Full text of Commercial and Financial Chronicle : October 3, 1963, Vol. 198, No. 6304

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

The

and FINANCIAL
Reg. U. S. Pat. Off.

LEADING

THE

EDITORIAL

Those

INFORMATIVE

MOST

They not only succeeded in the strictly

they were also

sense;

very

all

is, of

sides.

ficult for

A

>

tion is
ical

the elections

President

a

Kennedy is

Roosevelt

the
how

getting under
year hence.

now

very

notebook.

politically

young

situa¬

We

in

are

no

position to

"non-political"

effective- this

Lochinvar's homeland is proving to be

v

of

best to
a

-y

Wkv

very

political footing. He is also quite clearly

simple political truth, that the only way

in which this

can

be done

of

way

help them is, of
of

salvaging

several

or

course,

Exploitation

promoting

a

general

steps beyond the New Deal

the

added

are

compared

up

growth

record,

is becoming

year

that

had
of

and

about

run

its

output

are

now

It is

in

back to

In
a

in

for

spring

strong

omy.

cially

pation
year.

possible

,a

In
now

Thus,

from

NEXT WEEK: The investment

Over-the-Counter

Market will

in

goods.

Municipal

later

July,

in

Underwriters

mainly
seems

—

in

have finally

with the renewed

consumer

spending

unlikely, however,

domestic

already

key

near

auto

been

in

future,
at

espe¬

recent

in

sales

running

that

consumer

the

very

area

of

residential

available

will

GNP,

considered,
be

reached

of

year,

industrial

in

expected

$590

billion

exclusively

or

reach

even

a

suggest

new

high

production,

Generally, the

and services,

to

last spring.

trends

present

income, and retail sales.

is

it

construction,

that housing starts in the balance of

things

personal

industrial

opportunities

as

measured by

fourth-quarter rate

(Continued on page 24)

State,

Lester, Ryons & Co.

-

623
•

Dealers

•

So. Hope

Members
Members

•

Members

Corporate & Municipal

NewYork

Street, Los Angeles 17,
California

New

York

American

Pacific

Stock Exchange
Stock Exchange

Coast

Exchange

Offices in Corona del Mar, Encino, Glen-

Securities

San

MEMBERS

BOND DEPARTMENT

MIDWEST STOCK

New York 8, N. Y.

EXCHANGE

Diego,

Santa

Ana,

135 So. La Salle Street

on

T.L. WATSON&CO.

Dept. Teletype: 571-0830

New

york Correspondent

—

Pershing & Co.

California's Diversified

CANADIAN

Human Resources
INVESTMENT BANKERS

Invited

NEW YORK 4, N. Y.

CANADIAN

DEPARTMENT

-

WRECT VIRES TO SHOUT REAL AND

Goodbody

&

Dominion Securities
TORONTO

PERTH AMBOY

2 BROADWAY

NEW YORK

©rporatiotf

Co.

MEMBERS NEW YORK STOCK EXCHANGE

■

BONDS & STOCKS

Canadian Exchanges r

Exchange

25 BROAD.STREET

•

MANHATTAN

Commission Orders Executed On All

Teletype 212-571-1213

•

THE
CHASE

Markets Maintained

Canadian Securities

New York Stock Exchange

BRIDGEPORT

Municipal Bond Division

Dealers, Banks and Brokers

Block Inquiries

Stock

Notes

1832

Members

American

Bonds and

BANK

To

ESTABLISHED

Agency.

Southern

Chicago 3, III. FRanklin 2-1166

Net Active

.

Monica,

California Securities

Bond

TWX: 212-571-1414

w

Santa

Whittier

FIRST NATIONAL CITY BANK

Inquiries Invited

770-2661

Housing

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

CHEMICAL BANK NEW YORK TRUST COMPANY




low point.

be featured in our issue of October 10.

MULLANEY, WELLS & COMPANY

Chemical

•»>

last year

total output of goods

the

v.\

•

the first-quarter

a

up

Municipal

•

770-2541

1963.

call for

now

and Public

Distributors

phones:

of

new

have

the

ground

Securities

P. O. Box 710,

recov¬

early

past three months

It

Housing,

State and

from

the

U. S. Government,
Public

and

that, during the remainder of the

John J. Balles

to

1962

high-level plateau which had stretched

appears

All

production, in antici¬

February

late

the year may fail to match-the peak set

in

difficulties

labor

of

high yearly rate of 7.2-7.3 million.

A further temporary stimulus was provided
of

cur¬

sustained gain in personal income,

a

since

months

econ¬

by the acceleration of steel

moderate

a

is expected for the

spending for hard goods in,the

early

and

and

and

further gains will be registered

ac¬

pick-up

11%

occurring

soft

any

especially

business

orders

plant and equipment have

dip

the end

strength

a

generating

tone

than

retail sales

crisis

Cuban

were

new

the

risen off the

along with the short-run
the

on

Following

key areas. The surge of
consumer
spending
for
new
of

up,

especially encouraging that expenditures by

from

more

clear.

few

October,

picking

$41 billion rate in the fourth quarter of 1963,

ac¬

in

New

course.

Capital spending plans of business

produced

declines

even

After

May, steel production in the

rent

business

—

industrial

in

trend

in

have

may

in

set

1962

peak

a

balance of the year.

the "score¬

tolerably

5%, breaking out the long

over

uptrend in the steel industry

estimated

to

expected these past three years.

the forward thrust of the

(Continued on page 17)

in

1964

home-building activty added to

purpose

OTC MARKET ISSUE

in

matter of

had generally

flat

summer,

that goes

program

which

tivity.

doing to

secondary to the major

payments-balance crisis.

a

Looking further ahead, the banker

a

summer

stronger

charm" and the rather tawdry political
"explaining" to the people he sees along the
are

the

important

,

how much he and his Administration

for

effects

"personal

device of

Copy

a

August, with a similar
pattern prevailing in the Pittsburgh area. But the
liquidation of steel inventories now appears to

performance of the economy through

lethargy

last

effectively is to "sell." these

notions to the rank and file of the voters.

Cents

nation then dropped 32% by

the

on

by early

passage

moderate broadly based

predicted

late

cars,

aware

of the rather

billion GNP

Day now

tivity

place his doctrines and his economic philosophy

firm

Labor

a

or

definitely at work doing his

of

usher in the "Golden Sixties"

in

-

of the New Frontier is

envisions

the

•

will be.
pikestaff is the fact that the leader

What is plain as a

50

plateau which had prevailed since mid-1962.

By early 1963, business activity shook loose from

say

tour

avoidance

billion for 1963.

With the 1963

leaf from

a

for 1964 is based

seen

levelling off in housing and autos,

a

board"

clearly taking

production jumped

ered

to culmiriate in

way

of the

$605-$610

$582

again definitely raising its ugly head in the polit¬

campaign

despite
to

"

■>

same

generally bright outlook

1964 and

in this country, to say

nothing of what has taken place abroad. The

Price

Increased spending by business, Government and consumers,

*

programs

1839

Y., Thursday, October 3, 1963

assumption of the pending tax-cut bill's

course,

national

ESTABLISHED

reaching

still to be seen and felt on
For years it has been making it doubly dif¬
real statesmen to formulate or popularize sound

constructive

FIELD

National Bank and Trust Company, Pittsburgh, Pa.

fully used by the author and finisher of so much of to¬
nonsense

FINANCIAL

By John J. Balles,* Vice-President and Economist, Mellon

effective in con¬
vincing the rank and file that many old, old economic
fallacies were newly discovered truths. The aftermath
of these and other devices so consistently and so skill¬
political

THE

May Now Be at Least Air-Borne

eminently successful in the earlier days

were

of the New Deal.

IN

The kong Awaited "Golden Sixties"

As We See It

"non-political" tours made famous by Franklin

Roosevelt

day's

PUBLICATION

New York 7, N.

6304

Number

198

Volume

AND

1 NORTH LA SALLE ST.

CHICAGO

40

Exchange Place, New York 5, N. Y.

Teletype 571-0880
Area Code 212

..

WHitehaIl4-8161
'

!

Bank

of

America

N/.T.AS.A.

MUNICIPAL
SAN

BOND

FRANCISCO

•

DEPARTMENT
LOS ANGELES

.

1
2

The Commercial and Financial Chronicle

(1286)

.

.

.

Thursday, October 3, 1963

►hi

The

"Coverage"
(one of

points)

strongest
In

for over forty years

fact,

brokers

to

proud

are

cover

EDWARD H. BRADFORD

say

&

when it's

V', Remember,

stage

of

/

the

in

HANSEATIC"

his

list

of

Since

have

been

Selections

Louisiana Securities

]

which

a

tions

the stocks
he

is

proud. Transcon Lines is

in

a case

to make

would

and

least

Negotiations

merged.

The choice has

selective

he

jpresent fac¬

ever

an

ford,

Vice-President

F.

Putnam

1950, nine companies

L.

ton, Mass.

&

Research,

-

Bought—Sold—Quoted

Co., Inc., Bos¬

(Page 2)

reportedly in progress for two

more.

market,

becomes happiest with

Over-the-Coiinter

tor.

are

v

Transcon Lines

Lucien Hooper once said that at
certain

"Call

particular security.

a

pendents is

Company, Inc., Boston, Mass.

;i

service.

OTC

for favoring

Vice-President, Research, F. L. Putnam

international contacts, we
the
broadest
scope
of

other

reasons

Alabama &

Participants and

Their

Transcon Lines—Edward H. Brad¬

that
through our coast-to-coast wire
system, European teletypes and
We

advisory field from all sections of the country

participate and give their

everywhere.

markets

in the investment and

This Week's
Forum

different group of experts

a

we

over-thefield,
helping
banks,
and
dealers
find the

counter

which, each week,

the

covered

have

best

our

Security I Like Best...

A continuous forum in

been

highly

that

sure

Continental Insurance Co.—Robin
L.

addi¬

needed

in which the system operates

will

also

produce

above

Partner,

Bernard,

Co., New York City.

Steiner, Rouse &
Members

New

Members

American

(Page 2)

The

management.

area

Winkler,

Winkler &

produce both profits

HANSEATIC
CORPORATION

HAnover 2-0700

'Established 1920

Stock

Exchange

Gross

Los Angeles

•

to

Service

Wire

ago,

Continuing Interest in

had

a

rate
r

L. E.

Carpenter & Co., Inc.

•

■

"

Transcon

Richardson Co.
Rudd

truckers

is

will

The
The Alison

Pacific

CO 7-1200

Little

that

large

not

Sales

and

has

the

past

cent of the

purchased

promoted

are

positioned

men

per

half.

a

by 95

sales¬

throughout

the

company's 14 state territory, with

vigorous

^SAVING^

direct

mail

and

adver¬

tising support to reach all poten¬
tial

shippers.

risen

a

the

2,000

among
to

ers

the
in

The

from

operation

domestic

present position

a

has

company

minor

truck¬

top 20 in size and at the
dollar

of

as one

top

Profitability

leads

back

to

Transcon's flint-hard management

ON

in

which

Chairman

Scribner

of the

Board

Birlenbach, formerly

been the

prime

To

his

ment

barger

IN

forte.

and

department

carefully
heads

in

-

better

than

transportation

We

are

pleased to

load

routes

that the "Chronicle" is

now

with

.

available

stands. in

the

on

t.

news¬

major cities

that

rails.

less
least

are

The

$1.52;

the

country.

$3.15.
the

and

FINANCIAL

25

Park

Place, New York 7, N. Y.




sss

the

of

the

top

on

for

constantly raised and extras

earnings.

have been added
to

The
the

at

update payments.

has

rate

end

year

This

year

a

and

a

12% cent

September extra, plus

a

17 % cent

quarterly,

will

bolstered

by

undoubtedly

be

good year-end ad¬

a

dition.

tion

of

labor

of

case

faced

with

for

has

national

ment

renewal

has

is

it

may

is,

contracts
next

year.

drive

a

-adjusted
The

for

the

In

alarmed

not

be

company

announced

framework.

the

must

and

drive and, in fact,

and

past
the

to

manage¬

at

the

new

has stated that

simplify bargainings It is

realistic, however, for prospective

aver¬

stockholders

com¬

to

place
labor

and
ac¬

consideration

is

for the short-term rather than the

To

sum

conception
ness

on

is

Panies

facets. Acquisition of inde-

cies

have

trucking

Lines'

busi¬

imaginative and yet

than

in

Transcon

the

of

more

sounder

Transcon's growth flashes from

up,

that

the

of

other

industry.

led

to

one

Its

com-

poli-

extraordinary

(This is under
a

no

circumstances

solicitation of

an

offer

to

to

be construed

buy,

any

as

an

offer

security referred

to

to

sell,

City

insurance

buy

can

Speed...

or

Company

security sell¬

a

rV.

PRINTING

exists

Telephone: WOrth 4-3033

today with the capital stock

the

of

Continental

Company,

.

APPEAL
130 Cedar

1839

Insurance

—

CO., INC.

St., New York 6, N.Y.

Our 74th

Year

—

1963

currently selling at 56

the New York Stock Exchange

on

yet representing

value in

a

excess

of $90.

Continental, parent of

one

of

largest

fire

the

the

is

in

groups

shares

New York

and

the

dividend

to

over

the years, I choose the stock

Continental

of

in

the

as

SUGAR

go¬

record

growth

5, N. Y.

impres¬

an

sive

of

STREET

With

record

1853 and

WALL

NEW YORK

the

on

Stock Exchange.

unbroken!

99

company

listed

are

LAMB0RN & CO., Inc.

country,

insurance

only

whose

casualty

Raw

assets

security

Refined

—

—

Liquid

Exports—Imports—Futures

I

like best.
Two

be

methods

in

used

insurance

of

the

analysis

evaluation

The

company.

may

of

DIgby

4-2727

an

first

is

the examination of the underwrit¬

ing operations of the company and
its

of

record

other

is

ment

trust

growth

of

will-

and

it

The.

invest¬

an

measure

the

value.

the

asset

this

of

purpose

profitability.

consider

to

For

brief

emphasize

article,

the

I,

investment

character of the company.
At the end of

stockholders'
the

company

During

the

at

stock

the
and

which

the

low

a

The discount from

at

value

share.

per

year

same

listed by

was

at $40.66

high of 37%

a

30%.

of

the.year 1953, t.h£

equity

asset

stock

sold

varied, therefore, from about 7%
at the high to 25% at the low.
the

assume

we

equity

the

from

a

stock

price

discount

of

high of 64%, to
the

at

has

price

doubled,

the

reflected

this growth

the

stock.

ranged

26%,
of

though the assets have

of

If

1963,

the

at

discount of 36%;

a

current

30,

(and it is higher

$88.07

as

now)

June

It

56.

Al¬

more

than

has

market

not

As

$1

near

sent

as

to

your

mail box:

New York 16, N.

Y., delivers

package

hungry

to

each

CARE Food Crusade,

the

a

gift

overseas.

yet

in the price

should

the stocks of

be

noted

leading invest¬

ment

trusts

traded

York

Stock

Exchange

on

the

New.

are" pres-;

ently selling at premiums

over

as-j

National

value.

set

largest single investment in

Continental's

common

stock

port¬

folio is International Business Ma¬

chines,

followed

Telephone

and

by

American '

Telegraph.

management has,

But

over

the years,

demonstrated wise and

remunera¬

tive diversification.

as

r

This, in effect, is the situation that

The

long-term operators.

management

Quality,

ing any law it must be a bargain.

own

news

This

situation

ing at $100 for $64 without violat¬

that

their

commitments

on

delay

cordingly.

eliminated;

profit

The

bargaining.

Transconi
union

of

faith.

in

but

they

unionized

up

Hoffa

relations

Transcon,

heavily
come

When

sold

Investors shy away at the men¬

In avoid¬

and

adjusted

been

truckers in terms

sales

for

of

worth.

many

CHRONICLE

detail,

return

net

COMMERCIAL

profits,

to

are

30%

finally made Transcon Lines

one

of

to

further

estimates

tion. Dividends have been paid at

truck-

piggy-back

four

strong cash flow before deprecia¬

competitive

largely

last

past

split; do not reflect the

possibly

has

The

These

1962

interpretation

is

made

the

improved

1963

ing bulk cargoes and selecting off

tion

7

and

rail routes, even

petition

of

1963

of

forms

company's

his

upped

estimates

1962

$2.30

Through these policies and atten¬

throughout

has

IN

appraisal

The

New York

Continental

note that President

we

SPECIALISTS

wider

ROBIN L. WINKLER

ing back
earn¬

offices

Partner, Bernard, Winkler & Co.,

an

■■"7'V

'

share; 1961 increased to

have

hauls,

re¬

startling: 1960 showed 61

trained

than

long

haul is 1,300 miles.

age

also

—

shipments,

announce

other

oute

cents per

They specialize in what the truck
does

*

shares

branch

our

"Vigah."

now

years are

naturally to the trucking industry.

k

radiates

to

Exchange

market

improve.

insurance

1962, and

698,924

Gains

spring.

Sollen-

depth

it

though

emphasize the recent

earnings

built the company on what comes

MAJOR CITIES

used

:v

ing trend,

manage¬

Lee

He,

to

Sollenbarger

Profitabil¬

mover.

ity is his credo and good

the
with

one

million credit line is

fully

training.

.'the Wall Street Journal staff, has

NEWSSTANDS

two to

5 cent June extra

profitability.

enabled

flects Mr. Birlenbach's Wall Street

diesel

been

by

last" reporting

was

split in May,

amounts

pick-up

and

has

Chi¬

250

year

supplemented

standing. This strong financing

Mid-

and

340

being

was

including

trailers,

At

and -Stock

the

should

The

could be increased. Common stock

Houston,

Louis

Sixty-five

within

in

recognition

the

As

receive

.

com¬

expand without new

in debt. A $5

San

and

ther

invested capital

on

potential.

eventually

listing,

every

has prepaid $1.5 million

company

as

route.

from

is

$5.9 million available in cash. The

carrier

of

stock,

movers

to

current ratio

order, consists of 618

truck

equipment

<>(.

St.

on

now

trucks.

l«Of

terminals

Rolling

prime

■>

miles

Southern

Rock,

cago.

.

freight

extends

to

Western

'

1946

There

borrowing

Transcon

Francisco and Los Angeles on the

Midway
i, N. Y.
New York 6,

LO 8-0900

14,000

system

Building

Philadelphia 3, Pa.

the

holds the ICC certificates

now

covering

Established 1914

note

make- more

founded in

motor

common

and

BOENNING & CO.

10

few

the

the

shares

wires

com¬

stock has not yet

common

this

Direct

extend

can

future., The

Eastern

new,

mirror

flow

cash

financing.

of

one

that

company was
a

past

will

High return
plus

in 1963 than in 1962. The

money

Melikian, Inc.

the

over

to

of

pany's record of past growth.

has accelerated.

pace

-

reach

In the past four years

years.

Keyes Fibre Co.
t-;

20.9%

permit

the

reflected

to believe that future,per¬

formance

growth

annual

compound

of

to

to

Expansion

system

reason

dec¬

a

regulations

broadened

growth potential.

The company has

year.

been

entire

share,

per

expected

are

state

and-

«

basis that

on a

well .into

terminals will provide overriding

million

only 20 cents

were

$3.15 this
A

Earnings

year/

have

10 years

$31

capacity, thereby .adding to

business

steadily in¬

estimated

an

which
ade

have

figure of 18%%,
equipment will offer more

33%.* greater loads.

of

$6 million

national

a

cargo

2-for-l

recent

a

present vbid

from

to

ago

this

■i

for

a

a

bid of 1 % in 1953,

revenues

creased

high for

new

a

a

San Francisco

•

Wide

World

split,

1231, 32, 33, 34

—

Chicago

: •

Philadelphia

adjusted

as

Telephone: 363-2000

Boston

New

established

growth of 38% compared

average

nine of the last 10,years, the stock

total rise from

St., New York 4

Teletype: 212-571

pany's

Exchange list¬

to

has

Member

Associate
American

60 Broad

of

Stock

212 571-1425

La. - Birmingham, Ala.
Mobile, Ala.

growth

eventual

Exchange
Exchange

New Orleans,

average

Although a comparatively growth. Of 17 terminal cities, all
unknown, over-the-counter situa¬ but one outstrip national growth
tion, the company has ambitions figures. The 17 as a body show

ing. Its record is astonishing,," In

Co!

Stock

Stock

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

point.
NEW YORK

York

the

value

herein.)

of

the

About 25 % of

common

Continued
i

\

stocks

Quotation
Bureau
Incorporated

46 Front Street, New York 4, N. Y.
CHICAGO

on

page

13

Established 1913

Over-the-Counter Quotations
Services for 50 Years

SAN FRANCISCO

Volume

Number

198

6304

.

.

The

.

Commercial and Financial Chronicle

(1287)

3

CONTENTS

Lower Credit Demands Can

Thursday, October 3, 1963

Be

Expected Next Year

jcnT£nsi£ir

B.S.

COMPANY

AND

By Sidney Homer,* Partner, Salomon Brothers & Hutzler,
ISeiv

York

Articles and News

City

UNITED
PAGE

A stable bond market in

1964 is forecast by

pates long-term yield at most rising
within

the

moderate range since

of funds

uses

banks

of the

warns

their

reprice

little,

a

Mr* Homer who antici¬

but basically fluctuating
and

sources

municipal market's vulnerability in

holdings

large

of

tax-exempts

to

for

Next

1961 whereas governments' have risen;

since

and
to

their

Current

A "Look Ahead"

as you
on

beloved

know, I am substi¬

this

for

program

the

pioneered
th

ment

of

n

declined,

term

i

risen.

Medium

have

declined

n

government

for

Most

much

moving upward
ward 4.20%.

great

forces of sup¬

and
in

credit

kets

This

de¬

with

the

size

explains

c

h

and

sometimes det

e

r

i

m

changes

level

of

he

his

forecast

estimates

with

marize

his

brief

follows:

Bank and Insurance

living. I

forecast

in

ac¬

summary

high

level

be

may

fiscal

of

debt

In

money.

expansion.

issues

the

In

absorbed

they totaled the
long

as

offset

and

different

by

course,

interest

markets*

billion.

Although

newspaper

headlines

new

scores

rates

in

issues,

whole,

a

If

they

since

ever

we

(The)

of

than

and

penditures.

Bankers

20

._

4

_

that

is

borrowing;

have

past two years, short Treasury bill

in

rates

years

risen,
risen,

time

deposit

corporate

issue;

seems

Thus,, during the

The
to

1963

be

for

ex¬

dy¬

the

Perhaps
is

Security

Security I Like Best

sMackie, Inc.

Offerings

Tax-Exempt

Bond

Exchange Place, N. Y.

Teletype 212 571-0610

33

(The)

'£

:

Direct

2
21

State of Trade and Industry

40

28

;

Security Salesman's Corner
;

(The)..

Chicago

Market

Wires

Los Angeles

San Francisco

St. Louis

6

to

Cleveland

Philadelphia

12

Washington and You

expensive

25

must

Washington

36

bulge

first

five

is due entirely to the

new

Continued

on

page

22

FINANCIAL

B.

D.

DANA

Southern

REctor 2-9570 to 9576

SEIBERT,

Treasurer

GEORGE

J.

Nitrogen

MORRISSEY, Editor

Thursday, October 3, 1963
Every Thursday (general news and advertising Issue) and every
Monday
(complete
statistical
issue — market
quotation
records,
corporation news, bank clearings, state and city news, etc.). Other
Office:

135 South La Salle

rights reserved. Reproduction in
written

permission

is

Second class postage paid

"

whol£\or in part

strictly

prohibited.

at New YorkJN. Y.

SUBSCRIPTION

STOCKS

Co.

St., Chicago 3, 111. (Phone STate 2-0613).

Copyright 1963 by William B. Dana Company

;

without

RATES

MONDAY AND THURSDAY EDITIONS (104 issues per year)
In

United

Union
other

1868

Patent Office

SEIBERT, President

For many years we

Spencer Trask & Go.

S.

COMPANY, PUBLISHER

WILLIAM DANA

All

specialized in

CHRONICLE

Reg. U.

Place, New York 7, N. Y.

which

time

and

Weekly

be

occurring in volume
the

Park

CLAUDE

after each

taxes

little

Twice

WILLIAM

repayments

year

new

COMMERCIAL

The

Published

the

in

bond

-Founded

19

._

much

1954

principal

voted.

highly individ¬

Prospective

as

municipal

this

following its

own

Singer, Bean

15

HA 2-

munici¬

new

expansion.

reason

broke

they

Dymo Industries

11

Securities Now in Registration

compare

grown

Since

new

have

15

:

Public Utility Securities-

that since

see

has

usually start the

have

and You

.

slowly than GNP, than total

savings,

our

volume

financing

pal
more

of

shall

we

the

1954

down together.

or

however,

have

.

27

Our Reporter on Governments

not

do

we

pal financing with the economy

In the 1950's and

course.

.

Observations

equally steady rise

ceased to march in step.< Each de¬

rates

Market

high records for gross

new

partment of the market has been
ualistic

10

^

the

1954

as

ly marched
and

Marrud, Inc.
5

Mutual Funds

in 1962.

same

debt

1960,

8

United Nuclear

net

namics has gone out of municipal

ranks

Recommendations

From Washington Ahead of the News

billion

earlier most of these rates usual¬

In

Investment

News About Banks and

the annual volume of net munici-

monetary

erratic fashion.

very

up

16
36

Indications of Current Business Activity

first

1958

$5.2

ago

retirements.

in

ican interest rates have been fluc¬

of

$5.1

was

read

municipal

.

a

Stocks__i_

—

cre¬

should note the lack of

we

two years now Amer¬

are,

1

(Editorial)

Einzig: "Government Feeds Hostility Towards
Profits in Britain"
;____

gross

the

read about the

.

tuating in

J.F.Reilly&Co.,Inc.

See It

since 1957; it also

year

we

Indeed

of

consequent, tendency

over

There

total

provided

of

extreme

interest rates to decline.

For

the

municipal debt

place

about

Which

25

Coming Events in the Investment Field-

-

government

Municipal

on

dynamics in the total annual rate

sum¬

savings.

policies.

shows

new

each

total

(4)

I

net

new

Continued

A

21

.

funds.

credit

a

identifies the investor groups that

(1) Cgntinued sluggish demand

(3)

Advertising and

Regular Features

it markets. Only at, the end I will

and

(2)

on

20

still

As We

ated

the

for

remarkable

which we. are now

for

Rate Rises

Therefore, I shall empha¬

us.

Table

the underlying forces with

as

COMPUTER
19

Reports

Dealer-Broker

ahead. Last year at this time

curacy

18

._

Bond Advertisements

Municipal Bonds

include

(Interest Equal¬

IBA Extends Deadline for Contest

interest

Bogen would present this analysis
year

Research

today specific analyses of the

and

TEKTRONIX

16

McMurray Warns S-L

on

different departments of the cred¬

Each year at these seminars Dr.

I. R.

been

analysis.

the

E.

14

New NYSE Regulations

narrow.

diversity of trend is

rates.

and

Associations

downward to¬

or

C.

SCIENCES
FHLB Chairman

than

have

pull these together in

Sidney Homer

e

n

in

Harrbnan

supply and demand factors in the

mar¬

wih i

have

more

to

seerq,

those

mand

yields

become abnormally
rates

14

Passage of National Mortgage Market Bill
Urged by M. Monroe Kimbrel___—

grade bond yields

measuring

ply

Sharp 10,

Repealed

ization Tax) Threat to U. S. Foreign Trade^___

prime bond yields. VYield spreads
have

W.

NAM Sees Proposed H. R. 8000

municipal

sharply and at times risen, longer

tech-

i q u e s

have

mortgage

yields have at times declined very

sta¬

tistical

declined,

the

develop¬

e

have

he

years

John

rates

Over

late Professor Jules Bogen.

Not Been

Over $20 Billion of Assets in 100 Largest
Welfare and Pension Plans__

our

friend,

admired

and

yields

WHitehall 4-6551

No Boom, But No Recession Is the Forecast of

debt's maturity composition.

in Federal

,

STREET, NEW YORK

Telephone:

Arthur Dean

ease.

crazy.

Cobleigh

__Dale E.

_■___

1963 —the only

credit to respond to monetary

consumer

in

notion

are

Obsolete Securities Dept.
WALL

99

Gainsbrugh

Ira U.

Bill of Rights Has

The

a

bids

Opens Up Some Disquieting

Vistas—

Any market's yield change, he adds, will come from other depart¬
ments of the market or from a balance of payments crisis or shift

tuting

R.

Stocks in the Jet Set

have declined

doubts tax-cuts' pas¬

record expansion in

reaching a

along with

Today,

Martin

our

Homer

Expansion in Capital Outlays Will
_

everybody

Street has

They're right!

Sidney

non-mortgage uses have kept bond yields from plunging

mortgages after
market

Expected

_

Continue—:

low levels and foresees credit declining next year led by

very

the

effectuate

will significantly add to Treasury's net deficit; notes mortgages

sage

Year

predicts good demand

bonds and explains why their yields

corporate

Credit Demands Can Be

Lower

case

sales; points out that new municipal and corporate volume has not,
contrary to popular notions, been increasing;

Almost
that

His analysis of

1960.

NOTIONS

The Long-Awaited "Golden Sixties" May Now
Be at Least Air-Borne
—-__John J. Balles

States,

$80.00

U.

Possessions

S.

in

year;

per

countries

$87.00

per

and

Dominion

members

of

of

Canada

Pan

$83.00

American
per

year;

year.

THURSDAY EDITION ONLY (52 issues per year)
In

United

Union
other

States,

$20.00

U. S. Possessions and members

per

countries

year;

$23.50

in

per

Dominion

of

of

Canada

year.

i

Pan

$21.50

American
per

year;

W!» V. FRANKELI CO.

v

,

'

INCORPORATED

Members

New

York

Stock

OTHER

Exchange
Bank

25

BROAD

ST., NEW YORK

4, N. Y.

and

•

.

•>

j

-•

."***

.

Albany

.NSAky.ULe

TELETYPE 212-571-0785

Boston

Newark




Chicago

Glens Falls

account

remittances
made

-

Record

—

Monthly,

$45.00

per

year

(Foreign

39 BROADWAY, NEW YORK •

Postage extra).
Note—On

TELEPHONE HAnover 24300

Quotation

PUBLICATIONS

in

for

New

of

foreign

York

the

fluctuations

subscriptions

funds.

in

and

toe

of. exchange,
advertisements must be
rate

•

•

WHitehall

3-6633

_

<

Teletype

212-571-0500

■

212-571-0501

Schenectady

Worcester

-

4

The Commercial and Financial Chronicle

(1288)

OBSERVATIONS...

"the

largest assemblage of finan¬

cial

leaders

gather

J. Thursday, October 3, 1963

to¬

m

gether anywhere in the world."
❖

*

*

WILFRED MAY

A.

BY

to

ever

.

Only Cuba was not represented
the

on

delegation

t i n*g

m e e

®f

at before

at the annual

conversation

bars,

liquidity

';

operations.

or/and

ling

defined

countries'

the

as

able

oversimplifies

the

concept.

the

U.

Roosa,

Secretary

the

of

h aye

to Assume

fallacious

is

mechanistic

free

system

inherent

In
on

bankers

world's

whether

here

return

goes

ture

singly

almost

was

sored by the

such

Chancellor

the

of

ing

from

the

Continental

Now,

United

the

however,

States has veered
terest

the

in

gether

with

to

the

countries have

the

ma¬

proposition.

This

of

coming

is

about through two avenues of in¬

quiry.

One consists of

studies,, compiled by
the Fund, and the

inquiry
(that

by

is, the

the

study,

a

Big

"Paris

a

Ten

Netherlands,

Sweden

and

The Fund's, study group will be
an

while the
will

be

informational approach,
latter

group

of nations

handling the question

negotiators.

a

of

Fund

the

founded
.'

'

S.'

of

the

current

liquefaction

arising,

from

the

S.'s

U.

payments' outflow.

bal¬

finally
of

from

A

would

either

not

a

mechanistic

entail

through

Government

any

change

delay
of

—

The
the

number

102

Fund

of

nations

was

Counting

ficial

observers,

3,000

delegates from
to

wives

and

there

unof¬

must

be

second

in Washing¬

or more persons

It is

as

George D. Woods, Presi¬
now

put it,

mild

creasingly for

letdowns

i

n

lowed

The

produced the
most

plants that

new

postwar

set

si

in

ons

in

that

manufac¬
authorized

were

obviously

being

are

place to receive the equip¬

ment). It also implies that the pe-'

capital spend¬

riodV between:-authorization

that

ing.

expenditure

will

shorter

it

Mason

has

B.

ter,

Vice

-

as

ly

Allyn

Co.

and

partner
Graham,

ring

dura¬

M. B. Starring,

lease

Jr.

in

of

is

He

the

Association,

a

Star¬
U.

a

first

Golf

ord

year,

thus
of

billion

$2.71

of last

high-water

the

far

this

priations

tal

upswing.

Even

so,

$2.59 billion of capi¬

appropriations

ForAF-GLAgency

backlog of capital projects

scheduled

PHILADELPHIA, Pa.—Robert G.

current

for

and

in

completion

the

subsequent quarters.

Fgst has been appointed manager
of

the

Favorable

Philadelphia

office

of

the

Fest

is

a

Vice-President

Manufacturers'

Capital

these groups make the

of

The current rate of expenditure

is still low relative to the volume
funds

which

capital

accumulated

has

especially

backlogs,

gradual throughout the

years.

for

expansion

final

in

capital investment

favorable.

6%

some

and

Therefore the out¬

further

manufacturers'

of

formation of

of

pressure,

equipment
the

continued

capital

aggregate

.

ordering

productive

own

upon

J their

capability^/ Thus,

rise

in

capital

ap¬

propriations by the machinery in¬
continued

indicates

dustries

strength in the capital goods mar¬
ket.

7V ''

■'

-

;■

Conclusion

Summing
observed

as

up,

all

late

as

continued

investment

the

of

signs

July point to

capital

expansion in

by the manufacturing

industries during the second half
of 1963. The pace
as,

shown both

by

Commerce

of this upswing,

the August survey
-

the

by

and

Sec,

second

the

between

quarters

increase

The

this

of

year

condition
backlogs,

capital

unexpended

this

very

the

continuation

gradualism

for

argues

current

the

manufacturing

in

expansion

of

in¬

end of this

vestment through the

and well into 1964.

year

be

the pre¬
postwar expansions. In view

the relatively strong

of

to

continue

should

compared with

gradual
of

appropriations

capital

survey,

vious
of

look

Beverly P. Head. Jr.

productive

bought by all other in¬

Board's

Spending Outlbok

in

agency.

non7electrical. Singe

and

'

Albert Frank-Guenther Law, Inc.,

Mr.

last

industries' (both elec¬

machinery
trical

a

the

appro¬

authorized

and thus far this year- by ,the

year

great

was

enough to add about $360 million
to

finding

growth of

newly

expenditures which occurred

near-record

Mgr.

significant

is the continued

during the April-June period, the

Fest Phila.

buildings.,

second

capital appropriations reflects the

after netting out the cancellations
and

time than do

iThe

ngo,A

shorter

dustries, the line'taken by their

a

Though

reached in the final quarter

mark

America.

of

year
a

fifth

up

quarter.

volume

g

planning and installation

average

.

Was

and

somewhat

adjustments,
were

sharp, the increase did not restore

Golf Committee of the Investment
of

added

an

than

be

equipment.< has

hardware

seasonal

the

Association, and Chairman of the
Association

nation's
indeed

S. appropriations to the six-year rec¬

Goy-

of the Father and Son

sec¬

capital

the

expansion

capital allocations
from

in

increase

by

The

de¬

life.

on

■After

Co.

&

rea¬

imminent

an

manufacturers

gives; this

Secretary

Bankers

expect

largest

a

Golf

the

compelling

no

appropriations

Parsons

is

Seniors

since

exceeded

ond-quarter

partner-

a

Gainsbrugh

cline have yet appeared.

Starring

in A. C.
&

to

sons

previous¬

was

has

upswing, and

Presi¬

dent.
Mr.

R.

M.

ex¬

tion of the previous capital goods'

a

"

a

this

pansion

organi¬

zation

in

its ninth quar¬

Jr.

joined

their

Now

fol¬
plant

new

on

ready to equip the

now

last year (and

e x-

emphasis

during most of 1962.

ate of the four

continues

to announce the

are

in¬

machines and

placed

shift" implies

,

turers

moder¬

past two

pleased

that

construction

have

were : slhted.
new

This

equipment.

appro-

i ations

r

>

remarks by Mr. Gainsbrugh
delivered to the Graduate School of Bank¬
ing,
University of Wisconsin, Madison,
♦Updated

Wis.

.

7/f.

.

■

7V V7;">7,':7 '..'-"A

projected by the government sur¬
taken in August now appears

vey
sure

HENDRIX, MOHR & HEAD, INC.

of

attainment,

the

of

made by
ers

on

second-quarter

the

basis

decisions

the leading, manufactur¬

reporting to The

Conference

Board.

Underwriters

—

within

larger

patterns

manufacturing

the

com¬

plex revealed by these two recent

7

,

Municipal and Corporate Securities

surveys

More than
increase

during

identical.
two-thirds of the total
capital appropriations

aTe

in

quarter

Building

Birmingham, Alabama




First National Bank

Building

Montgomery, Alabama

shows

in

CHICAGO, 111.—Harold W. Com¬

Commerce

that

well

was

Salle Hotel.

The

SEC

-

over

ject- of the
Consolidated

.

Oct. ,10 meeting and
Foods', the Oct. 17

meeting.

secondsurvey

Blair & Co. Appoints

half of the

cated in nondurables.

36

increase

plant

of

3 at the

Corning Glass will be the sub¬

manufac¬
equiprqent
spending between the second and
final quarters of this year is lo¬
projected

Society

Chicago to be held Oct.

NEW

turers'

Analysts,

Investment

La

Borden

be guest speaker
luncheon meeting of the

will

Company,
the

the

of

President

fort,

nondurable

the

industries.

goods

quarter

second

the

concentrated

First National

virtually

Hear

Chi. Analysts to

at

the

Moreover,

Distributors

.

ing/the first half of 1963, capital

frequent

been very

are

Two Significant. Findings

Two

appropriations

during the latest four quarters.
The increase in spending has also

James R. Hendrix, Sidney J. Molir, Jr.,

•

"

another of the

pan

have

Philadelphia National Bank Bldg.

dent of the Bank, has

1964.

ymore
findings ./of * the
the Board's second-quarter survey deThis serve mention. First of all, dur¬

during

sharply

quarter of this year.

>

ton for the meetings.

as

ex¬

the

pushing the 900-mark

here.

City,
Stock

policy,

belonging

into

on

announced

ernor

Labor

York
York

Active in golf circles, Mr.

change in Britain's adminis¬
to

New

findings
a

equipment

p

graduate of Yale University.

objection to releasing

on

well

;

SEC's reveals both agree that the business ^capital investment pace
r
a
will continue its gradual upswing.

which

imple¬

oppose

liquidity

New

of the

prior thereto

„

going along with the inquiries,
will

Place,

Starring,

coun¬

fu¬

investments

boost reversed

Higginson Corporation, 20 Ex¬

changes,

w<j>uld materially
from

manufacturing

-cur¬

na¬

Exchange and other principal

overlooked.

arising

in

the sister or¬ Manufacturers increased their au¬
Yugoslavia,, which,, thorizations for 7 new plant and

".

1945.

change

Ger¬

non-U.

tration

com¬

Japan.

having

be

or

prising the U. S., Britain, Canada,
France, West Germany, Belgium,

Italy,

in

via Labor Leader Harold
Wilson,
or by way
of mechanics -through
formal the
continuing civil servants.
Powers
*
*
*

Club")

other Communist

member

been

members

impact of

staff of

the

other

not

country
disciplines.

Western

inquiry

the

expansion

of the

Comparison of the Conference Board's projection with the Commerce-

1

Fee Higginson

in¬

capital

recurrence

debtor

-

chinery for full-dress

;

.

has

Lee

the

of

based

and to¬

in motion

'

..

is

emo¬

problems

mentation

evolving in¬

other

set

must

some

United

proposition,

.

is

Although the Western countries
are

-A/

the

in

rises

cessation

ance

and

States

rent

th^

capital

abroad).•

Kennedy,

com¬

nations.

groups r

signed

Starring Joins

dollar's

pointed out here by President

as
-

Exchequer

Maudling, with disapproval

huge

our

world-wide

spon¬

United Kingdom, via

strength

accentuate

mies healthy and support expand¬

inquiry

Well, known business economist forecasts continuation-

'

..

ganizations

in

d their present

long-term

Inflation abroad

suf¬

year

both

may

the

the

many,

tries'

Last

German mark

its threatened

ficient to keep the Western econo¬

ing world trade.

pres¬

holds .that

on

And

presently

is

the

even

inflation in France and Italy, and

officials

quotas

present

Dollar

In fact, majority opin¬

vestments

existing and prospective liquidity
through

the

ing, chiefly, omission of the future

central

finance

and

gathered

debate

the

the

in

to misuse of the statistics—includ¬

payments routine.

event,

any

among

Fund.

tion that belongs to

tionally undervalued (largely due

a

country from the discipline

a

of its balance of

The only

,

unrecognized, and that it is

itself

by

can

-

r e v e r s e

hove

ion

for

that

the

the dollar.

Monetary Affairs, has pointed out,
it

and

strong status into weakness versus

As

Treasury

mem- '

the

which

Ruanda,,

day morning.

be the vulner¬

that time

franc and

Under

S.

101

ent hard currencies as the French

monetary supply.") But
quite radically

Robert

has

latest entry into

was

By Martin R. Gainsbrugh, *-V ice President and Chief Economist.
National Industrial Conference Board, New York City.'

1960.

than

and Bank since they were

definition

this

lira,

Italian

currency.

And by

foreign exchange plus their auto¬
matic access to credit—-"the inter¬
national

the

Confidence

total of
gold and

of

reserves,

The

in

,

in the Far East)— articles of agreement only Tues¬

not the dollar may

in

'

(International liquidity is com¬
monly

arrived

be

fewer

one

a

.

directed at the item of

providingy greater
Fund

bers,

by which time, incidentally ster¬

Monetary Fund and World Bank
is largely

nor

"Tokyo" (that is, at next

year's meeting

International

the

findings

recommendations will

the

halls, hotel Sfcorridors, and at

definitive

Neither

In convention

—

Still

;

Cuba with¬

Bank

.

the Bank

Hence,
WASHINGTON

the

from

drew

"LIQUIDITY" MEETING

list.

of the Fund,

member

in

and

De

HAVEN,

Gennaro

resident

Conn.—Martin J.

has

manager

Haven office

Whitnev

been

of

appointed
the

New

of Blair & Co., Inc.,

Avenue.

Volume

198

6304

Number

.

.

could

Government Feeds Hostility
Towards Profits in Britain

one

'

,

.

duced

Seriously concerned about the recent officially proposed fallacious

profits

productivity

to

and/or

rate

wage

changes

signed
while
-:

feeding fuel to the fire of hostility toward profits.
this

that

bending-over-backwards

new

Since

labor will prove most harmful to the economy

placate

to

will

attempt

result in

not

,

improved labor efficiency, that labor takes each wage improvement
lessening their anti-social or indifferent behavior towards

without
the

of

LONDON, Eng.—A curiously hos¬
tile
attitude
towards
business

profits

to have developed

appears

manifests itself in an

It

Britain.
acute

guilt-complex

,

aboiit i the

,

"work¬

treatment of the so-called

decline.

ciation.

They

ac¬

additional benefit with¬

cept the

and

thanks

out

simply

would

would

demand

.,,

of

the

indicated

official

the National Incomes Commission.

takes

such

even.

the reports by

bodiesTsuch

officially sponsored

Newspapers
countries

that in •some;

ation in
other

measures

in oper¬

Scandinavia, Holland and
This

countries.
as

Britain

to

in

of: self-criticism

because

treatment

of

the

of

the

down

year

sys¬

until

reason

The

workers

and

in

still

in

the

to

of

tem

strikes
Pert

British

other

tributed

employees to

their

against

-

frequent

to

their

make

the

fact

"casual"

thd

has

been

advocating
to

wages.

all

as

is

Interest

in

According

to

wages

and

profits must be kept down to

pre¬

vent their increase in

Beyond

doubt

about

because of its
on

are,

however,

fashionable

at

the

those who oppose
so

on

other

the ground

utterly

moment.

3

to

for

scope

much

is

improvement.

effect

grounds,

mainly

An

3%%

a

But

ex¬

panied by
ish

to

the

public

reason

the

further

hostility

interest.

their

towards

There

is

no

security arrangements in
brought

were

highest

those

or

attitude,

whatsoever to suppose that,

if social

Britain

anti-social

aggravate

indifference

accom¬

lessening of the Brit¬

a

workers'

tends

being

Continental

as

that levelling down of

stricted

disincentive

creases.

profit

against

committee

in

been

in¬

profits

would, be

a

for

We

pleased to

are

announce

ORHAN

IDRIS

a

resident

that'

SADIK-KHAN

up

LEONARD

G.

HANAUER

HOWARD

M.

BRENNER

agi¬

to

standard,

benefiting under the change

Proposal

should

ALAN

adopt

SESKIS

C.

cannot

the

by

himself

It

from

is

politicians

that there should be

to

no

as

of

ideo¬

,easy

have been admitted

,

be

capable

anyone

thinking.
for

prop¬

reasonably

General Partners in

and

our

firm

agitate

attitudinal

differentiation between wages and

profits.

But carried to its logical

conclusion, this would
time

each

there

is

a

mean

that

decline

IRA ++AUPT S. CO

in
MEMBERS

profits

there

sponding
not even

Wing

in

be

a

wages.

NEW

STOCK

YORK

EXCHANGE

AND

OTHER

LEADING

EXCHANGES

corre¬

Nobody,

111

BROADWAY,

NEW

YORK

•

6

WORTH

4-6000

the most extreme Right-

reactionaries,

dared to

posal.

cut

should

CHICAGO

have

put forward such

Indeed the idea that

DALLAS

DENVER

«

BEVERLY HILLS

SAN FRANCISCO

ever
a

pro¬

wages

/

Clark, Dodge & Co.

We

are

pleased to

announce

Incorporated
61 WALL

We take
■'

ORHAN

pleasure in announcing^
the election

v

the

STREET, NEW YORK 5, N. Y.

of

.

a

SADIK-KHAN

Director of

our

Institutional Research Division

Augustus G. Paine

as

as

appointment of
IDRIS

.Vice-President and Director

IRA ++AUPT S. CO
Clark, Dodge & Co.
Incorporated

October i,

1963

-




111

BROADWAY

WORTH

Securi¬

of

Goodwater

the

investment

Alabama Bank¬
Mr.

Greene has

of

Birmingham

the past two years.

F. WRIGHTSMAN

EDWARD

of

oFthe

Association,

er's

unre¬

dividend

or

Company

member

A

unre¬

than

formerly asso¬

was

Vice-President.

■: t

by Party political

emancipating
cheap

from

body

justified

improve¬

far

Lumber

which, while- understandable

period shows that such
so

td

against

the

Mohr,

Birmingham, and Sterling

in

policies

adopting

on

of

ties

on

it is likely

increases

of

ciated with First Alabama

less vigorous

policies
wage

Greene

Mr.

•

year.

opinion.

Amazing-

political

logical

ment,

stricted

It is indeed amazing that a non-

post-War

the

of

incomparably

adopting

Even

Labor's claim do

reputation for being

British

on

whole

perience

be

un¬

and

Inc.,

office

Thomas and Company.

of the

excess

the side of employers, its

agandists,

there

existence

its

for

trade union support,

Such

ing periods of bad business.

degree of increase in productivity
—that is

if perused

Attitude

_

depend

Mayes,

Montgomery

it

along

Commission, both

line

Anti-Public

Labor's

will

able them to maintain wakes dur¬

&

drix
easy

hostile

same

degree of restraint to profits

sys¬

extent.

some

is

that

at-r

were

employment

operation to

profit-earners.

comparatively

Government

a

Hendrix,

cently formed by combining Hen¬

advo¬

now

application of the

its is likely to produce a profound

London

that

for

be

R.

James

Hendrix, Mohr & Head was re¬

entirely unilateral way

would

by

a

tation in favor of restricting prof¬

ports

policy would work

new

an

as

Municipal

the

of

Head,

&

Building,

firm President.

In practice it is certain

the

National

Department, it has been an¬

nounced

impartial¬

dock-

of

It

Bond

re¬

dismissal.
by

prevent
of prod¬

em¬

London Times to the absence of a

appeal

to

excess

measures

Mohr

Hendrix,

Vice-President

profits are allowed to rise faster to business to enforce various re¬
during periods of good
strictive
measures.
Since, how¬
business,
employers cannot
ac¬
ever, that self-same Government
cumulate reserves that would en¬

In taking this line the Commission
For instance, the recent has simply adopted the official
labor troubles at the British Ford, Socialist
policy recently declared
company were attributed by the
by Mr. Harold Wilson. Precisely

dismissed

part

increases in

to the detriment of

that, unless

ployees.

right for

on

the

for

Pre¬

wages.

Commission

the

relation

The reaction

inducing trade unions to accept

taken

to

in their ef¬

order

showing

the

discovery assumed the form

denounced

keep

gesture

last

was

of employers

sumably

cated

up

by

serving exclusively the

as

for'many

leading the

was

in that sphere.

"unfair"

tematically

cently

discovery

shock because

a

decade

to the

in Britain

behind those

First

hostile

measures

than wages

was

Report

Government,

respects ' at" any rate ity,, the

social security
have fallen

lately

above

recent

a

organization/set

the

by

interest

Continental

discovered

have

.

That

union forts

trade

and

In¬

'

-

with the

delegations

way

National

the

as

Commission.

comes

a

newspapers

the London Times and by

as

came

by

in

It stands to

views

in

policies

in¬

moderate

.

manifestation

recent

A

contained

and

more

James R.

municipal

Inc.,

out in

of wages than that of prof¬

—

Birmingham

Greene,

for

of

of

be

that

logical to expect them

ex¬

sake

would

pro¬

an

Government

underwriter, has joined the

it should be
a

Hendrix, Mohr
BIRMINGHAM, Ala.

of

wage

accept

the

firm

their

war

that

bond

employees

the

ad¬

In theory such measures

business.

practically granted im¬

after

Labor

a

series

a

increase in profits.

any

principle

the

more.

tendency

measures

raised in

the

that

profits will provide
to

cuse

gardless of any decline in profits,

its.

would show the slightest appreci-

down

must not be re¬

must be

of

is

Government must aim at levelling

uctivity.

crease

ing classes^" It finds expression in
lines

;

in

circles

in 'non-Socialist

evqn

profits

declining whenever

wages

mission

it

of

worst

5

Greene Joins

efficiency.

The

munity from wage reductions re¬

to

public interest, and that not even labor would accspt the prop¬
osition

of

have been

He submits

and

profits decline, it is
'fundamental justice

When

matter

portion to

Britain, Dr. Einzig explains why the new conservative thinking de¬

in tending to discourage innovation

move

to be re¬

axiomatic.

as

that they

in

only
come

But if that
is so, it may well be asked, what
right have the spokesmen of Labor
and their sympathizers to demand

garded

a

of

should

and

direction has

that while wages

By Paul Einzig

linking

(1289)

The Commercial and Financial Chronicle

.

4-6000

The Commercial and

(rrso)

6

whatever

■

'

persisted

long as we

as

=

-to'reliably
have

recall.

ushered

compulsive

in

has

al-

or

less

demand,

normally

pro-

the

im-

what

matter

we

investment

upon

that

programming
no

more

a

investment

primarily based
ceeds

Moreover,

October

that

noted

ways

3.094%. The long-term toll road,
toll bridge, public utility and
other dollar quoted revenue issues have of course shared in the
market improvement. The Chrons revenue bond yield Index,
which utilizes the yields available

able

are

of the most actively
issues, averages at a
3.519% yield this week as against

traded

to be.

pens

23

from

of the market hap-

mediate level

3.533%
Hi torv

Not

:•

viewpoint,
-be

Repeating

uneypscte'ly
history

repeating

this

from

in

itself

to

now

seems

these

re-

spects. The market's technical
J

•

the

•,

n

four

cast

velcoed

as-

weeks and this has induced many
'

reluctant

largly for

of recent

reasons

! market unsettlement.
•
,

Of course, other broader invest-

merit

.

criteria

tribute:! to

have

the

easiness

that

months.

Such

for

the

month

as

the

case.

foreign pay-

our

i

sures

higher

a

structure,

interest

for
re-

b'll

the

and

t active

our

more

participation in the world's

! problems have cumulatively
f

tributed

to

the

confusion

of

con-

for the

sive

,

problems

:

significance

;

bond

I

less

moment these

to have less

appear

for"

mas-

the 'municipal

niarket than do the

more

or

about
,

point

20

v

_

proved

is

usually

-xi

•

jn

heavy

volume,

improvement

has

recent
tended

market
to

ease

MARKET ON REPRESENTATIVE SERIAL ISSUES
Rate

California, State
•Connecticut, State
New Jersey Hwy. Auth.y Gtd

-

New

*

|
,

present form of the bill seems to
be

generating daily. Its quick cut

aspects fall far short of the over¬
all tax reform which is quite gen¬

required if
is to broadly expand.
to

known

erally

the economy

a

repeatedly written,

going revision of the

thorough

required

structure is

nation's tax
if

be

the economy

r

moder¬

expanded

schedule

$320,000,000 of
offered for public sale, in¬

with

bonds

cluding

sale.

of $184,000,000
sold at negotiated

issue

one

to

bonds

over

be

to

continued

Bidding

be

competitive and prices were
most instances fractionally im¬

proved over the previous week's
levels. Initial
investor reception
was

than

better

least

at

Maturity

Bid

has

it

the group led by

Last Thursday

$3,500,000

for

bidder

successful

School Dis¬

Consolidated

Warren

;

the
Paine,

include

group

V

;

of

members

major

J.

Bradford

C.

Bache

&. Weeks,

blower

MacArthur

&

Kenower,

Co..

&

Co.,

&

Ball, Burge &

Co.,

Kraus, Townsend, Dabney & Ty¬
&

Parcells

Co.

1981-1982

3.20%

3.10%

3%

1981-1982

3.15%

3.00%

to 3.50%

3V4%

1981-1982

3.00%

2.90%

itial

3%%

1974-1975

2.85%

2.75%

2.90%

,1981-1982

3.20%

3.05%

Housing Auth. (N. Y., N. Y.) 3Y2%

1981-1982

3.15%

3.00%

1981-1982
1981

3.30%
3.25%

3.15%
3.10%

note

3.20%

3.10%

County,

3.35%

3.20%

School District No. 241 Refunding

3.35%

3.25%

3.24%"

3.16%

3%%
3V4%

•Cincinnati, Ohio
Philadelphia, Pennsylvania

3%%

1981

3%%

1981

•Chicago,

3Y4%

1981

Illinois

New York City

—

"3%

-

*

1980

'

October

apparent

2,

Index-3.069%

1963

availability.

Reoffered

fair

with

,

bonds.

..

*

'

*<r>-

*

Common Stock

sale

Kin¬

and the runner-up

3.39% net interest cost, was
by

syndicate

the

issue

was

all

of

in

broad
bonds

during the order period

On
were

CHARLOTTE

NEW

YORK

ATLANTA

COLUMBIA




,

GREENSBORO
GREENVILLE

JACKSONVILLE

1,966-2000

1966-2013

1.700,000

1964-1992

3:30 p.m.

1967-1989

11:30 a.m.

Sch. Dist. No. 1, N.

Y.___^

a

was

sales

of

but

banner

(Poughkeepsie), N. Y.__ ——38.000,000

on

the

obligation

flotation,

$47,-

1966-1988 5 9:00 a.m.
1964-1983 11:00 a.m.

3,500,000

USD, Cal.

Palos Verdes Peninsula

2,970,000

Westchester County, N. Y

October 9 (Wednesday)

Ohio.

—

Mo

City,

Angeles Dept. of W & P, Cal.

Lynnfield, Mass.
Mich.

—

1965-1999
1964-1993

1964-1983

11:00 a.m.

2,500,000

1965-1993

11:00 a.m.

11:00 a.m.

.

—

Comm.

Conservation

State

Noon
10:00 a.m.

17,250,000
12,000,000
12,000,000
2,300,000

v,

State Park Revenue

October 10 (Thursday)

Mich.

33,000,000

#834, Minn.

3,698,000
1,630,000

1964-1983
1965-1984
1967-1999
1964-19,92
1965-1986

Dist., Ohio__________—_—

1,200,000

1965-1984

11:00 a.m.

October 14

(Monday)
—_

7:30 p.m.
11:00 a.m.

1

Buffalo, N. Y

12,000,000
1,520,000

___—

Butler Sch. Dist., N.

J.___r_.

Detroit-Metro Wayne Airp't,

____

Sch. Dist., N. Y

Elmira City

Stillwater Indep. S. D.

8:00 p.m.
11:00 a.m.

2:00 p.m.
3:00 p.m.

Worthington Exempted Village
Sch.

3,500,000

Sch. Dist., Tex.

Richardson Indep.

October 15 (Tuesday)
S. D., Calif.

1,710,000

1964-1983

Capistrano Union High S. D., Calif.

1,800,000

1964-1988

Anaheim Union High

Texas

East

f,900,000
3,100,000

1965-1992
1964-1983

10:00aLm.
2:00 p.m.
11:00 a.m.

7,320,000
2,900,000
1,500,000

1964-1983
1964-1983

:

1,415,000
1,090,000
1,050,000
35,000,000

1965-1988
1964-1991
1964-1979
1964-1983

1,000,000
3,800,000
1,000,000
2,500,000

1966-1993
1965-1983
1964-1983
1965-1988

3,000,000- 1966-2012

State College—.——

Ala.

County Gas District,

Geneva

Bay, Wis.—_____———

Green

Hempstead G. O., N. Y._———
City Sch. Dist., Mo—_—

Kansas

Dist., Cal.

Long Beach Unified Sch.
Lumberton

Dist., N. C.—_—

Sch.

Sch. Dist., Texas—

Mission Indep.

N. J

Newton School District,
Pa.

State

Hwy. & Bridge Au., Pa.

Santiago Watei* Dist., Calif
Tucson, Ariz.
Washoe County, Nev.

Ysleta

Indep. Sch. Dist., Texas—

Baton

Rouge,

Noon
11:00 a.m.
7:30 p.m.
8:00 p.m.
Noon
8:00 p.m.
10:00 a.m.

11:00 a.m.
7:30 p.m.

October 16 (Wednesday)
S. D., Pa.—

Richland
St.

Clair

3,500,000

School, La

Parish

Orleans

30,000,000
8,000,000

La

Bethlehem City Area

Shores

C

S.

County,

Dist.,

Sch.

2.200,000
1,985,000
6,200,000

r

—

(Hghwy, Sch. &

Mich.

Sewer)

"

14,000,000

—

11:00 a.m.
7:30 p.m.

1964-1988
1965-1985
1964-1983
1965-1983
1966-1993
1964-1983

October 17 (Thursday)
Austin, Texas

10:00 a.m.
Noon
7;30p.m.
11:00 a.m.
,

'

-

—

October 22 (Tuesday)
Huntington Beach S. D., Bldg.,
State

1,000,000

Cal.

2,150,000

Building

Clover Park School

District No. 400,

Rayne, La.

11:00 a.m.

1965-1983

11:00 a.m.

9:00 a.m.

<

1,()00,000
2,008,000

Wash
——

—

1964-1983
1964-1973

1964-1988

October 23 (Wednesday)
Toll

Bridge

Unified S.

Authority

75,000,000

D., Calif.

2,375,000

,1964-1992
1965-1988

11:00 a.m.
10:00 a.m.

October 24 (Thursday).
Port of

6,000,000

Seattle, Wash

1964-1983

11:00 a.m.

October 25 (Friday)
City Sch.

Lane

(Monday)

County S. D. No. 19, Ore.__ ' •

s

Los

10,000,000

Dist.,-Ohio__

Salinas^ Calif.

day with

importance

2:30 p.m.

11:00 a.m.

■

Authority

York State Bridge

Awards

there

•

7:30p.m.

Kirkland, Etc. Cent.

New Hartford,

New

„

October 28

sales,

Noon

4,340,000

Cleveland

Monday

8:00 p.m.
1:30 p.m.

2,710,000

and

calendar. This week's largest gen¬
eral

RALEIGH

and

important

no

Tuesday
three

Major

Friday

11:30 a.m.

Michigan State Board of Education

to

the

1964-1982

1964-1990
1964-1980
1964-2001

Folsom Joint

with

7.:Q0 p.m.
1966-1993 11:00 a.m.
1967-1988.. 1:00 p.m.
1966-1993
7:00 p.m.
1964-1983 11:00 a.m.

1964-1988-

Paine, Webber, Jackson & Curtis.

3.40%, This

11:30 a.m.

1,600,000

managed

2.25%

—

39,610,000

California

yield from

^

Matagorda County, Texas.
Merrillville Conservancy Dist., Ind.

jointly by John Nuveen & Co. and
to

1964-1983

2,820,000
1,600,000
1,000,000

Conn.

Lqdi School District, Calif
Massachusetts (State of)_.

Pierce County

a

2,125,000

4,947,000
2,000,000

.-

Lapeer School District, Mich.•

Independent
Barcus,

X,
1964-1998
1964-1973

October 8 (Tuesday)

of

Freeborn

Calif.--

Enfield Junior High School,

successful bidder at a net interest

The

Member* Midwest Stock
Exchengo

Riverside Jr. College Dist.,

Vermont

,

the account marked closed.

INCORP«ftATt»

Ky«

North Las Vegas, Nev

Nevada

sold

S. DICKSON & COMPANY

Lewisport,

dred & Co.. bidding alone, was the

demand,

•

in

balance

other

Minnesota

(1965-1986)

Scaled

■

present

involved $3,410,000

made

\

the

been

totaling $1,360,000.

Thursday's -only

bid,

Colonial Stores. Inc.

has

demand

cost of 3.378%

We maintain active trading market in:

2.25%

from

for various coupons, in¬

investor

group

yield

to

2,000,000
2,120,000

' 2,594,000 -■ 1964-1987

Co. and Charles A.

Sutherland

&

Ryan,

Co..

&

Shannon

For Sale

list the bond issues of

;' 5,000,000
>50,000,000

Ga.

Atlanta,

Co. was the

Bosworth &

Braun,

son.

Asked

——y-

been in recent weeks.

3.15%

State

-

October 7 (Monday)

Los

past week the new

3.30%

York

•

Depart-

Fire

&

Sewer

Pittsfield

Cincinnati,

New" Business

Week's

During the

ately

Minn.

Minneapolis,

Kansas

issue

__

in

improvement
is to be realized.

expected

the

1982

.AnSeles' California
•Baltimore, Maryland

*No

passed. Sentiment opposed to the

3V2%
3%%

'Pennsylvania, State
Delaware, State
New

ultimately

be

may

of

economy

Webber, Jackson & Curtis, Horn-

Although hidden inventory exists

a

the past week, accord-

over

general

nation

the

Irving, Texas

opinion

our

a

the

serving

Other

improvement.

\ £ ui

e

of

In

favorable develop¬
ment in that a bill more broadly
be

this may

Corp.

^ ;"01T

.

im-

,

three-eighths

about

tax

the

is but a re¬

1963

possibility.

mote

successful

have

years

during

to

appear

of

enactment

that
bill

cut

would

Senators

cratic

in

'.

Improve

High grade state and city bonds

.

October 3 (Thursday)

.

cut Abbeville, La.

the tax

the Senate agenda, Demo¬

on

feel

Inventory Pared
Prices

in

bill

of

ahead

legislation

very
.

demand.

due

be less in

may

than

rout,ne short-term financing.

simple factors of supply and

■

ment Building, Mass.

to n°te uthaltbe sehedule of cor" trict, Michigan Building (1965porate bo"d £lnallclng ov^ the 1989) bonds at a net interest cost
Z
appaars abn°>™a"y. of 3.3749%. The runner-up bid for
!,ght;
Treasury f inane-- this issue, a 3.454% net interest
Ing for the balance of the year cost, came from the account man¬
seeans hkely to involve only aged by the First of'* Michigan

even

! the most adroit of investors. However,,

ahead

it

pressure

?re ".° u"6' reye"u<:
bond f °tatl0ns tp be neg?t;ated
Jor offering in the near future.
" th's ***? it is interesting

generally

'rising costs involved in

underwriters

A.

rate

demands

the

At a"y. rate'.
th? mark*s
prese,nt flrm VT:" the foreseeable
fuPply aeems llkey to be we»
akfn: At Dresent d would appear

pres-

.'loans abrras, the Federal tax
duction

increased

UpCn

thus

and

vear

that

seem

prevailed

ments, foreign and domestic

and

issues

new

underwriting

busiest

the

of

would

un-

1

for

m0nths

con-

imponderables
in

scheduler!

market

bond

has

'the imbalance

mainly

,

of the

one

.

Thursday,
October
3,* 1963
*
<
1
■■1

specific sale dates have been set.

$1,000,000 or more for which

placing of civil rights

As we have
,

,

to'aled about $5o0,000,000 a week
ag°n * 1n°™ to^f.sll^tly undf
$600,000 000. October is usually

with programs that have been de-

.

.
-

tabulations we

following

the

Legislation Doubtful

Tax

With the

*e?*- hW^?-Sn n^lmCa,end^

inveno-s "■ tor proceed

'

! ferred

..

.

,

,

of scheduled

volume

The

,

,f
T y schedu'ed new issues
tbrougb Kefy November has
changed
"ttle T"
f Pu

de-

better balance in recent

a

f

currently, the float
appears to total less than it has
at any time since November 1962.

Excessive

Not

Supply
,

m,

during-,

months,' have

Transposed,

ago.

that the market gained

means

Pending

•

,

adverse

generally

pec.s,

week

a

one-quarter of a point in this
category of long-term investment.

our

.

Larger Issues Scheduled
In

At

months.

for

$437,140,000

I

reporting, we

September

our

has

it

than

less

ing to the Comri%(*T£ial^and Ficommented upon the perennial nancial Chronicle s bond yield Inabsence of broad investor interest dex. Our preselected list of genfor tax-exempts until late in the eral niarket offerings averages at
month or until early in October. a 3.069% yield on Oct. 2; a week
This pattern of investor habit has a&°
the composite yield was

In

■

municipal bond offerings averages

'

■

List total of state and

The Blue

DONALD D. MACKEY

BY

it previously

pressures

exerted.

Market

Tax-Exempt Bond
•'''

Financial Chronicle

1

•■;

.

October 29

3,450,000

—

5,174,000

——

(Tuesday)

Angeles County Flood Control

District, Calif.

—.—_

Ramsey County Hosp. Bldg.,

Minn.

15,000,000
7,150,000

—

1964-1993

500,000 City of Baltimore, Mary¬
land

various

purpose

Continued

(1964-1999)
on

p^ge

35

October 30 (Wednesday)
Lenape Regional High S.< D., N.

J.

1,575,000

1965-1993

8:00 p.m.

Volume

'.

*

...

«:

*

198

Number

% •

'

-

-

The Commercial and Financial Chronicle

6304

-a

'

•

^

spread

Stocks in the Jet Set

add

profits

By Dr. Ira U. Cobleigh, Economist

by higher altitudes in traffic volumes, net earnings and share prices;

plus brief logs

break-even

of

million to

the

operating

airlines

change
\

in

airline

business

"growth"

has

the

from

one

a

have

effected

very-

from

piston

been

start, and it still is; but probably
no

other

fered

major

its

profit

high

war

growth

see¬

hopes

and

had

which

curve

utilities.

increase
in

;In

.

this
the

of

:

■.

distillation

of

performance

has

been

is

however,
problems,
term

offers

and

Traffic,

as

Pan

Ahead, too

are

bulges

millions

New

1961,

over

8%

passenger

32.1

will

and
this

miles-for

1962

34.5

billion this

expanding population should
tinue

as

creasingly
even

now,

lation

has

travel

ating

Our

as

the

con¬

as

way

to

full

a

to 'offset

run

one;

It

oper¬

almost

costs
empty

an

this

because,

our popu¬

the

quired

flown.

smart

so

break-even

to

break

load

Factor

57.5%.

was

in

gain

line
seats

been

the

Spurred

and

application of West¬

on

Continental

California

to

to

Hawaii

passenger

reasonable

of

by competi¬

and

can
on

is

major
haul

now

return

Under

the return

on

CAB

the

as a

long term

airline

on

In

It

this

invest¬

formula,

investment

was

only

(such

nue

was

break

even

flight

a

if

as

of

jets

a

as

•

•

fleet.

This

flower,

how-

should

1966,

and,

long

lot of sideline

reve-

running much of the

•.

occupancy

advantages of big jets, most lines

percentage

factor

in¬

number

half

gain

This Lne has

to announce

changes in

the

Benjamin J.

spect to population and economic

activity.

It is

for

our

Military Missile

the upsurge

travel, and

boost

last

spring.

paying 80c,

fare
may

common at

39,

the Pan-Am 4%%

or

debentures

in in-

5%

a

Investors

choose between the

at

131

convertible

into common at 30. Per share

against $2.23 in

ing

net

above $3.40 this year,

may run

for

1962

conversions)

creased
able to

dividend

as

(not

allow-

and

an

seems

in-

reason-

anticipate.

tive investors favor Western
because it has the least

mon

ber

of

shares

outstanding,

mar-

;a

sells

dividend,

at

62,

which

Between

the

last

really

1955,

and

1961

airline:debt

year,

surged

upward,,

good

in¬

expenses

creased, and industry profits fell
from $63 million in 1955 to
of

$35 million in 1961. Since then

ment,

a

notable improve¬

particularly in

months. For

operating

the last

the first half of

profits

lines

trunk
or

loss

a

domestic

of

totaled

10

1963

$48.8 million,

double the figure for the same

to

the

filled

a

period.

could

earnings

for

With

beneficiary
Airlines

a

'dimensions

June

for

Northeast
Miami

fiscal

does

to

run

would

a

equipment

purchase

When

standing

dustry

this

million

they- sell

year

and

should

exceed

possible

make

just
in

Flight of cdp-

continue to be

rewarding,

at

' T '

Hold Steel Forum
TT

..

.

,

United

,

is

our

definite

,

w

dividend.

,.

domestic

common

quality status.
common

,

largest

trunk line—and its

has

a

It has 6,-

shares outstandindicated

an

United;'may

tread

Association

The

,

steel

industry

William

.

.

_

.

be
,

>0

SIXTY WALL

pleased to

range

jets, and costs of

I. duP
CO

our

announce a

firms under the

consolidation
name

of

BOSTON... ..PHILADELPHIA
SAN

FRANCISCO

October 1, 1963




.

our

C. ALLYN, INC.

combined corporate

underwriting business.

Francis I.

v

CLEVELAND

DALLAS

„

^

du
Co

EXCHANGE

Main Office: One Wall Street, New York 5, N.Y.

CHICAGO
PALM

•

DIgby 4-2000

..

BEACH

Members

/

]H
,i

,

Delafield & Co. '

to handle

*

~

Thomas D. Moder of Walter B

short

FRANCIS I. duPONT, A

STREET, NEW YORK 5

City

Theodore

727

BROTHERS
STOCK

10 at 15

York

charges in financing of 40 Boeing

a

SALOMON

YORK

Oct.

New

win

Speakers
„

on

Street,

Gerken of La,rd & Company and

i

NEW

Customers

of

while, due to interest

water for

•

MEMBERS

:

;

.

Brokers Will hold a torum on the

Francis I. duPont & Co.

a?HUTZLER

1

"D

Customers Brokers

and also the formation of

sB
&H

year

prices.

the

'

a

selling *at

were

ital into them may

Freeman

from the firm.

did

they

one

of

airline
depend-

more

United

50c

ordered, the cash flow of the in¬

$300

the 'much lower

resume

equity)

much

and

structufes

shares.

ing, selling at 36 with

planes being

36%

look

they

they're all converted,

tion

new

debt,

issues

than

FRANCIS

General Partner has withdrawn

to

im-

trends,

financial

General Partner.

Merrill d.

new

added

equipment,

new

leveraged

today

National will have 2.1 million out-

087,000

fewer

for

iture

when

National, too,

but

traffic

able

should

shortly.

convertibles

rising

a

Limited Partner.

Hawaii,
be

power.

assuming '-ago,

not ' reenter

andf

schedules moving toward comple¬
and

ended

year

attractive

run;

dividends

243.

Eastern

30, 1963. The stock at 37 is

particularly

has

long

strike, and showed $3.04 '(64%

share

per

the major

was

the

of

the

record

Gottlieb

has become

$1

in-

be

proving load factors, less expertd-

At the current rate,

are

Leo

pays

If in addition, Western

creased.

is granted

john h. gutfrelnd
a

1,431,-

ketwise,

:V.i

has become

comnum¬

000. The stock behaves well

General and Limited Partner.

/

managed,

subject to dilution by convertible
securities. In fact, many percep-

earning

National Airlines

Levy

•i"

well

a

well financed line, heavy on cash
Program); flow and its common stock is not

following

General Partner has become

area

maintenance and island
stationing

partnership:

our

its service

as

October 1,1963

We wish

long

one of the most rapidly growing
sections of America both in re¬

With

might/exceed $120 million,
figure.
\;;.\/ //

are

that

point'

the

attractive

an

...

(and paid for). So important is this

tion, and the important operating

for

has

Westein Air Lines

the

on

on

Recovery

year

factor.

lowered

run

ranks

Its fleet is in excellent

runs.

shape, it has

by

ever,

international

National

Substantial

operating

1959, for the
key

investment

range, United
flight pattern.

cashing in

economies

Most

the CAB

was

proper

the

enter

run.

total

51.4%' in 1962 and, today, the air¬

industry

has

industry

new

introducing this
<

which

largest

taking * Northeast it
benefits from
it has pending ternational

airline

before

even

terest and taxes.

attractive

The Civil

1962

This is the percentage of seats re¬

Load

pre¬

plane

popular
ever

factor.

overca¬

managements have gotten to work

traffic, the major problem in the

load

Tokyo

Efficiencies

Operating

efficiency.

much

entire

Against

the

Fair, and the

,v

r

to

on

and

decision

ern

family

air travel becomes in¬
only 25% of

a

class

personnel.

pacity is through improved

this business expansion, es¬

pecially

competition, in

there has been

Another

totaled

year.

for

visit

opulent

7

.

expected fat traffic

World's

York

improved

an¬

revenue

billion; the figure should be

above

than

this, 4.4% in 1962; and 10 Ms % has not

Olympics.

in

advance

The

year.

next

economy

for military

as

more

1962, increased at the rate of 8%
other

the

achieve

discounts

and

travel

American

world's

lines including lower

long

miles

help¬

by aggressive merchandis¬ •been earned since 1955.

travel and

than it has

passenger

a

The normal increase
should

traffic

of its

represented by domes¬

revenue

climate

few years back.

a

of

treatment

stockholders.

off the Miami run;

ment.

transport

years.

expect

for

percentages

common

the

Aeronautics Board reduced costly

factor

priced coach fares,

now,

time in the past eight

considerate and

regulatory

fairly steady improvement in load

ing by the

better

more

vailed

rate

in

many

would

we

five years.

uneven,

air

solved

prospects today

at any

tic

the

that

industry has

down

been reversed, and

now

programs,

gross

evidence

53.4%,

for 1959. This down¬

a

opinion in 1960 setting 10V2%

Horizons

much

passenger

ful

reduction

more generous

a™
„•
Pan American

:

/accrue

now

important, however,

aided
Clearer

1962,

from

industry*

completed their jet re-equipment'

baffling and frustrating.

There

in

transport

since most lines have substantially

traffic

into net earnings, airline

revenues

of

factor

61.5%

trend has

materialized,

curve

available seat

billion

32.1

load

ger

from

appeared

point

overcapac¬

billion

60.1

the

miles actually paid for—a passen¬

projected

a

up

example

were

against

built

in

and

of

increased

but

,

airline

conversions

planes,

have

For

miles.-

Right

attractive than that of elec¬

more

but

a

the air stocks looked

wonderful -and

tric

such

disappointments.

after the

ity.

industry has of¬

investors

between

saw

process

major

only

e

fare

Considerable benefits to the air
The

not

(assuming

Constructive Regulation

,

the superior performance of certain companies.

on

the

schedules).

improved conditions in the airline industry evidenced

on

$30

substantial

no

report

between

point, and the actual load factor,
can

A

(1291)
•

t

New

York

Stock

Exchange

and

other

principal

security

and commodity exchanges • Over 100 Offices Nationwide and Abroad.

Financial Chronicle

The Commercial and
8

.

.

Thursday, October 3, 1963

>

(1292)
N.

DEALER-BROKER

ment

C

Industries,

RECOMMENDATIONS

AND

Stores,

Dept.

Sanford, Illinois Central

Bigelow

d lah

a n a

Pacific

Union

FMC

Illinois,

of

Interstate

are

Invest¬

American

on

Company

Corp.,

INVESTMENT LITERATURE

available

Also

10005.

Y.

comments

and

N

or

Bethlehem

available

Pacific,

Minerals &

British

Pacific.

reports

are

Analysis

analysis - of

and

tion Limited

Analysis

—

R.

Corpora¬

David¬

—

*

PARTIES

INTERESTED

SEND

TO

MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:

THAT THE FIRMS

UNDERSTOOD

IS

IT

Public

Stocks—

Common

Utility

son' & Company, 25 Adelaide St.,

New

120 Broadway,
N. Y.
10005. Also
a
review of North

Co.,

&

Reynolds

York,

New

available

is

American

Aviation, Inc.»

Industry

Food

available

Y.

N.

York,

New

reports

are

Industry,

Electric

Hill

McGraw

Schlumberger

,

Inc.,

Virginia

Ltd.,

and Warner &

Power

&

Dresser

on

Industries, Ethical Drug
Eversharp,

—

Broadway,
10004. Also

2

tions

Industries

&

articles

tries,

of Corpora¬

Scott Index

&

business sub¬

general

and

indus¬

corporations,

on

of

Index

—

Stocks—Compara¬

Insurance

of 100 companies—
Universal Securities Corporation,
tive. analysis

Birming¬

Building,

Brown-Marx

35203. Also available
of
GreatAmerica

Ala

analyses

are

Life

Corp.,

National

bama

Life Insurance
Jacksonville.

Company and Gulf

of

Company

Natural Gas

—

and

Babson

Report

Incorpo¬
Boston,

^Company,

Street,

Broad

89

David L.

—

Mass. 02110.

1961-2-3—Study

of

performance, earnings,

of market

Singer &

and other data—Troster,

N, Y.

the

on

weekly

monthly

or

on

request—In¬

vestment Index Co.,

206 F Colon¬

available

issues

nade

Building, Cleveland 6, Ohio.

Gifts

Securities

of

Brochure

explaining

under
Gifts

Minors

Power

901

Hamilton

Pa.

minors

'

Uniform

18101.

Pennsyl¬

—

Light

Company,

Allentown,

Street,

Development

Rico—Annual

of Puerto

Government

Bank,

Report—

Development

Bank,

Juan, Puerto Rico.
Stocks

Insurance

—Laird,,

—

Bissell

&

Meeds,

120

in

the

"Fuji

Bank

Bank

World

in

Discussion

Economy—
issue

current

Bulletin"—The

of

Fuji

Ltd., Research Division, 1<*6,

Ote-machi,

Chiyoda-ku,

Also

same

in

the

issue

Tokyo.
is'

dis¬

a

N. Y. 10005.

cussion of Japan's Cotton Industry.

parative
and

Companies—Com¬

analysis

small

of

companies

medium

78
—

Ralph

B.

Crown

Corp.,

&

pipelines in September is¬
The Exchange Magazine

sion of

of

sue

—The
Wall

Magazine,
New York, N.

Street,

10005

—

year.

Also in

an

11
Y.

Exchange

of out¬

Industry—Analysis

look

Fahnestock

—

&

65

Co.,

Broadway, New York, N. Y. 10006.
Bonds—Bulletin—New

Treasury

HanseatiC

York

Broad

Corporation,

60

York,

Y.

New

Street,

N.

West

in

Chest

Treasure

describing

the

opportunities in the Utah-Idaho&

Power

served—

area

Co.,

Light

nal

text

reports, reprinted and' cross-

and

indexed

—

Available

subscription
issue

the nation's Produc¬

on

*

E.

Webb
Stores,

Also

Servo-

Bullock's

Del

Mattel,; Inc.,
Credit

and

Corp.

mation.

in

used

and

the

35

—

Inc.,

over

stocks

Jones
-

the-

used

in

Bureau

yield

to

as

performance

period

-

Quotation

both

Averages,

industrial

Dow

the

industrial

National

market

listed

the

between

counter

Folder

—

up-to-date compari¬

an

Averages

year

,V

'

-

Street,

N. ,Y. 10004,
analyses of

York,

New

available

are

Drug

Rexall

Inc.,

over

a

and
25-

National Quotation

46

Street

Front

New,York 4, N. Y.

American

Analysis
100

Express

&

Montgomery

St.,

San

—

Co.,

&

Fran¬

cisco, Calif. 94104. Also available
of

analyses

are

Reynolds

Reynolds

Company

and

Walt

and

Disney Productions.

-

American Financial Corporation—

East

124

pany,

and

Com¬

past

Co.,

36

Wall

Street,

New

York,

Y.

N.

—

Also

10005.

Hutton

W. E.

available

Public

only

»

are

the "new issues" of 1961-2-3.
were

placed

on

A total

the market in the

Of this total, Troster, Singer & Co. currently

200, which

are

briefly analyzed in

below issue price, 59

are

Service

above and 26

on

^his
at

brochure; 115

issue.

Request

Troster, Singer & Co.
Security Dealers Assoeiatloa

Trinity Place, New York 6, N. Y.

HAnover 2-2400




Dickinson,

States

Coastal

Comments

Gas

Great

Rubber

S.

U.

Ross

—

Mercantile

Gas,

Financial,

are

Teletype 212 571-1780; 1781; 1782

Rails

Co.,

M.

Corporation

Motors

—

Halle & Stieglitz, 52

—

Street,

York,

New

N.

Y.

10005.

National

Company

of

Insurance

Galveston—Analysis
Securities

—Equitable

Producing—
&

Hirsch,

120

available

comments

are

ori

and

37203.

Analyses
South

Broadcasting

Freehling & Co., 120

—

Salle

La

System—

St., Chicago,

111.

60603.

phia, Pa. 19102.

an

analysis of Southland Life Insur¬
Company

ance

of Dallas.

Sterilizer

Analysis—Glore,
South

La

Forgan

Salle

Co.,
Chi¬

111. 60603. Also available is

analysis of Roadway

an

&

Street,

Inc.

Express

Central

Arizona

Public

—Review
pany,

5

—

D.

Service
H.

Hanover

Company
&

Com¬

Square,

New

Blair

York, N. Y. 10004. Also available
is

a

review of Richfield Oil Corp.

Analysis

report

a

10004. Also available

10004.

Hempstead,

available

Also

is

Radio

120

San

Francisco;

available

Also

is

a

Associates—

Research

Colby

Company,

&

Inc., 85 State Street, Boston, Mass.
stamped

requests

(firm

envelope'when writing

copies). Also

available

is an

analysis of Masonite Corp.
Electronic

Specialty

Fairmont Foods
&

available

Rayonier

New

40

Co.,

&

of

Stern, 30 Broad St.,

United

The

t

Co.

—

Tech¬

—

Comments

comments

are

and

Procter

Bay

&

^

ties

Ont.,

*

Lines

Pipe

Ltd.—

Securi¬

Limited, 44 King Street, West,

Canada.

;

Investing

Corp.

—Analysis—D. J. Singer & Com¬
pany,

50 Broad Street, New York,

N. Y.

10004.

Travelers

'

'

;

Company—

Insurance

Analysis—Putnam & Co., 6 Cen¬
tral
U.

Row, -Hartford, Conn. 06103.
Vitamin & Pharmaceutical

S.

Organization, 120 Broadway, New
York, N. Y. 10005.

BROKERAGE
HOUSE

-

;

REPORTS

on

leading business and
financial publications

Street,
Also

York,

New

available

Kennecott

are

Gamble.

&

INDEXED and BRIEFED WEEKLY
*

Copper

in the

Full

Fingertips

FULL

ORIGINAL

TEXT

millions of words complete
reprinted and cross-indexed for in¬
stant and continuing use.
Send $1.00
totaling

this

week's

complete, concise

FUNK & SCOTT INDEX

issue.

Corporations and Industries

For Full Information and

FREE sample

Investment

NAME
.

.

;

Wall Street
CITY

54 Wall Street

HA 2-4510

New York 5,

H. Y.

index

company

Colonnade BIdg., University
Cleveland 6, Ohio

'

/

ADDRESS.

Dept. 928

•

.

r

■r\

Transcript

of latest index
today!

mail this coupon

v

for

'

-

—

An annual subscription to the WALL
STREET
TRANSCRIPT
brings
you
thousands of brokers comments and

ad

Company Ltd.,

Street, * Toronto,

Canada

Trans

Company

Brokers Reports in

—

Limited—Bul¬

Corporation

of

reports

Bend,

Plus—over 140
Rubber

&

Wall

of

Co.,

&

Building,; West

Wis. Vl;

Teck

Mills.

analyses

Ziegler

C.

of

Church

Presbyterian

—Bulletin—B.

Security

;

,

Washington-Alaska

McKinnon, 2 Broad¬

10005.

Y.

Y.

Incorporated—Analysis

;

York, N. Y. 10004.

Synod

—Analysis—Van Alstyne, Noel &

N.

Co.,

N.

10005.v

New York, N. Y. 10004. Also

way,

&

New York,

Corp.—Bulletin—De Witt Conklin

analysis—McDonnell & Co.

Thomson

on

America—

of

Rothschild

F.

Broadway,

report on Beryllium Corp.

02109

Y.

report

a

Corporation

Review—L.

Transcontinental

Street,

—

No.

N.

Holiday Inns of America.

Sarisome

addressed

100

&

St.,

Toronto,

Electronic

Hanly,

ysis—-Edward
Franklin

ysis—Birr, Wilson & Co., Inc., 155
94104.

&

Nopco Chemical Company—Anal¬

Analysis—Midland-Osier

Duffy Mott, Company, Inc.—Anal¬

Analysis

Vilas

Southeastern Pub¬

on

Service.

lic

—

Hickey, 26 Broadway, New York,

Canada.

is

York

Harlem-New

&

—-

320

with

,

York

New

Crowell Collier—Report—Purcell,

At Your

Company—

Wall Street, New York,
'
' *
•

N. Y. 10005.

Graham & Co., 50

Broadway, New

—

Hill, Thompson & CO.,

—

70

Inc.,

Equipment Corp.

Pool

Report

letin—Gairdner

Corpora¬

available is

Also

Streets,

Chestnut

Dymo Industries and Metromedia.
Columbia

.

& Co., Inc., 15th
Philadel¬

ysis—Robinson

tion, 322 Union Street, Nashville,
Tenn.

Universal Foods Corp.

and

Madway Main Line Homes—Anal¬

—Herzfeld

v;

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

General Tire

cago,

74

&

Pacific Lighting.

Industries.

135

Members New York

Western

and

Motor,

Ohio, New York

Becton,

Stores,

Ford

on

of

Electric

General

American

Copy

Oil

Lowenstein & Sons and Englehard

study of the market performance, earnings and other sig¬

trades

comments

Standard

Co., Beet

J. Heinz

H.

on

American

33 months.

England Gas & Electric Associates

York, N. Y. 10005.

Report

—-

Co., 14 Wall Street, New York,

American

issues"

England Electric System and New

&

Wall

of 2,166 "new equity

10004.

Illinois

The "New Issues" of 1961-2-3

to

Y.

Gellermann, Dept. CFC, Bache &

Analysis

relating

N.

analyses of New

are

Paper Industry—Analysis—Henry

brochure:

nificant data

York,

Incorporated, 120 Broadway, New

For Banks, Brokers and Financial Institutions

a

New

Also available

are

Incorporated

Time

of

analyses

available

Also

53202.

Wis.

N. Y.

American Investment Company of

Sugar Refiners, Northern Indiana

is

Street,

nical

cinnati, Ohio 45202.

reports

Our latest

are

Bottling

Analysis—Hirsch & Co., 25 Broad

Cin¬

St.,

Fourth

available
Cola

Central Maine Power Company—

for

Analysis—Westheimer

Also
Coca

of

Company of New York and First

Calif.

Company

Schwabacher

—

Rhoades

10005.

Y.

reviews

York, N. Y.

Chemical and Toledo Edison.

showing

the

*

*

—

Corp., Arlan's Department

son

current

Invest¬ Allied Chemical
Analysis —
and comments Cohen, Simonson & Co., 25 Broad

Companies,

Atlas

of

$1—Wall Street Transcript,

tive Capacity, Closed End
ment

annual

on

Copy

—

Loeb,

—-

N.

Dept.

comments

brokers

of

M.

Company

42 Wall Street, New York,

State

Brochure

—

Growing

the

Tractor

& Co.,

and

25f per copy; $2.00 per Dept. 928, 54 Wall Street, New
the same issue is York, N. Y. 10005

article

ysii--rHay, Fales 8i Co., 71 Broadway, ;New York, N. Y. 10006.

Major

National Stores.

publication containing full origi¬
Highways—Discus¬

Invisible

Our

Bureau,
Life Insurance

U. S.

on

Securities— K, Box 899, Salt Lake City, Utah.
Repdrt—Carl Marks & Co., Inc., 84110
20
Broad
Street,
New
York, Wall Street Transcript — Weekly

Broadway, New York, N. Y. 10005. "stocks
Japan

comments

Container

Steel,

Also

10005.

Y.

N.

are

Zellerbach, West Virginia Pulp &

Utah

Over-the-Counter Index

Analysis

Review—Carl

York,

New.Tax.on Foreign

on

Government

San

Act

&

stock

to

Pennsylvania's
to

vania

how

transferred

be

may

Minors—

for

New

available

York, Wyoming-Colorado

10006.

and Charles of the Ritz Inc.

Caterpillar

10004.

Issues"

"New

publications, 350 broker's reports,
and* speeches
before
analysts
societies —1962 Annual Cumula¬
tion

&

Weeks, 1 Chase Manhattan Plaza,

Steel

Co., 74 Trinity Place, New

Further informa¬

Hornblower

—

Casualty Insur¬ Paper, American Telephone
Ala¬ Telegraph and General Mills.
Life Insurance

and

jects taken from over 200 financial

tive Volume $30.

Imperial

Diego

Company of Tennessee,

ance

rated,

Swasey.
Funk

Life

ham,

Analysis

—

Co.,

&

Goodbody

CFC,

Dept.

'

•

*»

—

Graham,

;

Corp.—^Anal-

Hollingshead

M.

Co., Inc., 52

Merrill Lynch, Pierce,
Quarterly—Review— Leonard & Sons, Inc., 50 .Broad¬ Public Utility Industry -r- Review Reader"
M.
A.
Schapiro & Co., Inc., 1 way, New York, N. Y. 10004.
—Watling, Lerchen & Co., Ford Fenner & Smith Inc., 70 Pine St.,
New York, N. Y. 10005. Also in
Chase
Manhattan
Plaza,; New Life Insurance Stocks — Bulletin Building, Detroit, Mich. 48226.
York, N. Y. 10005. Also available —Dempsey-Tegeler & Co., Inc., Savings & Loan Associations— the same issue are discussions of
Dobbs
Houses
Inc.,
Fieldcrest
is a report on New York Clearing 1000 Locust Street, St. Louis, Mo.
Analysis with particular refer¬
63101. Also available is an anal¬
House Association Banks.
ence
to First Charter Financial, Mills, Masonite, Clark Equipment
ysis of Cabot Corp.
Copper Industry — Review —
Great
Western
Financial,
San Company, Ogden Corp., Ampex
S.

Petro¬

Koehring .Company — Analysis—
West, Toronto, Ont., Canada.
Wall Street, Brunswick Corp. — Discussion in Loewi;&. Co., Incorporated, 225
Milwaukee,
current
i s sue
of
"Investors East Mason Street,
York, N. Y. 10005.

&

Stock

Richard

is an

Also available

Royal Dutch

Comparative figures—G. A. Saxton

Bank

*

leum.

Chemicals Philipp.

Newfoundland

Shearson,

—

10005.

N. Y.

von

Electric

Westinghouse

the

rn

Hammill &
10004. Co,*,* 14 Wall Street, New York,

Y.

New-York,-N.

Street,
Also

Company—

Paper,

Hammermill

Steel—Report—Hay-

Stone & CO., Inc., 25 Broad

den,

STATE.

Circle

c

•

Volume

Number

198

6304

,

.

The Commercial and Financial Chronicle

.

(1293)

New Issue

HflflflEHR

iTlQ

i
1

•i'i ■1

•

c-

mi

A

r

c

$28,000,000

•

Los

Angeles Unified School District
Los

Angeles County, California

4%%, 2%%, 3% and 3.20% Bonds, Election 1963, Series A
Dated October I, 1963

October 1, 1964-88, incl.

Due

AMOUNTS, RATES, MATURITIES

Payment and Registration—Principal and semi-annual interest (April I and October I) payable, at the option of
the holder, at the office of the Treasurer of Los

agencies of the County in New York, N. Y.,
bonds in denomination of $1,000

or

Angeles County in Los Angeles, California,

at

or

AND YIELDS OR PRICES

of the fiscal

any

in Chicago, III. First coupon (annual) payable October I, 1964. Coupon

registrable only

as

to both

(Accrued interest to be added)

principal and interest.
Yield

Coupon
Amount

Tax

Exemption—In the opinion of counsel, interest payable by the District

Federal and State of California

Legality for Investment—We believe that these bonds
in California for

trust funds and

ment, and

legal investments in New York for savings banks and

are

savings banks, subject to the legal limitations

likewise legal investments in California for other funds which

are

investments for

its bonds is exempt from all present

upon

personal income taxes under existing statutes, regulations and court decisions.

savings banks, and

eligible

are

upon

bank's invest¬

a

be invested in bonds which

may

security for deposits of public

as

the amount of

moneys

legal

are

purposes,

levied without limitation
the laws

now

in

force,

to rate

as

may

are

or

amount upon

may

as

to rate

or

amount

upon

4%

2.35%

4%

1968

2.45%

1,000,000

par

1,000,000

23/4

1969

2.55%

23/4

1970

2.65%

1,000,000

23/4

1971

2.70%

1,000,000

23/4

1972

100

1,000,000

23/4

1973

2.80%

1,000,000

23/4

1974

2.85%

1,000,000

3

1975

2.90%

1,000,000

3

1976

2.95%

1,000,000

3

19 77

2.95%

1,000,000

3

1978

100

1,000,000

3

1979

100

all taxable personal property,

3

1,000,000

Amortixation of Premium—These bonds will be initially issued by the above named political subdivision at not less than

value, and

a

amortize any premium

taxable gain

accrue

on

bonds purchased at

paid thereon.

Legal Opinion—The above bonds
underwriters

may

not'shown,

whose

are

offered when,

a copy

discount.

on

issued and received by the

Chemical Bank New York Trust Company

'

underwriters listed below

as

well

■

other

as

1981

3.05%

1982

3.10%

3,20

1983

3.15%

1,000,000

3.20

1984

3.15%

1,000,000

3.20

1985

100

1,000,000

3.20

1986

100

1,000,000

3.20

1987

100

1,000,000

3.20

1988 '

100

legality by Messrs. O'Melveny & Myers,

Bankers Trust

Harris Trust and Savings Bank

Company

J.Barth&Co.

The

Wells

The First National Bank of Chicago
Glore, Forgan & Co.

E. F. Hutton &

John Nuveen & Co.

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

'

.

W. E. Hutton & Co.

1

Stroud & Company

Francis I. duPont & Co. Federation Bank and Trust Co.

,

Wm. E. Pollock & Co., Inc.

New York Hanseatic Corporation

'

Walston&Co.

City, Mo.

R. S. Dickson & Company

J. B. Hanauer & Co.

Henry Harris & Sons

Incorporated

Beverly Hills, Calif.

Incorporated

;

J. A. Hogle & Co.

Incorporated

and Trust Company

In St. Louis

v

•.

Stern, Frank/Meyer & Fox

•'

/

Ginther & Company

Stockyards National Bank

•.

'

Cooley & Company
v-

*

,

Pierce, Wulbem, Murphey,

circular relating to these bonds may be

obtained from

Tilney & Company

Tripp & Co., Inc.

Kean, Taylor & Co.
'

Seattle Trust and Savings Bank
Wagenseller & Durst, Inc.

Stein Bros. & Boyce

Wood, Gundy & Co., Inc.

>.'

Manley, Bennett, McDonald & Co.

Mitchum, Jones & Templeton
Incorporated

rr

\
any

'

Kaufman Bros* Co.

'

Seasongood & Mayer

Jones, Cosgrove & Miller
r

Kalman & Company, Inc.
'

''

of Salt Lake City

Johnston, Lemon & Co.

Robinson & Co., Inc.

.

The Continental Bank and Trust Company




Julien Collins & Company

>'

Corporation

Stubbs, Watkins & Lombardo, Inc.

Incorporated

A

A

J. A, Overton & Co.

Moroney, Beissner & Co., Inc.

Robert W. Baird & Co.,
/

Childs Securities Corporation

■

Hannaford & Talbot
.

Wichita, Kans.

October 2,1963

Burns, Corbett & Pickard, Inc.

Dempsey, Tegeler & Co., Inc. A. G. Edwards & Sons Fahey, Clark & Co. Fidelity-Philadelphia Trust Company Field, Richards & Co. The First of Arizona Company

The Fort Worth National Bank

Lawson, Levy, Williams & Stern

Incorporated

,

Allan Blair & Company

"

.

Incorporated

G. H. Walker & Co. Chas. E. Weigold & Co.

of Cleveland

American Fletcher National Bank

First National Bank

The Illinois Company

,

Kenower, MacArthur & Co. Irving Lundborg & Co. The National City Bank National State Bank of Newark Shuman, Agnew & Co. Stern, Lauer & Co.
Wells & Christensen

' Incorporated

Wood, Struthers & Co. Inc.

Inc.

r

-

Commerce Trust Company
Kansas

Wachovia Bank and Trust Company

Trust Company of Georgia

Taylor and Company

f

Roosevelt & Cross

'

Incorporated

Coffin & Burr

Dallas Union Securities Co., Inc.

L. F. Rothschild & Co.

Paribas Corporation

,

'

Blunt Ellis & Simmons;

Mercantile National Bank at Dallas

Lyons, Hannahs & Lee, Inc.

'v.

Stone & Youngberg

of Oregon

Hornblower & Weeks

'

Republic National Batik First National Bank in Dallas Bacon, Whipple & Co. Banco Credito William Blair & Company Clark, Dodge & Co.
of Dallas

Company of Chicago

The First National Bank

Mercantile Trust Company

Ira Haupt & Co.

(Incorporated)

First Southwest Company

and Trust

Dean Witter & Co.
,■

William R. Staats & Co.

Shearson, Hammill & Co.

Company Inc.

Continental Illinois National Bank

Crocker-Anglo National Bank

Fargo Bank

Mellon National Bank and Trust Company

Philadelphia National Bank

Morgan Guaranty Trust Company
of New York

Incorporated

Seattle-First National Bank

3.05%

3
3

:

The Northern Trust Company

"

'

1980

1,000,000
1,000,000

each bond.

on

The Chase Manhattan Bank

Bank

The First Boston Corporation

required under existing regulations,to
•

and subject to approval of

request,

New York

Blyth & Co., Inc.

are

<•

of whose legal opinion will be printed

First National City

Investors

'

and if

as

be furnished

will

names

Attorneys, Los Angeles, California,

Bank of America N.T. & S.A.

'

a

2.25%

1,000,000

1,000,000
Tax Gain,
their

2.15%

1966
1967

be

except certain classes thereof, in said District.

1965

4y4

all of the taxable real property in said District and which, under

be levied without limitation

1.90%

4%

in California.

payable, both principal and interest, from ad valorem taxes which

or

Price

1964

1,000,000

1,000,000

in the opinion of counsel constitute valid and legally binding obligations of the Los

Angeles Unified School District and

4'/4%

1,000,000

Purpose and Security—These bonds, issued under provisions of Chapter 7, Division XVI, California Education Code,
for various school

Due

Roto

$1,000,000

Thornton, Farish & Gauntt, Inc.

of the above named underwriters,

as

well

as

other underwriters

C. N. White & Co.

-

not shown whose names will be furnished

on

request.

9

10

The Commercial and Financial Chronicle

(1294)

Opens Up

A "Look Ahead"

count

rate, the financing methods

of the

Treasury, the level of free

and

Vistas

Some Disquieting

to

•

rates

week
and

or

creases

projection in¬

of

hazard

the

growth in
avoid

turn

is

lengthened.

perhaps,
support

five

even

six
n

will

ahead

look

a

high,

is

and of present

out to

rather

six

E.

Sharp

be

can

example,

if

deposits in the next
at the

grow

years

rate

same

they did in the last six, loans

as

will
time

One

deposits

slower

demand deposits

that

and

pace

somewhat faster.

However,

earnings

be

is too

always to be

seems

bank. I sus¬

a new

expectation

of

selling

another bank within

at

investing

attitudes

de

few

a

in. If

that

so,

not

in

easy

too

may

long

-

to

which

branching,

end

in

many

how

chester

taken

Or

West¬

perhaps

of

care

for current

it will

by the increas¬

ing services that
the

branches

does

County need, for example

Nassau?

—or

be

banks

many

being

areas

over-banked. How many
of

can

provide free

we

account customers; or

inadequate

fees

that

we

charge for those few services for
which

that

rates

to

respect
we

the

interest

expect

may

on

our

earning assets, monetary policy is

today

the necessity to

lend several

when

much

the

funds

derived from time deposits as

are

when

they

from demand de¬

come

posits, to net the
interest.

fairly clear that
on

such

as

in

have

wc

it

seems

cannot count

we

increase

an

amount of

same

Furthermore,

lending

rates

sure

to

lend

has

rates

already resulted

down

tion,

it is

make

aims

of

types

porate bonds
less

loans,

of

and

than

appears

can

the

to be

In the

be sold to yield

prime

there

rate,

ceiling

a

as

cor¬

the

the

on

broad

part

meantime, rates paid for

time deposits keep rising and may
•

'/f.

rise

'

.

even

if the

more

in

of

balance-of-

to

and

tighten
One

the

in

even

margin
the

foreign

of

field.

is

money

However,

to

connections,
the

amount

whether regulated
of

subject

the

and

is

ternational

or

smaller

academic.
field

is

growth.




type

can

a

of

make,

not, and to

banks,
So

not

figure importantly in

is

there

foreign loans that they

most

loan, in¬

of

cost

a

our

the

likely

the
in¬

to

earnings

it

out.

a

substantial

ex¬

vestments. The
the

time to

this

liquidity

can

jury is still out

question of the ultimate
this

of

be

operation;
bank

on

listed
who

cerned

as

are

with

curities

the

margins

specifically

the

suc¬

but

profit

on

by-product. To

a

con¬

government

se¬

market, "Operation Twist"

has

a

one

that

restricted

more

refers

to

meaning,

the

changed
technique of the Federal Reserve
in

conducting

tions—a

market

open

change

from

opera¬

the

tradi¬

tional role of the Federal Reserve

operating exclusively in the
short-term

ing in

the

turities in

sector to

whole
an

open market

money

investment

at

reasonable

a

com¬

both rate and term in
notably in the

have

one

ghmut

of

of

State
its

the

in

Union

senatorial

convention.

will

year

peating

So

be

its

mortgages,

largely

Democrats

been

trying

to. get

feller

to

quire

a

been

unsuccessful.

Franklin D.

resulted

of

of

In

1958,

the

nomination

of

Hogan

presented

to

Bros.

tabula¬

with'those

1961. On the latter date

governments yielded

3.78%,

4.19%. New issue of Aa utili¬

now

ties

then

yielded

4.75%,

why this disparity in trend? Why

the

James

B.

who acted

highest yield, but it could

be

due

to

investors'

the

som

Bay

results'

Pigs

of

lack

of

by half a million

Mr.

least,

in

limited

is

volume,

any

to

at

buyer.

one

Whatever the reason, it has made
difficult the always difficult

job of the Treasury in trying to
lengthen its maturities. At times,
it

even

have

to

appears

their

in

having

to

terms than should

quired.

resulted

offer

have

Sees

better

been

re¬

>

for

and

Over-Liquidity in the
Economy

very

deal¬
ma¬

attempt to "nudge"
prices.

Monetary policy is compounded
of several
ingredients of/which
Federal Reserve open-market
op¬
erations are only one. The dis¬

For

,

myself, I. do not foresee

near-term

prospect

of

any

much

Farley

when

and

Mr.

Attorney General
Javits

in

1954,

office.

Mr.

bid up the prices of me¬

and

media

long-term

through

much for time

continue
if

Fed

There

to

paid

too

deposits which will

flow

policy
has

investment

having
into

the

remains

been

system

the

same.

suggestion

some

that the economy is actually over-

liquid
in

because

as

GNP, they

sharp

rise

a

percentage
not,

were

of the

the

at

end

1962, much above most recent
and

"years
below
there
in

the

liquid assets held by the public.

However,
of

of

were

1955

has

the

and

been

1958.
a

outside

from

of

34%

banks,
in

the

money,

deposits,
the

change
liquid

relationship to the

GNP, conventional
demand

To be sure,

marked

composition

assets. Again in

somewhat

still

1955

and

to

Continued

that is,

currency

had

declined
26.7%

on

all

of

page

in

26

in

cess

by

Mr.

any

an¬

Moscow.

Democratic

Some

leaders here

ing he would make
tor.

Harriman.

That

he

an

suc¬

of

the

are

say¬

ideal Sena¬

would

make

an

attractive

campaigner

thing else,

however, and Senator

Keating is regarded

is

as

some¬

stronger

a

bered

that

Mr.

down to defeat

million

a

crats

Harriman

by

votes

were

to

a

went

than half

more

Governor

year

gaining

the Demo¬

all

the

over

country.
The

'

other

Union

all

big

States

of

nominate

now

maries, including

the

by pri¬

California,

Illinois

Ohio.

and

Perhaps Mr. Stratton will win his

up-state,
lican

i

t

Mr.
Mr.

n s

P. F. Fox & Co.
35th

Anniversary

The firm of P. F. Fox &

or

national

120

three

Congress in

strong

the

sary

in

the

investment

of

business.

The

Repub¬

selection

company,

which

began

operation

a

Democratic candidate for Senator,
the "word" is expected from the

Sept.

White House

leadership

office

ift

stood

that

from the

or

New York.

It

President

interested

Kennedy

Senator

tor's

many

dling

of

rub,

Cuban

man

is

other

of

Senate

job

which will

they will

Mr.

Kennedy

running mate.

however,

ment

aspirants

and
come

in

New

York

The

disappoint¬

the

for

the

supporters

their

presidential

has

already

Party
going

f

and

P.

Fox, has
to

grown

where

it

pro¬

vides special
service

public

P. Fred Fox

issues

to

in

utility,

railroad

industrial

retail

and

organic

zations, investment trusts and institutions in key investment cities
the

across

from

interference. The Democratic

many

Fred

State

mess.

o

current

a

say

the

Treasurer,

side, due to the Sena¬

leaders

on

1928

President

is

criticisms of his han¬

the

as

its

defeating

Keating, who has been

thorn in his

28,

under

Mayor's

is under¬

in

on

Sept. 28 marked its 35th anniver¬

mm

coming

Co., Inc.,

Broadway, New York City,

territory.

In

./ /

'

nominee

has

to

bosses.

a

been

usually

would-be

for

defeated.

Stratton

his

dium

against

running

a g a

times been elected

wishes

tinue to

nouncement

defeated

ran

high elective State

the

con¬

de¬

was

was

was

never

nominate

will

senatorial

by Rocke¬

he

Roosevelt

and

we

Mr.

Republican Senator Javits in 1956,

Democratic

that

and

1958,

Wagner

better lending rates for the banks,
suppose,

million

a

re-election

Senator

strongly

No

announced

no

the

Stratton, the others have had their fight eventually, despite
opposi¬
defeat at the polls. Mr. Harriman, tion on
the part of the "bosses" or

for

marketability,

are

for

Pennsylvania,
Except

ernments,

their

prisoners

votes.

Farley has

that

ran¬

Republican victories

were

confidence in the market for gov¬

knowing

far there

candidates

frbrh Cuban jails, for Senator. The

Mr.

also

So

tough candidate to

a

statewide contest.

a

attorney Rockefeller in

go-between to

as

feller.

search

of. United

the

Donovan,

drifted downward and utilities

a

Mayor Bob

Morgenthau for Governor and

for

possibly be due to

Senator

Attorney Robert M.

feated

spread?

the

Demo¬

And in 1962,

nomination

elected Governor in

traditional

beat in

active

an

abetted, it is Republican candidate than when
charged, by the White House — he won in 1958. It is still remem¬

tion have government bond prices
ac¬

in

the

boss,

in the face of continued interven¬

the

he would be

as

Nevertheless,

Wagner—aided and

now

4:42%. One might reasonably ask,

Attorney

Senator
and

Keating.

party

new

States District

lower

pos¬

Tammany

Republican

forced

a

has

Stratton,

District

for

interven¬

release dated Sept.

a

re¬

far

so

boss, Carmine DeSapio, forced the

in

Salomon

present yields

May,

long

,

law and

but

candidate for office.

But
elder

an

But Mr. Harriman has been bask¬

long-term, governments.

9 of this year,

tion

Fed

Rocke¬

as

loved

ing in the "warm glow of his

market.

that

& Hutzler in

best

then

depth, and resiliency of the gov¬

of

the

nomination.

the

securities

State

Democrat in the State today.

years.

is

the

respon¬

the

not

National

Democratic

for

actually impaired the breadth,

Homer

and

sibilities

by the Fed. The latter, I believe,

Sidney

Democratic

as

Chairman

con¬

has

for

Democratic

considered

Kenneth D.

rates

circles

strong fig¬

a

York

all

lost

and

not

New

are

crats

has

in

ure

member of the

as a

Farley,

Wagner

long-term governments

tion

Mr.

Harriman, Jim Farley and Mayor nomination—least

convention

clear

House.

Chairman,

Roosevelt, Jr., Averili

Frank

is

earlier service

recent

change the

primary

State

It

re¬

fights

Governor

pur¬

of

next

primary in West Virginia, and his

disastrous for

so

in

interest
chases

party

bossed,

intra-party

sible for the decline in long-term

rates,

in

selection

strictly

the

only

nominate

candidates

which have been

the

to

case

opinion, it is these factors

that

economy

same

prevent

this

a

loans, and municipal bonds.

economic

floor under short-term

a

confined to

heightened

estate

New York State is almost the

au¬

from spilling over into foreign in¬

those

in the big banks with inter-,

national
limit

decide

where there still is

over

the

should

and the

"Operation

encourage

more

rates farther.

money

area

respectable
terest

Fed

to
the

the monetary

keep

been

sumer

more

think,

carry

sense,

of

to

to

squeeze

acute

to

growth, and at the
maintain

cess

pavments situation becomes

I

between

liquidity in the

order

rates

it.

over

as

connec¬

Twist" could refer to the attempt

cess

high-grade long-term

disrespectfully

used

on

as

up,

monetary policy

techniques

long

rates

important,

thorities to

long

keeping

short

distinction

a

in,an appreciable decline in rates
some

and

known

now

at

"Operation Twist." In this

in- In

experienced

the last decade. In fact, this pres¬

directed

have

In my

for the

With

has

on

real

It may

Policy

increment of time deposit money,

as

petition

narrowed

Public Interest Rate

CARLISLE BARGE RON

Congressman Samuel S: Stratton he has been regarded
deposits. With from upstate New York has been statesman rather than

return

qnd

were

tually risen in price and sharply

charge at all.

we

and

times

that

limits

trend,

several areas,
of

substan¬

a

banks

seeking

a

against mergers and for

novo

only

in

steady

the

business is too

money

"Q"

time

upward

been

rates

profit. But

handsome

a

our

corrected

suffer

may

difficulty

greater

profitably

argue

time by the regulatory authorities'

business.

of

volume

our

the

will

banks

our

big

a

from

ex¬

increase

event this would seem to

any

indicate

doing

for

case

time deposits to

somewhat

a

a

billion.

$9

by

might make

pecting

In

billion,

$72

by

deposits by $86 billion, and

demand

at

risen

have

the

make
be

startling—for

loans and

our

Dale

projections

long-term

in

years

results

The
of

might

bank capital

on

there

to start

maybe

sta¬

series.

tistical

difficult to corral?

be

the
with

ernment

relationships
other

to

liabilities

pect, however, that sometimes this

of

present trends

to

point,

a

capital

new

expanded

economists

as

money

mere

/extension

again

that return

years

makes

where
the

Some

or

essarily

ec

a

capital funds to

on

Anyone trying
'to

only

other

banking system, and since

earnings — how
profit,
declining profit

bank

not

margin but also a reduction in re¬

the

as

,time period

weak

for

plan

we

BY

Treasury

than ample funds

more

business borrowing

can

...

.

long-continued

now

Regulation

has
then

How

Thursday, October 3, 1963

Ahead of the News

are

quantity of free reserves has

raised,

Over-Banked Areas

ambiguous

confined to one
extended for a decade,

of maintaining

flooded

Treasury-Federal Reserve monetary moves.
'•Looking ahead" is an

policy

the

of the spread of over-banking;
have declined and the effect of

term—it could be

*

the

for the

liquidity in the economy but warns

long-term

..."

;

FROM WASHINGTON

/

hand,

provided

formation; hopes government spending-will be kept in
check; directs attention to the importance of profits; sees no overwhy

'

.

tial

capital

explains

"Q"

,

force short rates up. On the

proposal will stimulate

Mr. Sharp believes the tax-cut

Regulation

potent.

The discount rate and

money

growth.

deposit

financing have worked together to

outlook is made by

easy

system,

time

.

Banks

policy and easy spending may seem like a less
onerous
way to stimulate the economy, popular with the voter,
but it cannot compare with policies creating a climate encouraging
an

banking
of

Long Term Rates Depressed by

of the forces affecting the banking and
Mr. Sharp. The bankers warns that

thorough examination

A

the

fixing

under

also

By Dale E. Sharp,* Vice-Chairman of the Board, Morgan Guaranty
Trust Company of Netv York, New York City.

economic

the

rates

•

<

in

reserves

.

country.

instrumental
ous

in

It

has

effecting

been

numer¬

significant mergers and acqui¬

sitions

in

recent

"■■■;'

years.

bitter feuds.

;

Representative Stratton has
strong"
Mr.

suspicion.

Mr.

story politically.
young

and

an

with

upon

is

Wagner

an

old

Stratton /is

Mr.

attractive, aggres¬

sive* compaigner.

A

number

of

sentiment

have

shown him in the lead for a

sena¬

polls

of

torial

political

nomination.

/

Taylor Opens Office

where

up-state,

support

Wagner is looked

\_-

'

CASTRO
W.

VALLEY, Calif.

Taylor is engaging in

ties business

Lawrence
name

from

Drive,

of Eric

a

offices

under

—

Eric

securi¬
at

4548

the

firm

Taylor & Company.

Form Whiteside Co.

Roosevelt, Jr., has LUBBOCK, Texas — Whiteside &
the fact working for him that his Co., Inc. has been formed with
Franklin

name

D.

is tremendously

and

thb

President's

his

effective

well known

gratitude for

campaign

President in the

1960

for

the

presidential

offices

at

2413

Thirty-fourth

St.,

to engage in a securities business.

Clarence K.

Whiteside

cipal of the firm.

>

is

a
•

prin¬

•

Volume

198

Number 6304

.

.

The Commercial and Financial Chronicle

.

ports

FUNDS
JOSEPH C.

BY

that at Aug.

totaled
$22.99

share,

a

Stratton

quired

The Age
A New

in the import-export trade, home¬
ward

the

bound

office,

after

to

travelers.

All

spend

of

going

these

fellows

there is

good deal of their riding

a

talking about

time

cited in the foregoing may not

fellow-

the stock

mar¬

all

on

ple

are

to

the

a

be

the country, but

over

C*s\
-Li* V \J\J.

Tnof"

it has

reports

large block"

"a

Airlines

ac¬

Charles

F.

Eaton,

Ma

but

import-export

the

although

he

does

not

be because he speaks

may

dom—and when he

man,

his

earn

common

stock

Governors of the Investment Com¬

in

Institute. Mr. Eaton is Chair-

pany

sel¬

so

Be NYSE Firm
&

saying

was

autumn

sunny

As

this cool,

on

afternoon

was

also.

the

for

fund

It is

ing.

field that feeds

a

especially interesting because the education—the
subject,

raised by

alongside,

the

passenger

"Sure," said he, "I'm a longtime

investor,
after
I'm

going back to

World

happy

ahead.

War

to

But

again,

over

had

I

I'd

the

On

I'm

f

do

it

to

channel

way

all

least

at

funds into

my

mu¬

a

import-export

known

man,

to his neighbors as a man who in¬
vests for the

long pull, waited

til the chorus

and

Then

said:

Few
make

or

lines

the age

their

and

of

into

hair

own

clothes.

own

Air¬

trucking companies go

outside for

lot

of the special¬

people cut their

their vehicles.

people

Yet

a

delude

themselves

they're

capable of

believing

managing investments."
If

the

man

getting the usual attention,
occasion

little

he

also

irritation.

his

fellow

boasted

tip,

of

had

investments-minded

He

might

-

making

bought

had

money

stocks

on

a

without
com¬

fropi
that

mended,

had

turned

bullish

and

begged for suggestions after

sev¬

days of

rising market, and

a

had often sold stocks for
than

to

soothe

other

no

their

ego

profitable transaction.

that

of

demurrers, the importer-

exporter took up his argument.
"All

right, George," said he to the

fellow who

had lodged

the loud¬

Kenneth'

Assistant

and

Mann,

Earl

Secretary and Assistant

mutually

'

Report

at

Aug.

total

31

$4.36. a-share,

or

Delaware

Fund

has

Co.,

Neb.—G.

3002

H.

Walker

&

18.2%

in

rise

vestment

tion.

pires

in
runs

Street.

Farnam

Earl

K.

Jan.

rein¬

Co., members of
has offices in 15

now

value

asset

to

share

per

$11.88 at the close of
Sept. 23

on

Mr.

Madsen

investment

with

was

has

field
the

been

since

old

the

in

He

1936.

Buffett

Co.

&

partner and

John Cunnie With

Option

ports that

as

tal

net

net

$940,000

were

value

re¬

and

$7.63.

share

per

originally

was

Jnc.,

of Sept. 27, 1963, to¬

assets

asset

Fund,

offered

SAN
L.

FRANCISCO,

Cunnie

has

Calif. —John

joined Sanford &

Company, 233 Sansome Street,
manager

of

the

trading

as

depart¬

effort in the mutual fund indus¬

trader

for

First

California

Com¬

Securities

the

depreciation

new

29,

dividends

$0.28

of
4

#

Life

Since March
per

share

declared and paid.

guide¬

lines."

Insurance

a

the

of

He

Traders Association of San Fran¬
cisco;

Investors

reports

Dempsey-Tegeler Office

that at July 31 total net assets SEAL
BEACH, Calif.—Dempseyhim, he had spent his adult amounted to $59,188,535, or $17.26
Tegeler & Co., Inc. has opened a
life buying products at home for a share.
This represents an in¬ Branch office at 1920 St. Andrews
sale
abroad
and
buying abroad crease of $20,383,894 from a year Drive,
under
the
direction
of
sale

to

domestic

find myself

firms,

the

"You know, I

earlier when value per share was

even

are

industries

understand. Why, there

mushrooming

in

Stock

Fund

reports

in

business

administration."

made

Nor

is

converts

any
it

clear

objective,

At

is

that

not

this

least

he

clear.

But

mu¬

shares myself."

he

did

set

a

handful

of

the next two days there was much
talk

about

fund

fees, fund




a

man¬

or

share,

B.

executive

assets

$8.56

a year

*1*

Seymour
drug

commuters to thinking, for during

M. Jones.

of its research

University Evening Division, and
a

director

of the

Public Utili¬

a

ex¬

Boston;

William

One

•

" !

Mau¬

Loomis-Sayles

Inc.,

Fundamental

of

!3fi

Invest¬

Boston;

John

Inves¬

Allan
Street

Teele of The George

Putnam Fund

Boston, and Francis S. Williams

of Chemical

Fund, Inc., New York.

fiscal

of the institute

year

from Oct. 1 through

with

third

one

Governors

of

the

elected

by

Sept. 30,
Board

the

of

mem¬

year.

Board

also

free prospectus or

announced

the

tee, which acts for the Board of
Governors

in

maintaining

contact with the

day-to-day

in "growth"
registered in¬
dealer for
mail this ad to
' <• >

A mutual fund investing

stocks. Sold only through

vestment dealers. Ask your

CALVIN

BULLOCK, LTD.

Established 1894
ONE

5

WALL_STREET^ NEW.

close
oper¬

ations of the Institute.

CF

NAME.
ADDRESS.

of

man

the

Investment

Company

Division; the Chairman of the In¬
vestment

ert

E.

Adviser

Clark

Mr.

pf

Division, Rob¬

Calvin

Williams,

Underwriter

Chairman

of

Finance

of
the

lington Fund,

and. the

of

Information

mittee,

Public

D.

George

booklet-prospectus
describes

THE

Com¬

mittee, Joseph E. Welch of Wel¬
the

:

Bullock,

Chairman
Division;

the

free

Chairman

COMMON

Com¬

Sullivan

Fidelity Fund, Inc.

of

STOCK FUND
GROUP

a

American

totaled

share,

Business Shares

com¬

$511,467,489, equal to

his

was

confided:

"Fellows, I have yet to buy
tual-fund

pared with

$7.07

net

year,

$648,799,636,

Whether the import-export man

Charles

that at Aug.

fiscal

master

me—a

Street

Massachusetts Investors Growth

31, end of the third quarter of its*

to

in

member

of

make

sense

he

$

the United S'tates and Europe that
no

a

as

(j.g.)

George F.

were:

$14.27.

dealing in products I

don't

1958

Lt.

Supervisors

Fund, Inc., New York; Stanley F.

the

Noting that, like his father be¬

for

of

Hunter

Ltd.;

«

fore

fund advocate said:

Security

of

For the

years.

of

joined

Supply Officer

a

year.

State

Fund,

Haire

B.

1963 and had total net

have been

as

rank

Chairman's

The

one

as

coming fiscal year, the
Mr. Cunnie was. a member of
Executive Committee will be com¬
assets at that time of $354,900 and
the trading department of Stone
posed of the Chairman, Mr. Eaton;
net asset value per share of $7.79.
& Youngberg for three years be¬
the President of the Institute, DorI. O. F. is the only concentrated fore
joining Sanford. He was' a
sey Richardson; Mr. Haire, Chair¬
March 29,

member

in¬

Navy
the

on, ment.

the preceding six

even

continue

Corporation,

The

is

or

H.

of Los Angeles.

rice T. Freeman of

u

pany

beneficiaries

of

bership each

,

against its portfolio.

major

S.

with

makeup of the Executive Commit¬
Investors

»!'

earlier.
❖

Jeffries,

and

A Balanced Investment Fund
'

■

The

educator

the

in

■

-

/.

Nation

-

■

*

Wide

*

*

/

<

ori>,

/

Securities

New

Co.

re-

York

Atlanta

—

A

SECURITIES, INC.

mutual

fund

for income and

investing

growth

pos¬

sibilities

through seasoned

common

stocks selected for

their investment

quality.

Mail this advertisement.
CFC

Name.

for

Prospectus

sion, has been elected President of
Medical Securities Fund.

invests ; in a portfolio bal¬
bonds and preferred stocks
stability, and common stocks
selected for growth possibilities.
between

selected

pharmaceutical profes¬

and

Company

anced

longtime

a

of

Harvard Graduate School of Busi¬

*

try1 in writing put and call options

companies,

ment

runs

And you, Tom, tell the rest of

are

for

Board terms

The

protest, "explain cash flow to
which

succeeds Charles

1965.

Bennett

manager.

Sanford & Co.
*

*

re¬

Master

Elected with Mr. Eaton to threeyear

of

Secretary and trader, and with
C. Allyn & Co. as resident

from $10.43

1, 1963.

or¬

merb-

tors, Inc., Elizabeth/N. J.;

cities.

and.; portfolio apprecia¬

Net

climbed

year,

of

Business Administration from the

U.

Schimpff will

R.

A.

the

shares, distribution

new

Mr.

Exchanges,

reflecting sales

start of

Eaton

Mr.

Mutual

as

of

degree

approximately 94% department. He has been a lec¬
industry's total net assets. turer in finance at Northwestern

the

the New York and Midwest Stock

the

since

resources

'

Its 169 mutual fund

term

G. H. Walker &

an

his

of

ganization of the mutual fund in¬

opening

the

Established in St. Louis in 1900,

25-year his¬

This climaxes

President.

son,

its

ceived

ness
Administration,
in
1954.
Friday, After three years of service in the

Governors,

The Institute is the national

Omaha, Nebraska

announced

office in

at

$150-million mark for

first time in

and

sity

Board member until his term

assets

have

meeting

a

Univer¬

Yale

Edward Neisser

adviser

OMAHA,
an

assets

net

invest¬

a

of

is

of

1962, end of the last fiscal year.

at

33, is

graduate

ties Securities Club of Chicago.

Nov. 30,

on

Mr. Neisser,
now

Mutual Fund, Inc.,

$27,894,187, equal)to <$4.24: ^ Maflsen will b^e resident manager
share, against assets, q|j $26,23$,- , of. the new office.
749,

&

new

ac¬

counts.

Opens Omaha Br.'

reports

net

tional and in¬

dividual

Inc.,

seven

and

Schimpff, President of American

us.

dustries,

of

Sept. 27, 1963.

G. H. Walker & Co.

in

est

us

Board

dustry.

Treasurer. '

and

announced

the

Dunn

were

Fund

Again, waiting for the subsid¬
ence

and

program

The Funds

on

a

benefit

area.

business

reason

will

The funds

stepped-up

a

their

recom¬

and

Vice-Presidents;

Rex

in

members of the 21-member Board
Was

upon

request

Abbott & Co.
Chicago

h

institu¬

other

and

The election of the

bers represent

had rushed in to buy what¬
had

Burback

Funakoshi,

Shares

funds

Eaton

ment

Chairman

of

increasingly.

Fund,

President

and

new

c

Selected

underwriter

to the funds.

h i

American

,

Eaton,'Jr.

w

ton & Howard

of

Chas. F.

o n

Ea¬

also

tasks to Which it must address it¬

ever

broker

Fred

t i

coun-

organiza-

investments of

and

located

self

tory, according to W. Linton Nel¬

no

have

travelers

wom¬

Education is not lfeast of the

an.

pany,

with

and

man

an

the

to

this

on

troubling to investigate the

eral

has

the

mentioned—but he didn't—that all
of

industry

responsibility

-

was

causing

was

Executive Vice-President; Charles

loughby,

$25-billion

overriding

crossed the

import-export

tary and Treasurer; Jack H. Gray,

W. Baker III, Robert T. Cosgrove,
the Harry R. McCourt, John P. Wil-

for

be

American Business Shares

"This is
ist.

A

will

un¬

of "But why?"

"You would?" to die away.

he

informed

-

,

investors

tual fund."
The

there

trade.

days

balance,

that

say

if

one-half of

II.

better

on

the investment public is, the more

prospects

mutual funds.

was

James M. Jackson,
Vice-President, Secre¬

sel

v

Balanced

Howard,

Executive

..

of

Boston,

'

growth since President;

the war, it should go on prosper¬

Street, investment

ard

mutual

Officers will be John G. Rutner,

trade, which

has enjoyed a mighty

Security Supervisors, 135 South

La Salle

manages the

Stock

Rutner,

—

Edward Neisser

Eaton & How¬

Fund

Gray, Inc., 811 West

—

admitted to partnership

the

Trustees

Rutner, Jackson To

an

ter off for it.

does, it is with

modesty, restraint and knowledge.
What he

shares, but if they obtain

of

been

v

fund Seventh

these people may never buy

CHICAGO, 111.
has

Street, members of the
in¬ Pacific Coast Stock Exchange, on
livelihood
in Wall
Street, com¬ sight to the fund method of in¬ Oct. 10, will become members of
mands considerable attention.
It vesting, the country will be bet¬ the New York Stock Exchange
ket,

been

elected Chairman of the Board of

man

of Jackson

n y

has

Jr.,

North

re-thinking their approach LOS ANGELES, Calif.
marketplace.

Admit Neisser

of

doubt that many peo¬

no

Supervisors

.

HiieCtS JtLatOn

May 31.

on

Sec.

lIlbL.

an

kind of conversation

the

of

trio

a

for

investor.

Now,

$23.27

valued at about $250,000.

agement and fund choice

day at

about in¬

talking

was

vestments

busy

a

Fund

Central

of Specialists

Jersey commuter, engaged

net' assets Ty^xr

31

$56,494,669,, or

share, against $53,907,726, equal to

POTTER

'11

(1295)

—r

Los Angeles

—

Address.

City.

JLState.

DISTRIBUTORS GROUP, INC.
San Francisco

StyPifle Street, New York 5, N. Y.

12

The Commercial and Financial Chronicle

(1296)

Steel

Production

Electric

The State of

Our

\,

Output

Carloa&ings

"

,,

Retail

TRADE and INDUSTRY

Our

Index

Food

Price

Auto

Production

September according to Purchas¬

tal

ing

hand,

Executives

the

comprising

shortened

Business Survey Committee of the

number

National

order placement

Association

ing Agents.
order

Those

of

improvement

cantly

from

than

35%

offsetting
those

among

declined.

45%,

2%

a

rate

improvement

was

category,

draws

merely

or

closer

seen.

;

encouraging

very

last month

point for the past two

the

dog

Now

and

low

23%

years.

up

Stimulus

behind them, automobile

change-

said

mostly completed, and an¬
moratorium in effect in the

crisis,

the

continued

to

timism

the business expansion

as

reflect

cautious

third quarter

and
so,

that

conditions

possibly

or

was

sober

a

will

remain

further

tember
and

statistics

that

to

been

pend

on

stimulus

a

much-discussed

tax

of

the'

reduction.

Committee

*

the

over

plied

60

next

that

in

they

business to

pick

48%-

43%

and

balloons

a

al¬

have

down from 7%

—

on

Some

an

the

or

allowances

Nevertheless,

by

the

up"

70%

The

re¬

be

achieved

market-oriented

price

their

Commodity Changes

September
increases

ported, in two

looked

list

is

of

the

largest

a

The

Materials

liquidation

Inventories

of

Lumber,

purchased

report

identical
further

17%

SJockk
and

57%

the, same
To

difficulty. Plywood

as

moved

,

are

reported last month.

obtain

a

reading

of

'

the down

short-' oil

plans for inventories,' the
Purchasing,. Agents -asked what
next

60

days,

on

tivity

and

other

result

was

a

probable

business *

out

conditions.

standoff, with

expecting their inventories
21%

crease,

expecting

Purchasing

lead

them

to

/

'

Executives

any

for¬

quirements.
position

tendency

Some
is

to

ex¬

minor

evident

in

60-day

or

less

produc¬

basis. MRO

ply commitments indicate
degree of hand-to-mouth

during

September.

In

re¬

change

tion materials but 78%
remain
a

a

on

sup¬

lesser

numerous

down side

rubber,
.

In

-•

;

:

short supply:

are:

and

Lumber,
vegetable

v

Cadmium.

lion
of

they

tons

•

/

.y

in

were/11.5%

gain

18

of

the

cept

„

for

1957.

a

weeks.

The

quarter

/tiet

of

half

working

other

which

decline
week

to

segments

machinery

3.64;

The

products, 3.00.

and

above

13

was

May

Aug.

had

25

Most

tries

the

The

in¬

hoped, for

upturn

happy

if

the

make up

made
rate

Last

above

output

un¬

the

1957-59

weekly

average

of

base

107.2
98.3

1%

and

terial,

price

melting

and

was

mid-July,

nearly

was

6.4%

New

above

week. *... '

year-ago

ingots

and

topped

the

castings

since. Jan.

83,437,000

.

which

is

net

11.6%

1-Sept. 29,

the

look

tons

index

In

total

of

of

the

slightly

was

if allowance

to

will lose
said

day in August

add

tons

of

gots and steel for castings aggre¬

1960

and

gated 7,251,023 tons. At that time

$3.5 billion.; '

about half

on

12%

were

Commencing

all

steel

than

last

to¬

April,

to rise

bit

more

selectively
half

than

products

East

Coast
---I

——

Cleveland

\
—

_i

-——

Detroit

:

Chicago

—

Cincinnati
Louis

Southern

:

!

.

Western

/Total

of

-

industry.

101

81

82

86

89

89

89

105

138

102

111

106

115

114

103

104

108

1
.

111

100.9

principal

to

structurals.

increase

bars. »'

that,
tin-

are

Steel

plate-

increased in April by

producers.

these

But

withdrawn

were

steelmakers

did

increases

in¬

when

not

go-

focused

at¬

v

.

;

also

tention

on

held by

major steel

levels

inventories-

of

In past

users.

price firmness
steeL stocks

widely

factor

a

liquidating
rapidly

as

as

"

/

priqe increases

the

expected,

structure

ing

was

not

users

many

While

people

not

were

price

steel

strong

was

enough

so-

noth¬

realized

to be gained in price by

was

liquidating;

mills

chance

while
loss

of

there

if

a

was

fol¬

increases

lowed.

coun¬

net

the steel market

Further,

between

tinues

to

show

Orders

in

October

and later

be up

to

,

for
are

significantly.,

major

November

expected to

/.//•■/

-

taking closer to

are

tonnages

users

con¬

strength.

new

delivery

Automakers
"normal'

oxygen

bars

products

of about

The trend toward basic

rolled

increased

been

anticipated.

mar¬

turning

are

hot

forced

were

in

,/ ."

mills

buy

be

not

steel

cost.

-other

and

ordering

are

more

steelmaking is accelerating. Steel

heavily.

estimated basic oxygen steelmak¬

tion

ing

builders, farm equipment makers,

-

capacity

in

the

million

11

added

100.0

the

by

Oxygen

converters

because

of

about

100

'

144

104

cost

cold-finished'

are

prices

technology to make steel at lower

be

Sept. 21

106

a

prod-

increased.

U.

has

S.

annual

tons

and

These

include

construc¬

equipment makers,

rail

car

appliance makers.

and another 21.4 million tons will

week Ending

Sept. 28

f

Pittsburgh
AYoungstown

St.

in

*Index of Ingot
Production for

.

t

Buffalo

various

-l£%

up

capacity

other

cold-finished

on

their

11.9 million

1970—at

reached

'«

..

North

of

a

/

»

,

are

that

so

ingot

U.< S.

So

.

(not April, 1962), prices be¬

gan

is

of

less

are

par¬

S.

Latin American

will

doubt

purchasing
U.

to

weeks, the conviction spread that

•

facilities,

entirely;

independent cold fin¬

must

The

foreign customers. Steel

seven

tries

The

logical

some

are

out¬

domestic

able-

pressures,

not

were

along.

countries construct

more

September output of in¬

1963

1
a

business,

their

has

were

market

attention

Since

major

steelmakers

that

withdrawn

'that

plate and

it could be.

as

strategy

modified.

were

creases

the

the

were

have

installed

that

our

V.
as

production

is made

September.

of

ket.

August total of 7.8

the additional

day's.

No.

be*

Not all increases

prices

ma¬

$27

would
'

withstand

no

with

on

at

increasing

8.7%

And

is

ishers

year's

raw

price

from integrated mills, they would

July, imported mill products

took

higher

year.

bars.

reached the highest monthly total
in
history:
599,000
tons.
They

last

was

conditions

employed by producers this-

Most

If

be

steelmakers

Foreign

competitive

been

ucts

simply

quarter

good

as

of products.

market

This week's increases drew im¬

period,

steady

know

the

the

mediate

ticipation in the U. S. market.

'

115.2%, this week's tally faltered
at
114.8%; (1957-59=100).
September's output

isn't

It.

producer,,

one

the

Other

grade

as

mills

constantly

above

with

S.

in-r

and

others

tons.

last

vs.

Processes

fourth

Reason:

1962 produc¬

comparison

cumulative

U.

1

period with

year-ago

of

products

,

will

composite

Confident

about

steel

strategy.

not,

to

latest statement week's

for the

the

price

by only

If

This

ton for the fifth week.

gross

another

withdrawn.

million

1962

holding

heavy

prices

,

output

steelmaking

is

bars,
These

price would spread
through the industry. If
others would not go along

week.

/

v

24.3

the

tons

SteeVs

ahead

pro¬

million tons.

week in the last half, of 1962

In

con¬

operations

production

a

for

narrow range

warrant,

1,879,000

million

of

million

week

blooms.

reflects

effect,

tested.

of unofficial

to

quarter

any

The

The

83.5

the highest weekly production for
last equaled in

In

some

Scrap,

was

fairly

look

ingot

the

/• ;

-

this

in
an¬

and stick

exceed

week.

to

fourth

period's

output

are

steel indus¬

oncoming

output

months

move

carbon

and

new

made

was

tons an,d:.raised^he total for nine

frac¬

was

nine-tenth

at

dustry's

output.

above 61%

quarter

40%

dovered

account

also

move

7,875,000 ingot tons boosted third

past

recent

Increases

slabs,

last

about

9.2%, if adopted industry-wide.
Iron Age said this week's
price

September's production of about

succeeding ..weeks

week's

tionally

gains

steel

capacity.

disappointment felt

any

last

was

A

hot-rolled

products

tons that the magazine said were

inore

j)

in\.:-the

in

the

Output will

total

acting independently, and covered

increasing

for

the

made

for

goods

1.7%.

billets,

metal

manufacturers

gain

of

products

country

other

and fourth quarter sales

are

the

:■

accounted

covered

elec¬

fabricated

steel

throughout

50%

shipments.

oil

Trans¬

Steel predicted the seventh

1.6%

several weeks but will not be

price.

$15

lower

ton

a

ton for open

of
;

lower

of

capital

vs.

1965.

Seen

attractive

cost

about $150

casting

At

an

a

session

also

cars

day,

at¬

/the

in

U.

S.

plants

subject

according

to

a

Output

Record

date

on

which

passed

the

week ago to¬
Ward's

motive Reports. It was

example:

industry meeting last week,
on

by

Output of 1964 model passenger

500-,000-unit mark

is

For

Followed

October

/

hearths—and because

attention.

Auto

September

—

per

operating cost.

Continuous

tracting

end
are

Record

Auto¬

the earliest

this milestone

has

been reached in any model year.

was
'

i"
year.

of

equipment,

records. The auto and
-

last

until

24.

other

for third

I960, Ex¬

week's.

and

metalworking

ahead.

uninterrupted

an

since

dustry

clear¬

those

corresponding week last

April

percent¬

4.66;

about

flat-rolled

a

More

low

and

electrical,

announced

several

on

Iron Age noted that increases in

dollar

were:

increases

week

spread

covered

jumped

a

this

steel market.

Steel analy¬

as

Age

industry, higher prices will have

in¬

quar¬

and

a

products, +Iron

products

the major metal-

in

row

6.7%

1963

years

ending

vigorous

year

it

early

second

profits

profits

than

trical

unequalled in

was

July

District—

weekly

the

metalworking

first

steel

far this

so

than half of

more

a

portation equipment, 5.68; instru¬

output

in

mid-March,

for

latest
a

in

all

Assuming
from

10.8% greater than those

of sales

age

100 million ton

a

past: two

gain, there

Saturday,

the

were

duction

Sept, 28 clearings for all cities of
obtain

ter,

May 25, which

advices from
the
chief
cities of the
country, indicate that
for
the
week
ended

States

The

secutive

graphic

to

quarter.

ended Aug.
17 and the high of
2,626,000 tons in the week ended

ago. Preliminary figures
compiled
by the Chronicle, based upon tele¬

possible

net

in

1,742,000 occurred in the week

/■

Bank

United

upturn

First

year—highest since the 112.7 mil¬

year-ago

:

Clearings Surge 11.5%
Above 1962 Week's Volume

the

change

past

compared

paper

Bank

buying ings

fact,

■'




oils.

marked

In¬

week

1,863,000

gain amounts

million tons

Aluminum,

clearings in the
present statement forged ahead of

on

tend themselves
beyond these
of

natural

con¬

times, there being little in¬
of

specific

;■'/ / '. •'

On the

Steel

the

against

which portends

steel

Policy

commitments

dication

are:

items.
.

in¬

the

weeks'

for

The

tinued to generally base their
ward

no

predominated.

21%

decrease, and 58% looking toward
maintenance of present levels.
Buying

supply

ac¬

to

of

six

week's

short

side, though

cants/tires, and

stemmed

curities & Exchange Commission.

1,879,000 tons

was

sixth

re¬

tin, zinc,
silver, phthalic
anhydride and plasticizers, glycer¬
their
ine, automotive batteries, lubri¬

considering

views

and

for

tion of 74,782,000 net tons.

lead,

the

over

28

upward

the

was

„

also

was

its

On the up side

last year.

32.1%, according to

This long,awaited fall week-toweek

the Jan.

Vegetable oils of various types
received a flurry of mention on

range

adjustments they foresaw

from

Iron

as

(*U4.8%)

a

status.

held

August levels. These figures

plywood,

period of rising prices, reflecting

were

of

will affect

Cover

Now

Market

the

magazine reported.

4.49

vs.

Hikes

year

dollar

each

half

Price

only.

room

Steel price increases

(*100%) in the Sept. 21 end¬ ments and related products, 5.22;
ing week. :/v- ■'/.■;■ +//;■////,•'.'
primary metals, 5.02; machinery

a" total

settlement of the West Coast labor

an

of the members
making

reductions.

increased by
to

at

during September,

pace

with 26%

continued

_

including

flipped to the down side after

materials inventories noted in the

August

11.6 %

The cumulative total output of

series of hikes in lead.

a

of

first

crowd—even

standing

was

Half

profitability

advance

volume

Period

production

(*100.9%)

that

and
paper
products leading the
only 9% felt there will' way. Higher quotes on automotive
slowing down. *"'■
batteries, a newcomer to the list,

followed

Cumula-

Is

;

1962's

out

the

it

Steel

re¬

tons

for conditions to remain
pbout the

Purchased

Output

American

output

re¬

with metals

years,

then

sis of figures compiled by the Se¬

1963.

specific

magazine,

dustry's sales in the second

Is

According to data compiled by

same, and

be

and

in

for all

The

Weekly

Row

Year's

Above

are

important

buyer.
Specific

cents

Ad¬

cents

sales

changing of so far while living up to last
equals that
cash dis-'
quarter bullish expectations.
this
year's

and

still

can

alert,

of

and

the

line,

—

members

"inching

holding

what

expected
up,

tive

the

tightened

counts.

business

days:

trial

tags.

concessions

asked

their

prices

prices

some

.'

outlook,- the

anticipated

lower

freight

60-Day Bullish Outlook

Survey

on

September

September;

some

commented

In order to
get a fresh appraisal
of
the
near-term

was

avoid

shot

note

de¬

as

in

ago, and 6%

Sep¬

may

such

Agents

to

down, others remain
aloft. Higher prices were
reported
by 24%, up from 22% a month

favorable,
improvement,

particularly beyond 1963,

sensitive

more

though

be

continued

well

enthusiasm based

Pressure/on
bit

Sixth
a

the

equaled in

realization, however,
for

be

again,

Commodity Prices

one

improve

that it is not uncommon

would
of

Here

Purchasing

figures alone.

during the balance of 1963. There
was

month,; tell

op¬

good

a

it

last

cutbacks.

seasonally

enters what is
generally accepted
as its 32nd month, Most felt that
the

their employment

14%

the

extremes

members

survey

de¬

of -improvement.

said

further

of

however,

rail

rate

from

summer

other

recently

more

from 17% in August; and 12%,

days of

overs

While

statistic

increased during the past 30
days,
down

Tax-Reduction
With

the

static,

teriorating

same

in

Output

4.69

was

+13.6

6.4% Above Year-Ago Week

the upturn in em¬

was

.

Steel

the

Is

ended Sept.

A

'10%'reporting lower production is

0.9%

stitute,

a

April,

4.0

•

ployment after several months of

in

2.9

559,899

.

Advance

Employment

The

posted

+

+

vance

business

a

the

accomodate

not

Up
'•>
,

The average rate of

one-month

a

was

was

893,208

538,191

City

to

the

as

4.2

the

almost

less than last month and the

+

being the largest

debate

j

in the

year.

1,138,000

the

reaching April's 46%, which
high-point for the

1,186,000
919,250

wait-and-see attitude,-as

a

tax

?

greater,

and

0.1

Week's

production

even

—

hand-to-mouth

fluctuation remains to be

orders

other

bit,

a

Steel,

'

1,320,736

October, 1961. Whether this

decision,

increase

spurting to 45% from 29%
"better"

the

up

reporting

reflects

more

new

of

since

new

signifi¬

rose

to

whose

The

Purchas¬

reporting

the

on

%.

1962

$17,383,826

1,319,342

January, 1962. Capi¬

commitments,

/

$19,747,438

Kansas

number since

during

1963

York—

Chicago
Philadelphia
Boston

22% in this bracket is the smallest

in business

registered

was

money cen¬

(000s Omitted)

Sept. 28—

activity

Thursday, October 3, 1963

.

ported.

Week End.
New

.

Higher sales and cost trimming
are
pushing up working profits,

for

summary

principal

Push

.Profits

ters follows:

Failures

Commodity Price Index

Further improvement

Higher Sales, Cost Cuts

were

$31,412,-

week in 1962.

same

comparative

of the

some

totals

against

266,161 for the

Trade

Business

preliminary

$35,031,410,198

.

»Index

weekly

moved
of

production

production

for

based

1957-59.

on

to larger quarters

because

Ward's said the industry "build¬

average

the

original meeting place would

up" to full-scale

production was

,■

Volume

198

Number

6304

.

.

nearly complete by late last week.
A 13-year high in
September out¬
put will

dustry

be

will

reached

and

roar

toward

on

the

Truck

800,000

Also

forecast

quarter.

-

The

in

cars)
is

in¬

Intercity

all-

output last

week

American

senger cars,

up

fixed

151,973

.'7.1%

for the

has

levels of
and

yet

1963

both

last

model

producers

Saturday

week:

reached

peak

basis,

have

shown

the

GM

by

Both

for

pro¬

accelerating

output

A">

to

inven¬

■
.

.

A

Chrysler Corp., meanwhile,
setting a 15-month high in

after

weekly

production

flects

last

week

than 400

carriers

mon

the first auto maker to

its

changeover

The

has

Studebaker Corp and American
Motors

showed

from

five-day

programmed

assembly

Studebaker at

a

American

Motors

of

average

its

'63

still in
Of

year

last

week,

at

about

80%

weekly

Corp.,

14.3%;

Chrysler

American

Motors,

5.3%; Studebaker, 1.7%.
Rail Loadings

596,325

ended

American
This

Association

Railroads

was

five-hundredths

or

the

of

announced.

increase of

an

in

Sept. 21, totaled

the

cars,

freight

269

1%

The

loadings

tenths

of

of

1%

21, 1963,
mately

cars

or

the

of

5.2%

week

an

seven-

corres¬

were

17,143

cars

reported
revenue

or

more

or

highway

(piggyback)

in

the

14, 1963 (which

included

in

that

This

was

1961
?;

cars

week.

week

of"

44.0%

or

were

of

1962

;

the

Lumber

country
feet in

of

the

in

ended

duction

1961.

37

Following
thousands

of

board

cars

65,989

150,681

V

and

week

in

58

Ball)-,

-

Leonard

to

George

r

New

orders

F.

the

appointment

Knier

Manager

as

have

Registered
Mr.

&

Co.,

the

the

firm

Representatives.

Wilkins

associated

joined

and Mr.

with

tional

part¬

*

been

the

of

Research

ap¬

Institu¬

Division

of

the

firm.

Collins, Eatherton
DENVER,
of Hersh

'

to

Colo.—The
Eatherton

to

Collins,

Associates,

Inc.

maintained

in

name

Associates,

St.

Eatherton' &

Branches

are

Boulder, Colo, and

as

Both

firm

&

Inc., 509 Seventeenth St., has been
changed

Paul, Minn.

.

were

DIVIDEND NOTICES

joining

A

Kinnco, Inc.

in

1

1956,

dividend

DIVIDEND NOTICES

GOODYEAR

was

5>

'/i- '[ '

'

City

in

engage

^ Joel

CLEVELAND

f

10, OHIO

COMMON DIVIDEND

is

is

a

paying

cents

a

dividend of 35

a

share

common

The Board.of Directors
to¬
day decialeu the following

on

dividend:

September 27, 1963. This is
tive quarterly

dividend.

'nbL':

$

the

g
S

Common Stock,
payable
December
16,
1963
to
stockholders of record at

&
I

25

the company's 165th consecu¬
dividend notices

cents

per

share

on

the close of business November 15, 1963.
The

THE TITLE GUARANTEE

S

8

f

Goodyear Tire & Rubber Co.
By R. L. Miller.

|

Secretary §

COMPANY
DIVIDEND

I

No. 122

&

securities

a

TA'Comito

0

CORPORATION

St.,

Borden

(c/o

LEVI T EE

been

Ai

21,

to ' general

the firm.

Sadik-Khan' has

Dempsey-Tegeler

prior

Inm

Olson

NOTICE

~

October 1, l%3

,

£

#5

Trustees

of

Guarantee

Company have

declared
sewn

and

a
a

The

Title
THE

dividend of twentyhalf (27%) cents per

share designated

as

the fourth

the

GREATEST NAME IN RUBBER

NEWS

reg¬

AT

ular quarter annual dividend for

CLEVITE:

•1963, payable November 15, 1963
to stockholders of record on Octo¬

Big-Three automaker chooses

OTIS

ber 23,1963.

Clevite's heavy duty bearings

ELEVATOR

;

WILLIAM H. DEATLY

for engines used in

President

#,

racing.

COMPANY

'Sept. 22

_

1963

221,100

1962

237,333

238,518

241,042
246,655

231,666

236,230

The

amount

and

of

by

electric

the

CHASE

light

industry for the week
Saturday, Sept. 28, was es¬

H. R.

New York,

193,000,000

was

■

BANK

;

kwh. less than the
previous week's
total of 17,478,000 kwh. and

262,000,000 .kwh.
output

of

above

l,- v Vy

the

16,023,000,000

total

kwh.

the
corresponding 1962 week
year-to-year gain of 7.9%.

or

Business

Failures

Dip

'

.

two
and

in

'

/

in
a

of

for

1963

an

in¬

ed

or

or

61

13.4%

37.0%

DIVIDEND

Pacific Gas owl Electric

the Bank, payable November 15, 1963 to holders of record at
the close of business October 11, 1963.

Company

The transfer books will not be closed in connection with the
payment of this dividend.
'

Latest

COMMON STOCK

Vice President and

Secretary
The

weeks, com- '
industrial
failures,

period
class

a

this

year's

one

year

corresponding

1961.




of

cents

30

from

39

last

earlier

and

NATIONAL
On

stock.

Smaller casualties
under

42

involving.looses'
on

of

The

of

5

26,

cents

dividend
record

at

page 26

ELECTRIC
1963,

of 25

upon

common

This

dividend

is

payable October

the, close
C.

the

Eureka

Williams A

"A Armstrong

-

30,

of business

RUSSELL
of

the

a.

1963

October

and

the

capital
will

be

business
to

15,

stock¬

1963.

President

Science

Napco Plastics

Subsidiary
Durham

record

at

Manufacturing Company

'

stockholders

the

close

of

a

September

on

1963.
D.

L.

BELL

Treasurer

San Francisco, Calif.

*

Advanced
..

common

common

FELDMANN

Board

-O

..

Furnace

declared

outstanding

Divisions of NUE

.

A

company

share

on

CORPORATION

1963, to
of

the

a

Chairman

a

$100,000 dipped only slightCohtinued

holders

UNION

September

dividend

year.

year

share

paid by check on C ctober 15,

Among failures with liabilities
$100,000 or more, there was a

week

of the

per

Company's
stock.

below

sharp downturn to

on

cash dividend for the third

quarter

in the pre¬

4%

of Directors

Board

September 18,1963, declared

the pre-war toll of 264 in 1939.

I

originating

easing

No. 191

DIVIDEND

steady

as

NOTICE

DIVIDEND

MORTIMER J. PALMER

week, reported Dun &
Bradstreet, Inc. Casualties con¬

well

Fardwkll, Treasurer

September 25, 1963.

NOTICE

ceding

as

per
nas

The Board of Directors of The Chase Manhattan Bank has
declared a dividend of 65c per share on the capital stock of

Week

Sept. 26 from 281

Stock

Checks will be mailed.

MANHATTAN

timated at 17,285,000,000 kwh. ac¬
to
the
Edison
Electric

Output

Common

4, 1963.

cording

Institute.

the

on

been declared, payable October 25,
1963, to stockholders of record at
the close of business on October

power

ended

quarterly dividend of $.45

share

energy

electric

Common Dividend No. 228

,

A

Electric Output Shows
7.9% Gain
Over 1962 Week

mercial

cars

in

in

pointed -Director

E.

Henry Olson of Dalbo, Min¬

principal of the firm.

A

Sept. 14

1963
233,523
236,159

___

Shipments

the

cars

were

traffic

in

'

admitted

the

for

A

Sept. 21

Ai

above

week compared with 61
ago

York

figuresvin

indicated.

After

corresponding

There

type

>

of

City Sales Manager. He

announced

and

yield

Sadik-

Wrightsman,

1959,: the

for

2

St.^ members

J. Finn Wilkins of Minneapolis

been

Idris

F.

Exchange, John

of the Mutual Funds Department.

A 10% stock
in

stock

Inc.,

board

Sept.

feet

Orhan

that

Edward

Mr.

At the

4

and

formed with offiecs at 70 Pine

shipments

the

are

of

for ; 110

Du Boff Inc. has

New

fell .03% and new orders fell
4.6%.

and

weeks

U. S. railroad systems
this

.'

Bernard &

1962 levels pro¬

2%,

also

as

nesota

a

Seventh

appointment

.

,uv./r

286,

in

split

25%

A

off

was

nounced

Kinnard, President, announced,

Kline

.

have

paid

was

V

~r

33,523,000

week

which

South

the

currently at the rate of

was
a

'

Fractionally

1962;

the

and

O, \

tinued below the
comparable 1962
level of 305 and the 1961 level of

above

stock

2% From

production

G.

inte¬

ton¬

above the
corresponding period of

and

dividend

Last Week's

totaled

Exchange, and
exchanges, have an¬

G. Hanauer, Howard M.
Brenner, and Alan C. Seskis have

—

slackened to 254 in the week end¬

557,524

crease

and

'

uninterruptedly

according to reports received from

cor¬

;

first

totaled

Rate

13,0

Stock

other leading

Leonard

Meeting of Kinnco,

of Midwest Stock

By the end of

procedures.

reported de¬

Lumber Production Off

1962

Cumulative piggyback loadings

for

im¬

an

Form Bernard & Du Boff

over-all

increase

an

16.7% above the

cars or

5,236

week's

con¬

week

ended Sept.

responding

1961.

over

one

2,458

ago

year

.

loaded with

total).

Sept.

the .corresponding

highway trailers
tainers

car-

increase

an

week of 1962 and
8.5%

There

by;

ended

billion,

over

Annual

operating accounting

business.

distributed
generated

12.7

MINNEAPOLIS, Minn.

with

of almost 4% yearly.

the

V

Production

estimated at approxi¬

are

has
and

Co., Ill Broadway,
City, members of the

'

above

loadings in the

there

$0.55 quarterly, providing

excess

increased

areas

of

years, are

or

creases.

corresponding week in 1961.

Ton-miles

■

in

from

registered

.

ponding week in 1962, but a de¬
crease of
9,517 cars or 1.6% below
the

10%

States.

Dividends,

last

V

nage, while 20

above

represented

4,171

of

,

expense

completed in the moderniza¬

statistical

two "i; terminal

cars

preceding week.

increase

tion

Compared with the immediately
preceding week, 14 metropolitan

,

•.

variation

weeks

of

com¬

emphasizing

preceding week.

Year's

revenue

been

localities,

decline

a

Compared with

of

week

gain

a

con¬

Haupt &

nership

major phases will have

year

regional lumber associations. Out¬
put declined fractionally from the

Slightly Above

Last

Loading

this

tonnage paid

figures.

last

27.0%;

15

only

Below

Ford,

at

ago

amount,

sntall

level,

week, GM
expected to account for

was

51.7%;

the

this

buildup.

production

Corp.

of

normal

full assembly rate,

a

the United

re¬

for

survey

York

current

Kinnco Names

and decentralized its operations in

freight

increased

York

New

the

Khan,

gration of its domestic companies

with 19 points reflecting decreases
from the 1962 level. No terminal

areas

each

of

ratios-coupled

more

of

general

terminal

week

com¬

and

handled- at
of

showed

Sept. 20. Chrysler

the

throughout the country.

areas

five-day work. It began sell¬

The report

truck terminals

mal

reached full buildup.

,

tonnage

while

plete

1961,

the company completed the

on

by the ATA De¬

Economics.

more,

was

since

lowering

a

loss

up-'

partment of Research and Trans¬

city registered

cars

fact

of 34 metropolitan

survey

by working its six plants in over¬
time, last week returned to nor¬
ing its '64

been

;

based

are

conducted

companies^ port

_

,

year ago.

Ira

New

in

loss.

a

introductory

its

However,

underwriting

time

more

■

net

operations.

These findings

Admits Partners

appreciable

1956, Continental has in¬
a

especially- strong at this provement in cost control. In 1962,

j

,

been

Since
curred

de¬

summer

IraHaupt&Co,

$89.49. In

was

increase in portfolio valuation, an

rise

13

the

improved underwrit-

sidered remote.

ma¬

usual

build and maintain ample
tories for heavy
sales.

glass, food*

paper,

the

late

the

price of the stock cannot be

office

was

through dealers

are

chemicals,

among

equipment,

the

the

by

of

1961

74%, when

chinery, and varied industries.

reports

these

In
as

com¬

that

have already placed some of their
'64 models on sale
and

of

However,

that

1950.

high

panies. The rest is quite well bal¬

year-to-

trailing

the

about

and

by banks and finance

anced

weeks

industry,

by

turn

Several

extensions.

year
.

two

colored

13%

18%

some

in

areas

gram

stated

petroleum

in
as

ing operations and the anticipated

.A

represented by the public util¬

industry,

out
sold

stockholders equity
view

worked

time

standing

last

volume

are

is

ity

volume

a

stock

production,

overtime

are

on

marginally.

ATA

creases

weekly

plants

the

level

Ford had six assembly plants and
GM five definitely set for extrawork.

the

,

given

Security

Continued from page 2.

tonnage

the

consecutive

increases

year

1962

behind

(1297)

I Like Best

cor¬

1962,'

today. ^Truck

12

tonnage

year.

their, car-making

the

Associations

only 0.2%.

After

General Motors Corp. and Ford
Motor Co. slated major increments
in

The

1.2%

previous week of this

down

—.

units made in the prior week and
also above 147,110 cars assembled
in the same week of last

neither

in

was

of

week

slightly

was

pas¬

from 141,852

21

Trucking

*

announced

at

tonnage

Sept.

responding

fourth

agency

1.2%

lower than the volume in the

•

statistical

Factor

truck

ended

week

October.

record

a

.

Tonnage

Below 1962 Week

time record output, for
any month

(near

The Commercial and Financial Chronicle

,

PG

27,

14

The Commercial and Financial Chronicle

(1298)

on; to "limit and qualify the pow¬

The Bill of Rights

Has

ers

of

government

out

of

the
in

cases

Not Been

Repealed!

ought
in

'

to

act

or

ence

to

tion

act

The

through

run

of thesb

only

Tenth

reinforced,

of the federal

amendments such

as

the
In

13th, 14th and 15th.

the

and

Early

tfyis 174th Anniversary of the
adoption of the first ten amend¬
On

to

ments

Constitution,

our

I

am

deeply honored by the award of
the
Bill
of
Rights
Defense
Medal.

Gold
This

will
not

to

of

me

as

was

of
H.

Arthur

is

unique

responsibility.

ceeded

Dean

its

with

In the busy and

complex world

Twentieth
pause

glance briefly at
Bill

Century

we

this occasion to

on

Rights

historical context and to

learn from

in

their

see

what

so

short

even

Bill

hand

the

of

of

a

Magna

part

experienced

ereign
Crown

subjects

of

can

the

by

of

by

and

its

on

no

by

a

and the Ameri¬

religious

and

political
persecutions,
the
arbitrary closing of ports, trials by
parliament itself or by courts sub¬
servient to the Crown, confessions

by torture, troops
citizens'

dation of

quar¬

intimi¬

and

and

tolerance

oppressive methods

of

also

our

humility

in

experience.

own

judicial

English

our

that

In

balances

ad¬

and

was

in

also

departure from

many ways a new

inheritance.

of

system

checks

of

genuinely

a

and

independent

was

lubricant

social

of

ju¬

to become the
the

change,

greatest safeguard of human free¬
dom

throughout

Thus, in
it

is

in

set

made

has

of those

overall

an

possible

first ten

as

ex

unlawful

heirs

to

inherit,

as

post facto laws making
act

an

lawful

shrinement,
and

their

properly

vibrant

survival

as

Washington,
Adams,
Madison,
Hamilton, Jefferson and others so
vitally

concerned

of

new

our

pose

with

nation

the

limitations

severe

fere

of

with

doms

Government

on

the

fundamental

of Americans.

Fathers

to

the

tried

to

The

inter¬
free¬

Found¬

construct

a

written Constitution which would

protect their

daily

our

erations against

and future gen¬

arbitrary and

pressive acts.




op¬

as

Bill

of

Rights

bear

the

people have

occasion, since

high school
and

they left

direct

language

of

Consti¬

our

tution?

This

countless

ities

owe

it to

ourselves

outlines

portant
tional

and
a

purpose

chapter in

of

our

im¬

so

constitu¬

history.

of

Rights

terized

by

were

James

well

limitations

the

charac¬

Madison,

principal drafters.

Rights'

one

The Bill

point,

he

said, "sometimes against the abuse
of

the

executive

power,

some¬

times, against the legislative, and
in

some

cases

itself

against the
the

natural

Judge

said,

due

Bastion

brings

is

all

against
or

in

the

other

com¬

words

majority in favor of

minority."

They

were

intended,

he

went

entire

the

It

carried

forward

this

the

or

an

answer

economist

latter

1964

turned

remainder

favorable,"

for

of

the

re¬

pros¬

1963

econo¬

how

well

our

in that endless and

us

continuing conflict.

from

all

^

•

confident

I; am

that

support

walks

with

of

of

the

all

life

men

and

all

creeds—and not merely lawyers—
we

continue to be well served

can

for

countless

those

to

years

unique

by

come

documents.

>

remain

we

alert

to

our

stitutional rights and

our

tutional

shall

duties,

we

con¬

consti¬
have

•

nothing to fear from Communism
which seeks to enslave and not to

address

*An
casion

of

of

Bill

the

awarded

by

'

Dean
designation and

his

Mr.

;

of Rights

by

the

oc¬

acceptance

Defense Gold Medal

Wall

Legion,

the

on

Street

New

Post

York

the

of

City,

Sept.

1963.

rest

aside

of

this

Y

recession

a

by tax-reduction.

1964
of

nation's

diver¬

of

invest¬

rate

Street

massive
duce
seems

the

declared.

rights

so

thoughts today.

.ne¬

*■

thought that wb

axiom of polities that
as

a

irre¬

ours,

spective of the epic-making guar¬
Bill

of

Rights

viable

as

the

can

respect

He

no

re¬

cession."

This

comment

was

of

part

to

be

measures

growth.
that

probable

with

designed to in¬
"It

now

have

we

successful transition from

a

John W. Harriman

the slow period to a new future."
While the economy, in 1963, has

a

Busi¬

The

in

quarterly report

behaved

"remarkably

well"

and

business prospects "are excellent,"
it

directors

imply that "boom conditions

the

Broad

John W.
r

Street

Group

by

Dr.

Harriman, economist.

ecopomy

ends this year with

satisfactory head of steam, there

will be

backs

for

this

opinion

turned.

elements

of

sectors

which

can

pel it

forward.

be

The

strength

of

to

two

and
the

counted

distortions of
be

Third,
a

no

by

as

hard

the

Second, there

business

consumer,

character

changes

abrupt
is

ment

no

not

be

interpreted

to
are

probable," the economist said. To
consumption

personal

penditures

have

ex¬

accounted

for

major increases in the Gross Na¬
Product

tional

,

(QNP).

Gross

carry-through into next private domestic investment, how¬

a

year." He

calls

should

date,

Dr. Harriman also said that, if

the
a

and

Tri-Continental

of

the

improving

experimentation

prepared for the management and

gerous."

an

latter

the years of rapid growth through

made

Situation,

paid to its principles by both the
is

the

is
re¬

increased," he declared.

economic

made

"no boom;

governors and the governed—that

constitution

expansion

possibilities of

appears

without

Funds,

but

in

and the

Group of Mu¬

sees

and

Yet, he points out that, the growth

com¬

Broad

continued

are

tual

freedom

the felt

year

re¬

fun¬

our

of

cession

closed-

end

of

the

said.

pany,

redress

a

and

payments

proba¬

sified

peace¬

of

Harriman

ex¬

abridging

bill

balance

reduction/

largest

law

no

for

Dr.

decreased

simplicity.

prospects

regarding passage

reduction

tax

a

continuing

bility

today.

business
doubt

are

Corporation,

in

such

favorable

tax

are

A

have served

the

hate."

is ourselves.

consider

us

on.

Constitution and the Bill of Rights

brief

liberties:

the

its

what¬

or

"Without

calendar

as

the

difficulties,

freedom

of

is

govern¬

Tri-

line between 1963 and 1964 which

be

of

Continental

ness

our

the

behaved

"Free thought—not free thought
for those who agree with us but

antees

aware

which

form

whatever time

though

make

for

has

economy

pointing out that "there is

only

order,
any

predicts expansion for the

cessities of the times.

an

Bill

our

place, is still going

First

These precious words are today

It is

of

the

assembly,

Constitution

annivers¬

of

should remain

we

and

in

ment

25,

in

,

Rights

freedom of the press and the right

for

liberty

now

President

markably well and business

conscience, freedom of speech,
peaceful

adoption

continuing through next year with the chances of

year

.

much in all of

Rights

American

Tri-Continental

kinds

few concise words, is

civil

the

rights

the

to

contained the bastion

damental

of

ary

Foreseen by Economist

ment

government

a

ab¬

as

has

right of the people

Here, in

by

will provide

in

establishment of

grievances."

problems.

174th

this

on

No Boom, But No Recession

be

■'

thereof;

civil

decade

Hand

us

shall

an

current

our
so

due

prohibiting the free

or

of

of

con¬

legal

merely

Our

is of the utmost

respecting

Bill

this question.

to

to read this amend¬

"Congress

great

of

Kennedy

unquestionably the most vital,

you.

how

state

"The

of

which

like

the

becoming impotent in the resolu¬
tion

free men's minds.

Perhaps

any

has

not only 174 years ago, but

to

in

to avoid

be said to have in¬

crusade

appear

ment

relic

i

pects for

I should

evolve

must

fossilized

a

co-operative
on

;•

just

considered

protected

of

Learned

process

Amendment

coming

same

Constitu¬

today

the

solutes.

embodiment of the English sport¬

of

of the

debated

can

be

ing idea of fair play.

This

It

justice.

being interpreted

•

-

The protections afforded by

much

of law."

clause

procedures

of

of

originally imposed

lacking in the fundamental qual-;

the

institution

some

as

question

to

are

the rights of citizens against gov¬

or

the

stitutions and whether these rights

Eighth

shall

.

circumstances

ernment

Court.

.

minds of its citizens and

If

cases,

the

process,

time-honored

ex¬

the best

in

person

erty without due

of

We at least

well

particular

deprived of life, liberty or prop¬

college, to read the

or

these amendments to

of

"no

be

must

Fifteenth

specifically designed

out

a

tional

depriving

general and

contained

that

ment

to

that

awareness

an

changing times to avoid be¬

Constitution

far the Fourteenth Amendment in

clause of the Fifth Amend¬

process

is

and

our

These three amendments

as

is

It

fully to assemble and to petition

I wonder how many

Bill

is

view

a

Siipreme
with

we

against

a

com¬

pounded from time to time by the

ever

to

the federal government.

Amendment.

and

Constitution

Let
were

limitations

freedom of speech or of the press;

Itself

Fourteenth

stamp

ments

whole establish

a

to

most

ligion

What then of the Bill of Rights

,

munity
own

The

ercise
The

of the
powers

Sixth

with

known

permanent

a

political existence.

birth

sought to im¬

Sixth

powers

en-

today to be familiar with the bare

There is little wonder then that

the

Amendments

interpreted

of

part

to

only point to the Thir¬

apply to the various state govern¬

criminal

for

They

recognition of eternal

a

even

essence

need

mist

constitu¬

the

and

by the judiciary,

when

committed.

repeated

Fifth,

The

amendments

Constitution

our

simple

of

The

drafted

•

jury trial in civil

is

by

cases

our

tional framework. This framework

ture

property and abolition of

to

both

sense

our

Anti-Slavery Amendments

corporated

which*

its

initially

a

and

a

remember

anchor.

an

values

And

indeed to

promulgated the inalienable Rights into individual

right

would

in

are

and

bine both

of

slavery.

importance in

the Seventh Amendment

find

history.

our

appreciation of

any

Bill of Rights we must realize,that

had

of

century.r;

institution

the

born

was

diciary which

bills of attainder, that is,
deprivation of citizenship, forfei¬

right

days, they nonetheless

As

deporta¬

were

tions,

ing

New

itself?

Prevalent

well

and

legislative,

seizure, and arbi¬

trial.

the

in.the

jurors, general warrants

foF search

trary

homes,

to

property evolved; specifically
bitter personal experiences
of

and

needs

which

strange
who

been

Rights

■

which

person

critical

English

from

rooted

ministrative branches

dwindling

colonies during the latter part

in

part

Moreover, the concept of spread¬

1688,

all-sov¬

an

of the 18th century were

tered

not

course,

organic institution in

an

light of

the

Very much in evi¬

in England

obtained

of

ing governmental functions among

peculiar

bound

constitution

jealous

prerogatives.
dence

in

with

after

being foisted

parliament

written

is,

transplanted

soil

Carta

passed

Revolution

capable of

colonial

won¬

of

person

ty¬

the American colonists had them¬

vices

most

seizures

him of life, liberty or property.

statute, also called

Rights,

glorious

selves

"the

as

been

teenth,

against unreasonable

and

im¬

ways

new

have

Amendments

the

of colonial

the

meet

circumstances

I

Fourth

entirely accurate. For our Consti¬

at

knew

dangers

and the English

the

States

of

the

remain

this

to

in

of

sail

therefore

Constitution and the Bill

our

that the age-old struggle between

in Revo¬

Though

•

,

these

nonetheless

new

The

private

tution is

the

Rights

Notwithstanding
Bill

pro¬

progressive history"

Constitution

of man"

pose

Constitution

our

of

rannical form of government.

the

most

has

World which must be interpreted

The framers of

first

"the

as

which

in

issues

of

"

that

a

are

already noted,

as

days.

Amendment

and

have

We

ever struck
off at a the procedures which
the Gov¬
given time by the brain and pur-,! ernment must observe in bringing

reference.

the

from

but,

vital

were

searches

though

them.

right of the people

prohibitions

from

Second

ring.

of soldiers
the

or

to bear arms,

these

the

derful work

Constitution

our

of

from

the

United

y

homes

cen¬

.

forget

have

applied

much concerned with the

now

In

organism

mutable

dele¬

so

Amendments

quartering

•

subtle

which

and

powers,

departure

Constitution

ish

justice for all,

a

enumerated

a

to

Gladstone's contrast of the Brit¬

the

may

creating

confined

ence.

in

we

supreme

to
pro¬

the

and

land

calculated

a

the

previous English political experi¬

pursuit

and

by representa¬

on

not

times,

archaic

lutionary

written Con¬

an

accolade

should

for the lib¬

government

specifically

but-also

the

the

of

law

al ly,

fession

appreciate

concern

tives of the people, as

federal

p e rson

the legal

to

Founding Fathers

our

in their

stitution, voted

appreci¬

ation

of

how careful

the

study

and

itself

The very idea of a

all too gen¬

erous

alone

erties of all Americans.

a

as

Rights

were

award

reminder
an

of

the Bill

look beyond

Constitution

remain

only

must

We

i

forebears

Third

somewhat

for Liberties

Concern

rights not

modern

nearly two

us

not

us

principles,

people.

civil liberty

Constitution, of the role of the Judiciary and of the other

character

gated to the several states and to

His summary analysis sums up the import of the

Rights.

the

carefully

so

turies ago.

government and the

of

for

diluted,

Amend¬

in

general

are

not

principles

fashioned

emphasize the limited nature

reservation

timely paper on the 174th anniversary of the adoption of ;

a

Bill of

our

and

of the

minority against the wishes of the majority, Mr. Dean

liberties of a

offers

ments

who have forgotten the essence of the simple and direct

For many

experi¬

own

living and vital document

as a

Let

language of the Bill of Rights, and its stress on the protection

our

must

We

ex¬

Expounding the Constitu¬

great

the pattern

Ninth

and

is

has

amendments. "YY

ten

an

Thursday, October 3, 1963

that

Fortunately

government

the light of this purpose let

now

us

By Arthur H. Dean,1" Partner, Sullivan & Cromwell,
New York City

not

those

power

the

all life is

as

periment.

particular mode."

a

In

,

grant of

which

experiment,

excepting

by

...

in

the

govern¬
economy

on

to pro¬

there

are

serious enough

considered

dan¬

deterrents to

progress

debline in the

a

rate

accumulation."

inventory

of

The

greatest boon to the GNP for 1963
has

been

in

residential

construc¬

tion, and increases in construction
in

general and

rable

in producer's du¬

equipment

also

sub¬

were

stantial.

"Corporate
both

profits

quantitatively

tively,"

Dr.

cash flow

possible

notable

"made

ever,

despite

are

and

Harriman

rising

qualita¬

said,

and

has been "substantially

increased."

Volume

Number 6304

198

The Commercial and Financial Chronicle

.

.

(1299)

should

The Market... lAaid You

cent

benefit

also

the

from

15

re¬

Our

price boosts.

Reporter

on

[The views expressed in this article

WALLACE STREETE

BY

do

not

cide

They
the

Has

stock

another
vestors

A

lot

beginning

are

reached

market

plateau?

in¬

of

wonder

to

interest

to

see

reacted

stock

how

Big

the

an¬

of

the

to

' reorganization

nounced

in view of its roller coaster action

operating divisions, and the deci¬

recently. Yet it generally remains

sion

confined

oxygen-fed furnaces.

within

20-point

row

real

A

cline

relatively

a

range

industrial

Jones

still

according

A

distance

off,

signs.

most

quarter

help

is

reports

But

expected

to

interest in the better

renew

quality issues.

Bleak

The

of

reading

than

pushed

There is

the

*

institutional

concentrating their efforts in

are

the

bluer

Motors,
and

chips

American

-

day's

like

General

*

Standard of New Jersey,

Telephone,

Mon^

downturn indicated

siderable amount of
and

possibly-

dressing
.capital

by

with

funds

;,V*,

v

(.

o

G

r.

Yet this market has shown time
and

again

weather

lately
good

a

taking without
The

only
to

seem

in

But
in

the

the

even

signs

would

growing

interest
issues.

heightened activity

electronics

science

age

can

profit-

speculative

more

some

it

of

and

stocks

is

space-

relatively

restricted.

This

to

go

Hupp

has

market

for

cept

back

pull

the

to

way

failed

exactly
the

has

what

American

Barnes

the

happened
action

has

Board

Big

with

Exchange

Engineering,

on

on

quite

been

Hupp, the infrared counterpart
Barnes

of

change,

the

on

New

caused

has

ment

in

contrast.

year

is

barely

Its

2

climbed

Barnes

little

26 3A

sions

that

is

It

lack

same

wild

of

speculation that has strengthened
convictions

the

that

servers

the

market

current

highs

new

the

mind

late

sharp

of

as

is

of

it has been.

but not

It

also

is

fairly well accepted that this is
professional market, and

sign of

that
of

the

to

as

economy

slowing

fairly fast
years.

shows

down

pace

one

a

that

signs

no

the

despite

of the last three
_

such

the

as

Favored

better

than

months

point

S.

to

move

Steel

they

acting

are

sever'al

did

and Jones &

Laughlih

higher when they break

out of their

currently low volume

stocks

have

gains

since

firming
products

price

made

pro¬

appre¬

January,

structure

should

run

can

up

before-a

two

a

often
had

its dividend

5

to

major

although

the
have

International

sales for

that

should

year

this

above

year's

The

poorest

undoubtedly

missile

R.

the

aircraft

of

While

income

an

most

of

appeal

issues.

bilities
still

York

City, effective Oct.

Salomon.

and

limited

who

has

tax

real

stocks

reaction

such

are

of

the

concern.

be

can

seen

Grumman,

as

month

of

off

September.

Lockheed skidded 3%, as Douglas

and

General
than

slipped

Dynamics

2.

Bright
Airline

show

similar

a

pattern of retreat but their

pros-'

pects

seem

much

major

U.

recovery

brighter.

All

to

5

the

the

of

except

profit

Delta,

lost

traffic

Hopes

potential

load

for

dead

but

Civil

Aeronautics

petitive

new

routes

Board

of

on

have

favorably
if

their

leverage

and

profits

If

this

the long-term

the

be

new

Salomon

the

Brothers

firm,
&

joined

Hutzler

in

1953. A graduate of the Lawrenceville

School and Oberlin

is

trustee

a

YMHA's
New

Bond

the

College,

Associated

YWHA's of Greater

and

York

of

and

member

a

of

the

Club of New York.

Mr. Gottlieb is
law

firm

Steen

&

of

This
fect

the

should

have

<*since

kets,
raised
lion

balance
little

the money or

on

the

will

Hamilton

Gottlieb,
will

and

con¬

tinue active practice with his

firm.

A

School

is

Yale

University,

director

a

of

Mr.

Midland

poration

and

He

Nitrate

Corpora¬

is President of

the New

Lawyers'
of the

member

a

the

Advisory Committee of

County

tion,

of

member

a

Associa¬
Executive

of the

an

A

member

Stock
ers

Hutzler

York,

the

of

Exchange,

&

of

trustee

The

of

New

York

Salomon Broth¬

has

offices

in

New

or

be

ef¬

no

large,

that

mar¬

to

Cleveland,

Chicago,

Dallas

San

and

Boston,

the

larger

predicted

market followers.

maturities

be

to

appears

into

one

government

since there

4s

amount

which

of

a

because

turned

of

1973

of operation

has been

a

the

enabled

substitute

longer

maturity

obligations which
maturities

that

date

addition

to

its

for
near

out

to thin

maturities which have been pretty
the

on

side.

heavy

of

on

the

Government

though
bit

of

it

sues

to be

In

spite

the

for

market

that

supply

this

tant maturities

take

term
an

the

in

for

from

inconsequential

is

of

gov¬

investors

Scott V.-P. of

r

Scott, Jr., has been elected
President

of

J.

M.

a

bond

The

3%s

1968 have

of

bought

well

likewise

aiso

this

because

meets the needs

Dain

not

likely to go out too far in the

large

range.

long

as

supply

there

of

is

funds

this

very

seeking

position in the fixed income bear¬

result of these

ing issues, it seems as though the

of

money

intermediate

and

bonds

ernment

long-term

going

are

shorter term is¬

main

in

range.

a

stable

fairly

gov¬

to

'

-

bers

of

the

west Stock

New

York

and

Exchanges.

CHRONICLE
25 Park Place

basic

are

also

industrial

should
follow

pattern.

paper

reacted
go

the

Glass

higher
usual
stocks

Y. 10007

will send you complete

Information regarding our special trial

subscription offer to

Darnall To Be

the Commercial and Financial Chronicle without

Elected V.-P.

Name

expected

already

New York, N.

Fill out the coupon below and we

the

new

SUBSCRIBERS

The COMMERCIAL and FINANCIAL

Mid¬

Firm

Thomas
come

a

D.

Darnall, Jr., will

Vice-President

well, Franklin & Co.,

of

be¬

Max¬

Inc.^ 45 Wall

Street, New York City, members
of the New York Stock

Exchange.

\

Jr

Address

City

—

re¬

price

Special Trial Subscription Offer

Co..

a

the

Vice-

&

of

are

dis¬

obligations because it is only

Inc., 110 South Sixth Street, mem¬

are

going to buy the longest term

that there

FOR NEW

J. M. DainCo.

re¬

that

in

amount

a

term

meeting the

investment in long-

exchange of

is being put

of 1973. It is believed

intermediate

quirement

switches

investment

of

a

is¬

refundings, there is no important
change

of

more

of the
as a

come

short-term. obli¬

not

bond

maturity

increase

be

types

high grade bond buyers, who

digested.

temporary

a

have

other

forms

a

ernment

As

is

to

even

refunding

of the fact

of

come

into the 4%

a

influence

generally

does

time

advices,

into

gone

gations,

been

beneficial

refunding

appears

though most of the funds
other

not

As

at¬

term

'

out

"advance refunding" undertakings
a

recent

sale

have

ones.

had

with

the favorite ob¬

was

which

whole, these "pre-refunding" and
have

the

have

length¬
op¬

much

gov¬

amount of this money

ening properties, this kind of
been able

4%

growing,

considerable

Treasury,

Even

coming due

debt

im¬

Demand

intermediate

the

in

holdings.

a

eration

has

This

according, to

in not too long a time.
In

is

getting

the

from

to

have

either

are

will be

or

the

attracting investment funds which,

favorable

Government

securities

1973

of

the

device for the Treasury because it
has

in

for 'the

bonds

ligation

distant maturities. This kind

more

were

Also

demand

bond, which

issues

for

in

high

very

in this exchange.

ones

tention.

sizable

Government

were

a

the recently issued obligation due

operation

was

get

pension funds

The

extending

to

bil-'

Treasury accomplished its

purpose

Palm Beach,

Francisco.

been

distant

desire

portant

be

$6

the

in

available

Philadelphia,

1989/1994

to this kind of switch

most

maturities

the
This

much

a

had

shorter

the

of

1963.

capital

amount

not

debt

floating

Hospital.

in

answer

from

Refunding Offers Effective

City of New York

honorary

that the 4y8s of

many money

The

in

$1,260,000,000.

taken

ernment

Committee of the Health Research
Council

accepted

of

amount- than

be short-term.

law

graduate of Harvard Law
and

being

meant

less, and most likely will

or

much

member of the

a

Cleary,

deal

amount

by

money

Buying

longest term issue in the exchange

were

a

Fund

This last debt extending opera¬
tion of the Treasury results in the

grade long maturity obligation at
an attractive
yield. It is believed

for

The

com¬

sparked

help the aluminums. The

stocks

evi¬

nearly

attitude

has

in

levels

to

the other important under¬

r

rises

so

given

maturity .-.extending

will

the

needed

1910.

MINNEAPOLIS, Minn.—Louis W.

greater.

are

interest.

product

our

basis

with the passage of time.

the

of

of

joined

S,

gives

becomes

mergers

a

Levy,

from

quick turnaround when

a

Mr.

y

points for the month. Yet

dence of

short-

vulnerable to

more

maturity

Outlook

stocks

of

in

of

manager

Anglo-Lautaro

chances

cause

general

a

Gutfreund, who is syndicate

and

cut

be

Pension

bring

keep

* problem.

be the case,

undertaking is that

the

Government debt.

money

higher

will

extends

raising operation to get the funds

of
Mr.

Mount Sinai

enough to

pressing

of this kind of

it

continually active

founded

was

and

possi¬

help

in¬

problem,

competitive

a

being

money

The all important feature

going

may

to

distant obligation

more
new

effect

economy.

some

order

a

no

volved.

Salomon Brothers & Hutzler when
it

real

more

same

Wall Street for 57 years,

on

and

for

the

partner.

been

cutbacks in weapons spending are

The

At

New York

most

the

uncertain,

1,

time,
Levy, general partner of the

B. J.

York

hurt

their

is

New

Leo Gottlieb

it has been announced by William

ably

their
It

John IL Gutfreund

tion.

defense

on

in

with

venture of the Treasury out of the

nuclear test ban have unquestion¬

for

profit outlook considerably.

the

group

The peace scare

area.

rates

way,

American, Inc. and Starwood Cor¬

performing

of

somewhat

I With

Capital Corporation, Scientific

"Defense"

the

specialists,

some

rise

Gottlieb
On the

opinion

rate will be

declined

seems' to

fiscal
7%

the

stocks

predicts

coming

high

record

lot.

a

depressed

All

sales

for

brightened
the

the

September

outlook

to

the

should

forth¬

is

many

implement

strengthen




rumors

is

for

sue

happens to

rates

of

the
com¬

important

segments

market

that

he

averages.

Price

Although few of the ingot
ciable

Even

denial

still

are

during

consolidation patterns.

ducers'

fever

merger

or

or

despite

their

industrials,

Technicians look for

ago.

U.

steels,

the

when it raised

farm

2

Steels

ex¬

an

takeover candidate,

a

carriers,

-

Some of the heavier

proved

solidly-based advance this

There

observers

many

3%,

Smith-Douglass,

shakeout. It is also

a

comforting

Cities

mark.

far-fetched

a

consequently will not panic at the
first

showing

.substantially higher earnings.

on

7

all

a

still

Our balance of payments

taking

Texaco,

investors.

seem

more

in

high,

30

lVs

confirmation

today

differences.

interest

high

to

corrections

the ^situation

1961,

holds many

Short

recall

may

in reaction to the peaks

mid-1962

as

the

ob¬

many

keep most of its gains. While

can

of

of

very

about

as

is

financial

because what

have

in

St.,

of the oils

their,

2Y4,

up

stock

is

this

Salomon

Wall

firm, will become both

this

single week.

in

Hutzler, 60

outlook.'.;

even some

Aug.

coming.

a

partner

&

more

while
in

limited

the

to

general partner and Leo Gottlieb

Brothers

of

interest

ex¬

such

the

CHIPPENDALE, JR.

short-term
a

that

continues to influence many deci¬

level.

points

become

month,

situations

Meanwhile,

excite¬

range

the

ception.

climb

points

has

any

Granted

among

fell

Phillips,

Ex¬

York

for

better

Harvester

orderly.

Gutfreund

at

Jersey Standard 3, and Sinclair 4.

market

is

H.

like American

4

rare

the

over

areas

this

together

4%.

are

Service

speculator's

While

off

to

public investor with the attendant
fever.

highs

new

stocks

However,

so-called

munity

on

a

.TNHOJ

market

money

bellwether

this

dubious for profit

a

The

gains.

off

Syntex,

week

long

a

Salomon Bros.

indices

drugs and the chemicals,

cited

vs.

the

of

saga

most

string

to

Pfizer

the

a

Barnes

most

BY

only.]

rates

or

major effects.

any

danger

be

the

that

dose

the

smattering of individual stocks

Cyanamid,

window-

declarations C in the

gains

.

offing.

profit-taking

some

mutual

;

con¬

a

of

term

Consider

investors

those

as

to

poorer

GOVERNMENTS

"Chronicle."

during the month, only

already much evidence

-

the

through to

sometime

managed

Sales

makes

While

averages.

presented

time coin¬

any

the

September

stocks

consistent

that

author

at

of

Admit Partners

September story for

groups

a

"Window Dressing"
•

shift

the

up

those

are

John

de¬

a

speed

Dow

real

or

some

to

the

on

to

averages.

breakout

is

nar¬

optimism about forthcoming third

-

of

also

Steel's

necessarily

with

obligation.

The Commercial and Financial Chronicle
16

.

.

.

(1300)
The Board of Directors increased the quarterly dividend rate

BANK. AND INSURANCE

cents per share

6 cents to 7

from

effective with the March

prospect of another record year in 1963. Although mortality

This Week

—

1965082

perience

Insurance Stocks

less favorable in the early months

was

moderate increase in earnings is still
The

COMPANY

—

of the largest factors in
industry with total life insurance in force of 1.6

insurance

billion

of Dec. 31, 1962.

as

and

v

incorporated under the laws of Kentucky in
office is located in Louisville and over one-half of

The company was
1905. The home
'

premiums written' continue to be derived from its home state.
Commonwealth Life is also licensed in Indiana, Ohio, Tennessee,

Mississippi, in order of de¬
scending importance of premium volume.
1
'•
1
All standard forms of ordinary life, monthly debit ordinary,
Virginia, Alabama, Georgia and

West

-

and industrial life are underwritten on a non-participating
individual accident and health is written,

group

basis. A small amount of
4

accident and health coverages are carried and
management has no plans to enter this highly competitive field.

however, no group

'

Overall,

a

In

/These lines

"7

•

and casualty
wholly-owned subsidiary—

fire

the

,

the

close

;

41.2%

1962,

were,

consist of

These

loans.

of

million

(12.6%),

investments

new

4.00%

Sales

past year

Commonwealth

of

assets

$.08

increase

U.

S.

Government bonds

on

(7.7%)

year

of $20.1

end

the

at

1961

of

pension

S.

Sept.

based

on

with

filed

for the

one

the

of reports

Pension

record

the

other

held

had

Jan.

1, 1963, the

■

9.20

'.24

10.49

67-21

64-37

in

Total

over

the

of

combined

of >the

registered

total

eleven

cities

assets at cost

Providence, •

market value.

or

It

are

assets

plans

for

based

in

the

and

16

of

prices

Pont

network

depressed

the

from

rela-

was

some

common

for the $10,000 and over market was also introduced.
the company

has begun work

dinary policies for
CSO

on

a new

Iri

addition,

premium scale for all

or¬

1964 based upon the recently approved 1958

Mortality Table.

;

'-7TvpV v,!N

/

the

U.

Office

S.

are

Labor

of

labor

and

Green

100

C.

^TT,~

1

'l.*

i

<?_£•• V

"

TV

n

A

new

TY...

AlKm

&

Bank Limited

A

Tviri

V7 J.. i/V

.

v:

Head Office

FIRE

II BISHOPSGATE, LONDON, B.C4
:

•

V

r.

A

White

W.

and

into

CASUALTY

-

Allyn

STOCKS

Telex Nos. 22368-9

and

Bankers
•

to

KENYA

Bulletin

the Government in
•

UGANDA

•

,

Branches in
INDIA

•

PAKISTAN

ADEN

•

•

CEYLON

SOMALIA

AND THE

•

•

BURMA

EAST AFRICA

RHODESIAS*




on

Request

...

.

up

ZANZIBAR

Laibd.BissellS Meeds
Members

New

Member?

American

120

York

Stock

Exchange

Stock .Exchange

BROADWAY, NEW YORK

5, N.

.Telephone: BArclay 7-3500
Bell

Teletype 212

571-1170

Y.

Assets

stocks.

about $1
ADEN

real

toward
stocks

over

of

seven

securities.

-

the three-year

period showed increases in bonds

MINERVA LONDON

in

;

v'7

A

that

should

fluctuations

take
in

-

research

depart¬

San

Francisco

invest¬

has

announced.

the

a

Allyn
of

two

Wallace C. Latour

nation's

the

leading

into being as

in¬

consolidation-of

result of the

a

the

two

firms,

adopted for the

name

corporate

which

underwriting

has been

Delaware

as

a

new

entity,

incorporated

Francis
Inc.

•

*

John

I.
4

W.

duPont,
'

in

wholly-owned af-

filiate of the consolidated firm,

A.

C.

and

is

in

three years, special¬

management

.portfolio

in

firm

analysis

West

of

Coast

securities.
nancial

Earlier, he was a fi¬
analyst in the Bond In*
Department of Bank of

vestment

America. Mr. Dunlop is a member
of

which became effective Oct. L
The

the past

izing

of

department
securities

Francisco

-San

for

« a

_

has been associated

research

the

Davis,

Sutter Street,

Co., Ill

of

head

John

—

joined

has

the

Security

Francisco.

•

Analysts of San
'7- y.'. - -

Davis, Skaggs & Co. is a mem¬
of

ber

the

Exchange
Stock

and

New

the

Exchange.

r

York

Stock

Pacific

Coast

:

f

7

Allyn,

-

Allyn,

a

managing

Link, Gorman Office

partner of A. C. Allyn & Co., has WAUKEGAN, 111.—Link, Gorman,
into been elected President of Francis Peck & Co. has opened a branch

holdings reflected

figures

account

k

indicates

report

changes
these

bonds rose

billion^with stocks going

to $2.6 billion."

The

in

,

With

Calif.

FRANCISCO,
Dunlop

Mr. Dunlop

invest-

bond-buying dollars went

over

'

John Dunlop

with

come

non-Government

the Chicago

own

baseball team.

Sox

Skaggs &

& Co. and A. C. Allyn & Co., has

Investments

Hamilton.

Allyn and his brother

V

R.

principal-

out

They are John

'

largest plans

Six

in Francis I. duPont

Davis, Skaggs Co.

or

8%, and all other assets 3%.

noted.

Co. have become gen-*

Riley, G. L. Teach, J. K. Casey,

H.

John

marked

the

was

Francis

principal partners of A.

J. E. Snyder and W. B.

Organization, combining
the resources, personnel in this
fie^> and distributive facilities of

plans

•

Telegraphic Addres*

-

of

by

Allyn, Arthur C. Allyn, John

A n.ew maior. corporate under-

vestment firms,: Francis I. duPont

been

has

week

.

plans, joint

investments in bonds

last

Arthur C.

v;

groups

preference

/ ■?'

v

Detroit

Co., the latter now having 39

SAN

and

mortgages

Aurora,

in

eral partners

W.

estate

in

Wis.,

char¬

thrift

Other

the

Madison

office

general partners.

i-'UIT UIlL"XXilj II JLI1L.

represented only 1%
investments in bonds and
88%.

du¬

of

are

They
Bay,

C. Allyn &

primarily of bonds and

were

result

a

„

.

stocks. Cash

while

Francis I.

the
as

Iowa; and Quincy, Mass.

I. duPont.

•

plans.

the

of

consisted

were

Midyear results

Milwaukee,

Bend, Ind.; Flint, Mich.; Waterloo,

Reports, Washington 25, D.

organization.

Assets

«

ly

Grindlays

Philadelphia,

I.,

Moline, Oak Brook and Rockford,

established

retire¬

or

ment assets which were

and

in

"office cities" have

to

consolidation.

Labor-

1 is administered by

8, and

stocks

National

i

offices

111., Fort Wayne, Gary and South

analysis

Alllliate I OriTied:

benefit

are

and

of the

91

market

there

;

added

firm

a

protection at minimum cost

H.-

been

ment

which is designed to afford maximum

of
/

being combined.

are

in

JN 6W U nQGrWlTtlRg

7

Employers or employer

policy

7

.

duPont

new

the

ordinary

,

being continued.

are

Twelve

Management and Welfare-Pension

"XT^

supple-

profit-sharing

savings

administer

1959,

to

billion

.

firrfts

ment,

special

than

worth

Minneapolis, Kansas City, Omaha,

Seven

plans

$25

Seven

stock purchase

•/

A

firm

representa¬

,

indicate

100

exception—a

as

as

somewhat

.

growth

unemployment

acterized

were

A

study

exceed

mar-

even

of

this

in-

1959-1961

these

benefits.

ment

plans

by

on

the

adds,

stock

Department,

the plans included in the

—

when

assets
than

years

of

one

mentary

report

Copies

53%

or

more

covered
:

the

assets

With

the

stock over other issues,

the

of the

of

to the rise in

1960,

the

$17.8 billion, or 53.3%

total

part

which

all

of

that

out

ister

companies.

Francis

net

a

Boston,

They

tive

other

and

and

Allyn

as

of

duPont

of

of -more

assets

$35,000,000."

labor-management boards admin¬

those

and

name

consolidated

"The

1,300

its larger size ordinary life policies to make them more competi¬

with

Allyn

the

under

$300,000,000

increased preference for

with

1960,

in

probably will

on

country, Canada and

have the choice of reporting their

tive

largest plans

100

assets

total

to

that

company.

revised its premium rates

company

distributive

the

j.' duPont & Co.," President Allyn

having

for

filed

$16 billion,

while

included

1961's final

have

in this

nation

force.

available

Projections

premium in-

underwriting organi¬

new

will

Europe created by today's combi¬

22-16

11.96

•

fices

22-19

7.84

.24

ever,

largest

plans

funds

been

the

assets

figures

from

r. ■<

•

..

On

$24-13

.

ket prices during that year. How-

Plans

100

the

exceeded

1959,

had

and

emphasis'

rose

highs and represent increases of 7%

figures.

\

be attributed

;

of

all

figures

The

29.

and

assets

of

Labor

Department under

tabulation.

the record high of the pre¬

business conditions.

the

plans,

of

study

a

Welfare

,

rose

tax-exempt bonds and common

excellent

were

in

benefit

Department

study provide pension

are

.20

.20
•

<

and

Co.,

support of the network of 106 of¬

Range

$6.72

Partner

&

officers of the company.

seven

zation

Senior

duPont

I.

crease in the common stock in- Portland, Me., Decatur and Peoria,
vestments, with their larger share 111., Cedar Rapids, Iowa. The New
of total dollar assets in 1961, may York and Chicago offices of both

and

U.

by the end of 1963.

another

favorable

v

the

Price

Value

•$.20

com¬

fare

continuance

of

life insurance

in

billion

vious year by 3%, reflecting additions to the sales force and the

from life lines

Book

duPont,

Francis

of

"The
4

'

Dividends

Earnings

Edmond

'

'

;

points

filed,

ing for the increase in life insurance in force. Both of these figures

:

Earnings

2.29

of

total

Life's

to $34.5 million, up 6.8% from the prior
year. Earnings rose to $1,.84 per share or $2.47 per share adjust¬

'

Income

plan

come

.

DATA

2.47

111

bond's (12.9%) rank second

(7.0%). During the past

individual policies exceeded

on

SHARE

Department.

invested in first mortgage real estate

centered

was

29.9

1.70

privately

in the previous year.

The

35.3

1.84

reports

777"

'

the total portfolio rose to 4.06% before taxes in 1962, up

on

1.650.3

.60

plans

represent 2.3% of total assets. The rate of yield

now

327.0

.71

assets

nearly 7,000 individual loans, broadly di¬

state and municipal bonds
on

278.1

1962

'The

importance in the company's overall portfolio followed by pub¬

stocks, which

1,045.2

1961

120,000

bonds

222.4

2.23

erations. Industrial and miscellaneous

utility

26.2

1.83

the

lic

'32.9

.

versified and spread over the area of the company's insurance op¬

in

1.532.2

Adjusted'"

partner),

Pont

cipal partner of A. C. Allyn & Co.,

19.4
23.0

,

and

Finance,

(du

nation's 100 largest employee wel-

quite favorable with premium volume running presently

annual rate of $300,000.

At

323.8

Disclosure Act.

company-trained agents operate out of the existing Com¬

assets of $222.4

238.9

1.33

the

by the home office. Operating statistics to date on the subsidiary
an

969.5

1.65

are

monwealth branch offices with billing and collection done directly

at

203.9

.

announced

multiple peril on a direct basis in Kentucky and Indiana.

have been

30.9

$0.72

the

operations in the latter part of 1962, writing auto lines and home¬
Over 100

1,402.5

.45

held

$1 million and surplus of $2 million. The company commenced

owners

319.1

.34

Total

Commonwealth Fire & Casualty insurance company—with capital
of

190.8

Largest Welfare and Pension Plans

'■.

.

the formation of a

through

892.6

1959

are

remained constant in recent years.

Commonwealth life entered

1961,

business

1

'

187.1

over

doubling in the company's premium volume and insurance in force over the past
v"

$16.8

29.3

tives,

steady increase in ordinary life business and a rapid ex¬

'

$27.4

1,288.0

Over $20 Billion Assets in 100

pansion in group volume is responsible for a
decade. " "

Funds

$1,172.7

319.7

stated.

wit|h most of
companies in the South which have a large
industrial business on the booksf'The company's indus¬

trial life insurance in force has

*

Income

$317.9

135.6

has

insurance

amount of

Industrial

$92.9

832.7

1960

declining in importance to the .company, as' is; true
life

Group

$761.9

'

King

Milton

partner),

posed of Arthur C. Allyn, a prin¬

Capital

Ordinary

Total

President

-

I.

(Allyn partner),

The Board of Directors is

Premium
Total

Moran,

Chairman.*

as

(duPont

Secretary.

SUMMARY

170.7

PER

Speicher

Vice

Industrial life coverages represent the

remaining 19.8% of total life insurance ill force.
the

A.

James

Assets

Investment

serve

W. B. Hamilton

end liquidating value

Life Insurance in Force

E.

Francis

of

has been named Treasurer;

its 28 cent dividend.

$153.8

♦Adjusted for

force/Premium volume from this source has ^tripled

the past four years.

over

of $69

Total

Admitted

J.

C. Allyn

A.

Charles

Partner

duPont, will

are

firms

life insurance in
force consists of ordinary life coverages. The present total of just
more
than $1 billion is over three times the ordinary total in
1952. Group life insurance has risen substantially in importance
to the company in recept years, and now represents 17% of total
insurance in

current price

over year

on

$1.12

Slightly in excess of 63% of the company's

'

yield of 0.4%

a

STATISTICAL

1958

of¬

Virtually all of the company's business is derived from the 48
fices located througout Commonwealth Life's operating area.

premium of 240%

provides

principal

a

Vice-President.

a

near

the year, at a

Vice-President.

Snyder,

Managing

2,500,000 outstanding shares of Commonwealth Life
a

Executive

partner, has been appointed First

ex¬

year,

the top of its 1963 range of $74-54. At the present price
the stock is selling at 26.5 times estimated adjusted earnings for
bid,

Commonwealth Life Insurance Co. is one
life

of the

anticipated.

traded in the over-the-counter market at

COMMONWEALTH LIFE INSURANCE

writing Division, has been named

pay¬

reflecting both the fine operating record in 1962 and' the

ment,

Thursday, October 3, 1963

by

market

I. duPont, A. C. Allyn, Inc.

Wal-

office

at

1814

Grand,

under

the

prices, plus the fact that welfare

lace Latour, partner in charge of management of Roger M.'Witten-

and

Francis I, duPont & Co.'s Under¬

pension

plan

administrators

burg.

7-'r r;-";. * •'

-

Number 6304

198

Volume

.

.

.

then they

where,

As We See It

(1301)

The Commercial and Financial Chronicle

Continued jrom page

1

much

,by

are

so

17

NASD Nominates Officers

handicapped in institut¬

ing the changes that are es¬
or

the Fair Deal. There is,

of

years

nothing surprising in stantial part dependent upon
The President's cam- what Congress does this year,

course,

all this.

paign in 1960 was clearly con¬
ducted around a central
radical

of

theme

generally accepted ideas
economic and political

sanity. He has since his entry
offered

office

the

into

one

after another measure which
would

his' ideas

bring

fruition. If
shown

has

he

to

times

at

disposition to wince
relent and refrain, that

and

a

evidently his polit-

has been
ical

what passes as

or

acumen

such-that is, a

reluctance to

ask for better bread than can

be

revert

time
on

immediately

he plans to

now

his older

to

ideas of

campaign

New Frontier

a

it

that

obvious

such bread is

possible. If

when

wheat

rather

becomes
no

of

made

the

as

approaches for him to go

the

hustings again,

could well

disloyalty to
political

consistency

or

his

avowed

and economic

no one

him of in-

accuse

earlier

philosophy. The
that if we

"

fact is, of course,
to

are ever

reverse our course

sential

not

is

needed reform

eco¬

they

are

spending programs

money

Problems, Too

to

return

a

ready to look the various

now

Nor

to

nomic soundness. If

con-

urged by the President

squarely in the face and de¬

flned to the matter of fiscal
Problems as vital as their
ProPer soluUoi\ ls; There. 13
the, menacing and growing
problem of Habor union monoPoly whlch at sor"e tlm® or
°thY w®. as a na " sha11
have to face squarely. No one
s«PP°f3 for 1aim?1ment that
™U.be politically easy to
dea wlth tbf matter. On the
™,ntrar/- thf u"10ns ba^e

talffull advantage of the

coddling they have enjoyed
f°r some years to build a
political organization, or
something that serves quite
effectiveiy ^ such which is
definitely formidable for any
Politician, particularly in
*hose .populous areas where

them

nounce
are

by

really not in

help

position to

they should to

as

the country
that

they

n^me
a

must

further

save

from the sad fate
ultimately

follow

into

expeditions

economic

Wonderland.

where

is

the

where

is the

Rob.ert W. Haack

•51

Yet

tion that is

dates

all

as

such

thing?

Several

more

less

or

avowed candidates have been

criticizing
has been
of the

deal

good

a

going

on

and

proposals that

before the

in

are now

they

for

are

system—apart from its total

little

take—are well recognized by
those who have given the

about the

matter careful thought. Some-

is not what the

thing far more than a general
reduction in tax rates is defi-

the next 12 months

What disturbs

current

scene

President is
or

or a

'

more;1

us

doing

or

saying,

what his advisers and po-

litical aides

doing

are

or say-

ing. It is rather the woeful
lack of the sort of

opposition

which

cope

the

hope to

can

with

politically difficult situaIt is

tion.

rather

early, it is

true, to be certain what the
candidates

opposing the Ad*

ministration

to be like

are

or

precisely who they, will be,
but, of

course,

party

must

the Republican

of

be

necessity

•

their sponsor and the

central

organization

through which
they must work. It will, morebe necessary for the op-

over,

position not to content itself
with
for

generalities. It

example,

demn

then

in

afford

the

to

not

measures

outlays.
over,

to

con-

expen-

abstract

proceed to support

least

not,-

can

eternally rising

ditures

oppose

which

They

and
or

to

entail

large

must,

measures

at

specific
more-

be adamant in their

position

op-

which

require large outlays at

some

time in "the

future, and hide

behind

common

the

subter-

fuge that the current budget
r

shows

,

no

,

,

great bulge

®

tax

■

;

,

5

as

the

result of what has been done,

mtely required. We shall, for
have to get rid of
those extremely progressive
mdividual tax rates. There is
uo. substitution for it. We
fhal > however, not make
headway so long as political
camPalSn3 are bullt, around
Pr°mises to excuse the small

many

rec¬

own

WASHINGTON,

to

seem

cases

>

♦

been nominated
Mr. Haack

South Broad

is

—

v'vv

v.'"-

Miller,

",,Y

&

of the Board.

rities

t

was
•"

■

Baird &

Co., Incor¬

partner of New York Secu¬

a

:

■

-•

■

'. /.. •"

i,.

These

new

officers of the

self-regulatory organization of ovbr-the-counter securities dealers

members of the Board

They

that he plans to retire

The late Merrill M. Cohen of

on

April 1, 1964.

as

NASD Chair¬

Minneapolis served

in 1963 until his death in June.

man

of the firm.

serving three-year terms as

are

of Governors with the exception of Mr. Ful¬

announced

who has

ton

been

Vice-President

taxPayer from the payment
°f even the lowest rates and
S'vlrig the impression that
rl
al;e
,° e soa
Ond seeing to. it that they
ar® soa a ^even though not.
3"
so badly as in the past,

Then, of . course, the Federal
Government, has been poking
^ no3e.mor® an,d ,more into
the, affal,rs. °f both businesses
a
individuals. We have
here one Of the reasons for
3Wolle" governmental o u ta.
practice is

-I.

/

-

...

,

ISSUE will present
world's largest

★ A

to tell the farmers that they
_

+

■,

must find

,

ways

and

means

\

of

-

fU'

J

^

our

."i

•

-v.»,,,

r**

k

iuv

>

OVER-THE-COUNTER

•

MARKET

arf up-to-date resume of the securities traded in the

market.

v

MARKET stocks

on

which

un¬

paid for 5 years or longer. :It.

interrupted cash dividends have, been
includes

M

October 10y 1963

OVER-THE-COUNTER

of

list

of

edition

Fall

1963

★ The

corporations and banks which have paid up to

179 years of

consecutive cash dividends..

★ Don't
■'

advertise your Film, Corporation or

the opportunity to

miss
"

"

"

Bank in this important

>

/

'

-

'

/

-

.

"

./

.1-

issue. Forms close October 3,

1963.

"

■

V

\

:

:

y"

Regular advertising rates will
for space

25

.
,

.

'

prevail

in this important issue.

The COMMERCIAL and FINANCIAL

V

those who would defeat
the President are not willing

'

■ ■

j

Will Be Published

thor°ughly unwarranted and
unwholfome aPart from the
was,te ot m,one,y that is neces'
sa y mvolved.
Talking Turkey to Farmers

■'*

THE OVER-THE-COUNTER MARKET ISSUE
.

"

Executive Director for the past 24

again nominated for this post.

years was

will take office in January.

has

has

named for the position of Treasurer.

Wallace H. Fulton, NASD's

Stock Exchange

Remington

Securities

\

/

.

.

Craig Severance,

Co., New York,

■'

Street, members

Executive

of

Milwaukee

of

Co., Incorporated in New York were nominated, for Vice-Chair-

men

exchanges. Clif¬

G.

Haack

partner of Hornblower & Weeks in Los

a

and other leading
ford

Association

W.

Angeles and John W. Dayton, Jr., Vice-President of Clark, Dodge

of the New York

elected

national

Vice-President of Robert W.

.

Robert R.

The

that Robert

Chairman of the Board of Governors for 1964.

as

a

porated.

Hess, Grant & Remington, Inc.,

123

C.

D.

has' announced

Dealers

°ne thing,-

standing on their own feet,
Outlays during coming fiscal either on the- farm or else¬




of

Wallace H. Fulton

Craig Severance

part talking in gen¬

eralities, and their
ords

that
many

people, but it must

be admitted that

the most

v

uuions

our

J

ww&%i

..

The iniquities of

•

any

Jar§e mdustry has developed limit their ability, to speak
Jft somehow the rank and effectively on the subject.
*lle of the voters will have to
be sho!vn that tblS wa? leads
|L° ^fortune if not disaster. Iless, Grant &
T.
car! bardly be done by

part in for

take

must

candi-

the

n*

J:

•

party organiza¬

prepared to do

k

forums

Dayton, Jr.

-

'

lar

John W.

and

candidate

and

tried

the

to

return

the true in national economic

Robert R. Miller

an

those wbo condemn the Remington
bosses between elecOfficers -v
policy, we shall have to show
ns an *be.n roar as Seutly
a
determination to do some as ar|y suckling dove when PHILADELPHIA, Pa. —James A.
such thing in just such popuvoting is about to begin, Grant has been elected President
and

,

Other

departure

from
of

often in very sub-

are

PARK PLACE, NEW
RECTOR

(Area

CHRONICLE

YORK, N. Y. 10007
2-9570

Code

..

18

The Commercial and Financial Chronicle

(1302)

of supply for all

sources

Effect of H. R. 8000

Trade

On U. S. Foreign

deficit and, as a result,
adversely effect our employment problem. The NAM suggests the
bill be modified so as to completely exclude all financial transac¬
tions entered into in connection with the active conduct of a trade
or business involving exports or other international operations.
much

There

is

trade

and

the

than

financing

its

foreign

to

more

Administration is aware of, w.hich

endanger if

seriously

will

it

proposed foreign equalization tax
bill is passed without modifica¬
We cannot afford to worsen

tion.

and
due
ure

in

payments further

of

balance

our

possibility,

that

forestall

to

the

circumstances, and be¬

businesses

(foreign)

facilities

required

with

development

the

for

to have

so,

in

in its proposed

Association of

National

the

Manufacturers has

with

up

come

remedial propo¬

concrete

several

of

part

goods

locally

sold

the

tax

how¬
com¬

foreign

with

oil

com¬

sals.

statement submitted to the

a

Committee

Ways and Means of

on

Representatives, the

House of

the

of Manufac¬

National Association

stated:

turers

continuing and

the

over

concern

accentuated unfavorable

recently

trend in the balance of

payments,

but this statement is not intended

endorse

either

oppose

or

pas¬

rather

'affiliated group' as defined in

Section
is

son

to

United

the

his

States

to

or

or

of

whol¬

obliga¬

debt

tion in the ordinary course

commercial

banking

the' sale

on

of

long

a

business.

of the

Section

of

course

of

proposed

application

tax- any

acquired

business

would

not

acquisition made

apply

to

pursuant

to

an

July

18,

1963

which

al

(b)

or

(a)

contained

in

tax

by

in

export

a

or

fee,

con¬

generally associated with

are

vestment

commercial

or

into ^n

normal

connection

business

Thus it is not clear
of

obligations

a

United

payment

into

July 19, 1963 when

•,

"In, addition since execution of

a

firm contract is

position

market

world-wide

the

in

place.

.V V 1"T' *

;'y

/

h'-";

:

in many cases,

certain

on

the

debt

that H.

R. 8000

diminished foreign trade of
ican

of

instead

increase,

further

to

to

this re¬

and, in

businesses,

spect,* serve

decrease,

cur¬

our

deficit position.

"For

heavy " electrical
1962

"As

drafted, H. R. 8000 not only
impose

tax

a

acquisitions

portfolio

States persons

on

foreign

by

United

of the type contem¬

plated in the President's message
July 18, when he referred to a
which "would stem the

measure

flood

foreign security sales in

of

markets,"

also on

but

sales

lated

of

many

was

manufactured

products
tifiable

to

is

the

by

for

the

United

to

assume

manufacturer

foreign debt obligations or equity

States

securities acquired in the ordinary

responsibility for the entire proj¬

of

course

a

trade

business in¬

or

other inter¬
national operations. Unless modi¬
fied,
there could
be adverse
volving

effects
and

in

export

on

the balance of payments

employment" opportunities

on

other steps and programs

undertaken

by

increase in

the

positive

major

balance

of

government,

exports by United

(currently

businesses

States

factor in

payments

the

the

position)

net
is

important element in the total

an

a

This is commonly referred

as

"turn-key", contract. Spe¬

to

a

manufactured

States,

of

tectural
the

limited
all

in*

be

should
its

necessary

normal

and

ties of U. S. firms

being

and

recommendations,« therefore, rare

application

of

the

limiting

proposed

tax

portfolio-in vestments.by clearly

eliminating thereform stock, debt
obligations
quired

in

or

other securities

connection

»

-

f-V,.-




are

by

the

He

.

also

with

the
••*

1963

"X"

the

of

be

of the project.

in

position

a

is

to

on

long

term

with

the participation' of the

port

-

financing

Import

-

Bank,

basis,

■

'
•

"The

*

*

i-

m

; •'.

:

so,

exempt

to

as

from

acquisition"

debt

the
of

on

security^ did not

'the

of

extended

riod,

a-

term

4914

be out¬

two year pe-1

which

under,

pro¬

erica

affect
n■—

bill

also

give rise to tax.

could

operations

"Section

of

businesses —whose

should
■

impose

be
,

a

*

4912

"

;

.'

j-

rj

(a),

modified

tax

.on

so

.any

therefore;:
as

not

obligation
renewed

or

by

or

!

indirectly 10% or more

United States cor¬

common

a

example,

poration—for

"X"

both

10%

or

"Y"

and

are

by domestic

more

corporation "P"„.„

■

"Y"

corporation

domestic

by

of;

notes

corporation "X" acquired

foreign

Clarify the

y

••

?

•

proposed, would exclude appli-;
of

ments
in

States

United

a

person*

foreign corporations if imme--"

combined

total

voting

power

of'

from

all classes of stock of such foreign

the

corporations. The voting power of

Section

>

various classes of.stock outstand—

(3), as finally included ing of a foreign corporation may
bill which may be enacted.' vary depending upon such factors
as

"(5)
is

'•

cation of the tax to direct invest-1

or

was

tax under

the

as

10% Limitation^

Section 4915 of the Code,

"(8)

upon

exempt

been

Reinvested

In

respect

Funds

^

/

%

to

provided

foreign

disposition

owned

of

with, merits,

securities

the

.

ipn, the .cur--

foreign

ed

presently"

of

securities

or

of

exchange

regulations,

States person'cannot

controls

>the

in

ac-t .10%

the

proposed

voting

quirement

or - including-

United,

readily con*

require-,

the types mf Transactions;
In order To

*

clarify the 10% limitation includ-'

quired with foreign funds which,
because

profit Uss posi-'

corpora

involved'and the'like.

ac¬

quired with foreign funds Realized
upon

the cumulative

tion

the present draft there- rent; status of. dividend

exclusion

no

to* other

acquisition

limited

not

(b)

in any

with the rate of tax

a

of business

forms

and

obligation,, diately after such acquisition such
cancelled, person owned 10% or more of the

debt

existing

an

tax

proposed

five-year A obligation

a

directly

eight

1966,

1,

United

corporations, and;

the
foreign

received

obligation

ofproposed

-Sept.

other

or

by

in foreign partner¬

solely to participation in foreign

tax

a

provisions

though the actual

to

(a) should be

4915

organizations

entirety,

its

;

of

application

"new

in

-

a

even

ships

shouldf be ;modified,

Section A&13

pay

posed Section 4911, (a) should' not;

" •

yV

■

of

tax currently on such "ac¬

•

"(4) The provisions of proposed"

imposition

standing for only

past years.
+'.

Sept.

on

less

include:

stock

4

the
time

only

general
the

Section,

ownership

the
re-:

defined as
stock.which* had*

should

•

proposed

adversely
A

; r

made

;such

a

conform

Participation

(a)

owned

where; the

be

to

order

States persons

condition, subse¬

with repayment

although the loan would

lose

-

a

the

based

Ex^-

upon

would" have

would expire,

a

export business of this type which
he has obtained -in

to

obligor, pro¬

or

be used in

to

are

In

where

Under the present draft,
United
States person would

months• after

often

he' will

loan

a

flexibility of business opera¬

con¬

was

1, 1968.

occur* until

this

prpje.ct responsibility

1966

1,

uncondi¬

be reworded' td
debt obligation,

(2)
or

broadened to

date,

cancellation, extension or renewal

a

acquisition of the

willing

accept

to

Sept. 1*

on

"(7)

actual acqui¬

himself to lend
foreign obligor

obligate

quisition"

Unless the United

manufacturer

;

rate of tax

period from the date

(a)

"stock

foreign issuer

a

the

1963

18,

that

on

the

not

or

sition of such securities

quent.

example,

dollars

Sept.

on

whether

capital Changed hands

U. S. person may

a

commitment

or

tingent

withy the

For

tionally

United

to

"acquisition to date of repay¬

ment.

equip¬

prior

a

cTH":

suggest that Sec¬

we

obligor and the obligee are owned

or

before, July

or

on

security with respect

based.on the

of

of

as

commitments

proposals

any

supported by written evidence of
the existence of such a proposal

imposition

such

(b) Acquisitions where both the

ac¬

be

also

but

persons

developed country."; vl

excise tax, the

any

with

bill should be modified to exclude

expiration of the pro¬

tax,

posed

for

may

no

subject to

corporations

juridical

securities

were

the

on

of

a

made

movement " abroad,

a

after

not

at

message

acquisitions

are

relationships

vided that the proceeds from

foreign securities prior

time when such

to

coun¬

operations

businesses

States

tion 4916

proposals

the

"acquisition"

an

to which
until

required to
the

the

foreign security, the

a

capital

including

construct

of

to acquire

President's

be

doing

or

developed

foreign

tions, Section

ac¬

the

located

"Therefore

avoid

commitments

to

developed
should

other business entities.

ar¬

hardships on those who had
or

pro¬

respect

individuals,partnerships k and

guar¬

to

secu¬

of

with

"less

of

less

limited

other

may

Section 4911

imposed

would

on

required :to

ac¬

conduct-of international trade and
-

tax

roadways and the

sold

person.

overall

to

services

to

be

order

the

ohf

may

made

Since

the ..transaction.

would

result

perform

performing the construction phase

comments

•

access

utilization

States

and

towards

design

project,

like, all of which

be adversely affected.

directed

to

an

when

time

the

proposed

quisition of

buildings, wharves, docks, loading

States

first

under

assume

activi¬

engaged in for¬

following

others,

and

facilities,

eign trade and commerce will not

"The

to

that

so

provides that

at

complete
>

own

provide financing to
construction
contractors actually

specifically

application

by

entire

ment

equalization tax if enacted,

Code

in

without

tax

4916

because

foreign

date.

future

some

in

United

not

pro¬

undue

unconditionally obligated to

came

United

a

at

his

fulfill

to

ex¬

restric¬

lifted

provisions

persons

tries,

(c) (2); Simi¬

(a)

parties to the agreement first be¬

subcontract to others archi¬

to

ent

therefore,

product,

manufacturer

ufactured
or

permit

for correcting the pres¬
unfavorable balance. The in¬

the

any

cifically, in order to sell his

required

such

other

or

of

dispose

to

,

corporations"

business

commitment,

Contemplated by the

"Therefore,

Section 4912

Proposed

occurred

equipment is only

part.

Unfilled

Tax

to

quisition shall be deemed to have

tax

program

terest

of

indi-* contract to deliver products, man¬

As

States.

United

the

cated by

an

or

be

reasonable

■

obligations

read

extent

or

broadened to include other jurid^

although not.a commitment to the

posed; Section 4920

to

securities

rea-.

of rangements under which he

Acquisitions

business, frequently

ect of which his

to

seller.

"(2)

purchased from

necessary

control

the

beyond

not

and suppliers. In addition/in order

it

.

his

fulfill

to

>

any

Section

country

of

sonably withdraw his proposal of
fail

A

been

The

posed

hot

standpoint

V;

"(6)

ex¬

could

person

the

to

other United States manufacturers

to obtain such

or

States.

controls

rities.

only the result,

from the business

antee

separate and iden¬

products

ta unre¬

persons

related

Unfair

identifiable

and

seller but also

,

reor¬

or

dispositions

factors

of
the

Contracts

include

sales

separate

per¬

major factor in

a

these

covering

of

United

ap¬

tax

regulations,

penalty.

have

ical

original larly a United States person
in obligee, and dispositions because have outstanding guarantee

equipment

obtaining these orders.
only

bankruptcy

foreign

persons

aggregated more than $325,-

term credit

would

export

example,

of

ganization

Example

000,000 and the extension of long

Unless Modified

Effects

Adverse

our

clude

because

Turn-Key, Contract

class

limited

a

should be broadened to in¬
prepayments,
dispositions

sons,

national operations.

Amer¬

to

ferred

present form could result in

in its

of

a

movements ties by United States persons en¬
However,
we gaged in export or other inter¬

S.

U.;

strongly believe

rent

variety of foreign
maturity by the seller, or trans¬
obligations or other securi¬

quisitions of

capital

term

from

transac¬

U. S. persons that entail

tions by

longer

portfolio

other

imposition 7 of

"In
any
event, the restricted tending over a period of several
legislation, product manufactured by the sell¬ provision that the export credit years, negotiations as to financ¬
H. R. 8000, which is designed to er as defined above, the exclusion
exclusion would apply only if the ing of a contract may have pro¬
would not cover the necessary ac¬
impose an interest equalization
obligations acquired were held to ceeded to the point where the

tax

foreign

to

funds

original acquisition of such

overall

the

of

sage

of

or

change

■

of negotiations

of

securities^- after

tions

a

as

both

proposed

the iperson

such

part of the

no

delivered

been

should

bill

readily be converted into

Towed

to

ing batUd to vmaiptain^acorhpeti-

had

goods

the

of

stantial

with

July 18, 1963;

so

The

period of time also should be al-:

en¬

prior

States
on

could only be converted at a sub¬

in¬

under

goods

for

the

in

reinvestment

controls

United States manufacturer

contract / entered

United

a

currently

dollars because of local exchange

notes to be received in the future

by

exist, he would be

acquired with foreign funds which

long term

as

foreign

deterrents

provisions

included

cannot

to the status

as

such

acquire

pay

acquisition

transactions.

■

the

currently abroad and to defer

bank

loans rather than transactions

of

case

utilizes such

these

dollars

plication

"take¬

a

to

exclude

"closing," terms which

a

in

international

or

down"

foreign

ordinary

the

commitment

a

to

while

"Therefore,
be

contract under which partial per¬

of

in

the

of the

S. funds

acquisition of such securities.

an

formal

a

locally

required

uncondition¬

was

subject only to

was

ditions

on

In

person

to repatriation

that

that it will not be
adversely affected in its continu¬
tive

credit

therefore,

involved.

securities

4920

bill provides

obligation to acquire

tered

(3) be broadened

proposed

States

nor¬

a

'7:;

identifiable

single,

a

cover

term

the

(b)

exclude from

to

operations

of its

While this exclusion would

provisions

securities

commercial

a

the

the

as

operation.

recommended,

section 4914
so

person

is

that

held

death)

agency or

an

acquiring

basis

"It

instrumentality of the

owned

bank

per¬

either

was

(or until

transferred to

ly

such

integral part of

an

business

mal

member) but only if such

obligation

maturity

by

which

of

1504

a

United States

Administration's

share the

"We

includible corporations in

or more
an

debt

In

Closing Fees

or

commitments,

products

For example, in order to

compete

is

latter, if such

"(3) With respect to pre-exist¬
ing

(2)

from the United States

panies.

loan actually is

United

case

of U.

or

sub¬

a

the

to

In the

outflow

no

funds

(c)

require financial assist¬

ever, may

the

Takedown

sys¬

or

that

'

distribution

owned ^businesses,

-

the date

sources

price

purchase

the

converted at

penalty

former

own

the establishment of

and

the period oegipning with

on

made.

connection
of

by the obligor
olNhix being based

rate

would

Code

be

only

the

the

exclude panies in international markets it formance had occurred. This lat¬
from application of the tax a for¬ may be necessary for a United
ter provision is amplified in the
eign debt obligation acquired by States oil company to help finance technical explanation accompany¬
a
United States person as all or construction, of facilities in the
ing the bill as including payment
of

(3)

into United States dollars

only

can

feelings it is frequently necessary

of country of distribution. Without
property manufactured, produced, such assistance its market would
to distinguish trade financing
diminished.
These loans are
grown or extracted in the United be
depth from the flotation of States by such person (or by one not for portfolio investments but

bill,

vert

secu¬

deemed

States person.

in the international markets. Such

"(1) Proposed Section 4914 (.b)

the
or

stantial

tems

they are now drafted:

as

With the increase

fail¬

the Administration's

to

foreign securities

to

sions

that

with

ance

the

time

to have been issued

processing

clarification of certain provi¬

the

abroad.

of supply and

and, secondly, towards

commerce,

the

located

local

foreign trade, worsen our world payments

to

Thursday, October 3, 1963

.

.

in the development of nationalistic

coming more and more

business organization contends that the Admin¬
istration's proposed foreign equalization tax bill could decrease our

prior

rity is actually issued

under

Country's largest

part

or a

of their material requirements are

.

be

right to ."vote at

the;

acquisition, of- the, secu-?^

Volume

rities by the

6304

Number

198

The Commercial and Financial Chronicle

v

.

.

United States person

PUBLIC UTILITY

occurred-

"(9)

Section 4915,

would limit the

which

in

States

New

di¬

SECURITIES

of

BY

OWEN ELY

To Create National Market

foreign corporation

a

the

United

acquiring

held'

person

10%

a

Enactment of

Carolina Power &

not be

possible at all times to

Light Company

quire in

ownership
such

acquisitions

should

be

broadened

transactions
mated

ing

which

during

the

exclude

to

minimum

ownership in

refund of tax

of

previously paid

Carolina.

a

acquisitions of securities prior to

municipalities,

4%

company's rates

limitation

other

In the

reasonable

provisions

The

posed Section 4915 (b)

unduly harsh

of

power)

pro¬

ex¬

on

able

rities required under foreign law.

restrictions

amended

of

exempt

For

is

not

doing

in

business

with

acquire such securities in

its

the

E.

&

pool

con¬

vs.

half

the

and

is

will

permit

smaller

E.

&

rities

in

minimum

of

excess

quirements

of

because

istic policies
of

securities

by

the practicalities of the busi¬

ness

legally

required

rates

due

serve,

or

situation at the time such

(5)

ac¬

cilities.

interest equalization tax paid
disallowed:

tion except to the extent that
tax

as

included

was

any

should

clarified

be

permit deduction of the tax
is

reportable by

which
made
the

the
of

payment
or

even

year

tax

not

reportable

was

in

in

sold

and

small

five

times

The

the

number

2-3%

in

of

!.

the next few

over

v

The

conditions

company

dif¬

cost

be

may

Summary
summary*

we

/"

%

are

that

submit

the-provisions of H. R. 8000 should
be

modified

■exclude
tax

as

so

from

application

the

all '-financial-'transactions

en¬

credit

was

No

large equity

years,

but amounts

-involving

international

trade

exports

this

is done, the
of

United

busi¬

or

competitive

States

international

^Che

Unless

market

company

Amount of

place

"trending"

>

No

in

the

1961

tax

original

savings

to

cost

"We
■other

/Based

herein

to

-clarify

.1>.•-

■-

■

dis¬

in
-of

th'e 'proposed

eliminate

or

unintended

-

tax

or/to-

minimize.. pqtential,

hardships

States business;'

* on <

v

new

financing___ri_____i_____

5,502,000 shares /outstanding

"V \

15

18

150

180

Auff.

Industrial, development in the -company's

area

1962 when 24

-

Colo.—The




firm

name;

61

Wall

a

new

$45

31,

industries entered the

million

The company, is

'

the

committed

area.

for

in

.was.

The

consisted

the

Stock

He*

firm

in

is

inefficient,

lacks

not

allow

and

does

marketability
mortgages.

obstacles pres-

government-insured mort¬
serve

conservative

$44

29

220

•

21

/.formerly

! President /and,;

the GNP

greater

than

will be

in':

By

families

nearly 50%

1960.

ceed $9J)00

■:
j

to

Company,

is

%
•'continues"ae-

Average

/

turers, from which he resigned
Jan.
he

and

joined

Pennsylvania
and

February,
to

Co.

New

in

became

1961.

duty

,

York

November,

President

From

May,

December, 1945, he

tive

Co.

Armstrong Forest Co.

Paine

1941

di¬

and

Realty

director of Willsboro Realty

Co. and

Mr.

President

as

Armstrong

on

time,

same

with the

was

in

1942

on

United

ac¬

States;

At

present, Mr. Paine is Presi¬

dent* and

director

Co.,

and

Inc.,

leum

of

The

director

Nypen*

of

Petro¬

Reserves, Inc., Johnsonbiirg-

National Bank and.;Sales1

(International) Ltd;

Analysis'*
.

.

.

T

.

ex-

and housing .expendi¬

$900 today."

;

adequate

for' the: existing

mand, but now is the time to
demand

depre-

housing

is -expected1 "to -increase

sharply," Mr.-Kimbrelemphasized.

gage

market

■

About

as

of

At the

"The-present supply of savings

assure

all-electric, also 3,3i8 commercial establish¬
539'industrial plants./
;
*
* 1' * "

1963.

resigned

rector

NEW FACT BOOK

investment

actively" promoting all-electric heating, with

31,

family to have increased

pare for the future when
•

development

pa¬

manufac¬

$3,200, annually/ compared

to about

' v ;

: v

over

f

&

Navy.

run.

more

o

York

Pennsylvania

approach must

family income is expected to

; 200

In/the first half

deterrent to at¬

nearly 12 million

tures per
1966

a

1970 it is estimated that there will

and

-f/.;/

$48

as

,

Paine

director,

of

"These

July

of this year.

Augustus G. Paine

existing market for mort¬

an¬

the?

real

'

".

Exchg.;

joined

of

First Na¬

of

nounced.

,

the

City,

it has been

mort¬

and

ing will rise in. the long

Tells about industrial

an

which

will

adequate-

help

supply

in the

to

UTAH

of

housing funds and better allocate

are now

Stock

York

the New York/

Market

anticipate that demand for hous¬

be

of

members

was

from

board,

credit

"A

new

1965

*

director

New

developed by

'

investment

low rate/Of i.25 cents per-kwh for
energy over 1,250 kwh.

ments-and

Street,

and issue de¬

housing,

sufficient

r
-

and

and

such funds in accordance with

-i'

tual market conditions.

"The

IDAHO

-

opportunity
in

serve

WYO.

-

,~

COLO.

acBox

-

-

area we

Write for free NEW BROCHURE

*

•;

899, Dept.K

—

two

Salt Lake City 1.0, Utah

has 'been

"selling recently around 69, . this yeaf's •*
types-of-.organizations will make
of Howsam-Brown & Associates^
?range.approxim9ting-71-61; paying $1/84 it -yields'2'.7%With' earn¬
/. mortgages a security-attractive to
290
Fillmore
Street,- * has
been
ings-of $2.-77. for the 12 months ended Aug. 31/*.compared with :
f, many additional investors and will
$2.57/in the/previous' tZ months, .Jhepf
changed ; to : Gordon
Browrt * &;
ice-earnings ratio apprbxi- /daring,. about a more fluid .markqt
'fniates
25;■»:■'■••
v"';J"
Company; Inc."
' V;
for
outstanding 'mortgages,/ en-'
DENVER,

Vice-President

a

•

7,500 homes

.Now Gordon Brown: Co.

$37

"

some

Augustus G. Paine has been elected-

in.new, r~/-The A.B.A: official said the pro-1
.*• posal would /bringabout an- ef-*
plants .and
"plant^expansion. .Oi Fortune Magazine's list ofHhVSOO
largest U. ^.-industries, 47-are represented In the company's' area.
fective, - private secondary mort-

United'
.

'1964,

expenditure3_________^_i„_ $31

1963.

1963

Clark, Dodge

to

tracting potential investors."*

-

-r.

•■

"tive.; A total of $110 million was scheduled' for such

applica¬

as

on,

up

Kimbrel, who is also chair¬

gages,

current

the'

f

New

uniformity,

ent

7

to

■

Paine V.-P. of

conven¬

Mortgage

with the technical

'

modifications" of

provisions of the bill

cussed

tion

also urge

due

a

on
'

security of these

experts

conventional

1966,

fair value

a

the

conventional

mortgages

One type of

industries.

of

for

of

has made the following projections:

.

a

decrease, in the payments deficit.

•

However,

Interest cnarged to construction
per share*

than

market
home

privately

but

which'

lending,

gage
<*

an¬

order

cor¬

having

Mr.

gage

said the

common

sold

depreciation and from the 3%

possible

rather

es¬

tional Bank of Thomson, Georgia,

law, recently re-enacted. Replacement

by

will be handicapped resulting in a

increase,

the

for

'

i»l!8

Construction

in

and

types of fed¬

disadvantages," he said, "together

sys¬

business

calls

two

the

on

25

man

The

the figure had remained-at 6.0%.

normalized.

ruling.//.' V,

other

or

operations.

tem

the

a

will

home

other would buy

-National

Mr.

substantial

financing is
on

we

conven¬

per

guideline' rates ^for "depreciation are included hr earnings; If is
possible, of.course, that the company may be ordered to'use-"flow
;through" for the.tax credit should the FPC change its present

into in connection with the

active conduct of

years

of accelerated

being

the

some

50.8%,

Accounting-policy is; conservative, tax savings resulting from
-use

that

other mortgages

Committee

according to Standard & Poor's calculation,
earned 6.3% on reported year-end net plant and in

five earlier

i

the

completely
of

tered

ness

to

/;

of

The proposal was
the

favorable.

determined

the company
{ the

and

100%;

of

cost levels; Last year,

"In

organizations

mortgages.

annum

39.1%.
a

enjoys favorable regulation, with

rate base specified by state

ferent taxable year.

mar¬

future

corporations.

bentures

annual

of outstanding shares may be sold late in 1964 and in

if market

Sub¬
strong

a

corporation would insure
tional

re¬

shares

by

capital

chartered

estate

substantial amount

a

1962-63.

the

Senate

mortgage

our

measure

owned

re¬

common

have shown

equity financing in the decade-ended 1956.
amounts

that

reason

Clark, Dodge & Co. Incorporated^

erally

"rapid growth" fa¬

and net fof

revenues

while

private

Savings

spinning

the

create

sell such mortgages

of the

were'up 2V2 times. Kwh'sales

during 1957-60;

ticipated

was

a

about

of

charges

(1)

of

introduced

required for

tablishment

energy.
one

this

.

stock

was

solely because the offsetting gross
income

economy

During the postwar period

amount of

disallowed

be

of

in

result, Carolina

in

the

govern¬

nationwide basis."

"would

financihg."

stock 10.1%
and
common
stock
equity
equity ratio has nearly doubled since 1946, requiring

accrued, i.e., deduction of
should

tax

the

sale

bill

investment

preferred

to

taxpayer in

different from the

year

and

flow

of larger units, and

use

the

be

benefits:

reduction

of

ket capable of supplying a steady

diversity, (2) improvement in heat

units,-(3)

for

other

and

and fluid national

and

being

The company's capitalization is conservative with debt

though the offsetting gross income

.a

following

assistance

strengthening

insure
M. Monroe Kimbrel

committee Chairman Sparkman of

in

projected, and

estimates that kwh sales may increase at about 9Vz% per

income for the taxable year/ This

provision

larger

the

enter¬

without

Banking and Currency Committee

during the years 1963-67 inclusive..

gross

as

through

private

operate

necessary powers and resources to

Subcommittee

that

ings

amount attributable to the amount

paid

of

ing

gains averaging about 10% !in recent years,- while gains in earn¬
per share have averaged over 8% per annum. The company

deduc¬

a

as

use

increased

Under the proposed bill,

be

effected

(4) reduction in manpower due to

common

any

to

purchase

have

would

be

Carolina P. & L. is considered

quisitions occurred.
"(11)

also

duction in peak demand due to

acquisitions

(c)

and

should

re¬

national¬

is

porate

told the Hous¬

was

G.

entered into with persons

(b) acquisitions of secu¬

"It

recently.

Alabama

P. & L. expect to save about $2 million in annual
carrying
in future years, after the new system becomes effective.

a

possible

must

favor

Kjim-

Mr. Kimbrel

avail¬

was

currently

future

proposal

ment."

mort¬

Bankers

said

250,000 kw

plant and equipment by the four, companies. As

country,

prise

Association,

v

are

the

philosophy "that

lishing in the private sector

expected to be in service

pool

said

the

on

tional mortgage market by estab¬

Peak load last year

power

based

brel, president

a

Carolina

-

Kimbrel

of The Ameri¬

recently hydro
Generating capa¬

formal

a

of

funds, M.

output whereas

Power,- South

to
as

do with other long-term

now

financial

tion

Monroe

Carolina P. & L. has been interconnected

Duke

planning

is

1

o n a

gage

of energy changed

'

institutions

adjustments

cents

additional 283,000 kw

an

they

assets."

Mr.

distribu¬

can

source

purchase contracts.

years

P.,

home

economy

portfolio

4,257 for the

nection with business transactions

in such

ter

The

national average of 2.41

established. New high-tension interconnections
power

8%

steam; in 1946 hydro (including purchased

over

neighbors

Virginia

a

foreign country, although required
tb

vs.

185,000 kw unit is

40

over

a

the

financial

make

con-

t i

e n

both

general

mortgage

averaging only

revenues

390,000 kw unit in 1965.

a

ac¬

by

United States person who techni¬

cally

and

the

abling

whenever

reflects wholesale

investor-owned utilities.

low, residential

year), while

1,516,000 kw. A

be

(a)

securities

-

11%

commercial,

is correspondingly high—5,632

power

pro¬

more

liberal
v

benefit

and

through

'/'■'/

well

was

through

1964

also

to

quisitions

should

while

and

postwar period the company's

unit added last

empt acquisitions of foreign secu¬
These

industries,

20%

plants furnished only about 8% of total power.
bility at the end of 1962 was 1,490,000 (including

(4) impose

restrictions

residential,

co-ops

are very

from largely hydro to

period of time.

"(10)

42%

kwh in 1962

per

would

buyer

chemicals, food products and

paper,

national average.

refund

on

other

some

to

about

and

to

1.88 cents

or

Act

Congress of the

Mortgage Market Facilities

terms and bet¬

sales

and annual usage

usual

posed

in/North Carolina and 17%

considerable amount of light industry including

textiles

percentage ownership,
claims

Passage by

exceeding 2,300,000.

Asheville, Raleigh and Wilmington in North

are

obtaining the requisite minimum
the

the western

in

area

served

mortgages, and to buy and sell mortgages and
mortgage-collateralized debentures.

issue

eastern

';;...//

■

Revenues

-

on

subject

small

a

obtained

are

textiles, electronics, boilers,

step transactions—for example, by
a

revenues

munitions.;

per¬

series

a

of

$101 million,

substantial territory in the

a

population

Carolina,

cotton. There is

consum¬

are

to

over

Carolina, and Florence and Sumter in South Carolina, are among
the larger cities served. Farming is largely raising of tobacco and

period of obtain¬

a

required

centage

in South

sec¬

other related sections)

(and

North

of

About 83%

exempt trans¬

as

actions, the provisions of this
tion

part

qualify

to

necessary

(only)

of

revenues

part of the Carolinas, together with

of

required minimum percentage

Light, with annual

electricity

serves

single transaction the

a

conventional

sure

ac¬

'

dustry's spokesman.

after the acquisition. Since it may
Carolina Power &

home mortgage proposal

new

is urged by banking inSays national market would be facilitated by
proposed two federally-charted, privately-owned corporations to in¬

or

greater stock interest immediately

19

Mortgage Bill Urged

proposed,

as

exclusion for

rect investments to acquisition
securities of

(1303)

•

UTAH
A
-

•

POWER & LIGHT CO.

Growing Company in

,
^.

•

-

*-

" r

»

t

~ *

g

-J

Growing West
i

"

?

20

The Commercial and Financial Chronicle.

(1304)

the

under

NEWS ABOUT

the

of

name

of Northern

Bank

National

New

At
Oklahoma City, with the
title, "South- Side National Bank

York.-

Brainard C. Rushlow, President

of

the Watertown National Bank

of

since

Oklahoma

ttial

1955, is President of the Na¬

City," with

capitalization

'■

"

of
-

sk

'

"

•

Consolidations

New Branches

•

New Officers, etc.

•

Revised Capitalizations

•

Oral

Bank.

President

Massena

will

Bank,

Vice-President
the

the

nounced

thur

Ross

mittee

Bank

Manhattan

Chase

The

appointment of Ar-

Comptroller

Assistant Treas-

to

urer.
BANK

Sept. 30/63. June 30,*63

the

of the

Chemical

Bank

York

New

New York, has

Company,

Deposits

Massena

effective

banks
U.

Midtbwn Advisory

Government

S.

G.

Spengler

*

*

*

'

June 30, '63
$

$

"total

5,267,568,040 5,332,598,780
4,581,859,471 4,559,812,486

resources

Deposits
Gash

and

due

Smyth

and Nelson C. Works, Jr., as

ministrative

Vice

Ad¬
of

Presidents

-

The Marine Midland

Trust Com¬

from
U.

banks__
Govt,

S.

curity
Loans

960,681,184 1,045,512,174

se¬

496,970,553
620,026,868
discts. 2,607,998,721 2,565,281,406
profits
61,739,762
57,839,900

&

*

'.

Manufacturers
Company,

three

John

division;
tional

Sullivan,

J.

division,

na¬

W.

Robert

and

<

'i

i,.

.

Total

i ■

Jun. 30, '63

$
929,799,007 922,303,489
823,367,608 817,014,934

resources

__

—

from

due

Cash, and

liam

the

announced

also

bank

Mr.

1

*

*

*

Boards

Schroder Banking

appointments of Vincent J. Boiler,
ration
Daniel
J.
Brannigan, Harry B.

Pangburn, Alfred J. Phillips, Wil¬
liam G. Sayres, Thomas F. Seifert,
Raymond J. Smith, Paul D. Tibbetts, and Charles T. Treadway,
Assistant Vice-Presidents.

as

Schroder

and

election

and

H.

Streeck

as

Vice-Presidents of

HANOVER TRUST
COMPANY, NEW YORK
Sept. 30,'63
June 30, '63

MANUFACTURERS

'

ii

*

Total
Cash

—

due

and

banks—

from

U.

Govt,

S.

$

$

6,313,767,73J. 6,292,994,132
5,434,019,480 5,377,059,144

resources-

Deposits

1,544,084,957 1,524,468,526

se-

will

and

be

shareholders

of

approval

Karl

state

and

both

well

as

federal

regulatory

promoted

Vice-President

to

his

in

and

in

position

new

curity

Loans

867,127,373
994,320.216
2,830,287,758 2,683,821,084
profits
99,775,849
95,281,532

holdgs.
discts.

&

Undiyid.
:

*

*

William

H.

*

Under the

Company,

of several

Assistant

Newly-elected

•

Presidents

officers.

new

The

that

Vice-

Division, and Allen J.
Pecheur, Credit Analysis and In¬

H.

Culver

u

that

Donald

been

appointed

retary.

Walter E.

named

the

James E. Kurfess was

and

Assistant

an

Division.

TRUSlP CO., NEW YORK
Sept. 30, '63

June 30, '63

$

.

Total

Deposits,

-w—

and

Cash

l: from

U.

2,576,211 947 2,555,815,544
2,240,568 621 2,248,643,880

resources

Govt,

S.

&

Undivid.

572,362,816'

562,356,959

se-

i

-

holdgs.

curity
Loans

will

Riegelsvilie

■

receive

and

stock

Bank

•

cash

a

*

....

as

Ihe

post

*

*

•

Security

National Bank

York.

Cold

office

new

a

located

on

Sept. 30

Route

on

25A

sis

*

Dr.

Joseph

White

Company,,

died

old.

Dr.

The

retired
Trust

Plains,

New

Sept. 27.

was

Driscoll

were

He

was

69

associated first

to

Thompson,
the

Company, Tarrytown, New York,
and later with The,

was

appointed
The

with

work

' *

sk

New

County Trust

Sheldon,

Comptroller.

Mr.

been

York, elected Edward Peck

Auditor to Deputy

from*

Comptroller^

si;

Massena;

Massena,

New

sk

National

York,

Bank,

Banking and Trust Go.,
New

York,

were

offi¬

changed

f

r om




Assistant

Saxon

June 30

the

Common¬

were

$165,669,-

total

of

resources

the

on

J.

date

same

*

Saxon

Seaboard

Bank

of

Sept.

on

Citizens

Norfolk,

25

National

will

be

Suffolk,

merge

National

Norfolk,

Va.,

effective

Va.,

that

the

■

he

has

given

to

organize
in

Bank

pre¬

Albert
Bank

a

new

nounced

the

sk

Saxon

James

J.

nounced,

the

a

'sk

a

North

at

$435,625, and

the

under

signs

of

make

all

associations that the Board is

greatly concerned
is

and

tion

to

measures

this situa¬

over

preparing

certain

that

ensure

rapid

growth does not jeopardize insti¬

safety

and

soundness.

include * regulations

These

creasing

proportion

to* growth,

of lobn

deferral

fee

in

requiring

income, and

eligibility1

stringent

standards

for

regional

Federal :;Home

Banks.

in¬

allocations

reserve

advances

■'

from

Loan

('•

,,

^/^he Board urges all associa¬
tions

refrain

to

position

from

which

in

themselves

find

minent

hasty rate
thd

consider

to

and

they

under

would
im¬

the

regulations.

"The

Concern

shared

I have

expressed

fully by the Adminis¬

tration, and such has been made

*

L.

Bank

& Trust

Buchmer,

clear to me."

joined

J. W.

Vice-President.

ganize

Saxon

new

with

or¬

Bank

!

in

and

National

Bank,"

Santa

of

Maria,

title, "Lbs Padres Na¬
an

*

initial cap¬

Mr.

on

years

Nova
sk

Scotia.
*

of

to

J.

the

Sept.

veteran

a

agency

26;

of

27

business,

joined the Thompson Company in
1955

account

as

management

supervisor.

;4

*

'

/

At the

elected

Deputy General Managers of the

the

in

.

qgo

.

same

•

'

- i

meeting, the Board

five of its executives lo¬

cated in

of

^'elected

Thursday,

Monsarrat,

*

Gordon J. Touchie and George, C.
Hitchman have been
appointed
Bank

was

of Directors

Walter Thompson Company at its

•

italization of $1,000,000.'
sk

John -Monsatrat

the Board

meeting

capitalization
at

Appointments

<

..

Springs, with the title,

initial

$1,250,000
the

an¬

to

group

National

Springs

an

a

!

At Palm
"Palm

Sept. 24

on

preliminary approval - of

a

Thompson A

*

applications of

and

New York,

in

one

two in Chi-,

Detroit

the

to

position of Senior Vice-President.
They

:

Donaldson

arei

B.

Thor-

burn, Rudyard C. McKee, Stever

sk

Bank of Hawaii, Honolulu, Hawaii,

William

has

Alexander H, Gunn III and Clar¬

named

under

new

of

L.

Vargas

the

Bank's

Accounting

Depart¬

ence

S.

H.

Hylan of New York;
of

Lund

Chicago;

and

Franklin R. Thomas of Detroit.
,

j

/

u

ment.

L.

Dunham,

Department

Manager,

been

Assistant

named

Escrow

has

Sept. 27

group

National

also

Cashier.

Now Clark & Hart
DALLAS, Texas—The firm

a

an

Josephthal & Co.
To Admit Partner

the

sk

on

Jorge

Assistant Cashier. Mr. Vargas is
responsible for the supervision of

an¬

of

Joel

Inc.,

preliminary approval of

applications

organize

pre¬

organize

$500,000, and

operated

Comptroller of the Currency
J.

and

quality

loan

5%

a

slackening

deteriorating

increases,

sk

title, "Grundy National Bank."

James

to

when

mortgage, demand

is
.

as

Madelyh

sk

a

Grundy,

initial capitalization of the

The

an¬

given

to

Bank

•

Virginia.

'

be

Aubrey, Donald B, Armstrong and
*"

*

National

may

Co., Los Angeles, Calif., announced

on

Comptroller of the Currency
James J. Saxon on Sept. 26 an¬

be

Currency

Glenn."
*

The

that

ap¬

there

associations
time

a

establishing

4

2.

*

will

has

operated

ap¬

and The Farmers Bank of Nansfe-

after Oct.

he

tional Bank," with

the. application to

proved

new

;

Sept, 24

on

approval

with

Sk'7

;k

or

-

$

that

California.

of

$214,698,665.

the

and

For

loeen

on

and

were

it

organizational purposes,.Mr. cially merged Sept. 30 following
Woolley said, the titles of William approval by stockholders of both
Jr., Caird and Kermit Ehlers have institutions.
.

Currency.

bank will amount to
.1:

Watertown

Morison's Watertown,

changed

Any consoli¬

resources

wealth

The

cap¬

Grieves, President The Comptroller of the Currency

of both banks and the Comp¬

Total

Wilbur Curtis, Chairman of the Executive

Vice-President! The

*

The First Western

by

the Board,

of

liminary approval

*

Security Trust Co., Rochester,

Comptroller,
Committee.
supervision of

26

ject to the approval of stockhold¬

nounced

Deputy
direct

Sept.

at

rate

title, "The First National Bank of

it

agreement would be sub¬

mond,

Hughes

Directors,

Commonwealth.

James

County

J.

North

It

general movement by Southern

California

tutional

$400,000.

nounced

it

Common¬

The Comptroller of the Currency
sk

Hughes,

E.

of

York,

Gordon I. Morison has been as¬

has

B.

in

Spring Harbor.

of

Chairman

James

Union National

announced

in

■

initial

an

bank will amount to

McCune, President of

ap¬

years

Assistant Auditor.

title

of Long

Bank

Initial capitalization of the new

National, and William B.

dation

of

Treasurers and Company, White Plains.

Assistant

Joseph F. Fadell

and

Charles L.

Union

Comptroller of the Currency

The

time, Gerald P. Dil-

Emmett

and

herald

President

Maass,

the

announced

was

with the Washington Irving Trust!

At the same

Under

Boards

417,

formerly Assistant Auditor of

signed

their

the

has

Pirnie

of

Mr.

bank.

on

North

and

Pa.

that

be

National

with

of

Pittsburgh, Pa. with the approval

of

an¬

group to or¬

a

liminary

conducted

consolidation
of
The
National Bank of Pitts¬

.

burgh,

ers

H.

Chairman

Auditor

of

New

of

yarned

of

Bank

being

are

wealth Bank and Trust Company,

of

Sept. 24

on

Glenn, Colorado.

■* '

,.

5%.

pears

"I believe it only fair to inform7

Currency

*

James

the

and

Herman

•,

Lyle J. Pirnie has been advanced
the

Discussions
Union

a

sk

The comptroller of the

3

' V

.

troller of the

proved

sk

new

a

Uvalde,"

new

*

f

for

Miami

preliminary approval of

italization

Riegelsvilie stock.

McFall,

-

•

*

Assistant Vice-President

•

402,473,160

399,699,325

1,246,047,769 1,255,273,416
profits
39,556,570
.37,865,530
*

to

-'

'

America, New York.-

Island,

of

payment of $20 for each share, of

discts.

I

Bank

has

Assistant Sec¬

sk

Commercial

Of

to

due

banks—

an

Secretary in

Corporate Agency
IRVING

and

Robert V. Mahpney has been ap¬

ficers in the Personal Trust Divi¬

sion,

Ger¬

named

McCulloch

S.

U

named Trust Of¬ pointed

were

Hoist, and

Vice-Presidents

*

Smythe and

Howard J.

Laube have been

vestigation.
Thygeson

Paul,

W.

Arnold

Russell,
Assistant

Western

banks also' announced

two

Henry

hard

Edward A. Lesser,

are

responsibility for '• direction

sume

of

New

York, has announced the appoint¬
ment

as¬

became

of

At Uvalde, with the title, Farm¬
ers and Merchants National Bank

Plan, the sharehold¬

f

will

of

The, First National Bank of

as

of the banks' activities in Europe.

Chairman

Moore,

Trust

Bankers

Vice-President

Senior

Bank

Bank

Texas.

au¬

in

rates

possibility ' of

Bank

Saxon

J.

ganize

to the

as

change

was

Joseph P. McMurray

National

the application of

for

banks

in¬

this most unwise.

nounced

the

to

ment of the Schroder banks since

He

to

the

*

Shore

of

savings

of

Beach.

thorities.
of

Bank

announced

*

National

James

••

l

North

City

Agreement of

shares of Girard Trust Corn Ex¬

he joined them in 1948.

and

creases

The Comptroller of the

submitted

their

charge

rnia

o

associa¬

tions

Sept. 20 jointly issued

of the Foreign Exchange Depart¬

1954

•

.

Pa.

loan

sk

Humkey.

$

Kuster has been in

Mr.

and

following statement:

ers

savings

Good, President Miami, Fla. changed its name Oct.
1 to City National Bank bf Miami
National Bank of

Brown, Jr., President of GirTrust Corn Exchanger Bank,

Phil.,

both insti¬

depart¬

W.

as

Burgis B. Coates

some

Southern

Vice-President.

a

has

The Industrial

Boards of Directors of both banks

and

Fla.

banking.

*

Corpo¬

Kuster

Emil

of

new

National

*

Merger has been approved by the

Com¬

a

Gonzales, who

*

Industrial

of Walter

following

J.

of

Trust

Vice-President

Senior

sk

A Joint Plan and

tutions.
.

Manuel

was

sk

■

New York, have announced

pany,

the

Directors

of

month

last

of

than 56 years in

Howard

the

an¬

depart¬

election to its Board of Directors

Riegelsvilie, Pa. and Mr. George
ard

150,895,005 154,862,330
Loans &
discounts 458,032,785 432,431,828
Undivided profits—
24,335,003
23,595,267
__

established

international

Ca 1 i f

Miami,

He succeeds Wil¬

The .First

—237,248,974 259,275,646

banks

holdings

The

end

H.

U. S. Govt, security

Henry

3rd,

The

Redpath, who retired at

F.

sk

Keith, personnel.
The

be

(N. J.) Office.

of

in¬

am

formed of

w

.

Assistant Vice-President,
in charge of its Orange

Blind,

CO.,

$

,,

Deposits

Stan¬

They are

den Heuvel, personal trust

van

TRUST

Sep. 30, '63

Trust
of

election

has

Fla.,

sk

YORK

NEW

sk.

ark, N. J., has named William A.

more

-

Oct. 2 an¬

York,

New

Vice-Presidents.

ley

'

.

.

Hanover

the

nounced

*

*k

MIDLAND

MARINE

THE

*

*

'

•

*

*

on

30:

by

ment

the

nounced.

holdgs.

Undivid.
*

of New York, has been an¬

pany

an¬

Francisco

Sept.

Vice-president.

a

.

to

San

*

'

'

in

Bank

following

"I

sk

has been elected

J.

nouncement

the

Chairman
Loan

Hialeah,

The National State Bank of New¬

of Arthur

election

The

YORK

Sept. 30, '63

made

ment.

CHEMICAL BANK NEW YORK TRUST CO.
NEW

Board,

Home

14.

Named to head the

13,403,494

5,108,711

profits—

McMurray,

Federal

nouncements

complete

Co., Boston, Mass. elected Robert

P.

the

of

The Hialeah-Miami Springs Bank,

discounts 327,235,470 334,299,828

&

Undivided

*

95,949,644 100,977,035

holdings

security
Loans

Board.

244,472,459 251,083,574

Oct.
sk

sk

$1:

;

.

that

Commercial Bank at Day-

totalling $50,000,-

sk

announced

Callahan, Vice-President Joseph

Vice-President, advertising, pub¬
lic relations and merchandising,

The Boston Safe Deposit & Trust

Cash and due from

William H. Walters to its

Elected

724,455,076 735,691,031
623,594,959 639,047,157

resources

;

'

'

■

tona Beach Fla., has been named

combines assets of

banks

two

oi
re¬

000.
Total

The

YORK

NEW

OF

the

of

And Loan Assns.

$700,000.

sk
1'

'

Atlanta,

John W.

?!

The merger

branch.

Trust

charge

Bank,

a

Director

He will

Warns Savings

The Citizens & Southern National

the

of

become

d

a n

Bank.

operation.

advisory com¬
Bank's 42nd St.

the

in

main

the

to

of

an-

National

Helmer,

Director

and

-

S.

Thursday, October 3, 1963

in-

an

.

tional

.

.

to

Bank

H.

Clark

Hartford

&

Bldg.,

Josephthal & Co., 120 Broadway,
name

New

Associates, New

has

York

City, members of the

York

Stock

Exchange,

on

been, Oct. 10 will bdmit John D, Mc-

changed to Clark & Hart, Inc. The Keown to partnership.

Mr.

firm maintains branches in Austin

Keown .will

member¬

and

ship in the Exchange. " " '

acquire

a

Mc-

*

The

new

partnership

will

be

in

Oklahoma. '

Texarkana. "'

-

^

,

6304

Number

198

Volume

New NYSE

The Commercial and Financial Chronicle

.

..

Regulations

'

on

...

i

'

(1305)

SSSSZS SECURITY

.

ti

that is no lonSer current — gen-

x.

Advertising and 'Reports

eraHy more than six months old

°

—must be noted. Persons engaged

,

.

21

SALESMAN'S
.

,

^v

.

•

: /
BY JOHN DUTTON

r

nAT^)\TTir)
I
J I K \ H , K

portfolio analysis may not' V7 ><
' 'j'Z,'
V
has
issued
supplements
to
its with the, public. Since 1939, the undertake
duties in this field
••
——j
rules governing' member organi- Exchange has required member which are not commensurate with
,j.
zations'
advertising, market let- firms to submit advertisements their experience and training.
Do1 Contractual Plans Need Revision?
'
ters, research reports, sales liter- for approval prior to publication,,
Speaking Activities. The stand'
'
'
'
'•.*/' >',"•/
*
'
ature
and other communications and since 1921, has required that ardg stipulate that member firm
n the Chronicle, issue of Aug. 29, Plan is needed. If the investment
with the public.
they be filed with jihe Exchange, officers with the proper authority
^vrote a column entitled 'What business doesn't produce if the
Keith
Funston
President
of In 1956, the Exchange became the mbgj. approve all public talks or
out Contractual Plans?" If you Life Insurance industry will do so
the
Exchange
said
the
new,, first organization in the securities
jectUre
courses
by
firm
per- raa
* > J stated that it was pos- . . . using what they call variable
guideposts in large part clarify industry to put into practice a sonnel,
and that logs of such sible that revisions in the method annuities (semantics only). But I
or
expand on policies developed system t°r sP°t checking of mar- engagements must be maintained. a merchandising these plans may also agree with the writer of this
over a number
of years' surveil- ket let.ters> research reports and In educational talks and lecture be needed. I also stated that if a letter.
He is not speaking from
lance of member firms' activities saies literature.
^
courses
sponsored by public or revision in the commission sched- hearsay because he is one of the
in/ disseminating
investing
inRecently, the Exchange's mem- private groups, recommendations
was responsible for certain leading men in his field in this
formation.
The
material
also ber firm ad review has been run-, may
noj. be made for specific sales abuses that, quote: "Regard- country and I have known him
incorporates some new policies. n*n£ a^ a rste.of about 6,000 ads securities, industries or methods.
the matter of pricing, and for years*^ v Whep he gives his1
He noted that the Exchange has a year> The frequency of review 0f investing. In cases where mem- saJes commissions . . . unless the opinion it is based upon some case
pioneered in establishing and en- *n
market letter spot-checking ber organizations themselves are saIes commissions are fair to the histories that are a blot on the
forcing standards in this field.
Program has been increased pro- sponsors, and in other cases huyer and adequate to the seller, firms who hired the salesmen who
amr»ncc
1U0
in
tbp
Sressively since 1956v Currently, wKere discussi0n of specific se- ,the product itself will not sur- misrepresented the plans in the
j
^^ the; Exchange reviews-a repre- curities, industries, or methods vive* . . .v>,;
first instance/ Nor is he writing
f.
:
A. /'■
/
sentative sampling of the output may be pertinent, standards for * I still adhere to this view. I because of a few isolated instances
•
The

Exchange

Stock

York

New

letters and other communications

in

.

,,

_

_

.

.

_

..

A

tighter
firms

member

curities in market letters

other

or

of

400 member firms twice

some

market- /f Here, in summary, are some of
the

major

ties 'in

these

expanded

options

or

•

as

well

as

the

buy

or

material:

intentions ;to

the securities

sell

Spelling

principals.

as

out

securities

that

points

which

it makes

a

.

„

outside

,

•

G

ir

men

^ 1 y

organizations

or

investment

literature

distributed by member firms.
w.

„

.

.

,

>

rt.

,

^egula^lons bringlng unde^

ih

g ?e^a

A V"-,r'

I'-n
a
r'v.
■
u
letters and research
reports such

activitiesi
as •^ribng»
broadcasting
and speaking
undertaken by member firm
A

•

personnel

statement

their

on

of

own.

existi ng

firm

that

in-

its partners

or

.

,

,

in the f.security'n
that
organization
managed
or
comanaged the most recent public

offering of the security. The dis/'insider"
gegted

directorates

or

other

relationships

is

sug-

0f

as

by

in-

are

the

0n

eluding the,3,000 speakers

in

Exchange's Investors Information
Program,

who

appear

estimated

one

million

w

i

The

'

persons

early this

approved by the

Board

of

year

Exchange^

Governors last

Yeek*

developed from standards

was

a

.

supplementary material, an
since

existence

under study

or*

by

in

the

Exchange during the,past several
extensive interviews

from

years;

earlier

this

section

of

which

produce

market

with*

year

member

cross-

a

organizations

advertising

letters,

from

and

or

some

recommendations of the Securities

e

-

revised

standards

,

q

ecuri

f

m

les

"Publication

should

be

preting t

d i t i
of

good

for

sand

e

otuay oi

s.

these

of

Standards

taste

tY

aid

major

a

r a

ar

o n a

policies
inter-

in

1 Exchange

truthfulness

,

the

and
thou-

several

,persons, who: .maintain

flow

of

investing

from member

investing
said.

.

information

organizations to the

public,
.

.

the

.

Mr.

Funston

as

supporting

information

recom-

mendation

which

add

and

that
have

must

Existing

reasonable.

basis

a

substantiated

be

can

recom-

a

as

Exchange

policy, that results of past recommendations
in

on

selective

a

also

is

way,

all

results

out;
past

recom-

mendations in

a

clearly

"universe" for

a

period of at least

a

be

definable

and past records

year,

to

used

not

may

future

promise

per-

Projections and Predictions. In

.addition to present standards that

past

records

be

cannot

promise future profits
the

to

used

or

income,

^

inhibit

to

facts

and

trary,

we

to; keep
and

this

means

,needed

research.

On

performance

0f

require clear labeling of projections and predictions as estimates.

also state that

to the basis for

an

be given or must

reference

a

estimate should

be available

have bent

these

workable,

with

practical

the

goalL

lions

more

to

a

eneenve

growing

ana

obtained

be

not

are

hich

of

shareowners."

The

largest

ards issued in

of the

stand-

printed form today

consists

of

terial to

Exchange Rules 471, 472

and

473,

supplementary

governing. member

ganizationsr

advertising,




and

success,

that

must not picture the ex; ot
one
customer
as

setg.

are

™

ma-

which

educational,

frequent

Q

down

rTf™
Exchange

impiicit

basis.

must

reports

It

and

vestment

under

have

requires

or

reasonable

^
^^^on,
these
be

musj.

v

to

or

approved in advance by

degignated firm officers, and must

iouk

uil

a

Plans.

He

"For: the

cannot

life of
me
I
how the,advantages of

see

plan

forced

offset

delayed

the

investment of the funds by
the

early ', takedown

reason

of

the

/arly

Sure, the details of the plan

these plans.

of

number of years it

sincere

>.

in

his

.

appraisal of all Contractual Plans/
This would probably include a re-

newal comm^i^ns overa ,erm

&nd a method of check-*
the client after the purChase so that the-investor understands what he bought, the costs,
risks' and als0 the ,ca*able potential
beginning
with year one.
.
dkroiira^p tv»p hlrlnor

was

For

salesrnen

who

are

3 S£TuickTale

and

.g t0!^a q^lc. sai^ and

a commission. For that matter, I
°
e leve ^la any firm

^°uld hire part time salesmen . .,
£h.ls ls n(?t a part time business,

It. is a serious ..business where you
ff dealing with other people's
<futures' thei^ sav;l"gs' and ,tbeir
Peace °ff miad' ■} ^11 think the,re
^ "?ent m Contractual P ans but

lf the commission schedule needs

revision ...the
q

'

a"d

of the biggest banks

one

sooner the better

faUltS' that Sh°Uld be
'

a

good

my

f

°my 100

\j

t

0

fortune to run the service depart-

fde f0r three years for ment of

be ]^ep^ on

68

'

1

On the Stock Market

inciusion with material that may in New York City and one only a series of five free lectures
be

submitted

cbec^
^

Exchange spot-

for

reviews.

statements which

exaggerated

or,

had

to

flamboyant,

or

had

had

not

explained to

bad

so

was

and

on

investing will be

given at the 99 Park Ave., New
who York City, branch office of Harris:

or

them

that which was in the fine print.

contain unwarranted superlatives It

market

the

to that bank, from

came

against people who had not read,

promissory,

are

heartbreaking

the

read

mail that

V

prohibition

general

that

it was

Upham
New

&

York

Co.,

members

Stock

of

Exchange.

the

TJie

ob- lectures, to be conducted by Mrs;

Ex- vious that the salesmen were high Rose O'Neil, will commence on
change educational circular — is pressuring widows, orphans and Oct. 14 at 7:30 p.m. and will cover
repeated in the expanded regula- other easy prey into these plans, the subject of "The Stock Market,
in

stated

—previously

an

tions.
The

/ '
It sounded great to them until the and How it Operates." Subsequent
Exchangeis distributing unexpected happened and they lectures on selecting securities,

copies

of

revised had to get

and

rules

the

supplementary material. Changes
effective

become

Oct.

15.

/-\nn*

V

•

VV Illl/bdill.
-

/-«

only

.

,,

has

,

been

elected

.

and

Board

H.

„

CORRECTION

the
.

was reP°rted

Stanley, Eisenberg

•

largely

Aimed

pittance of what had gone

424

^

and

I

pleage lay

a

good

case

all

with

am

and

series

Qff advocating

or

weekly

also

include

for

questions

Members of Harris,

answers.

for Upham's
you

will

opportunity

and

the

investor,

Department

Research

will assist Mrs. O'Neil.

The public!

is cordially invited and interested

trying t0 justify contractual plans, parties should contact Mrs. O'Neil
After the letters I have seen and at Harris, Upham's 99 Park Ave';

;

ve^Tstrongly of the/opinion that
posgible good these plans do

^

v

.

equities

.

make

ample

the beginning

at both

practicing

jn

more

to

make

more

less.forcing

or

a

monthly savings,

than

offset

by

person

is far

the anguish

.

'

a

.

*

:*/./>.

;

With Manlev, Bennett

yv^rppQTrr,

Mi

Manlev

h

y

Ben-

DETBOCT, M di. - Manley, Ben
nett, McDonald & Co., Buhl Bldg

e
°f land
ci
sacrifice
n
oof
rthose
hC
Wh°ldid
an0t
ic
memberSQ:f
naStock
niF
J° /
•
Detroit
Exchanges, have
that Mr- really know what they were getointment
0f

P

.

..

A

SeP1- 26'

.

gone

approaches

weekly intervals!

of the replies I had to prepare, I am branch office.

President

Whittall Limited

Norman R Whittall Eimitea,
Burrard Street.

In

a

"You

Canada—Norman

the

the vhard-

all

had

into the plan.

vJlllCl&l Oilciri^GS

VANCOUVER,

that

and technical

win be given at

into fees and that the payout was iecture

WViHt-all

^

INOflllJlIl

the dreadful

came

dollars

earned

M

little cash together research

a

then

and

fast

realization

was

.,

.

_,

vr

of-

Stanley Ave., Brook...

oa

f ?■" We W

,.

„

engaging ting

fices ,at 400

orthe
distributing , firm's Research
market, department. Market prices at the

the

took

iuuus

Contractual

communications penalties

in-

of

niy

tmakrig K KS'
customers® sett! would expSn Ihe possible

of

-

cerning

rnemoranda

lwlre£

identification

prepared

readers

my

ui

{^1^°in
*etters an.a saies literature m,

in the securities business from

supervision

of

uue

^brh^^n^

all

direct

One

overall commission and the great
penalties suffered by those who
cbvering market find they are forced to withdraw
the
years.

of

not

'

-

regular, V of

dating

literature

the

a

;

Jnguage

/egulations

.

policy that cIaims about research
services

part

activities

for

broadly

°

ofRepresentative of that of others.

more

number

firm

penence

ttllnmorTeeftoc«veCOa^dUmo^ ?
useful

or-

,

The °ther Side ot ll,e Story

iirms

nominal; Exchange approval must

not, indicative, of future per-

effort .they

every

policies

is

formance

.

dustrial enterprises.

firms

tneir

member

Whittall,

of

con-

is

man

common stocks that represent pf yeais,
ownership of our business and in- ipg..With

the

on

request. The standards also restate

«al wealth of this^country

duties; any compensation must be says,

,.

flow,
the

their

industry,

"In publishing these guidelines,
the Exchange by no

/ith

ed

connec

Exchange policy .that,^-in. using R. Whittall
testimonials, member firms must chairman of
seeks make it clear that a testimonial Richard

;

reports,

expanded criteria specifically

They

•

vision of the commission schedule,
to acquire a stake in the also a new revised spacing of re.

means

activities, which time to write me a very sincere
may not interfere with full-time letter regarding my views con-

misleading

or

spelled
in

take

must

be reported

not

may

•

//
Eventually the mutual fund in.
dustry may make a complete re¬

approve the

mendations should be piovided or
offered,

the

under

search

industry*

securities

restate

Commission^staff formance v : r. y:-. ■> ,.

a"d
tR

indirectly

or

an

ax.,

preparation
was

before

directly

privileged information.'

Th

re

cautioned to be careful

are

imply that recommendations

based

usefiil and valuable

are a

Authors and broadcasters must be

of avoiding pos-

way

a

not to

personnel,

and

betters

difficulties in this area, but

sible

from

requirements for market

general

:Fart^rs hold °Ptl0ns of any kl"d must

ciosure

•

indictment. >

Priced> and supervised from the

product,

this

Plans

fairly

an iron hand as to the
salesman's
presentation
of
.the

aside

brought

are

securities

^

Contractual

put-together,

^ top with

engaged in by member

programs
,firms

principals; that the firm or its
\

Broad

^

undertaken

Mentifled

firms

firm

be

tend to buy or sell the security
as

that

thiV wa^ for many Pe°Ple of limited

state

must

believe

properly

"y*

Recommenda-

guidelines for speaking activities

.member

Writimr and

■"

market in the issue, or

a

the

that

...

.

™

persons

preparing

as
'

,

'

tions. Where it is applicable, a
/member firm issuing a securities
recommendation

\be- substantiated

'

J**5 ™. .** *

■■

supplementary

and

research services must have bases
can

communications

public apply.

in

covered

'

Disclosure

.

recommendations and claims about

reasonable.

the

where the need is indicated.

making and underwriting activi-

issues,,

firm

member

with

"Outside"

.to1 /disclose

literature

for

requirement

recommending se-'.a year, plus more frequent checks

into

and

possible

loss

_

m

tail."
Do

+v._x

: i

the

early liquidation would

that

still

'

'

You

Agree?

believ/ tha" / fair

de-

T omas

.registered

_

^

•

He has been a

representative.

registered representative for sevand

eral years with

this, is in ercor; Mr. Eisenberg is r:. I still believe , th^t a r lair, ana er
y
not a dealer in securities.1
adequately priced Contractual cnange i

another Stock Ex.

. .

.

<

The Commercial and Financial Chronicle

(1306/

22

Lower Credit

Demands Can

■

bunched

is

ume

yields rise

if

or

far and should

very

all

long

even

1961, but

justment

fall, should not go

or

to

as a

.

.

Thursday, October 3, 1963

secondary ad¬
markets.

deficit

Expected Next Year
their

Continued from page 3

•.

refunding

advance

of

technique

role in the capital mar¬

new

continue for another

kets and will

of

cause

will

often

whole, the
municipal market has again be¬
come

as

a

relatively small market.

a

has

there

Although

been

no

yields

market,

bond

did

1957

in

probably

within

from

come

corporate

to buy municipals in volume.
which liquidates these new issues
I
believe, however,
that it is
in a few years. In relation to the
prudent to expect some falling off
capital markets

higher

not

change

and

The£e

are

total

the

in

purchases,

bank

of

market.

Tabid I. Commercial banks bought

in

in

total

60%

1959,

the

of

and over 80%' in
companies
are

1961,

Gross

for

the

the

gives

-

in Publicly

corporate bonds. It shows that'
total demand for corporate

Owned Debt*

.

Bought

-

.

By:

«

A

-

~

>

7-v-"7

.

.7.7-:;

1

"

r-

•

Commercial

Banks

_

Rarely has there been so

dramatic

shift, in

a

the

of investment funds for any mar¬
ket

rarely such

and

concentration
new

therefore,

concentrate

must

tions:

two

on

we

ques¬

;How long will banks con¬
of

volume

municipals

new;

and, when they quit, who else will

at what price?

in and

step

Municipal yields

tied only

are

loosely to other bond yields

very

of spreads is large.

and the range

Long prime municipal yields are
still

in

relationship to

bonanza

a

prime taxable bond yields for the
the
fire

commercial

and

continue

will

municipals

seek

to

banks

long as tax regulations are un¬

and

changed

long

as

they

as

invest¬
extremely

have funds for long-term

banks

ment.

But

fickle

in their

are

investment activi¬

good

their

when

Traditionally,

ties.

been

have

investors

7.6

7.2

8.3

3.2

3.3

+4.3

+5.2

+4.8/ ' +4.0

+5.0

three

The

;

•

-

+1.1
.

+0.3

+0.5

+0.4

+0.3

+0.2

+0.7

+1,0

+1.0

;!:+Q.9:U

+0;8

+0.5

+0.4

'

+0.3

+0,1

-0,2

+1.5

+1.9

/ +1.7

+1,3

+0.4

-

+0.8

r

.

.

+0.1

+0.1

+0,9

+1.0

-0,2

;

-

,-0.2

+0.8

+0.9

7+4.1

+3.2

<

i

^ '
-

fi»

+1.0

+2.6

and Miscellaneous

+2.2

+1.1

Total

+4.3

,

+0.6

-

+2.8; /+4.4

+2.5

+1.7

+0.9

+4.8

+4.0

+5.0

0

+0.7

+5.2
TABLE

+5.2

+5.6

H

CORPORATE BONDS

(Billions

,

of Dollars)

corporate pension funds, and state

remarkably

a

stable

money

large

and

year

tends to be larger than the

year

before.

not usual from

are

Life

fluctuations

Erratic

year

Gross

1958

9.6

2.6

1959

1960

companies fifteen

ago used

to buy 85% of all

New

9.7

7.1

3.8

3.0

+7.0

+5.9

+4.1

+0.6

+0.5

-0.2

+0.2

+2.7

+2.3

+2.0

+1.7

Issues

Retirements,Sinking Funds, etc.

to year.

insurance

years

1957

1961

1962

8.2

9.4

9.0

9.8

9.6

3.2

4.3

3.9

4.2

3.8

+5.0

+5.1

+5.1

+5.6

5.8

1963E.

1964E,

each

which

flow

all

funds

retirement

local

and

enjoy

and

have

recently

importance.

bonds.

porate
and

Net

Change
Owned

in Publicly
Debt

large flow of time

prabable.

seem

increase

cor¬

in

demands

loan

or

surfeit of municipals will

a

of

any

fact

their

pur¬

since

yields

have

yields

of

others

—

notably

grades in the 10-20
These

range.
more

much

municipals

types
than

are

certain

year

more

correspondingly
higher

' or

grade

bonds.

contain

These

I

and
of

character

since

after

number of

pared
ures

a

forecasts,

annually

the

other

estimates

some

are

own

which

consid¬

made

are

consultation

experts,

1964.

preliminary

very
our

for

with

are not pre¬

until

well

economic

into

climate

the

kind

of

outlined for

us

by Dr. Nadler, although he is not
to blame for errors.

You will
expect

see

no

in

expect

the
that

in the

municipal financ¬

year

ahead.

banks




will

I

also

maintain

+0.9

+1.2

+1.1

+1.5

+1.7

+1.8

+5.8

+4.8

+3.7

+4.3

+4.4

+4.4

+4.9

+5.0

-0.1

'-0.2

+0.1

-0.1

Non-Bank

Institutions

Banks

+0.1

Individuals

and Miscellaneous

-

.

"H-1

+LI

+0.5

+0.9

+0.6

+0.8

+0.7

+0.8

•

.

Total

•

+7.0

+5.9

+4.1

+5.0

+5.1+5.1

+5.6

+5.8

TABLE

force

same

but

banks

with

U.

this

S.

HI

GOVERNMENT DEBT

(Billions of Dollars;

Calendar Years)

for

needs

Gross

flow to these institu-.

reliable,

growing,

influenced

will

all

at

Less

and
by

see

that I

forecast

Change in Treasury Debt
Purchases

and

Federal

Net

Change

1958

1959

1960

1961

1962

1963E.

1964E,

-1.7

+8.0

+7.9

-0.5

+6.1

+7.5

+9.0

+8.5

+0.5

+1.3

-0.4

+2.2

+0.9

+3.0

+3.7

+3.5.

-2.2

+6.7

+8.3

-2.7

+5.2

+4.5

+5.3

+5.0

-0.8

+0.5

+0.4

-0.9

+0.3

+0.9

+1.2

+1.5

-0.3

+8.1

-7.6

+1.7

+5.6

-0.1

-0.9

-1.5

-0.5

+0.1

+3.8

-2.9

-0.5

+0.4

+1.0

+0.5

by U.S.Agencies

Reserve

in Publicly

Owned Debt

a

1211

7

similar moderate volume of

very

corporate bond financing in 1963
1964

and

cent

of

sources

to

ih 1962 and other

as

and

years

funds.
that

mean

very

this

All

in

the

year

corporate

ahead

been for several years.
bond
So

yields

close

to

market.

spreads,

than

Corporations

however,

to

the

Widening

which

will

-

-0.1

Foreigners
Individuals

and

Miscellaneous

Total

0

;

+4.1

+0.6

+0.4

+1.7

+1.8

+2.0

-0.5

-2.0

+7.6

-1.2

t0.6

+1.6

+2.2

+2t 5

-2.2

+6.7

+8.3

-2.7

+5.2

+4.5

+5.3

+5.0

are

government
occur

Institutions

Banks

yields

continue to
of

•-;

bonds

Corporate

government

market

better

Bv:

Non-Bank

Commercial

scarcely possible for the

corporate
do

today

All

seems

they have

as

Bought

re¬

similar

will be in relatively good demand

that it is

from Table I that

great change

total volume of

You

+1.0

+1.4

obligation to provide

or

scarcely

tables

January. These fig¬
however, seem to fit reason¬

ably

the

is

+1.3

+1.1

Commercial

monetary policy.

Table

ered

market

The money

tions

+1.0

+0.9

and Local Retirement Funds

driven banks into the

of

liquidity

+1.3

+0.7

Total

fnedium short-term loans when the com¬
maturity munity demands accomnjpdation.

vulnerable than shorter term

longer-term

has

municipal
none

+1.7

+0.8

have risen.

difference: these institutions have
up

Corporate Pension Funds
State

de¬

policy.
have bid

0

+2.1

although Gov¬

which

banks

0

+2.0

1

municipal market is very vulner¬
able to a shift in bank investment

The

0

+2.0

the institutional strug¬

reflects

It

1961

bond

ernment

markets.

our

explains clearly why

corporate -bond
clined

0

+2.0

bonds if vol¬

then that the gle for income, the

conclude

I

This

Companies

offerings grew and,

most

pinning of

Even so,

restrictive monetary policy

rise

the

Savings Banks

Insurance

money

under¬

enjoy

Bv:

Mutual

three

put into

can

of corporate

of bond

ume

these

Bought

in

All would readily

eagerly

chases

of

much larger

a

than they

flow

steadily

grown

All

have

groups

retirement funds

local

State

reliable

a

ing

-

investing

great

other

more,

pals.

I

+5.6

/

life insurance companies,

groups,

bonds

cool off bank demand for munici-

>

+5.2

factor except for convert¬

a

ibles.

corporate

merely

a

1959

2.8

rarely

relative f to

A continued

or

BONDS

at all and

into this market

enter

individual

they

deposits

^

Individuals

hardly

Commercial banks

want loans in if yields rose
quit investing al¬ yields.
Thus

together.

!r

far

are

customers

volume,

or

in

even

casualty insurance com¬

and

panies

a

same as

increases

after corporate bonds but they have
proposed tax cut. Therefore, gradually lost this dominant role.
taxpayer,

corporate

as

They

financing.

buy up virtually the en¬

tinue to

tire

of

future

the

yields,

municipal

annual

are very
different from the sources for mu¬

stable.

appraising

In

^

*Thi^ is about the

recent

better diversified and are far more

'

money.

a

similar

financing

bond

porate

funds for cor7

of

sources

dangerous
nicipal
source
of

a

one

on

The

sources

of

.

External •
debt, have all but vanished from
y
financing. * This
should - remain Total Non-Batik Ins £it u tions
this
*'■''7'; /
market.,. The market has true iri' the year .ahead- in spite)
Y"-iV'-*'■
been bid away from them by the
A
of larger capital expenditures:;;
■
£. ■;
7*

banks.

the

7.6

bond money has been even less
Life Insurance .Companies V: <
+0.1
buying all the rest. Private
dynamic recently than the demand
and miscellaneous investors who
"Fire and Casualty Companies
+0.6
from municipalities.
The heavy
used
to be ,the
largest buyers; flow of internal corporate fundsState and
LocalrRetirement Funds +0.4
often taking over half of the -new
has reduced the need for

;

succession

debt rising by about $5 billion

year.

2.4

*

%

a

The year-to-

1958

now

'

but

there has been

1-960

data

same

Insurance

1962.

ury

6.7

,S inking, Funds ,etc.

Net Change

;

v.

II

Table

S.

2.4

New Issues

Ret irements

Corporate Bonds

1957,

one-quarter of the total in
one-tenth

1957

the

of

departments

other

bond

deficit;

to

re¬

dynamic:

(Billions of Dollars)

especially in 1964. If so, private
investors will again have to be¬
come a market factor.
This sug¬

than

U.

be

deficits with publicly-held Treas¬

annual

held

-

Treasury's
to

TABLE I
MUNICIPAL

of

half

lower

the

in

of

sources

municipals.

tabulated

.

the

in

shift

for

the

buyers and sellers.

municipal de¬
gests that certain key areas of the
mand, there has recently been a
municipal market will do worse
dramatic

shows

publicly

year

dynamics in total

funds

III

in

the

surplus

monotonous

it Treasury debt and identifies net

as

1959

and

Table

the

to

since

ever

Governments

porate yields rise next year, the

in

quirements used

again by narrow spreads. If cor¬

Be

shift

year

other

in

pressures

departments of the

be followed

.

yield
from

time to time, when corporate vol¬

Note:
Gross

New

Treasury Offerings

for

Cash

and

5

Yrs.

to

9

9 Yrs,

11

mos,

Refundings by Maturity:
Yrs.

11 Mos^

and Longer

•

0

9.4

0

4.9

7.1

15.9

8.5

0.7

4.3

1.5

4.4

4.3

5.4

5.8

like

seems

for

supposedly

these

for less than 1 %
and

as

of GNP per year

have

market

caused

changes in the size of the

not by

deficit but by

shifts in the Treas¬

maturity

of

choice

ury's

been

its

for

new

cash and refunding offerings

and

by

shifts

the

in

Looking

funds.

at

of

sources

market does not de¬

Government

there

is

this

trend

shift

in

Individual

has been in¬

dependent of net purchases by the

for

system

banking

ernments 'so

two

years.

to reprice Gov¬

of the need

Talk

to finance the

as

defi-:

cit outside of the banking system

is

academic.

is

no

Furthermore,
reliable

large

into Governments
Governments

there

lmost

a

institutional

limited

porate

$2x/2 billion or

investors have also been

money

flow

there is into

as

there is into

as

un¬

cor¬

Rather there is a

bonds.

billion

the net

1963,

no

■

;

have

become

the

raised.

Although
amount raised in 1963 will

have

is

group

now

dominant.

Official

the

deficit

net

new

money

pronouncements

bond

be

market.

bond

ernment

historically

eco¬

to

creating heavy

the

on

nomic environment that even with

cut

net

issues

larger than

favors higher short-term rates for
the balance
of
payments
reasons

You will see from^the table that

tax

of

—

suggested that the Treasury

entirely different and without

are

large

the

on

long

new

gross

total

line

bottom

the

Foreign

billion

if

the Treasury. You will

that

i estimate under a favorable

a

from

see

achieved

yields

high

attractive,

this

pressure

and

relatively

careful

can

we see

exert

to

be

manage-

been

IV

on

Here

at

market large enough

a

The

economy.

the

on

net de¬

credit

mortgage

running

U.

the

S.

five

almost

Treasury,

American

has

times

ties.

It

states

combined

the

total

the

municipali¬
larger than
from

real dynamics

are

demand

for

to

year

acceleration

the

year:

from

1961

mere

to

1962

exceeded the total of all corporate

bond/financing in either
of

Most

the

do

not

changeable

like

gage

money

and

the

the

fickle

sources

small and
of

sources

steady
by

year
One

the

like

bond

corporate

with

year

growing

the

market.

notoriously unreliable

however has

of

sources

money

source

1959

1958

1960

1961

t-1962

1963E.

1964E.

about

Net

Change

Less

U.

in Outstandings

S.

-

Agency Purchases

Net Change

+12.1

+15.3

+

+

1.3

in Publicly Held Mtges. +10,8

2.2

+

+15.0

1.2

+

+16.8

+24.6

+18.4

+16.2

+19.0

0.3

0.6

+

+15.0

0.4

+

+17.8

+24.2

+24.8

-*22.8

1.2

-

0.2

-

+26,0

ket against

market.

:

Savings & Loan Associations
Life

Insurance

'

,

and

+ 2.1

+ 4.3
+ 2.3

+ 1.8
+
+

Companies

Corporate Pension Funds
State

+ 1.4

-

Local

'+ 0.1

Retirement

Funds

+

0.1

+ 1.7

1.9

+ 2.2

+

+ 5.6+7.5

+ 6.9

+ 8.8

+10.1

+

1.9

+ 2.6

+ 2.4

+

2.7

+

2.9

+

2.7

0.1

+

0.2

+ 0.2

+ 0.2

+

0.2

+

0.5

+

0.5

0.2

+

0.2

+

0.5

+

0.6

+

0.7

+

0.3

+

3.1

3.4

+

+ 3.0

,

+10.4

+10.9

■".+ 0.7

other,

any

its

the huge

volume

present

flow of

more

to depend

seems

economic

recent

a

\

Banks

Savings

market,

mortgage

finance

to

of the municipal

80%

development:

public

new

ings into institutions

Non-Bank

+8.2

Institutions.

+11.5

+9.8

+14.1+16.7

+11.9

+17.3

+18.4

sav¬

in response

high interest rates. If this con-

to

tinues)the mortgage
do

reasonably

well

market

can

the

if

happens
stabilizes

flow

declines?

or

this happens I

If

what

savings

of

distance,

it

though there should

be

big

in

+

Banks

0.6

+2.6

+2.2

+0.7

+4.0

+1.6

+4.6

+3.8

another
1964

in

rise

2.0' + 3.0

+

2.7

+

2.4

+ 2.1

+15.0

+17.8

+

3.5

+

1.9

+

3.0

+

in

believe oddly

+10.8

+15.0+16.8

'+24,2

+23.0

+26.0

by

the total. The pressure of new

money

is likely to decline as the

banks

become

the

SUMMARY OF

SUPPLY AND

(Billions

CREDIT

of Dollars)

their homes for

skimmed off the

1958

1959

1960

solid

1961

1962

1963E.

1964E. bricks

Change

Real

in Publicly

Estate

Held:
+10.8

+15.0

+16.8

+15.0

+17.8

+24.2

+26.0

+23.0

Corporate Bonds

+

7.0

+

5.9

+ 4.1

+

5.0

+

5.1

+

5.1

+

5.6

+

5.8

Municipal Bonds

+

4.3

+

5.2

+ 4.8

+

4.0

+

5.0

+

5.2

+

5.6

+

5.7

I

doubt

+8.3

-2.7+5.2

Government
U.

S,

Bonds

-2.2
+

Agency Bonds

Bank Loans

(1)

+

Total Demand

2.2

3.1

+25.2

<

+6.7
0.5

-

+

+ 2.2

2.2

+10.0

+34.5

+

+46.2

+4.5

+

5.3

+

5.0

1.5

+

0.9

+

0.8

+10.7

+

9,1

+

0

+

0.6

+

6.1

+

5.7

+27.4

9.6

volume

+39.4

+51.2

+52.5

+49.9

Sources

Non-Bank

of

Commercial

Banks

Corporations

Foreigners
State

and

+

5.1

+15.2

+

4.8

+

0.5

+

0.7

+

5.0'

0

+

4.2

0.4

+

1.0

0.1

-

/

Local

+

Governments

+17.8

1.1

-

FNMA,

Also

been

a

of mortgages, is

prepared to become

Residual

Financed

Individuals
•'

/

+21.0

and

+32.1

+32.8

only

great

the

of

size and
mort¬

for

demand

+22.8

+25.4

+

8.8

+15.9

+19.8

+17.4

+15.3

-

2.7

-

0.1

+

0.5

+

1.3

+

0.9

+

0.6

+

0.4

+

1.7

+

1.8

+

2.0

in

-

0,3

+ Q.5

+

0.5

+

0.5

market have insurance

+36.1

+45.3

+46.4

+23.9

+43.6

4.2

2.4

13.4

3.5

3.3

5.9

6.1

;

v+S

,

Total

Sources




+25.2

+34.5

money

recent

rate
in

from

r

,'

.

(1)

'

•

•

•

'

.

'

r

'

■

Except mortgages#

+39.4

'

',

in

putting

or

a

money

new

gently

accomplished

affecting

so

stemming

construc¬

new

the

on

pressure

market and without the loud calls
for

which

rescue

the

should not

continue sluggish and

follow

but rather

lead

in

friends

rates should

Mortgage

1950s.

from

heard

we

banker

mortgage

our

other

the

departments of the market up or
down.

Summary

I
;

and

them

also

It

up.

adds

includes

bank
debt

federal

loans

and

which

do not appear on

total

The

tables.

tutional

sources

residual

is

the other

demand

is.

of insti¬

sum

funds., and

of

which

a

has

other investors.
this

when

Sometimes

residual

is

it implies that there is not

large

the

meet

This

institutional
money
to
demands and pressure
is

market

the

on

net

calculated

be financed by

to

agency

with the

compared

these

and

sub-markets

various

all

in

factors

demand

supply

the

combines

V

Table

to

notably

was

expected.

be

in

true

1959

magic

and

5s

the

residual

rose

$2.4 billion to $13.4 billion.

from

however accu¬
numbers may be. In fact,

aggregates,

rate the

in

from

trends

market

forecasting

period ahead I believe we

the

will

the

that

find

deter¬

factors

+51.2

+52,5

+49.9

.

•

demand but from

other nonstatis-

That is

considerations.

tical

why

emphasized the individual

have

segments of the market.
shows

The' table

total

credit

in

that

1962

reached

expansion

moderate

Treasury demands were
individuals

but

amounts
ways.

individ¬

corporations stepped up

flow

institutions
rates.

record

mortgages or in other

At the same time

and

uals

on

borrowed

of

savings

to

deposit

in response to higher

They paid lower rates. They

received

higher

Monetary

rates.

Only

by

this

companies,

was

in

financed without much

demand

growth

deposits and led to no

inflation.
handled
lets for their vast new resources. there huge credit demands with¬
out strain, the residual left over
Largely
through
this
market
an

embarrassing shortage of out¬

tive

has been effec¬
growth of in¬

in stimulating

vestment and growth

of

credit

one

of expendi¬

of the few forms

demand

which

has

sign of commodity price

Institutions,

therefore,

for other investors was
credit

markets

popularity

of

were

small and

easy.

certificates

of

,The

de¬

posit and the need to service them
led

commercial

banks

to become

policy of ease ih major factors in the capital mar¬
the
money
markets; municipal kets.
The ready
availability of
borrowing
has
not,
corporate
such deposits made some ^bankers
borrowing has not, Treasury bor¬
responded to

•

be

without
tion

total

decline

a

If

growth.

of
the

prevented policy

has

that

years.

ture. This is

+27.4

+46.2

mort¬

large as the

as

permitted and indeed en¬
corporate and other bond yields couraged a big expansion of com¬
from plunging to very low levels mercial bank earning assets which
gage

monetary policy

By

Miscellaneous

nearly

present

large buyer their

a

provides another cushion.

+20.2

+24.9

supply

demand.

has

which

net seller

is

the

banks and others been saved from

Sub-Total

autona-

an

insistent demand for

decline

en-* I

quickly offset

+17.2

0_

is

mort¬ record proportions even exceed¬
cushion ing 1959. Corporate, municipal and

a

effective

smaller

as

smaller

be

flexibility
+16.6

deal.

one-shot

seeking

A

It

+14.4

funds

this market.

Funds:

Institutions

of

funds would

large

as

large

as

near

of

a

such

for

mortgage market at
is not -today

in

by

payv

Therefore, there is

and this

Net

been

have

re-financing de¬
a

there

that

gage money

1955-1959

anything

gages.

to

mortar,

the
in

times

Mortgages

instalments!"

demand

and

gulfed
Net

all

mand—after

but

hungry,

than

semi-annual

easy

The

1957

Home

persuaded to enlarge

other

purposes

FOR

less
may

building or mining overall interest rate trends
buying. "Take a real vacation in will not derive from shifts of these
,the Rockies and pay for it in 60 aggregates of credit supply and

V

DEMAND

cream

of these

surfeit

a

seeking mortgages.

owners were

the mortgages on
TABLE

in 1962

mortgage finance

induced

money

Total

year

moderate decline

a

large

a

was

mortgage

but with

will decline. This be¬ However, I do not sponsor any
part of the huge simple mathematical technique for

gage money
cause

^Individuals and Miscellaneous

as

when market conditions led to the

enough that the demand for mort¬
Commercial

this

looks

though enough

even

monetary policy slows down com¬
mercial bank purchases. But

Total

on

real pressure on the

no

From

'

The

+23.0

than

Bought By:

of the mortgage mar¬

15%

a
a

market.

recently entered the

but they account for only

banks,

but

indicates

sources

corresponding rise in institutional
funds and

mortgage market, the commercial
1957

records

new

expansion,

glance at the

could'

mort¬

seem

of municipal money, or

like

year.

of

sources

from table IV that

see

mortgage

mous

widely

Treasury money, but rather large

(Billions of Dollars)

for

mort¬

fluctuates

which

gages

from

has

sorts

all

of

expect 1963 to set

all

from all

or

demand

net

all three. There

in

and

two-thirds

is

from

or

corporations,

American

mortgages

estate

data

larger than the net demand from

and

real

with the

us

uses

major influence

a

scattered
table

and

Mortgages.

for

mand

today

are

objective

with

Gov¬

Since

Estate

on

policy

monetary

table

be about the same as in 1960,
sources

much

so

moderate, but largely on
of longer term issues

are

offered by

size.

in

not

Real
last

provides

sources

American

volume

the

and corporations' are po¬
buyers

in

providing*' $2%

to almost $2

comes

year

tential

be

In

than in 1961.

more

demand
a

to

seem

they

creeping

Governments.

into

Government yields

depend

shifts

on

miscellaneous

and

and

delicate. The

very

You will

I
same

credit

consumer

23

responded and soared.

Mortgages
Table IV

the size of the net deficit or even

almost half the annual net demand.

back

Government market

should

toward Gov¬

years

ernments has been

one

on

does

three

of long

trend

their

continue;

will

looks

overall trend

no

high bond yields.

prob¬

balance of supply

the

ever,

to believe

reason

toward

deficit of this

For longer Governments, how¬

demand

yields,

corporate

every

;

the

almost

yields

prime

as

same

With

if there is

ment

size will not be difficult.

creeping

been

Governments.

into

Government

type of investor as
the municipal market.
The they

pend

have

year will
deficits.
I

technical

the

that

of financing a

lems

decade of net

a

recent

above

be

believe

nonbank institutions

after

group,

liquidation,

the

sources,

a

back

dynamics

the

Governments,

the

in small publicly financed next

buyers

not

Since 1960,

mar¬

fraction of private savings.

a

In

of

giant

accounting in each of them

kets,

variety of

(1307)

Chronicle

The Commercial and Financial

.

volume.

small net demand

a

.

.

wide

municipal debt.

both corporate and
It

Number 6304

198

Volume

rowing

a

naturally

has

not,

but

Continued

on

page

24

24

t

The

.(1308)

IjOWGi OICCLll IJGniclllQo

the

Be
Continued from page 23
liouiditv

of

less impor-

as

-

.

.

.

.

remaining $4 billion to

effect

a

later.

year

At

the

Thus, assuming near-term
of

sage

pas-

income tax-cut bill and

an

No large demand pres- reduction program of the proarising within the market Posed
timing and magnitude Outlook for Consumer Spending
work as in 1962. My estimates of f°r corporate bopds or mortgages would add strongly to the prosDespite the assumed stimulus
supply and demand aggregates seem likely to upset the equilib- pects °f the current economic up- 0f a tax cut, there are two major
closely resemble 1962. They are Tium of the rate structure as a swing lasting through most and areas which are unlikely to exSo

market

much

1963

in

far

sures

at

not
unwieldly and in financing
In view of the widespread an- tiortally strong records in 1963—
it the Treasury can withhold or ticipations of .tax relief, a failure housing activity and auto sales. 1ate to small. Non-bank institu- exert pressure on the market as to pass the measure might have
Housing—Total housing starts,
tional
funds
continue to
grow it Phases.
;
severe repercussions, especially in including
apartment units, are
rapidly. I assume that the contriIf
my
estimates
are
correct,
si°ck market, in business cap- now expected to reach about 1,bution of the banking system in then,. we must
look elsewhere ttal spending, and in consumer 560,000 units this year—up more
and

credit while other

consumer

remain

demands

credit

moder-

again be

1962. The

little less than in

a

large but

very

than at these money

re-

sidual should remain small. £>uch

tightening
the

in

been

credit

domestic

but

mands

rates

the

over

next

A real

year.

balance of payments, crisis would

by any change in the

of

balance

has

market

money

not

caused

jcs jn the overall level of interest

has lately occurred

as

flow aggre-

gates to find clues to real dynam-

bring higher rates all around. A

de-

sudden

sharp

in

spurt

commod-

confidence, and - thus seriously
weaken }he economic outlook for
coming year—both as to the
duration and extent of any furtber gain in business activity,
Thus far, the main threat to the
tax, bill has been the-unwillingness of the Administration, to give
sufficiently binding assurances

Nadler

Dr.

views

has

the

on

-

given

above

his
the

us

outlook

for

preliminarycredit
next year
on
his
the

in

for

an

forecast.

My

bitter
could

bonds

and

the

Treasury

to ithe

in

deficit.

I

commercial

new

complicate

markets.

Without them,

as

look

to

stability
most

bank

rising

other

tuating

loans

this

For

grow.

and

the total of mortgage

reasons,

pansion

decline

should

the

+nre

nf

+b0

various

moVv0t

another

the

v

/

■

yields

term

of

with

perhaps

the New York state

bo*^

t

■;

;

1964

.

following

business

Bankers

Association

.

,

.

20,

V;

f

.

•

V

■

mi

a/1

ihP

1

pi*

J)

/•

(tOOGTI SlXtlGR

,1

that

a

cut of

now

being considered will become

is

the

approximate

the

continued

size

serious

now

evi-

failure

to

significantly the large, deficit in
tt

q

tne u-

bnlcmpp

Mav

peritv

than

higher, thus totalling about $582 the average of three

peace-time
cycles since 1945.
While-such a
5%from 1962. This gives us an comparison is only suggestive and
estimated point of departure for by no means conclusive, it does
a preliminary assessment of busicaution us that, on the basis of our
ness prospects for 1964.
own
experience, some unusual

billion for the year

-

neariy

up

Key Factors in the Outlook
already

noter

activity

has

moderL

v?

been
in

pace

the

iv

7

at^

rising

although marked by

As

business

general

pari

year

P

y

'

various cross-

currents in some of the large and

i f..

volatile

°f

'

,

sectors.

®

In

offset

l

1

reserve currency

trade

and

reported

finance.

for

as

in free-

the

The

homes

for

new

An

estimate of

starts for

in

line

the market

in

and

apartments.

1,500,000 housing

current

to

seem

market

;

second velopments.
Autos-The

the
.

1964 would

with

pros-

of

some
.

be
de-

^
of

nace

new

•

auto

outlook

for the coming year there are at
:
;"t
yedr'
are 31
least three major conditioning mtwo

of

which

cerriing

which

judgment

external'

are

cycle itself, and

can

only
be

made

tWs

at

nnnumr

bac

or.

m01*ths.

alerf

wh

m

to to

PosslbUlty °f some identifiable
sustaining *<>rce, as well as to the
PossibiUty of any potential "trouble

time

spot" to which the present busi-

„

expansion, being relatively
might be especially vulinflu- nerable
As it happens, the cur,

,

Recovery Period's Age

(1)
ences

The
is

business
from

first

of

the "age"

these

of the present

upswing,

which

uno

e

the

rent national scene contains
outstanding example of each.
(2)

Potentially the most

} /

kl

.

,

dates

February, 1961. Considerable

nrnuro™

ppnf

ness

"old,"

.

-

.

.

.

an

now-

^ ine 111081 Pow

t-'nm0der" w"

now on the

As

a

short-term

to

ers

«0

on

zation

second

drain of U. S. military expenditures abroad. Whether the "interest-equalization" tax will be
Passed, and if so, whether it and

ticallv

'

1964

only

cars

72:

about
ta

consum-

about

to

sales of domes-

nroduced'

^

by

models

the market

may

^4

reception

the

interest rates, an Administration
proposal for an "interest-equalitax
and
yet
another
promise to tie more foreign aid
to U. S. exports, along with further steps to offset the dollar

the

this

vear

million-

i955's'record ' of

ckcal

.

fluctuations

in

consumer
.

Spending for consumer services
alone accounts for one-fourth of
Sross national product. All of the
major categories of services have
Participated in the steady uptrend

f
d°."° agam in 1 ^-household

relTa\ous ac«vn/

foreien

/avel'

r®A1S"^s activity, foreign travel,
?
total, outlays on such servPr°Jected to rise by 6%

'"consumer

spending

on

soft

goofeTsCTen terser^accounting
gooas is even larger, accounting

miHion.

'

,.

for about 28% of GNP. As in the

,

Tbere are reasonable grounds case of services, all the major catethe .view that, at best, domes- gories have participated^ in the

tic automobile sales, will .only postwar uptrend, reflectmg the
'ol«me now estimated growing population and a steady,.
for 1963'Jhus far, surveys.of eon- improvement m living standards,

effective,

.

dexmie^

riod, in sh«p contrast to the cyhard goods.
e
*>
',

rate of-consumer purchases.
...

;

slender Gvidence

on

But

wbirh

The two largest categories-^foodbeverage-tobacco

clothing

and

beverage tobacco, and clotning

and

shoes—are

expected to

ac-

count for about three-fifths of the

count tor about tnree fifths1 of the
dollar gam
ume

of

1964. The 1964 vol-

in

consumer

spending

on

soft

slender evidence on which u e of consumer spending on soft

a^
to
appraise
consumer
demand goods is projected to rise more
do»ar and la_rg<5 witth- oyer thel5-mpnth
period extend- than 3% from this year.
arawals of gold:from the U. S., .
thrnilIfh
1Q^4
Tbuc
ricir,^
»
the defensive measures employed !ng thfugh 19?4* Thuf, a rising
in total, consumer spending is,
would most likely affect business leyri of economic activity, coupled expected to add about $15 billion;
conditions
specifically
through ^
consumer^confl- ' to demand for output next year- .
the financial mechanism-e.g., ex- fence and higher incomes through reaching $386 billion, or a gain of •
change controls over outflows of tax reduct«>n. could well lead to 4% from 1963.
U S. capital, along with sharp
Outlook for Business Spending
and sudden credit restraint. The
%
™s*
same time,
against the dniio^

a

T

+

*

i

Pede' Perhaps seriously,
..

,

any con-

;

.

.

tmued upswing m business activ-

.

__

„

general tendency would be to im-

•

_

.

i/ iu,'«
"
3 substantlal
plant
Equipment. Prospects
tax, redu.c.tlon Pr°gra™ or some for a sustained -rise m P^nt and
unfavorable news op the economic equipment spending through 1964
,

„

front could equally well signal

a

are

iavorable.

The 1962 liberal-

proposed reduction ity—especially when the volatile downward adjustment in buying ization of depreciation allowances
'
wo
car ainly jn .personal and corporate income element of confidence is consid- plans.. A more persuasive but by and the investment tax credit
premaure
to
conclude
that
and Mean7con^mitteP a°tav ered'
Thus, the balance of pay- n° .means conclusive argument have already provided corporabusiness cycle is dead.
vparc

year-end,
expansion

but

»+

C ua1^ons !n.rf~

raise

as long as should develop into crisis proporThus, we shoqld now tions, via a major speculative run

to

tentative

a

whieb

e«neciaiiv

con-

further

ac-

should

fluences
ucntw
which
wiuui should be noted—
Simula De
the business

to

Reserve

tnrv

fmm

tory which has lasted

x

nojea

tion

Federal

other sfen«? bicf nntpH «,ii'i ^
sumer
buying intentions- have
tne otner steps just noted will be
h w
sustained hieh level of
remains to be tested. If, ^nown a sustamea nign^ievei of
unhanniiv the latent +breot ,*«
demand'for new automobiles, but
unnappuy, the latent threat in our
Q
olanned
acceleration
in
the
international
payments
deficit
Planned acceieration m the

nprinH

reenvprv

market.

as another "7 million car year," it

riroM

tne recovery period from the deep
dePressioa. of the early, 1930's,
there hac: heen
has been no nonwar period
of business expansion in U. S. his-

the

nn

,

the

sustaining force is generally neeess^ to prolong a business up«wfag much .beyond three years,
In ^ct, with the sole exception of

automobile

the trend, of single-

could

+•

+

quarter-a $5.2 billion yearly rate
-was the largest yet experienced.

more

the

Consumer Services and Soft
farnily
house ;c6S^r3ctiW ^as Coods.
Consumer outlays for
edged downward' since i960" with servic(r& and soft goods may be
the^'Vbl^me '^F'^iea in *'recent the; $ 'i i ri c i p a 1 beneficiaries of
months continuing to indicate a higher "take-home" pay from tax
somewhat sluggish demand.
On reduction- Spending in both catenet balance higher incomes from £0ldes
has shown a relatively
tax reduction and a general at- steady uptrend in the postwar pe-j
Meanwhile

good

months—or two months

guesses based on current developments in the economy and in

bracket in which first/cars are
bought, sales of new domestic
autos in 1964 may range between
Her momentum.
Since last fall,
million and 7.2 million units,
permits authorized for new apart- If 1964 does nQt make the grade

balance of payments— potential weakness

~~includlnS
1

will

sales)

growth in the 18- to 24-year old

vigorous

a

UOiUOll UlAllOD
may
saw b!.s been tetv
thbs
'Now
at
TiPaCif
Rp
Air-RnrriP
Am0ng
°/er
things"triggered
Lrinl963
Assuminga /easonINUVy
lJUdbL
dl Dt! rill -DUI Iltj a series of moves in Washington able

Continued from page

fleet

sion has been paced by

novmonlc

in the dollar and to its rule

deficit

"K IT

of

uptrend in. apartment .construetion, which now shows increasing
signs of losing some of its ear-

eliminate or at least scale down mosphere of confidence and

world

,

1

is

tax

the key

:
-

activity

of

thus posing a threat to confidence

1963.

•/' '

„

'

5

projection

which has held since 1960. economic "trouble-spot"

in cooperation with the Graduate School
of ^iness Administration, New York

impact

-

the

dent

sec-

■■■'

.

year

markets

tober will be distorted by the sizable

.

little but basically flue- effective by early 1964.
in the same moderate
(3) Perhaps the nifest

a

to?:s of the credit market, i have, university, Sept.
•

to fore-

me

little

a

demands.

reviewing

in

long

range

ex-

dPm™d<? " the aggregate t0tal °f
In

capital

knowledge,

for

is sti11 likely to be a near miss.'
Thus> while housing and autos
may not be as buoyant in 1964 as
upward trend in Federal spend- market is somewhat vulnerable, 1this y?ar> other types of consumer
iugOtherwise, many observers due to the heavy concentration in sPendin£ are expected to show
are nightly concerned that sus- a few large cities. This concen- strength. In the hard-goods area,
tained large-scale deficit finale- tration, combined with reports of a m°dest rise in outlays for furing may rekindle inflationary ex- rising vacancies,
more
liberal m^ure and household equipment is
pectations at home and further concessions, and the large volume exPected to take up the possible
undermine confidence in the dol- of units started but yet to be com- slack in the dollar outlays for
lar abroad. Since the tax bill now pleted, may well generate a level- automobiles—thus leaving total
appears to have a reasonably good ling off or a mild decline in the spending for consumer durables
(though far fram certain) chance rate of new apartment construe- about unchanged from the 1963
of passage, a crucial assumption tion in 1964.
level.

the economic out- in

suggests

of

as

no

economic

the

cast any of these extreme events,

raise; short-term rates for balance

payments reasons and

have

however, which leads

bank

continues

I

interna-

both

upset

and

unduly

campaign

domestic

and

problems

less

markets

capital

policy

monetary

change

somewhat

however

of

funds

much

rise

a

an

deyisive

and

tional

demands

municipal

and

not

total

assume

flow

credit

moderate

corporate

election year and

estimates

figures suggest very little change
from

restric-

a more

in interest rates. Finally, 1964 is

in 1964. I have based my

economy

figures,

my

tive monetary policy and

large

spending

than 4% from 1962 and the second
best year on record. The expan-

deliberate re- ijy prices would do the same. If
sponse
of monetary and fiscal the American economy responds
ment units have shown a level
policy to the problem of improv- to the expected tax cut with un- that the proposed reduction in trend, in sharp contrast to the
ing the balance of payments of expected vigor, wo would see a revenues will be accompanied by steady expansion of the previous
the United States.
rise in
private credit demands some levelling off in the sharp 30 months.
Also, the apartment
by the

further

on

hiShly tentative estimate at this
time, based on recent patterns of
demand and on projected trends
into auto scrappage, personal income, and. the rapid population

,

1963 will

ence

consumer

provide the first solid clues as to
the strength of demand. In the
meantime, forecasts of 1964 sales
ceed, or even match, their excep- can be little better than educated

" mortgages whple. Tre Treasury deficit will possibly all of 1964.

by

dominated

ahead.

same

been

have

forces

again

the

Thursday, October 3, 1963

gains in
durable
moment, however, this tax bill has the avoidance of a balance
pf pay- goods—particularly automobiles,
not yet been passed by the House,
ments
crisis, the probable ecoThe fact remains that consumer
said that only the municipal mar- and it must still be considered by n0mic profile of 1964 can now be acceptance of the 1964. models, as
ket seems vulnerable to special the Senate—where it faces uncer- sketched out, at least in rough revealed by sales in November
internal
pressures
in the year tamty and possible delay.
A tax outline.
and December (figures for Octake

think

and Financial Chronicle

-mainly .for consumers, would be pf the major imponderables in which, although not excessive,
made effective as of Jan. 1, 1964, the business outlook.
may exercise a restraining influwith

t^avwonrln

_ y^v —/»

Commercial

By

the
will

current

have




period

of

lasted

34

.

nzon ls

+

.

cnrpari

C

+

n

«
^

? Uommntee, a tax

billion would be
lubillion

IT
tax

of

relief,

.

rvr«bi«

r,

against the expectation of

A

a

rising

tions with

a

substantial increase

,m

^
trend of automobile sales in 1964 in the funds available for capital
°f Damocles over the head lies in the increasing burden of outlays. Corporate cash flow is
'

■

of the economy—and is thus

one

outstanding

instalment

d^bt

now

substantially

larger

than

Volume 198

Number 6304

.

.

The Commercial and Financial
Chronicle

.

(1309)
capital spending,
would be further

proposed tax

situation which

a

Expenditures

improved by the

cut.

-;

and
were

:

Not only should the flow of in-

even

more

centives to

strong in

1964.

The

also

need

place obsolete and high-cost

man-

services

become

plateau,

facilities

has

almost

essential

prerequisite

an

spending

re-

ufacturing

other

in

sponding favorably to the intense

1959

estimated $3.0

an

military

on

be

may

approaching

'

-

•

-

lower

*

-

■"

costs

—'

sition should
next

1

-1

•l?Vi

record

level

being experienced by

a

has

cvctom

The

system.

on

total defense expenditures

be

higher rate of return

on

further

increase

in

analysis

an

can

of

mil-

contract awards

terns

capital

totaled

$6.7

billion,

penditures.

in tiscai

1957.

On

Finally,
in

moved

the

average

above

the

Other

operating

manufacturing
85%

Federal

spending

mark—a

in

zone

which capital
spending eral
Government
significant boost, according goods and services
lVlCCxraW-lllIl Studies.
McGraw-Hill
studies. UlVen/^1
Given /total .pi
$70.4
billion
v.*

gets
to
tO

purchases

a

the

1962>

of

good

taxes, and

modest

there

the

last

took

a

-

1:

-

rising level of

could

well

be

the

major

place

first

time

1955-57.

;

lion in 1964,
estimated

as

compared with

$39.1

Inventories.

billion

in

Additions

inventories

ness

capital

plant and equipapproach $42.5 biL

new

should

an

1963.
to

'

foregoing figures, however,

not include

Federal

tens of billions

spending

for

of

interest,

other transfer payments, grants to

states,
the

and

stream

such

spend

and

forth, which enter

so

income

ehts

services.

the

as

funds

recipi-

for

Thus, based

goods

the

on

conventional

budget,, J^.e d

spending

$11.1 billion just in

be

the

a

rose

past

two

..

,

fiscal

e r a

1

years—of
.

,

mildly expansionary factor in the

which

1964 business

than half, was accounted
military outlays (including mil-

scene.

ample in all
of

Supplies

lines, with

immediate shortages.

are

fears

no

U

d

n

er

the pressure of domestic and
for-

eign competition, broad price advances are
unlikely. Finally, inventories

trolled

are

and

more

tightly

con-

better managed

than

at any time in the

postwar, period,
Again in 1963, business sales have
risen

relatively faster than inventories, with the result that the

ratio

of

inventories

recently fallen to
low level.

an

to

sales

has

exceptionally

seem

likely

to

preclude

accumulation, of

in-

ventories of the type which characterized the period between 1947
and 1957 when

inflation,

of

inventory

dominant influ-

The

economy.

pace

not

'

J

too

1

1

be-

indicated

as

quickly leads to the necessity of
unscheduled increases in defense

spending.

'

•

i.1

1

3

•

'

"

Outlook lor Government
Spending

Local

ino.
1110*

ic
IS

expected
^

1963._It appears

nnrnVmno,.

j

,

level

Federal
present

T"

outlays

$132 billion.

In

Government.

Although

ensure a rise in

in

1964,

the

almost
Federal

size

segment p£ spending

ds and services b

state and

local
al

governments

reflected

e+podv rise in

outlavs for educa-

tion

at

wiu

ataost certainiy continue

aU

levels>

a

trend

to restrain further wM/A«Tf4-L :
J
growth in Fed-

which
to

spending
will

avoid

—

hopefully,

b^accepted,

unmanageable




which

in

that

proportionately

in

one

order

deficits,

their

prepare

thp
the

fpplinj* of the
feeling
of the

fjrms

i964

cut

by

•

.

•

of
_

of

is

ah

now

show

may

little

gains

no

slippage from the

usually high levels of 1963, there
is strength in the outlook for busicapital spending and for
purchases of services

ness

soft

goods.

Higher

mand

for

goods

further

is

in

gain

For 1964

(c)

saies

new

total

highs.

rj,se

income,
to

total

services

an

output

of

1964,

as

in

estimated $582

billion for 1963.

Business

*

prospects

are

also

ic
is

lib-olir

+A ho
the hoct
likely to
be the
best
.

..

.

A/oar

year

.

fc°rd for business-in Ohio,
year since 1956 ln Penn~

sylvania and the best

other

year since

1955 in West Virginia. Based on
the forecast of a rising trend of
capital

spending and

high level of
1964 shouId be
This' is

sustained

a

consumer

ideas

outstanding

or

in

new-issue

ad-

mounted

1962,

to

$21.1

increase

an

"of

almost

1959 figure.

^ "svsterns' and"so
companying

billion

tbe

forth

continued

«»

in

$5.0
De^

_

i.

J1

.

*

But

as

e

""sist'of

w

4

f°r

1964,

to

indicated

be

una
later this,year.
.yea*.

be'

conducted

iatp 1Q63

it

i« honpd

»tre:« mSm

that

increase of $3.5

billion from this

year's estimated level of spending
for g00ds and services
'

The

look
n

the

factors

are

in

sur-

thp tav-

These

i

cost

in

the

profit

out-

_•

J

_

-

22.

:

divisions

or

memberships

in

ward

thus

far

this

year

and

are

higher than in late 1958, while

California,

tion

1963,

Series

The

memberships

in

Classes C, D, or E.

3.20%

of

wherever

100.095%

for

and

reoffering the securities

are

an

to

yield/from
mntnritA/

..

those
IflOSc

QU0
due

iqp«
lyOO.
1988.

111
in

in

the

offering

The

Chase

Manhattan

National

City

Bank;

Bank,

Continental

Thus,

it should

discern

more

be

by

pos-

eiinrmi,,

sharply the

Looking beyond 1964, it could
u

be

that the United States

'&

Bank

Co.;

Trust

Co.

Bank

New

The

of

Chicago;

York

Northern

"middle years," which have
a

:

'

Trust

Trust

-

Co.;

~

Glore,

Forgan

&

Co.;

Fenner

.Merrill
Smith

&

Inc.; Dean Witter & Co.; The First
National

delphia

Bank;

National

The

Phila-

Mellon

Bank;

National Bank & Trust Co.;

judges

William

Staats
Co/

j

best

be submitted

R.

n+ni

?

Ira

Haupt

Hutton &'

Hammill

Co.;

&

&

John Nu-

F"

shearson,

'

Co.; Mer-

Co/

Inc; E

Inc .

Co.;

&

Hornblower

is

Barth

^

interest.

All entries should

&

Paribas

directly

to

425

St., N. W., Washington 4, Republic National Bank of Dallas;:

TA

13th

/i

John

M.

Nash,

IBA,

>

D.c.
The

accompany

L.

Rothschild

F.

Co.;:

&

Ranlf in
in Dallas.
First National Bank

each entry and

individual
individuai

on

head.

Corp.;

following information should

each
^ ea"h

appear

firm's

letter-

xr

1

Wlll/vlty

Tnxr

±11V»

membership class of firm;

;

,

EieCt

WOUderi

:

-<

;

'

,

.

economic

growth, relatively high

unemployment, inadequate profits,

and idle

Jane

Inc.,

Minn.

St. Paul,

was

dent of the Twin
,

1

Minneapolis-St.

T«rV»i1o

thp

npr-

Other

.

&

-

is

organization of

Paul

women

sluggish rate of

in

business.

officers

elected

were:

tne cnues.
Merrill

persistent deficit

£

in

the balance of

Smith

Lynch, Pierce,

Inc.,'. St.

Paul,

Fenner

&

Recording

Rjjgg-j SSBS^^SS S8SST55?1964—as opposed to

a

specuHooWOOd

Tiod

of

economic

well-being.

prosperity

and

The "Golden Sixties,"

wb!cb U.P toVthis time have n0;
tab'Y failed to soar, may now at
,
J b air.borne
♦An

been

Co.,

elected Presi¬

City Investment

an

t*!®mm
the'investment
receded into

Ruth

—

Walston

Newman,

industrial^capacity. Al-

Years have largely

iu.

Ataot

characterized by

New

'National

Illinois

in

this year-end,

group

are:

Minneanolis
lative and inflationary boom- &
nneapolis,
could foreshadow an extended pe- responding Secretary.

"medicine."

for

..

to

recent

for

1.90%

tn

,

appropriate,

the

of

investor

new

annual

in-

+Vy~'lQfi/l

veen

create

1,

>

net

those entries which in

opinion

elec-

Oct.

4%'%;, 2%%, 3%

setting

On

shall be made in each of the cate-

the

due

National Bank of Oregon; Seattle-

Class B.

with

Awards,

Angeles

bonds,

A,

bid

group

coupons

1

$25,-

Unified

Los

*964 to 1988,-inclusive.

First

Firms

Bank's

*

CorCor

r

AnHrocori

tn

Arlmit

'

'
Andresen &

Co., 30 Broad Street,

wc

manufacturing have edged down- finally moving out of the so-called
no

County,

Lynch, Pierce,
with

•»»...»«»...

business outlook for the year end.

generally favorable. On
side, unit labor costs in

Angeles

District,

for

have at least responded somewhat

sible to
Profit Outlook

Los

Oct

on

bid

School

—

each division

Finally,
rumuj-, by

wtu

000,000

Chemical

2 i.

ahead will be the clues offered by

veys

best

the

of

Bank

S. A.

Anglo National Bank;

fears_?A

ac-

r

1

submitted

MINNEAPOLIS,
eco-

noted earlier, it is not yet in clear

ex-

•

*,

<■_

1964.

&

Co.; Wells Fargo Bank; Crocker-

television

or

^

Class A

by

America N. T.

Bank of Chicago; Kuhn, Loeb &

focus. Among the important con- ready
firmations needed in the months so prevalent du""S

'

of

managed

outlays,

preliminary

profile

group

spot announcements

tion

•'

.

-

a

radio

are:

(b)

l

Blyth & Co., Inc.;, The'First Boston Corp.; The First National

published

contest year,

nomic

/

r\r*r*

York; Bankers Trust Co.; Harris,
Trust & Savings Bank; Morgan
Guaranty Trust Co. of New, York;

example> state and local purchases
of goods and services for educa'

_

irUollClV OlIGrGCl

printed

even better'

the

X^IlgGlGS

and

or

Firms

-

promotion

w;ij'

(a)

-

_

First

,

in

;

A-nrrolnc

c

JLjOS

^

For Contest purposes the mem*

re-

_

.

T

Wl

Co
a

markable advance in economic
activity in all three states. Indeed,
1963

^

Included

pieces,

advertising.

jereniF o

^-

municipal bonds.

format

in

gories for

has already witnessed

year

sales

scripts

ievei 0f $605-610
billion,

a

or

during the

>

by GNP, is expected to

compared with

pamphlets,
on

idea

briefly

MllllOll B6lldS

advertising.

mailing

vertising

reach

gain of about 4%

The

and

measured

a

new-issue

a

Industrial production

1963.

over

goods

newspapers

Brochures,

innovation

corporate

expected

thus show

may

in

—

used

of

clearly^ and
;

priced

rfArrinop

New

services.

prospect

production,

are

o

established,

whole, most broad

as a

of

measures

and

?

literature

government

and

the

be

used,

was

promotion

terest cost of 3.09%.

and

spending will also add to the de-

Thus, there

-

con-

sumer

sales

'

mu-

01
magazines ovolnrlincf
excluding on
origi¬

nal

(b)

or

un-

w-k

or

appear to be generally
bright. Although housing and new

even a

on

;

.

Advertisements

j

crisis> the economic prospects for

sales

for

follows:

as

(a)

payments

_

auto

market

•

_

j964

the

work

.

balance

a

outstanding

description

material

described.

Material that may be submitted

now

being
UC1I1S cuuaiucicu,
considered, emu
and the
avoiduic
avuiuance

for

broadening

early

0f about the magnitude

to'member

recognition

techniques.

tax

a

-

nicipal securities through the use
of advertising and sales
promotion

Business Prospects

on

Assuming

'

The purpose of the Contest is to

provide

produces economic growth,

Summary

For

the

projected tax cut clearly implies a
political as well as an
economic
obligation by the Administration
eral

recent

on

has

*ng to date.

dampening efmajor motivating force

the

on

the best

1964

is:
is

\

commitments will

certainly
~

of

iong_belated and

a

with the
economy for many years,
wlth a consequent

°n

quarter during

sr.;1.
will rise sjs rssrt s»
nearly $7 billion in 1964,
a

a

Tt
It

to

in the number of entries,
contributing to making this

thus

saiutary trend—since such profits

a

n

to

its

time

year's Contest the most outstand-

ig

should

for

1964

This

the

new

fni

crease

probable rise of almost $1.0 billion

gest that the increases will be less
purchases of goods and

continue

loSg-stan<4in«""uptrend,""with

billion from the

than in 1962 and

to

—

additional

numer-

momKnrc
members

from

Committee that by granting the
extension of time, it will prove
in beneficial as the result of an in-

bright for the Tri-State Area. This

Governments,

state and local government spend-

r

IP

'

and

the months and years ahead.

different from the

ofPiQCfi^
lGVel in the second half
9 3*

that
tnat
direct

and

repeatedly in recent years, an increase
in international tensions

_

$5.0 billion,

rate

widely

was

requests

cor-

high

Any

granted

of

which

less profits-but with widely varying
for by trends in different industries.

agencies

Moreover,

won.

new

because

va/n11nntfi

ous

of

Securities

extension

Aim

fixed

or

ment. The battle to control nonmilitary spending still remains to

be

a

represented;

how

Education

.

accumulation during

,1964 should,
therefore, range
tween $3.5 billion and
a

other

j

mflatmn, and fears

were

in the

ences

increase

over

State

factors, .coupled with
only moderate gains in final de-

of

billion,

"

•

massive

the

of

spread

The above

any

$5.3

functions of the Federal Govern-

...

mand,

only

itary assistance abroad). The balance

reached

Public

Municipal

pntripc
entries.

taxes,

for

category
of

.

are now

4-V»

busi¬

only

may

do

line

with this appraisal of the
outlook
for
business

ment

The

which
In

investment,

i.UL

since

expansion

in

spending for

1964^ com\\

the rise attributed to the burgeonhig costs of the space program.

a

enlargement of industrial

capacity for

in

pared wtih an estimated $67.1 bilvvAnrltr
of
Bon this year, with nearly a(\c7^
40% of

profits,

.

.

demand,

are expected to

of

Pro-

expected to show a
further increase in both 1963 and

of

,

prospects

lower

pro-

rviJ

burden

profits after

fjnaUy

grams will probably be held close
to this year's outlays, so that Fed-

recently

the

balance, therefore, total

porate

fect
rate

Committee

profits—but

through higher utilization

had failed to grow

compared with only 10%

in

available capacity.

sys-

which

con-

demand

hence

iU-

spread

costs

In fiscal

major

ex-

business

J

also

by

cap-

of

Advertising and Sales

Bankers Association of America
has been extended to Oct. 10.
The

profits.

on

curve

for submit-

entries in the 1963 Municipal

motion Contest of the Investment

the

tremendous

1962 such awards for missile

bill, should improve prospects

and

which

on

nation's

impact of this crucial program

months

Municipal Bond Advertisements

Sept. 30 deadline

Bond

over-all

revenues—and

reflected

the Federal Government.

ital investment and hence lead to
a

spending

itary prime

ment
in
profit margins and a
slight reduction in the corporate

a

in

fiauged from

improve-

for

On

1964 should not
only increase sales

,

of profits

IBA Extends Deadline for Contest

in

set

some

Finally, the rising
sumer

—

missile

number of industries in
1963, combined with
a
modest

tax

-

the development of the

again be substantial

Also, the

year.

—1-

-

climb

im-

and

—"»■

-

re-

the past five years,

over

should react favorably

'

prove or maintain competitive
po1

are

programs

stability in recent

following^ an unusually
rapid uptrend from $42.7 billion

-

designed'to

costs

num, there has been

a

a fiercely
competi- in 1960 to $49.3 billion last year.
environment, so that outlays; A sizable proportion of this swift
v

motion

and

goods

for survival in

tive

production

cost-reduction

On the other hand, the rate of

be

to

research

billion in 1963, and a further subAlthough prices are still weak
stantial rise will undoubtedly, take jn many key industries, notably The
Place in 1964\
chemicals, plastics, and alumi- ting

important, the in-

invest should

space

which

insignificant $0.2 billion,

an

have soared to

ternally generated funds support
rising level of capital outlays,

a

but

for

technology,

25

address

by

lYth" Annual
s'

Mr.

_

Balles

his

at
~

Conference

S "rg

'

for

*

'

Cor-

P

New

New

York

York
—

Oct.

City, members of the

10

Stock

-f"

will

Woodcock

to

-J

—

Exchange,
:*■

admit

limited

Air:n:~~,

on
A

William

A.

partners

lp.

26

The Commercial and Financial Chronicle

(1310)

Continued

that
incentive is
en¬
prejudice—to create that climate
by excessive taxation and that stimulates growth by reward¬
over-regulation.
ing incentive — and in our own

Opens Up

Disquieting Vistas

1962, whereas in the same period
other

which,

risen

had

(time deposits, etc.)

Liquid

to

17.6%;

than

money

12.6%

from

other

assets

—38.5%

that

total

the

time

deposits

of the

Federal

letter

a

exerting

are

the

to

vestment

yielding

loans

traditional

'their

outside

investments

and

pattern

mand

deposits.

said

He

in

part

"fepeaking

generally, the

more

question might be raised whether
the present slow demand

loans

ness

and

of upward

permanent

for busi¬

to create de¬

Great Britain and

capital

in

which

structive outlets

their
;

funds

If this is the situation, then it

force

that the only counter-

seem

to

terest

bites

for

further

a

decline

rates, would be

in

in¬

gain in

a

corresponding

a

in the money
of

the

supply,

increase

in

the
or

Fed

for

other

High

policy

is

Rates and

the

of

Coincide

relationship
of

the

interest

be¬

the

of

had the

most

greatest

stimulate

two

tax

rate

interest

,

for

Mr.

the

domestic, demands

rate

changes

is

;

is

strong

evidence

will

which

permitting

But

reductions

the

the

io

stimulus"

not
easy

side

vast

amount

effort and

of

economist,

but

I

of

These
be

constructive,

looks

spent in

consider to
though

even

it

thought they would delay

as

balance

a

in

some

the

trammelled
more

potent

ference of 1

economy

is

factor

than

or

much

a

dif¬

a

2% in the interest

rate.

of

cries

for

Federal

budget

out

exorbitant

taxes

correction,

reduction

and

a

in¬

could

deed result in

enough stimulus to

the

that

But in

as

Washington, the problem

Franklin

works"

same

characterized

in, "Poor

way

"good

Richard's

manac":

Al¬

that

ever,

the

statement

tax

revenues

President's

barring

how¬

recent
more

any

spending projects is heeded at all
levels

of

there

will

government,
be

on

in

but

praying

is

thought

easier service and therefore

an

more

generally chosen."
There
about

is

much

sluggish

over-regulation

barriers

to




fretting

today

but

the

for

economy.

A proliferation of gov¬

ernment

agencies

regulate

not

genuity and venturesomeness.

The
of

men

this

31. In retailing, at

127

while manufacturing

industries

our

and

did

casualties

for

profit,

they sometimes

big profits is less important
than

that

got

railroads

built,

and

country has become the
industrial
John

Dr.

of

bank

the

nation
H.

of

greatest

world.

once

had

our

greatest

the

Williams

failures

in¬

that

and

said

been

of the

de¬

effect

one

stimuli

to

$5.92

week

and

0.2%

of

ago.

year

a

July and holding

even

index

the

weeks,

for

most

toll
in

as

year ago.

regions

West

ac¬

week's

the

of

Cen¬

North

only half

was

the

busi¬

fewer
a

to

other

In

preceding

heavy

as

the

on

bellies

and

eggs

strongest

Aug.

on

downward

index, while flour,
potatoes also

eased.

Partially counteracting
declines

butter,

cottonseed
The

oil

and
&

higher

wheat,

for

oats,

Wholesale Food Price Index
the

resents

of

pound

per

total of the

sum

and meat in

31

foodstuffs

raw

general

is

prices at the whole¬

trend of food

in

holders
mean

and
to

chicanery

depositors.

infer
or

that

I

dishonesty

do

not

approve
or

wild

the

point

that

the

incentive

build is the expectation of

to

profits,

So far this year

country's
dis¬

store
4a

(Jan. 1 to Sept.

retail

dollar

volume

(adjusted)

in¬

that

over,

for corresponding period

year ago.

serve

sales

to

the

System,

-

in

politan

New

Federal

department
York

for

area

New York

City

Re¬

store,

Metro¬

the week

ended

the week-earlier

one-third
other

Gains

Good

in

riod.
the

casualties numbered 58

cases.

States,

against

as

60, in the East North Central 55

against

lantic 39
Pacific

54

nine

the

South

At¬

against 50. In six of

as

business

mortality

ran

and

failures

edged

in the prior week

45

the

38

to

up

and

occurring in the

similar week last year.

A-;. -';

Continues to Rise
The wholesale

uneven

in

week

a

level pushed up
the highest
eased

in

25

shopping

pared
but

this

Monday, Sept. 30,
&

Dun

rose

Bradstreet,
and fell

re¬

Inc.

chang¬

as

ing prospects for White House
sale to Russia made wheat

gyrate. '
tween

ber

Continued

recent

pace

Home

goods

21,

rubber

also.

Rye

flour

eased

Indonesia-

and

prices

to

Quotations

step
fell

up

and

somewhat.

climbed

particular¬

has

lagging.

been

staged

ad¬

strong

items.

In

Similarly, hardware

supplies

garden

activity

contrast,
erratic,

in

purchases

auto

268.81

on

index

a

remained

month

ago.

behind

the

the

N.

4%

up

1963

Y.-Northeastern

Metropolitan
in

the

period

from

figure

area

1-Sept.

the

corre¬

period.,

year-ago

flast

Jan.

for

New

York

City's sales for the Sept. 28-end-

sales

ing

5%. No
how

week

one can

revealed

plus

a

surmise, however,

much higher the New York

3%

to 4%

last June

week N. Y. C. flash

plus 1%

a

1. The four-

figure reveal¬
last year's pe¬

over

set

broader

piled

of

the

by

data

retail

total

encom¬

sales,

com¬

of

Bureau

the

Census, U. S. Department of Com¬

put

merce,

weeks

below the

parable week, last
to-year
of

year.

contrast

four-week

showed
the

pom-

The yearthe

for

period

Unlike

1%.

21-ending

Sept.

the

total, 4 %

a

latest
gain

department

store statistics, the Department

Commerce's
data

are

over

adjusted for seasonal

not

variations.

On

an

8%

unadjusted

the

over

sales

store

basis, a department

gain

of

sales

all retail

-

year

-

ago

week.

lag attributed to the short¬

The

tail

total

trade

dollar volume

in

the latest

from

ranged

of

re¬

statement

1%

5%

to

higher than a year ago, according
to

spot

Dun

&

collected by
Bradstreet, Inc. Regional
estimates

estimates varied from comparable
1962

levels by

L. A.
LOS

the following per¬

nounced

Mountain

—

1* to

+3; New Eng¬

+4;

Middle Atlantic

+1

to

to

+5;

tral and Pacific

—

White,

members of the New

Stock

York

Exchange,

that

have

an¬

Hovey

Morgan

Harris, Jr. has been named sales
manager

of the firm's Los Angeles

office, 523 West Sixth Street.
Mr.

Harris

manager
the

was

formerly

City.

main

in: New

office

Previously, he was as¬

sociated with White,
dicate

sales

in charge of Equities in

firm's

York

centages: West North Central and

Calif.

ANGELES,

Weld & Co.,

of 1963 models.

age

Harris Sales Mgr.

vol¬

below ; year-earlier

slipped
ume, a

and

well.
apparel

fared

Commod¬

to

com¬

curtains and

land and East South Central 0

The Daily Wholesale

Index

and

be¬

Malaysia, the largest rub¬

producer,

caused

ity

prices

year

cumulative pe¬

same

Jersey

were

since

1962, whereas department
in

New

pe¬

1%

drapes, appliances, and entertain¬

week

friction

a

Sept.

Saturday,

snapback

ap¬

proval of the $250 million wheat

days,

reported;

the West Coast, where the

on

was

week, and then resurged again to

few

a

Volume perked up

21.

ly

for

retailers

most

last Wednesday to

last two days of the

last

above

unfavorable

Some

weather and the religious holidays

point since mid July,

the

ended

week

the

Sept.

level.

second

goods kept over¬

in

Wednesday,

the

substantial pur¬

row,

volume

year's

for

pace

of home

chases

all

ment

commodity price

in

stores

passing

Although retail sales moved at
an

vances—in furniture,
Wholesale Commodity Price Index

of this

beginning

riod

down

were

pared to the

A

strong

comparable 1962 levels.

Canadian
47

the

in

against 40, and in the

major geographic areas,

however,
below

56,

as

They

Goods

Home

Buyin£

>

level.

few

a

Atlantic

Middle

the

In

than

more

unchanged com¬

were

pared to last year's four-week

riod.

regions, failures did not

by

vary

City's department store

sales alone

the Mountain States' toll stood at'

Weld's Syn¬

and Research Departments

and while in

research, he

special-^

ized in the oils.
He
urer

last

served

year

as

Treas¬

of the Investment Association

of New York.

43 to 47.

1962 level of 270.08, however.

bank

I

the

for

21), the 12 department store dis¬

ed

sale level.

The

resulted

period

leading department
tricts.
v;-V
';

absence of the sales tax rise from

general

—entrepreneurs using bank credit

failures and losses to their stock¬

6%

gained

last year's level for the com¬

over

Its chief

the

show

to

East North Central and South At¬

if frequent

period ended

sales

City sales might have been in the

lantic -}-2 to 46; West South Cen¬

even

1963,

It is not

use.

cost-of-living index.

a

function

rep¬

price

Monday and 264.33

things

21,

A

Inc.

Monday, Sept. 30, from 267.96 last

build

the four-week

Sept.

steers.

Bradstreet,

capital formation in this country
did

from last

,

coffee, sponding

milk,

sugar,

Dun

the

were

quoted

lard,

and

week

lambs,
the

year

corn,- rye, cocoa and

and

close

came

geographic

Two
counted

tral

level,

number.

substantially

ported

established

it

to 30 from

up

casualties,■■

succumbed than

nesses

268.81

who built the railroads

country

the

$5.91

several

Hogs,

as

vigorous

a

speculation—I only wish to stress

growth

among

from

41

last; year's

exceeded

excessive

are

last

up

the

exerted

year-ago

lines,
'

that

present projects.

and

chief

and

reduction

some

together

bankruptcies

•-

"Serving God is doing good to
man,

their

as

economy

that

is regarded in much the

toll

to

Construction

The drag on the

years.

economy

dustries

un¬

behind

54

down

change,

In

for

now

reasonably

chalked

service establishments

downturn—the

I

measures,

of

a

the

against 126, there was virtually

service

time-consuming
now

In

without

adjustment shows, how¬
decline of 2.3%

a

The;

a row.

index

sales

According

below

20, and has remained there since.

matched

desir¬

the

trying to avoid taxes.

strongly believe that the prospect
in

mor¬

spite their week-to-week decline,

upper

lessening the

ingenuity

and the fact that

no

224
con¬

service

and

with

week,

27.

formation.

also have

effect

able

made

am

to

off

were

0.3%

ran

the

no

the greatest

capital

seasonal

a

slipped behind last

to 19 from

spending.

;

in

brackets will produce

in ef¬

that

Mr.

tality dropped appreciably during

as

individual

the

discretionary

ing weekly uptrend in

12

Seminar

the end of

Construction

is

im¬

if

prior week,

year ago.

largely

consumption

index

18th encourag¬

the

Sept. 21 gained 1% over the com¬
siderably from the 266 of this, size Running higher than 1962 from
the latter part of May through parable year-ago .week's figure.
occurring in the similar week a

contractors

stifles.

profit

the

239, but also

and among

money stimulates and hard money
I

from

The index

there

conclusive

ly

from

1971.

Profit Incentives Are Needed

But he then goes on to
say,

that

Continued from page 13

stimulation

potential

greater

perfect ..."

fect,

York

year-ago

weekly

rung up

payment,
relief for

only to protect the individual,
1963, throws this light on the sub- (sometimes against his own cu¬
ject:
v
pidity) but often usurp functions
y '
"Economists' knowledge of the of
management and shackle in¬
to

by

1962. The

over

marked

parable

/

STATE of TRADE and INDUSTRY

ad¬

Federal Reserve Bulletin of June,

of

by

prices

the

elasticities

Yor:k

and not

wholesaling edged

of

in

in

protect

Sharp before the In¬
sponsored
by
New
State
Bankers - Association,
New
City, Sept. 20, 1963. A
,/

standpoint of the general economy

than

writing

achieve

talk

*A

vestment

these

vigor

Brill,

local—to

capital.

our

on

failures slipped to 37 from 43 and

other

H.

insist

not to be belittled either from the

taxation

Daniel

of

cash

no

brackets

rates. There then must be reasons

rates

charge.

compared

21
the

gain

tricts'

individual tax rates. Those in the

Yoked

economies.

we

we

Sept.

like period in

creased ,5%

proposed reduction in

is

spending

interest

dates

be

in the

growth in the last decade

low

only

proposed

corporations until

There
also

the

by

will

have also had the highest interest

national

can

profit margins and the return

influences

reason

doing

so

week

week.

rates

souls

appear—to

and

the rates

as on

Only by

in government, both

economy

regulation by

rates.

would be increased. I hope,

rates?

countries

that have

rate of

Rate

these

they

Federal

im¬

of

points

corporate

the

meaningful

Growth

level

Certainly,
world

of

the .part

on

country's rate of growth

a

the

and

money

tightened

balance-of-payments

Interest

What

a

reasons.

Economic

tween

halting

a

the

supply stemming from
monetary

increase

or

counter

on

enough, and if it is ac¬

in

there

the rate of growth of the economy

without

little

companied

They might

use."

would

we pay

week's

the

on

over

in

reduction

a

the

tax

are

con¬

be found for

can

must

ending

with the

ever,

means

More

income

the

sure,

pro¬

than

faster

periods.

percentage

or

investment

savings

accumulating

vigorous

temporary situa¬

grams suggests a

whole

our

wane.

we

much

as

week

conscious

depreciation

or

condition.

the United States of any

tion

be

lower

transitory

economic

The absence in

in

lack

consequent

pressure

mand deposits are a

surge

To

vance

follows:

as

and

four

is

lending short-term against de¬

of

time

reduce

to

higher

seeking

then

and

with

such,

rate

and

portant, however, is the proposal

banks

bidding aggressively for time de¬
posits

credit

recovering capital outlays

shorter

freedoms

wTaxes,

as

must be cost conscious,

we

conscious,

our

capital for¬

guide-lines have provided
of

London

commercial

about

—the latter

ebb—that

no

same

already effective in¬

on

"Economist," raised several ques¬
tions

of

has

policies

speculation. At the

courage

time,

inflation

credit

that support real growth and dis¬

money,

fee

strive

pro¬

follow

support to the belief that the tide

wherever

tax

to

the big voting blocs can only lend

If ours is not to be

a

I believe, be regarded

can,

real stimulant to

a

mation. The

Board, in

Reserve

recently

as

Mills

Governor

rates.

long-term

creating

Administration's

posals

growing

that

pressure

than

easy

banks,

everything that caters to

on

palatable regulation

more

say

easier,

seem

Tax-Cut Proposals

The

liquidity is not alarm¬

ingly excessive, but does point up

again

to

voters,

;

indicate

to

seem

prayer,

spending,

easy

to-

37.0%, respectively.

and
would

This

is

the

spending

easy

government that is dedicated

easy

climate encouraging to growth.

only moderately above 1955

were

like

which
to

and

money

easy

money

to

stimuli usually recommended are

from page 10

Thursday, October 3, 1963

.

feebled

A

Some

.

that

and

A "Look Ahead"

.

Wholesale Food Price Index Eases
For

Second

Week

in

a

Inc.,
$5.90
ond

by

edged
on

,

Dun

down

Oct.

&

Sales

Row

Department

Stores

Rise %% Above Last
Year's Level

The Wholesale Food Price Index,

compiled

Nationwide

Department

store

sales

on

a

Bradstreet,

fractionally

1, marking the

consecutive weekly dip.

to

sec¬

The

country-wide basis
the

Federal

dex

were

up

as

Reserve

Gilligan, Will Admits
Albert Will has been

taken from
Board's

in¬

2% for the statement

partnership

in

admitted to

Gilligan,

Willr &

Company, 22 Thames Street, New
York

City, members of the Amer-

Volume

198

Number 6304

.

.

The Commercial and Financial Chronicle

.

(1311)

Indications of Current

The

following statistical tabulations

latest week

Business Activity

week
Latest

AMERICAN
Steel

of

for

AND

IRON

ingots

Index

STEEL

indicated

steel

operations

The

American

Iron & Steel

this

data

in

AMERICAN
Crude
42

weekly

late

1,879',000

Sept. 28

Sept. 28

output—daily

gallons each)
runs
to stills—daily

fuel

oil

Kerosene

-

Sept. 20

Unfinished

OF

at

(bbls.)

-

Bituminous

(U.

coal

Pennsylvania

and

lignite

anthracite

CONSTRUCTION

OF

advance

ADVANCE

EDISON

PLANNING

output

FAILURES

AGE

SALES

—

14,890,000

14,246,000

13,437,000

4,740,000

4,765,000

4,966,000

5,396,000

36,053,000

34,690,000

37,042,000

168,051,000

169,060,000

Sept. 20

52,909,000

53,216,000

156,179,000
51,900,000

Sept. 20

83,449,000

84,020,000

87,843,000

84,278,000

Sept. 21

596,325

596,056

(in

500,058

PRICES

(E.

.

.Sept. 26

$619,500

$920,600

$432,900

$312,600

Sept. 26

385,200

579.500

261,900

163,200

341,100

171,000

149,400

Sept. 26

193,300

330,800

4 41,000

165,100

143,100

.Sept. 26

10,300

5,900

6,300

119

122

117

117

—

DUN

18,181,000

254

281

247

ton)

6.279c

6.279c

6.279c

6.196c

$63.11

$63.11

$63.11

$66.44

Sept. 23

J.

$26.83

$26.83

$27.17

$27.50

QUOTATIONS):

at

Lead

(St.

tZinc

Louis)

(delivered

Zinc

(East St.

Aluminum

Straits

S.

at)

Louis)

BOND

PRICES

Government

Average

at

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

tin

MOODY'S
U.

at

at

Bonds

30.600c

30.600c

30.600c

28.350c

28.425c

28.400c

28.475p

11.750c

11.750c.',

11.500c

9.500C

11.550c

11.550c

lv1.300c

13.000c

13.000c

Sept. 27

12.500c /

Sept. 27

22.500c

J

'

'

89.09

84.43

Oct.

86.91

Industrials

S.

BOND

;

Government

Average

Oct.

c.

YIELD DAILY

Conservation
All
•'

l-'4V'"' V

corporate
—

A
—

Public

Group

Utilities

Industrials

MOODY'S

Orders

Percentage

of

>

,

-

•

89.64

1959

__

ACCOUNT

BERS, EXCEPT ODD-LOT DEALERS
Transactions

of

specialists in stocks
Total purchases
:
-.
Short
sales
Other

.

Total

.

Other

sales

sales

Total

4

87.45

Short

-

U.

COMMERCE—Month

84.43

84.43

82.03

86.78

87.05

83.91

89.51

89.78

88.95

89.37

89.51

89.78

3.97

3.96

3.80

4.42
4.51

4.51

4.48

Oct.

4.83

4.83

4.83

Oct.

4.64

4.43

:7V'''

4.60
4.31

4.40

4.43
4.62
'

Total

'

4.63

4.45

4.43

4.46

4.45

4.43

365.9

366.0

357.9

362.0

377,509

381,243

364,389

381,739

376,429

362,815

99

98

98

4.47

Oct.

379,156
368,411

Sept. 21

621,947

-Sept. 27

99.48

-

;:

,

'

4.87

floor—

v

:

98

.

614,072

600,015

498,180

y

*99.15

98.91

98.54

OF

;
c

6

Sept.

6

Sept.

6

2,601,110

2,414,080

1,911,590

Sept. ; 6

3,327,540

2,989,630

2,452,760

3,305,630

3,036,890

726,430,

6

Sept.
Sept.
Sept.

6

115,500

6

591,580

6

707,080

Sept.

6

.—Sept.
Sept.

6

:

__

.

;_

sales

sales

by dealers

of

(customers'

Round-lot
Short

of

Payroll

Other

other

sales—

2,455,240

575,550

983,620

541,170

686,380
,

•

:

1,352,536
V

6

All

S.

*61

Not avail.

Not avail.

117

Not avail.

♦692

700

195

*184

169

119

*114

4 105

76

♦70

36
71
/ 1

A

62

64

58

52

54

Not avail.

♦158

147

38

35

15,893

15,016

$58,980
14,320

*$58,770

4

36

14,957

28,000

*14,240
*27,790

$101,300

*$100,800

$57,000
.

r»

'<

;13,970
27,180
$98,150

DEPT.

SERIES—Month

$454,300

$1,081,500

$904,800

12,679,000

'12,579,000

12,624,000

6,975,000

*7,061,000

5,704,000

*5,518,000

6,883,000
5,741,000

118.0

*118.1

114.1

17,160,000

17,057,000

17,040,000

9,583,000

9,670,000

9,455,000

7,577,000

7,387,000

7,585,000

350,107
410,623

301,545
369,654

288,968

$325,000,000
65,900,00

$357,100,000
69,400,000
13,600,000

$316,500,000

73,900,000

68,200,000

142,700,000

200,300,000

154,200,000
159,400,000

$824,900,000

$827,600,000

$749,600,000

$5,057,000

$4,920,000

$3,796,000

of

(production workers)

(1957-59

averagc=100)—

manufacturing

-AH

.__

manufacturing

Durable

d

goods

Nondurable
FABRICATED

goods

,

STRUCTURAL

INSTITUTE

Contracts

OF

_.

STEEL

STEEL

(AMERI¬

CONSTRUC¬

closed

(tonnage)—estimated;
(tonnage)—estimated

Shipments
LIFE

INSURANCE

BENEFIT

1,676.990

.4

421,620

PAYMENTS

INSTITUTE

—

INSURANCE—Month of
Death

OF

LIFE

-—

endowments

At-

payments

Surrender

—,

—

—

———

values

Total

--U-!

—!

—

12,400,000
73,500,000
147,800,000

:

—

Policy dividends

1,350,050
1,771,670

367,412

TO

June:

benefits

-

515,320

351,980
81,600

71,950

66,800

601,950

369,990

297,280

673,900

436,790

378,880

,

NEW

YORK

As

of

-

56,300,000
12,100.000

153,800,000

7

>

155,630'

1,170,440

1,207,357

927,620

565,409

211,250

216,910

105^375

firms

Total

extended

Total

Market

value

shares

Member

borrowings of U. S.

borrowings

820,846

525,151

1,361,215

1,037,756

630,526

3,898,180

2,594,379

sept.

6

997,560

858,750

824,880

608,595

Sept.
Sept.

6

4,363,130
5,360,690

4,165,995

3,102,426

2,172,481

Durables

2,781,076

Nondurables

of July

;

Govt,

—

issues—:

other collateral

on

23,000

25,000

1,093,000
400,961,000

1,126,000

1,130,000

382,213,000

324,513,774

23,000

654,000

615,000

592,000

4,072,000

♦3,997,000

2,552,000

$33,760

*$33,600

$32,630

25,230

♦25,160

24.370

$58,980

♦$58,770

$57,000

35,910

*35,150

33,400

$35,700,000

$35,500,000

$33,900,000

INVENTORIES & SALES—

MANUFACTURERS'
Month

—

credit balances—

free

listed

of

accounts—

balances

customers

to

Member

1,149,965

3,927,306

margin

debit

net

customers

of

4,930,627

5,024,745

(000's omitted):

carrying

customers

1,326,070'

6

EXCHANGE—

STOCK

August 31

Member

5,641,786

STOCK

AND

SALES

ROUND-LOT

OF

ON

THE

STOCK

MEMBERS

1,926,592

N.

Y.

1,319,083

956,505

$84,220,858

$67,751,959

$48,243,729

1,832,003

1,513,402

1,053,248

'

(millions of dollars):

Inventories—

'

6

14,252
1,912,340

15,443

32,856

1,820,892

1,497,959

1,020,392

$99,818,957

$90,409,041

$73,493,843

$51,530,987

W-

Sept.

6

Sept.
Sept.

6
6

653~. 060

Sept.

6

387,300

11,111

—_

—

653,060

705,910
•

532,340

367,700

*65,910

532*,-340

3~6~7~70O

406,470

354,620

260,960

STOCK

U.

S.

DEPT.

Sept.
.Sept

6

1,214,900

1.091,400

1,088,020

906,540

6

23,569,840

Isept!

22,821,900

17,986,790

11,546,110

6

24,784,740

23,913,300

19,074,810

—

..—

figure

delivered

ba^n

«»■

12,452,650

umber
<t




farm

and

foods

100.3

*100.3

Isept.

100.4

101.0

24

95.3

*95.2

96.0

Sept!

99.5

24

101.4

*101.0

101.7

103.0

Sept. 24

92.9

*93,3

95.3

102.9

100.8

100.8

100.7

100.8

Production.

Tread

of

orders

not

where

freight from East St.

reported

since

in troduction of
Louis

Monthly Investment Plan.

exceeds

one-half

cent

a

pound,

JPrime Western Zinc
(a)

Not

available.

~—

—-—

—

—.

Inventory

—

11,141,159
8,927,591

10,583,847
9,888.514

9,233.310

24,839,290

26,953,660

22,309,811

10,635,681

Shipments

and

*

——

-

—

(pounds)

—

(pounds)

—

(pounds)

Bus Tires

(Number

973,029

3,279,705

(pounds)

STATES

BUREAU

3,021,322

2,932,569
3,182,988

9,818,070

10,436,617

8,906,689

39,643,000

35,199,000

39,237,000

39,358,000

37,278,000

38,560,000

17,073,000

17,705,000

16,326,000

1,540,177
1,254,716

1,359,186

1,305,454

3,990,528

1,306,901
4,272,474

1,177,376
3,721,031

$1,816,000

$1,863,000

1,504,600

1,356,500

$1,707,400
1,337,200

3,649,818

3,116,467

of)—

—
—

Inventory

Imports

277,474

(Camelback)—

Production

Exports

303.372

311,211

1,129,952

338,737

(Number of)—
,

—

Rubber

UNITED

'323,662

256,675

1,054,343

Motorcycle, Truck and Bus
Tubes

OF

EXPORTS
CENSUS

(000's omitted):

centers

—

\

Shipments

—Sept. 24

—

than

—

Implement Tires (Number of)—
Shipments

Inventory

Sept. 24

(Number of)—
T

4—— ———

Tractor

Inner

Group—

commodity

4

Production

Production

...

•_

ASSOCIATION,

July:

Shipments

Truck

fends

of

Passenger & Motorcycle Tires

Passenger,

OF

commodities.

products.

(000's omitted)

MANUFACTURING

Production

—

—

of July

INC.—Month

Shipments

—

PRICES, NEW SERIES
LABOR—(1957-59=1 OO):

As

IN CIRCULATION—TREASURY DEPT.

Inventory

,

WHOLESALE

MONEY

RUBBER
,

TRANSACTIONS

Other sales

♦Revised

$90,223,575

6
6

sales

Processed

6

1,547,185

(SHARES):

round-lot sales—

Commodity

1,621,311

6

;

ACCOUNT

6

—Sept.

by dealers—Number of shares..

Total sales

on

67

number of employees in manufac¬
turing-industries—
4- '
<■;

6

.-—Sept.
sales

sales

purchases

ROUND-LOT

Short

sold

269

-

39

*76

Estimated

Credit

dealers—

by

shares—Total

EXCHANGE

All

U.

—

indexes

6

—Sept.
Sept.

sales

Round-lot

Meats

*276

41
87

August

goods

Sept.
Sept.

Sept.
:_Sept.

:

sales

Number

Fa-rm

275

purchases)—t<

shares

Customers'

-

—

of

AND
SPECIALISTS ON N. Y. STOCK
SECURITIES EXCHANGE COMMISSION

—

Dollar value

All

26

DEALERS

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

•f

464

*33

/<

Nondurable goods

r-•

sales—:

Number

Total

REVISED

Annuity payments

Sept.

-Sept.

;

Dollar value

FOR

75

*485

PAYROLLS—U. S. DEPT.

August:
manufacturing

Durable

Disability

the floor—

sales

EXCHANGE

TOTAL

*61

vy

July

'

.

AND

LABOR

Matured

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT
OF ODD-

Odd-lot

.

'

,

Total

LOT

27

1,762
~

TION)—Month of August:

registered—

sales

Total

CORPORATIONS

EMPLOYMENT

4.49

,

SPECIALISTS

L

purchases
Short sales

421
'

4

'

REPORTED

omitted)

POLICYHOLDERS

round-lot transactions for account of members—

Other

S.

(000's

5.02

4.65

4.44'

Oct.

PUBLICLY

—

OF

MEM-

OF

which

sales

Other
'

on

DIVIDENDS

BY

.Oct.

sales—'.
initiated

4'4;' 90

4
CASH

87.18

-Oct.

;

transactions
Total purchases

of
;

:_

91.48

4.29

_—

Other

*1,790

.

COM¬

89.19

>

'

the

33

'

■

OF

.

89.78

4.32

Sept. 21

purchases

Short
Other

Total

off

-

89.09

4.32

sales

initiated

DEPT.

—

90.20

.Oct.

sales

transactions

Total

AND

in

/'

Retail

CAN

1

FOR

of dollars):

*92
413

33

IN THE

SERIES —Month

91.77

4.50

—Sept. 21
Sept. 21

AVERAGE=100

TRANSACTIONS

NEW

(Millions

4

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
ROUND-LOT

INVENTORIES

MERCE,

87

BRADSTREET,

INC.—Month of July

91.34

4.52

—Oct.

-

V "'

'

(NEW)

&

88.67

4.52

of period

end

V

'

'

89.78

.Oct.

INDEX

at

__

•''

•

108.500c

3.95

:

(tons)

.

.

STATES—DUN

115.000c

-Oct.

-

_

activity

orders

-

development

INCORPORATIONS

116.875c

89.23

(tons).

(tons)

;!'

1

BUSINESS

PAPERBOARD ASSOCIATION:

received

Production

Unfilled

;

-

Group

Group

COMMODITY

NATIONAL

"

•

152

•,511

*

enterprises
and

24

-

.'

507

,

systems

public

Wholesale

Oct.

_

Railroad

other

27

74

Not avail.
...

service

_

All

Bonds

Aa

Baa

water

service

24.000c

AVERAGES:

4——iiA

Aaa

and

Sewer

22.500c

88.81

Oct.

U.

;

■4

*505

423

61

90

147

;

1,880
^

Other nonresidential buildings

Manufacturing

88.92

88.67

Group
Group

27

150

Military facilities
Highways

Public

327

,

57

510

—-

and

4

59

:

Administrative

11.500c

88.54

89.92

Group

recreational

Educational
Hospital and institutional—

9.300c

,

99

public utilities
private

12.000c

88.93

,

Oct.

Utilities

and

institutional

utilities

other

-

'

construction

12.500c

88.54

4,

Oct.

—-

MOODY'S

83

13.000c

91.34

Oct.,

Baa

Public

56

91

12.500c

Oct.

A

Railroad

57

22.500c

.

117.125c

'

Oct.

*

_

Aa

84

'

AVERAGES:

corporate

Aaa

30.600c

Sept. 27

Sept. 27
Sept. 27
Sept. 27

Sept. 27

——

DAILY

Sept. 27

241

316

UNITED

refinery
Export refinery at
(New York) at

238

60

BUSINESS

Lead

251

87

Water

Sept. 23

1,039

,

4-___-

and

Industrial

305

Sept. 23

991

332

Religious.

Sewer

Sept. 26 ;

114

1,050

471

Nonresidential buildings

16,023,000

445

105

246

construction
Residential buildings

&

*500

112

225

Public

Electrolytic copper—
Domestic

™

Telephone and telegraph

,

17,478,000

1,794

419^

_

208

Public

RESERVE

17.285,000

*1,902

437

Other

234,300

4,082

1,903

alterations

buildings

5,844
2,353

'229

Farm
,

*5,973
*4,183
*2,507

467

Social

313,000

■

4,177

225

507,294
8,875,000

131,715

242

494,365

475,000

184,106

83,307

Stores,

592,154

9,550,000

192,491

Office buildings and warehouses

594,740

430,000

.

M.

&

;>

PRICES:

gross

and

Hospital

*9,905,000

Sept. 21

INDUSTRIAL)
1

INC.

(per

477,016

Ago

2,434

restaurants, and garages
Other nonresidential
buildings

54,933,000

415,000

Sept. 28

steel
(per lb.)
(per gross ton)

steel

"

.

\

.

6,057

~

Commercial

.

AND

85,728

;

Nonhousekeeping

All

;__

201,355

buildings (nonfarm)
housing units

Nonresidential

180,296,000

9,845,000

kwh.)

000

184,232,000

Sept. 21

100

=

construction

construction

Additions

ENGINEERING

INDEX—FEDERAL

AVERAGE

COMPOSITE

iron

METAL

14,966,000

182,970,000

INSTITUTE:

BRADSTREET,

Scrap

2,993,000

Sept. 21

;

(COMMERCIAL

Finished

Pig

30,137,000

2,617,000

new

New

(000's omitted):

Municipal

ELECTRIC

Electric

IRON

31,367,000

-

MINES):

Federal
STORE

Residential

'

CONSTRUCTION—U. S. DEPT. OF
LABOR—Month of August (in millions):

:

31,561,000
2,863,000

Sept. 26

SYSTEM—1957-59

Private

8,325,000

35,772,000
172,221,000

(tons)

Public

DEPARTMENT

7,317,760

8,732,000

Year

Month

BUILDING

Miscellaneous

planning by ownership

and

7,666,760

8,586,000

30,604,000
2,580,000

cars)—Sept. 21

of

(no.

Private

State

*7,559,460
.

;

MINES)—

Educational

(tons)

NEWS-RECORD—NEW SERIES
Total

60.5

OF

Production of primary aluminum in
the U. S.
(in short tons)—Month of
July
Stocks of aluminum (short
tons) end of

RAILROADS:

BUREAU

S.

0.575

182,421,000

at

AMERICAN

freight loaded (number of cars)
Revenue freight received from connections
OUTPUT

0.605

Sept. 20

at

Revenue

COAL

0.61

(BUREAU

Industrial

Sept. 20
(bbls.)

(bbls.)

oils

ASSOCIATION

—

at

oil

fuel

94.8

Total

Sept. 20

output

oil

fuel

Residual

94.7

8,509,000

output

(bbls.)

Distillate

100.0

7,597,510

I'.

(bbls.)
-Sept. 20
(bbls.)
Sept. 20
Stocks at refineries, bulk terminals, in transit, in pipe lines
Finished gasoline
(bbls.) at
Sept. 20

.

100.9

ALUMINUM
'

Previous

Month

1,766,000

July

Sept. 20

output (bbls.)
Kerosene output
(bbls.)
fuel oil

Latest

Ago

1,765,0'00

of

(bbls.

average

(bbls.)

average

Gasoline

Residual

Ago

1,863,000

issuing

Sept. 20

Crude

Distillate

on

Year

INSTITUTE:

condensate

and

'

cover production and other
figures for the
Dates shown in first column are either
for the
that date, or, in cases of
quotations, are as of that date:

month available.

Month

capacity).

cent

Institute discontinued

1960

PETROLEUM

oil

(per

Week

-Sept. 28
production

or

month ended

or

Previous

Week

tons)
average

1957-1959

Unofficial

.

INSTITUTE:

castings (net
based on

and

production

27

—

AND IMPORTS
Month of July

«

1
——

The Commercial and Financial Chronicle
28

.

.

.

(1312)

Thursday, October 3, 1963

* INDICATES

Securities Now in Registration
repayment, plant improvement, inventories and accounts
receivable. Office—700 National City Bank Bldg., Cleve¬

NOTE

Registration statements filed with
issue of the "Chron¬

—

the SEC since the last

icle"

carried separately at the

now

are

parenthesis alongside

tion." Dates shown in

company's

the

name,

not, in general, firm

offering dates.
"Effective

shown under the caption

Also

Registrations"

are

those issues which became
offered pub¬

effective this week and were

licly.

•

Adkins-Phelps Co.

(10/7)

7/

Aug. 7, 1963 ("Reg. A") 50,000 common. Price—$6. Busi¬
ness—Wholesale distribution of agricultural products.
Proceeds—For

Aerosol Techniques,

are

1963

20,

(11/4-8)

Inc.

common, of, which
company and 70,000 by

80,000

150,000

filed

offered

be

to

Magnolia

Underwriter—Trulock &

Ark.

St., North Little Rock,
Co., Pine Bluff. Ark.
Sept.

Office—403

capital.

working

by

certain

Price—By amendment (max, $25). Busi¬
ness—Manufacture of various types of aerosol products.

stockholders.
Proceeds

—

For acquisition,

repayment, property improvement, and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
writer—S. Schramm & Co., Inc., New York. 'V;..

debt

equipment, debt repayment

working capital. Address—Bridgeport, Conn. Under¬
writer—Laird & Co., Corp., New York.

and

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

apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and' other corporate

Office—901 Fuhrmann Blvd., Buffalo, N. Y.

purposes.

Underwriter—None.

Allegheny Ventura Corp.
12, 1963 filed 37,231 outstanding common being
offered for subscription by stockholders of Allegheny
Airlines, Inc., parent, on basis of one Ventura share for

July

shares held of record Sept. 13. Rights
will expire Oct. 14. Price—$9.60 per share. BusinessCar rental. Proceeds—Allegheny will receive the pro¬
Address—Washington
ceeds and loan them to Ventura.
each 25 Allegheny

National Airport,

Washington, D. C. Underwriter—None.

31,

Mining Co. Ltd.
1961 filed 400,000 common shares. Price 500.
company is engaged in exploration, de¬

Fund, Inc.
filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties, Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax purposes.

Business—

seeking

long-term

A

For invest¬
Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will

not

consummated unless

be

Under¬

Manning, Ltd., Toronto.

• American-Israel World's Fair
Corp. (10/15)
Aug. 26, 1963 filed $500,000 of 6% subordinated partici¬

pating debentures due Dec. 31, 1965. Price—At par. Busi¬
ness
Company will operate a pavilion at the New
—

York World's Fair for the purposes

of depicting the his¬
tory and culture of the Jewish people, and promote and
sell arts, products and services of Israel. Proceeds—For
landscaping, construction and later demolition of the

building, and working capital. Office—3 East 54th St.,
New York. Underwriter—H. S. Caplin & Co., New York.
•

American Vitrified

Products Co.

each

three

shares

held

of record

Sept. 26.
Rights will
expire Nov. 4. Price — $19. Business — Manufacture of
various clay and concrete products. Proceeds—For debt

<#

JADING Ji

^

Bede

Aircraft, Inc.

Springfield, Ohio. Underwriter—Consolidated Securities
Corp., Pompano Beach, Fla. Offering—Indefinite.
Standard

Beneficial

specializing in

.'J

—None.
•

July

22,

filed

1963

shares held

of

QUOTED

Jna

Members of New York Security Dealers Association
39

Broadway, New York 6, N. Y.

Dlgby 4-2370

TWX: 212-571-0320

Direct Wires
R. /. HENDERSON & CO.,

to

INC., Los Angeles

WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia




record

to be offered to
Industries, Inc., parent,

common

General
Oct.

14.'Rights will expire Nov.

—

York.

Note—This statement has become effective.

For

debt

of

share

cents. Business—

Price—50

held.

light two-place helicopter. Proceeds—
repayment,
product development, working
a

and

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

trate

writer—Walston & Co.,

.

Brockton Edison Co. (10/29)
Sept. 20, 1963 filed 60,000 shares of preferred stock
($100 par). Business—Transmission of electricity and in¬
5.60%

and

5.48%

preferred stock.
St., Brockton, Mass. Underwriters—
Probable bidders: Kuhn, Loeb & Co.-

Main

Edison Co.

/

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

offered in units consisting of one $10 debenture

and two

Price—$12 per unit. Business—Production and
chemicals designed to control odors, bacterial

common.

sale

of

growth
tion

air

and

and

pollutants;

of

sale

and development, produc¬
vaporizing unit for dis¬

electronic

an

Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
—221 N. La Salle St., Chicago.
Underwriter—Price In¬
vesting Co., New York/Note—This company formerly
was
named Chemair Electronics Corp. Offering — In¬

pensing such chemicals.

definite.

>

Chestnut Hill

Industries, Inc.
Nov. 29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders.
Price—$5. Business—Design and manu¬
facture

of women's, misses' and junior sportswear, co¬
ordinates, and dresses/- Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley

Life

Citadel

Securities

Underwriter—Clayton
Offering—Indefinite.,

St., Hollywood, Fla.
Corp., Boston, Mass.

Insurance

Co.

of New

York

March 26, 1963 filed
for subscription by
shares

for

40,000 capital shares to be offered
stockholders on the. basis of' two
each three held. Price—By amendment

(max. $26). Business—Writing of life, accident, health
and disability insurance, and annuities.
Proceeds—For
expansion. Office—444 Madison Ave., N. Y. Underwriter
—Alex. Brown & Sons,

Baltimore.

Offering—Indefinite.

Coleridge Press Inc.
June

50,000 common. Price — $5.
Proceeds — For
working capital and purchase of equipment. Office—60
East 42nd St., New York. Underwriter—Hannibal Secu¬
rities, Inc., New York.
7
("Reg. A")

19, 1963

Business

General book

—

publishing.

■

Colorado

Imperial Mining Co.
Sept. 20, 1962 filed 200,000 common. Price—$1. Busi¬
ness—General mining.
Proceeds—For exploration and
operating expenses. Office—Creede, Colo. Underwriter
—None.

Commercial Life Insurance Co. of Missouri

(10/15)
Nov.

26, 1962 ("Reg. A") 46,000 common to be offered
for subscription by stockholders on the basis of one
share for each 3.36 common shares held.
Price — $6.
Business

—

insurance.

&

Sale

of

health, accident, life

Proceeds—For working capital.

Blvd., St. Louis.

and hospital
Office—3570

Underwriter—Edward D. Jones

Co., St. Louis.
Common Market

1963 filed

7,

Fund, Inc.
2,000.000 capital shares. Price—Net

asset value plus 8.5%. Business—A new mutual fund
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For

investment.

Office—9465

Wilshire Blvd.,

Hills, Calif. Underwriter-^Kennedy,
(same address). Offering—Indefinite.

Beverly
Co.

Cabot &

Community Health Associations, Inc.

cidentally, the sale of electric appliances. Proceeds—To
outstanding

;

Underwriter—None.

Beach, Fla.

pano

March

Dodge Rd.,

:

Hospitality Services, Inc.
Dec. 14, 1962 tiled $500,000 of 8% debentures due 1969.
Price—At par
($1,000).
Business—Company plans to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
corporate purposes. Office—1068 S. Ocean Blvd., Pom¬

Bridges Investment Fund, Inc. (11/4-8)
July 25, 1963 filed 200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.'
W.

Chicago.

Castle

Lindell

Office—8401

(10/28-31)

Sept. 20, 1963 filed $1,700,000 of 6J/2% sinking fund con¬
subordinated debentures due 1978. Price—At

vertible

capital and other corporate purposes. Office—1129 Club
House Road, Gladwyne, Pa. Underwriter—None.

investment.

7

golf course, swimming pool and cabana club,
Cape Canaveral, Fla., and develop real estate,
homes, apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York. Offering—Indefinite.

•

Brantly Helicopter Corp.
July 23, 1963 filed 588,780 common to be offered for
subscription by stockholders on the basis of three new
Production

Enterprises, Inc.

erect

Bradford share for each two Atlas

one

13.
Price
By amendment (max. $11.34). Business—
Company holds a 40% stock interest in Maryland Log¬
ging Corp., which conducts logging operations in Liberia
and will acquire from Atlas, Kliklok Automated Pack¬
aging Division, engaged in the manufacture and leasing
of
packaging machinery. Bradford also owns 69,509
shares (9.59%) of Foster Wheeler Corp. Proceeds—For
selling stockholder, Atlas General. Office—62 William
St., New York. Underwriter — Burnham & Co., New

Brockton

1942

ESTABLISHED

760,207

Atlas

of

the basis of

ISSUE

near

new

.

Speed Packaging & Development Corp,
(10/14)

Hutzler-Wood, Struthers & Co., Inc.
(jointly); Stone & Webster Securities Corp.; Kidder,
Peabody & Co. Bids—Oct. 29 (11 a.m. EST) at 49 Fed¬
eral St., Boston. Information Meeting—Oct. 25
(11 a.m.
EDST) at same address.

Banks, Brokers, Institutions

d SIEGEIj V
°

Y.

Salomon Brothers &

ISSUES
-

of N.

Bradford

Office—36

«#NEW
BOUGHT- SOLD

Insurance Co.

28, 1963 filed 200,000 common. Price—By amend¬
ment (max. $4). Business—Writing of life, accident and
health insurance. Proceeds—For general corporate pur¬
poses. Office—122 East 42nd St., New York. Underwriter

(Competitive).

for

Life

June

refund

/

/

Omaha. Underwriter—None.

over-the-counter securities
....

•'

July 16, 1963 filed 600,000 common. Price—By amend¬
ment (max. $3). Business—Company is engaged in the
design and development of several airplanes, including
a
light sports plane. Proceeds — For debt repayment,
product development, working capital and other cor¬
porate purposes. Office — 350 South Fountain Ave.,

Proceeds—For

*/%

in

$25,000,000 of securi¬

depc

are

shares for each

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

—

ited and accepted. This means that the
Fund expects
to is^ue a minimum of 1,000,000 capital
shares. Offering—Indefinite.
'
ties

velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
A.

company

growth of capital and income. Proceeds
ment.
Office—35 Congress St., Boston.

on

Office—80 Richmond St., W., Toronto.

investment

closed-end

stockholders

penses.

,

1963

Business—The

writer—E.

.

Co., Inc.

Bay State Exchange

May 29,

Amerel

July

'.

(10/7-11)
A
Sept. 5, 1963 filed 600,000 common. Price—By amend¬
ment (max. $22). Business—Manufacture of men's, boy's
and women's wearing apparel. Proceeds — For selling
stockholders. Office—404 Fifth Ave., New York. Under¬
writer—Drexel & Co., Philadelphia.
'
V

Hotels, Inc.

Airway

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

'

REVISED

Capitol Food Industries, Inc.

company

B. V. D.

ITEMS

Canaveral Hills

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

writer—None.

PREVIOUS

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

Atlantis International Corp.

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

and in the index, re¬

expectations of the underwriter but

flect the
are

end

"Securities Now in Registra¬

of this section

land. Underwriter—None.

•

ADDITIONS

SINCE

1963 filed 150,000 common, of which 100,000
offered by company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Office—4000 AuTora Ave., Seattle, Wash. Underwriter—
April
are

12,

to

be

None.

Continental Reserve Corp.

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

May 13, 1963 filed 45,000 class B common. Price — $40.
Business
Company plans to acquire, organize, and

lateral

manage

trust bonds

electricity and
ances.

gage

due

(10/29)

1993.

incidentally,

Business—Transmission

the

sale

of

electric

of

appli¬

Proceeds—To refund outstanding 514% first mort¬

and collateral trust bonds

due

1989.

Office

—

—

life,

Proceeds

—

East 40th

36

accident

insurance concerns.
subsidiaries. Office—114

health

St., New York. Underwriter—None.

Defenders

Main

and

For investment in

Insurance Co.

St., Brockton, Mass. Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Stone &
Webster Securities Corp.; Kuhn, Loeb & Co.-Salomon
Brothers & Hutzler-Wood, Struthers & Co., Inc. (jdintly); Kidder, Peabody & Co.-White, Weld & Co.-Shields
& Co. (jointly); Eastman Dillon, Union Securities & Co.
Bids—Oct. 29 (11 a.m. EST) at 49 Federal St., Boston.
Information Meeting—Oct. 25 (11 a.m. EDST) at same

Aug. 26, 1963 filed 167,000 common, of which 111,110 are
to be offered by company and 55,890 by certain stock¬

address.

holders.

Jan. 30,

1963 filed 100,000 common. Price—$12.50. Busl»
ness
Company plans to write automobile insurance
Proceeds—For general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
—

e

Denny's Restaurants,

Price—By

Inc.

amendment

(10/14-18)

(max. $10).

Business—

'

/

Volume,. 195-

Number 6304

...

The.Commercial and Financial Chronicle

.

.

ceeds

Operation of 71 Denny's restaurants located in the west¬
ern United States. Proceeds—For general corporate pur¬
poses. Office — 7051 Monroe Ave.,. Buena Park, Calif.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis^ '.

For

—

(^313)

expansion, inventory and debt repayment.
— First

ityland St., Reno, Nev. Underwriter

Office—2

.Nevada Securities Corp., Reno, Nev.

ness—Manufacture

Sept. 28, 1962 filed 120,000 common with attached war¬
purchase an additional 120,000 shares to be of¬

rants to

electronic

:

of

devices

medical

and

Busi¬

Price—$1.

vehicles

electro-mechanical

for

marine

and

purposes.

Proceeds—For working capital, equipment and debt resubscription by holders of its stock and deben¬
tures in units (of one share and one warrant) on the </payment.
Office—2222 S. dentinela Ave., Los Angeles.
Underwriter—None.
■
''
basis of 3 units for each 5% prior preferred share held,
•/ //■ \
one
unit for each 5% preferred A stock held and 40
Eberstadt Income Fund, Inc.'
units for each $1,200 face amount of non-interest bear¬
May 31, 1963 filed 2,000,000 capital shares./ Price—Net
ing subordinated debentures held. At the same time, the
asset value plus 8V2%. Business—A new mutual fund
company will offer the securities to the public. Price—
seeking current income. Proceeds—For investment. OfTo subscribers, $20; to public, $22.25./.Business—Com¬
fice-^65 Broadway, New York. Distributor—F. Eberstadt
& Co., Managers & Distributors, Inc., New York.
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
Electronic Dispenser Corp.
and deuterium oxide, and to establish and equip a gen¬
Jan. 29, 1963, filed 50,000 common. Price—$2. Business
eral research laboratory. Proceeds—For working capital,
—Manufacture of the SAFER Butter Chipping machine,
construction equipment and other corporate purposes.
and processing of tray-forming and chip-covering mate¬
Office—360 Lexington Ave., N. Y. <Underwriter—None.
rials. Proceeds—For operating expenses, equipment, in¬
Doman Helicopters, Inc.
'
'
ventory and advertising. Office—118 E. 28th St., New
York. Underwriter—L. D. Brown & Co., New York. Of¬
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
fering—Postponed.
>
'
shares for each three held. Price—By amendment (max/
Equity Funding Corp. of America
$1.25). Business—Research, development and construc¬
March 29/1962 filed 240,000 common. Price—By amend¬
tion of experimental helicopters.
Proceeds—To obtain
ment (Max. $6.50).
Business—A holding company for
certification of models, train service personnel, repay
firms selling life insurance and mutual funds. Proceeds
debt, etc. Address—Municipal Airport, Danbury, Conn.
—For new sales offices, advances to subsidiaries and
Underwriter—None. Note—The SEC has issued a stop
working capital. Office—6150 Wilshire Blvd., Los An¬
order suspending this registration statement.
geles. Underwriter—To be named. Offering—Indefinite.
• Dorchester Gas Producing Co.
(10/3)
/'
Fedco Corp.
■//
-V..y
-VH'r
July 25, 1963 filed $3,500,000 of subordinated convertible
Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
debentures due Aug. 1, 1975. Price — By amendment.
be offered by company and 2,500 by a shareholder. Price
Business—Production of natural gas and its various by¬
—By amendment
(max. $15).
Business—Design and
products. Proceeds—For debt repayment and working
manufacture of tools, dies, molds, beryllium castings and
capital. Office—1501 Taylor St., Amarillo, Tex. Under¬
the distribution of plastic, metal and glass products for
writers—Francis I. du Pont/A. C. Allyn, Inc., Chicago;
home use* Proceeds—For a recession offer to stockhold¬
Allen
&
Co., New York; Metropolitan Dallas Corp.,
ers and reduction of accounts payable.
Office—3600 W.
Dallas.
Pratt Ave., Chicago. Underwriter—None.
Dri-Zit Corp.
:////-''
' / •>.•/■
/Federal Services Finance Corp.
May 29, 1963 ("Reg. A") 115,056 common. Price—$2.50.
Business—Manufacturer of dri-zit (a home product used ./July
1, 1963 filed 76,773 common being offered ,for
to absorb odors and moisture); a cleaner for oven and
subscription by stockholders of record Sept. 25.
Rights
will
expire
Oct. 15. Price—$18. ; Business — A holding
barbeque grills; and a diaper garment for infants. Pro¬
'

.

business

insurance.

and

the

Proceeds—For

Washington, D. C.
First

fered for

■

subsidiaries

whose

are. engaged in,, the sales
writing of marine and credit
redemption of outstand¬
ing second preferred stock, working capital, and other
corporate purposes. Office — 1701 Pennsylvania Ave.,
N. W., Washington, D. C. Underwriter—Mackall & Coe,

company

finance
life

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

Deuterium Corp.

29

/

.

Israel

American

Fund

Mutual

-?

,x

filed 2,750,000 shares of beneficial in¬
terest. Price—$10. Business—A mutual fund which plans
to invest primarily in equity type securities of Israeli
companies. Proceeds—For investment. Office—141 Milk

Aug.

15,

1962

&

St., Boston.
Underwriter—Paine, Webber, Jackson
Curtis, Boston. Offering—Indefinitely postponed.
•

First

Railroad

&

Banking Co. of Georgia

'V/'

(10/23)

Sept. 24, 1963 filed maximum of $5,000,000 of 5% con¬
vertible debentures due Aug. 1, 1988. Price—By amend¬
ment.

Proceeds

For

—

redemption and other corporate

Under¬

Office—701 Broad St., Augusta, Ga.

purposes.

writer—Johnson, Lane, Space Corp., Augusta.
Florida Jai Alai,
June

Inc.

1962 filed 300,000 common. Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern
Park, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla. Offering—Indefinite.
28,

—

.

Florida

Power

(10/11)
Sept'. 10, 1963 filed 457,265 common to be offered for
subscription by common stockholders on the basis of one
new
share for each 20 held of record Oct. 10. Rights
will

Corp.

Price—By amendment (max. $42).

expire Oct. 31.

Business

Production, distribution and sale of elec¬
tricity in northern and central Florida. Proceeds — For
loan repayment, and construction.
Office — 101 Fifth
Street, South,
St.
Petersburg, Fla.
Underwriters—•
Kidder,
Peabody
&
Co.,
Inc., and
Merrill Lynch,
Pierce, Fenner & Smith Inc., New York.
—

-

'

Pacific Southwest Airlines

NEW ISSUE CALENDAR
y- ;

October 3

Redman

(Thursday)

I.

Pont;

du

A.

Metropolitan

Wisconsin

Public
(Bids

C.

(Eppler,

10

Bonds

V. D.

-

(V.

Anderson

E.

&

(First

Boston

Corp.

and

Sanders

&

(Bids

(First

Western

Insurance
(White,

''■

(Tuesday)

Securities

Nevada

Power
(White,

/

Peabody &

Recording Industries
(Tennessee

Inc.)

(William

States

Common

(Merrill

Lynch,

Inc.,

R.

Staats

&

Fahnestock

and

&

Smith

Co.)

225,500

'General

Webber,

'

Jackson

&

(Bids

Co.,
York

Dillon,

Eastman

'

October 10

(White,

&

Co.,

Allen Electric &

&

Co.,

stockholders

by

of

Restaurants,
(Burnham

(J.

&

C.

&

Go.)

Industries,

760,207

&

Co.)

130,000

'

Plohn

&

Co.)

Celanese

I

\

'

,

"

Funds

Aviation
(A.

G.

Underwriters

Edwards




&

Sons)

Inc.)

Inc

$300,000

$40,000,000

November

Space

10

Read &

12

Corp.)

CDST)

$5,000,000

$7,000,000

Debens.

Corp

(Thursday)

Bonds
$30,000,000

be received)

to

Preferred

Georgia Power Co
(Bids

$7,000,000

received)

be

to

(Wednesday)

November 13

Equip. Trust Ctfs.

Norfolk & Western RR
12

$7,000,000

EST)

noon

Common

Pacific Power & Light Co../.
(Offering

stockholders—Bids

to

a.m.

Bonds

Power Co
$10,000,000

(Bids to be received)

England Power Co

7

Preferred

T

(Wednesday)

November 26

Preferred

(Underwriter

to

be named)

Union Electric Co.__
(Bids

11

December 3

.

$10,000,000

(Bids to be received)

;

717,408 shares *

EST)

(Tuesday)

November 19

England

11

$20,000,000

Bonds

—

$30,000,000

EST)

a.m.

-

(Tuesday)
11

EST)

a.m.

^Debentures

$50,000,000

(Friday)
Common

of America

to stockholders—underwritten by

28

Corp.)

964,390

First

.

.

(Wednesday)

December 4

Massachusetts

shares

Electric
to

(Bids

(Monday)

December 10

Debentures

Capitol Food Industries, Inc
(Walston

(Smith,

International

Common

Common
shares

150,000

Co.)

&

Pacific Northwest Bell. Tel. Co.__^

$40,000,000

Co., Inc.)

&

Barney

Data

&

&

-

Co.,

Inc.)

190,000

Airlines,

// (Smith,

shares

Bonds

Co
$10,000,000

received)

be

"

v

,4

11,000

Barney

A.

G.

Edwards

Debentures
&

Co.,

12

Inc.)

—Equip. Trust Ctfs.

noon

EST)

$4,800,000

Virginia Electric & Power Co.
'

to be

(Bids

December 11

shares

Inc

(Tuesday)
Ry

received)

Bond!

$30,000,000

Common

Systems, Inc
Sons)

Pacific
(Bids

.Common

I (Offering to stockholders—underwritten by
Mohawk

Northern

Co.)/ $1,700,000

Chicago Musical Instrument Co.

$10,000,000

$22,000,000

EST)

noon

Corp

7

(Bids

Bonds

a.m.,

>

—Bonds

RR

Union Electric Co.__._

Co

Boston

...Common

Ben. Int.
Co.,

Underwriters,

(Bids

Common

'

October

:

•

Corp.

(Offering

-

$450,000

(B. C.) Realty Trust
Morton

/National

Lane,

Line

(Bids

Inc.

shares

EDST)

a.m.

Transmission

Eastern

October 25

Common
(Charles

11

shares

Georgia Power Co.__

New

Debenture!
V\

(Wednesday)

(Dillon,

•

shares

Heck's, Inc.

C.

Texas

shares

shares

Corp._^.

Air
.

New

•/.

shares

167,000

150,000

.Common

...

$5,000,000

'

(Bids

..Common
Co.)

shares

Units

Corp

Otter Tail Power

....Common

Inc.)

Co.,

Materials

Wheat

General

&

Inc._—

(Dempsey-Tegeler &
General
Artists
Corp

Stone

Atlas

160,000

Inc.)

..Common
160,0Q0

Milwaukee Co.)

(Bids

First Itailroad & Banking Co. of Georgia.-Debens.

...Common
/•-

Inc.)- 100,000

Burnham

Common
Securities

(Tuesday)

October 23

Common

General

•

$1,200,000

Corp.
—underwritten

$3,172,000

Co.,

Capital Shares

200,000 shares

Homes, Inc

(The

Securities

Nebraska

Yeatman, Mosley Co., Inc.) $4,375,000

(Johnson,

Bradford Speed Packaging & Development

Morton

■'

-Debentures

Equipment Co..

-(Dempsey-Tegeler

Debentures
First

Inc..

(Bids

&

/

Inc.)

&

underwriting)

shares

shares

Public Service Electric & Gas Co

shares

Co.,

100,000

150,000

Corp.)

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

shares

Equipment Co

Lakes

"

(Monday)
&

.Preferred

(Hensberry & Co.)

Common

(Dempsey-Tegeler

Denny's

Nicolaus

Downs,

Research Capital

Stk.

/(Offering to stockholders—underwritten by Kidder, Peabody
Co., Inc., and Merrill Lynch, Pierce, Fenner & Smith)

(B.

(Stifel,

(Suplee,

125,000

■

y.

Ultronic/ Systems

units

Corp. and First Nebraska
Corp.) 50,000 shares

October 22

October 14

'

Units
20,000

Corp)

and

j.

t

Common

Inc..

Co.,

(Bache

Inc
Co.

'

$6,420,000

EDST)

noon

(Monday)
&

(No

-

Debentures

Securities

(Friday)

.Allen Electric &

(Laird

Seaboard

Mid-West National Life Insurance Co.—^Common
Pocono

Corp

457,265

/-

$11,000,000

Packers, Inc

>

_Equip. Trust Ctfs.

Inc.)

„

/,.■■.'

Corp.) /$2,000,000

received)

Securities

\

& Loan Assoc.__Guarantee

Weld

Power

to

York

(Thursday)

October 11

(Offering

Beef

(New

(Bids 12 noon EDST) $3,750,000

•Columbia Savings

-

Iowa
•

$20,000,000

Louisville & Nashville RR

Florida

be

Corp.)

Union Securities & Co.)

<"/'/

to

Beef Packers,

Iowa

Debentures
Curtis;

-

Inc

Securities

(Wednesday)

Acceptance Corp._

(Paine,

Parks,

(Equitable

Blyth &
shares

Inc.,

::

■

Gulf States Utilities Co.

.Common

.

(New

October 9

Auto

Allright

$32,800,000

12

Techniques,

/ October 21 (Monday)

Common

Co.)

Corp._^

Pierce, Fenner &

/
''■'■:///-

$70,000,000

-

Great
V '

Bonds

Securiies

Bonds

received)

Bridges Investment Fund, Inc.-

Equip. Trust Ctfs.

_

Nebraska

$5,000,000

Equip. Trust Ctfs.

(Bids

Aerosol

$2,925,000

(Bids 11:30 a.m. EDST)

(First

$1,485,000

Inc.)

-

shares

Co.——

Power

shares

Bonds
received)

be

to be

(Bids

.Capital Stock

•'

.

to

November 4

Common

(Wednesday)

Ramo, Inc.

Common

Corp

Securities

Shoe

Nevada

•

60,000

Ry. Co

Debentures

$3,000,000

500,000

EDST)

.

received)

be

$9,000,000

:

Co.)

noon

-/Kv;'/.:;.'

c

shares

120,000

;Subscription Television, Inc.__l
United

Co.)

/

/.

Co.,

&

/

shares

Co
Weld

/,

Common

and Kidder,

400,000

'

■

12

October 16

Inc._

Weld & Co/)• Inc.

Southwest

(Bids
,'v

October 8

EDST)

a.m.

Maryland Ry._—

shares

200,000

11

Preferred

Co

Pacific Gas & Electric Co._f
■

D.

Southern

Tennessee Life Insurance Co

Capital Shares

Co.)

Edward

—Common
200,000 shares

Inc.)

Brockton Edison Co
(Bids

$276,000

Co.)

179,500 shares

(Tuesday)
to

(Bids

Common

(O'Malley Securities Co.)

Common
80,000 shares

Republic National Life Insur. Co

&

29

110,000 shares

Weeks)

Co., Inc.)

Dain &

Stone & Co.,

Edison

Brockton

$500,000

O'Malley Investing Corp

$300,000

Co.)

Lomasney & Co.)

&

•

$6,000,000

Consolidated

(Wednesday)

Edison

(Bids

11

Co. of New York

a.m.

EST)

$60-$75,000,000

:

30

page

r

Debens.

Corp

Jersey Central Power & Light Co

Common

Corp.

.(Myron A.

.

M.

Products, Inc
(Hayden,

.

on

..Common

and J.

Co.

&

>

,,

.

.

Continued

Toys, Inc

(Bache

Wen

October

Fair

stockholders—underwritten by

to

.

Key Finance

•/

■

Lines, Inc._

Jones

.Common
<

'

Price—By amend¬
Wholesale distribution of

—

..

Tonka

(Tuesday)
World's

(max. $15). Business

$2,067,000

V

& Sons, Inc.

'•

Units
Inc.)

Turner,

(Alex)

\;

shares

79,477

•

Truck

(Offering

Co.) 600,000 shares

Juniper Spur Ranch, Inc

ment

Commercial Life Insurance Co. of Missouri__Com.

/"•')

Co./t Inc
-(Drexel &

15

Associated

.

..Common

(Trulock & Co., Inc.) $300,000

B.

&

(Hornblower

Co.

Inc.)

"

:

Forst

Common

Co.,

(H. S. Caplin & Co.)

$15,000,000

(Monday)

Adkins-Phelps

&

Guerin

•

American-Israel
c"

October 7

•'

''•/

October

Co.;

&

$3,500,000

Corp

CDST)

a.m.

Allen

Inc.;

Corp.)

Service

■'

Debentures

Allyn,

Dallas

Hutton

F.

Industries, Inc.__

y-

Dorchester Gas Producing Co
Francis

(E.

•

March 23, 1963 filed 100,000 common.

Bonds

The Commercial and Financial Chronicle

£0

29

Continued from page

late

New York.

October....

.

'

.

„

1963 ("Reg. A") 133,333 common.
growing, publishing of a

Price—$2.25,.

farm news¬
paper, citrus fruit brokerage and operation of a retail
store. Proceeds—For expansion of the newspaper, work¬
ing capital and debt repayment. Address—West Highway
50-Winter Garden, Fla. Underwriter-Prudential Invest ¬

Business—Fruit

ment Corp.,

Miami.

/..<•'

v.

.

York.

ness—Company, 36.8% owned by Illinois Bell
loan

Co., Richmond, Va.

•

Great

.

J;

.

/

;

v

Estate

Real

Continental

r

;

v,

was

: e

withdrawn.

y

'*

invest in Israeli firms. Proceeds—For investment. Office

Hayward Ave., Baltimore. Underwriter—Inves¬
tors Planning Corp. of America, New York.
"Isras"
June

#

/;

28,

■

Broadway, N. Y. Underwriter—Filor, Bullard &

named

was

v

■,

<

Systems, Inc.
Jan.<14, 1963 ("Reg. A") 100,000 common. PriceYL-X$l.
Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment and
working capital.- " Office—
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
—Keon & Co., Los Angeles.
"•.->/ /
./:7
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000 common, Price—$5.75.>Bdsiness—The production of television films. Proceeds—For

filming and production and working capital. Office—
543 Madison Ave., New York.
Underwriter — Ingram,
Lambert &
Stephen, Inc., 50 Broad St., New Ydrk.
Offering—Indefinite.
/
: "
V

Mahoning Corp.
:>f.
July 26, 1963 filed 200,000 common. Price—$3," Business
—Company plans to engage in the exploration and En¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes. Address—402 Central
Tower

Bldg., Youngstown, Ohio. Underwriter—None.

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants).
Price—$500. * Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis. Proceeds—For re¬

—

A

filed
real

/

Inc.,/New York.

/

Jaap Penraat Associates, Inc.
>
30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines

Jan.

and

Y.

working

capital.

Underwriter—^To

Office—812

be

named.

Greenwich

St.,

Offering—Indef¬

initely postponed. /

/

;

Feb.

28,. 1963, filed 1,000,000 class B-common. Price—
$1.25. Business—A holding company for three life insur¬
firms.

Proceeds—For

loan

repayment, operating
other insurance concerns.
Address^-714 Medical Arts Bldg., Oklahoma City., Un¬
ance

expenses,

and investment. in

derwriter—Lincoln Securities Corp.

(same address).

Medical Industries

andT the. production of teaching programs. Proceeds—
For expansion,'new facilities and1 working capital. Office

Fund, Inc.
>
Oct. 23," 1961 filed 25,000 common. Price—$10. Business
—A
closed-end investment > company which *> plans, to
become open- end.
Proceeds — For investment in the

Central Park W., N. Y. Underwriter—R: F. Dowd
Co., Inc., New York. Offering — Indefinitely post¬
poned.
' ■, .; " - ■/, / ;■ '•,/' '•,,,-V./
■. V
'

'industry and capital growth situations.' Office
Lafayette St., Denver. Underwriter —^ Medical As¬
sociates, Inc. Denver.
'
/

^-315

&

Heck's,- Inc. (10/14-18)
12, 1963 refiled 180,000 class A common. Price—
$2.50. Business—Operation of discount stores. Proceeds

N.

Medic Corp.

60,000

estate

—Rassco of Delaware

.

staff

Israel-Rassco Investment Co., Ltd.

1963

ordinary shares. Price—$55.
development company which
also owns citrus plantations. Proceeds—For general cor¬
porate purposes. Address—Tel-Aviv, Israel. Underwriter

Business

Sept. 25. Rights

1

./

Food Co. Ltd.

12, 1963 filed $190,000 of 8% subordinated deben-i
1975 and 14,000 8% preferred ordinary shares.

—4200

will expire Oct. 24. Price—$19.50, Proceeds—For
expan¬
sion. Office—1130 Alakea
St., Honolulu. Underwriter—■

./

Inc.

,

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

„

Telephone Co.
Aug. 20, 1963 filed 534,000 common being offered for
subscription by stockholders on the basis; of one, new

i

Fund,

pansion. Office—2960 Coral Way, Miami. UnderwriterPierce, Wulburn, Murphey, Inc., Jacksonville. Offering—
Temporarily postponed.
" V/.:\./

debentures, $100; for stock $10. Business—
plans to prepare and market baby food in
Israel and abroad. Proceeds—For loan repayment, con¬
payment of loans, and general corporate purposes. Office
—130
Fulton
struction, equipment, and other corporate purposes. Ad¬
Federal
Bldg., Atlanta.
Underwriter—
dress—Givat Brenner, Israel.
None.
Underwriter—Brager &
"•//:/. J.,.-.
j / //•/•/ ./,*'
;/•■' I
Co., New York. ! '■ ''
" '"/^
\" Marshall- Press, Inc.- ■
v /
Israel Fund, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. .Busi¬
July 18, 1963 filed 500,000 common. Price—$12.50. Busi¬
ness—Graphic design and printing. Proceeds—For' pub¬
ness—A closed-end investment company which plans to
lishing a sales catalogue, developing a nationah sales

Hawaiian

v

Diversified

Under¬

Company

.

;

Underwriter—None.

Price—For

bidders: Stone & Webster f Securities Corp.;
Brothers-Equitable Securities Corp. (jointly);
Glore, Forgan & Co.-W. C. Langley & Co. (jointly); Lee
Higginson Corp. - Bids—Expected Oct. 21.
Information
Meeting—Oct. 15 (11 a.m. EDST) at One Wall St. (47th
floor), New York.

..

For con¬
Connecticut

—

3315

—

tures due

Lehman

None.

Proceeds

Distributors, Inc. (same address).

Israel Baby

Sept.

(10/21)

record

American

Israel Fund

>

of

Office

22, 1963 filed 550,000 common. Price—Net asset
Business—A new mutual fund special¬
izing in Israeli and American securities. Proceeds—For
investment. Office—54 Wall St., New York. Distributor-

Probable

held

investment.

value plus 8M>.%.

1963 filed 100,000 preferred (par $100). Pro¬
repay short-term loans. Office—285 Liberty
Ave., Beaumont, Tex.
Underwriters — (Competitive).

10

and

$10. Business

April

17,

about each

real estate investment trust.

Israel

ceeds—To

for

;
—

Investment. Office—17 East 71st St., New York.
writer—Israel Securities Corp., (same address).

iTeb. 20, 1963, filed 3,000,Q00 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance, finance, etc. Proceeds—For gen¬
eral corporate purposes.
Office—1107 Federal Securities
Building, Lincoln, Neb.
Underwriter—None.

share

Trust

Writing of industrial life,
as well as ordinary life
and eventual Ex¬

investment

Lord Jim's Service

Bldg., Minneapolis. Distributor—Investors
(same address).

Israfund-lsrael Fund, Inc.

of rear estate. Proceeds — Foi
general corporate purposes.1 Office—811 duPont Plaza
Center, Miami, Fla. Underwriter—None.

Gulf States Utilities Co.

World.

Proceeds—For

Smyth, N. Y. Note—This company formerly
Logos. Financial, Ltd. Offering—Indefinite*

invest in securities throughout
Proceeds—For investment. Address—

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

sition and development

JSept.

Free

—

insurance

health

and

fice—26

will

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

Investment Trust

Greater Nebraska Corp.

:

Inc.

Canadian Fund Ltd., and

—A

Feb. 25, 1963, filed 136,094 common to be offered foi
subscription by stockholders on the basis of one share
for each 4% shares held. Price—$5.50. Business—Acqui¬

j_

value

struction

Industrial Park, Inc.

Greater Miami

3,

asset

Investors Realty

Continental Real Estate Investment Trust. Note—This

registration

V

;

Inter-Continental Fund,

May 31, 1962 filed 200,000 shares. Price

Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds^-For invest¬
ment. Office—530 St. Paul PI., Baltimore. Underwriter
—To be named.
Note—This firm formerly was known
as

Telephone,
— For

1963 filed 3,000,000 capital shares. Price—Net
plus 7Vz%. Business—A new mutual fund
succeed to
business of Investors Group

July

which

1000 Roanoke

1963 filed

&

■// ,/••

Investors

(max. $6). Business

accident

telephone service in Illinois. Proceeds

;

16,. 1963 filed 400,000 common. Price—By amehd-

insurance.

repayment, and other corporate purposes. Office-,
North Cherry St., Galesburg, 111.: Underwriter—

None.

Life Insurance Co. of Florida

ment

Diversified Services, Inc.

130,000 common, of which 12Q,000
are to
be offered by company and 10,000 by a stock¬
holder.
Price—By amendment (max. $8). f Business—
Company is engaged in the sale of terrazzo and quartz
aggregate, marble, granite and related items and in the
production of certain marble and quartz aggregates.
Proceeds—For debt repayment, working capital, equip¬
ment, and other corporate purposes. Office—1401 Frank¬
lin Rd., S. W., Roanoke, Va. Underwriter—J. C. Wheat
26,

—100

/

Aug.

State Telephone Co.

furnishes

the

(10/14)

General Stone & Materials Corp.

,

Sept. 5, 1963 filed 8,983 common to be offered for sub¬
scription by stockholders on the basis of two new shares
for each five held of record Oct. 21. Price—$100. Busi¬

-

•

expensively priced men's and children's belts. Proceeds
debt repayment, sales promotion, and other cor¬
purposes.
Office—33-00 Northern Blvd., Long
Island City, N. Y. Underwriter—T. W. Lewis & Co., Ihc.,
New York.
'
?; ,S
■/'/;■
porate

.

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

(max.

—For

Merrell Rd., Dallas.

Office—2925

stockholder.

selling

.

'

Aug.

ment

(10/28-31)

manufacture of electronic devices. Proceeds—For a

and

:

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

June 28,

.,v,

Aug. 2„ 1963 ("Reg. A") 11,000 common to be offered
subscription by stockholders on a pro-rata basis.
Price—At-the-market.
Business—Development, design-

$20,000,000 of senior debens. due Oct.
amendment. Business—Company is
engaged in the consumer finance business, also does gen¬
eral commercial financing. Proceeds—For loan repay¬
ment and working capital. Office — 1105 Hamilton St.,
Allentown, Pa. Underwriters—Paine, Webber, Jackson &.
Curtis and Eastman Dillon, Union Securities & Co., New
York.
■, ■ ' V; '•
General Artists Corp. ,(10/14-18)
V'v
Sept. 6, 1963 filed 150,000 common. Price—By amend¬
ment (max. $7). Business—Company acts as represen¬
tative of. actors, performers, writers, directors and pro¬
ducers in all areas of the entertainment industry. It also
acts as sales representative for television programs and
program series. Proceeds — For loan repayment and
working capital. Office—640 Fifth Ave., New York. Un¬
derwriter— Burnham & Co., New

..

for

Sept. 12, 1963 filed
1
1983. Price—By

(

•

International Data Systems, nc.

•

,

Net asset

—

plus 7xk%. Business—A new mutual fund which
will acquire assets of Keystone International Fund, Ltd.,
a Canadian corporation, and invest in securities through¬
value

*

Business

York.

New

.

(10/9)

Corp.

General Acceptance

Fund,., Inc.:

1963 filed 400,000 common. Price—By amend¬
—
Company manages and distributes a
out the Free World. Proceeds—For investment. Office—
mutual fund and owns all the stock of Life Insurance^
'50 Congress St., Boston. Underwriter—Keystone Co< of
Co. of California. Proceeds — For selling stockholders.
Boston.
: Off ice—100
California St., San Francisco. Underwriters
Krasnow Industries, Inc.
j
—White, Weld & Co., Inc., and Kidder, Peabody & Co.,

\

oc

Thursday, October 3, 1963

13, 1963 filed 200,000 common. Price

Aug.

Sept. 20,

ment.

V

..

(10/8)

Insurance Securities Inc.

•

Offering—Expected

Hull, Inc.

Frazure,

Aug. 21,

.

.

International

Keystone

writer—Horace

,

Arnold, Wilkens & Co.,

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

poses.

)

toys and games. Proceeds—For selling stockholders. Of¬
fice—2885
Jerome Ave., Bronx, N. Y. Underwriterin

.

(1214)

medical

—677

•

;•

June

—-To provide fixtures and

for
St.

inventory for

a

new

store, an^l

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

New York.

-

'.

16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
on

a

vestment.

share-for-share

investment

Office—760 £.

basis.' Price—$3.
company.
Hill

St., Los Angeles.
'

Holiday Mobile

Home Resorts,

Address—Madison

Business—A

Proceeds—For

writer—None.

in¬

Under¬
,

Medical Video Corp.

■

at Punch

Bowl

Rd., Morris-

Corp.; Eastman Dillon, Union

health

—

$1. Busi¬

For

•

Securities &

Co.-

Juniper Spur Ranch, Inc.

(10/7-11)

1963 filed 200,000

of which 80,000 are
120,000 by stockholders.

common,

and

Business—Writing of life,

insurance.

accident and
Proceeds—For general corporate pur¬




4,

Fund, Inc.
1963 filed 500,000

capital shares. -Price—Net

asset value

plus 5%. Business^—A new mutual fund to be
offered initially to members of the medical profession.

search

investment.

Office—714

Underwriter—Centennial

Boston

BJdg.,

Management

&

Corp., (same address).

Re¬

■

Middlesex Water Co.
June

debt

repayment.

Key Finance Corp. (10/7)
7, 1963 filed 80,000 common. Price—By amend¬
ment
(max. $5). Business—Operation of a small loan

business in Puerto Rico. Proceeds—For loan

t.

Office—52 Main S't., Woodbridge, N. J.

Offering—Indefinite.
•

Midwest National Life Insurance Co.

repayment,

expansion and other corporate purposes. Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
& Co., New York.

(10/21-25)

Sept.

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

ment

(max. $7). Business—Sale

ceeds—For
•

.

:./':

'

1963 filed 35,000 common.

Price—By amend¬
ment (max.. $36). Business—Collecting and distributing
water in certain areas of New Jersey.
Proceeds—For
5,

Underwriter—Kidder, Peabody & Co., Inc., New York.

("Reg. A")

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

Insurance Co.

offered by company

Meridian
March

& Smith Inc.

May 27, 1963

j

Horace Mann Life

Price—$12.50.

Price

of-medicql

electronic lequipment.
general corporate purposes. Office—
Studio City,
Calif.
Underwriter —"Financial Equity
Corp., Los Angeles.
—

Proceeds—For

June

1,

Manufacture

Denver.

Halsey, Stuart & Co. Inc.; White, Weld & Co.; First

Lynch, Pierce, Fen(jointly); Kidder, Peabody & Co.; HarRipley & Co. Bids—Oct. 15 (11 a.m. EDST) at 80
Pine St., New York. Information Meeting—Oct. 10 (10
a.m. EDST)
at same address.

Underwriters—Boettcher & Co., Denver, and J. R. Williston & Beane, New York.
Note—This statement will
not be withdrawn as
previously reported, but will be
amended.

Avenue

riman

repayment, construction, and other corporate pur¬
O f f i c e—4344 East Indian School Rd., Phoenix.

be

1961 filed 250,000 common.

13,
—

Salomon Brothers & Hutzler-Merrill

poses.

to

ness

Proceeds

ders:

ner

Inc.

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

Feb.

Nov.

town, N. J. Underwriters—(Competitive). Probable bid¬
Boston

■*'),

March 27, 1963 filed $1,250,000 of 6V2% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price

debt

V.-

Jersey Central Power & Light Co. (10/15)
Aug. 21, 1963 filed $9,000,000 of debentures due Oct. 1,
1988. Price—By amendment. Proceeds—For construction.

Oct.

rhanagement

Inc.

..

Hill Street Co.

nia

1 Janus Fund,

April 10, 1963 filed 500,000 capital shares. Prir; — Net
asset value plus 8V2%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
Office—467 Hamilton Ave., Palo Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc. (same address).
/

Springfield,

amend¬
of life insurance. Pro¬
Address — Empire Bldg.,

working capital.
Mo. Underwriter—Stifel,

Nicolaus

&

Co.,

Inc., St. Louis.
Midwest Technical Development Corp.
Feb.

26,

1962

filed

561,500

subscription by stockholders
for each two

shares held.

common

on

to

be

offered,

the basis of

one

for

share

Price—By amendment (max.

6304

Number

198

Volume

.

The Commercial and Financial fhronicle

.

.

ceeds—For investment. Office—4680 Wilshire

B u s i n e s s—A closed-end management investment
Proceeds—For general corporate purposes.
Office—2615
First National Bank Bldg., Minneapolis.

$7).

Underwriter
(same address).

Angeles.

company.
;

Underwriter—None.
Mobile Home

.

Parks Development Corp.

general corporate purposes. Office—82 Baker St.,
Underwriter—Overseas
Investment
Service,

>

Sept.

(10/28-31)

Inc.

Mohawk Airlines,

Nuclear Science &

(10/14-18)

Realty Trust

C.)

(B.

ment

(same address)

fund will invest in tax-exempt

Aviation

.'7/.Z.7V7;.''-V■//., •V/'-./.-'

Okliana Corp.

bonds of states, counties

'

Underwriters, Inc.

'

-

„

'

Aug.

-

vates,

National

Fence

welded
{
-

•

concrete

fabric,

reinforcing

gates

and

related

?

ufacture

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

ness

—

poses.
Office—13 S. Broadway, Red Lodge, Mont.
derwriter—Security Brokerage Co., Billings, Mont.

Otter Tail

Sept.
due

Dec.

28,

■

Office

113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).

poses.

—

■

Note—This offering will

,

Kansas.
•

.

be made only
•,••'"•.'■/

■

National

Union

Insurance

Co.

of

in the State of

share

tal.

'Natural Gas

Sept. 7,

Oil

&

1962 filed

Business—Production
—For

drilling

porate
'

Producing Co.

180,000 class
natural

of

expenses,

A

and

gas

Nevada

Power

Co.

1 Sept. 6, 1963 filed
^
•

-

common.

Nevada Power Co.

t

-

(11

a.m.

New

''
J

'

16

1709),

(11:30

New

a.m.

and

New
•

;

Feb.

21,

World

1963,

&

harness
For

Business—Exploration, develop¬

common.

value plus 8^4%. Business—A




new

New

Price—Net

mutual

fund.

asset
Pro¬

Under¬

Underwriters—First'Boston

loan

repayment.

Address

—

504

Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
—to drill for and operate oil wells.
Office—418 Mar¬
ket St., Shreveport, La. Underwriter—None.

Corp.,

Research Capital Corp.
(10/21-25)
*
Sept. 3, 1963 filed 400,000 common. Price—$12.50. Busi¬
,,

ness—A small business investment

investment.

For

Office—2909

company.

Proceeds—

Bay-to-Bay, Tampa.

Un¬

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

Nov.

27,

year

warrants

1962 filed

offered in

rant.

-

125,000 class A common and

purchase

to

1,250

class

A

three-

shares

to

be

units

consisting of four shares and one war¬
per
unit.
Business—Company will
operate a luxury hotel and resort facilities,

Price—$32
and

sell

writer

nite.
7

-

Resort Corp. of Missouri

80

of land for home sites.

acres

R.

—

Olive

Proceeds—For

St., St. Louis.

Under¬

L. Warren

Co., St. Louis. Offering—Indefi¬
/ / /
• \ /' '
77;'
'' j ] -

,

Retirement Foundation, Inc.
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Price—$10 per membership.
Business—Company

will operate retirement centers for the use of rent-free
•private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and other corporate purposes.
Office—-235 Lockerman

St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Offering—Indefinite.
Gold Mines

Satawa

ceeds—For

debt

Address—Port Arthur, Ontario, Can¬

Underwriter—None.

ada.

Selective
Feb.

B

Price—By amend¬
Pro¬

repayment, construction of a mill and

mining expenses.

are

Ltd.

(max. 30 cents).' Business—Gold prospecting.

ment

ate,

racing track in Luzerne County, Pa. Proceeds—

construction,' and

corporate pur¬

York, and Sanders & Co.. Dallas.

28,

Financial

1962

filed

offered

be

to

'

Corp.

500,000

common,

for subscription

of

which

405,000

by holders of the A,

C stock of Selective Life Insurance Co., an

B and

(10/21-25)

er—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
'

Inc.

250,000

Inc.

•

First National Bank Bldg., Wilkes-Barre, Pa. Underwrit¬

Co., Toronto.

Fund,
filed

Downs,

7

Sept. 10, 1963 filed $2,500,000 of 6%% subordinated sink¬
ing fund debentures due 1978, 375,000 common and 250,000 warrants to purchase additional common, to be of¬
fered in units consisting of one $100 debenture, 15 shares
and warrants to purchase an additional 10 shares.^ Price
—$175 per unit. Business—Company plans to operate a

at 20 Exchange Place
Information Meeting—Oct. 4

mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
C. McPherson

a

Pocono

Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which
400,000 are
to be offered by the
company and 75,000 by a stock-

A.

Price—By

cent). Business—Exploration for oil
in the Philippines. Proceeds—For debt repay¬
n d operating expenses.
Address—Manila, The

has become effective.

EDST) at 55 Wall St., (5th floor), New York.

ment and

gas

ment,

Campbell

holder. Price—50 cents.

(10/14-18)

Philippines, Underwriter—None. Note—This registration

EDST)

York.

Southwest Airlines

the basis of one new share for each two held.

'„White, Weld & Co.; Eastman Dillon, Union Securities &
^Co.-Kidder, Peabody & Co. (jointly); Halsey, Stuart &
Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Salomon Brothers & Hutzler
(jointly).
Bids—Oct.

and

amendment (max. 1

and loan repayment. Address—P. O. Box 230, Las Vegas,
Nevada.
Underwriters—(Competitive). Probable bidders:

f (Room

,'way, Dallas, Texas.

Aug. 9, 1963 filed 1,000,000 common.

(10/16)

•

(max. $80). Business—Writing of life, acci¬
medical and pension insurance. Proceeds—For
selling stockholders. Office—3988 N. Central Express-

Busi¬
on its

Philippine Oil Development Co., Inc.,
June
11, 1963 filed 325,000 capital shares to be of¬
fered for subscription by U. S'. resident stockholders on

& Co., Inc., New York.

Office—

-Republic National Life Insurance Co. (10/7-11)
Aug. 30, 1963 filed 200,000 capital shares. Price—By

y

•

Sept. 6, 1963 filed $11,000,000 of first mortgage bonds due
1993. Price—By amendment. Proceeds—For construction
_

Proceeds—For general

Del.

repayment. Address—P. O. Box 230, Las Vegas, Nevada.

^Underwriter—White, Weld

homes.

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

ment (max. $40). Proceeds—For construction, and loan

capital.

(10/14-18)

amend-

'

Price—By

Industries, Inc.

construction.' Office—3615

Sept.

(10/8)

120,000

working

St., Los Angeles. Underwriter—Costello,
Co., Beverly Hills, Calif. Offering—Indefinite.

City

Oklahoma

Underwriter—Peter Morgan & Co., N. Y.

investment, and

$2.

—

Proceeds—.

Carpenter Freeway, Dallas.
writer—Eppler, Guerin & Turner, Inc., Dallas.

erect

Proceeds—For mining operations, debt repay¬
operating expenses. Office—1218 N. Central
Ave., Phoenix. Underwriter—None.

cor¬

Price

Office—7808

poses.

Underwriter—None.

property.

Pacific

common.

entertainment.

13, 1963 filed 79,477 common. Price—By amend¬
ment (max. $40). Business—Company provides daily air
passenger service between the Los Angeles, San Fran¬
cisco and San Diego metropolitan areas. Proceeds—For

working capital and other

Office—Tekoil, Bldg.,

purposes.

of mobile

Cascade

Mines, Inc.
v
'
July 24, 1963 filed 100,000 common. Price—$1.50.
ness—Company plans to explore iron deposits

Proceeds

75,000

and

dent,

Price—$5.

oil.

travel

16, 1963 filed $1,200,000 of' 6% convertible sub¬
ordinated debentures due 1975 and 204,000 common to be
offered in units of one $100 debenture and 17 shares.

Pacific

(11/4-8)-

common.

("Reg. A")

amendment

Address—Creede, Colo.

ment

.

'

7th

Redman

and

held.

Price—$12. Business—Writing of fire,
; marine, casualty and property insurance. Proceeds—For
general corporate purposes. Office—1511 K St., N. W.,
^Washington, D. C.
Underwriters—Ferris & Co., Wash¬
ington, D. C.
/
,

.

•

Co., Inc.
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬

Washington

Underwriter—

Sept.

(10/23)

filed $7,000,000 of first mortgage bonds
South

Office—801

purposes.

Price—$172.25 per unit. Business—Manufacture and sale

Proceeds—For loan

Office—215

capital
West

411

■

Power Co.

corporate

Industries, Inc.

1962

Russotto &

Outlet Mining

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

1963

..1

23,

For

7

repayment, and, construc¬
St., Fergus Falls, Minn.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co. Inc.; Glore, Forgan &
Co.-Kalman & Co. (jointly); White, Weld & Co.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Salomon Broth¬
ers
& Hutzler (jointly). Bids—Oct. 23 (10 a.m. CDST)
at office of Fiedly, Austin, Burgess & Smith, 11 So. La
/ Salle St., Chicago.
'
7 ;
v
*

Inc.
1962 refiled $8,000,000 face amount certificates

(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15.
Business—A mortgage
loan company.
Proceeds — For general corporate pur-

•

16,

1993.

tion.

National Mortgage Corp.,
t

,

other

Business—Sale of

—

; address).

Un¬

.

Recreation
Nov.

-

Company

and

Ave., South Nashville, Tenn.
Inc., Nashville.

Tennessee Securities

sojidated Securities Corp., Pompano Beach, Fla. Offering
(10715)
Aug. 9, 1963 filed 300,000 common. Price—$10. Business
—A real estate investment and development company.
Proceeds—For investment. Office—1802 N. Central Ave.,
Phoenix. Underwriter
O'Malley Securities Co. (same

— $1.
Busiplans to engage in cemetery develop¬
ment and to establish and operate a life and disability
i insurance concern. Proceeds—For general corporate pur-

Oct.

•

phonograph records, and the publishing of
offices, work¬

ing capital,

O'Malley Investing Corp.

National Memorial Estates
•

of

Sixteenth

—Temporarily postponed.

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

sheet music. Proceeds—For construction of

capital, loan repayment, sales promotion and equipment.
Office—1035 N. W. 21st Terrace, Miami. Underwriters—
Pierce, Wulbern, Murphey Inc., Jacksonville, and Con-

products. Proceeds—For construction of a plant in Ireland, and working capital.
O f f i c e—4301 46th St.,
Bladensburg, Md. Underwriter—Netherlands Securities
Co., New York.

stockholder.

Recording Industries Corp. (10/8)
July 19, 1963 filed 297,000 common. Price—$5. Business
—Company plans to engage in the recording and man¬

1963 filed 338,755 common, and warrants to
an additional 338,755 common, to be offered
subscription by common stockholders in units of one
share and one warrant, on the basis of one unit for
each two shares held. Price—By amendment (max. $4).
Business—Company is engaged in the production of rum
and other alcoholic beverages. Proceeds—For working

Manufacturing Co., Inc.

selling

markets citrus fruits in Israel. Pro¬

•

purchase

1962 filed 100,000 common. Price—$8.75. Business—Manufacture
of
galvanized chain link fence,

—

processes and

rael. Underwriter—Rassco of

July 29,

V Nov. 29,

1963 filed 400,000 ordinary shares. Price—By
(max. $3,166).
Business
Company culti¬

ceeds—For

for

and

27,

amendment

12,

Old Florida Rum Co.

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

•

Corp., Lincoln, Nebr.

Rasscc Plantations Ltd.

■

St., Oklahoma City. Underwriter—Equity Underwriters,
Inc. (same address).
7;

Proceeds—For

stores.

,

(10/16)
1963 filed $2,000,000

Securities

77/7

ferred

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

7

Inc.

plant, and working9capital. Address—84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska

1963 filed 500,000 common and 500,000 pre¬
($6 par); to be offered in units of five preferred
and five common shares. Price—$35 per unit. Business—
Company plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in an existing insurance company.
Proceeds—For acquisition of above stock, loan repay¬
ment and working capital. Office—2201 Northwest 41st

Sept.

National

ated

Ramo

Sept. 16
of 6*4% subord. sinking
fund debens. Due Oct. 1, 1975. Price—At
par. BusinessCompany processes domestic and imported nutmeats for
sale to food
distributors, supermarket chains and other
wholesale outlets. Proceeds—For construction of
a
new

,

>

$5.

-—

subsidiary life in¬

'

(10/14-18)
:Aug. 26, 1963 ("Reg. A") 24,000 common. Price—$12.50.
"Business—Company represents National Insurance Un¬
derwriters, a reciprocal insurance exchange. Proceeds—
/For expansion and working capital. Office—8030 Forsyth
■iBlvd., Clayton, Mo. Underwriter—A. G. Edwards & Sons,
St. Louis.
7
v
National

•

•

Proceeds—For equipment, debt repay¬
expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C. Note—This registration will be

municipalities and territories of the U. S. Proceeds—For
investment. Sponsor — Ira Haupt & Co., Ill Broadway,
New York. Offering—Indefinite.

.

a

derwriter—None.

Engineering Corp.

7r//

Price

common.

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

poses.

ment,

.

Underwriter—None.

Fund,

surance

$15). Business—Research and development
using radioactive tracers; precision radio¬

withdrawn/

J.

Stock

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

services.

ment

,

Busi¬

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

Inc.

activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬

^
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests.
Price—To be supplied by amendment.
Business—The

•

contracts

on

■r

Inc.

(max.

_

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

Price—$25.

Inc.
April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8%%. Business—A new mutual
fund. Pro-

Marcn 29, 1962 filed 100,000 common. Price—By amend¬

'Barney & Co., Inc., New York.
Morton

Provident

-—Henry D. Tallmadge Co., Seattle.

repayment and equipment. Address—
Oneida County Airport, Utica, N. Y. Underwriter—Smith,
loan

Inc.

common.

and

St., Princeton, N.

hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
/ White-Henry-Stuart Bldg., Seattle, Wash. Underwriter

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

Hydrofoil,

Lands,

sale of real
property,- cniefly un¬
Proceeds—For debt repayment, and ac¬
additional properties.
Office—195 Nassau

of

quisition

("Reg. A") 60,000 common. Price — $5.
Design, construction, sale and operation of

—

Research

1963 filed 40,000

31

improved land.

1963

3,

Business

Sept. 24, 1963 filed $6,000,000 of convertible subordinated
debentures due Nov. 1, 1978. Price—At par. Business—

28,

ness— Purchase

/v

29,

Northwest

(1315)

March

1963 filed 60,085 capital shares. Price — By(max. $3.25), Business—Acquisition of oil
and gas properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—Gregory-iviassari, inc., jlos Angeies. Offering—indefinite.

7

Seville, Spain.

•

Princeton

Blvd., Los
New World Distributing Co.

amendment

Atlanta.

'

—

Nordon Corp. Ltd.

July

-

1963 filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile homes, parks
and residential and commercial real estate.
Proceeds—
Jan. 28,

For

'

•

on

the basis of 4

share

and

company

two-thirds

share

affili¬

shares for each class A or
for

each

class C share Of

Remaining 94.822 and any unsub¬
scribed shares will be offered publicly. Price—To public
Selective

Life

held.

$6; to stockholders, $5.

in

gage
nance

corporate purposes.
nix.

Business—Company plans to en¬

consumer finance, mortgage, general fi¬
related businesses.
Proceeds—For general

the

and

Office—830 N. Central Ave., Phoe¬

Underwriter—None.

Shaker

Properties
215,000 shares of beneficial interest.
Price—$15. Business—A real estate investment trust.
Oct.

19,

1962 filed

Proceeds—For

investment
,

and

'''

working capital.
Continued

on

Office
page

32

The Commercial and Financial Chronicle

Continued from

definite.

^

Indianapolis. Distributor

Beverly Hills, Calif.
Co., Los Angeles.

Unimed,

1,000,000 capital shares. Price—Net as¬

July 1, 1963 filed
will

corporation. It will provide investors a means of investing in Canada, Western Europe and other foreign
areas.
Proceeds—For investment. Office—135 S. LaSalle

-

St., Chicago.

Underwriter—None.

writer—William R. Staats & Co., Los

research and development on new

preparations. Address

Business—Production

Angeles.

Angeles. Underwriter—None,

Jan.
—A

~

-*■

T6X35 Plastics

Inc.

Fund

securities

posited

1963

•

Price—$1.50.

Western

Under¬

Proceeds—For expansion.

Office—520 S. Wk. 6th

and

Offering—Indefinite.

(Minn.)

July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered for subscription by stockholders
on
an
unlimited basis.
Price
At par.
Business—
A holding company for United Investors Fund Corp. (a
broker-dealer which sells mutual funds)
and United
■Capital Life Insurance Co. of Minnesota. Proceeds—To
increase capital and surplus of United
Capital Life

•

—

heating equipment and automatic control

'

'

l;

' '<■*




J

'

'

/V

'

,

'

;

■

'

S.

share of Western

wooden

—Design

Underwriter—None.

Fulton, Reid & Co., Inc., and

William T. Robbins & Co.,.

Inc., Cleveland.

/.

-

-

,

Penn

V

and

Price—$4.

'

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

year-round amusement resort. Proceeds—For
debt repayment, working capital and other

construction,

corporate purposes. Office—2042 S. Atlantic Ave.,
tona Beach, Fla. Underwriter—Alpha Investment

DaySecu¬

rities, Inc., Atlanta.

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

Inc.

Business

of precision electrical and
electronic measuring devices and test equipment. -• Pro♦ 'nd'':
v; •
/••' ^
.n**.
■

picture frames. Proceeds—For debt repayment.
N. Westwood Ave., Toledo. Underwriters-

Office—328

None.

■

.

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

Houston.

Winslow Electronics,

>

and plant expansion..

Chicago. Underwriter-

if Daitch Crystal Dairies, nc.
Sept. 20, 1963 ("Reg. A") 18,000 common. Price—At-themarket. Business—Operation of a chain of supermarkets,/
and other stores. Proceeds — For selling stockholders.
Office—400 Walnut Ave., Bronx, N. Y. Underwriter—

Dec. 28, 1961 filed 125,000 common.

Co., Inc., New York. Offering—Expected in November.
j>

U.

For office

if Craft Master Corp.
Sept. 30, 1963 filed $1,000,000 of 6% convertible sub¬
ordinated debentures due 1973; also 125,000 common tobe offered by stockholders. Price—By amendment (max..
$11 for common). Business—Manufacture of paint - bynumber sets, crushed marble mosaic kits, hobby kits and

Racing Association
March 8, 1963 filed $1,000,000 of 6V2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon shares to be offered in units of one
$100 debenture
and 10 shares. Price—$220
per unit. Business—Company
has been licensed to conduct harness racing with parimutuel betting.
Proceeds—For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia.
Offering—Indefinite.

systems. Proceeds—For inventory, sales promotion, note
prepayment and working capital. Office — 410 Fourth
'.Ave., Brooklyn, N. Y. Underwriter—M. H. Meyerson &

•'

of

—

Office—7373 North Cicero Ave.,

Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs. Proceeds
—For
construction, working capital, and other corporate
purposes. Office
1907 Chamber of Commerce Bidg.,
William

U. S. Controls, Inc.
Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 war¬
rants. Price—$100 per unit.
Business—Development and

■i~',

1977

due

one

Proceeds

struments.

—

Insurance Co. of Minnesota. Address—1300 First National
Bank Bidg., Minneapolis. Underwriter—None.

manufacture of

debentures

the basis of

on

repay¬

^Chicago Musical Instrument Co. (10/28-31)
Sept. 27, 1963 filed 190,000 common, of which 50,000 areto be sold for company, and 140,000 for stockholders.
Price—By amendment (max. $26). Business—Manufac¬
ture and/or distribution of various types of musical in¬

>

245,000 common.

$1. Business—Company plans to opera.te a natural gas
gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.

surplus.

United Investors Corp.

Corp.,

debt

Honolulu.

cializing in production of synthetic structural materials..
expansion and other corporate purposes.
Office—522 Fifth Ave., New York. Underwriter—First.
Boston Corp., New York.

Transmission for each U. S. Natural share held. Price—

Office—609 Sutter St., San
Francisco. Underwriter—Alex. Brown & Sons, Baltimore.
capital

subordinated

Proceeds—For

St.,

Proceeds—For

subscription by holders of the capital stock and 6%

convertible
Natural Gas

Fort

if Celanese Corp. of America (10/25)
Sept. 27, 1963 filed 964,390 common to be offered forsubscription by stockholders on the basis of one new
share for each'eight held of record Oct. 25. Price — By
amendment. Business—A major chemical company spe¬

Western Transmission Corp.
Sept. 16, 1963 filed 1,162,537 capital shares to be offered
for

(max.

and

Philadelphia. Offering—Expected in late October.

pending this issue.

Trans World Life Insurance Co.

.

St., Mobile, Alav -Under¬
Co., Inc., N. Y. Note—This registra¬

Steel, Inc.
("Reg. A")

activities.

other

and

Growing

Underwriters—
Blyth & Co., Inc., New York, and Butcher & Sherr£rd,.

Address—Suite 412-413 Hynds Bidg., Cheyenne,
Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The SEC has issued an order temporarily sus¬

July 31, 1963 filed 465,000 common. Price—By amend¬
ment (max. $5 ). Business—Company plans to sell general
life and disability insurance policies. Proceeds—To in¬

■

17, 1963

and

—

ment.; Office—827

Wyo.

Ave., Portland, Ore. Underwriter—None.

•

lasses

Price—By amendment

processing of sugar in.
Puerto Rico, marketing of black strap mo¬

Business

Hawaii

Saint Joseph
&

five shares held.

each

$50).

poses.

July 26, 1963 filed 155,000 common. Price—By amendment (max. $15). Business—An insurance holding com¬

crease

for

Price—$1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
—For
plaht construction and general corporate pur¬

Transpacific Group, Inc.

pany.

if Brewer (CO & Co., Ltd.
Sept. 30, 1963'filed 146,735 common to be offered for
subscription by stockholders on the basis of one share

Wen

Jam

writer—None.

,

exchange type

Products, Inc. (10728-31)
Sept. 13, 1963 filed 200,000 common. Price—By amend-ment (max. $10). Business—Manufacture of electrically
powered hand tools, including electric saws, soldering
guns, sanders, planers and drills. Proceeds—For selling
stockholder,- Nickolas T. Anton, President. Address—
5810 Northwest Highway, Chicago. Underwriter—Hayden, Stone & Co., Inc., New York.

Inc.

St., Casa Grande, Ariz.

new

tion will be withdrawn.

production of
the Lake Shore copper deposit near Casa Grande, Ariz.
Proceeds—For equipment, exploration and working cap¬
E. 4th

Office—71

ital.

writer—Shields

porarily postponed.

Office—201

A

Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment. B u s i n e s s—The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬

Business—Operation of a chain of self-serv¬
clothing, housewares, etc, Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterVan Alstyne, Noel & Co., New York.
Offering-r-Tem-

ital.

—

Waterman

stores selling

Resources,

Business

which

fund

—

Price—$6.

Transarizona

securities.

plans to continue/ indefinitely to
exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and in¬
come. Office
3001 Philadelphia Pike, Claymont, Del.
Distributor—Wellington Co., Inc., Philadelphia. Note—
This statement is expected to be withdrawn.

mutual

:

May 28, 1962 filed 500,000 capital shares.
Business—Exploration, development and

17, 1963 filed 300,000 units of participation in the
to be offered in exchange for certain acceptable
on the basis of one unit for each $100 of de¬

June

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

Fund

Warwick

Inc. (10/28-31)
filed 179,500 common, of which 129,500
are
to be offered by company and 50,000 by certain
stockholders. Price—By amendment (max. $28). Business
—Company manufactures various types of toy trucks and
other related plastic toys and accessories. Proceeds—For
acquisition, working capital and other corporate pur¬
poses. Address—Mound,
Mich. Underwriters—Bache &
Co., New York and J. M. Dain & Co., Inc., Minneapolis.

ice

Underwriter—To be named.

dress—Sidney, Mont.

Tonka Toys,

23,

if Allright Auto Parks, Inc. (10/21-25)
Sept. 24, 1963 filed $2,000,000 of 6% sinking fund sub¬
ordinated debentures due. 1978, 240,000 common shares,
and 5-year warrants to purchase an additional 80,000
common, to be offered in units consisting of one $100'
debenture, 12 shares and warrants to purchase an addi¬
tional 4 shares. Price—By amendment (max. $230 per
unit). Business — Operation of 558 parking lots in 40'
cities. Proceeds—For debt repayment and working capi¬
tal. Office—825 Esperson Bidg., Houston. UnderwriterEquitable Securities Corp., Nashville.

1963, filed 328,858 common. Price—$1. Business
new mutual fund.
Proceeds—For investment. Ad¬

—A

due

stockholder.

a

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

Inc.

Valley Investors,

^

fering—Indefinite.
•

Office

other corporate purposes.

by

for stock:

Jan. 23,

Price—$3.50. Busi¬
and
packaging products. ' Proceeds—For working capital.
Address—Elsa, Texas., Underwriter—To be named. Of¬

Sept.

offered

Offering—Temporarily postponed.

plant producing plastic film

a

equpiment,

Proceeds—For

debentures

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

of urethane
working capital,

Republic National Bank Bidg., Dallas. Under¬
writer—First Nebraska Securities Corp., Lincoln, Neb.

July 27, 1962 filed 313,108 common.

ness—Operation of

if Allen Electric & Equipment Co. (10/14-18)
Sept. 27, 1963 filed $1,200,000 of 6% convertible subordi-C
nated

Business—Manufacture

unit.

leasehold expenses and

Underwriter—

temporar¬

v

.

Inc.

1962 filed 250,000 class A and 250,000 common to
of each class.
Price—

per

foams.

(same address).

Amosand Inc.

order

>y

This Week

—2300

Ind.

Lafayette,

Bidg.,

Life

Lafayette

an

'-

Issues Filed With SEC

$5.05

Proceeds—For investment in U. S.
Bonds and in new subsidiary.
Office—801

has issued

City, Mo.

be offered in units of one share

Inc.

Not e—The SEC

ily suspending this letter.

Price—$2.50. Business—Production and
molding of plastics or related materials reinforced by
fiber glass. Proceeds—For loan repayment, and working
capital. Address — Commonwealth Ave., Bristol, Va.

company.

Government

Mont.

petroleum

Oct.-15.

Feb. 14,

21, 1963 filed 48,500 common. Price—$100. Business
holding company which plans to organize a life in¬

surance

,

Co.,

Price—$10

of

Aug. 23, 1963 filed 738,408 common being offered for
subscription by stockholders on the basis of three new
shares for each four held of record Sept. 19. Rights will

Urethane of Texas,

purposes.

Investment

Tecumseh

;

Inc.

sale

and

Moulded Fiber Glass Corp.

Underwriter—None.

Office—221 San Pedro,
.N. E. Albuquerque. Underwriter—S. D. Fuller & .Co.,
New York.
Offering—Indefinitely postponed. {'•,
corporate

Price—$2.50..
productsProceeds—For debt repayment, construction and work¬
ing capital. Address—P. O. Box 670, Thermopolis, Wyo..
Underwriter—Northwest Investors Service, Inc., Billings,.

share. Business—A new mutual fund. Proceeds—For
Office—20 W. 9th Street, Kansas City, Mo.

expire

Teaching Machines, Inc.
April lv1963 filed 150,000 common. Price—$5 BusinessCompany develops and sells teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
other

202, Morristown, N. J. Underwriter—None.

Universal

t

and

Dillon, Union Securities & Co.-Salomon Brothers &
(jointly); First Boston Corp.; White, Weld &
Co.; Kidder, Peabody & Co. Bids—Oct. 3 (10 a.m. CDST)
at 231 South LaSalle St., Chicago. Information Meeting
—Sept. 26 (10:30 a.m. CDST), same address,
'
man

Hutzler

Inc.

Underwriter—Waddell & Reed, Inc., Kansas

1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire Blvd.,
Los

Merrill

—

& Co., Inc.,

investment.

Feb.

.

North Marshall St.,. Milwaukee. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.-East-

Wyomont Petroleum Co.
May 10, 1963 ("Reg. A") 120,000 common.

per

Mortgage Investment Trust

Sutro

Cincinnati. Underwriters

April 11, 1961 filed 2,500,000 shares of stock. -

Busi¬

One Wall St., New York. Under¬

Address—Room 2600,

Ave.,

—1029

existing products, and

—Route

sub¬
scription television system in the Los Angeles and San
Francisco metropolitan areas. Proceeds—To complete
developmental work, and establish the initial system.

,

27, 1963 filed $15,000,000 of first mortgage bonds
1, 1993. Proceeds — To repay bank loans and
for refunding of outstanding 5V4%
first mort¬
gage bonds due Nov. 1, 1989, or for construction. Office

(10/8)

United Variable Annuities Fund,

Aug. 22, 1963 filed 1,900,000 common. Price—$12.
ness—Company plans to establish and operate a

<

(10/3)

ticals. Proceeds—For marketing of

.

(10/8)

Subscription Television, Inc.

•

,

Corp.

due Oct.

Sept. 3, 1963 filed $300,000 of 5V2% convertible subordi¬
nated notes due 1973. Price—At par. Business—Develop¬
ment and manufacture of ethical drugs and pharmaceu¬

Business—Company was recently formed and
succeed to New York Capital Fund, Ltd., a Canadian

set value.

'

Service

either

Lynch, Pierce, Fenner & Smith Inc.; Blyth
and Fahnestock & Co., New York.

Foreign Fund, Inc.

& Farnham

Herald

1658

Underwriter—Samuel

Public

Aug.

Sept. 17, 1963 filed 225,500 common. Price—By amend¬
ment (max. $37). Business—Manufacture and retail sale
of shoes. Proceeds — For selling stockholders. Office—

B. Franklin &

Roe

Unified Underwriters, Inc.,

United States Shoe Corp.

1963 ("Reg. A") $135,000 of 8% convertible de¬
due 1969. Price —At par ($100). Business —
Manufacture and sale of custom hair pieces. Proceeds—
For new products and working capital. Office
328 S.
bentures

Stein

—

Wisconsin

(same address).

Inc.

July 9

Beverly Dr.,

Underwriter—To be named.

Address—207 Guaranty Bidg.,

Proceeds—For investment.

-

„

Squire For Men,

value

asset

UnderOffering—in-

Cleveland.

debt repayment and other corporate pur¬
Office—1005 First Ave., Asbury Park, N. J.

poses.

capital shares. Price — Net
plus 8V2 %. Business—A new mutual fund.

Aug. 22, 1963 filed 750,000

Bidg., Cleveland, Ohio.

& Co.,

writer—McDonald

ceeds—For

Unified Mutual Shares, Inc.

31

page

—1956 Union Commerce

.

Thursday, October 3, 1963

...

(1316)

32

manufacture

,

*

■

1

■I:

T'i

■

id

.v

.

.

fiis:;.

:

.

'

'

/

-:'

•

-L

'*■

'

v

-

■

,

..

.//

'

'

■■

■'

,

'

Volume

198

6304

Number

.

,

.

The Commercial and Financial Chronicle

(1317)
other

Office — 50 Broadway, New
Underwriter—Linder, Bilotti & Co., Inc., (same
address). 7
/■'s"'.-.;
corporate purposes.

York.

* Gordon (I.) Realty Corp.
Sept. 27, 1963 filed $2,113,748 of 7%

con¬

by stockholders on the basis of $700 face amount
common shares held. Price—By amendment.

for each 100

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

ment, and other corporate purposes. Office—112 Powers

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

of

custom-designed,

factory built homes. Pro¬
working capital. Address
Underwriter—The Milwaukee

it

19,

Life Insurance Co.

1963

operations. Office—'120 Delaware Ave., Buffalo, N., Y.
*

Inc.

50,000

to be offered by stockholders. Price
—By amendment (max. $20 for common). BusinessOperation of meat packing plants. Proceeds—For con¬
struction of a,new plant, equipment, debt repavment and
working capital. Address—Denison, Iowa. Underwriters
—New York Securities Co., New York and First Ne¬
braska

(max.

$12).

and

loan

Business—Manufacture

commodities

1963

filed 100,000 common. Price—$104. Busi¬
in in¬

The

Third

Ave., New York.

Underwriter—None.

it Kentucky Fried Chicken, Inc.

7
27, 1963 filed 25,000 class A voting^ and 25,000
class B non-voting common. Price—$10. Business—Com¬
pany franchises certain restaurants in the. XJ. S. to pre¬
pare and sell Kentucky Fried Chicken.: Tt also sells or
Sept.

leases

equipment used in preparation of this item. Pro¬
ceeds
For the selling stockholder, Harland Sanders,
Chairman. Address—Box 67, Shelbyville, Shelby County,
Ky. Underwriter—None.
—

it Lowell Gas Co.

Vitrified

the basis of

on

of record

share for each 13 shares held. Price—
gas

in and

around

Lowell, Mass. Proceeds—For loan repayment.
Merrimqck St., Lowell, Mass. Underwriter
However, American Gas Associates, parent com¬
will purchase any unsubscribed shares.

Office—95 E.
•r-None.

,

—

Purchases

and

development

of

properties, and related activities. Proceeds

repayment, working

capital

poses. Office—147 E. Liberty,
•—None.
7- ;,•'
.

real

—

—

record

PMA

one

7-

Insurance Fund, Inc.

,

,

-/

-

-

International,

share by Fund

Oct.

record

Oct.

30, 1963. Rights
will expire Dec. 5, 1963. Proceeds—For debt repayment.
Office—920 S. W. Sixth Ave., Portland, Ore.
Under¬
writers—(Competitive). Probable bidders: Kidder, Peabody & Co.; Blyth & Co.; Ladenburg, Thalmann & Co.;
Lehman Brothers-Eastman Dillon, Union Securities &
Co.-Bear, Stearns & Co.-Dean Witter & Co. (jointly).
Bids for Compensation—Nov. 13

(11 a.m. EST) at Ebasco
Services, Inc., 2 Rector St., New York. Information Meet¬
ing—Nov. 7 (3:30 p.m. EST) same address.

^Public Service Electric & Gas Co. (10/22)
Sept. 26, 1963 filed $40,000,000 of debentures due Oct. 1,
1983. Proceeds—To redeem $36,000,000 of
outstanding
3% debentures maturing Nov. 1, 1963, and for construc¬
tion. Office—80 Park Place, Newark, N. J. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.-LehBrothers-Salomon

Brothers & Hutzler
(jointly);
Co.; Goldman, Sachs & Co.-Harriman Ripley
& Co. (jointlv); First Boston Corp. Bids—Expected Oct.
22 (11 a.m. EDST) at above address. Information Meet¬
ing—Oct. 17 (2 p.m. EDST) at One Chase Manhattan
Plaza (28th floor), New York.
: / ,

&

it Supreme Life Insurance Co. of America
Sept. 30, 1963 filed 42,089 common to be offered for
subscription by stockholders on the basis of one share

per

company

for

the

international

have

.•

.

■

*'•

us

at

-7

■

7:

,/-7.'-

I

which!

Underwriters—To be named.

REctor

Edison

Co.

of

New

York

(12/11)

Sept. 17, 1963 the
$60-$75,000,000 of

company stated that it plans to sell
bonds in December. Proceeds—For
construction. Address—4 Irving

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

an

telephone

you

tele¬

Office—

bidding. Business—Company was formed in
December,'
1962, to own and operate a 500,000 kw. atomic power
plant at Haddam Neck, Conn. Proceeds—For construction
of the $70-$80,000,000
plant. Office—441 Stuart St., Bos¬

writers—(Competitive).
Co.

similar to those you'll find hereunder.

us

telephone,

bonds. The request has been
opposed by a major under¬
writer who wants the bonds to be
sold at competitive

Inc.

Corporation

Would

of

communications.

own this new firm, have petitioned the SEC for.
exemption from the Public Utility Holding Company Act,,
to permit the negotiated sale of
$55,000,000 of the firm'?,

issue you're planning to register?
News Department would like
to know about it so that we can prepare an item

write

other

jointly

ATTENTION UNDERWRITERS!
you

transmission

television/and

Consolidated

Our

con-

com-*

remaining 50%. Price—Maximum;
share. Business—Congress has authorized!
to provide satellites and ground facilities;

Connecticut Yankee Atomic Power Co.
April 23, 1963 it was reported that the 12 utilities

1,

2-9570

Consumers

or

Power Co.

Aug. 16, 1963, it was reported that the company plans to
sell $20,000,000 of straight debentures
in the 4th quarter
of 1963. Office—212 W.
Michigan Ave., Jackson, Mich.

at 25 Park Place, New York 7, N. Y.

Underwaters—(Competitive).

•

it Pacific Power & Light Co. (11/13) ;
Sept. 27, 1963 filed 717,408 common to be offered for
subscription by stockholders on the basis of one share

$100

the

ton.

Do

be

common

1964.".;
due

due 1983, and
400,000 of common offered at par and $3.50 respectively,
by American Securities Corp., and Glore, Forgan & Co.,
''

explora¬

non-communications
issued to FCC-approved

—

per

$4,000,000 6^4%'subordinated debentures

York.

space

other

Klingle Rd., N. W„ Washington, D. C. Underwriters—To be named. Note
Leo D. Welch,
Chairman, has
announced that the company
hopes to make a public
offering of its stock "not later than the early part of

offered at $16 per share by Dean Witter

Union

and
will

3029

101.322% plus accrued interest, to yield
by White, Weld & Co., New York.

Western

public, firms that produce
II

carriers, with the provision that
more than half the company's total shares can be
held by these
carriers, and no individual or group may
hold over 10% of the

graph,

Co., Los Angeles.

New

—

no

of

offered at

common

the

munications

and other corporate pur¬
Suite 1, Reno. Underwriter
'■/ •.... '
7
7;\'

None.




per

Sept. 25.

105,458

debt

tals. Proceeds—For general corporate purposes. Office—
2001 Kennedy
St., N. E., Minneapolis. Underwriter—

of

7

to

equipment

cerns.Series

share for each three held

Jersey Central Power & Light Co.
$18,525,000 of 41/2% first mortgage bonds

$1.

Sept. 16, 1963 ("Reg. A") 10,000 class A common and
2,000 class B common.
Price—$10.
Business—Sale and
distribution of
drugs, pharmaceuticals, sundries and
other products generally sold in drug stores and hospi¬

held

tion

common initially offered at $5
Management Inc., Milwaukee.

Probable bidders: Halsey,
Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &

Stuart

■it Northwestern Drug Co.

each 20 shares

new

Issued

Co.

200,000

1993

"+

7

(10/10)

D.
C. Company's common
voting shares, without par
value, will be divided into two series. Series I will be

by

Rights will expire Oct. 15. Mackall &
Coe, Washington, D. C., is the principal underwriter. <7

estate

For

share

Services Finance Corp.
76,773 common offered to stockholders at $18 per share
on
the basis of' one new share for each five- held
of

it Missouri National Life Insurance Co.
Sept. 27, 1963 filed 103,500 capital shares.
Price — By
amendment (max. $6). Business—Writing of life, acci¬
dent and health insurance policies.
Proceeds—For an
acquisition and working capital. Office — 1006 Grand
Ave., Kansas City, Mo. Underwriter—Sterling, Grace &
■Co., New York.
•
7 '7 •• ■.;.."v
y-7"7v■'

it Nevada Real Estate Investment Corp.
Sept. 16, 1963 ("Reg. A") 300,000 common. Price

%•

.

A savings and loan association
engaged in the business of making loans,
principally se¬
cured by first liens on real estate.
Proceeds—For selling
stockholders. Address—5420 Wilshire
Blvd., Los Angeles.
<Underwriter—White, Weld & Co., Inc., New York.

Sept 26. Rights will expire Nov. 4. No mnder-

&

new

per

being offered to stockholders at $19

common

share

Products

basis of

one

'

Washington,

Corp.
100,000 class A shares offered at $26.50
Dean Witter & Co., Chicago.'

Rogers Brothers Co.

$32. Business—Distribution and sale of natural

7'"7'

Sept. 12, 1963 it was reported that the
company plans
sell 125,000 shares of
guarantee stock. Price—To be

Amerline

4.42%

.

.

to

dem

were

Brothers-

Indefinitely

■

Communications Satellite Corp.
Feb. 20, 1963 it was reported that
papers of incorpora¬
tion have been filed for this
company, in

Sept. 19, 1963 ("Reg. A") 3,447 common to be offered for
subscription by stockholders (other than parent) on the

Blyth

.

Monday issue of the "Chronicle

Federal

850

—

(jointly); Merrill Lynch, Pierce,
Inc.-White, Weld & C<
(jointly); Hal-

sey, Stuart & Co. Inc.; Blyth & Co.-Lehman
Salomon Brothers & Hutzler.
Offering —

details, where available* will f>e carried in the

writing is involved.

man

Fenner & Smith

determined: Business

statements

to sell"

—

Registration

following registration

—For

investment. Office

stated that it plans

Columbia Savings & Loan Association

vesting in private industries located in Israel. Proceeds

for

Proceeds

postponed.

Effective

7/

to raise money for
construc¬
tion Office —120 E. 41st
St., New York.
Underwriters
(Competitive). Probable bidders: Morgan
Stanley &+
Co.-First Boston Corp,

and other corporate purposes.
Crescent Blvd., Pennsauken, N. J. Un¬
derwriter—Bache & Co., New York.
7
'

79,137

ness—A closed-end investment company engaged

Business

quotation systems.

Salomon^

Columbia Gas
System, Inc.

££S,\mA„1961??
comPany
$25,000,000 of debentures

electronic

repayment,

American

Corp., Lincoln, Neb.

it Israel Investors Corp.

pany,

of

common

Securities

Sept. 26,

•

clared effective this week by the SEC.
Offering

(10/21-25)

;Sept. 27, 1963 filed $3,172,000 of 6% subordinated sink¬
ing fund debentures, series B due 1978 (with warrants);
also

derwriters—(Competitive). Probable bidders:
Brothers & Hutzler;
Halsey, Stuart & Co. Inc.

★ Ultronic Systems Corp. (11/4-8)
Sept. 25, 1963 filed 150,000 common. Price—By amend¬

Falls, Wis.
Co., Milwaukee, Wis.

■it Iowa Beef Packers,

5, 1963 the company announced tentative
plans to
$5,000,000 of equipment trust certificates in
early"
December. Office—547 W. Jackson
Blvd., Chicago. Un¬

Co., Dallas.

securities

(jointly);
Lehman
(jointly); White, Weld

Co.

sell

Transmission Co. Address
Tennessee Bldg., Houston,
Tex. Underwriter—First Southwest

ment

&

Co.

Chicago Burlington & Quincy RR.

filed

Office—7300 N.

of

&

(10/15)
*
>
500,000 capital shares. Price—By
(max. $18). Business—Writing of life", acci¬
dent and health insurance. Proceeds—For
selling stock¬
holder, Tenneco Corp., a subsidiary of Tennessee Gas
Sept.

it International Life Insurance Co. of Buffalo
Sept. 26, 1963 filed 125,900 capital shares to be offered
:for subscription by stockholders oil the basis of one new
share for each four held. Price—By amendment (max.
:$32). Business—Sale of various forms of life insurance
and annuities. Proceeds—For investment and expansion

•

Tennessee

Brothers-Bear, Stearns

amendment

—For

"Underwriter—None.

Lynch, Pierce, Fenner & Smith Inc.
(jointly); Halsev'
Stuart & Co.
Inc.; Eastman Dillon, Union Securities &
Co.-Equitable
Securities
Corp.

working capital. Office—3501 S. Parkway, Chicago.
Underwriter—None.

ceeds—For debt repayment and

—Sheboygan

of

—

—

^ Great Lakes Homes, Inc. (11/4-8) '"r.
Sept. 27, 1963 filed 160,000 common, of which. 100,000
will be sold for the company, and 60,000 for stockhold¬
ers. Price—By amendment (max. $10). Business—Manu¬
facture

Price—$30. Business—Sale

life, health and accident insurance in 12 states and the
District of Columbia. Proceeds
For debt
repayment,
and

subordinated

vertible debentures due 1974 to be offered for subscrip¬
tion

for each three shares held.

33

Prospective Offerings
•

Associated Truck

Sept. 18, 1963 it

was

Lines, Inc.

,

(10/15)

reported that 110,000

common

shares

publicly, of which 40,000 will
be sold for the company and
70,000 for certain stock¬
holders.
Business
Company is a short haul motor
common
carrier operating in Michigan, Ohio, Indiana
and Illinois. Proceeds—To retire
outstanding 6% cumu¬
lative preferred stock. Office
15 Andre St., S. E.,
Grand Rapids, Mich. Underwriter — Hornblower &
Weeks, New York.
—

—

Bethlehem Steel Co.
Feb. 26, 1963, Arthur B.
Homer, Chairman, announced
that the company will embark on a $750,000,000 capital

to

be

completed by 1965.
He
said that approximately two-thirds of the
financing for
the program will be generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
would not be required until at least 1964. O f f i c e—25
program

Broadway, New York. Underwriters—To be
last public sale of securities in May,

by Kuhn, Loeb

named.

The

& Co., and Smith, Barney

& Co., New

26,

to sell

1963

it

was

reported
cameras

that
and

the

company
S.

plans
Busi¬

other photographic

equipment. Proceeds—For expansion. Address—Tokyo,
Japan.
Underwriter—Yamaichi Securities Co. of
New York,

Inc.

it Central

Illinois

On Oct. 2,

1963, it

7
Public

Service

Co.

reported that the company plans
$20,000,000 of bonds in the third quarter of 1964.
Office—607: East Adams St., Springfield, 111. Underwrit¬
was

to sell

ers—

&

Sept. 16,
the
in

sale

Data

Corp.

r

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

of

1964.

and

the

A company spokesman stated that the
timing
type of issue, will depend on market conditions at

time.

Office
8100 34th Ave., South,
Minneapolis.
Underwriter—To be narp€d. The last sale of debentures
on
Aug. 28, 1962 was handled by Dean Witter & Co.,
Chicago.
'■
7
,
■
Duke

—

Power

Co.

Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue
$50,000,000 of first mortgage bonds

in

the

second

quarter of 1964. Office

Plaza, New York.
able

bidders:

—

30

Rockefeller

Underwriters—(Competitive).

Prob¬

Halsey, Stuart & Co. Inc.; First Boston
Corp.; Morgan Stanley & Co.; Stone & Webster Secu¬
rities Corp. 7 *
■
Eastern Freight Ways, Inc.
Oct. 9, 1962 the ICC authorized
common.

.

the

.

company

to

issue

Price—By amendment (min. $5). Busi¬
common carrier
operating in nine

ness—A motor vehicle

$5,000,000 of convertible bonds in the U.

ness—Manufacture of

Control

100,000

Canon Camera Co.

June

Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).

.

1955, was handled

York.
;;

Co.

,

of Associated will be sold

improvement

&

(Competitive). Probable bidders: Salomon Brothers
Hutzler; Blyth & Co.-Kidder, Peabody & Co.-Merrill

eastern

states from Vermont to Virginia.
Proceeds—For
working capital, debt repayment and advances to sub-

lidiaries.

Office

Moonachie Ave.,.
Carlstadt,
Underwriter—Allen & Co.. New York. 1
—

N.

J.

General Aniline & Film
Corp.
,
April 3, 1963 Attorney General Robert F.
Kennedy an¬
nounced that the Justice Department had
reached an
out-of-court agreement with
Interhandel, a Swiss hold¬

ing company, designed to settle the 20-year old
dispute
control of the 540,894 class A and
2,050,000 class B

over

Continued

on

page

34

,

The Commercial and Financial Chronicle

(1318)

34

;

Continued' from page 33

-

General Aniline

(jointly); Lehman Brothers-Kuhn,
Co.-Glore, Forgan & Co. (jointly); Bache & Co.

Boston Corp.

Georgia Power Co.

(11/7)

;

Massachusetts

Loeb &
;•<

Mexico

Proceeds—For expansion, re¬
search and debt repayment. Address —1200 Investors
Bldg., Minneapolis. Underwriter — Kidder,, Peabody &
•

16, 1963 it was reported that the company plans;
$10,000,000 of bonds in the last half of 1964.
Of¬

Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
"Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securities Corp.; Kidder, Peabody & Co.; Eastman Dillon,,
Union Securities & Co.; Lehman Brothers; Blyth & Co.
-

the company plans
registration statement shortly covering $1,600,of convertible debentures to be offered for subscrip¬
11, 1963 it was reported that
a

tion by stockholders. <
Office — 1315 Versailles' Rd.V
Lexington, Ky. Underwriter—To be named. The last
offering of common stock was underwritten by Hornblower & Weeks, New York.
' ' ,

(Government of)*

reported that the Government plans •
of external loan bonds *
in the U. S. during the fiscal year ending March 31, 1964 *
It is expected that the majority would be sold by Dec
31, 1963. Underwriter—First Boston Corp., New York.
May 1, 1963 it

to sell

an

was

additional $35,000,000

it Kentucky Utilities Co. *'
On Oct. 2, 1963, it was reported that the company plans
to sell $8-10,000,000 of bonds in the third quarter of
1964. Office — 20 South Limestone St., Lexington, Ky.

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co., Inc. (jointly); Eastman Dillon, Union Securities
Corp.-Merrill Lynch, Pierce, Fenner & Smith
Inc.
(jointly).
'/
k:/
;•
,

it Lanvin-Charles of the Ritz, Inc.
7
Sept. 30, 1963 it was reported that following the pro- :
merger of Lanvin-Parfums and Charles of the
Ritz, to be voted on by stockholders Nov. 14, E. L.'Cournand, President, and certain other Lanvin stockholders
plan to offer publicly 800,000 common shares. Business
—^Company is the U. S. distributor of Lanvin perfumes
and other fragrances, as, well as cosmetic and toiletry
posed

products. Office—767 Fifth Ave., New York. Underwrit¬
ers—Goldman, Sachs & Co., and White, Weld & Co., Inc.,
New York. Offering—Expected in late December.

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

29,. 1963

& Co.

Louisiana

Power &

Light Co.
reported that this subsidiary of
Middle South Utilities, Inc., may issue $25-$30,000,000
of bonds early in 1964. Proceeds—For construction. Of¬
fice—142 Delaronde St., New Orleans. Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.- Kidder, Peabody & Co.-Harriman
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blytb
Feb.

&

20,

Co.,

Co.

1963

it

was

Inc.-;Shields & Co. (jointly); Halsey,.Stuart &

over

a

year,

The last issue of debentures on
Feb.
written by Halsey, Stuart & Co.

16, 1960

tendered by

was

Proceeds
1)00.000

—•,

of

la&c

sale

For construction and the retirement of $8,bonds.
Office—9th and Hamilton,

maturing

of

pedtive

Underwriters—To be named. The,
on
Nov. >29, 1961 was won at com- -/
by White, Weld & Co., and Kidder,
Other bidders were Halsey, Stuart & ]

bonds

bidding

Peabody & Co.

Co. Inc.; First Boston Corp.-Drexel & Co.

—

Underwriters—(Competitive). Probable

Potomac

Aug.

approximately $7,000,000
in

November.

Pacific

10

(12

noon

,

Office—200

East"

of

the
or

named.

On Feb.

19, 1963 the company sold $50,000,000*
Dillon, Read & Co., Inc.; Lehman Bros.,/
Eastman Dillon, Union Securities &
Co., Stone & Web-"
bonds

to

ster Securities

Corp., and Johnston, Lemon & Co. Other
were Kidder,
Peabody & Co.—Mer¬
rill Lynch, Pierce, Fenner &
Smith, Inc.—White, Weld/
& Co.—Salomon Bros. & Hutzler.
(jointly); First Boston '
Corp.; Halsey, Stuart & Co.
bidders

8

N.

Jefferson

the issue

on

Public

Service? Co. of Colorado

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

plans to;

mortgage bonds in

Ry.

1964.

,

Proceeds—For

construction.

Office—900

Denver, Colo. Underwriters — (Competitive).
bidders: Halsey, Stuart & Co. Inc.; Harriman,
Co., Inc.-Eastman Dillon, Union Securities &
rill Lynch, Pierce, Fenner & Smith Inc.-Dean
Co.
(jointly); First Boston Corp.; Lehman

April,/*

15th

St.,

Probable/

Ripley &
Co.-Mer-

Witter_&
Brothers-

Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Blyth 8c Co., Inc.-Smith, Barney & Co. (jointly).

(Minn.)

was reported that the company plans tooffer about 771,110 additional shares to stockholders on
a l-for-20 basis in
1964, to raise an estimated $25,000,000.

South Fifth

1964.

Underwriters—(Competitive).

Electric Power Co.

amount

of

May 14, 1963 it

Office—15

quarter of

financing in the early
j
year. However, it has not determined
the^,
type of security to be offered. Office—929;'
E St.; N. W.,
Washington, D. C. Underwriters—To be.^

part

—

Power Co.

first

gram and expects to do permanent
.

EST).

Northern States

the

Potomac

(12/10)
July 2, 1963 it was reported that this road plans to sell
about $4,800,00.0 of equipment trust certificates in De¬
cember. Office—120 Broadway, New York. Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &■
Co., Inc.; Salomon Bros. & Hutzler.
Bids—Expected
Dec.

in

July 30, 1963 the company stated that it will need $50,000,000 of new money in 1964 for its construction pro-*

,

Northern

bonds

Langley & Co.-First Boston'
(jointly); Halsey, Stuart & Co. Inc.; Equitable
Corp.; White, Weld & Co.-Shields & Co.
(jointly); Lehman Brothers, Eastman Dillon, Union Se¬
curities; & Co.-Harirman Ripley & Co.-Merrill
Lynch,
Pierce, Fenner & Smith Inc (jointly).

of 1-15 year equipment
—

Co.

was

Securities

( 11/13)

Office

it

Corp.

trust
St.,
(Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—Expected Nov. 13 (12 noon EST) at the
company's Philadelphia office.
certificates

Edison

1963

Patrick St., Frederick, Md.
Probable bidders: W. C.

reported that this road plans to sell'

Roanoke, Va. Underwriters

16,

reported that this subsidiary of
Allegheny Power System, Inc., plans to sell $12,000,000'
of

was

was

bidders: Morgan-

Stanley & Co.-Drexel & Co. (jointly); Halsey, Stuart'
& Co. Inc.; First Boston
Corp.; White, Weld & Co.

St., Ithaca, New York.. Underwriters —(Competitive)
Probable bidders: Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co. V
1963 it

...

Sept. 18, 1963 it was reported that the company is con- '
sidering the sale of $50,000,000 of first mortgage bonds
in mid-1964. Office
1000 Chestnut St.,
Philadelphia.

reported that the company plans to
sell $20,000,000 of debt securities to finance its construc¬
tion program for 1964 and 1965; Office—108 East Green

Oct. 1,

(jointly).

Philadelphia Electric Co.

Electric & Gas Corp.,

ic Norfolk & Western RR

on"

Sto., Allentown, Pa.

New England Power Co. (11/19)
July 10, 1963 it was reported that this utility plans to
sell $10,000,000 of bonds and $10,000,000 of preferred
stock in the fourth quarter. Office—441 Stuart St., Bos¬
ton. Underwriters
(Competitive). Probable bidders:
(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp.: (jointly); Kuhn, Loeb & Co.Eastman Dillon, Union Securities & Co.-Salomon Broth¬
ers
& Hutzler-Paribas Corp.
(jointly); Merrill Lynch,
Pierce, Fenner & Smith, Inc.-Kidder, Peabody & Co.White,
Weld
&
Co.
(jointly);
First
Boston
Corp.
(Preferred),/First ^Boston -Corp.;
Dean
WitterY&
,Co.-Smith, Barney & Co.-Wertheim & Co. (jointly);
Equitable Securities Corp.-Kidder, Peabody & Co.-Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch, Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly). Bids
—Expected Nov. 19.
/ '

April 3, 1963 it

under-;

Morgan Stanley & Co.

Pennsylvania Power & Light Co.
March 18, 1963 the
company stated that it expects to sell?
£75,000,000 of bonds in the period 1963 through 1967. v

(Government of)

York State

was

Inc.'One other bid

.the issue

Underwriters—Kuhn,
Co., Inc., and First Boston Corp., N. Y.

New

J

million of/

it was stated. Office—140 New
Mont-^
gomery St., San Francisco. Underwriters—To be named.

2,300 ac¬

*
•

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

St., Minneapolis. Underwriter—

may

To be named. The last rights offering in July 1959 was
underwritten by Merrill Lynch, Pierce, Fenner & Smitb

do

so

Proceeds

earlier

if market

conditions

are

favorable.

For construction. Office
10 Franklin St.,
Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
Inc., New York.
curities & Co.-Kidder, Peabody & Co.
Northwest Natural Gas Co.
'
(jointly); Kuhn,
Loeb & Co.; Halsey, Stuart & Co. Inc.
Sept.,25, 1963 the company announced tentative plans..,
to sell 50,000 shares of preferred in early 1964. Proceeds .
Ryder System, Inc.
—To refund 50,000 shares of outstanding 5.75%
pre¬
Sept. 10, 1963 it was reported that the company plans to *
ferred. Office—735 S. W. Morrison, Portland, Ore.
offer its stockholders later this
Un¬
year, the right to sub¬
derwriter—Lehman Brothers, New York.
scribe for about $5,400,000 of convertible subordinated
—

—

debentures due

Otter Tail Power Co.

10, 1963 it was reported that the company plans
to sell 30,000 shares of $100 par preferred stock, some-

,

time in 1964. Action is subject to approval by both com¬
and preferred stockholders. Office—215 So. Cascade

1983. Business-^A

holding company for
manufacturing and equipment
leasing fields. Office — So. Bayshore Bldg., Miami, Fla. ;
Underwriter—Blyth & Co., Inc., New York ^
firms

Sept.

in

the

trucking,

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

mon

St., Fergus Falls, Minn. Underwriter—To be named. The
last sale of preferred on March 8, 1950 was handled by
Glore, Forgan & Co., New York and Kalman & Co., Inc.,

in

mid-1964.

Office—861

Sixth

Ave., San Diego, Calif.

St. Paul.

Underwriters—(Competitive). Probable bidders: Halsey,

Pacific Gas & Electric Co. (10/29)
Aug. 19, 1963 the company announced plans to sell $70,000,000 of first and refunding mortgage bonds in the

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

fourth quarter. Office

—

Stuart

245 Market St., San Francisco.

Seaboard

Underwriters—(Competitive). Probable bidders: Halsey.
Bids

Sept. 24,
sell

Pacific Northwest Bell Telephone Co.

Aug. 27, 1963 the company announced plans to
stockholders the right to subscribe for additional

offer
com-/

in mid-November. The number of shares,
price and
the ratio to shares held will be announced later/Business

&

Eastman

Stuart & Co. Inc.; Blyth & Co.; First Boston Corp.
—Expected Oct. 29.

—Furnishing of telephone service in Washington, Ore¬




that the company must sell about
$217

securities

St., New York.

(jointly).

Boston

new money in the years 1964
through 1966 to.
help finance its $1.3 billion construction program. This

means

mon

First

Morgan

million of

Pierce, Fenner & Smith Inc.

Corp.-Glore,
Forgan & Co
(jointly); Salomon Brothers & Hutzler-Eastman Dillon.;
Union
Securities
&
Co.-Equitable
Securities
Corp J1
Inc.;

1200

Pacific Telephone &
Telegraph Co.
>
June 19, 1963 the company stated that it will need
$650 ^

.

Co., Inc., New York.

fice—823 Walnut St., Des

bidders:

of bonds in the U. S. and abroad.
Loeb &

erations in five countries.

Japan

,

1963 following the public offering of $40,000,- *
000 of external bonds/it was reported that the Govern¬
ment
is
authorized
to
sell an additional $65,000,000

public
both a
primary and a secondary distribution. Business—Com¬
pany is one of the world's largest flour millers with op¬

000

Underwriters—(Competitive) Probable

July 16,

announced that it expects to

to sel

—

•

Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—Dec. 3
(11 a.m. EST) at 195 Broadway, New York. Information
Meeting—Nov. 26 (2:30 p.m.), same address.

19,

count executives. Office—70 Pine

registration statement covering its first
offering of common stock. The sale will include

to file

plans to

company

—

Iowa Power & Light Co.

company's

Pacific Northwest Bell Telephone Co. / (12/3)
Aug. 27, 1963 the company announced plans to sell $50,-/
000,000 of debentures due Dec. 1, 2000. Proceeds—To re¬
pay $48,700,000 debt due Pacific Telephone & Telegraph,
Co., former parent:
Office — 1200 Third Ave., Seattle,;

&

(12/4)

reported that this

in the U. S. with 139 domestic offices and

/

Irving Air Chute Co., Inc.

Brothers

1963, Michael W. McCarthy,, Chairman, stated'
that the company has held informal discussions with the *
staff of the New York Stock Exchange as to the feasibil¬
ity of "going public." He added that, "when the time is
appropriate," Merrill Lynch will request the governors
to recommend that member firms approve the required
changes in the Exchange's constitution to permit-this.
Industry sources believe that the move is several years
away. Business—Company is the largest brokerage house

a

Sept.

Electric Co.

was

Merrill Lynch,

Aug.

International Milling Co.

*

Salomon

Halsey, Stuart & Co. Inc.; First Bos-/
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.,
Eastman Dillon,-Union Securities & Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-Whtie, Weld & Co. (jointly).
Bids—Expected Dec. 4.

Wethersfield, Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W
Scranton & Co., New Haven. >'
,
•

Jan.

bidders:

Probable bidders;

Ave.,

_

the

Office

ton

April 30, 1963 the company announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland

file

treasury for construction expenditures.
Third Ave., Seattle. Underwriter—None.

sell $10,000,000 of bonds in the fourth quarter. Office—
441 Stuart St., Boston. Underwriters — (Competitive)

Electric Light Co.

July 8, 1963 the company

Thursday, October 3, 1963

.

and Idaho. Proceeds—To reimburse

gon

Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 9 (12 noon
EDST), at above address.

Aug. 27, 1963 it

subsidiary of The
of first mortgage
bonds and $7,000,000 of preferred stock in November
Proceeds—For construction. Office—270 Peacntree Bldg.,
Atlanta. Underwriters — (Competitive). Probable bid¬
ders: (Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Shields & Co. (jointly); Halsey,
Stuart & Co. Inc.; First Boston Corp.; Harriman Ripley
& Co.; Morgan Stanley & Co.; Lehman Brothers. (Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly); Morgan Stanley & Co. Bid*

:

Probable

(Competitive).
,

22, 1963 it was reported that this
Southern Co., plans to sell $30,000,000

Hartford

(10/9)

.

—

Jan

—Expected Nov. 7, 1963.

RR

17, 1963 it was reported that this road plans to
$3,750,000 of 1-15 year equipment trust certificates.
Office
220 E. 42nd St., New York. Underwriters—

sell

seized by the U. S. Govern¬
ment in 1942 as a German asset. The stock represents
©8% of the voting control of the company. Mr. Kennedy
said that if General Aniline should be sold for $200 mil¬
lion, the Government would receive about $140 million
and Interhandel about $60 million. The settlement terms,
recently approved by
Interhandel stockholders, also,
must be approved by the U. S. District Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
—(Competitive). Probable bidders: , Blyth & Co.-First
ehares of

Nashville

&

Louisville

Sept.

.

r

1963

Air

the

Line

RR.

(11/13)

announced that it plans to
$22,000,000 of first mortgage bonds due 1988 at comcompany

,

petitive bidding in November. Proceeds—For loan re--7
payment and working capital. Office—3600 W. Broad St.,
Richmond, Va. Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-White, Weld & Co. (jointly);
First Boston Corp,; Eastman Dillon, Union Securities &
Co.-Merrill Lynch, Pierce, Fenner & Smith'Inc. (joint-

Number 6304

198

Volume

.

.

.

The Commercial and Financial Chronicle

ly); Halsey, Stuart & Co. Inc. Bids—Expected Nov. 13
(1'2 noon EST) One Chase Manhattan Plaza, (54th floor),
New York.

Sears, Roebuck & Co.
Feb. 19, 1963, Allstate Enterprises, Inc., subsidiary, an¬
nounced that it had delayed its plans to form a new
mutual fund until it received clarification of an SEC

that
not' purchase

ruling which "has been construed by some to mean

could

companies

investment

registered

be required to divest

Sears' stock or would

of* it, if Sears' itself owned

themselves

mutual fund." Earlier, All¬
state said that the fund would be in operation late in
1963 on a "very small scale," and would be started on
a state-by-state basis as approval was granted.
Office—
925 So. Homan Ave., Chicago. Distributor—Allstate En¬
a

terprises, Inc., Chicago.
Edison Co.

Southern California
to*,

ing—Indefinite.

it; Trans World Airlines,
Oct.

qqarter of 1964. Office—601 West Fifth St., Los An¬
geles. Underwriters— (Competitive). Probable bidders/
Halsey, Stuart & . Co. Inc.; First Boston Corp.-Dean
Witter & Co. (jointly); Blyth & Co.-Lehman BrothersMerrill Lynch, Pierce, Fenner & Smith Inc.-Salomon
Brothers & Hutzler (jointly).
'

Inc.
that

reported

was

Transcontinental

Gas

(11/20)

the preferred on a

r(jointly); Blyth & Co.-Eastman Dillon, Union Securities

mon

Feb, 15, 1961 was made to a

on

group

headed by

Eastman Dillon, Union Securities & Co., Blyth & Co.,
and Equitable

that this subsidiary of Paci¬
fic Lighting Corp., plans to sell $2^,000.000 of first mort¬
gage bonds in the fourth quarter. Address—P. O. Bo*
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers-^— (Competitive) Probable bidders: White. Weld
& .Co.; Blyth

& Co. Inc.; Merrill Lynch, Pierce, Fennel
&vSmith Inc.; Halsey, Stuart & Co. Inc.; First Boston

'

V

'

■■'

,

/

.

■

<

,

(10/29)

Southern Railway Co.

Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in October. This
is the second instalment of a proposed $12,840,000 offer¬
ing. Office —, 70 Pine St., New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuatt & Co. Inc. Bids—Oct. 29 (12 noon
EDST) at 70 Pine St., New York.
/
ic Texas Eastern Transmission Corp. (10/23)
Oct* 1, 1963 it was repor ted that a registration ^statement
will be filed shortly covering $40,000,000 of debentures
due 1983. Proceeds—For expansion. Address—Southern
National Bank Bldg., Houston. Underwriter — Dillon,
Read & Co., Inc., New York.

TPVTPA/TPT1

(p A V

1 AA-JuAJiilVlr 1

"RfYMFl

N.

12th

Sept.

20/ 1963

offer

150,000 additional

on

it

the basis of

new

July 2,

1963 it was reported that this utility plans to
$20,000,000 of bonds in the second quarter of 1964.
Office—1100 H. St., N. W.. Washington, D. C. Underwrit¬

sell

(Memphis)

ers
(Competitive). Probable bidders: Eastman Dillon,
Union Securities & Co.: Equitable Securities Corp.; Kid¬

share for each 7Vs held of record

der, Peabody & Co.; First Boston

6.
Rights would expire Nov. 27.
This offering is
subject to stockholder approval on Nov. 6. Prit*e—$40.

&

United California Bank

(Los Angeles)

IV/I ATJTTTPHP

Other

the basis of

on

major

one

fice

members

of

new

—

300

St.

Paul

share for

15

(12

noon

EDST)

at company's office.

cis I. duPont & Co., F. S. Smithers

naming a net interest cost' of
^
Trust Co., Seattle First National Foster & Marshall Inc.
3.0942%. The runner-up bid, ofR
Rrnthpre
HarHmaVi
and the First faring a 3.135% net Interest cost, ®ank^shall &Xslev B^fk u P™ce®.ff,fr0™. 'he,saIe
„.innpr

jointly, managed
&

Stuart

Co.,

Inc.

by

Halsey,

r>

National Bank of Chicago at a net was made by the group headed
interest cost of 3.073%. The only Halsey, Stuart & Co., Inc.
bid

other

that

was

Manhattan

Chase

Bankers Trust Co.

presented
cost

made
Bank

net

Associated

a

winning

members

syndicate

interest
of

include

Bank

AucWnctoss

of

and

Parker

uncloss. Pa 1
'0d' Gu

*

i

the

y&

ings Bank,
Morgan
Guaranty
;
"
Trust Co., Blyth & Co., First Bos- $184 Million Offering Postponed

of the project is expected in Sepember

&

^on Uprp., First National Bank of

in the municipal bond market was

Devine &

Co., Drexel & Co., The

Philadelphia National Bank, Bear,

Chicago, Wells Fargo Bank,
Crocker-Anglo Bank, Continental
Illinois National Bank and Trust

reoffering of $184,000,000 Douglas

These bpnds are secured solely
by *be Plec*6e of revenue derived
from the Wells Pro3ect accruing,
under power contracts consum-

Sterns

Co., Chemical Bank New York

county, Washington P. U. D

mated

Co.,

Hornblower

&

Although
to

Trust Co., The Northern Trust Co.,
Co., Robert Garrett & Sons, Glore,
Forgan & Co., Merrill

have

Weeks. The Connecticut Bank and

seria,

Trust

oped

Wednesday's

been

and

that

dominated

term

the

activity

bonds>

lirst

it

game

by

the

#1

devel-

o£

the

Uqjted California Bank, Los An- Lynch, I Pierce, Fenner & Smith. World Series took over comgeles, Paribas Corp., Francis I. Dean Witter & Co., First National pietely: Early Wednesday, Blyth

duf'ottt & Co., Bache & Co., Banco Bank of Oregon, Seattle First Na- & C0
Credito,
Haupt

Hallgarten

&

American

Co,

&

Co.,

Goodbody

&

Securities;Corp,

E. iPollock &

Irat.^onal Bank, The Philadelphia
Co, National Bank and Mellon NaWm. tional Bank and Trust Co.

Co. and Fahnestock

The

& GO.

yield

pealed

19^4

to

yield

from

2.00%

to 3.30% in 1987 for various
initial bank and casualty

demand

has

been

agers,

press

,lnC } acting for the mpnannounced via telegram as

yesterday

with

1.90%

to

3.20%

for

a

balance

of $7,900,000

was

respect

securities were reoffered to Project. Agreement
from

instituted
to

Wells

among under-

writers being signed but proposal
to

district

for

bonds

,

being

de-

ferred pending further study and

re-

mains in account.

fair

}

follows: "Litigation

various coupons and as we go to

in

coupons,

company

Vice-President, Centennial Funds:
in Denver> Colo„ has joined the
staff of the New York Stock Exchange firm of Neuberger & Ber-

pending decision to go forward by

Tuesday's

final

sale

was

$7,- the group," Therefore, as we

incorporated

'

a

3.70%

yieDi^

the best bid,

a

2.774% het interest

,




,

.

.

&

bn

Arlmif

UlCyiUb IU bAUIIllL
=

f

Rroadwav

Npw

(5-6%).

KlQfQ'inS RpSGHT'ch MfifT

^XXXof

,

offering, as set up, involves $39,830,000 serial bonds
and $144,170,000 term bonds. The
serial bonds maturing from 1974
to 1991 were to be scaled to yield
from 3.15% to 3.75%. The term
bonds maturing 2018 were to have

c ty me

the

New

Ders ot me New
Co. (50.5%), Portland General York Stock Exchange, on Og 0
Electric
Uo.
(32.8%), JPacific Limited^artnersiiSi' in the^irm.
Power & Light Co. (11.1%) and
m ed partners p m t e
m.
th? Washington Water Power Co.
This

'

IN°W Millerfc,dwaras

account led by the Bank cost, and this/just nosed out the that the flotation is
being nego- SAN FRANCISCO, Calif, — The
fAmerica N. T. & s. A. sub- runner-up bid, a 2.776% net in- tiated by Blyth & Co., Inc. as firm name of Sellgren, Miller &
mi|ted the best bid for/$25,000,000 terest cost, which came from the manager, Merrill Lynch/ Pierce, Co, Inc., 301 Pine St., has h^£n
Losb Angeles Unified School Dis- First Boston/Corp. and associates/'*Fenrter & Smith, John Nuveen & changed^to Millerk& Edwardsnlne.
r
P x r ••
'X-Xi- ;X
►
-•/ HOJ/-X
^ V ■ v
/j
tu,
The

of

Shields

/

go

We should add for the record

and

TVmrfiio

" X

"Pa/* TTprnrilllll

V

cf

Qijbert

jvj

#

\

TvT'OVP^
>
j

Kiggins has been ap¬

pointed Manager, of the research

department of Hemphill, Noyes &
£0

g

ci1Jy
gtock

jjanover

Street, New York

members

of the New York

Exdiange

'
T

IRA

*

^

M

Joins IKA TOUpt

0

at

/

,

as between the - District
and Puget Bound Power- & Light

been offered as 4s at 101 to yield
witji the present balance in syn- 255,000 Milwaukee County, Wis- to press, there seems to be no approximately 3.95% to maturity.
dilate totaling about $31,500,000. Consin general obligation (1964- telling when the reoffering of this The term bonds were in broad
Thp 1996 to 1999 maturities car- 4973) bonds.' The group led by attractive negotiated issue will demand. ,
rie£' a 2%% coupon and were The Northern. Trust Co. submitted occur.
*
M
r
sold

.

William T. S. Boencke, formerly

Company,

.

Blair & Co., Inc., C. J.

&

,

''

,

Con-

National Bank

Trnno

tfOeriCKg JOIIIS

.......
*

Trust Co.,

tinental Illinois

X

/

bla Rlver a' the Wells site in man 120 Broadway, New York
Scaled to yield from 1.90% to Douglas
and Chelan counties. cityj as> a reSearch adviser. He
Chase Manhattan Bank, Bankers 2.90% for all 2.80s, the present ?e.ye" ge.ne^;nf un*ts are to> be previously had been with Merrill
Trust Co., Harris Trust and Sav- balance, in syndicate is $3,490,000. initially installed and completion Lyncb Pierce, Fenner & Smith

bid

Other'major

with

a

of t,hesa
Ba".' bonds wl11 be utilized to construct
&
Redoath ^
X/ 6T
/ ^ /
& Redpath associated facilities on the Colum-

/X N./onal

by

America in this underwriting are
First National City Bank, the

and

which

account

3.119%

a

by

Underwriters—■

Manhattan Bank, Bankers Trust & Co B. J. Van lngen & Co Npl]Lprffer Herman
Co., Chemical Bank New York Wm P. Harper & Son & Co, and IMeUDCTger, TO"5*"'

Met, California (1964-1988) bonds

bonds
was awarded
to tne
the svndioonas, was
awaraea to
synai
cate

Baltimore.

Place,

(Competitive). Probable, bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Oct.

the Co., Kidder, Peabody & Co.. Fran-

successful syndicate include Chase

(10/15) ./X

1, 1S63 it was reported that this road plans to sell
$2,925,000 of 1-15 year equipment trust certificates. Of¬

was

shares

common

Corp.; Halsey, Stuart

Inc.

Oct.

reported that the bank is offering
its stockholders the right to subscribe for 431,014 addi¬
tional

Co.

it Western Maryland Ry.

capital funds. Office—61 Madison

Ave., Memphis. Underwriter—To be named.

Sept. 17/1963 it

XXX. '

Washington Gas Light Co.

Nov.

Proceeds—To increase

Lynch, Pierce, Fenner & Smith

Manhattan Paza, New York.

Bank plans to
shares to stockholders

common

finintlv); "Pitman Dillon. TTnion

Inc.—Lehman Bros, (jointly); White, Weld & Co.; Stone
& Webster Securities Corp.
Bids — Expected Dec. 10.
Information Meeting—Dec. 5 (11 a.m. EST) at One Chase

reported that the

was

one

Bank

&r Po

Securities & Co.—Merrill

Louis. Underwriters—(Competitive).
Probable bidders; Halsey, Stuart & Co. Inc; Lehman
Brothers-Blyth & Co., Inc.-Eastman Dillon, Union Secu¬
rities & Co.-Bear, Stearns & Co.
(jointly);-Salomon
Brothers & Hutzler; White, Weld & Co.-Shields & Co.
(jointly); First Boston Corp. Bids—Expected Nov. 20 (11
a.m. EST) at Bankers Trust Co., 16 Wall
St., New York.
National

Franklin

and

Underwriters—(Competitive).

Goldman.

Blvd., St.

Union Planters

Address—Seventh

Sts., Rich¬
Probable bidders:
Halsey, Stuart & Co., Inc.; Salomon Bros. & Hutzler—

,

(11/20)

Sept. 17, 1963 the company stated that it plans to sell
$30,000,000 of first mortgage bonds due 1993. Office—315

PUaNJL//M

Continued from page 6

Virginia Electric & Power Co. (12/10)
July bUy 1963 the company announced plans to seM $30,000,000 of securities, probably first mortgage bonds, in
December.

(jointly).

7

•

Underwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.; Stone & Webster Securities Corp.

mond.
Union Electric Co.

Jan. 2, 1963 it was reported

Corp.

Brothers.

—

in the past.

& Co.-Salomon Brothers & Hutzler

Southern Counties Gas Co. of Calif.

&

was

Valley Gas Co.
Aug. 28, 1963 it was reported that the SEC had scheduled
a hearing for Oct. 10 on a plan under which Blackstone
Valley Gas & Electric Co., would sell its entire 400,000
shares holdings of Valley Gas to stockholders of Blackstone and Eastern Utilities Associates, the latter'
parent.
Price—At book value ($11.15 per share on Apr. 30, 1963).
Business
Company was formed by Blackstone to take
over its gas properties. Proceeds—To
the selling stock¬
holder, Blackstone Valley Gas. Address—Pawtucket, R. I.

X

Fqnher& Smith Inc. (jointly).

Gsf Underwriters—To be named. The last sale of com¬

man

17, 1963 the company stated that it plans to sell
$20,000,000 of preferred stock. It added that it may sell
as

Power

& Webster Securities Corp. .(jpintly); First
Corp.-Blyth & Co. (jointly); Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
ney & Co.-Salomon Brothers & Hutzler (jointly); Leh¬

Sept.

bidding,

Spring St., Los Angeles,

Boston

writers—White, Weld & Co., and Stone & Webster Se¬
curities Corp., New York.
,
' *
,

itive

South

& Co.-Stone

Securities Corp. Other bidders were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,

help finance its $570,000,000 construction pro¬
Office—1330 West Peachtree St., N. W., Atlanta,

to

600

Co.;
Merrill
Lynch,
Pierce,
Fenner
&
Smith
Inc.
(jointly); White, Weld & Co.-Stone & Webster Securi¬
ties Corp,,
(jointly); First Boston Corp.-Blyth & Co.
(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear,
Stearns & Co. (jointly). (Preferred Stock) White, Weld

Pipe Line Corp.

negotiated basis instead of by compet¬
Office—315 N. 12th Blvd..
St. Louis. Underwriters—The last issue of preferred in
November, 1949 was won by First Boston Corp. If the
company decides to sell the stock competitively, the fol¬
lowing groups are expected to bid: First Boston Corp.White, Weld & Co.-Shields & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Lehman Brothers"

1964

—

petitive). Probable-bidders (bonds): Salomon Bros. &
Hutzler./Jfalsey, Stuart & Co., Inc.; Kidder, Peabody &

25, 1963 the company announced that it plans to
sell $50-$55,000,000 of first mortgage bonds and possibly
some
preferred in the first half of 1964.
BusinessTransmission of natural gas. Proceeds—For loan repay¬
ment. Office—3100 Travis St., Houston, Texas. Under¬

Union Electric Co,

Office

Light Co.
reported that this utility plans to sell
about $20,000,000 of bonds and $10,000,000 of
preferred
stock in the second quarter of 1964/ Office—1407 West
North Temple St., Salt Lake City. Underwriters—(Com¬

Sept.

r* *

Aug. 12, 1963 the company stated that it is considering
the sale of $35 to $40,000,000 of common stock early in
gram.

Utah

a registration state¬
proposed
secondary offering by Hughes Tool Co., of. approximate¬
ly $80,000,000 of this firm's 6V2 % subordinated income
debentures due June 1, 1978. Business—Company pro¬
vides world-wide air transportation services. Office—
380 Madison Ave., New York. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York. Offering
—Expected in late November.

1,

funds.

July 2, 1963 it

ment will be filed later this month covering a

21,

Southern Co.

it

1963

tal

Underwriter—None.

•

-

35

each 12 shares held of record Sept. 13. Rights will ex¬
pire Oct. 22. Price—$62.50. Proceeds—To increase capi¬

Tokyo (City of)
May 1, 1963 it was reported that the Diet had authorized
the sale of $20,000,000 City of Tokyo bonds in the U. S
during the fiscal year, eliding March 31, 1964.
Under¬
writer—To be named. The last issue of Tokyo bonds in
March, 1927, was handled by Kuhn, Loeb & Co. Offer¬

x

1963 it was reported that the company plans
sell $50,000,000 of first mortgage bonds in the first

Aug.

(1319)

-

DENVER, Colo.—Ivyl A. Kenning
has become connected with Ira
Haupt & Co, Denver Hilton
Hotel Building. He was formerly
with McDonnell & Co, Inc.
-■

■

.

'•

,u;

The Commercial and Financial Chronicle
36

Thursday, October 3, 1963

,

(1320)
'•

!

-

"

,

ing

WASHINGTON AND YOU

the

Thus,

spending.

drive to hold off Senate action on
the

until

cut

year—after

next

submitted

President Kennedy has

behind-the-scenes interpretations

his

capital

from the nation's

in more concern over gov¬

up

ernment

next

budget—stands

good

a

chance.
defense and

Since

spend¬

space

ing lags behind congressional ap¬

C.—The

D.

WASHINGTON,

is over for the dar¬

Honeymoon

the National

ling of the space age,
Aeronautics

Adminis¬

Space

and

rush into

tration.

re¬

space

search and development that cre¬

post-sputnik

the

in

NASA

ated

from a

has swelled the agency

era

is

not

off

budget

the

ocrats, making a strong coalition.

turn¬
ing down efforts in Congress to
press
money on it, saying that
extra money would not buy extra

White

speed in research. In recent years,

key lawmakers insisting that "an

agency's requests for

the

money

have

sped through Congress

only

an

with
is in

a

life, the out¬
which will have impor¬

fight for its budget

come

of

tant

consequences

authorizations

deep cuts in money

the

for

and

down

it $5.4 billion, of

gave

billion it had asked.

the $5.7

But

actual money ap¬

the

with

now,

backed

finally

agency,

before the law¬
makers, the agency finds it is in
propriations

even

up

trouble.

worse

manned

in

Russians

the

with

the

the

plus

landing,

moon

of
is, if

any¬

increasing cooperation if

work for

Government

Soviet

the

-

proves

has

operating is in the
The

field.

search

cut in

cluded

first $350

research

and

include

less

These

ground testing

components, delaying the entire
or

year

a

orbit

to

cut off

or

so,

the

a

The

1969.

for late next year or

spending

the Kennedy's political for¬
in their

tunes

home

will

state.

in

The White House suffered

early in 1965.

Opposition' Republicans

have

the

set¬

a

electronic

no

decided that

the $47

operation

research

down

ther justifies

the need.

Policy

Total

year.

will

remain at

billion figure, but weapons
for

next

much

as

this year

as

year

will

be

$1 billion below

if several key Pentagon

planners

Patents Controversial

on

hardware

$150 million

fiscal

spending

spending

would be built unless NASA fur¬

about

current

defense
back when Congress

military

for

down

be

d

a n

rights

government

Tax

research to

sponsored

private firms, reserv¬

Claims

Cut

defense

Disputed

part of this

moving into the military ad¬

Now,

vantages of these programs.
the emphasis

indirect

shots

and

the direct and

on

benefits

that

proposed

moon

military
its

from

come

is

deep

space

military

effort lies in its

space

in the

some

funds

is

This is causing some serious

military, and

clashes

may

with

spokesmen

lobby

NASA

for

and

be¬
the

account in part

military

for its budget troubles as

against

quietly

in

increases

their

restored, but the

NASA

Although
back
the

back much

part of its fight to

budget cuts, NASA is

-already letting the word out that
next year's budget

Kennedy's

cooperation

moon-landing

would

This

be the

$5.5

billion.

first

hold-the-line budget for the

in its history—it it occurs.

that

argument
race

with

we

Not "Sold"

Congress

agency on

Congress is having lit¬

tle effect.

this

cooperation

Russian

Space officials

vital
and

close

to

our

some

realistic.

that

the

the

to

rather

projected,
billion

title

and

should

government.

keep

of the trouble it is

the wake

In

the

running into over money in Con¬
gress

pushed

country's
cost

$20

than

will

billion

the

critics insist is

$40
more

But cuts keep coming

Congress
in

the

was

race

the

to

authorized

„

original

the
to

appropriations

..

later

in

a

designed

inadequacies in

up

the

impact

on

to create skepticism

hicle and
station
1965.

a

a

pro¬

icit.

or

be

not

would cost $2.5
NASA

lunar logistics ve¬

pushed

station

space

a

1

Pentagon

prime control.

moon,

would

cost

stem

fro

$5.7

$5.4
the

.

growth of the agency in recent
In

years.

billion

is

now

billion

or

a

the

of about $350

the
ons

that this tax

in

the

they

Defense

the

up

paring

were

Department's

procurement

In

too.

1963

(New

7^

York

.

Association

of* Invest¬

the Statler Hilton
y

,

Oct.

1963

20-24,

HoteJ.
'/

.

(Bal

,

Harbour,

Miami Beach, Fla.)

of

Association

National

*

Bank;

Women 41st annual convention at:

the

Americana Hotel.

13-15, 1963

First

(Chicago, 111.)
Association^

Bankers

American

National

Automation

Con¬

ference at the La Salle Hotel.

def¬

a

as

but

some

may

mean

meantime, they

2,000

mean

on

a

activity

they

happening

see

In

the

the

limits

government

on

While efforts to tie the tax cut
to

specified reductions in spend¬

ing

down

or

Industries
Electronics

Official Films
Standard

SS

&

Fruit

Waste

King

sharp drop in government

tighter

NASA

Botany
Maxson

cut will

income, which should be offset by

$3

TRADING MARKETS

and

don't

soon.

say,

Brokers and Dealers

Attention

leaders

cut, at

future,

economic

investment,
this

time the lawmakers

chopping

budget,

offset

spending.
same

17-18-19,

in

a

limit

on

Our

New

deficits probably

effect,

sult of the effort is already

will fail, the re¬
show¬

telephone

number

is

LERNER & CO., Inc.
Investment

annual budget

weap¬

York

CAnal 6-4592

10 Post Office

Securities

Square, Boston 9, Mass.
Teletype

Telephone
HUbbard

617 451-3438

2-1990

1,000 employees.

some

spending
year

instance,

were

to

congressional

improved

about

Y

next, will mean in¬

and

than $5

more

paying

some

32,500 workers.

Major Pool

Political Problems
Some

of

its

problems

also

re¬

Equipment

10„

late to the politics that inevitably
follow
lot

such

of

arose

huge

a

Corporation

A

program.

congressional

Carl Marks & Co. Inc.

opposition

when the White House pro¬

posed

huge electroncs research

a

dustry

billion

that it

by

ton "as

recommended




for

1958,

agency had a budget

b 111 ion facility

$5.1

fantastic

the

m

that

higher tax income stemming from

;

At the

yet

o n e

having

some

not

until

pounds of goods to astronauts
the

time

The lunar logistics

craft, designed to ferry

has

lawmakers

revenues

Most

believe

billion, with either

the

House

most

year

creased

manned orbiting space

will
The

billion,

theory.

Deep cuts in the NASA budget
also

Critics

From

be

was

in facility in the Boston

Congress.

request,

space

curement for

dinner at the Standard Club<

Oct. 18.

Nov.

$11 billion tax cut, going into

this

a year

hardware

Planned

Asso¬

effect next Jan. 1 if it passes later

already

has

projects back

some

two.

or

NASA

now,

~

; ->

White

The

them.

to

growing fear of increas¬

ingly large deficit spending by the

government pays for

inventions

Dealers

party—dinner at the*

Top of the Mart, Oct. 17; outing;
and

National

in¬

are

effort; that it is not behind

schedule,

a

While

would

research,

sisting that the moon shot, partic¬

is

with

explanations have emphasized that

It

selling job by the

the

far,

in

are

Reds.

the

million and

remain

of'

the Russians took the edge off the

less, than it asked for this year—.

ularly,

offer

the

request will be

somewhere between $5 billion and

space

won

cash are bleak.

of the

tend that the

the

convinced

authorization in

some money

gered many lawmakers who con¬

firm

Senate, its chances of getting

mostly to show
another

block deep

So

get
pos¬

earlier

peaceful ptirsuit, and

defense appropriations.

agency

try to

to

also

,

hind-the-scenes

As

working

already

Senate

sibility of success isn't too good.

President

programs.

own

NASA

hard

In

probes.

effect, the agency spokesmen are
all but saying that the future of
the

far.

fall

ciation

(Atlanta, Ga.)

Security

Georgia

space

spending are caused by the warm-,

so

May¬

ment Clubs annual Convention at",

and

the space
for
the
government
only ing up of the cold war between
pledged to try to cut the NASA ing
agency sold its contributions
to budget by $1 billion, to well be¬ royalty-free use -in) many cases.
the U. S. and Russia, highlighted
peaceful science in satellites and low
$5 billion. House cuts have While this has pleased industry, by the nuclear test ban treaty, and
manned
flights.
Slowly, it has accounted for only
and many congressmen, it has an¬
been

the

at

,

in

Cuts

Originally,

budget.

Taxes"

City)

policies of giving patent

on

Sym¬

Hotel.

Oct. 17-18, 1963

Oct.

Disputes have also arisen over
NASA's

flower

America

of

"Alternatives to Pres¬

on

Federal

ent

(Washington,.

get

congressmen

their way.

1963

Institute

Tax

help

Association!

C.)

posium

orbit

fighting flight test of Apollo is scheduled

is

agency

space

in

moOn

10-11,

D.

three-man

Apollo spacecraft before it is shot

back, trying to stave off what it
calls
"disastrous"
cuts
in
the

Oct.

(Washington, D. C.)

Bankers

Convention.

Annual

out is no

wife

my

develop¬

be made in the program.

the

expense—taking

American

personal pleasure!"

astrous, but if any more funds
were cut, changes would have to

at

business

a

wrote it

I

in¬

This wasn't considered dis¬

project

as

WHAT the government says!

care

mil¬

the lunar pro¬

ment facilities for

plan

Fighting Back

off

re¬

this year's budget

for

could

don't

$100 million reduction in

a

funds

"I

the budget paring knife

been

lion

Oct. 6-9, 1963

of the most sensitive areas

in which

NASA's money.,
NASA

IN INVESTMENT FIELD

y

-

Research Funds Slashed
One

of

T

EVENTS

thing, increased by our intent to

is
getting too fat, has again created
strong pressure for deep cuts in

lingering belief that the agency

The

COMING

our

strong space effort is essential and

gram.

The President's offer to cooper¬
ate

continuation

energetic

after threatening

lawmakers

the

views.]

own

tried to scotch this with letters to

For the current fiscal year,

firms.

may or

coincidewith the "Chronicle's"

may not

President Kennedy

the battle, but

these

contractors and investors in

reflect

to

interpretation

from the nation's Capital and

defense willing."

for

the scene"

the "behind

during one part of

space program,

delivery dates.
[This column is intended

Republicans said that even the
House has soured on the

the need for this effort

occasional grumble.

Now, however, the agency

in

but they've

cuts,

conservative Dem¬

been joined by

in fewer con¬

tracts, smaller contracts, or delays

opposition to the program touched

$350 million agency to a $5 billion
one in a half-dozen years.
In the
early years, the agency was

the end of next year

Republican

yet.

over

De¬

But they will show up by

away.

job by economy-minded congress¬
men

Defense

and

partment money won't come right

cutting

the

that

are

NASA

in

cuts

committee, the cuts keep coming.
Indications

the impact of these

propriations,

sub¬

Appropriations

House

the

20 BROAD STREET

claimed that private

was

a

in¬

too

expensive,

and

being located in Bos¬

pork

TEL: HANOVER 2-0050

•

SPECIALISTS

barrel

project

to

v-T

'

.

X

Memorandum available

on

request

TELETYPE 212-571-1685

,

WILL, THOMPSON & CO., INC.

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NEW YORK 5, N. Y.

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FOREIGN SECURITIES

area.

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70 Wall Street, New York 5,
Tel. WH 4-4540

N. Y.

Tele. 212 571-1708