,
J.
Co.
v
WILLIAM
N. C.
STREET
Birmingham,
V.
&
:-Vv
-
♦WILLIS,
Co., Inc.
BEN
Alex, Brown
&
CO.
&
Co.
SALES,
INC.
Ala.
S.
& Sons
Winston-Salem,
H.)
S.
N.
C.
,
♦YEAMAN, JOHN W.
Martinsville, Va.
C.
Lewis
Greensboro,
N.
Corp.,
members
♦Also
C.
of
the
National
Security
Association.
Traders
*
—
DISTRIRUTORS
—
DEALERS
CORPORATE
MUNICIPAL &
SECURITIES
C.
Private wire to
&
Co., Charleston,
COLEMAN
S.
Securities Co.,
Jr.,
Sanford,
GEDDINGS
Crawford
S.
C.
J. S. Strauss & Co., San
N. C.
II.
Francisco
with connections to other trading centers
Co., Inc., Columbia, S. C.
Company
C
S.
Securities
Teletype—206 998-0234
N/ C.
Corporation
♦DANIELS, GEORGE B.
Frost, Read & Simons,
Charleston,
<
♦DARGAN,
Idaho | Montana | Alaska
Phone Main 2-1990
Incorporated,
C.
S.
ROBERT
L.
founded 1892
Dargan & Co., Spartanburg, S. C.
♦DEATHERAGE, RALPH
E.
Securities Corp., Greensboro, N. C.
Allied
♦DIXON, ROBERT B.
United
FOSTER 8c MARSHALL INC.
BANKERS
Securities
'
Greensboro,
Co.,
♦JDOHERTY, Jr., JOHN S.
McAlister, Smith & Pate, Inc.
Greenville, S. C.
♦DULIN,
R.
BUILDING
OffiP Harper
N. C.
Son & Co.
Investment Securities
'
im Third Ave.,
Seattle 1 hksk
J
WALTER L.
Dickson
S.
Charlotte,
ERWIN
SEATTLE 4. WASHINGTON
&
N.
Co.,
Tacoma
Inc.
Wenatchee
Yakima
C.
CO.
&
Durham, N. C.
♦EVERETT,
| MAIN 4-4550
C.
T.
Securities Corporation
Equitable
ROBERT
Company
Greenwood.
Vss tsvN
206
TRUST COMPANY
&
N.
JOHN
C.
Charlotte,
CODE:
BANK
♦WARMATII,
Inc.,
Citizens Trust
Specializing in Issues of
AREA
Inc.
♦REECE, E. KEMP
J.
Research
&
Interstate
NORTON
Corporation,
H.
Winston-Salem,
Company,
DALTON, Jr., PARKS H.
1505
M.
♦CURRY, Jr., RAVENEL B.
STATE, MUNICIPAL AND REVENUE BONDS
'
Securities
COMPANY
Chapel Hill, N.
CONNER, JAMES
C.
United
i
Inc.
UNDERWRITERS
&
N.
&
♦CRAWFORD.
INVESTMENT
R.
N. C.
Vaughan and Company
Wilmington, N. C.
P.
Company,
C.
C.
Clanton
♦CRABTREE,
m
CHARLES
Greensboro, N. C.
Co., Inc.
MELVIN t
Greensboro.
CLEMENS
E.
N.
N.
Kistler
PRINGLE
Sons
Securities
Charlotte,
Company
C.
Banking & Trust Co.
Laurinburg,
Inc.
Inc.
Charlotte, N. C.,
Point, N. C.
National
Wilson, N. C.
♦BEMAN,
Watt & Schoyer
Jr.,
Greensboro,
Sturgis May & Company
High
WALTER E.
♦BATTS,
TIERNAN, FRANK M.
Preston, Watt & Schoyer
&
& Company,
Asheville, N. C.
Corporation
WILLIAM
Jr.,
S.
Co.,
CARPENTER, J. EARL
Barnwell &
Huger,
Investment
BROWN, FRANCIS P.
G.
Securities
Raleigh, N. C.
TERESI, SAMUEL II.
TIERNAN,
JAMES
♦BARNES,
Jr.,
Brown
McCarley
__
'
Wellington Distributors, Inc.
SWEITZER, EARL E.
Asheville,
G.
Vance Securities Corporation
Fayetteville, N. C.
Winston-Salem, N. C.
♦BLAYLOCK, Jr., HARRIS E.
Burlington,
Company,
Carolina
GRADY
Southern
♦VANCE,
LEE
Jr.,
Charleston,
-BLACKFORD,
^
TAYLOR,
Corporation,
MEMBERS
Co.
JOSEPH H.
Cunningham,
Reed,
Securities
Powell,
f-.
Interstate Securities Corporation
T.
Inc.,
Carolina
♦VAUGHAN,
&
Peeler &
Durham,
Gallivan, Alester G. Furman Co., Inc.,
ROSTER
Co.
FRANK
Lee
♦POWELL,
Nichols,
/.
J.
Asheville,
♦VANCE, THOMAS M.
&
P.
Dickson
Inc.,
■
CHRISTIAN; J.
&
STUREK,
S.
CORP.
Charlotte. N. C.
E.
Crawford
♦PRATT,
Co.
Langley-Howard,
R.
Raleigh, N. C.
Company
IIARRY J.
STEIGERWALD,
Stubner
Secretary:
&
Steele
'
Charlotte, N. C.
tion, Charlotte, N. C.
F.
Lestrange & Co.
PAUL
Thomas
James F. Gallivan
G. H. Crawford Co., Inc.;
Columbia, S. C.
Inc.
Co.,
G. HARTON, III.
Singer, Deane & Scribner
THOMAS
G. Lewis Nichols
President: Geddings H. Crawford, Jr.,
SINGER,
SMITH,
Parks H. Dalton
H.
SECURITIES
Company,
&
♦THOMAS,
Company,
♦PEARSON, Jr.,
S.
G.
&
&
PHIL
Bank,
Carolina
North
Co.
C
Columbia, S. C.
/
WILLIAM
Company, Incorporated
Simpson,
North
Asheville, N. C.
SUEPPARD, JOHN S.
/
National
♦SUDDETH, JOSEPH
M"cCarley & Company,
M.
&
TELETYPE:
206-998-0673
Selected
F.
Southern
Investment
Durham.
N.
N.
GALLIVAN.
Co.,
.
N.
C.
.
Inc.
I
C.
C.
ERNEST
♦HARDIN,
L.
Jr.,
Alester
G.
Co., Inc.,
v
rHl
S.
Hardin
♦HUNT.
F.
Furman
Greenville,
E.
'
C.
JAMES
Alester G.
Lewisco
Teletype 206 998-0939
'
SECURITIES7 CORPORATION
FIRST
Cable Address
Wilmington,
E.
Charlotte,
S.
LAWRENCE
Jr.,
Investments,
♦EWING,
Telephone MAin 3-3040
L.
& Co., Inc., Salisbury,
ROY
N. C.
F.
Furman
Co.,
Inc.
Greenville, S. C.
JACKSON
'
-■
Greensboro, N. C
♦JOYNER, ARCHIE B.
Securities
Greensboro,
♦KLUGH,
N.
Jr.,
Corp.,
/
C.
ARTHUR
Klugh & Company,
Anderson. S. ,C.
♦LAWRENCE,
SIMON
M.
Inc.
'/
Anniversary,
WE
N.
♦LEE.
N.
United
1000 SECOND AVENUE
SEATTLE 4, WASHINGTON
♦LEWIS,
WITH
INVESTMENT
CO.,
PORTLAND;
J.
CONNECTING WIRE TO WERTHEIM
VANCOUVER, B. C.;
BARTtf & CO., SAN FRANCISCO;
& CO.,
NEW YORK CITY
North
H
S.
REX
Vaughan
♦LUCAS,
G.
Co.
Greensboro,
<fe Co.,
C.
N.
PACIFIC
ISSUES
Greensboro, N. C.
Company,
Inc.
PACIFIC
NORTHWEST
COMPANY
C.
Investment Securities
D.
and
Company,
UNDERWRITERS
Wilmington,
•
DISTRIBUTORS
DEALERS
•
Carolina
D.
Seattle
JENNINGS
Crawford Co., Inc., Columbia,
S. C.
♦LUNSFORD, DEDRICK
R. S. Dickson & Co., Inc., Charlotte,
North
NORTHWEST
C.
/
Robinson-Humphrey
♦LITTLE,
V
PRIMARY
McDANIEL
RICHARDS
Columbia,
PATTEN
IN
CLAYTON
McDaniel Lewis
The
DIRECT LEASED WIRE TO: D0HERTY R0ADH0USE & McCUAIG BROS.,
MARKETS
C.
Securities
♦LEWIS,
GEORGE
MAINTAIN
Banking & Trust Co.
Wilson,
1933*1963
;
S.
Branch
30th
°900
H.
MARSHALL
lVTcDaniel Lewis & Co.,
Allied
Investment Securities
C.
N.
♦JOHNSON,
in.
SMITH
&
Gastonia,
JOHN R. LEWIS,
C.
Corporation
♦PAGE, RICHARD L.
SCRIBNER, JOSEPH M.
H.
S.
Greensboro, N.
N. C.
McCarley
OLIN
Norris
Co.,
C.
N.
Charlotte,
C.
EDGAR
M.
v
.
&
♦STEVENSpN, EDNA
♦OSTEEN, MARGARET B.
J. Sturgis May & Co., High Point, N. C.
♦OWENS, RICHARD H.
J. Sturgis May & Co., High Point, N. C.
N.
& Co.,
W.
N.
Greenville.
Alstyne, Noel & Co.
SCHUGAR,
Jr.,
Charlotte,
Inc.
S.
CLAYTON
SOUTHEASTERN
Corporation,
Interstate Securities
&
Corpo¬
C.
Carolina
Charlotte,
LEWIS
Securities
Rocky Mount, N. C
Company,
MICAH J.
North
Raleigh, N. C.
♦NISBET,
SCHNEIDER, WALTER G.
Van
G.
S.
JOHN
Clanton
♦SMITH,
C.
Research
&
Merle-Smith
&
♦SMITH,
Rutherfordton, N. C.
Carolina
M.
FRANK
Dick
Columbia,
LAWRENCE
&
Smith
S.
Smith,
Securities
Bank
S.
Columbia, S. C,
♦SMITH, Jr., FRANK
T.
S.
L.
♦NICHOLS,
ROBERT
E.
C.
HENRY
Greenville,
MOORMAN,
National
C.
N.
WILLIAM
United Securities Co.,
Frank
INCORPORATED
S.
Bank
\
♦SMITH, FRANK S.
Robinson-Humphrey Co., Inc.
SMITH
National
C.
J. R.
Carolina
♦SHRAGO,
Columbia, S. C.
LYNCH, PIERCE, FENNER
C.
Leonard
SCHMERTZ,
North
V"
♦McCARLEY, Jr., J. NATHAN
McCarley & Company, Inc.
Asheville, N. C.
&
N.
Charlotte,
\
;
■
H.
K. M.
♦SHERIDAN,
T.
CHARLES
Greensboro, N. C.
C.
Carolina
North
Charlotte,
MERRILL
Lestrange & Co.
SATLER, Jr.,
r
J. Sturgis May & Company
High Point, N. C.
♦MENEFEE,
Co.
&
LOIS
S.
♦SHELTON,
STURGIS
Columbia.
ROSENBERG, JOCK
Hentz
J.
FLOYD
Robinson-Humphrey Company, Inc.
Columbia,
Sturgis May & Company
High Point, N. C.
♦MAY,
Company
ROGER
Lynch,
Incorporated
E.
RYAN, THOMAS
Moore,
E.
Merrill
j
Inc.
Emery & Company,
Arthurs,
V
WARREN
EDGAR
Simpson,
H.
A.
ZINGERMAN,
Incorporated
S.
The
J.
Co.
E.
Peabody
ROBINS,
♦MAY,
Trust
&
Company
G.
Jr.,
Co.
Bank
M.
Company,
Petersburg, Fla.
RICHARDS, Jr., RALPH
RIGG,
Lestrange &
National
Jr., J.
Allied Securities Corp.,
Jr., JOSEPH
♦SANDERS,
Southern Investment Co., Inc.
Charlotte, N. C.
WOOI.FOLK, THOMAS
AUSTIN
Deane
Incorporated
A.
JOHN P.
Mellon
Company
M. Manning & Co., Inc.,
Greenville, S. C.
♦MATTHEWS, DAVID A.
The
St.
Richards
Company,
ROBERT
Arthurs,
Company,
Jr.,
Singer,
&
WOODS.
Masten
E.
WARD,
Co.
FRANK
&
ELMER
POWELL,
Stroud
\VOEBER,
♦ROLLINS,
V.
W.
PAUL
&
UMSTEAD,
A.
&
FRED
Co.
Jr.,
McKee
S.
WILLEY,
Company
Masten
♦MANNING, MALCOLM M.
ROBERT C.
McJunkin, Patton & Co.
J.
GRANT
PONICALL.
C.
Peelor
E.
73
WETMORE,
Schoyer
ARTHUR
Stroud
PATTERSON, BLAIR M.
Arthurs, Lestrange & Co.
PEELOR, CHARLES G.
Charles
&
TRUMAN,
Kay. Richards & Co.
PEELOR, C.
&
TOWNE, RICHARD C.
Hulme, Applegate & Humphrey, Inc.
Inc.-
& Co.,
SHELDON
Richards
Kay,
PARKER,
Watt
R.
Thomas
Emery
H.
PARKER,
WILSON B.
WILLARD
Hefrpn & Co.
TOMASIC, ANTHONY E.
Arthur
MULLEN, HENRY J.
Singer, Deane & Scribner
PALMER,
The Commercial and Financial Chronicle
.
TILLOTSON, Jr.
Arthurs, Lestrange & Co.
.
,
TIERNAN,
Preston,
,
KENNETH
MOIU,
.
Carolina
Aberdeen
Medford
Bellingham
Salem
Portland
Boise
Tacoma,
Spokane
Eugene
Walla Walla
'
Kennewick
Wenatchee
Lewiston
Yakima
The Commercial and Financial Chronicle
74
Page
Page
Page
.
KENTUCKY
NEW JERSEY
Meyers
BIRMINGHAM
LOUISVILLE
ELIZABETH
Mitchell
Middendorf,
Bankers
(The) Bond Co., Inc.
Hilliard
64
(J.J.B.)
Long :l(Hugh W.)and
62
._
40
New
NEW
Hunter
ORLEANS
Newman, Brown & Co., Inc.__
Scharff
& Co
(Paul H.)
Aschkar
&
(J.) & Co.
Brush, Slocumb & Co., Inc.
California Water & Telephone
Company
._*—
Davis, Skaggs & Co.
First California Company
Incorporated
Gorey (Walter C.) Co. —:
Co.
Pickwick
& Co.
48
50
Telephone Company— 53
(Dean) & Co.
49
MASSACHUSETTS
&
(A. E.)
Bacon, Stevenson
& Co., Inc.-.
47
Burnham
47
Commercial Bank
&
North
Corporation
DENVER
Kent-Moore
Organization,
Inc.-
57
__
E-Z
Company,
56
Kirchner & Company
Ernst
First
MINNESOTA
Co.
&
Continental
47
18
Securities,
J.
&
M.
Dain
Co.,
67
Inc.
Inc.
Frankel (Wm.
67
.
& Co., Inc
Gersten
Dittmar &
Company, Inc
70
71
UTAH
SALT
LAKE
CITY
25
Anderson
(V. E.)
& Co.
61
Mountain
Fuel Supply Company
61
CINCINNATI
1
Westheimer and
VIRGINIA
Company
62
CLEVELAND
34
Mason
Goodbody & Co.!
CITY
(H. O.) & Co
Stern
Brothers
>
ILLINOIS
&
Fusz-Schmelzle
55
Gregory & Sons
60
&
D.)
Hornblower & Weeks
58
Hutton
Scherck, Richter Company
59
Stifel,
Nicolaus
&
Kidder,
59
Peabody
NEBRASKA
Black
Co.
OMAHA
55
58
Chiles & Company--
;
Co.
Smith
& Co.
Company,
63
Marshall,
73
Inc.—
Harper (Wm. P.) & Son & Co..
73
73
(John R.), Inc.
73
Pacific Northwest Company
Inc.
WISCONSIN
72
& Co., Inc
(George)
Investment
72
Co._
MILWAUKEE
72
Loewi
&
57
Co., Incorporated.
PENNSYLVANIA
19
Co.
(Carl)
Merrill
Power
Company
&
Hagen (E. I.)
21
(Carl M.), Rhoades
&
&
PORTLAND
12
Marks
WASHINGTON
63
13
Mabon
''
RAPIDS
64
Lewis
16
Laird, Bissell & Meeds
Loeb
IOWA
63
OREGON
16
&
Inc
26
-
Co._.
Levien, Greenwald &
—_
Inc.
Butler, Wick & Company
Patten
Company,
Incorporated
&
Lee,
63
SEATTLE
35
Josephthal & Co.
(W. E.)
&
•
Company.
Foster
& Co._^tau. 37
Co., Inc—
Hill, Thompson &
60
&
:..
Trust
17
Heaney (Michael J.)
Inc.
Co.,
•
6
Co.
(Edward
•
YOUNGSTOWN
22
Company..
(Ira) & Co.
Haupt
ST. LOUIS
Jones
54
Greene and
60
—~
Co.
CHICAGO
54
54
60
;
Merrill, Turben & Co., Inc.
Grace National Bank of New York 17
Peet
Doyle, O'Connor & Co., Inc..:
Noyes (David A.) & Co
Swift, Henke & Co
Wurlitzer (The) Company
_
(The)
Fulton Reid & Co.,
17
r——
" i
Cleveland
15
Goldman, Sachs & Co._
Commerce Trust Company
41
;
i.—37
Inc.
LYNCHBURG
31
—_
Gold, Weissman & Frankel, Inc.—i 37
MISSOURI
41
Co.
&
& Fosdick, Inc. 71
ANTONIO
OHIO
i—_
Frenkel
&
Globus,
WASHINGTON
Light
70
Funk, Hobbs & Hart, Inc.
SYRACUSE
23
Garvin, Bantel & Co.
DISTRICT OF COLUMBIA
Electric
70
1
38
Niagara Mohawk Power
Corporation
:
y.) & Co.
67
KANSAS
Iowa
Pollok
Eddleman,
11
29
Incorporated
66
Piper, Jaffray & Hopwood
Family Finance Corporation
CEDAR
Hickman,
Walker, Austin & Waggener
SAN
'
.J
&
^
WILMINGTON
Lemon &
Bernet
Schneider,
26
& Co
(Albert)-Guenther Law,
Mahoney (C. D.) & Co., Inc.
DELAWARE
Johnston,
^
,
Company
&
71
Company
31
Co.
Co.
&
Wood, Gundy
30
66
Company
&
Wertheim
7
Co., Inc.-
&
&
24
:
& Company
(P. F.)
Frank
Allison-Williams
HARTFORD
Fox
MINNEAPOLIS
CONNECTICUT
69
HOUSTON
& Co
(T. L.)
36
—
Company
Rauscher, Pierce & Co., Inc.
^
39
(The) Boston Corporation—
Fitzgerald
(G. H.)
White, Weld
—
Southwest
Weinberg (S.), Grossman & Co.
9
—
Addressing Service Inc.
56
10
—
6
Securities
(The)
Dominion
:
First
Sanders
26
(Spencer) & Co.
Walker
14
Co.
65
DALLAS
& Co., Inc.-— 35
Watson
of
&
Befak
TEXAS
Co.
Troster, Singer & Co.
(Inside front cover)
27
Company
Dominick & Dominick—1.
WARREN
Inc.
5
America
(C. J.)
27
& Co.—
(A. L.)
Stamm
27
—
National
,
Boland, Saffin, Gordon & Sautter. 30
MICHIGAN
Cooley
Co.
&
(The)
34
30
(Sidney A.)
First
38
Singer, Bean & Mackie, Inc.
(Outside back cover)
Trask
Co.
& Co., Inc.
&
MEMPHIS
38
& Sons, Inc.-
(James)
Siegel
36
Co., Inc.
Blyth &
COLORADO
Bosworth, Sullivan &
44
'
TENNESSEE
'26
Co., Inc
20
Co., Inc.
&
47
&
& Co
39
Company
& Co., Inc.
D.)
&
(Harold C.)
Incorporated
18
Antler's Restaurant
BOSTON
(Paul
Company
35
Schapiro (M. A.) & Co., Inc.
Peck
&
Ames
Maguire (J. B.)
&
18
Shore
Adams
46
Devine
V,"'
Richardson
46
& Co., Inc..
Allen
Sheeline
& Co
Thomas
37
Saxton (G. A.)
Co.
Day (Chas. A.)
42
& Co
Taggart (Charles A.) & Co., Inc.- 43
Co—
(W. C.)
36
CITY
YORK
NEW
Telephone
51
45
Sparks (J. W.)
Registrar & Transfer Company— 36
Inc.
Organization,
46
& Company.
(C. T.)
53
States
STATION
HUNTINGTON
51
West Coast
Witter
Williams
51
53
Co.
&
(John C.)
Legg
45
Inc.
Co.,
PITTSBURGH
Pflugfelder (Wm. H.)
Pitfield
Mead, Miller &
52
50
Stone & Youngberg
Sutro
50
&
Corporation
(John J.)
&
Robinson
Schaffer, Necker & Co.
Pistell, Inc.
50
—
_
Company
Strauss (J. S.)
O'Kane, Jr.
Pershing
42
Inc.
cover)
back
40
52
Barth
Southwestern
Hanseatic
40
NEW YORK
FRANCISCO
&
16
31
Janney, Battles & E. W. Clark,
65
BALTIMORE
Schwabacher
Associates
65
-
Jones, Inc.
MARYLAND
SAN
(Wellington)
Wien (M. S.) & Co., Inc
52
ANGELES
LOS
Co.
Ogden Wechsler & Krumholz, Inc. 28
HILLS
Company
&
&
Colgate
Company
York
(Inside
CITY
JERSEY
LOUISIANA
Jaylor
34
Quotation Bureau
Incorporated
(Outside back cover)
Company,
Inc.
CALIFORNIA
BEVERLY
&
Page
Page
.
National
62
Son
&
'"
■
(John J.) & Co.
ALABAMA
—
Thursday, October 24, 1963
ERS
ROSTER
Sterne, Agee & Leach
...
CANADA
PHILADELPHIA
24
& Co.,
Inc.
Lynch, Pierce,
Incorporated
-----
Fenner
Bioren & Co.
33
Dackerman
&
43
(Harry C.)
Gerstley, Sunstein
8
&
& Co.
Co.;
WINNIPEG, MAN.
44
45
Richardson
(James)
&
38
Sons.
'
r,
Earl
L.
Hagensieker, Reinholdt & Gardner, St. Louis;
Morton A. Cayne,
Cleveland; Robert M. Disbro, Disbro & Co., Cleveland; Richard
Saunders, Stiver & Co., Cleveland
'
"
.
Ledogar-Horner
Probst,
•'
:
•
.' V.
••
r, George S. Warner, Stone, Altman & Company, Inc., Denver; Ernest E. Stone, Stone, Altman &
Company, Inc., Denver; Jim Geddes, Bosworth, Sullivan & Company, Inc., Denver; Howard Snyder,
The Ohio Company, Columbus, Ohio
Co.,
'
•
""
•
'
■
'•
J
■
Publishers, 25 Park Place, New York 7, N. Y., REctor 2-9570. Claude D. Seibert, Publisher and President;
William Dana Seibert, Treasurer; George J. Morrissey, Editor. Published twice a week [every Thursday
(general news and advertising issue) with a statistical issue on Monday]. Other offices: 135 S. La Salle
Street, Chicago 3, Illinois (Telephone STate 2-0613); Copyright 1962 by William B. Dana Company. Re-entered as second class matter February 25, 1942, at the post office at New York, N. Y.; under the Act
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THE
COMMERCIAL
NOTE:
On
AND
account of
FINANCIAL
CHRONICLE (Reg. U. S. Patent Office) William B. Dana
the fluctuations in
the rate of exchange,
Company,
remittance for foreign subscriptions and
advertisements
must be made
in
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York funds.
Volume
198
Number 6310
The Commercial and Financial Chronicle
Convention Number
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at
the
right time.
And you can feel more
secure
about your
OTC
Trades...when your
trading call
begins with.
Hanseatic,
every
.
please!'
New York
Hanseatic
Corporation
Established, 1920
60 BROAD STREET, N. Y. 4, N. Y.
Telephone: 363-2000
Teletype: 212-571-1231, 32, 33, 31*
Boston
•
Chicago
Philadelphia
•
•
Los Angeles
San Francisco
World Wide Wire Service
The Commercial and Financial Chronicle
Convention Number
.
.
.
Thursday, October 24, 1963
Over-the-counter
quotation sewm
fifty years
National Quotation Bureau, incorporated
,
Established 1913
46 Front Street, New York 4, N. Y.
V
CHICAGO
SAN FRANCISCO
•
Singer,
Direct Wires to
;
Burton J. Vincent & Co.
Chicago
NEW YORK
•
PHILADELPHIA
Joseph, Mellen & Miller, Inc.
Members New York
Security Dealers Association
Cleveland
A. G. Edwards & Sons
Dallas
Evans MacCormack & Co.
Los Angeles
Birr, Wilson & Co., Inc.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
.■
.
*
..
Jones, Kreeger & Co.
Washington
\
■■
•
@FedFRASER