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t
"
"■
Reg. U. S. Pat. Off.
THE
Volume
EDITORIAL
a
have the
label,
a
public favor,
coyly. He
of course,
as,
goes
allow
or a
have
course,
next
while
no way
lined
in the public
up
servative."
-•
-
.
There is
a
Government spending
will be
either "liberal" or "con¬
eye as
are,
but
I
am
time
of the
intrude
"liberals." While other issues
of
it
all
that
evident
is
campaigns and all appeals to the voters,
"conservative"
or
effort
an
is
of the
constantly made to pin
"liberal" labels
on
the
all
always
voters,
that
course,
it
ingless. It
current
should be,
one
of the most
well be questioned whether
may
affairs
any
or
the
words
"liberal" and
precise meaning. Their
as
on page
World
and
World
change
Since
has
hensive
32)
and
our
policy,
to discover
us
The
areas.
for
optimism
experience.
ultimate
in postwar
The amazingly
by the
Marshall
other
artificial
ex¬
barriers
to
capital flows created by depression and
1950
the
in
part
that
States
world
unparalleled.
growth
exports
in
growth
has
been
billion,
of $21
and
trade
this
And
na¬
impressive.
imports
and
of $16 billion in
1932, virtually doubled since 1950
—and long-term
private investments
than
more
foreign
than
more
$60
billicn
investments
$21
billion
1951—show
since
partners.
As
our
—
amount¬
now
reflect
this
the United
in
almost tripled
—
the
vigor of
interdependence
in the
trading
our
with
fact.
States '
the
rest
of the world grows, more and more of our business
enterprises have become international in
Hon.A.W. Robertson
International
only
historically
Monetary. Fund
levels
the international liquidity
Fund
high
of
wholesale dismantling of
tion's
Private
balance.
generally with
by
involve
future
economic prosperity V
our
helped much
in
has, been
ing to
of international
study
the
these
cause
investment
United
Sec¬
allow the
deserves the most
question
and
in
was
controls
war.
Bank, that
II
War
borrow
view,
system
affect
It is not enough for
Plan and resulted
payments
again
:
swift recovery of industrial Europe and Japan after
the balance of
pallia¬
going to the roots
agree
defense
investment
to
recently at
meetings of the International
the
applied to
I
monetary
much
have
and
and
Administration's
stated
mean¬
"conservative"
(Continued
trade
of
the
almost said political
the-political tactics—we had
most serious, challenges
decade
the
'
those of national goals and interests.
are
prompt and vigorous action to
right
and
comprehensive
issues
liquidity to interfere with
Third,
include
solutions
short-term
shortage
these
technical
trade
crises,
that
immediately,
the balance of payments and
vitally
stability.
despite
off
cannot
we
sible
possible to make assigned designations stick. Of
chicanery—this is,
have
of
assuming,
professionals and rejects the
longer-range question of a pos¬
division of the candidates has very considerable weight
proves
and
payments problem.
ond,
candidates for office
and there is all too much evidence that this dichotomous
with
national
our
far,
actions
emphasized
them¬
so
fend
and
tives without
selves into
Copy
a
vaunted free enterprise system, our foreign
concerned that the
Administration
they
politics;
My conclusions are simple and easy to
liquidity.
ingenious
column
not
fears interfere with
—
also
on
international
the
The Senator
latter problem as¬
today
should
they
further,
undertaken
be
Policy decisions
payments deficit and the question of international
and
head
Cents
Congressional studies.
He favors an immediate, com¬
facing the United States
-
convinced
am
should
We
state.
Roosevelt at the
that
root
here and abroad and
shortage
I wish to discuss one of the
,
Franklin
ignored
I
However,
Brookings advice as inflationary.
j
tendency to associate "conservatism" with
place
liquidity
dominated by
not
Harding, Coolidge and Hoover and their administrations,
to
world
future
of knowing, but it appears certain
past, the candidates, whoever they
have
measures
preference for "ease without cure."
cut
sisted
in all national elections for a good
as
in
payments
prehensive Congressional study of the
^middle-of-the-roader." How much all this
year,
50
Payments-Balance
taking necessary action now.
change before the voting starts next year we, of
that
world
of
causes
would
anything but is proud of being what he terms a moderate
will
1839
Price
of close watch of our banking ant! currency
years
ancing
Presidency is insistent that he is not an "extreme"
liberal;,
ESTABLISHED
.
problems back assertion that dollar strengthening and bal¬
as an
candidate for
would-be
.
.
7, N. Y., Thursday, October 31, 1963
Thirty
own
latter
This
FIELD
studies
to describe one of his rivals
on
FINANCIAL
By Hon. A. Willis Robertson,* U. S. Senator (D.—Fa.)
breast when seeking
he is doing even if somewhat
his
upon
extreme * "liberal."
the
THE
year
temerity—or the acumen, whichever it is—to
place such
IN
And the
leadership of the Republican
has lately again described himself
"conservative." He is the first political figure to
campaign next
PUBLICATION
The Dollar's Soundness,
As We See It
One of the candidates for
as
New York
6312
Number
198
INFORMATIVE
MOST
AND
LEADING
of
pressed
careful and compre¬
member governments.
activities
have
world
Thirties,
closelv
been
trade
with
United
of
its
ficiency in country after
trend
"
banks
correlated
investment.
and
scope.
States
toward
(Continued
with
The
de¬
self-suf->
on page
34)
State,
U. S.
American Bankers Association Convention Issue
Government,
Public
State and
Housing
Municipal
MULLANEY, WELLS & COMPANY
.Securities
Underwriters
Distributors
^QSUl
Lester, Ryons & Co.
STATE
aho
:
r'
623
L
s
P. O. Box 710, New
Stock Exchange
American
Pacific
Stock Exchange
Coast
dale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
MEMBERS
STOCK
San
■/
EXCHANGE
Diego,
Santa
Ana,
Inquiries Invited
jyi
Santa
Monica,
Whittier
FIRST NATIONAL CITY BANK
on
Southern
California Securities
135 So. LaSalle Street
Bond
Dept. Teletype: 571-0830
New
York
Correspondent
—
Pershing & Co.
Chicago 3,111. FRanklin 2-1166
w
Bonds and
Notes
Exchange
Office* in Corona del Mar, Encino, Glen-
770-2661
TWX: 212-571-1414
York
Securities
MIDWEST
•
New
.-I
Corporate & Municipal
>
York 8, N. Y.
770-2541-
,
California
-I
Members
BOND DEPARTMENT
PHONES:
Hope Street, Los Angeles 17,
Members
CHEMICAL BAHK NEW YORK TRUST COMPANY
'
So.
Members
J
Agency
'
Dealers
•
'
'
fy
Municipal
and Public
Housing,
Municipal
Bond
Division
■
THE
CHASE
MANHATTAN
BANK
California's Diversified
Net Active
Markets Maintained
To Dealers,
T.L. Watson &Co.
ESTABLISHED
Canadian Securities
Members
Invited
BONDS & STOCKS
Commission Orders Executed On All
New York Stock
Exchange
Stock
Exchange
Canadian Exchanges
CANADIAN
,
,
DEPARTMENT
Teletype 212-571-1213
25
BROAD
STREET
NEW YORK 4, N. Y.
rfUBKCT
VIRES TO
PERTH
AMBOY
Dominion Securities
«OWlr«tAL AND TO&MWfc
Grporation
Goodbooya Co
MEMBERS
BRIDGEPORT
CANADIAN
ARCHITECT
1832
Block Inquiries
American
Human Resources.
Banks and Brokers
NEW
2 BROADWAY
NEW YORK
-
YORK STOCK
1
NORTH
EXCHANGE
LA
SALLE ST.
CHICAGO
Bank
of
America
N.T.& S. A.
40
Exchange Place, New York 5, N. Y.
MUNICIPAL
Teletype 571-0880
Area
Code 212
BOND
DEPARTMENT
WHitehall 4-8161
SAN
FRANCISCO- LOS ANGELES
2
The Commercial and Financial Chronicle
(1690)
.
.
..
Thursday, October 31, 1963
iih
Where you
Brokers
The
jind Banks,
Dealers V,
or
Security I Like Best...
A continuous forum in
which, each week,
in the investment and
You
usually find
This Week's
Forum
Reynolds
"HANSEATIC"
ALFRED
Large block
small, if
you
buy
sell,
or
are
trying
you
will find "Hanseatic's"
nationwide
reliable
to
or
and fast
contacts
service
to
your
ad¬
Research
Smyth, New
Highly regarded
until
CORPORATION
Established 1920
Associate
American
60 Broad
Member
Stock
Exchange
Teletype: 21?-571
Boston
Philadelphia
World
San Francisco
•
Wide
Los Angeles
•
Service"
Wire
to
highs.
1961
in
large
which Camel is. by
part
to believe
the
worst
history of Wall Street.
Despite the availability of high
returns
growth
at
and
low
consistent
avoiding
Even
funds
the
to
be
is:
fundamentals
the
do
the
of
decade
a
linking; cigarette
cancer
NORTH
CAROLIN,
growth
SOUTH
CAROLIN
record
companies
least,
tic
risen
from
establish
rate
has
N. Y.
the
of
Refined
—
1952
had
occasion
(15
rate
of
the
years
an
Liquid
of
course,
do
know
of
that
similar,
not
by
Inc.,
habit
so
ing
this
cancer
NEWSSTANDS
R.
tor
IN
J.
in
are
pleased to
announce
that the "Chronicle" is
also
available
on
news¬
in
the
major cities
the
country.
COMMERCIAL
FINANCIAL
CHRONICLE
25
Park
Ford
Resources
by
their study
to
grants
published
in, America's
"Resources
Fu¬
told: "The estimated
in
The
good
has
tems
to
used
for
easier
foreseeable
300,000,000
do¬
something like
would
acres
have
to
be added to the existing 484,000,-
commercial
removing
forest
By almost
any
selling
yardstick,
Reynolds is the outstanding
in
pany
the
field.
A
net
year
that
basic
for timber,
which
mates
com¬
profit
2000." The
esti¬
report
future
was
demand
11,000,000,-
margin of 13.3% in 1962 compared
000 billion cubic feet in
1960, will
with
be
-
10.5%
petitor.
since
for
its
Industry
nearest
peneration
without
1954,
com¬
rising
1980,
has
24.7%
same
period
splits,
Adjusted
earnings
per
have nearly trebled from
while
timber
of
for
increased
rate
of
to
the
in
largest
32,000,000,000
year
2000.
privately
reserve
in
in
feet
-
the
owned
U.
S.
Weyerhaeuser
equipment.
in
timberland
$1.80.
Net per share for the first nine
is
approximately
acres.
Forest
of
3.62
lands
are
as
a
no
circumstances
solicitation of
an
to
any
offer
to
sell,
or
security referred to herein.)
&
Co., N.Y.C.
activ¬
otherwise
inhibit
growth of young seedlings.
surveys,
losses
carried
the
values
ditions
at
guard
windthrow,
and
disease.
timberlands
and
on
color,
from
infestation
Timber
1913
in
some
against
the
Aerial
company's books at
(plus subsequent ad¬
cost)
$103
of
Underwriters-Dealers
Distributors
are
Corporate and Municipal
Securities
-
million.
Estimates of the present value of
these holdings cover a wide range;
widely published estimate of
one
$1.75 billion would put
$57
share
a
the Weyerhaeuser
on
timber and timberlands.
is
likely,
the
but
Since the
competitive
strong
a
sell-out
no
liquidation is
or
figures
In
32
further
Weyerhaeuser
key stock in
Exchange
Union Trust
GRant
(Associate)
Bldg., Pittsburgh 19, Pa.
1-8700
Private
Exchange
Wire
Teletype 412 642-3080
to
New
York
City
in
an¬
becomes
investment
an
Exchange
which
in
blandly
are
Stock
only
seen
budgets
and
years,
deficits
ticipated,
a
Federal
York
Stock
potential¬
which has
an era
New
Pittsburgh Stock
American
asset
on
value give a clue to the
McKelvy & Company
value of
a
pro¬
geared to protection against
gram
inflation.
In
justice
timber
in
over
order
to
those
to
who
provide incentives to
forest
to
cutting
the
in
pay
the
at
grow
generations and
many
has
per¬
manufac¬
period
capital
gain
of
rate
(instead of higher regular rates)
that part of their profit which
on
due
was
to
of
the
increase
timberlands
are
is
replaced
are
run
fast
as
a
to produce
a
Yr \
APPEAL
PRINTING
130 Cedar
CO., INC.
St., New York 6, N.Y.
Telephone: WOrth 4-3033
1889
—
Our 74th
Year
—-
1963
mature Douglas
time
substantially
are
addition, resist forest pests.
started
in
1900
Weyerhaeuser
of
forest
when
for
was
Frederick
bought
$5.4
900,000
million.
widely diversified and
integrated
concern
com¬
timber
manu¬
in
world.
the
National
and,
Weyerhaeuser Company
Its domestic operations include 17
Quotation
Bureau
Incorporated
Continued
on
page
9
Established 1913
Over-the-Counter Quotations
Services for 50 Years
46 Front
CHICAGO
/
\
wood¬
Weyerhaeuser scientists
growing
acres
:iSp osd..;
.
perpetual har¬
working on the development of a
"supertree" which will cut the
in
Reliability,
they
as
company's
on
that
see
Quality, i
plan; it takes from 70 to 80
years
fir.
purchase.
leader,
a
cut. "The
vest
value
producers, of which Wey¬
are
lands
since
in
pletely
an
Private Wire to L. F. Rothschild
seeding by helicopter
California.
as
Ohio
15,
CH 1-5671 Tele. 216-574-9180-61
fighting
most
be construed
offer to buy,
fire
This property is today the largest
part
Cleveland
,
Exchange
Building
spraying to control brush that
would
facturing
(This is under
for
gions of Washington, Oregon and
the western
Hanna
of
principally in the Douglas fir re¬
(In
Member New York Stock
sys¬
blown
trees
Reforestation
ities include
Company.
company's fee ownership
million
kept
growing from 60 cents to the
recently
the
The
share
$1.05 to
dividends have
up
cubic
terms of volume and value is that
net income has
consistently.
feet
The
of
unit sales to 34.5% in 1962. During
grown
and
cubic
interruption
from
19,000,000,000
murch & co., inc.
,
wind and to provide
access
trees
second,
of
acres
It
utilization
products
than, the
Northern Ohio
leader
a
road
own
improve
the
the
largest
its
turers
much
so
branch offices
in
meas¬
timber; the roads also are
down by the
and
is
mitted
is
our
wind, fire, and
demand for forest products by the
century
to
Effective Distribution
against the in¬
end
the
wires
geo¬
management.
developed
mature
out
large
a
company
forest
erhaeuser
fourth
spread
Congress
of
212 571-1425
on
The timber holdings
protection
projection (for forest products) in
respectively,
and
rights
.
conservation,
we are
Place, New York 7, N., Y.¬
of
disease.
Ac¬
Foundation.
mestic supply that
explosive!)
for
re¬
nonprofit organ¬
a
financed
and
of
grouo
a
working
Future,
the
larger
tobacco
by
Can¬
The
cutting
last
made
Exchange
are
com¬
evitable hazards of
ity.
shortages of lumber after
Exchange
Caro¬
Rica.
graphically to give
force,
Aiudysts
North
Mississippi,
sufficiently
ettes,
pace,
and
holds
pany
Sound
$2.97,
The
Financial
Direct
substantial acreage in Canada and
land in order to meet the medium
stock
throughout
Costa
000
the.
stands
the
Camel, Winston, and Salem cigar¬
increased
now
on
Alabama,
ada,
the
ture,"
seriously.
effect
lina,
Vermont,
Severe
as
Reynolds, the largest fac¬
brands.
We
be
at depressed prices.
Stock
Stock
La.-Birmingham Ala.
Mobile, Ala.
containing
acres
Other forest lands
in
balanced
cording
the industry, manufactures
third
MAJOR CITIES
the
cure
timber.)
six
ization,
(Should medical science develop a
stocks could
proven
a
York.
American
New Or leans,
States, the company
million
Weyerhaeuser Company
from
per¬
to be tak¬
possibility
acquire
to
President,
report
to
strongly ingrained, and
appears
unusual
an
1980 could develop, according to a
af¬
centage of the public to abandon
a
recognize
well
may
as¬
Society of Detroit
smoking. We doubt that this
yet the market
successful
a
problem. The
we
various
large
occur;
Vice-President, Investment Counsel,
for the
a
not
ROBERT F. TAYLOR, C.F.A.
V
searchers
cause
of
owned
insect
the
New
estimated 66-billion board feet
company
old and
possible dangers connected
will
provide
growth stock
average
consumption
2.8
owns
an
these:
are
diversification will
the
opportunity
of the
with
ON
to
dis¬
never
twice.
probably
likely
date. Certainly no one is unaware
report
must
we
anticipated;
these' conditions
in
cigar¬
significantly
cigarette
is
tute- investor
steady stream
a
reports
has
groups
fected
4-2727
is
the
by
Service,
if it does,
solution
the
be predicted. What
attending
report
same news
will
worst
2.16%.
of
with
attribute
we
circumstances
worst
averag¬
of
If
pessimism
Health
The
The impact of the report cannot,
—
the
forthcoming
most
study
consumption
to
the
counts the
annually.
to
companies
goods
adage that the, market
significant, and prob¬
more
recession-resistant
this
growth
consistent,
compounded
considerably
appear
records.
even
the
dividend,
also bear in mind the well founded
two
a
earnings to return
similar
Since
effects
high
14 times
indicated
other
of
Public
slightly
had caused
over) has also risen at
Exports—Imports—Futures
DIgby
in
of
initial
ettes per capita
Raw
Domes¬
year.
6.5%,
been
statistics,
SUGAR
the
say
ably surprising to those who have
not
NEW YORK 5,
this
scare
ing 3,75%
Even
record
new
drop
year
STREET
to
one.
billion
billion
when
1954,
WALL
394.1
a
500
the health
99
been,
the
tobacco
to 494.5 billion in 1962 and should
over
LAMBORN & CO., Inc.
the
consumption of cigarettes has
coll
j£SISB*
has
shares
those
with
disease,
of
impressive
an
1963
Members
Members
•; .r
HAnoyer 2-0700
of the United
ure
at less than
the
consumer
heart
and
VIRGINIA
to market
company
undervalued when compared with
publicity
smoking
the
than 50% from its 1961
on
the
in¬
of
to
goods would be allowed
estimated
Steiner, Rouse & Co.
In¬
19 Rector St., New York 6, N. Y.
are
4.2%
B o ught—Sold—Quoted
Company—Robert
Vice-President,
(Page 2)
in the South.
of 89. Priced
York
Counsel, Inc., Detroit,
ability of the
more
warrant
unfavorable
happen
very
recent markets, Reynolds is down
bearishness?
face
diversify
Trading at approximately 43 in
of
creasingly
to
to remain idle.
continue^ to
asked
should
Mich.
cigarette business, the outstanding
equi¬
balance. The logidal
on
extreme
In
tobacco
need
that, assuming the
consumer
price-earnings
ratios, the public is almost unani¬
mously
BONDS
RICHMOND, VIRGINIA
soft
new
being test marketed.
the
far
ticipated pieces of "bad news" in
such
fW.
resulted
has
Reynolds acquisition of Pacific
Thus
industry
WEST VIRGINIA
program,
has not been clear. But it is hard
an¬
New
of
tainly
of the most widely
Smyth,
Taylor,
vestment
regu¬
on
Health Service. This report is cer¬
one
&
(Page 2)
Weyerhaeuser
-
drink is also
by the U. S. Public
Louisiana Securities
Alfred
—
far the. leader.
minor to date
while
of
in¬ !F.
brands,
diversification
A
regard¬
concern
non-filter
Bullard
City.
hiked
were
thousand
per
lar-size
Co.
Reyn¬
price
fore year-end
question
MUNICIPAL
their
may
prices
when
ments
be
beneficiary
Hawaiian Products Co. A
ties.
the
35
major
a
spring's wholesale
creases,
tobacco
,
vs.
may
Furthermore,
Tobacco
Soman, Research Analyst, Filor,
$2.30
earnings
smoking expected to be issued be¬
be sellers
For
ago,
to
came
year
in
dividend
1231, 32, 33, 34
—
Chicago
•
growth equi¬
as
1963
ing the comprehensive/report on
St., New York 4
Telephone: 363-2000
below
decline
is
last
years
attributed
be
Hanseatic
York City
currently priced dras¬
are
tically
This
NEW YORK
two
of
$3.10-$3.15.
olds
shares
Just Call "HANSEATIC"
months
$2.17. Full
&
Ballard
Reynolds Tobacco Co.
ties
vantage.
SOMAN
Filar,
Analyst,
Alabama &
-
particular security.
a
A*
Their Selections
advisory field from all sections of the country
participate and give their reasons for favoring
.>
|
Participants and
different group of experts
a
Mtfr "to
Street, New York 4, N. Y.
SAN
FRANCISCO
Number 6312
198
Volume
.
The Commercial and, Financial
.
.
,'V
I
»
■
4
•«
*'
.
t.
.
'
'
.
.V.
•
'
Articles and News
in meeting
report on the gas industry's successful resurgency
•
The
.
Soundness, Liquidity, and the
Dollar's
OBSOLETE
Payments-Balance Deficit
SeryA. Willis Robertson
Gas Industry Is
centers, office and government
building construction; of expanded industrial usage; and of the use
of central gas plants to provide service instead of a fuel. He flays
competitors' advertising; credits increased industry research for
remarkable gains made; forecasts greater measure of price stability;
and announces participation with the electric industry to fight
government encroachment in the private utility field.
because of multi-family, shopping
up
heating market,
market and
nating
the
water
heating
99
;
-
John E. Heyke, Jr.
3
Ira U. Cobleigh
4
Shopping for Toy Stocks
/
v
•
.
Roger
undoubtedly provide even
greater
dimensions to our industry
within
also
been
has
the sale of gas
The gas
of age.
come
dryers and gas
the
it served.
this
And
the
and Mrs. Con¬
to
sumer
in
has
John E. Heyke, Jr.
in
enthusiasm
traveled
y.
President this year-
as
role
growing
of.that growth.
•
-
-
T
Right
V
ihost
As
is
Here
important
a n
ity
tive
balanced
through; attrac¬
evelop. a more
to
load
rates
,
the larger, nonresi¬
to
dential customers, have
produced
healthy,
vigorous
extremely
an
industry.
of
Bank
and
Other New
Outlets for Gas
Near Aurora and in
Glen Ellyn,
the
Lighting
is
conditioning
facilities
tive housing project and
giant customer
for all energy
I'm
the
,
going
on
vital,
are
our
never
reach
by
to
the
jagged
have
industry.
in
2
The
peaks
bearing
gas
25
Park
on
WILLIAM
page
GEORGE
Thursday, October 31,
Every
Nashville
Newark
TELETYPE 212-571-0785
.
Glens Falls
/
Schenectady
Worcester
r
MORRISSEY,
Editor
1963
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613).
30
Copyright 1963 by William B.
All
Dana Company
>
Reproduction in whole or in part
permission is strictly prohibited.
Second class postage paid at New York, N. Y.
rights reserved.
without
-
written
SUBSCRIPTION
RATES
EDITIONS (104 issues per year)
U. S. Possessions and members of Pan American
year; in Dominion of Canada $83.00 per year;
MONDAY AND THURSDAY
United
States,
$80.00
per
countries
$87.00 pdr year.
THURSDAY EDITION
In
United
Union
$20.00
per
ONLY (52 issues per year)
S. Possessions and
States, U.
year;
in Dominion of
$23.50 per year.
Members New York Stock Exchange
Chicago
J.
and advertising issue) and every
issue—market quotation records,
Thursday (general news
(complete
statistical
Monday
other countries
4, N. Y.
Treasurer
SEIBERT,
DANA
load
air
REctor 2-9570 to 9576
President
we'll
promotional
Founded 1868
DANA COMPANY,
New York 7, N. Y.
Place,
CLAUDE D. SEIBERT,
companies *
on
B.
WILLIAM
-
Reg. U. S. Patent Office
PUBLISHER*
Weekly
Twice
in
be the
Spencer Trask & Go.
Boston
and Dealers
FINANCIAL CHRONICLE
COMMERCIAL aRid
Published
other
Albany
available this week.
For Banks, Brokers
sendout
PREFERRED STOCKS
TELEPHONE HAnover 24300
6
important
may
Continued
ST., NEW YORK
*
C0
48
May's column was not
*Mr.
market
Union
25 BROAD
m
16
—
Market.
Washington and You.
In
|
Industry (The)
IrWtH
44
35
Bond
'
39
Registration—_____
—__
«.
specialized in
—
31
33
Salesman's Corner._
State of Trade and
/
have
..
—__
>
For many years we
Governments..,—
Security Offerings——
year-round plateau,
a
instituted
\
*
—
Now in
Tax-Exempt
dip to dismal valleys
Cooling
*mm%
regardless
whose
Wherever
factors.
36
advanced in
field,
it will have great
things
occurring
and
summer.
—_
Security I Like Best (The)—
Security
I have care¬
great leveler and, although
gas
impressed
exciting
within
Breakthroughs
in
requirements.
particularly
many
rise
and Bankers.-
future.
our
companies
winter
second
use
have
13
30
■---
,
hovJ"
38
Activity—
(The)—
ptility Securities..
Securities
limitless.
because,
we
important
curves
coopera¬
a
far
and You
.
Prospective
as
load, it bears a special importance
gas-pro¬
that will
Public
immediate significance
more
how
for
world's largest
seem
.
Our Reporter on
high-tempera¬
for
8
V)
j
where the
Air conditioning is an
Brooklyn, New York, we
the
fields
such
technology,
age
materials
this
duced total energy.
have
in
role
is still in
Valley Gas has the
first school customer for
And in
industry of a continuing and
of
customers.
Rio Grande
in prospect,
"4
Funds
Observations
thus assuring the
are
5
■■
.
,
News About Banks
in
gas
.
Mutual
temperatures
higher
conditioning
air
large
for
are
'
Washington Ahead of the News...
Market
already
and
<
Washington
Step Taken by
Indications of Current Business
fully held off mentioning gas air
its Uni-
Corporation to provide
Even
is Customer Cooling.
developing
subsidiary idea with
Plant
use.
Of
providing an
service instead of a fuel.
Pacific
been
ture
of
4000°
V
.
fur¬
Gas-fired
developed
have
requirements
turbine field;
Hartford Gas is pioneering the
energy
operating at
space
the gas
concept
processing/
naces
St. Louis
'
From
the increasing
to high temper¬
is
me
ature
growing
111., for example, Northern Illinois
Gas is advancing the industry in
unique
to
San Francisco
8
Investment Recommendations
England"
of
1
Los Angeles
Cleveland
12
Field
our
profitable
but one area most intri¬
use,
application of gas
'
Turbine
Gas
gas
guing
to
25
Stocks—
Einzig: "New Monetary Policy
the markets, one with tremendous
use of gas among commercial and
promise for the future. Exciting
industrial custc uers, and our abil¬
things are haibpehing imindusti'ial
year-round
(Editorial)
-
Insurance
Dealer-Broker
continuing increase in
The
and
It...
Coming Events in the Investment
one
d
See
We
Bank
used by but' industrial
customers.-
„
Wires
Philadelphia
half of all the* gas
now,
sell is,
we
Chicago
Regular Features
Cooling
And
of gas apd a
great confidence* in Otir ability as
an- industry to meet* the challenge
the
Teletype 212 571-0610
Direct
Higher Temperatures
I've found
40 Exchange Place, N. Y.
gas
opportunity.
Gas for
London, and
HA 2-9000
Capital Market 37
tion Tax Could Enlarge European
industry
resurgent
a
sMackie, Inc.
dynamic, daring, filled with
.
new
Honolulu, New Orleans,
points in between—
a great enthusiasm for
Boston,
is
industry
I've
Everywhere
industry.
our
the
Singer, Bean
Equaliza¬
Chicago Bank Says Proposed Interest
been in the
markets,
and
conditions
'
Saxon 21
J.
for In Banks
Joseph C. Swidler 26
And by
successfully adapting itself to new
turn
v
Problems, Old and New
Natural Gas Regulation
public an¬
goods,
services,
making for many years.
great
created
V--'
Equipment
Woodruff Tatlock 24
H.
the result of
that have
trends
and
gas
-James
Feared
What Corporate Treasurers Look
and
of
nouncement
Safety
•
David Rockefeller 20
,
This apparent "change"
completion
.
Enlarged Initiative for Banks Should ^Not Be
for the generation
age
in outlook is merely
re¬
of Mr.
sponse
right
American
J
industry has always been
lights
-
A
•
industry
Don't believe it.
Detractors say the gas
14
Gaylord A. Freeman, Jr. 18
V-
Banking Imperiled by Controller's Decisions
Dual
with gas!
a
expansion in
economic
:v,'
Curtis Mathes
:
Elliott
L.
Profitability Steps
Banks Should Seek Long-Run
changing
country is.growing and
mendous
re
Frank
The face of our
few years.
J".-
Murray 12
F.
Brilliant Outlook for Bank Stock Investments
breakthroughs
very
1
YORK
4-6551
Edward B. Maybeck 10
/
;
•
.
-Higher Bond Yields of Minor Proportions Lie
the
a
NEW
WHitehall
•
throughout the
that will
places
STREET,
Chemical Industry Still Is a Growth Prospect
1
,
>
WALL
Telephone:
4..
?
>
the
(There's
ness.
scattered
nation,
busi¬
cooking
t
.
industry is domi¬
ent that the gas
1
Meeting the Challenge of Growth
Ahead
Scanning the industry, it is appar¬
TAX
FREE
and
heating
'
PAGE
cooling demands' against competition of oil,
electricity and coal reflects confidence regarding the growth outlook
for the industry.
Mr. Heyke is pleased with developments opening
'
COMPANY
AND
Gas Company
ciation, and President, The Brooklyn Union
JCHTEIMIH
B.S.
Gas Asso¬
By John E. Heyke, Jr.,* Retiring President, American
energy,
October 31, 1963
Thursday,
■
Growth
The Challenge of
Bullish
(1'
•
.
3
CONTENTS
Gas Industry Is Meeting
.•
(1691)
Chronicle
OTHER
members of Pan American
Canada $21.50 per year;
.».'*•
'y
PUBLICATIONS
and
Quotation
Postage
extra).
made in
New York
Record
funds.
.'
INCORPORATED
39 &S0ADWAY,
Monthly, $45.00 per year (Foreign
'
'
Note—On
account
of the fluctuations in the
rate of exchange,
remittances for foreign subscriptions and advertisements must be
Bank
m l FRANKELI CO.
NEW YORK 6
—
'
*■
WHitehall 3-6633
Teletype
212-571-0500
212-571-0501
4
The Commercial and Financial Chronicle
(1692)
m2Zimmzs!2Z!z^Mszzimsmzmz2: mature
Shopping for Toy Stocks
The
Observations
toys,
the
regard
main
"activity, has
do
of
economic
our
of age. It will
come
business
retail
a
as
stream
in
1963
of
over
$2 billion. This is big busi¬
ness
and it's
done
by
some
and about 35
publicly
held
ones,
significant
of which have rewarded in¬
some
vestors well in the
past five years.
main
upsurge
occurred in the past
in
rise
steady
comes,
coun¬
of the older jobbers and re¬
some
tailers
of
out
the
in
these
the
past
tight
all
not
rapid increase in the child
e n e
of adjustment and some dis¬
expe¬
and more expensive
toys, for their children.
this the
TV
powerful salesmanship of
advertising and
you
see
can
TV
million in 1962,
amounted to $21.6
has
two
done
models
annual
ated
that
last
things. It has
obsolete
and
in, toys,
baubles
year's
wind
so
closets
attics; and it has created a de¬
mand for brand items.
You no
doll,
urged
or
a
buy
to
a
were
toy/dog
no
longer
buy
you
—
and guns
substantial
emphasis
a
there's
insistence
greater
• a
quality
on
educational toys.
or
Commission
this
durability
and
Trade
Further, the Federal
year.
has
ruled
now
of
flashing
"suggested
out
the
so
l^st
sold
Christmas
with
a
below
significant
post
-
war
in would
development
merchandising
changed
has
It used to be that a new toy
continue
to
sell
for
from
53
with
Doll"
plete
the
to
.
'
'
'
•
'•
.1
/
'
:
■
...
(
single
a
big
com¬
is
com¬
sells
"Barbie
from
licensing of
even
Joins
the" Jet
"Barbie"
event
movie,
a
Set!").
In
provides
an¬
earnings,
type
"Barbie"
a
doubt
no
prod-"
other
for
helped
and
propel Mattel to $78 million sales
and
$1.96
share net (up from
per
in
$1.51
for
1962)
fiscal
year
a
rapid¬
ly growing plastic toy producer.
course
known
vately
some
W
companies,
now
while,
Playskool concentrates
durable
and
plastic,
its
in
toys
wood
for
is
It
age.
prac¬
of
performer
a
others in the
creased
on
principally
pre-school
kids
not
as
as
some
industry, but has in¬
sales
steadily
for
21
larging the board to 11 men. Those
elected
company's
Chapin, the
Monroe
were
general
of Park¬
member of the law firm
Chapin
er,
Lasdon,
an
Sol
and
President
S.
Ross,
Treasurer
and
West Chemical Products
of Long Island
Viceof
the
Company
City.
its
this
the
Robert A. Maes,
Independence
Philadelphia and Louis D. Milti-
Miltimore have been directors of
ing in 1958.
;■ "
■:•/,.
Clough is with McDonnell &
Co.
Incorporated, 211 Congress Street.
for
89
cents
due
1962
a
its
Navy
was
Secre¬
from: 1957
to
Deputy Secretary-Of De¬
from
June,
195.9,
until
his
New Tulloch Office
ESSEX JUNCTION,
Tulloch
&
Vt.—Harding
Co., Inc has opened
This
Road
the
under
of
management
Bailey.
/
>;
United Sees. Branch
„Cr
CLINTON, N. C.—United Securi¬
ties Co. has
fice
Mass.
—
106
at
opened
branch of-*
a
Lisbon St.
under the
management of Everett A. Carr.
Nev.—The
firm
Investment
Mutual
South
Arlington
changed
to
Ave.,
Western
has
SPECIALISTS
high
and
on,
costs.
Costs
redticed
into
priced
partly
475
been
Securities.
IN
was
have,
this
moving
by
and
new
a
items to
catch
★
United States Government
high operating
to
been
year
★
operations
ample
plant
at
Securities
★
Harrison, New Jersey, consolidat¬
ing
heretofore
operations
scat¬
★
Federal Agency Securities
tered. On the product side, Remco
will
longer set
no
★
such
store
high ticket items requiring
advertising
Chemical
trate
on
budget,
a
but
of dolls and toy weapons.
on
Earth, still delivers
lion
toy
a
★
Tax Exempt Securities
★
peace
★
Certificates
few mil¬
annually to
guns
line
(Christ¬
supposed to symbolize
mas,
big
a
traditional
more
young
of
Deposit
:V
★
American youths.)
fortunes
Remco
CHEMICAL BANK NEW YORK TRUST COMPANY
register should
produce
and
BOND DEPARTMENT
^
-
cents
40
1,619,000
20 Pine
Street, New York 10015
ing.
a
the
cash
in
1963,
higher net than the
earned
last
common
Price
at
improve
year
the
on
shares outstand¬
currently
around
10,
specialist
in
OTC.
GOVERNMENT BONDS
C. J. DEVINE
MUNICIPAL BONDS
Others
Tel: (212)770-2541-.
TWX: NY 212-571-1414
Tel: (212)770-2661
■
TWX: NY 212-571-1416
Tonka
metal
Toys
trucks,
vehicles. It
212-571-1415
ings
and
117 Convenient Offices in the New York Area
has
rapidly,
is
a
tanks
is
up
well
only this week
Milton
represents
a
of
the
CO.
HAnover 2-2727
Teletype 212-571-1118
common
solid
Chicago
•
Boston
v
Philadelphia
•
Washington
•
Pittsburgh
sec¬
at
Bradley at 18%, OTC,
one
&
Street, New York 5
earn¬
managed,
made
ondary offering of its
23.
its
48 Wall
other
and
built
'
on
concen¬
and
Cleveland
•
Cincinnati
•
St, Louis
Direct Wires to all Offices
•
San Francisco
-
of
name
Plans,
partly to the failure of three
fairly
a
branch office at 1 North Hillcrest
$22
profits
c
Secre¬
share, from
a
earlier.
year
Under
He
>
almost
but
cents
40
to
fense
RENO,
ing around 17.
dipped
b 1 i
p u
Now Western Securities
trades OTC and is currently sell¬
million
1959 and
./:
With McDonnell
The
outstanding/ BOSTON,
of
the
of
President of
E.
sales
of
Foundation of
Robert
had
tary
1957,
year.
of
year
Among the directors re-elected
were
$18.5 million in 1962; and well
million
appointed
was
Freeman
the company since its first financ¬
in
of
administration,
period
a
:/
Secertary
during the final
Eisenhower
of
V".
,
Electronic Instruments Di¬
its
children.
expanded
was
tary of the Navy.
and head,
Messrs. Maes and
$20
Gates
President
/
Pollack,
W.
Herbert
Vice-President
Peabody & Co.
million
is
association.
Flattau;
&
acquired Halsam Products, mak¬
ers
of. instructive toys for young
has
Equitable
Oscar appointment as Secretary of De¬
independent financial fense in December, 1959.
consultant;
!
and
counsel
a n-
by J.
service which began in 1953 when
directors, en¬ he
has elected four new
partner of Kidder,
$5.7
of
Gates
concluding
Corporation
Electronics
more, a general
from
S.
Corporation, who
the
the
Polarad
w a s
Securities
Mr.
In 1962 Playskool
row.
a
Thomas
a year.
Named Directors
vision;
Playskool
and
huge market—
serve a
at the rate of 10%
of
tical
They
f-
Scott Crabtree
from.
cially their managements and rec¬
ords.
or
Hotel,
nounced
have quite a number
Examine espe¬
you
choose
to
i t
t
at. the
Astoria
go
e n
esday
n
6
W aid
pri¬
may
d
e
Nov;
of the other
family owned,
or
Polarad
2, 1963.
Remco Industries, Inc.
Public Housing Securities
girls:
for
Plastics, Inc.,
com¬
a
Additional
now
(Next
Remco
d.
kits
beauty
and Aurora
Defense
by
line.
name
''
•
at
functional,
quite
come
ucts," and
nuity
income
It's
now
supplemented
fan club.
any
NYSE)
share,
a
net
then.
stock, 685,000 shares
'
"...
develop¬
well
among
since
Barbie
the
of
held
wardrobe
revenues
dinner
York
which
over
State, Municipal and
girls), Transogram, Inc., with
the
annual
be
and
40 cents dividends Mat¬
a
is
and
to
'
boys
New
Playskool
-
both
prospered from its "Barbie youth below 14—which is growing
tel'has
sales
?
and
for
including
depreciation
next,
design
(listed
mon
Guaranty
Company of New York, will
of
increased its
500%
Morgan
and
Com¬
13th
(now
Bros., Ideal Toy Corp., etc. Mean¬
has
the
of
President
Executive
address
sets
public: Selchow & Richter, Parker
over
Trust
the
Erector
public in June 1960 at $10
years
U. S. Government,
mittee
panies is Mattel, Inc., which went
too./ spectacular
model
things
toy trains, Eldon In¬
Gates,
of
Asociation
Outstanding
of
Bookkeeping
pric^df around $10).
Another
"list."
of
S.
Chairman
•
dustries, specialist in stamped toys,
spread
Mattel, Inc.
discounters
opportunity to highlight
lots
does
Thomas
Lionel
dustries, A. C. Gilbert, maker of
In due
TV
on
sell
representa¬
include
N. Y, Inv. Assn.
model "hot" this year
manufacturer's
price"
retail
commercials,
have less
•
pat¬
Other
■ -
"Vr> '•
•
...
Investm
ended March
the
(o|/which over 500,000 their attractive price concessions
"Gaylord"
list
"Chatty Kathy"
a
"Barbie Doll." You
buy just
are
you
standbys—dolls
(2)
And
There seems to
level.
major swingback to the
a
old
longer popular at
no
are
instructive
on
or
longer order just a
(1)
and
become
in
up
-—those
age
cre¬
remote
control automobile at $20 or more
be
which
advertising,
$20,
above
at
ranges
motor speedway at $35, a
the parent
why toys have ballooned.
This
rifle
tronic
a
Add to
molds,
be
compressed into
are
the
Corp.;
v*
toys, mostly below $5; Gabriel In¬
the
dead
charges for
and
was a
Marketing
Gates to Address
out.
and
lines
credit
d
dyes,
could
a
year.
companies 1962
enchantment.
tools,
etc.,
Now, with
ment
thus deprecia¬
years—and
on
of
some
population, and the disposition of rience Showed that the public had
well heeled and indulgent parents had enough of costly toys. Elec¬
to buy more,
5
two years has
Adjustment
For many
year
in¬
to
manufacturers,
certain
plagued
have
failure of
succeeded and
Dis¬
business.
themselves
counters
throughout the business.
personal
3
terns,
driving
which
besides
outlets
the
over
techniques, and
15 years prin¬
in
all
Reading
corporations
Corp.
has
toys
tive
Hun¬
tion
cipally propelled by three things.
The
Not Available This Week
try, changing importantly toy dis¬
and
Post War Growth
The
toys^
tribution
2,500
companies
private
have sprung up
Deluxe
largest distributor of toys through
public companies prospering thereby.
which many toys is the discount house.
of
new
discount
but a bayou of dreds
industry.
has,a major subsidiary in
supermarkets.
industry,
toy
would
the kinds of
billion toy industry;
look at the $2
seasonal
the
"
ration
By A. Wilfred May
people are buying and certain
in
Thursday, October 31, 1963
.
Philadelphia and Reading Corpo¬
By Dr. Ira U. Cobleigh, Economist
A
equities
.
.
Volume
198
Number 6312
..
Chronicle
The Commercial and Financial
.
(1693)
5
\
in
ments
New Monetary Policy
Step
market
market
they
Taken By Bank of
'
•>
England
By Paul Einzig
-f-
England's central
bank
the volume of credit.
is
chartering
a
past 30 years—to 28% but hopes that this will be a weapon which
be increased as well as decreased when it warrants.
Dr.
LONDON,' Eng.—The
its prestige.
British
that
ment
allow their liquidity
28%
cline to
over
one-third
liquid form, in
of their assets in a
the -post-?War conditions that propor¬
f.limit;. for- tion was unnecessarily high. The
British, depos¬
the
of
confidence
'thirtycyears7iTidijcates an'im¬
etary policy.f Evidently the Bank -in the smaller clearing banks,
of ^ England is ; now ," inclined to was not shaken by the series of
adopt the\American' device of crises in the thirties, and it be¬
'
of altering
means
of;
the percentage
requirements.
reserve
swallow does not make
One
summer,
a
however, and the British author¬
ities
not
are
such
admit
there is
But
prepared
yet to
as
fundamental
change.
to be¬
every, reason
lieve, that, haying taken the first
step, they will continue to proceed
in that direction.
'
.
in
Britain
prior
the face of it.
ratio
in
had
fact
of
The 30 %
change
of
actually
*
before
England
never
took
erate" departures ^ from
or
mod¬
the;
con¬
limits mid it is reason¬
that <the
present
limit! of 28%; i§ not expected to
be observed Avith absolute ri gidity.
stantial
hidden
anachronism;
On the other
a
y
V.
•
•
black
possible shades be¬
will
tend
allow
to
certain degree of
liquidity.
Indeed, I
From that point of view
of
the
various
adoption
whifch the
the
early opportunity to show
ihat *this uew-rprinciple of elastic¬
ward
mot • only, in
of
rule
ward
direction.
Should
an
up¬
there
signs of overloading of the
be
such
between
average
in
the
direction.
right
step
a
In
many
quarters the view is held that this
ventional liquidity ratio by a
utory liquidity ratio.
ever,
even
stat¬
Since, how¬
in the absence of
statutory provision
the
also
Needless
to
complicated
say,
It
existing
the
-than
mains
ible
to
to
be
official
limit
frequent
easily
whether
seen
that
changes
enforceable
statutory
it
banks
would
a
flex¬
subject
would
without
authority.
whole
is
But
on
THE
FIRST
would, however, be feas¬
BOSTON
to
the
even
any
Bank
in the
conform
of
faithfully
continued absence of
statutory
provisions to
end.
CORPORATION
the
available for
Scores
J
suspension
Hugo
of
Stinnes
caused
Bank
by
the
Germany
in
Securities
Underwriting and
the
German
It is felt in Lon¬
German
intervened
happening.
For,
to
Government and its
Agencies
of
well
_
is
.
this
Corporation raises
this, isolated
an
an
excuse.
for
new money
corporate enter¬
prises and for political entities. Such financing
may
take
State, Municipal,
Revenue and
the form of
an
though the
understood,
not
The
and
should
prevent
even
causes
are
banks
authorities
of the
United States
Securities
Distri
pained surprise in English
don .that
have
the-recent
payments
-banking circles.
the
banks,
Banks
German
connection
this
In
other
become necessary.
ever
rect
underwriting for public distribution,
placement with institutional investors,
ment
for the
Corporation's
distributes securities of
Fortunately, that bank's commit-
.own account.
family-owned
or
a
di-
Housing Securities
or an invest¬
Also, it publicly
closely-held
Bonds, Preferred and
Common Stocks
cor¬
of Industrial,
to
provide the
owners
with
greater
estate
marketabil¬
'Public
Utility and
Railroad Corporations
protection.
,,
•
r-
.
Bank Stocks
•
Dealing in Securities
Growth AND consistency
Casualty, Fire and
The
I
a
Corporation deals in issues of securities already out¬
standing, buying from
•
Except for the depression years, Warner & Swasey has shown
profit
every year except 1921
and 1949,
was a postwar
recession)
when the plant was closed for six months by
*J£. In the past 10 years
centage
(which
a
cover
acts as
selling
to
investors
at net
Life Insurance
Company Stocks
prices.
broker, if desirable. These trading activities
Bankers' Acceptances
the entire held of investment securities.
strike.
Warner & Swasey has increased its
of the machine tool industry's sales by 100%.
It also
or
Certificates of Deposit
per¬
Advisory
Securities
Company
managements are
aided in designing long
securities
merger
rate
issues—and
proposals
or
problems. If
developing
no
CAN
PRODUCE
TOOLS,
IT
helps
managers
BETTER, FASTER, FOR
TEXTILE
and Development
analyzing
corpo¬
Canadian Securities
sale of securities is' involved,;the
are
available
and machinists work out
011 a
fee basis.
The First Boston
NEW YORK
MACHINE
for Reconstruction
,
External Dollar Securities
versatility of Warner & Swasey Bar Auto¬
matics
difficult job scheduling problems.
YOU
or
the financial aspects of other
Corporation's services
The
in
of the
International Bank
range
financing programs—in formulating the terms of particu¬
lar
MACHINERY,
LESS WITH WARNER & SWASEY
CONSTRUCTION
EQUIPMENT
PHILADELPHIA
BOSTON
the
England's wishes
sub¬
of
be
any
probable that the
seems
Financial Services offered by
by
any
officially
as¬
maturity of
rule would be much more
a
rule.
econ-
under
maturity of total
the
liabilities.
total
of
visualize
can
a
the
for
degrees
liquidity ratio that will
average
sets and
down¬
a
direction but also in
and
in terms
it would be well if the authorities, matter will be the ratio
an
flexibility in
monetary policy, has been
Instead
approved limit is well observed
dividing assets rigidly between by and, large, there is really no
"liquid" and "non-liquid" assets, need for its reinforcement. It re¬
ity, investment diversification and
.
of
of
sterling.
took
change
change that
prob¬
the authorities
existence
about ..the
porations
■
and
inflation,
prospects
recent
every
of
they
reduction,
credit
the
Britain, like
makes for increased
tween the two extremes.
the
concern ;
very
The
reserves
the
with
it
explanation
an
might inspire
of
li¬
of
seems
with
present system.
participating in any salvage action
The maintenance of
something of
and
Bank of England are
peculiar
was
confidence
indicating
by
of
consider¬
compared
opportunity
should
have
been
future, instead of taken to replace the existing con¬
terms
banks
of the various
reduc¬
,
in
It
will be inclined to think
a
rate from the point
substantial
any
the
authorities.
incident
30% ratio
hand,
in
well
fo make further
any
in
have
would
difficulties
assisted
be
community
.V ; An Anachronism Today
a
to
by
British
should
unduly
an
white,
The
y
conception
obsolete.,
able that in the
ratio
equanimity,
of the
;
the Radcliffe Re¬
prevailing
quidity
re¬
thinking
other, banks
which
are
naturally anxious to
maintain
the
reputation of the
effectively
allowed
view of occasional
able "to: assume
certain
the
The Bank
so.
get
jointly
they .came to
a
the
it
advantages
Meanwhile,
Liquidity Concept
case,
and
able
the
Money and Credit have rendered
below its traditional level may be
be
ible
quite incon¬
serious
into
ever
it
the
any
port and the American Report
pres¬
liquidity
would
raising the Bank rate.
New
In
far
viewed
with,
in pref¬
Should any British bank
ceivable.
is
'
to
erence
limit
be looked
to
come
something
as
upon
the
the 30%
days bank failure
our
Britain has
and
;fo decline below that
even
ventional,
on
liquidity
several
authorized to do
gravei
this
it * appears
statutory ;basis,
banks
ratio
figure
be
no
as
recently
clearing
their
to
rigid
as
in
banking
■
Actually the rule that prevailed
"was not
In
the War.
since
consolidated
further
came
of
Five," and even ity »applies
portant departure in, British mon¬ itors in the "Big
managing the ^volume (bf ' credit by
duction
of view
^compared with
,
that has - been- the
30'%
the
'sixties,
public in the banks.
maintain something like
to
ratio to de¬
is
conditions prevailing in
during the
tions, at
,
during the 'thirties it was
reasonable to expect the banks to
banks
clearing
henceforth -be* entitled
would
T
•'
While
announce¬
having enhanced
position
aiit—and detracts
not coming to the bank's
from
from
restoring
certain
a
which
solidarity
authorities
of the German
which he finds reflects a lack of solidarity on the part
banking system—in
-
the Hugo Stinnes Bank failure in Germany
on
of
as
they could discourage it by
omy,
Even
years ago.
lack
Britain
/
:
will
Einzig also comments
high
as
the incident discloses
Amidst
in regulating
course
new
ratio from 30%—in effect, coincidentaily, for
ing banks' liquidity
nearly
few
a
exchange
Euro-dollar
the
not
are
were
foreign
in
tige of German banking.
Einzig approves of the lowering of clear-
Dr.
so,
the
and
Corporation
PITTSBURGH
SAN FRANCISCO
CHICAGO
CLEVELAND
that
The Commercial and Financial Chronicle
(1694)
6
terest
Tax-Exempt Bond Market
and
rates
tional
not
disrupt
Bonds
Dollar
The
"
looks
feels on
or
October 31
Mass
Attleboro,
Steady
has
offerings
of
the
during
expanded
,
July The
Commercial and Finan¬
did
fort¬
past
undulant
an
cial
to
the
3.05%
level
to
3.09%
as
October
Oct.
20-vear
Pa
The
3.08%.
dicates
a
of
one-quarter
point
a
the
on
influence.
market
Moreover,
staying
The
that
special
pal
bond
altered
but
weeks.
The
issues
new
stant
at
from
market
little
the
have
during
supply
seems
the
effect
been
munici¬
large
mercial
banks,
be
the
*
substantially
market
average
of
sizable
tempo
the
bond
may
of
average
but
brief.
ally
view of dealers'
should
off the
during
meaningful inroads
culable volume of
on
the incal¬
In
inventory that is
less
conspicuously,
MARKET
more
depending
ON
that
try
rill
on
push
the
This
&
rate
Pierce,
&
plans
$31,-
000,000 Oklahoma Turnpike Auth¬
ority
due
bonds
(Eastern
2003
There will be
Turnpike Section).
$21,000,000 Series A 4V4%
and
bonds
the cost of
cover
con¬
struction of the toll road between
Henryetta
of
the
Okla¬
McAlister,
and
This is
heavily trafficed
a
highway
that
the
The
4V4S
are
the first lien obligations,
with
the
$10,000,000 Series B 5s being
lien.
the
reofferings
Series
Appropriate call
100.
to
are
welcome
A
priced
be
at
reception is re A
This
past
active
as
has
week
preceding
as
been
not
in the
ones
bonds
were
ding.
Competition for these offer¬
.
1963
Bid
ipal
issues
ings
Asked
but
was,
offered for public
initial
" hectic
very
investor
bid¬
demand
was
1982
3.30%
3.15%
less than enthusiastic and investor
3%%
1981-1982
3.20%
3.10%
interest
3%
1981-1982
3.10%
3.00%
3%"%
1981-1982
3.00%
2.90%
3%%
1974-1975
2.85%
2.75%
2.90%
1981-1982
3.20%
3.10%
the
has
Last
of
general
3.05%
tance
3.30%
3.20%
land,
3.25%
3.15%
awarded
1981
3.20%
3.10%
(1965-1984)
3.40%
3.25%
3.35%
3.25%
3.17%
3.13%
1.980
:3.09%
on
Ohio
jointly
City
led
State Street Securities Corp.
bid.
major
group
Dealers
Hartford
Co.,
900.000.
U.
TFX; 212 4205 105
2,625,000
1964-1993
8:00 p.m.
Harrison,
2,890,000
1964-2003
8:30 p.m.
*
J
N.
Oklahoma Turnpike Auth., Okla.,
31,000,000
Springdale Sch. Dist., No. 50, Ark.
to
in
of
^Negotiated offering to be made by syndicate under direction of a group
by Merrill Lynch, Pierce, Fenner & Smith Inc., Allen & Co., White, Weld
John Nuveen & Co., B. J. Van Ingen & Co., and Leo Oppenheim & Co.
headed
&
Co.,
November 5 (Tuesday)
Beverly Hills Library Const., Cal.
1,560.000
1965-1984
Clayton Co. S.
1964-1992
New Haven
D., Ga._._________>; 1,200,000
Sch. Bldg. Corp., Ind.
1,720,000
1966-1980
Van
S.
Dyke
D.,
Wake Co. Sch.
Mich._____
Bldg., N. C.________
7:30 p.m.
11:00
a.m.
1:30 p.m.
1,750,000
1964-1988
8:00 p.m.
4,000,000
1965-1984
11:00 a.m.
November 6 (Wednesday)
Rico
Puerto
Bayamon,
Carolina, Puerto Rico
_
.__
3,240,000
1964-1982
Noon
2,350,000
1964-1983
Noon
_
2,000,000
1964-1983
11:00 a.m.
1,475,000
1967-2001
8:00 p.m.
8:30 p.m.
Guaynabo, Puerto Rico
Mich
Wyoming,
November 7
District
Port
Albany
(Thursday)
Municipal
.;
v
1,500,000
Building Construction, N. Y
Bloomfield S. & Town Imps., N. J.
1.177,000
1964-1983
Boissier Par. Sch. Dist. No.
1,500,000
1964-1983
8,650,000
1964-1983
Boston,
Mass
13, La.
.
Brookhaven UFSD No. 24, N.
Cook
1964-1992
20,000,000 ; 1964-1973
2,695,000
Y.__
Co., Ill.___
Illinois
Maryland
Univ.,
Bldg.
4,700,000
1964-2002
9,750,000
1964-1988
Dist., Mich.___
4,250,000
1964-1989'
Hampton Tp., MiCh.__
(State of).
Maryland
Milwaukee, Wise.
—
St. Peter Sch. Dist. No.
Wake
508, Minn.
Co., N. C
Woodford
1965-1984
1965-1987
4,000,000
1,500,000
_J_~
Ky.___
Co.,
10:00
a.m.
Noon
•
,.i: !
8:00 p.m.
(Tuesday)
1,248,000 : 1964-1987
4,000,000
1964-1992
38,270,000
1966-1978
6,000,000 1963rl965
1,405,000
1965-1991
Union H. S. D., Calif—
Side
-
2:00 p.m.
'
,.
November 12
East
2:00 p.m.
Noon
&
—
-
Waterford Tp. Sch.
—
10:00 a.m.
8:00 p.m.
11:00
a.m.
10:30
a.m.
4:00 p.m.
11:00
a.m.
10:00
a.m.
11:00
a.m.
November 13 (Wednesday)
Brazoria
National
&
Bank
Rd.
Co.
Dist.,
Clear Lake City Water
Islip U. F. S. D. No. 9, N. Y.____.
Mich
of
from
and
Co.',
and
2.15%
the
Mobile
Co., Ala.____-__-
Philadelphia,
bidder
Seattle,
interest
—
Pa._____
for
was
$6,000,-!-
Washington
of
Hamilton Tp., N. J._
made by
on
10:00 a.m.
31,800,000
1965-1994
Noon
1965-1984
2:00 p.m.
3,000,000
1968-1994
2:00 p.m.
—3,000,000
1964-1977
&
Playground Dist. No. 4, La.
Bank
East
Par.
Jefferson
Cons.
Sewerage Dist., La
No.
—
89, Oklahoma.
St. Clair Co.
.'
Jr.
Belleville Tp. H. S.-
Coll/Dist. 201, 111.
N.
Schenectady,
Yuba
—
Y
___
Y
N-
Syracuse,
—
Iowa
_____
State University
__'
page
7
1965-1983
1964-1984
11:00
1964-1975
11:00 a.m.
2,265,000
1963-1988
November 18
(Monday)
1,887,000
Flatwoods,
1,125,000
Ky.
_____
Flood
Co.
Cons.
Control
J._
November 19
Co.,
Authority,
N.
C
Pa
Raleigh Utility G. O., N. C
1965-1982
8:00 p.m.
8:00 p.m,
&
Dist., Calif.l
North Brunswick Tp., N.
1966-2003
20,000,000
Arapahoe County Sch. Dist., Colo.
Water
a.m.
(Friday)
16,000,000
_j^_
N. Y. State Power Auth. Rev. Bds.
Monterey
8:15 p.m.
7,300,000
1,040,000
1,860,000
Court House Bldg.,
County,
Refunding, Calif.
3.2733%.
3.28% net
was
1973-1990
1,000,000
—
.
Center
Comm.
Par.
Jefferson
Pennsylvania State P. S. Building
Continued
8:00 p.m.
1,000,000
8:00 p.m.
ably with second bid,
cost, which
1965-1988
1964-1989
8:00 p.m.
Columbus,
interest
1,000,000
2,000.000
1964-1989
This winning bid compared favor¬
a
7:30p.m.
1964-1978
$3,4-
(1964-1983) bonds
cost
1965-1988
1969-1993
2,150,000
1,375,000
3,780,000
City, N. J.__—_—
Breitung Tp. Sch. Dist., Mich
/
-
November 14 (Thursday)
.
Atlantic
present
totaling
Co. syndicate
revenue
net
<
November 15
with
Port
2,350,000
5,400,000
Texas—
Auth., Tex.
Lake Orion Comm. S. D.,
the
First
the
Clark
yield
group
successful
a
2:00 p.m.
1,779,200
Oklahoma Co. Ind. School District
Co., John Nuveen
National
S.
000
at
'
bid
1
National Bank
the
Airport
10005
seven
which
members
The Blyth &
York, N. Y.
the
3.10%, initial demand has been
President
Vice-President
were
Mellon
disappointing
Vice-President
7:00 p.m.
Farmington Tp., Mich._
Kuhn,
and
include
Fahey,
Reoffered
to
balance
John C. Ledbetter
3Vs%
by
Co., First National Bank in Dal¬
Arthur G. Hageman
William B. King
(Monday)
4:00 p.m.
Roose, Wade & Co.
n
Board-Treasurer
The
a
issue.
Corp.
Denver
Municipal and Corporate Securities
Thomas C. Plowden-Wardlaw
for
Co.
&
Bank and Trust
Trust
•
Trust
coupon.
syndicates
Other
:>•>
group
its bid of
on
Co. and there
winning
&
the
Harris
101
Barney
&
District
Building
submitted
this popular
las,
Underwriters
3%
a
was
Boston
H
3:00 p.m.
1965-1987
Bank and the Morgan
for
additional
the formation of
the
by
runner-up
Loeb
The Cleve¬
to
Guaranty Trust Co.
for
1965-2002
2,625,000
two
impor¬
School
bonds
.
and Savings
Smith,
were
$10,000,000
coupon,
to announce
justified
market
the calendar.
3.15%
1.981
1981
date
Thursday there
issues
1981-1982
1981
to
not
:
overly competitive bidding!
1981-1982
availability.
63 Wall Street, New
of
3V2%
Index
pleased
usual,
as
a.m.
1964-1979
munic¬
$180,000,000
but
11:00
-
%
1,897,000
Imp. & Refunding, 111
cated that further increases in in-
Maturity
:
College
Wash. Co. Jr. Comm. Coll. & Sch.,
Awards
Recent
is
SERIAL ISSUES
,
1965-1984
He
government
4,805,000 .1965-2003
2,500,000
again
structure.
(Friday)
3,000,000
Eastern
ported to be likely.
present
3:00 p.m.
continuum
A
second
1964-1980
Corpus Christi Ind. S. D., Texas__
and the Southeast.
$21,000,000
'! 2,016,000
Bangor Tp. Sch. Dist., Mich.
$10,000,000 Series B 5% bonds
which will
100.219
offer
to
a.m.
p.m.
of Trustees,.,,
State
& Co. and Leo Oppen-
Co.
11:00
48:00
Bldg. Rev., Va
Co., John Nuveen & Co., B. J.
heim
1965-2002
November 4
&
Fenner
on
Housing Auth. (N. Y., N. Y.) 31/2%
Los Angeles, California
3%%
♦Baltimore, Maryland
31/4%
♦Cincinnati, Ohio
3i/2%
Philadelphia, Pennsylvania
3 V2 %
♦Chicago,Illinois
.3V4%
New York City
!
3%
Telephone: DIgby 4-1090
headed by Mer¬
features obtain for each issue. The
trying to push short term in¬
New
Chairman of
on
field of underwriting new
Delaware, State
are
welcome
very
terest rates any higher for balance
of payments purposes and indi¬
...
We
market will
presumably
A group
pressure
Dillon
Var.
1:00 p.m.
1965-1989
VT. Edina, Mass.
or
Pennsylvania, State
No apparent
be
Smith, Allen & Co., White, Weld
the
Monday before
defended
interest
testified
New Jersey Hwy. Auth., Gtd._
New York, State.
*
a
issue
Lynch,
to
Issue
Received
with
visited
Nov. 4.
the
to
higher.
of
Secretary
forcefully
bond
♦Connecticut, State
30,
not
some
testifying
REPRESENTATIVE
October
be
negotiated
Southern
Arkansas
week.
bond
between Tulsa
long term bond market.
Rate
California, State
apparent
will
take
mittee,
not
draped about the Street,
Interest Rates
the House Ways and Means Com¬
be needed in
inability to make
past
a.m.
,
November 2 (Saturday)
from
the
1965-2001
11:00
1,100,000
November 1
of Alabama Bd.
Univ.
1964-1983
1965-1985
1,025,000
__—__
D., Mich
Owensboro Sch. Bldg. Rev., Ky.___
important
no
Revenue
revenue
homa.
short term rates any
This
the
on
more
Treasury
type
Moreover,
an
However, it is becoming gradu¬
holiday period, but the respite
is
the
Warmly
The
North Carolina—
Nankin Mills S.
1,120,000
8,000,000
1,750,000
;.;v
College, Greenville,
of the individual
any
Oklahoma
area
Dillon
negotiated
breather might well
of
sustaining volume.
offerings.
be moderated
points
interests
related
investors developed in any sort of
con¬
including the infrequent interjec¬
revenue
the
casualty companies and individual
$500,000,000-$600,000,000, not
tion
pur¬
chases of tax exempts by the com¬
scheduled
of
is
recent
likely to be
monthly
tax
a
Carolina
public
yield
over
were
over
Van Ingen
support,
market
before
technical factors
cr
particularly
exempt
Unchanged
an
power
would fall back 15-25 basis
Factors
East
was
and
in
3.564%
changes in
this
in
influence.
moderated,
Technical
<
.
Should the mainstay of
market set-back of close
week.
There
obtain
considerations
ket
differential in¬
yield
Canonsburg-Houston Jt. Auth., Pa.
again
issues showed
/increase
average
♦
actively traded
bridge
revenue
to
detracting municipal bond mar¬
a
at
averaged
bonds,
toll
road,
utility
most
3.56%
of the
level
has symptoms of
30.
high grade general obliga¬
volves
to
of
toll
23
week.
especially active stock market that
early
this Index, which in¬
A week ago
tion
in
there
(Thursday)
___—
_
issues
own
averaged by The Chron¬
as
The
for
*
'
icle.
favorable enough b^ut spe¬
market
prevailed that has taken the mar¬
ket
although
consider¬
sphere too. Tax reduction proba¬
bilities
continue
as
a
negative
generally
has
ease
at
$500,000,000
than
the
se
appears
Since then
early August.
during
Per
and touched 3.02%
this low point
averaged
Index
markets
appreciably from
bounce
week
its
Distracting Influences
The mar¬
market for 1963 to date.
ket
more
of the
bottom
the
marked
have
ably
3.10%
yield Index averaged out at
which
well
1963 thus far.
bond
municipal
Chronicle's
cial
In mid-
break.
since the summer
this
revenue
held
well
slight increase in the overall yield
during one ses¬
night considerably and now totals
sion and apparently remote dur¬
$567,246,000. The total went over
ing another. This pattern has persisted
with but slight variation $700,000,000 in early May and may
seemingly broad
long list of
pretty
-,'V'
'
List
Blue
The
investor interest
tendencies, with
f
'
■
particular day.
a
in its irregular
market'.conlinues
v<v:V'
how the market
bond
municipal
and
state
The
•,
Thursday, October 31, 1963
Larger Issues Scheduled For Sale
interna¬
Bethlehem,
.
.
useful
be
the
equilibrium, it is reported.
DONALD D. MACKEY
BY
would
would
.
.
-
—
12,900,000
1966-2004
1:30 p.m.
2,000,000
1965-1984
8:00 p.m.
1,000,000
1965-1988
11:00 a.m.
32,950,000
1964-2003
(Tuesday)
1,360,000
—
Noon
11:00
a.m.
Volume
Number 6312
198
to
Tax-Exempt
Continued from page
3.20%,
time
on.
.
Other members
Francis
Co.,
the
of
winning
Dean Witter &
duPont
I.
balance
was
Co.,
&
at
press
Late Monday
led
with
day
evening tlje
the
by
fornia
Bank
bid,
3.1676%
a
for
United
came
from
N, T.
&
net
the
best
winning
cost,
Nuveen
the
S. A.
Other
Cali¬
second
cost,
interest
Bank
America
of
and associates,
major
members
Co.,
Louis,
St.
seatic
York
New
Corp., L.
initial sales haVe brought the bal¬
Han-
F. Rothschild1 & <
Bank
National
of
/
The
John
Co.; Mercantile Trust
Co;
N. C. Roberts
bonds
yield' from
The
figure
was
First
Corp.
group
^
Boston
for
bidder
high
Co.,
&
Co.,
reoffered
were
to
3.25%
to
Continued on page 46
and
Marshall
&
&
Foster
Co.,
Inc., Reinholdt & Gard¬
Kalman & Co., J. A. Overton
ner,
&
Struthers &
Wood,
Barth
J.
Co., Pacific Northwest Co. and
Wm.
P.
various
for
syndicate is $4,430,000.
Initial
v
3.35%
to
the present bal¬
coupons,
in
ance
;
Issue
Revenue
••••
These
by
Son. Scaled to
Harper &
fromr 2.00%
yield
\
bonds
•
solely
secured
are
pledge of gross revenues of
a
the f entire
Port
agency with a
bility
Seattle.
of
Port of Seattle is
Tj'he
independent
an
statutory responsi¬
to operate harbor and
air¬
New Issue
port facilities within the jurisdic¬
tion
of
the
District and
Port
District is coextensive
County.
will
for
used
King
this
issue
of
Proceeds
be
AMOUNTS, RATES, MATURITIES
this
with
$39,600,000 State of Hawaii
(Accrued interest to be added)
2.70%, 3.40% and 316%
of facilities at the Seattle-Tacoma
International
first
issue
bonds
revenue
$
Friday
Dated November
interesting in
was
respect and that
one
1,
Due semi-annually November
1963
1, 1966-88, inch May 1, 1967-88, inch
only
*
11-1-66
2.70%
2.70
1967
1,760,000
2.70
1968
1,760,000
3.40
1969
2.55%
TOO
"
because
was
880,000
1,760,000
or
Price
Duef
Rate
out¬
standing for the District.
Yield
Coupon
Amount
GENERAL OBLIGATION REFUNDING BONDS OF 1963, SERIES D
This is the
Airport.
of
f
AND YIELDS OR PRICES
capital expendi¬
tures in connection with extension
REGISTRATION—-Principal and semi-annual interest (May I
PAYMENT AND
and
2.80%
2.90%
1970
the only sale of the day consisted
November
1,760,000
3.40
of
the
1,760,000
3.40
1,760,000
3.40
1972
3.00%
1,760,000
3.40
1973
3.05%
1,760,000
3.40 ~
1974
3.15%
1,760,000
3.40
1975
3.20%
¥ 1,760,000
3.40
1976
3.25%
1,760,000
3.40
1977
3.25%
Cook
$50,000
Illinois
County,
I), payable, at the option of the holder, at the office of the Director of
Budget of the State of Hawaii in Honolulu, Hawaii, or at the main office of Bank
America N.T.&S.A. in Sarf Francisco, Calif., or at the principal office of First
School District # 127 bonds. Harry
of
Jr Wilson &
National
ful
a
bidder
Co.
for
the
was
this
success¬
tiny
at
issue
net interest cost of 3.175%.
exemplifies what
New York, N.Y., or at the principal office of Continental
Illinois National Bank and Trust Company of Chicago in Chicago, III. Coupon bonds
Monday
livened
made
this week
of
with
by
surprise
a
opinion of counsel, interest payable by the State upon its
State of Hawaii personal income taxes
decisions.
legal investments for
are
savings banks and trust funds in New York, California and certain other states, and
for savings banks in Massachusetts and Connecticut, Hawaii,and other states, subject
to the legal limitations of a bank's investments, and are eligible as security for deposits
en¬
offering
headed
group
a
was
V
both principal and interest.
to
LEGALITY FOR INVESTMENT—We believe that these bonds
Business
Weeks
as
bonds is exempt from all present Federal and
under existing statutes, regulations and court
field.
Current
$5,000'registrable only
TAX EXEMPTION—In the
day has become in the tax exempt
bond
Bank in
denomination of
in
This
dull day Fri¬
a
City
jointly
of
public
Co.
of $37,873,000
trict
R-l
(Lakewood)
purchased through negotiation
unannounced
Other
State
was
at
of
members
this
TAX
1982
100
1983
'100
AMORTIZATION OF PREMIUM—These
political subdivision at not less than their par value, and a taxable gain may accrue on bonds purchased
at
Co,, Hornbfower & Weeks, B. J.
Van Ingen &
Jackson &
Co., Paine, Webber,
&
Co., Ira Haupt & Co., Goodbody
Co.j. Banco
Co.,
U.
National
writers
listed
above
and
below
bonds
subject
are
offered when,
whose legal opinion will be printed
3.40
1984
100
3«/2
1985
3.45%
1,760,000
31/2
1986
100
1,760,000
3,/>
;
1987
1,760,000
3'/2
?
1988
100
-
100
*Not Reoffered
t$880,000 due semi-annually May 1
and if issued and received by the under¬
by Messrs. Wood, King, Dawson & Logan,
as
approval of legality
to
Attorneys, Nfew York, N. Y., a copy of
Kansas
City,
Bank,
Denver
Mercantile
Co., Taylor &
and
and November 1
eacb bond.
on
Continental Illinois National Bank
City Bank
and Trust Company of
New York
N. T. & S. A.
Co.; G. H. Walker
to
yield from
Kansas City,
2.25%
The First Boston
Corporation
Chicago
Wachovia Bank and Trust
Fidelity Union Trust Company
City National Bank & Trust Company
Tripp & Co.
Reoffered
First National
Bank of America
Trust Co., St. Louis, Stern Bros. &
Co.
OPINION—The
3.35%
Credito, Commerce
Trust
&
thereon.
Investors are required under existing regulations to amortize any premium paid
discount.
;
1981
Curtis, F. S. Smithers
&
S.
a
LEGAL
"
1,760,000
r-. •o CO o o o
-
bonds will be initially issued by the above named
group include C. J. Devine & Co.,
&
3.35%
3.40
Eastman
Dillon, Union Securities
1980
3.40
on
GAIN,
3.30%:
1,760,000
price.
major
3.30%
1979
1,760,000
the general, revenues of the State of Hawaii, and the public faith and
credit of the State is pledged to the punctual payment thereof. >
charge
1978
3.40
118 of the,
of
!
3.40
1,760,000
of Ha/'aii for various Highway Revenue Bond Refunding pur¬
bonds, issued under provisions of Act
•
1,760,000
3.40
in the opinion of counsebconstitute valid and legally binding obligations of the
Hawaii. The payment of interest on and the principal constitutes ,a first
poses,
Refunding
(1964-1983) bonds. This issue
an.
1963 Session of the State
2.95%
3.40
PURPOSE AND SECURITY—These
Jeffer¬
County, Colorado School Dis¬
son
'
1971V
1,760,000
by John Nuveen & Co. and Boettcher &
; /
1,760,000
y-
in Hawaii.
moneys
Company
Newoflc, N .J.
Mo.
to 3.60% for various coupons, de¬
mand
the
widespread with all of
sold and the account
was
bonds
Smith, Barney & Co.
Harriman Ripley & Co. John Nuveen & Co. The First National Bank
Blytii & Co., inc.
issue
An
of
Technological
System
$8,591,000
College,
Texas
Goodbody & Co.
Dean Witter & Co.
Pressprich & Co.
by
the
Housing
Home Finance Agency as
3%s.
The
additional
bonds of the
1966-19J32
same
were
at
100.02
the
for
Lee
Trust Company of Georgia
First of Michigan Corporation
Higginson Corporation
3M>s and
issue maturing
National State Bank of Newark
.
Waterworks
Certificates
3'As.
No
reoffering
Atlanta,
(1964-1983)
revenue
which
Georgia
were
awarded
to Halsey, Stuart & Co., Inc., Harriman Ripley & Co. and
Smith,
Barney & Co. at
terest
a
cost.
3.14%
from
3.133% net in¬
and
additional
interest
there
groups
cost,
■-
•
.
■
Bosworth, Sullivan & Company, Inc.
Leedy, Wheeler & Aileman
Charles King & Co.
Denver United States National Bank
'V
•;
•
'
...
■
Burns, Corbett & Pickard, Inc.
,
•' ' Incorporated
Butcher & Sherrerd
Grande & Co., Inc.
bid
yield from
■
Hanifen, Imhoff & Samford, Inc.
Luce, Thompson & Company, Inc.
Loewi & Co.
Incorporated
'
Kenower, MacArthur & Co.
Hatiier & Sanford
Marshall and Meyer
Irving Lundborg & Co.
Incorporated
■
Pacific Northwest
Company
Stifel, Nicolaus & Company
Incorporated
Zahner and Company
Kugel, Stone & Co., Inc.
Mullaney, Weils & Company
..
Rowles, Winston & Co.
Ryan, Sutherland & Co.
Warren W. York &
Wagenseller & Durst, Inc.
Stern, Frank, Meyer & Fox
.
Incorporated
,
Prescott & Co.
Virginia National Bank
First Washington Corp.
Eddleman, Pollo'.k & Fosdick
Douglas Securities, Inc.
>
Company, Inc.
,
Dreyfus & Co.
Atkinson and Company
Byrd Brothers
J. A. Overton & Co.
Co.
Craigmyle, Pinney, Penington & Colket
for
October 31,
to
'
Codings and Company, Inc.
twelve
were
which
C. C.
came
issue.
Reoffered
.
Allan Blair & Company
bid,
runner-up
the R. W. Pressprich &
account,
this
a
The
net
F. W. Craigie & Co.
,
Eldredge&Co.
Incorporated
purchased by the
public is anticipated.
$1,750,000
Robert Garrett & Sons
$2,075,000
Monday's final sale to be noted
is*
of
and
Rauscher, Pierce & Co. syndicate
to
The First National
Bank
Memphis
Taylor and Company
,
bought
was
The Philadelphia National Bank
•«
Housing
(1983-2012) bonds
revenue
R. W.
of Oregon
(Incorporated)
Incorporated
.
closed. V
2.00%
1963
,
/
A
circular relating
to
these bonds
$7,150,000
(St. Paul), Min¬
nesota Unlimited Tax (1964-1993)
Shearson, Hammill & Co., Hayden,
Stone
.
Ramsey County:
y
2.00%
yesterday's
$2,085,000,
of
Rhode
to
down
ance
Co., Hornblower & Weeks, Indus¬
trial
($(&951$ 7p
v.
Island, Wagenseller & Durst and
v-
the
of
include
account
&
The
bonds.
3.192%
a
interest
submitted
net
ac¬
bid,
California
Salinas,
$5,174,000
(1964-1988)
busy
a
,
.
count
syndicate include
the
$700,000.',
three sales of note to be reported
the John Nuveen & Co. and F. S.
Smithers & Co. group.
was
Tuesday
6^
'
T/ie Commercial and Financial Chronicle
.,
may
be obtained from any of the above underwriters. <
[B
The Commercial and, Financial Chronicle
JMSfiLfl
Steel
DEALER-BROKER
&
Co.,
Broadway,
2
analyses
are
Electric
of
.
Thursday, October 31, 1963
FROM WASHINGTON
New
Also available
York, N. Y. 10004.
Utility
Ahead of the News
Industry, Howard W. Sams & Co.
AND RECOMMENDATIONS
IT
IS
THE
PARTIES
INTERESTED
SEND
WILL
MENTIONED
FIRMS
THE
THAT
UNDERSTOOD
TO
FOLLOWING
BE
Inc., Eaton Manufacturing, Inter¬
national Shoe, King Seeley Ther¬
LITERATURE:
Stock
4%
Yielding
—Insurance
or
More—Tabulation—Carl M. Loeb,
Rhoades
New
&
available
Corp.
42
Wall
N.
Y.
10005.
reviews
are
America,
of
nancial,
Beet
Central,
and
dry.
'
vin
New
Foun¬
mation
ated
and
&
tions
&
Scott
Index
Industries
articles
on
tries,- and
of
International
corporations,
jects taken from
reports
"New
of
indus-'.
business
sub¬
financial
over 200
Issues"
Annual
200
than
more
insurance
stocks,
of
1961-2-3—Study
performance, earnings,
and other
data—Troster, Singer &
Cumula-j leading
City
Stocks—
Bank
analysis
and
banks—Laird,
of
10
Bissell
&
a
N.
11
Tactics—Discussion—Moore
Broadway,
120
New
ling, Lerchen & Co., Ford Build¬
ing, Detroit, Mich. 48226.
*
Acme Visible Records Inc.—Anal¬
ysis—J. C.
Wheat and Company,
East Main
Street, Richmond,
,,-V;'
Chemical
—Hornblower
&
Also
10005.
available
are
com¬
Storage
issues
available
on
request—In¬
Stake
cussion in
October
Exchange"
in
change Magazine
New
issue
Wall
11
York, N. Y. 10005,
per copy,
$2
per year.
issue
a
discussion
is
Yields
vs.
ments
on
of
Bond
Yields
Dobbs
Swasey
Co.,
Corp., William
and
Houses,
Street,
same
Also
&
Street,
Natus
West,
50
Toronto
1,
Daiwa
Securities
Broadway,
10006.
-—
Ltd.,
York,
N.
New
the
Averages,
market
Camera,
Ishikawajima
ment
Information
—
Stock
A
Analysis
&
&
.report with information
dends,
mergers
35
over-the-
stocks
used
Quotation
to
as
—
in
Bureau
yield
over
and
25-
a
National Quotation
46
Front
Street
N. Y.
Changes
in
common
during
Company, Inc., 1
Plaza,
10005.
New
third
Hutton
F.
Chase Man¬
York,
and
on
kote.
Stocks
N.
211
available
and
earnings; bi¬
income
&
Tire
divi¬
for
gain—Gerstley,South
Philadelphia,
news
&
v'/y r:.
N.
61
Broadway,
Y.
10006.
Aqua
Cliem
Y.
Pa.
are
Co.,
225 .East
Wis.
District
is
Arkansas
Street,
Also
Also
Empire
on
Co.
New
&
Mattel
State
Inc.,
Gas
N.
Textron,
Y.
10004.
on
New
York
and
Borg
Gas
&
Broad
comments
are
Electric
Com¬
—
Co.< 25
Warner.
,
Ashland
Oil
&
Refining
available
Dresser
comments
are
Industries
and'
bottled
further
Supreme
Court
Adhesive
Products
Inc.—
California
Com¬
300 Montgomery Street, San
York
to
instrument
At
It
Mont.
on
Crisis
—
&
v
this
needed
Analysis—Watt
—
Ritt-
Street,
Watt
East,
Toronto
1,
an
analysis of E. J. Korvette Inc.
Gellermann,
Dept.
CFC,
Co., 36 Wall Street, New
York, N.-Y. 10005. Also .available
comments
Allied Chemical,
on
FMC Corp., Burlington Industries,
Trading
Norfolk &
Western, Northwestern
ITEK CORP.
Colby &
State
Street, Boston, Mass. 02109
(firm
stamped
addressed
Also
available
is
an
Crompton
COMMERCE CLEARING HOUSE
INC.
1964.
Members New York
Security Dealers Association
Divco
June
our
Congressman
national
history."
rated,
120
&
The
anal¬
Incorpo¬
New
York,
N. Y. 10005.
committee
Company, Limited,
Street,
Toronto
'
1,
groups
amendment.
"But,"
by
have
job
real
the
Other
done the
Congressman
said
"the
people
must
be
themselves.
Norris, Hirshberg
Greene
a
York
hibit
installation,
the wire
on
a
Stock
Exchange.
covering not
but
vestige
text
is
of
wires
San
in
any
School,
Chicago, Cleveland, Los
Miami.; St.
Louis
and
Francisco.
•
,
Prominent Wall Street firm of¬
fers
excellent
this Con¬
to pro¬
experience 'in
a
of
variety
Preferred
depending
resume
in, reliance upon, or invoking the
No. PS
to
for
age
in¬
in the
thirties. Salary $20,000 to $25,000
belief
reference
opportunity
top-grade financial analyst with
dustries.
shall be deemed
making
to
SENIOR ANALYST
to pro¬
Biblical
or
"Section 2. Nothing in
hibit
At¬
Midwest
fol¬
as
Public
or
the
the
place.
or
Building,
of
--1 *7.
basis,
'voluntary
the
Atlanta
Hirshberg, Inc.,
Georgia
Angeles,
of
reading from,
offering,
direct
Greene and Co. also has private
protecting
shall be deemed
institution
&
revised Consti¬
The
Governmental
Norris
members
Scriptures, if participation therein
is
a
lanta,
listening to prayers
or
to
announced
of
Out of
amendment
the
Co, 37 Wall St., New
have
of
'
stitution
and
City,
Bank
lows:'
FMC
Corp.
on
Send
experience.
confidence
in
to:
Box
51./ / "V
Ont.,
r
Analysis
—
—
Dean
Co., 45 Montgomery St.,
Francisco, Calif., 94106.
Company
Fahnestock
New
&
York,
an
TRUST OFFICER
Analysis—
Broadway,
10006.
W.
Needed
Also
ment
analysis of R. H.
Bank
N.
is
—
Co., 65
Y.
Macy & Co.
Co.
—
Analysis—
to
120 Broad¬
Direct
R.
Grace
&
New York, N. Y. 10005.
Oil
Investor"
—
The
of
"American
American
Continued
on
In-
page
46
ers
organize Trust
five
having
suitable,
twelve
offered
qualified
to
applicant.
Floyd
Call,
Secretary, Florida Bank¬
Association,
ASPICNB
of
Salary
assets
inquiries
Depart¬
National
old
year
Attractive
Executive
Limited—Discussion
issue
October
to
for
million.
L. F. Rothschild & Co.,
in
Bay
an
intro¬
had
spiritual
life.
proposed
Imperial/
Canada.
'
Confer¬
Greene Wire to
in¬
into
resolutions.
other
American
came
meeting
who
Schools
Dominion/ Stores Limited—Report
320
Soviet Russia."
a
and Bible reading in
prayer
—Gairdner
&
to
,
a
Congressman
tutional Amendment
way,
York 6, N. Y.
Teletype 212 571-1780; 1781; 1782
society
Governors'
influential
done
urging
He called
members
Flintkote
Co.,
"I
Miami Beach renewed its
Becker,
write to their
Signatures
again.
formal
San
Broadway,
Godless
a
support of
same.
■,
Congressmen
sign.
as
issued
Becker
faster.
moved
States,
down
go
appeal to
to
little
United
will
25
black day in
available
ysis—McDonnell
Becker:
They must let their Congressmen
of the
and
Inc.—Anal¬
Corp.—Chart
of
at
ence
says:
is the most tragic in
Witter &
10005.
Wayne
reliance
idly by and permit ad¬
The annual
Repre¬
that it
of
ysis—Singer, Bean & Mackie Inc.,
40
Exchange Place, New York,
"N. Y.
Troster, Singer & Co.
analysis
,,
Company
an
Chap¬
en¬
velope when writing for copies).
Magnavox.
ANELEX CORP.
—
Company Inc., 85
requests
DYMO
INDUSTRIES INC.
Analysis
come
of
nation's
complished in
Congress
history
stitution
—
this
Congressman
vocates
are
more
say
Minerals & Chemicals.
Corp.
legality
Almighty God.
Said
"Section 1. Nothing in this Con¬
Tractor—Comments—
of
cannot sit
to
the
every
Ont., Canada. Also available is
Jersey has
the
various public manifesta¬
on
upon
members.
88th
in
Becker
the
'"This is not the first tragic de-r. know how
they feel if we< are to
cision of this Court, but I would .succeed."
only
Limited,
bring
to
many
end
an
sentative
Holdings Ltd.—
&
New
resolution or
House
point
to
comes
435
before the
Public
Ankerite
King
15
Falls,
„v
;
Buffalo
Co.,
Great
General
St. Joseph Lead,
Discussion
Davidson
North,
ened
requires signatures of
the
suit
similar attacks have been threat¬
bill held without action by a com¬
of
a
from
'
House floor any
mittee.
filed
God"
'•
•- accomplish
in, the United States
parlia¬ what the Communists have ac¬
./
discharge petition is a
mentary
the
\
'
Liberties
lains in the Armed Services. Other
resolution
a
"under
on
tions
of
California
New
From
attack
further consideration of the meas¬
that group came a
A.
St.,
not
Becker
introduced
has
will
in
remove
V
Civil
Pledge of Allegiance to the Flag.
year.
letin—D.
Chemetron
a
duced similar
Third
COMPUTER INSTRUMENTS CORP.
HAnover 2-2400
about
Bancorporation of Montana—Bul¬
Also
CO.
Trinity Place, New
which
the
pending
of
amendment:
an
American
Union
to
ar¬
establish¬
an
examples
are
The
presumably
by
Nothing in this
which would be thwarted
by such
discharge the Committee from
Bancorporation, and International
74
has
action
House
are
/
but
3,
of religion."
attacks
pro¬
places,
up,
Francisco, Calif. 94120.
Bache &
WEYERHAEUSER
for
come
them
pany,
Rules
,
Here
amend¬
Committee
all public
in
individual
Analysis—First
obligation of the United
ment
and Bible
prayer
all
them
on
Rexall
Drug Co.
Avery
permit
to
awaiting
Co.—
Comments—Schweickart & Co., 2
Also
Constitutional
a
House
218
York,
available
Street,
For Banks, Brokers and
Financial Institutions—
in Our
53202.
Louisiana
ments—Hirsch
Henry
Currently Active
Si,
Mason
report
a
Electric
Caterpillar
Stocks
York,
Inc.—Report—Loewi
Inc.,
resolutions
introduced
ure.
Milwaukee,
Broad
master, Voisin & Co., 40 Exchange
Place, New York, N. Y. 10005.
Companies"
New
the
A
6
19107.
data
Rubber,
and
Sunstein
Seeburg Corp.
Steel
have
Congressman
Co.—Analysis—Jas. H. Oliphant &
or
one
States
them.
or
coinage, cur¬
any
ticle shall constitute
by the
ignored
institution,
rency,
"Section
in
activity,
upon
Nearly 100 members of the House
-
American Telephone & Telegraph
7
weekly quotation reports; and a
reference book "A Factual Record
of 80 Life Insurance
Flint-
affected
was
•
capital
Co.,
Clark,
Broadway, New York, N. Y. 10004.
companies
Selected
complete
special
ana¬
lyzed reports on over 200 life in¬
bi-weekly
Kimberly
Freeport
compari¬
service devoted
-includes
stocks;
on
Dow-Jones
quarter—Analysis—E.
exclusively to, the life insurance
field—complete $75 yearly service
surance
10004.
holdings of leading invest¬
hattan
Insurance
the
Inc.,
Portfolio
Y.
the
both
New York 4,
149
Harima Heavy Industries, Mitsubushi Bank and Fuji Bank.
Life
Y.
Dana,
,
performance
Bureau,
-—
in
and
period
stock
are
e w—
report
a
'
National
reviews
Also available
Canon
Review
Co.,
is
industrial
counter
year
Market
N.
up-to-date
stocks'used
Ont., Canada.
Japanese
i
Company, 60 Broad
Oil.
an
Averages
Limited,
e v
between the listed industrial
son
Rorer, Inc., and
Company,
Corpora¬
Sulphur,
Co.,
York,
available
showing
Brochure—McLeod, Young,
Weir
d
Battery,
available
Integrated Oil Industry—Analyti¬
King
r
Over-the-Counter Index —Folder
Indian Head Mills Inc.
cal
New
Marathon
com¬
Warner
Kirkeby
H.
Burnham and
cents
S'tock
of
Boston
Non Ferrous Metals—R
Street,
In the
t h i
for
; :
N. Y. 10005.
Ex¬
25
Stocks-
Bank
figures
quarter—First
"The
e
City
tion, 20 Broad Street, New York,
Space—Dis¬
Magazine—T h
York
Comparative
Building, Cleveland 6, Ohio.
Industry's
10005.
New
vestment Index Co., 206 F Colon¬
nade
Y.
Except in
school,
public
or
or
States.
another
Supreme Being,
a
proceeding,
ceremony,
defi¬
reading
Bible
have
generally
reading
Chase
issued
rulings, the other
Weeks,
N.
monthly
which
ment
1
1963
17,
or
Governmental
place,
In fact the Court
the Public Schools.
Corp.—Analysis
Manhattan Plaza, New York, N. Y.
nothing
of, God
any.
document,
brought forth
others,
denying
ruling
posing
tion
or
June
Court's
ments on General Motors, Electric
weekly
and
gress
State
%
-
Meeds, 120 Broadway, New York,
the
Schools and
in
prayer
nite has been done to overturn the
on
*
banning
outcry from members of Con¬
Stocks—Bulletin—Wat-
Tobacco
tive Volume $30. Further informa¬
on
Public
1962 rendered
25,
Court's decision.
York, N. Y. 10005.
1001
June
on
decision
an
Schley,
Allied
York
in
Atlanta,
N.
10006.
aid
Court
W.,
Street,
Va. 23219.
Y.
Despite the fact that the Supreme
Ratios—
30301.
Co., 74 Trinity Place, New York,
Comparison
societies —1962
quo¬
of market
New
analysts
mergers,,
P/E
Marietta
(six months service, $21).
and
before
on
traded
publications, 350 broker's reports,
speeches
dividends,
on
High
Co.,
&
with infor¬
with
&
Tax
bi¬
covering
reports
BARGERON
Wisconsin
Sugar,
our
Tabulation—Courts
Ga.
abbrevi¬
an
earnings and bi-weekly
tation
Corpora¬
Index
Santa Bar¬
as
service
news
for $35
—
general
yearly
actively
Street,
Wall
1
York, N. Y. 10005.
Funk
available
weekly
,
Ltd.,
Also
Radio
Utilities—Analysis—Cal¬
Bullock
.
Stores
•
Electric
,
of
&
Slocks
Serv¬
bara, Calif.
Also
Allied
American Machine
and
ice, P. O. Drawer 29,
Street,
Co.,
York,
Market
Stock
CARLISLE
BY
Reliance Insurance, SFC Fi¬
mos,
PLEASED
Payments Position.
Common
of
.
Industry—Analysis—Good-
body
INVESTMENT LITERATURE
&
.
'
i
Orlando,
Florida.
Volume
6312
Number
198
,
.
.
(1697)
Chronicle
The Commercial and Financial
!
The Security
I Like Best
Continued from page 2
pulp and paper-
sawmills, seven
board operations, six softwood ply¬
wood
plants, 43
tainer
two
workers in
solicitation of
an
offer
NEW ISSUE
'
•
,
\-
7
tf
•
t.
the breed;'
1,700.000 SHARES
has
It
wastes.
of
utilization
to
several
broad program rang¬
a
from "improving
ing
a
technical
and
research
hundred
offer to sell nor
facilities.
employs
Weyerhaeuser
y
an
buy these securities. The offering is made only by the Prospectus.
steamship
a
vast distribution
and
to
papermills,
line,
three
plants,
railroads,
This advertisement is neither
and con¬
carton
i
to bleach fir pulp
white for papermaking; developed
found
a
process
take
will
that
paperboard
Subscription Tele1vision, Inc.
color
printing; produced a mate¬
made from Douglas fir bark
rial
drilling,
which is used in oil well
in
It participated
orchid'culture.
packing
the growing site. Other
containerr. for
rugated
bananas at
products,
tainers,
and
which
;
recent
the
years,
changed from
Of the
a
with
Copies of the Prospectus may be obtained from the
pany's
•"
f/•
break¬
in the following
down in sales:
Containers & Cartons
Hgrdwood Products
•
Manufactured
Panels
I,
.
,*
-
7
7
v
••
•" '-A ';'A. •::
.
.
•
A-A* "...
*'
A'
*.
'
'v
J. A. HOGLE & CO.
CO.
BAIRD
•• /
RUTNER, JACKSON & GRAY, INCORPORATED
DEWAR, ROBERTSON & PANCOAST
HIRSCH & CO., INCORPORATED
H. HENTZ Sc CO.
excellent y>
in
is
Weyerhaeuser
7v."iA.
'":"v
BACON, WHIPPLE & CO.
6.8
100.0 '100.0
financial condition.
.;
;
MORGAN & CO.
4.1
..
7
8.1
2.6
-
*•.'.•
5.5
7.6
—
•
LESTER, RYONS & CO.
5.0
A—.
Other Products.
:
; 5,9.
_ _
"L
Paperboard
•
CO., INCORPORATED
HILL RICHARDS
BATEMAN, EICHLER ■& CO.
18.8
8.5
_____ _
Plywood—-
Softwood
a
-
'
'
.
'■
•*
•
MCDONNELL & CO. INCORPORATED
BACHE & CO.
25.8
.
11.0
A
'
'
60.8
29.5
—___.
_ __ _ _
•A
WILLIAM R. STAATS & CO.
%
Pulp
Paper4 4 „
v
1962
•
.
-
>
a
'•
.
•
Lumber
.
changed,,: as
mix
product
indicated
A
'
undersigned or other dealers
qualified to act as dealers
Prospectus may legally be distributed.
in securities and in which the
1962, the com¬
1953 and
'
only in States in which the undersigned or others are
most
diversified line of forest products.
Between
directly to certain
public offering price without underwriting ,A
company
country's
the
--V/VAT
a.
discount, and 1,310,000 shares are being offered by the underwriters.
.
lumber pro¬
a
1,700,000 shares, 390,000 shares are being sold,by the Company
shareholders of the Company at the
highly efficient manu¬
ducer to
facturer
';\/77>,a': 7A;^
A
essed
for bark
of each
uses
7.
In
has
-■
types of con¬
new
more
represents- 15%
tree.
PER SHARE
$12.00
PRICE
in
been
chemical by-products,' pr
fibre
a
,
efforts. have
research
'
.
(Par Value $1.00 per Share)
development of a special cor¬
the
;
STOCK
COMMON"
compounds, and
molding
plastic
OLMSTEAD, ALLEN
JOHN A. KEMPER <fe CO.
The sole cap¬
SUTRO & CO.
COMPANY
italization is 31.0 million outstand-' ;v
ing
COMMON, DANN & CO.
shares. All major ac¬
common
FIRST CALIFORNIA COMPANY
"
(incorporated)
v.
quisitions of recent years have been
made
principally through cash or*
treasury stock,
basis,'-by
stock.
and
on
of
issuance
Working capital
additional;
of about
N. C. ROBERTS
$117. million supports annual sales
have
since 1933,
been
paid
each
-
•
-
tion
depletion
anu
While the
$1.53
of
,
HALLO WELL, SULZBERGER
per -
^
JENKS, KIRKLAND & CO.
is-iis
STRADER AND
-
into
company
keting
product
on
the
building " cycle.
COMPANY, INC.
STROUD & COMPANY
•
no
put-
longer
»
new
MULLANEY, WELLS & COMPANY
-
.
Forta-
:
est U. S.
be
J
-
-Im the
located.
this decade,
balance
on
the
West
Counter
is
Market)
from, its former
sirable
the
in
inflation
r
to ;
high.
;
Over-the-
down
34%
It is a de¬
hedge of invest-
ment-quality for. the long-pull in¬
vestor...
-
A.
.
'
ARTHURS, LESTRANGE & CO.
JAMIESON A COMPANY
CO., INC.
R. G. DICKINSON
THE KENTUCKY COMPANY
Coast.
32, Weyerhaeuser com-
(traded
BEANE
J. R. WILLISTON
,
At about
men
CO.
incorporated
'
■
.
and in -the '7.0's, con¬
struction of houses is expected
boom
of
UNDERWOOD, NEUHAUS
incorporated
Weyerhaeuser's main timberlandC
are
incorporated
SUPLEE, YEATMAN, MOSLEY CO.
"
the West where
in
STEWART, EUBANKS, MEYERSON & COMPANY
RUSS <fc COMPANY
-
.,
population growth is ex-
to
NEWBURGER & COMPANY
incorporated
ly for the company, the great-
pected
HECKER & CO.
GREGORY & SONS
.
•
_
SONS
A. G. EDWARDS
y,
em-
marketing,- both
domestically and abroad.
'
'
,
ficiency, broadened product lines,.;
aggressive
CLARK, LANDSTREET & KIRKPATRlCK, INC.
CHAPMAN, HOWE cte CO.
research, increased ef-
on
STEIN BROS. <fc BOYCE
mar¬
swings of the
The company's
has
management
phasis
and
where it is
areas
dependent
nat
KERR & BELL
incorporated
quisitions since 1957 have put the
and
v
compelling ar¬
Weyerhaeuser
for
gument
SON, INC.
DALLAS RUPE
COE
MACKALL
year.
most
unequaled timber reserve, its ac¬
-
CO.
brought cash flow to $2.82;
share last
per
HALBERT, HARGROVE
COMPANY
GRANGER
•
$1.29; adding deprecia¬
were
share
EPPLER, GUERIN & TURNER, INC.
JULIEN COLLINS & COMPANY
Reported earnings per share in
1962
.
BINGHAM, WALTER & HURRY, INC.
SAUNDERS, STIVER & CO.
year
the current, rate being'
$1.20 per share.
!
ROTAN, MOSLE & CO.
CO., INC.
million.' Divi¬
of $546
area
dends
GARDNER,
REINHOLDT
limited
a
~
in the
NEWIIARD, COOK & CO.
IRA HAUPT & CO.
.
;■
'-...v.;
October 30,1963
V:.
'
■7':-;
-
I
'
" i
'
"
'V'7'
•
7
•
-
.
•
■
;
'
.
;
9
The Commercial and Financial Chronicle
ably look for
Chemical Industry Still
historic
;
view
Is
,
the
Growth Prospect
a
will
average
Manhattan
Maybeck,* Vice-President, The Chase
to
annum.
per
operations at higher rates
believed likely to bring
during re¬
not
only from
stockSi
chemical
in
ments
the industry
of
segments
admit
and bottom scale
with top
1962
competitiveness leading to above ^verage
of petroleum competition.
research and price
and
-
of
One
the.
is
economy
our
i
[Industry. In terms of
chemicals and allied prod-
Chemical
assets,
fourth
and
fifth
place
among
manu¬
petroleum
stocks
Measured
on
tion
facturing in¬
Such
sales
$32.8
of
a
equiva¬
lent' to
re-'
Edward B.
ten years ago and
forward estimates by
the
start
base
with
of
growth rate.
think
I
the
Government's category
tion is expected to exceed 10%
and
Allied
of
the
inclusion
end
of
estimate
this
decade.
would
be
optimistic than this.
ing at
a
Our
slightly
more
After grow¬
compounded rate of 7J2 %
the period 1957-62 and
over
by
own
rising
and interest charges
of
15%
we
peak
industry operated
chemical
Applying
industry
our
yardstick
of
level
price
at a very
1958.
a
such.
to
to
the
combination
of
tend
factors
in
1962
over
the
previous
chemical and .ajjied products
year,
diversity
on
alone,
dustry has historically built plant
we
of
expected to increase hv about
rates
5%
in
for five
1963
around
to
$34 M>
bil¬
find compounded growth
7.7%
years
for ten years, 9.6%
(1958-62)
and on
"purified" base of 1957-59 to 1962,
ical
an
sales ihave,
almost
double
omy as a
From
the
stocks
chemical
of
$55.4
of
billion.
econ¬
our
'
value
of
the
105
the
With
com¬
domestic
the
the
rate
of
growth
weighting of the chemical indus¬
chemical
industry likewise is
the
becoming increasingly cyclical. In
looking ahead at the various fac¬
1963
This
amounted to
amount
was
tors,
it
both favorable
seems
to
us
and
that we
can
adverse,
reason¬
90%
rate
require¬
on
an
an¬
usually in the area
of
capacity.
of
Most
companies consider 85%
more or
which
at
operations
82%
to
to 90%
try relative to the whole economy,
the
basis
chemical
resulting increase in the
Exchange at the
on
nual
78%
faster
with
ments
8.0% rate.
and
standpoint
companies listed
August
rate
a
<
New York Stock
end
of
investor's
aggregate
mon
that
whole.
a p. >
at
grown
well in advance of actual
a
lion. In thq: postwar period chemi-
industry. The in¬
to
less
an
operate
can
ideal level
and
at
the
achieve highly sat¬
ard
&
12
companies
Poor's
comprising Stand¬
chemical
index
are:
Air
Reduction;' Allied
Chemical;
American
Cyanamid; American Potash & Chemical;
Chemetron; Commercial Solvents; Dow;
DuPont;
Hercules
Powder;
Mansanto;
Olin Mathieson, and Union Carbide.
polythylene
capacity of
of
mil-
1,375
00
and the price was 28c
lion pounds
pound in August, of that year.
per
1963 sales
an
estimated at 89%
are
.,
/
.
,
.
■
+
...
-
capacity-and in August of this
ol
°I?''o-C"
y
on?''
■>c
or
had
lene
.
om
reduced-.
3
were
reduced
2
were
reduced...
21 to 30%
■
which
am0
Of
these
^
ltems
_
^
had
ear,ier
in
price
in
/
amounts
t
iod
ear
,
c
.
hexane in the later six-month pe-
riod
reduced
was
phtha!ic
additional
an
%
.
suflered;
anhydride
18%
cut.
~
•
Price Increase Pressures
upward trend in industrial
Paction
and operations: at
rates relative to capacity
higher
caused
chemicals
750 million pounds
per
this
for
timated
declined- by 32%
to recover at least part of
earlier
Eductions, Two of
J
sale
,
,.
,,
.
*
.
.
nc,n
sales
rose
by 65%
resin
from
smaller base.
Ane
„
,
'
.
0
j
producer
maior
303
makes
today
a
A
.
and
(
..
.
of
variations
a
specific
same
end
company
The
while
F
In
use.
1953, this
made 107 different
oL
polyethylene.
frequently
unit
penalizing
profitability, have been a fundathe above
mental factor leading to
growth the industry
has
'
'
witnessed
Deo-
industry
the
firming
see
how-
mean,
that the longer term down-
ever,
v
.
u
ward trend in chemical prices has
but
reversed
'
believe
we
a
.mmintinc,
...
f°^r fat«of a"n? 4",^"
to ^ to 2% per annum, instead
of the recent 4% loss witnessed
,
.
.
in
organic
chemicals.,can leason-
.
abIy be exPecteaEntry of Oil Companies
+
industry's pricing policies,
average
in
pie
market or
properties to meet
x-
has
on
basis
over all pas s, peo
,
pound
r.
£di
over-all
s,
pound
^
ce
£
high
and
climbed by
somewhat
sales
albeit
„
the case of
in
material
density
form
,
flake and 2c per
PThnot
declined by the
,
,
it to its April
■in
was
^
»
indicated amounts, the volume ot
.
price 0f phthalic
J
-
to 22c a
Thus while prices
e
.
,
prices
the
ound ,.jse jn (be
32V2C
pound and by August 1963 had
1960
August
in
certain
increasing
consider
.
million
The
with
margins
producers of
to
,
.
of capacity esyear.
profit
on
pressure
have
together
®
weeks,
recent
in
the
Pounds of capacity versus 60% of
formulations
of more recent vinmentioned
affecting prices has been the enA
factor
tage than those already
into
try of petroleum companies
production of chemicals (pnmari'y organic) an
p as ics.
e
wider profit margins of the chemindustry were intriguing to
the oil companies but we dare say
has made
operations subic recession when operating rates stantially less attractive than they
get down into the seventies, the appeared on initial investigation
pressure on
prices becomes in- or at the time the decision was
.
;
tense,
has
-
The
been;
chemicals.
heaviest
subsequent price erosion
-
However, in periods
of econom-
price cutting
witnessed
in
organic
having
Companies
many
these
Qf
macje to enter the
refiected
a
Inc.
c)lange in trend
weighted'in tic capital
organics have witnessed about a petroleum
47c
per 'annum
erosion in such chemicals.
products over
years
arid in
the last couple of
the first
half 1963
prices were again off between
and
3%
as
compared
2%
with a de-
Thc
This has
field.
itself in a material way
product mix heavily
1 to 10%
11 to 20%
u t
f
additional:
an
were
amounted
sales
I960
to 50% of an estimated 330
more
Francis I. duPont, A. C.
1963
6
these actions have been a 3c per
wo y
polyethyrecord, only
similar
a
.In
so
more
r
c
density
High
earlier.
.
due November 1, 1978
through June
1.9 billion pounds
,estimated
polyethylene each of which has a
5%% Promissory Note
v
den-
•
,,
,
.
50,000-100,000
Corporation, Ltd.
19%}, pihthal(24%), cyclohexane
<mQ1J0S<??1.l?m £lutemate
(35%), acrylonitrile (37%) and
S ycenne (38 %). During the
sa™e Peu°d 11 ^ms enjoyed
pn.c®
^ese were re¬
s/l?
10% or less and four
0
subject to moderate
prlc<?u leesix
^
sl^,^1.on ,s
^
equivalent
were
1
75%
,.
174%,
The Fluor
^
specialized
of low
sales
total
1960
In
density
$8,000,000
?ner
The
low
Arrangements have been made through the undersigned for the placement of this Note
privately for investment. It has not been and is not being offered for sale to
the public. This announcement appears as a matter of record only.
.e .Ffr !'^Ci1?es .were carbon
lsu
of the chemical industry may
price
1 The
about
of product
other aspects of a
area
the financial results
cycle
the
suffering
be of interest;.
In
of the chemical
are
31 to 40%
Among the chemicals
the magnitude o
competition,
of
production of industrial chemicals
money
labor
figures
dew
a
on
and
12c-14c
make
Not. to
polyethylene
magnify the effects of the busi¬
ness
but
point
„
10%
21 to 30%
3 of them declined..
quality resin
presently
level
summary of
indicates that 25 items
adversely affected.
2 of them declined
"com¬
the
prices of
31> 1962i substantial price
1 to 10%
ex¬
understand some produe-
could
to
A
people
ultimately sell at
to
sitv
Price Reductions Spur Cost Cuts
is not
selling
this
at
recession
year.
per
garden variety" of polyethy-,
era
with
15c-16c
some
companies
1962 and
capacity l and with
structure and the
in
recorded
Now
wo
and
as
expense).
pound for,i.rst
10% and
efficient
the
of
per
years
in
reached
strong
low
because
paints
manufacture
of
and
1955 when
the
the
a
of Chemi¬
last ten
the
over
pound,
per
total capi¬
ranged roughly between
entirely the best measurement of
the
in
12V2%
averaged
high
various Iniscellaneous items,
—
12
the
for
talization)
annual
Products,
to 20.6%
into
selling
and
in the neighborhod of
were
found
11 to 20%
pound (before selling and service
lene
of sales in
21.3%
of ,1962
jumped
producers spoke in terms of cost
comparable interval this year. Re¬
turn on investment
(net income
A
cal
instances
of
product
this
30c-35c
pect
will agree that the
you
Manufacturing Chemists Associa¬
the
1958,
income
Pretax
prices
mon
starting
6.3%
a
to
ahead of the same
counsin
his
and
the
the
eliminate
to
distortion
up
1958
period from
recession year
the
with
period
the
for
we
1957-59
come
up,from 6J/2%
on
If
Maybeck
lationship is
based
7.9%
number
production costs follow-
making
in the
from
half
1962 and
of the whole
only 1.5% due to a decline in mar¬
gins
1953 to
A
lower
of
and
6 of them declined
production costs could be-
lowered.
materials
used
cl4mical
14 of them declined
or
increased
composite companies
1962.
in
first
froth
statistical
sales.
8.2%|
and
a
8.2% of all in¬
This
years
how
to
over
commonly
two-year period end-
this survey
those
of
one
first—the chicken
a year
income
had sales 4.8%
period
produc¬
FEB
an
results, it will be noted, are
find that chemical
the
we
/•
ard and Poor
different
compounded rate of 6.7% in the
ten
1962.
about
dustrial
little
and allied products have grown at
billion in 1962
were
billion
shares.
a
of
index,
$386
by
or
industry mentioned earlier. In the
first six months of 1963 the Stand¬
gas
common
the
5.3 %
below the experience
of
The
equivalent
were
of
14%
about
to
basis—that
dustries.
natural
and
billion
$9.3
pretax
sales
compa¬
billion
have
we
came
v
of
survev
Lower
compound¬ ing price cuts could be cited but
by one illustration that is outstanding
5 Mj% per annum and net income is polyethylene, the fastest growimproved by 5.3% annually. These ing plastic. Shortly alter everyone
ed,
$85.7 bil¬
utility
$58.6
value-of all listed
in
are
45
and
shares
nies'
126
Here
"which
companies rose from $7.2
to
average of
growth,
the
by
of
value
chemical
measured by
sales
billion
companies' shares so listed.
rank
ucts
only
exceeded
lion
but
1962 sales
base to
1957-9
a
of these
the entry
important seg¬
most
the
of
ments
a
From
abroad, the
research.
inorganic
intermediate
piastjc
were
companies)/ we the egg situations" but enforced
readily measure the results price reductions have almost in¬
cross section of the industry.
variably spurred investigation as
can
of
through
ranging from 10% to 15%. Analy¬
need to expand operations
comments on the
also
sis
includes nine
of
for
changes occurred. A
substantially broadening markets.
of our
weakness
some
out
a
more
and
ing Dee
aclvan~
f
the
that for the
costs of production
have also had the affect of
arising
and
chemical
largest
iit .1982
ouj period on a net income basis. Returns on investments
12'/2% compared to 12^%- for.Jhe ten years
has
nevertheless
Maybeck notes that chemicals have had to
withstand aggressive price competition with, fortunately, successful
cost reduction and larger output-volume to maintain favorable pay
also
prices
com¬
resulted
mterproduct competition but
+ng
o{
i00
generally-;basic
and
1%
7:%'-'''
'
We have made
the
time
of
intercompany
taoei XT*
and Poor's
(which we
composite1
cline of around
chemicals.
competition.
This has
down.
n
tages of lowei
companies
12
Standard
the
chemical
growth industries, Mr.
weretabout
the
by-product
price
period
in periods of rising gen¬
Using
prising
a-long
be
cessionary periods.
outlook for the chemical industry with
of capacity and somewhat firmer prices
about an up-swing in earnings in certain
which would warrant selective investThough one of the fastest, sustainable
is
has
Representative Results
auspicious near term
A
trend of chemical prices
the
higher than
be
earnings.
capacity
Over
Bank ISew York City
'/
are
Thursday, October 31, 1903
.
.
of low level operations in relation
cyclically factor
the
of
rate
7%
about
eral business and lower
By Edward B.
isfactory
continuation of the
in industry sales
a
growth
averaging
In
Ths
.
(1698)
10
industry
chase
petroleum
of domes-
expenditures
lor
has
Bank
Manhattan
Department
has
mated that the petroleum
try
the
petro-
by
invested
the
esti-
indus-
following
in
amounts
plants:
.
,
The Commercial and Financial Chronicle
.
in
and
■
,
new
1959_J_
$175 million
1860__
200 million
to
capital
1962,
with
relation
chemical
domestic
\
;
-
Number 6312
198
Volume
(1699)
expenditures,
mately
main t
benefit of
against
declining
the
i
a
the development of
depreciation guidelines, such
its
n
position
prices] through
t
,
charges
has
eral
years,
attitude
lower produc¬
approximately tion costs and, in many instances
recent austerity programs. Stated
equivalent to the industry's cap¬
1961___
325 million
ital expenditures. By contrast, 10 in another manner, the payout pe¬
1962
310 million
riod on a net income basis has not
-Ht■',v.>.vj.,1, A■ t~
years
ago
depreciation charges
The downtrend which began in
In addition,
provided only 44% of the $1.4 bil¬ changed materially.
1962 was continued in 1963 with
as
pointed out earlier, deprecia¬
lion
spent, by the industry Tor
a
further reduction on the order
tion charges hjfvje increased sub¬
plant and equipment and as re¬
.
than
were
stocks
;Vv"
tures.
NT'
.
This is not to say that
will
panies
continue
As
in certain areas.
a
,
com¬
expand
to
have
we
seen,
companies
of fertilizer
number
oil
cent
have recently or will shortly be¬
subsidiaries
come
divisions of
or
1/ pZ
major oil companies,
Abroad
Movement
as
depreciation charges
1961
fell about one quarter
dollars
stantially
short
of
of
a
Competition being what it is in
chemical
the
is
it
industry,
A
Growth
Prospect
as
a
cial, position
mands
net
on
expansion,
with
and
income
for capital
situated
better
de¬
less
to
see
ecutive
;
State
Of St. Luke's
.
com¬
ity of
an
new
Stout,
Dominick
linick
underlying growth trend,
springing from
Varick
A
,
dustry continues to have the vital¬
St.,
and improved
New
York
been
ity to
President
not
of
margins
the
tics, synthetic fibers and agricul¬
St.
tural
Hospital.
com¬
specialties.
^
,
14
ex¬
v
•
PI
<■
'Vf*'/
>.
Street
V,
Securities
been
formed, with
Wall
Street,
offices
underwriters
as
•
■
Corp. has
York
New
-
"V:
at
63
City,
to
dealers
and
in municipal and corporate secu-
rities.
City,, members of
are'
Officers
Thomas
C.
Plowden-Wardlaw,
Exchange, has
the Board
elected
panies should have a
Pretax
in
Wall
partner
a
Dominick,
the New York Stock
greater abil¬ products and processes, particu-increase dividend payout to larly in the broad areas of plas¬
the
committee.^
';OK
chemical in¬
the
summary,
vice-president,. f&s
chairman of
In New: York
Stout Named Pres.:
act
In
chosen
address
of
Luke's,
.
Mr.^'f
Chairman of
Treasurer! Arthur
and
G.
Hageman,
B
B.
TCinpand
T.orlhoffor
King,
and .Tnhn
John C.
C. Lcdbctter,
Willigm
President;
Vice-Presidents.
•
Mr. Plowden-Wardlaw
r
Competition was a theme that Stout has been *.■
panies in the Standard and Poor
domestic
composite have declined from the ran through our comments. How¬ a trusteed of
companies expanding their opera¬
20-22% range' in the five years ever, if you will look at the chem¬ the hospital
tions by going abroad with certain
1953 through 1957 to the level of ical industry in the cold light, of since 1936 and
of their products. It has been esti¬
form¬
it becomes apparent that served
18-20% in the five years to 1962. day,
mated
by
McGraw
Hill
that
is one of its most erly as treas¬
This is not surprising in view of competition
United States chemical companies
urer and vicethe
squeeze Ithat
has developed pronounced characteristics.
have
invested
over
$1
billion
Competition
and
cyclically president. He
between
lower
prices
and in¬
overseas in the last five years and,
been J
provide swings in has
creased labor and other costs.
As combine to
that some $324 million will be so
mentioned earlier, however, effi¬ earning power but, at the ' present chairman of
expended in 1963 versus $2^2 mil¬
drive
to
ciency of the use of money in¬ stage of the business cycle and, the
surprising
;-.
former
a
been
tures.
their stockholders.
;
Still
Accordingly, the industry
whole is in excellent finan¬
/T
warranted.
rie,
chemical
■>
period
same
viously president. Henry B. Buth-
time.
of
billion
expendi¬
capital
the
over
sev¬
constructive'
^more
by Mr. Maybeck before-'
^
the
Fifth
Regional
Conference
of
the
O-4-Ol
New York; Society of Secur.cy Analyses,.
New York City, Oct: 7, 1963. T V ' V
V
____
expendi¬
witnessed for
a
toward selected
is
*Ari
1
of 10% expected in such
been
11
f^r-
was
"
merly
our
a
partner in William Mor-
| ris & Co. Mr. Hageman
was an
.
officer
Chilcls
of
Securities
Cor¬
poration, with which Mr. Ledbfct-
} ter was. also associated; Mr. King
was
;
a
partner in Byrd Brothers,
king.
-.Nr-Pp
'
"
.
indus¬
1962. The chemical
in
lion
try's foreign investment will ap¬
proximate 9% of all United States
industries
capital
expenditures
the
of
One
abroad.
addition to
has
held
with the return
1962
investment in
on
equivalent
121£%
to
10
years
extremes
through
capacity
of 10%
and
and
develops,
European
between
in earnings of
the
of
evidence
trends
five
is neither an offer to scil nor a solicitation of an offer to
The offer is made only by the Prospectus.
years
only 5.7% from $1.4 billion to $1.8
billion. In the earlier period to
$150,000,000
million to $276 million and
the later period to
1962 in¬
$293
in
buy any of these Debentures.
'
r
u
Dated Xovember 1,
.
1963
Dl(e Xovcmber 1, 1985
'
payable each May 1 and Xovember 1
Interest
'
fV
;
,,
short
period 1959 to 1962 sales of United
During the
million.
$417
lion to
from'
companies
chemical
States
$2.9 bil¬
plants abroad, rose from
Price 99'/2% and Accrued Interest
estimated $4 billion or
an
by 39%.
Competition'
Research
chemical
the
in
Competition
industry is also engendered by the
Research
members.
its
various
for
new
of
efforts
research
Copies of the Prospectus may be obtained in any State from only such
undersigned as may legally offer these Debentures in compliance
with the securities laws of such State.
or
products and new and im¬
better
proved
and
competition
mentioned
earlier
provides the groundwork
and also
reducing prices through pass¬
for
ing, along lower costs of produc¬
tion
to
industry's
the
ago.
years
tures
expendi¬
Research
amount to
of the
about 3%
volume,
chemical company's sales
and in 1962 were equiv¬
alent
some
average
to
$361
million
,
only
compare
10
years
Research
for the
high rate of obsolescence
tures for new
plants.
almost
five years.
chai ges
billion
$1.6
$7.5
billion
by
the
and
over
MERRILL L YNCH, PIERCE, FENNER
been
SALOMON BROTHERS & HUTZLER
& SMITH
yY,.. Incorporated
'
■
L--.
''
WHITE,
last
growing
in
October 31, 1963.
:
DEAN
WELD & CO.
.
/
"V'
' '
STONE & WEBSTER SECURITIES CORPORATION
SMITH, BARNEY & CO.
totaled
the
However, depreciation
have
LEHMAN
'V."
Incorporated
chemical industry in 1962 approx¬
imated
HARRIMAN
RIPLEY & CO.
Incorporated
'f
Incorporated
the
expenditures
Capital
'
PEABODY & CO.LAZARD FRERES
KIDDER,
r
for
EASTMAN DILLON, UNION SECURITIES & CO.
GOLDMAN, SACHS & CO.
GLORE, FORGAN & CO.
■
industry and
the resulting large expendi¬
in
DREXEL & CO.
BLYTH & CO., INC.
*-
■
is also the basis
earlier.
prevailing
41
:
billion for the
would
This
industry.
with
$1.1
,
THE FIRST BOSTON CORPORA
TION KI HN,
LOEB& CO.
/
Incorporated
DILLON, READ & CO.INC.
unknown
ical industry today were
CO.
50%
over
in the chem¬
of the products made
MORGAN STANLEY &
customers.
indicate that
Estimates
15
of the
creates the in¬
interproduct
processes
tercompany
.
:
■
f
million to
creased 8.3% from $280
management of Jack C. Graham.
Twenty-Two Year 4'/z% Debentures Due 1985
1.2% from
States declined
United
was pie-
General Motors Acceptance Corporation
the
into
imports
Savings Fund Building under the
Cromwell
in
chem¬
ical exports increased 11.3% from
$819 million to $1.4 billion and in
the five years to 1962 increased
chemical
branch office in the Philadelphia
of
chairman
Company,
the board; Mr.
pective earnings experience better
through 1957, United States
1957
Financial
Tegeler & Co., Inc. has opened a
for
figures
the
In
chemicals.
This announcement
We can
these
import
and
export
certain segments of
industry. On the basis of pros¬
are
Iselin-Jefferson
of St. Luke's
Cromwell,
-«•: r plladelphia
Uirice
PHILADELPHIA, Pa.—Dempsey-
as
the United
ship from
to
to those markets.
Other officers
Jarvis
;
Dempsey-Tegeler Co.
coun¬
tries declines, it will become more
difficult
prices appear to be
Luke's for
;;
two years.
setting the stage for an up-swing
This
15%.
firlner
buildings for St.
new
satisfy
and
produce
to
markets
tariffs
see
what
and
1962,
operations-at
term,
near
*
,
A. Var.ck stout
raise funds for
higher rates of capacity and some¬
com¬
pared to an average of 1214% for
the
the
for
has resulted primarily from the
the likelihood that as
ability of the industry to approxi¬
chemical
companies'
foreign
States
with the outlook favorable at least
relatively steady
is
abroad,
local
growth
for
prospects
bright
the
be¬
reasons
recent trends, in
hind
vested
.
,
'
' '
-
WITTER & CO.
12
The Commercial and Financial Chronicle
(1700)
pressure
from
term
New York
.,
City
proportions are to be ex¬
pected in the bond market ranging, for example, up to 4%% for AA
public utility bonds instead of 4%%. In making this prediction,
Professor Murray is impressed with the favorableness of the eco¬
Higher rather than lower yields of modest
nomic outlook and envisions the
When
bond
the
for
outlook
the
market
reasonably clear,
appears
will
period ahead.
the
Even
have
experience shows that one should
though
be wary of his
been oversold, it is bound to sup¬
be
to
appear
solid
tion to
un¬
least
/
\
going
modest rise in
to
the near
long-term interest
in
evaporate
With
interest rates
future.
lies
rates relatively low in
ahead.
place, the
eco¬
on
good,
the
to
effective
have
I
by
unable
been
in
discover serious weaknesses
the
general business outlook.
In¬
deed, some signs of strength are
evident. For example, corporate
profit margins are not succumbing
at this
better cash
stimulate
stable
generation should
combinatipn
The
industrial prices, and
zation of capacity
ful
impetus
ment.
costs,
labor
unit
firm
higher utili¬
gives a power¬
invest¬
business
to
the
in
outlays
capital
ahead.
months
of
Good profits and
expansion.
even
into
a
Our complete
of strength.
inability to deal with
a
economic
reasonable
period
tion
problem in
of- time,
a
complex
evidenced
as
by
interest equaliza¬
of the
the fate
tax, has served to
the
slow
rate of capital exports very mate-.
I hope that the
rially.
inaction
of
success
instrument of
an
as
eco¬
shifts
asset
to
the
"Operation
Twist."
ductions in
liquidity
Further
term
will
rates
rate.
tend
long-term, yields
to
push
up
these
all
largest
rather
to
are
be
than
lower
market.
expected
yields
Prices
rise except
in the
bond
unlikely
are
weaken in the months ahead.
difficult
more
much.
Of
question
raid
would
The
is
how
might have
course we
speculative
which
to
temporarily and could
on
induce
the
a
dollar
prompt
ac¬
tion to make such transactions
un¬
profitable
to
cluding
clear demonstration of
our
a
the
speculator,
in¬
readiness to defend the pres¬
potential
free
directly.
to
fundings, the
petitive
pated
probably
but
for cash' by
be
offerings
or
com¬
bidding cannot be antici¬
rate
should
ceiling.
bonds
at
the
offering
of
discount would
a
the
tended
rather ex¬
period of expansion at a
in
catalyst
a
Your analysis of
sustainable rate.
the legislative process
better than
it
is probably
mine, but it
is only
appears
question of time
a
before the House version of
program,
truncated
as
it
a
may
tax
be,
the
and
multilateral
the
among
agreement?
central
banks
of
the
world.
As never before, the mon¬
etary authorities around the world
are
mobilized
to
act
if the
occa¬
sion should arise.
Ruling out the likelihood of
disturbance, therefore,
assumption
outlook.
a
inter¬
If so,
I
am
likely to be of
modest proportions. My prin¬
cipal
■
in
any
is
price weakness in
the bond market is
reasons are
Three
one
situation passes.
our
about
hysteria
In the
mean¬
time, monetary policy and Treas¬
debt management operations
ury
likely to keep at least
are
under, and
more
pressure on,
recent
be
a
floor
probably upward
short-term rates. The
refunding operations should
interpreted
clearing
the
as
way
method
a
for
of
continued
three in number:
Principal
Reasons
(1)
credit
The
present
demand
has
been
only by
a
made
to
I
measure
am
in
sure
all
in
a
higher
lower
and
most of the factors
or
bond
interest
prices'
rates
well
are
known ill the capital markets. No
doubt
they have been rather fully
discounted and
present yields al¬
reflect the' general
ready
tations
the
of
rowers
rates
lenders
for
are
I
to
come
the
If AA
filled.
is
be pretty
impressive
in
way
has
put
life
new
type
'financial
stock
market, hot
.mutual
specific' areas* but
commercial
1962
in
mort¬
debt,
sumer
means
tax-exempt securities,
credit, and the rest.
that
lenders,
Company
June 1, 1996
Perhaps
despite
HUTZLER
the
BALL, BURGE &. KRAUS
GREGORY
&,
SHELBY
October 30, 1963
SONS
&.
INC.
situation
I
do
GOODBODY & CO.
IRA
HAUPT
&
CO.
<
L.
is
just
not
ROTHSCHILD
&
BURNS BROS. & DENTON,
WM.
E.
lic
has
been
despite
I
reverting
occasional
DAVIS
&.
CO.
STERN
'
POLLOCK
&
CO.,
BROTHERS &. CO.
,
'
,
1964
(St.
Louis,
Municipal Dealers spring
the
at
Hotel
can
to
Club.
Chase
Glen
and
Park
Echo
-
National
infection with
Plaza
Country
'
'
.
type. May 16-24, 1964
in
the
con¬
Also, effective promotion and sell¬
This
ing
are
keen
the
v
(New York City)
Association
of
Mutual
Savings Banks 44th Annual Meet¬
ing at the Commodore Hotel.
hands
powerful
instruments
Oct.
CO.
,
-
(Coroiiado Beach,
12-16, 1964
Calif.)
in
of
keenly competitive National Security Traders Asso¬
deposit and insurance institutions.- ciation Annual Convention at the
The price decline of 1962 in the Del
Coronado Hotel.
market
and
equity
of
of
Dec. 7-8, 1964
virtually all
investment
National
by
have done little to
image
the
series
the
dealing with
to be
means
of
what
of
Mutual
Savings Banks 18th Annual MidYear
it
meeting at
the Commodore-
Hotel.
partner in American
a
(New York City)
Association
;
industry. Perhaps the picture will
May
17-18-19,
D.
address
by Dr.
Murray at
the
Regional Convention of
the New
Society of Security Analysts, New
*An
York
City, Oct. 7,
!
Northwest
Market
St.
name
Inc.,
1141
has
been
.
,
.
Association
of
Mutual
Savings Banks 45th Annual meet¬
ing
Brokers,
(Washington,
1965
C.)
National
1963.
Mutual Fund Brokers
Business
the
at
Washington
Hilton
Hotel.
May 16-17-18, 1966
'>
(Philadelphia*
Pa.)
National
Association
of
Mutual
changed to Mutual Fund Brokers,
Savings Banks 46th Annual meet-
Inc.
ing at the BellevueStratford Hotel.
/
Inc.
rsvff
Schukei
J.
Royal
W.
are
Carson
of Oklahoma City, in
May 22-23-24,1967 (Boston,Mass.)
National
&
Association
of
Mutual
Savings Banks 47th Annual meet¬
repre¬
ing at the Hotel America.
Co.,
Omaha.
Now Thornton, Farish
INC.
INC.
Joins Prescott Staff
MONTGOMERY,
CLEVELAND, Ohio—Sevier Bon¬
nie,
CULLOM
22-23-24,
party
have
OMAHA, Neb.—Dale Conner and
F.
Special Pictorial
only observe that the saving pub¬
LADENBURG, THALMANN & CO.
CO.
Mutual
Mid-Year
Mo.)
to this question.
answer
senting
HALLGARTEN
of
17th
Section April 30.
Conservatism
change.
Reinhold
>
Association
CHRONICLE'S
the
Two With Carson Co.
&
Convention
Hollywood Beach Hotel.
the Shamrock Hilton Hotel.
Apr.
SEATTLE, Wash.—The firm
is not an offer to sell or a solicitation
of an ojfer to buy these securities. The offering
only by the Prospectus which may be obtained in any State in 'which this announcement
is circulated from only such of the
undersigned and other dealers as may
lawfully offer these securities in such State.
BROTHERS
Association
Annual
America
had their
not
power
this
to
Now
announcement
CO.
<
,
Bankers
Association Annual Convention at
issues, and
episode.
about
of
&.
at
N
Texas Group Investment Bankers
in stock prices from the
the uninitiated
P, nee 101.72% and accrued interest
BACHE
Dinner
(Hollywood Beach,
;
Savings Banks
The
■
SALOMON
Governors'
long-term
Due
HALSEY, STUART &. CO.
Exchange
University Club.
National
gages, residential mortgages, bus-, the speculative virus, savers over
iness
the years are, quite conservative.
loans, corporate
June 1,1963
'
Stock
of
Supplement Dec. 19.
deposit
our
new
funds have
recovery
York
is made
Club.
Dec. 2-3, 1963 (New York City)
place Despite the postwar inflation and
that it has taken
fields:
and
Germantown
CHRONICLE'S Special Pictorial
per¬
institutions.
drawing
same
for
effective
the
forming in gathering, savings for meeting at the Commodore Hotel.
the making of loans. The
absence,
of visible inflationary tendencies April 8-9-10, 1964 (Houston, Tex.)
Fifth
This
Cricket
dinner
annual
at
Nov. 20, 1963 (New York City)
at the
change, but it will take time.
Dated
dance
of
which
are
Con¬
16, 1963 Philadelphia, Pa.)
Philadelphia
well ful¬
financial institutions
Association
Automation
at the La Salle Hotel.
Investment
Underlying this conclusion
the
our
Refunding Mortgage Bonds, Series JJ, 4'/2%
"
National
Fla.)
public utility bonds,
tations would
the
(Chicago, III.)
Bankers
Dec. 1-6, 1963
propor¬
tions.
New
at
Investment Traders Association of
conclusion
that any weakness in bond
prices
is likely to be of minor
improve
First and
13-15, 1963
First
the
prevailing yields despite
the possibility of an increase later.
aspects
Pacific Gas and Electric
Nov.
American
governors;
ac¬
cepting
Thus
of
Dinner
Firms Annual Meeting of members
for election of new officers and
Bor¬
holding back
and
Annual
Association
expec¬
marketplace.
not
are
lower
(New York City)
Association
Astoria.
St. Louis
difficult thing
$70,000,000
.
Waldorf
Nov.
the least.
say
stock
,
13th
Treasury's position With ference
the Congress most
uncomfortable,;
Savers'
deterioration in lending
standards. * This is
1963
make the
studies
.
York
example, come to market at
ent fixed parity. But this is
quite
unlikely in view of the bilateral 4% % instead of 4%%, my expec¬
should seek to develop
once
Nov. 6,
Investment
exceed
Legal opinions
notwithstanding,
41/4%
INVESTMENT FIELD
re-
will,
large
subscription
if the
the 4%%
IN
market
advance
supply of long-term
and
can,
the
enter
Through
for
very
we
further
COMING
bor¬
really
suggesting
Yields
circumstances,
making loans
the U. S. Treasury, is not
to
well.
as
Higher Bond
Under
convinced that
for the United States and
that
In
by
rower,
(3) Many
diminution of foreign demands on
event, the role of financ¬
ing investment abroad is a natural
re¬
be at a
event, further increases in short-
preting the
In any
of
success
may
modest
more
reasonable
one
nonrecurring,
some
favorable
much
by financial
have
interest rates
past.
The
augmented;
Nevertheless, it is plau¬
sible that a delay rather than a
capital markets is all that has
the
(2)
competition for savings have
ations.
occurred.
in
rate
such
our
of Regula¬
levels
Thursday, October 31, 1963
.
more( marginal borrowers than
debt
widespread adoption in other situ¬
which
Tax reduction could, therefore,
that
weaknesses,,
our
of
savings,
.
,
Tax-Cut as a Catalyst
be
have turned
we
usually prevalent
nomic policy will not lead to its
stage of an extended busi¬
to the pressures
ness
of
upward pull
likely to persist.
moment,
source
becomes
1964.
is
F. Murray
tax
reduction
early
the
one
Dr. Roger
rates
our
At
long-
awaited
coun¬
compared with
as
Western Europe, the
especially
if
effective
more
nomic outlook
appears
this
try and capital market machinery
the first
In
be flat¬
level
this
at
_
payments problem is not
of
ance
a
has
to
long-
on
can
The relaxation
higher
,
Secondly, we know that our bal¬
that
belief
at
growth.
these
Q and the intensification of
balanced; noninflationary
a
of
rate
derpinnings to
a
may
rates
for
average
tion
plement other sources of strength
artd to make a modest contribu¬
there
theless,
some
convictions. Never¬
reduction
tax
curve
rates.
institutions,
sluggish economy.
a
yield
further
most
to fruition and to
come
aid of
the
tened
induced
catalytic impact a tax-cut could have
effectuating an extended, sustainable expansionary
in
-
short-term
great impact
interest rates. It is doubtful
that
Columbia University,
Finance, Graduate School of Business,
to the present time
up
in
rise
competition
maintained
at
not had any
term
of Banking and
By Roger F. Murray,* S. Sloan Colt Professor
the
market
money
paper.
Finally;
Proportions Lie Ahead
the
on
abundant, supply of short-
an
.
Jr.,
has
become
with Prescott & Co.,
Bank
New
Building,
York
Fyrhatipps
and
name
affiliated
Midwest
of
Ala.—The
firm
Thornton, Mohr, Farish &
Gauntt, Inc., First National Bank
National City
members
of
the
Stock
Building,
has
Thornton,
Farish
The
•
firm
been
&
maintains
changed
Gauntt,
a
Mobile, Alabama, also.
to
Inc.
branch
in
Volume
Number 6312
198
.
.
(1701)
C hronicle
The Commercial and Financial
.
The Market.:.. And You
~~'
vcontinued
ahead
week
this
taking
and
push
to
despite
reluctance
a
half
was
hand.
It
largely
was
reaching at
cost for the issues
any
of the best known American
panies, particularly if
around the
news
likely.
com-
good
some
year-end seemed
--...j
"
.
of
case
a
High Hopes
quiet
any
other
five-point
a
in
was
action
jump
alone.
The
added
several
billions
to
-
the
giant's
286
capitalization.
It
this
of
million-share
fever,
day
one
gains in short order
value
paper
on
i?s SPun-
Chryslei
following
precedented move of voting a new
stock
split of shares that already
were
split
this year.
once
,
General
Motors
in
only
nine
months
of
cleared
a
lars,
the company is definitely
so
the
candidate
a
[has
year
profit of
already
for dividend
liberali—
-—---
zation.
long
as
in
fertilizer
much
sparK
in
in
the
high for the
it
cause
a
was
dividend
the
to
way
a
yield
new
comparable
The
to
a
has
held
in
the
its
of RCA
case
pioneering
fact
picture
work
that
it
sells
tube
to
30
for
the
other
If, as expected,
sets double each
manufacturers.
sales of color
general-
dozen years. Freeport year
net
plus
the
was
Earnings for sulphur companies
ly for half
were
and dominant position in the field,
color
been disappointing
black
sets
television
from
apart
bank rates.
have
profits
when
makers of color sets weren't overly popular.
c
the
quality item with
a
II
War
white
ruthless
the
of
pinched
the nation, there
still fears of a similar squabble in the color field. So the other
presumably be-
year,
market
were
however,
field,
the
few
next
years,
RCA's picture tube business seems
between
certain to prosper. At least until
some
other manufacturers can
hardly warrants the growth label catch up and produce their own.
?
$1.65 and $1.78
so
share with only
a
since
exception
one
That
1955.
eagerly sought by investors and
traders.
st0cks
jng
ing
.
have
been
evidence
evidence
abroad
for
of
01
In addition, RCA's broadcasting
subsidiary, National Broadcasting
.
•
followers
But
of
the
Co., is by far the dominant color
sulphur
Against some 2,000
telecasting
icieudsuiig suncuscheduled by NBC for this year, the
telecaster.
finding mounta
growing
growing
fertilizers
to
a
chemical-
rant better regard in the market-
the
as
gobbled up by
com-
of
one;
that
World
and
the^ market,
Sulphur,
memories
war
after
as
An ob-
around.
quietly worked its
billion-dol-
a
group
interest
vious
giants
couple of sessions, including
a
about
price
the
were
panies by several oil outfits failed
Freeport
General, Motors
for
ones
With
r
issues
which is
^iuroiftiim-packaging-d^ug opera- place since its profit and sales
industry
half of the rolor
around
over
teJe^sZ rcce"ver
sulphur
The
•
to
-
Billion Dollar Class
for
took
the
on
part of rails, and utilities to lend
a
of points under
score
a
its year's high,
profit-
markets
recent
the1 television
of
rest
'
Industrials
wonder-
^ion, as diverse as any other. The for the first half of the j^ear set
froubib with Olin, and a chronic new records.
New products on
suddenly started turning to color ?ne.' bas been no s^§n
a turn which Pfizer is awaiting approval
video
which
had
been
largely ^
fortunes for the better. But are still being delayed so its progshunned by all but Radio Corp.
the $2-48 reported in 1961 ress with its old-line ones is imfor so long. In the process, RCA a^d $2.64 last year, comparing pressive.
As a matter of fact,
in
worker
STREETE
WALLACE
BY
Mathieson
in Front
Out
Way
Radio Corp. has been a
13
color
tuiui
nuuis.
hours 01
of
need
neea
alleviate
wi*h
$2.10
for
the
first
nine its consecutive-earnings gain now
months, of this year, the company stretches over eight years. Its
cou^d have hiade the^ long- dividend yield, as with other
awaited turn. Projections of its drugs, is low but the company has
profit capacity next year run over been nudging its payments highl¬
the $3 mark.
er, with 11 increases recorded in
Olin
forced, when it went
was
the last 12 years.
into the aluminum venture at a
\jhe views expressed in this article
time when the entire^ industry do not necessarily at any time coinwas depressed, to halve its former cide with those Qf the "chronicle."
$2 dividend. The supposition is y/iey are presented as thos<? of the
that the company will not move/(m^or ont }
any tQ0
to alter its divi-:
dend policy after the disagreeable
cut ll was forced to make' But
aeii & barrel1 branch
th6 $1 Present Payment certainly JAMESVILLE, Wis.—Bell & Far!s wel1 sheltered and due
b€ rell Inc. has opened a branch in
increased some time in the future, the Corn Exchange BldgA under
^ Drug shares had an uncertain the management of Donald L».
time of it, apart from some pin- McCarthy.
point attention to Johnson &/
Johnson when it earned approval
E)emnsev-Teffeler Branch
of its oral contraceptive pill, and
...
the inevitable fanfare in Syntex GROSSE ILE, Mich. — Dempsey,
supplies ingredients for Tegeler &: Co Inc has "Pened a
other varieties to other comoffice
at 8970ofMacomb
St.
& branch
under the
direction
Alexander
Pa"ies? including Johnson
Dempster.
;
Johnson.
''
which
,
-•
.
„
,
Pfizer had some heavy offerings
»
R
ttl
Off"
other two competing networks are of stock to absorb, including one*
Janney, Hatties Uriice
American
Telephone have ever time, it is felt, will work to the only dabbling with the medium,
block of nearly 50,000 shares. It LANCASTER, Pa. —Janney
kept the price of the issue re- Battles & E. W. Clark, Inc. has
reported billion dollar profits for advantage of the industry gener¬
Earnings Uptrend
strained
ic year. GM was the first to reach ally. Meanwhile, Freeport offers
despite
the
buoyancy opened a branch office at 22 East
Only
that
General
Motors
pinnacle
and
in
back
1955.
A. T. & T. has been in the billion-
profit category steadily since 1959;
its
title
the
as
nation's
their
a
crop
sheltered
and
a
which,
shortages
in
neglected
long
'■'
■
■
chemical
the
In
$1.20 annual dividend
4% yield,
section,,
issue
was
one
Olin
in the list. The earn-
elsewhere
ings picture would seem to war-
Orange Street, under the manage-
ment of Reece A. Nolan.
-*
biggest
profit-maker since then will prob-
ably return to GM this
year.
This advertisement is neither an
;
!•••
A.
T.
&
had
T.
its
increase
coupled with
holders
rights
that share¬
company's
the
as
The
financing
pany
repeatedly since World War
move.
II has resorted to rights
raise
its
tion for
that type
two and
some
offerings
but
of opera¬
half years
a
964,390 Shares
com¬
expansion capital
has not used
1963
participate in val¬
next
to
October 29,
NEW ISSUE
again,
up
rumors
to
were
uable
flared
offer to sell nor a solicitation of offers to buy any of these securities.
offering is made only by the Prospectus.
day in
own
the limelight when talk of a divi¬
dend
The
v
"Lines Are Busy"
Celanese
Corporation of America
now.
In any
to
event, the talk was able
lift the
Common Stock
price of Mother Bell's
shares close to their all-time high
of
In
1961.
that, year the
(without
quota¬
par
value)
tion missed by an eighth of reach¬
In this week's popularity
ing 140.
it worked above 135.
,
v
excessive
The
these
'
in
gains
large
issues
kept
the brokers busy
eliminating
them
normally
their
from
staid
"buy"
which
inevitably
some
of
profit-taking
the
followed
hill
was
It
however,
had,
was
of
a
as set
to
an
Copies of the Prospectus may be obtained from any of' the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
to act as dealers in securities and in which the Prospectus may legally be distributed.
that
1954,
for
when
The
bettered.
381.17
was
until
inviolate
stood
November,
finally
peak
of Common Stock
doubling of the famed peak
in
was
subject to certain conditions, to purchase any
both during and following the subscription period, may offer shares
forth in the Prospectus.
Underwriters have, agreed,
several
oddity
1929
late
worked
statistical
the
where
area
The
unsubscribed shares and,
affair.
runaway
no
up¬
any
it
1929
closing
reading.
The First Boston
There
only
was
except where the
a
company was
area.
A
theon
which
case
wild runup
it
that
mild
news
concerning
in
point
a
was
initial
with
experimenting
lasers to destroy cancer
the
Ray¬
runup
was
cells. Once
oyer,
more
sober reflections that this was still
only
ising
an
experimental idea prom¬
nothing
company
immediate
earnings
Eastman Dillon,
more-or-less
when it was disclosed
was
Glore, Forgan & Co.
«
Merrill Lynch, Pierce,
*
'
/
in the sensational
had
status
to
the
took
hold. And in short order Raytheon
Corporation
stirring
the secondary-grade issues
among
subscribe
$45 per share for the
industrial
the
average
that
So
runups.
by
progress
spurred
Company's outstanding Common Stock are being offered the right to
above shares at the rate of one share of additional Common Stock for
each eight shares of Common Stock held of record on October 25, 1963. Subscription Warrants
will expire at 3:30 P.M., Eastern Standard Time, on November 12, 1963.
at
recommenda¬
tions
the
Holders of the
.
Harriman Ripley & Co.
Goldman, Sachs & Co.
Union Securities & Co.
Kidder, Peabody & Co.
Blyth & Co., Inc.
Fenner & Smith
Incorporated
Incorporated
Lazard Freres & Co.
Lehman Brothers
Carl M. Loeb, Rhoades & Co.
Incorporated
Smith, Barney & Co.
Incorporated
Drexel & Co.
Stone & Webster Securities Corporation
'
-
,
,
,
/
Hemphill, Noyes & Co.
White, Weld & Co.
Dean Witter & Co.
Incorporated
Wertheiin & Co.
14
The Commercial ancl Financial Chronicle
(1702)
to
Brilliant Outlook for
T5
1
OkA
'
1
r
to
TiA Tr/vr.4-taa
it
anything
bought
pay, a
4%
but
in
this-earnings
bargain. Ability
a
rate
with
savings and
on
time deposits greatly improved
kn
/MA
for
pay
case
well,
as
.
.
particularly,
improvement in interest
any
By Frank L. Elliott,* Research Department, Paine, Webber,
Jackson & Curtis, New York City
Wall Street-bank analyst, foresees, promising
.
prospects
j
1
conducting Commercial1
of growth
and
banking ftrto
or
ito permit banks to issue preferreds and
He predicts moderate increase, in interest rates
increase in the prime loan rate.
capital debentures.
in the
ability and development.
I firmly believe that the commercial
banking
country is entering on one of the
d
e v e
in
Like
times
and
1 y
' at
o w
there
can
rates.'
The termination
fixed interest rates
of
of the ut-
was
the'Federal
pay
assessment
on
low
and
deposits
semi-banking
a
4%
rate
a
institutions
struggle.
on
al-
Payment
sayings and time
importance
ft
be
*
ated.
because
artificial
moved" the
R refer to the
it
on
to
enable
compete
the
for
our
doubt,
St commercial
in
must be substantial--
economy
ly : financed
commercial
the
by
bahking industry
All other busi-
nejs
depends Oh the
industrV
and
banking industry
and
ing business
be
at
grow
eral
a
may
bank-
the
expected to
faster rate than the gen-
economy.
But I
on! considerably
counting
am
this
than
more
nf
habkitify
a
hiiQinp«5<i
when
inability
of
period of great gi-bwtfr dhd de-
telmjmenwff'The
*
r'
'
has
for
a
from
great
many
certain
years
retarding
its
profit-
were
They
are
compared with required
has twice modified its regulations
deposits in
deposits
16V2%
for
demand
city banks and
reserve
be reduced to 3%
under pres-
strong gen-
for
support
change in the
a
increasing
of
savings and time
on
tirely.
^
tryIn
my
col¬
great growth of the savings and 2, 1963, amounted to $2,634,100,000.
ability of loan companies is a measure of It was officially estimated at the
opinion, the
we
have previously
end of June that the total outstanding for all banks throughout
the country was about $8 billion,
This is remarkable growth for an
infant born in February, 1961.
the large volume of passbook savings business which has been
available in the past and which
has fled the banking system,
probably permanently. The com-
mentioned, mercial banks
can no
this
concede
to
ford
longer af-
Certificates of deposit have
of marked advantages to the issuing
source
deposit growth entirely to others, bank over savings deposits. The
and their ability to pay a 4% rate rate on savings deposits tends to
should enable them' to compete be relatively inflexible, and so
with higher rates available else- does the amount of savings dewhere.
posits. The rate on - certificates
Normally, based on the conve- can be varied at will and tends to
nience factor and other intangi- be less than the rate on savings
bles, commercial banks can get deposits. The cost of handling cerand keep savings deposits in com- tificates which are issued in large
petition with higher rates so long denominations ($500,000 to $1,000,as the differential is not unrea- 000 in New York) is also less than
sonably-large. The large volume the cost of handling the same
of savings deposits in the Calif or- amount spread out over a large
gregate earnings from all kinds of
deP°sits
substantially
was
is
It
°f
d!ep0Sft
is almost entirely
outstanding
subject to the
for the volition of the issuing bank be-
important
most
number of saving's deposit accounts. The amount of certificates
the effect of the inrrpace from
increase.,
3%
yi»
Reserve member banks. This
lot
of
money
of
certificates
ever,
deposit
ard
u r"*8, *"i "** arwtai 1™"" s ?•"'
ings and time deposits of Federal
a
Current and future ad-
for
any
i
ototo-to, nuii», .>
xst,SS,SA SS£ S31'""
ment
a
was
demand
industry
positive
lesser
rate
of
growth
deposits but also make
contribution
to
»•«
deposit
of
Certificates
of
or
non-negotiable, cost of bank
have any maturity from'factor on the
c*;""
earlier to the
high
capital as a retarding
banking business. By
this I meant that banks have been
without maturity by being made almost entirely restricted to cornpayable simply on 30 days' notice, mon stock
financing since the
Under
present
regulation
the'flurry of senior security financing
maximum permitted rate for 30-90 in the early thirties, which people
day certificates of deposit is 1%, associated with the distress of the
and for longer maturities the rote banking holiday which it immecan
go up to 4%. The Variety of diately followed.
Bank supervi¬
They
current
Company
may
days
and
out
can
issued
be
for certificates of deposit ap-
pears
ticn
unlimited.
their
of
As
an
sory
authorities thereafter refused
illustra-• to permit the use of senior securi-
versatility, I under-
jties for bank financing. It
that anything but
was felt
stock
common
be reserved for clear-cut
emergencies when it might be difsehior money in its building cor-fficult or impossible to sell coraporation
when
the
corporation I mon stock.
issued
non-negotiable should
long-term
certificates of deposit to retire the
due October 1, 1978
eliminated and the Bank took
was
direct
title
to
its
posit
are
preferred
stock
financing
is
severely reduced by the fact that
de-
! Preferred dividends, just like com1mon_ dividends,'^ conie out of post-
of
appli-Bax msrnings. The great loss for
by:
banking industry has been
First National City Bank in Feb-f
banks have not been perruary, 1961, along with the ideato sell debentures because
of developing a secondary market |^01ld mlerest comes out of pre-tax
for them. Many banks throughout; earjllrigs:
Assuming payment of
the country followed the lead Gf; Federal income taxes on earnings
the First National City Bank, and
maximum 52% rate means
most government securities deal- tbat the net cost of bond interest
weapon
-
new
'
competitive
certificates
a
of almost limitless
cation Which
due October 1, 1978
..
.
Negotiable
$6,000,000 Junior Subordinated Notes
In my opinion, the desirability
f
office 5 of
main
premises.
Dean Witter & Co.
referred
I
be
can
negotiable
a
$9,000,000 Subordinated Notes
New York Securities Co.
reduced.
or
stand that Chase Manhattan Bank
(Regulation Q) to. enable the.
tificates to remain . competitive,
and R is entirely possible that the
Federal's authority to regulate interest rates on time deposits may
eventually be terminated,
of foreign funds, which might and hold their share of the in- nine large New York banks and
otherwise leave or shun the coun- crease in savings deposits. The outstanding as of Wednesday, Oct.
ses
October 30, 1963.
to the high-
terest payments in 1962 reflected
Walter E. Heller &
;
up
ume
placed privately through the undersigned with institutions purchasing them for investment.
offered for sale and this advertisement appears as a matter of record only.
'
market and
money
and effective competitive weapon
for the commercial banks. The
total amount of negotiable time
certificates of deposit issued by
share
are not
.
into the
"bid" for deposits
'
ent iaw> Also there is
can
banks
est rate permitted by the present
regulations. The Federal Reserve
of
reserves
deposit, the
reserves
savings and time
oniy 4%
of
can go
Furthermore, required
on
certificates
forcing
negotiable
With
yielding
higher
and
term
loans and investments.
30
These securities
liquid'or
less
by
means; of
growth.
savings deposits, to regain part of
.
the huge volume of deposits lost
Recapturing Savings Volume
years ago to the government bill
It is very important for commarket, and to attract a large vol- mercial banks to be able to attract
~
forces which inhibited
represented
deposit
the money market
a
paid last year, and bank earnings commercial banks to be able to cause the amount will vary with
have gon.e ahead again this year attract and hold their share of the the rate and the rate can be inas bank income has continued to increase in savings deposits. How- creased up to the maximum limit
to,™,......
suffered
be
longer
on
become
problem,
continuous
a
Negotiable certificates of deposit have proved a very efficient
time
r
*lmPr°ved Competitive Position
^Retardation Period Is Over
try
•
constitute
can
"tap" issue
mortgages,
the pre - tax earnings of these deposits, including some high cost
banks in 1961 of $3,143,145,000. In deposits, than to derive less aggood part, because of the increase gregate earnings and growth from
in ' interest
payments
pre-tax a smaller total volume of low cost
earnings of all Federal Reserve demand deposits alone.
.
member banks declined slightly
Ballk Famines Climb
nia commercial banks should
in 1962 to $3,112,219,000 in spite of,
* earnings ^iimo
prove that, if proof is needed.
a $937 million or 10% increase in
an ™Proved com;
,Vrti£icates of Deno<it
wnw inpfimc
petitive position for savings and
Certiiicates or ueposu
The $638 million increase in in-
^
Th.
of
cor-
now
deposits en-
proper
compete for
payments was more than 20%
nredirt
T
banks to
They
and
guaranteed
jaw to eliminate required reserves
conditions
of
funds
balance of payments
our
ernment
foreseeable
Now the commercial banks are in
pavings and time deposits and the a position to compete for all types
my
opinion, fA*
1
of 'its ultimate
high cost of bank capital.
of deposit business and can grow
p
All
Federal
Reserve
member with
all
classes
of
deposits,
great
extent ' banks as a group paid $638 million Granted, Savings and time deposand1 * signifi¬
Frank L. Elliott
more interest on savings and time
a*"a high cost deposits, but it is
cance.
^Money makes the mare go." deposits in 1962 than they paid in certainly better for a bank to deExpansion and development of 1961.
This increase in interest rive §ood growth and larger agno'
conventional
in
eral
re-
ceiling
invested
deposits should under present and
banks
dollars
foreign
and
per may even be a partial solution to
savings and time deposits
be
porate
mortgages, without counting gov-
there >
conceding the savings deposit
of
with them investment and lurking in the bill market. They
time
and
and these deposits can, in general,
mar-
commercial banks to compete for
savings and time deposits is one
bank earnings. But other severely of
the most important banking
retarding factors remained which developments since the Federal
jj have only recently been allevi- Reserve Treasury accord, which
most
y
but
times,
and our great bank stock market
date from the Federal Reserve
Treasury accord of March, 1951,
.terest
*
rapidly
occur
1
'
great(
change, it may
In fact,
?Ayhich'finally terminated fixed in-
long.,
any
at
and
lopment
its
history.
s
growth
of
periods
greatest
driving
little demand for money, and
their
the renaissance of bank earnings
in- this
industry
artificially
member
future including an
near
than
Insurance
most without
capital financing cost as a result of the Controller
Curreiicy's decisidn
(1)
by the commercial banks
billions
the
carry
can
unavoidable
most
business to other types of banking
on
of the
their
of
deposits when interest rates
were
(2)
developttfeitf iiflts^ong history. The analyst looks
foiward to lower
rather
was
of the greatest periods
one
namely,
their
;
tarrfing shacks^'under which ;chnimercial banks were forced to
operate, another growth of versatile certificates of deposits, are seen
'
.
and
ket
City banks as a whole with a selective nod to six, others located
ei&3Wher?'Wlfifch lie"haiiifes. fadent developments removing the re-
.
:
greatest
mistakes
Deposit
major banks attractive to the point where they al¬
defy informed-discrimination,' but does favor large New York
most
two
large depositors into the bill
of brilliant
banking 'industry. He; finds bank stock
the entire
for
values .of-most
era
new
correct
of
Savings
cent of
begin to
recovery
rates.
ObOGlY xJj[V0Sb]T1011 LS the
comPetitive position of the lending advantages. Seventy
member banks.
It enabled them
to
Thursday, October 31, 1963
.
ers
now
"prime"
originated
was
make
a
market
certificates
in
*° * ® issuing corporation is only
all
of
deposit.
Competitive
Weapon
of the coupon rate.
1
In
Efficient
Negotiable
posit
,are
the
certificates
potential
of
means
deof
other
words, the banks have
been
deprived of the cheapest
cess
to
though
the
capital
ac-
market
this economical
means,
ai-
of
Volume
financing
able
has
to
freely
been
practically
avail¬
banks
a
as
566,000, or 7.8%
months
its
for
sale of
capital
at times in
of
market
was
dle
it,
bank
in
prices
when
bank
the
past-been
diluted
their
well
share
as
The net
of
nine
earnings.
year.
income
interest
in
increase
6.7%
or
dividends
a
securi¬
on
1.3% in¬
or
other operating
income.
operating earnings of the
York banks as a
large New
increased
group
$8,751,000,
or
3.5% from $247,284,000 in the first
Wheel
°
Has
Now
Turned
Circle
Full
wheel has
the
circle.
The Controller of the Cur¬
rency
approved
both
nine
full
turned
1963.
preferred
1962
months of
in
000
of
All
to $256,035,-
nine
first
the
months
showed
banks
these
of
increase in net operating earn¬
an
bank stock
the bank stocks most likely
excellent
accepted
an
to be
and
portfolios and
In
the
when
1962
both
of
of
appreciably,
the New York
the
were
well maintained
declined
earnings
City banks
with
the
banks
a
nine
as
a
large
increase
1%
in
earnings,
been
the
expected,
showed
the
recoveries
cellent
3.5%
year
in
increase
compar¬
and
capital
of Istel Fund,
Trust's
current
favorable
last
earnings
present
present
prices
also
rities, particularly capital
will
tures,
become
crease
exceeded by
calendar year.
the
on
of
deben¬
Precise
determination
bank
of
and
stock
increasingly important part of the
cated
bankings capital
banks 'are of uniform high quality
large
a
structure
the
to
great benefit of bank earnings.
the
Now
ditional
suited
banks
can
their
to
needs
banks
the
the
cates
of
cost
have
in
of
means
rapidly
have
a
with capital
of
means
nearby
increasing their
capita] at the lowest possible cost.
Present
the
operating conditions of
banks
ings
in
are
should
fied.
ideal.
are
Bank
Bank
and
ampli¬
investments
loans and
running about 7%
are
which
uptrend
an
continued
be
earn¬
above last
and short-term interest rates
year,
have been increasing, chiefly since
the
increase
from 3%
the
3%%
to
discount
July 17. Be¬
on
in
came
this year,
banks
it is fair to
met
last
penses
their
ings this
quarter of
that the
say
increased
official
interest
rates.
The moderate increase in sensitive
rates
money
occurred
is
which
has
chiefly
a
recently
forward-
looking factor pointing along with
continuing
a
rates
increase in
toward
further
interest
certainly
million
of
free
re¬
the October 2 statement
to
week
ther
reduction
in
serves
And
an
of
average
definitely
only
points
to
firming in interest rates.
$4
fur¬
Prime
on
be
not
do
There
banks; in" this
in
the
future,
near
but
circumstances clearly call for ad¬
ditional
moderate
improvement
probably including
increase in
an
the prime loan rate.
A continued
moderate
improvement.in interest
rates will
gradually be brought to
bear
in
increasing
an
bank
loans
cause
the
expanding
an
and
to
should
be¬
needs
increase
which
bring
the
about
of
must, and
increase
moderate
a
ume
of
The conjunction
moderate
a
credit
economy
will, be met.
both,
volume
investments
and
proper
of this
fine
of
myself
the
to
Massachusetts
b
four
k
a n
con¬
large
the
and
s
banks outside Massachusetts whose
stocks
investments
legal
are
Massachusetts
savings
also will refer to
"Bank
Stocks
chusetts
for
banks.
1
study entitled,
a
for
Legal
Savings
Massa¬
Banks,"
dated
Sept. 13, 1963.
In order for the stock of
outside
Massachusetts to
for
investment
a
bank
be
eligr
savings
by
be
of
member
a
is
James
undivided
and
the
of
Federal
because
the
its
deposits
at
the
dividends in each
ceding
they
further.
The greater
banks
them
a
I
give
near-term
the
over
would
therefore
I
advantage
to
one
only
recommend
one
large
to
increase
is
accomplish
crease
All
in
a
bank
types
increasing
of
so
substantial
bank
I
the full
amount
of
.
NEW
Manufacturers
*An
Bank
Company
notes
of
Traders
Buffalo
has
savings banks.
practical matter, the chief
a
limiting factor governing qualifi¬
cation
for
Massachusetts
legality
is the $40 million requirement for
total
capital,
surplus,
vided profits. In
listed
in
Stocks
the
for
table
Legal
undi¬
and
fact, the 65 banks
for
"Bank
Massachusetts
Savings Banks" include all of the
largest banks
at year-end
which
are
in
the
country
1962 except 12 banks
which
have
less
surplus,
staff of Saunders,
and
way
by
Mr.
of
of
to
the
the Fifth
Elliott
Forum
at
the
New
Form Professional
Colo.
DENVER,
Planning
Professional
—
Corporation
Planning
York
Colfax to
.
,
one
in
engage
T
~
u
i\/r
a
t
an
offer to sell nor a solicitation of an offer to huy
offering is made only by the Prospectus.
any
of these securities.
The
5,836 Units
Company
of:
$.50 per Share :'J;
'
Each Stock Warrant entitles the holder thereof to subscribe for,
share of Common Stock, at $3.00 per
the close of .business
on
October 25,
share, at
any
1965. The Warrants
purchase and
time on or before
are
transferable.
•
The
Company is offering to holders of its Common Stock the right to subscribe
for, and purchase at the Subscription Price, one Unit for each three shares held
of record at the close of business on October 25, 1963. The Subscription Offer
expires at 3:30 P.M., Eastern Standard Time,
on
November 14, 1963.
Prior to and after the
expiration of the Subscription Warrants, the Underwriters
offer Units at the prices and pursuant to the terms and conditions set forth
the Prospectus.
may
reasons
even
Subscription Price $1.75
for
though
required $40 million
several
it
has
capital,
the
Recommends
Massachusetts
1
I
work
would
Unit
Copies of the Prospectus may be obtained from the undersigned only in states xchere the
undersigned may legally offer these securities in compliance with the securities laws thereof.
sur¬
plus, and undivided profits.
cause
per
undivided
bank which is ap¬
disqualified
parently
Legal
Consolidated Securities
List
legality
has
for
a
me
Boston
not
expect
to
anyone
it
a
be¬
which
are
Nolting, Nichol & O'Donnell Inc.
Corp.
Hensberry 8i Co.
house.
to
mean
a
legal
but I recommend the list of
in
legal
in
T. Nelson
has
0'Rourke, Inc.
been
West
securities
i
_
business. Joseph M, Lemley IS 3
An"'yst5' New Y°rk principal of the firm.
One Stock Warrant
in
the
Tower, members of the
October 25, 1963
one
to
Sliver & Co., 1
and
million
$40
and
stocks
in
One Share of Common Stock, Par Value
largest banks,
than
bank
Total
by
ing companies and 22 banks in the
second 50 of the 100
sense,
similar
better
Each Unit consists
receive
Harold B.
—
added
wholly-owned by hold¬
in¬
a
been
;
in¬
in
has
r
Insurance
City'oc"'
legal investment for Massachu¬
is
income.
no
Convention
outstanding, and its stock is
tor
total
of
address
and
22
capital
of
.
ISSUE
Trust
anything
in
think
Regional
qualify. In fact,
and
Uses
formed with offices at 10395
City
/
that
Saunders, Stiver Adds
CLEVELAND, Ohio
Bregman
';
industry
bank
increase in every income fac¬
reflected
Peaceful
can¬
the
crease
banking
Old Florida Rum
and have its stock
in¬
are
can
the
on
the
that
particular significance for
income
of
Midwest Stock Exchange.
stock, I
This advertisement is neither
on
Committee for De¬
have capital notes- outstanding
factor
earnings.
'
"
presentation
my
velopment
United
the
serves
preferred stock out¬
significant
profits, and
either
in
of
Terminal
New York
National
First
Commerce
Atomic Energy.
at¬
a very
concluding than by repeating this
bank
of
commercial
bank, but. for accounts which have
for
ber
saying, "I firmly believe that the
tors makes it unnecessary to, have
a
„
consultants.
management
An active member of the Cham¬
substantially
yield, I recommend Pitts¬
started
man¬
standout sta¬
outstanding
concede
any
a
with
statement.
not
standing.
100
value
development in its long history."
in
City banks in general.
do
Cali¬
of
the greatest periods of growth
investment accounts to New York
1
Co.,
corpora-'
this country is entering on one of
at
give
dollar representation
greatest
Angeles,' Bank
burgh National Bank.
considerable operating ad¬
vantage
least.
Los
tractive
from- increase
derive
will
in basic interest rates should
partner in A. T. Kearney
other
organization's
increasing earnings and
rela¬
aging
several
troit, Security First National Bank
tistical
the New York
tive benefit which
Bank
in
di¬
of
States, Mr. Phelan
Francisco; and for
which have moved and should in¬
crease
of
National' City
a
Professionally, he is
Cleveland, National Bank of De¬
fornia National Association of San
re¬
rates,
interest
Atlanta/
instrumentation, and
tions.
rec-
of
Chi¬
-
firm
rector
&
available, I
are
ommerid.1 First Natiohal Bank
of
prime loan rate and
market
addi¬
as
leading
of the ten pre¬
of at least 4%
years
not have any
can
are
their
and
town
nuclear
the
preceding
value of its stock, and it
It
New
closely
more
and equal 6%
year-end; it must have paid cash
par
think
the
funds
of
Board
Nuclear
Corp.,
cago
•
Chairman of
Phelan
Re¬
profits must total
least $40,000,000
vol¬
A mod¬
favor
are
looking
I
year,
;
out
M.
A.
Phelan
Mr.
System; its capital, surplus,
serve
in
erate increase in both income fac¬
but
next
banks in that State, the bank must
capital,
applies
to
room
ible
rate
substantial
increase in bank income.
purposes
discussion, I intend to
in
rate
a
including
country
6,072 member banks. For
a
substantial increase in inter¬
a
est rates
commercial
Moving
Banks
probably be true
producers
Stocks
13.503
are
Outside of New York Banks
York
1963,
into
conditions
money
~
expect that there will
that
lated
Guide to Bank
A
v
Rate
Loan
calendar
forward
operations
^
As
I
diffi¬
more
-
setts
Pressure
entire
for
will
same
cost
increase" in
bank earnings in the future.
the
time
the
even
western
Paul
Lepercq, Fund
President.
£$
fairly
to
appears
by
r
as
all.
mean
tional
The
banks
earn¬
without help from
year
Favors New
lower
at
improvement in
in
ex¬
and accomplished
year
most of the
increase
third
the
for
I
available.
discrimination
rate
the increase in the discount
cause
rate
in
major
many
present
outlook
interior and
banks in
cities when
York
in¬
debentures
so
the average increase
banking industry makes informed
cerifi-
creasing deposits without
limit and
The
capital.
negotiable
are
the
At
cult.
important tax advantage that
reduces
there
billiant
capital debentures, which have a
fvery
been
public
y
well
as
compli¬
always
by the fact that most major
banks.
including
is
values
and
ad¬
procure
in the form best
capital
just
i made
debentures
appears probable that senior secu¬
this
f month but has
*
rec¬
Manufacturers Hanover, which at
the
board
earlier
:?v
At
this
stock
~
admitted
comparative prices I
this
a
perform¬
the
and
year
oc¬
at
Fund's
moderate
excellence of its management.
The
Phelan's
meeting of the
mindful of
am
a
Inc., New York City.
viewing Chemical Bank New
ance
in
busi¬
elected
Mr.
the Franklin National Bank,
the
Chicago
been
curred
for ings except Chemical and Morgan large New York City banks as a discount its current problems. I
and Guaranty,
which
showed
such group in the first nine months of do not mean to exclusively favor
TUnited California Bdnk has nominal declines for the period this year compared with the same these stocks. I recommend all the
sold
capital: debentures.
It that they may well show an in¬ period last year will no doubt be large New York City banks, and
stock
has
Bank about equally.
ommend
year.
Phelan,
member of the Board of Directors
Chase
have made ex¬
earnings of
M.
leader,
ness
election
its
com¬
declines
widest
earnings last
For
James
Lf
which
banks
foreign.
recommend
earnings eclipse, 1
As might have
pared with 1961.
Istel Fund Elects
City
complete cov¬
the entire banking field,
prices, I
York
showing about
group
current
National
and
15
Manhattan and First National City
In
York
New
First
domestic
ative
City, particularly in Michigan and
California,
its
performance
large accounts at present
banks outside of New York
some
because
erage of
earnings
because of
earnings
Bank has unusually
quality
of
gauge
outside of Massachusetts.
re¬
loans,
on
$2,801,000,
a
in
crease
equity
as
rata
pro
ties, and
at
sold
the
position of shareholders
at
have
last
total
in
in
interest' and
stocks
period
increase of $69,764,000,
an
101%
or
$16,001,000,
which
reduced
flected
the
(1703)
Massachusetts because it contains
in the first nine
year,
compared is
same
increase
Chronicle
found in investment
this
in poor shape to han¬
and
times
stocks
the
The
resulted
large increase in the
a
supply
needs has
with
stock
common
of
$88,-
increased
group
complete reliance by the banking
on
New York
of the nine large
come
other
every
.The Commercial and Financial
.
type of business organization. Also
industry
.
Number 6312
198
Kenneth B. Stucker Investment Securities
16
The Commercial and Financial Chronicle
(1704)
Production
Steel
Electric
that
7'
Carloadings
The State of
activity is
Output
5/
■
Retail Trade
daring stroke
a
well
warranted
prospective long-range
Steel Output
one
—
Ago
the
by
the
country's domestic economic
health and to the balance of pay¬
Business
ments, but nevertheless
Failures
Commodity Price Index
carries
definite
policy
monetary
Out
tive
of
equal
Eighth
Past
Nine,
Output
deal
definite
uptrend in
above
General
state
garding
the
health
satisfaction
of
at, the
clinicians
levels in
price
and
the
current
paced by
the
smart autumn
a
sharp acceleration
a
output
mobiles.
■low:
of
156,000
'charige
new-model
After gearing
quite
stride,
in
manufacturers
of
August,;
October.
;
V <-
effect
thrust/; besides
-on
employment
its
direct
and
ened
the
operations
of
most
uptrend
total
sure
year:
of
dealer
erally
low,
inventories
and
initial
perience with the
been
a
new
in¬
are
steady
was
product
in.
the
elsewhere
trends
remain
Residential
.
the
in
over
-
Price Breakout
"The. fouchiiig-up' has
a
ground
r.
proportions
+:/+^-/7
not
to
general
on
against
any
Etioughf upticks* have
creases.
oc¬
generalized price
more
be
may
the
lurking
rather
hesi¬
that pause is not
definitely confirmed
as
ing
yet.
insistence
Communist-bloc, continues,
garner
months
and in the process
the
burdensome
outweighed
—
wheat
surplus,
in
most
public comment—misgivings
granting
dation
useful
so
to
cold
so,
working down
least
at
or
over
accommo¬
an
opponents." /
war
the
Oct.
'
"•
Clearings
Above
-
Rise
Slightly
1962 Week's Volume
government
in
business activity has been accom-
is
in the same
expected
the
The
ended
Aug.
17
2,626,000 tons
to
112.7
1963
million
low
of
past
the
and
high
ending
uninterrupted
an
.Aug.
24.
Then
Bank
however,'. 8.8%» below last week's
total
of
,
-
$35,156-,392,861.
-
Pre¬
they've
de¬
had
hoped
for
followed
•
succeeding
advices pfrbftir the "chief+ cities
disappointment felt
week
ended
clearings
Saturday,
a new
to
be
of
ac-
restraint in
taxes at
a
spending.
all
for
To
cut
time of rising business
Oct.
cities
-
19
it is pos¬
sible; to obtain weekly
clearings
down
0.8%
from
those
of
the, corresponding week last year.
Our
preliminary
Our
some
totals
against
comparative
of the
were
$31,679,-
week in 1962.
same
for
summary
principal
money cen¬
ters follows:,
living
not
be
unhappy
if
weeks; make. up
accel¬
are
cutting
inven¬
..»
Shrinking Stockpiles,-
base
larger
than
lowest
tons)
that
output
ending
week
(1,742,000
17.
The latest
Aug.
statement week's output was
and
since
castings
comprehensive analysis of the
common
of
over
New
(000s Omitted)
York—
—;
1962
1963
of
total
a
$17,785,543
+
2.3
(*113.7%)
1,342,526
1,308,937
+
2.6
the
1,097,000
+
7.7
1,181,000
Boston__
960.172
Kansas
606,255
City":
V
,
91,058,000
%
$18,193,916
___
Philadelphia
stocks
17
905,919
+
535,899
+13.1
6.0
Jan.
tion
26,
1962
with
index
week's
total
of
in
East
Coast
92
93
,
Cleveland
—_
i
Detroit
152
-
will contain
112
121
Southern
101
101
:
106
-
Western
com-
*
Index
disfavor
based
production
'
.
plateau
-
only
published in the Nov. 14 issue
continuing quarterly series
on
the subject.
and
is
V
of
the
expected
to
than
1,915,000
the
next
magazine
production
be
to
slightly
tons
rise
few
is
higher
the
industry poured last Oct. 26-end-
for
space
in this important issue.
October's
million
the
CHRONICLE
ten
12%
same
million
of
production
boosted the
months
million
nearly
the
tons
first
92
to
The COMMERCIAL and FINANCIAL
ingot
8.4
total for
this year
of
tons.
That's
above production
last
period
year
in
(82.4
'
PLACE, NEW YORK 7, N. Y.
RECTOR 2-9570
erations,
on
No.
scrap
1
Steel's
price
of
held at $27 a gross ton for
the ninth
straight week.
Steelmakers
are
Sheet
makers:
and
97,000 tons
37,000
in August,
-
Strike
tons
hedging
for
"
"v
-
on
'
have
may
year's
of this
part
Market
-
~
Plateau,
a
.
But
steel' market
cautiously pre¬
has
reached
plateau,- Iron Age magazine
ported.*/ Seasonal
tributing to
products
factors
-
offsetting
re¬
con¬
downtrend in
a
are
some
continued
a
uptrend in automotive steel buy'
-
Actually,
here
has
been
'
,
no
sharp upward movement for some
time. The weekly
has
moved
is
viation
order
But
production rate
in
seen
Iron
Age
the
the
2%
in
current
maintained,
for
year
the
tons.
production
steel
would top
This
the
even
pointed out
also
current
rate, is
what
about
only
picture.
if
that
up
month and no sharp de¬
composite predicted
heavy melting grade
$50.5
1962).
period,
110 Million Ton Year in Sight '
lion
tons).
Despite higher steelmaking op¬
PARK
sheet
the past
ing week.
Regular advertising rates will prevail
trade
(vs.
imports- totaled
ing.
that
first
reported August statistics
increase.'
a
a
week
tons
the
.
said.
this
in
particularly ominous to U. S.
Steel
unofficial
expected
fractionally
weeks, Steel
.
reached
62%
near
capacity
has
million
Foreign
same
accounted
averagfe
on
1957-59.
for
the
$411.5 million
million
•
102.4
-
at
1.37
in
if
Latest
imported 3.5 mil¬
we
million
tons
continues.
valued
$114.5
•
of
Ingot
survey to be
trend
the 1959
surpass
million
months.
The
by the managers of
gigantic fund industry in the third quarter of 1963.
far
4.4
deficit:
dollars
penetrating study will spell out the issues
our
102.8
industry-^,
weekly production
billion
J
107
Total
inven¬
mill ^products
steel
•
bought and ;
sizable
eight
1962).
Louis
the
'
of
will
(vs.- only
.•
93
/
if
favor¬
'
'
of
1964
optimistic, they
are
fairly
$297/million
strip
108
93
—
remains
exported
steel
136
108
__1
year-
at the ^Start
of
'
Steel
103
c
higher at
were
worth
are
93
101
anyone
outlook
users
1963
and
85
88
__
^
as
quarter
want
lion tons
Oct. 19
107
tons
figures show
at
99
first
present
the
102
of
drop by
year.
record
Week Ending
North
much
they
Imports
113.9%,
Oct. 26
than
tories.
(1957-59 = 100).
District—
supplies
as
million
2
able. If
cu¬
faltered
tally
about
will
produc¬
week's
last
levei
a"
million tons this quarter—and
the
1
Steelmaking Reaches Plateau
or
if
Even
economic
above
of 81,781,000 net tons. In
Steelmaking
most
1.
at:
.
above-that
There'll be little liquidation in
tons
net
which is 11.3%
1-Oct.
comparison
Sept. 30, 1963.
which either met with favor
Jan.
of the
'
Week End.
89 mutual'funds and closed-end investment
assets
tons
end
8.3%
Jan.
5
liquidation since ■ in-
topped: out
-
million
to
above that for the year-ago week.
The cumulative total output of
ingots
at
expects—they'll still be 1.5 million
the, year's
for
for
months.
four
that's
approximately 9.9%
was
two
1957-59
period's average weekly out¬
put and
'stocks
cutting
net
ventories
topped the year-ago period with
;The November 14 issue of the CHRONICLE
parries with combined net'
still
Steel: said fhere -has been rela¬
.1.5
Last week's output was 2.8 per¬
centage points above the
St.
25
is
_
tively little
any
far while
so
to last quarter bullish
up
Cincinnati'
is another in
"
_
the
expectations.
the
of
will
Chicago
The fund
in¬
-/
least the
•
of
United States for which
were
but
Youngstown
the
:
continue
vigorous
more
a
liminary figures compiled -by ,the
Chronicle, tased upon telegraphic
Will Be Published November 14
77
users
stopped
tories.
upturn in the past several weeks
Buffalo
This
rolled
activity
Miscellaneous
.
Pittsburgh
on
flat
completed
erating their orders and pressing
for quick deliveries—a sure
sign
eight, weekly advances in output,
marking an 8.7% rise for those
-
QUARTERLY FUND SURVEY
;
buying
adjustments.
Construction
equalled in mid-March, 1960. Ex¬
was
of
have
are
and
good.
last
and
years
Many
ventory
unequalled in
was
two
boom
quantities
steel.
of
manufacturers
sales
a
huge
1,-
Production for
•sold, by
record
quarter, 1962. Though
Appliance
*Index of Ingot
;a
up
largest
riding
—
in the week ended'
May 25, which
the
113.7%
/
7
.''7
stepping
orders
equivalent ' to
it 85% of their requirements.
if
742,000 tons occurred in the week
this
;
are
in
output,
still
1957.
mulative
,
•"/ '
companies may not
output complete' inventory 'adjustment
yearend,
they're
non-spectacular until
placing
rise
steady
since
in
there
Bank
7
production in response to
19
110 million ton year
a
tons
six
7.
"7
Automakers
the
eighth
This
highest
This
reduction
that
companied by
strength
weeks.
$250 million to U. S. exports
next
September.
'
■
weekly advance in the past nine monthly/
the
672,678 for the
Federal income tax rates
Strength
continued
the
was
in
fractional
over
Chicago
"The
the Soviet
to
This
ac¬
15%
1,915,000 tons sales. They're planning to build
against
1,908,000 6% more cars this quarter than
(*102.4%)
ending' week.
some
Oct. 26—
Continued
United
countries. The prospect of adding
close
the surface of the economy.
even
surplus
sold
$32,043,807,674
lends added urgency to the grow¬
tancy, and
wheat
pressure
mand
showing
the general will¬
see
Union and other
curred, however* to caution that
a
only major component of final de¬
presently
to
as
late
to
was
tons
re¬
yet the
country,> Indicate that for the
likely
large-scale breakout of price in¬
strong.
is
has
sustained
of " the
market forces augurs
quarter,
generally
/
price indices. The present state of
ex¬
economy
construction
some J
have significant effect
national
fourth
erosiprr'
lost^earlier.;:;. ^
assumed
the
models has
gross
many
of; years,> and
■
gen¬
sales
weeks by
(*102.8%)
In¬
week
•
prettly
of
in¬
new
a
mind
public
26
Steel
the
cline since May 25 until the week
that
encouraging. This points to
continuing gain in
since
-
remainder
con¬
has
and
for
cept for July 13 week's 1.6% gain,
.
continuing
the
sign of
be
consciousness
the
ended Oct.
•'
balance-of-
that
'
Iron
production
indus¬
the boom in auto assemblies shows
over
indus¬
and
cannot
-
/'/
,,
of
orders
10
a
Some
price increases, designed
1 production, which had
slipped a bitinAugust.Moreover,
promise-
of
reserve
a
manpower
to .recoyer.
dustrial
much
broadly
in
•••*.
1 ;/. '
that
daily
level
a
:
orders.
Although inventory fliquidation
clearings c in the latest
strength en business vqluriie has
statement rose fractionally above
by small consumers is tapering
weeks,r
until
the
two
weeks-ago
encouraged a. testing. of the mar¬
the >year-ago week. They were, slip in
ket with
production. The 'industry off, bigger users are expected to
suppliers.
in
terry
is
,
strikingly illustrated in
cent
-
certainly have brought about
resumed
still
is
been
States
cars.
the American
stitute,
tries—notably including steel and
lead—profit,/margins.:have suf¬
number
Indeed, the total' ramifications al¬
'a
impact
in¬
price rises at this time,
a
fered ; a
pay¬
rolls in auto centers, has strength¬
from
of,rather
flationary spiral. In
units in
"The
p a y m e n
'
'7+7
to
-
closer rein
a
'
1
-
7,7j77'7T;' 0.'. :Y, *^ \
ingness
items,
for railway
capacity,
sidered
•
but
other
of
diversity
there
unutilized
*
"This
axles
to
trial
aiming at the unprecedented
monthly total of 810,000
in
cloth
when
to 504,000 units in September and
are
number
scattered
auto
needed.
re¬
have also been posted for
a
"Appearance
production
pushed
distinctly
aluminum, lead,
was
attention,
ranging
a
units in the. model-
month
most
auto¬
down to
long pe¬
a
kinds of steel have
some
creases
published by the Bank, "Business
hitting
after
come
structure
ceived
monthly Morgan Guaranty Survey,
is
a
number of industries.
a
soft. Markups on
this last quarter of the year.
to
by
during which the industrial created
riod
predicted continuing gains in
According
months
recent
These have
Morgan
/Guaranty Trust Co. of New York
who
in
selective upward probing of price
of
recently voiced by the
was
expert
panied
re¬
state
economy's
risks, but
seen
According to data/ compiled by Here's why:
! "■ 7-; '.:■■■/'
Federal spending will also be
on
have
celerate
11.3%
October's. In the
weeks, there, has been
•
with those
exceed
or
last two
mills
Above 1962 Period's
Careful
help
can
for
Week
Leaving Year's Cumula¬
that
one
risks.
Thursday, October 31, 1963
.
Fractionally
and
Last
Week
,
8.3% Ahead of Year dicting Noverhber shipments will
Week
Above
benefit to
Auto Production
Food Price Index
TRADE and INDUSTRY
is
.
earlier
would
most
in
output
110 mil¬
exceed
optimistic
the
year.
Only recently has 110 million tons
been mentioned as within reach.
The
steel
industry
is currently
'
Volume
The
198
Number 6312
The Commercial
shapely beauty of the USS ENTERPRISE
masks her true character. She's tough and in a
scrap she can protect herself. Her hull contains
thousands of tons of USS Armor Plate Steel—
STS in her decks and bulkheads and HY-80 in her
sponsons
and deep down in her torpedo protection
system. These steels, born of U. S. Steel's long
service to the Navy and understanding of its
aXft
...MAXIMUM STRENGTH, TOUGHNESS, RELIABILITY
http://fraser.stlouisfed.org/
HIS
Federal Reserve Bank of St. Louis
and Financial Chronicle
needs, give the ENTERPRISE much of her phys¬
ical toughness. Her moral toughness is an
American heritage. □ Tough, dependable USS
Armor Plate Steels like STS and HY-80 are avail¬
able in
wide range of
strength and toughness.
These properties, tailored to the individual
protective application requirement, combined
with the inherent fabricability and weldability of
a
(1705)
USS Armor Plate
17
Steels, make steel the natural
and the economical and
choice for naval vessels,
sound choice for armored vehicles.
STS and HY-80
are
only two of the many special-
USS Steels that end up in countless
applications contributingto security, convenience
and comfort. America grows with steel—and U. S.
purpose
Steel is first in steel.
'
United States Steel |
fuss
trademark
\
The Commercial and Financial
development
Banks Should Seek Long-
Steps
Run Profitability
in
Vice-Chairman of the Board,
A. Freeman, Jr.,*
Gaylord
two
encouraging savings but rather
has
The
banking.
and
are
be
1962-63 makes
tool; and whether
it clear that
money
taking place.
Until
lesser
until
extent
two ba¬
1962,
c o
mmercial
banking
fast
the
money
growing economy.
a
savings
answering,
to
devoted
be
these
questions—although it must
cannot
be
Changes
are
admitted
truly
the
should
only indirectly
of
choice
a
the
legislative
public
one
particular
another is strong.
ing
provide
credit,
skill
and
or
Thus, the bank¬
possessing
system,
sanction
credit
of
virtually
of
types
far
to
those
be
most
ably
areas
in which
they
than
would
an
of
would
interest
that
seem
would
lie
in
and
part,
by
large
funds
ob¬
increases
been
billion.
deposits, justifies their investment
had to
a
liquid, higher yielding
as¬
tive
effective
evidenced
is
rate
time and
to
large
a
invested
be
in
posits.
ex¬
can
suf¬
cover
sales
generate
of
other
levels
rate
terest
unprofitable.
The
is
The
in¬
tending to minimize de- cjai intermediary structure will be
growth on the one met, either by existing or newly
system,
deposit
mand
hand, and to restrict the competi-
market
ings
there
seemei
mercial
The
these trends
tion of
do
could
trends;
The
commercial
was
becoming
either
little the com-
was
banker
these
verse
commercial
it
other,
the
>on
is
to
re-
termining its
Economy.
but rather by the
sdlute
process
finance—and,
implications
which
banks
place for the
commercial banking
at
the
were
perceive,
ended
in
modification
the
bankers
conmer-
it
made
the
clear
to
other intermediaries, to the regu-
and legislative authorities,
latory
to
the
public,
competitive
service
and
perhaps most
and
need,
fulfill
to
the
what
to
time, the
same
substan-
actually wanted
whether
—
the role
could
it
and,
of
to
more
the
com-
do
so
broadly,
commercial
banking system should be in our
whole host of
sidered
these
Around
economy.
questions,
issues,
a
once con-
have
academic,
assumed
great practical importance. Among
these
are
whether
sent
funds
such
savings
an
for
system
stable
1962.
in
remained
However, this
stability in earnings was ac-p
Continued
on
page
COUMTT
cial banking has centered around
changes in
desires
of
operated
primary
savings
OFFICES
questions
deposits
incremental
commercial
as
repre-
•'
safety
savers are
have
THE FAIRFIELD COUNTY TRUST COMPANY
general
motivate!
HAROLD E. RIDER, President
convenience,
interest,
snecial services made
and
/-
repositories
-r
of
rate
rv ic
MEMBER fEDERAt DEPOSIT INSURANCE CORPORATION
variety of factors, including
a
c:«» mm
.
the
of
banks
the
of
TRUST
and
Initially
benefit
the
commercial
the
public. These
by
public.
the
for
the
for
the requirements
COMPARATIVE STATEMENT OF
CONDITION AS OF SEPTEMBER 30
available. In providing a package
attractive
*
to
the
general
public,
important
rolev in
provided,
the
will
develop-
continue
growth
an
necessary,
—
in
turn,
from
well as the
as
which
to
.
,
•
.$ 20,742,840.95
...
Surplus
41,786,831.97
24,114,095.78
19,063,455.28
Discounts 159,067,673.40
140 003,213.59
.
.
.
Securities
Loans
for
with
and
....
^ educating and encouraging ina
portion
4,226,255,91
.44,442.08
21,146.03
480,372.78
262,259.98
$238,740,130.58
$221,861,777.23
Other
Real
Other
Assets
Estate...
tt
rely
contingencies
on
government
v
than
GREENWICH
STAMFORD
doles,
com-,
RIDGEFIELD
DANBURY
mercial banks, together with other
of
savings institutions, have made
banks
or
significant
contribution
to
a
the
Profits
2,294,905.91;
....
NORWALK
/
Capital Funds $ 18,279,905.91
2,484,541.28
Reserves
$ 17,469,541.28
1,424,314.73
1,422,538.88
....
Liabilities..
6,035,983.31
,
4,561,846.45
Unearned
Discount
1,939,769.18
2 000.295.54
211,061,933.30
196,405,779.23
$238,740,130.58
$221,861,777.23
■
TOTAL
RESOURCES
rather
source
5,985,000.00
9,000,000.00
Undivided
Deposits
iTOTAL
of current earnings to provide for
future
$
5.985,000.00
10,000,000.00
....
Other
Banking House, Furniture
and Equipment....
4,420,466.20
.
dividuals to hold back
$10)
$ 16 498-584.37
29,870,239.39
Securities
(par
......$
Other Bonds and
it/ Additionally,
,
,
means
Banks
U. S. Government
increasing material standard of
living;
Capital
1962
1933
LIABILITIES
1962
-
Cash and Due
nation. Savings have
and
1963
RESOURCES
increased outlays
profitably
banking
FAIRFIELD
required proyide, the funds for the technoby
this
competition raised the logical development and increased
question of whether the banking capacity necessary for economic
pete,
conflicts with
the facts. Net earnings for the
$15 billion in time and
commer-
ment of the
system
time. Seemingly,
some
savings deposits during 1962.
societal
a
of
evolution
successfully in the savings market.
the
for
pos-
commercial banks have played an
At
bene¬
areas
themselves, that
they could compete and compete
importantly
tially
so
this contention
gained
Times
Arising
become
1962.
of
framework,
regulatory
have
fited), and will continue to do
Accommodating to Changing
wealthy,
"
of Changed Regulations
situation
This
With
cial
to
/
.
Impact
:
system
difficult
time
well
may
SO.
OLD GREENWICH
N0R0T0N HEIGHTS
N0RWALK
MEMBER
SO. WILTON
FEDERAL
LIABILITIES
BETHEL
NEW CANAAN
GLENVILLE
WILTON
RIVERSIDE
GEORGETOWN-REDDING
DEPOSIT INSURANCE CORPORATION
(al¬
individual
certain
chooses to pursue,
it
in
changes
the
of
taking
were
adopts
ab-
doubled
almost
terms,
in
size between 1945 and 1961. Thus,
the
it
ture
function—
classic
their
commercial
lost money
Banks continued to
gradual.
perform
the
However,
whole,
a
destiny-^-not by
own
(although the importance of such
portant force in the American
was
as
efforts to influence legislation
jts
activitv should not be minimized),
im-
Given
uncon-
or
clear,
less
ever
an
8%.
major role in de-
a
system
now
some
of
excess
in
yield
system will,
banking
consciously
sciously, play
implica-
banking
the
profits, not altruism; and,
in
invested
average
existing rate structure, it
though
on
banking
whole,
a
be
would
created institutions. Secondly, the
ability of banks in the sav-
tive
tem is designed to function on
basis of
as
to
the
that
means
attracted
whose
the
of
existing de¬
by raising interest rates
nonetheless
commercial
on
is clear that the banking sys¬
the public. Rather, he must in¬
which they rely constitutes prob¬
were becoming increas- cial banking. If one were to atterpret the needs of the public,
important to commercial tempt to generalize as to the two considering both the long- and ably the strongest which can be
banks
and, simultaneously, the most important lessons of history,
short-run implications, in order to mounted, and runs as follows:
■.banking system was becoming a they would undoubtedly -be as
be assured that the fulfillment of
Asset Shift Prevented Loss
less important factor in the sav- follows: First, the legitimate (and
such needs is truly in the public
ings market. In the face of forces tn some cases illegitimate)
de^
system,
had
tem^
ingly
sys¬
have
the
bank
argument
funds
was
and which tend to
expense,
the savings business at present
enterprise
investing the
result
a
This
new
assets
ficiently higher-yielding assets to
as
increase
rate
savings deposit in¬
represent,
cial banker is not
free
the
million of additional expenses
1963.
services, many would contend that
The
plus
involved in handling
the accounts and
the proposition
clear that the task of the commer¬
interest.
(the effec¬
rate),
in the first half of
justifiably
simply respond¬
have
funds obtained, plus the $400
creases
increased
the
even,
this $9 billion
on
interest
incurred
public
the
generally increased bank.earnings
that
inter¬
not
at best
would
of 3V2%
expenses
the
by
in¬
con¬
rates
was
break
earn
this
a
no
the order of $9
system
return
is
attributable
rates
on
To
and
Therefore,
deposits
new
years—
have
had
1962
in
in
that
not
raised.
banking
stability of these
While accepting
commer-
mands of the public on the finan-
to
would
in less
This
ex¬
time
1961,
There
think
reason
gain
as
This, in conjunction with
higher
on
of $6 bilfion
1957.
crease
tinued
deposits
beyond the control of the banking
since
been
bank
in
average
an
something
the
expenses
$10- billion
year
bank¬
tent, incremental funds which
the
in
by
can
specialized institutions.
It
savings
to the
productively and profit¬
used
increased
it otherwise would not have
paid.
-ef¬
more
newly attracted, in¬
allowing it to acquire assets which
cover
deposits
and savings deposits had been
individual
these
to
increasing in previous
sets, should enable most banks to
to
necessary
all
operates
legal
the
the
the fact that the
regulatory ing to the expressed demands of
and
surrounding
.'framework
by the fact that demand for
type
in
Assets
commercial
regard
able to.
tion
the
on
the bocks, as well
isting deposits. Further,
incremental
by
applied
on
as'those
present
and
in
least
operations,
differently.
their
time
paid
increased
was
volving roughly $400 million
ing the profitability of its savings
economy
that many commercial bank activity in the
"answered." field of savings. However, it is
taking place, both in
of
needs
the
G. A. Freeman, Jr.
tained
in
rate
alread'y
questions
the
interest
by about one-half of 1%. This
activity in the
on
of
deposits
new
one-'
ing, system. Therefore, in evaluat¬
mediary system, composed mainly
tion
the
were
evident. Time
and
to rise
eliminate
to
expanding
an
certainly be
in
trends
sic
sys¬
It is vital that immediate atten¬
and to a some¬
what
in
in¬
profitable.
at
represent
the velocity of ficiently to allocate savings funds
continue
largely
supply in
1957,
a
can
for
need
factors,
the
quite
savers are
be
deposits,
population
many
affected
influenced
useful management
tem
enough
with
of
market
can
Increases
in general, varies
sectors
Further,
>
allocation
asset
experience of
change is now
While
and money markets,
great
a
various
serious
Shift to Less Liquid
particular type of savings institu¬
an
can
basis
all
and
any
economy.
accordance
raised
rate
such
earn¬
and
accomplish this, the effec¬
tive
system
bank
year
To
by
public
of
the last
Thursday, October 31, 1963
.
assumption
the
to whether bank
savings
The
only in¬
in
.
activity
banking
record
.
channeling
of
into
the
in the stock
merely replace demand deposits;
of the public has been, and will whether savings deposits are, in
continue to be, the highest ex- fact, more stable than demand de¬
pression of the art of commercial posits in both good times and bad;
whether
the
growth, the business cycle, trends
change in the needs
Response to
capable
credit demand,
competing institutions.
for
is
bank
funds
of
areas
in
structure.
intermediary
savings
brought about which
assure
long-run growth and a profitable course of action. Mr.
Freeman refers specifically to the successful inroads banks have
made since 1962 in averting a declining status as a financial in¬
termediary, by attracting savings and time deposits, and to the
shifts in portfolios. He points out that the higher interest rate and
expense should pay for itself, and contemplates impact of such
possible far-reaching changes as elimination of savings/time de¬
posits reserve requirements and of differing taxation procedures
The
half
as
be
not
terest.
unique position in the finan¬
the
run,
unprofitable
over
stitution
taking place and competitively
broad changes
long
commercial
could
in
savings activity
the
an
ings
cial
fully to the
profits and respond, instead,
higher short-run
what
in
the
of
system's role
commercial
banker challenges the banking industry to reject, of the
choices facing it, a declining place in the economy with some¬
Chicago
interest
public
in
the
important
most
bank
lie
not
in its
Chicago, 111.
National Bank of Chicago,
First
the
commercial
does
system.
the
However,
of
maintenance of
and
democratic
our
aspect
By
Chronicle
(1706)
18
DARIEN
NEWTOWN
32
Volume
'
"
198
Number 6312
*'*''*''■***'■
IK..
.
.
.
The Commercial and, Financial Chronicle
.......-V...*.Y....,.w..•.«Aw'
'
'
"
(1707)
"
Wmmi
IPP #
•
•dP'-.w^.iir
188W8W*w
mnwmt
:;
OO0<KW<XJ<5<5
Jfs
SEE BOB HOPE AND THE CHRYSLER THEATRE, NBC TV, FRIDAYS
Every part shown here
is protected
Every
this
new
the 1964
Chrysler Corporation
5-year
50,000-mile warranty
or
1964 Chrysler Corporation
It lasts for 5 years or 50,000 miles. And
carries
car
warranty* that made automotive history. This
warranty
comes
with
1964
Plymouth,
transferred,- adding extra value to
Valiant,
you
Dodge, Dart, Chrysler and the Imperial.
It protects you
from defects in
as
well
as
or
sell (as
some
'63
owners
All you have to do is have your car
against big repair bills resulting
engine, transmission and other
for labor
trade
your
it
are
changed every 3 months
cleaned every 6
here
ever
had.
a
or
4,000 miles, whichever
every
2
comes
years,
first, the oil filter replaced
and
every
every
second oil change and the carburetor air filter
a dealer evidence of performance of the
6 months furnishes to such
required service, and requests the dealer to certify (1) receipt of such evidence and (2) the car's then
Plymouth
•
regu¬
anyway) to keep in effect the strongest protec¬
tion your car investment
parts.
months and replaced
already
serviced
years or 50,000 miles, whichever comes first, against defects in materials and workmanship and
Chrysler Motors Corporation Authorized Dealer's place of business, the engine block, head and internal
parts, intake manifold, water pump, transmission case and internal parts (excluding manual clutch), torque converter, drive shaft,
universal joints, rear axle and differential, and rear wheel bearings of its'1964 automobiles, provided the owner has the
engine oil
repair at
be
when
larly (you'd probably follow the schedule shown
ex¬
*Chrysler Corporation warrants for 5
will replace or
can
car
discovering).
pensive power-train components.
It pays
by
Chrysler
•
Imperial
•
Dodge
CHRYSLER
CORPORATION
current
mileage.
,
19
20
The Commercial and Financial Chronicle
(1708)
tify that the forces of change are
Imperiled
Dual Banking
and
pervasively
other
key
mistake
Bank,
New York
task,
ir» •
j
State-chartered bank sharply criticizes
-,
conform regardless of whether
>
Mr. Rockefeller says
involved.
leaves States with no choice except to
straint in
William James
there
that
remarked
two
were
religion and education—
immediately directed all
topics
decentralization
much
as
banking
Last
has
hearings showed
'
What is
wide measure
a
ing
when
that
Branching-
turn
we
we
the
Here
become
increasingly.
and
ing sets of standards.
our
Death Knell to Dual Banking
organizational
our
society.
to
matters
into
run
duality
of
difficulty.
banking
greatly eroded
in
has
recent
It is the contention of the pres¬
the
One such -trend is the. growth of
rise
in
individual
ing
an
enormous
banks
holding
1956,
Congress
Holding
aggressive Controller
affiliations with
or
control
the
over
expansion
of
banking is not fully meeting
companies
in
the
passed
Company
and
bank ^holding
*
the
:
Bank
placing
Act,
formation
all
a
Then, in
company.
Currency, James J. Saxon,
hands
of
the
.
incomes, creat¬
demand for
re¬
least is not do¬ Federal Reserve Board. This was
uniformly and effectively. followed in 1960 by the Bank
ing so
He wbuld
respptid by having na¬
Merger
tional banks become, a group apart,
free
state-imposed* restric¬
from
banking services.
which
Act,
again placed
final approval of all bank-mergers
in
Another is- tions.' and under. no obligation to
the spread of, large national firms, coordinate their' expansion; with
While from one point
with units located in all sections the states.
tail
state
bank
its problems, or at
urbanization and along with it the
as
agreement on the existence of
of
—
is
It
with the speed¬
criticized
been
that
Congressional
spring
examination.
unique
Changing Banking
Forces
practical.
field.
and
National Bank
in communications, this system
of
with
by the Control¬
or
essence
concerning the structure of bank¬
In recent years,
up
ent able and
feasible and
When philosopher
it
lying trends reshaping
level
lation
vast continent.
a
The
of our banking
system lies in this duality of regu¬
of
try and trade in every section of
into harmony with certain under¬
Federal
a
on
much
ter, financing the growth of indus¬
resulting from conflicting
Federal funds and,
and branches. With regard
again define those prin¬
and he suggests the establishment of a Central Board to make
decisions
for
need
se¬
those
adjustment of
an
institutional
to the latter, he urges Congress to once
ciples,
separate states
ler.
banking to be local in charac¬
our
patterns to bring them more fully
standards governing mergers
worst of all,
This
are
when
erode
not
American
required is
interpretations over revenue bond underwriting,
,
America—the
advised to stop doing nothing. The banker refers
present embarrassment and confusion
to
—
growth and development.
exercise patience and re¬
coordinating with the States on this and other matters.
In turn, States are
charters.
born out of the
was
We hear charges that it is ineffi¬ years.
Prior to the mid-Fifties,
cient, that it provides duplicating there was very little effective
and have enabled it to contribute layers of supervision which not Federal legislation that applied to
so
creatively to our natio n's only are wasteful but lead to vary¬ such matters as mergers between
acting unilaterally and, instead, to
cease
state
system
special circumstances that shaped
is to take steps
change
that
come—will
made
Mr. Saxon is urged to
of banking.
it would be in the best interest
a
they
dual
Thursday, October 31, 1963
.
strengths and advantages that have
serious harm to
Mr, Saxon's position
pansion and rebuts the Controller's view that no
dual banking is
I see it,
as
assure
•does
Controller for disdainfully pushing national bank ex¬
U. S. Currency
because
with
banks
.
•
to
Mead of the country's largest
forces
these
fundamental and deep-rooted. Our
City
I
and
of business
resist
To
in
are
blindly would, I believe, be
rious
,
they'
as
areas
industry.
By Controller's Decisions
By David Rockefeller,* President, Chase Manhattan
profoundly
at work in banking as
.
the
of
hands
Federal
authori-
tiesr-rthe Federal Reserve for state
.
member tanks,-the FDIC for state
nqhmember banks, and the Con¬
.
regulatory duplication and over¬
of the country.
the
lapping, as well as on the diffi¬
buoyant vitality of small business
tive
Saxon, in my
this year,
the Supreme Court has
speaker,. he
culty of defining and coordinating
with its
opinion in the end it would inevi¬
made the
Clayton Act applicable
which
to
eyes
banking policies.
common
probably
was
international
the
Weather Forecast
banking
he had been, I
he
functions within
the processing of
David
-
.
regula¬
discuss
almost religious fer¬
an
And -who
among
us
ditions.
say
can
made
amination of
the
to
aspects
Of
issue.
on
Heller
Com¬
studied
recently
dent's Committee
—
Advisory
Banking
'More
stitutions
Then
on
better
the
the
Presi¬
Financial
known
as
Committee—surveyed
"Prob¬
southward
and
or
probable
hail and drought, succeeded
on
lightning!"
calm,
I
■
r
a
should
little reflec¬
like
personal appraisal
to
offer
of the regu¬
growing out of
this
cli¬
In^-
mate, and of the prospects for the
the
future.
the
All
of
banks—
own
checks, the
pay¬
bills, and other account¬
adjustment?
strengths of
been
even
without
tues.
a
Yet
ability
encourage
to
its
change
basic
the
vir¬
country has
even
14,00Q
such
proportion¬
banks
the
or
25,000 banking offices which
ice
serv¬
people and the businesses
r
of
banking
the
its
hallmarks
structure
over
of
the
past
the
existence
side
national
by side of
charters
and
is
to bank mergers through the deci¬
sion
' change
'
.
some
system
a
merit
up
of
over-
potent tool
a
of
management
"government
the
economy.
-
••••
evaluating this issue, there¬
In
,
ranted.
is
it
Here
useful
between
banking
regulation
•
dis¬
to
aspects
two
tinguish
of
Mr.
re¬
establish
to
branches
re¬
clear
that
if
he
banks -i
his
way,
every
state
had
n
branching.
He
that
argues
would
ing
have
the
their- laws
if the
option of adjust¬
with
conform
to
applying to national banks.
But is this true freedom of action
are,
toward
directed
its
maintaining
soundness
fiscal
institution. '
of
banking
a
'
>
w
as
h i
of
h
c
the
govern
chap¬
banking—new
holding
affiliations and the like.
is the
banking system
our
of both national and state
power
bank's
govern
a
may
set
Both
the size of lo'ans,
of capital,
assurance
that
the
limits
determine the
adequacy
and
provide
is
bank
oper¬
A necessary corol¬
power
of each govern¬
state and national
examine
banks
agency,
its
jurisdiction to determine
and
laws
adhered
regulatory
together
dual
as
regulations
are
Independence
to..
authority
and
of
underpinnings for
in the laws and regu¬
even
that
to-day
operations.
tions
to
relate
The
day-
Federal
lays down certain regula¬
applying
to
all
banks, whether'they
national.
our
Even so,
member
are
state
or
the bulk of the
laws and regulations
affecting the
soundness of these member banks
are
administered
either
by
the
be
in
they
con¬
best interest
the
banking?
One
might justifiably
whether
ward
actually
are
back¬
so
to merit this kind of Fed¬
as
eral intervention.
Admittedly, the
activities of
many
state
and
lines,
banks cut
this, I do not believe
Federal
standing
na¬
In view of
one can
op¬
merely
by
action
states' rights.
on
across
banking has
tionwide significance.
pose
ask
banking conditions in the
various states
At the
clear to
me
that present conditions do not
re¬
time,
same
it
quire drastic
this
In
I
seems
action
in
am
with
agreement
by Congress.
fundamental
Saxon,
Mr.
dis¬
who
implies that the structure of bank¬
ing in the United States has been
important
an
the
nation's
economic
trary.
growth;
Our
in
factor
retarding
and rate of
progress
believe the facts
If
anything,
point to the
banking
I
con¬
system
has
given great stimulation to growth.
States Must Act
do not have 100%
duality
of -whether
io
V
banking system.
lations
Reserve
regardless
sider it
those laws and
are
branching, mergers,
ity of
go
PLaza 9-7800
it
those laws and
,
Of course, we
Avenue, New York 17, N.Y.
Now
Congress
states,' in order to hold banks
regulations that relate to the day- in the state system, are forced to
to-day operations of a bank and follow the action of the Controller
our
383 Madison
states.
policy and permit national
banks
those
respectively,' to
Corp.
the
gardless of state laws .He has made
supervi¬
and
examination, therefore, appear to
Zeckendorf Hotels
to
arid where: thi&wquld not seriously harm dual
compromise are war-' banking, for the individual states
change and
of
Industries, Inc.
historically has left the de¬
gress
wide
being
Gulf States Land &
a
Con¬
score,
is, what it is about it that is most
ing
Knapp (Canada) Ltd.
latter
necessary to preserve,
that
Webb &
permitted within
is
this
would enjoy the privilege of state¬
under its
Roosevelt Field Inc.
the
relates
what,q dual banking system really
ating soundly.
?
to
One
.
national
lary is the
Affiliates
de¬
fore, it is essential to understand
on
Subsidiaries and
a
vise its
operations.
SpeciallyI
voice.
the
exercise
to
hands, could become
regulations that
And It's Our
finitive
questions, do
Saxon advocates that
authorities to make laws and issue
EVERYBODY'S BUSINESS
continue
public control—; cision
Perhaps most basic to the dual¬
'
states
impor¬
only two
structural
4R chartarihg'of new state banks. .The
checks other involves the extent to which
against
bulwark
company
REAL ESTATE IS
tant
on
centralization which, in the wrong
for
Phila¬
the
,
now
between
centralization
in
down
case."
,1- Thus
regulatory, branching
authorities that pro\hde an indis¬ state. ' On
ters,
I N C.
handed
delphia National-Girard Corn Ex¬
to outweigh
me
balances
structure
KNAPP
it
shortcomings. It sets
and
regulations
&
.
overriding
one
to
Second, there
WEBB
pursue.
concede that
First, there
our
century has been its dual charac¬
banks with
has
seems
sion.
of the United States.
One
which
that
absorb—,
—
of banking facilities.
match,
the
period of
of the great
one
to
other
can
a
banking structure
our
sacrificing
No
ately,
ter:
here.can readily tes¬
to
we
justified,
pensable
developments like
its
diversity
is
are
■
us
our
ing is confronted with
latory climate in banking, of the
dangers
electronic
these, is it any surprise that bank¬
Few
the theory that all of
benefit from
can
tive
a
rain,
of
a r e a s
to
preceded by earthquakes with
Today,
us
place
of
of
routine operating
many
In the face of
and
from
impact
on
ing operations.
may
has
ex¬
banking.
the
around
Money
regulation along with
Controller's
mittee
on
searching
a
con¬
between; high and low barometer
snow,
past
you
ment
sweeping
have not had a thorough
in the subject?
•
the
in
fore¬
weather
forecast,
are
westward and eastward and points
thunder and
other
as
able northeast to southwest winds,
place;
Credit
confused
remember, went like this:
few
especially
The
known varying
have
we
to
First, the Commission
and
as
cast of New England
Rockefeller
-1
bankers
years, we
us
readers of Mark Twain's wry
subtle,
education
of
some
if
tem
left
tion with
that,
of
policy
Even
kets.
Finally, there is the revolu¬
.
unde¬
dangerous and
a
connections among financial mar¬
by the regulatory agencies—have
certainly
vor.
proliferation
Free
be
criticism of the dual banking sys¬
topic:
philosophical way, he might have
been rriindful of our own situation.
For
knowledge,
our
the
troller for national banks. Finally,
the death kneel for
banking. Thus, I believe it
sirable
of
country
every
tionary
perhaps
some
vast
total of
dual
attrac¬
sound
into
devices
-Regulation.
a
sum
the
see
World, and the consequent inter¬
recom¬
Government
Yet
to the
we
tably
would
mendations—plus recent decisions
included
in
contribution
scene,
On the
for Mr.
course
long jump by American business
a
have
might
third
a
studies
these
constructive
made
the
of
each
While
If
suspect
Twain's
Confusing As Mark
primarily of
fraternity.
special needs for financial
counseling and assistance.
thinking
not
Still another is the
of view this may appear an
Yet
ably7
I
feel
it would
be inexcus¬
shortsighted for the states to
stand pat and refuse to undertake
a
realistic
banking
aggressive
taken
examination
laws.
The
efforts
lightly
or
their
should
not
interpreted
simple bid for power
been
of
Controller's
disposed to do.
as some
They
Continued
on
as
be
a
have
repre-
page
22
Volume
6312
Number
198
The Commercial and Financial Chronicle
.
(1709)
prudent is not to be unmindful of
opportunities.
new
often
are
Should Not Be Feared
States Treasury,
Saxon
Mr.
endorses
efforts
somewhat
loosen
to
He declares "it is not
governing banks.
in
the
functions."
performance
this
In
of
bring
ity of the banking fraternity, and
are
to
well
as
the
care,
as
responsibilities
be
properly
V.
exer¬
which
has
seek
to
these
inspire
added
the
powers,
fears
of
de¬
pression.
.
opposition
the
which
of
can
and
challenge the prudence and prob¬
if
Congress to
de¬
enlarge the
of National Banks affords
clear illustration of the
contribute greatly to our future progress. Mr.
finds it unmerited to deny banks the same trust and respon¬
Saxon
petition
is
powers
endeavors, make use of its untapped resources of vision and enter¬
prise which
in¬
of
Vision,
for
of
are
these
at stake. The opponents
measures
/'past
principles
call
excesses,"
up
visions
question
most
vanced
revealing
which
those
are
in
banks.
to
be
about
The
that
have
it, and that
the
underwriting
powers
We
curious
arc
for
ad¬
enlarged
best
way
cartels
ancient
sway
have
by
forming
which
rivalry.
are
This is
in
those
never
which
countries
known
the
benefits
that
of
a
vibrant competitive economy.
Continued
entry
on
page
activities. In/particular, he
defends enlarging banks underwriting function in denying that it
would lessen competition—or that there is no need for this service
He
made to "past excesses"
spurious reference
flays
to the
or
possibility that bankers would allow, or be allowed, irresponsible
actions hazardous to solvency and liquidity.
a
Year of the Na¬
100th
the
This,
tional
System, has been
Banking
of'searching self-examina¬
and reappraisal.
The publi¬
year
tion
the
ture,"
rated
this
process.
That
savings
chief
gathered and
are
appor¬
the variety of their
among
principal payments instrument
industry and
our
deficiency
Any
merce.
com¬
commercial banking system is felt
The task
lace is to fashion
we
the issues con-
commercial banking system which
is
sensitively adapted to changing
needs and new
and
opportunities.
lard
thet.basis
course
would be, as new
for
decisions.
arise,
to
discussions
lic
the
On
have
clarified.
been
now
there
aligned
are
the powers
those who believe that
commercial banks should rea¬
of
sonably be broadened so as to en¬
them
able
•
are
further
cial'banks
the
the
be
cannot
serious
abuse.
There is
of
public
regulation in the field of banking,
suitable
an
true nature
the
preserved
has
as
of
system
principle
favor
initiative .and
role
We live under a
its cardinal
in
be
initiative
private
for
enterprise
sumption
should
which
role
industry.
private
which
a pre¬
individual
of
responsibility.
government
under
which
in
cumstances
there
rules
and
not
are
adaptable
from
learned
of
bank
solvency and liquidity may
dence
in
tained,
been
the
and
there
confi¬
banking system
into
entry
sus¬
has
banking
regulated, and the operating
policies
and
practices
of
under
public
supervision.
of
banking
however, gone
trols
so
far
as
Public
has
not,
the
con¬
imposed in the public utility
industries.
There
is
no
public
authority to require that banking
facilities
and
services
must
be
provided, and rate regulation has
been
applied only partially to the
industry of banking. A measure
of
discretion
directors and
A
is
thus
left
managers
and
to
thp
of banks.
Issue
.*.v
The critical issue today is how
broad
the
of
discretion
of
to
CORNING
can
future
our
conduct
of
in
virtually
as¬
every
standable that greater freedom
to
compete has been greeted by some
is
no
the
necessity
ment
and
and
of
of
of escaping
exercise
discretion
investing.
ment
risk
Nor
be
There
concern.
however,
way,
in
judg¬
lending
ele¬
the
can
obliterated
from
banking without great damage to
economic
our
a
counsel
of
It
progress.
the
with
not
be
to
L/neoln
en¬
greater discretion
in
COMPANY
performance of their lending
and investment functions.
it
is
irresponsibility
suggest that banks should
trusted
is
capacity
spond to these
even
Rather,
expression of confidence
an
the
greater
carry
df
affairs
banking industry.
ditional
occupy
long has
pect of its operation, it is under¬
to
greatly
which
been accustomed to enforced rules
for
Banks
enterprise
/
private initiative should be in the
area
PENN YAN
HAMMONDSPORT
elsewhere,
resources
industry which
an
'
1
:
private
Can Be Trusted
In
in
Critical
untapped
banks with expressions of
have in many respects been placed
regulation
CANANDAIGUA
be, if it is allowed to
can
are
vision
that
So
public
in
system
form
maintained
fruitful
and
that
has been singled out for a unique
be
GENEVA
have
other sectors of the economy how
productive
progress.
control.
We
experience
our
MACEDON
readily
always
change.
to
NEWARK
the
control
initiative
V-//V-
are
and
procedures of public
to
public
time,
cumbersome
contribute
served.
all
draft
to
which
function. In banking, as
are
banking.
enough
regulations
for
clear and evident public purposes
Our commercial banking
wise
is
tight reins
in
regulation
The
system should be confined to cir¬
be
The for¬
evident thrust today
an
to loosen somewhat the
No .one
in this
clearly hazard¬
are
solvency and liquidity
banking system.
understanding of the
and purpose of public
of
proscribing only those
enterprise of private bankers.
expanded pow¬
perspective of the issues
A clear
and
greater
the
with
fear
banker
without
requires
rest
are
other
for commer¬ course; would entrust greater re¬
that the sponsibility to the initiative and
powers
in
commercial
:
of
the
to
which
The
authority
activities which
ous
29 OFFICES TO SERVE YOU BETTER
functions
trusted to exercise
ers
ef¬
more
banks while
to
be
discretionary
the
complex
banking..
would
course
further
and
regulations
to
One
situations
in the mer course would lead to increas¬
and on the other! side, ing reliance upon decisions by the
authorities;
the
latter
aligned those who op¬ public
economy;
pose
perform
their
fectively
there
to
and
applied
■/
-.
side,
one'
rules
James J. Saxon,
opposing
views
proliferate
detailed
already
Through pub¬
Complete banking and trust facilities
a
fronting the
System
ROCHESTER
LOOK TO L
the
in
throughout the economy.
defined
study
prog¬
the
through which the Nation's
for much of
year
inaugu¬
ago,
economic
means
the
'Fu¬
a
in
represent
They
productive uses, and they provide
Bank's
tional
role
central
ress.
tioned
cation of "Na-
and
a
of
new
banks
of
in
this
has
an
obligation
out the prudent
conduct
become
industry.
I
MAIN OFFICE:
E.
183
MAIN, ROCHESTER, N.Y.
re¬
tasks with
sense
which
to
tra¬
To
be
A MEMBER OF THE FEDERAL RESERVE SYSTEM
•
an
view which has long held
risk
private
other
afforded
sibility
to
commer¬
presented with
contention
com¬
implication
will get the most
we
sheltered from
been
undue
power' in
maintain competition is to prevent
privileged
arguments
opposition to
cial banks.
the
seems
of
effective, competition
Increased Competition
The
commercial
by
financial
risks.
fore
investment
and
lending
their
field
banks would actually lessen com¬
veloped to the proposals now be¬
he adds, banking can similarly, as other
way,
competing
on
ef¬
mercial
The
bility to suggest that banks should be entrusted with greater dis¬
cretion
fects
this
the
argue
concentration
restrictions
counsel of irresponsi¬
a
in¬
standards,"
"need"
cised.
the
secure
into
credit
stitutions, raise doubts about the
banks
Washington, D.C.
tomorrow's
whether this is The time to "relax
vestments, and today's secure in¬
vestments are
often
tomorrow's
needed,
By Hon. James J. Saxon,* Comptroller of the Currency, United
Today's risks
21
A MEMBER OF THE FEDERAL
DEPOSIT INSURANCE CORPORATION
23
22
The Commercial and Financial Chronicle
(1710)
But it would be
honest
attempt to provide added flexibil¬
in
ernment
this,
banking
our
the
entire
banking
Saxon
a
bwes Mr.
'
tude.
for
to recite a brief
to
from
state which
a
limited degree.
a
'each
problems
i
n
t
of
banking
their
on
be
lems, since trade
lines.
state
modest
bank
within
authorized
miles
25
office
but
state.
The
branch
its
principal
within
its
Committee
limitations
extreme
may
.-.
.
con¬
impede the
in
be-harmfully
(The Lip)
Who
of greater
Controller
show
to
he
effi¬
undermined
ing system.
heading,
greater
the ' im¬
recent
Yet
as
the
dual
to
have
in
mind,
for
activities
»regulatory
with
those
agencies,
both
State and Federal levels.
at
This is
been
the
ex¬
Governments
change of information that is
nec¬
branching
on
developing
a more
with
a
It
to
me
these
only
can
be
vidual
states
r
dual
our
recommen¬
interpreted
coordination,
banking system
operate effectively without
than could
dual baseball system.
A merican
the
Suppose
threw
states
having
taken
his
Yanks'
ing system
tional
we
have
well be washed
known
it
it
away.
at least to
ing
feel
some
,
states
dp not have branch banking
at all would
a
be
better off with
if
right to
they
use
it,
limited extent. Bank¬
authorities
level,
Mr.
Saxon
the
at
agree,
Federal
have
moral suasion
every
in
at¬
tempting to induce these! states to
high,
Mickey
League
hard
-
one
Mantle,
umpire
to
the
might
the
a
"ball."
Maris clouted
field
When
to
policy of
the
revise
and
outright
at
finally
the
of the
attention
which
ernment
exercises
sion
on
Money
grappled
with
and
this
To
tional. Leaguer
a
foul ball.
Federal
was
banking.
bodied
err
Reserve.
The
Maury Wills tried to steal
second
might call him "safe," the Ameri¬
in
special
the
idea
much
has
failed
to
from
members of the Reserve Board
the
two
>
One
;■
of
agencies
it
would
the
of
governors
Board—J. L. Robertson—has
up
is
with
now
alternative plan
an
before Congress
for the creation of
whicly
This calls
Federal
a
the
Bank¬
supervisory and
amining
powers
Reserve,
as
of
well
as
the
the
the
come
ing Commission which would
all
or
.
.
as¬
ex¬
Federal
functions
Newport News Shipbuilding and Dry Dock Company
Quarterly Statement of Billings, Estimated Unbilled Balance
September
1963
are
24,
1962
Billings during the period from
shipbuilding, ship conversions
and repairs,
.
.
.
.
.
23, 1963
24, 1962
>
$160,063,429
September
At
23, 1963
provided,
/
the
balance of major con¬
unbilled at the close of
period
period
IeLCd°wTtUr?£*S
.
.
.
$191,862,697
is
R. I.
of
this
the
safe¬
Board
similar
I
that
to
New
York.
This
cated
by Governor
an
would
Board
greatly from the
would not be
Howard
by
advo¬
one
It
Robertson.
agency
all the functions of the
absorbing
Controller
and the FDIC.
Rather, its author¬
ity
limited
would'be
structural
questions
to
such
certain
as
ap¬
proval of mergers, branches,> char¬
ters
of
national
new
holding
company
Serving
on
of
each
Reserve
ler of the
acquisitions.
it would be represen¬
banking
eral
and
banks
of
the
three
Fed¬
agencies—the
Fed¬
Board, the Control¬
Currency, and the FDIC.
a
of
the
general
public.
the Federal level
of
appealed
were
The
latter
the structure
on
banking.
None
'
of
this, of course, would
the
states
right
to
independent
of the
indi¬
their
make
decisions
own
with
re¬
spect to charters, branches, merg¬
and holding company affilia¬
involving
unless
those
state
rights
,
banks.
be
can
For
exer¬
cised by the states, the term "dual
banking
true
system"
would
lose
its
meaning.
Such
an
arrangement,
in
my
view, is well worth exploring
lenge
a
as
attempt to cope with the chal¬
we
of
change
without
death blow to dual
in
We
the
that
dealing
banking.
banking
must recognize and
fraternity
accept the fact
modifications of
some
in¬
our
stitutional patterns are inevitable.
It
would
be
foolish
and
futile
ignore this arid to barricade
selves in
issue
to
of
be
a
vital stake in
which
modifications
made.
have
we
to
our¬
tiny enclaves of nostalgia.
You and I have
.-More than this,
solemn
a
speak out
the
responsibility
this issue and not
on
like the present, both
banking industry and the Gov¬
ernment
regulatory
benefit
tive
far
agencies
from
more
critical
other's
interest
proposals
in
or
can
construc¬
than
from biased attack
one
an¬
they
can-
hostile neg¬
lect.
For my
part, I
adjustments
the
am
confident that
be worked out in
can
banking structure which will
reflect
and
both
sense
a
an awareness
For
of
the
past
of the future.
v
A
part, I earnestly hope
your
will join in the effort to bring
you
this about.
Federal
the
I
automatically
on
relating
most
to
of
at
the
structural
It would eliminate the
and
role
unnecessary
"to
come
about
the
have
great
desirability
our
A
'
part, I believe
we
must
that those elements Which
basic
to
not
are
the
dual
sacrificed
strengthened
in
are
banking system
but
the
rather
process
are
of
change.
*An
the-
Department of Justice.
have
doubts
level
For
see
Board would
address
State
by Mr. Rockefeller before
Bank
Division
Annual
Convention
Bankers
Association,
Oct.
7,. 1963.
m.
of,
the
89th
of
The
American
Washington, D. C■, /
vs;,-
of
tions to
a
fer
the
of
single agency. The trans¬
Controller's
create
at
an
the
office
to
for example,,
overly
powerful
any
At the
same
,o
Co., Incorporated, 67 Wall Street,
FLETCHER, Financial Vice President
time, I believe there
great merit in
a
proposal first-
voiced by Alfred Hayes,
of
the
Mour
Federal
Vnrlr
F Vi
o
Reserve
f
Granbery, Marache
Nov. 1, Blair & Co. Incorpo¬
level and
duality of our' rated, 20 Broad Street, New York
City, and Granbery, Marache &
Federal
to weaken the
Merger of Blair &
On
Permit Decentralized Decisions
or.
it
Board.
would, in effect, constitute a high
douft on all questions brought to
should
'
basis; such income for
Central
assessment
suggested
banking system.-
04d.es,irnoted' unbilled balances
unless
of
would
19,293
bi"in9'
the
re¬
rou¬
and their decision would
cases
final
to
apply to banks.
differ
agency
the percentage-of-completion
These
leave the determination solely to
the Government. In a time of re¬
recently
serve
IOu n",erm shiPubuildi"9 ""tracts
might be added
shifting all bank supervisory func¬
September
$391,574,318
19,160
com¬
the anti-trust laws
iff mind
questions.
By Order of the Board of Directors
1963
and
not to
Again two
Cross of the Federal Reserve Bank
is
October 23,
are
decisions
Equivalent number of employees,
on
a
40-hour basis, working
during the last full work-week
of the
of
because
the Federal Reserve,
$426,820,772
.
be
applied, in¬
ThedCentral -Banking
have
the
24, 1962
Estimated
legisla¬
Proposes Central Merger Board
•
$63,034,303
District
representing
the Regional Boards.
the
of
^52,949,063
Such
to be
are
that
extraneous
At
tracts
Ended
hydraulic turbines
and other work
level,
provide complete coordination
September
members
the general public
to
spell out the various
procedure
such
as
Such
September
the
of
Bank
I would add two additional repre¬
of Major Contracts and Number of Employees
23,
at
acquisitions
It should be made clear,
sentatives
Nine Fiscal Months
mergers,
national banks, and
and
enthusiasm
CrOss, fol¬
Federal Reserve Bank.
exclusive
guards to the public interest that
,
far
Central
a
the
company
petition.
.
So
evoke
of
approve
new
moreover,
eral
September
hands
should
in the
Controller
Merger
cluding the maintenance
proposal
consist
National
additional
ers,
the
revamp
the
Federal
tatives
Three Fiscal Months Ended
to
the
:
sume
base, the National League umpire
the
structural
other
accomplish this, I would urge
tion
ear¬
Howard
charge of bank supervision of the
con¬
Av'AAv;
criteria that
had
to transfer all the powers and
absorb!
When
and
holding
should be created, and
agency
that it should be
from
home run, the Na¬
a
ing
lier, finally concluding that such
an
time,
Examiner,
Supervising Examiner of the
the
safety,
as
and'Holding Company Acts, plac¬
Gov¬
problem
that
competitive factor in judging
Congress
has
Credit
might
Chief
tions
supervisory
over
ies
vidual
changes.
level
Federal
clear
weight along with
proper
mergers
of^ centralizing
the
in
suggested that such regional bod¬
jeopardize
given
branches,
call
line, the American Leaguer
might rule it
unmistakably
the relative merits
roof all the
I
hope the legislators would
it
Board
one
might,
Mr., Hayes' idea, has
up on
be
co¬
there
lowing
venience of the community, should
to
it deserves!
year,
that
take action
principles again.
to
past
therefore,
soon
power
Na¬
right-
hope,
Banking
the
of
mentioned.
gional bodies could handle all
^
f
regulated industry like bank¬
a
the
command
to
boards
District.
serve
tine
would
power.
Federal
begun
it
of
Act
soundness, and the needs and
urge
noncoordination,
of
use
'
fly in
when
Merger
1
:
on
Congress
ing, such considerations
part of the Con¬
review
Bank
been considerable discussion about
Roger
down the
one
in
stand¬
troller. -1 would respectfully
"strike," the American League
a
arbiter
that
personally,
the
agree
to
seems
enunciated
the
make
attitude of competi¬
an
on
mergers
uniform
no
I
case.
principles
firmly
would
adequate
no
to the Federal Reserve.
without
I,
are
the FDIC
constructive action, the dual bank¬
as
benchmarks,
ards, and
like
area
bank legisla-" Leagues refused to coordinate the
of the World Series.
sooner or later,, umpiring
and
When the Dodgers' Sandy Koufax
may
an
of
do-
a
the dam will break. And if it does,
the
there
functions
adopt
on
Otherwise,
in
of
to define those
You will recall that the Commis¬
d
-
any more
cially
for
need
accelerated
been
Congress would
policy
on
National
cannot
nothing attitude
tion.
that
our
particular,
the lack of coordination
powers
requires little imagination to
cannot
strong evidence that the indi¬
as
It
see
seems
dations
and
essary for it.
rational
pattern.
coordination,
face
I
where
has
Federal
Saxon
to
in
have
I
en¬
kind
ratioh, and the Vice-President in
1960.
banks
Policy
dissenting Justice Harlan
passed
Patience
the
ex¬
be
Federal Deposit Insurance Corpo-
had
state
with
Board
Regional
The
Philadelphia
the
prob¬
Banker!"
Advises
feasible
Central
greatest
This would
the
Poor
For
tirely
the
at
that decision for it
com-^
of these
some
on
vital
and adminis¬
essential.
action
with
No wonder
Journal, in
its
on
possible.
the
by the Supreme Court decision in
lems, titled its editorial: "Lo, the
under
willing to under¬
take
strictions
menting
During
a
effective
view to
Wall Street
some
the
urged that both Federal and State
re¬
The
ordination
other
of
departure. Previous Control¬
present
governing
branches and mergers.
is
such
and, worst
standards
tent
and the like be
mergers
decentralized to
con¬
bring order out of
hodgepodge
level
interpretations
Fortunately, the problem of
his refusal to coordinate many of
his
the
over
the
substitute patience and persuasion
example,
have
review
conflicting
has
lers
it
Federal funds;
of
branches,
would
convinced that
am
action to
some
regulations gov¬
over
erning
all,
Personally, I
bonds; conflicting in¬
terpretations
plan,
be established in each, Federal Re¬
underwriting
the
exclusively
of determining
Thursday, October 31, 1963
.
FDIC.
Need to Coordinate Merger
confusion.
and
Reserve
..
tering monetary policy.
noncoor-
conflicting inter¬
over
revenue
for
in
new
and
pretations
be
unwittingly,
provision of banking services and
competition,"
embarrassment
of
role
policy in banking has led
There have been
his
bank¬
appear
perhaps
man
of his poli¬
some
actions
the
precisely that direction. >1
I
Durocher speech¬
months, the
Federal
centrate
"
tiveness
It
dubious honor for him
a
and
would
posesses.
now
c'own in history
cies
even
And
process.
exercising
power
would be
to go
the
advised
restraint
own
Institutions
branching
on
a more
national
a
President's
"that
cluded
the
to
of
only
Financial
on
that
proposal
be
this,
with
came up
cross
Committee
Advisory
Banking
on
of
Because
Controller's
often
areas
enough to render
has damaging consequences, espe¬
well
be
mense
prob¬
pose many
con¬
to
benefits that might
any
believe
I
trade
implement such a policy
To
area.
guarantor of
Controller's Lack of Cooperation
•
would, of course,
sys¬
ciency.
ly, banks should be permitted to
throughout
a
banking
the form
in
come
Money and Credit felt that, ideal¬
branch
dual
the
banking—would
outweigh
in
Commission
The
t.
serious
a
the
the
the final cost to banking could far
degree as being in the public
e r e s
which
compromised in the
has
recently
branch
recommended
some
permits
Neverthe¬
which has studied
group
banking
of
use
tinued freedom and independence
it is significant that
less, I think
a
constitute
tem stands—as
I
branch-banking,-although
come
it
laws.
state
such
to
setback to dual banking. The good
I do not propose
for
of
question,
would
banks
national
regardless
Without
force
t
7*
^
branch
debt of grati¬
to force such change
were
permitting
by
system
in
judgment, if the Federal Gov¬
my
structure—
flexibility that could upgrade the
efficiency of banking..
And for
ity
bad mistake,
a
an
and
would
In
br'ng about the necessary change.
20
page
convinced,
am
Controller
Under Governor Robertson's
dination
I
the
of
Such
less!
By Controller's Decisions
sent,
;"out."
obviously unsettling developments
Leo
Continued from
umpire
League
can
Dual Banking Imperiled
,.
President
Bank
rJor»icinnc
of
on
New
York
will merge their
City
businesses and continue under the
name
of
Blair
&
Co., Granbery,
Marache Incorporated.
are
members
of
Stock Exchange.
the
Both firms
New
York
Number 6312
198
Volume
We have also learned how
abused.
Enlarged Initiative for Banks
to
employ and to regulate power
with discretion.
It has
which
If
place in our society.
no
monopoly with
it is the danger of
concerned, the safe¬
we are
guards should be addressed to the
maintenance
not to the
enclaves.
This
of
.
argument
other form
that
added
is
there
no
they
are
not now
vide
are
available
need
for
which
allowed to pro¬
services
from
vency
and
•
The matter of timing, moreover,
for banks are not sought as
powers
of influencing the course
a means
of
The
plied
business
the
at
sity is properly applied, however,
ity is required.
only to bank formation and bank
of
merger.
public
No
purpose
can
bfc served by restricting the range
financial
of
services
offered
by
banks, unless the performance of
service
the
and liquidity.
vency
bank
threatens
limitation, the
sol¬
Within that
in
consumer
a
free
market should make these choices
—they should
Perhaps
the
most
mischievous'
of
the
powers
is
banks
the
present, j when
doing
so
commercial
of
argument
our
that
the
economy *
well, is not the
relax credit standards.
is
time to
This view
reflects two varieties of confusion.
Broader
powers
open
investment
and
lending
merely enlarge the choices
to
banks.
Unless
it
is
as¬
This is
function
a
monetary
this
should
be
accomplished
by
influencing the aggregate lending
investment
and
of
resources
the
precise
banks lend
attempting
by
selective
through
rect
not
and
controls to
issue.
bills
for banks raises
now
enlarge
the
powers
Banks "} would
that
spurious
Congress to
of
National
limitations
relax
designed
were
a
broader
been stated that the
before
the
to
safeguard
banks and the public from dangers
such
as
past.
But
more
the
we
from
mere
have
we
vital
com¬
national needs and alert to
our
the
a
banking system, sensitive
opportunities
new
emerge,
if
tered
harsher and harsher rules
on
attention
our
is
cen¬
of enforced conduct. The initiative
enterprise which
in
the
surely have learned
our
fact
known
experience
that
power
than
can
be
Celanese Corp.
.
That
concludes
like
would
comment
David
to
remarks.
my
make
now
I
brief
a
the statement of Mr,
on
Rockefeller.
That
state¬
ment appears to me to be a repe¬
tition
of
spring
before
mittee.
The
questions
swered
at
faction
of
no
reason
the
raised
Patman
questions
last
Com¬
were
an¬
To Stockholders
Celanese
of its
ers
to
ratio
of
one
I
see
held
of
why I should make
any
that
to
the
committee.
offer,
ten
by
Bank
Mr.
Saxon
Division
nual Convention
of the
before
the
at
89th
American
Washington,
D.
the
An¬
by
C.,
Oct.
7,
Net
the
not
cultivated
be
flourish
in
such
and
cannot
environment.
an
Minn.
be
confined
clearly
those
needed
solvency
ture
to
and
to
which
bank
preserve
liquidity.
are
Our
ma¬
banking system should be al¬
lowed
to
act
of its past
maturely,
the
ills
it
has
known.
No
Fear
technologies
take
of
our
advance, and
place in
world
a
affairs
quire, more than
—
we
shall
performing
tasks
shall
we
re¬
ever, a commer¬
cial banking system fully
of
we
the
sotat
Minn,—The Minne-
Group
the
of
Investment
Association
Bankers
elected
has
confront.
If
the
economic growth and develop¬
ment
is
scope
for
have
to
This
is
to
be
fulfilled,
private
be
a
greater
initiative
allowed
in
will
banking.
responsibility
Company,
to
be
Inc.,
officers
of
be
used
pri¬
of
facilities in-;
its
elected
Phillips,
R.
Bache & Co.
Co.
Shute,
the
/"-•'
'...V.
Executive
in
related
in
Delaware
company,
together with
domestic
and
foreign
companies, manufactures and sells
diversified
cals,
pulps,
and
its
of
petrochemi¬
polymers
and
Domestically,v Celanese
plastics."
facture
line
fibers,
U.
different
subsidiaries
S.
sell
and
manu¬
than
more
150,
products^ which are dis-'
;Fred
R.
sifications
Gamble,
and
substantial
Co.,
Shearson,
Preston
Hammill
(Minneapolis);
,
'
In
o
t h e r,
addition, un-_.
subsidiaries,
companies
conduct;
operations abroad.
*
New Bache Office
Jr.,
PHOENIX,,
and
by
use
foreign
related
(Minneapolis); Law¬
&
for
manufacturers..
consolidated
Com¬
Shaughnessy,
Shaughnessy
B.
Chairman;
Secretafy-Treas:
to
were
E.
-
Hanson, Caldwell-
/
Elected
mittee
Vice
Inc.,
urer.
rence
Wil¬
were
the
tributed in 30 broad market clas¬
Walter
and
Chairman.
Jones, Allison-Wiilliams Co.
(Minneapolis),
new
positive role of commercial banks
in
Benjamin M. Storey, Jr., Kalman
capable
many
sale
will
expansion
production
Incorporated
as our
as
be
finance
1918,
PAUL,
.
lis P.
widening range
will
and
ST
Other
\-
population grows,
the
eluding those of subsidiaries and
&
our
1963.
shares
related companies.
a
of
because
The
York,
the general funds of the
to
domestic
by
New
from
IBA Elects
heedful
experience, but not in¬
marily
Group of
Public controls in banking should
headed
additional
company
the
1963. The
25,
Corp.,
proceeds
added to
in
being underwrit¬
group
a
Boston
es¬
so
Oct.
is
will expire Nov. 12,
Bankers
/
record
share for
per
shares
share for each 8
new
which
First
Association,
$45
satis¬
address
National
at
has
offering hold¬
stock the right
common
subscribe
additional
time
America
of
964,390
that
further comments.
"An
Corp.
announced that it is
sential to economic progress can¬
are
*
i
Rights Offering
Reply to Rockefeller'
1963.
and
assurance.
which
di¬
excesses"
against
argument
It has
no
invest.
or
The reference to "past
powers
is
to deal with this prob¬
We cannot sustain
As
an
banks
our
lem.
which
in
forms
have
abuses
past
proper way
valided
banks,
as
basis of opposition to a broadening
activ¬
policy, and not of
private banks.
If greater pr
lesser
monetary ease is needed,
not be determined
by governmental edict.
ap¬
time when
of business
stimulation
the
to be
cycle,
particular
a
of public convenience and neces¬
expansion through branching and
Enlarged
here.
issue
of
.
Monetary Policy Not Involved
an
To immobilize
because
mercial
not be sanctioned.
not
failure
of
incapable of adaptation to
change.
;to
is
Limitations enacted
despair
proven
of
should,
liquidity
of pub¬
sol¬
bank
to
hazardous
clearly
the
confident
It is not one to be feared.
basic
last
the heavy hand
lic regulation.
in
the
with
sought
23
of
banking laws have
our
better
a
Activities
allocation of resources.
other fi¬
test
and
risk
of
versification
a
are
intermediaries.
nancial
of
We
permit greater di¬
should
tunity
an¬
commercial
from
the
since
guise
the
"need."
of
regulatory authorities are
and the
lax, this wider horizon of oppor¬
course,
in
appears
under
services
banks,
and
preservation of private
"
'
determination
told
competition
imprudent
sumed that bankers are
t
f
revision of
revealed
Three decades
since
experience
Should Not Be Feared
Continued from page 21
(1711)
The Commercial and Financial Chronicle
.
&
.
has
opened
North
Ariz.—Bache
a
&
Co.^
branch office at 727L
Central
Avenue
under the
management of James C. Borst.
Ji
;
IX;
IX;
I*
-
t:
V.Y
V*.
I? *
r
fy,
T
V.
,
•
*
tew*
j#5r-
PARFUM
$20.00 OUNCE. OTHER
SIZES $5.00 TO $100.00. ALL SIZES
PLUS TAX.
©COTY, INC. 1963
—
ALSO AVAILABLE IN CANADA
24
The Commercial and Financial Chronicle
(1712)
peculiar to
What Corporate Treasurers
but
gory,
Under
overlap.
the
heading
banking service,
Look for in Banks
./
Prudential Insurance
Bankers
are
apprised
Company of America, Netvark, N. J.
to, and should, receive from banks.
formed
items
They
bank balances, notes that bankers
as
of "lock
ac¬
to be, advanta¬
appears
using recently de¬
are
We
are
possible
as
account
recon¬
adapting
as rap¬
the
to
ment of electronic data
ingly aware of the service nature of their business, and refers to
extensive use made
our
accurately.
and
example,
for
idly
increas¬
are
it
we
ciliation.
'
construe C. D.'s
Where
geous,
as,
routine
He cautions bankers not to
deposits and other accounts.
as
such
handle
to
speedily
veloped, specialized services such
from being kept in¬
range
handling efficiently
important matters to
on
Obviously,
banks to accept our
our
and
counts
to services corporate treasurers would like
as
expect
we
routine
requirements
our
in
processing
the
coun¬
been of significant
value
in
this
connection.
we
make it
of
>
approach
with
of
know
in
some
for
in
I
look
the
knowledge of such fundamen¬
no
tals
functions vary
their trend of deposits, the
as
;state of their loan demand or their
widely
so
from company
current
to
various
company;
and the job of
treasurer
to
a
come
In
off
al-
a
n
y
In
H. Woodruff Tatlock
other.
biggest difference between
job and that of most
follow the practice of
their
treasurer's
our
sponsibility:
exceptions
rowers,
and
interest
in
banks.
It
,have the
the
therefore
follows
problem
purpose.
bor¬
have
that
of
little
service
do
we
temporary
of
not
are
for
1,600
that
and
know
cations
service which
no
better than
of
routine
their
the
I
various
businesses.
what
for
is
friendly,
appli¬
prompt
intelligent cooperation in
ber
of
a
and
num¬
In my
contact
maintain
with
ascertain
service, to
new,
Of
The
one
porate
advised
in
banking
economic
marketing
to
of
keep them
and
conditions
the
way,
informed
bank
have
States
two
key¬
First,
we
re¬
attempt
in
the
country.
strive to do
we
do
various
Put another
our
in
all
we
our
situations
which
for
services
not
are
rendered,
but
reasonable margin
a
profit.
i
and
itable.
Under
with
1,580
field, sales and investment offices,
practically all of which require
some
banking service.
offices
are
These field
operated
under
the
supervision of eight regional home
offices.
Our
banking,
is divided into
two
therefore,
broad
catego¬
ries covering field collections and
thing I
am
sure
deplore
cor¬
operations, and
above
centration
counts.
visitors who, although
we
and
Some
look
home
to
office
con¬
disbursement
of
the
banks
to
ac¬
are
lock
Since
bpxes
that the myriad of details such
as
engineering studies, feasibility
reports, analysis of ,over-all debt structure and
financial public
relations have been
carefully planned and attended to prior to
the financing.
Our
firm
throughout
has
the
provided
nation
for
this
service
over
a
welcome
and
inquiries from bankers
independent services.
for
many
of
quarter
about
'
our
a
municipalities
century.
uniquely
'
.
W^e
complete
'
other relationships which
any
maintain with
&
RAMSEY Inc.
what
about
and
resentments
has
been
recent
of
use
move¬
point to point.
activities
alone
70 Pine Street
New York 5, N. Y.
on
Municipal Finance
First Nat'l. Bank
Bldg.
Miami 32, Fla.
'
Washington 5, D. C.
from
treas¬
usually
in
on
ployment
sure,
some
their
part.
This
markedly true in
since
years,
more
of
corporations
avid in the
funds
in
the
short-
It is, however, my observation
the
as
of the
ness
also has their
so
value
ing
connections
ing
of
the
value
on
of
that
so
you
working day,
can
the need
see
banking
bankers
of
aware
are
the
increasingly
service
nature
business, and I believe that
are
meeting
in
♦From
Bankers
with
growing
bringing these services
the collection of
as
Oct.
talk
a
Annual
by
Tatlock
the
of
the
at
American
Association, Washington,
1963.
8,
Mr.
Convention
D.
C.,
>
v
coupons on bonds.
investment
principal and
Our short-term
operation
facilitated
the
by
rangements
is
ar¬
Since,
like
of
most
corporations,
business is
our
at
the
community level, we expect tan¬
gible
help
home
where
for
both
offices
in
proper
field
many
and
proportion
which
of
the
A
nual
Meeting
of
Pennsylvania
vestment
the
Group
Bankers
the
An¬
Western
of
the
are
nature,
loan
Since
long-term
Association
of
between
are
we
is
common,
look to
our
mation
on
the long.
customers,
on
for
of
some
rely
we
the
of additional'field
Like
we
all
turn to
de¬
corporate
our
banks
for advice and assistance in many
and
expect
dispassionate
to
Because
objective
guidance
meet
our
rely
we
other
ways
ducing
new
field
personnel
to
the
com¬
their
on
in many
such
as
help
intro¬
izations.
On
local
connection
space
behalf
we
business
of
our
finding
office
and housing, and in person¬
recruitment.
The
Florida
offering
stock
increasingly
tificates
of
deposit
significant part of
Rum
Co.
holders
the
225,836
of
right
untis,
he
was
Deane
&
;
to
and
stock
one
per
unit
for
each
subscribe
three
one,
stock
common
at
basis of
shares
to;
of
warrant,
the
on
(Miami) is
its common
consisting
$1.75unit
one
of
common
will
ex¬
Nov. 14, 1963, and the,un¬
on
the
portion
warrants
by
of
the
will
under¬
Securities
Although offered
by
Corp.,
1
Pompano Beach, Fla.
common
shares
be
managed
group
a
Consolidated
as
unit
a
the
stock and stock warrants
immediately
the
share
holder
of
share at
separable
Each,stock
to
time
any
and
warrant
purchase
stock
common
on
at
$3
before
or
25, 1965.
proceeds
units,
from
estimated
the
at
sale
of
approxi¬
in
William G. Simpson
America,
1963,
held
the
Thursday,
following
members
mittee
Frank H. Hunter
the
of
Officers
Executive
24,
and
Com¬
elected:
were
Chairman
Oct.
—
Frank
H.
Hunter,
McKelvey & Company.
Vice-Chairman
—
/
/
sundry indebtedness
to
$100,000,
for
to purchase
about
III,
Moore,
J.
Leonard
&
Lynch.
,
■;
Secretary
-
'
-
Simpson, Simpson,
Company, Inc. '
Emery
Inc.;
Committee:
William
Co.; Robert C. Schmertz,
Schmertz
&
Co.,
and R. Burton Parker, Kay,
&
$25,000,
equipment $30,000 and
$65,000 to
pay
current obli¬
gations past due.
Old Florida Rum
in
February
such
rum,
organized
was
1962 to produce and
alcoholic
gin,
vodka
from
Florida
ucts.
v'////"
beverages
and
cordials
agricultural
prod¬
W/V
■
&
Cunningham,
Richards
inventories
advertising
/
Wallace, Mellon National Bank
& Trust
approximately
finance
Treasurer—^ William
G.
Executive
of
amount
$100,000,
as
Lynch,
the
market
Thomas
gen¬
corporate purposes including
FOR
YOUR
f/
CLIENTS'
INTERIM
FINANCING
Co.
NEEDS
popular
account
our
Talk to the
Watkins Named to Post
Harry Watkins, Senior Vice-Pres¬
ident
at Bankers?
Trust Company,
has been elected Treasurer
American
Cancer
of the
Society,
City Division,
New
about
Commercial
Equipment Financing
Leasing
Inc.
Financing
•
Factoring and Export Factoring
•
•
•
Equipment
Rediscounting
james
Mr.
cer¬
for
man
from Talcott
field
often seek advice
with
past
management
community, including civic organ¬
management,
the
Singer,
To Stockholders
retirement of
J.
important
are
In
in
working capital and used for
how
on
centers of influence in their
munities,
and
needs. /
banks
Co.
Old Florida Rum
eral
larger
office
v
McConnel, Jr.
mately $320,000, will be added to
suppliers
Also
guidance in the selec¬
treasurers,
nel
&
W. B.
d
r
a
our¬
constantly
we
a
Scribner.
the
as
partner¬
we
z
a
partner
Oct.
by
are,
banks for credit infor¬
borrowers.
best
L
a
a
term
and
in
maturities, and
areas
in
one
with
ship with banks—they taking the
As
McConnel is
entitles
and
investors
made
x-
Mr/
sources
and
the banks
E
transferable.
Very frequently, loans to
businesses
short
Stock
changes.
are
contrasted with commercial banks,
this is a fruitful area of coopera¬
selves.
nd
a
Pitts burgh
Net
mortgage
referrals.
tion
York
In¬
large
banks
do business
we
both
loan
investments.
of
New
written
Pa.—At
in¬
areas
volving both insurance sales
of
Group Elects
and
>
members
the
and
possible ,and
our
Trust
Building',
subscribed
PITTSBURGH,
the bulk
Union
pire
have with certain
we
banks.
&
Scrib.ner,
The subscription pffer
Western Pa. IBA
greatly
custodial
Singer,
stock held of record Oct. 25, 1963.
well
as
in
share of additional
custody services of banks for the
safekeeping of securities,
.1
partner
of' Old
they
we
the
' "
relation¬
their
fer/
use
will
1
high
a very
Certainly there is clear evidence
that
89th
corporations
a
Bruce
Nov.
ships.
have for fast collection and trans-'
Many
In
process.
place
about
per
become
W.
—
bank¬
understand¬
banking
our
on
cor¬
aware¬
their
and
my company, we
Jr.
Freres
sophistication of
porate treasurers in this field has
increased,
Pa.
McConnel,
partner
to the attention of the public.
$9 million
em¬
term; paper markets.
that
FITTSBURGH,
a
am
success
C.D.'s Are Not Bank Balances
Wyatt Building
I
more
have become
widely
very
reflect,
Deane
Deane
remarks
arer
Rejoining Singer, ;':i
some¬
corporation
These
we
banks.
time, I hear
derogatory
theless
York
Consultants
the
From time to
produce average disbursements of
in
WAIN WRIGHT
are
Our investment
positories.
municipal underwriter and dealer benefit
equally.
For the specialized services of
the independent consultant assure
collections
our
make constant
we
heavily
the
invaluable in
are
ment of funds from
tion
And,
income,
the services of banks in the
banks
Successful municipalities
relying upon the independent financial
consultant enjoy
numerous
benefits:
favorable money rates,
increased underwriter and dealer
interest and wider market
acceptance of their bond issues to name a few.
of
source
both
spread,
and'
of mutual benefit...
conditions,
achieving, maximum ayailability.
things that
provide
highly prof¬
today's
important
an
service
through the United
Canada
pay¬
the prompt utilization of funds is
banking
we
their
areas.
treasurers
United
over
business. Second,
endeavor to maintain balances
all others is the time consumed
by
some
of the
where
of
tech¬
in
the
business
our
States
be
may
the
and
balances geograph¬
We' operate
depositors
they
developments
niques, of
„
of
of
close, frequent
their
how
cash
of
philosophy with
our
also to allow
those
are
ar¬
investment
and
our
spread
banks
banking institutions
in
to them.
areas
view, the most effective
which
and
only adequate to compensate the
ways.
Keep Treasurer Informed
'
to
technical
treasurers
re¬
ically, in line with the importance
Beyond
corporate
of
banking
our
excess
Canada
spect
banking services to their
customers'
look
so
department
areas
forecasting
the
banks
stones in
expect with which bankers
not thoroughly familiar. Bank¬
these,
both very useful and
with
rate because of
or
McConnel
term
-
preferential treatment
respect to term
insurance
group
We have found this device
our
We maintain accounts with
we can
ers
to
custody of the company's assets.
maintaining
balances
of
rangements,
✓
think of
can
not
securi¬
on
premiums and group annuity
handling of the cash flow, the ad¬
corpora¬
are
this, major
Compensating
I
we
main
interest
and
dividends
investments,
and
quarters
own
and
ments.
know them better.
may
tion treasurers is the fact that with' ministration
rare
.wel¬
we
visits
various
payments of principal,
payments,
ties
in
receipt of mort¬
principal
loan
interest
presently have
boxes
for the
locations
gage
We
lock
our
contacts with them.
have four
we,
The
my
we
want,
opportunity to further
personal
established
balances,
short
somewhat jocular tone, but never¬
lock
of
use
.
from
contrary,
to
services.
box
disbursements
t
o s
m
that
visits
the
we
in
banks
pat¬
than
fact,
frequent
the
expected
tern
On
every
personal
our
I
expect, is fur¬
ther
respect
with
discourage
banks.
insurance
company,
policy
lending situations.
This is not to say that we
,
mutual
large
life
of
experience of lengthy calls
by bank representatives who had
no,corporate assignment
which
All too often, I have
ing to offer.
had the
Services
Box
extensive
We make
our
We do not ask and do not
paper.
bankers
Lock
pleasant and courteous, have noth¬
what
of
trepidation.
treasurers
corporate
banks,
subject
the
bank
as
marketable
as
want
Incidentally,
regard certificates
we
deposit not
but
across
manifestly clear to
banks that
urers.
I
Thursday, October 31, 1963
.
wide acquaint¬
our
with banks
.
try has
develop¬
banking.
box" services.
portfolio, and
ance
of
relatively simple.
are
deposits
By H. Woodruff Tatlock,* Vice-President and Treasurer, The
-the other cate¬
one or
many
.
a
short-term
John
Watkins
is
a
Director
of
Robert Powers Products Co.
Inc., American Surety Co. of New
York
and Neptune Meter
Co.
inc. 1290
New
York
Avenue
of the
19, New York
Americas
956-3000
Volume
198
Number
6312
Pacific Gas
.
.
The Commercial and Financial
.
Chronicle
accepted by the union.
BANK AND INSURANCE
effect
Halsey,
Stuart
Co.
&
cago, he&ds a group
which
ers
Pacific
first
is
Gas
$70,COO,000
Electric
&
and
of underwrit¬
offering
41/2%
Co.
mortgage
refunding
bonds, Series JJ, due June 1, 1996
at
101.72%
Oct. 29
Proceeds
bonds
bid
its
on
the
cost
erties.
part
become
funds of the com¬
additions
of
the
of
be applied toward
and will
pany
sale
the
will
initially
the bonds
MONUMENTAL LIFE INSURANCE COMPANY
its prop¬
to
the
at
option
both
prices
and for sinking fund at
ranging
100%.
106.72%
from
However,
bonds
to
there
of
none
be redeemed prior to
may
,June 1, 1968 from the proceeds of
debt
to
incurred
the
at
interest
an
participating basis.
of less than the
company
-
of these bonds.
Pacific
Electric
&
Gas
principally
gaged
electricity
is
en¬
furnishing
in
natur a 1
and
gas
throughout most of northern and
has
The
California.
central
estimated
an
territory
population
7,350,000
approximately
cludes the City
of
in¬
and
of San Francisco.
its
_
Effective
offices
John
7
written through
general
district
offices
cities within the
50
agencies
Uzielli,
viously.
and
35
There
general agencies
company's operating
are
serving
The district
area.
offices write weekly and monthly debit business as
for
we'll
regular
as
ordinary insurance, while the general agencies, which exclusively
The states of
represent Monumental, write ordinary business only.
continued to climb.
The amount of ordinary insurance
written
was
tablishing
the
of
York
New
Exchange, will become.,
Stock
President.
These results are quite simi¬
moderately lower.
industrial
business.
These
industry experience.
of the company's total and has doubled in
the past decade.
over
are,
In contrast, industrial life insurance in
force has increased less than 10%
over
little if any increase in
in line with the general
Ordinary life insurance in force at year-end
1962 represented 59.3%
size
trends
the past four
until 1956.
since 1956 and has been virtu¬
;
years.
overall, it has shown rapid expansion in line with
Group sales in 1962 amounted
In addition,
$23.8 million, nearly 14% of the company's total.
tiated, in
nior
accident and health business, which
Monumental has traditionally
mem¬
bonds
which
limited
assets
of $271
bership,
will
in
partner
R.
L.
become 7
Day,
a
Anthony
Tucker,
Broadway,
120
York
City, members of the
York
Stock
and
Exchange
leading Exchanges. Both
ners
in
are
&
New
New
'■(
The net investment yield for
3.63% after applicable Federal
year
During the
the
year,
Bond investments
tax-exempt
were
Overall, 1962
/•
office at 2
Rue du
Rhone, Ge¬
Switzerland, with
Heinrich
line
was
($2.3 million).
another excellent
was
record
of
the
in 1962,
ings
and
tax
Francisco.
ent
service to
a
It
was
ment will
tion
,
for the company
year
new
the method
settled
on
June
a
26
was
computing
of
as
well
the
a
Assets
1958
$218
1959
231
..
1960
Ordinary
many
This
Substantial
7 612
244
concept; of
remuneration
was
v
>
'
■.
j
258
1962
271
713
>
775
Total Prem.
17
641
1,090
32
; 463
1,151
life
$29.8
30.7
29.0
31.2
3L8
Bankers
ADEN
to
461
1,221
31,9
34.6
69
462
1,306
32.8
37.9
KENYA
•
-
UGANDA
•
ZANZIBAR
•'
Branches in,
2. Bi-weekly
INDIA
•
PAKISTAN
ADEN
•
•
CEYLON
SOMALIA
•
Book
Paid
Value
1958__£
$1.07
$3.56
$4.05
$0.87
$26.79
$58
1959—.
1.38
3.72
4.44
0.96
29.01
62
1.68
4.58
5.15
0.96
31.83
48-39
•
BURMA
1961
—
,2.03
EAST AFRICA
AND THE RHODESIAS
1962
2.39
;
♦Adjusted for increase in
4.517
5.29
1.00
4.77
5.67
1.10
life
,
insurance
cash
in
dividends,
imprint. These
lapse ratio, price range, 5 & 10 year
•
information on dividends, mergers, and earnings.
more
than 200 actively traded insurance stocks.
Factual Record of 80 Life Insurance
UA
•'
hook./
your
choice.
.
*.>
v
,.
Companies," an excellent
..'
<
.
#2 and #3 above plus six special analyzed reports
,../://
•••
□ The $21 service includes
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of
" •' V;"
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of the current market,
analyzed
check the service you desire and mail
check or money order payable to COLLE
INSURANCE
Dividends
Earnings
._
200 actively traded
name
for the entire year and include capital, insurance in
reports with
news
book
reference
Price
Adjusted*
I960—
2 inch ring binder with gold
PUBLISHING COMPANY.
1
Total
Total
Earnings
,-
net. earnings,
a
over
DATA
Income
the Government in
in
on
reports of your choice.
47
•-
Excess
stocks
/<>}
reports
increases, etc.
$26.8
Net Invest.
Year:
is
United States and
INSURANCE STOCK MARKET SERVICE
/'■
analyzed
special
reports are kept current
today with
22368-9
' /
Funds
•
Telex Nos.
up-to-date
insurance
force,
:
and statistics on the life insurance market.
which
broker or
Act of 1940
in the nation which
only service
life insurance field. Brokers throughout the
□ The $35 yearly,service includes
SHARE
SERVICE
imperative to have the
and important information check the
you desire. INSURANCE STOCK MARKET SERVICE has no affiliation with
insurance company nor does it hold a position in any of the stocks.
1. Complete
r
PER
lim¬
to
partnership Nov. 1.
is the
□ The complete $75 yearly service includes:
Telegraphic Address
MINERVA LONDON
SERVICE
MARKET
service
Capital
Income
Total
$1,045
,
will
Exchange,
Newman
be made in 'life insurance stocks but it is
profits can
4. Bonus
$451
,
Stock
William
MARKET
STOCK
3. Bi-weekly ciuotation reports on
'
1961
York
information on these stocks. For this necessary
any
SUMMARY
$16
656'
New
proper
agents who
was
Industrial
r
Broadway,
By Colle Publishing Company
give them the latest information
new
The strike
Group
$578
City,
foreign countries have come to rely upon the
many
to
STOCK
exclusively to the
However, in Ohio and
Life Insurance in Force-
Head Office
.
'
INSURANCE
devoted
(ooo,ooo)'
Dec. 31:
Ill
members of the.
York
''Registered with the S. E. C. under the Investors Advisors
are
enthusiastically accepted by
strike ensued.
new
STATISTICAL
Admitted
Co.,
&
New
ited
its
Haupt to Admit
Haupt
admit
purposes.
INSURANCE STOCK
policy
the production, of
as
not accepted by
union and
and
for
bonds
INSURANCE
sold, and thus rewards the agent for
program was
contract
new
represented by
has
sale for
earn¬
premium income rather than
upon
70% of the company's districts.
Missouri, the
are
new
year.
corporate
the
use
note
the
ANALYSIS & INFORMATION
initiated its Premium Growth
company
existing business
This
business.
the agent in
opera¬
Wisconsin
municipal
share)
per
experienced, the general agency division continued its
the conservation of
Ira
the
of
end
First
LIFE
/
in
,
concept of bonus compensation in its district offices.
.
the
bought
growing competitive pressures prevalent
the face amount of insurance
general
will
It
from
proceeds
financing
industrial
in
factoring.
the new depart¬
be in complete
the
by
Though
industry, Monumental instituted several pol¬
compensation concept is based
and
-■;,
expected
The
planned expansion, and the
A
is
engaged
parts of the
be
market for Wisconsin
stronger
municipals.
Madison
is
342
Ave., New York, the company
will
of particular
Wisconsin by providing
will
it
country,
York
New
'
at
Headquartered
customers.
department
the
handle bonds from all
icy line improvements in 1962. More have been added this year.
During the first half of 1963 substantial growth in group oper¬
M BISHOPSGATE, LONDON. 1.04
other
and
banks
expected in future years, but not to the extent of recent years.
ations
Co.,
City, and Dean Witter & Co., San
new
Additional gains from this change
savings.
negotiated by New-
was
Securities
York
notes,
1, 1978. The direct
services to its correspond¬
visory
past decade of steady and moderate
from changes in
resulted
placement
First Wisconsin's financial and ad¬
-
In order to meet the
!
Invest¬
out the
Oct.
due
$6,000,000
notes and
subordinated
invested/
$550,000 in 1961 and $650,000 in 1960 of the total net
in the life insurance
•'
to the
institutional in¬
$9,000,000 of
from
junior
both
/Municipal
will round
Department
ment Division
limited to industrials ($4.1 million)
gains in annual earnings. Approximately $400,000 ($0.40
reserves
Imholz, Representative in charge.
the
with
the
of
of
an¬
borrowed
had
comprising
vestors,
that
has
Co.
&
it
that
$15,000,000
of
the
out
pointed
addition
of
Heller
E.
mortgages at an average yield of
bonds
revenue
concentrated its
company
field/Over $17.8 million
commercial and residential
and
and
of total
end.
million at
investments in the mortgage
5.62%.
mortgages
on
and 42.1%,-respectively,
to 4.21% before taxes and
income taxes.
part¬
conservative policy
a
emphasis
with
operations
represented 45.8%
Walter
nounced
subordinated
Simpson
Bond
head
and
division
.
new
Ira
•
Coggeshall & Hicks have opened
neva,
investment
rose
in
Coggeshall & Hicks Branch
an
1962
other
Giorgio Uzielli & Co.
r
its
followed
Private Note Sale
and
The
Wigdale, Se¬
Vice-President
the
ini¬
was
J.
Investment
Mr.
1960, doubled its premium income.
will
exchange
underwriting
market.
j
Walter E. Heller
will
partici¬
bonds,
of Edwin
Though
busi¬
insignificant
While group volume still is relatively
the company's group
state for their investment require¬
Chair¬
department
in both
secondary
rection
five years, which have witnessed a rapid
expansion of ordinary life volume and
partner, and Giorgio Uzielli, who
an
The
municipal
First Wisconsin.
in
acquire
in
deal
to go out of the
ments."
announced
Brumder,
mium volume
general
a
G.
the
was
been
need for
be less
there will
Wisconsin banks
es¬
and Joseph W. Simpson, Jr.,
man,
'
member
has
William
by
is
Bank
Municipal Bond De¬
a
it
9% higher than writings in 1961, while production of weekly pre¬
lar to those of the past
Wigdale said, "With
Mr.
partment to our Investment Divi¬
The First
—•
department will be upder the di¬
v
,
National
partment
the
Missouri, and Pennsylvania.
a
sion,
pating
During 1962 the company's volume of individual policy sales
been
the addition of this new Bond De¬
Maryland of Ohio represent nearly one-half of the company's pre¬
gan,
not
underwriter pre¬
bond
Opens Mun. Dept.
mium
volume, followed in, importance by Illinois, Indiana, Michi¬
has
it
portfolio
own
year,
utilized
are
differing compensation basis.
purposes on a
60
annual basis to
on an
municipal
also
are
Wisconsin
estimated
share has been paid
Wisconsin Bank
and
production
estimated liquidating value.
currently
over
22.1
at
premium of
a
25% stock dividend of 1961.
a
bia.
to
Nov.
on a non-
With the addition of Florida last
management's earlier projections.
■
stockholders since
MILWAUKEE, Wise.
to the company,
..
100%
A dividend of $1.10 per
in 17 states and the District of Colum¬
district
is selling
stock
common
over-the-
to date in
adjusted earnings for 1963 and at
the company now operates
Both
price the
present
the
range
policies in
industrial accident policy is written
an
through its district offices.
ness
Tucker, Anthony
the
in
com¬
Monumental Life did not enter the group life insurance
To Be Partners in
At
$12?' bid
at
pf its $132-83 price
of year-end 1962.
Group life and accident and health
general agencies and
ally static
/
as
written. Individual accident and health policies are
cost
effective interest cost to the com¬
pany
$1.3 billion
ordinary and industrial classes and annuity policies
the
of
The
quoted
of the nation's largest life underwriters with
one
Monumental Life writes life, term and endowment
over
company
is presently
life insurance in force of
an
-deemable
in 1928 and adopted its present title in 1935.
company
pany
-
.
The Series JJ bonds will be re-
currently
are
approximately
Company of Baltimore, Maryland, was
incorporated under the laws of Maryland in 1858, became a stock
101.09%.
of
from
of the treasury
interest.
accrued
and
-The group was awarded
Life
counter market, near the top
times estimated
Monumental Life Insurance
r V:" ''// ' :/
million outstanding shares of common stock of Monu¬
one
mental
^is Week — Insurance Stocks
1963.
Chi¬
Inc.,
increase in line with the
year, a small
recent trend is expected.
& Electric Co.
STOCKS
While the strike will undoubtedly have an
earnings for the
on
The
Bonds Offered
25
(1713)
force.
-
Range
,
P.
-
42
-
46
34.64
113-46
37.91
120
7
"•/
-
/
66
'
/
@
NAME.
m
ADDRESS.
1
CITY_
0.
STOCK
Drawer 29,
MARKET
WORLDWIDE
SERVICE
Santa Barbara, California
STATE.
ZIP.
SERVICE
H
26
The Commercial and Financial Chronicle
(1714)
As
Natural Gas Regulation
pipelines
know,
you
required to submit
showing
rates
in
time
Problems, Old and New ■£*££
they
cial
—
•
•
.7.
-
.
i
; • -
In
i
industry's future growth or
the
tries.
Swidler charts a
Mr.
financial success in view of resistance
by the coal and electric indus¬
program for the gas industry's future
Commission's
the
have
which
great disillusion-
Washington, and
cases represent
$1.2 billion of
accumulated rates collected sub-
perhaps
in Pittsburgh and Hous-
ject to refund, in which the Corn-
nothing
that
ton
much
which
faster.
I
it
mission
in
to
say
that
the
problems
reasonable
a
"To
all
I, discussed at
the
than
tion. J. C. Swidler
amount
case
demonstration
a
administrative
tion last year had been completely
best.
liquidated, and that
agency
process
moving
in the
rules.
of
the
filed
un¬
think
I
it
&ble
solutions
regulatory
only
On
to
a
show
we
ash to
others
to
of
of
the
ing the
of the
number
judgment
curing
are
themselves
have
we
solution,
a
deal
good
efforts.
our
so
On
the
Whole I take pride in our record.
jJOne Commission
program which
exceptional results.
supply,
will
such
contribute
to
advantages.
will
production
read
basis
the
pipe¬
property,"
allow
would
Commission's
if
Another
the
I announced in
to
this
important
a
must
This
half.
a
expect that
be
grown
we
is
vast
a
the' record
price of natural
today
cases
gas by pipeline companies
the
reflects the beneficial impact of
crypts
caverns
Commission.
settlement program.-The rates
Fost pipeline; companies are
lowei? than the>r were two years:
our
The
of
these
full
may
in
rate
a
'.7
-
treatment
case
to
•
.
is
produced
the
program
clear
to
up
of
rate
that
has
to
the
Oct.
1,
and
do
A
gain
large
considering
be
clearly
ar-?
to reg-'
power
repeatedly been
the
the
Commission
justness
of rates.
and
.
.
inherent
price
of
natural
suasive
infregulating r
commodity suchv
a
We
gas.
/
judg¬
by sound and per-
;
reasoning, that the -indi¬
company
method
is not
of
the
the
respect
considered
vidual
able
for
one
cost-of-service
feasible
a
suit-
or
•
regulating the rates
independent
producers.
We.
share the Commission's hopes that
the
from
area
approach
may.
prove
:
to
be the ultimate solution."
additiop to the dollars
the
rate
of
re¬
rate .reductions,
moratoriums
The
increases.
ments provide for
specified
toriums
increase
on
rate
on
-
The
fu¬
finally
mora¬
after
filings
as a
of the conclusion of the
.applicable
rate
area
proceeding.
hearing
in
•
lead
the
case")
involving the Permian Basin
settle¬
subject only to change
Permian Basin Case
•
is
,
to the gas produced
in
by
ment, backed
these
of
method
would
single method must
no
Commission's
But
reveal
not
benefit
of
so;
keeping with this
followed
as
has
1963.
is
highly
we
settlement
ordered
it
other
any
sustained
of
particular-
a
make
the Commission's
the
progress.
722
discre¬
regulation
to
as
be
ficulties
pro¬
which
its
producer settlement program,
ture
by the pipeline itself, is one of
the. subjects I discussed with you
.a£°—JFe aggregate annual amount
good
hard)
Commis¬
"We recognize the unusual dif¬
$19 million to $38
statistics
the extended
accorded
be
of
as
funds' and
the
abused
reasonableness
year,
This
cases
refunds
of
measure
the
over
of
200
settlements.
past "when such
and
from
million
lodged indefinitely, in
were
by
increased from
in
improvement
of the
of
of
amount
suspended by the Commission,
This
Structure
talk last
my
shown
number
disposed
under the
even
been
con¬
that
means
has
gram
tested pipeline rate case is a year
and
not
be
.
be
which
concluded
amassing
On
The combi¬
various occasions I
a
of .this
proceeding.
that
rather
good
early
of 30,230
.
.
have pre-
;
conclusion
;,
target- by.
months,
many
;
;
It is apparent
the
missed
we
was
September
record
a
dieted,
the
.
in
period of 23 months.
pages over a
result
°* the ..hate reductions is $65 milnation pf rate reductions, plus'as¬
last
year.which .' is. still
very
11011 • offset only r bv $5 -million much
surance of rate stability in
these
alive. The Commission hasX
backlog of pipeline: rate cases. In] F pew increases which have been wrestled i with this settlements has been a long. step
problem;
the course of the last year the: filed-- during -the period and are
in the, direction of general stabili¬
throughout the year "and I must:
Commission,disposed of. .49 cases
pending subject to possible5
zation of producer prices which
confess that we are far from-hav¬
and ordered refunds' aggregating refund: Moreover many of the
in turn is having a healthy impact
has
of
give greater emphasis to settle¬
The
strenuously
and
has
spot
ment of producer cases.
reasonable and
a
bright
such
ticulated approach to the question
I
opinions
Commission's program,
the
tradi¬
that
the
Court's consistent and
the
it,
that
ulate rates. It has
my
of
.
stated that
complexity
the
on
had
tion.
unlikely
Stabilized Producers' Prices
interests of
I bffer
sion
sanctified
that
on
the
would
we
wholly out
extra return
an
,
program
believed
say
to
pay
from
"But to declare that
the
demonstrate
rate
area
we
to
method
se¬
If
If
<
could
could
as
period for which they
The city-gate
of
assurance
correctly.
the
parties.
experience that
Improved Pipeline Rate
in-
deal
lend
provid¬
approach.
noting; that
departure
a
Court
attitude
tional individual
company cost of
service approach said:
there is good reason for consumers
line
is
by
gas,
rate
area
in
Commission's
pressed
to
either
consumer
the
Court
was
the
sympathetic
sustained,
such
beneficial
be
in which
a
departure from present concepts
had little, if any, chance of
being
supported
that
*
case
toward
The
advantages, and that the
parties
assure
in¬
added
other
incentives
realistic target for disposing of an
basic
the
be
showing
will
Commission
and
issues and
the numerous
problems
sftep-by-step
for
liked,
the
of
problems
which
tractable
all
to
dustry. 7 Some
with
have
should
of
a
pipeline
encourage
ultimate
ing
or
that the consumer interest most vigilant and aggressive proc¬
and perhaps less than the indusis protected, which can utilize
essing of these cases the increased
try hoped and expected, but it the
settlement procedure with rates will be in effect for
approx¬
would
be
chimerical
to
expect confidence that the results are
imately a year beyond the fiveeasy, ready-made, broadly accept- protective of the public interest.
month
would
decisions
our
has been
case
expeditiously
as
much
,
have
we
number
a
I
am
*
indicated
that
you
very
that
in
I
in
Phillips
in
reasonably be expected consider
its
It is only an administrative
such as the Federal Power
deal entirely with new problems Commission, with
an able staff
and
opportunities.
Admittedly, fully qualified to participate in
progress has been slower than the the
settlement negotiations and
I would
now
now
cases
wasted and that the
of
at
are
disposing
of
new
levels.
to
factual
a
the
and
all
at
As
lowering the cost of
fair to say that no time has been
supplement
rate
is
the
der
time.
program
stages
we
first of the major
Commission's
mind the
my
of
pipeline
the
conven¬
Commission
final
is
a
procedures
new
staff
of
still
is
one.
production
has characterized
am sure
efforts
With all this
designed to dispose of these cases
I
able
were
the
Commission
the
.
other
on
assure
can
production
which dominates the ef¬
of
open
by
important
more
I
incentives
of these is the sense of
any
facts
return
a
allowable
question
an
im¬
likely to
Perhaps
Com¬
exception
one
more
position under the
re¬
if
with
no
seemed
whether
report
since
but
importance has been
the Supreme Court decision in the
have made clear, requests for rate
suggest
process.
\ which I
proceeding towards final dis¬
my
present
one
normal
working inventory of cases which
are
of
before the
pending
perhaps
greatly
en¬
hance the in¬
marks
left
is
am
would
terest
by
pipeline system to another. What
could
expedite the adjudication
forts
the duplications by
cross-refunds
of
re.ason
which
itself,
moves
pipeline.
hear¬
our
the
important
to
solved
you,
progress
First
at¬
production investment of the
the
procedural device
every
ingenuity
urgency
refunded, including interest
be
but excluding
time
except
sore
to
the
We
prove or
than
fast mission has ordered $424 million
should,
jt
as
as
moves
staff.
own
incorporated into
ing rules
life in
of
sub¬
public
by
have
we
been
directions.
pipeline property is warranted for
pipelines
the
by
certified
consider
that
above
us
not
addressed
.
made
that
cases
indicate
to
we
determining
accountants, and supplemented by
of the
one
which
cases.
have
we
before
come
tempted
of
the
were
periodic check-and-test audits by
and
It is
ments
audits
themselves,
FPC's performance in clear¬
ing up the backlog of cases; and pulls no punch.s in pointing out,
notwithstanding the merits of not passing on refunds to the ultimate
consumer, that the FPC is charged with having all refunds made.
;|s
field audit
stituted
growth which stresses R/D; reviews the
I
which
backlog of pipeline rate
For the
price hikes and competitive moves
to
audits
single biggest obstacle to denting
head warns
commission
utility
cases
abolition
has
last
individual
the
have
/-
the gas industry not to
jeopardize its favorable competititv^ position by raising its ratas>
He warns that upward spiraling prices do not hold the key to the
Federal
the
the
field
lem
spe¬
happy
along
move
including
to
faster,
the
:•
■
signed
Power Commission,
By Joseph C. Swidler,* Chairman, Federal
Washington, D. C.
:
a
•
Rate Increases Must Be Justified
effected
procedural improvements'de¬
!
presents
company
case.
Thursday, October 31, 1963
.
new
filed.
are
have
we
pipeline
now
of ' the
support
the
at
are
prima-facie
a
-.
.
a
and .Iyhgve f
retired from the soothsaying busi-
•
•
$250 million, including interest. I
settlements included moratoriums
believe
011
that
regulatory
such
a
record
for
a
agency is one which is
future
rate
increases
for,
ing
clusion
a
is
'specified period, which has built
'n^° *ke pipeline rate structure
on which an additional degree of stability
have dis- t'°T the future,
not likely to be topped very soon.
Including the 41 cases
I
reported last
ppsed; of
year, we
90 pipeline, rate: cases
Perhaps
this
interject
tion
pejrience. under
the
present
Commis-
the
place
a
word
to
as
our
new
our
the
only
Commission
have
sufficient
facts
line *
production
to
con¬
on
does, not
about
to
pipelines and the
a
consumers
they
ex-
serve.
that the
ble of
cases.
It
may
very
well be
problem is not suscepti¬
general solution and each
a
the i
and
pipe¬
formulate
the operations
,and
of the pipelines
distributing
the ultimate
on
companies
consumers.
kind
of
hurried
problem
that
-
solution
to
be
around
velopment of
can't
and
•
for years
is
be
likely
is the de¬
permanent system
a
of regulating
producer rates.
needn$ feli:^ypu*3hat^hiSX
reached
in
is
I
to
son
we
therefore,
that
sition
this
of
which
delivered natural
•
'. *•
•
•*•...*'
'
has connected
industrial
•
K
.
over
historic
expect
customers
has installed
over
•'
vf
:
'
1
'•
a* r-'v;;
S
in less than 7 years
-
'«
,
<;
.
put
businesses
gas
|
set
Louisiana
pro-
With
expeditio?n. KThe
Com-
now
orderedX- 'that
; their
'
J
.
all 1
case-in-chief
the
case
have also been
schedale.
accelerated
an
gained
experience
in
x
Permian, I. have every reason to1
A
' "
believe—but-, mind-you, I am not
v
predicting—that
1,500 miles of distribution and service
the Southern
available to 70,000 homes and
the: hearing
Louisiana"
completed
within
case
the
in
will
coming
•'
^
..
on
With
./\\ <
be
■
h
proceeding
will
moving
is :
steps in the
40,000 residential, commercial and
lines, making natural
-
1
■
marching
are
this December and the remaining
.*7.
X'
j
It is apparent, i
we
-Southern
mounting
its FIRST customer'in Dec. 1956
gas to
move
the p
ground rules for future regulation j
we.
mission ^ has1
GAS.UTILITY"
'■
*
■:..
-•
rea¬
steadily towards the. final dispo¬
parties ; file
•
for
every
the vast record in
as
permits.
case
The
THE NATION'S YOUNGEST NATURAL
hands
have
expect, that he will
ceeding
NATURAL GAS COMES TO IDAHO
finally
-have
examiner's
and
quickly
the
we
the stage where the case X
the
decision
as
Perhaps the best example of the
general policy that would be fair
to all
rules of
sipners have, been in ^office, These , procedure for pipeline rate,
The
have reached thus far
we
that
it.
to
either by settlement or adjudica-
since
is
mastered
However,'
ness:
year.-JX.xX.;:;
•
•
is
delivering
has
gas
to 41
The' Commission has, been giv- g
Idaho communities
ing
attracted
60
NEW
industries to southern
Idaho
in
the
for
;
....
,
past 70
'•
•
-.'
1NTERMOUNTAIN
•
months
_/
close, attention- to
the
areas
~
g!
which:
no
producer, rate pro¬
been
started.
ceedings
have
We shall
probably be able to
yet'
-g
COMPANY,
Boise, Idaho
Continued
on
an-
page
28 *'
Volume
Number
198
6312
.
.
Major metropolitan
the
areas
in
Northern
seven-state
Plains
region have scored
population gains well above
the national average in the
past
area
(1715)
The Commercial and Financial Chronicle
.
decade. This is the
by the pipelines
served
.
.
of
26% by the three cities
Lincoln, Omaha and
.
Council Bluffs
22% by
Falls, South Dakota
22% by Waterloo, Iowa
.18% by Des Moines. ■
The population movement
...
Sioux
.
.
.
.
.
ing in the Northern Plains.
And the growth of these
major markets is attracting
even
more
industry to the
■
area.
Gas is
Natural
Northern
serving the growing
fuel needs of home and fac¬
Natural
from the farms to the cities
tory in the Northern Plains.
Popula¬
tion increases include 29%
by Minneapolis and St. Paul
and suburbs continues. This
And
Northern continues to
urban
grow
with the
of
the
Gas
Northern
Company.
■
growth is sparked by
the increase of manufactur¬
NORTHERN
GENERAL
MAJOR MARKETS
WITH
GROWTH POTENTIAL
(make the future look good for NNG)
Northern
Natural Gas
Omaha, Nebraska
NNG PAID SEPT. '63 119th CONSECUTIVE DIVIDEND TO 27,000 STOCKHOLDERS
area
NATURAL
OFFICES:
SUBSTANTIAL
Company
27
it
GAS
serves.
COMPANY
OMAHA, NEBRASKA
V.
The Commercial and Financial Chronicle
this
that
Problems, Old and New
the
nounce
next
the ultimate consumer.
within
steps
Commission never reach
this
by
26
in
companies has revealed that
line
quite
companies subject to our
number
a
own
apparent that we cannot take for
tive
to
granted that the refunds will be
and
earnings
strained if I now
be
bring
the
up
subject of the ultimate disposition
it
jurisdiction
along
passed
the
will wind
consumer
the money.
ultimately
that
so
become
has
with
up
which
in
initiated
taking
is
it
and
for
I
confess that
first
at
that
refunds, if not all
would
passed along
be
In
consumer.
this
confirm
to
an
impression,
and spurred to a considerable de-
'
•
I
gree,
gress,
the
Con¬
of
and individual
Commission
the
last
by inquiries
members
from
newspapers
consumers,
ing
-
admit,
must
received
_
must
ultimate
the
effort
,
I
these
them,
to
approaches
assumed
one
of
most
*)f
now
pipeline,
$500,000,000.
The
refunds.
gas
We have found cases
has
year
durat¬
been
tempting to trace the refunds by
the
pipelines
the
and
producers
Commission
fund
to
'
in
survey
the
cover
theretofore
December,
made
been
tributors pursuant
with
tion:
of
the
National
Associa¬
Commissioners!
'
missions
had
coopera-
Utilities
and
The
state
com-
participants in the
were
and shared with the Com¬
survey
mission the information which
obtained.
used
was
the
to
in
questionnaire
In
there is
tail
the
in
those
respective
in
states
which
state regulation of re¬
no
Commission
the
rates
gas
which
questionnaires to
distributors
states.
pre¬
copies
commissions
state
we
which
transmitted
and
turn sent the
the
::?J£
Commission
The
the
pared
mailed the questionnaires directly
to the distributors. The
questionnaires
the
-
distributors
commission.
.
completed
returned
were
to
their
Copies
state
the FPC,
which tabulated and
nounced
the
The
by
sent
were
to
an¬
figures
for
this
first phase of the survey bear re¬
peating.
During
the
ing
tributors
is entitled
District
36
states
and
Columbia
several
Of
>
showed that of this amount
survey
there
refunded
were
to
ultimate
be
imately
$73,500,000,
58%.
or
ported that
refunds
V
more
while
sumers,
the
in
two
the
than
We
of
1962
there
large refund made
disposition
our
of
as
late
was
result
a
the
refund
In
rate
a
of
cases
major pipeline company and
reveals
survey
$29,000,000
along
to
58%
ultimate
states.
intend
cover
as
to
of
the
directly
was
to
passed
consumers
in
was
is
that
pipeline
pur¬
part of the
or
during the
pe¬
were
bqing paid subject to refund and
therefore
is
the
to
with
coupled
cation
that
return
of
entitled
is
re¬
Sometimes this explana¬
covery.
tion
which it
the
the justifi¬
purchaser's
rate
period
the
during
in
paid excessive rates sub¬
ject to refund was below that to
it
which
in this
period because of its con¬
that
receive
a
competition
claimed
is
reflecting
fair
a
have
to
the
have
been
return
basis
increased
as
pro¬
the
survey
justifications
being claimed in most of the
which
in
have
refunds
the
retained by the distributors.
been
claims, although I
in
made
wide
sure
involve
faith,
good
differences
for
scope
am
of
opinion. At any rate, it is not for
to
judgment
pass
the
of
Federal
Commission
Power
full-time
job in
carrying
responsibilities
level.
Natural
Act,
has
a
out its
the
at
na¬
under the
However,
Gas
The
which
the
Su¬
Court in the
enacted
was
sumers
and
CATCO
"to
survey
the '
©bout 40% of the refunds ordered
States
enormous
an
1962 to 10,500
the
the
reduced
was
Btu per kilowatt
efficient
hour
and
tems
required only 9,400 Btu
kilowatt
most
is
the
with
sys¬
per
hour.
of the natural
far
the
as
concerned,
and
we
reported
shall
Shipment Costs
to
with the
try is entirely consistent
Pipelines'
we
dis¬
order.
distributors
are
facts.
This
we
do.
EHV
transmission
sive
enable the electric power
The
industry in my judg¬
be making a
serious
gas
will
that
if it believes
mistake
con¬
a
pattern of spiral-
tinuation of the
ing gas prices which has occurred
past decade holds the key
in the
growth or financial
the future
to
of the industry. Since 1950
success
the
has increased 33% over¬
44% for heating. The price
gas
all and
gas/sold
of
of nat¬
price
retail
average
ural
to the electric power
industry; which represents almost
doubled
the
all
of
fifth
a
the
in
taking
marked
,
has been
where
markets
advantages
there
that
In
decade.
past
new
on
inherent
its
has
sold,
gas
the last two decades gas
were
was
so
close
no
price competition, and increasing
prices were not
a
it
resistance in which the
of
rate
growth
relative
to
closely linked
is
pricing.
in
the
it
sale
the
is
re-
-
competition
coal
of
loads,
house-heating
direct
last
the
that one
me
industry
gas
emergence
for
in
to
seems
significance for the nat¬
of great
ural
field
energy
decade,
by
not
householders,
to
but
by prior conversion to electricity.
that the
Most of you are aware
electric
its sights on
ing
industry is setting
power
share
capturing
house-heating
the
of
The
market in the future.
for
of the house-heating market
25%
in
that
homes
the
future
this
in
good
a
country
heated, by both gas and
One
or
the
dustries
destined
optimistic,
overly
both.
is
of
other
The
the
to
are
be
electricity.
be
and
in¬
two
the
to
many
proved
perhaps
I
can
tell
you
are
that the state
yof health of the natural
lines
as
a
group
Commission
faring,
gas pipe¬
is excellent. The
would
like
to
think
Commis¬
Power
power
industry
must
they
goal
their
follow-on
only
not
for
rates
house-heating but must also make
available
for
lower
a
all-electric
scale
service
of
rates
including
cooking and water-heating.
Perhaps
help
and
in
a
few
statistics / will
understanding
electric
power
how/
coal
industries
in
In the
enormous.
field, natural gas is in good
sup¬
ply
have
wholesale
and
been stabilized.
prices
Technological im¬
provements
in
transmission
and
the
production,
distribution
show promise
gas,
ducing unit costs and
certain
to
grams
add
do
as
re¬
almost
are
research
pro¬
might
I
its
wholesale
be
can
to
the
you
efforts
prices
at
justified
on
basis.
regulated
ahead' open
of
Commission
Power
continue
to
which
share
of
of
part of this picture that
a
Federal
maintain
a
if
so
strengthened.
are
levels
The
years
-
expanding
an
market, and
energy
from my knowledge of the leaders
of the
for
industry, the opportunities
industry growth
to be
neglected.
not likely
are
„
Urges More Research
In recent months I have
mended
recom¬
enlarged research and
an
development
program
electric power
industry.
to
improve
their
for
the
The nat¬
has
industry
gas
^
equal
an
mainv focus
of
a
greater research effort should be
find
load factors and utilize all of the
to
economies
of
industry's
market
operations.
These
all elements
Unlike
electric
competition
try, the gas industry already has
in
the
coordinated
fully
are
sharpening
which the electric power
is
presenting
seeking
tions
stimulate rate
to
the
by
is
reduc¬
this
accelerate
will
which
effort
to
Commission
the
that
you
gas
It is probably no secret
industry.
to
industry
natural
the
to
ket.
also
We
ural gas industry
its
to retain and to
market
own
penetra¬
Commission
either
or
their
holds
electric
the
as
the
have
from
and; con¬
The
so.
general
con¬
public
benefits
only
the
for
to
of the
They
the
which
industries,
consumption
energy
took
half
of
care
States
grow,
one
growth
the
each
market,
automatically
of the other. I
for myself that it is an
say
exhilarating experience to be able
to
both
with
work
as
of the Federal Power
is
helpful to
spective
details
stock
a
stand
to
of
of
Commission.
sense
our
off
business
our
basic
the natural gas
of per¬
from
and
product
mass
pro¬
will
that
en¬
market for gas .because
the
that
market
opportunities
expansion
in the air
portunity
are
There is
large indeed.
very
vast op¬
a
conditioning
position.
For
industry any such
.for
is
should
be
.Your
of the most con¬
competition.
one
of
amounts
Increasing
underground
to meet winter
the
pipelines
the
needed in assuring
are
of
economy
both
distributors.
the
and
storage
the ability
needs, but it bears
emphasis that storage is
no
stitute for the promotion
of prof¬
domestic
itable
fill
sub¬
will
which
loads
part of the summer valleys
a
in demand.
All
segments of the natural gas
have
industry
in
large
a
of
We
must
gas
does
more
that
itself. On the
require a con¬
will
it
effort
the
obvious.
ourselves
remind
not sell
contrary,
by
gas
be
should
distributors
certed
in
research
The inter¬
segments of the industry
sale
the
stake
stronger
a
marketing effort.
and
est of all
the
continue
to
of growth of the industry in
the face of stiffening competition.
pace
The
the pipelines
and
producers
strong interest in the suc¬
have
a
cess
of
that
should
and
effort
support
therefore
the
research
which will be required if
is to
the
energy
In the
new
past, the gas industry has
in
its
quests
markets by a prevailing
tude
in
market.
restricted
been
natural
realize its potential
gas
the
take
hearten¬
ing. If prices do not get out of
hand the industry is excellently
stock-taking
poised
stronger
a
and
products
believe
member
a
Encouraging Basic Position
It
the
large the
I
plea for
perfect
in
and to the
boiler fuel
of
the
needs
energy
the
of
of
13%
for
accounted
growth
may
to
supporting
I believe, the shares of
spurs
are
of
mainstays
two
1920,
this
make
duce
progressive in¬
economy.
nation's
the
cheaper
and
public.
and
and
American
the
I
effort
the
better
vibrant
These
intensive prog¬
more
of
continuation
a
more,
together
broader and
increasing
aggressive efforts of both to pro¬
dustries,
is
ress.
operations
do
to
and
service
that is needed
all
and divided the
preferences dictated. They
continue
both
co¬
ing the winter heating loads and
economics
vide
to
research
stronger support to make possible
prospered
have
market
interest
industry's
each
with
competition
sumers
indus¬
power
market, .in particular, for balanc¬
years
reap
in¬
power
through the
will
brief
no
gas
penetration.
,
organization
the
and
the
extend
the natural gas industry
Both
sumer
efforts
for
■
The
for
the nat¬
encourage
the
ordinate
companies
power
compete for the domestic mar¬
to
ways
excellent
an
'
their
truly
to
available
The
inte¬
to
progressive companies
electric
market is
the
and
many
still
efforts.
interties
EHV
United
If the
^perfected
of
grate their operations by stronger
in
only 2 or 3%.
is
expansion of its research
by 1980 compared with the pres¬
of
for
large
ural
power
call
projections
industry's
increas¬
an
equipment
uses
all
though
even
utilization
also
industry
systems
power
other.
reviewing the developments
almost
nation,
potentially
be
over
need for
in
In
will
The
reached
of the
corners
energy
The pipeline net¬
Survey is encouraging the various
dustry
Competition
Coal
has
of
one
devised
electric
tion.
a
lines
National
its
through
extend
point
of
sion
substantial de¬
Now
work
the
re¬
development
costs.
reduce its
to
has' reached
terrent.
in
Economic
designed to
The
protect consumers against exces¬
ment
turn¬
on
costs.
reduce
distributors
schedules
around
extent
conclusive picture of how
the
equipment and operating
combined, I believe you will find
necessarily
improved
other
and
cars
will continue to
The refund survey has not given
any
coal
duce
rates.
pos¬
movements using new arid better
to
responsibility
Commission's
for moving
man
to
trainload
developing
industry and the gas industry are
charges,"
made
plants
power
by
protection
Health
well
sible
permanent
ultimate
Excellent
electric
1960.
have only obtained
the
continue
indus¬
gas
by
is
yet
means
long distances.
all
of
The natural gas
pipeline
cheapest
proposes
Rail
Reduced
useful
and
transmission
the
the
ent level
position of the refunds
So
broader
a
venient
forms of energy.
one' natural
generate
This
hour.
in
average
to
projections of the electric power
of
bond
Commission
concerned
but
shows that/
the
on
kilowatt
in¬
power
In 1952 it took 13,-
case
from excessive rates and
periods.
our
shown
con¬
afford
complete,
a
effective
possible
basis for future mar¬
penetration and future earn¬
" I believe that the long-term
interest
the .ade¬
on
excessiveness
or
earnings of the distributors.
to
Consumers
Btu
United
this
on
ings.
costs.
gas
all of these
or
cases
to
rates
would
on
would
other
In
raising
which
justified
it
ultimately
refund.
precluded
a
the
and
did riot increase its rate
fidence
Some
entitled
was
company
us
brief,
or
increased gas cOst
in the first survey. We
continue
later
just
has
the
effi¬
reduc¬
recognize that in order to achieve
40% of Refunds Denied
In
explanation
The variations between
individual states
nounced
that
refunded
distributors,
13
our
periods.
distributor
a
riod that the increased rates
said
later
for
reason
distributor
preme
continuing
for
the
was
20%.
December
a
re¬
refunded
amount
are
survey
of
the
the
they received, and in three
others
the
con-
states
all
of
aware
am
chaser absorbed all
tional
funds
less
than 90% of the
retained
producers refunds
I
common
own
distributors
pro¬
ket
re¬
passed along to
were
This
pipeline to retain the refund.
a
A
quacy
states
pre¬
have to filter through
or approx¬
Seven
is
or
pipeline systems on their
good
us
consumers
and thus make
and sounder
fact that in many cases there may
received
The
dustry
At
ton.
conversion
electric
the
aver¬
period from
per
the
improvement.
in
that
in
the
steam-coal
of
cost
$6.20
of
in "1962.
transporta¬
inflation
and
ciency
360
in
improves
the
particular importance
course
the
$126,000,000.
industry
limitation
profits
year's
to the distributing company.
way
are
approximately
tion costs
19^2 to
man-day
per
increases
time
rate
every
a
the
retain it
to
cedure is of
These
of
while
tion,
which
pared to pass it along.
and
local gas dis¬
1962,
in
that
aware
Despite
to
small silver lining. The
is
tons
same
completely
distress, do not ignore
a
14.7
in
man-day
per
$6.50
'pipelines, in their
hope that the
either
to
would otherwise be paid
refunds
cases
of
that
assurance
pipeline j company
are
November
For
I
tons
7.5
rates
feigned.
In the last
of coal miners has increased from
the initia¬
not believe were entirely
a
productivity
average
declined
under
program
capture
We must add to this picture the
its com¬
now
developing procedures for petitive position and helps it to emerging pattern of rate reduc¬
tions on rail shipments of coal to
holding refunds in escrow pend¬
protect and enlarge its market
18-month
period between July of 1961
other.
each
to
by
remainder, the Commission is
level
results.
summary
pipelines
the
refunds paid
of the
part
the
dis¬
to
in
.Railroad
jor
required
along, and
covered the ma¬
this requirement
1962,
to FPC orders.
The survey was made
/ tion
re¬
which
refunds
that refunds be passed
which may
its
began
have
settlements
rate
the terms of
cases
with respect to
to their ultimate destination.
The
In most
other.
This
the
has
Section
where refunds paid by one pipe¬
5(a) has evoked some expressions
aggregate of refunds ordered by
line haye simply lodged with an¬ of
the
pain and suffering which I do
Commission, both producer
natural
the
of
decade
5(a)
levels, and to order reductions for
the future if Warranted.
to
throughout the nation.
delivered
reasonable
exceed
expect
house-heating market
age
whether
determine
combination
share of the
some
Section
under
proceedings
I
hope the bonds of my friend¬
The Commission
company.
accordingly
has
be earning
may
justified for a regu¬
than is
more
lated
refunds
of
annual
1962
weather.
our
Tracing Natural Gas Refunds
ship with the distributors will not
<
flow
the
.
among
-
V
a
Even
weeks.
climate
review of the
reports of the pipe¬
rate
any
the
to
much
as
winter's cold
last
to
as
At
Continued from page
due
is
warmth of the regulatory
Natural Gas Regulation
few
Thursday, October 31, 1963
.
(1716)
28
that
gas
was
in such
for
atti¬
short
supply that it use should
overly
is
too
encouraged.
valuable
to waste,
science has
march
of
of our
anxiety
not be
Certainly it
as
but the
relieved
us
to the depletion
Volume
6312
Number
198
has assured
not
only
of
centuries
millennia
to
look to the
based
on
a
The
ment.
centrate
should
con¬
technological
and
will
industry
on
marketing
advances
which
the
blessings
of
make
Machine
can
this
available
contribute to
nation's
this
for
base
and
in my
fice
to
will
met
be
the
by
energy
enormous
address
♦An
Calif.,
by
Gas
rising to President of
To Be V.-P. of
Lieberbaum Go.
000 5%%
and
1952
in
institution
be¬
Trust Co. in
joined
New
Treasurer in
in
50
&
-
President
Co.,
City,
of the New York
Stock
New
Exchange.
1945, Assist¬
an
tive in
j-.
on
A.
negotiations
-
Corp.,
leading
to
the
'
a
Resident
charge/:-
Suburban
a
Representa¬
at
440
company
Shore
Agency
J.—Suburban
N.
business from
Sedge Place.
M.
Zakanych,
engineering and construction in
Anne
E.
the U. S. and abroad, will use the
Paula
D, Zakanych,
Hoare,
Secretary,
of
recognition
;
continuing
the
Natural
growth and importance of its role
in world
cal
Chemi¬
trade financing.
is
York Trust Co.
New
Bank
Gas
enters
.'.
V
"
-
.
.
;
,
.
♦
- v
,v;
...
.
the
Donald E. Coyle
Hulbert S. Aldrich
realigning the management of its
Division,
International
large
Harold
Chairman
has
Helm
H.
,
announced.
At
meeting
a
the
of
Board
of
Directors, Vice-Chairman Hulbert
Aldrich
S.
responsibilities for
sume
rection
and
business.
Donald
Also
E.
the
Coyle,
Vice-President
the
meeting,
who
in
business
bank's
di¬
of
International
at
has
charge
in
Space
as¬
the
development
world-wide
bank's
-
designated to
was
been
Age
the
of
Europe,
was
elected Senior Vice-President and
Administrative
Chief
Officer
of
the division.
Chemical New York, which was
founded
in
regarded
as a
has
1824,
long
countries
ent banks
offices
and
in London
fices
in
branches
trading
free world.
It has
and
over
covering all
branch office
and
New
Mexico
York
has
a
City.
large
metropolitan banking system with
a
head office at 20 Pine Street and
116
branch offices
New York
resources
The
had
City
throughout the
area.
total $5.3
Aldrich
Mr.
New
President
Trust
Co.
of
which
large international business,/
particularly in Europe, prior to
merger
York
in
into
1959.
Chemical
He
has
extensively abroad and
the
boards
tional
man
/Of
of
He
New
serves
panies,
He is
a
vistas
as
a
Corpora¬
whose mission is to ex¬
partner with National Distillers and Chemicals
operation of National Helium Corporation
helium.
'
'
of eighteen months the world's largest helium extraction plant
completed at Liberal, Kansas. In addition, this operation is the largest
practical application of cryogenics—the science of super-cold.
In the short span
was
Processing approximately 850 million cubic feet of natural gas daily, and using
ranging to minus 300
temperatures
deliver
more
than
/
one
billion
;
/
'
degrees Fahrenheit, National Helium will
helium to the U.S. Bureau of Mines
cubic feet of
.
/
••
,
_
•
.
.,
/
-
not only supplies the energy needs of millions of homes and scores
plants in Panhandle's midwest market area, but also serves the na¬
tion by contributing a reliable and continuous volume of helium—vitally needed
Yes, natural
gas
of industrial
element of the space age!
.
-
-
j
on
is Chair¬
Insurance
director and
tract
new
in the"
interna¬
of the Investment Committee
Royal-Globe
tion
traveled
numerous
corporations.
a
charts
annually.
billion.
was
York
The bank's
a
its
pioneer producer and transporter of natural gas, Panhandle Eastern now
new
the
of
areas
a
50,000
representative of¬
Paris
Chemical
than
more
through correspond¬
maintaining
important
As
on
been
leading international
bank with close ties in
70
many
Hugoton and Panhandle Fields and the Anadarko Basin
significance for America as the prime source of helium for, its
essential applications in the Space Age. <
;
,
Natural Gas from the
has taken
Com¬
mem-
Panhandle Eastern Pipe Line Company
One Chase Manhattan
Plaza, New York 5, N. Y.
■
and
Treasurer.
Chemical N. Y.'s
In
President;
William J. Hoare, Vice-President;
1963.
Inter. Business
offices
Officers are
to
Aldrich to Direct
at
■
before
of
the
Angeles,
Los
&
office
Agency, Inc. is conducting
securities
Edward
leading
oors
Avenue, with John C.
BRICKTOWN,
Shore
Allyn, Inc., New York, assisted
Fluor
in
Girard
an
$8,000,-
promissory note, due
Incorporated, placement.
York
Broadway,
members
Trust Co. in 1926 and became As¬
sistant
of
Vice
a
Co. of America
Nov. 1, 1978. Francis I. duPont,
C.
Lieberbaum
York
surance
Effective Nov. 7, Harold Vann will
become
the bank's Trust Committee.
Coyle
business.
Conn.—-M
opened
Swidler
Mr.
Association,
14,
Oct.
have
Co. in 1930,
con¬
resources
Convention
Annual
45th
American
Cabot
reasonable prices.
usable form at
the
Euro¬
HARTFORD,
directly with The Prudential In¬
Mr.
technology of converting our
and
York's
long-
Moors & Cabot Office
Privately
The New York Trust
of
science
the
in
advances
tinuous
New
in 1959.
concentrated
has
certain
increase work¬
ing capital.
with
pean
1959. In 1961 he became Chairman
judgment at no sacri¬
generations whose
he
to
29
Note Sold
FitzGerald
cal Bank New York
economy,
then,
Chemical
on
Ltd.
Finance,
Aldrich began
future
needs
Since
coming Vice-Chairman of Chemi¬
lower-cost energy
a
1956, holding
retire
and
222
that
possible. Such a program will
as
Division in
Inter¬
to
debt
geles, has announced that it placed
career
and, cheaply
widely
as
Trust's
term
his banking
Mr.
herently low cost form of energy
York
New
proceeds
.Fluor Corp., Ltd.
The Fluor Corp., Ltd., of Los An¬
International
in¬
and
Co.,
and
1948
that post until the merger
Penn-Dixie
future with confidence Cement Corp. He is a director also
Ametek, Inc., and Chemical
solid record of achieve¬ of
industry
gas
of
national
National
The
Co., New Britain
Sugar Refining
come.
natural
The
head
National Distillers and
/ Corp.,
in
Vice-President in 1952. He became
The
Corp.,
Trade
(1717)
Vice-President
ant
committees
executive
World
Chemical
for
but
the
IBM
Kerite Co.,
of energy resources
us
for
of
ber
The har¬
of fossil fuel resources.
nessing of atomic energy in itself
The Commercial and Financial Chronicle
...
Serving Midwest /U.S. A,
30
The Commercial and Financial
(1718)
of
$34.42
was
'< /
completed
Oil
Slippery Oils
of
sition,
move
general propo¬
a
as
tq
"That's
75.
rise
a
"And
ment.
it
nearly
of
the
12
with
But the
ord,, net profits.
group
;* The
reason
it
find:
hard
not
was
to
investors
thusiasm for
In
in
said
that
oils
the
being sold "on balance" for
were
the first time
since
gearing their
actions to
own
institutions, the Financial Dis¬
the
trict
the
oil
what the funds are doing-,
on
even
far from agreement on
was
view
dim
new
group.
it
argued
was
companies
had
others
Still
earnings uptrend.
of,
easing
the
noted
foreign tensions, a not inconsid¬
erable factor in an industry that
has vital stakes around the world.
vast reserves and
oil's
another
In
ventories.
generation,
with
constantly
lived
coal
concerned
in¬
seemed
Nobody
about
discounted a
to have
the
.
asset
$3.50,
;
ing from around 40 in 1961 to as
that
this
73
as
And so it
year.
comparison showing
every
oils,
in disfavor
much
very
after the Suez Canal war in
1956
and remaining in the doghouse
had rebounded
years,
the
for
Eaton
there
fundman
was
that
sure,
sales aid in all of this.
was a
Said he:
"Sure, stocks move on news. A
lot
of little
they
assets, of
of Sept.
as
they
cause
are
avid
the
since
705
year.
the
that
counted. You
we
has been dis¬
news
might
beginning
in the news-discount busi¬
are
from $11.93 on Jan. 1
up
$11.26
earlier, y:,
year
a
•>'
'*
Eaton
and
to
able
be
gauge
spot trends
to
future developments."
been
Stock
gratifying.
The
•
unusual
conditioning
aspect
the
market is
heating market.
stallations of air
spectacularly
and
it
is
reverse
that
of
conditioning
We
cooling jobs before
mas¬
.tackle the home-^size installations.
have
industry
interest
an
gas
air
in
conditioning for every size build¬
then,
Why,
oil
selling
Summing
of
time
have
institutions
balance?
were
stocks
up
war,
on
replies from a
the
spot check, the answer was: "Tak¬
ing profits in stocks that have had
a
hefty run-up and no longer are
bargain counter."
the
on
One
fundman,
$202,045,593, up from
$183,748,622
since
the
$14.16
the
beginning
value
Asset
year.
was
share, up from $12.71 on
a
Jan. 1 and $11.54 a year earlier.
trend toward Concentrated
The
Customers is
There
h
second
new
factor.
b
two
major
a
a v e
e e n
changes in the housing field which
present
may
.the' trend
First,
Challenge.
special
a
comparisons. He noted that back
in 1961 Gulf Oil sold below 33
stock is up around
^The
50%," he said.
"Incidentally, Gulf is one of the
few oils that are still popular."
attention next
His
on
Socony Mobil/
moved
up
was
focused
This isstie had
from under 39 in 1961
some¬
—
at all."
housing
family
toward
has been
In
the
steady
first
half
37%
of
of
since
1955.
reports that at Sept. 30 net assets
1963,
for
totaled $5,079,056, or $9.93 a share.
housing starts represented dwell¬
This compares with assets of $4,-
ing units for two or more families.
example,
as
new
'
»»*
Net
assets
of Madison
Fund
rose
to
$157,497,420,
it's been
rising markets. But
a
any
period of
study will
show that many issues have
nothing,
or
no
the stock averages say.
lem,
always,
as
with
compared
to
for
share,
a
the
period
"projects
*
*
is
Oppenheimer Fund reports that at
sary
Sept. 30, net
cial
$17,-
for
apart¬
extended
Fundmen
031,605,
a
analysis and research of com¬
panies, and. management give them,
a
big edge on the individual try¬
ing
to
guess
market is
whether
going up
down.
$15.95
or
there
tendency
a
to
customers
but
also made
be
share at Sept. 30,
*
The
the
the way
or oh
•
stock
re¬
first quarterly period, an increase
in total net assets to $2,902,000.
Asset value
there
ment
started
with
of
was
$9.89
600 shareholders.
were
fund
July 3
share
per
an
operating
original
$227,000,
on
invest¬
supplied prin¬
cipally by trustees and members
of The Putnam Management Co.
In
area.
found the
has
attractive.
ingly
kinds
be
can
of
cific
at
one
in Hartford
Lighting's
or
installation
new
Douglas Aircraft may
that
market
new
Pa¬
is
open
a
already
bejng studied by many companies.
To Admit
On
Nov.
become
to
Firm
1, Gerald F. Baroff will
a
1 im i ted
Hertz, -Neumark
&
partner
Warner,
don't make
But
in
2
thinking we'll
the mistake of
further into
move
these areas without a
from
tough fight
competition.
our
We're get¬
Broadway, New York City, mem¬
ting plenty of fierce competition
bers of the New York Stock Ex¬
right
change.
every
hand and in
now—on every
„
.
•s>
that
at
were
a
&
General
Sept. 30
$19,867,925,
or
*
.
„
net
$35.42
a
to
Admit
For
are
York
v- -
Corp. reports
total
will
52 YfaU
City, members
of the New York Stock Exchange,
Nqv
Qn
,
wjn
admU
Richard
c
assets Patterson, Jr. to limited partnershare
be
If
dealers
by oil producers through
National
Whereas
Oil
Institute.
Fuel
electricity
into
is
trying, to
markets,
our
oil
has
tried
to
turn
to
tional legislation for help.
A
Fund
mutual fund
owning stocks selected
quality and income
possibilities. Sold only through registered
investment dealers. Ask your dealer for
free prospectus or mail this ad to
for
investment
In the
A Common Stock Investment Fund
An
investment
for
its
of
CALVIN BULLOCK, LTD.
lohg-term
and
Established 1894
a
seeking
possibilities
growth of capital
reasonable current income.
Prospectus
Senate
upon
request
one
on
.
.
Lord, Arbeit
New York
•—
Atlanta
—
Chicago
—
Co.
Los Angeles
—
the
stands
a
as
avail¬
industry.
markets
view of the
San Francisco
now
by
documents
gas
interruptible
CF
Name.
Address.
the
named
study,
we
govern¬
or
utilities
going
are
competitors
than
the
impact
further
of
intrusion*
would
I
point to the REA's modest start in
the threat it
and
owned electric
Rural
The
ministration
with
now
poses
colleagues in the investor-
our
industry;
began
.
/
Electrification
about $100
Ad¬
scratch
from
million in Fed¬
eral
work
relief
REA
serves
fiye jmillion customers
through
in
with
funds.
Today,
local
990
some
cooperatives.
electric
REA finances these
than $4 billion
more
Federal funds.
Joining Electricity to Fight
Government Inroads
Since government
thus
represents
investor-owned
vious that
tric
we
tric
free
that
industry
further,
enterprise
in
are
we
a gas
committee
encroachment.
will include
the
and elec¬
gov¬
on
Members
presidents of straight
utilities, straight electric
gas
all
You'll be interested to
of forming
ernment
to
fighting
our
then,
process
encroachment
threat
utilities, it is ob¬
in
into
economy.
know,
a
should join the elec¬
industry
inroads
other
com¬
gas
it
has
sales.
results of the
lost
to
But
in
Senate
doubt that the Federal
Government will
ever
enact
a
competition from other
of
course,
but at least our
competition has the ring of
legitimacy.
The
electric
industry is spend¬
ing in national advertising media
nearly,six times what
are.
we
Of
particular interest is the fact that
of
manufacturers,
na¬
primarily
out
profits from the sale of genera¬
tion equipment.
The
this
most
dustry's
wires
in
important
aspect
of
promotion is the electric in¬
seven
intention
million
by
the
heat
to
homes
1970.
Our
six
with
to
hot
growth
own
past decade has been pri¬
marily in the heating market, and
as
Coal certainly would like to get
back
'
.j
best
Study
Energy
was
committee,
of the
able
and
which
company
shareholders
although not finally dis¬
Fuels
Group,
owned
is tempted to under¬
anyone
government
by
na¬
of. -The report of the Na¬
posed
tional
tax
And
before.
estimate
past year we have seen this effort
set back,
that
potential
is .most of this
advertising is placed
fighting desperately to survive..
Coal
-
stronger
sources,
being backed in their advertis¬
break
ship in the firm.
local oil
example,
priated
projects
the
income, but it's happening.
ing by a substantial fund appro¬
the
in
funds
decrease
We have
The Funds Report ^w7°£k
Street, New
..
peculiar principle of investing
taxpayer
panies and combination companies.
market.
Oil's Efforts to Survive
earners
the
for
by utilities of central plants simi¬
lar to the
part of
any
the government should operate on
The construction
fuel.
a
local facilities.
incredible that
It's
service in¬
a
Act
billion dollars
a
in
opportunities
providing them with
stead
all
accommodated
offers
groups
of
customers
Development
be used to establish and
can
co-ops
fact that
The
vast
N. y. Sees,
-
of the Housing Act
Area
ties and other
•
•
..
wliich
Within
industrial park idea to be increas¬
Fund
Income
for
moreover,
develop government-owned utili¬
1935
selected
a
industry
addition,
*'
*
Putnam
in
/
add up to almost
to
neces¬
area
taneously
1962.
th&
in
customers
gas
opportunities,
the
and
shopping
groups.
utilities
tremendous.. Funds authorize^
it
to consider commer¬
us
customers in
share, against cities,
a
the
figure that their inten¬
States. v
be¬
into the suburbs'.
together,
centers have
assets totaled
has
areas
residential
for
bunched
:J;
The prob¬
select
all
United
ever
ment
systems.
gas
They supply about
7 %. of
that this trend toward large
.
ended June 30.
with the greatest promise.
stocks
sive
is
done
matter what
total 700:
now
Federal
gas
Government-owned
to
$19.14 a share, yond urban
$153,351,390,
or
Not only
of
encouragement of
ing is in hi-rise apartments, and
or
kind
by
municipally-owned
ment-financed
a share, at
The second interesting fact is
prior quarter.
that the greatest part of this hous¬
the
of
Hill,
Government
government
The
Of course,
formidable
a
439,913, equal to $9.82
arid
in oils.
is
the
close
occa¬
spurred
multi-
Financial Industrial Income Fund
ports that at Aug. 31, end of its
'■/ This fund leader insisted that
during the past two years a fellow
could have done nearly as well in
little
topped 50 this year.
none
in¬
ington
*
ijs
do
Capitol
competition
under Title II
of problems
flock
a
negligible earnings
times
of
looking at the record, made some
and had
and
rails
is, fond
who
dustry with
an
was
see
on
are
Customers
total
other folks could
from
happen
The
situation and literally thrive.
aside
nodding
fundman,
things
sionally
further government encroachment
Concentrated
Toward
Trend
managed to cope with the supply
Another
strange
strange things coming from Wash?
could
we
Since
with
were
equipped to compete for the.
sive
'
were
while
up.
fuel./
Subsidized
however, we are not making1 any
blanket assumptions. Among the
in the: private
worked
Fund
quarter report shows
of any
use
Competition
air
Our first in¬
large,
began
we
the
of
development proj ects
agreement, remarked: "We were $16,329,367, or $15.35 a share, at result in many office and gov¬
ernment
buildings rising simul¬
buying into railroads when all June 30 and $13,109,708 and $12.24
companies,
Oil
problem.
same
policy that would dic¬
end
than
more
ing.
net assets of
of
has
the
Government
'''/;" /:/
'
*
*
Howard
&
third
ness/Our research people are sup¬
posed
installations
the Now, both the public and the
of
Asset value, per share was
.
that $18.67
even say
Fund
$219,988,850
of during the quarter ended Sept. 30
readers
financial news, often overlook the
fact
30,
30, up from $208,420,-
think
investors, who
geared to the market be¬
are
tate
heating
Balanced
Howard
&
announced
With
vigor of glamour stocks.
One
tional fuels
home
:-s
five
was
Sept.
,
pointed out, had done almost
well in the marketplace. Soar¬
went,
share
per
$2.89. on
'
earlier.
year
a
value
against
1962.
it
of Jersey,
Standard
Continued from page 3 /
conditioning rates, the increase in
compared developing exactly the
30,
$272,165,000
Net
and
Mighty
was
as
Sept.
on
$12.75,
es¬
caped punitive tax reform, a siz¬
able threat several months ago.
Others cited the
100% jump
same period
a
good deal."
the
v
oil
the
that
of
taken
.
In some quarters
said
growth,"
fundman, "but
"VVhile high
1961.
sophisticated investors and brok¬
ers around the country keep close
tabs
"That's
1'961.
of '
respectable
business
Wall Street house close
a
months
would .seem
"Retreat from the
funds
the
to
the
ended
period and the $3.33 in
in the stock over the
'
leading
a
daily labelled
Oils" and
en¬
the group.
1962
highly
days, there has been
recent
report
a
their
losing
the $3.64 shown in the
from
nine,
of the
inutuhl funds aiid other institur
tional
Socony netted $4.12 a share,
like
the old story
was
In the first nine months of this
up
far from buoyant.
:was
seeing their stocks decline."
year,
$64 million in
over
Sept. 30,
excite¬ according to. Hugh Bullock, Pres¬
happening ident. Total net assets were $336,-
ahead. After all, the earnings re¬
ports Of the leading oil companies
Union
some
was
337,000
were
in
position"
a
.months
-
blamed last -week
for -expecting oil stocks to move while holders of Polaroid and IBM
{told of rising, and sometimes- rec*r
IscMeeting
ty
Total net assets of Dividend Shares
investors 100%," he said with
news,
on
could hardly be
of
end
California.
increased by
stocks,
Thursday, October 31, 1963
.
Delaware Fund announces it "has
BY JOSEPH
Since
...
share.
a
7 y'Jjt
#
the
At
stock.
common
June it
Chronicle
we
continue
this
growth
we
will face fiercer and greater com¬
I
petition.
Unfair
The
less"
Electric
electric
Advertising
industry's "flame-
campaign, with its safety im^
Number 6312
198
Volume
plication, is no more honest than
a
campaign on our part might be
to
against radia¬
consumers
warn
The Commercial and Financial Chronicle
.
This committee is
tion from their sockets when elec¬
tricity is produced by atomic en¬
ergy.
'
'
■- ;■/
"Natural
.
industry certainly is not
taking
I
believe
for granted.
markets
any
advertising is clean
our
comparison
wholesome ; by
and
important, it is effec¬
most
and,
for
available just a
1959
followed
fated
Court's
Through the PAR Program, we
national umbrella over the
a
each of our local
companies. Through the combined
of
promotions
contributions of
panies,
\yill
we
member com¬
our
be
national
on
television this year with 106 com¬
Gas will be sold on the
mercials.
get natural gas
the
after
Su¬
Phillips
famous
World
"Wide
the
and
Games
advertising.
magazine
/The
of
will be
national
In addition, we
Sports."
spending $1.5 million in
:
'advertising program
PAR
accounts for nearly three-quarters
advertising for gas.
of all national
As
has
$433,000
another
program,
been
for industry-wide
budgeted
pipeliners
and
distributors.
task
has
met
times
a
in
is
million
$3.5
also is being spent
gas utilities and
million
research
on
ways
steadily year
search
for
*Frcm
the
American
Calif.,
But
new
areas
and
the
J as. H.
of
tion
for
ac¬
remarkable
competition
of
efforts.
our
Just
over
a
Committee
ago,
year
of "SCORE"
the' significant name
to evaluate our
appointed
—was
activities
make
and
The
mendations.
Special
a
Research—given
on
recom¬
new
study
firm
is
of gas
effectiveness
the
increase
research in the
mention
special
serves
singled
been
ahead.
years
committee
A.G.A.
Another
has
and
being., implemented
now
since
it
seph C. Swidler. Eight of the nine
of
recommendations
Special
our
Committee of Executives
on
Regu¬
latory Affairs have been put into
in whole
effect
Chairman
FPC.
SCERA's
in part by the
or
report
Swidler
found
especially
help¬
and, although
we
can't claim
it resulted in the changes
the
FPC,
at
least
we
made by
arrived at
similar conclusions.
;
While we're
a
substantial
backlog of
talking about regu¬
reduction
cases
in
the
-
under considera¬
tion by the FPC has removed con¬
siderable uncertainty from all sec¬
tions of the gas industry.
f
The
has been the major tool,
to
broken
-
,
everyone,
almost
an
log-jam of producer rate cases. It
certain
that
the
Commission
a
continue to
area
use
pricing
H.
mem¬
Oliphant
&
York
New
rapid
rate cases,
sured
view
In
courts.
more
a
challenged
of
this
handling
of
in
and
measure
of rate
Stewart
joined
phant
for
12
Another group
to
as
in which A.G.A.
the
what is
in
question is asked
of
equipment and
interest
is
lem
going to
worsening
a
balance of payments
prob¬
the fear of inflation
comes
or
Excess Reserves
on
of
reserves
tem
appear
with
the
again
following
to
be
monetary
been
in
used
that
going
the
bring
to
all
of
member
a
Analyst Group. In addition, he is
instructor in
security analysis
of
Institute
York
New
Finance.
free
the
sure
written
journals
articles
has
and
various
been
subjects
business
speaker
a
addressing
groups
the
on
tronics,
trade
for
'
of
long-term
market
could
interest
rates
operations
keep
pretty
in
long-term
much
on
a
stable basis.
The Treasury is taking care of
sec¬
by
the
respon¬
for
measure
the
far
so
Nov.
3x/8%
namely,
due
do
we
a
near-term
of
the
obligation,
18 month 3%%
an
the
4%%.
note
May 15, 1965. This shows how
policy
agement
to
keep
the
is
doing
yield
on
its
best
short-term
issues up in order to help our bal¬
in
of payments
problem.
now
go
from here
on
long-term
yield
maturities
the Government in its debt man-"
issues.
market
the question
15
certificates ,and
notes with
ance
up
the
as
are
increase
capital,
where
far
market
open
Carter, Berlind
bonds is concerned. /;
,
In the opinion of
snecialists
market
some
the
money
a
reduction in taxes, will be
reserves
for
the
to
negative
banking
which would tend to
To Admit Levitt
and
downtrend
be¬
system
move
short-
Carter, Berlind & Weill, 60 Broad,
S'treet, New York City, members
of the
New1 York
Stock
Exchange,
admit
Arthur
Levitt, Jr. to partnership.
.
Nov.
on
11
will
the
as
pres¬
the
and
availability of credit.
that
credit
and
money
increase
as
the need
will
we
for
continue
into
go
,the
' This is
year.
the usual thing to look for at this
time of the year
because the
demand from
up
econ¬
in order to meet the stepped
omy,
business, has to
borrow -from. the
And
banks.
the
to
reserves
un¬
tions there will be
credit
tightening of
a
interest
and
the
institu-:
member
will
rates
go
-/A>/
up.
and
'
*
Change in Interest Rates in the
-/..
•_
Offing? ■>
:
j
There is in the
the
of
many
i
.
existing pattern
in the money and
First Michigan
' //•.
■
capital markets
symptoms which in
the past have, brought about mod¬
Elects Officers
erately
First
of
members
Michigan
of
the
Corporation,
New
York
Stock
is
gradual
a
in
trend
interest
higher
There
rate
the
of
this,
and
system
s.
downward
reserves
excess
banking
-
along
Exchange, announced the election
with
of Robert A. McAdam and Francis
Central
I.
the
past quite definite signs that
the
availability of credit and in¬
Stafford
both
in
the firm's
135 South
At
the
Wall
La
.
.
.
time,
William
Street,: and
Atwood
terest
Street.
W.
in the New York office,
Moeller in the
elected
Chicago office,
Salle
same
Boynton
2
Vice-Presidents,
as
William
H.
Flint, Mich, office,
Building
Assistant
Arcade
were
Vice-Presidents.
-
,
■
' /■
: •"
-H„
Frank
C.
HEIGHTS,
Webb
is
interest
in
N.
J.—
engaging in
a
watched
money
Highland
firm
Avenue
under
of Webb & Co.
name
/
Mossman
with
HILLS,
has
Calif.—Ted
as
an
spite
term
rates
of
clues
rates
the
which
being
most
will
to
as
I
,
how
whole
a
as
most
;
,
higher
have
short-
been
in
mainly because of the balance
payments
not been very
in
recently
by
rates
going to go up.
In
come
burned to make your coffee this morning may
gathering platform far out in the Gulf of
from this
Mexico. It taps natural gas wells under the ocean's floor to feed
*Transco's Texas-to-New York pipeline. Other wells contribute,
too—in Texas and southern
problem,
much of
there
an
has
increase
The
allel
the
pipeline itself is
lines
along
a
a
Louisiana
as
well
as
in the Gulf.
growing giant—now actually three par¬
great part of its 1840-mile length, to meet
ever-expanding demand. It crosses'11 states and is straddled
by 30 powerful
This offshore
compressor
stations to hurry the
platform is just
one
employed by Transcontinental to
natural gas
for some of the nation's
of
many
ensure
gas
associated
the
has
past
six months the bill rate
about 60 basis points
risen
Boulevard^ (0.60%) while the yield on longAccount Executive. ^
/" term bonds has risen just .under
along.
modern facilities
adequate supplies of
dost densely populated
long-term interest rates yet. In
Olmstead, Allen & Company,
become
the
give
of
BEVERLY
near-term
interest
are
have
market specialists because
likely
use,
With Olmstead, Allen
closely
very
The gas you
uptrend
high
year
much
the
the
which
rate
be
in short-term
with
three
to
-
in
expressed
being
increase
bill
a
securities business from offices at
101
is
rates,
the
hit
going
are
It
an
have been
rate,
rates
in
now
of the
previous upping
Bank
changed.
these
Form Webb & Co.
HADDON
the
•
continued
elec¬
of
machines
security analysis.
small
no
brings
to
purchase
are
up
interest' rates
on
and
bond
minor
as
the
thev
but
noticeable
more
in
as
for
reserves
swing them
with
the
monetary authorities,
yields
hand, the sizable
It is
less the Central Banks supply
During recent years Mr. Stewart
of
This
other
available
which
past.
sudden,
a
going to
the
Electronics
market
down,
authorities
the founders
and
capital
authorities
the
of
and is
irivestmeni
for
accompanied by low
member
pattern
a
of
the
the
coming
to
Electrical
of
long-term interest bearing obli¬
with
It is believed
member of the board of
available
amount
betterment in the economy, along
to the forefront again.
waning days of the
them
change too
there is
Security Analysts, and was one
before
that
are
distant level of interest
not
directors of the New York Society
has
modest
a
opinions
of
at
in
rates
many
more
of the
equipment fields.
a
some
area,
the
Rate Status
large
very
money
in
very
long-term
powers that be put greater
electrical
He is
an
for
sible
coming
elec¬
the
tronics,
office
side
going to be the fu¬
pattern
down,
George D. Stewart
Present Long
rates?
are
analyst
an
as
of
More Short-Term Issues
The
Despite the need to keep short-
down
years
in¬
nar¬
tors
not
of
been
intermediate
trend
evident
Co.
&
also
be¬
long-
ward
has
Oli¬
Director
as
firm
banks of the Federal Reserve sys¬
113 North San Vicente
stability.
to keep short-
the
has
and
term, interest rates still in "an
up¬
Excess
been
Mr.
the
the gas industry is as¬
greater
pressure
Pressure
announced.
the
pipeline
to be any let¬
on
rates
spread
rates
our
New
it
This
minor
a
long bonds, together with prob¬
this
i.
problem,
likely
rates
yield
gations, along with support of the
the
guideline unless it should be
successfully
payments
the
the foreseeable future. With near*,
Stock
has
does not
but it has
impenetrable
is
as
Jas.
Exchange,
pricing concept, which
area
appeal
will
Exchange
Broadway,
York
affairs, we're pleased that
latory
term
Federal
by
out
de¬
being made in solving
in the
up
rates
Commission Chairman Jo¬
Power
ful
of
61
the
of
this
by
committee has been completed. It
should
Stock
specializing
has
is
ress
term
George D. Stewart has joined the
and other re¬
fresh examina¬
a
term
rowed.
many financial experts.
spite of the beliefs that prog¬
much unless
New York
that
(0.10%). This also
short-term
opinions of
ture
Oliphant
firmness, in the
In
uptrend,
Research after
breakthroughs into
pressure
Angeles,
1963.
Stewart Joins
requiring development,
called
have
Los
Association,
16,
institutional
some
the
research,
Gas
Oct.
tween
not
Annual
10 basis points
means
there is
address by Mr. Heyke before
Convention
of
the
an
45th
and
money
rection of modest
four
not al¬
may
the
of
capital markets is stilbin the di¬
of
other better.
the
during the past year.
the steadily rising costs of
gains
each
Institute
PAR
agencies,
counted
by year
the
laboratories,
of Gas Technology,
been
with
cooperation
in
and,
A.G.A.
Re¬
have
expenditures
increasing
we
pattern
balance
past
about
long-term rates, in the
the
funds
able
The
several
at least we now un¬
agree,
derstand
by
manufacturers.
appliance
search
Nearly
in 1963.
for PAR research
$12.4
mover
research. About
has been allocated
industry
gas
Although
years.
the
for
year
CHIPPENDALE, JR.
of
City, members
prime
a
force
!f
Research
also
of
lack
a
ers,
Co.,'
PAR
to
The
ber
promotional activities.
:
part
understanding among gas produc¬
extensive
this
to
back-up
a
in
JOHNT.
ill-
of
the
Football
Pro
League
American
show,
Harriet"
and
"Ozzie
attributed
On
BY
Decision. These failures have been
have
in
opinion
in
formation
passed
bring
crease
became
number
a
attempts to
legislation
preme
tive.
which
might
specialists.
few weeks ago.
committee's
The
entitled
Study in Indus¬
Gas—A
Pioneering,"
try
respon¬
booklet,
new
a
31
term rates
modestly higher.
Our Reporter on
Task
Understanding
Better
Force.
(1719)
interest is the gas indus¬
has great
try's
sible
The gas
,
.
.
^TRANSCONTINENTAL GAS PIPE LINE CORPORATION
HOUSTON, TEXAS
«
n
areas.
32
i
;
The
(1720)
TIT
0
T
XjlS W 6 b6e
included in the New Frontier lead
j
Continued from Page 1
Xv
.V,
■
A'
.
that which makes
I
quite impossible to tell from or order of men.
man's
he
if
.
d
F
th
are
wou|d
voice
equivocal
become
has
very
^
what used to be conservatism
a
close
of
examination
philosophies
'with
them
either
groups,
often
in'
Inquisitorial
houses
and
tariff
the enact-
or
real
countries volumes
since
When it
a great are
tendency to ing
much
realistic
more
arise who
idea of what such terms "lib-
of the
couple of centuries ago.
the
a
ought
what
and
mean
to
mean
founding fathers
they
The
now.
were
national
our
long period of
at
liberal in the
they
were
great father
which
of
if
in
of
his
that
the
used to say
disavowal of
govern-
which
of
sort
gov-
led the battle
sense
a
against mercantilism and
sociated
of his
evils
and
as-
very
that
-
still
regarded
professor
certainly
a
.,
of the leading figures
parties in this country-or
other
any
ascertain
very
resembles
Adam
the
Smith
bers
the
as we can
much that
teachings
or
revered
once
far
so
of
any
opposite
field
of
famous ot Smith
num-
of
familiar:
"All
s
be
of
generation? Th
f
d
f
direct
or
trade
con\rol
and
in
and"
e
own
way
own
always, of
*
.
cord.
the obvious and simple
Every
he
does
of
justice,
jt
completely taken
.
man,
not
,
free to pursue
csts
in
his
as
violate
left
is
,
soon
the
,
.
own inter-
way,
as
laws
ers
of
laissez
natural
faire.
perfectly they? To be
.
his
own
own
.
and to
move
thus the
leaders
sheer
magnitude
terest
against
raised
a
However,
of
involved
costs
in-
ihe
liberty
war¬
this
trend
system
financial
in¬
decline.
In
reversed.
this
the
increase
near
is
rates—in
one_half
commercial
clear.
use
disposal to
its. general
time
runs
be
may
being
increasing
con¬
absolute,
is
likely
to
and
become,
difficult to
the
Further,
reverse.
essential to the
are
functioning
of
should
Thus,
our
suc¬
econ¬
banking
the
services
the
in
will
R'atlierj
has
as
be
not
the
past,, they
by
others.
hap¬
will "be
o
to meet needs which banks
or
would not fulfill, in¬
duplicated
over or
bank
of
rates.
most
1%
cases
of
the
provided bv commercia"
in
gained
the
intermediaries
anxious
now
areas—and
to
to
if
commer¬
to
were
share
its
see
intc
move
the
system
funds
dominant
mortgage
a
home
competing
would
so
Before
the
con¬
institu¬
of
there
decline,
is
interest
to
move.
only
it
whether
it
in
have pointed out
well
open
was
to the
system.
many
In
people
that demand de¬
posit growth is very likely to gain
speed in the future. Turnover has
recently approached the all-time'
high levels of the late 1920's, and
it
would
seem
that
corporate
trooonvorp
mnct
on
sense
the
hands
of
increases in
will
does
not
banks
de¬
helpful
be
that
seem
in
'
-
.
corn-'
depend fully
can
this factor.
on
:
,
Expenses Justified
Thus, the interest rate
seems
to
have been necessary, arid to date
to
seems
have
been
and
to
con¬
tinue to be effective. In this
text,
the
increased
in
pears
somewhat
a
con¬
expense
ap¬
different
to make their nroduct
sums
attractive,
and
a
and
such
as
period
classified
are
development
written
are
of
borne
of
tures?
over
the
not
being
now
commercial
by
nature
as
costs,
off
Are
years.
increased interest costs
the
more
salable. However,
more
expenses
research
in
banks
capital
expendi¬
Necessary to preserve and
expand the economic
role of the
commercial banking system, these
costs
will
of
out
be
not
the
fully
earnings
increases
deposit
,
induced
for
several
so
different
expenditure for
an.
designed
and
ductions
a
over
com¬
a
improve
to
tomer service
effect
cus¬
cost
re¬
period of several
Certainly,
years?
recovered
on
Are they then
years.
this
of
line
is
not,
directed toward
encouraging
the
amortization
reasoning
increased interest expense.
it is
designed to pcv'nt
that
the
until
of
benefits
will
crease
some
viewed
be
not
up
the
of
Rather
the fact
in¬
rate
accrued
fully
time in the
1962
TPflpVl
n
DOint
Of
this
in
future, and
manner.
interest
The
increase
rate
symbolizes
intense
a"
of
com¬
petitive effort on the part of the
share
expand
its
savings market
and
system
banking
of
the
to
by virtue thereof its position in the
economy
as
a
whole, As such,, it
has implications
increases.
The
which go far be¬
deposit
and
direction
in
resultant
yond
asset
which
commercial banks choose to move,
the
within
on
This' has
the
and
will
discernible
framework
the
been
existing
regulation,
distinct
a
of
context
and1
legislation
at /impact
raising
doing
so
banking
connection,
in
would/be
alternative
commercial
this
second look
incurred
rates,
assess
the
a
a
deposits, to the extent that
have
taking
exDenses
and
reliance
Competing that for decision-making purposes
ri g i n all v the
increased
costs
should
be
little doubt that these competitors
institutions have, in
but
puter
tinue
future,
Competing
that
'by
tional
may
many instances' been forced to
within
are
general
the economy
a
cial banking
Banks
are
to
largely
mercial
from
other
increase has continued into 1963.
reduce their
for
position
Further, there is every reason to
in
at its
system,
major
maintaining economic importance;
lowed to continue, the 'more rapid
field,
saw
the
was
and accelerate
constantly
remain
of funds is in
-occur,
size; however, the longer it is al¬
are
system
in
that
In
The trend
banks. Having
increased in importance, and this
believe
com¬
seem
increase
risk.
grave
function
year's
this
are
deal
or
creasingly took
there
good
maintain
could not
But where
sure,
means
arose
rtf I Zh thfs
banking
position
all of the
institutions, which
n
During the post-war period, the
Its
a
aspects of the basic intermediary
short
termediary
answers
provided
While the' above, argument has
wWh
continue?
the
pened
-
-
to
terms
eliminated.
the
the
as
system, what
trends
role,
likely to
are
badly.
economy
system elect to play a diminishing
ex¬
in unison; and
fare
the
in
banking
and savings deposits were raised,
.
.
voices
is
it
industry
any
Particularly, for the
omy.
1962, after the rates paid on time
"laws of justice "
.
tem will
ends
eration, they must be follow-
.
authorities,
momentous.
are
whole?
cessful
ab¬
tory
Commercial
their
mone¬
place the future of the banking
itself to decline in im-, these
cial banks
tremely unlikely that the sys¬
who
ac-
.
.
the
in
of action by the regula¬
earnings and
a]most endless deposit movements
men
support to
light. Other industries, faced with
the al¬ increasing competition, spend vast
the services provided bv commer¬
;
first
sence
course
mercial
more
impli¬
the
allow
it
essentially concerned
tablishes itself of its
away,
.
restraint
in
Likewise,
place.
to
without collllict wlth
cou
passages is
increased
v
after
rates had not
if
to
posed
profitable for
cealed
rants the assumption of these
es-
being
significantly different
it
gradual,
well have
industry and year's
WQuld
their
soon:
so
Is
importance in
to
Admittedly,
may
cations than
am
interfere with
systems, either
or
raising them
d
are
cou
those who would
in
this
back
this con¬
run
profitable
more
action.
a
large part of their fixed
structure.
been
indi¬
Commercial
move
taking
Any industry which does not
levels,, eliminat¬
reducing .'rates
are
system of natural liberty
preference
cost
envy
-And the conservatives. If
are to be found in posi*° ^ose °*
mexms of this day and gen-
of
a
rate
risks.
and
his
political
philosophy. Possibly the most
m
ing
self-pro-
the philosophies claimed lsberals
of any
should
old
can¬
society.
action
clear."
is
stock¬
public interest
of
long
been
the implications of allowing such
stated at
enterprise
course
banks
describes,,
be the industrial
grew to
the
the
policy
a
the
over
portance
the
to
their
as was
time in the belief
some
ternatives
commercial
acting
of
free
the
complete ab-
1 Now the truth is; that it is of aU the world; Where
quite impossible to find in the the most
loudl
programs or
cated
in compliance with which it
.
meeting
savers,
were
be in
a
The
of any clear call to the
sence
No Liberals To Be Found
in
in
as
,
in
have
place for
The questions raised by
rates
outset, such
not
was
era
i
or
bankers
the
people to rally again to the
the basic principles upon which
great "liberal" of his day.
this nation was founded and
is
and
desires of
of
much the
programs
least, and Adam Smith learned
who in
result,
changes which
with
beyond
capacity to invest profit¬
As fa
respond fully to the broad
of
ably the funds thus attracted.
the
in
that that
best
was
their
interest
to
stituted the
other, commercial banks
raised
the
platforms
the
Further,
will
banking
place
some¬
higher short-run profits,
that
rate
competitive
detriment
the both parties and the oratory
political affairs. The of any and all the aspirants
political philosophers for office to find any clear
liberal
erned
.
the
the commercial banking
what
or
rates
in which the
raised
the real choice
was
place in the economy with
system
interest
manner
remain
each
of liberal ideas outgivings of the New Fron-
counterparts
of
ment
to
New Deal Not "Liberal"
tiersmen,
in
in
event, growth in
any
source
they
system in January of 1962; and it
remains the choice it faces today
—•either
to
accept' a
declining
when it was de¬
error
authorities
fast
vain
faced by
should be increased. Impelled
governmental sciolism."
One examines in
Such, then,
appropriate
banking
holders; and,
the
reached
restrictive
deposits
to
mand
Choice Facing Banks
/
.
the
termined
swaddling
the
that
others.' In short,
^
"The conditions
were
it
that
tary policy will be employed less
frequently in the future than in
this
all, could, have been done
Thus,
pandemonium
English life also
an(j
in the field of economics and
field
0f
that
sense
followers
And further:
been
progress
automation.
the notion
system
increase.
sort,
perpetual interference...."
Secondly,
the economic goals and
policies of
at least the present Administra¬
thus
regardless of the interest rate
They
years.
notions
conserve
transportation, communi¬
and
demand
assets,
filled
same
to
two
mind.
unlikely
have
of
in
stay—it is basically
technological
cation
but
so,
pressure
highly
areas
their'; ef¬
borne
maximization.
plateaus
to
clothes of official omniscience
so
policies for
were
0f
the outgrowing
were, on
whole, genuine liberals and
discredited
Run
sought refuge from
this intolerable
eral" and "conservative" used
to
embrace
of
take
must
someone
ceilings, and by the necessity
more
think¬
our
now
Banks Should
a
a
we
Yet
was
of the
the
cash is here to
commercial
unintelli-
complicated,
First,
be
be
tion do not lend much
that
long
would
get
we
the
by the
be
us.
to be that
seems
advanced in
so
tell
Wince and relent and refrain,
"What w o n d e r," Professor
good thing, Seligman continues, "t hen
though, if the rank and file that a sect of men should
would
It
they
so
well
should
in
cash1 balances.
largely beyond the control of the
positions gible, and contradictory reguquestions. This is in lations of manufactures." And
even
1776,
The fact
comes
.
thinking has advanced
were
were
may
the past. In
so-called moderates.
a
Our
change in
be
they?
are
specifics there is
customs
wars
This
returns
minimize
points
seems
should
'
elaborate
most
a
to
profit
deal too great a
are
large degree true
leaders
descendants.
that it cul-
so
n e s s.
mixed and with
so
similar
so
basic
on
into
assurance
lineal
diminishing
forts
true
public figures multiplied. Industry was fair- Continued from page 18 /'\"fshows that it is ? well
ly throttled by minute regu- '' complished by shifting existing funds into higher-yielding
impossible to classify lations of details, and in some
nigh
its
Such
un_
the various
soon
a
policy of national .exclusive-
the
the programs
or
measures,
minated
liberalism. Of course,
now
to
they have
wilderness by
the founders of the New Deal
and
gnd
the rank and
arouse
strictive rather than construe-
definitely conservatism and tive
is
t
./Thursday, October 31, 1963
.
calls for a-epeal of liberals of the day. But where
were
original
were
permitted to hold. The Seligman describe them: The
truth is, though, that the rise (mercantile)
System had beand rule of Franklin Roose- come, during the eighteenth
velt completed a full reversal
century, outworn; and antiof the meaning of the words,
quated, and emphasis had
What
used
to
be
termed been
gradually put upon reliberalism
B
legislation which
these
as
j
D
and
.
to the fact that
been led into
the New
up
.
of file
some
^ j™'
where
injected. wouid make a
connotation Let the late Professor E. R. A. the situation?
the
of
j
it is interesting to observe obnoxious !aw.s
the other the situation into which such
ment of
one or
either for that matter— ideas
—or
:
^
philosophy whether
either
was
and at least
program,
original meaning has through bring both his industry and
the decades been undergoing his capital into competition
erosion. At times it has been with those of any other man
a
Commercial and Financial Chronicle
the
itself.
experience
banking system
since its
of
in¬
ception, and if further proof were
needed,
with
tion
the
it
was
provided
increase
in
the
in
1962
Regula¬
Q ceilings in the first place,
followed by the exemption of for¬
eign time deposits from the Regu¬
lation
Q
gage
lending
creased
limits,
reserve
decreased
mort-"
restrictions,
requirements
de¬
on
time
and
savings
6312
Number
198
Volume
deposits,
.
.
The Commercial and Financial Chronicle
.
and
(1721)
Pressures Mount
PUBLIC UTILITY
increased taxation of competitors.
Transportation
Possible
Far-Reaching Changes
-
SECURITIES
Of greater
importance than the^
legislation which has been enacted
is
cantly, this is
riods
or
not
theVfew
of
one
characterized
pe¬
by
war
panic when such has been the
A
case.
great
directly
of these
many
related
to
are
commercial
bank
activity in the savings mar¬
and, if passed, would greatly
ket
enhance such
activity. For ex¬
ample, consider the results which
would
if
occur
ments
on
posits
were
time
and
savings
eliminated,
Regulation Q ceilings
on
a
standby
.competitive
Increasing
basis,
banks
institutions
.differing
were
.deposit
totals;
and
-
posits could be regarded
these
.
.beyond
proposals
the
realm
de¬
being
as
is
not
of
immediate
at
.possibility, given the current
all
com¬
petitive posture of the commercial
system.;'The public
.banking
in¬
•;» as I has
already
been
brought out,
lies
in
increased
terest,
commercial
field
of
bank
activity
savings.
'appears that banks
Arkansas; Joplin, Missouri, is the
the
principal
result
city
in
industry
in
the
So
long
are
actively at¬
it
as
metals.
food
motive
ing system
trends
its
over-all
the
economy.
how
which
creased,
of
within
without
of
defined—in¬
increasing
the
economy
sys¬
as
a
accomplished
but competition
expense,
to be
Fur¬
easy.
ther, it is extremely doubtful that
competitive
avoided
The
ing
under
explicit
on
the
should
the
tempt
such
obtain¬
less
are
to
stated
banker
costs
have
and,
banking
rely
balances,
knows
increasing;
deposit
.
system
heavily
more
one
at¬
on
well im¬
can
agine the results of the compe¬
tition
which would
ensue.
fore, while in the short
There¬
run
bank
earnings have been relatively
duced by the higher
involved,
ability
to
step
assured.
seems
*From
ciation.
by
Mr.
Washington. D.
C-
Oct.
7
,19fi3.
year-end
net
6.9%,
was
having
In
addition
tourist
a
year.
trade
The
37
%;
residential and
commercial
23 %;
oil
pipe-line pumping 5%; other in¬
to
Hear
ident
of
the
Crown
Zellerbach
Corporation, will be guest speaker
at
the
luncheon
Investment
meeting
Analysts
of
Society
the
of
Chicago being held today Oct. 31,
in
the
Maximilian
Bismarck
Room
of
the
2%
of
H.
Robbins
Co.
will
be
the
^subject of the Nov. 7 meeting, and
Rexall
Drug & Chemical
the Nov. 14 meeting.
Co., of
recently
declared.
is
;area
served
by
seven
large
numerous
truck-
several airlines and has
Thus
all
parts
is
there
of
direct
key
the
and
in
markets
with
country,
overnight delivery to
established
markets in the middle west and to
the
and
new
of the
income
than
developing markets
southwest, where
is
the
4.9%
in
for
year
a
appliances
1954.
The
policy
is
conservative, tax savings from the
accelerated
of
use
credit
tax
ciation
depreciation
and
guidelines
reflected
The
1962, with
increasing
1961.
not
yet
as
statements.
had
company
depre¬
new
are
in income
good
a
earnings
year
share
per
increased
169,000 kw of which 18,000
hydro.
The
company
pur¬
chases about 12% of requirements.
No
generating facilities have
new
built
been
will
for
kw
15,000
turbine
gas
installed
be
time,
some
at
but
Riverton
(for
generator) which will reduce
chased
tain
to
The
about
company
20,000
kw
beginning
power
Government hydro
1965
utilities
will
the
obtain
1965
projects.
1962,
access
during the
general
the
in
"
to
in
TV A
and
under
between
ten
electric
important
' no
expenditures
$2.8
mated
new
lead
Corp.,
college
at
year
were
are
esti¬
and
was
year.
necessary
No
in
by
cash
flow.
It
seems
tion
Center, who
urban
was
and
suburban
of
patterns
of
are
of
now
suburban
sult.
1961
over
increased
of
the
as
the
decentralization
of which employment is
promising
mands
for
of
to make
only
one,
in
all modes of transportation. These
demands will call for innovations
in
transportation
than
has
a
on
to
far greater
date
been
ac¬
half
first
the
In
with
commercial
of
from
tives
13
colleges
and
from Brazil, Japan, and the
5%
and
9%.
up
of
mining
,
with the initial
large
a
shovel,
in
expansion
facilities.
While
„
they have increased rapidly since
1957, being estimated at $2.50 this
gain
the
for
excellent
ing
of
50
(the rate
$1.64)
was
ness.
While
dential
the
volume
construction
in
1961,
electric
the homes
was
builders
living
of
resi¬
lowTer
installed
features
they constructed.
in
Over
1,000 dusk-to-dawn lighting units
were
installed.
million
,was
An
estimated $10
spent, by industry
in
proprietor of the firm which
located in Pebble Beach.
"It
planning
is
development."
and
to
difficult
think
of
an¬
Ware &
On
Nov.
Keelips
1,
Ware
&
to
Admit
Keelips,
Broadway, New York City,
bers
of the New
will
change,
York
admit
Keelips to limited
Stock
AND OUTLOOK IN THE MIDWEST:
CINCINNATI
if
and
stock
the
split
by
is
building of a $10 million convention-exhibition hall. Hun¬
$1.80
also
3.6%.
20
A
declared,
13
if
state authorities.
selling at
1963
to
be
paying
recently, effective Dec.
proved
as
Sell¬
yields
was
Last fall, Cincinnati voters gave the go-ahead to a spectacu¬
ap¬
The
times esti¬
earnings.
dreds of millions of dollars of other
or
nearing completion, including
ways
Lehman
Brothers,
William
1
the
part of the midwest will you find more unmistakable evi¬
dence of
an
area-on-the-move.
Companies
on
looking for
an area
the move, today, are
which is not just
of
Fred
munities
positive
but which is taking positive,
the
an
area
here
unmis¬
They're finding such
...
in Southwestern
2600-mile
service
area
—
the
of The
The
ship
;
oldest
in American
banking,
forms
a
financial
Lehman
variety
of
services
a
Area
an
attractive
profitable one for industry, and
it's easy to
They're finding that smaller com¬
their
more
understand why more
companies will be making
move
to this area-on-the-move.
The Cincinnati Gas
& Electric Com¬
pany has invested $300
million
the last 10 years to keep ahead
in
of
constantly
expanding
power needs. Those needs are ex¬
pected to double again in the next
10 years. The company will be ready.
Shown to the left, one of the com¬
pany's three generating plants.
partner¬
investment
area's
per¬
banking
and
including
the
management of The Lehman Cor¬
poration,
as
St.,
Rosen
Brothers
well
development plans. Add
advantages that have
Industrial
and
and
u
continuing
as
basic
Cincinnati Gas & Electric Company.
public relations
;
the area,
ajways made the Greater Cincinnati
the
as
in
Cincinnati, are pushing ahead with
daydreaming about moving ahead,
Exchange, have
firm
under way
new express¬
that bring many communities outside the metropoli¬
Ohio and Northern Kentucky
Lehman Brothers
are
dynamic
tanicomplex in closeproximity to the city itself. In nd other
takable action.
P. R. Counsel for
projects
network of
a
a
closed-end investment
^<and The One William
Street Fund, Inc., a mutual fund.
THE CINCINNATI GAS
& ELECTRIC COMPANY
The
Union Light,
Ex¬
partnership.
TODAYS BOLDEST NEW LOOK
development project,
61
mem¬
Imogene
can
years.
Treas¬
was
$150 million plan for revitalizing the core area and for the
raised "recently from
Associates, Inc.
busi¬
and
be
may
gain
in future
around
counsel.
new
Secretary
Mr. Andrews was formerly-
sole
lar $42 million riverfront
however
rate
this
maintained
There
K.
Hughes, Vice-President, and I. L.
an
compounded,
showing.
question
whether
thus
1958-63
years
works out at 9%
An¬
Frederick'
The average annual rate of
year.
Considerable progress was made
developing
President;
Buren
E.
share showed little gain dur¬
retained
last year in
drews,
Van
Jack
ing 1953-57—from $1.41 to $1.49—
equity ratio
around 35%.
499
are
earnings
company's
City, members of the
an
at
Officers
with
Stock
has
offices
Street.
'
,
the
In¬
now
conducting its securities business
from
industrial
York
company
Consultants, Inc. is
opera¬
together
other
and
Corporation
electric coal¬
new
of
planning
The industrial
York
The
tion
gains
and
revenues
up
1963
residential
New
later.
for
universities, including representa¬
the
New
or
last September
expanded around the middle
tion
per
vestment
urer.
Flaherty told the Institute
industry.
continued,
and
Transporta¬
Vice-President
Form
Andrews,
complished."
Mr.
the
MONTEREY, Calif.—Andrews
de¬
new
greater efficiencies
re¬
activity in
be
1965
named
of
clearly fixed for the
types of economic activity,
many
are
growth
succeeded
Kreml, founder
growing population with changing
period
a
of
Chrysler
from zinc
unlikely that equity financing will
required before
Flaherty
M.
Director
faces
Director
at
mines, while still small,
construc¬
$3,300,000 this
financing
pipe¬
generating
last
million,
Mr.
Franklin
first
nation
A L
Flaherty's first
rate adjust¬
revenues
jumped 50%
mated
plants have been built,
only
and
downward
a
Also,
stock
utilities
As
part to
ment.
3-fo"r-2
summer,
agreement
Authority
and
oil
pumping gained 14%, due in
of
pooling arrangements with neigh¬
boring
from
extended its power
company
power
line
some
peaking
from
and
agreement will ob¬
new
up
1964
the
Also,
years.
a
in
costs
power
pur¬
group marked Mr.
portation
undergraduates, Mr. Flaherty said:
"Our
trans-
Formerly
for
is
as
meeting with the Institute
research
conditioning
a
generator
in conjunction with the steam
use
air
Revenues
of the year
kw
is
increased
and
load
about
His
business
in students
10%
with favorable business conditions
faster
System generating capability is
development
Director.
scale
$2.38"Vs." $2.15
to
Revenues
industrial
average.
policy
official appearance as the Center's
Addressing the final seminar of
Institute
unre-
challenging in
technology and
so
on
the Center's first National Trans¬
heating future,
and
accounting
company's
A
major
recently put into effect.
capita
20%
increasing
national
per
activity
demands
development.
$300,000
tomers.
ample service to
more
A.
versity,
must
of
portation." >V-'
Transporta¬
tion Center at Northwestern Uni¬
26%; wholesale 7%
revenues.
The
than
Hotel.
Flaherty,
its
dimensions
from
1962, principal expenditures being
Chicago Analysts
C.
the
been
United
Arab
Republic,
that
and 'safes. Over one-quarter of the in¬ "specialized knowledge and skills
miscellaneous 2%. Lead and zinc crease was accounted for by two of
many disciplines "Will have to
mining now contribute only about large new chemical industry cus¬ be brought to bear on transporta¬
dustries
provided
CHICAGO, 111.—R. O. Hunt, Pres¬
of
face
type of basic economic and
that
a
revenues are eb-.
follows:
as
rural
million
William
yet
other
social
promotional rate cut approximat¬
in
company's
tained
$80
;
•
<
of
has
far
a
modes
the
crying for improvement.
trans¬
on
in
ing
electric
shops; nitrate and phos¬
rate
than
Director
new
demand
changes
Northwestern
was
pumping;
famous Ozark Playgrounds attract
tion
Freeman to the
Savings Division at the 89th Annual Con¬
vention
of the, American
Bankers Asso¬
talk
a
innovations
achieved,
pressures
Transporation
transportation
living and economic activity. The
increased
pipe-line
substantial farm economy, the
a
profit¬
competitive
this
re¬
interest costs
long-run
the
of
a
the
fair value
on
1962
the
as
decisions,
ment
under
rapidly
by
in
a
Return
important industries
manufacturing.
future
demand
been
increases
court
by
states;
Commission,
recent
in
four
shoe
interest
every
in¬
some
of
being normalized. The 3% invest¬
time and savings deposits.
However,
that
deposits
than
be
alternative.
any
involved in
demand
rate
could
pressure
expenses
plant
and
phate fertilizers; and clothing and
the
banking
not
was
the
of
regardless
is
the
designed
within
share
—
thereby
whole. This
not
The
market
importance
tem
a
reducing
were
importance
market
that
marks '
commercial bank¬
successfully reversed
the
savings
clearly
The
base.
equipment; foundries and
machine
ways.
1962
this
to be
of
shoe
three
regulated
is
recognizes
now
cur¬
important national and state high¬
bright indeed.
'
portation
scale
innovational
of social and
pressures
change
processing plants.
company
Missouri
but
processing; aircraft and auto¬
lines and
legislation
the
be
to
pro¬
customers
and
commissions
years;
mining,
seems
oil
railroads,
Thus,
major
A
used
area
over
More
include:
tempting to fulfill this need, the
transition.
the
zinc
and
chances for facilitating
are
served.
price
.completely stable. The enactment
.of
the
activity reflected
savings
The
of four states
corners
in
necessarily
companies,
food
—Missouri, Kansas, Oklahoma and
of
reduction in demand
any
includes the
which
series
certain
chemical
three
District"
"Empire
This
included expansion by four
manufacturing
the
crease
the
for expansion.
area
gram
in
if
between
the
electricity to 105 communi¬
ties with a population of 300.000
serves
rently there
eliminated: In this situation,
4shifts from checking to savings
.result, in
million,
$16
placed
-were
pot
of
revenues
lead
stemming from
would
nual
deteriorated
taxation : procedures
accounts
Empire District Electric, with an¬
lenting
economic
greater
the
and
and
Empire District Electric Company
de¬
if
inequalities
commercial
.other
require¬
reserve
1
.
that which
has been
proposed.
Far-reaching
changes
are
now
being' contemplated; and( signifi¬
is
v
existing
says
inevitably succumb to
ELY
OWEN
BY
expert
on
33
Heat and Power Company
company,
Serving the City Closest to America and the Midwest's Most Active Area-on-the-Move
S.
The Commercial and Financial Chronicle
34
country,
saw
States
ufs the Twenties1 Todav^he dol~
inf
thl
lar
the ^Ldine
leading fnteVnational
mte nat
First
^
institutions have
that has
nation
A
"ot only
tariff policy but in lost gold faster, and the deficit
,
* inworkers
caoital sun- has been a problem.
played/;Jjv/.Q£-ggrvjceg- wand business loOver the 13-year period, the
and less private investment, is this
,
and
and r
'
t
b
a
e n
Common
<tbx
Market
-faster than world trade
system
,system,
f
anr)
monetm-v policies.
Policies
dent fiscal and
and monetary
/
with other countries to re-
agree
.?
tariff
Round"
part of thCir reserves
currency as
through
cuts
broad
on
the
such
of
snrine
The "Kennedy
negotiations, set
1964
of
mav
see
nonta'riff
both tariff and
trade
Per-barriers reduced, despite the curminc^is a klv element of our '-cot "chicken battle" over tariffs
mnnetait Ut/ro AKo w have on United States poultry exports
Weta
the ct edit facilities.
We
have to Europe. Finally,'world trade
tohnv
Us
Our
use
Jneold'
or
at «35
^
a^ubstantial
change market,,and
the
^row faster are realized
knota- •The threat to higher
*
ability to
move
large amounts from na-
in
-funds
?
quickly and cheaply.,
tion to nation
ing economically sound growth
lment is
a
foster
free enterprise and
a
financial
American
is
know-how
a
great revolution-
technological
world
it is
such,
business
and
peaceful
promoting
force
part
as
change;
of the great his-
toric American revolution of free-
To foster increased freedom
dom.
of
world
movement in
trade and
investment is and should continue
as
freedom,
in
in
seamless
the
In
of
web
market
world
open
an
national
goal of
long-range
a
policy.
goods and capital, no less than
historic
the
promotes
ideas,
values for which this country was
founded and has always
A nation that is
must
also
fought.
world banker
a
sound
tain
maintain
policies.
fiscal
and
tary
mone-
Other-
Ivate and official
foreign private
wise,
of
holders
living standards andthe.spread of
.
,
res rl.c lve
Practlces ^
A
will
confidence; and will be less
willing to hold it.
as
payments
of
balance
such
ours
means
either
a
loss
gold or
a
ininistration
should
say
s
a
Ad-
payments policies, I
word
future prospects.
or
There
two
^
are many
ment
can
be
entering
an
era
of
jn
ance
...
,
States foreign policy could possitrlS6er sueh a movement,
fact
there
hag
been
imie
further exports
expansion
payments
question.
innovations
Reserve
and
in
debts abroad to
our
the
down
drain
stock and defend
these defenses
ble
to
and
of
not; impregnar
are
the
goid
our
on
against crises,
us
do nothing
answer
Federal
of
Treasury technicians
arranging
cut
the
Despite
skillful
in themselves
pressing
questions
policy we face.V
Take
where
has
exports,, for
few
had
is
There
list
These
freight
of
results.
-
possible
include
cuts ^in
rates
taxes,; re-study, of
laws
campaign
concrete
long
a
measures.
ocean
example,
promotion
our
export
and
our
.
antitrust
regarding exporters, and in¬
creased technical assistance. There
is
vast
a
tions
There
ist
area/of nontariff restric¬
trade to negotiate; away.
on
restrictions
the
are
spending by
on%>ur-
trading part¬
our
which prevent travel here.
ners
It
is time to urge and. help Europe to
develop its
If
perous,
of its
defense
and
men
their
a
World War II?
Now that
foreign aid
countries
since
past time for
we
war,
*
'
towards isola¬
move
a
it is not
tightening
severe
a
conviction that
my
overseas
government spending can
duced
have
to nearly. 100
the
.
Far from
tion,
de¬
out more than $100 bil¬
parceled
in
If it
generation after
pendents there
lion
more
burden?
need to keep a quarter
we
million
a
pros¬
it not shoulder
can
own
do
can,
of
capital markets.
own
Europe is increasingly
drive^ up?
worsening
for
more
than
of
the
two.
a year or
V
purchases
in
at prices up to 50% higher'
even
than those abroad. More and
;•
Questions Basis for Long Run
economic aid
foreign
more
spending is
Optimism
to bo tied to United States purFailure to solve our payments
The Administration appears to chases.
And private capital outproblem, or a shortage of international liquidity that promotes in- ba relying on a recent Brookings flows are to be checked by a
stability or inhibits trade, would institution study for much of its proposed new tax on foreign secualso increase that threat. In 1932 optimism' about the future im- rities sales.
it was the failure of the Kredit pr0Vement of the deficit. That- m my opinion, these measures
Anstalt in Austria, producing ex- ,;studv tried to forecast the deficit ease without curing. I am concessive demands for sterling m for 1968j based on assumption's in, vinced that our balance of payLondon, that brought down the part given by the Council of Eco- merits' oolicies reouire searching
gold exchange standard and nomic Advisers. The study was reappraisal. They should be acbrouSht on the worlds .most; wjdeiy -reported as' concluding companied by an equally search1968 the
balance jng
u^muu m rnuuern that
that by
by 1968
the "basic"
"basic-balance
ing reappraisal
reappraisal of
of government
government
times. Such an event today,, if will have moVed into a surplus spending policies which will, in
""checked, would also play havoc position.
" •
the current fiscal year, reach an
^
the ^postwar European move
adequate
growing levels
vestmerd
of
to
support
trade
without
about
signs that world trade and invest-
18 state-
bottom of the
priority lie at the
from
comes
be
re¬
desire to free
a
pand private trade arid investment
also
Before commenting on the
The President's July
earlier,'pressing problems of
the United States
So the
Prospects
But
or
defenses built to fend off crises is
Future
Admin-
said
financing government. Then it can
rise in holdings by
foreigners of our currency.
At first the
'As I
ing requests of $1.8 billion..
ther reduced. More military assets
abroad are to be sold, and more
military aid funds are to require
against such shocks not available
t° London in the Twenties, thanks
deficit adds to the pressure for to
the recent work of central
sound monetary and fiscal poli- bankers and finance ministers of
cies.
Now, the classic solution to the Atlantic countries. This svsa
payments deficit is to tighten tern of defenses has withstood the
credit, reduce government soend- test of heavy pressure on sterling
ing, and thus assure stability in in the spring of 1961 and again in
the currency. But the dilemma in early 1963, the Berlin crisis in the
today's wage and tax environment summer of 1961, the run on the
is that such policies may also tend
Canadian dollar in May-June
to
dampen economic production 1962, the stock market drop in
and increase unemployment, and May 1962,
and the Cuban crisis
that seems to many to be too high in October 1962. The question that
a price to pay.
remains is whether this system of
of
find ourselves with a
And I pro¬
cut in foreign aid spend¬
a
foreign aid spending is to be fur-
is still exposed to shocks of confidence. But it also has defenses
devaluation;
or
-after surplus of commercial ex- we may
posed
deficit,
deficit
lose
".and deposits. Claims of for- currency and to the United States
eigners and international agencies as a free world financial leader
on our Sold now total nearly $25.5 " is also a threat at home For if
bUHbn.: ,corrective measures unduly re- Throughout this period, surplus strict our output and employment,
sizable
Today's gold exchange standard
strictions,
won't. So the payments
from Europe.
troops
tempt by a single European na- And Secretary Dillon testified this
f10r!t 0 urn e; ommon viar e ;summer before the Joint Economic
i s: own ^ggran l^men , ur- 0ommjffee fbaf eVen at a lower
tfter marked
inroads ^
tne Lommunists,
rate we cannot afford this imbalfailures
of
United
This is where
its values, exchange re-
in
billion of free gold aboyq the maybe we
$12.2 billion required to back our delicit still remams a threat. It .s
money supply-of currency and.de- a threat to the dollar as a key
improvement,; if special govern- The tax cut is counted on to preu
re,r^a; 9 / e = ment transactions to improve the vent output and employment from
ra e
d exc
• figures are excluded. On the con- suffering. The impact on the bai¬
^ imrties. bpnts trary> thig year s0 far bas seen a ance of payments of military and
the United States faces a dilemma.
anticipate inflationary de-
clines
achieving a payments balance
— but
by 1968. Maybe we will
insj}vf
to unity, the increased community
°f interests ^ojig AUanhC! nar
tions, and other constructive hisTprical tendencies now at
;
^ would play into the hands
of our Communist enemies.
^
words, its creditors on short term
—will
The current gold stock of about our
$15-6 billion leaves less than $3.5
woy|d juration predicted that the deficit ment of Administration policy
investment
would be erased by 1964. Now, it places major reliance on increased
allThey .could.rnean ^or enhanced{sayg the deficit bas been reduced; short-term interest rates and a
currency—in other
its
strive for? I, for one, am not in
favor of such a result.
In. short, then, the Brookings
transactions.
mar-
throughout the world,
ket system
ary
of
trade and investpowerful instrument to
world
I*on- To finance them, we have
sold about $8 billion of gold and
foreigners have taken the rest in
tra ® an
promot-
This vast machinery for
private
be increased
,nvegtment wiu
worldwide
financial
correspondents,
how,; and
what the world's most successful
free enterprise system should
^ pari"'of :^he" ambSious Ports of goods and services has remedy that creates a new malady,
private finan- .P^"5 ,°f less_ developed nations to
^^ment"and rapital TIie Administration's Proposals
with
institutions,
cial
more government spending abroad
«Pn closer examination
classes of goods.
to' b<T
And as for
deficits have amounted to $26 bil-
t
Other wise,
'
intensive scrutiny.
Second, the Trade Expansion
an $18 billion
increase
Prudent5Act
to short-term
liquid
claims inontheir
us. hardly to justify optimism seems
about
adequate credt facilities, and pru¬
eomtr
and Italy have just announced
ment has been giving this problem
The Common
counts
a
"hmd idlyto by
without taking
slow such a rise in
massive stabilization programs,
and
the Organization for Economic Cooperation and Develop-
this
have^ abound
sound ^oi^tarv
monetary
ha\e
will
really expect that Europe
1958, these deficits were no problem. They actually furnished the
^ Sc4ed.
role in the future.
,
re-
But we have measures
Brit-
d faster than ex-
_
suit, and can continue to play, such
a
spending,
costs and prices? Already, France
exporter and im-
major role in achieving
government
United
badly needed dollars to finance the
expanding world trade I have de-,
But since 1958 we have
Unifed
United StateTbanks
States banks
financial
a
Thursday, October 31, 1963
had a balance of payments deficit
is the European 'for 12 of the last 13 years. Up to
currencies.
roDean
the
The United States is
largest
the
abroad exceed
assets
our
mated $28 billion.
Common Market and the 1958 retum to free convertibility of Eu-
is
capital.
^ere
that
foreign assets here bv an esti-
that may
mid-nineteenth-century
United
Of
activities
ing
of Payments
news
no
strong;
-golden era"
contraction in
a
freedom
enhanced
from page
page 1
1
pom
Continued
continued
is
It
Deficit
Liquidity; Payments
world's
.
straint in wage and price policies,
States is such a country. We have and less competition by governbeen lending long, and borrowing ment with private credit.
As for
short.
Our total asset position is European wage inflation, can we
The Dollar's Soundness;
currency.
.
;
The Balance
these
.
(1722)
and
some
the
innew
,
method pf providing borrowed reserves
to countries with balance of
payments deficits.
own
our
enterprise
of
some
its
move even
more
of
burden
vigorously to
thus
and
overseas
frorm
economy
onerous
to
export
ex¬
the
American revolution of individual
technical
freedom,
and
competence,
rising material living stand¬
'v;';'
ards. "
Government
y.
indeed,
spending,
is the link between the balance
of
payments and domestic prosperity.
As
I
said
March, a tax cut is
in
with
long overdue, if it goes along
The; Administration
spending.
argues
money
government
in
restraint
more
"more
that
means more
after-tax
buying power
for consumers and
investors."
this is true only if
that money re-
tains
its
value.
What
But
is
good
it
However, a closer study of the all-time high and include new to grant a tax cut of $11 billion
report itseif casts considerable programs with "escalator" clauses. now, and then to turn around and
doubt upon this interpretation. In The two are intimately related, borrow it back, and possibly more,
tbe first place, the authors em- To avoid a needed rethinking of through budget deficits? Cuts in
phasized that their forecasts were government spending policies at government spending would yield
no more than "highly speculative" home we are letting the balance the same after-tax money.
:?
guesses. Second, they left out of Gf payments problem push us
This seems like a man-on-thetheir definition of "basic" balance awav from freedom of trade and
moon kind of fiscal policy, a kind
ail short-term capital flows, which investment, away from private
of ingenious fiscal stunt.
I was
have been averaging $1.2 billion enterprise in world trade, toward
glad to see the President propose
in the last three years. Third, the m0re government in foreign ecothat Russia share with us the im¬
assumptions used in the study are nomic affairs, and toward more
mensely fascinating, experiment of
open to question.
tying of private exports to govspace exploration. I have felt that
Skipping technicalities, this is eminent' spending abroad, with
to make it a race is to distort its
dbe picture their assumptions all the dangers this may bring,
noble purpose as well as greatly
painted. United States productiv- Already, instead of reducing govincrease its cost and its strain on
ity win rise faster than Europe's, eminent spending abroad to the
our limited scientific talent. What
-yye sban grow fast enough to re- minimum, we plan to tax private
is
needed
in
the
government's
duce unemployment to about 4% investment abroad.
And the adpayments and fiscal policy is not
of the labor force prices will rise ministrator of foreign aid is arguso much
more ingenuity as more
faster in Europe than here. United ing that we can't cut foreign aid
confidence in the " soundness of
gtates private investment abroad because that will also reduce our
-
win shrink, European investment
bere
wdi
long-term
rise.
If
exports.
and government
capital and aid will
rise,
productivity
is
to
faster than Europe's, in my
In March of this year on the
rise
opin- floor of the Senate I urged a re-
*on more W^1 have to be done to
examination of the government's
confidence and foreign spending. I proposed a cut
stimulate investment. This is by in defense spending requests of
no
means
certain and will take $1.2 billion, including withdrawal
improve
business
positive policy decisions on reduc-
of
a
division
of United
that
at
Urges Cut in Government
Foreign Aid Spending
'
our
V
'
States
policy
home
holders.
.
both by businessmen
and
It is
able to expect
by
overseas
dollar
simply not reason¬
investors and busi¬
nessmen
to brush aside continuing
balance
of payments
deficits and
continuing budget deficits in their
planning
for
the
.
place their reliance
future
and to
instead on the
-
of ingenious
success
but doubtful
stunts.
fiscal
which the bank would create and
tend to various countries, giving
them
The
Question of International
ances
The Brookings Institution study
of
the
1968
balance
also
whether' 'the
-
of
ahead
.-mit
and
to
ask
international,,kpay-
system is adequate to
expansion.
that
made,
tional
a
study
an.
super
central; bank,
This
question
is
,
important
so
that I must ask you to
bear with
while I give you some figures
to
illustrate
The
study expects world trade to
by 35% from
1961 to
comparable
1950's.The
surplus
since
it
study
during
expects
the
pay-
swings into
—
deficit by particular
or
tions—to grow
proportions
is
increase during
ueriod
imbalances
ments
grow
1968, which
not ,unreasonable,
less than the 50%
in about the
na-
same
the over-all growth
as
a
ference in 1944 and saw it turned
end
of
Do
want to make it
When
crystal clear that
gold
about
1968
future
of
prospect
in
ward
world
trade
ments
by neglecting the interna¬
liquidity, question.
have advanced similar proposals
during the last few years. Nearly
the
baseball
of
the
Organization
foreign
exchange
$83
billion.
gold
However,
supplies
by
from
than
more
the
about
billion.
$5
And
United
States
dollar
deficits
in
people and the Consti-
needs
of
to
appraise the experience
welfare of the people,
bankers. This in
a
the
work
technical
splendid
ness
over
the money power, granted to
Let
;
me
Of
way.
the
existing
tary
recognize that
international
of
reserves
consist
the
mone-
free
world
mainly of gold and dollar
holdings.
If the United States
its
duces
"the present problem is not pri-
the matter another
put
course, we
re-
deficit, it reduces at the
time the flow of dollars into
same
the
reserves
And
a
of
marily
balance
a
of
-
payments
-
problem." Just how would it promote our national interest for a
super bank to give us the means
to
go
on
•
running
government
budget deficits in periods of pros-
perity
such
as
present—and
payments defi-
the
tainly
Committee
Currency
in
interest
surplus in the United States
payments position would
ac-
held
dollars
and
eign held monetary
But
according
of the
arid
of
so
for-
will
follow
the
record
reasoning
Brookings study, European
other leading trading
would
be
unwilling
to
nations
their
see
actually shrink under the
reserves
impact of
United States surplus.
a
They would be unwilling to allow
their
domestic
economies
subject to contraction
of forces
tries.
as
a
operating in other
So
thev
would
be
to
result
coun-
probably
counter with restrictive actions
reduce
their
United
and
payments
States,
and
investment
of
world
would
to
the
to
every
security he
of
be-
a
principal
shortage of
money.
problem
we
The
face;
restrictions, and share moie of
our common defense and aid burden? How could such an institution as a super baiik resist becom- .
an en°'ne °I inflation under
the combined pressure of some
future allied nations bent upon
future schemes of aggiandizement? I am glad the President.
some
made clear in his July 18 statemenf the shaip separation be'tween our payments problem and
the liquidity question.
in
the problem
is
"the
the
requirements
of
the
in
developments
interest
and
*An
No
five
for
We
are
The Brookings study favors set-
ting
with
up
a new super
its
own
new
central bank,
currency
unit
dates
payment
her,
for
totals of her
the combined
balance
to
check
a
book
against
bank statement and keep a sim¬
ple set of records and
checkbook.
a
412
this
man
him.
For
It
•
he
names
a
the
stock
of
this
1 V\
and
no
considered
shot
had
this
deal.
the
list
listed
of
the
as
struggling
it
He
I urge
by Sen. Robertson before
Session of the 89th
still
man
picked
little
held
it.
v
the telephone and
up
called his home.
A woman's voice
answered and he
was
had
months
prior
told that his
died
six
about
that
to
the
as
time.
His
There will be
that
is
this
in
order.
has
many
put
lady
must
settled
is
estate
house
her
who
and
pre¬
in¬
more
advice,
investment
advise
to
same
need
interested
an
broker
the
in
are
They
come,-sound
investment
them
and
help
them. This account should become
a
good friend of this salesman and
clients
other
him
well
may
through
;
Meanwhile,
who had
other
the
only done
broker,
small amount
a
of business with her deceased hus¬
band, did not think it worthwhile
to
a-social call,
pay
or
find out if he could
and
help.A He just
and
note
he
the
account
him
wrote
brief
a
his services
offered
but
to try and
be of service
didn't follow
looked
.
hold
too
small
of
Customers
an
educational
Nov. 4 at 4 p.m., at
that item
lady's
be
Stephen
L.
Common Market to
Some
this
"a
the ends
observers
tragic
of
have
betrayal
of
the most creative enterprise since
World War II."
de
Gaulle's
However
objectives,
we
and
appointment
later.
do
business
call
to
Association:
from
listed
husband
we
must
ac-
Never discard
(3)
Don't give
stocks
Silberstein,
with"
other
she
securities
First Sees, of Golden
just
Colo.—First Securities
told"
She had
her
some
of
didn't
to
survivorship,
how
know
In
keep
wrote
a
to
check
the
Golden,
Inc.
has been formed
with offices at 1800 Jackson Street
to engage
in
a
securities business.
.
This
salesman
forts into
then
H.
Oliver,
President and Treasurer;
William
Officers
E.
are
Murane,
Peter
Vice-President
and
helped her obtain the
tificates'
name.
Secretary, and Howard E. Parks,
Mr.
Jr.
Oliver
and
Mr.
Parks
were
C!rv
formerly with McDonnell &
Tnrnrnnrntpd
for
He
secured
cile,
signed
her
proper cer¬
her
affidavits
stock
certificates,
certificates
into
of
lawyer
(7)
he
and
placed
into I transfer
in
services
have
may
.
.
a
they
.
dies, his widow
a man
office
account.
.
to
come
.
.
.
.
.
.
.
don't sit
the mountain
Mohammed./
Offer
others.
Help
knowledge
.
your
time
.
your
.
.
and
sincere interest to those who
confused, in doubt, and who
your
are
need
help.
(8)
When
you
make
a
friend
yon
don't have to sell anything—
you
advise that friend what to do.
And this kind of an account leads
to
more
[John
domi¬
powers,
and
her
they
Make the call
your
put his ef¬
retransfer
consulted
and
death
(6)
helping her unravel the
He met her at her bank and
web.
idea
be your best
won't
checks
some¬
haven't the
you
be waiting for you.
into
She
and call
life/
pick
to
cost
your
(5) When
know
in months.
had not been balanced
for
may
can
if
even
.
remotest
in
she issued and her bank statement
of
.
that
book.
all
down
put
didn't
fact she
.
need
him
stock
any
on
it
does
telephone
the
up
one
registered in joint tenancy,
right
how
some
broker
What
(4)
an
her.
see
him
She
owned.
transfer.
on.
record.
a
up
it may someday come to
by
few days
a
another
about her attorney.
Oppenheimer & Co.
to
home
She >: showed
statements
George J. Abrams, Maradel Prod¬
GOLDEN,
try
He went to her
of
view
face the fact of his ideas and
(2)
letter
a
telephone—this salesman made
which
ucts, Inc., and Murray
her
...
to
—nor
Speakers
Mayham,
Goods
Toilet
the
.
but her entire financial
Not content to send
15 William
Street, New York City.
will
to-
the basis of the statement
on
that his firm mailed to this
situation.
for the
cpsmetic*and toilet goods industry
on
.
Possibly
widow
outlook
the
on
.
up.
...
will
meeting
to;
come
recommenda¬
her
tions.
''
Brokers
a
with¬
monthly
a
investments
made
women
But
cided that he would try a call and
if this
plan basis.
dicament.
pur¬
thought
through
he
drawal
on
six
proceeds in
friends and connections with other
of
made
the
fund
..and
had
only
service, the
selling around
mutual
be
the
ever
years
one
then
was
reinvested
additional
seen
on
long-pull ride to nowhere, he de¬
see
that
and
he
that
between
that
owners
the
had
and
went
not
this
of
paying, speculative, common stock
held
average
salesman
it
of
result
a
salesman sold out the nondividend
matter
was
an
was
dormant
The
had
shares
at
chase
as
Who Deserved The Business
As
He
instance,
he
1,500
transaction
General
Association
The
living to-
transfer of national sovereignty to
called
Super Central Bank and Currency
little record book, listed the
a
Meanwhile,
years
about
more
To Hold Meeting
day
France.
World."
her
a
of
reference
cross
acquired
from
concern.
address
Second
records.
client
a
customer
the
file
sold.
ever
particular
about
been'
American bankers a similar
upon
basic
Free
He
a
income, and one evening he went
complete
a
.
to
that up too.
list of her holdings, bought
made
to her home and showed her how
\
this
record
Then we come to the question
of sovereignty.
supranational institutions, opposes
inadequacy of the international the idea of Atlantic partnership,
monetary mechanism in relation and seems to seek to turn the
rather,
I will have from my
vaguely remembered him.
without
giving
any
more Annual Convention of The American
joint account.
y
;
; '
Bankers Association, Washington, D. C.f
She told the salesman that
she
thought to expanding our exports, Oct.
9, 1963.
v"
' Y; '
was thinking about that stock but
Summary
keeping our wages and prices in
she was completely in the dark
line with competitors, and insist(1) Keep cross record files
about what to do—not only with
ing with
our
European friends Customers Brokers
every security,
in a world where General
Brookings study
concludes that de Gaulle, for example, envisions
our
payments deficit is not the a "Europe of nations," opposes the
cause
my
how
know
year
a
added
how poorly a security
or
those
noticed
and
area
these
to
In
the
to go on running a
trade
shrink
don't
much
dividend
salesman
reference
records.
vital
a
keenest concern.
that they reduce their own trade
reserves,
to the
don't
"I
getting
I
stocks." He fixed
in his busi¬
he kept
cross
on
nations.^ cit
foreign
tually contract the volume of foreign
entire
this
with
has
this
fared in the'after-market he
and
Banking
Senate
.
net
and
developments
new
that
that
was
retained
Congress and the American public
of
rules
how well
Opposes Brookings Proposal the Treasury and Federal Reserve
The first grave danger of such experts who have led the way in
schemes is that they have a building defenses for our gold and
worldwide inflationary bias. The dollar exchange standard. But if
the Congress in the Constitution,
the
of
words,
money squeeze.
him,
am
and
One
ago.
years
has always respected
derogates
no way
it
recommended
2V2.
face
to
I
checks
the very top price at which he had
and would hand it over to a new lems in this difficult but vital
by '1968 the world will. be short, breed
of
international
central field, questions of policy and na¬
by $13-14 billion of the $83 bil- banker.
tional
sovereignty
require
the
lion of gold and foreign exchange
I disagree flatly with the most thorough and comprehensive
reserves
needed.
The world will Brookings study conclusion that
airing before action is taken. Cer¬
In ,other
more.
something is to analyze
said
when
six dollar mark, it is at last above
central bankers in
Free World
was
billion
she
w
trans¬
name.
.
prob¬
$3
kno
salesman
The
securities
these
.
States:"'eventually second is that they bargain away we are to gain and keep the un¬
payments problem, part of this nation's sovereignty derstanding and support of the
the interim will supply only about
husband.
had
Next
thby respect them.
Sometimes the best way to learn
how to do
United
its
solves
they function within
thesfe rules and
her
ferred to her
bring
that
international in character and that Monetary Fund. Furthermore, I how someone else did it well.
would create and lend such new am convinced that comprehensive Here is a "true
from life" for you
international reserve credit to studies of this question should be that
happened recently. Several
:
countries with balance of pay- undertaken by the Congress.
weeks ago a salesman of my ac¬
ments deficits.
Such';r Studies
should
explore
quaintance was very much pleased
In my opinion, all these schemes fully the size and nature of possi¬ to learn that a stock he had sold
suffer from two very grave dan- ble liquidity shortages and should to several clients
years ago had
gers. As a close student of bank- carefully appraise all the alterna¬ finally come to life. It
tripled in
ing' and currency, who for 30 tives for dealing with them. More¬ value
during the past five months,
years has been responsible to the over, in my opinion, the Congress and although it is still around the
would have to amount to
extra
then
but
success
for
with
rules
other
the
with
competitive broker in joint name
Successful salesmen not
the
the
closed
she
was
her
handle
him
and
that
account
operate
speculators
know
only
good
have
to
account
own
percent¬
play
managers
this way.
why
is
By this time she was
name.
happy
will work in
That
Good
ages.
is
by the member na¬
question
of
study
immediate
I favor
tions
This
favor.
your
invest¬
and
her
the
by
game
a
lose sometimes but
the law of averages
for¬
moving
tional
down. Other academic economists
1961,- the
gold production will add not
new
if
and
Right and You "Will Do Business
play
you
ibook you may
cannot afford to jeopardize the
we
.
reserves
It
Having said all this, however. I
monetary gold stocks-and foreign
total
BY JOHN BUTTON
circumstances?,
tution to pass on grants of powers
in this absolutely vital field, I their growing practice of con¬
exchange reserves of central want you to know that I would tinuous and informal consultation
banks and governments stood at approach any such scheme with and collaboration. J
$61.2 billion. To support the ex- the most extreme caution. And I
We all remember Clemen^eau's
pected growth in trade, and in the would urge upon my colleagues famous" quip, that war "is too
swings of trade, the world's gold in the Senate, both present and serious a matter to be left to the
and
foreign exchange
reserves, future, that they do so as well, in military."
We may paraphrase it
-according to the study, must be the interest of safeguarding the to say that perhaps our monetary
increased by more than $21 bil- future soundness and prosperity
system is too serious a matter to
lion.
In 'other
words, by 1968, of the American economy and the be left to economists and central
the
at
T"n"n
Favors Immediate Study '
r
why
American
world trade.
Now,
K
I [V IN Fi IYj
V-/v_y a v a. i J—J-I-v
lyl
under
bank
SECURITY SALESMAN'S
^
system by ere-
super
new
all °I them rest on a new credit- Economic Cooperation and Devel¬
and
the
International
Brookings creating mechanism that would be opment
me
it.
national monetary
these
eco¬
achieve
in dealing with the inter-
success
ating
world
could
conference
nomic
imagine
seriously
we
grandiose
some
35
with powers
of money issue, would replace the
concluded
'*
Can
tions.
that
per-
Will choke off that
reserves
growth.
in
as
John Maynard. Keynes, the Britfundamental changes ish economist, advanced, the same
shortage of interna- idea at the Bretton Woods con-
The
unless
are
a
The dollar
dollar as the Free World intemacontinued economic growth t-ional reserve.
: K
world trade and investment
Of course, this is no new.idea,
ments
is
in
payments.
international standard of value
in would be abandoned.
The new
payments
looked
of
finance
their bal-
time to
deficits
protracted
Liquidity
of
plenty
(1723)
Chronicle
The Commercial and Financial
Number 6312
198
Volume
of
a
business.
Dntton is the pen
name
registered representative em¬
ployed by a large member firm
the
New\
York
Stock
of
Exchange A
36
The Commercial and Financial Chronicle
(1724)
into
NEWS ABOUT
by its present management under
BANKS AND BANKERS
New Branches
•
the
for
structure
converted bank remains the same,
Capitalizations
Revised
New Officers, etc.
•
Continued from page
operating
Bow.
capital
7,/ The
Bank,
National
First
title
Broken
varies
Trust,
The Manufacturers Ilanover
New
its
opened
York,
office—Manufacturers
Trust's
Hanover
in
19th
Queens
Kissena
41-01
at
located
Ollivier
P.
James
F.
Sheridan,
Assistant Manager; John P. Flood,
Sebastian
Platform Assistant, and
Personal Loan Coun¬
De Palermo,
A77777:
made
been
York,
Mr. Aldrich had been in
charge of the fiduciary division.
«
The election of Donald E. Coyle
Vice-President of the
Senior
a
as
of
shares
$204,569,000 based on Sept. 30,
be
interna¬
also
division
tional
the
of
Officer
an¬
was
nounced.
;■7/7 *'777
Bank
Chemical
!':
'
•
Trust
York
New
New York, has elected
Company,
today
Lower
Board, it was
Manhattan Advisory
announced
its
to
Owens
F.
Thomas
*
!':
.
H.
Harold
by
v.',y- "
'v
;
Newton
The
Reserve
of
System
the
of
Company
Trust
7
V.7'7
Philadelphia,
Bank,
has been
appointed
K.
George
Girard
Charles C. Madigan and
promoted
been
have
Shields
Arthur H.
Trust Company,
York
New
Oct.
New York, it was announced
'!'
•'
•
•
of
Bank
The
David
elected
York,
a
James
nounced
Oct.
on
15
tion
of
New York
The
'777 * 7
the
7
will
Florida
in
Bank
Gardens, with
'Is
F.
Pa.,
Gilkeson,
4s
a
has
Ind.,
ville,
:
7' .7
7-
the
third
7W...
changed
an
title
its
'7
of
$10
par
divided
shares
par
$15
'■
The
N.
Y„
crease
Bank in
initial capital¬
an
Ms
4«
with
Clayton,
of $400,000.
\s
,
.
Edward
the
7
.
the Currency
tion
of
Oct.
on
25
National
in
with
Union National
initial capitaliza¬
First
with
Bank
Puyallup,
Washington—At
title,
organiza¬
the
for
new
a
an
*
of
230,096
of
The
'
'is
❖
■
.'V'
;
Governors
of
granted
National
by
consolidation
at
the
Comp¬
to
the
close
Friday, Oct. 25.
became
of
ef¬
business
to
an
It will
Haven,
heavily
more
than
there is little chance of
now,
v
^
liability
assume
Haven,
of
assets
to
pay
Bloomingdale,
!is
will
'
7; 7
be
7/ 7:7;
:
-'7
State
Home
Nov. 1,
7 announcement
be under the di¬
William
and
J.
Assistant Represen¬
Kan.,
was
absorbed
by
Horton,
scheduled
accounted
1.1%.
Studebaker,
and
Chrysler
Motors,7
y
Freight
Car
Loadings Stay Above Year-Ago
Week
of
Loading
626,180
Oct.
of
Railroads / announced.
was
decrease of 9,416 cars
a
preceding
the
below
1.5%
""77 '
week.
in
totaled
19,
Association
the
cars,
American
This
freight
revenue
ended
week
the
7.
\
The loadings
/ 7
'
represented
an in¬
72.1%
the corresponding week in
of
above
12,954
or
cars
1962, but a decrease of 24,778 cars
below the corresponding
3.8%
or
1961.
week in
Ton-miles
by
generated
car-
loadings in the week ended
Horton, Horton, Kan.
.
4:
/,
4:
...
Edw. Jones Branch
.
EMPORIA,
,
'
Comptroller of the Currency
James
J.
Saxon
Kans.
Jones
& Co. has
office
in the
—
Edward
opened
a
D.
branch
Empoyia State Bank
under
the
direction of
Edward Wollerman.
Oct.
24
an
inventory-con-
the market
7
buildup and
through
Oct.
Million Passenger
Six
Auto
production
last week reached
combined
output
climbed
trucks
of
to
7,196,542
—
150,000 units of output in
within
Automotive
loading 17,214 cars
revenue high¬
put last week at 183,701 units, an¬
other
ing
eight-year high and climb¬
week ago.
is
a
This week's production
scheduled
also
162,986
assemblies
179,422
from
12.7%
above
the
corre¬
built/ in
cars
sponding week of a year ago.
The A
however, with labor resistance to
'64
model
One
Buick
-
ards.
NASHVILLE, Tenn.—McNeel and
Co., Inc. has opened
a
branch of¬
strike
week
Doraville
(Ga.)
was
recently over work stand¬
Two
other
five-day
ballots
at
plants
GM
other
ing under the management of Carl
Hydra-Matic
company
Monday
(Ypsilanti,
last
re¬
notices;
taken
last
strike
were
seven
total).
week's over-all
in
that
This
was
4,895
week.
of
the
for
1962 and
above the
7
7
piggyback loadings
Cumulative
totaled
the
above
39.7%
or
cars
of
increase
an
14.3%
or
cars
corresponding week
weeks
41
first
627,531
of
1963
for an increase
cars
74,823 cars or 13.5% above the
of
corresponding period of 1962, and
169,105
above the
36.9%
or
cars
corresponding period in 1961.
Truck
2.2%
Tonnage
Intercity truck
Above
Week
Year-Ago
7
in the
tonnage
19
2.2%
week
ended
Oct.
ahead
of
volume in the cor¬
the
week
responding
was
the
of, 1962,
Trucking
American
Associations
announced.
Truck
almost
with the volume for
the
even
tonnage was
previous week of this year—
being off only 0.2%.
For
Motors'
General
—
Oldsmobile - Pontiac-Chev-
rolet—at
ceived
demands.
production
plant
Oct.
included
2,148
or
(piggyback)
ended
'
aboil,
is
industry
auto
highway con¬
in the week
12, 1963 (which were
trailers
1961
industry passenger car out¬
fixed
H. Boone.
Okla.,
railroad
piggyback
more
or
one
way
Reports
State
Bow,
S.
and
cars
grievances
Broken
S.
U.
originating
tainers
made since Jan. 1, and
senger car
plants. GM and the UAW
Bank,
Car
U.
the
in
fice in the Nashville Trust Build¬
ap¬
class 71
61
The
systems
with
6,000,000th pas¬
proved the conversion of Citizens
on
are
traffic reported
Output for the Year to Date
struck
McNeel in Nashville
Ms
replace
1963,
19,
trolled rate that has characterized
*
of
Bank
will
7V-7
4s
si:
Bank,
overall market
180,725, or 16.3% from a year ago.
Building
The
the
Pietsch, Vice-Presidents.
de¬
Bloomingdale,
!ii
that,
The statistical agency put car
;y0y7 "-.■■■
7
4s''7:':7■ 77;. -77 7 output for the year to date at 6,The
First
National
Bank
of 015,817 units, more than 500,000
ahead
of 5,506,352
a
year ago;
Hawaii, Honolulu, Hawaii made
truck production, trending toward
Stanley W. Franklin and John R.
a
record year, has risen to 1,-
;7
the Bank
South
acquire' the
on
rection of Dr. Luis A. Gonzalez as
Fed¬
Citizens Trust and Savings Bank.
The
Currency.
wait-and-
is
now
.
by the
the
Canada,
representative's
Mexico City
in
25.
Carr
of South Haven and with the title
Worcester County National Bank
been
market
Ward's
posits made in Peoples State Bank
Company, Clinton, Mass., into the
fective
of
South
'I'
County
outlook
cars
American
Tori-Miles
crease
A
extra
Corp.
Ford 29.4%;
13.6%;
5.3%, and
national
the
Unless automakers come into
After
Ms
a
Representative,
Reserve System to
and'
value.
25, that final approval for the
troller of the,
Oct.
De¬
initial capitalization
an
*
Mich.,
Clifford, President of
Worcester
than
n'7.v "77-
.
GM
50.6%;
Rail
the
-7 7 7/',
■
passenger
Corp.
Main)
Dodge
area
corresponding record 1955.
7
Ms
Montreal,
of
establish
according
The
of
Bank
office
at
Mich., under the charter of Bank
L.
The
will
new
—
title,
Bank
77'
Ms
$400,000.
eral
consolidation of the Clinton Trust
has
the
with
National
of $400,000.
tative.
par
for
Hamtramck
for
Angeles
week,
or
Detroit
'
year.
an¬
an¬
a
Illinois
in
Pershing
Board
Bank, Worcester, Mass., announced
Oct.
29
Approval has been given
$1,250,520 consisting of 250,104
same
Bank
-..7
,
capital stock from $1,-
shares of the
of
effects
the
big surge before the end of the
a
Of
Chrysler
(Jefferson
Detroit
in
three
and
Chrysler),
(Valiant-Dart,
last
of
Ford
plants; GM Corp.
16
Chevrolet
noticed
•
31
sites;
combination complexes;
Corp.
slated
at
4:
preliminary approval of
application
Bank,
Oct.
on
Decatur
of
shares of the par value of $5 each,
to
of
higher
Reach
the
application to organize
catur, with
Babylon,
of
on
liquidation for most of the year.
7
'
Saxon
J.
James
4'
Babylon,
consisting
150,480
to
293,486
-•
given approval to in¬
was
its
4-
of
Bank
into
value each.
' 7
'
■
279,510
value each,
is still
but
demand,
week
last
planned the extra day
its
seven
use.'
operating at nearly one-
•>/
seen
'
Ms
Ms
The Comptroller of
preliminary approval of
National
increase of the capital stock from
$4,402,290
Saxon
J.
nounced
The stockholders authorized the
shares
of
made supplemental
market,
are
The
the
75%
to
however,
Saturday
to be
side with its steel stocks.
auto
rate.
■
real surge over¬
70
evidence
As
initial
U7;A 7:7A77'
Ford being
even
occasion,
on
the long
converted
M'
7-7
Comptroller of the Currency
James
authorized
into-
buys
mills
title, First National
tion
The
capital stock.
divided
at
November-Decem¬
for
Chrysler has
in
/"r
steel.
excess
steel mill work¬
any
about
at
ber
see.
Mexico—At
New
an
'Is
The Central State Bank, Conners-
be
Trust Company of Brooklyn have
$2,795,100
brought
Bank
,
its
not
the
an
its
off
own
all. General Motors appears
Station State Bank,
Station.
nounced
*
Stockholders of the Kings County
increase
of
all
at
this,
buyer
assembly
Motor Co.
emerging some¬
is
ing at capacity,
In
—
national bank under title of
a
Banking
Philadelphia,
Co.,
Initial capitalization is $3,000,000. to Central State Bank.
*
*
*
A. AO 77 ■'
■
"7
'is
sis
to
the
in balance since mid-October has
4:
Ms
4s
The College
ization
'Is
Robert
elected
located at 248-254 Ninth Avenue.
voted
work
to
But with its
the title,
capitalization of $300,000.
Clayton, with
^
Director;
Bank,
application to organize a new
lege
West
into
Pa.,
Pennsylvania
First
Trust
&
City.
National
preliminary approval of
Gardens, with
American National
<7
of
Governors
'Is
v
institution, to have the title,
Chelsea
-'7,'* 7>^7v.7''';
*
,
of
Board
The
Bank.in
National
new
an¬
University ^National Bank of Col¬
7.
preliminary approval of
a
29
politan division.77
an¬
application for the organiza¬
an.
Oct.
on
Cypress
& Trust
Williamsport, Pa.
of the Currency
Saxon
J.
Saxon
J.
pointed head of the bank's metro¬
.'
industry
first
marketing office
Branch Bank and Trust Company,
'!'
The Comptroller
Comptroller of the Currency
to
Williamsport,
Director.
'I'
National Bank
the Piedmont
7: 'A/ Cypress
7,"7
,"
in
pattern
inventory
last
active
45
of
by
-
estimated at 7 ap¬
proximately- 13.8 billion, an in¬
will
adjust
to
the
rate
of
the
The
Federal Reserve System on Oct.
Comptroller on Oct. 24 an¬
crease
of 7.1%
over the
corre¬
economy and will be geared
to
23, announced its approval of the nounced preliminary approval to
sponding week.of 1962 and 7.0%,
overall
industrial
demand.
This
merger
of Bank of Newberry, organize a new National Bank in
over 1961.
New
Smith
S.
C.,
Co., Pittsburgh, Pa., has been ap¬
The
'!'
Commerce,
Bank
S.
College Station, Texas,
7;7-"'7A7 " 7-
Harold H. Helm, Chairman.
28 by
v
..
of Mellon National Bank
to
ap¬
Spartanburg, Spartanburg, S. C.
an
Hugh M. Redhead, Vice-President
Assistant Secretaries of Chemical
Bank
*
head of the
24
Oct.
on
Charleston,
Charleston,
National
•
realization that much less
4s
4s
application to merge
the
ministration.
*
for the
The
Saxon
J.
nounced
;7:'
is
Comptroller of the Currency what, however. Ford has been the
James
been
not clear—except
still
picture
face
of
scenes
as
makers
car
'7
The
s
outweigh
can
construction steels. The inventory
ordering
Herbert W.
has
upturn
declines for tinplate and
the
day.
Vice-President,
replaces
Gardner as head of Branch Ad¬
Heebner
industrial
seasonal
$800,000.
of
Ritter,
C.
question is still whether the
the
pressed
of
and
an¬
7
.
In
and
have not
other Ford plants
scheduled
Los
of
Gardner
of
Banking Department.
and
year.
the
with
Senior Vice-
a
head
and
President
has
Pa.,
that Stephen S.
an¬
approval of
the South Carolina National
nounced
of Chrysler,
case
been given. Two
were
re¬
walkouts
five in the case of Ford)
and
proved
The Girard Trust Corn Exchange
notices
authorized
(12 days in the
Ford
balloted
have
although
for
Avenue
James
Bergen
*
*
29
auto
County, Hackensack, N. J.
plants
strikes,
quired
title, First inventory was wofked off during
Security National Bank of Owens¬ the summer months than had been
boro, with an initial capitalization
predicted.
The
Englewood, N. J., into Peo¬
ples
Oct.
on
preliminary
Ms
John E. Bednarek,
Bennett,
R.
Saxon
J.
Trust Com¬
of Palisades
merger
promoted to Vice-President.
Alfred
Comptroller of the Currency
Owensboro,
23, announced its approval of the
pany,
an
for
Co.
two
overtime
application to organize a new
National Bank in Kentucky—In
Oct.
on
for
look
upturn then.
of the
an
'
Governors
of
Board
The
of
November
Motor
three
at
Corp.; and
organizers.
nounced
effective
>1:
*
in
and
December,
the end
see
divisions.
car
strike-voting,'./„
James
Bank,
President,
Frank
DeHaven, Werner J. Gunzburger,
and
can
control
five
Elsewhere,.:' workers
Republic National Bank of
But
mills
leaning heavily on
Tulsa, with an initial capitaliza¬
construction
will
face
tougher
tion of $1,020,000. Robdrt A. Huff¬
going. Some of these predicted
man
is
correspondent
for
the
declines through the last months
The
'
Waltham
-
1.
Nov.
Helm, Chairman.
Julius C. Beck,
the
with
Tulsa,
mills
oriented
inventory
The
Chemical Bank and Chief Admin¬
istrative
At
—
of A product
basis
the
* on
mix and the market served. Auto-
figures.
Federal
in
officer
top
charge of the bank's international
division.
value of $10. Total
New
Chemical Bank
the
York Trust Company, New
has
418,500
par
Greene,
■
Vice-Chair-
Aldrich,
S.
of
man
* '
*
*
Hulbert
by
Waltham, Mass. elected Nathan I.
staff.
sellor, complete the official
7
resented
Oct. 24 announced
on
GM's
of
Chrysler
title,
Branch, combined assets of the bank will
is
Joseph
Manager.
$4,185,000 which is rep¬
a
homa
will
Stock
amount to
stock at
Boulevard..
Capital
$3,285,000.
Saxon
preliminary approval to organize
a
new
National Bank in Okla¬
695,000 and Undivided Profits of
new
—is
J. J.
of $16,-
funds
capital
165,000, including Surplus of $8,-
Oct. 26.
The
total
have
Kis-
new
Boulevard office in Flushing,
sena
transmissions for all but Chevrolet
fairly profitable fourth
assure
4s
4s
4'
Comptroller of the Currency
The
will
bank
ca¬
This rate
said.
Age
of
The outlook for individual mills
'
consolidated
Iron
pacity,
will
which makes automatic
complex,
16
63%
about
at
quarters for the efficient mills.
$326,749.98.
The
Thursday, October 31, 1963
.
STATE of TRADE and INDUSTRY
be operated
will
bank
The
the
Consolidations
National Banking Associa¬
a
tion.
.
.
truck
gains
the third consecutive week
has shown
tonnage
on
year-to-year
a
Since late June,
been
15
of
ahead
the
basis.
truck tonnage has
the
of
last
steady
1962
level
in
18 weeks reported.
These findings are
based
on
the
weekly survey of 34 metropolitan
conducted
by the ATA De¬
resolved
at the partment of Research and Trans¬
Mich.) port Economics. The report reareas
Volume
fleets
more
terminals of
carriers
mon
at
handled
tonnage
than 400 truck
of
6312
Number
198
com¬
freight
general
terminal
The
showed
from
a
from
or
only
while
reflected
area
of
increases
showed
more,
terminal
in
localities,
at 22
1962 level. Three truck¬
the
10%
tonnage
points reflecting decreases
centers
ing
last
for
survey
one
decline
a
in
or
preceding
week,
while 20
that
kilowatts
that
reported de¬
Truck
Continued
~
Reflects
Tonnage
Gains
Intercity freight tonnage hauled
trucks
during
showed
year
of
August
tonnage
January
f
occurred
1961
in
have
and
18-
than
303
street,
1939 level of 300.
period
corresponding
last
7.7%
gain
These
the
for
total volume
the
over
of July.
month
findings
a
,.ATA Department of Research and
Economics'
Transport
carriers
of
data
not
are
influences
the
in
monthly
of class I and II common
survey
The
adjusted for seasonal
of
working
month.
days
the
However,
month-to-month
gain
be
can
largely attributed to more work¬
ing days during August than July.
that
fact
The
freight vol¬
motor
customarily picks up during
late,summer is also a contributing
ume
factor.
' ?"< .v.
V
The less
truck '? ton¬
that
during September and early
October
lead
to
continues
the
1962
of
periods
comparable
by
margins.
narrow
freight carriers—354 reporting for,
tons,
in
tons
6.970,676
with
compared
7,169,534
hauled
—
6,659,820
tons
August,
1962,
and
in
1963.
For the first eight
July,
months of each year,
tive
carriers
the cumula¬
in
tons
53,802,399
was
these
by
reported
tonnage
1963, compared with 52,997,432
a
ago.
year
in
39
Rate
and
From
Last
Week
Lumber*
country
in
feet
Up
1962
Above
the
/
4%
268
21
from
There
levels.
week's
inched
the
in
toll
which
contractors
137
to
dicl
they
44
pushed ahead of
the
in
production
228,131,000 board
the week ended Oct. 19,
according to reports received from
regional lumber associations. This
of
31
show
to
chief
Its
the
general
home
limp
Atlantic.
On
in
two
Central
and
of
wearing
in
extended
the
weather, but total
warm
in
volume
apparel
continued
furnishings
along
the
Oct.
23,
suf¬
was
entertainment goods to stay
ahead
the
autos
year-ago
helped to
move
well,
As
pace.
regions
■tion
mid
same
Within
the
however.
week.
surmise, however, how
higher the New York City
might have been in the ab¬
of
sence
3
can
minus 2.0%
a
year-ago
to
the
4%
N.
vealed
sales
Y.
1.
figure
re¬
from
last
'
broader
passing
set
the
by
,
data
of
retail
total
piled
four-
flash
year's period.
A
from
The
decline
C.
2.0%
a
rise
tax
June
last
encom¬
sales,
Bureau-
com¬
the
of
Census, U. S. Department of Com¬
merce,'
put
the
Oct.
week's
total
6%
above
the
com¬
year.
The
year-
parable week last
to-year
contrast
four-week
of
5%.
19-ending
the
for
period; showed
the
Unlike
latest
gain
a
department
store statistics, the Department of
Commerce's
over-all
from the
data
adjusted for seasonal
a
corre¬
and
ago,
year
U.
on
not,
are
variations.
retail
sales
V>.
tail
store-wide
helped
some
and
Southern
cities
reported
enthusiasm
given
were
Los
city where
the only
dollar
total
trade
in
the
lift
a
volume
week
by
of
re¬
ended
Wednesday
ranged from 2 to
higher than
a
year ago,
as
?
borrowing media.
undergoing
this
6%
according
Congressional
if
may
tax
adopted
development
of
the
highly
markets
tional
S..
Continental
the
to
U.
Bank
according
Illinois
Trust
and
Na¬
Company,
Chicago.
In
ment"
weekly
letter,
"Current
Oct.
dated
contended
Bank
that
the
called
"unit
count."
of
ac¬
?
"Each
of
cies have
tionship
also
17
European
curren¬
formal and legal rela¬
a
to
the
Com¬
28,
the
passage
of
related
borrower
of
unit
new
ac¬
currencies
maturity,
is entitled to
so
ac¬
loan
the
down
17
the
At
chooses.
units of
in
takes
of
any
indirectly to gold. A
borrows
but
count
in
its
kind of international
a new
capital' count," it is explained, "which is
organized
the
of
creates
currency
stimu¬
unified
a
capital market for Europe similar
he
lender
the
units of ac¬
many
payment in any*
count with actual
bill
would
encourage
of
Europeans
to
marshall
internally
Obviously, both the borrower and]
sufficient
funds
the
in
tax
'
Some-
'
new
European
1960
to
of
reliance
this
estimate
in
issues sold
$24
from
that
the
million
of
rate
in
about
$425 million the first half of 1963.
Supporting its prediction of great¬
European reliance
er
on
internally
the
equaliza¬
17
will
currency
the
he
currencies
lender
"Mr.
then having the
heads
Collin
position.
syndicate
a
20 ' prominent
private firms doing
approximately
and
banks
selects.
actual funds
the
take
strongest international
of
annual
an
as
the
in
investment
S.
in/the
grew
heavily
as
a
growth,
■ •
measure
given
S.:
U.
,/.
was
U.
their
relying
on
finance
to
portion /of
sources.
atten-'
temperatures.
The
■
of
-at¬
wilting weather,
was
by European bankers of "new unit of
use
investments,
overseas
past
ma¬
novelties
shopping
merchants
fell
S.
than,
>
to
The interest rate equalization
the
few
a
called
also
account"
rather
sales
the
cooler
1962
but
week,
last
one
the
19-ending week
?
paints, household
While
Western
-
despite
at 38,
failures stayed
as
and
sturdy
noticeably in only one.
Canadian
the
down 5.0%
larger
amount
generally.
cities
the
levels, declined in two, areas, and
increased
good
a
anniversary
South
to
close
remained
this
City department store
temperatures
summer
Halloween
year-to-year com-; Angeles
a
of
up
same cumu¬
in/1962.
Attention
ended
week
home
model
new
persistent;
the
—
York
/
to
and
of
about steady in
increased
North
were
beginning
sales for the Oct.
hearings,
for
Middle Atlantic with 76 as against
and
New
n o w
level.
and
West
period
sale
ficiently buoyed by brisk demand
Central and Mountain
including
year's
the
to
It is not
use.
tracted
regions,
last
to
They
compared to the
lative
com¬
figure
period.
since
price
also
three
No
Re¬
ago? week's
compared
four-week
foodstuffs
raw
vious
held
sales week revealed
Enlarge European Capital Market
of the
terials.
States. Tolls
4%
-
the
over
York
Inc.,
repair supplies, and cleaning
West South
year
1%
New
rep¬
general
Wednesday,
In, the Pacific States, casualties
were' reported
parable
year
store
Federal
for
Bradstreet,
dropped to 51 from 73 in the pre¬
downturns
in the East
gained
trend of food prices at the whole¬
retail
t
week/ and
19
5%,
York
Re¬
District for the week ended
serve
arid
department
New
figure
Price Index
total
sum
is
stretch of
parison, business casualties in six
totaled
Food
cost-of-living index.
to
con¬
last year.
in
Federal
year-ago
Says Proposed Equalization Tax Could
&
Dun
pound
and
failures
service
and
System,
sales
Oct.
the
the
steers
eggs,
hogs.
Purchases
year-
although
levels,
1962
struction
flash
week
to
from
de-'
Summer
remained
also
mortality
that
over
year ago.
serve
volume
barley,
corn,
bellies,
or
Wholesaling and re¬
earlier level.
tailing
their
reach
not
(adjusted)
in¬
for corresponding period
rung up
late
although
week
last
47
from
cocoa,
Buying Lags in Lengthy Indian
lifted manufacturing casualties to
53
4%
volume
weeks
registered in
were
sugar,
function
increase
an
oil,
little
ebbed
Meanwhile,
47.
gains
hams,
"construction
among
at
namely
However,
quotations:
a
last
was
from
134
to
cottonseed
lambs.
and
and meat in
to
change in the toll among retailers
which
advanced
week,
eight
per
:
from
downturn
the
of
it
1950's
below
A
much
dollar
four
City's sales for the Oct. 26-ending
sales
^retail
sponding period
coffee,
resents the
accounted for
down to 27 from 37,
most
of
1962
(Jan. 1 to Oct.
year
ter,
The
service failures,
and
35,
for
dollar
compared
N. Y. Metropolitan area,
this
Wholeasle
week of
Wholesaling failures, falling
high
So
has.not
dis¬
y
latest
period.
com¬
country's
department store
-
were
and
with
rose to
'
'•
,
leading
the
for
4%
the
clines of sufficient strength to off¬
prior week and
corresponding
1962.
77,
4.6%
Output
Lumber
Week's
in the
from 35
44
year's level for the
flour, wheat, rye, oats, lard, but¬
larger? casualties
$100,000 or more
by 0,5%.
index
foodstuffs
set these
last year. In
and 251
ago
of
below
Nearly one-third of the general
August
losses
from
comprehensive weekly
indicate
reports
nage
week
week
for 1961 of $6.17 and
Eleven
in¬
from
fourth
considerably
whoelsale
$100,000
235
to
the
ahead
ran
peak of $6.90.
was
failures
tinder
declined
contrast,
differences
for the
nor
number
each
freight.
general
a
downswing
among
losses
volving
which
based on the
are
week's
The
concentrated
In¬
gained
in
37
unchanged from total retail
19), the 12 department store dis¬
a
Brad-
with
even
the
the
or
drags
business mortality in the
7% below the
1963
&
period ended
sales
period
According
Price
Dun
for the
1963,
$6.11,
they
tolls for three consecutive October
over
Food
this week
row,
and
by 3.5%.
tricts'
Year-Ago
by
held
year
equalled
tinuing above comparable pre-war
weeks,
Week
Over
Inc.,
in
far
weeks. After con¬
many
Last
$5.93 set last week and
closer to
came
of
level
of
August tonnage reflected
in
from the
last year when
1.5%
year.
recorded
,
290
the
With
Wholesale
a
week
The index
year ago.
compiled
peas,
the
I
a
The
dex,
However,
similar
a
Remains
in
were
last
parable
higher than the 267.60 of the
casualties
only slightly lower than in
the
over
1963,
ran
last
latest week slipped
August
increase of
an
on
the' period
for
through
showed
reported.
reported
basis
in
American
the
1962,
cumulative
/
hauled
that
Associations
Trucking
Truck
increase of 2.9%
an
with
compared
of this
August
Mon¬
on
19,
12
week
the four-week
Oct.
y So far this
of
Inc.
In
last
270.24
ceding week, reports Dun & Brad-
street,
cost.
Daily Wholesale Commod¬
Even
of 303 set in the pre¬
high
in
Wholesale Food Price Index Holds
dropped down to 279 in the
24
were
from
and
Week's Peak
Oct.
sales
vanced
hogs,
corn,
declined
,
sonal adjustment reveals sales ad¬
tricts.
Commercial aiid industrial fail¬
ures
picture,
rubbed
and
of
day, Oct. 28, from 269.55 last week
Business Failures From
Prior
open
creased
year?
generated last
Decline in
the
on
preceding month, however:
than
more
sell
ity Index eased to 268.28
1962.
enfergy
7.3%
or
market
The
output
projected at 922.9 bil¬
is
1963
lion
of
to
On the contrasting side
wholesale
greater, than
summer
electric
Moreover,
week
by
the
(1725)
stocks
steers,
re¬
160.2 million
of
7.5%
was
for
week ended
August
the
peak
summer's
past
generation
kilowatts
ton¬
increased
areas
creases.
.
this
vealed
load
of
market.
week
1962
Institute
the
by
survey
metropolitan
14
registered
areas
nage,
corresponding
year-to-year gain of 6.9%.
a
in
out
output of 16,149,000,00 kwh.
the
of this amount.
excess
Compared with the immediately
'
The Commercial and Financial Chronicle
.
A
increased
ago
year
with 12
.
total
throughout the country/
week
.
v
Europe.
in
banking
investment
been
have
floated,
Several
issues
in
of account and the
units
rities
pean
has
are
listed
on
secu¬
several Euro¬
exchanges. This development
extremely interesting ramifi¬
enabling
European
tion
tax
is
adopted,
"Current funds substantially in excess of
Comment" pointed out that indi¬
those
available
in
the
capital
vidual and corporate savings
in market of his own country, and in
generated
Europe
funds
if
increasing,
are
and
that
private capital market techniques
similar to those used here are
cations,
a
particularly
in
large borrower to tap
giving
some
protection for lenders
debasement. One
in develop¬
Bradstreet, Inc. Regional esti¬ being developed to tap these ac¬
week-to-week change.
ing capital markets in many Euro¬
Wholesale Commodity Price Index mates
varied
from
comparable cumulations of funds and distrib¬
Compared with 1962 levels, pro¬
pean countries has been the disas¬
Reaches Four-Month High
1962 levels by the following per¬
duction climbed 4.6%, shipments
ute them where needed for indus¬
trous inflations since World War I
In Latest Week
centages: New England —8 to —4: trial development.
rose
13.3% and new orders rose
which have led many lenders to
The general wholesale commod¬ Middle Atlantic —2 to +2; West
5.0%.
;
'
"New sources such
as
pension avoid fixed income investment."
ity price level continued upward^ South Central 0 to +4; Mountain
Following are the figures in
funds
will
become
increasingly
output
4.0%
rose
in
latest
the
short of their year-ago
to spot
toll of 49.
estiinates collected by Dun
against currency
basic problems
of the
&
'
board
of
thousands
weeks
the
Oct. 20
Oct;. 12
1963
1962
228,131
219,268
217,952
—248,74.4
218,508
219,544
236,023
225,909
224,622
1963
Production
_
Shipments
orders
—
through
Electric Output Shows
The
amount
distributed
and
power
ended
kwh.
the
Central
14,
but
Central
since June
slipped somewhat this Mon¬
4-5
day,
reported
Bradstreet,
+6
Inc.
Anticipated
and
&
Dun
along with
creased demand from
due
to
crop
to
+6;
+9;
to
West
North
7; South Atlantic
+3 to
Central
North
East
?
to 4-10.
Europe and
failures
Nationwide
in¬
rising needs of their growing pop¬
Department
Stores
Year's
Department
sales
store
on
a
the
Federal
Reserve
and frost in Brazil worked toward
dex
were
4% for the statement
changing coffee trade from
week
Edison' Electric
Output was 88,000,000
to
more
the
than
the
previous
kwh.
1,112,000,000 kwh. above the
ulations,
were
ers'
to
fee
prices
a
sponse.
every
Tin
reflected
sellers' market,
rose
Tin
in
a
up
buy¬
and cof¬
somewhat
stepped
even
in
single day this week
in
re¬
price
as
Council announced it had
the
run
country-wide basis
with
ending
the
week's
week
up
like
gain
marked
Oct.
sales
taken from
as
Board's
1962. The
period in
over
the
the 22nd
index
in¬
compared
19
ing weekly uptrend in
weekly
banks
are
in Sweden, where
restricted
in the grant¬
year-ago
encourag¬
a
row.
without
ish
It is ex¬
future, new
long-term funds will be
in
that,
pected
derived
Level
higher wheat quotations. Droughts
electric
predicted. "This has already
letter
been recognized
Swedish
Sales Rise 4% Above Last
,
and
important," the Continental news¬
ing of long-term loans.
to Rus¬
exports
Hungary,
-}-l to +5; East South
+2
Oct. 26, was es¬
the
week's total of 17,173,000,000
and
Friday,
light
industry for the week
by
17,261,000,000 kwh. ac¬
timated at
Institute.
energy
last
then
Japan
electric
of
Saturday,
cording
6.9% Gain
Week
1962
Over
and Pacific
latest week
the
of
270.30
highest point
sia
•
most
reaching
Oct. 19
New
for
feet
indicated:
the
primarily from the Swed¬
which was au¬
Pension Fund,
Lynch
Two With Merrill
Foste Wilson
J. Jenkins, Jr. have
ATLANTA, Ga.—L.
and
Herbert
Merrill Lynch,
Smith Inc., 270
Peachtree St., N. E. Mr. Jenkins
was
formerly with The Fulton
joined the staff of
Pierce,
Fenner &
National Bank.
.Y
/
,
'
thorized in 1959 for national usage.
A variety of
have
other techniques will
to be developed to
greater needs of the
/
One
"imaginative
sal" mentioned by
new
The
nand
Kredietbank
Collin,
"Current Com¬
chairman
of
Belgium,
Lynch Adds
MACON, Ga.—Righton
propo¬
ment" is the development by
sea¬
Merrill
meet the
future."
Fer-
of ' the
which
connected
now
Fenner & Smith
Hotel Building. He
formerly with the First Na¬
Lynch,
Pierce,
Inc., Dempsey
was
Lyndon is
Merrill
with
tional
Bank.
-
Financial Chronicle
The Commercial and
.
Thursday, October 31, 1963
.
.
(1726)
38
statistical tabulations cover production and other figures for the
Dates shown in first column are either for the
month ended on that date, or, in cases of quotations, are as of that date:
The following
Current
Indications of
Business
"of °produ?tionSlbaSd *
Index
1957-1959
for
Week
a?eragr weekly" production Oct. 26
on
^Oct. 26
cent
discontinued issuing
Oct. 26
1960—
INSTITUTE:
'
Crude oil and condensate output—daily average
42 gallons each)
Crude runs to stills—daily average (bbls.)
Gasoline output (bbls.)
■
Kerosene
output (bbls.)—
Distillate fuel oil output (bbls.)
Residual fuel oil output (bbls.)
Stocks at refineries, bulk terminals, in transit, in
(bbls. of
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of cars)-Revenue freight received from connections (no.
1,915.000
1,908.000
1.879,000
1.768,000
102.8
102.4
100.9
94.9
0.625
0.62
0.61
64.5
Oct.
Oct.
-Oct
Oct.
Oct.
7,587,510
8,509,000
8.100,000
31.606,000
31,418.000
30.604,000
29,692.000
3,093,000
14,344.000
4,168.000
3,278.000
2,580,000
3,613,000
14,388,000
14.966.000
12,997,000
5,148.000
4,740.000
179,346,000
181,425,000
182,421,000
176,976,000
37,077.000
183,465,000
*36,128,000
35.772.000
37.491,000
179,206,000
•
■■.l
v
Oct. iy
uct.
83,317.000
172,221,000
52,909.000
83,449,000
178.055,000
-52,169.000
626,180
635.596
596.325
613,226
516,474
500,058
510,358
planning by ownership
Total advance
Oct. 24
.
Private
-UCl. 24
Public
Oct. 24
Municipal
and
State
Federal
-°ct
'
—
RESERVE
—Oct. 19
DEPARTMENT STORE SALES INDEX—FEDERAL
SYSTEM—1957-59 AVERAGE = 100
ELECTRIC INSTITUTE:
output (in 000 kwh.)
,
Oct. 2b
Electric
AGE
Finished
DUN &
—
COMPOSITE PRICES:
steel (per lb.)
(per gross ton)
Scrap steel (per gross ton).:
(E.
PRICES
METAL
Electrolytic
9,880.050
8,820.000
427.000
415,000
415,000
343,000
$682,200
$674,700
$619,500
$263,900
U.
w_;
PRICES DAILY
BOND
T-
Group..——-
—
---.-2.-—
$24.17
1
Utilities
Group
Industrials
MOODY'S
INDEX
COMMODITY
NATIONAL PAPERBOARD
13.000c
13.000c
Construction
12.500c
12.500c
12.500c
11.500c
Commercial
23-OCOc
23.000c
22.500c
24.000c
120.125c
117.375c
109.750c
88.59
88.78
89.01
Percentage of activity
Unfilled orders (tons) at end
88.54
88.40
88.54-
87.86
91.48
91.34
91.34
92.06
90.06
—Oct. 19
of period
Oct. 25
AVERAGE=100
1959
sales
Short
sales
Other
Total
sales
89.78
88.67
87.32
As
Total
Short
sales
sales
Total
sales
Other
sales
Total
Total
82.40
84.17
89.51
1
89.37
Received
89.51
89.64
89.23
89.23
89.37
90.20
Crushed
•
V'
V
Short
sales
sales
.
DEALERS
Odd-lot
sales
by dealers
shares
of
Number
Dollar
SPECIALISTS
AND
SECURITIES
—
ON
EXCHANGE
(customers'
Produced
4.31
4.32
4.32
4.27
4.43
4.44
4.43
4.41
4.52
4.51
4.51
4.61
Stocks
4.83
4.84
4.99
Produced
•
:
4.83
'
'
4.66
4.66
4:66
4.47
Customers'
other
Round-lot
sales
of
Number
373.9
374.2
350,572
372,813
381.314
384,613
99
100
623.801
656,300
379,156
315,380
368,411
347,069
98
94
'.
CROp
Short
FOR
Total
AND
ACCOUNT
round-lot
ROUND-LOT
OF
TIIE
ON
STOCK
MEMBERS
_II
2,195,270
2.875.200
2,601,110
1.387.260
Flaxseed
2,765,920
3,490.490
3,327,540
1,887,200
Rice
Rye
1,198.865
1,253.109
1,352,536
I 721,925
4
4
4
167,720
155,630
184.275
Oct.
Oct.
Oct.
188,550
Oct.
4
890.625
1,124,473
1,170,440
600.459
1,079,175
1,292.193
1,326,070
784.734
4,632.345
5,661.409
5,641.786
3,053,635
851,400
932,310
997,560
765.015
3.658.195
4,704.433
4,363,130
2,318,509
4.509.595
5,636,743
5,360,690
3.083,524
Oct.
Oct.
4
4
1,456.581
$80,856,440
1.742,909
Oct.
4
4
1.758,944
1,621,311
1,212.224
$106,512,503
$90,223,575
$56,995,068
2,104,068
1,926.592
1,260,805
83,031
$59,802,686
23.930
14.252
1.723.793
2,080,138
Oct.
4
$89,855,519
$116,867,988
1,912.340
$99,818,957
Oct.
Oct.
Oct.
4
625,750
4
4
625.750
.Oct.
4
357,500
19.116
PRICES,
NEW
SERIES
—
653,060
822,290
All
N.
653" 060
8221290
387,300
415,240
summer
Fall
(cwt)
(cwt)
All
1,560,280
20,509.270
25,233,920
1,214,900
23,569,840
12,985,440
4
21,709,440
26.595,570
24,784,740
14,545,720
IIIIIIIIIII
S. DEPT.
1,200,170
1,361.650
•old
on
Oct
~~
..Iloct!
IllllllHIIIIIoct.
^
22
22
22
Oct. 22
foods__IIIIIIII__Oct'
100.4
100.3
100.7
98.1
^
—
——
and seed
(tons)—,
commercial crop (bushels)—
Apples,
(bushels).
(bushels)
_„
Grapes
(tons)
,
(tons)
—
Apricots (tons)
Cranberries (barrels)
Pecans
/^um^er
of orders not reported since introduction of Monthly Investment Plan.
at centers where
freight from East St. (Louis exceeds one-half cent
Savings
and loan
Insurance
tPrime Western Zinc
pound, (a)
Not available;
106,900
105,300
-
157,000
66,300
r
133,000
91,960
141,900
4,009,093
3,938,720
3,643.615
1,133,010
1,134,051
895,904
238,147
1,092,562
817,154
»
275.408
71,809
50,567
50,663
186,539
187,484
203,599
975,068
975,068
,395,574
395,574
1,031,743
;r 429.495
41,175
29,828
29,828
31,152
30,556
67,268
66,754
64,458
526,068
517,675
509,137
14,847
14,310
14,867
113,832
110,607
9,399
121,034
67,655
64,681
20,551
20,551
31,952
.
10,899
71,651
21,986
.
2.875
2,845
2,942
20.680
19,915
18,827
5.009
5,009
4,947
727,358
728,208
675,197
1,943,280
1,859,900
1,809,880
3,952
3,952
5,196
5,196
4,160
-
24,027
12,714
3,433
:
21,690
.
12,685
33,487
31.300
33,710
193,992
190,308
191,025
266,703
268,097
16,957
16,601
19,009
2,209.170
2,202,057
2,309,055
13,634
10.097
22,108
21,828
18,240
26
26
,
26
51.888
52.301
44,231
121.885
122,183
125,425
73,481
73,077
75,789
19,221
19,722
29,294
3,664
3,576
3,210
287
143-s
143
220
220
166
1,328
1,318
1.324
297,000
293,700
70,800
37,452,000
:
36,802.000
36,132,000
39,960.000
38,850,000
40,397,000
35,253,000
*38,057.000
31,964,000
93
91
$1,606,423
$1,468,450
-
/
93
—
Individuals
associations-
trust
$1,381,842
107,394
127,217
118.805
_—• •—
—
549,303
companies
595,402
551.091
_____—
217,970
180,875
200.679
325,655
288.938
320.091
642,066
568,585
574.400
$3,514,733
$3,176,744
$3,133,709
companies
banks
—
Miscellaneous
a
115,400
115,200
ESTATE
savings
100.7
67,700
53,1)00
51,300
(BUREAU OF MINES)—
(barrels)
Shipments from mills (barrels)
Stocks at end of month (barrels)
Capacity used (per cent)
and
92.9
36,400
96,010
(pounds)
Banks
100.8
50,300
109.900
13,957
Peaches
Mutual
92.5
232,600
273,368
(pounds)
101.9
100.7
99.500
237,900
133,500
12,714
(tons)
Lroomcorn
Hops
95.3
92.2
154,800
101,000
24.027
_—
for sugar
(tons)
101.4
100.7
513,100
999,900
159,200
9,399
beets
101.5
100.3
v
219,700
_____
'
*95.2
delivered
100.3
.1,053.200
224,100
237,106
'
95.2
other than
22
359,400'
895,904
(cwt4—
102.1
commodities
basis
.
FINANCING IN NONFARM
AREAS OF
U. S.-HOME LOAN BANK
BOARD—Month of July (000's' omitted):
OF
__
and
AGRICULTURE—
(in thousands):
Production
Group—
farm
1,013,700
372,000
y
127,000
—
PORTLAND CEMENT
Month of August:
TRANSACTIONS
4
Meats
220,900
(pounds)
Sugarcane
376,600
4
foods
final
(cwt)
Late
Tobacco
4~lT,4l6
Oct.
products
Processed
1,127.100
485,400
l
____
(bushels)
grain
Cherries
STOCK
Y.
commodities
Farm
$2,228,000
•
411,410
Oct.
U.
$2,062,000
(tons)
Hay, wild (tons)
Hay,- alfalfa
(tons)
Hay; clover and timothy (tons)
—
•''Hay, lespedeza (tons)
Beans, dry edible (cleaned) (100-pound bag)
Peas,
dry field (cleaned)
(100-pound bag)
Soybeans' for beans (bushels)__
Peanuts
(pounds)
z-_._
Potatoes, winter (cwt)
Early spring (cwt)
Late spring (cwt)
Early summer (cwt)
;
Pears
LABOR— (1957-59=100):
Commodity
$2,098,000
ell
Hay,
REAL
"WHOLESALE
$96,165,000
(bales)
Cotton
1.177,774
IlllllllllllHIIIIIoct
~
5,605.000
$65,233,000
(100-pound bag)
Sugar
'
,11
5,304,000
$85,918,000
154,700
Total
(SHARES):
sales:
12,803,000
(bushels).
Sweelpotatoes
sales—
sales
12,394,000
(bushels)
Sorghum
4
—
Short sales
Other
Total
27,944.000
21,522,000
6,579,000
_:
(bushels)
Barley
499,940
_
EXCHANGE
SALES
9,825.000
19,341,000
(bushels)
1,892,590
ODD-
purchases by dealers—Number of shares.
STOCK
$39,988,000
9,446.000
15.644,000
(bushels)
(bushels)
(bushels)
3,305,630
726,430
Oct.
sales
__
ROUND-LOT
$18,748,000
14,024.000
(bushels)
spring
615.290
Y. STOCK
COMMISSION
sales
Round-lot
TOTAL
$28,149,000
30——
S. DEPT. OF
U.
spring
All
3,566.000
'
92
'■'
1.118
(b?les)
as
2,729,860
570,650
411,590
sales.
Other
^
Corn, grain
Durum
80,800
■
.—__—
of Oct. 1
(bushels)
all (bushels)
Crop
99.18
330,790
_"Oct. 4
'•
PRODUCTION—CROP REPORTING
BOARD
Wheat,
99.33
100.64
100.59
194
108
<'
-____——
(bales)
Shipped
465,807
621,947
133
1,135
30——i—_—
Sept.
(bales)
Stocks
363.1
364.5
dealers—
by
shares—Total
r
(tons)
Shipped (tons)
N.
sales.
210
185
514
__r.
Sept.
(tons)
Produced
707,080
sales
short
139
;
.
1,051
Linters—
4.46
4.46
^
(tons)
Shipped
4.46
4.44
4.45
V
4.45
4.47
591,580
Dollar value
522
Hulls-
4.85
854.060
value
Customers'
.
30
Stocks
4.57
704,760
Odd-lot purchases by dealers (customers' sales)—
Number of orders—customers' total sales
-
'
L_
(tons)
mills
(tons) Sept.
(tons)
3.70
4.52
664,500
purchases)—t
467
.
(000's omitted)-:
30
3.96
572,300
4
4
4
108
113
number
Sept.
4.53
4
4
4
Oct.
Oct.
—Oct.
/
187
115
AND
(tons)
4.01
Oct.
Oct.
initiated on the floor—
167
PAPER OUTSTANDING—FEDBOARD OF NEW YORK
at
4.52
439.120
Oct.
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF
LOT
'
(tons)
4.04
983,620
115,500
i.
sales
EXCHANGE
6,659,820
Seed—
Cotton
Stocks
149,300
transactions for account of members—
Other
6,970,676
Cake and Meal—
842,300
purchases
Total
7,169,534
'
sales
Total round-lot
11,064
September:
84.30
92,200
purchases
Short
20,749
1,551
2,946
,
COTTON SEED PRODCCTS—DEPT. OF COMMERCE—Month of
86.65
703,620
sales
Other transactions
18,388
-__
liabilities
service liabilities
SEED
COTTON
1
•
4
Oct.
purchases
Other
Total
4
4,141
—
Sept. 30
of
86.65
r
86.65
off the floor—
initiated
transactions
Other
4
4
3,021
4,327
290,960,000
RESERVE
F.RAL
Oats
4
_
liabilities
Total
Other
Oct.
Oct.
Oct.
Oct.
2,319
A22,832,000-
354
number
COMMERCIAL
TRANSACTIONS FOR ACCOUNT OF MEM¬
ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
±
by
liabilities
Retail
BERS, EXCEPT
purchases
*287,639,000
.
.
Alanufacturing liabilities
liabilities
BOUND-LOT
Total
308,346,000
"
:
35,936,000
undelivered
transport
/.
Wholesale
Winter
INDEX—
DRUG REPORTER PRICE
OIL, PAINT AND
Oct. 19
...
27,029.000
number
Total
90.10
89.64
3.000
6,000
31,872,000
22.253,000
:
service
9.30Oc
Oct. 19
Oct. 19
L.
*
(tons)
number
Retail
Construction
12.000c
ASSOCIATION:
(tons)—
received
Orders
Production
tons)-
number
Wholesale
11.550c
84.43
30,955,000
"■
7.000
38,214,000
FAILURES—DUN A BRADSTREET,
INC.—Month of September:
Manufacturing number
^__
13.000c
88.67
J224,018.000
BUSINESS
11.800c
Oct. 29
«...
(in
11.800c
Oct. 29
Oct. 29
Oct. 29
—-—Oct. 29
——
freight
general
9.500c
84.43
254,976.000
226.853,000
of August:
Intercity
28.475c
88.54
258.798,000
31,939,000
.
TRUCKING ASSOCIATION, INC.—
AMERICAN
11.750c
.—
—
—
Group—,—
freight cars________■
new
freight cars delivei ed—1
of cars on order and
(end of month )_1
Backlog
28.350c
,,89.78
n 13,7?2'
'"'•"61,741
58,793 "
^35.144,000
"33,278,000
New
Oct. 2y
-
Group
Railroad
of
Orders
30.600c
——■—
Public
Month
:
12.000c
29
29
29
29
114,668
175.513-
CAR INSTITUTE—
of September:
28.400c
Oct, 29
-Oct- 29
——Oct. 29
134.443
■
:
'69,257"
7*3.684
RAILWAY
AMERICAN
30.600c
-
173,441
and export
consumption domestic
12.000c
CJCl.
29
oct. 29
200.287
268.429,000
gasoline output (barrels)________
Benzol
output (barrels)——-—
Crude oil imports (barrels)——_________^—
Refined product imports (barrels)——
_
Natural
30.600c
-
of 42 gal-
______——
output (barrels)
Domestic crude oil
28.400c
Bonds—————-Oct.
corporate..■——.—
-—Oct.
—Oct.
Oct.
Baa
each)_
Commercial
122.750c
319.901-
.2,7 72
V;7?'- •'
of July:
Total, domestic production (barrels
.
o-
2d
25
25
1
•
'
*
0_
20
389.158
"
'
PETROLEUM INSTITUTE—Month
AMERICAN
30.600c
AVERAGES:
BOND YIELD DAILY
3,082
65,84 4
carriers
$26.83
'—
L:
washer-dryers
>68,355.
66,037*
71,999 *
Electric
Month
$26.83
Government
-
16,149,000
$63.11
■•
—
——:
Utilities Group—
Industrials Group—:—
Aaa
17,285,000
$26.83
on
Oct. 29
Public
Aa
17,173.000
rW
—Oct. 54
Average
17,261.000
°®J« 20
AVERAGES:
—
S.
117
$66.33
Oct. 2o
Baa~III—IIIIII—-Z—-IZ—Z--3II—IIII—-I
U.
119
$63.11
Oct. 29
Ann
Aaa
MOODY'S
41.000
*118
$63.11
Oct. 2o
Aa
Railroad
3.000
122
6.196c
<-
Bonds
corporate—
Average
17,000
27,200
6.279c
at
Government
S.
156,300
135,800
6.368c
^®*Oct.
Oct.
Oct.
ocl.
at)
Louis) at
Aluminum (primary pig, 99.5%)
Straits tin (New York) at—
MOODY'S
163,000
193.300
QUOTATIONS):
(East St.
Zinc
100,900
234.300
195,400
6.368c
Oct. 24
(delivered
tZinc
385,200
198.400
303
at
refinery
476,300
173.300
555,944
379,711
313,674
331.742
and others..——
Indicated
508,900
607.110
148.LL8
unit
_________
semi-autcmatic__—
and
Combination
Ions
9,715.000
279
_
copper—
Domestic
Export refinery at
Lead (New York) at
Lead
(St. Louis)
at
factory
403.741
Wringers
—uci. _u
J.
M.
&
'
85,728
MANUFACTUR¬
appliance
laundry
(domestic)
•?'••• Automatic
,
168,086
201,355
i
94.534
ASSOCIATION—Month of September:
home
sales
•
290
>
Pig iron
203.074
Washers
•
54.310,000
254
_
INC.
BRADSTREET,
IRON
INDUSTRIAL)
(COMMERCIAL AND
aluminum in the U. S.
LAUNDRY
HOME
AMERICAN
85.022,000
9,615,000
ENGINEERING
Age
(in short tons)—Month of August—1„_
(short tons) end of Aug.'
*
:
Year
Month
4.970.000
52,712.000
83,134,000
518,375
Previous
Month
Stocks of aluminum
■:
18
18
18
18
18
19
of cars)—Oct. ly
CONSTRUCTION ADVANCE PLANNING —
NEWS-RECORD—NEW SERIES (000's omitted):
,
Latest
(BUREAU OF MINES)—
Production of primary
I
1,343.210
7,584,460
8,745,000
7,610,110
8.432.000
Oct. 18
"°ct-18
MINES):
OUTPUT (U. S. BUREAU OF
Bituminous coal and lignite (tons)
Pennsylvania
anthracite, (tons)
COAL
■
Ago
Ago *
ERS
®ct- ^
Oct. 18
Oct.18
Oct. 18
pipe lines
gasoline (bbls.) at
Kerosene (bbls.)
at
Distillate fuel oil
(bbls.) at
Residual fuel oil (bbls.) at
Unfinished oils (bbls.)
at__
FAILURES
Year
Month
Total
Finished
EDISON
month available.
PETROLEUM
AMFRIPAN
-
Previous
Week
K
-
late in
data
Latest
or
or
ALUMINUM
Unofficial indicated steel operations (per
The American Iron & Steel Institute
this
Week
STEEL INSTITUTE:
IRON AND
AMERICAN
latest week
lending
---"7
institutions
Volume
Number 6312
198
The Commercial and Financial Chronicle
.
(1727)
AUDITIONS
it IIXUIBA I ti»
Securities
•
growth of capital and income. Proceeds
ment.
Office—35 Congress St., Boston.
NOTE
issue of the "Chron¬
the SEC since the last
icle"
of this
carried separately at the
now
are
will
ties-are
unless
consummated
deposited
and
expects to issue a minimum
shares. Offering—Indefinite.
end
of
Nov.
the
flect the expectations
Registrations"
are
./liely.
'
•
/'A
Aerosol
Sept.
20,
Techniques,
Inc.
15U,U0(J
filed
1963
r
of
General
Bradford
one
record
Oct.
Industries,
i
Atlas
80,000
July
23,
1963
filed
588,780
Aerosystems Technology Corp.
Oct. 4, 1963 filed 165,000 common. Price—$3. Business—
Manufacture of a new line of motor speed controls to
govern
the speed of electric powered tools.
Proceeds—
equipment, leased facilities, advertising
and working capital. Address — 1275 Route 23, Wayne,
N. J. Underwriter—Chase Securities Corp., New York.
additional
For
Holds,
Airway
Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan
purposes.
Underwriter—None.
•
Alien
expansion and other corporate
Fulirmann Blvd., Buffalo, N. Y.
repayment,
Office—901
Electric
I
&
Equipment Co.
for
•
of
held.
Brewer
(C.)
expire Nov.
of
be
offered
for
Bridges Investment Fund, Inc.
•
AJIright Auto Parks, Inc.
(11/25-29)
Sept. 24, 1963 filed $2,000,000 of 6% sinking-fund sub¬
ordinated debentures due 1978, 240,000 common shares
Rights will
Co. (same
club
and
golf
plus
;
April
(11/20)
offered
Price—$5.
common.
and
own
operate
Bldg., Miami, Fla. Underwriter—Willis E.
Co., Inc., New York. Offering—Indefinite,
Business
country
a
Burnside
&
tal. Office—825
Esperson Bldg., Houston. Underwriter-
Equitable Securities Corp., Nashville.
Amerel
,
t-
31,
1961
Business—The
American Vitrified
Products Co.
—
$19. Business
—
Manufacture of
various
clay and concrete products. Proceeds—For debt
repayment, plant improvement, inventories and accounts
receivable. Office—700 National City Bank Bldg., Cleve¬
land. Underwriter—None.
life,
manage
investment
St., New York.
Craft Master Corp.
property improvement, and working
Office-—700 Park Ave., Plainfield, N. J. Under¬
writer—S. Schramm & Co., Inc., New York.
repayment,
capital.
Income
Fund, inc.
'
r
ices, Inc.
•
Underwriter—Supervised
Investors
Serv¬
(same address).
Bank Leumi
Oct.
le-lsrael
B.
M.
(11/7)
Price — By amendment (max.
$1.30). Business—A general commercial bank. Proceeds
—To increase capital funds. Address—Tel-Aviv, Israel.
Underwriter—Kuhn, Loeb & Co., Inc., New York.
Nov.
to
equipment.
Proceeds—For
general
Office—1068 S. Ocean Blvd., PomUnderwriter—None.
Beach, Fla.
pano
Celanese
Corp. of America
27,
filed
1963
subscription
964,390
>
m
offered for
stockholders on the basis of one new
share for each eight held of record Oct. 25.
Rights will
expire Nov. 12. Price—$45. Business—A major chemical
company specializing in production of synthetic struc¬
tural materials. Proceeds—For expansion and other cor¬
Sept.
common
25.
•
Central
Bay State Exchange Fund, Inc.
to
be
by
debentures
crushed marble mosaic kits, hobby kits and
picture frames. Proceeds—For debt repayment.s
Defenders
Insurance
Jan. 30, 1963 filed
100,000
Co.
common.
Price—$12.50.
Busi¬
ness—Company plans to write automobile insurance.
Old County
general
Deuterium
purposes.
Office-—146
Underwriter—None.
corporate
Rd., Mineola, N. Y.
Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬
additional 120,000 shares to be of¬
by holders of its stock and deben¬
units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
one
unit for each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—rants to
purchase
an
fered for subscription
tures
in
Continued
v
on
page
over-the-counter securities
V*.
loan^repayment. Address—Manassas, Va. Under-'
D. C.
•
J
.
Rubber
Charleston
Oct.
1963
("Reg. A")
Co.
specializing in
/
ff«NEW
(11/1)
16,750 common. Price
of special
ffy
"
....
writer—Folger, Nolan, Fleming & Co., Inc., Washington,
—
:
$17.50
safety equip¬
and electric utility, general industrial and scientific
products. Proceeds
Address—Stark
derwriter
—
Dec.
debentures
new
Park,
plant and equipment.
Charleston, S. C. Un¬
BOUGHT <SOLD
for
- QUOTED
Banks, Brokers, Institutions
,
SIEGEE
Corp.
1962
28,
a
Johnson, Coleman, Manning & Smith, Inc.,
—
Charleston, S. C.
Chemair
For
Industrial
purpose
filed
due
$150,000
1973
and
of 6%
30,000
income
subordinated
common
shares
to
be
|
«
ESTABLISHED 1942
Members of New York Security
Dealers Association
offered in units
consisting of one $10 debenture and twe
Price—$12 per unit. Business—Production and
—221
for. Federal income tax purposes. Business—
closed-end investment company seeking long-term
Ave., Toledo. Underwriters—-
furnishes telephone service in Prince William, Stafford
and Fairfax Counties, Virginia. Proceeds—For construc¬
A
to
Westwood
in
be tax-free
by counsel for the Fund
N.
Fulton, Reid & Co., Inc., and William T. Robbins & Co.,
r^ADlNG
pensing such chemicals. Proceeds—For debt repayment,
equipment/sales promotion and working capital. Office
is believed
Office—328
(11/15)
Inc.
ties.
Exchange
,
(11/11-15)
11, 1963 filed 38,564 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each three held. Price—$23.50. Business—Company
sale
29,
Office—114
filed
1963
30,
Corp., New York.
Mutual Telephone Co.,
1963 filed 10,000 $1 par capital shares to be
exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
May
subsidiaries.
Oct.
common.
offered in
in
Underwriter—None.
porate purposes. Office—522 Fifth Ave., New York. Un¬
ment
1,793,750 ordinary shares and 5,147,500 "A" ordinary shares to be offered for subscription
by stockholders on the basis of one new share for each
two like shares held of record about Nov. 7. Rights will
about
plans
purposes.
Business—Manufacture
16, 1963 filed
expire
with
them
corporate
tion and
Oct.-7, 1963 filed 2,000,000 common. Price — Net asset
value (max. $8.72) plus 8%%'.' Business—A new mutual
fund. Proceeds—For investment. Office—120 S. LaSalle
St.;. Chicago.
furnish
100.000
$1,000,000 of 6% convertible sub¬
due 1973; also 125,000 common tobe offered by stockholders. Price—By amendment (max.
$11 for common). Business—Manufacture of paint - bySept.
ordinated
Corp.
April 30, 1963 filed 100,000 common. Price—$4. Business
—A real estate development company.
Proceeds-—For
Balanced
Business—Company
($1,000).
offer management and consultant services to motels and
derwriter—First Boston
Atlantis International
debt
,
Price—At par
which
Price — $40.
plans to acquire, organize, and
accident and health insurance concerns.
Proceeds—For
Hospitality Services, Inc.
14, 1962 filed $500,000 of 8% debentures due 1969.
Dec.
®
Aug. 6, 1963 filed 79,137 common being offered for sub¬
scription by stockholders on the basis of one share for
each three shares held of record Sept. 26.
Rights will
expire Nov. 4. Price
/
Castle
Mining Co. Ltd.
filed 400,000 common shares. Price 500.
company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration
and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
July
of extruded plastic pipe, and
plastic pipe fittings. Proceeds—
repayment, working capital, and other corpo¬
purposes. Address—P. O. Box 133, Aurora, Ohio.
Underwriter—None.
of
50,000 by Harry E.
Business—Sale of hospital
and
company
Company
Proceeds—For
East 40th
fabricated
debt
rate
Inc.
^
Inc., Cleveland.
Manufacture
and
common,
Continental Reserve Corp.
molded
For
by
None.
Operation of 558 parking lots in 40
cities. Proceeds—For debt repayment and working capi¬
—
150,000
Price—$15.
surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
Business
unit). Business
fund
number sets,
?
Corp.
Oct. 9,
—
Price—Net
mutual
new
and
Business—
course,
Products
Business—A
.
May 13, 1963 filed 45,000 class B common.
swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses, motels, etc./ Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Carlon
be
wooden
warrants
Inc.
Offering—Indefinite.
1963 filed
12,
to
1963 filed 304,293 common to be offered for sub¬
scription by stockholders on the basis of three new shares
for each five held.
Price—By amendment (max. $3.50).
5-year
8.5%.
address).
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
and
Fund,
Community Health Associations,
/
Enterprises, Inc.
to
Underwriter
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For investment.
Of lice—9465 Wilshire Blvd.,
Beverly Hills, Calif.
Underwriter—Kennedy, Cabot <&
Underwriter—None.
formed
'
7, 1963 filed 2,000,000 capital shares.
value
asset
filed 200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.
Proceeds—For investment. Office—-8401 W. Dodge Rd.,
was
expansion. "Office—444 Madison
—
Alex. Brown & Sons,
Office—Creede, Colo.
Market
Common
March
1963
Hills
York
New
; ?
Wilson, President.
May 10, 1962 filed 100,000
repayment. Office—2101 N. Pitcher St., Kalamazoo, Mich.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
/
None.
Underwriters—Blyth & Co., Inc., New York, and Butcher
& Sherrerd, Philadelphia.
Canaveral
of
J'/v,
are
—Company
stockholder. Price—By amendment (max.
for stock: $12). Business—Manufacture of equipment and
tools used in servicing automobiles. Proceeds—For debt
28.
ing of black strap molasses and other activities. Proceeds
repayment. Office — 827 Fort St. Honolulu.
25,
Co.
York. Underwriter
—For debt
offered
a
Oct.
record
Proceeds—For
operating expenses.
Proceeds—
15.
Sept. 27, 1963 filed $1,200,000 of 6% convertible subordi¬
nated debentures due 1.976; also 100,000 common to be
by
helicopter.
Price—$60.
Business — Growing and
processing of sugar in Hawaii and Puerto Rico, market¬
July
which
Imperial Mining Co.
Sept. 20, 1962 filed 200,000 common.
Price—$1. Busi¬
ness—General mining.
Proceeds—For exploration and
,
held
of
common,
Offering—Indefinite.
Insurance
Baltimore.
Ltd.
'
Sept. 30, 1963 filed 146,735 common being offered for
subscription by stockholders on the basis of one share
for each five shares
A
26,
nuities.
on the basis of three, new
Price—50 cents. Business—
& Co.,
class
Nov. 20.
Price—$26.
Business—Writing of
life, accident, health and disability insurance, and an¬
%
common, to
light two-place
a
>
1.963 filed 40,000 capital shares being offered
for subscription by stockholders on the basis of two
new shares for each three held of record Oct. 25.
Rights
•
Omaha.
(11/18-22)
share
each
Production
|
Colorado
\
For
debt
repayment,
product development, working
capital and other corporate purposes. Office—1129 Club
House Road, Gladwyne, Pa. Underwriter—None.
-—
shares
<
by the company and 75,000 by
Business—Design and manu¬
Price—$5.
Life
Ave„ New
St., New York. Underwriter—BurnCo., New York.
\
For acquisition, equipment, debt repayment
working capital. Address—Bridgeport, Conn. Under¬
writer—Laird & Co., Corp., New York.
Proceeds
and
Citadel
March
William
subscription by stockholders
offered
be
•
Office—62
by company $nd 70;G0Q by. certain
stockholders. Price—By amendment (max. $25). Busi¬
ness—Manufacture of various types of aerosol products.
to
are
300,000
to be offered
Corp., Boston, Mass.
will expire
(11/12)
which
parent,
two
Division, engaged in the
leasing of packaging macmnefy. Brad-/
ford also owns 69,509 shares' (9.59%) of Foster Wheeler
Corp: Proceeds—For selling stockholders, Atlas General.
ham &
Offering—Indefinite.
Industries, Inc.
1961 filed
are
manufacture and
Brantly Helicopter Corp.
common, "of
Inc.,
share for each
14.
ging operations in Liberia and will acquire from Atlas,
V
Corp.
of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital., Office—2025 McKinley
St., Hollywood, Fla.
Underwriter—Clayton Securities:
Kliklok Automated Packaging
,
'
r
•
v
pub-
offered
V"
•"
:
were
'V
•
•'
•
—
and
of
ISSUE
/
facture
Rights will- expire Nov.
13. Price—$11.05. Business—Company holds a 40% stock
interest in Maryland Logging Corp., which conducts log¬
those issues which became
this week
effective
Atlas
of
basis
shares held
the capition "Effective
Also shown under
22,
the
on
REVISED
stockholders.
Speed Packaging & Development Corp.
1963 filed 699,380 common being offered to
stockholders
of the underwriter but
not, in general, firm offering dates.
are
-
July
company's name; and in the index, re¬
29,
225,000
Bradford
parentheses alongside
tion." Dates shown in
ITEMS
Chestnut Hill
capital
1,000,000
PREVIOUS
air Electronics
$25,000,000 of securi¬
This means that the
accepted.
Fund
"Securities Now in Registra¬
section
be
not
SINCE
named. Note—This company formerly was named Chem¬
Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
Registration statements filed with
—
For invest¬
—
39
of
growth
tion
chemicals
and
and
N.
sale
La
designed
air,pollutants;
of
an
Salle
to
electronic
Street,
control
and
odors,
development,
vaporizing
bacterial
produc¬
unit for
dis¬
Chicago. Underwriter*—To be
39 Broadway,
New York 6, N. Y.
TWX; 212-571-0320 '
Dlgby 4-2370
Direct Wires
to
R. J. HENDERSON & CO., INC., Los
Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC.,
Philadelpkim
40
40'
The Commercial and Financial Chronicle
(1728)
Continued from page
Oct. 4, 1963 filed $30,000,000 of first mortgage bonds due
1993. Proceeds—For construction, and loan repayment.
Business Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen-*
eral research laboratory. Proceeds—For working capital,
construction equipment and other corporate purposes.
To
subscribers,
public, $22.25.
$20; to
Inc.
Helicopters,
Doman
Office—270 Peachtree St., Atlanta.
Underwriter—None.
Ave., N. Y.
Office—360 Lexington
j
3,
asset
value
Halsey, Stuart & Co. Inc.; First Boston Corp.; Harriman
Ripley & Co.; Morgan Stanley & Co.; Lehman Brothers.
Bids—Nov. 7 (11:45 a.m. EST) at Southern Services, Inc.,
the
115 Broadway
(Room 1510), New York.
Information
Meeting—Oct. 31 (2:30 p.m. EST) at Chemical Bank New
York Trust Co., 20 Pine St. (4th floor), New York.
Georgia Power Co.
(11/7)
1
4, 1963 filed 70,000 preferred (no par). Proceeds—
For construction and loan repayment. Office—270 Peach-
Business—Research, development and construc¬
tion of experimental helicopters.
Proceeds—To obtain
certification of models, train service personnel, repay
debt, etc. . Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—The SEC has issued a stop
order suspending this registration statement.
•
Donaldson Co., Inc.
Oct.
sines, and special seals, filters, bellows and pumps for
use in aircraft and missiles. Proceeds—For selling stock¬
holders. Office—1400 West 94th St., Minneapolis. Under¬
$2,113,748 of 7% subordinated con¬
1974 to be offered for subscrip¬
by stockholders orr' the basis of $700 face .amount
for each 100 common sliares held. Price—By amendment.
Business—General real estate. Proceeds—For debt repay¬
Busi¬
Office—112 Powers
Rochester, N. Y. Underwriter—None. >
ment, and other corporate purposes.
Bldg.,
,
Grand Corp.
Oct.
7, 1963
five
shares
16,600 units, each consisting of
("Reg. A")
and
a
warrant
Price—$15 per unit.
share.
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
7
.
.
additional
purchase one
to
Business—Manufacture,- de¬
velopment and sale of an installation tool, a repeater
balling gun, and microprojector motivation kits.
Pro¬
ceeds—For debt repayment, inventories, advertising, and
working capital. Office—5532 Harlan Arvada, Colo. Un¬
year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other
a
derwriter—Nemrava &
corporate purposes. Office—2042 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment Secu¬
rities, Inc., Atlanta.
"/■'
■/.■, -•
•
Co., Denver.
(11/11-15)
Homes, Inc.
Great Lakes
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 of custom-designed, factory built homes. Pro¬
ceeds—For debt repayment and working capital. Address
—Sheboygan Falls, Wis. Underwriter—The Milwaukee
Co., Milwaukee, Wis.
Sept.
Fund, Inc.
May 31, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8V2%.
Business—A new mutual fund
seeking current income. Proceeds—For investment. Of¬
New York. Distributor—F. Eberstadt
fice—65 Broadway,
27,
Greater Miami
& Distributors, Inc., New York.
Industrial Park, Inc.
Proceeds—E}or
general corporate purposes. Office—811 du Pont Plaza
Center, Miami, Fla. Underwriter—None.
sition
processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
and
ventory and advertising. Office—118 E. 28th St.,
Underwriter—L. D. Brown & Co., New York.
York.
fering—Postponed.
Feb.
•
Sept. 26, 1963 filed 400,000 class A common. Price — $5.
Business—Company plans to operate, produce and fi¬
nance
various types of ventures in the theatrical and
entertainment fields. Proceeds—For working capital, and
Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
$6.50). Business—A holding company for
life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Note—This registra¬
(Max,
29, 1962 filed 20,000 common, of which 17,500 are to
and 2,500 by a shareholder. Price
amendment
(max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
Pratt Ave., Chicago.
•
First Railroad
&
Office—3600 W.
payable.
Banking Co. of Georgia
(11/1)
Sept. 24, 1963 filed maximum of $5,000,000 of 5% con¬
vertible debentures due Aug. 1, 1988. Price—By amend¬
Proceeds
ment.
For
redemption and other corporate
purposes.
Office—701 Broad St., Augusta, Ga.
Under¬
writer—Johnson, Lane, Space Corp., Augusta.
—
Jai Alai,
(11/25-29)
June 28, 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.
"\
Inc.
Forst
(Alex)
23,
Business
Proceeds
& Sons, Inc.
1963 filed 100,000
—
Wholesale
(11/6)
common.
distribution
of
toys
—
and
$5.50.
games.
For
selling stockholders. Address — New
Hyde Park Road, New Hyde Park, New York. Under¬
writer—Arnold, Wilkens & Co., New York.
—
—A
Inc.
store. Proceeds—For expansion of the
word¬
ing capital and debt repayment. Address—West Highway
50-Winter Garden. Fla. Underwriter—Prudential
ment
Corp., Miami.
-
Invest
estate
and
$10. Business
—
investment trust. Proceeds
investment.
Office
Ave., N. W., Washington, D. C.
—
3315
—
For
con¬
Connecticut
Underwriter—None.
Israfund-lsrael
Fund, Inc.
/
July 29,1963 filed 300,000 common/ Price—$10. Business
—Fund plans to own stock of companies which will in¬
in
vest
securities
investment.
Israeli
of
enterprises.
Office—17 East 71st
writeiy-Israel Securities Corp.,
•
filed
1963
550,000
Under-
(same address).
Israel American Diversified
April 22,
Proceeds—For
St',, New York.
Fund, Inc.
Price—Net
common.
asset
mutual fund special¬
new
izing in Israeli and American securities.
Proceeds—For
Office—54, Wall St., New York. Distributor
Distributors, Inc. (same address). Offering
—Expected in late November. '
'
invgstmfent.
—Israel Fund
Israel Baby
Food Co. Ltd.
(11/4-8)
Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8% preferred ordinary shares.
Price—For debentures, $100; for stock $10. Business-^Company plans to prepare and market baby,,food, in
Israel and abroad. Proceeds—For loan repayment,-con¬
struction, equipment, and other corporate purposes. Ad¬
dress—Givat Brenner, Israel.
Underwriter—Brager .&
Co., New York.
/
///
Israel Fund, Inc.
July 18, 1963 filed 500,000
Price—$12.50.
common.
repayment, construction, and other corporate pur¬
liston
&
withdrawn
be
not
New
Beane,
amended.
as
York.
Note—This statement will
previously reported, but
'/:-,/"-7.;
7
will
be
"
'■
Horace Mann Life Insurance Co.
..
Feb.
1963 filed
1,
offered
be
poses.
Proceeds—For
accident' and
life,
of
general corporate pur¬
Office—216 E.Monroe St., Springfield, 111. Under¬
writer—Horace
/
80.000 are
120,000 by stockholders
Business—Writing
insurance.
of which
common,
by company and
Price—$12.50.
health
200,000
Mann
Investors
Inc.,
(same address).
International Data Systems. Inc.
,
A") 11.000 common to be offered
stockholders on a pro-rata basis.
Price—At-the-market.
Business—Development, design
Aug.
and
2.
1963
("Reg.
by
subscrintion
manufacture of electronic
selling; stockholder.
devices. Proceeds—For
Office—2925
Underwriter—A. G. Edwards &
Merrell
Busi-
-
-
—4200
tors
Hay ward Ave.,
Baltimore.
Underwriter—Inves¬
Planning Corp. of America, New York.
Israel
Investors Corp.
Sept. 26, 1963 filed 100,000
common.
Price—$104. Busi¬
ness—A closed-end investment company
engaged in in¬
vesting in private industries located in Israel. Proceeds
—For investment.
"Isras"
June
Office
850
—
Third
Ave., New York. 1
28,
Israel-Raasco
also
owns
porate
Investment Co., Ltd.
filed 60,000 ordinary shares. Price—$55.
1963
Business—A
real
estate
development
company
which
Proceeds—For general cor-
citrus plantations.
Address—Tel-Aviv,
purposes.
Israel.
Rd..
Dallas.
r
\
i
International Life Insurance Co. of Buffalo
Sept. 26, 1963 filed 125,900 capital shares to be offered
subscription by stockholders on the basis of one new
share for each four held. Price—By amendment
(max.
$32). Business—Sale of various forms of life insurance
and
annuities. Proceeds—For investment
of operations.
and
expansion
Office—120 Delaware Ave., Buffalo, N. Y
Underwriter—None.
Telephone Co.
(11/1)
Jaap Penraat Associates, Inc.
30, 1962 filed 100,000 common. Price—$3. Business
designing, the design of teaching machines
and the production of teaching programs.
Proceeds—
For expansion, new facilities and working capital. Office1
Jan.
>
—Industrial
Co.,
Inc.,
W., N. Y.
York.
New
poned.
Underwriter—R. F. Dowd
Offering—Indefinitely
'
.-'■
v7';r/
' ' '
'
>
post¬
-7
7
Janus
—
—Mutual Fund
'
Ave., Palo Alto, Calif. Underwriter
Distributors, Inc. (same address). 7
•
Juniper Spur Ranch, Inc. (11/11-15)
May 27, 1963 ("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
Anderson
&
corporate purposes. Underwriter — V.
Co., Newhouse Bldg., Salt Lake City.
E.
'
Jurgensen's Co. /
Sept. 30, 1963 ("Reg. A") 12,000 6% convertible pre¬
ferred (par $25). Price—At par.
Business—Operation of
credit and service type retail food stores in-Southern
California. Proceeds—For debt repayment, and
working
capital. Office—601 S. Lake Ave., Pasadena, Calif. Un¬
derwriter—Evans, MacCormack '& Co., Inc., Los Angeles.
Kentucky Fried Chicken, Inc.
Sept.
27,
1963
filed
25,000
class
A
voting,
and
25,000
,
class B non-voting cOmmon. Price—$10. Business—Com¬
pany
franchises certain restaurants in the U. S.
pare
and sell Kentucky
leases equipment used in
ceeds — For the selling
to
pre¬
Fried Chicken. It also sells or
preparation of this item. Pro¬
stockholder, Harland Sanders,
Shelbyville, Shelby County,
Chairman. Address—Box 67,
Ky. Underwriter—None.
'
v:-'..
^^^7,. 7'7,;
•
-
June
7,
ment
v"
y
•?*,. v-'.v
.
////
Key Finance Corp.
filed
1963
$5).
(max.
80,000 common. 7Price--By amend¬
Business—Operation of a small loan
business in Puerto Rico. Proceeds—Fori loan repayment,
expansion and other corporate purposes. Address—Rio
Piedras, Puerto Rico. Underwriter—Mvron A. Lomasney
&
Co., New York. Offering—Imminent.
Keystone
Aug.
13,
International
1963
filed 200.000
Fund.
Inc.
common..
Price
—
Net
asset
value
plus 7%%. Business—A new mutual fund which
acquire assets of Keystone International Fund, Ltd.,
will
Canadian corporation, and invest in securities
out
Sept. 5, 1963 filed 8.983 common to be offered for sub¬
scription bv stockholders on the basis of two new shares
five held of record Oct. 21. Rights will expire^
,Nov. 16. Price—$100. Business—Company, 36.8% owned"
-
Under¬
writer—Rassco of Delaware Inc., New York.
a
Sons, St. Louis. Offering
—Indefinitely postponed:
*
ness—A closed-end investment company which
plans to
invest in Israeli firms. Proceeds—For investment. Office
Office—467 Hamilton
York.
Intra State
newsoaper
Address—
New
„
Aug. 21, 1963 ("Reg. A") 133.333 common. Price—$2.25.
Business—Fruit growing, publishing of a farm news¬
paper, citrus fruit brokerage and operation of a retail
real
struction
a
Frazure, Hull,
investment.
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
&
1963 refiled
12,
for
Price
Proceeds—For
Bldg., Minneapolis. Distributor—Investors
Diversified Services, Inc. (same address).
—315 Central Park
r
,
•
Group
1000 Roanoke
—
March
Investors
Fund, Inc.
April 10,-1963 filed 500,000 capital shares. Pric;
Net
asset value plus 8Y2%. Business—A new mutual fund
seeking capital appreciation.-Proceeds—For investment.
for
Florida
of
180,000 class A common. Price—
$2.50. Business—Operation of discount stores. Proceeds
—To provide fixtures and inventory for a new store, and
for working capital. Office—6400 MacCorkle Ave., S. W.,
St. Albans, W. Va. Underwriter—Charles Plohn & Co.,
"to
Underwriter—None.
Underwriter—None.
Office—4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. Wil-
—By
recession offer to stockhold¬
Neb.
(11/4-8)
Inc.
poses.
be offered by company
a
Lincoln,
Heck's
debt
Fedco Corp.
Oct.
of accounts
Busi¬
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
tion will be withdrawn and then refiled.
Proceeds—For
Price—$2.
Holiday Mobile Home Resorts, Inc.
Marclr27, 1963 filed $1,250,000 of 6Y2% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price
firms selling
use.
Corp.
banking, insurance, finance, etc. Proceeds—For gen¬
eral corporate purposes.
Office—1107 Federal Securities
June
corporate purposes. Office — 50 Broadway, New
Underwriter—Linder, Bilotti & Co., Inc., (same
address).
\
and reduction
estate.
of
•
other
ers
real
1963, filed 3,000,000 common.
20,
Building,
York.
home
Nebraska
of
ness—Company plans to operate subsidiaries in the fields
Elite Theatrical Productions Ltd.
ment
development
Greater
Of¬
;'
-
;
New
and
World.
Free
business
to
Ltd., and invest in securities throughout
Underwriter—None.
25, 1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 41/£ shares held. Price—$5.50. Business—Acqui¬
Electronic Dispenser Corp.
succeed
Canadian Fund
Feb.
Jan. 29, 1963, filed 50,000 common. Price—$2. Business
—Manufacture of the SAFER Butter Chipping machine,
plus
will
which
Inc.
filed 3,000,000 capital shares. Price-^-Net
7y2%. Business—A new mutual fund
1963
valup plus 8^ %. Business^-A
Realty Corp.
(I.)
tion
Office—2222 S. Centinela Ave., Los Angeles.
& Co., Managers
& Co. Bids—
a.m.
vertible debentures due
of
Eberstadt Income
(11
Sept. 27, 1963 filed
York.
Underwriter—None.
land for
7
Gordon
electro-mechanical vehicles and
electronic
devices for medical and marine purposes.
Proceeds—For working capital, equipment and debt re¬
payment.
Co.-Equitable
EST) at Southern Services, Inc., 115
Broadway (Room 1510), New York. Information Meeting
—Oct. 31 (2:30 p.m. EST) at Chemical Bank New York
Trust Co., 20 Pine St., (4th floor), New York.
1963 filed 145,000 common. Price—By amendment
(max. $19). Business—Company manufactures air clean¬
ers and mufflers for heavy duty internal combustion en-
Price—$1.
Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities &
Securities Corp. (jointly); Morgan Stanley
Nov.
Dynapower Systems; Corp.
Sept. 28, 1962 filed 750,000 common.
First Boston Corp.;
bidders:
Oct. 4,
ness—Manufacture
Underwriters—(Competitive). Probable
St., Atlanta.
tree
(11/7)
writer-—Paine, Webber, Jackson & Curtis, New
Underwriters—(Com¬
7
Inter-Continental Fund,
Investors
July
$1.25).
Thursday, October 31, 1963
.
become effective.
petitive). Probable bidders: Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly); Blyth
& Co.-Kidder, Peabody! & Co.-Shields & Co. (jointly);
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
.
burg, 111. Underwriter—None. Note—This statement has
(11/7)
Power Co.
Georgia
39
,
50
the Free World.
through¬
Proceeds—For investment. Office
Congress St., Boston. Underwriter—Keystone Co. of
Boston.
.
?
•„
for each
bv
Illinois
Bell
Telephone, furnishes
telephone service
in Illinois. Proceed®—For loan repayment, and other cor¬
porate purposes: Office—100
North
Cherry
St.,
Gales-
Krasnow
June
ment
Industries,
Inc.
28, 1963 filed 125,000 common. Price—By amend¬
(max. $5). Business—Volume manufacture of in-/
expensively priced men's and children's belts. Proceeds
Volume
—For
198
Number
The Commercial
6312
(1729) ' 41
and Financial Chronicle
Medic
debt repayment,
New York. Offering—Indefinite.
Corp.
1963, filed 1,000,000 class B common. Price-$1.25. Business—A holding company for three life insur¬
ance
firms.
Proceeds—For loan repayment, operating
•
expenses,
sales promotion, and other cor¬
Office—33-00 Northern Blvd., Long
Island City, N. Y. Underwriter—T. W. Lewis & Co., Inc.,
porate
Feb.
purposes.
Life Affiliates Corp.
(11/18-22)
Oct.
14, 1963 ("Reg. A") 55,000 class A common. Price—1
$5. Business—Company is an operating,-holding and man¬
agement company specializing in the life insurance in¬
dustry. Proceeds—For working capital. Office—40 Ex¬
change Place, N. Y. Underwriter — First Philadelphia
Corp., New York. :
- .
Underwriter—Filor, Bullard &
Underwriter—To
be
21,
1963
H,
ment
debt
$10,000,000 of first mortgage bonds,
1993. Proceeds—For loan repay¬
Stuart St.,
Boston. Underwriters—
•
Meeting—Nov. 27
(11
a.m.
address.
EST)
•
'
at above
1962
■
,
filed
561,500
common
Missouri National Life Insurance Co.
Office
working capital.
Master
Corp
(Johnson,
State
Lane,
Corp.)
Space
November 4
(Monday)
Russ
.
7
(Laird
'
Hammill &
$190,000
Co.)
$140,000
(Brager
'(■
Shaker
&
&
&
Co.)
(Bache
&
Co.)
Common
150,000 shares
Ctfs.
150,000
(Alex) & Sons, Inc
(Arnold,
,
Wilkins
Ramo, Inc.
Southern
Nebraska
Pacific
Planters
(Merrill
Common
Co.)
$550,000 '
Bank
$8,970,000
&
November
Co.,
7
Inc.)
M.
$6,000,000
\.
-
>
<
•'
(Thursday)
(Francis
.
Donaldson
(Paine,
Bank
I.
A.
C.
Co.,
Inc.____
Webber,
Jackson
11:45
a.m.
(Monday)
18
...
EST)
(Bids
(Smith,
^
Mosler
,
7
a.m.
EST)
Airlines, Inc...
Safe
Barney
&
Co.,
Inc.)
.Preferred
Equipment Co...--...'—Common
Co.,
Inc.)
Wulbern,
Pocono
to
November
11
Common
$900,000
Common
New York'
stockholders—underwritten by
to
Hanseatic
Corp.)
125,000
shares
(Wednesday)
Common
Shippers Dispatch Co.—..
(Francis
(Monday)
&
Debentures
-
——
Eberstadt
(F.
150,000 shares
Allyn, Inc.)
C.
duPont. A.
I.
Bergen Drug Co., Inc.
v
'
/
(F.'Eberstadt
•
$1,250,000
Co.)
—Class A
125,000 shares
Co. )
&
(Tuesday)
Y
.Debentures
Pacific Northwest Bell Tel. Co._
(Bids 11 a.m.,,EST) $50,000,000
/,
(Milburn,
Inc.)
400,000 shares
underwriting)
Inc
Cochran & Co.,
$32,363,750
—Units
Massachusetts
Electric
be
to
New York
7
:______Bonds
Co.—
$10,000,000
received)
$300,000
Units,
Midland Securities
" 7 ,
,-/■ ,7 7.
Equip. Trust Ctfs.
Central RR
EST) $3,600,000
(Tuesday)
(Bids
■
12
December 10
noon
(Bids
12
noon
a.m.
—__.Bonds
$30,000,000
EST)
(Wednesday)
/
Consolidated Edison Co. of New York.
'
,
December 11
(Bids
11
a.m.
^
$4,800,000
EST)
& Power Co
(Bids-11
/
-
Equip. Trust Ctfs.
Pacific Ry.___
Virginia Electric
EST)
.
'
.
'
Bonds
$60-$75,000,000
(Thursday)
December 12
...Equip. Trust Ctfs.
Texas & Pacific Ry,__
(Bids
—
Inc., and
Co., Inc.)
(Wednesday)
December 4
Northern
......Common
$275,000
—_—Common
—
San Morcol Pipeline,
12
/
$2,700,000
CST)
noon
(Tuesday)
January 7, 1964
Missouri Pacific RR._
___:.Equip.
'"■>,■ (Bids 12 noon CST) $6,600,000
Trust Ctfs.
■
19
(Tuesday)
New England Power Co..
(Bids
12
noon
New
:
EST)
$10,000,000
(Monday)/
November 20
11
a.m.
EST)
Bridges Investment Fund,
'
.
-(No
-7
,
$10,000,000
underwriting)
(Bids
:
to
be
—
received i
Potomac
to
be
10, 1964
Edison
(Bids
received)
.
.Bonds
$5,000,000
(Tuesday)
Co.
10
—Bonds
$130,000,000
January 14, 1964 (Tuesday)
Narragansett Electric Co....
March
Inc.——Capital Shares
200,000 shares
Telephone Co
(Bids
(Wednesday)
Common
York
—Bonds
Preferred
New England Power Co...
'
(Fulton, Reid & Co., Inc./ and William T. Robbins & Co., Inc.)
125,000 shares
,
100,000 shares
tnc.)
Murphey,
Inc.
(Bids
Craft Master Corp
$1,500,000
Corp.)
Co.)
&
Morgan
November 27
Yeatman, Mosley Co., Inc.) $4,375,000
November
$5,500,000
Co.,
stockholders-^-no
Downs,
(Suplee,
350,000 shares
(Friday)
&
(Offering
•
:
_
.....Debentures
stockholders—underwritten by Blyth
J
>
to
$1,200,000
Missouri National Life Insur. Co
Capital Shares
(Sterling, Grace & Co.) 103,500 shares
Pacific Northwest Bell Telephone Co
Common
Bonds
System, Inc
(Offering
(Pierce,
.
...Common
November 8
Common
Natural Gas & Oil Producing Co
December 3
^...Debentures
Inc/).
Co.,
&
Philadelphia7Corp.)
Life Insurance Co. of Florida.
$6,000,000
Co
20,000 units
Corp)
>
(First
..........Debentures
(Blyth & Co., Inc.)
Ryder
shares
$7,000,000
.Units
Inc
Securities
(Bids
/
Life Affiliates Corp.
$30,000,000
.Y.
11
Stk.
shares
____1
(Monday)
Bergen Drug Co., Inc.______ —
Equipment Co
Allen Electric &
...Common
Georgia Power Co
Mohawk
Cap.
45,617
Curtis)' 145,000
&
Georgia Power Co.____
(Bids
Inc.)
Allyn,
Bonds
$30,000,000
EST)
Florida Jai Alai, Inc
(Consolidated Securities
shares
(Friday)
(Dempsey-Tegeler
shares
America.
North
of
duPont,
EST) 200,000 shares
a.m.
Parks,
Auto
7
Preferred
noon
11
25
November
—Capital Stock
— — _—
(Dempsey-Tegeler &
Commercial
and
Inc.,
Union Electric Co...
December 2
Units
Inc.j 80,962 units
Mutual Telephone Co., Inc
...Common
to stockholder,s-^underwritten by Folger,
Nolan, Fleming & Co., Inc-.). $906,254
Allen Electric &
Ordinary Shares
6,941.250
Inc.)
Co.,
•
-
to stockholders—underwritten by Kuhn, Loeb
&
Bonds
Fenner & Smith
Inc.) $40,000,000
Pierce,
<fc Co.,
Union Electric Co.:....
(Offering
November
Bank Leumi le-Israel B. M._
Lynch,
Blyth
(Merrill
42
page
on
'
Central
Saunders
A.
717,408 shares
(Thursday)
15
November
;.V
Continued
Puget Sound Power & Light Co
Bonds
Stanley & Co.) 400,000
'(Morgan
Cap. Stk.
(Memphis)
'
'
—.Common
EST)
Un¬
Office—13 S. Broadway, Red Lodge, Mont.
derwriter—Security Brokerage Co., Billings, Mont.
(Offering
Airlines, Inc
Weyerhaeuser Co.
Trust Ctfs.
Equip.
EST)
noon
Nat'l
'
.
Debentures
general corporate pur¬
insurance concern. Proceeds—For
poses.
Equip. Trust Ctfs.
Lynch, Pierce, FennerSmith
November 14
$2,000,000
Corp.)
(Offering to stockholders—underwritten by
(Offering
Trans World
/
!
Co
(Bids 12
Union
&
Securiies
11, 1962 filed 4,750,000 common. Price — $1. Busi¬
—
Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
$7,000,000
EST)
noon
v.
ness
12 noon EST) $22,000,000
(Bids
l___
(First
v
12
'
Oct.
Security Title & Guaranty Co
Line RR
Seaboard Air
shares
/
:.
National Memorial Estates
(Peter
(Wednesday)
Pacific Power & Light Co
(Offering to stockholders—Bids 11 a.m.
" /.•
.Common
November 6 (Wednesday)
Forst
Int.
Ben.
$2,700,000
Corp.__
drawn.
CST) $5,100,000
noon
Underwriter—Netherlands Securities
registration will be with¬
York. Note—This
New
(Equitable
Norfolk & Western Ry._
(Bids
I
(McDonald
Systems
Proceeds—For construction of a plant in Ire¬
working capital.
O f f i c e—4301 46th St.,
Bladensburg, Md.
Co.,
Price—$8.75. Busi¬
chain link fence,
fabric, gates and related
galvanized
of
reinforcing
14(1,035 shares
Co.)
Corp.)
Co.,
November 13
Ordinary Shares
Properties
Ultronic
and
(
Co., Inc.
filed 100,000 common.
(Bids
"
'7
(Brager & Co.)
Israel Baby Food Co., Ltd.;
will be withdrawn.
concrete
products.
Note—.
N. Y.
Corp.,
Investing
National Fence Manufacturing
Nov. 29, 1962
Pa.
Address—Portage,
capital.
working
and
repayment, store ex¬
debt
Proceeds—For
stores.
pansion
(Tuesday)
(Bids'12
..i.Debentures
Baby Food Co., Ltd
ated
(Bids 12
Chicago, Burlington & Quincy RR..Equip. Tr.
'
Israel
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
$300,000
Co.)
&
Techniques, Inc.
,
early 1964.
Equipment & Plastics Corp.
National
Allright
'
.
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor — Ira Haupt & Co., Ill Broadway,
—________—Ulass A
(Shearson,
'
$450,000
April 28, 1963 filed $10,000,000 (10,000 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of states, counties
160,000 shares
Togs, Inc
Aerosol
Co.)
&
........Common
N. Y.
Municipal Investment Trust Fund, Series B
1006 Grand
Common
Anderson
November 12
v
Plohn
ment, and mechanical and electronic security products.
Proceeds—-For selling stockholders. Office — 320 Park
'v;
.
Homes, Inc.-.'
(Vr E.
...Common
(Charles
—
..Debentures
:—
(Thfe Milwaukee Co.)
$893,300
Heck's, Inc.
'
Lakes
.Common
___
stockholders—No under wilting)
to
(11/18-22)
Juniper Spur Ranch, Inc
$5,000,000
Telephone Co
(Offering
1963 filed 350,000 common. Price—By amend¬
ment. Business—Manufacture of safes, bank vault equip¬
16,
Inc.,'and William T. Robbins & Co., Inc.)
Reid & Co.,
(Fulton,
First Railroad & Banking Co. of Georgia__Debens,
Intra
offered for
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
Craft
$293,125
Inc.)
to be
Underwriter—None.
•
(11/7)
Mosler Safe Co.
Oct.
land,
B u sines s—A closed-end management investment
company.
Proceeds—For general corporate purposes.
Office—2615 First National
Bank Bldg., Minneapolis.
Common
Manning & Smith,
Barney & Co., Inc., New York.
ness—Manufacture
acquisition and
,
repayment and equipment. Address—
Airport, Utica, N. Y. Underwriter—Smith,
loan
Oneida County
welded
Great
Co.____
Coleman,
Company provides short-haul air transportation service
in 50 cities in the eastern half of the United States. Pro¬
Stifel, Nicolaus & Co., Inc., St. Louis. Offering—Immi¬
nent.
/
' "
'
"
■'
'
' • /-"•
26,
(11/7)
Inc.
Airlines,
Address—Empire Bldg., Springfield, Mo. Underwriter—
$7).
(Friday)
Rubber
(Johnson,
Mohawk
This registration
Insurance Co.
Life
National
Midwest
$1,000,000 /
November 1
•
Sept. 24, 1963 filed $6,000,000 of convertible subordinated
debentures due Nov. 1, 1978. Price—At par. Business—•
Underwriter—Cortlandt
subscription by stockholders on the basis of one share
for each two shares held.
Price—By amendment (max.
NEW ISSUE CALENDAR
Charleston
Proceeds—For
Office—52 Main St., Woodbridge, N. J.
Co., Inc., New York.
repayment.
,
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Merrill Lynch, Pierce, Fenner
& Smith Inc.; Eastman Dillon, Union Securities & Co.;
Kidder, Peabody & Co.; Blyth & Co.-White, Weld & Co.
(jointly). Bids—Dec. 4 (11 a.m. EST) at above address.
Information
Jersey.
Midwest Technical Development Corp.
1,
Office—441
ment.
New
of
areas
Sept. 17, 1963 filed 160,000 common. Price—$7. Business
—Sale of life insurance. Proceeds—For working capital.
(12/4)
Dec.
certain
in
Underwriter—Kidder, Peabody &
Offering—Indefinite.
y
Feb.
Co.
filed
due
1963 filed 35,000 common. P r i c e—By amend¬
(max. $36). Business—Collecting and distributing
water
initely postponed.
Electric
Seville, Spain.
New York. Offering—Expected in
Middlesex Water Co.
Offering—Indef¬
named.
general corporate purposes.
Office—82 Baker St.,
Underwriter—Overseas
Investment
Service,
For
Telephone Corp.
June 5,
Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,
series
equipment.
17, 1963 filed 150,000 common. Price—By amend¬
ment. Business—Through subsidiaries, the company pro-:
vides telephone service to 104 communities in Ohio. Pro¬
ceeds—For loan repayment. Office—363 Third St., Elyria,
O. Underwriter—The Ohio Co., Columbus. Offering—
Expected in mid-November.
working capital.
Development Corp.
filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile homes, parks
and residential and commercial real estate. Proceeds—•
Ave., New York. Underwriter—-Blyth & Co., Inc.,
Mid-Continent
Marshall
Oct.
electronic
corporate purposes.
Office—
Underwriter — Financial Equity
general
Calif.
City,
medical
of
$1. Busi¬
Oct.
Office—
New York. Underwriter — Ingram,
Stephen, Inc., 50 Broad St., New York.
Massachusetts
For
—
—
Corp., Los Angeles. Note—The "Chronicle" has been un¬
able to contact the underwriter or the company; hence
we will drop this item from future editions.
Mahoning Corp.
July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans to engage in the exploration and de¬
velopment of Canadian ,mineral properties. Proceeds—
For general corporate purposes. Address—402 Central
Tower Bldg., Youngstown, Ohio. Underwriter—None.
Y.
Manufacture
—
Studio
Price
1961 filed 250,000 common.
13,
Proceeds
Offering—Indefinite.
N.
Medical Video Corp.
ness
Madison Ave.,
&
Home Parks
Mobile
Jan. 28, 1963
ceeds—For.
•
Nov.
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
Lambert
For investment in the
—
industry and capital growth situations. Office
St., Denver. Underwriter — Medical As¬
sociates, Inc. Denver.
i
Smyth, N.'Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.
and
Proceeds
end.
medical
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
production
-
—677 Lafayette
pansion. Office—2960 Coral Way, Miami. Underwriter—
and
open
Ave., Kansas City, Mo. Underwriter—Sterling, Grace &
Co., New York. ' ,
'
'../■
;7
v
Atlanta.
23, 1961 filed 25,000 common. Price—$10. Business
closed-end investment company
which plans to
become
Pierce, Wulburn, Murphey, Inc., Jacksonville.
543
(same address).
Medical Industries Fund, Inc.
Oct.
16, 1963 filed 400,000 common. Price—By amend¬
ment (max. $6). Business — Writing of industrial life,
accident and health insurance as well as ordinary life
insurance. Proceeds—For investment and eventual ex¬
filming
derwriter—Lincoln Securities Corp.
—A
Aug.
fice—26 Broadway, N. Y.
and investment in other insurance concerns.
Medical Arts Bldg., Oklahoma City. Un¬
Address—714
a
(1118-22)
Life Insurance Co. of Florida
28,
a.m.
—
EST)
$12,000,000
.Bonds
-
42
The Commercial and Financial Chronicle
(1730)
National Mortgage Corp., Inc.
certificates
(series 20) and 300,000 common shares. Price—For certilicaies, $/62; for stock, $1.15.
Business—A mortgage
"loan company. Proceeds — For general corporate pur¬
poses. Office — 113 S. Hydraulic, Wichita, Kan. Under¬
1962 reined $8,000,000 face amount
Pacific Mines,
Kansas.
Nov.
Price
13.
Business
$12.
—
Proceeds
rine, casualty and property insurance.
—
For
(11/25-29)
Natural Gas & Oil Producing Co.
Sept. 7, 1962 filed
180,000 class A common.
Business—Production
natural
of
gas
Price—$5.
oil.
and
Proceeds
drilling expenses, working capital and other cor¬
Office—Tekoil Bldg., Oklahoma City
porate purposes.
.Underwriter—Peter Morgan & Co., N. Y.
Campbell
•
Ltd.
Island Mines
13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬
holder. Price—50 cents. Business—Exploration, develop¬
ment and mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. McPherson & Co., Toronto. v
Oct.
(11/19) :
Oct. 7, 1963 filed $10,000,000 of first mortgage bonds due
Nov. 1, 1993, Proceeds — For loan repayment and con¬
struction. Office—441 Stuart St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Lehman Brothers-Equitable Securities Corp. (joint¬
ly); Kuhn, Loeb & Co.-Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler-Paribas Corp. (joint¬
New
address.
New
England Power Co.
(11/19)
Oct.
7, 1963 filed 100,000 preferred (par $100). Proceeds
—-For loan repayment and construction. Office — 441
Stuart St., Boston. Underwriters—(Competitive). Prob¬
able bidders: First Boston Corp.; Dean Witter & Co.Smith, Barney & Co.- Wertheim & Co. (jointly); Equi¬
Securities
Corp. - Kidder, Peabody & Co.-Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch, Pierce, Fenner &
Smith Inc.Eastman Dillon, Union Securities & Co. (jointly). Bids
—Nov. 19 (11 a.m. EST) at above address. Information
Meeting—Nov. 14 (11 a.m. EST) at above address.
table
New World Fund, Inc.
:
,
v
:
,
filed 250,000 common. Price—Net asset
value plus 8M>%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—4680 Wilshire Blvd., Los
Angeles.
Underwriter — New World Distributing Co.
(same address).
Feb.
21,. 1963,
Nordon Corp.
Ltd.
29,
1963 "filed
amendment
and gas
cluding accident and health insurance, automobile
•
Investors, Inc.
York.
insur¬
ties
Hydrofoil,
Inc.
«,Sept. 3, 1963 ("Reg. A") 60,000 common. Price — $5.
Business
Design, construction, sale and operation of
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428White-Henry-Stuart Bldg., Seattle, Wash. Underwriter
—Henry D. Tallmadge Co., Seattle.
—
Feb.
B and
ate,
B
Nuclear Science & Engineering Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15)."Business—Research and development
contracts
using radioactive tracers; precision radio- '
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiatio«n measure¬
on
ment
ment,
services.
Proceeds—For
expansion
Box 10901,
and
equipment, debt repay¬
working capital. Address—P. O.
Pittsburgh. Underwriter—Johnston, Lemon &
Note—This registration will be
Co., Washington, D. C.
withdrawn.
food
wholesale
•
Rassco
•
Corp.
Sept. 12, 1963 filed 500,000 common and 500,000 pre¬
ferred ($6 par); to be offered in units of five
preferred
and five common shares. Price—$35
per unit. BusinessCompany plans to engage in the life insurance business
thrqugh the formation of two subsidiaries, or through
the purchase of stock in
an
existing insurance
company.
Proceeds—For
acquisition of above stock, loan repayment and working capital. Office—2201
Northwest 41st
St., Oklahoma City. Underwriter—Equity Underwriters,
Inc.; (same address).
V■
•
Old Florida
Rum Co.
July
29, 1963 filed 225,836 common, and warrants to
purchase an additional 225,836 common, being offered
for
subscription by
share
and
one
common stockholders
warrant,
the
basis
in units of
of
one
1962
For
capital
Oct.
one
25.
unit
For
new
products
and
working capital. Office—328 S.
Underwriter—Samuel
Beverly Dr., Beverly Hills, Calif.
B. Franklin & Co., Los Angeles.
Roe
& Farnham
/
Foreign Fund, Inc.
/
/
life, health and accident insurance in 12 states and the
of Columbia. Proceeds — For debt repayment,
Sutro Mortgage
Price
entertainment.
—
$2
Proceeds—
Investment Trust
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
common.
Chicago.
Feb.
\
/
working capital. Office—3501 S. Parkway,
and
Underwriter—None.'
Angeles. Underwriter—None. /
Teaching Machines, Inc.
April 1, 1963 filed 150,000 common.
Price—$5 Business-
Research Capital Corp.
Sept. 3, 1963 filed 400,000 common. Price—$12.50. Busi¬
ness—A small business investment company. Proceeds—
N.
JFor investment. Office—2909 Bay-to-Bay, Tampa. Un¬
derwriter—Hensberry & Co., St. Petersburg, Fla.
Resort Corp. of Missouri
warrants
record
'
Supreme Life Insurance Co. of America
;Z///Z
Sept. 30, 1963 filed 42,089 common to be offered for
subscription by stockholders on the basis bf one share
for each three shares held. Price—$30. Business—Sale of
Is¬
investment,
27,
on
of
Address—Tel-Aviv,
7th
year
held
and
Cleveland, Ohio. Under¬
Cleveland.
Company develops and sells / teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
and: other corporate purposes. Office—221 San Pedro,
West
Rights will
expire Nov. 14. Price—$1.75. Business—Company is en¬
shares
travel
& Co.,
and working capital. Office—
St., Los Angeles. Underwriter—Costello
Russotto & Co., Beverly Hills, Calif. Offering—Indefinite.
411
Nov.
three
of
Commerce Bldg.,
District
Industries, Inc.
("Reg. A") 75,000
Business—Sale
(11/4-8)
St., Chicago. Underwriter—None.
new
Offering—Expected in December.
23,
Properties
corporation. It will provide investors a means of in¬
vesting in Canada, Western Europe and other foreign
areas.
Proceeds—For investment. Office—135 S. LaSalle
Ltd.
selling stockholder.
for
each
a
rael., Underwriter—Rassco of Delaware, Inc., New York
Nov.
Shaker
July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value. Business—Company was recently formed and
will succeed to New York Capital Fund, Ltd., a Canadian
(max. $3,166).
Recreation
Office—830 N. Central Ave., Phoe¬
Z
Underwriter—None.
Stein
1963
ceeds—For
Okliana
construction of
Business—Company plans to en¬
consumer finance, mortgage, general fi¬
related businesses.
Proceeds—F o r general
Squire For Men, Inc./-..7
Z//Z/Z,'
July 9, 1963 ("Reg. A") $135,000 of 8% convertible de¬
bentures due 1969. Price —At par
($100). Business —
Manufacture and sale of custom hair pieces, Proceeds—
of
Proceeds—For
Remaining 94,822 and any unsub¬
publicly. Price—To public
the
and
writer—McDonald
filed 400,000 ordinary shares. Price—By
Business — Company culti¬
vates, processes and markets citrus fruits in Israel. Pro¬
27,
amendment
held.
19, 1963 filed 180,000 shares of beneficial interest
Price—$15. Business—A real estate investment trust.
Proceeds—For investment and working capital.
Office
distributors, supermarket chains and other
Plantations
Life
Oct.
plant, and working capital. Address—84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska
Securities Corp., Lincoln, Nebr.
Aug.
in
nix.
Z/vZ/-;./'
outlets.
the basis of 4 company shares for each class A of
and two-thirds share for each class C share of/
—1956 Union
(11/6)
of which 405,000*
for subscription by
corporate purposes.
Provident Management Co
filed $2,000,000
common,
holders of the A^"
C stock of Selective Life Insurance Co., an affili ¬
on
nance
Inc.
Inc.
■
share
gage
6Yi% subord. sinking
fund debens. Due Oct. 1, 1975. Price—At par. BusinessCompany processes domestic and imported nutmeats for
sale to
filed 500,000
$6; to stockholders, $5.
Underwriter—None.
1963
// /•
Financial Corp.
offered
be
Selective
—
16
Hanseatic Corp./
New York
—
•
scribed shares will be offered
company. Proceeds—For general corporate pur¬
Office—2904 Georgian Court, Lincoln, Neb. Un¬
/
/
Ramo
/,■
1962
28,
to
are
working capital. Office—11 North Jackson St., Houston.
Underwriter—None.
/
,
1
•
Underwriter
Selective
1963 filed l,2o0,000 common. Price—$1. Business
—Company plans to manufacture fluorocarbons for sale
to refrigerant wholesalers, the aerosol industry and other
users. Proceeds
For construction of a new plant and
Sept.
(11/25-29)
general corporate purposes. Office—17 E. 45th St.,
New York.
New York.
Inc.
Inc.
the
7,
For
Sept. 16, 1963 filed 200,000 class A common. Price — $5.
Business—Company plans to form a subsidiary life in¬
Racon
for
1963 filed 125,000 common to be offered fori
subscription by stockholders on a share-for-share basis.;
Price—By amendment (max. $7.50). Business—Company
examines and insures titles to real property. Proceeds—•
Quality National Corp.
Oct. 3,
pipeline
Santa Fe, N. M.
Security Title & Guaranty Co.
Oct.
April 11, 1963 filed 1,000,000 common. Price—Net asset
plus 8V2%. Business—A new mutual fund. Pro¬
Fifth St., Bis¬
ing capital and expansion. Office—680 W. Peachtree St.,
N. W., Atlanta. Underwriter—The company;
transmission
gas
Vegas, Wagon Mount, Springer, and Max¬
Proceeds — For construction. Office — 219.^
Underwriters — Milburn,
Wichita, Kan., and Midland Securi¬
Co., Inc., Kansas City, Mo.
/
Shelby St.,
value
derwriter—None.
(11/18-22)
Cochran & Co., Inc.,
improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties.
Office—195 Nassat
poses.
Pipeline, Inc.
natural
well, N. M.
1963 filed 40,000 common. Price—$25. Bust
and sale of real property, chiefly un¬
—
inch
cities of Las
ness—Purchase
marck, N. D. Underwriter
(same address).
•
—
.
Fund,
—
V
eight
purchase an additional 10 shares. Price
—$175 per unit; Business—Company plans to operate a
harness racing track in Luzerne County, Pa. Proceeds—
For construction, and loan repayment. Address — 504
First National Bank Bldg., Wilkes-Barre, Pa. Underwrit¬
er—Supfee, Yeatman, Mosley Co., Inc., Philadelphia.
Stock
By
popu¬
stockholders. Office — 1372 Broadway, New
Shearson, Hammill & Co., New
Underwriter
York.
and warrants to
Provident
—
("Reg. A") $300,000 of 6M>% subordinated,
debentures due Nov. 1, 1983, and 45,000 common to be
offered in units of $500 face amount of debentures and
75 shares. Price
$500. Business—Construction of art
consisting of one $100 debenture, 15 shares
St., Princeton, N. J.
Togs, Inc.
San Morcol
(11/18-22)
Sept. 10, 196-3 filed $2,500,000 of 6Y2% subordinated sink¬
ing fund debentures due 1978, 375,000 common and 250.000 warrants to purchase additional common, to be of¬
Lands,
Washington, D. C. Underwrite
Sept. 27, 1963
Downs, Inc.
Sept. 30 1 963 ("Reg. A") 100,000 capital shares. Price—
$2.50. Business—A broker-dealer. Proceeds—For work¬
/Northwest
Russ
For selling
People's Insurance Co.
3, 1963 filed 100,000 common. Price—$10. Business
—Company plans to engage in the writing of general
liability insurance, including automobile, property dam¬
age and personal injury. Proceeds—To increase capital
and surplus. Office—307 Lenox Ave., New York. Under¬
writer—None.
Z
'
28,
Proceeds—For investment.
trust.
lar-priced sportswear for girls and children. Proceeds—
Oct.
March
investment
estate
(11/11-15)
1963 filed 141,035 class A shares. Price
amendment (max. $20). Business—Production of
workmen's compensatoin insurance and property
damage insurance. Proceeds—For investment. Office—62
Maple Ave., Keene, N. H. Underwriter—None.
Research
Lockerman
Oct. 23,
ance,
Princeton
Office—235
purposes.
er—Riviere, Marsh & Berens Securities Corp., Washing¬
ton, D. C.
;
Business—Company writes various types of insurance in¬
fered in units
corporate
Office—1832 M St., N. W.,
surance
North American
other
real
-
.
//;"'
.
Co.
-
'•
.
Realty Trust •
Oct. 22, 1963 filed 2,000 shares of beneficial interest.
Price—$1,000. Business—Company plans to operate as a
18, 1963 filed 565,218 capital shares to be offered
subscription by stockholders on the basis of one new
for each share held of record Oct. 3.
Price—$8.
Pocono
"
•
Riviere
Co.
share
-
Proceeds—For
siies.
Olive
Retirement
and
ceeds—For investment. Office*—316 North
60,085 capital shares. Price — By
(max/$3.25). Business—Acquisition of oil
properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—Gregpry-Massari, Inc., Los Angeles. Offering—Indefinite,
July
for
Office—3615
St., St. Louis. Under¬
R. L. Warren Co., St. Louis. Offering—Indefi¬
—
Oct.
England Power Co.
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-Kidder,
Peabody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. Bids—Nov. 19 (12 noon EST), at above address.
Information Meeting—Nov. 14 (11 a.m. EST) at above
Insurance
Peerless
of land for home
acres
St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Del.
Offering—Indefinite.
(11/13)
Sept. 27, 1963 filed 717,408 common to be offered for
subscription by stockholders on the basis of one share
for each 20 shares held of 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, Pea¬
body & 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.
K St., N. W.,
& Co., Wash¬
ington, D. C., and McDonnell & Co., Inc., New York.
New
Inc.
Pacific Power & Light
Business—Company will
hotel and resort lacilities,
luxury
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 theif"
retirement. Proceeds—For working capital, construction
-
Underwriter—None.
Ave., Phoenix.
general corporate purposes. Office—1511
Washington, D. C.
Underwriters—Ferris
—For
writer
a
nite.
Price—$1.50. Busi¬
deposits on its
property; Proceeds—For mining operations, debt repay¬
ment and operating expenses.
Office—-1218 N. Central
Writing of fire, ma¬
-r4*-
80
unit;
per
operate
construction.
ness—Company plans to explore iron
Aug. 12, 1963 filed 64,000 common being offered for sub¬
scription by stockholders on the basis of 1.78 shares for
each share held of record Oct. 14.
Rights will expire
and
and sell
July 24, 1963 filed 100,000 common.
Insurance Co. of Washington
Union
National
Price—$32
erect
Co., Inc.
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo.
Underwriter—None.
address).
the State of
be made only in
offering will
rum
Outlet Mining
writer—National Mortgage Agency, Inc., (same
Note—This
of
Proceeds—For working
beverages.
■Dec. 28,
rant.
and other alcoholic
capital, loan repay¬
ment, sales promotion and equipment. Office—1035 N. W.
21st Terrace, Miami, Underwriter—Consolidated Secu¬
rities Corp., Pompano Beach, Fla.
//
production
the
in
gaged
Continued from page 41
Thursday, October 31, 1963
.
offered
1962 filed
in
to
units
125,000 class A common and three-
purchase
1,250
class A
shares to
be
consisting of four shares and one war¬
E.
Albuquerque.
Underwriter—S. D. Fuller &
in March, 1964;
Co.,
New York. Offering—Expected
Investment
Tecumseh
Co.,
Inc.
1963 filed 48,500 common. Price—$100. Business
—rA holding company which plans to organize a life in¬
surance
company.
Proceeds—For investment in U. S.
Government Bonds and in new subsidiary.
Office—801
Jan. 21,
Lafayette
Amosand
Life
Inc.
Bldg.,
Lafayette,
(same address).
Ind.
Underwriter—
Volume
.
.
.
The Commercial and Financial Chronicle
(1731)
W. 9th Street, Kansas
July 27, 1962 filed 313,108 common/ Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
Underwriter—Waddell &
packaging products.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—To be named. Of¬
fering—Indefinite.
Feb. 14, lb62
Top Dollar Stores, Inc.
7
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price—$6..* Business—Operation of a chain of
self-serv¬
ice
retail stores selling clothing, housewares, etc. Pro¬
ceeds—For expansion, • equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterVan
New York.
i/',:/; V:
Alstyne, Noel & Co.,
porarily postponed.
Transarizona
.
Resources,
Offering—Tem¬
Office—201
ital.
E. 4th St., Casa Grande,
writer-—None.
'
;
pany. Proceeds—For expansion. Office—520
Ave., Portland, Ore. Underwriter—None.
Airlines,
S. W. 6th
17, 1963 filed $80,962,000 of outstanding 6V2% sub¬
1, 1978, and war¬
Oct.
ordinated income debentures due June
purchase 2,185,974 common shares to be offered
of $1,000 face amount of debentures and war¬
rants to
in
units
purchase 27 shares. Price—By amendment, (max.
unit). Business •— Company provides world¬
wide air transportation services/ Proceeds—For selling
per
debenture
Ave.,
holder, Hughes Tool Co. Office—380 Madison
Underwriter—Merrill Lynch, Pierce,
New York.
Fenner & Smith Inc., New
•
Life
World
Trans
York.
July 31, 1963 filed 465,000 common. Price—By amend¬
ment (max. $5). Business—Company plans to sell genera]
life and disability insurance policies. Proceeds—To in¬
crease
capital and surplus. Office—609 Sutter St., San
Francisco. Underwriter—Alex. Brown & Sons, Baltimore.
Corp. (11/4-8)
Sept. 25/1963 filed 150,000 common. Price—By amend¬
ment (max. $12). Business—Manufacture of electronic
securities and commodities quotation systems. Proceeds
—For loan repayment, and other corporate
purposes.
Office—7300 N. Crescent Blvd.,. Pennsauken, N. J. Un¬
Ultronic Systems
& Co., New York.
Unified Mutual
Shares,
Inc.
1963 filed 750,000 capital shares. Price — Net
asset value plus 8V2%. Business—A new mutual fund
Proceeds—For investment. Address—207 Guaranty Bldg.,
Unimed,
—
Unified Underwriters, Inc.,
/.''■/////'•
Sept. 3, 1963 filed $300,000 of 5Vz % convertible
ment and manufacture of ethical
research and development on new
—Route
Business—Develop¬
existing products, and
preparations. Address
202, Morristown, N. J. Underwriter—None.
,
—A
-Waterman
1963 filed $30,000,000 of first mortgage bonds due
debt repayment, construction, and
Proceeds—For
1993.
other corporate
Office—315 N. 12th Blvd., St.
(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Lehman Brothers-Blyth &
Co., Inc.-Eastman Dillon, Union Securities & Co.-Bear,
Stearns & Co. (jointly); Salomon Brothers & Hutzler;
White, Weld & Co.-Shields & Co. (jointly); First Boston
Corp. Bids—Nov. 20 (11 a.m. EST) at Bankers Trust Co.,
16 Wall St., New York. Information Meeting—Nov. 18
(11 a.m. EST), same address.
purposes.
Louis. Underwriters—
Electric
Union
Co.
.
I
.
Business
Ad*
Proceeds—For investment.
mutual fund.
new
Underwriter—To be named.
Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment. Busincss—The carrying of liner-type cargoes
Proceeds—For the purchase of
Office—71
ital.
writer—Shields
will
vessels, and working cap¬
Saint Joseph
St., Mobile, Ala.
Under¬
Co., Inc., N. Y. Note—This registra¬
&
withdrawn. x
be
QtDP I
\fkf i>c fpMl
I'Flf*
;
•
("Reg. A"') 245,000 common. P r i c e—$1
Business—Company plans to erect a mill to. produce cer¬
Jan.
17,
1963
Address—Suite 412-413 Hynds Bldg., Cheyenne,
Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The SEC has issued an order temporarily sus¬
poses.
Wyo.
pending this issue.
1
Transmission
Western
.
for
1977
due
debentures
subordinated
of U.
S.
Natural Gas Corp., on the basis of one share of Western
Transmission for each U. S. Natural share held. Price—
Business—Company plans to* operate a natural gas
gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs. Proceeds
construction, working capital/and other corporate
purposes.
Houston.
Office
—
1907
of
Chamber
Commerce
Bldg.,
Underwriter—None.
William
Penn Racing Association
1963 filed $1,000,000 of 6J/2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
March 8,
shares to be offered in units of
mon
one $100 debenture
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.
/
,
,
Office—1005
poses.
First
Ave.,
to
rants
purchase
an
Asbury
Park,
/
N.
J.
.
additional
common
50,000 class
and
A
war¬
shares,
chase 25 shares. Price—$501.25 per unit, Business—Com¬
development of real estate, primarily shopping
centers, in Kentucky, Indiana, Ohio and Tennessee. Pro¬
ceeds—For debt repayment and property acquisitions.
West
Jefferson
St., Louisville, Ky. Under¬
''
writer—None.
21, 1963 filed 200,000 preferred ($100 par). Proceeds
construction and other corporate
purposes. Office—315 N. 12th Blvd., St. Louis. Under¬
writers— (Competitive). Probable bidders: First Boston
United
Investors Corp.
(Minn.)
1
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
Business—
par.
Oct.
to
18, 1963
purchase
—Sale
of
a
("Reg. A")
300,000
orders
money
through
S.
Capital
Life
Oct.
Insurance Co. of Minnesota. Address—1300 First National
27,
Bank
A
Bldg., Minneapolis. Underwriter—None.
U.S.
Controls,
1963
29,
be
offered
one
filed
for
new
in
132,300 shares of beneficial interest
subscription by stockholders on the
share for each four held of record Nov.
1963. Price-—By amendment
real
ment.
Inc.
authorized dealers
E., Washington, D. C. Underwriter—None.
basis of
United
with warrants
Washington, D. C. Proceeds—For debt repayment, acqui¬
sition of a money order business, sales promotion, equip¬
ment and working capital. Office—929 New Jersey Ave.,
to
of
common
like number of shares. Price—$1. Business
increase
surplus
estate
investment
Office—608
trust/
(max. $11). Business—
Proceeds—For
invest¬
Thirteenth
St., N. W., Washington,
Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis.
Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
D. C.
and warrants to purchase
systems. Proceeds—For inventory, sales promotion, note
prepayment and wotking capital. Office — 410 Fourth
if Ampal-American Israel Corp.
Oct. 14, 1963 filed $3,000,000 of 6% sinking fund deben¬
tures due 1973. Price—At- par. Business—Investment in
companies participating in the economic development of
Israel. Proceeds—For investment. Office—17 E. 71st St.,
New York. Underwriter—Israel Securities Corp. (same
Ave., Brooklyn, N. Y. Underwriter—M. H. Meyerson &
address).
31,500 shares to be offered for
public sale in units of
one $100 debentures and 15 war¬
Price—$100 per unit. Business—Development and'
manufacture of heating equipment and automatic control
rants.
Co.,
Inc.,
New York.
Offering—Expected in November
United Variable Annuities
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
/
Oct.
29, 1963 filed 100,000 common. Price—$5.50. Busi¬
ness—Distribution of engineering, surveying and draft¬
ing instruments and supplies. Proceeds — For general
corporate purposes. Office—50 Colfax Ave., Clifton, N. J,
Underwriter—Arnold, Wilkens & Co., Inc., New York.
if Connecticut Western Mutual Fund, Inc.
Oct. 22, 1963 filed 1,000 common. Price—By amendment
(max. $1,004).
Business — A new mutual fund which
plans to specialize in insurance securities. Proceeds—For
investment.; Office—One Atlantic St., Stamford, Conn.
Underwriter—Philo Smith & Co., Inc.
(same address).%
if Dos R-os Golf & Country Club, Inc.
Oct. 23, 1963 ("Reg. A") 500 common. Price—At from
$500 to $800 per share. Business—Operation of a private
golf course, and country club
ceeds—For
construction.
near
Gunnison, Colo. Pro¬
Address—Gunnison, Colo. Un¬
'w
derwriter—None.
Inc.
22, 1963 ("Reg. A") $200,000 of 10% subordinated
(series C) due 1973. Price—$100. BusinessOperation of a restaurant chain in Montana. Proceeds—
debentures
For expansion and working capital. Address—Bud Lake
Village, Missoula, Mont. Underwriter—None.
★ Gas
Hills Uranium Co.
<
/
Oct. 28, J963 filed 2,574,772 common. Price—At-the-market. - Business — Company plans to mine for uranium.
Proceeds—For
selling stockholders. Office--202-x<2
St., Laramie, Wyo. Underwriter—None.
Second
if Imperial '400' National Inc.
Oct. 29, 1963 filed $1,150,000 of 6Vz%
ordinated debentures
So.
convertible sub¬
be
1978 and 69,000 common to
due
offered in units, each consisting of
be offered by the company and
$100 of debentures to
six common by the
stockholders. Price—By amendment. Business—Devel¬
opment and operation of a chain of motels. Proceeds—
For general corporate purposes. Office—460 Sylvan Ave.,
Englewood Cliffs, N. J. Underwriter—P. W. Brooks &
Co., Inc., New York,
*
'
*
,
if Insurance City Life Co.
Oct. 29, 1963 filed 494,100 capital shares to be offered for
subscription by stockholders of record Feb. 26, 1963 or*
share-for-share basis. Price—$3.25. Business—General
a
Office
—
None.'/-
Proceeds
For
—
919 N. Michigan
general corporate purposes.
Ave., Chicago. Underwriter—
•/.,
-
1-■■"V':
.//...
if Insurance Securities, Inc.f
'■
Oct. 24, 1963 filed 1,000,000 class A common. Price—$5.
Business
Company plans to acquire or organize life,
accident and health insurance subsidiaries. Proceeds—
—
repayment/ advances to a subsidiary and ihMolton St., Montgomery, Ala. Un¬
debt
derwriter—Investor
Services, Inc. (same address).
if Jade Oil & Gas Co.
Oct.
1963 filed $2,500,000 of §Vz% convertible
debentures
(with warrants). Price—-At
28,
ordinated
Business—Production
oil
of
and
gas
sub¬
par.
primarily in Cali¬
fornia, Texas and Louisiana. Proceeds—For debt repay¬
ment, exploration and development, working capital and
other
corporate
purposes.
Francisco.
:
Wilshire Blvd.,
Office—9107
;
Talbot,
.•
corporate
purposes.
Office
—
2 Engineers Lane,
Farmingdale, N. Y., Underwriter—Andresen & Co.,
York.
V
/—
if All States Money Order Corp.
Capital Life Insurance Co. of Minnesota. Proceeds—To
and
'if Charbos-Carsen Corp.
New
v
Inc.
'
Oct. 21, 1963 ("Reg. A") 25,000 shares of 6%^ non-cumu¬
lative participating preferred (par $10). Price—At par.
Business—General mining. Proceeds—For general cor¬
i( Mineral Enterprises,
if American Realty Trust
capital
—
eral
This Week
holding company for United Investors Fund Corp. (a
broker-dealer which sells mutual funds)
and United
A
sub¬
if Kinemotive Corp.
Oct. 29, 1963 filed 50,000 common. Price—$6.50. Business
—Design, manufacture and sale of depositors metal bel¬
lows and basic assemblies therefor. Proceeds—For gen¬
—For debt repayment,
Corp.-White, Weld & Co.-Shields & Co. (jointly); Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Lehman Broth¬
ers
(jointly); Blyth & Co.-Eastman Dillon, Union Secu¬
rities & Co.-Salomon Brothers & Hutzler (jointly). Bids
—Nov. 20 (12 noon EST) at Bankers Trust Co.,, 16, Wall
St., New York. Information Meeting—Nov. 18 (11 a.m.
EST), same address.
V
:.r"r/
convertible
31,
Beverly Hills, Calif. Underwriter—Hannaford &
Issues Filed With SEC
Oct.
Oct.
due
—
San
(11/20)
debentures
vestment. Office—19
A
mercial
Office—508
Palo
1978; also 125,000
outstanding class A shares to be sold by certain stock¬
holders. Price—By amendment.
Business
Wholesale
distribution of ethical drugs, chemicals,
cosmetics, etc.
Proceeds
For debt repayment and working capital.
Office—-138-160 Johnson Ave., Hackensack, N. J. Under¬
writer—F. Eberstadt & Co., New York.
"
/'/
For
in units of 50 shares and warrants to pur¬
to be offered
ordinated
insurance.
Electronics, Inc.
Dec; 28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic, measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
Underwriter—To be named.
Industrial Ave
Oct.
Corp.
subscription by holders of the capital stock and 6%
convertible
930
—
if Bergen Drug Co., Inc. (12/2-6)
Oct. 25, 1963 filed $1,250,000 of 5V2 %
it 4 B's Cafes
Sept. 16, 1963 filed 1,162,537 capital shares to be offered
Young Industries, Inc.
Sept. 30, 1963 filed 100,000 class
(11/20)
Electric Co.
Union
Oct. 21,
subordi¬
drugs and pharmaceu¬
ticals. Proceeds—For marketing of
////.
Valley Investors, Inc.
/
/
Jan. 23, 1963, filed 328,858 common. Price—$1.
Winslow
Inc.
nated notes due 1973. Price—At par.
Proceeds—For
and 10 shares.
Aug. 22,
Indianapolis. Distributor
(same address).
unit/
per
—For
/Offering—Expected sometime in November.
derwriter—Bache
Price—
each class.
of
snare
$1.
Co.
Insurance
/
Inc.
one
•
rants to
$1,300
of
tain types.of iron by the new "Taylor Process." Proceeds
—For plant construction and general corporate pur¬
(11/13)
Inc.
units
selling stockholders. Office
43
Alto, Calif. Underwriter—Mitchum, Jones & Templeton,
Inc., San Francisco.
'
>
filed 25U,UU0 class A and 250,000 common to
in
Offering—Indefinitely postponed.
Transpacific Group, Inc.
World
Texas,
City, Mo.
Reed, Inc., Kansas City, Mo.
Business—Manufacture of uretnane
equpiment, working capital,
lea&eiiold expenses and otner corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer—First Nebraska Securities Corp., ^Lincoln, Neb.
$5.05
foams.
tion
July 26, 1963 filed 155,000 common. Price—By amend¬
ment (max. $15). Business—An insurance holding com¬
Trans
ottered
dress—Sidney, Mont,
exploration and working cap¬
Ariz. Under¬
Proceeds—For equipment,
of
Urefnane
be
Inc.
May 28, 1962 filed 500,000 capital shares.; Price—$1.50.
Business—Exploration, development and production of
the Lake Shore copper deposit near Casa Grande, Ariz
?
Office—20
investment.
Inc.
Plastics
Texas
Number 6312
198
if Applied Technology,
Inc.
Oct. 28, 1963 filed 54,200 common.
Price—By amendment
(max. $9). Business—Manufacture of various types of
electronic systems for national defense. Proceeds—For
porate purposes. Office
Underwriter—None.
—
1015 Security Bldg., Denver.
if Musicaro Brothers
Oct. 29,
1963 filed 50,000 common. Price—$6. Business—
style frozen foods. Proceeds—For
Production of Italian
general corporate purposes. Office—40 Brooklyn Ave->
Massapequa, N.,Y. Underwriter — Fleetwood Securities
Corp., New York.
if Pacific Northwest
Bell Telephone Co.
(11/18)
28, 1963 filed 1,903,750 common to be, offered for
subscription by stockholders on the basis of one new
share for each ,16 held of record Nov. 18. Rights will
Oct.
expire Dec. 16. Price—$17. Business—Furnishing of tele¬
phone service in Washington, Oregon and Idaho. Pro¬
ceeds—To repay advances from parent, A. T. & T. Of¬
fice—1200 Third Ave., Seattle. Underwriter—None.
if Puget Sound Power & Light Co.
Oct. 25, 1963 filed $40,000,000 of first
(11/20)
mortgage bonds
1, 1993. Price—By amendment. Business—Fur¬
nishing of electric service in the Puget Sound-Cascade
region of Washington. Proceeds — To redeem the out¬
standing 5V2% bonds due 1989 and the 5%s of 1990. Ad¬
due Nov.
dress—Bellevue, Wash.
Underwriters
—
Merrill Lynch,
Continued on page
44
44
The Commercial and Financial Chronicle
(1732)
Subscription Television,
Pierce, Fenner & Smith Inc., and Blyth & Co., Inc.,
1,700,000 common offered at $12 per share by William
R. Staats & Co., Los Angeles.
New
York.
Tonka
* Saul (B. F.) Real Estate Investment Trust
Oct. 25, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business—Company plans to operate as a
t
Office—925
Fifteenth St., N.
Do you
Electric Service Co.
24,428 common to be offered for subscription by stockholders on the basis of one new share
for each 17 held. Price—By amendment. Proceeds—For
repayment of bank loans. Office—1012 Mercantile Bank
Bldg., Dallas. Underwriter—None.
^ Southwestern
have
about it
to know
to
similar
Would
write
Department
News
that
so
those
Consolidated
Oct. 10, 1963 it was
offer publicly from
telephone us at REctor 2-9570
at 25 Park Place, New York 7, N. Y.
or
you
us
Unitog Co.
Oct.
("Reg. A") 42,750 common.;. Price
21, 1963
Business
Manufacture
—
and
distribution
operation of three retail food chains and one retail drug
store.
Proceeds — For acquisition of Booth Fisheries.
Office
135 So. LaSalle St., Chicago. Underwriters—
$7.
—
industrial
of
—
Prospective Offerings
Proceeds—For selling stock¬
Address—Kansas City, Mo. Underwriter—Bar-
uniforms, and accessories.
holders.
ret, Fitch, North & Co., Inc.', Kansas City, Mo.
•
-^Virginia Electric & Power Co. (12/10)
Oct. 25,
1963 filed $30,000,000 of first and refunding
mortgage bonds due Dec. 1, 1993. Proceeds—For debt
repayment aiid construction. Office—700 East Franklin
St., Richmond, Va. Underwriters—(Competitive). Probable bidders: Halsey, Stuart & Co. lire.;.Salomon Broth¬
ers & Hutzler-Goldman, Sachs & Cov(jointly); Eastman
Dillon, Union Securities & Co.-Merrill Lynch, Pierce,
; Fenner & Smith Inc.-Lehman Brothers (jointly); White,
.Weld & Co.; Stone & Webster Securities Corp. Bids—
Dec. 10 (11 a.m. EST) at One Chase Manhattan Plaza,
(Room 2414), New York. Information Meeting—Dec. 5
(11 a.m. EST) at One Chase Manhattan Plaza, (30th
floor), New York.
•
•*
"
.
7^-Weyerhaeuser Co. (11/14)
Oct. 24, 1963 filed 400,000 capital shares. Price — By
amendment (max. $35). Business—Growing and harvest¬
ing of timber, and production of various wood products.
.
Proceeds
For selling
—
stockholder. Address
Tacoma
—
Bldg., Tacoma, Wash. Underwriter—Morgan
Co.. New York.
&
Stanley
Associated Truck
Lines, Inc.
be Sold
70,000 for certain stock¬
the company and
for
Business
a short haul motor
in Michigan, Ohio, Indiana
and Illinois. Proceeds—To retire outstanding 6% cumu¬
carrier
common
Company is
—
the
operating
16, 1963 it
N. A.
ap¬
funds. Office—900 Travis
/'
'
.
St., Houston, Tex. Underwriter
;
on
Duke
approximately two-thirds of the financing for
The
following registration statements
were
de¬
details, where available, - will he carried in the
Chronicle/'
Monday issue of the
Illinois
Public Service Co.
ers—(Competitive). Probable bidders: Salomon Brothers
&
Brewer
(C. )
•*/;>'
& Co., Ltd.
146,735 common being offered to stockohlders at $60 per
share, on the basis of one new share for each five held
of record Oct. 28. Rights will expire Nov. 15. Blyth &
Co., Inc., New York, and Butcher & Sherrerd, Philadel¬
phia, are the principal underwriters,
Brockton
Edison
Co.
-
f
.
;
of
bonds due Oct.
Brockton
Edison
/
Co.
Capitol
Food Industries, Inc.
$1,700,000 of 6V2% sinking fund convertible subordinated
debentures
due
Oct.
Celanese
offered at
1978,
1,
100%
plus
ac¬
Walston & Co., Inc., Chicago.
Corp. of America
964,390 common being offered to stockholders at $45 per
share, on, the basis of one new share for each eight held
of record Oct. 25. Rights will expire Nov. 12. First Boston
Corp., New York, is the principal underwriter.
Citadel
Life
Insurance
40,000 capital
Co.
of
New
Brothers-Bear, Stearns &
& Co.
1
Chicago Burlington & Quincy RR (11/12)
1963 the .company announced „ plans to sell
$5,100,000 of 1-15 year equipment trust certificates.
Office—547 W. Jackson Blvd., Chicago.
Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co., Inc. Bids—Nov. 12 (12
noon
CST) at above address.
•
System, Inc.
27, 1963 the company stated that it plans to sell
$25,000,000 of debentures to raise money for construc¬
tion. Office
120 E. 41st St., New York.
Underwriters
—(Competitive). Probable bidders: Morgan Stanley &
Co.-First Boston Corp. (jointly); Merrill Lynch, Pierce,
Fenner & Smith Inc.-White, Weld & Cc. (jointly); Hal¬
sey, Stuart & Co. Inc.; Blyth & Co.-Lehman BrothersSalomon Brothers & Hutzler. Offering — Indefinitely
postponed.
-4
'■ - f"Aug.
-—
•
Commercial
shares being offered for subscription by
per share, on the basis of two new
of
for
sale
the
basis
of
was
30.
45,617
of
one
Oct.
Proceeds—To
Acceptance Corp.
America
North
(N.
Y.)
reported that stockholders voted to
additional
share
new
capital stock to provide
par
shares
for
to
each
Rights will expire Nov.
stockholders
17
held
of
Price—About
25.
on
record
$30.
increase
capital funds. Office—116 Fifth
Ave., New York. Underwriter—Francis I, duPont, A. C.
Allyn, Inc., New York.
Communications
Satellite
Corp.
$150,000,000 of 4V?% debentures due Nov. 1, 1985, offered
at 991/2% and accrued interest to yield 4.536%, by Mor¬
gan Stanley & Co., New York.
Oct. 7, 1963 it was reported that a registration statement
will be filed in December covering about $200,000,000
Morton
of this
(B. C.) Realty Trust
1,000,000 shares of beneficial interest offered
share
by
B.
C.
Morton
Funds
.Old
Florida
225,836
and
on
Rum
the
stock
basis
Co.,
unit
for
each
common
per
three shares
unit,
held
of
expire Nov. 14. Consolidated
Corp., Pompano Beach, Fla., is the principal
underwriter.
Pacific
Gas
&
Electric
$70,000,000 of 4V2% first
series
crued
JJ, due June
interest by
Pacific
79,447
1,
common
and
refunding mortgage bonds
1996, offered at
101.72%
and
ac¬
'
Airlines
offered at $35.50 per share by E. F. Hut-
)ton & Co., Inc., New York.
common
be
sold
exploration
space
cations
concerns.
ized
stock to
in two
issued
be
series.
the public, firms that
to
equipment
Series
II
and
will
other
be
produce
non-communi¬
issued
carriers.
common
to
FCC-ap¬
Price—Maxi¬
company
to
provide
satellites
and
ground
'
.
Underwriters—(Competitive). Prob¬
New York.
bidders:
Halsey,
Stuart
&
Inc.;
Co.
First
Boston
Corp.; Morgan Stanley & Co.; Stone & Webster Secu¬
rities Corp.'1 ■
.
Ford
'
Motor
Co.
Oct. 23, 1963 it was reported that a
ment: will be filed on or about; Nov/;
000 common shares to be
Ford' Foundation.
registration:.state-
1,' covering 4,000,-
sold in late November by The
Address^-American : Road, Dearborn,
i& Co.;
Co./ Inc.; Lehman
Brothers; Merrill Lynch, Pierce, .Fenner & Smith Inc.;
White, Weld '& Co., Inc.; Dean/Witter & Co .y and Lazard
Mich.
Underwriters— First Boston Corp<; Blyth
Goldman, Sachs & Co.; Kuhn, Loeb &
Freres & Co.
^
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
over control of the 540,894 class A and 2,050,000 class B
shares of General Aniline seized by the U. S. Govern¬
ment
in
1942
as
a
German
stock represents
asset. The
08% of the voting control of the company. Mr. Kennedy
said that if General Aniline should be sold for $200 mil¬
lion, the Government would receive about $140 million
$60 million. The settlement terms,
recently approved by Interhandel stockholders, also
must be approved by the U. S. District Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
—(Competitive). Probable bidders: Blyth & Co.-First
and Interhandel about
Boston Corp. (jointly); Lehman Brothers-Kuhn,
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
Electric
Loeb &
Light Co.
April 30, 1963 the company announced plans to sell $15,—
$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven.
'
International
Milling Co.
July 8, 1963 the company announced that it expects to
file a registration statement covering its first public
offering of common stock. The sale will include both a
primary and a secondary distribution. Business—Com¬
pany is one of the world's largest flour millers with op¬
erations in five countries. Proceeds—For expansion, re¬
search and debt repayment. Address —1200 Investors
Bldg., Minneapolis. Underwriter — Kidder; Peabody 8c
Co., Inc., New York, j
/
of $100 per share. Business—Congress has author¬
the
Interpublic Inc.
f
;
Oct. 30, 1963 it was reported that this company
is plan¬
facilities for the international transmission of telephone,
ning its first public stock offering. Business—A holding
telegraph, television and other communications. Office
—3029 Klingle Rd., N.W., Washington, D. C.
Under¬
writers—To be named. Offering—Expected in early 1964.
and other communications media.
Connecticut Yankee Atomic Power Co.
Co.
Halsey, Stuart & Co. Inc., Chicago.
Southwest
will
I
proved communications
Oct, 25. Rights will
Securities
Inc.,
mum
one
firm's
Series
per
Co.
consisting of one share of
warrant, being offered at $1.75
of
$10
;
units, each
one
record
Underwriters
'
Boston.
at
handled by Dean Witter & Co.,
Co.
Power
Hartford
1963 it
expire Nov. 20. Alex. Brown & Sons, Baltimore, is the
principal underwriter.
Motors
Bank
able
(11/7)
Oct. 30,
shares for each three held of record Oct. 25. Rights will
General
(jointly);. White, Weld
// :—
Co.
..
increase, the authorized $5
York
stockholders at $26
-
Lynch,.Pierce, Fenner. & Smith, Inc. (jointly); ^Halsey,
Stuart. &: Co; .IiiC.; Eastman Dillon, Union.'Securities &
Co; - Equitable
Securities /Corp.
(jointly); • Lehman
Columbia Gas
,
60,000 shares of 4.64% preferred ($100 par) offered at
$101,978 per share and accrued interest from Sept. 1, by
Eastman Dillon, Union Securities & Co., New York.
crued interest by
Co.-Kidder; Peabody & Co.^Merrill
Oct.. 7,.
4V2% first mortgage and collateral trust
1, 1993, offered at 101% and accrued in¬
terest to yield 4.44%, by Halsey, Stuart & Co, Inc., Chi¬
cago, and Thomas & Co., Pittsburgh.
$5,000,000
Hutzler;_Blyth
Plaza,
•/.
On Oct. 2, 1963,. it was reported that the company plan?
to sell $20,000,00.0 pf bonds an the third quarter of 1964.
Office—607 East Adams St., Springfield, 111. Underwrit¬
was
; '
.
Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first mortgage bonds
in the second quarter of 1964. Office — 30 Rockefeller
secured
Central
1962
Aug. 28,
Chicago.
will be generated internally and the bal¬
externally. Mr. Homer added that this
would not be required until at least 1964.
Off ice—25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New
York.
"
%
"
clared effective this week by the SEC. Offering
(jointly).
Corp.
16, 1963 it was reported that the company plans
of $25,000,000 or more of securities sometime
in 1964. A company spokesman stated that the timing
and type of issue, will depend on market conditions at
the time. Office —8100 34th Ave.,, South, Minneapolis.
Underwriter—To be named. The last sale of debentures
the program
Effective Registrations
Data
sale
the
1963, Arthur B. Homer, Chairman, announced
that the company will embark on a $750,000,000 capital
improvement program to be completed by 1965.
He
ance
Un¬
Sept.
26,
said that
in 1964.
Mich.
(Competitive).
—
Control
:V-
Bethlehem Steel Co.
Veb.
amount of securities: to be sold^
or
212 West Michigan Ave., Jackson,
—
Pierce, Fenner & Smith Inc.
proved a; 2-rfor^I split and the offering of 100,000 $10
par shares tb stockholders on the basis of one new share
for each 20 held of record Oct. 15. Rights will expire
Jan. 6, 1964. Price—$45. Proceeds—To increase capital
—None.
■
Probable bidders; Halsey,
Stuart & Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
(Houston)'
reported that stockholders had
was
type
derwriters
preferred stock. Office—-15 Andre St., S. E.,
Grand Rapids, Mich. Underwriter — Hornblower &
Weeks, New York. Offering-—Indefinitely postponed.
Bank of the Southwest
i
7,
Office
lative
Oct.
and Lehman Brothers, N. Y.
Power Co.
1963 the company stated that it had postponed
until, Mid-1964 its plans to raise additional capital.
Earlier, the company said that it planned to sell $20,000,000 of debentures. No decision has been reached on
Oct.
Sept. 18, 1963 it was reported that 110,000 common shares
of Associated will be sold publicly, of which 40,000 will
holders.
Co., Inc.,
Loeb &
Kuhn,
Consumers
:
'
Corp.
reported that the company plans to
102,000 to 350,000 common shates,
following the acquisition of Booth Fisheries Corp., on
Jan. 15, 1964. Business—Consolidated is engaged in the
manufacture of a wide line of food products and the
hereunder.
find
you'll
an
Foods
like
item
would
prepare
can
we
(12/11)
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Morgan Stanley & Co.; First Boston Corp.
Bids—Expected Dec. 11 (11 a.m. EST), at above address.
issue you're planning to register?
an
Corporation
Our
Oct. 24, 1963 filed
New York
Edison Co. of
Consolidated
Sept. 17, 1963 the company stated that it plans to sell
$60-$75,000,000 of bonds in December. Proceeds—For
construction. Address—4 Irving Place, New York. Under¬
UNDERWRITERS!
ATTENTION
Thursday, October 31, 1963
.
,
Co., New Yorko and J. M. Dain & Co., Inc., Minneapolis.
W., Washington, D. C. Un¬
derwriter—B. F. Saul Co. (same address).
O/
•
|
179,500 common offered at $22.75 per share by Bache &
Proceeds—For investment.
investment trust.
estate
real
•
Inc.
Toys,
.
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¬
ton. Underwriters—To be named.
/.
'•
Inc.
Continued from page 43
.
company
New
April 23, 1963 it
Jan.
jointly
to
writer who
wants
the
bonds
bidding. Business—Company
to
be
was
sold
at
competitive
formed in December,
Underwriter—To
be
named.
Iowa Power & Light Co.
/
was reported that the 12 utilities which
own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Act
to permit the negotiated sale of $55,000,000 of the firm's
bonds. The request has been opposed by a
major under¬
for advertising agencies, public relations firms
Office^—750 Third Ave.,
York.
16,
1963 it
sel $10,000,000
fice—823
reported that the company plana
of bonds in the last half of 1964.
Of¬
was
Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman Brothers; Blyth & Co.
Weld & Co.;
Volume
Number 6312
198
.
.
.
Brothers & Hutzler
11, 1963 it was reported that the company plans
to file a registration statement shortly covering $1,810,000 of 6% convertible debentures due 1975 to be offered
Sept.
Rd.,
Ripley & Co.; Blyth & Co.
Office—1315 Versailles
Lexington, Ky. Underwriter—S. D. Fuller Co., New
York.
(Government of)
majority would be sold by Dec.
Underwriter—First Boston Corp., New York.
City
Kansas
Power
Norfolk & Western
& Light Co.
16, 1963 it was reported that the company plans to
$18-$20,000,000 of first mortgage bonds in January
1965. Address — 1330 Baltimore Ave., Kansas City, Mo.
v
July 2, 1963 it was reported that this road plans to sell
about $4,800,000 of equipment trust certificates in De¬
cember. Office—120 Broadway, New York. Underwrit¬
..
it was reported that the company plans
sell $8-10,000,000 of bonds in the third quarter of
1964. Office — 20 South Limestone St., Lexington, Ky.
to
•
Underwritersr—(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).
'
' , ■
Lanvin-Charles of the Ritz, Inc.
j
Northwest Natural Gas Co.
Otter Tail
Oct.
1963
16,
Middle South
tion.
announced plans to sell $50,1, 2000. Proceeds—To re¬
pay $48,700,000 debt due Pacific Telephone & Telegraph
Co, former parent.
Office — 1200 Third Ave, Seattle.
Underwriters—(Competitive) Probable bidders: Morgan
Stanley & Co.; Halsey, 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.
000,000 of debentures due Dec.
:V?:.
it was reported that this subsidiary of
Utilities, Inc., plans to issue $25,000,000 of
1964. Proceeds—For construc¬
St., New Orleans. Under¬
Office—142' Delaronde
writers—(Competitive). Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-Har¬
riman Ripley & Co., Inc. (jointly); White, Weld & Co.Blyth & Co., Inc.-Shields & CO. (jointly); Halsey, Stuart
& Co. Inc.;
First Boston Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities
&
Co. - Equitable
Securities Corp.
(jointly).
count executives. Office—70
Mexico
offices and over 2,300 ac¬
Pine St., New York.
& Co., Inc.,
and abroad.
Missouri Pacific RR
(1/7/64)
sell
equipment trust certificates. Ad¬
reported that this road plans to
$6,600,000 of 1-15 year
dress—Missouri Pacific Bldg., St. Louis.
Underwriters—
(Competitive). Probable bidders; Salomon Brothers
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Jan.
1964 (12 noon CST), at above address.
&
7,
(1/14/64)
Oct. 22, 1962 it was reported that this subsidiary of New
England Electric System plans to issue $5,000,000 of
first mortgage bonds, series F, due 1994. Office—15 West¬
Narragansett Electric Co.
I. Underwriters—(Competi¬
St., Providence, R.
Probable
bidders:
Stuart & Co. Inc.;
White, Weld & Co.; Halsey,
Sachs
&
pected Jan. 14, 1964.
New York Central RR
Oct.
7,
1963
Hutzler-Lehman
(jointly). Bids—Ex¬
V (
Salomon Brothers &
Brothers-Goldman,
the
company
Co.
,
(12/4)
announced plans to offer
equipment trust certificates.
Office—466 Lexington Ave, New York. Underwriters600 000
of
1-15
year
{Competitive). Probable bidders: Salomon Brothers &
Halsey, Stuart & Co, Inc. Bids—Dec. 4 (12
EST), at above address.
Hutzler;
noon
New
York State
Electric & Gas Corp.
April 3, 1963 it was reported that the company plans tc
sell $20 000,000 of debt securities to finance its construc¬
for 1964 and 1965. Office—108 East Greer
New York. Underwriters — (Competitive).
tion program
St, Ithaca,
a
year,
it was stated. Office—140 New
Mont¬
St, San Francisco. Underwriters—To be named
The last issue of debentures on Feb. 16, 1960 was under¬
gomery
Halsey, Stuart & Co. Inc. One other bid on
the issue was tendered by Morgan Stanley & Co.
written by
1963 the company stated that it expects to sel)
$75,000,000 of bonds in the period 1963 through 1967
Proceeds
For construction and the retirement of $8,March 18,
$5,500,000
of
and Hamiltor
Underwriters—To be named. Th«
bonds.- Office—9th
maturing
of
Sts, Allentown, Pa.
last
sale
of
bonds
on
Nov.
29,
;
*
convertible subordinated debentures due
stockholders on the basis of $100
be offered to
,1983 to
of debentures for each 40
shares held of record
:
Nov. 8. Rights will expire Nov. 22. Price—At par. Busi-
>
ness—A
holding
common
;
engaged in the fields of motor
company
freight carrying, equipment leasing and manufacturing.
Office
2701 So. Bayshore Drive, Miami, Fla.
Under¬
writer—Blyth & Co, Inc., New York.
Diego Gas & Electric Co.
San
Sept. 10, 1963 it was reported that the company is considering the sale of about $20,000,000 of debt securities
1961
was
won
at com¬
by White, Weld & Co, and Kidder
Other bidders were Halsey, Stuart &
Inc.; First Boston Corp.-Drexel & Co. (jointly).
bidding
Peabody & Co.
petitive
*
mid-1964. Office—861 Sixth Ave, San Diego, Calif.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,
in
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler (jointly).
Seaboard
Air
Line
RR.
•
(11/13)
1963 the company announced that it plans to
Sept. 24,
sell $22,000,000 of
first mortgage bonds due 1988 at com¬
petitive bidding in November. Proceeds—For loan re¬
payment and working capital. Office—3600 W. Broad St.,
Richmond, Va. Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-White, Weld & Co. (jointly);
First Boston Corp.; Eastman Dillon, Union Securities &
Co.-Merrill Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); Halsey, Stuart & Co. Inc. Bids—Nov. 13 (12 noon.
EST) at office of Wilkie, Farr; Gallagher, Walton &
FitzGibbon, One Chase Manhattan Bank, New York.
»
•
•
■.*
■
.
/•
■>,
„\.v '•
*.
t"
•,"
•
■
'
V '
•
.
'*
/y---.,
.
■
.
f
.
J:JK
Sears, Roebuck & Co.
1963, Allstate Enterprises, Inc., subsidiary, an¬
that it had delayed its plans to form a new
mutual fund until it received clarification of an SEC
Feb.
19,
nounced
ruling which "has been construed by some to mean that
registered investment companies could not . purchase
Sears' stock or would be required to divest themselves
of
it, if Sears' itself owned
1963
said
a
on
that
a
the fund
a
:
-
mutual fund." Earlier, All¬
would
be
in
operation
late in
•
"very small scale," and would be started on
;
as approval was granted. Office—■
Chicago. Distributor—Allstate EnChicago.
'
,
V
;•
state-by-state basis
925 So. Homan Ave.,
—
000,000
(11/8)
1963 it was reported that the company had apf
plied to the ICC for permission to. issue a .maximum ojC
state
Pennsylvania Power & Light Co.
x
-
terprises,
Inc.,
.
if Shippers Dispatch Co. (11/27)
Oct. 30, 1963 it was reported that the company had ap-
■
plied to the ICC for permission to issue 150,000 outstanding common. Price—By amendment. Business—A
motor carrier operating in Ohio, Illinois, Michigan and
Indiana.
Proceeds
For selling stockholder.
Office—
'
*
—
Underwriters—Kuhn,
and First Boston Corp., N. Y.
Oct. 22, 1963 it was
tive).
help finance its $1.3 billion construction program. This
that the company must sell about $217 million of
means
securities
Ryder System, Inc.
-
Oct. 22,
to
Philadelphia Electric Co.
16, 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
July
minster
$650
Co.
(Government of)
of bonds in the U. S.
& Telegraph Co.
June 19, 1963 the company stated that it will need
million of new money in the years 1964 through 1966
Lynch, Pierce, Fenner &
in the U. S. with 139 domestic
Loeb
Pacific Telephone
■
Smith Inc.
Aug. 19, 1963, Michael W., McCarthy, Chairman, stated
that the company has held informal discussions with the
staff of the New York Stock Exchange as to the feasibil¬
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
Merrill
16,
Aug. 27, 1963 the company
Power & Light Co.
bonds in second quarter of
Power Co.
1963 it was reported that the company plans
to sell 30,000 shares of $100 par preferred stock in the
first quarter of 1964. Office—215 So. Cascade St, Fergus
Falls, Minn. Underwriter—To be named. The last sale of
preferred on March 8, 1950 was handled by Glore, For¬
gan & Co, New York and Kalman & Co, Inc., St. Paul.
Pacific Northwest Bell Telephone Co.
(12/3)
Oct.
I
:
—
—
Sept. 25, 1963 the company announced tentative plans
to sell 50,000 shares of preferred in early 1964. Proceeds
—To refund 50,000 shares of outstanding 5.75%
pre¬
ferred. Office—735 S. W. Morrison, Portland, Ore.
Un¬
derwriter—Lehman Brothers, New York.
plans to issue
7
■
South Fifth St, Minneapolis.
Inc., New York.
$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
Louisiana
(Minn.)
Underwriter—
To be named. The last rights offering in July 1959 was
underwritten by Merrill Lynch, Pierce, Fenner & Smith
products. Office—767 Fifth Ave., New York. Underwrit¬
ers—Goldman, Sachs & Co., and White, Weld & Co., Inc.,
New York. Offering—Expected in late December.
;
10
Office—15
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
& Co.
Dec.
May 14, 1963 it was reported that the company plans tc
offer about 771,110 additional shares to stockholders od
a l-for-20 basis in 1964, to raise an estimated $25,000,000
following the pro¬
and Charles of the
Nov. 14, E. L. CourLanvin stockholders
Long Island Lighting Co.
29, 1963 the company announced
Inc.;
Northern States Power Co.
30, 1963 it was reported that
Aug.
Probable bidders: Halsey, Stuart &
Salomon Bros. & Hutzler. Bids-—Expected
(12 noon EST).
/
Co.,
Proceeds
For construction. Office
10 Franklin St.,
Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Kuhn,
Loeb & Co.; Halsey, Stuart & Co. Inc.
—
-
ers^ (Competitive).
On Oct. 2, 1963,
Co, New York.
May 7, 1963 the company announced plans to sell $16,- >
000,000 of debentures in the first quarter of 1964, but >
may do so earlier if market conditions are favorable. I
(12/10)
Pacific Ry.
Northern
&
Rochester Telephone Co.
company's Philadelphia office,
Equitable Securities Corp. - Eastman Dillon,-Union
Securities & Co. (jointly); White, Weld & Co.-Shields
& Co. (jointly).
:'v.-/v„ —-
ly);
Underwriter—Allen
Minn.
Roanoke, Va. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—Expected Nov. 13 (12 noon EST) at the
Underwriters-—(Competitive) : Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Lehman Brothers-Bear, Stearns & Co, (joint¬
Sept.
(11/13) ' x*
1963 it was reported that this road plans to sell
approximately $7,000,000 of 1-15 year equipment trust
certificates in November. Office — 8 N. Jefferson St,
Oct.
posed merger of Lanvin-Parfurns
Ritz, to be voted on by stockholders
nand, President, and certain other
Ry.
Rayette, Inc.
7, 1963 it was reported that this firm plans to sell
about $10,000,000 of securities in January.
The Type or
terms of the offering have not yet been decided. Busi¬
ness—Manufacture of cosmetics, supplies and equipment
for beauty salons. Office — 261 East Fifth St, St. Paul,
Oct.
Oct. 1,
sell
Kentucky Utilities Co.
*
/ York.
expected that the
31, 1963.
1964. Proceeds—For construction. Office—900 15th St.,
Denver, Colo. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Harriman, Ripley &
Co, Inc.-Eastman Dillon, Union Securities & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Dean Witter & '
Co.
(jointly); First Boston Corp.; Lehman Brothers-'
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Blyth & Co, Inc.-Smith, Barney & Co. (jointly).
'
-c
000,000 of outstanding 3% bonds maturing Oct. 15, 1964,
and finance construction. Office — 140 West St, New
Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—
Expected Jan. 7, 1964.
May 1, 1963 it was reported that the Government plans
to sell an additional $35,000,000 of external loan bonds
in the U. S. during the fiscal year ending March 31, 1964.
It is
1
if New York Telephone Co. (1/7/64)
"
'
Oct. 28, 1963 it was reported that this A. T. & T. sub¬
sidiary plans to sell $130,000,000 of first mortgage bonds
in January. Proceeds—To repay bank loans, refund $75,-
-
Japan
June 4, 1963 it was reported that the company plans to 1
sell $35,000,000 of 30-year first mortgage bonds in April,
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
subscription by stockholders.
for
45
Public Service Co. of Colorado
Kidder, Peabody & Co. - Salomon
(jointly); First Boston Corp.-Glore,
bidders:
Probable
Co., Inc.
Irving Air Chute
(1733)
The Commercial and Financial Chronicle
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.
Underwriters—(Competitive). Probable bidders: Morgan
Stanley & Co.-Drexel & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston Corp.; White, Weld & Co.
Potomac
Edison Co.
Get. 16, 1963 it was
(3/10/64)
reported that this subsidiary of Al¬
legheny Power System, Inc., plans to sell $12-$15,000,000 of first mortgage bonds due 1^94. Office—200 East
Md. Underwriters—(Competitive).
W. C. Langley & Co.-First Boston
Sample St., South Bend, Ind. UnderwriterFrancis I. duPont, A. C. Allyn, Inc., New York.
Southern California Edison Co.
bidders:
Halsey, Stuart /./& Co. Inc.; Equitable
Securities
Corp.; White, Weld & Co.-Shields & Co.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
curities & Co.-Harriman Ripley & Co.-Merrill Lynch,
Corp.
(jointly);
Pierce, Fenner & Smith Inc. (jointly). Bids—March 10,
1964 (10 a.m. EST) at 320 Park Ave, New York.
Potomac
Electric Power Co.
;
of 1964. Office—601 West Fifth St.,/Los Angeles. 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).
'
;
it will need $50,000,000 of new money in 1964 for its construction pro¬
gram and expects to do permanent financing in the early
part of the year. However, it has not determined the
amount or type of security to be offered.
Office—929
E St, N. W, Washington, D. C.
Underwriters—To be
named.
On Feb. 19, 1963 the company sold $50,000,000
of bonds to Dillon, Read & Co, Inc.; Lehman Bros,
Eastman Dillon, Union Securities & Co, Stone & Web¬
ster Securities Corp, and Johnston, Lemon & Co. Other
rill
on
the issue
were
Kidder, Peabody & Co.—Mer¬
Lynch, Pierce, Fenner & Smith, Inc.—White. Weld
& Co.—Salomon Bros. & Hutzler
Corp.; Halsey, Stuart & Co.
21,
sell
to
1963
quarter
:
Southern Co.
Aug. 12,
the sale
1964
to
gram.
1963 the company stated that it is considering
$40,000,000 of common stock early in.
help finance its $570,000,000 construction pro¬
of $35 to
Office—1330 West Peachtree St., N. W., Atlanta,
Underwriters—To
Ga.
mon
on
be named. The last
sale of com¬
Feb.
Eastman
15, 1961 was made to a group headed by
Dillon, Union Securities & Co., Blyth & Co.,
Equitable Securities Corp. Other bidders were: First
Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,
Fenner & Smith Inc. (jointly).
and
July 30, 1963 the company stated that
bidders
>
it was reported that the company plans
$50,000,000 of first mortgage bonds in the first
Aug.
Patrick St, Frederick,
Probable
West
1216
(jointly); First Boston
Boston
Southern Counties
Gas
'
that this subsidiary of Paci¬
Jan. 2, 1963 it was reported
Lighting Corp., plans to sell $27,000,000 of first mort¬
gage bonds in the fourth quarter. Address—P. O. Pox
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers— (Competitive) Probable bidders* White. Weld
fic
Co. Inc.: Merrill Lynch, Pierce. Fenner
Halsey, Stuart & Co. Inc.: First Boston
* :
•'
1
/
Continued on page 4S
&
Co.: Blyth &
&
Smith
Corp.
Inc.;
,
.
,
•
,
\
j
Co. of Calif.
/
46
The Commercial and Financial Chronicle
(1734)
Continued
World
Trans
from page 45
Airlines,
Utah
Inc.
Oct. 21,
Southern
Oct.
Pacific Co-
15, 1963 it
(11/6)
that this company plans
reported
was
to sell
$8,970*000 of 1-15 year equipment trust certifi¬
cates. Office—165 Broadway, New York. Underwriters—
additional $30,000,000 principal amount of
finance the purchase of 12
Boeing jet aircraft. Office—380 Madison Ave., New York.
mortgage bonds
Mercantile Dal¬
Underwriter—Dillon, Read &
Bldg., Dallas, Tex.
Co., Inc., New York.
Pacific
&
Texas
4
.
''
V;
-
23,
3.1846%.
interest cost
The
bid,
runner-up
of
a
3.185% net interest cost, was made
Madison
the
Morgan
Co.
and
associates.
Other
Trust
and
First
The
of
ing at
Mellon
Bank,
Savings
Baltimore
awarded
National Bank and Trust Co., First
Tax
National Bank of Oregon, Shields
Bankers
& Co. and L.
Scaled
to
F. Rothschild
yield
1964 to 3.35%
1%
The
1993
one-tenth
a
and
coupon
in
balance
$2,290,000.
maturity ; carried
sale.
in
1992 for various
present
totals
group
2.00%
from
in
the
coupons,,
& Co.
sold
was
pre-
consisted
geles,
final
of
$15,000,000
California
District
of
note
Los
An¬
sale
Control
Flood
bonds.
(1965-1989)
The
net
a
Unlimited
the
to
associates
and
interest cost of 3.3059%.
bid,
runner-up
First
Maryland
bonds
Co.
Trust
cost,
3.317% net
a
by
made
was
National
Bank
of
the
Chicago
members
major
Bankers
Co.
Trust
clude Harris
of
the
in¬
account
Trust
and
&
Sons, Harriman Ripley
&
Co.,
Lehman
&
Co.,
First
week
Brothers,
National
Blyth
Bank
of
it
in
practices
Bids
interest.
newed at adower
The
a
wherein
the
usually
himself
out
against
3.2063%
Bear,
net interest cost, and the
bid,
up
tional
Bank,
Bank
First
and
account.
major
group
National
of
the
First
The
Smith,
Barney
Crocker
Anglo
Bank.
Scaled
to
from 2.15%
yield
3.30%
for
unsold
balance
all
3V4S,
the
totals
to
present
$6,490,000.
Booming
New
ally
of
busy
with
day
importance
One
of
this
issues
four
the
on
schedule.
week's .largest
thority Consolidated term
attracted
groiips.
The
by
Blyth
Co.
&
Ripley & Co.
at
99.30
second
for
led
was
and
Stuart
from
came
&
coupon.
the
a
3%%
Halsey,
Co. and Laden-
fourg, Thalmann & Co. group.
Other
winning
Boston
major
Corp.,
of
bidder with
a
3.37%.
second
Lehman
&
The
made by the
with
group
Brothers,
Co., Kuhn, Loeb
Brothers & Hutzler,
prich
&
R. W. Press-
Co., L. F. Rothschild &
Au¬
revenue
the high
was
net interest cost
for the balance
isn't
that
country
the
the
on
major
a
merchandising
the
is
as
is
sense
common
tax-!
best, bid
was
net interest cost bid
Co.,
Glore,
Lazard
Forgan
Winning
Freres
&
Co.,
&
Dean
Witter 8c Co. and Good body & Co.
The
bonds
from 2.25%
1993
to
yield
to 3.40% in 1992. The
bears
maturity
and
coupon
priced
are
is
priced
4.40%.
to
yield
Largest
Sale
of jungle warfare
to all
does
involved.
week involved $39,600,000 State of
Hawaii
Bank
(1966-1988)
of America
bonds.
N.
T.
&
A.
group
merged with
the
Smith,
Barney & Co.-Blyth & Co. group
was
the
issue with
of
a
high bidder for this
net
interest cost bid
3.404%. The Chase
with
a
The
net interest
bonds
were
cost
of 3.42%.
reoffered
at
to
3.50%.
The
yield
from
immediate
2.35%
result
to
of
tional
Pressprich &
Bank; R. W.
Co.; Dean Witter & Co.; Goodbody
&
Co.; Taylor and Co.; The First
National'Bank
of
Memphis;
Lee
Higginson Corp.
Dealer-Broker
America
N.T.
&
S.A.
jointly
managed by Smith, Barney & Go.
and
Blyth &
Co., Inc. to
submit
the best bid Oct. 30 for $39,600,000
of
State
tion
Hawaii
General
Refunding
Series D,
-1,196(1
Bonds
Obliga¬
of
1963,
due semi-annually Nov.
to 1988, inclusive.
combined
coupons,
setting
100.-
interest cost
The
yield
3.50%
2.70%
1966,
in
2.55%
1988.
coupon
were
net
of 3.403%.
obligations
from
annual
an
priced
are
in
1967
Bonds
and
out
carrying
due
in
Place,
$2.00
per
issue is
per
copy;
Also in the same
year.
d i
a
New
i
s c u s s
Supermarkets
of Hill's
o n
Inc.,
Bloomfield
Industries,
Ogden
Corporation,
Ets-Hokin
Corp.,
National
Rental
and
Work
Wakefield
■'
Corp.
Nov.
Deetjen
Analysis
—
&
Co.,
Emanuel,
—
120
Broadway,
10005.
Lane Bryant Inc.
The First Boston
Bank
and
Analysis
—
—
H.
Street, New
Co.;,
Analysis
—
&
Co.,
Inc.,
—
115
Broadway, New York, N. Y. 10006.
available
is
review
a
of
Inc.
1,
Bloedel
Powell
&
Street/ West,
Se¬
244 St.
Montreal
1,
Equipment
Pool
Hill, Thompson
—
70
Corp.
Wall
Street,
—
Co.,
&
York,
New
Maryland
Casualty
Company—
Analysis—DeHaven &
Crouter
&
Bodine,
Fidelity
Staats
Report
—
8c
Wil¬
—
Co., 640
South
Also available is ai selected
of
convertible
debentures
which appear
interesting.
John
&
Sexton
Chas.
W.
Church
Co.
—
Scranton
Analysis—
&
Co.,
209
Street, New Haven, Conn.
06507. Also available
of
are analyses
Torrington Manufacturing Co.
and Veeder .Root Inc.
Inc.—Analysis—Brand,
Title
Building, Philadelphia, Pa.
Mattagami
Lake
Mines
Analysis—Draper
Ltd.,
Dobie
Adelaide
25
Line
Life
lan
&
Co.,
Street,
79
New York, N. Y.
50 Broad
of
Co.
Bal-
Street.
10005.
Corp.
&
Co.,
Street, New York, N. Y.
10004.
/
Foods,
Reinholdt &
Inc.
;
—
Analysis—
Gardner, 400 Locust
Street, St. Louis, Mo. 63102.
Union Oil of
California—Analysis
—Richard S.
Graham, Dept. CFC,
Reynolds
Co.,
New
&
York,
available
drew
120
N.
Y.
Jergens, U.
tional
Steel,
Merck
&
Broadway,
10005.
comments
are
An¬
SC Rubber, Na¬
Dunham
Bush
Union Oil Co. of Canada
Review
Also
on
and
Co.
James
—
York, N. Y. 10005.
West,
Broad
Singer
Ltd.—
Co.,
67
Investing
J.
14
Ltd.—
Richardson
Wall
Street,
&
New
United Gas Corporation—Analysis
—Roger
Stevens,
Eastman Dillon,
Wall
Inc.,
Sons, .Inc.,
&
Insurance
Inc.,
Seigel
19110.
Toronto, Ont., Canada.
Old
&
Transcontinental
Townsend,
Land
&
Co.,
New
Dept.
CFC,
Union Securities
Chase Manhattan Plaza,
1
York, N. Y.
Waddell
Reed
&
10005.
'
?■
Inc.—Review—
Maxwell Ohlman & Company, 120
J. Herbert Orr Enterprises—Anal¬
Broadway, New York, N. Y. 10005.
ysis
Xerox
—
First Alabama
Commerce
Securities
Street,
Mont¬
Parke,
Davis
&
rent
Co.— Analysis—
Co.,
120
South
La
Smith
New
Broad
Corp.
Ginberg
Street,
of
&
New
—
Co.,
Report—
Inc.,
York,
N.
25
Y.
Y.
are
70
Pine
10005.
In
discussions
Drug
Dry
Chemical
&
Tire
Programmed and Remote Systems
McCall
Corp.—Analysis—Continental
Greetings
&
Goods
Rubber
Corp.
Corp.
the
of
Asso¬
Corp.,
Rexall
Co.,
Cooper
Co., Dayco
and
St.,
Bancorpo-
ration, Bank of California,
ciated
cur¬
Pierce, Fenner &
Northwest
Lay,
10004.
Se¬
N.
issue
same
in
"Investor's Reader"
Incorporated,
York,
Frito
Frank
Corp.—Discussion
issue
—Merrill Lynch,
&
in¬
Chicago;
R.
Tyson's
Ltd.—Analysis—Royal
gomery, Ala.
Corp.; Wachovia
Trust
Brothers
Rose
—Analysis—D.
a
York; Continental Illinois National
of
Rosenau
Reuben
Swingline
New York, N. Y.
Freehling
offering
Co.
York, N. Y. 10004.
Street, New York, N. Y. 10004.
Corp.
to
First National City Bank, New
Trust
Purcell,
—
ical
Phillips-Foscue
and
Analysis
—
Grumet
Inc., 26
clude:
/
Co.,
International Minerals and Chem¬
Salle Street, Chicago, 111. 60603.
this
&
St., Chicago,
Graham & Co., 50 Broadway, New
90014.
Trinity
86
to
not reoffered.
Associates
Forgan
Salle
Spring Street, Los Angeles, Calif.
America—Analysis—Ruffer,
bid
group
Ranco Inc.
liam
N. Y. 10005.
syndicate
a
La
>
America—
111. 60603.
list
Inc.,
underwriting group headed by
with
of
Glore,
—
South
Building,
Major
To Investors
of
Analysis
Royal Industries
Continued from page 8
Report
joined
Inc., 607 Marquette Ave.,
Corporation
vestor, American Stock Exchange
James
Bonds Offered
An
Radio
Also
Que., Canada.
Bank
prices
(Incorpo¬
National Bank
curities Corporation, Ltd.,
State of Hawaii
Manhattan
Bank group was the second bidder
Co.
First
Oregon; The Philadelphia Na¬
River
The
S.
Harri¬
curities
Minneapolis, Minn. 55402.
135
&
Nuveen
The
MacMillan,
0513% for 2.70%, 3.40% and 3V>%
of the
John
rated);
of
Barney
Co., Inc.;
York, N. Y. 10005.
type
The
The final important sale
J.;
N.
Ripley & Co.
Hentz & Co., 72 Wall
;
;
Week's
1/10%
a
Blyth &
Co.;
ent
Bank
the
&
Smith,
exempt bond industry. The pres¬
of
Smith, Barney & Co.
a
include
group
Co., Stone & Webster Securities
Corp., White, Weld & Co. Salomon
infringing
discredit
3.46%.
and
the
include The First
group
Phelps, Fenn
&
members
Univ.
City, Mo.:
Clothes
$8,150,000
Dormitory
Kansas
group
broad interest
no
There
in
industry
of
or
particular
a
orders, while the
deal.
the
of
one
or
(1965-1983) bopds. The group led
The
Co., Inc., Drexel & Co.,
Glore, Forgan &
State
Columbia
by Wertheirn & Co.
Harrxman
bid, 99.17 also for
coupon,
jointly
car¬
'
■
■
Wednesday,
the high bidder
3V2%
a
maturities
'
on
York
bidding
two
account
(1994)
bal¬
to be $8,470,000.
2003
to
for
1993
unsold
2%% coupon and were sold
thority,
loans,
$25,000,000 Port of New York Au¬
bonds,
in
the
Other: members of
exception¬
an
from 2.20%
3.40%
coupons,
1994
a
Also
Wednesday
was
to
yield
pre-sale.
of
Wednesday
to
or
and holds the bag
Co.
is reported
ance
First
First National
the
and
of
the
Bank,
the
Chicago,
National
1965
various
Bank- The
members
include
City
Corp.,
Co.
<&
Western
in
ried
Other
Bank
Califorhia
■
winning
Boston
First Na¬
United
Reoffered
runner-
3.221% net interest cost,
a
from the Security
came
Stearns &
divided
member,
a
of the majors, is able to sell
more
generally finds
a
Newark,
Co.,
York, N. Y. 10006—250
V.
manager
order
bonds,
sold
half
Moreover, there is the
account
Oregon, Mercantile Trust Co., St.
these
unless
that
operation.
profitable
Louis, R. W. Pressprich & Co. and
for
Trust
Garan
going in, there is little chance of
the best
bid
Underwriters—(Competitive). Probable bidders: Kidder,
re¬
price level even
better than
is
Associates, the latter' parent.
gas
in¬
and later
persists
pattern
issue
.
Company was formed by Blackstone to take
properties. Proceeds—To the selling stock¬
holder, Blackstone Valley Gas. Address—Pawtucket, R. I.
its
though the bidding has been close.
led by the Bank of America
submitted
the
Often
withdrawn
terest is
competition.
-
flimsy if not ephemeral
on
investor
their
in
often than not pre¬
&
A.
developments.
over
more
are
dicated
of
'
..
—
City National Bank & Trust Co.,
man
finance
continuing
are
Eastern Utilities
and
over
A.
Union
that
seem
municipal
IV.
S.
as
'
would
group
T.
known
Wednesday.
Merchandizing
market
tive
Savings
Bank, Smith, Barney & Co., Alex.
Brown
not
shows little evidence of construc¬
an
group.
Other
review
Dealers
$15,000,000
interest
of
;;7.:%'/■.>-v*.:
Tuesday's
at
The
to be mov¬
County,
(1965-2003)
In
.
Peabody & Co.; Stone & Webster Securities Corp.
Practiced
■
.
the
good pace.
a
is
Questionable
'
and
Reoffered at 100 to yield 3.50%,
include Harris
group
Co.
&
&
Co.
&
this issue is reported
members
Boston Corp.
Hutton
E.
Morton
H.
reoffering
'
"
t
Price—At book value ($11.15 per share on
Apr. 30, 1963)
Business
Inc., Memphis.
the sale occurred late
Becker
G.
A.
Memphis.. Underwriter—M.
Ave.,
stone
each
for
shares held of record Nov. 6. Rights will expire Nov.
Saunders & Co.,
Corp.,
W.
Co.,
W.
Trust
Guaranty
by
curities
share
new
one
Price—$40. Proceeds—To increase capital funds. Of¬
Co., Paribas Corp., Equitable Se¬
7
page
of
7 In
the
net
to
27.
fice—61
/
basis
the
on
'"
VaUey Gas Co.
7r'»^v;-'v ;
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 Black-
on
stockholders
Brothers.
man
increasing the authorized $10 par capital
stock to provide for sale of 150,000 additional shares to
TAX-EXEMPT BOND MARKET
a
Webster Securities Corp. (jointly); First
Corp.-Blyth & Co. (jointly); Kidder, Pea body &
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
ney & Co.-Salomon Brothers & Hutzler (jointly); Leh¬
Boston
(11/6)
it was reported that stockholders are
1963
vote Nov. 6
March,; 1927, was handled by Kuhn, Loeb & Co. Offer¬
from
(Memphis)
Union Planters National Bank
Oct.
(City of)
Continued
& Co>Stone &
Business—
curities Corp., New York.
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 ending March 31, 1964.
Under¬
writer—To be named. The last issue of Tokyo bonds iE
bonds with
1964.
first half of
the
in
writers;—White, Weld 8c Co., and Stone & Webster Se¬
12 (12 noon CST) at above address.
ing—Indefinite.
Line Corp.
Pipe
Transmission of natural gas. Proceeds—For loan repay¬
ment. Office—3100 Travis St., Houston, Texas. Under¬
'
Tokyo
preferred
some
$2,700,000 of 1-15 year equipment trust certificates/ Ad¬
dress—916 Fidelity Union Tower, Dallas. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc.; First National Bank
in Dallas; Mercantile National Bank, Dallas. Bids—Ex¬
pected Dec.
Gas
Sept. 25, 1963 the company announced that it plans to
sell $50-$55,000,000 of first mortgage bonds and possibly
(12/12)
Ry.
,
.r:;;V
Transcontinental
it Was reported that this road plans to sell
Oct. 28, 1963
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 & C6:Smith, Barney & Co. (jointly); Lehman Brothers-Bear,
Stearns & Co. (jointly). .(Preferred Stock) White, Weld
an
Underwriter—None.
6, 1963 it was reported that the company plans to
issue approximately $15,000,000 of first
in the first quarter of 1964. Office—720
las
stock
Temple St., Salt Lake City. Underwriters—(Com¬
petitive).- Probable bidders (bonds): Salomon Bros. &
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Pea body &
the issue. Proceeds—To help
Southwestern Public Service Co.
,
Oct.
'
Light Co.
was
North
of the company's outstanding stock
subscribe for these debentures, but would
not
would
purchase
&
reported that this utility plans to sell
$20,000,000 of bonds and $10,000,000 of preferred
in the second quarter of 1964. Office—1407 West;
about
Co., holder of 78%
(Competitive). Pofbable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Nov. 6 (12 noon
EST), at above address.
i>!
'
^
Power
July 2, 1963 it
1963 the company announced that it may offer
stockholders, sometime after mid-January 1964, the right
to subscribe for up to $8,500,000 of 5% % convertible
subordinated debentures due Oct. 1, 1983.
Hughes Tool
Thursday, October 31, 1963
Corp.,
American
Number 6312
198
Volume
products as well as used units
General Motors
Acceptance Corp.
comprised
vehicles
automotive
dollar volume of re¬
of the
99%
of
Financing related to
make.
any
by GMAC in
ceivables purchased
months of
the first six
1963.
of
manager
as
York,
has announced the public
offering of $150,000,000 General
Acceptance
Corp.
due
1,
debentures
4%%
accrued
interest
4.536%
and
will
sale
the
from
the
may
The proceeds in¬
be applied to reduction
short-term
borrowings
in¬
or
vested in short-term securities.
debentures will
The
for
deemable
eight
not
be
re¬
pursuant to a special redemption
applicable at
provision
certain
under
any
conditions
after Nov.
de¬
On and
will be redeemable at the
option
mental
complete
to
used
in
work
initial system,
with the acquisition
of
Subscription TV
establishment
the
television
is
the
to
principal
and after Nov. 1,
of new
products manufactured by
General Motors to dealers for re¬
sale,
retail
and
finances
instalment
-
such
sales
dealers'
of
system in the
and
a
POWER COMPANY. Inc.
215th Consecutive Cosh Dividend
vVl,
Madison
980
The
Ave.,
Board
of
New
York
Directors
21,
of
N.
this
Y.
71st Consecutive
A re0U'ar Quarterly dividend
/A
com¬
October 23,
1963 declared
a
of one per cent on the
Value
common
stock
of
the
company payable November 29,
1963 to
pany
$5
on
business
of
record
November
the
at
close
of
-
HAZEL
Quarterly Dividend
Common
Payable November 15, 1963 to
the
Stockholders of record Novem¬
holders
of record
at
the close
of
ber
W. J. ROSE, Secretary
T.
BOWERS.
Secretary
Financial Vice President
y
in
m■■■««■■■■■■■■■■■■■■■■■■■■■■■■■■■■•«■■«<
INTERNATIONAL
Los
CALIFORNIA-PACIFIC !
UTILITIES COMPANY
it in other
of the: United States.
areas
The
sporting
events,
'
channels
in
to-
cable
shareholders
to
of
Directors, of
Harvester
record
current
movies,
the following rates per
cents
network
to
be
5% Preferred
.
/.
.
5% Convertible Preferred
co¬
to
pro-
Common
NOTICES
October 21,
|
com¬
of
record
on
Dec.
GERARD
the
at
J. EGER, Secretary
'
regular quarterly divi- 3
cents per sharers
has been declared on the ■
dend of 55
Common. Stock of Southern 3
S
•
:
INTERNATIONAL
-
■
close of business
3
ber 29, 1963.
GOODALL
Harvester
The Board of Directors has declared
DIVIDENDS
ELECTRIC
The
quarterly dividend of
12V2c per share on all Common Stock outstanding and
regular semi-annual dividend of $2.50 per share on the 5%
Preferred Stock, both payable November 15,1963 to stock¬
a
:
H. G.
Directors
Electric
holders
INC.
the
on
Company,
of
business
Central
of
A
quarterly dividend
Stock
mon
cents
Secretary
record
record
GERARD
of
as
In
addition
the
UALITY
of
1963.
of
share
of
28
payable
%
receiving
the
new
full
share,
of
payable in cash
on
December 2, 1963, to
of record
business November 8,
at
share
per
Stock
Perferred
Stock
of
of
DIVIDEND
$1.34375
29, 1963
record
hess
A.
shareholders
of
the close of business
on
1963,
at
to
NOTICE
The
of
able
on
'jsoiii
v
410th Dividend
Pullman
PREFERRED
Board
Stock,
of
on
T.
MAJOR
has
declared
2,
a
per share on
Stock, pay¬
1963, to stock¬
E. JOSLIN,
PLASTICS
t
•
•
share will
December 13,
rec¬
ord November 22. 1963.
w.
irving osborne, jr.
President
OF
Divisions and Subsidiaries:
Pullman-Standard Division
Treasurer
THESE
IN
AREAS
METALS
■■
on
on
1963.
LIQUORS
1 963
P. Street, Secretary
'
be, paid
1963, to stockholders of
Directors
December
GROWING
payable
the close of busb
November 15
of
quarterly dividend of thirty-
five cents (350 per
outstanding-Common
October 24,
21
1. 1963, to shareholders
as
y
A
November 8, 1963.
The transfer books will not close.
dividend of
share on the 1958
per
Mackenzie, Treasurer
97th Consecutive Year
DIVIDEND
the
T. Co.
•
J. H.
Philadelphia, October 22, 1963
Treasurer
quarterly
Preferred
Dec6mber
of
i
20,
RAMSEY
regular
Series
company
Company of twenty cents
share payable Novem¬
per
quarterly dividend of,300
on
J. R. Waterhouse
TOBACCO
the
CORPORATION
Series
business
NO
payable January 1,
ber 29, 1963.
cash
CHEMICAL
1963
15.
SERIES
1958
Treasurer
been declared
Quarterly Cash Dividends
December
payable
share
DISTILLERS
34
1955
per
a
common
and
dividend of
the 4.5%
on
$1.0614
NATIONAL
DIVIDEND
to
shares
the
on
holders of record
The
Octo¬
1963
Preferred Stock has
the 4 H %
QUARTERLY DIVIDENDS SINCE 1935
their
receiving
NO
and
close
the
November
be mailed.
held
on
ad¬
1963. Checks will
October
ANNOUNCEMENT
G. J, Heidf.man,
1963, to shareholders of record
as
the close of
1963.
20,
November 29,
November 5, 1963.
PREFERRED
quarterly
Preferred
1,
.
stockholders
regular
$1,125
Company,
LATR0BE, PA.
December
of record
dividend
ber
51
SERIES
the
have
an
selling
and
PREFERRED
DIVIDEND
The
the Common Stock
Tobacco
will
on
of Kennametal Inc. declared
record
each
for
/
NO.
American
stock
interest
1955
233rd COMMON DIVIDEND
holders
regular meeting
a
($.20)
No¬
the basis of
on
share
1964 to holders of record Novem¬
of
1963,
on
presently outstand¬
or
cash.
'
KEHNAMEIAL^.
fractional interest to make
4.5%
has
record
in
the
of
NOTICE
ber 1, 1963, the Board of Directors
Stock. Shareholders
fractional interest in a
a
fractional
share
At
stock
payable
Stock
Drivilege of purchasing
the
regular dividend of Thirty-seven and
dividend,
2%
a
Common Stock
of
ditional
a
cash
Common
share
Company
•
;
Common Stock has been declared
Novem-
December 20,
on
shareholders
ing
JO
been declared upon
Improvement
>
A dividend of
Stock,
fifty shares of
of The
The United Gas
<
A dividend of 22c per
the outstanding shares
Common
of
vember^ 15,
per
of
the Com¬
on
amount
the
to
on
Company,
one
(37i/20
stock,
close
1963
Common
shares
to
Cents
the
at
89
NO.
payable
declared
Board
of
One-half
preferred
Inc.,
DIVIDEND
dividend
;
October 26, 1963.
J, EGER, Secretary
to shareholders of
the close of business
October 28.
on
»
Secretary
one
November 6, 1963.
on
1963,
15,
ger
the
in
share,
per
;
DIVIDEND
DIVIDEND
COMMON
ii
seventy-five cents ($1.75)
has declared:
DUSCH
Vice President &
of
Louisiana
holders of record at the close of business November 1,1963.
October 24,1963
Board
3
payable December 2, 1963 to stock- ' ;
LOUISIANA
COMPANY,
;
Novem-
Company have declared
share
per
NOTICE
DIVIDEND
CENTRAL
Doled:
on
International
quarterly dividend No. 181 of
dollar and
COMPANY
PREFERRED
of
Directors
s
pay-
PETER G. SMITH
;
!
The
Natural Gas Company,
able December 13, 1963 to
stockholders of record al the
•
COMPANY
■
A
[
J
jj
13, 1963.
VICE-PRE8. a TREAS.
1963
"
v
j Common Stock Dividend No. 99
payable January 15,1964
stockholders
=
Birmingham, Alabama
y
-6."
the
on
22Vi4
.......
/. Ley,
share
per
close of business
,
5V2% Convertible Preferred
leased
A
25tf
.
GAS-
COMPANY
■
25tf
.
over
circuit
($.60)
stock
mon
special at¬
subscribers
■
Company have declared
quarterly dividend No. 195 of sixty
share:
■
.
••
.
N ATU R A L
International
November 29, have been declared at
closed
a
The
:
present
and cultural and other
tractions
16
ber
•
SOUTHERN
COMPANY
to
plans
company
-i
■
I
Quarterly dividends payable Decem¬
i«
■
■
HARVESTER
A
A
/
R. Gould Morehead
HARVESTER
COMMON AND
1, 1963
October 30, 1963.
of
D.
RUBBER
Stock—33^ per share
clared payable December 10, .1963.. to
business November 12, 1963.
1963.
4,
of
cent$
♦he hands of the public, has been de¬
par
stockholders
Twenty-nine
(29c) per
share on the Common Capital Stock of
the Company, issued and outstanding in
>
stock ^dividend
the
Common Stock
on
,
COMPANY
•
and to
areas,
from telephone companies.
DIVIDEND
of
preparation
INVESTING
politan areas." It plans to operate
axial
new
N
AEP
-rr-
Angeles and San Francisco metro¬
1981.
GMAC finances the distribution
JOHN W. BRENNAN,Secretary & Treasurer
for
data
DIVIDEND NOTICES
CITY
Co.
remain open
AMEIKIi'AN KI.ECTItlC
subscrip¬
a
those
on
automatic
are
engaged
of
operate
declining
The transfer books will
United States Pipe and Foundry Company
America, Inc.
establish
prices
Board of Directors this day declared
quarterly dividend of thirty cents (30'))
share on the outstanding Common Stock
of
this Company, payable
December
16,
1963, to stockholders of record on December
2, 1963. v
DIVIDEND NOTICES
system and will provide
of the assets
thereafter
amount
The
per
dissemination
company' with
the
develop¬
Entertainment
Home
and Foundry Company
Birmingham. Ala.. October 24, 1963
Co.
^
of the
use
connection
in
for
at
will, through
the
and in discharging
obligations
the system in
and
Tele¬
establishing
price of 102%
year
Staats &
impulses, record each subscriber's
offering price.
of the company at a
one
V
proceeds from the sale will
Net
be
tion
1, 1971, the debentures
R.
Cen¬
which he-views.
Angeles, and associates.
at the regular
time
of
clining retail receivables.
charge for each television
reception of coded electronic
and
■
additional 400,000" shares
certain
except
years,
Angeles Dodgers, Inc. and William
being sold to certain stockholders
of receivables or for
maturing debt.
'
1,700,000 com¬
of
offering
s".
-
.
shares of Subscription
mon
be 'An
and will be available for
the purchase
•
United Slates Pipe
Donnelley Corp., Lear
Siegler, Inc., Tolvision of America,
trally located interrogation equip¬
vision, InO., at $12 per share is
to being made by William R. Staats
•added to the general funds of
of
/•' "" "...
& Co., Los
Proceeds
itially
•'
Reuben H.
The
are
company
Inc., National Exhibition Co., Los
Common Offered
■"
the
of
47
DIVIDEND NOTICES
Among the principal stockhold¬
ers
fixed weekly charge and a
a
ment
••
monthly bill to each subscriber.
transmission. Each subscriber will
Subscription TV
to
maturity.
company
•.
during
set program
Public
at
1985
approximately
991/2%
yield
Nov.
music
and
choose
to
television programs
the hours of
three
among
latter
the
enable
program
group
Motors'
will
be installed in
each subscriber
to
of
premises
pay
underwriting
an
selector
gram
the
,
a
Debens. Offered
Morgan Stanley & Co., New
(1735)
Chronicle
The Commercial and Financial
...
SERVICE:
CHEMICALS
FERTILIZERS
'
The M. W.
,
Kellogg Company
Trailmobile Division
Trgilmobile Finance Company
Swindell-Dressier Corporation
Transport Leasing Division
Unimation, Inc.
\
y-:
48
The Commercial and Financial Chronicle
(1786)
...
Thursday, October 31, 1963
.
mc
WASHINGTON AND YOU
MR.CACKLES
wuuiuMttuucs
the
Chatham
Deposit
ueen
Bank,
similar
the
Insurance
ai
Federal
Corporation
also could have arranged full pay¬
behind-the-scenes interpreta tions
STOCK INDEX
ment for all deposits."
.
from the nation's capital
Higher F. D. I. C. Guarantee
Possible
WASHINGTON,
calendar
since
not
in 1933 that there was
in
sumed
deep
requiring
without
was
created
there have been 445 bank
failures.
!
FDIC
the
Since
positors
1,460,244
had
banks
These
$611,000,000. Thus far
depositors
have
fully
text of which
in
the
a
generally is in
sound and strong
a
dip
be
may
depression.
•
recession
a
without
Even
or
since
term
in the economy we may ex¬
pect
institution
intermittent
an
.'
few
days
Director
cott,
announced
Corporation,
and
dustry,
Mr.
Wolcott,
Committee,
retired
from
Congress
after
25
service.
and
The
Repub¬
on
of
years
catch up
on
both
and
of
there
that
Wolcott
Mr.
two
are
holding out deposits to
of
statutory
the
in
The
his fishing.
method, which is
FDIC
Act,
a
in
and
concerning
FDIC.
the
such
is
did
re¬
that all
requires
due
due
or
ample,
a
loan
A
banks
to
bank
a
loans
must
placed
or
"offset"
be
default.
in
in
As
or
an
loan
in
the
1930s
were
for
deposit.
of
$5,000,
if
payment
or
loan
were
due
Mr.
default,
letter
were
in
Wolcott
cago
bank
95%
of
years
it had
to
announce a *
f'
to
There
proposals
out of
Congress
but it has made
no
substan¬
is
not
unlikely that the day
will be raised.
as
able
Hirshberg, Inc.
plied
status,
credit
is
and
primarily)
standing
warrants
but
of
the
was
a
(signature
that
the
depositor
pending refinancing,
former
immediately.
chairman
Banking
of
Committee,
the
who
voted by his former Commit¬
tee colleagues
as
a
lifelong
mem¬
ber of the committee with all the
York
or
York
New
of
American
of the
Stock
partner of Jacques
Coe & Co., which is also a mem¬
ber
S.-L.
of
the
Stock
York
New
Ex?
change, will become a partner hi
^
savings, and, Cowen & Co.
/
Professor
to
Attkntron Broheri and Dealer*
in
one
or
by
TRADING MARKETS
of
more
closed
are
is
payment
the
Botany
-
Savings and Loan Insur¬
v
Maxson
r:;
'•
:;e
T
'
Our information leads
us
.
'
•
'"A
to be¬
Standard
within
were
limit
surance
of
they could be taken
insurance
by
counts
over
to
by that
any
without
excess
are
no
considered,
be
personal
all
being secured by real estate.
Our
New
York
SS
&
King
telephone
number
is
CAnal 6*4592
a
ac¬
insurance limits, and,
there
course,
loans
of
in?
that
so
over
corporation
reason
the
$10,600,
:
Films
Fruit
Waste
tically all of the accounts of such
associations
Industries
Electronic^
Official
'
lieve that in the first jplaee Prac¬
of
members
and
Mr. Coe., senior
withholdings.
immediate
"A
loss
Co., 45 Wall Street,
City,
Exchanges, it has been reported.
Corporation 'without offset'."
ance
-,
it, deposit funds will not
withheld
House
on
where
even
unsecured
Federal
loan
a
adequately" sectifed' • and
loan
the
policy.
where
deposits
immediately avail¬
Wolcott
Mr.
made
cases
New
Goodman, "and the fact that ap¬
which
in
its
with Cowen &
associations in Chicago," re¬
loan
them
changing
Jacques Coe & Co. will be merged
re¬
example. About
"You mention some
his
that
policy
resulted
years
bank,
a
%Assns.
•
views.]
Absorb J. Coe
depositors, with only 5%
being
recent
The
3, GEORGIA
'
or
may
coincide with the "Chronicle's"
Cowen Co. to
to
Wolcott
Procedure With Respect to
a a.,
"withholdings"
but will be paid out
Georgia Building
the
in
subject to. offset,
in
be
-
to
reflect
to
"behind the scene" interpretation
together In¬
insured
parently
current
Members Midwest Stock Exchange
been
make
these
Mr.
an
the
mandatory, but corporation studies
is
to
in
Goodman
as
the bank were
:
explained
Professor
to
FDIC
loans,
ATLANTA
1
against
ceivership case: He cited the Chi¬
"Withholdings"
loan outstanding
a
that
the
1500 Bank of
numerous
in and
headway..-
own
small minority of the
involved
funds
"
on
finding
procedures
volve only a
/Ov. v''-A
Therefore, in
v-
insur¬
de¬
many
offsets,,
advantage.
holding
payments that were
Corporation
-
been
may not
pointed out that offsets and "with¬
being liquidated and were
Revised Procedure
■
that
said
funds,
deposit
closed in those states.
;
letter
their
similar
ex¬
the loan would be "offset" by the
■
the
increased
doors.
positors " request
the
Legislatures
passed
its
His
Where
made,
v
when his present term
,
are
default, used their deposits
"retire for good" in January, 1964,
&
due.
state
"offsets."
for
Norris
that
from the nation's Capital and
September after the Chicago bank
depositor
a
ordered
vote,
a
withholding policy change in
closed
depositor having deposits
$10,000, and
direct Atlanta wire
of
the
the
involves
not
of
notes for
of
pleased to
.
was
090,
ance
privileges except
againsfj his debt. W-
number
during
of
are
of
called
"offsets" type of legislation when
continu¬
expires.
It
is
to be offset
ously sipce Jan. 26, 1958. Now he
is getting ready to step down and
he has been serving
form
is
depositor may request his deposit
l
and
second
funds
withholdings
banks
receivership
He
or
of
deposits
whose
i
of
Director
1950
will come when the deposit insur-.
Kennedy."
Many people who had deposits in
against claims if the note
Eisenhower asked him to become
a
out
sured
on
President
other
holding
requirement,
ceiverships.
This
in
tial
the
Mr. Saxon
offsets
loans. One of these it stated,
notes
50%
excess
became
never
[This column is intended
Westmont, 111.,
various state laws
travel
deposits in
plan
next
and
increase the coverage to $25,-
It
^
'
'v.
■
with
is the "offset"
distinguished,
former
out
of
matter
voluntarily
Jan. 3, 1957,
He had planned to
However,
cover
the
of
'
-
letter
pointed
Currency
and
Banking
4\-
.
and the Chatham Bank of Illinois.
from Michigan
the
on
"v„
Goodman wrote
forms
Chairman
one-time
and
House
"'Robert
in
"withholding."
banking in¬
former
a
dinner party*
our
arrangement than Governor Wallace next to
whose
expired
75%
perhaps you could think of a somewhat better seating
Earle
of
dear, for
temporary withholding of the in¬
to depositors.
lican Congressmon
Just a suggestion,
.
.
First State Bank of
volving "offsets" that is of marked
interest to the whole
to
the
withholdings in the payoff of the
in¬
policy
FDIC
an
Director
connection
in
Federal
the
of
Insurance
Deposit
Saxon,
Georgia,
of
.>
Mr.
Jesse P. Wol-
ago
have-
retirement
a
Corporation
deposits
coverage
advanced
Illinois Banks Prompted Inquiry
having to be placed in liquidation.
A
as
the
$10,000 for each depositor.
111.
J.
of
was
ance
of
* School
It
,
North¬
at
August.
•
the
operative.
.
a
of
depositor,
of $50,000. This
to
Chairman of the FDIC,
Sr.,
how¬
and
extended
was
coverage on all
Associate
Finance
James
the
Cocke,
big
a
written
was
Chicago,
the acting
future, particularly in years when
there
each
Comptroller of the Currency and
position, it is inevitable that there
will
be
bank
failures
in
the
effec¬
date,
postponed
records
$40,000
letter the
a
Goodman,
to
letter
become
to
effective
1,
plan
plan provided for full coverage of
Professor Goodman had written
industry
banking
The
released by the
was
letter
of
Business,
liquidation;
While
R.
was
July
with coverage increased to $5,00Q,
Congress,
in
western '' University's
to wait
of the insured amount had
Oscar
Professor
ever,
and
friends
by
made the disclosure in
The
The
until
permanent
show that the original permanent
colleagues
FDIC.
tive.
current and in good
Chairman"
"Mr.
former
depositors with deposits in excess
for
witholdings of funds
due the bank, if
are
the
temporary plan
Wolcott, who is still called
Mr.
5,244,
defunct banks. About
de¬
per
credit standing.
re¬
covered all the funds they had
$10,000
loans
cover
the loans
totaling
99.6% of
deposits
and
to
de¬
the
those
without any
insured bank
disbursements.,
another
by
of
depositor
when
scheduled
was
to the legal
up
each
1934,
positor. This is and has been done
but its deposits were as¬
trouble,
funds
all
limitation
bank
one
for
FDIC will
being paid off by the
receive
FDIC.
bursements by the
was
single
a
established
was
temporary plan, effective Jan.
1, .1934, limited insurance to $2,500
de¬
that
disclosed
statement,
requiring dis¬
insured bank failure
policy
Mr. Wolcott, in the FDIC
Corp. positors in closed insured banks
Insurance
Deposit
There
the
the first year
established
the
Congress
Federal
New FDIC Policy
1962
C.—The
D.
was
year
When the FDIC
LERNER & CO., Inc.
Investment
10 Post Office
loans
Had
Securities
Square. Boston 9, Mast.
Teletype
Telephone ♦
2-1090
017
HUbbard
451-3488
ESTABLISHED 1930
Members New York
37 Wall
Office:
PRIVATE
Telex:
Miami
01-2455
Equipment
Beach, Fla.
WIRE
SYSTEM
CHICAGO—First Securities Company
"
Carl Marks
of Chicago
CLEVELAND—Hayden, Miller & Co.
LOS
Major Pool
Tel. IIAnover 2-4850
Teletype: 212-571 -1636
Branch
A
Security Dealers Association
Street, New York 5, N. Y.
ANGELES—Mitchum, Jones & Templeton, Incorporated
MIAMI—Oscar E.
Dooly & Co.
ST.
LOUIS—Henry, Franc & Co.
SAN
FRANCISCO—Mitchum, Jones
Direct
private
FOREIGN
telephone:
SECURITIES
20 BROAD STREET
•
&
Ho. Inc.
Bought—Sold—Quoted
SPECIALISTS
NEW YORK 5, N. Y. ">
Memorandum available
on
request
'
RE24)050
VONAH:LET
v
& Templeton, Incorporated
Philadelphia—WAlnut
2-1514
212-571-1685
HILL THOMPSON & CO., INO
"
\
\
70 Wall Street, New
•
Tel. WH 4-4540
York 5, N. Y.
Tele. 212 571-1708
@FedFRASER